Goldman Sachs Group Inc. (GSCE) intrinsic value & 10-year financials
Goldman Sachs Group Inc. (GSCE) has a Graham intrinsic value of $1,084.76 per share. Over the last 10 fiscal years revenue grew 2.6% a year to $4.0B, with an average return on invested capital of 5.7%.
- Graham intrinsic value
- $1,084.76
- Revenue (FY2025)
- $4.0B
- Revenue growth (10-yr CAGR)
- 2.6%
- ROIC (10-yr avg)
- 5.7%
- Free cash flow (FY2025)
- -$47.2B
GSCE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.0B | $17.2B | $51.32 | -$47.2B | — | 178.7% |
| FY2024 | $4.1B | $14.3B | $40.54 | -$15.3B | — | -73.0% |
| FY2023 | $3.8B | $8.5B | $22.87 | -$14.9B | — | -15.2% |
| FY2022 | $4.0B | $11.3B | $30.06 | $5.0B | — | -10.8% |
| FY2021 | $3.6B | $21.6B | $59.45 | -$3.7B | — | -21.8% |
| FY2020 | $3.5B | $9.5B | $24.74 | -$20.0B | — | -17.6% |
| FY2019 | $3.0B | $8.5B | $21.03 | $15.4B | — | 4.3% |
| FY2018 | $3.2B | $10.5B | $25.27 | $12.4B | — | 5.3% |
| FY2017 | $3.1B | $4.3B | $9.01 | -$21.4B | — | 2.4% |
| FY2016 | $3.2B | $7.4B | $16.29 | $3.6B | — | 4.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
GOLDMAN SACHS GROUP INC has demonstrated mature, steady growth, with revenue compounding at 2.6% annually over the past decade.
GOLDMAN SACHS GROUP INC has historically struggled to out-earn its cost of capital, averaging just -12.0% ROIC.
Over the decade, GOLDMAN SACHS GROUP INC shows that management has aggressively returned capital to shareholders by retiring 27.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, GOLDMAN SACHS GROUP INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1084.76 per share.