GS Research Update — September 13, 2026 (Updated)
Updated Thesis
Goldman Sachs is a global financial services firm operating four divisions: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management, with 46,200 full-time employees and a market cap of $272.38 billion at a current price of $923.29. The business quality is high because of its leading franchise in advisory, underwriting, and trading, evidenced by a 17.0% ROE, a 57.3% TTM gross margin, a 24.8% TTM operating margin, and a 17.8% TTM net margin, alongside a record investment banking backlog and expanding asset and wealth management operations. The stock is mispriced to the downside versus blended fair value: at $923.29 it trades at a 13.21 trailing P/E, 2.31 P/S, and 26.34 EV/EBITDA, which places it in a very expensive regime relative to its five-year historical multiples, yet the fair value estimate of $1162.79 implies 25.9% upside and the analyst consensus is Hold with a $1162.79 average target.
The investment grade as of this refresh is C — average business quality. A-tier business, C-tier valuation
Grade Change
In this research cycle, the investment grade for The Goldman Sachs Group, Inc. moved from B+ to C. A-tier business, C-tier valuation
Key Metrics at a Glance
- Revenue growth: +22.9% year over year
- Net margin: 17.8%
- Fair value upside: +25.9% to our estimate of $1163
Current price: $923.29
These figures reflect our most recent data pull and are one input into a multi-factor valuation framework.
Our 12–18 Month Outlook
Quality companies held over a multi-year horizon benefit from compounding fundamentals and the patience to ride through short-term volatility. The Goldman Sachs Group, Inc. remains in our covered universe with a average-quality assessment. We update research when material data changes — earnings revisions, management shifts, or regime changes in valuation — not on every price fluctuation.
Long-term accumulation of quality businesses at fair or better prices is the core of the Patient Accumulator approach. Research updates like this one inform whether to add, hold, or wait for a better zone — not whether to react to short-term price moves.
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