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The Goldman Sachs Group, Inc. (GS) stock analysis

Goldman Sachs rebounds from October lows as a fresh death cross and mixed analyst views frame the setup

GS closed at 911.77 on Oct 27, 2026, up 2.07% on the day but 20.99% below its 52-week high of 1,153.99. Third-quarter EPS of 17.01 beat consensus by 32.27%, yet the shares fell 1.70% on the report and the 50-day average crossed below the 200-day average on Oct 26, 2026. Forward P/E of 12.24 on next year's consensus is slightly above the industry median of 11.77.

  • Price: 911.77
  • Market Cap (USD): $269.98B
  • P/E: 12.18×
  • Fwd P/E: 12.24×
  • Div Yield: 1.97%
  • 1Y Return: 16.31%
  • Next Earnings: Jan 19, 2027
  • Mean Target: 1,057.43
  • Rating: Buy

Bull case

  • Third-quarter EPS of 17.01 beat consensus of 12.86 by 32.27%, extending an EPS beat streak to 13 quarters, with revenue 10.97% above expectations.
  • Return on equity of 17.81% sits in the 64th percentile of US Financials, and operating margin of 25.00% is above the sector median of 22.18%.
  • Analysts' mean target is 1,057.43, 15.98% above the price, and the latest analyst action in the facts was an upgrade to Buy on Oct 23, 2026.

Bear case

  • The 50-day average (954.01) crossed below the 200-day average (958.22) on Oct 26, 2026, and the price is 4.43% below the 50-day average and 4.85% below the 200-day average.
  • Next-year EPS growth of 4.72% is in the 14th percentile of the sector (median 11.40%), and trailing revenue growth of -2.93% is in the 15th percentile, so the valuation premium to the industry median rests on modest expected growth.
  • Nine insider sells and no buys were recorded over 90 days, netting -12.0M, and RBC Capital cut its target from 1,220 to 1,010 on Oct 14, 2026.

What to watch

  • Next earnings on Jan 19, 2027 (before market open, confirmed); consensus EPS is 15.84.
  • Ex-dividend date of Dec 2, 2026 for a 5 quarterly dividend.
  • Price versus the 20-day average (891.49) and the 20-day high of 931.00, then the 50-day average at 954.01.
  • The 52-week low of 754.00 and the 52-week high of 1,153.99 as outer bounds.

General

Goldman Sachs is a global financial services firm with investment banking, markets, asset management and wealth businesses. Earnings are growing strongly and beating estimates, but the stock is well below its 52-week high and the trend has weakened. Valuation is near the industry median and analyst views are split.

Business and results

The company serves corporations, financial institutions, governments and individuals through Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. Trailing net income is 22.17B and EPS is 69.54, with EPS growth of 41.14% year over year. Fiscal 2025 Global Markets revenue was 41.45B, or 71.12% of the total.

Valuation in context

Trailing P/E is 12.18× (38th percentile in US Financials) and forward P/E is 12.24× on next year's consensus, versus an industry median of 11.77× and a sector median of 10.93×. Price-to-book is 2.16×. The dividend yield is 1.97%, matching the sector median.

Analysts and market signals

Seventeen analysts give a rating score of 2.5 (Buy), while the consensus breakdown dated Oct 28, 2026 shows 23 Buy, 29 Hold and 3 Sell. The mean target is 1,057.43. The stock has returned 16.31% over one year but -7.03% over three months, lagging the market by 12.59%.

Long-term investor

Over several years earnings and returns have grown well, and capital is being returned through buybacks and a rising dividend. The balance sheet is large and highly leveraged, cash flow is negative, and near-term estimate growth is slow, so durability of the recent earnings surge is the central question.

Growth and margins

Fiscal EPS rose from 22.87 in 2023 to 40.54 in 2024 and 51.32 in 2025. Revenue growth is 22.11% on a 3-year CAGR and 18.52% over five years. Operating margin is 25.00%, up 8.29% over a year, and ROE is 17.81%. Quarterly revenue is volatile, from 17.23B in Q1 FY2026 to 38.43B in Q2.

Capital return and balance sheet

Shares outstanding fell 4.41% over a year. Fiscal 2025 buybacks were 12.36B and dividends 5.28B. The dividend has grown for 14 years, with 15.87% 3-year growth and a payout ratio of 25.88%. Total assets are 2.18T against equity of 125.00B; free cash flow is -43.64B on a trailing basis.

Valuation, estimates and ownership

Forward P/E of 12.24× compares with an industry median of 11.77×, and the PEG is 2.59×. Consensus EPS is 71.15 for this fiscal year and 74.51 for next. Institutions hold 72.49%, up 1.81% over three months, while insiders sold 12.0M net over 90 days, including tax withholding.

Swing trader

The stock bounced from its Oct 23 low and is back at its 10 and 20-day averages after a death cross on Oct 26, 2026. Momentum is neutral to improving, with resistance overhead near 931 and the 50-day average.

Trend and momentum

Price of 911.77 is 2.27% above the 20-day average but 4.43% below the 50-day and 4.85% below the 200-day. RSI is 50.23, MACD of -15.56 is above its signal of -21.63, and ADX is 25.09. The Bollinger %B of 1.04 shows a close just above the upper band at 910.37.

Recent sessions and levels

The stock rose from 875.68 on Oct 23 to 911.77 on Oct 27, with the last session on lower volume (0.78× relative). Levels: 20-day low 859.03, 20-day high 931.00, 50-day average 954.01. ATR is 24.28, or 2.66% of price, and HV30 is 23.96%.

Catalysts and positioning

Earnings are 84 days away, and ex-dividend is Dec 2, 2026. Short interest was 6.9M shares (2.34% of float) on Oct 15, 2026, up 4.44%. UBS set a 942 target on Oct 26, 2026, and RBC lowered its target to 1,010 on Oct 14, 2026.

Options

Implied volatility is moderate and below its yearly midpoint, but it trades above realized volatility, so option premium looks rich versus recent price movement. The term structure is flat and liquidity is strong.

Volatility level and premium

IV30 is 30.67%, with an IV rank of 31 and percentile of 38 against a 52-week range of 23.88% to 45.77%. That is 1.28× the 30-day realized volatility of 23.96%, a spread of 6.7 points. The term structure is flat (IV90 30.85%) and 25-delta skew is 0.8 points.

Expected moves and earnings

The implied 7-day move is 4.25% and the 30-day move is 8.79%. The Nov 27, 2026 expiry falls before the next earnings date. Past earnings moves averaged 3.80% over four quarters and 3.51% over eight, with a maximum of 10.15%; the last implied move was 3.35% versus an actual -1.70%.

Premium yields and liquidity

For the Nov 27, 2026 expiry (31 days), the 30-delta put at 875.00 pays 17.03, an annualized cash-secured yield of 22.92%. The 30-delta call at 960.00 pays 9.40, an annualized covered-call yield of 12.14%. Liquidity score is 94, open interest 454.7K, and put/call volume ratio 1.01×.

Analysis written October 28, 2026 from Qanvo data as of October 27, 2026. AI-generated, for information only; not investment advice.