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The Goldman Sachs Group Inc GS Stock Quote

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Morningstar‘s Stock Analysis GS

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Is it the right time to buy or sell?

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Reducing Goldman Sachs’s Morningstar Uncertainty Rating to Medium; Shares Undervalued

Michael Wong, CFA, CPA Sector Director

Business Strategy and Outlook

| Michael Wong, CFA, CPA |

Goldman Sachs has made progress on the strategic plan that it laid out at the beginning of 2020 and set even more ambitious goals in 2022. The company is now targeting a medium-term return on tangible equity of 15% to 17% compared with a previous goal of over 14%. In addition to the ROTE target, management also set an expense ratio goal of about 60% and growth targets for its asset management and consumer banking businesses. While we’re not sure the company will hit all of those goals over the next three years, we forecast the company exceeding a 15% ROTE in the long run after its consumer business has reached a more profitable scale. Goldman Sachs’ trading business also remains a large swing factor, as it requires more capital and tends to have lower operating margins than the other business segments.

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Key Statistics GS

Company Profile GS

Business Description

Goldman Sachs is a leading global investment banking firm whose activities are organized into investment banking (20% of net revenue), global markets (45%), asset management (20%), and consumer and wealth management (15%) segments. Approximately 60% of the company's net revenue is generated in the Americas, 15% in Asia, and 25% in Europe, the Middle East, and Africa. In 2008, Goldman reorganized itself as a financial holding company regulated by the Federal Reserve System.

200 West Street
New York, NY, 10282
T +1 212 902-1000
Industry Capital Markets
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 43,900

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