The Goldman Sachs Group, Inc. (GS)

Executive Summary

The Goldman Sachs Group is the premier investment banking franchise globally — and Q1 2026 was, by any reasonable framing, a vintage Goldman quarter. Net revenues of $17.2 billion were a quarterly record. Net earnings of $5.6 billion produced EPS of $17.55. Return on equity hit 19.8 percent and return on tangible common equity hit 21.3 percent — both meaningfully above Goldman’s long-stated 14-16 percent through-cycle target and competitive with peer Morgan Stanley. The Global Banking & Markets division produced its own record at $12.7 billion of revenue, with investment banking fees up 48 percent year-over-year to $2.84 billion and advisory revenues up 89 percent to $1.5 billion.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers