GS · NYQ · Financial Services
The Goldman Sachs Group, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 512.64
Market price
USD 898.72
Implied upside
-43.0%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 12.8%
- Payout
- 33%
- Cost of equity
- 9.89%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 109.8bn | USD 118.5bn | USD 127.2bn | USD 135.8bn | USD 144.1bn | USD 152.1bn | USD 159.5bn | USD 166.4bn | USD 172.6bn | USD 177.9bn |
| Return on equity | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% | 12.8% |
| Excess return | USD 3.2bn | USD 3.4bn | USD 3.7bn | USD 3.9bn | USD 4.2bn | USD 4.4bn | USD 4.6bn | USD 4.8bn | USD 5.0bn | USD 5.2bn |
| Present value | USD 2.9bn | USD 2.8bn | USD 2.8bn | USD 2.7bn | USD 2.6bn | USD 2.5bn | USD 2.4bn | USD 2.3bn | USD 2.1bn | USD 2.0bn |
| Book equity | USD 109.8bn |
| Present value of excess returns | USD 25.1bn |
| Terminal, growing at 2.50% | USD 27.8bn |
| Equity value | USD 162.8bn |
| Per share | USD 512.64 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.182 | Reported 1.272, pulled toward 1.0 (Blume) |
| Cost of equity | 9.89% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.