GS
Goldman Sachs
Investment Bank
★ Quality 41/100Price today
$1,039
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See what it is worthcharlieapp.co
What this business is made of
The business
Goldman gets paid to marry and divorce the world's biggest companies.
Goldman Sachs advises on mergers, places stocks and bonds, and runs markets for large companies, governments, and funds. Around 65% of its revenue comes from advisory and placement fees. In 2025 it billed $58.3B and earned $17.2B net.
Its edge is a century of reputation and a contacts book: when a CEO sells their company, they want the name that carries credibility with the board. That brand attracts the best talent, which in turn attracts the best clients. It's no monopoly — Morgan Stanley and JPMorgan fight for every mandate.
Revenue history
From $59.3B to $58.3B in 4 years. Sales aren't taking off — the engine is stuck.
Where each $100 of sales goes
Revenue $58.3B · FY2025
Of every $100 in sales, $70 goes to costs and operations; $30 is left as net profit (30% margin).
Catalysts and risks
Recovery of the M&A and IPO cycle expected for 2025-2026.
Rate cuts that reactivate debt and equity issuance.
Aggressive share buybacks on a 15% ROE.
Cyclical revenue tied to markets: trading and advisory fees rise and fall with the world's mood.
Trades at 2.5x book value, well above its historical average of 1.15x.
Regulatory capital requirements and litigation that erode profitability.
Charlie's note
“A cyclical bank trading at 2.5x book when its history says 1.15x. A 15% ROE is good, not miraculous, and doesn't justify paying more than double the usual. The market confuses a sweet year with a permanent moat — I'd rather get to the party before everyone else.”
Analysis · July 2026
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