GS
The Goldman Sachs Group, Inc.
GS's fundamentals are strong: revenue grew 19% and its operating margin rose 4 points to 40%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
HRZN
Horizon Technology Finance Corporation
There isn't enough reported data to score HRZN yet.
GS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
GS's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like GS.
HRZN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| N/A | |
| N/A |
HRZN's revenue is currently healthy, and its profitability is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like HRZN.
GS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.6x | $528 | -42% |
| Current | 13x | $914 | — |
| Forward | 13x | $914 | — |
| Fair | 14x | $940 | +2.9% |
| Expensive | 17x | $1,214 | +33% |
Historical ranges are pointers, not guarantees.
GS's PE is 13x, but its earnings don't support one, so it isn't a reliable read right now.
HRZN PE Valuation
HRZN has no meaningful PE right now: it lost money over the past year.
GS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
GS has the edge over HRZN on the outlook, with more favorable earnings and profitability expectations.
HRZN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect HRZN's revenue to grow, but its profitability to weaken.
GS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $72.35 | +4% |
| Q3 2026 | $69.58 | +41% |
| Q2 2026 | $64.82 | +43% |
| Q1 2026 | $54.75 | +27% |
| Q4 2025 | $51.32 | +27% |
| Q3 2025 | $49.22 | +44% |
| Q2 2025 | $45.37 | +45% |
| Q1 2025 | $43.08 | +68% |
| Q4 2024 | $40.54 | +77% |
GS has the edge over HRZN on earnings quality, reporting a profit while its opponent remains loss making.
HRZN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.74 | — |
| Q3 2026 | -$0.65 | +$0.04 |
| Q2 2026 | $0.46 | +$1.51 |
| Q1 2026 | $0.53 | +$0.72 |
| Q4 2025 | -$0.06 | -108% |
| Q3 2025 | -$0.69 | -196% |
| Q2 2025 | -$1.05 | -213% |
| Q1 2023 | $1.36 | +9.7% |
| Q4 2022 | $1.06 | -24% |
HRZN is still losing money, but less than at its worst: $0.65 per share over the past year, against $1.05 at its worst in mid-2025.
GS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $18.7B | +23% |
| Q2 2026 | $20.3B | +39% |
| Q1 2026 | $17.2B | +14% |
| Q4 2025 | $13.5B | -3% |
| Q3 2025 | $15.2B | +20% |
| Q2 2025 | $14.6B | +15% |
| Q1 2025 | $15.1B | +6% |
| Q4 2024 | $13.9B | +23% |
GS has the stronger quarterly revenue trend. Revenue is up 23% for GS versus up 16% for HRZN.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +2 points |
| Q2 2026 | 42% | +8.1 points |
| Q1 2026 | 38% | +0.2 points |
| Q4 2025 | 44% | +5.6 points |
| Q3 2025 | 36% | +4.1 points |
| Q2 2025 | 34% | +3.2 points |
| Q1 2025 | 37% | +0.6 points |
| Q4 2024 | 38% | +18 points |
GS's operating margin was 37% last quarter, up 2 points from the same quarter a year ago.
HRZN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $13M | +16% |
| Q1 2022 | $8.3M | -16% |
| Q4 2021 | $7.1M | +19% |
| Q3 2021 | $17.1M | +12099% |
| Q2 2021 | $11.1M | -2.2% |
| Q1 2021 | $10M | +303% |
| Q4 2020 | $6M | -41% |
HRZN's revenue is growing: $13M last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 60% | -1.3 points |
| Q1 2022 | 43% | -18 points |
| Q4 2021 | 35% | -8.6 points |
| Q3 2021 | 75% | +2397 points |
| Q2 2021 | 61% | -8.6 points |
| Q1 2021 | 61% | +90 points |
| Q4 2020 | 44% | -25 points |
| Q3 2020 | -2321% | N/A |
HRZN's operating margin was 60% last quarter, down 1.3 points from the same quarter a year ago.
GS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +72% |
| Q2 2026 | $5.6B | +7.8% |
| Q1 2026 | -$32.4B | +$5.3B |
| Q4 2025 | -$16.8B | -136% |
| Q3 2025 | $2.1B | +$40.6B |
| Q2 2025 | $5.2B | -6.8% |
| Q1 2025 | -$37.7B | -$9.2B |
| Q4 2024 | $46.2B | +$75.1B |
GS's free cash flow was −$40B over the past year, against $15.8B the year before. Free cash flow isn't a meaningful measure for financial services companies like GS.
HRZN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2M | -98% |
| Q2 2026 | $123.5M | +149% |
| Q1 2026 | -$42.1M | -$28.9M |
| Q4 2025 | -$30.4M | -$4.3M |
| Q3 2025 | $50.6M | +$78.9M |
| Q2 2025 | $49.6M | -8.6% |
| Q1 2025 | -$13.2M | -426% |
| Q4 2024 | -$26.1M | -333% |
HRZN has the edge over GS on cash generation, producing positive trailing cash flow while its opponent burns cash.
GS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -3.8M shares |
| 1 year | -4.4% | -13.9M shares |
| 3 years | -12% | -42.8M shares |
| 5 years | -15% | -52.8M shares |
| Available history | -20% | -74.4M shares |
GS has the edge over HRZN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3B |
| Q2 2026 | $4B |
| Q1 2026 | $5B |
| Q4 2025 | $3B |
| Q3 2025 | $2B |
| Q2 2025 | $3B |
| Q1 2025 | $4.4B |
| Q4 2024 | $2B |
GS spent $15B buying back its own shares over the past year, up 32% from the year before.
HRZN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.1% | +1.3M shares |
| 1 year | +61% | +25.1M shares |
| 3 years | +123% | +36.6M shares |
| 5 years | +234% | +46.5M shares |
| Available history | +347% | +51.5M shares |
HRZN has 66M diluted shares, up 61% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
GS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -5.4x | Net Cash |
| Q2 2026 | -6.1x | Net Cash |
| Q1 2026 | -6.7x | Net Cash |
| Q4 2025 | -6.4x | Net Cash |
| Q3 2025 | -3.5x | Net Cash |
| Q2 2025 | -3.1x | Net Cash |
| Q1 2025 | -3.9x | Net Cash |
| Q4 2024 | -4.7x | Net Cash |
GS has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like GS.
HRZN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 11.5x | High |
| Q1 2022 | 9.1x | High |
| Q4 2021 | 7.7x | High |
| Q3 2021 | 8.3x | High |
| Q2 2021 | 15.5x | High |
| Q1 2021 | 12.6x | High |
| Q4 2020 | 25.3x | High |
| Q3 2020 | 11.9x | High |
HRZN's net debt is about 12 years of its operating earnings (EBITDA), down from 16 years a year ago. Net leverage isn't a meaningful measure for financial services companies like HRZN.
GS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 16.3 | Oversold |
GS's weekly RSI is 45 (neutral) and its Stochastic is 16 (oversold).
HRZN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.5 | Neutral |
| Stochastic | 12.2 | Oversold |
HRZN's weekly RSI is 34 (neutral) and its Stochastic is 12 (oversold).
GS PE vs Financial Services Sector
| Metric | GS | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.8% above |
| PE % | 46 | 63 | 17 pts below |
GS is trading at 13x earnings, in line with the Financial Services sector's median of 13x, though its earnings don't support one.
HRZN PE vs Financial Services Sector
| Metric | HRZN | Sector median | Relative |
|---|---|---|---|
| PE | 8.9x | 13x | 32% below |
| PE % | 14 | 63 | 49 pts below |
HRZN has the edge over GS on valuation relative to its sector.
GS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $895.5 | 2% above |
| 20 week MA | $977.4 | 6.5% below |
| 50 week MA | $945.4 | 3.4% below |
| 100 week MA | $804.5 | 14% above |
| 200 week MA | $602.7 | 52% above |
GS has the edge over HRZN on trend strength, trading above more of its moving averages.
HRZN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.23 | 11% below |
| 20 week MA | $4.51 | 17% below |
| 50 week MA | $4.95 | 24% below |
| 100 week MA | $6.40 | 41% below |
| 200 week MA | $9.08 | 59% below |
HRZN is in a downtrend: it's below all five of its weekly moving averages, and 59% below its 200-week average.
GS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $230.7 | $256.2 | +11% |
| 2021 | $256.2 | $385.0 | +50% |
| 2022 | $385.0 | $345.5 | -10% |
| 2023 | $345.5 | $385.8 | +12% |
| 2024 | $385.8 | $576.2 | +49% |
| 2025 | $576.2 | $907.0 | +57% |
| 2026 YTD | $907.0 | $913.6 | +0.7% |
GS has the edge over HRZN on returns for 2026, with the stronger performance.
HRZN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.4 | $13.0 | +4.9% |
| 2021 | $13.0 | $15.8 | +22% |
| 2022 | $15.8 | $11.6 | -26% |
| 2023 | $11.6 | $13.2 | +13% |
| 2024 | $13.2 | $9.00 | -32% |
| 2025 | $9.00 | $6.34 | -30% |
| 2026 YTD | $6.34 | $3.76 | -41% |
HRZN has finished lower in three of the last six years. It's down 41% so far in 2026.