GS
The Goldman Sachs Group, Inc.
GS's outlook is improving, though it still trails on the overall score.
ICE
Intercontinental Exchange, Inc.
ICE has a slight edge over GS overall, supported by stronger valuation and lower modeled downside.
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.
ICE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
ICE's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like ICE.
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.
ICE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $178 | — |
| Cheap | 22x | $165 | -7.5% |
| Current | 24x | $178 | — |
| Fair | 28x | $209 | +17% |
| Expensive | 37x | $271 | +52% |
Historical ranges are pointers, not guarantees.
ICE has the edge over GS in the historical PE scenario, which offers more potential upside but is not a forecast.
GS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for GS, with profitability improving. However, they disagree widely on these estimates.
ICE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
ICE has the edge over GS on the outlook, with more favorable valuation expectations.
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 ICE on earnings, with stronger typical year-over-year growth.
ICE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.59 | +17% |
| Q3 2026 | $7.33 | +34% |
| Q2 2026 | $7.08 | +36% |
| Q1 2026 | $6.87 | +42% |
| Q4 2025 | $5.77 | +21% |
| Q3 2025 | $5.49 | +30% |
| Q2 2025 | $5.21 | +29% |
| Q1 2025 | $4.83 | +11% |
| Q4 2024 | $4.78 | +14% |
ICE's earnings per share have climbed steadily: $7.33 over the past year, up 34% from the year before, and higher year over year for eight quarters in a row.
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 edge over ICE on sales, with stronger typical year-over-year growth.
| 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.
ICE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.6B | +21% |
| Q2 2026 | $3.6B | +11% |
| Q1 2026 | $3.7B | +14% |
| Q4 2025 | $3.1B | +3.7% |
| Q3 2025 | $3B | -0.9% |
| Q2 2025 | $3.3B | +13% |
| Q1 2025 | $3.2B | +15% |
| Q4 2024 | $3B | +14% |
ICE's revenue has grown year over year for four quarters in a row: $3.6B last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 39% | -0.2 points |
| Q2 2026 | 39% | -1.2 points |
| Q1 2026 | 45% | +7.6 points |
| Q4 2025 | 39% | +3.8 points |
| Q3 2025 | 39% | +2.7 points |
| Q2 2025 | 40% | +3 points |
| Q1 2025 | 38% | -0.1 points |
| Q4 2024 | 36% | +0.8 points |
ICE has the edge over GS on profitability, with a higher operating margin.
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.
ICE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +23% |
| Q2 2026 | $1.9B | +28% |
| Q1 2026 | $1.3B | +43% |
| Q4 2025 | $1.1B | -15% |
| Q3 2025 | $853M | +4.2% |
| Q2 2025 | $1.4B | +29% |
| Q1 2025 | $881M | -7.4% |
| Q4 2024 | $1.3B | +49% |
ICE 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 ICE 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.
ICE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -3M shares |
| 1 year | -1.9% | -11M shares |
| 3 years | -0.4% | -2M shares |
| 5 years | -0.5% | -3M shares |
| Available history | -0.4% | -2M shares |
ICE has 563M diluted shares, down 1.9% from a year ago, with $2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $400M |
| Q2 2026 | $651M |
| Q1 2026 | $551M |
| Q4 2025 | $400M |
| Q3 2025 | $398M |
| Q2 2025 | $255M |
| Q1 2025 | $241M |
| Q4 2023 | — |
ICE spent $2B buying back its own shares over the past year.
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 the edge over ICE on leverage, with a lower net debt burden relative to earnings.
ICE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.5x | Elevated |
| Q2 2026 | 3.0x | Elevated |
| Q1 2026 | 3.3x | Elevated |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 3.2x | Elevated |
| Q2 2025 | 3.3x | Elevated |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 4.0x | Elevated |
ICE's net debt is about 3.5 years of its operating earnings (EBITDA), up from 3.2 years a year ago. Net leverage isn't a meaningful measure for financial services companies like ICE.
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).
ICE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.5 | Neutral |
| Stochastic | 88.9 | Overbought |
ICE's weekly RSI is 68 (neutral) and its Stochastic is 89 (overbought).
GS PE vs Financial Services Sector
| Metric | GS | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.8% above |
| PE % | 46 | 63 | 17 pts below |
GS has the edge over ICE on valuation relative to its sector.
ICE PE vs Financial Services Sector
| Metric | ICE | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 13x | 86% above |
| PE % | 28 | 63 | 35 pts below |
ICE is trading at 24x earnings, a 86% premium to the Financial Services sector's median of 13x.
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's trend is mixed: it's above three of its five weekly moving averages, and 52% above its 200-week average.
ICE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $163.0 | 9.1% above |
| 20 week MA | $155.6 | 14% above |
| 50 week MA | $156.6 | 14% above |
| 100 week MA | $162.0 | 9.8% above |
| 200 week MA | $144.9 | 23% above |
ICE has the edge over GS on trend strength, trading above more of its moving averages.
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 finished higher in five of the last six years, two of them by more than 50%. It's up 0.7% so far in 2026.
ICE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $93.0 | $112.7 | +21% |
| 2021 | $112.7 | $135.8 | +21% |
| 2022 | $135.8 | $102.8 | -24% |
| 2023 | $102.8 | $128.4 | +25% |
| 2024 | $128.4 | $150.3 | +17% |
| 2025 | $150.3 | $163.5 | +8.8% |
| 2026 YTD | $163.5 | $177.9 | +8.8% |
ICE has the edge over GS on returns for 2026, with the stronger performance.