GS
The Goldman Sachs Group, Inc.
GS has the edge over LAZ overall, supported by stronger valuation and stronger fundamentals.
LAZ
Lazard Ltd
LAZ's outlook is improving despite an expensive valuation.
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.
LAZ Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| N/A | |
| N/A |
LAZ's revenue and profitability are currently stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like LAZ.
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 has the edge over LAZ in the historical PE scenario, which offers more potential upside but is not a forecast.
LAZ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.3x | $13.66 | -67% |
| Fair | 14x | $23.64 | -42% |
| Forward | 18x | $40.87 | — |
| Expensive | 20x | $32.49 | -21% |
| Current | 25x | $40.87 | — |
Historical ranges are pointers, not guarantees.
LAZ's PE is in its expensive range at 25x. If earnings grow as analysts expect, today's price would be 18x next year's earnings.
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.
LAZ Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for LAZ, with profitability holding steady. However, they disagree widely on these estimates.
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 LAZ on earnings, with more consistent year-over-year improvement.
LAZ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.29 | +40% |
| Q3 2026 | $1.64 | -36% |
| Q2 2026 | $2.03 | -30% |
| Q1 2026 | $2.52 | -13% |
| Q4 2025 | $2.17 | -19% |
| Q3 2025 | $2.55 | -1.2% |
| Q2 2025 | $2.92 | +80% |
| Q1 2025 | $2.89 | +$3.17 |
| Q4 2024 | $2.68 | +$3.58 |
LAZ's earnings per share have fallen from their peak: $1.64 over the past year, against $4.93 in early 2022.
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 LAZ on sales, with more consistent year-over-year improvement.
| 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 has the edge over LAZ on profitability, with a higher operating margin.
LAZ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $814.2M | +8.8% |
| Q2 2026 | $807.7M | +1.5% |
| Q1 2026 | $756.6M | +17% |
| Q4 2025 | $906.7M | +11% |
| Q3 2025 | $748.1M | -4.7% |
| Q2 2025 | $796M | +16% |
| Q1 2025 | $648.1M | -15% |
| Q4 2024 | $816.9M | +1.3% |
LAZ's revenue is recovering but still below its 2021 peak: $814M last quarter, up 8.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.7% | -6 points |
| Q2 2026 | 4.7% | -7 points |
| Q1 2026 | 12% | +3.4 points |
| Q4 2025 | 9.4% | -3.7 points |
| Q3 2025 | 13% | -7.8 points |
| Q2 2025 | 12% | +2.4 points |
| Q1 2025 | 8.4% | +1.3 points |
| Q4 2024 | 13% | +4.2 points |
LAZ's operating margin was 6.7% last quarter, down 6 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.
LAZ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $310.8M | +9.2% |
| Q2 2026 | $199.5M | +425% |
| Q1 2026 | -$221.5M | +$9.9M |
| Q4 2025 | $396.1M | +14% |
| Q3 2025 | $284.6M | +3.1% |
| Q2 2025 | $38M | -78% |
| Q1 2025 | -$231.4M | -$134.7M |
| Q4 2024 | $348M | +4.6% |
LAZ 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 LAZ 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.
LAZ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -56.7K shares |
| 1 year | -0.7% | -717K shares |
| 3 years | +21% | +18.6M shares |
| 5 years | -5.6% | -6.3M shares |
| Available history | -7.6% | -8.8M shares |
LAZ has 107M diluted shares, down 0.7% from a year ago, with $135M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $33.3M |
| Q2 2026 | $50M |
| Q1 2026 | $1.7M |
| Q4 2025 | $50M |
| Q3 2025 | $1.1M |
| Q2 2025 | $3.8M |
| Q1 2025 | $36.2M |
| Q4 2024 | $15.6M |
LAZ spent $135M buying back its own shares over the past year, up 139% from the year before.
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 LAZ on leverage, with a lower net debt burden relative to earnings.
LAZ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 0.9x | Very low |
LAZ's net debt is about 1.4 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for financial services companies like LAZ.
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).
LAZ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.0 | Neutral |
| Stochastic | 39.4 | Neutral |
LAZ's weekly RSI is 49 (neutral) and its Stochastic is 39 (neutral).
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 LAZ on valuation relative to its sector.
LAZ PE vs Financial Services Sector
| Metric | LAZ | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 91% above |
| PE % | 96 | 63 | 33 pts above |
LAZ is trading at 25x earnings, a 91% 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 has the edge over LAZ on trend strength, trading above more of its moving averages.
LAZ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.6 | 8.8% above |
| 20 week MA | $40.6 | 0.7% above |
| 50 week MA | $44.9 | 8.9% below |
| 100 week MA | $46.8 | 13% below |
| 200 week MA | $42.7 | 4.3% below |
LAZ has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 4.3% 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 LAZ on returns for 2026, with the stronger performance.
LAZ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.6 | $41.6 | +5.2% |
| 2021 | $41.6 | $44.0 | +5.7% |
| 2022 | $44.0 | $35.6 | -19% |
| 2023 | $35.6 | $34.8 | -2.3% |
| 2024 | $34.8 | $52.0 | +49% |
| 2025 | $52.0 | $50.0 | -3.7% |
| 2026 YTD | $50.0 | $40.9 | -18% |
LAZ has finished lower in three of the last six years. It's down 18% so far in 2026.