GS
The Goldman Sachs Group, Inc.
GS has the edge over MBIN overall, supported by stronger valuation and lower modeled downside.
MBIN
Merchants Bancorp
MBIN offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
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.
MBIN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MBIN's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MBIN.
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.
MBIN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.6x | $33.76 | -37% |
| Fair | 6.3x | $38.13 | -29% |
| Expensive | 8.1x | $49.06 | -8.4% |
| Current | 8.8x | $53.56 | — |
| Forward | 9.1x | $53.56 | — |
Historical ranges are pointers, not guarantees.
MBIN 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.
MBIN Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MBIN, with profitability improving.
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 MBIN on earnings, with more consistent year-over-year improvement.
MBIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.86 | -3.4% |
| Q3 2026 | $6.07 | +40% |
| Q2 2026 | $4.98 | +9.7% |
| Q1 2026 | $4.10 | -24% |
| Q4 2025 | $3.78 | -40% |
| Q3 2025 | $4.34 | -28% |
| Q2 2025 | $4.54 | -31% |
| Q1 2025 | $5.43 | -15% |
| Q4 2024 | $6.30 | +12% |
MBIN earned $6.07 per share over the past year, up 40% from the year before.
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 MBIN 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's operating margin was 37% last quarter, up 2 points from the same quarter a year ago.
MBIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $224.9M | +31% |
| Q2 2026 | $182.2M | +1.7% |
| Q1 2026 | $175.2M | +20% |
| Q4 2025 | $185.3M | -4.4% |
| Q3 2025 | $171.1M | +14% |
| Q2 2025 | $179.2M | +12% |
| Q1 2025 | $145.9M | -13% |
| Q4 2024 | $193.8M | +22% |
MBIN's revenue is growing: $225M last quarter, up 31% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 59% | +22 points |
| Q2 2026 | 55% | +28 points |
| Q1 2026 | 48% | -4.3 points |
| Q4 2025 | 40% | -26 points |
| Q3 2025 | 38% | -17 points |
| Q2 2025 | 27% | -35 points |
| Q1 2025 | 52% | -16 points |
| Q4 2024 | 66% | +3.4 points |
MBIN 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 has the edge over MBIN on cash flow, with more consistent year-over-year improvement.
MBIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $616.9M | +2472% |
| Q2 2026 | $210.9M | +$336.5M |
| Q1 2026 | -$598.5M | -524% |
| Q4 2025 | -$401.7M | -$385.4M |
| Q3 2025 | $24M | +$521.2M |
| Q2 2025 | -$125.7M | -374% |
| Q1 2025 | $141.2M | +$527.3M |
| Q4 2024 | -$16.3M | -102% |
MBIN's free cash flow was −$172M over the past year, against $23M the year before. Free cash flow isn't a meaningful measure for financial services companies like MBIN.
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 MBIN 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.
MBIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +27K shares |
| 1 year | +0.2% | +82.8K shares |
| 3 years | +6.2% | +2.7M shares |
| 5 years | +6.3% | +2.7M shares |
| Available history | +6.8% | +2.9M shares |
MBIN has 46M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $3M |
| Q4 2022 | — |
| Q3 2022 | $333 |
| Q2 2022 | $3.9M |
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 MBIN on leverage, with a lower net debt burden relative to earnings.
MBIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.0x | Net Cash |
| Q1 2025 | -0.0x | Net Cash |
| Q4 2024 | -0.0x | Net Cash |
MBIN has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like MBIN.
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).
MBIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.0 | Neutral |
| Stochastic | 56.3 | Neutral |
MBIN's weekly RSI is 61 (neutral) and its Stochastic is 56 (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 is trading at 13x earnings, in line with the Financial Services sector's median of 13x, though its earnings don't support one.
MBIN PE vs Financial Services Sector
| Metric | MBIN | Sector median | Relative |
|---|---|---|---|
| PE | 8.8x | 13x | 32% below |
| PE % | 86 | 63 | 23 pts above |
MBIN 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's trend is mixed: it's above three of its five weekly moving averages, and 52% above its 200-week average.
MBIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $50.8 | 5.5% above |
| 20 week MA | $51.5 | 3.9% above |
| 50 week MA | $46.2 | 16% above |
| 100 week MA | $40.3 | 33% above |
| 200 week MA | $37.9 | 41% above |
MBIN 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.
MBIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.0 | $18.6 | +43% |
| 2021 | $18.6 | $31.5 | +70% |
| 2022 | $31.5 | $24.5 | -22% |
| 2023 | $24.5 | $42.6 | +74% |
| 2024 | $42.6 | $36.3 | -15% |
| 2025 | $36.3 | $33.7 | -7.2% |
| 2026 YTD | $33.7 | $53.6 | +59% |
MBIN has the edge over GS on returns for 2026, with the stronger performance.