GS
The Goldman Sachs Group, Inc.
GS has the edge over MKL overall, supported by stronger fundamentals and stronger modeled upside.
MKL
Markel Corporation
MKL's outlook is improving, though it still trails on the overall score.
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.
MKL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MKL's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MKL.
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.
MKL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.7x | $1,086 | -45% |
| Fair | 10x | $1,458 | -26% |
| Current | 14x | $1,962 | — |
| Forward | 17x | $1,962 | — |
| Expensive | 30x | $4,191 | +114% |
Historical ranges are pointers, not guarantees.
MKL 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 |
GS has the edge over MKL on the outlook, with more favorable valuation and revenue expectations.
MKL Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect MKL's earnings to grow and its profitability to improve, with its revenue holding steady.
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 MKL on earnings, with more consistent year-over-year improvement.
MKL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $118.42 | -16% |
| Q3 2026 | $140.23 | -12% |
| Q2 2026 | $181.33 | +8.6% |
| Q1 2026 | $138.24 | +1.7% |
| Q4 2025 | $169.22 | -15% |
| Q3 2025 | $160.02 | -26% |
| Q2 2025 | $167.02 | +8.7% |
| Q1 2025 | $135.97 | -27% |
| Q4 2024 | $199.32 | +36% |
MKL's earnings per share have fallen from their peak: $140.23 over the past year, against $216.79 in late 2024.
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 MKL 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 MKL on profitability, with a higher operating margin.
MKL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.2B | +5.7% |
| Q2 2026 | $4B | -13% |
| Q1 2026 | $3.6B | +4.5% |
| Q4 2025 | $4B | +4.3% |
| Q3 2025 | $3.9B | -15% |
| Q2 2025 | $4.6B | +24% |
| Q1 2025 | $3.4B | -24% |
| Q4 2024 | $3.8B | -17% |
MKL's revenue grew through 2024 and has held roughly level since: $4.2B last quarter, up 5.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.2% | -17 points |
| Q2 2026 | 39% | +15 points |
| Q1 2026 | -7.7% | -16 points |
| Q4 2025 | 20% | +4.3 points |
| Q3 2025 | 26% | -4.1 points |
| Q2 2025 | 24% | +13 points |
| Q1 2025 | 8.3% | -22 points |
| Q4 2024 | 16% | -8.9 points |
MKL's operating margin was 9.2% last quarter, down 16 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.
MKL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $849.5M | -27% |
| Q2 2026 | $384.5M | -15% |
| Q1 2026 | -$31.4M | -109% |
| Q4 2025 | $599.1M | +43% |
| Q3 2025 | $1.2B | +39% |
| Q2 2025 | $453.8M | -13% |
| Q1 2025 | $335.5M | -40% |
| Q4 2024 | $420M | -42% |
MKL 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 MKL 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.
MKL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -145K shares |
| 1 year | -1.2% | -155K shares |
| 3 years | -6.7% | -898K shares |
| 5 years | -9.7% | -1.3M shares |
| Available history | -10% | -1.4M shares |
MKL has 12M diluted shares, down 1.2% from a year ago, with $771M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $314.7M |
| Q2 2026 | $236.7M |
| Q1 2026 | $133.9M |
| Q4 2025 | $85.5M |
| Q3 2025 | $74.4M |
| Q2 2025 | $99.4M |
| Q1 2025 | $170.3M |
| Q4 2024 | $183.6M |
MKL spent $771M buying back its own shares over the past year, up 46% 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 more cash than debt. Net leverage isn't a meaningful measure for financial services companies like GS.
MKL Net Leverage
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).
MKL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.1 | Neutral |
| Stochastic | 71.7 | Neutral |
MKL's weekly RSI is 60 (neutral) and its Stochastic is 72 (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 MKL on valuation relative to its sector.
MKL PE vs Financial Services Sector
| Metric | MKL | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 7.5% above |
| PE % | 72 | 63 | 9 pts above |
MKL is trading at 14x earnings, in line with 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.
MKL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,839.6 | 6.7% above |
| 20 week MA | $1,861.0 | 5.4% above |
| 50 week MA | $1,928.6 | 1.7% above |
| 100 week MA | $1,914.7 | 2.5% above |
| 200 week MA | $1,694.0 | 16% above |
MKL 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 the edge over MKL on returns for 2026, with the stronger performance.
MKL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1,122.4 | $990.9 | -12% |
| 2021 | $990.9 | $1,208.7 | +22% |
| 2022 | $1,208.7 | $1,307.6 | +8.2% |
| 2023 | $1,307.6 | $1,419.9 | +8.6% |
| 2024 | $1,419.9 | $1,740.4 | +23% |
| 2025 | $1,740.4 | $2,181.5 | +25% |
| 2026 YTD | $2,181.5 | $1,962.1 | -10% |
MKL has finished higher in five of the last six years. It's down 10% so far in 2026.