GS
The Goldman Sachs Group, Inc.
GS offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
MSCI
MSCI Inc.
MSCI has a slight edge over GS overall, supported by stronger valuation and stronger modeled upside.
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.
MSCI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MSCI's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MSCI.
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.
MSCI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 30x | $652 | — |
| Current | 34x | $652 | — |
| Cheap | 36x | $680 | +4.4% |
| Fair | 44x | $824 | +27% |
| Expensive | 60x | $1,132 | +74% |
Historical ranges are pointers, not guarantees.
MSCI 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.
MSCI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
MSCI 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 MSCI on earnings, with more consistent year-over-year improvement.
MSCI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $21.70 | +15% |
| Q3 2026 | $18.89 | +20% |
| Q2 2026 | $18.28 | +21% |
| Q1 2026 | $17.51 | +20% |
| Q4 2025 | $15.69 | +12% |
| Q3 2025 | $15.77 | +3.6% |
| Q2 2025 | $15.09 | +1.1% |
| Q1 2025 | $14.54 | -0.7% |
| Q4 2024 | $14.05 | -2.4% |
MSCI earned $18.89 per share over the past year, up 20% 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's revenue is growing: $18.7B last quarter, up 23% from the same quarter a year ago.
| 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.
MSCI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $892M | +12% |
| Q2 2026 | $867M | +12% |
| Q1 2026 | $850.8M | +14% |
| Q4 2025 | $822.5M | +11% |
| Q3 2025 | $793.4M | +9.5% |
| Q2 2025 | $772.7M | +9.1% |
| Q1 2025 | $745.8M | +9.7% |
| Q4 2024 | $743.5M | +7.7% |
MSCI's revenue has grown year over year every quarter since late 2020: $892M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 56% | -0.1 points |
| Q2 2026 | 56% | +1.2 points |
| Q1 2026 | 54% | +3.2 points |
| Q4 2025 | 56% | +1.9 points |
| Q3 2025 | 56% | +1 points |
| Q2 2025 | 55% | +1 points |
| Q1 2025 | 51% | +0.6 points |
| Q4 2024 | 55% | +0.8 points |
MSCI 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.
MSCI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $422.7M | -5.1% |
| Q2 2026 | $359.8M | +11% |
| Q1 2026 | $304M | +4.7% |
| Q4 2025 | $488.7M | +17% |
| Q3 2025 | $445.5M | +7.4% |
| Q2 2025 | $324.7M | -4.7% |
| Q1 2025 | $290.2M | -1.9% |
| Q4 2024 | $416.4M | +8.1% |
MSCI 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 301M diluted shares, down 4.4% from a year ago, with $15B in buybacks over the past year.
| 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.
MSCI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -600K shares |
| 1 year | -5.6% | -4.3M shares |
| 3 years | -9.1% | -7.2M shares |
| 5 years | -13% | -11.3M shares |
| Available history | -15% | -13.2M shares |
MSCI has the edge over GS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $552.6M |
| Q2 2026 | $168.4M |
| Q1 2026 | $414.8M |
| Q4 2025 | $906.8M |
| Q3 2025 | $1.2B |
| Q2 2025 | $138.5M |
| Q1 2025 | $213.1M |
| Q4 2024 | $374M |
MSCI spent $2B buying back its own shares over the past year, up 4.7% 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 MSCI on leverage, with a lower net debt burden relative to earnings.
MSCI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.3x | Elevated |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.3x | Elevated |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 3.1x | Elevated |
| Q2 2025 | 2.6x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 2.7x | Moderate |
MSCI's net debt is about 3.3 years of its operating earnings (EBITDA), up from 3.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MSCI.
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).
MSCI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.8 | Neutral |
| Stochastic | 83.3 | Overbought |
MSCI's weekly RSI is 65 (neutral) and its Stochastic is 83 (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 MSCI on valuation relative to its sector.
MSCI PE vs Financial Services Sector
| Metric | MSCI | Sector median | Relative |
|---|---|---|---|
| PE | 34x | 13x | 165% above |
| PE % | 11 | 63 | 52 pts below |
MSCI is trading at 34x earnings, a 165% 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.
MSCI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $594.1 | 9.7% above |
| 20 week MA | $583.0 | 12% above |
| 50 week MA | $575.8 | 13% above |
| 100 week MA | $571.3 | 14% above |
| 200 week MA | $551.7 | 18% above |
MSCI 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.
MSCI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $260.0 | $432.5 | +66% |
| 2021 | $432.5 | $611.3 | +41% |
| 2022 | $611.3 | $463.8 | -24% |
| 2023 | $463.8 | $565.7 | +22% |
| 2024 | $565.7 | $609.6 | +7.8% |
| 2025 | $609.6 | $585.0 | -4% |
| 2026 YTD | $585.0 | $651.5 | +11% |
MSCI has the edge over GS on returns for 2026, with the stronger performance.