GS
The Goldman Sachs Group, Inc.
GS has the edge over NNI overall, supported by stronger fundamentals and stronger modeled upside.
NNI
Nelnet, Inc.
NNI trails on the overall score without a compensating advantage in the available component scores.
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.
NNI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
NNI's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NNI.
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 NNI in the historical PE scenario, which offers more potential upside but is not a forecast.
NNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.1x | $53.77 | -57% |
| Fair | 15x | $110 | -12% |
| Forward | 15x | $125 | — |
| Current | 16x | $125 | — |
| Expensive | 26x | $200 | +60% |
Historical ranges are pointers, not guarantees.
NNI's PE is in its fair range at 16x. On analysts' estimates for next year's earnings, today's price would be 15x.
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.
NNI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect NNI's revenue to grow, but its profitability to weaken.
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's earnings per share have climbed steadily: $69.58 over the past year, up 41% from the year before, and higher year over year for 10 quarters in a row. Its recent earnings include one-off gains.
NNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.43 | +11% |
| Q3 2026 | $7.57 | -36% |
| Q2 2026 | $8.38 | -7.4% |
| Q1 2026 | $11.50 | +117% |
| Q4 2025 | $11.79 | +135% |
| Q3 2025 | $11.92 | +291% |
| Q2 2025 | $9.05 | +116% |
| Q1 2025 | $5.31 | +43% |
| Q4 2024 | $5.02 | +105% |
NNI's earnings per share have fallen from their peak: $7.57 over the past year, against $13.43 in late 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'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.
NNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $101.4M | +19% |
| Q2 2026 | $96M | +21% |
| Q1 2026 | $101.6M | +23% |
| Q4 2025 | $107.1M | +34% |
| Q3 2025 | $85.3M | +18% |
| Q2 2025 | $79.4M | +20% |
| Q1 2025 | $82.7M | +11% |
| Q4 2024 | $80.1M | +15% |
NNI has the edge over GS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | -80 points |
| Q2 2026 | 68% | -231 points |
| Q1 2026 | 74% | -54 points |
| Q4 2025 | 71% | -27 points |
| Q3 2025 | 160% | +163 points |
| Q2 2025 | 299% | +211 points |
| Q1 2025 | 128% | +1.5 points |
| Q4 2024 | 98% | +155 points |
NNI 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.
NNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $187.9M | +87% |
| Q2 2026 | $71.6M | -8.3% |
| Q1 2026 | $61.6M | -30% |
| Q4 2025 | $130.1M | -34% |
| Q3 2025 | $100.8M | -24% |
| Q2 2025 | $78.1M | -36% |
| Q1 2025 | $87.8M | -53% |
| Q4 2024 | $197.9M | +239% |
NNI 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 NNI 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.
NNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -192K shares |
| 1 year | -1.3% | -471K shares |
| 3 years | -4.4% | -1.7M shares |
| 5 years | -7.1% | -2.8M shares |
| Available history | -10% | -4.2M shares |
NNI has 36M diluted shares, down 1.3% from a year ago, with $110M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $53.1M |
| Q2 2026 | $24.4M |
| Q1 2026 | $16.3M |
| Q4 2025 | $16.3M |
| Q3 2025 | $27.3M |
| Q2 2025 | $21.4M |
| Q1 2025 | $4.5M |
| Q4 2024 | $403,000 |
NNI spent $110M buying back its own shares over the past year, up 106% 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 NNI on leverage, with a lower net debt burden relative to earnings.
NNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 18.1x | High |
| Q2 2026 | 16.6x | High |
| Q1 2026 | 12.8x | High |
| Q4 2025 | 12.1x | High |
| Q3 2025 | 12.2x | High |
| Q2 2025 | 15.7x | High |
| Q1 2025 | 26.4x | High |
| Q4 2024 | 25.5x | High |
NNI's net debt is about 18 years of its operating earnings (EBITDA), up from 12 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NNI.
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).
NNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 32.3 | Neutral |
NNI's weekly RSI is 46 (neutral) and its Stochastic is 32 (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 NNI on valuation relative to its sector.
NNI PE vs Financial Services Sector
| Metric | NNI | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 27% above |
| PE % | 57 | 63 | 6 pts below |
NNI is trading at 16x earnings, a 27% 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 NNI on trend strength, trading above more of its moving averages.
NNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $125.2 | 0.3% below |
| 20 week MA | $128.4 | 2.8% below |
| 50 week MA | $130.4 | 4.3% below |
| 100 week MA | $124.3 | 0.5% above |
| 200 week MA | $110.7 | 13% above |
NNI has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 13% above 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 NNI on returns for 2026, with the stronger performance.
NNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $58.5 | $68.7 | +17% |
| 2021 | $68.7 | $97.6 | +42% |
| 2022 | $97.6 | $89.6 | -8.2% |
| 2023 | $89.6 | $88.2 | -1.5% |
| 2024 | $88.2 | $106.2 | +20% |
| 2025 | $106.2 | $135.7 | +28% |
| 2026 YTD | $135.7 | $124.8 | -8% |
NNI has finished higher in four of the last six years. It's down 8% so far in 2026.