GS
The Goldman Sachs Group, Inc.
GS has the edge over PAX overall, supported by stronger fundamentals and lower modeled downside.
PAX
Patria Investments Limited
PAX offers stronger valuation, 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.
PAX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
PAX's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PAX.
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.
PAX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.9x | $9.18 | — |
| Cheap | 17x | $7.80 | -15% |
| Current | 20x | $9.18 | — |
| Fair | 23x | $10.23 | +11% |
| Expensive | 29x | $12.85 | +40% |
Historical ranges are pointers, not guarantees.
PAX 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.
PAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect PAX'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 has the edge over PAX on earnings, with more consistent year-over-year improvement.
PAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.33 | +196% |
| Q2 2026 | $0.45 | -18% |
| Q1 2026 | $0.47 | 0% |
| Q4 2025 | $0.54 | +10% |
| Q3 2025 | $0.69 | +60% |
| Q2 2025 | $0.55 | +1.9% |
| Q1 2025 | $0.47 | -39% |
| Q4 2024 | $0.49 | -38% |
| Q3 2024 | $0.43 | -46% |
PAX's earnings per share have fallen from their peak: $0.45 over the past year, against $0.95 in mid-2021.
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 has the edge over PAX on profitability, with a higher operating margin.
PAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $111.3M | +35% |
| Q1 2026 | $98.2M | +23% |
| Q4 2025 | $134.4M | -15% |
| Q3 2025 | $86.5M | +11% |
| Q2 2025 | $82.5M | +10% |
| Q1 2025 | $79.6M | +25% |
| Q4 2024 | $157.2M | +41% |
| Q3 2024 | $78.1M | +23% |
PAX has the edge over GS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 19% | -18 points |
| Q1 2026 | 26% | -11 points |
| Q4 2025 | 37% | -14 points |
| Q3 2025 | 35% | -0.5 points |
| Q2 2025 | 37% | -0.9 points |
| Q1 2025 | 37% | -10 points |
| Q4 2024 | 51% | +1.2 points |
| Q3 2024 | 36% | -12 points |
PAX's operating margin was 19% last quarter, down 18 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
PAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $35.5M | -51% |
| Q1 2026 | $28.4M | -71% |
| Q4 2025 | $32.3M | +40% |
| Q3 2025 | $52.1M | -22% |
| Q2 2025 | $72.9M | +879% |
| Q1 2025 | $97.8M | +144% |
| Q4 2024 | $23.1M | -29% |
| Q3 2024 | $67M | +75% |
PAX 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 PAX 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.
PAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +953K shares |
| 1 year | +0.9% | +1.5M shares |
| 3 years | +7.7% | +11.4M shares |
| 5 years | +19% | +25.6M shares |
| Available history | +36% | +42.6M shares |
PAX has 160M diluted shares, up 0.9% from a year ago, despite $69M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $12.7M |
| Q4 2025 | — |
| Q3 2025 | $56.2M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PAX spent $69M buying back its own shares over the past year, after none 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 PAX on leverage, with a lower net debt burden relative to earnings.
PAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.5x | Healthy |
| Q3 2024 | 1.1x | Healthy |
PAX's net debt is about 2.2 years of its operating earnings (EBITDA), up from a year a year ago. Net leverage isn't a meaningful measure for financial services companies like PAX.
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).
PAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.2 | Neutral |
| Stochastic | 8.1 | Oversold |
PAX's weekly RSI is 35 (neutral) and its Stochastic is 8 (oversold).
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 PAX on valuation relative to its sector.
PAX PE vs Financial Services Sector
| Metric | PAX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 57% above |
| PE % | 40 | 62 | 22 pts below |
PAX is trading at 20x earnings, a 57% 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 PAX on trend strength, trading above more of its moving averages.
PAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.4 | 12% below |
| 20 week MA | $10.8 | 15% below |
| 50 week MA | $12.4 | 26% below |
| 100 week MA | $12.6 | 27% below |
| 200 week MA | $13.2 | 31% below |
PAX is in a downtrend: it's below all five of its weekly moving averages, and 31% 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 PAX on returns for 2026, with the stronger performance.
PAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $19.9 | $16.5 | -17% |
| 2022 | $16.5 | $13.7 | -17% |
| 2023 | $13.7 | $15.5 | +13% |
| 2024 | $15.5 | $11.6 | -25% |
| 2025 | $11.6 | $16.2 | +39% |
| 2026 YTD | $16.2 | $9.18 | -43% |
PAX has finished lower in three of the last five years. It's down 43% so far in 2026.