GS
The Goldman Sachs Group, Inc.
GS has a slight edge over TW overall, supported by stronger fundamentals and lower modeled downside.
TW
Tradeweb Markets Inc.
TW'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.
TW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
TW's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like TW.
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.
TW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 29x | $132 | — |
| Current | 31x | $132 | — |
| Cheap | 43x | $184 | +40% |
| Fair | 57x | $243 | +85% |
| Expensive | 76x | $325 | +147% |
Historical ranges are pointers, not guarantees.
TW 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.
TW Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
TW 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 TW on earnings, with stronger typical year-over-year growth.
TW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.57 | +7.1% |
| Q3 2026 | $4.27 | +46% |
| Q2 2026 | $4.19 | +62% |
| Q1 2026 | $4.05 | +67% |
| Q4 2025 | $3.78 | +62% |
| Q3 2025 | $2.92 | +40% |
| Q2 2025 | $2.59 | +29% |
| Q1 2025 | $2.43 | +29% |
| Q4 2024 | $2.33 | +36% |
TW's earnings per share have climbed steadily: $4.27 over the past year, up 46% from the year before, and higher year over year for 23 quarters in a row. Its recent earnings include one-off gains.
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.
TW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $584.5M | +15% |
| Q2 2026 | $558.9M | +9% |
| Q1 2026 | $617.8M | +21% |
| Q4 2025 | $521.2M | +12% |
| Q3 2025 | $508.6M | +13% |
| Q2 2025 | $513M | +27% |
| Q1 2025 | $509.7M | +25% |
| Q4 2024 | $463.3M | +25% |
TW has the edge over GS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 43% | +2 points |
| Q2 2026 | 44% | +4.9 points |
| Q1 2026 | 47% | +6.5 points |
| Q4 2025 | 42% | +1.7 points |
| Q3 2025 | 41% | +5.9 points |
| Q2 2025 | 39% | -1.2 points |
| Q1 2025 | 40% | -1 points |
| Q4 2024 | 41% | +2.4 points |
TW 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.
TW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $338M | +3% |
| Q2 2026 | $385.8M | -4.4% |
| Q1 2026 | $94.2M | +61% |
| Q4 2025 | $336.5M | +31% |
| Q3 2025 | $328.3M | +14% |
| Q2 2025 | $403.7M | +44% |
| Q1 2025 | $58.6M | +87% |
| Q4 2024 | $256.8M | +5.4% |
TW 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 TW 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.
TW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -1.9M shares |
| 1 year | -1.9% | -4.1M shares |
| 3 years | -1.2% | -2.6M shares |
| 5 years | +1.3% | +2.7M shares |
| Available history | +35% | +54.4M shares |
TW has 211M diluted shares, down 1.9% from a year ago, with $551M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $206.8M |
| Q2 2026 | $187.2M |
| Q1 2026 | $53.3M |
| Q4 2025 | $103.3M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $844,000 |
| Q4 2024 | $34.7M |
TW spent $551M buying back its own shares over the past year, more than ten times what it spent 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 TW on leverage, with a lower net debt burden relative to earnings.
TW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.7x | Net Cash |
| Q2 2026 | -1.7x | Net Cash |
| Q1 2026 | -1.7x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -1.8x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -1.4x | Net Cash |
| Q4 2024 | -1.5x | Net Cash |
TW has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like TW.
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).
TW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.8 | Overbought |
| Stochastic | 94.6 | Overbought |
TW's weekly RSI is 72 (overbought) and its Stochastic is 95 (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 TW on valuation relative to its sector.
TW PE vs Financial Services Sector
| Metric | TW | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 13x | 137% above |
| PE % | 9 | 63 | 54 pts below |
TW is trading at 31x earnings, a 137% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
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.
TW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $116.6 | 13% above |
| 20 week MA | $108.5 | 21% above |
| 50 week MA | $109.8 | 20% above |
| 100 week MA | $119.4 | 10% above |
| 200 week MA | $107.5 | 22% above |
TW 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.
TW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.8 | $63.4 | +36% |
| 2021 | $63.4 | $98.9 | +56% |
| 2022 | $98.9 | $64.3 | -35% |
| 2023 | $64.3 | $90.9 | +41% |
| 2024 | $90.9 | $134.9 | +48% |
| 2025 | $134.9 | $107.8 | -20% |
| 2026 YTD | $107.8 | $131.6 | +22% |
TW has the edge over GS on returns for 2026, with the stronger performance.