GS
The Goldman Sachs Group, Inc.
GS has the edge over WHF overall, supported by stronger fundamentals and lower modeled downside.
WHF
WhiteHorse Finance, Inc.
WHF 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.
WHF Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
WHF's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like WHF.
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.
WHF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.5x | $8.31 | — |
| Cheap | 8.9x | $9.91 | +19% |
| Forward | 9.3x | $8.31 | — |
| Fair | 14x | $15.50 | +87% |
| Expensive | 21x | $23.35 | +181% |
Historical ranges are pointers, not guarantees.
WHF 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 WHF on the outlook, with more favorable valuation and earnings expectations.
WHF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect WHF's earnings and profitability to decline, 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 WHF on earnings, with more consistent year-over-year improvement.
WHF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.90 | -19% |
| Q3 2026 | $1.11 | +158% |
| Q2 2026 | $0.79 | +427% |
| Q1 2026 | $0.41 | +5.1% |
| Q4 2025 | $0.62 | +32% |
| Q3 2025 | $0.43 | -4.4% |
| Q2 2025 | $0.15 | -85% |
| Q1 2025 | $0.39 | -52% |
| Q4 2024 | $0.47 | -47% |
WHF's earnings per share have fallen from their peak: $1.11 over the past year, against $2.97 in early 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 has the stronger quarterly revenue trend. Revenue is up 23% for GS versus down 13% for WHF.
| 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.
WHF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $13.7M | -13% |
| Q1 2022 | $11.8M | -10% |
| Q4 2021 | $9.6M | -25% |
| Q3 2021 | $13.4M | -47% |
| Q2 2021 | $15.8M | -42% |
| Q4 2020 | $12.8M | -3.5% |
WHF's revenue has slid since its 2020 peak: $14M last quarter, down 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 55% | -14 points |
| Q1 2022 | 50% | -13 points |
| Q4 2021 | 34% | -32 points |
| Q3 2021 | 63% | -23 points |
| Q2 2021 | 69% | -16 points |
| Q1 2021 | 64% | N/A |
| Q4 2020 | 66% | -1 points |
| Q3 2020 | 86% | N/A |
WHF's operating margin was 55% last quarter, down 14 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.
WHF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $422K | -99% |
| Q2 2026 | -$13M | -160% |
| Q1 2026 | $28.2M | +$35.3M |
| Q4 2025 | $959K | -95% |
| Q3 2025 | $61.6M | +323% |
| Q2 2025 | $21.7M | -48% |
| Q1 2025 | -$7M | -538% |
| Q4 2024 | $21.1M | +33% |
WHF 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.
WHF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -94.9K shares |
| 1 year | -7.6% | -1.8M shares |
| 3 years | -7.6% | -1.8M shares |
| 5 years | +3% | +625K shares |
| Available history | +4.5% | +930K shares |
WHF has the edge over GS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $2.6M |
| Q1 2026 | $3M |
| Q2 2022 | $74,000 |
| Q1 2022 | $50,000 |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
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.
WHF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 16.4x | High |
| Q1 2022 | 16.2x | High |
| Q4 2021 | 14.9x | High |
| Q3 2021 | 10.2x | High |
| Q2 2021 | 7.1x | High |
| Q1 2021 | 5.3x | High |
| Q4 2020 | 11.6x | High |
| Q3 2020 | 8.6x | High |
WHF's net debt is about 16 years of its operating earnings (EBITDA), up from 7.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like WHF.
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).
WHF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.1 | Neutral |
| Stochastic | 89.8 | Overbought |
WHF's weekly RSI is 69 (neutral) and its Stochastic is 90 (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 is trading at 13x earnings, in line with the Financial Services sector's median of 13x, though its earnings don't support one.
WHF PE vs Financial Services Sector
| Metric | WHF | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 13x | 42% below |
| PE % | 10 | 63 | 53 pts below |
WHF has the edge over GS on valuation relative to its sector.
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.
WHF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.65 | 8.6% above |
| 20 week MA | $7.17 | 16% above |
| 50 week MA | $7.08 | 17% above |
| 100 week MA | $8.00 | 3.9% above |
| 200 week MA | $10.2 | 19% below |
WHF 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.
WHF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.6 | $13.3 | -2.8% |
| 2021 | $13.3 | $15.5 | +17% |
| 2022 | $15.5 | $12.6 | -19% |
| 2023 | $12.6 | $12.3 | -2.2% |
| 2024 | $12.3 | $9.75 | -21% |
| 2025 | $9.75 | $6.98 | -28% |
| 2026 YTD | $6.98 | $8.31 | +19% |
WHF has the edge over GS on returns for 2026, with the stronger performance.