GS
The Goldman Sachs Group, Inc.
GS has the edge over XP overall, supported by stronger fundamentals.
XP
XP Inc.
XP'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.
XP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
XP's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like XP.
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.
XP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 8.3x | $15.04 | — |
| Cheap | 10x | $18.35 | +22% |
| Fair | 15x | $27.61 | +84% |
| Expensive | 59x | $106 | +606% |
Historical ranges are pointers, not guarantees.
XP 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 XP on the outlook, with more favorable profitability expectations.
XP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for XP, with profitability 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 XP on earnings, with stronger typical year-over-year growth.
XP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.81 | +11% |
| Q1 2026 | $1.76 | +14% |
| Q4 2025 | $1.74 | +18% |
| Q3 2025 | $1.68 | +17% |
| Q2 2025 | $1.63 | +17% |
| Q1 2025 | $1.55 | +15% |
| Q4 2024 | $1.48 | +16% |
| Q3 2024 | $1.43 | +20% |
XP's earnings per share have climbed steadily: $1.81 over the past year, up 11% from the year before, and higher year over year for 11 quarters in a row.
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 edge over XP on sales, with stronger typical year-over-year growth.
| 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 XP on profitability, with a higher operating margin.
XP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $894.2M | +14% |
| Q1 2026 | $826.4M | +6.9% |
| Q4 2025 | $906.4M | +6.5% |
| Q3 2025 | $822.2M | +5.5% |
| Q2 2025 | $784.5M | -6% |
| Q1 2025 | $773.3M | +3.3% |
| Q4 2024 | $850.9M | +16% |
| Q3 2024 | $779.6M | +1.3% |
XP's revenue has grown year over year for four quarters in a row: $894M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 33% | -0.1 points |
| Q1 2026 | 31% | -2.3 points |
| Q4 2025 | 33% | -0.5 points |
| Q3 2025 | 31% | -0.7 points |
| Q2 2025 | 33% | -2.9 points |
| Q1 2025 | 33% | +1.7 points |
| Q4 2024 | 33% | +3.5 points |
| Q3 2024 | 32% | +0.8 points |
XP's operating margin was 33% last quarter, about level with 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.
XP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $2B | +139% |
| Q1 2026 | $124.3M | +$599.5M |
| Q4 2025 | -$437.1M | -164% |
| Q3 2025 | $2.2B | +166% |
| Q2 2025 | $832.5M | -22% |
| Q1 2025 | -$475.2M | +$132.3M |
| Q4 2024 | $679M | -9.3% |
| Q3 2024 | $818M | +$1.1B |
XP 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 XP 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.
XP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -4.8M shares |
| 1 year | -2.8% | -15.3M shares |
| 3 years | -2.1% | -11M shares |
| 5 years | -9% | -51.7M shares |
| Available history | -5.7% | -31.3M shares |
XP has 521M diluted shares, down 2.8% from a year ago, with $359M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $147.6M |
| Q1 2026 | $34.7M |
| Q4 2025 | $152.6M |
| Q3 2025 | $23.9M |
| Q2 2025 | $74.7M |
| Q1 2025 | $89.1M |
| Q4 2024 | $18.8M |
| Q3 2024 | — |
XP spent $359M buying back its own shares over the past year, up 96% 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 XP on leverage, with a lower net debt burden relative to earnings.
XP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 12.9x | High |
| Q1 2026 | 12.8x | High |
| Q4 2025 | 11.9x | High |
| Q3 2025 | 9.7x | High |
| Q2 2025 | 10.2x | High |
| Q1 2025 | 8.4x | High |
| Q4 2024 | 17.6x | High |
| Q3 2024 | 8.0x | High |
XP's net debt is about 13 years of its operating earnings (EBITDA), up from 10 years a year ago. Net leverage isn't a meaningful measure for financial services companies like XP.
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).
XP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.4 | Neutral |
| Stochastic | 5.5 | Oversold |
XP's weekly RSI is 42 (neutral) and its Stochastic is 6 (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 is trading at 13x earnings, in line with the Financial Services sector's median of 13x, though its earnings don't support one.
XP PE vs Financial Services Sector
| Metric | XP | Sector median | Relative |
|---|---|---|---|
| PE | 8.3x | 13x | 36% below |
| PE % | 2 | 63 | 61 pts below |
XP 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 has the edge over XP on trend strength, trading above more of its moving averages.
XP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.3 | 33% below |
| 20 week MA | $19.4 | 22% below |
| 50 week MA | $18.7 | 19% below |
| 100 week MA | $17.6 | 14% below |
| 200 week MA | $18.8 | 20% below |
XP is in a downtrend: it's below all five of its weekly moving averages, and 20% 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 XP on returns for 2026, with the stronger performance.
XP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2019 | $37.7 | $38.5 | +2.1% |
| 2020 | $38.5 | $41.4 | +7.4% |
| 2021 | $41.4 | $29.8 | -28% |
| 2022 | $29.8 | $15.5 | -48% |
| 2023 | $15.5 | $26.1 | +68% |
| 2024 | $26.1 | $12.1 | -54% |
| 2025 | $12.1 | $16.4 | +36% |
| 2026 YTD | $16.4 | $15.0 | -8.5% |
XP has finished lower in three of the last six years. It's down 8.5% so far in 2026.