Independent equity research
Is Goldman Sachs (GS) a Buy, Hold or Sell?
Goldman Sachs — our independent, AI-built valuation and rating, in brief.
SELL
12-mo fair value
$800.00
To fair value
−25%
Report dated 2026-07-14 · fair value derived independently of the market price.
The thesis, in brief
Record Q2 (EPS $20.98, 23.5% ROE) but at 3.4x TBV (100th percentile ever) it prices ~26% ROTCE in perpetuity ≈ peak of cycle. Great quarter, wrong price. RI cross-check ~$550–630
How we value it
We value Goldman Sachs using Justified P/TBV (ROTCE-g)/(COE-g) + excess-return / RI. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Goldman Sachs report
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