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The Goldman Sachs Group, Inc.
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=== Historic === ==== Most Recent Quarter ==== During the 3 months ended 31st June 2023, net income decreased by $2.016 billion to $1.071 billion on revenues of $10.895 billion from $12.224 billion, representing a respective decrease of 65% and of 11% compared to the previous quarter. ==== Most Recent Year ==== For the fiscal year 2022, Goldman Sachs reported a net income of $11.3 billion. The annual revenue was $47.4 billion, a decrease of 20.2% over the previous year. ==== Balance Sheets ==== {| class="wikitable" ! ! colspan="2" |Year Ended December |- !$ in millions !2022 !2021 |- ! colspan="3" |Assets |- |Cash and cash equivalents |241,825 |261,036 |- |Securities purchased under agreements to resell |225,117 |205,703 |- |Securities borrowed |189,041 |178,771 |- |Customer and other receiveables |135,448 |160,673 |- |Trading assets |301,245 |375,916 |- |Investments |130,629 |88,719 |- |Loans |179,286 |158,562 |- |Other assets |39,208 |34,608 |- |'''Total assets''' |1,441,799 |1,463,988 |- ! colspan="3" |Liabilities |- |Deposits |386,665 |364,227 |- |Securities sold under agreements to repurchase |110,349 |165,883 |- |Securities loaned |30,727 |46,505 |- |Other secured financings |13,946 |18,544 |- |Customer and other payables |262,045 |251,931 |- |Trading liabilities |191,324 |181,424 |- |Unsecured short-term borrowings |60,961 |46,955 |- |Unsecured long-term borrowings |21,455 |24,501 |- |'''Total liabilities''' |1,324,610 |1,354,062 |- ! colspan="3" |Shareholders' Equity |- |Preferred stock |10,703 |10,703 |- |Common stock |9 |9 |- |Share-based awards |5,696 |4,211 |- |Additional paid-in capital |59,050 |56,396 |- |Retained earnings |139,372 |131,811 |- |Accumulated other comprehensive loss |(3,010) |(2,068) |- |Stock held in treasury |(94,631) |(91,136) |- |'''Total shareholders' equity''' |117,189 |109,926 |- ! colspan="3" |Total |- |'''Total liabilities and shareholders'equity''' |1,441,799 |1,463,988 |} ==== Earnings Statements ==== {| class="wikitable" ! ! colspan="2" |Year Ended December |- !$ in millions !2022 !2021 |- ! colspan="3" |Revenues |- |Investment banking |7,360 |14,136 |- |Investment management |9,005 |8,171 |- |Commissions and fees |4,034 |3,590 |- |Market making |18,634 |15,357 |- |Other principal transactions |654 |11,615 |- |'''Total non-interest revenues''' |39,687 |52,869 |- |Interest income |29,024 |12,120 |- |Interest expense |21,346 |5,650 |- |Net interest income |7,678 |6,470 |- |'''Total net revenues''' |47,365 |59,339 |- |Provision for credit losses |2,715 |357 |- ! colspan="3" |Operating Expenses |- |Compensation and benefits |15,148 |17,719 |- |Transaction based |5,312 |4,710 |- |Market development |812 |553 |- |Communications and technology |1,808 |1,573 |- |Depreciation and amortization |2,455 |2,015 |- |Occupancy |1,026 |981 |- |Professional fees |1,887 |1,648 |- |Other expenses |2,716 |2,739 |- |'''Total operating expenses''' |31,164 |31,938 |- |Pre-tax earnings |13,486 |27,044 |- |Provision for taxes |2,225 |5,409 |- |Net earnings |11,261 |21,635 |- |Preferred stock dividends |497 |484 |- |'''Net earnings applicable to common shareholders''' |10,764 |21,151 |} ==== Income Statements ==== {| class="wikitable" ! ! colspan="2" |Year Ended December |- !$ in millions !2022 !2021 |- |Net earnings |11,261 |21,635 |- |Currency translation |(47) |(42) |- |Debt valuation adjustment |1,403 |322 |- |Pension and postretirement liabilities |(172) |41 |- |Available-for-sale securities |(2,126) | (955) |- |Other comprehensive income / (loss) |(942) |(634) |- |'''Comprehensive income''' |10,319 |21,001 |} ==== Cash Flow Statements ==== {| class="wikitable" ! ! colspan="2" |Year Ended December |- !$ in millions !2022 !2021 |- ! colspan="3" |Cash Flows From Operating Activities |- |Net earnings |11,261 |21,635 |- |Depreciation and amortization |2,455 |2,015 |- |Deferred income taxes |(2,412) |5 |- |Share-based compensation |4,083 |2,348 |- |Provision for credit losses |2,715 |357 |- |Customer and other receivables and payables, net |35,014 |21,971 |- |Collateralized transactions, net |(100,996) |(70,058) |- |Trading assets |45,278 |15,232 |- |Trading liabilities |8,062 |26,616 |- |Loans, held for sale, net |3,161 |(5,556) |- |Other, net |87 |(8,267) |- |'''Net cash provided by / (used for)operating activities''' |8,708 |6,298 |- ! colspan="3" |Cash Flows From Investing Activities |- |Purchase of property, leasehold improvements and equipment |(3748) |(4,667) |- |Proceeds from sales of property, leasehold improvements and equipment |2,706 |3,933 |- |Net cash used for business acquisitions |(2,115) | - |- |Purchase of investments |(60,536) |(39,912) |- |Proceeds from sales and paydowns of investments |12,961 |45,701 |- |Loans (excluding loans held for sale), net |(25,228) |(35,520) |- |'''Net cash used for investing activities''' |(75,960) |(30,465) |- ! colspan="3" |Cash Flows From Financing Activities |- |Unsecured short-term borrowings, net |321 |2,137 |- |Other secured financings (short-term), net |(2,283) |(1,320) |- |Proceeds from issuance of other secured financings (long-term) |1,800 |4,795 |- |Repayment of other secured financings (long-term), including the current portion |(3,407) |(6,590) |- |Proceeds from issuance of unsecured long-term borrowings |84,522 |92,717 |- |Repayment of unsecured long-term borrowings, including the current portion |(42,806) |(52,608) |- |Derivative contracts with a financing element, net |1,797 |1,121 |- |Deposits, net |28,074 |103,538 |- |Preferred stock redemption | - |(2,675) |- |Common stock repurchased |(3,500) |(5,200) |- |Settlement of share-based awards in satisfaction of withholding tax requirements |(1,595) |(985) |- |Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards |(3,682) |(2,725) |- |Proceeds from issuance of preferred stock, net of issuance costs | - |2,172 |- |Other financing, net |361 |361 |- |'''Net cash provided by financing activities''' |59,602 |134,738 |- |Effect of exchange rate changes on cash and cash equivalents |(11,561) |(5,377) |- ! colspan="3" |Movements In Balance Sheets |- |Net increase/(decrease) in cash and cash equivalents |(19,211) |105,194 |- |'''Cash and cash equivalents, beginning balance''' |261,036 |155,842 |- |'''Cash and cash equivalents, ending balance''' |241,825 |261,036 |- ! colspan="3" |Supplemental Disclosures |- |Cash payments for interest, net of capitalized interest |19,022 |5,521 |- |Cash payments for income taxes, net |4,555 |6,195 |} ==== Segment Operating Results ==== {| class="wikitable" |+ ! ! colspan="3" |Year Ended December |- !$ in millions !2022 !2021 !2020 |- ! colspan="4" |Global Banking & Markets |- |Net revenues |$32,487 |$36,734 |$30,469 |- |Provision for credit losses |468 |(171) |1,216 |- |Operating expenses |17,851 |19,542 |18,884 |- |Pre-tax earnings |$14,168 |$17,363 |$10,369 |- |Net earnings to common |$11,458 |$13,535 |$7,428 |- |Average common equity |$69,951 |$60,064 |$54,749 |- |Return on average common equity |16.4% |22.5% |13.6% |- ! colspan="4" |Asset & Wealth Management |- |Net revenues |13,376 |21,965 |13,757 |- |Provision for credit losses |519 |(169) |1,395 |- |Operating expenses |11,550 |11,406 |9,469 |- |Pre-tax earnings |1,307 |10,728 |2,893 |- |Net earnings to common |979 |8,459 |2,083 |- |Average common equity |31,762 |29,988 |24,963 |- |Return on average common equity |3.1% |28.2% |8.3% |- ! colspan="4" |Platform Solutions |- |Net revenues |1,502 |640 |$334 |- |Provision for credit losses |1,728 |697 |487 |- |Operating expenses |1,763 |990 |630 |- |Pre-tax earnings/(loss) |(1,989) |(1,047) |$(783) |- |Net earnings/(loss) to common |(1,673) |(843) |$(596) |- |Average common equity |3,574 |1,777 |$864 |- |Return on average common equity |(46.8)% |(47.4)% |(69.0)% |- ! colspan="4" |Total |- |Net revenues |47,365 |59,339 |$44,560 |- |Provision for credit losses |2,715 |357 |3,098 |- |Operating expenses |31,164 |31,938 |28,983 |- |Pre-tax earnings |13,486 |27,044 |$12,479 |- |Net earnings to common |10,764 |21,151 |$8,915 |- |Average common equity |105,287 |91,829 |$80,576 |- |Return on average common equity |10.2% |23.0% |11.1% |} '''DCF Model''' [[File:DCF .png|left|thumb|1135x1135px|DCF including 5 years of future forecasting]] {| class="wikitable" | colspan="7" |Sensitivity Table |- | | | | | | | |- | | | colspan="5" |Growth Rate |- | |446.36 |10.90% |11.40% |11.90% |12.40% |12.90% |- | rowspan="5" |WACC |4.50% |446.36 |446.36 |446.36 |446.36 |446.36 |- |5.00% |446.36 |446.36 |446.36 |446.36 |446.36 |- |5.50% |446.36 |446.36 |446.36 |446.36 |446.36 |- |6.00% |446.36 |446.36 |446.36 |446.36 |446.36 |- |6.50% |446.36 |446.36 |446.36 |446.36 |446.36 |} The fair value for Goldman's share price is approximately $446.36. Goldman's current share price is $354.51 therefore Goldman is 26% undervalued by the market.
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