The business behind the dividend
| Measure | GS | Median | Formula |
|---|---|---|---|
| Return on equity | 13.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $17.29bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-47.22bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 37.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 29.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 13.7% | 11.7% | 7.3% | 9.6% | 19.7% | 9.9% | 9.4% | 11.6% | 5.2% | 8.5% | 9.6% |
| Operating margin | 37.5% | 34.4% | 23.2% | 28.5% | 45.6% | 28.0% | 29.0% | 34.1% | 34.0% | 33.5% | 33.5% |
| Net margin | 29.5% | 26.7% | 18.4% | 23.8% | 36.5% | 21.2% | 23.2% | 28.6% | 13.1% | 24.0% | 23.8% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, Goldman Sachs Group pays out less than 30 of them. The median for that group is 34.0%, against this company’s 27.3%.
Closest on GAAP earnings
- Bank of New York Mellon (BK) 27.0%
- Wells Fargo (WFC) 27.2%
- Bank of America (BAC) 28.3%
- Voya Financial (VOYA) 28.9%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →