Financials • Global Banking, Institutional Markets & Wealth Management • SIC 6211
$894.55 ▼ -33.18
(-3.58%)
MKT CAP: $270.13B • VOL: 2.15M
52W L $278 52W H $1,154
GS // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Global Banking & Markets / AWM
01 // UPSTREAM SUPPLIERS & FOUNDRIES
CME <GO>
CRITICAL
CME Group, ICE & DTCC Clearing Infrastructure
FOUNDRY / INFRA • Derivatives Clearing, Repo Settlement & Exchange Market Data
EST. COGS / CAPEX SHARE 35%
EVIDENCE: 10-K Brokerage, Clearing, Exchange & Distribution Fees
AMZN <GO>
HIGH
AWS Financial Cloud & Legend Data Platform
FOUNDRY / INFRA • Low-Latency Risk Analytics & Institutional Data Cloud Hosting
EST. COGS / CAPEX SHARE 14%
EVIDENCE: 10-K Communications & Technology Expense Disclosures
CORE VALUE-CHAIN HUB NYSE
GS // The Goldman Sachs Group, Inc.
GROSS MARGIN
—
OP MARGIN
39.7%
ROIC %
17.1%
MKT CAP
$270.13B
UPSTREAM INPUTS ──► GS OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
NVDA <GO>
REV SHARE: ~26%
Corporate M&A Boards, IPO Issuers & Private Equity Sponsors
CUSTOMER • #1 Global M&A Advisory League Table & Equity/Debt Underwriting Fees
EVIDENCE: 10-K Investment Banking Fees Breakdown
BRK-B <GO>
REV SHARE: ~62%
Hedge Funds, Sovereign Wealth Funds & Institutional Asset Owners
CUSTOMER • Prime Brokerage Financing, FICC/Equities Execution & Alternatives
EVIDENCE: 10-K Global Banking & Markets + Asset & Wealth Management
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| GS ★ | The Goldman Sachs Group, Inc. | $894.55 | $270.13B | — | 39.7% | 17.1% | 9.2x | +17.8% | SUBJECT ISSUER |
| JPM | JPMorgan Chase & Co. | $343.58 | $913.30B | — | 42.1% | 17.4% | 9.7x | +13.5% | GS VS JPM <GO> |
| MS | Morgan Stanley | $190.00 | $298.41B | — | 24.6% | 3.0% | 31.0x | +5.5% | GS VS MS <GO> |
| BX | Blackstone Inc. | $120.60 | $90.53B | — | 25.5% | 17.2% | 26.1x | +9.2% | GS VS BX <GO> |
| BRK-A | Berkshire Hathaway Inc. (Class A) | $817,500.00 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | GS VS BRK-A <GO> |
| BRK-B | Berkshire Hathaway Inc. | $541.96 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | GS VS BRK-B <GO> |
| BAC | Bank of America Corporation | $51.14 | $357.61B | — | 32.9% | 2.5% | 30.2x | +6.8% | GS VS BAC <GO> |