Financials
Leading global investment bank and financial services firm specialising in investment banking, securities, and asset management.
View forensic reportGoldman's $17.2 billion in net income and 38.3% operating margins are driven by a structural role as the financial intermediary for the AI infrastructure buildout.
Goldman filed for a Bitcoin ETF targeting income this week. The filing is a smaller story than the capital allocation pattern behind it.
Goldman reports this week with Wall Street trading desks poised for a record $40 billion quarter. At 17.7x earnings with revenue of $125 billion, the question is how much geopolitical volatility is windfall versus warning.
With net income up 20% to $17.2 billion and operating margins at 38.3%, Goldman Sachs enters Q1 reporting season with the Street's cautious consensus looking increasingly stale.
JPM trades at 15x earnings with a diversified franchise. GS trades at 17x as a pure-play investment bank and asset manager. The valuation gap has flipped — and we think GS has the edge.
BAC offers NIM expansion at 12.3x forward earnings, JPM delivers 21% ROTCE at 12.7x, and Goldman's IB pipeline recovery at 13.8x could drive 25-30% upside.
JPMorgan offers fortress-grade defence at 13.7x forward, Goldman Sachs rides capital markets momentum after an 89% surge, and Bank of America bets on rate sensitivity.
Goldman Sachs posted $17.2 billion in net income and trades at just 16.8x earnings. The numbers look strong. The business mix concerns me.