Question 1

What is Goldman Sachs's P/FCF ratio?

Accepted Answer

Goldman Sachs (GS) P/FCF ratio is 18.0× as of February 24, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Goldman Sachs?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Goldman Sachs specifically, the relevant sector benchmark is the current sector median of 11.1×.

Question 5

Is Goldman Sachs's P/FCF ratio high or low?

Accepted Answer

Goldman Sachs's P/FCF ratio of 18.0× is above its own 5-year average of 9.5× and above the sector median of 11.1×. That places the current reading at the 83th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Goldman Sachs's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Goldman Sachs (GS) P/FCF ratio has ranged from a low of 2.0× in 2022 to a high of 45.8× in 2011. The 5-year average is 9.5× and the 5-year median is 5.2×.

Question 7

What was Goldman Sachs's P/FCF ratio in 2022?

Accepted Answer

Goldman Sachs (GS) P/FCF ratio at the end of 2022 was 24.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Goldman Sachs's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$274.86B	−$47.22B	—	—	Dec 31, 2025
2024	$184.61B	−$15.30B	—	—	Dec 31, 2024
2023	$131.47B	−$14.90B	—	—	Dec 31, 2023
2022	$120.01B	$4.96B	24.2×	—	Dec 31, 2022
2021	$132.59B	−$3.75B	—	—	Dec 31, 2021
2020	$93.88B	−$20.04B	—	—	Dec 31, 2020
2019	$83.33B	$15.43B	5.4×	+0.3×	Dec 31, 2019
2018	$63.40B	$12.44B	5.1×	—	Dec 31, 2018
2017	$99.31B	−$20.93B	—	—	Dec 31, 2017
2016	$99.42B	$2.69B	36.9×	+21.4×	Dec 31, 2016
2015	$79.70B	$5.13B	15.5×	—	Dec 31, 2015
2014	$87.30B	−$8.30B	—	—	Dec 31, 2014
2013	$82.80B	$3.84B	21.6×	+16.4×	Dec 31, 2013
2012	$61.42B	$11.92B	5.2×	+2.9×	Dec 31, 2012
2011	$45.94B	$20.46B	2.2×	—	Dec 31, 2011
2010	$98.79B	−$7.38B	—	—	Dec 31, 2010
2009	$98.60B	$47.32B	2.1×	—	Dec 31, 2009
2008	$36.33B	−$133.00M	—	—	Nov 28, 2008
2007	$95.96B	−$70.33B	—	—	Nov 30, 2007
2006	$94.95B	−$49.36B	—	—	Nov 24, 2006
2005	$65.05B	−$13.83B	—	—	Nov 25, 2005
2004	$51.26B	−$34.39B	—	—	Nov 26, 2004
2003	$47.07B	−$16.25B	—	—	Nov 28, 2003
2002	$38.71B	−$11.09B	—	—	Nov 29, 2002
2001	$47.53B	−$16.55B	—	—	Nov 30, 2001


Assurant (AIZ)	7.5×
Progressive (PGR)	7.1×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
Interactive Brokers (IBKR)	6.9×
Invesco (IVZ)	6.9×
American Financial Group (AFG)	6.8×
The Hartford (HIG)	6.5×
Commerce Bancshares (CBSH)	6.4×
Bank of America (BAC)	6.3×
Arch Capital Group (ACGL)	5.9×
JPMorgan Chase (JPM)	5.8×
Travelers Companies (TRV)	5.5×
Principal Financial Group (PFG)	5.5×
Everest Re Group (RE)	5.0×
Allstate (ALL)	4.7×
Everest Re Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
RenaissanceRe Holdings (RNR)	3.0×
MetLife (MET)	2.8×
Synchrony Financial (SYF)	2.4×
Atlantic Union Bankshares (AUB)	2.2×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Goldman Sachs (GS)

P/FCF Ratio daily chart for Goldman Sachs (GS)

Historical P/FCF Ratio for Goldman Sachs (GS) from 2001 to 2025

About P/FCF Ratio at Goldman Sachs (GS)

Goldman Sachs P/FCF Ratio by Year

Goldman Sachs P/FCF Ratio 2022: 24.2×

Goldman Sachs P/FCF Ratio 2019: 5.4×

Goldman Sachs P/FCF Ratio 2018: 5.1×

Goldman Sachs P/FCF Ratio 2016: 36.9×

Goldman Sachs P/FCF Ratio 2015: 15.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Goldman Sachs (GS) Key Financials

P/FCF Ratio daily chart for Goldman Sachs (GS)

Historical P/FCF Ratio for Goldman Sachs (GS) from 2001 to 2025

About P/FCF Ratio at Goldman Sachs (GS)

Goldman Sachs P/FCF Ratio by Year

Goldman Sachs P/FCF Ratio 2022: 24.2×

Goldman Sachs P/FCF Ratio 2019: 5.4×

Goldman Sachs P/FCF Ratio 2018: 5.1×

Goldman Sachs P/FCF Ratio 2016: 36.9×

Goldman Sachs P/FCF Ratio 2015: 15.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Goldman Sachs's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Goldman Sachs?

+Is Goldman Sachs's P/FCF ratio high or low?

+What is Goldman Sachs's historical P/FCF ratio range?

+What was Goldman Sachs's P/FCF ratio in 2022?

+Why does Goldman Sachs's P/FCF ratio change over time?

Goldman Sachs (GS) Key Financials