The Goldman Sachs Group
Financial ratios & Valuation

Historical Multiples (2013 – 2020)

2013 2014 2015 2016 2017 2018 2019 2020 TTM Median
Valuation Ratios
Price/Earnings ratio
1.46N/AN/AN/AN/AN/AN/AN/AN/AN/A
Price/Sales ratio
0.37N/AN/AN/AN/AN/AN/AN/AN/AN/A
Price/Book Value ratio
0.15N/AN/AN/AN/AN/AN/AN/AN/AN/A
Price/Cash Flow ratio
2.59N/AN/AN/AN/AN/AN/AN/AN/AN/A
Price/Free Cash Flow ratio
3.07N/AN/AN/AN/AN/AN/AN/AN/AN/A
Price/Earnings Growth ratio
0.12N/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Yield
11.04%N/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
N/A100%100%100%100%100%100%100%64.31%100%
Operating Profit Margin
N/A56.44%45.38%62.05%72.44%85.37%33.32%48.06%9.36%72.44%
Pretax Profit Margin
37.07%38.93%28.12%36.73%37.83%37.53%29.82%28.00%20.23%37.83%
Net Profit Margin
25.39%26.70%19.49%26.37%14.56%31.45%23.86%21.22%15.75%14.56%
Effective Tax Rate
31.49%31.39%30.70%28.20%61.49%16.20%20.00%24.20%22.11%61.49%
Return on Assets
0.88%0.99%0.70%0.86%0.46%1.12%0.85%0.81%0.67%0.46%
Return On Equity
10.24%10.23%7.01%8.51%5.21%11.59%9.37%9.86%8.40%5.21%
Return on Capital Employed
N/A2.78%2.17%2.59%2.88%3.77%1.25%2.20%0.80%2.88%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/A2.76N/A1.80N/A
Quick Ratio
N/A3.944.024.471.141.212.765.931.081.14
Cash ratio
N/A0.260.350.640.610.722.760.810.270.61
Days of Sales Outstanding
1.39K1.18K967.63974.801.16K960.96N/A1.05K1.71K974.80
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/A422.23N/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/A54.66KN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/A-52.95KN/A
Debt Ratios
Debt Ratio
0.910.200.210.230.240.250.250.190.910.23
Debt Equity Ratio
10.612.122.142.272.762.612.822.3511.202.27
Long-term Debt to Capitalization
0.680.670.680.690.730.720.690.700.710.69
Total Debt to Capitalization
0.680.670.680.690.730.720.730.700.730.69
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/A1.26N/A
Cash Flow to Debt Ratio
0.02-0.040.030.02-0.070.08N/A-0.06-0.27-0.07
Company Equity Multiplier
11.6110.349.939.8911.1410.3311.0012.1212.219.89
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.14-0.240.220.19-0.600.61N/A-0.30-1.45-0.60
Free Cash Flow / Operating Cash Flow Ratio
0.841.080.730.481.170.60N/A1.450.990.48
Cash Flow Coverage Ratio
0.02-0.040.030.02-0.070.08N/A-0.06-0.27-0.07
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/A-2.64N/A
Dividend Payout Ratio
16.19%17.15%27.63%23.06%41.27%17.30%N/A24.69%N/A41.27%