GS // The Goldman Sachs Group, Inc.

DES <GO> NYSE RQD COCKPIT → CIK 0000886982 ↗

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

ALTMAN Z

0.32 RISK

PIOTROSKI

4 / 9

GS // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // D+ (RQD 54) -> D (RQD 50) AS OF 2026-11-02

ROARABLE D

RQD CONFIDENCE

50 / 100 -4D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Underperform / Distribution Warning

01 MASSIVE / SEC XBRL

Forensic Fundamentals

7 / 20

WARNING

FCF -120% vs NI +20.3% • ROIC-WACC +7.4% • Z 0.32

02 OPRA GEX + SEC 13F

Whale & Options Flow

14 / 20

SOLID

NET GEX +24% • CALL SWEEP 71% • P/C 1.20

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

05 10-K REDLINE AUDIT

Forensic 10-K Risk

15 / 20

SOLID

20 BASE - 5 DEDUCT • 2 CRIT / 1 MED • ESCALATING

ALERT

Why did GS's Macro Regime Fit & Insider Conviction sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever GS is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON GS)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // WSG CEO TRUTH-SCORE™ (63%)SIFTER 03 // EXECUTIVE DISCLOSURE vs INSIDER TAPE

SEVERITY: 68/100 Z-SCORE: +24.58σ

GS WSG CEO Truth-Score™ Dropped to 63% as 2 Disclosure Hedges Met $11.4M in 30D Form 4 Sales

WSG CEO TRUTH-SCORE™

63% / 100%

HEDGING & REDLINE SPIKE

2 HEDGES • 2 CRIT DIFFS

30D INSIDER DISPOSITIONS

$11.4M (2 FILERS)

[GEEK DESK FORENSIC NOTE // 10-K/Q TONE × 30D FORM 4]

Executive Disclosure / Transcript LexiconSEC 10-K/10-Q Risk RedlineSEC Form 4 (30D Post-Filing)

Lexical cross-examination of The Goldman Sachs Group, Inc. (GS) executive disclosures against unscripted risk caveats registered 2 hedging/qualifying markers and 2 critical 10-K risk additions, compressing GS's WSG CEO Truth-Score™ to 63%. Within 30 days of the disclosure window, 2 insider(s) executed $11.4M in SEC Form 4 share dispositions. Divergence between upbeat headline narrative and cautious legal/insider behavior signals elevated guidance risk.

GS // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -4.48%📐 HORIZONTAL RANGE

2026-11-02O $925.2H $927.7L $894.6C $894.6VOL 1.49M

SUP: $826.7SMA50: $944.9SMA200: $600.4

GS // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

ACCUMULATE CONVICTION: 72/100

BEAR 0

100 BULL

GS presents an asymmetrical cyclical inflection opportunity at 12.4x Trailing P/E and 9.2x EV/EBITDA, backed by surging profitability with Q2 2026 Operating Margin hitting 42.1% and ROIC expanding to 21.6%. While balance sheet leverage at 3.57x Debt-to-Equity and a -15.92% FCF yield reflect financial-institution capital-structure mechanics, Q2 revenue acceleration of 39.5% YoY underscores institutional fee dominance. Downside is bounded near the $860.00 Max Pain strike against Street consensus of $1011.04.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Capital Markets Velocity Driving Core Operating Leverage

Q2 2026 revenue surged 39.5% YoY to $20.34B, expanding Operating Margin to 42.1% and annualized ROIC to 21.6%, up sequentially from 18.3% in Q1 2026 and 13.7% in FY 2025. Diluted EPS sits at $64.82 TTM, proving execution in IB advisory and institutional market making.

REV YOY: 39.5% | OPM: 42.1% | ROIC: 21.6%

02. Depressed Cyclical Multiples Versus Historical Peak Earnings Power

Trading at 12.4x Trailing P/E and 13.1x Forward P/E against a 17.8% YoY revenue growth rate, GS offers significant multiple expansion potential toward the mean Street Price Target of $1011.04 (13.0% upside). EV/EBITDA of 9.2x heavily discounts the banking group's asset-light franchise gains.

TRAILING P/E: 12.4x | FORWARD P/E: 13.1x | EV/EBITDA: 9.2x

03. Institutional Franchise Breadth Anchored by Top-Tier Sponsors

Strategic counterparty dominance—comprising 62% exposure to institutional asset owners and hedge funds alongside 26% corporate/PE exposure—drove $6.63B in Q2 2026 Net Income and generated $5.60B in quarterly Free Cash Flow, demonstrating clear franchise monetization resilience.

NET INC: $6.63B | Q2 FCF: $5.60B | DIV YIELD: 2.24%

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Elevated Debt Stack and Levered Balance Sheet Profile

Total debt climbed to $437.87B in Q2 2026 from $355.96B at FY 2025 year-end, driving Debt-to-Equity to 3.57x. Combined with an Altman Z-Score of 0.32 and a Piotroski F-Score of 4/9, the capital structure demands strict liquidity discipline despite $187.27B in cash.

DEBT/EQUITY: 3.57x | ALTMAN Z: 0.32 | PIOTROSKI: 4/9

02. Severe Macro Sensitivity to Credit Spread Dislocation

Empirical factor sensitivity demonstrates heavy downside risk to widening credit spreads; GS shows an inverse correlation of r=-0.68 (R²=0.46) to ICE BofA US High Yield OAS (BAMLH0A0HYM2), where a +50 bps spread widening historically triggers a -7.58% weekly return contraction.

BAMLH0A0HYM2 PEARSON R: -0.68 | BETA: 1.21

03. Technical Breakdown Below Major Moving Averages with Defensive Options Skew

Spot price ($894.55) has broken below both the 50D SMA ($947.68) and 200D SMA ($957.85) with an RSI-14 of 44.9. The options surface indicates institutional hedging with a Put/Call Ratio of 1.20 and spot tracking toward the $860.00 Max Pain strike.

50D SMA: $947.68 | 200D SMA: $957.85 | PCR: 1.20

KEY CATALYST // Q3 2026 earnings print in October 2026 with options pricing a 6.9% implied move, where sustained M&A sponsor monetization must defend the $860.00 Max Pain level and validate the consensus target of $1011.04.

MACRO REGIME // Performance is dominated by credit spreads and equity volatility regimes. ICE BofA US High Yield OAS (BAMLH0A0HYM2 at 3.26%) exhibits a strong inverse correlation of r=-0.68 (R²=0.46, -7.58% elasticity per +50 bps), while CBOE VIX (VIXCLS at 17.2) tracks inverse at r=-0.60 (R²=0.36, -3.64% per +5.0 pt spike). Headline inflation prints (CPIAUCSL r=-0.27; PCEPI r=-0.25) present secondary macro drag on institutional risk appetite.

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
Leslie Ericka T	SELL	$229.3K
Solomon David M	SELL	$10.9M
Leslie Ericka T	SELL	$222.6K
Leslie Ericka T	SELL	$620.3K

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
$845 (2026-11-06)	PUT	$176.7K
$875 (2026-12-18)	CALL	$1.1M
$885 (2026-12-18)	CALL	$885.2K
$905 (2026-11-06)	CALL	$223.7K

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 12.4x

FORWARD P/E 12.1x

EV / EBITDA 9.2x

FCF YIELD -15.94%

GROSS MARGIN —

OPERATING MARGIN 39.7%

NET MARGIN 31.7%

ROIC % 17.1%

REV GROWTH YOY +17.8%

DILUTED EPS TTM $64.82

DEBT / EQUITY 3.57x

DIVIDEND YIELD 2.24%

RSI-14 MOMENTUM 45.4

5Y EQUITY BETA 1.21

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

BAMLH0A0HYM2 // ICE BofA US High Yield Index Option-Adjusted Spread (OAS) -0.68 r

Strong inverse linkage (r = -0.68, R² = 45.9% over 156W): a +50 bps rise in BAMLH0A0HYM2 historically maps to -7.58% weekly return elasticity on GS.

VIXCLS // CBOE Volatility Index (VIX) -0.60 r

Strong inverse linkage (r = -0.60, R² = 36.2% over 260W): a +5.0 pt volatility spike in VIXCLS historically maps to -3.64% weekly return elasticity on GS.

CPIAUCSL // Consumer Price Index: Headline All Items (CPI-U) -0.27 r

Moderate inverse linkage (r = -0.27, R² = 7% over 257W): a +1.0% expansion in CPIAUCSL historically maps to -9.45% weekly return elasticity on GS.

PCEPI // Personal Consumption Expenditures (PCE) Price Index -0.25 r

Tactical inverse linkage (r = -0.25, R² = 6.2% over 257W): a +1.0% expansion in PCEPI historically maps to -12.51% weekly return elasticity on GS.

FRED MACRO REGIME STRESS-TEST SIMULATOR // GSPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

80/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

BAMLH0A0HYM2 // -0.68 r

Latest: 3.26%