The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory …
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Competitive advantage assessment
Key strengths
Sticky AUM BaseRevenue stickiness is high (stability score 0.81).
Durable Capital ReturnsReturn durability is high (score 0.87).
Key risks
Weak Cash ConversionCash conversion is weak (score 0.26).
Elevated LeverageLeverage is elevated vs peers (score 0.23).
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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How GS-PA scores on the Asset Management Specialized defenses
Fee Revenue Quality
Not measurable
· 20% of the moat score
Fee revenue quality is the ability to charge above the industry's falling average and keep charging it.
Client Retention & Revenue Stickiness
Score 53
· 18% of the moat score
Assets under management leave far more easily than they arrive, and the fee leaves with them.
Compensation Discipline
Not measurable
· 18% of the moat score
Compensation is the largest expense in asset management and the one that decides whether a good year ever reaches shareholders.
Capital Efficiency
Score 63
· 20% of the moat score
Asset managers are asset-light: with little capital employed, a healthy business should earn a very high return on equity, and a merely average one is a real warning.
Earnings Quality & Cash Conversion
Score 50
· 14% of the moat score
Reported profits here can be flattered by performance fees, seed-capital gains and consolidated fund accounting, none of which recur reliably.
Balance Sheet Strength
Score 54
· 10% of the moat score
Because the business needs so little capital, an asset manager carrying meaningful debt has usually borrowed to buy another manager or to fund distributions.
What is Goldman Sachs Group, Inc. (The)'s moat score?
Goldman Sachs Group, Inc. (The) (GS-PA) scores 56 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 74 companies in Capital Markets. Its strongest defense is Capital Efficiency (63/100) and its weakest is Earnings Quality & Cash Conversion (50/100).
How is the moat score calculated?
Each company is scored with an industry-specific template — Asset Management Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 74 companies in Capital Markets. The defenses are then weighted to produce the overall score out of 100.
Why is Goldman Sachs Group, Inc. (The) scored with the Asset Management Specialized template?
An asset manager owns almost nothing. It charges a fee on someone else's money, pays much of that fee out in compensation, and keeps the remainder — so its economics turn on the fee rate it can defend, whether client money stays, and how much revenue survives the bonus pool. The Asset Management template scores those questions rather than the balance sheet, which in this industry is largely beside the point.
Which competitive defenses are measured for Goldman Sachs Group, Inc. (The)?
The Asset Management Specialized template measures 6 defenses, and GS-PA scores: Fee Revenue Quality (not measurable), Client Retention & Revenue Stickiness (53), Compensation Discipline (not measurable), Capital Efficiency (63), Earnings Quality & Cash Conversion (50), Balance Sheet Strength (54). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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