InvestMoat

JPMorgan vs Goldman Sachs

Goldman Sachs is cheaper. So why does JPMorgan win?

JPMorgan wins, 68 to 63, on moat and growth.

Goldman Sachs wins on valuation, but JPMorgan's lead on moat counts for more.

JPM · Financials

JPMorgan Chase

…

HoldFull analysis

GS · Financials

Goldman Sachs

…

Speculative BuyFull analysis

JPM

GS

Composite
68
(higher)
63
Moat
79
(higher)
61
Growth
62
(higher)
60
Valuation
66
72
(higher)

JPM

GS

Bear
$235
$660
Base
$340
$990
Bull
$390
$1,250
Upside to base
—
—

JPM

GS

Revenue CAGR, 3–5 yr
6-9%
6-9%

JPM

GS

Proprietary Data
Intact
Intact
Regulatory Lock-In
Intact
Intact
Network Effects
Intact
Intact
Transaction Embedding
Strong (higher)
Weakened
System of Record
Strong (higher)
Weakened
Scale Economics
Strong (higher)
N/A
Brand & Pricing Power
N/A
Strong (higher)

JPM

GS

Learned Interfaces
Intact
Intact
Business Logic
Intact
Intact
Public Data Access
N/A
N/A
Talent Scarcity
Intact
Intact
Bundling
Intact
Intact

Shaded cells mark the higher score or stronger moat on each row. Valuation and composite use the live price when it is available, the same as each stock page.

Which is the better stock, JPMorgan or Goldman Sachs?

JPMorgan wins, 68 to 63, on moat and growth. Goldman Sachs wins on valuation, but JPMorgan's lead on moat counts for more. Our rating: JPMorgan Hold, Goldman Sachs Speculative Buy.

Does JPMorgan or Goldman Sachs have the wider moat?

JPMorgan scores 79 on moat to Goldman Sachs's 61. JPMorgan is rated stronger on transaction embedding and system of record.

Which is growing faster, JPMorgan or Goldman Sachs?

JPMorgan scores 62 on growth to Goldman Sachs's 60. We expect JPMorgan to grow 6–9% a year, Goldman Sachs 6–9%.

Is JPMorgan or Goldman Sachs cheaper right now?

Goldman Sachs scores 72 on valuation to JPMorgan's 66. In our base case, Goldman Sachs has more upside: +11% vs +1%.

Scores in the answers use the price each valuation was last struck at; the table above updates with the live price. Not investment advice.