Goldman Sachs Group (GS) 10-K Red Flags
Risk signals extracted deterministically from Goldman Sachs Group’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (16)
- Leverage is building — debt rising while equity contracts: Long-term debt grew +15.2% while stockholders equity declined -0.2%. The debt-to-equity ratio is deteriorating, increasing financial risk and interest burden. This may constrain future borrowing capacity.
- Free cash flow deteriorating: FCF declined +400.5% YoY (from $4.96B to $-14.90B). With OCF at $-12.59B and capex at $2.32B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 19 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
- NEW: Impairment charge: Impairment charge appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Free cash flow deterioration coincides with a -38.2% capex reduction. While lower capex temporarily preserves cash, it may signal underinvestment in growth assets — future revenue capacity could be constrained.
- Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- 4 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 3 new risk-language term(s) detected in filing text: Going concern doubt, Restatement of financial statements, Impairment charge.
- Ongoing high-severity risk language: Material weakness in internal controls.
- Composite risk: Elevated.
- Leverage debt/equity 1.86 (moderate).
- Leverage is building — debt rising while equity contracts: Long-term debt grew +15.2% while stockholders equity declined -0.2%. The debt-to-equity ratio is deteriorating, increasing financial risk and interest burden. This may constrain future borrowing capacity.
- Free cash flow deteriorating: FCF declined +400.5% YoY (from $4.96B to $-14.90B). With OCF at $-12.59B and capex at $2.32B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
Filings & ownership
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Goldman Sachs Group; broad institutional reporting.
- Recent filers include CONTINENTAL ADVISORS LLC, Titan Capital Group III, LP, TYKHE CAPITAL LLC.
- 1 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 19 recent 13G passive institutional ownership notices.
Full GS analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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