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The Goldman Sachs Group, Inc. (GS) vs ON Semiconductor Corporation (ON): Which Is the Better Buy in 2026?

As of 2026-11-01, GS is undervalued at $895, with a DCF intrinsic value of $1584 and a margin of safety of 44%. ON is undervalued at $72, with an intrinsic value of $337 and a margin of safety of 79%. Of the two, ON has the wider margin of safety.

GS
The Goldman Sachs Group, Inc.
$894.55
VS
ON
ON Semiconductor Corporation
$71.67

Rewards

GS
  • ★Gross margin of 81.3% indicates strong pricing power — typical of businesses with significant intellectual property or brand strength.
  • ★Share count has been reduced by 11% over the past 4 years through buybacks, increasing each share's claim on earnings.
  • ★Each dollar of retained earnings has created $2.58 of earning power — management is an exceptional capital allocator.
ON
  • ★Trailing P/E of 46.2x is 21% below the historical average of 58.6x — potentially undervalued relative to its own history.
  • ★PEG ratio of 0.16 suggests the stock is undervalued relative to its growth rate — paying less than 1x for each unit of earnings growth.
  • ★Altman Z-Score of 4.70 indicates very low bankruptcy risk — the company is firmly in the safe zone.

Risks

GS
  • ⚠Altman Z-Score of 0.25 places the company in the distress zone — financial patterns resemble those of companies that experienced bankruptcy.
  • ⚠5 insider sales totaling $12.2M with no purchases in the past 3 months — insiders are reducing their exposure.
ON
  • ⚠ROIC has declined by 17.0 percentage points over the past 4 years, which may signal competitive erosion.
  • ⚠FCF yield of 5.9% suggests reasonable valuation assuming continued moderate growth.
  • ⚠8 insider sales with no purchases over the past 12 months — a persistent pattern of insider selling.

Key Valuation Metrics

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GS
ON
Valuation
N/A
Free Cash Flow
$1.66B
N/A
FCF Yield
5.94%
12.86
Trailing P/E
46.24
12.07
Forward P/E
15.75
Quality & Moat
2.23%
ROIC
8.00%
17.75%
ROE
8.31%
81.29%
Gross Margin
42.78%
1.12
PEG Ratio
0.16
Balance Sheet Safety
Net cash
Net Debt / Equity
0.12
N/A
Interest Coverage
N/A
N/A
Net Debt / EBITDA
0.40
2.24%
Dividend Yield
0.00%
GS: 6Ties: 1ON: 2
GSON

Historical Fundamentals

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GS

Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

ON

Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

$1 Retained Earnings Test

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GS
$5.60
created per $1 retained over 3 years
Exceptional Value Creator
Σ Retained
$26.00B
Δ Market Cap
+$145.60B
Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
> $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer
ON
$-1.41
created per $1 retained over 3 years
Market Cap Declined
Σ Retained
$3.88B
Δ Market Cap
$-5.46B
Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
> $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
> $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

Discounted Cash Flow (DCF) Analysis

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GS
43.5% Margin of Safety
Price is 43.5% below estimated fair value
Current Price: $894.55
Fair Value: $1584.20
Strongly undervalued
Undervalued
Fairly valued
Overvalued
Strongly overvalued
ON
19.2% Margin of Safety
Price is 19.2% below estimated fair value
Current Price: $71.67
Fair Value: $88.71
Strongly undervalued
Undervalued
Fairly valued
Overvalued
Strongly overvalued

Reverse DCF — Market-Implied Growth

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GS

Requires positive FCF to compute implied growth rate.

ON

What growth rate is the market pricing in at $72?

+23.1%
Market-Implied Owner Earnings Growth
Standard FCF implies +5.8%

The market implies +23.1% Owner Earnings growth, above historical trends.

Standard FCF implies a demanding +5.8%, reflecting heavy growth investment.

Economic Moat Score

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GS
65/100
Narrow Moat
70+ Wide · 40-69 Narrow · <40 None

Narrow moat with reinvestment efficiency as the key competitive advantage. Improving margin stability would strengthen the moat.

Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 4 years of fundamental data.
ON
41/100
Narrow Moat
70+ Wide · 40-69 Narrow · <40 None

Narrow moat with roic consistency as the key competitive advantage. Improving margin stability would strengthen the moat.

Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 4 years of fundamental data.

Forensic Accounting

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GS
-2.00
Possible Manipulator
Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

M-Score Trend

Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.
ON
-3.04
Unlikely Manipulator
Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

M-Score Trend

Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

Ownership Breakdown

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GS
Insiders 0.6%Institutions 75.7%Retail & Other 23.7%
No. of Institutional Holders3,978
High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.
ON
Insiders 0.3%Institutions 106.1%
No. of Institutional Holders1,396
High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.

High insider ownership aligns management incentives with shareholders. Institutional concentration can indicate smart-money conviction but also crowding risk.

Insider Buying Activity

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GS
0
Buys (3M)
0
Buys (12M)
HESS JOHN B JR.
Director
$2.00M
@ $511.68 · 2025-04-15
JOHNSON KEVIN RONALD
Director
$1.49M
@ $619.02 · 2025-01-17
Open market purchases · includes direct & indirect ownership · excludes option exercises
ON
0
Buys (3M)
0
Buys (12M)
No open market insider purchases found.
Open market purchases · includes direct & indirect ownership · excludes option exercises

Open market purchases · includes direct & indirect ownership · excludes option exercises.

Insider Selling Activity

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GS
5
Sells (3M)
19
Sells (12M)
Total value (12M): $76.92M
LESLIE ERICKA T
Officer
$229,305
@ $917.22 · 2026-10-28
SOLOMON DAVID M
Chief Executive Officer
$10.93M
@ $910.72 · 2026-10-27
LESLIE ERICKA T
Officer
$222,562
@ $890.25 · 2026-10-22
LESLIE ERICKA T
Officer
$620,280
@ $1033.80 · 2026-08-28
LESLIE ERICKA T
Officer
$184,445
@ $1053.97 · 2026-08-04
LESLIE ERICKA T
Officer
$287,951
@ $1151.80 · 2026-07-15
COLEMAN DENIS P.
Chief Financial Officer
$6.68M
@ $973.55 · 2026-05-14
RUEMMLER KATHRYN H
General Counsel
$13.42M
@ $939.07 · 2026-05-06
FREDMAN SHEARA J.
Officer
$9.57M
@ $929.17 · 2026-05-01
RUEMMLER KATHRYN H
General Counsel
$634,927
@ $929.61 · 2026-05-01
SOLOMON DAVID M
Chief Executive Officer
$3.23M
@ $930.70 · 2026-05-01
GOLTEN ALEXANDER SIMON
Officer
$1.04M
@ $936.18 · 2026-04-23
GOLTEN ALEXANDER SIMON
Officer
$1.02M
@ $919.19 · 2026-04-17
COLEMAN DENIS P.
Chief Financial Officer
$10.94M
@ $941.57 · 2026-02-09
SOLOMON DAVID M
Chief Executive Officer
$255,387
@ $938.92 · 2026-01-29
HALIO CAREY
Officer
$2.64M
@ $927.17 · 2026-01-27
FREDMAN SHEARA J.
Officer
$4.49M
@ $923.75 · 2026-01-23
RUEMMLER KATHRYN H
General Counsel
$8.89M
@ $927.51 · 2026-01-23
HALIO CAREY
Officer
$1.62M
@ $920.62 · 2026-01-23
WALDRON JOHN E.
President
$13.69M
@ $750.30 · 2025-08-28
COLEMAN DENIS P.
Chief Financial Officer
$5.41M
@ $724.40 · 2025-07-25
ROGERS JOHN F W
Officer
$4.31M
@ $717.39 · 2025-07-23
SOLOMON DAVID M
Chief Executive Officer
$4.71M
@ $712.31 · 2025-07-23
SOLOMON DAVID M
Chief Executive Officer
$3.04M
@ $607.17 · 2025-05-14
SOLOMON DAVID M
Chief Executive Officer
$1.50M
@ $622.15 · 2025-02-26
GOLTEN ALEXANDER SIMON
Officer
$3.31M
@ $636.25 · 2025-01-28
HALIO CAREY
Officer and Treasurer
$2.32M
@ $636.74 · 2025-01-24
FREDMAN SHEARA J.
Officer
$1.28M
@ $627.01 · 2025-01-21
RUEMMLER KATHRYN H
General Counsel
$4.76M
@ $634.69 · 2025-01-21
HALIO CAREY
Officer
$965,120
@ $624.67 · 2025-01-21
SOLOMON DAVID M
Chief Executive Officer
$4.00M
@ $610.91 · 2024-11-29
VINIAR DAVID A
Director
$3.06M
@ $612.08 · 2024-11-29
FREDMAN SHEARA J.
Officer
$1.77M
@ $594.51 · 2024-11-06
COLEMAN DENIS P.
Chief Financial Officer
$7.67M
@ $593.03 · 2024-11-06
ROGERS JOHN F W
Officer
$3.83M
@ $596.36 · 2024-11-06
Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives
ON
0
Sells (3M)
8
Sells (12M)
Total value (12M): $20.06M
THAD TRENT
Chief Financial Officer
$5.79M
@ $96.50 · 2026-04-24
THAD TRENT
Chief Financial Officer
$2.40M
@ $80.00 · 2026-04-16
GOPALSWAMY SUDHIR
Officer
$358,708
@ $58.67 · 2026-03-13
KEETON SIMON
Officer
$3.51M
@ $71.75 · 2026-02-17
EL KHOURY HASSANE
Chief Executive Officer
$1.46M
@ $73.02 · 2026-02-12
THAD TRENT
Chief Financial Officer
$4.27M
@ $71.22 · 2026-02-12
KEETON SIMON
Officer
$1.17M
@ $55.72 · 2025-12-04
THAD TRENT
Chief Financial Officer
$1.10M
@ $55.05 · 2025-12-03
EL KHOURY HASSANE
Chief Executive Officer
$768,260
@ $51.22 · 2025-08-13
CAMPBELL ALAN
Director
$274,780
@ $51.16 · 2025-06-12
CAMPBELL ALAN
Director
$432,257
@ $43.23 · 2025-03-12
KEETON SIMON
Officer
$1.92M
@ $68.56 · 2024-12-17
GOPALSWAMY SUDHIR
Officer
$1.43M
@ $67.64 · 2024-12-17
EL KHOURY HASSANE
Chief Executive Officer
$105,000
@ $70.00 · 2024-12-17
EL KHOURY HASSANE
Chief Executive Officer
$106,500
@ $71.00 · 2024-11-25
Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives

Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives.

🎭 Mr. Market's Mood

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GS
FearGreed
😐Neutral(48/100)

"Market is pricing this stock without strong emotion in either direction"

Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.
ON
FearGreed
😨Fear(29/100)

"Market is pessimistic — investigate whether fears are temporary or structural"

Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

Composite sentiment score based on market signals. Inspired by Buffett’s "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

⚖️ Buffett Signal

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GS
⚪Awaiting DCF Data

The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

DCF Margin of Safety: N/AMr. Market's Mood: Neutral (48)
ON
⚪Awaiting DCF Data

The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

DCF Margin of Safety: N/AMr. Market's Mood: Fear (29)
View GS Full AnalysisView ON Full Analysis

Frequently Asked Questions: GS vs ON

Is The Goldman Sachs Group, Inc. or ON Semiconductor Corporation more undervalued in 2026?▼

Based on our discounted cash flow model, ON trades at a 78.7% margin of safety (intrinsic value $337 vs. price $72), compared to GS's 43.5% margin of safety (intrinsic $1584 vs. $895).

Which stock has a wider economic moat, The Goldman Sachs Group, Inc. or ON Semiconductor Corporation?▼

GS scores 65/100 (Narrow moat), while ON scores 41/100 (Narrow moat). The moat score measures competitive advantage durability across ROIC consistency, margin stability, revenue predictability, and reinvestment efficiency.

Is The Goldman Sachs Group, Inc. in financial distress?▼

GS's Altman Z-Score of 0.3 places it in the Distress zone, signaling elevated bankruptcy risk. ON scores 4.7 (Safe zone). The Altman Z-Score is a five-factor model that predicts insolvency within two years; scores below 1.81 indicate significant distress.

Which stock has higher return on invested capital, The Goldman Sachs Group, Inc. or ON Semiconductor Corporation?▼

ON earns 8.0% ROIC versus GS's 2.2%. A higher ROIC means the company generates more profit per dollar of capital employed, a hallmark of durable competitive advantage in Buffett-style analysis.

GS vs ON: Which Is the Better Buy in 2026? | SafetyMargin.io