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Morgan Stanley

MS Financial Capital Markets

Morgan Stanley’s revenue for fiscal 2025 (year ended December 2025) was $119.7 billion, up 11.5% from fiscal 2024.

Revenue
+6.69%
EPS
+8.48%
Free cash flow
−132.2%
Total debt
+19.4%

Quarter to September 2026, against a year earlier

183.12 10.85 −5.59%
Market cap
$286.5B
P/E
14.4×
Fwd P/E
14.3×
Dividend yield
2.35%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2014

  • Institutional Securities
  • Wealth Management
  • Investment Management

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 51.74
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 7 — — 4 — — 3 — — — —
Insider Ownership 23.13%

Capital & Financial Ratios $m

Size
Market Cap 286,530.00
Revenue ttm 130,885.00
Net income ttm 20,370.00
Free cash flow ttm (18,582.00)
Net debt Q (78,453.00)
Valuation
P/E 14.35
Forward P/E 14.30
Price / sales 2.17
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.63
Financial health
Current ratio Q 0.79
Debt / equity Q 3.34
Interest coverage Q 1.50
Growth
Revenue growth Q +6.69% (above 0%: growing)
Operating income growth Q +2.23% (above 0%: growing)
EPS, this year +26.32% (at or above 15%: strong)
EPS, next year A +6.96%
Revenue, next year A −31.14% (below 0%: weak)
EPS, past 5 yrs +9.59%
EPS, next 5 yrs A +13.71%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 62.63%
10-year low 10-year high
P/S against its own 10 years 67.25%
10-year low 10-year high
P/B against its own 10 years 92.92%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.35%
Annual rate
4.30
Payout ratio
34.1%
Growth, 2018–26
+18.6%/yr
  1. 1.10 ’18
  2. 1.30 ’19 +18
  3. 1.40 ’20 +8
  4. 2.10 ’21 +50
  5. 2.95 ’22 +40
  6. 3.25 ’23 +10
  7. 3.55 ’24 +9
  8. 3.85 ’25 +8
  9. 4.30 ’26 +12
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 321,063 347,810 383,846 471,009
Receivables 298,745 324,311 392,814 453,385
Inventory — — — —
Other — — — —
619,808 672,121 776,660 924,394
2023 2024 2025 Q'26
Payables 208,148 175,938 226,519 279,070
ST’ Debt — — — —
Other 621,831 644,886 732,164 885,991
829,979 820,824 958,683 1,165,061

Compound Annual Growth %

10y 5y 3y
Sales 12.19% 17.86% 21.98%
Cash Flow 0.00% 0.00% 0.00%
Earnings 11.10% 9.13% 15.52%
Book Value 3.99% 1.78% 3.63%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.83 Actual 3.03

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.41 2.68 Beat by 0.27
Q1 FY26 3.06 3.43 Beat by 0.37
Q2 FY26 2.89 3.46 Beat by 0.57
Q3 FY26 2.83 3.03 Beat by 0.20
Q4 FY26 2.93 — Reports 21 January 2027

EPS $

Mar Jun Sep Dec Year
’26 3.43 3.46 3.03 — —
’25 2.60 2.13 2.80 2.68 10.21
’24 2.02 1.82 1.88 2.22 7.95
’23 1.70 1.24 1.38 0.85 5.18
’22 2.02 1.39 1.47 1.26 6.15
’21 2.19 1.85 1.98 2.01 8.03
’20 1.01 1.96 1.66 1.81 6.46
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 33,150 34,470 33,276 — —
’25 29,134 29,350 31,189 29,989 119,662
’24 26,270 26,481 27,372 27,162 107,285
’23 22,151 22,360 23,422 23,829 91,762
’22 15,235 14,462 16,577 19,662 65,936
’21 16,128 15,106 15,041 14,846 61,121
’20 11,926 14,418 12,291 13,971 52,606
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (7,098) (2,747) — — —
’25 (23,976) 11,829 (3,332) (2,410) (17,889)
’24 4,360 2,525 (17,323) 11,800 1,362
’23 (9,865) (9,666) 3,747 (17,752) (33,536)
’22 239 14,913 (7,553) (13,996) (6,397)
’21 26,879 4,615 2,128 349 33,971
’20 23,836 (16,810) (6,867) (25,390) (25,231)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7,852) (3,566) — — —
’25 (24,689) 11,066 (4,045) (3,119) (20,787)
’24 3,544 1,674 (18,239) 10,921 (2,100)
’23 (10,584) (10,517) 2,834 (18,681) (36,948)
’22 (413) 14,114 (8,410) (14,766) (9,475)
’21 26,354 4,101 1,509 (301) 31,663
’20 23,482 (17,238) (6,990) (25,929) (26,675)
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 34.8% a year for ten years. It grew 18.0% a year over the last ten.

Implied
34.8%
10 years, reported
18.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 37,949 43,642 50,193 53,942 52,606 61,121 65,936 91,762 107,285 119,662 130,885 +13.6% 82,403 86,603 90,392 (8.9%)
Gross margin, % 94.94 95.20 95.23 95.38 94.43 94.53 94.76 96.21 96.14 96.09 95.94 +1.1 pt
EBT 8,848 10,403 11,237 11,301 14,418 19,668 14,089 11,813 17,596 21,954 26,597 +10.6%
EBT margin, % 23.32 23.84 22.39 20.95 27.41 32.18 21.37 12.87 16.40 18.35 20.32 (5.0) pt
Net income 6,123 6,216 8,883 9,237 11,179 15,120 11,179 9,230 13,529 17,025 20,370 +12.0%
Per share, $
Per share, $ Revenue 20.52 24.52 29.39 33.36 32.82 34.24 38.99 56.36 67.43 76.02 84.55 +15.7%
Earnings 2.98 3.16 4.81 5.26 6.55 8.16 6.23 5.24 8.04 10.32 12.76 +14.8%
Cash flow 2.91 (2.53) 4.28 25.22 (15.74) 19.03 (3.78) (20.60) 0.86 (11.37) 0.00 n/m
Capex (0.69) (0.92) (1.09) (1.13) (0.90) (1.29) (1.82) (2.10) (2.18) (1.84) 0.00 +11.5%
Free cash flow 2.22 (3.45) 3.19 24.09 (16.64) 17.74 (5.60) (22.70) (1.32) (13.21) 0.00 n/m
Book value 41.74 44.08 47.66 51.14 64.35 59.72 59.86 61.41 66.27 71.57 0.00 +6.2%
Shares, m 1,849 1,780 1,708 1,617 1,603 1,785 1,691 1,628 1,591 1,574 1,559 (1.8%)
Valuation, ×
Valuation, × P/E 14.40 16.57 8.26 9.72 10.51 12.03 13.80 17.99 15.62 17.20 14.35 13.6
P/S 2.10 2.13 1.35 1.53 2.09 2.87 2.20 1.67 1.86 2.34 2.17 2.0
P/B 1.14 1.33 0.93 1.11 1.17 1.77 1.57 1.68 2.09 2.72 2.63 1.6
EV/Sales (1.56) (0.07) (0.89) (0.03) (0.14) 0.51 0.12 1.04 1.31 2.04 — 0.2
EV/FCF (14.42) 0.52 (8.21) (0.04) 0.28 0.98 (0.80) (2.59) (67.16) (11.76) — (10.3)
Cash, $m
Cash, $m Operating cash flow 5,383 (4,505) 7,305 40,773 (25,231) 33,971 (6,397) (33,536) 1,362 (17,889) (15,587) n/m
Capex (1,276) (1,629) (1,865) (1,826) (1,444) (2,308) (3,078) (3,412) (3,462) (2,898) (2,995) +9.5%
Free cash flow 4,107 (6,134) 5,440 38,947 (26,675) 31,663 (9,475) (36,948) (2,100) (20,787) (18,582) n/m
Balance, $m
Balance, $m Working capital (126,797) (131,709) (111,555) (156,878) (213,021) (186,826) (173,209) (210,171) (148,703) (182,023) (240,667) +4.1%
Net debt (138,835) (96,081) (112,369) (84,317) (117,200) (144,310) (137,350) (57,331) (58,991) (34,911) (78,453) (14.2%)
Shareholders’ equity 77,177 78,466 81,406 82,697 103,149 106,598 101,231 99,982 105,428 112,652 117,440 +4.3%
Returns, %
Returns, % ROA 0.69 0.67 0.96 0.97 1.04 1.26 0.89 0.72 1.06 1.23 0.00 +0.5 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 72.44 84.95 57.06 0.00 +57.1 pt
ROE 7.96 8.01 11.51 11.58 12.49 15.11 11.02 9.29 13.70 16.37 0.00 +8.4 pt
People
People Employees 55,311 57,633 60,348 60,431 68,000 75,000 82,000 80,000 80,000 82,992 — +4.6%
Revenue/emp, $m 0.69 0.76 0.83 0.89 0.77 0.81 0.80 1.15 1.34 1.44 — +8.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Morgan Stanley is a global financial services firm that helps governments, companies, institutions and individuals raise, manage and allocate money. It is headquartered in New York City. Ted Pick is its chairman and chief executive officer.

The company operates through Institutional Securities, Wealth Management and Investment Management. Institutional Securities helps companies and other organizations raise capital and advises them on transactions such as mergers. It also trades and makes markets in financial instruments, lends to clients and provides services to investment firms. Market-making involves facilitating clients’ purchases and sales of securities and other financial instruments.

Where the money comes from and where it goes Fiscal 2014

Fiscal 2014: revenue by segment, and margins
Institutional Securities 16,871 49.22%
Wealth Management 14,888 43.44%
Investment Management 2,712 7.91%
Gross margin 94.73%
Operating margin 10.48%
Pre-tax margin 10.48%

Revenue by segment since 2009

Morgan Stanley vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MS Morgan Stanley $286.5B 14.4× 14.3× +6.69% (above 0%: growing) +8.48% (above 0%: growing) −132.22% (below 0%: shrinking) 95.59% 58.35%
GS The Goldman Sachs Group, Inc. $250.6B 12.4× 12.5× +23.02% (above 0%: growing) +38.81% (above 0%: growing) +63.65% (above 0%: growing) 100.00% 37.49% Compare
SCHW The Charles Schwab Corporation $160.1B 15.7× 14.2× +16.89% (above 0%: growing) +29.37% (above 0%: growing) +34.96% (above 0%: growing) 100.00% 57.89% Compare
HOOD Robinhood Markets, Inc. $70.6B 35.8× 40.8× +11.77% (above 0%: growing) −15.86% (below 0%: shrinking) +175.82% (above 0%: growing) 95.22% 48.10% Compare
IBKR Interactive Brokers Group, Inc. $33.0B 27.7× 28.2× +15.65% (above 0%: growing) +16.95% (above 0%: growing) −13.01% (below 0%: shrinking) 93.00% 78.11% Compare
TW Tradeweb Markets Inc. $29.6B 29.0× 34.5× +14.93% (above 0%: growing) +22.86% (above 0%: growing) +2.33% (above 0%: growing) 100.00% 43.36% Compare
NMR Nomura Holdings Inc ADR $27.8B 9.6× 9.1× +0.18% (above 0%: growing) +4.32% (above 0%: growing) +106.20% (above 0%: growing) 94.68% 70.95% Compare
LPLA LPL Financial Holdings Inc. $23.4B 17.2× 15.2× +17.40% (above 0%: growing) n/m +103.60% (above 0%: growing) 31.10% 11.06% Compare
CRCL Circle Internet Group, Inc. $17.7B 37.4× 65.3× +16.91% (above 0%: growing) −4.30% (below 0%: shrinking) −88.69% (below 0%: shrinking) 0.00% 24.09% Compare
Median of peers $31.3B 22.5× 21.7× +16.27% +16.95% +49.31% 94.95% 45.73%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • On its Q2 call, Morgan Stanley said client demand for capital and financing was broad across investment banking, fixed income, equities and wealth management.
  • On its Q2 call, Morgan Stanley said it remained focused on organic growth while evaluating bolt-on opportunities that add clients, capabilities or geographic reach.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Oct 26, 2026 Target cut — 90.00 → 80.00
JPMorgan Oct 20, 2026 Target raised — 198.00
KBW Oct 20, 2026 Target cut — 250.00 → 230.00
RBC Oct 20, 2026 Target cut — 243.00 → 195.00
UBS Oct 16, 2026 Reiterated Buy 236.00
TD Cowen Oct 16, 2026 Reiterated Hold 210.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 85.59%
Held by the ten largest 55.65%
Holder Shares Stake Change
Mitsubishi UFJ 380.50m 24.21% +194.50k
Vanguard 120.59m 7.67% +127.62k
State Street 99.56m 6.33% −1.78m
BlackRock 94.90m 6.04% −1.50m
JPMorgan Chase 44.36m 2.82% +785.20k
Capital Group 34.73m 2.21% +5.52m
Geode Capital Management 27.35m 1.74% −356.35k
Fisher Investments 26.17m 1.67% +572.93k
Fidelity (FMR) 24.90m 1.58% +2.17m
UBS 21.74m 1.38% −1.21m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 37.19m 92.94m 304.00
2024 24.88m 64.48m 289.00
2023 32.95m 41.90m 207.00
2022 39.40m 31.38m 181.00
2021 34.94m 81.94m 202.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Morgan Stanley (MS) Latest News

29 Oct

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28 Oct

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27 Oct

Impact 4 · · 24/7 Wall St.
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Impact 4 · · Zacks
Impact 3 · · Proactive Investors
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Impact 3 · · Stocktwits

26 Oct

Impact 4 · · Benzinga
Impact 4 · · Business Wire
Impact 4 · · PR Newswire
Impact 4 · · Proactive Investors
Impact 4 · · Benzinga
Impact 4 · · ciodive.com
Impact 4 · · The Daily Upside
Impact 3 · · TheStreet
Impact 3 · · Investing.com
Impact 3 · · Business Wire
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Impact 3 · · beincrypto.com
Impact 3 · · Investing.com

25 Oct

Impact 3 · · Simply Wall St.

MS metrics, ten years each

stockrow.com/MS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com