Saturday 17 October 2026
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Morgan Stanley
Morgan Stanley’s revenue for fiscal 2025 (year ended December 2025) was $119.7 billion, up 11.5% from fiscal 2024. In the quarter to September 2026, revenue grew 6.69%, EPS grew 13.4%, free cash flow fell 132.2% and total debt rose 19.4%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five.
180.57
1.53
−0.84%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
17.20 | 15.62 | 17.99 | 13.80 | 12.03 | 10.51 | 9.72 | 8.26 | 16.57 | 14.40 |
Piotroski F-Score |
4 | 6 | 4 | 6 | 8 | 4 | 8 | 8 | 4 | 4 |
P/S ratio |
2.34 | 1.86 | 1.67 | 2.20 | 2.87 | 2.09 | 1.53 | 1.35 | 2.13 | 2.10 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 5.53 | 0.00 | 2.12 | 12.45 | 0.00 | 19.38 |
P/Operating CF |
(115.95) | 16.95 | (8.61) | (10.36) | 502.05 | (4.33) | (607.80) | (9.43) | 22.97 | (32.07) |
P/B ratio |
2.72 | 2.09 | 1.68 | 1.57 | 1.77 | 1.17 | 1.11 | 0.93 | 1.33 | 1.14 |
Price to Tangible BV |
3.49 | 2.76 | 2.27 | 2.13 | 2.38 | 1.42 | 1.27 | 1.06 | 1.53 | 1.32 |
EV/Sales |
2.04 | 1.31 | 1.04 | 0.12 | 0.51 | (0.14) | (0.03) | (0.89) | (0.07) | (1.56) |
EV/EBITDA |
3.23 | 2.07 | 1.78 | 0.25 | 1.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
(13.67) | 103.55 | (2.85) | (1.19) | 0.91 | 0.29 | (0.04) | (6.11) | 0.71 | (11.00) |
EV/FCF |
(11.76) | (67.16) | (2.59) | (0.80) | 0.98 | 0.28 | (0.04) | (8.21) | 0.52 | (14.42) |
Quick Ratio |
0.81 | 0.82 | 0.75 | 0.79 | 0.78 | 0.73 | 0.75 | 0.81 | 0.77 | 0.78 |
Current Ratio |
0.81 | 0.82 | 0.75 | 0.79 | 0.78 | 0.73 | 0.75 | 0.81 | 0.77 | 0.78 |
Net Debt/EBITDA |
(0.46) | (0.86) | (1.07) | (4.52) | (5.72) | (5.32) | (3.20) | (4.85) | (5.38) | (9.99) |
Debt/Assets |
24.57% | 23.77% | 22.09% | 20.17% | 19.62% | 19.45% | 21.51% | 22.22% | 22.61% | 20.33% |
Debt/Equity |
3.10 | 2.74 | 2.64 | 2.35 | 2.19 | 2.10 | 2.33 | 2.33 | 2.45 | 2.15 |
Asset Turnover |
0.09 | 0.09 | 0.08 | 0.06 | 0.05 | 0.05 | 0.06 | 0.06 | 0.05 | 0.05 |
Operating CF/Net income |
(1.10) | 0.11 | (3.93) | (0.61) | 2.33 | (2.40) | 4.79 | 0.89 | (0.81) | 0.98 |
Capex/Depreciation |
(0.62) | (0.67) | (0.80) | (0.77) | (0.55) | (0.38) | (0.69) | (1.01) | (0.93) | (0.73) |
Interest Coverage |
1.45 | 1.39 | 1.31 | 2.15 | 15.40 | 4.75 | 1.91 | 2.11 | 2.83 | 3.67 |
| 16.37% | 13.70% | 9.29% | 11.02% | 15.11% | 12.49% | 11.58% | 11.51% | 8.01% | 7.96% | |
| 1.23% | 1.06% | 0.72% | 0.89% | 1.26% | 1.04% | 0.97% | 0.96% | 0.67% | 0.69% | |
ROIC |
57.06% | 84.95% | 72.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Return on Tangible Assets |
(8.93%) | (8.61%) | (4.06%) | (6.09%) | (7.80%) | (4.93%) | (5.43%) | (7.37%) | (4.24%) | (4.34%) |
Average Days of Receivables |
1,198.18 | 1,103.36 | 1,188.31 | 1,618.22 | 1,696.89 | 1,723.03 | 1,260.49 | 1,228.06 | 1,340.78 | 1,353.35 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
33.02% | 33.59% | 37.25% | 48.91% | 54.07% | 52.31% | 46.82% | 47.81% | 52.85% | 57.15% |
Intangible Assets out of Total Assets |
0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Share Based Compensation of Revenue |
1.61% | 1.51% | 1.86% | 2.84% | 3.41% | 2.49% | 2.14% | 1.83% | 2.35% | 2.99% |
Graham Net Nets |
(1.90) | (2.19) | (3.10) | (2.84) | (2.40) | (3.92) | (4.23) | (4.45) | (3.49) | (3.67) |
Graham Number |
123.21 | 104.37 | 81.13 | 87.42 | 100.83 | 92.70 | 73.68 | 67.89 | 52.77 | 50.34 |
Earnings Yield |
5.81% | 6.40% | 5.56% | 7.24% | 8.31% | 9.51% | 10.29% | 12.11% | 6.04% | 6.95% |
Free Cash Flow Yield |
(7.44%) | (1.05%) | (24.17%) | (6.54%) | 18.07% | (24.28%) | 47.12% | 8.03% | (6.60%) | 5.16% |
Revenue per Share |
76.02 | 67.43 | 56.36 | 38.99 | 34.24 | 32.82 | 33.36 | 29.39 | 24.52 | 20.52 |
Operating CF per Share |
(11.37) | 0.86 | (20.60) | (3.78) | 19.03 | (15.74) | 25.22 | 4.28 | (2.53) | 2.91 |
Capex per Share |
(1.84) | (2.18) | (2.10) | (1.82) | (1.29) | (0.90) | (1.13) | (1.09) | (0.92) | (0.69) |
Free Cash Flow per Share |
(13.21) | (1.32) | (22.70) | (5.60) | 17.74 | (16.64) | 24.09 | 3.19 | (3.45) | 2.22 |
Cash per Share |
243.87 | 218.61 | 197.21 | 222.00 | 211.45 | 208.53 | 171.27 | 176.83 | 162.17 | 164.71 |
Shareholders Equity per Share |
71.57 | 66.27 | 61.41 | 59.86 | 59.72 | 64.35 | 51.14 | 47.66 | 44.08 | 41.74 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
71.57 | 66.27 | 61.41 | 59.86 | 59.72 | 64.35 | 51.14 | 47.66 | 44.08 | 41.74 |
Free Cash Flow |
(20,787.00) | (2,100.00) | (36,948.00) | (9,475.00) | 31,663.00 | (26,675.00) | 38,947.00 | 5,440.00 | (6,134.00) | 4,107.00 |
Working Capital |
(182,023.00) | (148,703.00) | (210,171.00) | (173,209.00) | (186,826.00) | (213,021.00) | (156,878.00) | (111,555.00) | (131,709.00) | (126,797.00) |
Capital Expenditures |
(2,898.00) | (3,462.00) | (3,412.00) | (3,078.00) | (2,308.00) | (1,444.00) | (1,826.00) | (1,865.00) | (1,629.00) | (1,276.00) |
Net Current Asset Value |
(530,958.00) | (437,522.00) | (473,903.00) | (411,267.00) | (419,953.00) | (430,100.00) | (349,505.00) | (301,217.00) | (324,291.00) | (292,513.00) |
EV/EBIT |
3.45 | 2.23 | 1.93 | 0.29 | 1.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.02 | 0.03 | 0.04 | 0.05 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.03 |
Price to Operating Income |
3.94 | 3.17 | 3.09 | 5.50 | 8.33 | 6.01 | 3.49 | 3.18 | 5.77 | 6.54 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
(2.46%) | (0.28%) | (5.40%) | (1.33%) | 4.42% | (4.08%) | 7.05% | 0.95% | (1.10%) | 0.75% |
Accounts Receivable Turnover |
0.33 | 0.34 | 0.31 | 0.23 | 0.23 | 0.24 | 0.30 | 0.30 | 0.29 | 0.28 |
Accounts Payable Turnover |
0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
17,670.32 | 15,511.44 | 21,856.74 | 22,813.45 | 24,983.55 | 28,342.27 | 28,964.87 | 27,387.81 | 33,397.59 | 36,217.32 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
358,562.50 | 311,528.00 | 295,535.00 | 288,238.50 | 266,243.00 | 217,308.50 | 177,580.00 | 164,595.00 | 150,510.50 | 135,937.00 |
Average Payables |
201,228.50 | 192,043.00 | 212,141.00 | 222,409.50 | 228,061.00 | 212,635.50 | 188,696.50 | 185,534.50 | 191,011.50 | 188,569.50 |
Average Assets |
1,317,670.50 | 1,204,382.00 | 1,186,962.00 | 1,184,185.50 | 1,152,001.00 | 1,005,645.50 | 874,480.00 | 852,632.00 | 833,341.00 | 801,207.00 |
Average Common Equity |
99,290.00 | 93,455.00 | 91,856.50 | 95,664.50 | 96,373.50 | 84,038.00 | 73,531.50 | 71,416.00 | 69,801.50 | 69,160.50 |
Columns are period end dates · fundamentals updated 15 Oct 2026