A Business at a Glance
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MORGAN STANLEY
MS
$341.3B
Mkt Cap
$214.48
-0.33%
MORGAN STANLEY (MS) has a current P/E ratio of 21.0, compared to its historical median P/E of 11.8. The stock is currently considered Expensive based on its historical valuation range.
MORGAN STANLEY (MS) has a 5-year average return on invested capital (ROIC) of 3.5%. This is below average and may indicate limited pricing power.
MORGAN STANLEY (MS) has a market capitalization of $338.8B. It is classified as a mega-cap stock.
Yes, MORGAN STANLEY (MS) pays a dividend with a trailing twelve-month yield of 1.97%. The company also returns capital through share buybacks, with a buyback yield of 1.57%.
Based on historical P/E analysis, MORGAN STANLEY (MS) appears expensive. The current P/E of 21.0 is 77% above its historical median of 11.8. The estimated fair value CAGR (P/E method) is 5.2%.
MORGAN STANLEY (MS) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
MORGAN STANLEY (MS) reported annual revenue of $8.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Morgan Stanley is a global financial services firm that advises, originates, trades, manages and distributes capital for governments, institutions and individuals through three primary business segments: Institutional Securities, Wealth Management, and Investment Management. The Institutional Securities segment provides investment banking, equity and fixed income sales and trading, and market-making services to institutional clients; Wealth Management delivers advisory, brokerage and lending services to high-net-worth individuals and institutions, with a growing digital channel through E*TRADE and workplace relationships; and Investment Management offers alternative and traditional investment products to institutional and retail clients. The firm operates on an activity-based business model where revenues are driven by client engagement in capital raising, trading, and asset management, supported by a global infrastructure spanning major financial centers including New York, London, Frankfurt, Tokyo and Hong Kong. Morgan Stanley's competitive position depends on its reputation, client relationships, investment performance, technology innovation, and ability to attract and retain talent, while facing competition from established financial institutions, regional banks, digital platforms, and fintech firms, particularly as electronic trading and artificial intelligence reshape market structure and pricing dynamics.
【Capital-efficient earnings growth】 Morgan Stanley's strategy centers on raising, managing, and allocating capital with excellence while compounding earnings in a capital-efficient manner through favorable and challenging market cycles. Management expects the firm to continue realizing operating leverage if market conditions remain constructive and execution is strong, with ongoing investments in artificial intelligence, technology, and client capabilities supporting productivity gains and margin expansion. The firm anticipates net interest income to build over the course of 2026 with modest sequential increases, supported by incremental loan growth and deposit mix dynamics, while the integrated business model is positioned to capture secular and cyclical tailwinds across wealth, investment management, and institutional securities. Management has reaffirmed medium-term targets rather than raising them, reflecting a disciplined approach to compounding returns through the cycle and a commitment to continued dividend growth and capital deployment for shareholder returns.
| Metric | Target | Period |
|---|---|---|
| Tax rate | 22% to 23% | FY2026 |
Tax rate (FY2026): “We continue to expect our 2026 tax rate to be between 22% and 23%, which, similar to prior years, will exhibit some quarterly volatility.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 73.5B | 8.2B | 6.7B | 4.9B | 5.6B | 11.0B |
| Net Income | 17.5B | 16.2B | 12.8B | 8.5B | 10.5B | 14.6B |
| EPS | $11.03 | $10.21 | $7.95 | $5.18 | $6.15 | $8.03 |
| Free Cash Flow | -3.9B | 15.0B | -2.1B | 30.1B | 3.3B | 31.7B |
| ROIC | 3.7% | 3.9% | 3.4% | 2.5% | 3.2% | 4.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 3.18 | 3.06 | 2.72 | 2.63 | 2.34 | 2.16 |
| Dividends/Share | $4.23 | $3.85 | $3.55 | $3.25 | $2.95 | $2.10 |
| Operating Income | 953M | 1.4B | 1.3B | 975M | 14.1B | 1.0B |
| Operating Margin | 1.3% | 17.2% | 18.9% | 19.7% | - | 9.5% |
| ROE | 15.3% | 15.0% | 12.6% | 8.6% | 10.3% | 14.1% |
| Shares Outstanding | 1,580M | 1,591M | 1,610M | 1,647M | 1,714M | 1,814M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 34.3B | 5.6B | 4.9B | 6.0B | 6.5B | 6.2B | 7.7B | 11.0B | 5.6B | 4.9B | 6.7B | 8.2B | 73.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 17.8B | 16.0B | 15.9B | 17.2B | 17.6B | 18.8B | 20.9B | 24.6B | 23.1B | 24.6B | 26.2B | 29.2B | 30.2B |
| EBIT | 1.1B | 493M | 825M | 848M | 743M | 865M | 678M | 1.0B | 14.1B | 975M | 1.3B | 1.4B | 953M |
| Op. Margin | 3.2% | 8.8% | 16.7% | 14.1% | 11.5% | 14.0% | 8.8% | 9.5% | N/A | 19.7% | 18.9% | 17.2% | 1.3% |
| Net Income | 3.2B | 5.7B | 5.5B | 5.6B | 8.2B | 8.5B | 10.5B | 14.6B | 10.5B | 8.5B | 12.8B | 16.2B | 17.5B |
| Net Margin | 9.2% | 101.4% | 111.7% | 93.1% | 126.8% | 138.1% | 136.8% | 132.5% | 188.2% | 172.4% | 190.9% | 198.2% | 23.8% |
| Non-Recurring | 111M | 69M | 130M | 91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 1.4% | 2.5% | 2.3% | 2.2% | 3.1% | 3.2% | 3.6% | 4.5% | 3.2% | 2.5% | 3.4% | 3.9% | 3.7% |
| ROE | 4.6% | 7.8% | 7.3% | 7.3% | 10.4% | 10.5% | 11.5% | 14.1% | 10.3% | 8.6% | 12.6% | 15.0% | 15.3% |
| ROA | 0.4% | 0.7% | 0.7% | 0.7% | 1.0% | 1.0% | 1.0% | 1.3% | 0.9% | 0.7% | 1.1% | 1.2% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.1B | -4.5B | 5.4B | -4.5B | 7.3B | 40.8B | 25.2B | 34.0B | 6.4B | 33.5B | 1.4B | 17.9B | -1.0B |
| Free Cash Flow | 94M | -5.8B | 4.1B | -6.1B | 5.4B | 38.9B | 23.8B | 31.7B | 3.3B | 30.1B | -2.1B | 15.0B | -3.9B |
| Owner Earnings | -1.3B | -7.0B | 2.5B | -7.3B | 4.5B | 37.0B | 20.1B | 27.7B | 524M | 27.6B | -5.4B | 11.3B | -7.5B |
| CapEx | 992M | 1.4B | 1.3B | 1.6B | 1.9B | 1.8B | 1.4B | 2.3B | 3.1B | 3.4B | 3.5B | 2.9B | 2.9B |
| Maint. CapEx | 1.2B | 1.4B | 1.7B | 1.8B | 1.8B | 2.6B | 3.8B | 4.2B | 4.0B | 4.3B | 5.2B | 4.7B | 4.5B |
| Growth CapEx | 0 | 0 | 0 | 0 | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.2B | 1.4B | 1.7B | 1.8B | 1.8B | 2.6B | 3.8B | 4.2B | 4.0B | 4.3B | 5.2B | 4.7B | 4.5B |
| CapEx/OCF | 91.3% | 37.4% | 23.7% | N/A | 25.5% | 4.5% | N/A | 6.8% | N/A | N/A | 254.2% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 904M | 1.5B | 1.7B | 2.1B | 2.4B | 2.6B | 2.7B | 4.2B | 5.4B | 5.8B | 6.1B | 6.6B | 6.7B |
| Dividend Yield | 1.9% | 2.8% | 4.1% | 3.2% | 3.4% | 4.4% | 4.1% | 3.0% | 4.1% | 4.4% | 3.9% | 3.0% | 2.0% |
| Share Buybacks | 0 | 2.1B | 3.5B | 3.8B | 4.9B | 5.4B | 1.3B | 11.5B | 9.9B | 5.3B | 3.3B | 4.6B | 5.3B |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.6% |
| Stock-Based Comp | 1.3B | 1.1B | 1.1B | 1.0B | 920M | 1.2B | 1.3B | 2.1B | 1.9B | 1.7B | 1.6B | 1.9B | 2.0B |
| Debt Repayment | 33.1B | 27.3B | 30.4B | 35.8B | 34.8B | 40.5B | 50.5B | 70.1B | 34.9B | 64.8B | 80.2B | 99.4B | 99.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 18.9B | 20.8B | 51.3B | 79.3B | 64.6B | 66.1B | 21.6B | -3.2B | 105.7B | 171.3B | 178.9B | 230.0B | 229.5B |
| Cash & Equiv. | 87.6B | 85.6B | 77.4B | 80.4B | 87.2B | 82.2B | 105.7B | 127.7B | 128.1B | 89.2B | 105.4B | 111.7B | 133.5B |
| Long-Term Debt | 152.8B | 153.8B | 164.8B | 191.1B | 188.1B | 190.1B | 213.4B | 227.4B | 233.9B | 260.5B | 284.3B | 341.7B | 363.0B |
| Debt/Equity | 2.48 | 2.37 | 2.52 | 2.78 | 2.65 | 2.58 | 2.33 | 2.16 | 2.34 | 2.63 | 2.72 | 3.06 | 3.18 |
| Interest Coverage | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.8 | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity | 70.9B | 75.2B | 76.0B | 77.4B | 80.2B | 81.5B | 101.8B | 105.4B | 100.1B | 99.0B | 104.5B | 111.6B | 114.3B |
| Total Assets | 801.5B | 787.5B | 814.9B | 851.7B | 853.5B | 895.4B | 1.1T | 1.2T | 1.2T | 1.2T | 1.2T | 1.4T | 1.6T |
| Total Liabilities | 729.4B | 711.3B | 737.8B | 773.3B | 772.1B | 812.7B | 1.0T | 1.1T | 1.1T | 1.1T | 1.1T | 1.3T | 1.5T |
| Intangibles | 3.2B | 3.0B | 2.7B | 2.4B | 2.2B | 2.1B | 5.0B | 8.4B | 7.6B | 7.1B | 6.5B | 6.0B | 6.0B |
| Retained Earnings | 44.6B | 49.2B | 53.7B | 57.6B | 64.2B | 70.6B | 78.7B | 89.4B | 94.9B | 98.0B | 105.0B | 115.1B | 118.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.60 | 2.90 | 2.92 | 3.07 | 4.73 | 5.19 | 6.46 | 8.03 | 6.15 | 5.18 | 7.95 | 10.21 | 11.03 |
| Owner EPS | -0.68 | -3.58 | 1.33 | -4.00 | 2.61 | 22.55 | 12.40 | 15.25 | 0.31 | 16.74 | -3.37 | 7.10 | -4.73 |
| Book Value | 35.99 | 38.45 | 40.32 | 42.52 | 46.16 | 49.72 | 62.62 | 58.13 | 58.43 | 60.14 | 64.91 | 70.14 | 72.35 |
| Cash Flow/Share | 0.55 | -2.28 | 2.85 | -2.48 | 4.20 | 24.86 | 15.52 | 18.73 | 3.73 | 20.37 | 0.85 | 11.24 | 13.93 |
| Dividends/Share | 0.35 | 0.55 | 0.70 | 0.90 | 1.10 | 1.30 | 1.40 | 2.10 | 2.95 | 3.25 | 3.55 | 3.85 | 4.23 |
| Shares Out. | 2.0B | 2.0B | 1.9B | 1.8B | 1.7B | 1.6B | 1.6B | 1.8B | 1.7B | 1.6B | 1.6B | 1.6B | 1.6B |
| Valuation | |||||||||||||
| P/E Ratio | 18.0 | 8.4 | 11.3 | 13.5 | 6.7 | 8.1 | 9.0 | 10.9 | 12.4 | 17.0 | 15.5 | 17.8 | 19.4 |
| P/FCF | 602.0 | N/A | 15.1 | N/A | 10.1 | 1.8 | 4.0 | 5.0 | 39.4 | 4.8 | N/A | 19.3 | N/A |
| EV/EBIT | 110.3 | 226.2 | 337.5 | 471.7 | 493.8 | 311.0 | 462.3 | 371.9 | 13.5 | 503.1 | 443.4 | 535.9 | 596.3 |
| Price/Book | 0.8 | 0.6 | 0.8 | 1.0 | 0.7 | 0.9 | 0.9 | 1.5 | 1.3 | 1.5 | 1.9 | 2.6 | 3.0 |
| Price/Sales | 1.4 | 1.5 | 1.2 | 1.7 | 1.7 | 1.4 | 1.4 | 2.4 | 2.5 | 2.4 | 2.5 | 3.1 | 4.6 |
| FCF Yield | 0.2% | -12.3% | 6.6% | -8.1% | 9.9% | 56.2% | 25.2% | 20.0% | 2.5% | 20.8% | -1.1% | 5.2% | -1.2% |
| Market Cap | 56.6B | 47.4B | 62.0B | 75.4B | 55.0B | 69.3B | 94.3B | 158.3B | 130.8B | 144.7B | 198.5B | 289.4B | 338.8B |
| Avg. Price | 24.06 | 26.88 | 22.75 | 35.92 | 39.79 | 36.04 | 41.28 | 77.69 | 77.40 | 79.49 | 97.57 | 139.71 | 214.48 |
| Year-End Price | 28.72 | 24.24 | 32.89 | 41.43 | 31.66 | 42.28 | 58.01 | 87.26 | 76.32 | 87.89 | 123.31 | 181.87 | 214.48 |
MORGAN STANLEY passes 4 of 9 quality checks, suggesting mixed fundamentals.
MORGAN STANLEY trades at 21.0x trailing earnings, compared to its 15-year median P/E of 11.8x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 3.5%. Total shareholder yield (dividends + buybacks) is 3.5%. At current prices, the estimated annualized return to fair value is -7.3%.
MORGAN STANLEY (MS) has a net profit margin of 198.2%. This is a strong margin indicating high profitability.
MORGAN STANLEY (MS) generated $15.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MORGAN STANLEY (MS) has a debt-to-equity ratio of 3.06. This indicates higher leverage, which may increase financial risk.
MORGAN STANLEY (MS) reported earnings per share (EPS) of $10.21 in its most recent fiscal year.
MORGAN STANLEY (MS) has a return on equity (ROE) of 15.0%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 19 years of financial data for MORGAN STANLEY (MS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MORGAN STANLEY (MS) has a book value per share of $70.14, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Morgan Stanley's strategy centers on raising, managing, and allocating capital with excellence while compounding earnings in a capital-efficient manner through favorable and challenging market cycles. Management expects the firm to continue realizing operating leverage if market conditions remain constructive and execution is strong, with ongoing investments in artificial intelligence, technology, and client capabilities supporting productivity gains and margin expansion. The firm anticipates net interest income to build over the course of 2026 with modest sequential increases, supported by incremental loan growth and deposit mix dynamics, while the integrated business model is positioned to capture secular and cyclical tailwinds across wealth, investment management, and institutional securities. Management has reaffirmed medium-term targets rather than raising them, reflecting a disciplined approach to compounding returns through the cycle and a commitment to continued dividend growth and capital deployment for shareholder returns.
Based on recent SEC filings and earnings calls, MORGAN STANLEY (MS) has provided the following forward guidance: Tax rate: 22% to 23% (FY2026).