Loading…
Global investment bank and wealth manager, with large retail brokerage/wealth (E*Trade) and asset management arms.
Global investment bank and wealth manager, with large retail brokerage/wealth (E*Trade) and asset management arms.
Earns fees for advising on deals and underwriting securities, trading revenue from clients' buying and selling, and, increasingly the steadier part, fees on client assets plus interest on their cash and loans. Buying E*Trade in 2020 and Eaton Vance in 2021 shifted its weight toward wealth and investment management.
Moat: narrow (brand, scale, switching costs). Leading wealth-management scale plus a top-tier investment bank create a diversified, less-volatile earnings base.
Headquarters: New York, New York, US · Founded: 1935 · Employees: 83,000
Size Morgan Stanley (MS) is a United States Financials company (Investment Managers) with a market value of $285B, the 36th largest of 3,117 United States companies the cockpit tracks. Shares closed at $181.44 on 6 Nov 2026.
Performance Over six months the shares fell 6.0%, against +1.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 7 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +16.5%); the operating margin is 32.9% (peer median 30.4%).
Valuation It trades at 13.6× forward earnings against a peer median of 15.8× (4th cheapest of 7).
Credit Morgan Stanley has 139 bonds outstanding ($245B), rated A- by the agencies and trading like A at a weighted spread of 75 bp.
Short interest Short interest is 0.9% of the free float (15 Oct 2026).
Next results Next results expected around 14 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $131B | $120B | $107B | $92.2B | $66.0B |
| Revenue growth | — | +11% | +16% | +40% | — |
| Net income | $20.5B | $16.9B | $13.4B | $9.09B | $11.0B |
| Free cash flow | n/a | $46.1B | -$13.6B | $9.13B | $23.8B |
| Capital expenditure | n/a | $2.90B | $3.46B | $3.41B | $3.08B |
| Total debt | $407B | $471B | $381B | $360B | $329B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Morgan Stanley MS | $285B | -6% | +16% | 33% | 13.6× | n/a |
| Goldman Sachs GS | $250B | -8% | +12% | 40% | 12.0× | n/a |
| Bank of America BAC | $341B | -3% | -1% | 34% | 10.1× | n/a |
| JPMorgan Chase JPM | $889B | +11% | +9% | 42% | 13.4× | n/a |
| Charles Schwab SCHW | $158B | +3% | +12% | 52% | 12.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | +9.2% | lowest of 7 |
| 6-month return | -6.0% | +1.5% | 2nd lowest of 7 |
| Distance from 52-week high | -21.7% | -13.4% | 3rd lowest of 7 |
| Revenue growth (TTM) | +15.8% | +16.5% | 4th highest of 7 |
| Operating margin | 32.9% | 30.4% | 4th highest of 7 |
| Forward P/E | 13.6× | 15.8× | 4th cheapest of 7 |
| Bond spread | 75 bp | 103 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Morgan Stanley MS | United States | $285B | -6% | +16% | 33% | 13.6× | n/a | n/a |
| BlackRock BLK | United States | $192B | +9% | +24% | 36% | 18.9× | n/a | n/a |
| Blackstone BX | United States | $149B | -3% | +9% | 57% | 18.1× | n/a | n/a |
| UBS UBSG.SW | Switzerland | $148B | +13% | -5% | 23% | 13.2× | n/a | n/a |
| Brookfield BN.TO | Canada | $102B | -8% | +1% | 25% | 13.5× | n/a | n/a |
| Brookfield Asset Management BAM | United States | $86.7B | +6% | +120% | 62% | 26.6× | n/a | n/a |
| KKR & KKR | United States | $86.6B | -6% | +32% | 23% | 11.4× | n/a | n/a |
Morgan Stanley has 139 bonds outstanding with $245B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.65%, a spread of 75 bp over government bonds.