Tearsheet

Morgan Stanley (MS)


Market Price (9/17/2025): $155.38 | Market Cap: $245.0 Bil
Sector: Financials | Industry: Investment Banking & Brokerage

Morgan Stanley (MS)


Market Price (9/17/2025): $155.38
Market Cap: $245.0 Bil
Sector: Financials
Industry: Investment Banking & Brokerage

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%
Trading close to highs
Dist 52W High is -0.5%, Dist 3Y High is -0.5%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99%
1 Low stock price volatility
Vol 12M is 33%
Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.5%
Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -34%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%
1 Low stock price volatility
Vol 12M is 33%
2 Trading close to highs
Dist 52W High is -0.5%, Dist 3Y High is -0.5%
3 Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.5%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -34%

Market Valuation

 9/17/252024202320222021
Share Price CYE$155.38$123.04$88.05$77.29$86.20
Market Cap CYE ($ Bil)245.0194.6141.5127.7150.8
Total Debt ($ Bil)352.3310.4276.4246.2243.2
Total Cash ($ Bil)78.275.758.792.786.8
Enterprise Value ($ Bil)519.2505.0417.9373.9394.0
Valuation Ratios     
P/S TTM4.03.53.02.93.1
P/EBIT TTM0.00.00.00.00.0
P/E TTM16.614.916.713.011.7
Sector Ratios     
P/S TTM (Sector)3.23.12.82.83.4
P/EBIT TTM (Sector)7.16.97.17.17.0
P/E TTM (Sector)12.911.610.19.410.0
 9/17/2520242023
Share Price CYE$155.38$123.04$88.05
Market Cap CYE ($ Bil)245.0194.6141.5
Total Debt ($ Bil)352.3310.4276.4
Total Cash ($ Bil)78.275.758.7
Enterprise Value ($ Bil)519.2505.0417.9
Valuation Ratios   
P/S TTM4.03.53.0
P/EBIT TTM0.00.00.0
P/E TTM16.614.916.7
Sector Ratios   
P/S TTM (Sector)3.23.12.8
P/EBIT TTM (Sector)7.16.97.1
P/E TTM (Sector)12.911.610.1

Business Description

Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The Institutional Securities segment offers capital raising and financial advisory services, including services related to the underwriting of debt, equity, and other securities, as well as advice on mergers and acquisitions, restructurings, real estate, and project finance. Show more

Price Returns Compared

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 202020212022202320242025Total [1]
Returns
MS Return38%47%-10%14%40%27%267%
Peers Return2%31%-15%17%57%35%185%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JPM, BAC, GS, C, IBKR. See MS Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

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Financials

MSJPMBACGSCIBKRMedian
NameMorgan S.JPMorgan.Bank of .Goldman .CitigroupInteract. 
Mkt Price155.81309.1950.66785.53100.6462.48128.22
Mkt Cap245.7862.2389.0246.4186.827.4246.1
Rev LTM61,503175,656103,43556,21383,1139,59572,308
Op Inc LTM-----8,0548,054
FCF LTM-20,941-148,6154,550-24,879-93,68615,087-22,910
FCF 3Y Avg-25,282-56,10424,365-27,212-65,6908,403-26,247
CFO LTM-17,670-148,6154,550-22,852-87,16515,143-20,261
CFO 3Y Avg-21,957-56,10424,365-24,836-59,1828,458-23,396

Growth & Margins

MSJPMBACGSCIBKRMedian
NameMorgan S.JPMorgan.Bank of .Goldman .CitigroupInteract. 
Rev Chg LTM16.7%8.2%5.4%12.2%6.3%11.2%9.7%
Rev Chg 3Y Avg5.0%13.5%5.0%3.8%4.3%53.4%5.0%
Rev Chg Q11.3%6.7%6.0%14.5%8.1%7.3%7.7%
QoQ Delta Rev Chg LTM2.6%1.6%1.5%3.4%2.0%1.8%1.9%
Op Mgn LTM-----83.9%83.9%
Op Mgn 3Y Avg-----83.3%83.3%
QoQ Delta Op Mgn LTM------0.0%-0.0%
CFO/Rev LTM-28.7%-84.6%4.4%-40.7%-104.9%157.8%-34.7%
CFO/Rev 3Y Avg-41.3%-32.5%24.8%-46.4%-74.6%97.3%-36.9%
FCF/Rev LTM-34.0%-84.6%4.4%-44.3%-112.7%157.2%-39.2%
FCF/Rev 3Y Avg-47.4%-32.5%24.8%-51.2%-82.8%96.6%-40.0%

Valuation

MSJPMBACGSCIBKRMedian
NameMorgan S.JPMorgan.Bank of .Goldman .CitigroupInteract. 
Mkt Cap245.7862.2389.0246.4186.827.4246.1
P/S4.04.93.84.42.22.93.9
P/EBIT-----3.33.3
P/E16.715.314.015.813.232.715.5
P/CFO-13.9-5.885.5-10.8-2.11.8-4.0
Total Yield6.0%6.6%7.2%6.3%7.6%3.5%6.4%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.4%0.0%
FCF Yield 3Y Avg-16.0%-7.4%8.7%-14.8%-56.0%51.2%-11.1%
D/E1.40.60.91.52.00.01.2
Net D/E1.0-0.5-0.80.8-1.0-0.2-0.3

Returns

MSJPMBACGSCIBKRMedian
NameMorgan S.JPMorgan.Bank of .Goldman .CitigroupInteract. 
1M Rtn7.7%6.4%8.5%8.1%7.4%-1.2%7.6%
3M Rtn20.6%14.7%15.2%26.4%30.9%20.2%20.4%
6M Rtn33.9%32.4%23.0%43.8%45.4%45.1%38.9%
12M Rtn60.3%51.4%32.6%65.2%77.7%95.4%62.8%
3Y Rtn97.9%184.1%60.7%160.1%134.6%275.1%147.3%
1M Excs Rtn5.3%4.0%6.1%5.6%5.0%-3.6%5.1%
3M Excs Rtn10.3%4.9%5.2%16.3%20.2%9.8%10.1%
6M Excs Rtn17.7%16.6%7.2%27.5%29.6%27.3%22.5%
12M Excs Rtn48.0%34.2%15.6%51.0%62.9%85.2%49.5%
3Y Excs Rtn31.0%116.7%-5.5%87.0%60.3%205.2%73.7%

FDIC Bank Data

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Wealth Management (WM)26,26824,41724,24319,08617,737
Institutional Securities (IS)23,06024,39329,83326,47620,386
Investment Management (IM)5,3705,3756,2203,7343,763
Intersegment Eliminations (I/E)-555-517-541-539-467
Total54,14353,66859,75548,75741,419


Net Income by Segment
$ Mil20242023202220212020
Wealth Management (WM)5,0225,1394,7343,3613,728
Institutional Securities (IS)3,4535,2428,9577,0124,599
Investment Management (IM)6396601,347615719
Intersegment Eliminations (I/E)-27-12-48-4
Total9,08711,02915,03410,9969,042


Assets by Segment
$ Mil20242023202220212020
Institutional Securities (IS)810,506  753,322691,201
Wealth Management (WM)365,168  355,595197,682
Investment Management (IM)18,019  6,9456,546
Total1,193,693  1,115,862895,429


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity14,685,837
Short Interest: % Change Since 8152025-3.8%
Average Daily Volume4,036,322
Days-to-Cover Short Interest3.64
Basic Shares Quantity1,577,000,000
Short % of Basic Shares0.9%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/16/2025-1.3%-1.1%5.1%
4/11/20251.4%2.4%20.2%
1/16/20254.0%5.6%7.1%
10/16/20246.5%5.4%19.2%
7/16/20240.9%-2.7%-7.3%
1/16/2024-4.2%-4.4%-5.5%
10/18/2023-6.8%-10.9%0.4%
7/18/20236.4%9.6%0.7%
...
SUMMARY STATS   
# Positive151218
# Negative8115
Median Positive1.8%5.5%8.4%
Median Negative-2.0%-2.7%-5.5%
Max Positive6.6%9.6%21.4%
Max Negative-6.8%-10.9%-7.3%

SEC Filings

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Report DateFiling DateFiling
6302025804202510-Q 6/30/2025
3312025505202510-Q 3/31/2025
12312024221202510-K 12/31/2024
93020241104202410-Q 9/30/2024
6302024805202410-Q 6/30/2024
3312024503202410-Q 3/31/2024
12312023222202410-K 12/31/2023
93020231103202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023502202310-Q 3/31/2023
12312022224202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022805202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021224202210-K 12/31/2021
93020211103202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0YESHAYA SHARONChief Financial Officer7182025Sell139.8125,5833,576,706 Form
1SMITH CHARLES AChief Risk Officer7182025Sell140.3020,0002,805,91816,728,762Form
2SIMKOWITZ DANIEL ACo-President7182025Sell141.1329,0004,092,62856,323,722Form
3SAPERSTEIN ANDREW MCo-President7182025Sell140.6822,2073,124,0743,004,778Form
4Pizzi Michael A.Head Technology & Operations7182025Sell140.6218,0002,531,07719,180,911Form