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Morgan Stanley (MS)

Morgan Stanley is a global financial services firm operating through three business segments: Institutional Securities, Wealth Management and Investment Management. Through its subsidiaries and affiliates it provides products and services to corporations, governments, financial institutions and individuals, and the company says it operates as an Integrated Firm, so some clients use the products and services of more than one segment. As of 31 December 2025 it had approximately 83 thousand employees across 42 countries. Client assets, which the filing defines as Wealth Management client assets plus Investment Management assets under management, were $9,276 billion at the end of 2025, and they are client money rather than the firm's own.

Morgan Stanley

Morgan Stanley is a global financial services firm operating through three business segments: Institutional Securities, Wealth Management and Investment Management. Through its subsidiaries and affiliates it provides products and services to corporations, governments, financial institutions and individuals, and the company says it operates as an Integrated Firm, so some clients use the products and services of more than one segment. As of 31 December 2025 it had approximately 83 thousand employees across 42 countries. Client assets, which the filing defines as Wealth Management client assets plus Investment Management assets under management, were $9,276 billion at the end of 2025, and they are client money rather than the firm's own.

Institutional Securities

This segment serves corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking is capital raising and financial advisory work, including the underwriting of debt, equity securities and other products and advice on mergers and acquisitions, restructurings and project finance. The Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making and Asia wealth management services, and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.

The firm's U.S. Bank Subsidiaries are FDIC-insured depository institutions supervised, regulated and examined by the OCC, and their business activities are generally limited to supporting the Institutional Securities and Wealth Management segments.

Wealth Management

This segment provides financial services and solutions to individual investors, including high and ultra-high net worth individuals, and to businesses and institutions. It reaches them through three channels: Advisor-Led, Self-Directed and Workplace. The work covers financial advisor-led brokerage, investment advisory, custody, cash management and administrative services; self-directed brokerage; financial and wealth planning; workplace services including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.

Total client assets in the segment were $7,381 billion at the end of 2025, and it added net new assets of $356.3 billion during the year. Advisor-led client assets, meaning accounts that have a Wealth Management representative assigned, were $5,715 billion, of which $2,753 billion were fee-based, where the basis of payment for services is a fee calculated on those assets, and that was 48 percent of the advisor-led total. The self-directed channel held $1,667 billion across 8.5 million households, counting active accounts with at least $25 in assets. The workplace channel, which covers equity compensation solutions for companies, their executives and employees, held $534 billion of unvested assets across 6.5 million participants.

Investment Management

This segment provides investment strategies and products that span geographies, asset classes, and public and private markets, sold to institutional and intermediary channels. The strategies and products, offered through a variety of investment vehicles, cover equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit and defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations, while individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.

Assets under management were $1,895 billion at the end of 2025, again client money rather than the firm's own. Long-term assets under management were $1,251 billion of that, holding alternatives and solutions at $703 billion, equity at $314 billion and fixed income at $234 billion, with liquidity and overlay services accounting for a further $644 billion. Certain Wealth Management client assets, totalling $350 billion at the end of 2025, are invested in Investment Management products and are therefore counted in both segments.

From Morgan Stanley's annual report on Form 10-K for the year ended 31 December 2025, written from the management discussion and analysis; the filing carries no Item 1 business section that could be located by name. The filing

Compare with another name What $10,000 in Morgan Stanley became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 5 November 2026
Revenue
$20.3 billion
+11.6% on the year · -4.7% on the quarter
Q4 FY2024Q3 FY2026
Net income
$4.9 billion
+6.5% on the year · -12.0% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$3.03
+8.2% on the year · -12.4% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 19 February 2026
Revenue
$70.6 billion
+14.4% on the year
FY2018FY2025
Net income
$16.9 billion
+25.9% on the year
FY2018FY2025
Diluted EPS
$10.21
+28.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsMorgan Stanley (MS) reported revenue of $70.6 billion for fiscal 2025, the year ended 31 December 2025, up 14.4% on the year before. Net income was $16.9 billion and diluted earnings per share $10.21. Revenue was $61.8 billion in fiscal 2024, $54.1 billion in fiscal 2023, $53.7 billion in fiscal 2022 and $59.8 billion in fiscal 2021. Net income in the same years was $13.4 billion, $9.1 billion, $11.0 billion and $15.0 billion. Over the twelve months to 30 September 2026, Morgan Stanley reported revenue of $80.2 billion and net income of $20.5 billion. Revenue grew 7.7% a year, compounded, over the five years to fiscal 2025. Morgan Stanley declared $4.15 a share in dividends over the last four quarters and had 1.57 billion shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of Morgan Stanley was $284.0 billion, 14.4 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE17.5%
ROCEn/a
Operating marginn/a
Net margin25.5%
FCF margin-76.7%
Interest covern/a
Debt to equity3.32x
Cash conversion-2.85x
Share count, last 12 months-1.6%
Sales CAGR, 3 years9.6%
Profit CAGR, 3 years15.2%
EPS, TTM$12.60

At the close of 6 November 2026

Price$181.44
Market cap$284.0 billion
Stock P/E14.4x
Price to book2.4x
EV / EBITDAn/a
Dividend yield2.3%
Market cap / sales3.5x
52-week high$228.55
52-week low$154.37
Price, 1 year11.0%
Price CAGR, 3 years33.9%
Price CAGR, 5 years12.7%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt Morgan Stanley states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
MSgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue14,52414,80113,13212,98612,74914,51713,45713,27312,89615,13615,01915,38316,22317,73916,79218,22417,89020,58021,34820,338
Interest expense3224341,3303,5916,9138,52410,03811,32812,16111,134n/an/an/an/an/an/an/an/an/an/a
Pre-tax income4,8844,5883,3193,3882,7943,7602,8123,1452,0964,3954,0744,2214,9065,5444,6226,0285,7607,0117,3486,478
Tax rate24%19%24%21%19%19%21%23%26%21%23%24%24%21%23%23%23%20%23%23%
Net income3,6963,6662,4952,6322,2362,9802,1822,4081,5173,4123,0763,1883,7144,3153,5394,6104,3975,5675,5814,909
Net margin25%25%19%20%18%21%16%18%12%23%20%21%23%24%21%25%25%27%26%24%
Diluted EPS$2.01$2.02$1.39$1.47$1.27$1.70$1.24$1.38$0.86$2.02$1.82$1.88$2.23$2.60$2.13$2.80$2.68$3.43$3.46$3.03
Operating cash flow34923914,913-7,553-13,996-9,865-9,6663,747-17,7524,3602,525-17,32311,800-23,97611,829-3,332-2,410-7,098-2,747-46,024
Capital expenditure650652799857770719851913929816851916879713763713709754819945
Free cash flow-301-41314,114-8,410-14,766-10,584-10,5172,834-18,6813,5441,674-18,23910,921-24,68911,066-4,045-3,119-7,852-3,566-46,969
Dividends paid1,3141,3141,3041,4051,3781,4061,3791,5011,4771,4961,4671,5901,5851,6161,5841,7051,6881,7081,6771,911
Shares outstanding1,772m1,756m1,723m1,694m1,675m1,670m1,659m1,642m1,627m1,627m1,619m1,612m1,607m1,607m1,598m1,591m1,583m1,580m1,572m1,565m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020 †FY2021FY2022 †FY2023FY2024FY2025TTM
Revenue23,28031,23032,22726,17832,49334,27535,15534,63137,94540,10741,53848,75759,75553,66854,14361,76170,64580,156
Interest expense6,6876,4146,8835,8974,4313,6782,7423,3185,69710,08612,4043,8491,36612,26842,05192.0109n/a
Pre-tax income1,1306,1986,1145964,5583,5918,4958,84810,40311,23711,30114,41819,66814,08911,81317,59621,95426,597
Income tax-2977431,414-161902-90.02,2002,7264,1682,3502,0643,2394,5482,9102,5834,0674,9295,913
Effective tax rate-26.3%12.0%23.1%-27.0%19.8%-2.5%25.9%30.8%40.1%20.9%18.3%22.5%23.1%20.7%21.9%23.1%22.5%22.2%
Net income1,3464,7034,11068.02,9323,4676,1275,9796,1118,7489,04210,99615,03411,0299,08713,39016,86120,454
Net margin5.8%15.1%12.8%0.3%9.0%10.1%17.4%17.3%16.1%21.8%21.8%22.6%25.2%20.6%16.8%21.7%23.9%25.5%
Diluted EPS-$0.77$2.63$1.23-$0.02$1.36$1.60$2.90$2.92$3.07$4.73$5.19$6.46$8.03$6.15$5.18$7.95$10.21$12.60
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
IS12,74216,12917,68311,10115,51916,87117,95317,45918,81320,58220,49626,47629,83324,39323,06028,08033,08046.4%
WMn/an/a12,77212,94714,14314,88815,10015,35016,83617,24217,74619,08624,24324,41726,26828,42031,75444.5%
IMn/an/a1,8872,3063,0592,7122,3152,1122,5862,7463,7633,7346,2205,3755,3705,8616,5259.1%
Asset Management Segment1,2942,685n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Discovern/a0n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Global Wealth Management Group9,39012,519n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Intersegment Eliminations-146-103-115n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
ISWM FY2011 to FY2025IM FY2011 to FY2025Global Wealth Management Group FY2009 to FY2010Asset Management Segment FY2009 to FY2010
31.3FY201032.7FY201334.9FY201642.0FY201954.2FY202271.4FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Intersegment Eliminations is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2009 to FY2025

The profit before tax each segment reports. Costs Morgan Stanley does not charge to a segment are left out, so the segments can add up to more than the company's own profit before tax.

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
IS1,2394,3654,550-1,612946-584,6715,1235,6446,2605,4909,15111,8146,7154,4768,74911,23734.0%
WMn/an/a1,3071,5722,6042,9853,3323,4374,2994,5214,8324,3876,1816,5836,5307,7409,29329.3%
IMn/an/a2536401,0086644922874564649858701,6788078421,1371,47822.7%
Asset Management Segment-657718n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Discovern/a0n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Global Wealth Management Group5591,130n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
ISWM FY2011 to FY2025Global Wealth Management Group FY2009 to FY2010IM FY2011 to FY2025Asset Management Segment FY2009 to FY2010
6.2FY20104.6FY20138.8FY201611.3FY201914.1FY202222.0FY2025

$ billion; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
IS46%51%
WM44%42%
IM9%7%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has a profit before tax figure. A margin is a segment's profit before tax over its own sales.

Revenue by region FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Americas18,79821,45222,30620,27623,35825,14025,08025,48727,81729,30130,32435,45944,60540,11741,65146,92952,89774.9%
Asia1,9964,3203,3022,8244,5934,3634,7224,1504,4144,7145,1366,7497,4516,7406,4347,6359,42013.3%
EMEAn/an/an/an/an/an/an/a4,9945,7146,0926,0786,5497,6996,8116,0587,1978,32811.8%
Europe, Middle East and Africa2,4865,4586,6193,0784,5424,7725,353n/an/an/an/an/an/an/an/an/an/an/a
AmericasAsiaEMEA FY2016 to FY2025Europe, Middle East and Africa FY2009 to FY2015
31.2FY201032.5FY201334.6FY201641.5FY201953.7FY202270.6FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

Follow the cashA discounted cash flow: five years of free cash flow, added up in today's moneyNot for Morgan Stanley: a broker's operating cash flow carries its clients' money, so its free cash flow swings with client balances rather than with what the firm earns. Book value and return on equity, in the ratios above, are the usual measures for it.

FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020 †FY2021FY2022 †FY2023FY2024FY2025TTM
Operating cash flow-45,95140,61415,89224,54835,009n/a-4,4635,383-4,5057,30540,773-25,23133,971-6,397-33,5361,362-17,889-58,279
Capital expenditure2,8771,2011,3041,3121,3169921,3731,2761,6291,8651,8261,4442,3083,0783,4123,4622,8983,227
Free cash flow-48,82839,41314,58823,23633,693n/a-5,8364,107-6,1345,44038,947-26,67531,663-9,475-36,948-2,100-20,787-61,506
Free cash flow margin-209.7%126.2%45.3%88.8%103.7%n/a-16.6%11.9%-16.2%13.6%93.8%-54.7%53.0%-17.7%-68.2%-3.4%-29.4%-76.7%
Cash from investing-4,472-29,464-11,244-12,414n/an/a-19,995-19,508-12,391-22,881-33,561-37,898-49,897-11,632-3,084-29,460-46,779-35,516
Cash from financing3,0244,163-5,148-11,897n/an/a24,1547,36316,26124,205-11,96683,78441,54722,714-2,72646,75667,758130,054
Depreciation and amortisation1,2241,4191,4041,5811,5111,1611,4331,7361,7531,8442,6433,7694,2163,9984,2565,1614,6584,171
Share-based compensation1,2651,2601,3008911,1801,2601,1041,1361,0269201,1531,3122,0851,8751,7091,6221,9262,144
Buybacks50.0317317227691n/an/an/an/an/an/an/an/an/an/an/an/an/a
Dividends paid1,7321,1568344694759041,4551,7462,0852,3752,6272,7394,1715,4015,7636,1386,5936,984
Dividend per sharen/a$0.20$0.20$0.20$0.20$0.35$0.55$0.70$0.90$1.10$1.30$1.40$2.10$2.95$3.25$3.55$3.85n/a
Diluted shares, weighted1,185m1,411m1,675m1,919m1,957m1,971m1,953m1,887m1,821m1,738m1,640m1,624m1,814m1,713m1,646m1,611m1,592m1,566m
Shares outstanding at period end1,361m1,512m1,927m1,974m1,945m1,951m1,920m1,852m1,788m1,700m1,594m1,810m1,772m1,675m1,627m1,607m1,583m1,565m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020 †FY2021FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equity46,68857,21162,04962,10965,92170,90075,18276,05077,39180,24681,549101,781105,441100,14199,038104,511111,632117,109
Non-controlling interest6,0928,1968,0293,3193,1091,2041,0021,1271,0751,1601,1481,3681,1571,0909449171,0201,211
Redeemable equityn/an/a0.04,3090.0n/an/an/an/an/an/an/an/an/an/an/an/an/a
Deposits62,21563,81265,66283,266112,379133,544156,034155,863159,436187,820190,356310,782347,574356,646351,804376,007415,523478,377
Short-term borrowings2,3783,2562,8432,1382,1422,2612,173n/an/an/an/an/an/an/an/an/an/an/a
Debt193,374192,457184,234169,571153,575152,772153,768165,716192,582189,662192,627217,079233,127238,058263,732288,819348,935388,589
Other liabilities460,715482,766427,081456,248495,576440,829399,306416,193421,249394,643429,749484,852500,841484,296478,175444,817543,160706,741
Total liabilities and equity771,462807,698749,898780,960832,702801,510787,465814,949851,733853,531895,4291,115,8621,188,1401,180,2311,193,6931,215,0711,420,2701,692,027
Owned
Fixed assets7,0676,1546,4575,9466,0196,1086,373n/an/an/an/an/an/an/an/an/an/an/a
Goodwill7,1626,7396,6866,6506,5956,5886,5846,5776,5976,6887,14311,63516,83316,65216,70716,70616,72617,108
Intangible assets5,0544,6674,2853,7833,2863,1592,9842,7212,4482,1632,1074,9808,3607,6187,0556,4536,0105,787
Securities held for sale or to maturityn/an/a30,48039,86153,41769,316n/a63,16455,19861,06162,223110,383205,345159,931154,807159,679163,556150,887
Loans7,259n/an/a29,04642,87466,57785,75994,248104,126115,579130,637n/a174,302198,997203,385225,834268,720297,211
Resale agreements143,208148,253130,155134,412118,13083,28887,657101,95584,258n/an/an/an/an/an/an/an/an/a
Securities borrowed167,501138,730127,074121,701129,707136,708142,416125,236124,010116,313106,549112,391129,713133,374121,091123,859151,908166,805
Cash and equivalents31,99147,61547,31246,90459,88387,59185,55277,36080,39587,19682,171105,654127,725128,12789,232105,386111,695138,669
Other assets402,220455,540397,449392,657412,791342,175370,140343,688394,701464,531504,599770,819525,862535,532601,416577,154701,655915,560
Total assets771,462807,698749,898780,960832,702801,510787,465814,949851,733853,531895,4291,115,8621,188,1401,180,2311,193,6931,215,0711,420,2701,692,027
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded7.2%7.7%9.6%16.2%
Profit growth, compounded10.7%8.9%15.2%26.4%
Return on equity, average11.1%12.5%12.4%15.1%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Morgan Stanley's revenue in fiscal 2025?

Morgan Stanley (MS) reported revenue of $70.6 billion for fiscal 2025, the year ended 31 December 2025, up 14.4% on the year before.

How much did Morgan Stanley earn in fiscal 2025?

Net income was $16.9 billion for fiscal 2025, and diluted earnings per share $10.21.

What is Morgan Stanley's P/E ratio?

At the close of 6 November 2026, Morgan Stanley traded at 14.4 times its earnings over the twelve months to 30 September 2026.

What is Morgan Stanley's market cap?

The market cap of Morgan Stanley was $284.0 billion at the close of 6 November 2026.

Does Morgan Stanley pay a dividend?

Yes. Morgan Stanley declared $4.15 a share in dividends over the four quarters to 30 September 2026.

Peers: Trading

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Morgan Stanley MS$284.0 billion14.4017.5%n/a16.2%3.322.3%
Goldman Sachs Group Inc. GS$249.8 billion12.4417.7%n/a18.7%3.562.1%
BlackRock, Inc. BLK$182.3 billion26.8111.9%32.5%24.7%0.221.9%
Charles Schwab Corp. SCHW$157.9 billion15.6120.7%n/a18.1%0.461.3%
Robinhood Markets, Inc. HOOD$72.9 billion37.2919.7%45.7%20.9%0.26n/a
Interactive Brokers Group, Inc. IBKR$34.4 billion29.1618.9%n/a19.7%n/a0.4%
Raymond James Financial Inc. RJF$31.3 billion14.1918.2%n/a10.5%0.071.3%
Nomura Holdings Inc. NMR *$27.3 billion12.459.8%n/a14.0%n/a4.4%
SEI Investments Co. SEIC$12.5 billion18.3128.3%29.4%12.8%0.011.0%
Stifel Financial Corp. SF$11.4 billion12.2816.1%n/a10.9%0.101.8%
Freedom Holding Corp. FRHC$11.0 billionn/an/an/an/an/an/a
Jefferies Financial Group Inc. JEF$10.9 billionn/a8.3%n/a17.7%1.723.4%
All 181 in Trading
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Morgan Stanley MS$284.0 billion14.4017.5%n/a16.2%3.322.3%
Goldman Sachs Group Inc. GS$249.8 billion12.4417.7%n/a18.7%3.562.1%
BlackRock, Inc. BLK$182.3 billion26.8111.9%32.5%24.7%0.221.9%
Welltower Inc. WELL$179.3 billion106.063.4%-1.9%39.2%0.401.3%
Charles Schwab Corp. SCHW$157.9 billion15.6120.7%n/a18.1%0.461.3%
Prologis, Inc. PLD$120.7 billion28.037.6%54.8%7.2%0.663.3%
CME Group Inc. CME$109.7 billion25.1016.8%65.7%9.0%0.133.7%
Equinix Inc. EQIX$100.2 billion60.7911.3%22.5%11.1%1.572.0%
Intercontinental Exchange, Inc. ICE$96.1 billion23.5013.9%40.6%12.1%0.781.2%
Blackstone Inc. BX$90.8 billion26.5640.2%47.9%22.1%1.533.9%
American Tower Corp. AMT$87.7 billion26.6394.2%44.8%5.3%10.693.7%
KKR & Co. Inc. KKR$86.6 billion30.7210.2%n/a31.1%1.720.8%
Brookfield Asset Management Ltd. BAM$84.6 billionn/an/a58.6%31.9%0.38n/a
Simon Property Group Inc. SPG$73.9 billion16.48110.4%45.9%16.2%6.963.9%
Robinhood Markets, Inc. HOOD$72.9 billion37.2919.7%45.7%20.9%0.26n/a
Apollo Global Management, Inc. APO$69.0 billionn/a-5.8%9.8%12.2%0.921.8%
Digital Realty Trust, Inc. DLR$65.3 billion72.893.3%16.2%20.0%0.69n/a
Public Storage PSA$63.1 billion35.3413.1%34.5%5.2%0.843.6%
Nasdaq, Inc. NDAQ$59.8 billion29.2717.4%29.7%11.9%0.731.1%
Realty Income Corp. O$56.2 billion40.723.4%20.5%10.8%0.795.5%
Ventas, Inc. VTR$46.9 billion167.461.7%3.2%22.1%0.792.3%
Ameriprise Financial Inc. AMP$43.6 billion11.2981.4%26.8%10.0%1.17n/a
Ares Management Corp. ARES$42.0 billionn/a11.3%17.7%7.6%2.033.9%
Crown Castle Inc. CCI$37.7 billion46.63n/a47.1%-15.7%n/a4.8%
Cboe Global Markets, Inc. CBOE$36.8 billion25.1125.0%36.4%14.3%0.240.9%
Interactive Brokers Group, Inc. IBKR$34.4 billion29.1618.9%n/a19.7%n/a0.4%
Extra Space Storage Inc. EXR$33.2 billion32.358.1%43.8%4.1%1.044.1%
Iron Mountain Inc. IRM$31.7 billion69.58n/a19.5%17.5%n/a3.2%
Raymond James Financial Inc. RJF$31.3 billion14.1918.2%n/a10.5%0.071.3%
Tradeweb Markets Inc. TW$29.7 billion29.9913.7%44.1%14.4%0.000.4%
Nomura Holdings Inc. NMR *$27.3 billion12.459.8%n/a14.0%n/a4.4%
Vici Properties Inc. VICI$27.3 billion11.378.1%n/a4.7%0.587.3%
Vivmark Residential VMRK$24.6 billion28.488.3%28.2%2.8%0.794.3%
T. Rowe Price Group, Inc. TROW$23.1 billion10.9619.2%32.0%6.9%0.004.8%
LPL Financial Holdings Inc. LPLA$23.0 billion16.9524.0%9.2%31.0%1.340.4%
Royal Gold Inc. RGLD$22.5 billion26.7910.8%62.0%105.2%0.020.7%
Pershing Square Inc. PS$20.6 billionn/a-9.0%0.2%n/a0.21n/a
SBA Communications Corp. SBAC$19.8 billion20.45n/a47.7%2.3%n/a2.6%
Texas Pacific Land Corp. TPL$18.8 billion32.0032.6%75.5%25.3%0.000.9%
TPG Inc. TPG$17.9 billion59.186.8%n/a18.8%0.574.8%
Essex Property Trust, Inc. ESS$17.5 billion50.556.6%29.5%4.5%1.253.8%
Franklin Templeton Inc. BEN$17.1 billion22.976.9%9.7%7.9%0.203.9%
Kimco Realty Corp. KIM$17.0 billion23.847.4%40.1%3.5%0.834.2%
Host Hotels & Resorts, Inc. HST$16.9 billion17.9814.8%14.8%5.0%0.806.1%
Lamar Advertising Co. LAMR$15.8 billion27.5155.8%32.1%5.1%3.394.3%
Blue OWL Capital Inc. OWL$15.4 billion70.144.9%-105.8%119.9%1.898.7%
Weyerhaeuser Co. WY$15.1 billion33.294.8%11.7%-1.1%0.574.0%
W. P. Carey Inc. WPC$15.0 billion22.437.4%43.8%9.0%1.005.7%
Annaly Capital Management Inc. NLY$14.7 billion13.117.1%n/a28.4%2.4314.9%
Omega Healthcare Investors Inc. OHI$14.6 billion19.3613.8%73.4%14.0%0.735.6%
Sun Communities Inc. SUI$14.4 billionn/a-14.7%4.2%2.9%0.723.7%
Carlyle Group Inc. CG$14.0 billion42.225.4%16.6%-7.6%0.463.5%
Healthpeak Properties, Inc. DOC$14.0 billion37.564.8%4.0%9.4%1.196.0%
Mid-America Apartment Communities, Inc. MAA$13.8 billion36.057.3%n/a1.0%1.105.1%
Regency Centers Corp. REG$13.7 billion26.747.7%72.0%8.4%0.724.0%
American Healthcare REIT, Inc. AHR$13.4 billion118.201.7%20.2%21.5%0.251.7%
SEI Investments Co. SEIC$12.5 billion18.3128.3%29.4%12.8%0.011.0%
Equity Lifestyle Properties Inc. ELS$12.2 billion31.0123.1%26.1%3.2%1.893.4%
Invesco Ltd. IVZ$11.9 billionn/a-2.5%-4.5%13.7%0.103.1%
Udr, Inc. UDR$11.7 billion17.2522.3%52.2%0.6%1.844.7%
American Homes 4 Rent AMH$11.7 billion26.916.7%15.2%3.5%0.773.9%
Stifel Financial Corp. SF$11.4 billion12.2816.1%n/a10.9%0.101.8%
Gaming & Leisure Properties, Inc. GLPI$11.3 billion11.8918.9%79.1%7.3%1.638.2%
Freedom Holding Corp. FRHC$11.0 billionn/an/an/an/an/an/a
Jefferies Financial Group Inc. JEF$10.9 billionn/a8.3%n/a17.7%1.723.4%
Evercore Inc. EVR$10.8 billion15.6339.2%21.3%36.6%0.281.2%
Eastgroup Properties Inc. EGP$10.4 billion32.848.9%40.8%10.4%0.513.3%
Bxp, Inc. BXP$10.4 billion19.4710.3%29.2%2.7%3.204.3%
Houlihan Lokey, Inc. HLI$10.1 billion24.4617.5%20.3%-0.4%0.001.8%
CubeSmart CUBE$10.1 billion29.8114.0%40.8%3.3%1.434.7%
Camden Property Trust CPT$10.0 billion9.2824.6%n/a-1.0%0.934.2%
Janus Living, Inc. JAN$9.9 billionn/a0.2%n/an/a0.00n/a
CareTrust REIT, Inc. CTRE$9.8 billion24.046.8%54.6%43.6%0.393.9%
Federal Realty Investment Trust FRT$9.7 billion22.5313.6%47.7%7.8%1.504.0%
Affiliated Managers Group, Inc. AMG$9.4 billion12.5628.2%15.1%11.8%0.990.0%
Brixmor Property Group Inc. BRX$9.2 billion21.9114.1%n/a5.7%1.764.1%
Ryman Hospitality Properties, Inc. RHP$9.1 billion31.8920.2%19.6%12.9%3.403.6%
Agree Realty Corp. ADC$9.1 billion36.033.5%48.9%17.7%0.543.8%
Morningstar, Inc. MORN$9.1 billion21.3343.4%24.5%9.4%1.640.8%
Lineage, Inc. LINE$8.9 billionn/a-2.1%3.6%1.0%0.795.4%
Virtu Financial, Inc. VIRT$8.4 billion7.9231.1%32.4%26.1%2.381.8%
Rexford Industrial Realty, Inc. REXR$8.1 billionn/a-6.4%39.8%-2.0%0.394.6%
NNN REIT, Inc. NNN$8.0 billion19.598.7%62.9%7.3%1.105.9%
Alexandria Real Estate Equities, Inc. ARE$7.8 billionn/a-9.7%-85.8%-9.9%0.876.4%
Victory Capital Holdings, Inc. VCTR$7.4 billion21.9218.8%40.4%36.9%0.401.6%
InterDigital, Inc. IDCC$7.4 billion31.4625.2%45.1%-12.0%0.251.0%
First Industrial Realty Trust Inc. FR$7.1 billion19.9912.9%41.6%8.5%0.963.6%
Stag Industrial, Inc. STAG$7.1 billion25.967.4%37.7%9.3%0.944.2%
Macerich Co. MAC$7.1 billionn/a-3.6%-12.0%-1.3%1.902.7%
Vornado Realty Trust VNO$6.7 billionn/a0.2%n/a1.6%1.272.1%
Healthcare Realty Trust Inc. HR$6.5 billionn/a-1.1%n/a-5.8%1.045.0%
StoneX Group Inc. SNEX$6.5 billion9.3918.5%n/a48.7%6.97n/a
Rayonier Inc. RYN$6.4 billion37.143.0%12.0%24.1%0.354.9%
Essential Properties Realty Trust, Inc. EPRT$6.2 billion22.745.8%60.6%20.4%0.664.5%
Dolby Laboratories, Inc. DLB$6.1 billion27.598.8%17.7%0.6%0.002.2%
Marketaxess Holdings Inc. MKTX$5.8 billion20.2722.9%39.1%3.9%0.071.9%
StepStone Group Inc. STEP$5.7 billionn/an/a-58.2%48.5%n/a3.1%
SSR Mining Inc. SSRM$5.7 billion24.067.7%40.9%39.4%0.00n/a
Sabra Health Care REIT, Inc. SBRA$5.5 billion75.042.5%n/a23.4%0.865.7%
Outfront Media Inc. OUT$5.4 billion21.0936.6%20.7%9.1%3.594.0%
Galaxy Digital Inc. GLXY$5.3 billionn/a-18.5%-2.3%66.0%1.55n/a
Phillips Edison & Company, Inc. PECO$5.2 billion28.157.5%n/a7.0%1.055.6%
Rithm Capital Corp. RITM$5.2 billionn/an/an/an/a3.5010.8%
Kite Realty Group Trust KRG$5.0 billion15.7112.4%17.4%-7.3%1.024.6%
Hamilton Lane Inc. HLNE$5.0 billion13.2628.2%43.7%18.9%0.27n/a
BGC Group, Inc. BGC$5.0 billion25.5718.0%4.7%27.6%1.600.8%
HA Sustainable Infrastructure Capital, Inc. HASI$5.0 billion40.525.5%n/a22.6%2.364.4%
Cousins Properties Inc. CUZ$4.9 billion328.830.3%68.3%8.5%0.804.3%
Federated Hermes, Inc. FHI$4.7 billion11.5732.5%27.8%13.2%0.272.2%
Howard Hughes Holdings Inc. HHH$4.6 billion30.714.3%18.1%42.8%1.44n/a
Americold Realty Trust COLD$4.6 billion19.307.9%15.1%1.3%1.035.7%
EPR Properties EPR$4.6 billion16.8112.7%59.0%7.3%1.436.1%
Apple Hospitality REIT, Inc. APLE$4.5 billion23.905.9%18.3%3.2%0.475.1%
Tanger Inc. SKT$4.4 billionn/an/an/an/a2.44n/a
Piper Sandler Companies PIPR$4.4 billion15.5321.9%n/a21.1%n/a3.0%
Starwood Property Trust, Inc. STWD$4.4 billionn/a-4.0%-12.7%14.4%3.4015.9%
Lazard, Inc. LAZ$4.2 billion23.2219.5%8.1%9.2%1.785.2%
Kilroy Realty Corp. KRC$4.2 billion149.250.6%n/a-3.6%0.846.0%
Cohen & Steers, Inc. CNS$3.8 billion22.4627.8%32.4%8.6%0.003.6%
Copt Defense Properties CDP$3.7 billion22.2111.0%30.2%7.2%1.673.8%
PJT Partners Inc. PJT$3.7 billion21.2552.5%20.5%10.2%0.000.7%
LXP Industrial Trust LXP$3.6 billion31.545.9%n/a-3.5%0.664.5%
SL Green Realty Corp. SLG$3.6 billionn/a-3.7%61.7%9.7%1.255.2%
Independence Realty Trust, Inc. IRT$3.5 billion57.651.8%16.6%3.1%0.724.7%
Highwoods Properties, Inc. HIW$3.5 billion18.747.8%67.2%5.4%1.486.4%
Miami International Holdings, Inc. MIAX$3.4 billion12.7724.3%10.9%n/a0.00n/a
National Health Investors Inc. NHI$3.4 billion20.5910.6%n/a23.9%0.815.2%
Broadstone Net Lease, Inc. BNL$3.4 billion23.045.1%46.0%8.0%1.016.7%
Acadian Asset Management Inc. AAMI$3.2 billion26.66n/a25.5%27.9%n/a0.3%
Artisan Partners Asset Management Inc. APAM$3.2 billion9.1669.7%33.4%8.7%0.438.1%
WisdomTree, Inc. WT$2.9 billion27.4424.8%39.9%45.2%2.380.6%
DiamondRock Hospitality Co. DRH$2.9 billion17.7710.7%16.6%2.1%0.712.9%
Acadia Realty Trust AKR$2.7 billion70.732.0%53.3%-0.3%0.784.0%
Four Corners Property Trust, Inc. FCPT$2.6 billion21.497.3%n/a10.2%0.966.3%
CoreCivic, Inc. CXW$2.5 billion1.8563.5%9.9%26.9%0.28n/a
InvenTrust Properties Corp. IVT$2.5 billion85.221.6%-7.7%12.6%0.583.1%
LTC Properties Inc. LTC$2.5 billion4.7030.8%58.5%70.4%0.605.1%
Netstreit Corp. NTST$2.4 billion85.411.1%32.5%27.1%0.604.7%
Pebblebrook Hotel Trust PEB$2.4 billionn/a-2.9%3.1%2.8%0.890.2%
SmartStop Self Storage REIT, Inc. SMA$2.2 billion67.122.9%22.9%20.7%1.00n/a
RLJ Lodging Trust RLJ$1.9 billion121.901.7%10.0%4.1%1.034.8%
Douglas Emmett Inc. DEI$1.7 billionn/a-1.1%18.8%1.8%3.147.5%
Diversified Healthcare Trust DHC$1.7 billionn/a-9.9%-2.3%-3.8%1.600.6%
Global Net Lease, Inc. GNL$1.5 billionn/a-3.4%37.9%-21.8%1.7811.0%
CBL & Associates Properties Inc. CBL$1.5 billion6.8150.8%27.2%9.0%4.76n/a
American Assets Trust, Inc. AAT$1.3 billion61.541.9%23.6%1.1%1.526.3%
Alexanders Inc. ALX$1.3 billion6.7883.9%n/a8.2%3.677.1%
UMH Properties, Inc. UMH$1.3 billion298.400.5%n/a8.5%0.976.0%
Digital Turbine, Inc. APPS$1.3 billionn/a-18.3%10.3%19.2%1.85n/a
Medical Properties Trust Inc. MPT$1.1 billion4.405.4%3.7%10.5%2.0019.9%
Easterly Government Properties, Inc. DEA$1.1 billion77.521.1%23.9%11.4%1.288.0%
Ridgepost Capital, Inc. RPC$1.1 billion31.326.8%27.2%8.2%0.921.5%
Oppenheimer Holdings Inc. OPY$974 million12.238.7%7.2%13.9%n/a0.8%
Centerspace CSR$964 million10.7311.5%56.1%-6.0%1.025.4%
Orchid Island Capital, Inc. ORC$960 million98.60-0.5%95.7%74.8%9.2126.8%
Empire State Realty Trust, Inc. ESRT$918 million265.250.3%-4.4%2.0%2.142.6%
Abacus Global Management, Inc. ABX$852 million32.526.5%31.8%65.3%0.76n/a
Virtus Investment Partners, Inc. VRTS$846 million7.2812.7%15.7%-7.2%0.447.5%
CTO Realty Growth, Inc. CTO$783 million17.726.5%37.5%15.9%1.05n/a
Summit Hotel Properties, Inc. INN$755 millionn/a-2.5%9.9%2.4%1.654.6%
Safehold Inc. SAFE$749 million6.584.7%24.9%16.5%1.956.7%
Postal Realty Trust, Inc. PSTL$742 million38.904.7%38.2%22.3%0.944.4%
JBG Smith Properties JBGS$739 millionn/a-20.4%0.8%3.0%2.545.6%
Chatham Lodging Trust CLDT$722 million96.882.2%13.4%3.8%0.562.5%
Saul Centers, Inc. BFS$709 million31.0411.6%66.7%9.2%5.588.3%
PennyMac Mortgage Investment Trust PMT$685 million17.094.6%22.3%-11.5%1.7920.4%
Service Properties Trust SVC$674 million14.03-65.1%-6.1%-15.6%6.352.9%
Chimera Investment Corp. CIM$613 millionn/a-7.9%n/a12.4%4.0923.5%
Brandywine Realty Trust BDN$553 millionn/a-21.5%19.0%3.5%3.739.8%
Universal Health Realty Income Trust UHT$544 million26.9914.5%35.9%-0.0%2.847.6%
TPG RE Finance Trust, Inc. TRTX$512 million17.314.4%n/a-2.4%4.1014.2%
Franklin BSP Realty Trust, Inc. FBRT$470 millionn/a1.4%n/a16.4%2.9215.4%
One Liberty Properties Inc. OLP$446 million18.668.6%48.3%10.7%1.838.5%
BrightSpire Capital, Inc. BRSP$416 million23.862.2%27.0%2.5%2.9819.2%
NexPoint Residential Trust, Inc. NXRT$415 millionn/a-16.6%10.6%0.7%7.2413.0%
Industrial Logistics Properties Trust ILPT$397 millionn/a-14.9%33.7%3.5%9.854.2%
Farmland Partners Inc. FPI$369 million55.002.3%12.4%-5.6%0.5615.8%
Arbor Realty Trust Inc. ABR$299 millionn/a-4.2%n/a-12.9%4.4158.6%
Apollo Commercial Real Estate Finance, Inc. ARI$297 million2.9010.5%35.1%-14.7%n/a43.1%
Mesabi Trust MSB$226 million34.8836.9%n/a-87.6%0.00n/a
North European Oil Royalty Trust NRT$65 millionn/an/an/an/an/an/a
18 companies share its SEC industry code (Security Brokers, Dealers & Flotation Companies); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on MS

Dividends$4.15 a share over the four quarters to 30 September 2026, a 2.29% yield
Filings17 in twelve months: 7 current reports (8-K), about 4 results of operations; 2 other events; 1 shareholder vote; 1 regulation FD disclosure
Planned insider sales19 Form 144 notices in twelve months, $54.7 million; latest 6 November 2026
Options tapeput/call 1.18 by open interest at the 6 November 2026 close; the straddle prices a 4.2% move to 13 November 2026
13F holders2,756 funds reported a position for the quarter to 30 June 2026; largest Mitsubishi Ufj Financial Group Inc.
Insider trading33 sales and 0 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest14.3 million shares short, 2.17 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 20265 November 2026EDGAR
10-Q30 June 20264 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202519 February 2026EDGAR

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