Comprehensive Stock Comparison
Compare Morgan Stanley (MS) vs The Goldman Sachs Group, Inc. (GS) vs Evercore Inc. (EVR) vs Nomura Holdings, Inc. (NMR) vs Jefferies Financial Group Inc. (JEF) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
Selected Stocks
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | EVR | 22.7% revenue growth vs JEF's 2.9% |
| Value | JEF | Lower P/E (10.4x vs 16.7x) |
| Quality / Margins | MS | 13.0% net margin vs JEF's 6.6% |
| Stability / Safety | NMR | Beta 1.19 vs JEF's 1.85 |
| Dividends | JEF | 3.8% yield, 8-year raise streak, vs GS's 1.6% |
| Momentum (1Y) | NMR | +45.9% vs JEF's -30.5% |
| Efficiency (ROA) | EVR | 11.9% ROA vs NMR's 0.6%, ROIC 14.6% vs 1.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Morgan Stanley is a global investment bank and wealth management firm that provides financial services to institutions, corporations, and individuals. It generates revenue primarily through investment banking fees (~30%), wealth management fees (~40%), and trading & sales activities (~25%), with the remainder from investment management. The company's competitive advantage lies in its elite brand reputation, global institutional relationships, and integrated platform that connects investment banking with wealth management.
Goldman Sachs is a global investment bank and financial services firm that provides investment banking, securities, and investment management services to corporations, governments, and high-net-worth individuals. It generates revenue primarily through investment banking fees (20-25%), trading and market-making in its Global Markets segment (40-45%), and asset management fees from its wealth and investment management divisions (30-35%). The firm's key competitive advantage lies in its elite brand reputation, deep client relationships with the world's largest corporations and governments, and its sophisticated risk management capabilities honed over decades.
Evercore is an independent investment banking advisory firm providing strategic advice on mergers, acquisitions, and capital markets transactions. It generates revenue primarily from investment banking advisory fees — roughly 85% of total revenue — with the remainder coming from investment management services for high-net-worth clients and institutions. The firm's key advantage is its reputation as a premium independent advisor, free from conflicts inherent in large universal banks, which attracts top-tier clients seeking unbiased strategic counsel.
Nomura Holdings is a Japanese financial services conglomerate that operates as a full-service investment bank and securities firm. It generates revenue primarily through its Wholesale segment — investment banking, trading, and securities underwriting — which contributes roughly 60-70% of total revenue, supplemented by Retail brokerage and Investment Management services. The company's key advantage is its dominant position in Japan's domestic capital markets and its extensive Asian franchise, which provides deep client relationships and local market expertise.
Jefferies Financial Group is a global investment bank and financial services firm that provides advisory, capital markets, and asset management services. It generates revenue primarily through investment banking fees — including M&A advisory and underwriting — and trading commissions from its capital markets business, with asset management contributing additional fee-based income. The firm's competitive advantage lies in its focused mid-market expertise and strong client relationships in sectors like energy, healthcare, and technology, which drive repeat advisory mandates.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
EVR leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). JEF leads in 1 (Valuation Metrics). 1 tied.
Financial Metrics (TTM)
NMR is the larger business by revenue, generating $4.51T annually — 1504.0x EVR's $3.0B. MS is the more profitable business, keeping 13.0% of every revenue dollar as net income compared to JEF's 6.6%.
| Metric | MSMorgan Stanley | GSThe Goldman Sachs… | EVREvercore Inc. | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $103.1B | $126.9B | $3.0B | $4.51T | $10.8B |
| EBITDAEarnings before interest/tax | $26.3B | $23.4B | $697M | $533.0B | $24M |
| Net IncomeAfter-tax profit | $16.2B | $16.7B | $528M | $370.1B | $819M |
| Free Cash FlowCash after capex | -$6.7B | $15.8B | $1.1B | $0 | $911M |
| Gross MarginGross profit ÷ Revenue | +55.6% | +41.1% | +99.4% | +36.9% | +59.7% |
| Operating MarginEBIT ÷ Revenue | +17.1% | +14.5% | +17.8% | +10.5% | +6.3% |
| Net MarginNet income ÷ Revenue | +13.0% | +11.3% | +12.6% | +7.6% | +6.6% |
| FCF MarginFCF ÷ Revenue | -2.0% | -12.1% | +32.0% | -19.3% | +3.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +48.9% | +45.8% | +83.9% | -5.5% | +34.7% |
Valuation Metrics
At 12.7x trailing earnings, NMR trades at a 63% valuation discount to EVR's 34.0x P/E. Adjusting for growth (PEG ratio), NMR offers better value at 1.16x vs EVR's 5.99x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | MSMorgan Stanley | GSThe Goldman Sachs… | EVREvercore Inc. | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|---|---|---|
| Market CapShares × price | $264.9B | $267.0B | $26.9B | $26.6B | $9.2B |
| Enterprise ValueMkt cap + debt − cash | $549.6B | $701.9B | $26.9B | $192.1B | -$3.1B |
| Trailing P/EPrice ÷ TTM EPS | 20.94x | 21.20x | 34.01x | 12.66x | 15.69x |
| Forward P/EPrice ÷ next-FY EPS est. | 14.79x | 14.73x | 16.67x | 11.35x | 10.38x |
| PEG RatioP/E ÷ EPS growth rate | 2.35x | 1.51x | 5.99x | 1.16x | — |
| EV / EBITDAEnterprise value multiple | 24.15x | 33.76x | 50.47x | 56.19x | -3.55x |
| Price / SalesMarket cap ÷ Revenue | 2.57x | 2.10x | 8.98x | 0.92x | 0.85x |
| Price / BookPrice ÷ Book value/share | 2.54x | 2.35x | 6.62x | 1.20x | 0.93x |
| Price / FCFMarket cap ÷ FCF | — | — | 28.09x | — | 27.50x |
Profitability & Efficiency
EVR delivers a 25.3% return on equity — every $100 of shareholder capital generates $25 in annual profit, vs $8 for JEF. JEF carries lower financial leverage with a 0.17x debt-to-equity ratio, signaling a more conservative balance sheet compared to NMR's 8.75x. On the Piotroski fundamental quality scale (0–9), EVR scores 7/9 vs GS's 4/9, reflecting strong financial health.
| Metric | MSMorgan Stanley | GSThe Goldman Sachs… | EVREvercore Inc. | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +14.6% | +12.6% | +25.3% | +10.3% | +7.7% |
| ROA (TTM)Return on assets | +1.2% | +0.9% | +11.9% | +0.6% | +1.1% |
| ROICReturn on invested capital | +2.9% | +1.9% | +14.6% | +1.0% | +2.4% |
| ROCEReturn on capital employed | +3.8% | +3.6% | +13.9% | +2.1% | +1.1% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 4 | 7 | 7 | 5 |
| Debt / EquityFinancial leverage | 3.42x | 5.06x | 0.48x | 8.75x | 0.17x |
| Net DebtTotal debt minus cash | $284.7B | $434.8B | -$16M | $25.83T | -$12.3B |
| Cash & Equiv.Liquid assets | $75.7B | $182.1B | $940M | $5.51T | $14.0B |
| Total DebtShort + long-term debt | $360.5B | $616.9B | $923M | $31.35T | $1.8B |
| Interest CoverageEBIT ÷ Interest expense | 0.44x | 0.31x | 35.22x | 0.20x | 0.05x |
Total Returns (with DRIP)
A $10,000 investment in GS five years ago would be worth $27,615 today (with dividends reinvested), compared to $16,957 for NMR. Over the past 12 months, NMR leads with a +45.9% total return vs JEF's -30.5%. The 3-year compound annual growth rate (CAGR) favors GS at 36.6% vs JEF's 8.7% — a key indicator of consistent wealth creation.
| Metric | MSMorgan Stanley | GSThe Goldman Sachs… | EVREvercore Inc. | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | -7.9% | -6.0% | -11.8% | +6.5% | -29.4% |
| 1-Year ReturnPast 12 months | +28.0% | +40.4% | +29.4% | +45.9% | -30.5% |
| 3-Year ReturnCumulative with dividends | +83.8% | +154.7% | +142.8% | +137.6% | +28.6% |
| 5-Year ReturnCumulative with dividends | +131.0% | +176.1% | +159.4% | +69.6% | +76.9% |
| 10-Year ReturnCumulative with dividends | +662.8% | +521.2% | +614.6% | +160.8% | +309.1% |
| CAGR (3Y)Annualised 3-year return | +22.5% | +36.6% | +34.4% | +33.4% | +8.7% |
Risk & Volatility
NMR is the less volatile stock with a 1.19 beta — it tends to amplify market swings less than JEF's 1.85 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NMR currently trades 93.9% from its 52-week high vs JEF's 62.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MSMorgan Stanley | GSThe Goldman Sachs… | EVREvercore Inc. | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.35x | 1.36x | 1.82x | 1.19x | 1.85x |
| 52-Week HighHighest price in past year | $192.68 | $984.70 | $388.71 | $9.58 | $71.04 |
| 52-Week LowLowest price in past year | $94.33 | $439.38 | $148.63 | $4.86 | $39.28 |
| % of 52W HighCurrent price vs 52-week peak | +86.4% | +87.3% | +79.5% | +93.9% | +62.5% |
| RSI (14)Momentum oscillator 0–100 | 51.2 | 52.2 | 44.3 | 53.1 | 26.7 |
| Avg Volume (50D)Average daily shares traded | 5.8M | 2.0M | 355K | 1.1M | 1.8M |
Analyst Outlook
Analyst consensus: MS as "Buy", GS as "Hold", EVR as "Buy", NMR as "Hold", JEF as "Buy". Consensus price targets imply 71.2% upside for JEF (target: $76) vs -35.7% for NMR (target: $6). For income investors, JEF offers the higher dividend yield at 3.78% vs EVR's 1.06%.
| Metric | MSMorgan Stanley | GSThe Goldman Sachs… | EVREvercore Inc. | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Buy | Hold | Buy |
| Price TargetConsensus 12-month target | $196.00 | $933.67 | $398.83 | $5.79 | $76.00 |
| # AnalystsCovering analysts | 50 | 54 | 21 | 9 | 8 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | +1.6% | +1.1% | +2.6% | +3.8% |
| Dividend StreakConsecutive years of raises | 11 | 12 | 18 | 2 | 8 |
| Dividend / ShareAnnual DPS | $3.81 | $13.48 | $3.26 | $36.70 | $1.68 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.6% | +3.8% | +1.7% | +1.4% | +0.6% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Morgan Stanley (MS) | 100 | 411.06 | +311.1% |
| The Goldman Sachs G… (GS) | 100 | 471.35 | +371.4% |
| Evercore Inc. (EVR) | 100 | 532.39 | +432.4% |
| Nomura Holdings, In… (NMR) | 100 | 194.58 | +94.6% |
| Jefferies Financial… (JEF) | 100 | 320.61 | +220.6% |
The Goldman Sachs G… (GS) returned +176% over 5 years vs Nomura Holdings, In… (NMR)'s +70%. A $10,000 investment in GS 5 years ago would be worth $27,615 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Morgan Stanley (MS) | $36.0B | $103.1B | +186.3% |
| The Goldman Sachs G… (GS) | $37.9B | $126.9B | +234.8% |
| Evercore Inc. (EVR) | $1.5B | $3.0B | +105.7% |
| Nomura Holdings, In… (NMR) | $1.6T | $4.5T | +187.9% |
| Jefferies Financial… (JEF) | $3.8B | $10.8B | +181.3% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Morgan Stanley (MS) | 16.6% | 13.0% | -21.8% |
| The Goldman Sachs G… (GS) | 19.5% | 11.3% | -42.4% |
| Evercore Inc. (EVR) | 7.4% | 12.6% | +71.0% |
| Nomura Holdings, In… (NMR) | 8.4% | 7.6% | -10.0% |
| Jefferies Financial… (JEF) | 3.4% | 6.6% | +94.3% |
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Morgan Stanley (MS) | 17 | 15.8 | -7.1% |
| The Goldman Sachs G… (GS) | 28.3 | 14.1 | -50.2% |
| Evercore Inc. (EVR) | 32.1 | 30.5 | -5.0% |
| Nomura Holdings, In… (NMR) | 0.1 | 0.1 | +0.0% |
| Jefferies Financial… (JEF) | 52.6 | 21.9 | -58.4% |
Morgan Stanley has traded in a 8x–18x P/E range over 8 years; current trailing P/E is ~21x. The Goldman Sachs Group, Inc. has traded in a 6x–28x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Morgan Stanley (MS) | 2.92 | 7.95 | +172.3% |
| The Goldman Sachs G… (GS) | 17 | 40.54 | +138.5% |
| Evercore Inc. (EVR) | 2.43 | 9.08 | +273.7% |
| Nomura Holdings, In… (NMR) | 35.52 | 111.03 | +212.6% |
| Jefferies Financial… (JEF) | 0.34 | 2.83 | +732.4% |
Chart 6Free Cash Flow — 5 Years
Morgan Stanley generated $-2B FCF in 2024 (-107% vs 2021). The Goldman Sachs Group, Inc. generated $-15B FCF in 2024 (-1038% vs 2021).
MS vs GS vs EVR vs NMR vs JEF: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is MS or GS or EVR or NMR or JEF a better buy right now?
Nomura Holdings, Inc. (NMR) offers the better valuation at 12.7x trailing P/E (11.3x forward), making it the more compelling value choice. Analysts rate Morgan Stanley (MS) a "Buy" — based on 50 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — MS or GS or EVR or NMR or JEF?
On trailing P/E, Nomura Holdings, Inc. (NMR) is the cheapest at 12.7x versus Evercore Inc. at 34.0x. On forward P/E, Jefferies Financial Group Inc. is actually cheaper at 10.4x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Nomura Holdings, Inc. wins at 1.04x versus Evercore Inc.'s 2.94x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — MS or GS or EVR or NMR or JEF?
Over the past 5 years, The Goldman Sachs Group, Inc. (GS) delivered a total return of +176.1%, compared to +69.6% for Nomura Holdings, Inc. (NMR). A $10,000 investment in GS five years ago would be worth approximately $28K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MS returned +662.8% versus NMR's +160.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — MS or GS or EVR or NMR or JEF?
By beta (market sensitivity over 5 years), Nomura Holdings, Inc. (NMR) is the lower-risk stock at 1.19β versus Jefferies Financial Group Inc.'s 1.85β — meaning JEF is approximately 55% more volatile than NMR relative to the S&P 500. On balance sheet safety, Jefferies Financial Group Inc. (JEF) carries a lower debt/equity ratio of 17% versus 9% for Nomura Holdings, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — MS or GS or EVR or NMR or JEF?
Morgan Stanley (MS) is the more profitable company, earning 13.0% net margin versus 6.6% for Jefferies Financial Group Inc. — meaning it keeps 13.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: EVR leads at 17.8% versus 6.3% for JEF. At the gross margin level — before operating expenses — EVR leads at 99.4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is MS or GS or EVR or NMR or JEF more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Nomura Holdings, Inc. (NMR) is the more undervalued stock at a PEG of 1.04x versus Evercore Inc.'s 2.94x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Jefferies Financial Group Inc. (JEF) trades at 10.4x forward P/E versus 16.7x for Evercore Inc. — 6.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for JEF: 71.2% to $76.00.
07Which pays a better dividend — MS or GS or EVR or NMR or JEF?
All stocks in this comparison pay dividends. Jefferies Financial Group Inc. (JEF) offers the highest yield at 3.8%, versus 1.1% for Evercore Inc. (EVR).
08Is MS or GS or EVR or NMR or JEF better for a retirement portfolio?
For long-horizon retirement investors, Morgan Stanley (MS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (2.3% yield, +662.8% 10Y return). Jefferies Financial Group Inc. (JEF) carries a higher beta of 1.85 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (MS: +662.8%, JEF: +309.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between MS and GS and EVR and NMR and JEF?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: MS is a large-cap quality compounder stock; GS is a large-cap quality compounder stock; EVR is a mid-cap quality compounder stock; NMR is a mid-cap deep-value stock; JEF is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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