Comprehensive Stock Comparison
Compare Piper Sandler Companies (PIPR) vs Morgan Stanley (MS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | MS | 16.8% revenue growth vs PIPR's 13.1% |
| Value | MS | Lower P/E (14.8x vs 15.3x), PEG 1.66 vs 2.61 |
| Quality / Margins | MS | 13.0% net margin vs PIPR's 12.2% |
| Stability / Safety | MS | Beta 1.35 vs PIPR's 1.53 |
| Dividends | MS | 2.3% yield, 11-year raise streak, vs PIPR's 1.4% |
| Momentum (1Y) | MS | +28.0% vs PIPR's +4.0% |
| Efficiency (ROA) | PIPR | 10.7% ROA vs MS's 1.2%, ROIC 11.0% vs 2.9% |
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
Piper Sandler Companies is an investment bank and institutional securities firm serving corporations, governments, and institutional investors. It generates revenue primarily from investment banking advisory fees — including M&A and capital raising — and institutional sales and trading commissions across equity and fixed income products. The firm's competitive advantage lies in its specialized sector expertise — particularly in municipal finance and middle-market advisory — and its long-standing client relationships in niche markets.
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.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PIPR leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). MS leads in 3 (Valuation Metrics, Risk & Volatility).
Financial Metrics (TTM)
MS is the larger business by revenue, generating $103.1B annually — 69.6x PIPR's $1.5B. Profitability is closely matched — net margins range from 13.0% (MS) to 12.2% (PIPR).
| Metric | PIPRPiper Sandler Com… | MSMorgan Stanley |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $103.1B |
| EBITDAEarnings before interest/tax | $294M | $26.3B |
| Net IncomeAfter-tax profit | $236M | $16.2B |
| Free Cash FlowCash after capex | -$19M | -$6.7B |
| Gross MarginGross profit ÷ Revenue | +99.6% | +55.6% |
| Operating MarginEBIT ÷ Revenue | +14.7% | +17.1% |
| Net MarginNet income ÷ Revenue | +12.2% | +13.0% |
| FCF MarginFCF ÷ Revenue | +20.1% | -2.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +72.4% | +48.9% |
Valuation Metrics
At 20.9x trailing earnings, MS trades at a 27% valuation discount to PIPR's 28.9x P/E. Adjusting for growth (PEG ratio), MS offers better value at 2.35x vs PIPR's 4.92x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | PIPRPiper Sandler Com… | MSMorgan Stanley |
|---|---|---|
| Market CapShares × price | $4.9B | $264.9B |
| Enterprise ValueMkt cap + debt − cash | $4.6B | $549.6B |
| Trailing P/EPrice ÷ TTM EPS | 28.86x | 20.94x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.32x | 14.79x |
| PEG RatioP/E ÷ EPS growth rate | 4.92x | 2.35x |
| EV / EBITDAEnterprise value multiple | 18.58x | 24.15x |
| Price / SalesMarket cap ÷ Revenue | 3.34x | 2.57x |
| Price / BookPrice ÷ Book value/share | 3.69x | 2.54x |
| Price / FCFMarket cap ÷ FCF | 16.61x | — |
Profitability & Efficiency
PIPR delivers a 16.2% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $15 for MS. PIPR carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to MS's 3.42x. On the Piotroski fundamental quality scale (0–9), PIPR scores 8/9 vs MS's 5/9, reflecting strong financial health.
| Metric | PIPRPiper Sandler Com… | MSMorgan Stanley |
|---|---|---|
| ROE (TTM)Return on equity | +16.2% | +14.6% |
| ROA (TTM)Return on assets | +10.7% | +1.2% |
| ROICReturn on invested capital | +11.0% | +2.9% |
| ROCEReturn on capital employed | +10.3% | +3.8% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 5 |
| Debt / EquityFinancial leverage | 0.07x | 3.42x |
| Net DebtTotal debt minus cash | -$384M | $284.7B |
| Cash & Equiv.Liquid assets | $483M | $75.7B |
| Total DebtShort + long-term debt | $99M | $360.5B |
| Interest CoverageEBIT ÷ Interest expense | 51.76x | 0.44x |
Total Returns (with DRIP)
A $10,000 investment in PIPR five years ago would be worth $28,749 today (with dividends reinvested), compared to $23,095 for MS. Over the past 12 months, MS leads with a +28.0% total return vs PIPR's +4.0%. The 3-year compound annual growth rate (CAGR) favors PIPR at 26.9% vs MS's 22.5% — a key indicator of consistent wealth creation.
| Metric | PIPRPiper Sandler Com… | MSMorgan Stanley |
|---|---|---|
| YTD ReturnYear-to-date | -15.5% | -7.9% |
| 1-Year ReturnPast 12 months | +4.0% | +28.0% |
| 3-Year ReturnCumulative with dividends | +104.3% | +83.8% |
| 5-Year ReturnCumulative with dividends | +187.5% | +131.0% |
| 10-Year ReturnCumulative with dividends | +681.5% | +662.8% |
| CAGR (3Y)Annualised 3-year return | +26.9% | +22.5% |
Risk & Volatility
MS is the less volatile stock with a 1.35 beta — it tends to amplify market swings less than PIPR's 1.53 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MS currently trades 86.4% from its 52-week high vs PIPR's 77.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PIPRPiper Sandler Com… | MSMorgan Stanley |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.53x | 1.35x |
| 52-Week HighHighest price in past year | $380.26 | $192.68 |
| 52-Week LowLowest price in past year | $202.91 | $94.33 |
| % of 52W HighCurrent price vs 52-week peak | +77.7% | +86.4% |
| RSI (14)Momentum oscillator 0–100 | 39.9 | 51.2 |
| Avg Volume (50D)Average daily shares traded | 119K | 5.8M |
Analyst Outlook
Wall Street rates PIPR as "Hold" and MS as "Buy". Consensus price targets imply 32.5% upside for PIPR (target: $392) vs 17.7% for MS (target: $196). For income investors, MS offers the higher dividend yield at 2.29% vs PIPR's 1.41%.
| Metric | PIPRPiper Sandler Com… | MSMorgan Stanley |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $391.50 | $196.00 |
| # AnalystsCovering analysts | 11 | 50 |
| Dividend YieldAnnual dividend ÷ price | +1.4% | +2.3% |
| Dividend StreakConsecutive years of raises | 0 | 11 |
| Dividend / ShareAnnual DPS | $4.17 | $3.81 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.3% | +1.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Piper Sandler Compa… (PIPR) | 100 | 462.64 | +362.6% |
| Morgan Stanley (MS) | 100 | 398.24 | +298.2% |
Piper Sandler Compa… (PIPR) returned +187% over 5 years vs Morgan Stanley (MS)'s +131%. A $10,000 investment in PIPR 5 years ago would be worth $28,749 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Piper Sandler Compa… (PIPR) | $689M | $1.5B | +115.1% |
| Morgan Stanley (MS) | $36.0B | $103.1B | +186.5% |
Piper Sandler Companies's revenue grew from $689M (2015) to $1.5B (2024) — a 8.9% CAGR. Morgan Stanley's revenue grew from $36.0B (2015) to $103.1B (2024) — a 12.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Piper Sandler Compa… (PIPR) | 7.6% | 12.2% | +61.7% |
| Morgan Stanley (MS) | 17.0% | 13.0% | -23.7% |
Piper Sandler Companies's net margin went from 8% (2015) to 12% (2024). Morgan Stanley's net margin went from 17% (2015) to 13% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Piper Sandler Compa… (PIPR) | 17.7 | 29.3 | +65.5% |
| Morgan Stanley (MS) | 17 | 15.8 | -7.1% |
Piper Sandler Companies has traded in a 10x–37x P/E range over 7 years; current trailing P/E is ~29x. Morgan Stanley has traded in a 8x–18x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Piper Sandler Compa… (PIPR) | 3.34 | 10.24 | +206.6% |
| Morgan Stanley (MS) | 2.91 | 7.95 | +173.2% |
Piper Sandler Companies's EPS grew from $3.34 (2015) to $10.24 (2024) — a 13% CAGR. Morgan Stanley's EPS grew from $2.91 (2015) to $7.95 (2024) — a 12% CAGR.
Chart 6Free Cash Flow — 5 Years
Piper Sandler Companies generated $298M FCF in 2024 (-57% vs 2021). Morgan Stanley generated $-2B FCF in 2024 (-107% vs 2021).
PIPR vs MS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is PIPR or MS a better buy right now?
Morgan Stanley (MS) offers the better valuation at 20.9x trailing P/E (14.8x 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 — PIPR or MS?
On trailing P/E, Morgan Stanley (MS) is the cheapest at 20.9x versus Piper Sandler Companies at 28.9x. On forward P/E, Morgan Stanley is actually cheaper at 14.8x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Morgan Stanley wins at 1.66x versus Piper Sandler Companies's 2.61x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — PIPR or MS?
Over the past 5 years, Piper Sandler Companies (PIPR) delivered a total return of +187.5%, compared to +131.0% for Morgan Stanley (MS). A $10,000 investment in PIPR five years ago would be worth approximately $29K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PIPR returned +681.5% versus MS's +662.8%. 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 — PIPR or MS?
By beta (market sensitivity over 5 years), Morgan Stanley (MS) is the lower-risk stock at 1.35β versus Piper Sandler Companies's 1.53β — meaning PIPR is approximately 13% more volatile than MS relative to the S&P 500. On balance sheet safety, Piper Sandler Companies (PIPR) carries a lower debt/equity ratio of 7% versus 3% for Morgan Stanley — giving it more financial flexibility in a downturn.
05Which has better profit margins — PIPR or MS?
Morgan Stanley (MS) is the more profitable company, earning 13.0% net margin versus 12.2% for Piper Sandler Companies — meaning it keeps 13.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MS leads at 17.1% versus 14.7% for PIPR. At the gross margin level — before operating expenses — PIPR leads at 99.6%, 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 PIPR or MS 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, Morgan Stanley (MS) is the more undervalued stock at a PEG of 1.66x versus Piper Sandler Companies's 2.61x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Morgan Stanley (MS) trades at 14.8x forward P/E versus 15.3x for Piper Sandler Companies — 0.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PIPR: 32.5% to $391.50.
07Which pays a better dividend — PIPR or MS?
All stocks in this comparison pay dividends. Morgan Stanley (MS) offers the highest yield at 2.3%, versus 1.4% for Piper Sandler Companies (PIPR).
08Is PIPR or MS 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). Piper Sandler Companies (PIPR) carries a higher beta of 1.53 — 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%, PIPR: +681.5%), 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 PIPR and MS?
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. 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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