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TPG vs MS

Revenue, margins, valuation, and 5-year total return — side by side.

Live fundamentals10-year financials5-year price chart
TPG
TPG Inc.

Asset Management

Financial ServicesNASDAQ • US
Market Cap$17.48B
5Y Perf.+35.9%
MS
Morgan Stanley

Financial - Capital Markets

Financial ServicesNYSE • US
Market Cap$301.05B
5Y Perf.+84.5%

TPG vs MS — Key Financials

Market cap, revenue, margins, and valuation side-by-side.

Company Snapshot
TPG logoTPG
MS logoMS
IndustryAsset ManagementFinancial - Capital Markets
Market Cap$17.48B$301.05B
Revenue (TTM)$4.67B$103.14B
Net Income (TTM)$18M$16.18B
Gross Margin96.9%55.6%
Operating Margin14.7%17.1%
Forward P/E16.5x15.9x
Total Debt$1.72B$360.49B
Cash & Equiv.$826M$75.74B

TPG vs MSLong-Term Stock Performance

Price return indexed to 100 at period start. Dividends excluded.

TPG
MS
StockJan 22May 26Return
TPG Inc. (TPG)100135.9+35.9%
Morgan Stanley (MS)100184.5+84.5%

Price return only. Dividends and distributions are not included.

Quick Verdict: TPG vs MS

Each card shows where this stock fits in a portfolio — not just who wins on paper.

Bottom line: MS leads in 5 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. TPG Inc. is the stronger pick specifically for growth and revenue expansion and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
TPG
TPG Inc.
The Banking Pick

TPG is the clearest fit if your priority is growth exposure.

  • Rev growth 77.9%, EPS growth 17.8%
  • 77.9% NII/revenue growth vs MS's 16.8%
  • 17.6% yield, 2-year raise streak, vs MS's 2.0%
Best for: growth exposure
MS
Morgan Stanley
The Banking Pick

MS carries the broadest edge in this set and is the clearest fit for income & stability and long-term compounding.

  • Dividend streak 11 yrs, beta 1.37, yield 2.0%
  • 7.3% 10Y total return vs TPG's 53.9%
  • Lower volatility, beta 1.37, current ratio 0.66x
Best for: income & stability and long-term compounding
See the full category breakdown
CategoryWinnerWhy
GrowthTPG logoTPG77.9% NII/revenue growth vs MS's 16.8%
ValueMS logoMSLower P/E (15.9x vs 16.5x)
Quality / MarginsMS logoMSEfficiency ratio 0.4% vs TPG's 0.8% (lower = leaner)
Stability / SafetyMS logoMSBeta 1.37 vs TPG's 1.61
DividendsTPG logoTPG17.6% yield, 2-year raise streak, vs MS's 2.0%
Momentum (1Y)MS logoMS+61.5% vs TPG's +1.1%
Efficiency (ROA)MS logoMSEfficiency ratio 0.4% vs TPG's 0.8%

TPG vs MS — Revenue Breakdown by Segment

How each company's revenue is distributed across its business units

TPGTPG Inc.
FY 2025
Management fees
75.3%$1.8B
Expense Reimbursements And Other
11.9%$288M
Transaction Fees
9.5%$231M
Incentive Fees
2.0%$49M
Monitoring Fees
1.2%$29M
MSMorgan Stanley
FY 2024
Wealth Management Segment
45.6%$28.4B
Institutional Securities Segment
45.0%$28.1B
Investment Management Segment
9.4%$5.9B

TPG vs MS — Financial Metrics

Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.

BEST OVERALLMSLAGGINGTPG

Income & Cash Flow (Last 12 Months)

Evenly matched — TPG and MS each lead in 2 of 4 comparable metrics.

MS is the larger business by revenue, generating $103.1B annually — 22.1x TPG's $4.7B. MS is the more profitable business, keeping 13.0% of every revenue dollar as net income compared to TPG's 4.0%.

MetricTPG logoTPGTPG Inc.MS logoMSMorgan Stanley
RevenueTrailing 12 months$4.7B$103.1B
EBITDAEarnings before interest/tax$611M$26.3B
Net IncomeAfter-tax profit$18M$16.2B
Free Cash FlowCash after capex$972M-$6.7B
Gross MarginGross profit ÷ Revenue+96.9%+55.6%
Operating MarginEBIT ÷ Revenue+14.7%+17.1%
Net MarginNet income ÷ Revenue+4.0%+13.0%
FCF MarginFCF ÷ Revenue+21.5%-2.0%
Rev. Growth (YoY)Latest quarter vs prior year
EPS Growth (YoY)Latest quarter vs prior year+48.9%
Evenly matched — TPG and MS each lead in 2 of 4 comparable metrics.

Valuation Metrics

MS leads this category, winning 3 of 5 comparable metrics.

At 23.8x trailing earnings, MS trades at a 37% valuation discount to TPG's 37.7x P/E. On an enterprise value basis, TPG's 22.3x EV/EBITDA is more attractive than MS's 25.7x.

MetricTPG logoTPGTPG Inc.MS logoMSMorgan Stanley
Market CapShares × price$17.5B$301.1B
Enterprise ValueMkt cap + debt − cash$18.4B$585.8B
Trailing P/EPrice ÷ TTM EPS37.69x23.80x
Forward P/EPrice ÷ next-FY EPS est.16.47x15.93x
PEG RatioP/E ÷ EPS growth rate2.67x
EV / EBITDAEnterprise value multiple22.34x25.74x
Price / SalesMarket cap ÷ Revenue3.75x2.92x
Price / BookPrice ÷ Book value/share1.68x2.89x
Price / FCFMarket cap ÷ FCF17.42x
MS leads this category, winning 3 of 5 comparable metrics.

Profitability & Efficiency

TPG leads this category, winning 7 of 9 comparable metrics.

MS delivers a 14.6% return on equity — every $100 of shareholder capital generates $15 in annual profit, vs $0 for TPG. TPG carries lower financial leverage with a 0.42x debt-to-equity ratio, signaling a more conservative balance sheet compared to MS's 3.42x. On the Piotroski fundamental quality scale (0–9), TPG scores 8/9 vs MS's 5/9, reflecting strong financial health.

MetricTPG logoTPGTPG Inc.MS logoMSMorgan Stanley
ROE (TTM)Return on equity+0.4%+14.6%
ROA (TTM)Return on assets+0.1%+1.2%
ROICReturn on invested capital+9.3%+2.9%
ROCEReturn on capital employed+7.4%+3.8%
Piotroski ScoreFundamental quality 0–985
Debt / EquityFinancial leverage0.42x3.42x
Net DebtTotal debt minus cash$896M$284.7B
Cash & Equiv.Liquid assets$826M$75.7B
Total DebtShort + long-term debt$1.7B$360.5B
Interest CoverageEBIT ÷ Interest expense6.24x0.44x
TPG leads this category, winning 7 of 9 comparable metrics.

Total Returns (Dividends Reinvested)

MS leads this category, winning 6 of 6 comparable metrics.

A $10,000 investment in MS five years ago would be worth $24,401 today (with dividends reinvested), compared to $15,394 for TPG. Over the past 12 months, MS leads with a +61.5% total return vs TPG's +1.1%. The 3-year compound annual growth rate (CAGR) favors MS at 33.1% vs TPG's 24.2% — a key indicator of consistent wealth creation.

MetricTPG logoTPGTPG Inc.MS logoMSMorgan Stanley
YTD ReturnYear-to-date-29.7%+5.1%
1-Year ReturnPast 12 months+1.1%+61.5%
3-Year ReturnCumulative with dividends+91.4%+136.0%
5-Year ReturnCumulative with dividends+53.9%+144.0%
10-Year ReturnCumulative with dividends+53.9%+726.4%
CAGR (3Y)Annualised 3-year return+24.2%+33.1%
MS leads this category, winning 6 of 6 comparable metrics.

Risk & Volatility

MS leads this category, winning 2 of 2 comparable metrics.

MS is the less volatile stock with a 1.37 beta — it tends to amplify market swings less than TPG's 1.61 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MS currently trades 97.2% from its 52-week high vs TPG's 64.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.

MetricTPG logoTPGTPG Inc.MS logoMSMorgan Stanley
Beta (5Y)Sensitivity to S&P 5001.61x1.37x
52-Week HighHighest price in past year$70.38$194.59
52-Week LowLowest price in past year$36.95$117.21
% of 52W HighCurrent price vs 52-week peak+64.8%+97.2%
RSI (14)Momentum oscillator 0–10059.959.7
Avg Volume (50D)Average daily shares traded3.3M5.5M
MS leads this category, winning 2 of 2 comparable metrics.

Analyst Outlook

Evenly matched — TPG and MS each lead in 1 of 2 comparable metrics.

Wall Street rates TPG as "Buy" and MS as "Buy". Consensus price targets imply 42.5% upside for TPG (target: $65) vs 8.7% for MS (target: $206). For income investors, TPG offers the higher dividend yield at 17.63% vs MS's 2.01%.

MetricTPG logoTPGTPG Inc.MS logoMSMorgan Stanley
Analyst RatingConsensus buy/hold/sellBuyBuy
Price TargetConsensus 12-month target$65.00$205.75
# AnalystsCovering analysts1752
Dividend YieldAnnual dividend ÷ price+17.6%+2.0%
Dividend StreakConsecutive years of raises211
Dividend / ShareAnnual DPS$8.04$3.81
Buyback YieldShare repurchases ÷ mkt cap0.0%+1.4%
Evenly matched — TPG and MS each lead in 1 of 2 comparable metrics.
Key Takeaway

MS leads in 3 of 6 categories (Valuation Metrics, Total Returns). TPG leads in 1 (Profitability & Efficiency). 2 tied.

Best OverallMorgan Stanley (MS)Leads 3 of 6 categories
Loading custom metrics...

TPG vs MS: Frequently Asked Questions

10 questions · data-driven answers · updated daily

01

Is TPG or MS a better buy right now?

For growth investors, TPG Inc.

(TPG) is the stronger pick with 77. 9% revenue growth year-over-year, versus 16. 8% for Morgan Stanley (MS). Morgan Stanley (MS) offers the better valuation at 23. 8x trailing P/E (15. 9x forward), making it the more compelling value choice. Analysts rate TPG Inc. (TPG) a "Buy" — based on 17 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.

02

Which has the better valuation — TPG or MS?

On trailing P/E, Morgan Stanley (MS) is the cheapest at 23.

8x versus TPG Inc. at 37. 7x. On forward P/E, Morgan Stanley is actually cheaper at 15. 9x.

03

Which is the better long-term investment — TPG or MS?

Over the past 5 years, Morgan Stanley (MS) delivered a total return of +144.

0%, compared to +53. 9% for TPG Inc. (TPG). Over 10 years, the gap is even starker: MS returned +726. 4% versus TPG's +53. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

04

Which is safer — TPG or MS?

By beta (market sensitivity over 5 years), Morgan Stanley (MS) is the lower-risk stock at 1.

37β versus TPG Inc. 's 1. 61β — meaning TPG is approximately 17% more volatile than MS relative to the S&P 500. On balance sheet safety, TPG Inc. (TPG) carries a lower debt/equity ratio of 42% versus 3% for Morgan Stanley — giving it more financial flexibility in a downturn.

05

Which is growing faster — TPG or MS?

By revenue growth (latest reported year), TPG Inc.

(TPG) is pulling ahead at 77. 9% versus 16. 8% for Morgan Stanley (MS). On earnings-per-share growth, the picture is similar: TPG Inc. grew EPS 1779% year-over-year, compared to 53. 5% for Morgan Stanley. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

06

Which has better profit margins — TPG or MS?

Morgan Stanley (MS) is the more profitable company, earning 13.

0% net margin versus 4. 0% for TPG Inc. — 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 TPG. At the gross margin level — before operating expenses — TPG leads at 96. 9%, 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.

07

Is TPG or MS more undervalued right now?

On forward earnings alone, Morgan Stanley (MS) trades at 15.

9x forward P/E versus 16. 5x for TPG Inc. — 0. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TPG: 42. 5% to $65. 00.

08

Which pays a better dividend — TPG or MS?

All stocks in this comparison pay dividends.

TPG Inc. (TPG) offers the highest yield at 17. 6%, versus 2. 0% for Morgan Stanley (MS).

09

Is TPG 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.

0% yield, +726. 4% 10Y return). TPG Inc. (TPG) carries a higher beta of 1. 61 — 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: +726. 4%, TPG: +53. 9%), 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.

10

What are the main differences between TPG 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.

Find Stocks Like These

Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that outperform both.

Stocks Like

TPG

High-Growth Disruptor

  • Sector: Financial Services
  • Market Cap > $100B
  • Revenue Growth > 38%
  • Gross Margin > 58%
Run This Screen
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MS

High-Growth Compounder

  • Sector: Financial Services
  • Market Cap > $100B
  • Revenue Growth > 8%
  • Net Margin > 7%
Run This Screen
Custom Screen

Beat Both

Find stocks that outperform TPG and MS on the metrics below

Revenue Growth>
%
(TPG: 77.9% · MS: 16.8%)
Net Margin>
%
(TPG: 4.0% · MS: 13.0%)
P/E Ratio<
x
(TPG: 37.7x · MS: 23.8x)

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