Morgan Stanley (MS) 10-Year Financial Performance & Capital Metrics

MS • • Banking & Credit

Financial ServicesCapital MarketsInvestment Banking & AdvisoryFull-Service Investment Banks

AboutMorgan 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. This segment also provides sales and trading services, such as sales, financing, prime brokerage, and market-making services in equity and fixed income products consisting of foreign exchange and commodities; corporate and commercial real estate loans, which provides secured lending facilities and financing for sales and trading customers, and asset-backed and mortgage lending; and wealth management services, investment, and research services. The Wealth Management segment offers financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services to individual investors and small to medium-sized businesses and institutions. The Investment Management segment provides equity, fixed income, liquidity, and alternative/other products to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, and third-party fund sponsors and corporations through institutional and intermediary channels. Morgan Stanley was founded in 1924 and is headquartered in New York, New York.Show more

Net Interest Income $8.61B +4.6%
Total Revenue $103.14B +16.8%
Net Income $13.39B +47.4%
Return on Equity 13.04% +44.3%
Net Interest Margin 0.71% +2.8%
Efficiency Ratio 38.55% -11.2%
ROA 1.11% +45.2%
Equity / Assets 8.68% +3.6%
Book Value per Share 65.44 +7.7%
Tangible BV/Share 51.07 +10.3%
Debt/Equity 3.42 +0.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 38.5% efficiency ratio
✓11 consecutive years of dividend growth
✓Healthy dividend yield of 2.1%
✓Share count reduced 2.1% through buybacks
✓Diversified revenue: 47.5% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 3.4x
✗Weak NIM of 0.7%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.05%

5Y14.92%

3Y21.31%

TTM-

Profit (Net Income) CAGR

10Y14.47%

5Y8.17%

3Y-3.79%

TTM44.54%

EPS CAGR

10Y17.39%

5Y8.9%

3Y-0.33%

TTM48.4%

ROCE

10Y Avg3.4%

5Y Avg3.72%

3Y Avg3.3%

Latest3.82%

Peer Comparison

Full-Service Investment Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GSThe Goldman Sachs Group, Inc.	281.38B	938.15	23.14	17%	11.25%	12.59%	5.06
MSMorgan Stanley	290.46B	182.76	22.99	16.83%	12.98%	14.57%	3.42
JEFJefferies Financial Group Inc.	12.82B	62.12	20.78	41.3%	7.07%	7.12%	1.99
MS-PQMorgan Stanley		26.27	3.30	16.83%	12.98%	14.61%	3.42
SFBStifel Financial Corporation 5.20% Senior Notes due 2047		20.50	3.28	37.64%	12.29%	11.53%	0.37
NMRNomura Holdings, Inc.	27.08B	9.23	0.08	13.42%	7.56%	10.49%	8.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	3.09B	3.7B	3.3B	3.81B	4.69B	6.31B	8.04B	9.33B	8.23B	8.61B
NII Growth %	0.78%	0.2%	-0.11%	0.15%	0.23%	0.34%	0.27%	0.16%	-0.12%	0.05%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	5.83B	7.02B	9B	13.89B	17.1B	10.16B	9.41B	21.59B	45.85B	54.13B
Interest Expense	2.74B	3.32B	5.7B	10.09B	12.4B	3.85B	1.37B	12.27B	37.62B	45.52B
Loan Loss Provision	0	0	0	0	161M	761M	4M	280M	532M	264M
Non-Interest Income+	30.17B	29.01B	32.55B	33.91B	34.35B	39.52B	48.37B	40.88B	42.44B	49.01B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	36.01B	36.03B	41.55B	47.8B	51.45B	49.68B	57.78B	62.48B	88.29B	103.14B
Revenue Growth %	-0%	0%	0.15%	0.15%	0.08%	-0.03%	0.16%	0.08%	0.41%	0.17%
Non-Interest Expense	24.77B	23.86B	25.45B	26.48B	27.58B	30.65B	36.74B	35.84B	38.32B	39.76B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	8.49B	8.85B	10.4B	11.24B	11.3B	14.42B	19.67B	14.09B	11.81B	17.6B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.37%	0.04%	0.18%	0.08%	0.01%	0.28%	0.36%	-0.28%	-0.16%	0.49%
Pretax Income+	8.49B	8.85B	10.4B	11.24B	11.3B	14.42B	19.67B	14.09B	11.81B	17.6B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.2B	2.73B	4.17B	2.35B	2.06B	3.24B	4.55B	2.91B	2.58B	4.07B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	6.13B	5.98B	6.11B	8.75B	9.04B	11B	15.03B	11.03B	9.09B	13.39B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.77%	-0.02%	0.02%	0.43%	0.03%	0.22%	0.37%	-0.27%	-0.18%	0.47%
Net Income (Continuing)	6.29B	6.12B	6.24B	8.89B	9.24B	11.18B	15.12B	11.18B	9.23B	13.53B
EPS (Diluted)+	2.91	2.92	3.08	4.73	5.19	6.46	8.03	6.15	5.18	7.95
EPS Growth %	0.82%	0%	0.05%	0.54%	0.1%	0.24%	0.24%	-0.23%	-0.16%	0.53%
EPS (Basic)	2.98	2.98	3.15	4.82	5.26	6.55	8.16	6.23	5.24	8.04
Diluted Shares Outstanding	1.95B	1.89B	1.82B	1.74B	1.64B	1.62B	1.81B	1.71B	1.65B	1.61B

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	54.08B	43.38B	46.16B	51.84B	49.66B	67.45B	86.84B	92.75B	58.66B	75.74B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	357.5B	386.3B	396.1B	452.15B	493.77B	630B	682.58B	665.41B	689.86B	700.7B
Investments Growth %	0.02%	0.08%	0.03%	0.14%	0.09%	0.28%	0.08%	-0.03%	0.04%	0.02%
Long-Term Investments	91.21B	111.57B	128.09B	146.7B	174.6B	223.22B	269.07B	290.3B	286.63B	374.86B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	6.58B	6.58B	6.6B	6.69B	7.14B	11.63B	16.83B	16.65B	16.71B	16.71B
Intangible Assets	2.98B	2.72B	2.45B	2.16B	2.11B	4.98B	8.36B	7.62B	7.05B	6.45B
PP&E (Net)	6.37B	25M	0	0	0	21M	16M	4M	23M	23M
Other Assets	314.53B	329.49B	344.24B	287.39B	287.1B	304.04B	297.5B	319.26B	341.28B	329.29B
Total Current Assets	365.78B	364.57B	370.36B	410.58B	424.48B	571.97B	596.37B	546.39B	542B	487.75B
Total Non-Current Assets	421.68B	450.38B	481.37B	442.95B	470.95B	543.9B	591.77B	633.84B	651.7B	727.32B
Total Assets+	787.47B	814.95B	851.73B	853.53B	895.43B	1.12T	1.19T	1.18T	1.19T	1.22T
Asset Growth %	-0.02%	0.03%	0.05%	0%	0.05%	0.25%	0.06%	-0.01%	0.01%	0.02%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	186.63B	190.51B	191.51B	179.56B	197.83B	227.44B	228.69B	216.13B	208.15B	175.94B
Total Debt+	221.41B	251.72B	260.28B	248.89B	261.52B	283.53B	305.36B	308.75B	339.04B	360.49B
Net Debt	167.33B	208.34B	214.11B	197.05B	211.87B	216.08B	218.52B	216B	280.38B	284.75B
Long-Term Debt	161.8B	174.46B	200.3B	195.55B	197.66B	218.8B	232.83B	241.08B	267.47B	288.78B
Short-Term Debt	40.3B	57B	59.98B	53.34B	63.87B	64.73B	72.53B	67.67B	71.57B	71.71B
Other Liabilities	48.23B	40.79B	57.44B	56.37B	58.09B	78.27B	76.17B	81.17B	78.48B	81.38B
Total Current Liabilities	481.94B	502.25B	515.52B	520.21B	556.98B	715.64B	772.54B	756.75B	747.76B	739.49B
Total Non-Current Liabilities	229.34B	235.52B	257.74B	251.92B	255.75B	297.07B	309B	322.25B	345.95B	370.15B
Total Liabilities	711.28B	737.77B	773.27B	772.13B	812.73B	1.01T	1.08T	1.08T	1.09T	1.11T
Total Equity+	76.18B	77.18B	78.47B	81.41B	82.7B	103.15B	106.6B	101.23B	99.98B	105.43B
Equity Growth %	0.06%	0.01%	0.02%	0.04%	0.02%	0.25%	0.03%	-0.05%	-0.01%	0.05%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.08%	0.08%	0.08%	0.11%	0.11%	0.12%	0.14%	0.11%	0.09%	0.13%
Book Value per Share	39.01	40.90	43.09	46.84	50.43	63.52	58.76	59.10	60.74	65.44
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	20M	20M	20M	20M	20M	20M	20M	20M	20M	20M
Additional Paid-in Capital	24.15B	23.27B	23.55B	23.79B	23.93B	25.55B	28.84B	29.34B	29.83B	30.18B
Retained Earnings	49.2B	53.68B	57.58B	64.17B	70.59B	78.69B	89.43B	94.86B	98B	104.99B
Accumulated OCI	-1.66B	-2.64B	-3.06B	-2.29B	-2.79B	-1.96B	-3.1B	-6.25B	-6.42B	-6.81B
Treasury Stock	-4.06B	-5.8B	-9.21B	-13.97B	-18.73B	-9.77B	-17.5B	-26.58B	-31.14B	-33.61B
Preferred Stock	7.52B	7.52B	8.52B	8.52B	8.52B	9.25B	7.75B	8.75B	8.75B	9.75B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.67B	2.45B	-4.5B	7.3B	40.77B	-25.23B	33.97B	-6.4B	-33.54B	1.36B
Operating CF Growth %	2.25%	-0.33%	-2.84%	2.62%	4.58%	-1.62%	2.35%	-1.19%	-4.24%	1.04%
Net Income	6.28B	6.12B	6.22B	8.88B	9.24B	11.18B	15.12B	11.18B	9.09B	13.53B
Depreciation & Amortization	1.43B	1.74B	1.75B	1.84B	2.64B	3.77B	4.22B	4B	4.26B	5.16B
Deferred Taxes	1.19B	1.58B	2.75B	449M	165M	-250M	4M	-849M	-463M	152M
Other Non-Cash Items	316M	42M	182M	184M	-33M	1.04B	-143M	898M	983M	268M
Working Capital Changes	-6.65B	-8.17B	-16.43B	-4.97B	27.61B	-42.28B	12.69B	-23.5B	-49.11B	-19.37B
Cash from Investing+	-20B	-19.51B	-12.39B	-22.88B	-33.56B	-37.9B	-49.9B	-11.63B	-3.08B	-29.46B
Purchase of Investments	-47.29B	-50.91B	-23.96B	-27.8B	-42.59B	-59.78B	-69.57B	-29.83B	-23.08B	-39.19B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	998M	-9.6B	-12.13B	-8.79B	-17.36B	3.81B	-2.65B	0	0	0
Other Investing	-15.92B	200M	-251M	-298M	-953M	-18.75B	-36.94B	-24B	-4.98B	-24.1B
Cash from Financing+	24.36B	7.36B	16.26B	24.2B	-11.97B	83.78B	41.55B	22.71B	-2.73B	46.76B
Dividends Paid	-1.46B	-1.75B	-2.08B	-2.38B	-2.63B	-2.74B	-4.17B	-5.4B	-5.76B	-6.14B
Share Repurchases	-2.77B	-3.93B	-4.29B	-5.57B	-5.95B	-1.89B	-12.07B	-10.87B	-6.18B	-4.2B
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	22.66B	-14.74B	2.05B	26.87B	2.37B	78.17B	36.37B	430M	-4.4B	27.96B
Net Change in Cash+	7.1B	-10.7B	3.04B	6.8B	-5.03B	23.48B	22.07B	402M	-38.9B	16.15B
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	46.98B	54.08B	77.36B	80.39B	87.2B	82.17B	105.65B	127.72B	128.13B	89.23B
Cash at End	54.08B	43.38B	80.39B	87.2B	82.17B	105.65B	127.72B	128.13B	89.23B	105.39B
Interest Paid	2.67B	2.83B	5.38B	9.98B	12.51B	4.12B	1.3B	9.82B	41.94B	46.36B
Income Taxes Paid	677M	831M	1.39B	1.38B	1.91B	2.59B	4.23B	4.15B	2.04B	1.89B
Free Cash Flow+	2.3B	1.17B	-6.13B	5.44B	38.95B	-26.68B	31.66B	-9.47B	-36.95B	-2.1B
FCF Growth %	15.55%	-0.49%	-6.24%	1.89%	6.16%	-1.68%	2.19%	-1.3%	-2.9%	0.94%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.26%	7.8%	7.85%	10.94%	11.02%	11.83%	14.34%	10.61%	9.03%	13.04%
Return on Assets (ROA)	0.77%	0.75%	0.73%	1.03%	1.03%	1.09%	1.31%	0.93%	0.77%	1.11%
Net Interest Margin	0.39%	0.45%	0.39%	0.45%	0.52%	0.57%	0.68%	0.79%	0.69%	0.71%
Efficiency Ratio	68.79%	66.23%	61.25%	55.39%	53.61%	61.7%	63.59%	57.37%	43.41%	38.55%
Equity / Assets	9.67%	9.47%	9.21%	9.54%	9.24%	9.24%	8.97%	8.58%	8.38%	8.68%
Book Value / Share	39.01	40.9	43.09	46.84	50.42	63.52	58.76	59.1	60.74	65.44
NII Growth	78.27%	19.56%	-10.76%	15.33%	23.33%	34.49%	27.44%	15.94%	-11.76%	4.63%
Dividend Payout	23.75%	29.2%	34.12%	27.15%	29.05%	24.91%	27.74%	48.97%	63.42%	45.84%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Wealth Management	15.1B	15.35B	16.84B	17.24B	17.74B	19.05B	24.24B	24.42B	26.27B	28.42B
Wealth Management Growth	-	1.66%	9.68%	2.41%	2.87%	7.43%	27.23%	0.72%	7.58%	8.19%
Institutional Securities	17.95B	17.46B	18.81B	20.58B	20.39B	25.95B	29.83B	24.39B	23.06B	28.08B
Institutional Securities Growth	-	-2.75%	7.76%	9.40%	-0.95%	27.28%	14.97%	-18.23%	-5.46%	21.77%
Investment Management	2.31B	2.11B	2.59B	2.75B	3.76B	3.73B	6.22B	5.38B	5.37B	5.86B
Investment Management Growth	-	-8.77%	22.44%	6.19%	37.04%	-0.77%	66.58%	-13.59%	-0.09%	9.14%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	25.08B	25.49B	27.82B	29.3B	30.23B	35.02B	44.6B	40.12B	41.65B	46.93B
Americas Growth	-	1.62%	9.14%	5.33%	3.16%	15.85%	27.38%	-10.06%	3.82%	12.67%
Asia	4.72B	4.15B	4.41B	4.71B	5.13B	6.75B	7.45B	6.74B	6.43B	7.63B
Asia Growth	-	-12.11%	6.36%	6.80%	8.87%	31.55%	10.37%	-9.54%	-4.54%	18.67%
EMEA	5.35B	4.99B	5.71B	6.09B	6.06B	6.43B	7.7B	6.81B	6.06B	7.2B
EMEA Growth	-	-6.71%	14.42%	6.62%	-0.51%	6.09%	19.74%	-11.53%	-11.06%	18.80%

Frequently Asked Questions

Valuation & Price

Morgan Stanley (MS) has a price-to-earnings (P/E) ratio of 23.0x. This is roughly in line with market averages.

Growth & Financials

Morgan Stanley (MS) grew revenue by 16.8% over the past year. This is strong growth.

Yes, Morgan Stanley (MS) is profitable, generating $16.18B in net income for fiscal year 2024 (13.0% net margin).

Dividend & Returns

Yes, Morgan Stanley (MS) pays a dividend with a yield of 2.08%. This makes it attractive for income-focused investors.

Morgan Stanley (MS) has a return on equity (ROE) of 13.0%. This is reasonable for most industries.

Industry Metrics

Morgan Stanley (MS) has a net interest margin (NIM) of 0.7%. NIM has been under pressure due to interest rate environment.

Morgan Stanley (MS) has an efficiency ratio of 38.5%. This is excellent, indicating strong cost control.

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