Morgan Stanley(MS)Earnings, Financials & Key Ratios

MS•NYSE•Banking & Credit

21.9× P/E·Price updated Jun 19, 2026

SectorFinancial Services IndustryCapital Markets Sub-IndustryInvestment Banking and M&A Advisory

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$10.05B+16.7%
Total Revenue$114.98B+11.5%
Net Income$16.86B+25.9%
Return on Equity15.46%+18.6%
Net Interest Margin0.71%-0.2%
Efficiency Ratio37.97%-1.5%
ROA1.28%+15.1%
Equity / Assets7.93%-8.6%
Book Value per Share70.72+8.1%

MS Key Insights

Morgan Stanley (MS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 38.0% efficiency ratio
✓12 consecutive years of dividend growth
✓Momentum leader: RS Rating 83 (top 17%)
✓Diversified revenue: 48.6% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 4.2x
✗Weak NIM of 0.7%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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MS Price & Volume

Morgan Stanley (MS) stock price & volume — 10-year historical chart

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MS Growth Metrics

Morgan Stanley (MS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years12.31%

5 Years18.28%

3 Years22.55%

TTM-

Profit CAGR

10 Years10.65%

5 Years8.93%

3 Years15.2%

TTM25.92%

EPS CAGR

10 Years13.36%

5 Years9.57%

3 Years18.37%

TTM28.46%

Return on Capital

10 Years3.47%

5 Years3.6%

3 Years3.27%

Last Year3.29%

MS Recent Earnings

Morgan Stanley (MS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 11/12 qtrs (92%)●Beat Revenue 4/12 qtrs (33%)

Q2 2026Latest

Apr 15, 2026

Metric

Actual

Est

EPS

$3.43+13.6%

$3.02

Rev

$20.6B+4.3%

$19.7B

Q1 2026

Jan 15, 2026

Metric

Actual

Est

EPS

$2.68+10.3%

$2.43

Rev

$17.9B+0.8%

$17.7B

Q4 2025

Oct 15, 2025

Metric

Actual

Est

EPS

$2.80+33.3%

$2.10

Rev

$17.1B+2.4%

$16.7B

Q3 2025

Jul 16, 2025

Metric

Actual

Est

EPS

$2.13+7.6%

$1.98

Rev

$15.6B-2.9%

$16.1B

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 15, 2026	$3.43vs $3.02+13.6%	$20.6Bvs $19.7B+4.3%
Q1 2026	Jan 15, 2026	$2.68vs $2.43+10.3%	$17.9Bvs $17.7B+0.8%
Q4 2025	Oct 15, 2025	$2.80vs $2.10+33.3%	$17.1Bvs $16.7B+2.4%
Q3 2025	Jul 16, 2025	$2.13vs $1.98+7.6%	$15.6Bvs $16.1B-2.9%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
GSThe Goldman Sachs Group, Inc.Direct Competitor	348.27B	1096.56	21.37	-1.38%	13.73%	13.58%	4.88
JPMJPMorgan Chase & Co.Direct Competitor	908.57B	325.22	16.22	3.31%	20.35%	15.95%	2.60
BACBank of America CorporationDirect Competitor	424.14B	56.20	14.71	-0.45%	15.93%	10.15%	1.21
CCitigroup Inc.Direct Competitor	266.52B	143.09	20.47	-1.41%	8.48%	6.67%	3.35
WFCWells Fargo & CompanyDirect Competitor	264.5B	82.21	13.01	-1.49%	17.27%	11.66%	2.33
UBSUBS Group AGProduct Competitor	157.65B	50.80	27.17	-20.43%	10.48%	7%	3.94
RJFRaymond James Financial, Inc.Product Competitor	30.72B	155.86	15.13	7.94%	13.13%	16.36%	0.36
SFStifel Financial Corp.Product Competitor	11.38B	73.54	12.51	6.94%	10.86%	11.96%	0.36

Compare MS vs Peers

Morgan Stanley (MS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GS

Most directly comparable listed peer for MS.

Scale Benchmark

vs JPM

Larger-name benchmark to compare MS against a more recognizable public peer.

Peer Set

Compare Top 5

vs GS, JPM, BAC, C

MS Income Statement

Morgan Stanley (MS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Net Interest Income	3.3B	3.81B	4.69B	6.31B	8.04B	9.33B	8.23B	8.61B	10.05B
NII Growth %	-10.76%	15.33%	23.33%	34.49%	27.44%	15.94%	-11.76%	4.63%	16.66%
Net Interest Margin %	0.39%	0.45%	0.52%	0.57%	0.68%	0.79%	0.69%	0.71%	0.71%
Interest Income	9B	13.89B	17.1B	10.16B	9.41B	21.59B	45.85B	54.13B	59.06B
Interest Expense	5.7B	10.09B	12.4B	3.85B	1.37B	12.27B	37.62B	45.52B	49.02B
Loan Loss Provision	0	0	161M	761M	4M	280M	532M	264M	349M
Non-Interest Income	32.55B	33.91B	34.35B	39.52B	48.37B	40.88B	42.44B	49.01B	55.92B
Non-Interest Income %	78.35%	70.94%	66.77%	79.54%	83.71%	65.44%	48.07%	47.52%	48.63%
Total Revenue	41.55B▲ 0%	47.8B▲ 15.0%	51.45B▲ 7.6%	49.68B▼ 3.4%	57.78B▲ 16.3%	62.48B▲ 8.1%	88.29B▲ 41.3%	103.14B▲ 16.8%	114.98B▲ 11.5%
Revenue Growth %	15.32%	15.04%	7.63%	-3.44%	16.31%	8.13%	41.31%	16.83%	11.48%
Non-Interest Expense	25.45B	26.48B	27.58B	30.65B	36.74B	35.84B	38.32B	39.76B	43.66B
Efficiency Ratio	61.25%	55.39%	53.61%	61.7%	63.59%	57.37%	43.41%	38.55%	37.97%
Operating Income	10.4B▲ 0%	11.24B▲ 8.0%	11.3B▲ 0.6%	14.42B▲ 27.6%	19.67B▲ 36.4%	14.09B▼ 28.4%	11.81B▼ 16.2%	17.6B▲ 49.0%	21.95B▲ 24.8%
Operating Margin %	25.04%	23.51%	21.97%	29.02%	34.04%	22.55%	13.38%	17.06%	19.09%
Operating Income Growth %	17.57%	8.02%	0.57%	27.58%	36.41%	-28.37%	-16.15%	48.95%	24.77%
Pretax Income	10.4B▲ 0%	11.24B▲ 8.0%	11.3B▲ 0.6%	14.42B▲ 27.6%	19.67B▲ 36.4%	14.09B▼ 28.4%	11.81B▼ 16.2%	17.6B▲ 49.0%	21.95B▲ 24.8%
Pretax Margin %	25.04%	23.51%	21.97%	29.02%	34.04%	22.55%	13.38%	17.06%	19.09%
Income Tax	4.17B	2.35B	2.06B	3.24B	4.55B	2.91B	2.58B	4.07B	4.93B
Effective Tax Rate %	40.07%	20.91%	18.26%	22.46%	23.12%	20.65%	21.87%	23.11%	22.45%
Net Income	6.11B▲ 0%	8.75B▲ 43.2%	9.04B▲ 3.4%	11B▲ 21.6%	15.03B▲ 36.7%	11.03B▼ 26.6%	9.09B▼ 17.6%	13.39B▲ 47.4%	16.86B▲ 25.9%
Net Margin %	14.71%	18.3%	17.57%	22.13%	26.02%	17.65%	10.29%	12.98%	14.66%
Net Income Growth %	2.21%	43.15%	3.36%	21.61%	36.72%	-26.64%	-17.61%	47.35%	25.92%
Net Income (Continuing)	6.24B	8.89B	9.24B	11.18B	15.12B	11.18B	9.23B	13.53B	17.02B
EPS (Diluted)	3.08▲ 0%	4.73▲ 53.6%	5.19▲ 9.7%	6.46▲ 24.5%	8.03▲ 24.3%	6.15▼ 23.4%	5.18▼ 15.8%	7.95▲ 53.5%	10.20▲ 28.3%
EPS Growth %	5.48%	53.57%	9.73%	24.47%	24.3%	-23.41%	-15.77%	53.47%	28.3%
EPS (Basic)	3.15	4.82	5.26	6.55	8.16	6.23	5.24	8.04	10.34
Diluted Shares Outstanding	1.82B	1.74B	1.64B	1.62B	1.81B	1.71B	1.65B	1.61B	1.59B

MS Balance Sheet

Morgan Stanley (MS) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash & Short Term Investments	314.17B	357.29B	368.83B	474.23B	500.35B	467.86B	461.89B	401.59B	539.97B
Cash & Due from Banks	46.16B	51.84B	49.66B	67.45B	86.84B	92.75B	58.66B	75.74B	111.69B
Short Term Investments	268.01B	305.44B	319.17B	406.78B	413.51B	375.11B	403.23B	325.85B	428.28B
Total Investments	396.1B	452.15B	493.77B	630B	682.58B	665.41B	689.86B	700.7B	980.75B
Investments Growth %	2.54%	14.15%	9.21%	27.59%	8.35%	-2.52%	3.67%	1.57%	39.97%
Long-Term Investments	128.09B	146.7B	174.6B	223.22B	269.07B	290.3B	286.63B	374.86B	552.48B
Accounts Receivables	56.19B	53.3B	55.65B	97.74B	96.02B	78.54B	80.11B	86.16B	114.72B
Goodwill & Intangibles	9.04B	8.85B	9.25B	16.61B	25.19B	24.27B	23.76B	23.16B	22.74B
Goodwill	6.6B	6.69B	7.14B	11.63B	16.83B	16.65B	16.71B	16.71B	16.73B
Intangible Assets	2.45B	2.16B	2.11B	4.98B	8.36B	7.62B	7.05B	6.45B	6.01B
PP&E (Net)	0	0	0	21M	16M	4M	23M	23M	4.16B
Other Assets	344.24B	287.39B	287.1B	304.04B	297.5B	319.26B	341.28B	329.29B	180.96B
Total Current Assets	370.36B	410.58B	424.48B	571.97B	596.37B	546.39B	542B	487.75B	654.69B
Total Non-Current Assets	481.37B	442.95B	470.95B	543.9B	591.77B	633.84B	651.7B	727.32B	765.58B
Total Assets	851.73B▲ 0%	853.53B▲ 0.2%	895.43B▲ 4.9%	1.12T▲ 24.6%	1.19T▲ 6.5%	1.18T▼ 0.7%	1.19T▲ 1.1%	1.22T▲ 1.8%	1.42T▲ 16.9%
Asset Growth %	4.51%	0.21%	4.91%	24.62%	6.48%	-0.67%	1.14%	1.79%	16.89%
Return on Assets (ROA)	0.73%	1.03%	1.03%	1.09%	1.31%	0.93%	0.77%	1.11%	1.28%
Accounts Payable	191.51B	179.56B	197.83B	227.44B	228.69B	216.13B	208.15B	175.94B	415.52B
Total Debt	260.28B	248.89B	261.52B	283.53B	305.36B	308.75B	339.04B	360.49B	475.56B
Net Debt	214.11B	197.05B	211.87B	216.08B	218.52B	216B	280.38B	284.75B	363.87B
Long-Term Debt	200.3B	195.55B	197.66B	218.8B	232.83B	241.08B	267.47B	288.78B	327.33B
Short-Term Debt	59.98B	53.34B	63.87B	64.73B	72.53B	67.67B	71.57B	71.71B	144.05B
Other Liabilities	57.44B	56.37B	58.09B	78.27B	76.17B	81.17B	78.48B	81.38B	413.53B
Total Current Liabilities	515.52B	520.21B	556.98B	715.64B	772.54B	756.75B	747.76B	739.49B	559.57B
Total Non-Current Liabilities	257.74B	251.92B	255.75B	297.07B	309B	322.25B	345.95B	370.15B	748.05B
Total Liabilities	773.27B	772.13B	812.73B	1.01T	1.08T	1.08T	1.09T	1.11T	1.31T
Total Equity	78.47B▲ 0%	81.41B▲ 3.7%	82.7B▲ 1.6%	103.15B▲ 24.7%	106.6B▲ 3.3%	101.23B▼ 5.0%	99.98B▼ 1.2%	105.43B▲ 5.4%	112.65B▲ 6.9%
Equity Growth %	1.67%	3.75%	1.59%	24.73%	3.34%	-5.03%	-1.23%	5.45%	6.85%
Equity / Assets (Capital Ratio)	9.21%	9.54%	9.24%	9.24%	8.97%	8.58%	8.38%	8.68%	7.93%
Return on Equity (ROE)	7.85%	10.94%	11.02%	11.83%	14.34%	10.61%	9.03%	13.04%	15.46%
Book Value per Share	43.09	46.84	50.43	63.52	58.76	59.10	60.74	65.44	70.72
Tangible BV per Share	38.12	41.75	44.78	53.28	44.88	44.93	46.31	51.07	56.44
Common Stock	20M	20M	20M	20M	20M	20M	20M	20M	20M
Additional Paid-in Capital	23.55B	23.79B	23.93B	25.55B	28.84B	29.34B	29.83B	30.18B	31.15B
Retained Earnings	57.58B	64.17B	70.59B	78.69B	89.43B	94.86B	98B	104.99B	115.09B
Accumulated OCI	-3.06B	-2.29B	-2.79B	-1.96B	-3.1B	-6.25B	-6.42B	-6.81B	-6.29B
Treasury Stock	-9.21B	-13.97B	-18.73B	-9.77B	-17.5B	-26.58B	-31.14B	-33.61B	-38.1B
Preferred Stock	8.52B	8.52B	8.52B	9.25B	7.75B	8.75B	8.75B	9.75B	9.75B

MS Cash Flow Statement

Morgan Stanley (MS) cash flow — operating, investing & free cash flow history

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	-4.5B	7.3B	40.77B	-25.23B	33.97B	-6.4B	-33.54B	1.36B	49B
Operating CF Growth %	-284.1%	262.15%	458.15%	-161.88%	234.64%	-118.83%	-424.25%	104.06%	3497.5%
Net Income	6.22B	8.88B	9.24B	11.18B	15.12B	11.18B	9.09B	13.53B	16.86B
Depreciation & Amortization	1.75B	1.84B	2.64B	3.77B	4.22B	4B	4.26B	5.16B	4.66B
Deferred Taxes	2.75B	449M	165M	-250M	4M	-849M	-463M	152M	561M
Other Non-Cash Items	182M	184M	-33M	1.04B	-143M	898M	983M	268M	921M
Working Capital Changes	-16.43B	-4.97B	27.61B	-42.28B	12.69B	-23.5B	-49.11B	-19.37B	24.07B
Cash from Investing	-12.39B	-22.88B	-33.56B	-37.9B	-49.9B	-11.63B	-3.08B	-29.46B	-144.22B
Purchase of Investments	-23.96B	-27.8B	-42.59B	-59.78B	-69.57B	-29.83B	-23.08B	-39.19B	-134.02B
Sale/Maturity of Investments	25.58B	15.88B	29.16B	38.27B	61.57B	45.28B	28.39B	37.29B	35.17B
Net Investment Activity	1.61B	-11.92B	-13.42B	-21.51B	-8B	15.45B	5.31B	-1.9B	-98.85B
Acquisitions	-12.13B	-8.79B	-17.36B	3.81B	-2.65B	0	0	0	0
Other Investing	-251M	-298M	-953M	-18.75B	-36.94B	-24B	-4.98B	-24.1B	-42.48B
Cash from Financing	16.26B	24.2B	-11.97B	83.78B	41.55B	22.71B	-2.73B	46.76B	98.31B
Dividends Paid	-2.08B	-2.38B	-2.63B	-2.74B	-4.17B	-5.4B	-5.76B	-6.14B	-6.59B
Share Repurchases	-4.29B	-5.57B	-5.95B	-1.89B	-12.07B	-10.87B	-6.18B	-4.2B	-5.83B
Stock Issued	0	0	0	0	0	0	0	0	0
Net Stock Activity	-4.29B	-5.57B	-5.95B	-1.89B	-12.07B	-10.87B	-6.18B	-4.2B	-5.83B
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	2.05B	26.87B	2.37B	78.17B	36.37B	430M	-4.4B	27.96B	39.28B
Net Change in Cash	3.04B▲ 0%	6.8B▲ 124.1%	-5.03B▼ 173.9%	23.48B▲ 567.3%	22.07B▼ 6.0%	402M▼ 98.2%	-38.9B▼ 9775.4%	16.15B▲ 141.5%	6.31B▼ 60.9%
Exchange Rate Effect	3.67B	-1.83B	-271M	2.83B	-3.55B	-4.28B	451M	-2.5B	3.22B
Cash at Beginning	77.36B	80.39B	87.2B	82.17B	105.65B	127.72B	128.13B	89.23B	105.39B
Cash at End	80.39B	87.2B	82.17B	105.65B	127.72B	128.13B	89.23B	105.39B	111.69B
Interest Paid	5.38B	9.98B	12.51B	4.12B	1.3B	9.82B	41.94B	46.36B	0
Income Taxes Paid	1.39B	1.38B	1.91B	2.59B	4.23B	4.15B	2.04B	1.89B	0
Free Cash Flow	-6.13B▲ 0%	5.44B▲ 188.7%	38.95B▲ 615.9%	-26.68B▼ 168.5%	31.66B▲ 218.7%	-9.47B▼ 129.9%	-36.95B▼ 290.0%	-2.1B▲ 94.3%	46.1B▲ 2295.2%
FCF Growth %	-623.83%	188.69%	615.94%	-168.49%	218.7%	-129.92%	-289.95%	94.32%	2295.24%

MS Banking Ratios

Morgan Stanley (MS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.8%	7.85%	10.94%	11.02%	11.83%	14.34%	10.61%	9.03%	13.04%	15.46%
Return on Assets (ROA)	0.75%	0.73%	1.03%	1.03%	1.09%	1.31%	0.93%	0.77%	1.11%	1.28%
Net Interest Margin	0.45%	0.39%	0.45%	0.52%	0.57%	0.68%	0.79%	0.69%	0.71%	0.71%
Efficiency Ratio	66.23%	61.25%	55.39%	53.61%	61.7%	63.59%	57.37%	43.41%	38.55%	37.97%
Equity / Assets	9.47%	9.21%	9.54%	9.24%	9.24%	8.97%	8.58%	8.38%	8.68%	7.93%
Book Value / Share	40.9	43.09	46.84	50.42	63.52	58.76	59.1	60.74	65.44	70.72
NII Growth	19.56%	-10.76%	15.33%	23.33%	34.49%	27.44%	15.94%	-11.76%	4.63%	16.66%
Dividend Payout	29.2%	34.12%	27.15%	29.05%	24.91%	27.74%	48.97%	63.42%	45.84%	39.1%

MS SEC Filings & Documents

Morgan Stanley (MS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 15, 2026·SEC

MS Frequently Asked Questions

Morgan Stanley (MS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Morgan Stanley (MS) grew revenue by 11.5% over the past year. This is steady growth.

Yes, Morgan Stanley (MS) is profitable, generating $16.86B in net income for fiscal year 2025 (14.7% net margin).

Dividend & Returns

Yes, Morgan Stanley (MS) pays a dividend with a yield of 1.85%. This makes it attractive for income-focused investors.

Morgan Stanley (MS) has a return on equity (ROE) of 15.5%. 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 38.0%. This is excellent, indicating strong cost control.

What if you invested $1,000 in MS back in 1996?

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Morgan Stanley(MS)Earnings, Financials & Key Ratios

MS•NYSE•Banking & Credit

21.9× P/E·Price updated Jun 19, 2026

SectorFinancial Services IndustryCapital Markets Sub-IndustryInvestment Banking and M&A Advisory

Net Interest Income$10.05B+16.7%
Total Revenue$114.98B+11.5%
Net Income$16.86B+25.9%
Return on Equity15.46%+18.6%
Net Interest Margin0.71%-0.2%
Efficiency Ratio37.97%-1.5%
ROA1.28%+15.1%
Equity / Assets7.93%-8.6%
Book Value per Share70.72+8.1%