Morgan Stanley (MS) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Financial - Capital Markets
EV/EBITDA
↑
27.03
↑+24% vs avg
5yr avg: 21.86
30Y Low16.6·High76.3
P/FCF
↑
7.71
↑+31% vs avg
5yr avg: 5.88
30Y Low0.2·High68.1
P/B Ratio
↑
3.16
↑+74% vs avg
5yr avg: 1.82
30Y Low0.3·High3.4
ROE
↑
15.5%
↓+24% vs avg
5yr avg: 12.5%
30Y Low0%·High29%
Debt/EBITDA
↑
17.87
+6% vs avg
5yr avg: 16.93
30Y Low12.8·High49.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Morgan Stanley trades at 21.9x earnings, 42% above its 5-year average of 15.5x, sitting at the 93rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 61%. On a free-cash-flow basis, the stock trades at 7.7x P/FCF, 31% above the 5-year average of 5.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $355.5B | $282.8B | $202.5B | $153.5B | $145.6B | $178.1B | $111.3B | $83.8B | $68.9B | $95.5B | $79.7B |
| Enterprise Value | $719.4B | $646.7B | $487.3B | $433.9B | $361.6B | $396.6B | $327.4B | $295.7B | $266.0B | $309.7B | $288.1B |
| P/E Ratio → | 21.88 | 17.40 | 15.81 | 18.00 | 13.82 | 12.22 | 10.61 | 9.85 | 8.38 | 17.04 | 14.47 |
| P/S Ratio | 3.09 | 2.46 | 1.96 | 1.74 | 2.33 | 3.08 | 2.24 | 1.63 | 1.44 | 2.30 | 2.21 |
| P/B Ratio | 3.16 | 2.51 | 1.92 | 1.54 | 1.44 | 1.67 | 1.08 | 1.01 | 0.85 | 1.22 | 1.03 |
| P/FCF | 7.71 | 6.13 | — | — | — | 5.62 | — | 2.15 | 12.67 | — | 68.08 |
| P/OCF | 7.26 | 5.77 | 148.70 | — | — | 5.24 | — | 2.06 | 9.43 | — | 32.58 |
P/E links to full P/E history page with 30-year chart
MS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Morgan Stanley's enterprise value stands at 27.0x EBITDA, 24% above its 5-year average of 21.9x. The Financial Services sector median is 11.4x, placing the stock at a 137% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.62 | 4.72 | 4.91 | 5.79 | 6.86 | 6.59 | 5.75 | 5.56 | 7.45 | 8.00 |
| EV / EBITDA | 27.03 | 24.30 | 21.41 | 27.00 | 19.99 | 16.60 | 18.00 | 21.21 | 20.33 | 25.47 | 27.22 |
| EV / EBIT | 32.77 | 29.46 | 27.69 | 36.73 | 25.67 | 20.16 | 22.71 | 26.17 | 23.67 | 29.77 | 32.56 |
| EV / FCF | — | 14.03 | — | — | — | 12.53 | — | 7.59 | 48.89 | — | 246.00 |
MS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Morgan Stanley earns an operating margin of 19.1%, roughly in line with the Financial Services sector average. Operating margins have expanded from 13.4% to 19.1% over the past 3 years, signaling improving operational efficiency. ROE of 15.5% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 3.1% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.1% | 57.1% | 55.6% | 56.8% | 79.9% | 97.6% | 90.7% | 75.6% | 78.9% | 86.3% | 90.8% |
| Operating Margin | 19.1% | 19.1% | 17.1% | 13.4% | 22.6% | 34.0% | 29.0% | 22.0% | 23.5% | 25.0% | 24.6% |
| Net Profit Margin | 14.7% | 14.7% | 13.0% | 10.3% | 17.7% | 26.0% | 22.1% | 17.6% | 18.3% | 14.7% | 16.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 13.0% | 9.0% | 10.6% | 14.3% | 11.8% | 11.0% | 10.9% | 7.9% | 7.8% |
| ROA | 1.3% | 1.3% | 1.1% | 0.8% | 0.9% | 1.3% | 1.1% | 1.0% | 1.0% | 0.7% | 0.7% |
| ROIC | 3.1% | 3.1% | 2.9% | 2.1% | 2.6% | 3.7% | 3.0% | 2.5% | 2.5% | 2.3% | 2.1% |
| ROCE | 3.3% | 3.3% | 3.8% | 2.7% | 3.4% | 4.8% | 3.9% | 3.4% | 3.4% | 3.2% | 2.9% |
MS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Morgan Stanley carries a Debt/EBITDA ratio of 17.9x, which is highly leveraged (319% above the sector average of 4.3x). Net debt stands at $363.9B ($475.6B total debt minus $111.7B cash). Interest coverage of just 0.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.22 | 4.22 | 3.42 | 3.39 | 3.05 | 2.86 | 2.75 | 3.16 | 3.06 | 3.32 | 3.26 |
| Debt / EBITDA | 17.87 | 17.87 | 15.84 | 21.10 | 17.07 | 12.78 | 15.59 | 18.76 | 19.03 | 21.41 | 23.78 |
| Net Debt / Equity | — | 3.23 | 2.70 | 2.80 | 2.13 | 2.05 | 2.09 | 2.56 | 2.42 | 2.73 | 2.70 |
| Net Debt / EBITDA | 13.67 | 13.67 | 12.51 | 17.45 | 11.94 | 9.15 | 11.88 | 15.19 | 15.06 | 17.61 | 19.68 |
| Debt / FCF | — | 7.89 | — | — | — | 6.90 | — | 5.44 | 36.22 | — | 177.92 |
| Interest Coverage | 0.45 | 0.45 | 0.39 | 0.31 | 1.15 | 14.40 | 3.75 | 0.91 | 1.11 | 1.83 | 2.67 |
MS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.17x means Morgan Stanley can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.72x to 1.17x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 0.66 | 0.72 | 0.72 | 0.77 | 0.80 | 0.76 | 0.79 | 0.72 | 0.73 |
| Quick Ratio | 1.17 | 1.17 | 0.66 | 0.72 | 0.72 | 0.77 | 0.80 | 0.76 | 0.79 | 0.72 | 0.73 |
| Cash Ratio | 0.20 | 0.20 | 0.10 | 0.08 | 0.12 | 0.11 | 0.09 | 0.09 | 0.10 | 0.09 | 0.09 |
| Asset Turnover | — | 0.08 | 0.08 | 0.07 | 0.05 | 0.05 | 0.04 | 0.06 | 0.06 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Morgan Stanley returns 3.5% to shareholders annually — split between a 1.9% dividend yield and 1.6% buyback yield. The payout ratio of 39.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 39.1% | 39.1% | 45.8% | 63.4% | 49.0% | 27.7% | 24.9% | 29.1% | 27.1% | 34.1% | 29.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 5.7% | 6.3% | 5.6% | 7.2% | 8.2% | 9.4% | 10.2% | 11.9% | 5.9% | 6.9% |
| FCF Yield | 13.0% | 16.3% | — | — | — | 17.8% | — | 46.5% | 7.9% | — | 1.5% |
| Buyback Yield | 1.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 3.5% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $1.6B | $1.6B | $1.6B | $1.7B | $1.8B | $1.6B | $1.6B | $1.7B | $1.8B | $1.9B |
Peer Comparison
Compare MS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MSYou | $356B | 21.9 | 27.0 | 7.7 | 57.1% | 19.1% | 15.5% | 3.1% | 17.9 |
 GS | $348B | 21.4 | 33.0 | — | 47.5% | 17.5% | 13.9% | 2.2% | 25.4 |
 JPM | $909B | 16.2 | 18.5 | 9.0 | 59.9% | 26.0% | 16.1% | 4.5% | 11.6 |
 BAC | $424B | 14.7 | 14.0 | 33.6 | 56.1% | 19.7% | 10.2% | 3.5% | 9.1 |
 C | $267B | 20.5 | 27.4 | 12.0 | 44.6% | 11.8% | 6.7% | 1.7% | 31.0 |
 WFC | $265B | 13.0 | 17.6 | — | 64.8% | 20.4% | 11.7% | 3.5% | 14.5 |
 UBS | $158B | 27.2 | 31.8 | — | 63.6% | 11.9% | 7.0% | 1.2% | 37.3 |
 RJF | $31B | 15.1 | 5.0 | 13.7 | 88.2% | 28.7% | 17.7% | 20.9% | 1.0 |
 SF | $11B | 12.5 | 12.1 | 9.5 | 86.6% | 13.8% | 11.7% | 7.9% | 2.3 |
 EVR | $15B | 26.5 | 17.9 | 12.5 | 99.4% | 20.5% | 27.8% | 18.8% | 1.4 |
 LAZ | $4B | 20.4 | 11.6 | 8.2 | 31.8% | 13.0% | 27.0% | 9.5% | 5.7 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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MS — Frequently Asked Questions
Quick answers to the most common questions about buying MS stock.
What is Morgan Stanley's P/E ratio?
Morgan Stanley's current P/E ratio is 21.9x. The historical average is 13.4x. This places it at the 93th percentile of its historical range.
What is Morgan Stanley's EV/EBITDA?
Morgan Stanley's current EV/EBITDA is 27.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.4x.
What is Morgan Stanley's ROE?
Morgan Stanley's return on equity (ROE) is 15.5%. The historical average is 12.9%.
Is MS stock overvalued?
Based on historical data, Morgan Stanley is trading at a P/E of 21.9x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Morgan Stanley's dividend yield?
Morgan Stanley's current dividend yield is 1.85% with a payout ratio of 39.1%.
What are Morgan Stanley's profit margins?
Morgan Stanley has 57.1% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Morgan Stanley have?
Morgan Stanley's Debt/EBITDA ratio is 17.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.