30 years of historical data (1995–2024) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Morgan Stanley trades at 20.9x earnings, 49% above its 5-year average of 14.1x, sitting at the 93rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 52%.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $264.9B | $202.5B | $153.5B | $145.6B | $178.1B | $111.3B | $83.8B | $68.9B | $95.5B | $79.7B | $62.1B |
| Enterprise Value | $549.6B | $487.3B | $433.9B | $361.6B | $396.6B | $327.4B | $295.7B | $266.0B | $309.7B | $288.1B | $229.5B |
| P/E Ratio → | 20.94 | 15.81 | 18.00 | 13.82 | 12.22 | 10.61 | 9.85 | 8.38 | 17.04 | 14.47 | 10.93 |
| P/S Ratio | 2.57 | 1.96 | 1.74 | 2.33 | 3.08 | 2.24 | 1.63 | 1.44 | 2.30 | 2.21 | 1.73 |
| P/B Ratio | 2.54 | 1.92 | 1.54 | 1.44 | 1.67 | 1.08 | 1.01 | 0.85 | 1.22 | 1.03 | 0.82 |
| P/FCF | — | — | — | — | 5.62 | — | 2.15 | 12.67 | — | 68.08 | 27.00 |
| P/OCF | 194.47 | 148.70 | — | — | 5.24 | — | 2.06 | 9.43 | — | 32.58 | 16.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Morgan Stanley's enterprise value stands at 24.2x EBITDA, 17% above its 5-year average of 20.6x. The Financial Services sector median is 11.1x, placing the stock at a 118% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.72 | 4.91 | 5.79 | 6.86 | 6.59 | 5.75 | 5.56 | 7.45 | 8.00 | 6.37 |
| EV / EBITDA | 24.15 | 21.41 | 27.00 | 19.99 | 16.60 | 18.00 | 21.21 | 20.33 | 25.47 | 27.22 | 23.11 |
| EV / EBIT | 31.24 | 27.69 | 36.73 | 25.67 | 20.16 | 22.71 | 26.17 | 23.67 | 29.77 | 32.56 | 27.01 |
| EV / FCF | — | — | — | — | 12.53 | — | 7.59 | 48.89 | — | 246.00 | 99.72 |
Margins and return-on-capital ratios measuring operating efficiency
Morgan Stanley earns an operating margin of 17.1%, below the Financial Services sector average of 21.9%. Operating margins have compressed from 22.6% to 17.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 13.0% is modest. ROIC of 2.9% represents below-average returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.6% | 55.6% | 56.8% | 79.9% | 97.6% | 90.7% | 75.6% | 78.9% | 86.3% | 90.8% | 92.4% |
| Operating Margin | 17.1% | 17.1% | 13.4% | 22.6% | 34.0% | 29.0% | 22.0% | 23.5% | 25.0% | 24.6% | 23.6% |
| Net Profit Margin | 13.0% | 13.0% | 10.3% | 17.7% | 26.0% | 22.1% | 17.6% | 18.3% | 14.7% | 16.6% | 17.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 9.0% | 10.6% | 14.3% | 11.8% | 11.0% | 10.9% | 7.9% | 7.8% | 8.3% |
| ROA | 1.1% | 1.1% | 0.8% | 0.9% | 1.3% | 1.1% | 1.0% | 1.0% | 0.7% | 0.7% | 0.8% |
| ROIC | 2.9% | 2.9% | 2.1% | 2.6% | 3.7% | 3.0% | 2.5% | 2.5% | 2.3% | 2.1% | 2.1% |
| ROCE | 3.8% | 3.8% | 2.7% | 3.4% | 4.8% | 3.9% | 3.4% | 3.4% | 3.2% | 2.9% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
Morgan Stanley carries a Debt/EBITDA ratio of 15.8x, which is highly leveraged (286% above the sector average of 4.1x). Net debt stands at $284.7B ($360.5B total debt minus $75.7B 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.42 | 3.42 | 3.39 | 3.05 | 2.86 | 2.75 | 3.16 | 3.06 | 3.32 | 3.26 | 2.91 |
| Debt / EBITDA | 15.84 | 15.84 | 21.10 | 17.07 | 12.78 | 15.59 | 18.76 | 19.03 | 21.41 | 23.78 | 22.30 |
| Net Debt / Equity | — | 2.70 | 2.80 | 2.13 | 2.05 | 2.09 | 2.56 | 2.42 | 2.73 | 2.70 | 2.20 |
| Net Debt / EBITDA | 12.51 | 12.51 | 17.45 | 11.94 | 9.15 | 11.88 | 15.19 | 15.06 | 17.61 | 19.68 | 16.85 |
| Debt / FCF | — | — | — | — | 6.90 | — | 5.44 | 36.22 | — | 177.92 | 72.72 |
| Interest Coverage | 0.39 | 0.39 | 0.31 | 1.15 | 14.40 | 3.75 | 0.91 | 1.11 | 1.83 | 2.67 | 3.10 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.66x is below 1.0, meaning current liabilities exceed current assets — though the company's $75.7B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.72x to 0.66x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.66 | 0.66 | 0.72 | 0.72 | 0.77 | 0.80 | 0.76 | 0.79 | 0.72 | 0.73 | 0.76 |
| Quick Ratio | 0.66 | 0.66 | 0.72 | 0.72 | 0.77 | 0.80 | 0.76 | 0.79 | 0.72 | 0.73 | 0.76 |
| Cash Ratio | 0.10 | 0.10 | 0.08 | 0.12 | 0.11 | 0.09 | 0.09 | 0.10 | 0.09 | 0.09 | 0.11 |
| Asset Turnover | — | 0.08 | 0.07 | 0.05 | 0.05 | 0.04 | 0.06 | 0.06 | 0.05 | 0.04 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Morgan Stanley returns 3.9% to shareholders annually — split between a 2.3% dividend yield and 1.6% buyback yield. A payout ratio of 45.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 3.0% | 3.8% | 3.7% | 2.3% | 2.5% | 3.1% | 3.4% | 2.2% | 2.2% | 2.3% |
| Payout Ratio | 45.8% | 45.8% | 63.4% | 49.0% | 27.7% | 24.9% | 29.1% | 27.1% | 34.1% | 29.2% | 23.7% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 6.3% | 5.6% | 7.2% | 8.2% | 9.4% | 10.2% | 11.9% | 5.9% | 6.9% | 9.1% |
| FCF Yield | — | — | — | — | 17.8% | — | 46.5% | 7.9% | — | 1.5% | 3.7% |
| Buyback Yield | 1.6% | 2.1% | 4.0% | 7.5% | 6.8% | 1.7% | 7.1% | 8.1% | 4.5% | 4.9% | 4.5% |
| Total Shareholder Yield | 3.9% | 5.1% | 7.8% | 11.2% | 9.1% | 4.2% | 10.2% | 11.5% | 6.7% | 7.1% | 6.8% |
| Shares Outstanding | — | $1.6B | $1.6B | $1.7B | $1.8B | $1.6B | $1.6B | $1.7B | $1.8B | $1.9B | $2.0B |
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 | $265B | 20.9 | 24.2 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
| GS | $267B | 21.2 | 33.8 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
| EVR | $27B | 34.0 | 50.5 | 28.1 | 99.4% | 17.8% | 20.3% | 14.6% | 1.7 |
| NMR | $27B | 12.7 | 56.2 | — | 36.9% | 10.5% | 9.7% | 1.0% | 58.7 |
| JEF | $9B | 15.7 | -3.5 | 27.5 | 59.7% | 6.3% | 6.8% | 2.4% | 2.0 |
| PIPR | $5B | 28.9 | 18.6 | 16.6 | 99.6% | 14.7% | 13.3% | 11.0% | 0.4 |
| LAZ | $5B | 18.9 | 13.3 | 6.8 | 35.1% | 12.5% | 41.9% | 10.2% | 5.2 |
| MC | $4B | 33.3 | 22.9 | 10.6 | 100.0% | 14.5% | 32.3% | 20.3% | 1.2 |
| HLI | $3B | 28.1 | 3.7 | 3.1 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
| PWP | $434M | -15.2 | — | 2.1 | 40.1% | -8.9% | -26.0% | -13.7% | — |
| MDBH | $16M | 1.2 | — | — | -803.2% | -1289.4% | 21.8% | -38.9% | — |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonMorgan Stanley's current P/E ratio is 20.9x. The historical average is 13.1x. This places it at the 93th percentile of its historical range.
Morgan Stanley's current EV/EBITDA is 24.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.1x.
Morgan Stanley's return on equity (ROE) is 13.0%. The historical average is 13.0%.
Based on historical data, Morgan Stanley is trading at a P/E of 20.9x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Morgan Stanley's current dividend yield is 2.29% with a payout ratio of 45.8%.
Morgan Stanley has 55.6% gross margin and 17.1% operating margin. Operating margin between 10-20% is typical for established companies.
Morgan Stanley's Debt/EBITDA ratio is 15.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.