Last 46 quarters of trend data · Financial Services · Financial - Capital Markets
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 17.70 | 12.10 | 16.62 | 14.19 | 16.53 | 11.22 | 14.16 | 13.86 | 13.35 | 11.65 | 27.43 | 14.80 | 17.22 | 12.91 | 16.87 | 13.44 | 13.68 | 10.82 | 12.21 | 12.29 | 12.39 |
| — | +7.9% | +17.4% | +2.4% | +23.8% | -3.7% | -48.4% | -6.3% | -22.5% | -9.7% | +62.6% | +10.1% | +25.9% | +19.4% | +38.2% | +9.4% | +10.4% | +22.0% | +29.0% | +68.7% | +101.1% | |
| P/S Ratio | 4.32 | 3.18 | 4.22 | 3.71 | 3.60 | 2.83 | 3.36 | 2.92 | 2.79 | 2.68 | 3.15 | 2.70 | 2.80 | 2.68 | 3.00 | 2.76 | 2.67 | 2.75 | 3.19 | 3.16 | 3.02 |
| — | +12.7% | +25.5% | +26.7% | +28.8% | +5.6% | +6.6% | +8.2% | -0.4% | -0.0% | +5.1% | -2.2% | +4.8% | -2.8% | -6.1% | -12.8% | -11.5% | +15.6% | +33.1% | +84.3% | +108.1% | |
| P/B Ratio | 2.55 | 2.27 | 2.51 | 2.28 | 2.05 | 1.73 | 1.92 | 1.60 | 1.54 | 1.52 | 1.52 | 1.34 | 1.39 | 1.43 | 1.41 | 1.31 | 1.28 | 1.47 | 1.64 | 1.65 | 1.56 |
| — | +31.3% | +30.9% | +42.3% | +33.3% | +13.9% | +26.4% | +19.6% | +10.8% | +6.1% | +7.6% | +2.0% | +9.0% | -2.8% | -14.2% | -20.2% | -18.2% | +12.3% | +37.3% | +95.3% | +82.6% | |
| P/FCF | 6.18 | — | — | — | 5.07 | — | 4.63 | — | 23.38 | 10.73 | — | 11.84 | — | — | — | — | 2.32 | — | — | 29.21 | 10.29 |
| — | — | — | — | -78.3% | — | — | — | — | — | — | — | — | — | — | — | -77.4% | — | — | — | — | |
| EV / EBITDA | 24.37 | 16.92 | 23.44 | 20.15 | 23.29 | 20.39 | 18.58 | 21.88 | 21.21 | 21.01 | 30.85 | 23.47 | 25.54 | 20.60 | 22.42 | 20.33 | 20.19 | 16.15 | 16.08 | 16.85 | 16.74 |
| — | -17.0% | +26.1% | -7.9% | +9.8% | -2.9% | -39.8% | -6.7% | -16.9% | +2.0% | +37.6% | +15.4% | +26.5% | +27.5% | +39.4% | +20.7% | +20.6% | +16.4% | +10.6% | +5.7% | +19.8% | |
| EV / EBIT | 29.54 | 18.64 | 28.07 | 24.65 | 29.87 | 23.57 | 24.81 | 28.47 | 27.83 | 25.67 | 51.54 | 30.84 | 33.91 | 25.75 | 32.10 | 25.90 | 25.80 | 19.47 | 20.15 | 20.43 | 20.62 |
| — | -20.9% | +13.1% | -13.4% | +7.3% | -8.2% | -51.9% | -7.7% | -17.9% | -0.3% | +60.6% | +19.0% | +31.4% | +32.3% | +59.3% | +26.8% | +25.1% | +20.3% | +5.2% | +2.9% | +27.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.1% | 61.8% | 58.0% | 56.9% | 54.7% | 58.7% | 57.5% | 54.2% | 54.7% | 56.1% | 49.7% | 54.4% | 57.8% | 63.0% | 62.8% | 76.9% | 89.5% | 96.6% | 97.7% | 97.8% | 97.1% |
| — | +5.3% | +1.0% | +5.0% | -0.0% | +4.6% | +15.6% | -0.5% | -5.3% | -11.0% | -20.8% | -29.3% | -35.4% | -34.8% | -35.7% | -21.3% | -7.8% | -1.4% | +0.5% | +3.9% | +4.7% | |
| Operating Margin | 19.1% | 21.1% | 20.0% | 20.1% | 16.4% | 19.9% | 18.9% | 16.0% | 16.0% | 17.3% | 8.7% | 13.9% | 13.1% | 17.7% | 14.9% | 21.5% | 24.4% | 32.0% | 34.8% | 34.3% | 31.9% |
| — | +6.5% | +5.7% | +25.1% | +2.7% | +14.6% | +117.9% | +15.0% | +22.1% | -1.9% | -41.7% | -35.3% | -46.4% | -44.7% | -57.3% | -37.2% | -23.4% | -9.0% | +4.0% | +14.0% | +0.4% | |
| Net Margin | 14.7% | 17.0% | 15.2% | 15.3% | 12.6% | 15.5% | 14.3% | 12.1% | 12.1% | 13.5% | 6.3% | 10.7% | 10.2% | 14.0% | 11.9% | 16.7% | 18.4% | 25.5% | 26.3% | 26.1% | 24.5% |
| — | +10.0% | +6.6% | +26.7% | +4.1% | +14.9% | +128.0% | +13.5% | +18.8% | -3.9% | -47.2% | -36.2% | -44.7% | -45.1% | -54.9% | -35.8% | -25.1% | -5.7% | +3.0% | +11.3% | +5.2% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 4.9% | 3.9% | 4.2% | 3.3% | 4.0% | 3.5% | 3.1% | 3.0% | 3.4% | 1.5% | 2.4% | 2.1% | 2.9% | 2.2% | 2.6% | 2.4% | 3.5% | 3.5% | 3.4% | 3.3% |
| — | +22.2% | +11.2% | +35.4% | +6.9% | +18.7% | +133.2% | +29.3% | +42.1% | +16.2% | -31.1% | -7.0% | -11.1% | -15.7% | -36.4% | -25.3% | -25.8% | -11.0% | -1.4% | +12.7% | -10.8% | |
| ROA | 1.3% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.1% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% |
| — | +9.5% | +5.1% | +31.4% | +5.8% | +21.8% | +134.0% | +25.1% | +36.6% | +12.5% | -32.8% | -8.6% | -11.4% | -17.7% | -38.5% | -28.4% | -31.2% | -16.0% | -4.9% | +12.0% | -9.0% | |
| ROIC | 3.1% | 1.0% | 0.8% | 0.8% | 0.7% | 0.9% | 0.8% | 0.7% | 0.7% | 0.7% | 0.4% | 0.6% | 0.5% | 0.7% | 0.5% | 0.6% | 0.6% | 0.8% | 0.9% | 0.9% | 0.9% |
| — | +11.8% | -0.4% | +25.1% | +0.2% | +18.0% | +116.1% | +21.2% | +30.3% | +7.0% | -31.2% | -13.2% | -18.3% | -19.7% | -41.3% | -28.9% | -28.8% | -18.4% | -1.3% | +21.9% | -7.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.22 | 3.42 | 4.22 | 3.73 | 4.00 | 3.68 | 3.42 | 3.58 | 3.52 | 3.68 | 3.39 | 3.33 | 3.08 | 3.13 | 3.05 | 2.82 | 2.92 | 2.87 | 2.86 | 2.82 | 2.71 |
| — | -7.2% | +23.5% | +4.3% | +13.5% | -0.1% | +0.8% | +7.5% | +14.2% | +17.6% | +11.2% | +17.9% | +5.7% | +9.1% | +6.5% | +0.1% | +7.7% | +10.3% | +4.2% | -2.1% | -11.7% | |
| Debt / EBITDA | 17.87 | 51.03 | 68.94 | 56.21 | 73.70 | 61.93 | 55.03 | 68.23 | 66.98 | 68.69 | 96.81 | 80.70 | 83.73 | 67.95 | 77.17 | 66.79 | 70.66 | 54.01 | 49.89 | 51.11 | 52.11 |
| — | -17.6% | +25.3% | -17.6% | +10.0% | -9.8% | -43.2% | -15.4% | -20.0% | +1.1% | +25.5% | +20.8% | +18.5% | +25.8% | +54.7% | +30.7% | +35.6% | +20.3% | +2.7% | -14.2% | -2.7% | |
| Current Ratio | 1.17 | 1.61 | 1.17 | 0.26 | 0.45 | 0.22 | 0.66 | 0.68 | 0.64 | 0.66 | 0.72 | 0.66 | 0.64 | 0.63 | 0.72 | 0.64 | 0.64 | 0.74 | 0.77 | 0.78 | 0.78 |
| — | +627.9% | +77.4% | -61.9% | -29.5% | -66.3% | -9.0% | +2.8% | +0.2% | +4.1% | +0.4% | +2.7% | -0.4% | -14.7% | -6.5% | -18.5% | -17.8% | -7.3% | -3.4% | -1.7% | -1.5% | |
| Quick Ratio | 1.17 | 1.61 | 1.17 | 0.26 | 0.45 | 0.22 | 0.66 | 0.68 | 0.64 | 0.66 | 0.72 | 0.66 | 0.64 | 0.63 | 0.72 | 0.64 | 0.64 | 0.74 | 0.77 | 0.78 | 0.78 |
| — | +627.9% | +77.4% | -61.9% | -29.5% | -66.3% | -9.0% | +2.8% | +0.2% | +4.1% | +0.4% | +2.7% | -0.4% | -14.7% | -6.5% | -18.5% | -17.8% | -7.3% | -3.4% | -1.7% | -1.5% | |
| Interest Coverage | 0.45 | 0.56 | 0.48 | 0.46 | 0.37 | 0.49 | 0.45 | 0.35 | 0.36 | 0.39 | 0.17 | 0.31 | 0.32 | 0.49 | 0.40 | 0.94 | 2.50 | 10.57 | 15.17 | 16.92 | 13.16 |
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Includes 30+ ratios · 46 years · Updated daily
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Quick answers to the most common questions about buying MS stock.
Morgan Stanley's current P/E is 17.7x. The average P/E over the last 4 quarters is 14.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Morgan Stanley's current operating margin is 19.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Morgan Stanley's business trajectory between earnings reports.