Morgan Stanley (MS) P/E Ratio History
Premium ValuationTrading at 17.8x vs 5Y avg 14.7x · 95th percentile · Premium to historical baseline · Data 1993–2026
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P/E Ratio Analysis
As of November 8, 2026, Morgan Stanley (MS) trades at a price-to-earnings ratio of 17.8x, with a stock price of $181.44 and trailing twelve-month earnings per share of $12.49.
The current P/E is 21% above its 5-year average of 14.7x. Over the past five years, MS's P/E has ranged from a low of 10.3x to a high of 18.0x, placing the current valuation at the 95th percentile of its historical range.
Compared to the Financial Services sector median P/E of 14.1x, MS trades at a 26% premium to its sector peers. The sector includes 819 companies with P/E ratios ranging from 0.0x to 196.1x.
The PEG ratio of 1.86 (P/E divided by 28% EPS growth) suggests a fair valuation relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, MS trades at a notable discount to the S&P 500 median P/E of 26.3x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our MS DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
MS Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
MS P/E vs Peers
Investment Banks and Dealers peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $261B | 16.9 | 1.07 | +27% | |
| $896B | 16.7 | 0.94 | +2% | |
| $351B | 12.9 | 0.84 | +19% | |
| $204B | 17.0 | 2.10 | +17% | |
| $257B | 13.3 | 0.18Best | +18% | |
| $157B | 20.2 | 3.42 | +55%Best | |
| $31B | 15.8 | 0.74 | +6% | |
| $11B | 12.1Lowest | 1.69 | -6% | |
| $11B | 20.3 | 1.79 | +55% | |
| $4B | 17.7 | - | -19% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
MS Historical P/E Data (1993–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q3 | Sep 30 2026 | $188.08 | $11.90 | 15.8x | +1% |
| FY2026 Q1 | - | $164.57 | $11.00 | 15.0x | -4% |
| FY2025 Q4 | Dec 31 2025 | $177.53 | $10.20 | 17.4x | +11% |
| FY2025 Q3 | - | $158.96 | $9.75 | 16.3x | +4% |
| FY2025 Q2 | Jun 30 2025 | $140.86 | $8.83 | 16.0x | +2% |
| FY2025 Q1 | Mar 31 2025 | $116.67 | $8.52 | 13.7x | -13% |
| FY2024 Q4 | - | $125.72 | $7.94 | 15.8x | +1% |
| FY2024 Q3 | Sep 30 2024 | $104.24 | $6.57 | 15.9x | +1% |
| FY2024 Q2 | Jun 30 2024 | $97.19 | $6.07 | 16.0x | +2% |
| FY2024 Q1 | Mar 31 2024 | $94.16 | $5.49 | 17.2x | +10% |
| FY2023 Q4 | Dec 31 2023 | $93.25 | $5.17 | 18.0x | +15% |
| FY2023 Q3 | Sep 30 2023 | $81.67 | $5.58 | 14.6x | -6% |
| FY2023 Q2 | Jun 30 2023 | $85.40 | $5.67 | 15.1x | -4% |
| FY2023 Q1 | Mar 31 2023 | $87.80 | $5.82 | 15.1x | -4% |
| FY2022 Q4 | Dec 31 2022 | $85.02 | $6.14 | 13.8x | -12% |
| FY2022 Q3 | Sep 30 2022 | $79.01 | $6.89 | 11.5x | -27% |
| FY2022 Q2 | - | $76.06 | $7.40 | 10.3x | -34% |
| FY2022 Q1 | - | $87.40 | $7.86 | 11.1x | -29% |
| FY2021 Q4 | Dec 31 2021 | $98.16 | $8.03 | 12.2x | -22% |
| FY2021 Q3 | - | $97.31 | $7.83 | 12.4x | -21% |
| FY2021 Q2 | Jun 30 2021 | $91.69 | $7.51 | 12.2x | -22% |
| FY2021 Q1 | Mar 31 2021 | $77.66 | $7.62 | 10.2x | -35% |
| FY2020 Q4 | - | $68.53 | $6.44 | 10.6x | -32% |
| FY2020 Q3 | Sep 30 2020 | $48.35 | $5.93 | 8.2x | -48% |
| FY2020 Q2 | - | $48.30 | $5.54 | 8.7x | -44% |
| FY2020 Q1 | - | $34.00 | $4.81 | 7.1x | -55% |
| FY2019 Q4 | - | $51.12 | $5.19 | 9.8x | -37% |
| FY2019 Q3 | Sep 30 2019 | $42.67 | $4.69 | 9.1x | -42% |
| FY2019 Q2 | Jun 30 2019 | $43.81 | $4.59 | 9.5x | -39% |
| FY2019 Q1 | Mar 31 2019 | $42.20 | $4.66 | 9.1x | -42% |
| FY2018 Q4 | Dec 31 2018 | $39.65 | $4.72 | 8.4x | -46% |
| FY2018 Q3 | Sep 30 2018 | $46.57 | $4.18 | 11.1x | -29% |
| FY2018 Q2 | Jun 30 2018 | $47.40 | $3.94 | 12.0x | -23% |
| FY2018 Q1 | Mar 31 2018 | $53.96 | $3.51 | 15.4x | -2% |
| FY2017 Q4 | Dec 31 2017 | $52.47 | $3.06 | 17.1x | +10% |
| FY2017 Q3 | Sep 30 2017 | $48.17 | $3.61 | 13.3x | -15% |
| FY2017 Q2 | Jun 30 2017 | $44.56 | $3.49 | 12.8x | -18% |
| FY2017 Q1 | Mar 31 2017 | $42.84 | $3.37 | 12.7x | -19% |
| FY2016 Q4 | Dec 31 2016 | $42.25 | $2.92 | 14.5x | -8% |
| FY2016 Q3 | Sep 30 2016 | $32.06 | $2.50 | 12.8x | -18% |
| FY2016 Q2 | - | $25.98 | $2.17 | 12.0x | -23% |
| FY2016 Q1 | - | $25.01 | $2.27 | 11.0x | -30% |
| FY2015 Q4 | - | $31.81 | $2.90 | 11.0x | -30% |
| FY2015 Q3 | Sep 30 2015 | $31.50 | $1.63 | 19.3x | +23% |
| FY2015 Q2 | - | $38.79 | $1.98 | 19.6x | +25% |
| FY2015 Q1 | - | $35.69 | $2.05 | 17.4x | +11% |
| FY2014 Q4 | Dec 31 2014 | $38.80 | $1.61 | 24.1x | +54% |
| FY2014 Q3 | - | $34.57 | $2.51 | 13.8x | -12% |
| FY2014 Q2 | Jun 30 2014 | $32.33 | $2.13 | 15.2x | -3% |
| FY2014 Q1 | Mar 31 2014 | $31.17 | $1.62 | 19.2x | +23% |
| FY2013 Q4 | - | $31.36 | $1.36 | 23.0x | +47% |
| FY2013 Q3 | Sep 30 2013 | $26.95 | $1.64 | 16.4x | +5% |
| FY2013 Q2 | Jun 30 2013 | $24.43 | $0.64 | 38.2x | +144% |
| FY2013 Q1 | Mar 31 2013 | $21.98 | $0.52 | 42.3x | +170% |
| FY2012 Q2 | Jun 30 2012 | $14.59 | $1.25 | 11.7x | -25% |
| FY2012 Q1 | Mar 31 2012 | $19.64 | $0.58 | 33.9x | +116% |
| FY2011 Q4 | Dec 31 2011 | $15.13 | $1.14 | 13.3x | -15% |
| FY2011 Q3 | Sep 30 2011 | $13.51 | $1.84 | 7.3x | -53% |
| FY2011 Q2 | - | $23.01 | $0.62 | 37.1x | +137% |
| FY2011 Q1 | - | $27.32 | $2.09 | 13.1x | -16% |
| FY2010 Q4 | Dec 31 2010 | $27.21 | $2.58 | 10.5x | -33% |
| FY2010 Q3 | - | $24.68 | $2.48 | 10.0x | -36% |
| FY2010 Q2 | Jun 30 2010 | $23.21 | $2.93 | 7.9x | -49% |
| FY2010 Q1 | Mar 31 2010 | $29.29 | $0.79 | 37.1x | +137% |
| FY2008 Q4 | Nov 30 2008 | $14.75 | $1.52 | 9.7x | -38% |
| FY2008 Q3 | Aug 31 2008 | $40.83 | $0.21 | 194.4x | +1142% |
| FY2008 Q2 | May 31 2008 | $44.23 | $0.33 | 134.0x | +756% |
| FY2008 Q1 | Feb 29 2008 | $42.12 | $1.83 | 23.0x | +47% |
| FY2007 Q4 | Nov 30 2007 | $52.72 | $2.89 | 18.2x | +17% |
| FY2007 Q3 | Aug 31 2007 | $62.37 | $8.59 | 7.3x | -54% |
| FY2007 Q2 | - | $72.28 | $8.90 | 8.1x | -48% |
| FY2007 Q1 | Feb 28 2007 | $63.68 | $8.20 | 7.8x | -50% |
| FY2006 Q4 | - | $64.74 | $7.17 | 9.0x | -42% |
| FY2006 Q3 | - | $55.92 | $7.27 | 7.7x | -51% |
| FY2006 Q2 | May 31 2006 | $50.68 | $5.65 | 9.0x | -43% |
| FY2006 Q1 | - | $50.71 | $4.76 | 10.7x | -32% |
| FY2005 Q4 | Nov 30 2005 | $47.63 | $4.57 | 10.4x | -33% |
| FY2005 Q3 | Aug 31 2005 | $43.24 | $3.40 | 12.7x | -19% |
| FY2005 Q2 | - | $41.62 | $4.03 | 10.3x | -34% |
| FY2005 Q1 | Feb 28 2005 | $48.00 | $4.27 | 11.2x | -28% |
| FY2004 Q4 | - | $43.14 | $4.09 | 10.5x | -33% |
| FY2004 Q3 | - | $43.12 | $3.91 | 11.0x | -30% |
| FY2004 Q2 | May 31 2004 | $45.48 | $4.09 | 11.1x | -29% |
| FY2004 Q1 | Feb 29 2004 | $50.80 | $3.54 | 14.4x | -8% |
| FY2003 Q4 | Nov 30 2003 | $46.99 | $3.25 | 14.5x | -8% |
| FY2003 Q3 | Aug 31 2003 | $41.47 | $2.99 | 13.9x | -11% |
| FY2003 Q2 | May 31 2003 | $38.89 | $2.60 | 15.0x | -4% |
| FY2003 Q1 | Feb 28 2003 | $31.32 | $2.77 | 11.3x | -28% |
| FY2002 Q4 | Nov 30 2002 | $38.45 | $2.71 | 14.2x | -9% |
| FY2002 Q3 | Aug 31 2002 | $36.31 | $2.83 | 12.8x | -18% |
| FY2002 Q2 | May 31 2002 | $38.64 | $2.90 | 13.3x | -15% |
| FY2002 Q1 | - | $41.75 | $3.00 | 13.9x | -11% |
| FY2001 Q4 | Nov 30 2001 | $47.18 | $3.13 | 15.1x | -4% |
| FY2001 Q3 | Aug 31 2001 | $45.35 | $3.44 | 13.2x | -16% |
| FY2001 Q2 | - | $55.26 | $3.91 | 14.1x | -10% |
| FY2001 Q1 | Feb 28 2001 | $55.36 | $4.35 | 12.7x | -19% |
| FY2000 Q4 | - | $53.87 | $4.80 | 11.2x | -28% |
| FY2000 Q3 | - | $91.43 | $5.18 | 17.7x | +13% |
| FY2000 Q2 | May 31 2000 | $60.78 | $4.92 | 12.4x | -21% |
| FY2000 Q1 | - | $59.87 | $4.64 | 12.9x | -18% |
| FY1999 Q4 | - | $51.27 | $4.18 | 12.3x | -22% |
| FY1999 Q3 | - | $36.47 | $3.67 | 9.9x | -37% |
| FY1999 Q2 | May 31 1999 | $41.01 | $3.35 | 12.2x | -22% |
| FY1999 Q1 | Feb 28 1999 | $38.46 | $3.06 | 12.6x | -20% |
| FY1998 Q4 | Nov 30 1998 | $29.59 | $2.63 | 11.3x | -28% |
| FY1998 Q3 | Aug 31 1998 | $24.68 | $2.33 | 10.6x | -32% |
| FY1998 Q2 | May 31 1998 | $33.18 | $2.37 | 14.0x | -11% |
| FY1998 Q1 | Feb 28 1998 | $29.67 | $2.10 | 14.1x | -10% |
| FY1997 Q4 | Nov 30 1997 | $23.08 | $2.11 | 10.9x | -30% |
| FY1997 Q3 | Aug 31 1997 | $20.45 | $1.61 | 12.7x | -19% |
| FY1997 Q2 | May 31 1997 | $17.64 | $1.42 | 12.4x | -21% |
| FY1997 Q1 | Mar 31 1997 | $14.82 | $1.43 | 10.4x | -34% |
| FY1996 Q4 | - | $14.08 | $1.38 | 10.2x | -35% |
| FY1996 Q3 | Sep 30 1996 | $11.69 | $1.45 | 8.1x | -48% |
| FY1996 Q2 | Jun 30 1996 | $12.14 | $1.40 | 8.7x | -45% |
| FY1996 Q1 | Mar 31 1996 | $12.17 | $1.31 | 9.3x | -41% |
| FY1995 Q4 | Dec 31 1995 | $9.99 | $1.23 | 8.1x | -48% |
| FY1995 Q3 | Sep 30 1995 | $11.95 | $1.18 | 10.1x | -35% |
| FY1995 Q2 | Jun 30 1995 | $9.99 | $1.14 | 8.8x | -44% |
| FY1995 Q1 | Mar 31 1995 | $8.66 | $1.11 | 7.8x | -50% |
| FY1994 Q4 | Dec 31 1994 | $7.20 | $1.09 | 6.6x | -58% |
| FY1994 Q3 | Sep 30 1994 | $8.00 | $1.10 | 7.3x | -54% |
| FY1994 Q2 | - | $7.97 | $1.09 | 7.3x | -53% |
| FY1994 Q1 | - | $6.93 | $1.01 | 6.9x | -56% |
| FY1993 Q4 | Dec 31 1993 | $7.36 | $0.90 | 8.2x | -48% |
| FY1993 Q3 | - | $9.35 | $0.90 | 10.4x | -34% |
| FY1993 Q2 | Jun 30 1993 | $7.97 | $1.25 | 6.4x | -59% |
| FY1993 Q1 | Mar 31 1993 | $8.15 | $1.68 | 4.9x | -69% |
Average P/E for displayed period: 15.6x
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Intrinsic Valuation
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Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MS — Frequently Asked Questions
Quick answers to the most common questions about buying MS stock.
What is MS's P/E ratio?
Morgan Stanley (MS) trailing twelve-month P/E ratio is 17.8x, based on TTM diluted EPS of $12.49. The 5-year average P/E is 14.7x and the historical range spans 10.3x to 18.0x.
Is MS stock overvalued or undervalued?
MS trades at 17.8x P/E, above its 5-year average of 14.7x. The 95th percentile ranking within the 10.3x–18.0x historical range indicates a premium to historical valuation.
Is MS stock expensive?
Yes, MS is expensive relative to its own history. The current P/E of 17.8x is above the 5-year average of 14.7x and also above the Financial Services sector median of 14.1x. The stock sits at the 95th percentile of its 5-year valuation range.
What is MS's historical P/E range?
Over the past 5 years, MS's P/E ratio has ranged from 10.3x to 18.0x, with a median of 15.1x and an average of 14.7x. The current P/E of 17.8x places the stock at the 95th percentile of this range. Full historical data spans 1993–2026.
How does MS's P/E compare to the S&P 500?
MS trades at 17.8x P/E versus the S&P 500 median of 26.3x. The 32% discount to the market suggests lower growth expectations or perceived higher risk.
How does MS's valuation compare to Financial Services peers?
Morgan Stanley P/E of 17.8x compares to the Financial Services sector median of 14.1x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is MS's PEG ratio?
MS PEG ratio is 1.86, based on a P/E of 17.8x and EPS growth of 28.3%. A PEG between 1 and 2 suggests valuation aligns with growth expectations — typically considered fair.
What is MS's earnings yield?
MS earnings yield is 5.62%, the inverse of its 17.8x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.