Morgan Stanley
Morgan Stanley's revenue rose 14.4% to $70.6 billion in fiscal 2025. Net income was $16.9 billion, up 25.9%. Its return on equity was 15.6%, up from 13.2% a year earlier. Its efficiency ratio was 68.4%, down from 71.1% a year earlier. It paid out $6.6 billion in dividends and buybacks. The diluted share count fell 1.2%.
Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Morgan Stanley does
Morgan Stanley is an investment bank and wealth manager that serves companies, governments, financial institutions and individual investors in the United States and around the world. It advises on mergers and other deals, helps clients raise money, trades stocks and bonds, manages people's savings and investments, and lends to clients. It is regulated by the Federal Reserve as a bank holding company. Its net revenues were $70.6 billion in 2025.
Morgan Stanley reports three segments. Institutional Securities, its investment banking, trading and lending business for large clients, had net revenues of $33.1 billion. Wealth Management, which serves individuals through financial advisors, a self-directed online brokerage and workplace services such as stock plan administration, mainly in the United States, had $31.8 billion; it earns fees on client assets, trading commissions and interest on loans and deposits. Investment Management, which runs stock, bond and alternative funds for pension plans, endowments, insurers and other investors, had $6.5 billion. It says it competes with commercial and investment banks, brokers, private banks, investment advisers, digital investing platforms, asset managers and financial technology firms.
Morgan Stanley had about 83,000 employees in 42 countries at the end of 2025, about 54,000 of them in the Americas.
Its biggest risks, as it describes them
- Market swings and economic conditions that could cut its trading, deal-making and wealth management results.
- Losses if borrowers or trading partners fail to pay, or from large concentrated positions.
- Its reliance on outside funding, which depends on its credit ratings and on market conditions.
- Extensive and changing regulation, lawsuits and investigations that could limit its business or bring penalties.
- Strong competition and the shift to automated electronic trading, which put pressure on its fees.
Charts show fiscal years, from the 10-K filings.
Revenue and returns
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 14.9% a year and net income 12.2% a year, as the share count fell by 16%.
Efficiency and income mix
Payouts and share count
Valuation
Value Morgan Stanley yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Morgan Stanley's earnings per share of $12.37 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Morgan Stanley's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $183.49
- Value at this multiple, against the last close
- —
- Morgan Stanley's P/E at the last close
- 14.8×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| Charles SchwabSCHW | $89.73 | $5.49 | 16.3× |
| Morgan StanleyMS | $183.49 | $12.37 | 14.8× |
| Goldman SachsGS | $893.28 | $64.77 | 13.8× |
| Raymond James FinancialRJF | $158.07 | $11.47 | 13.8× |
| StifelSF | $66.52 | $5.59 | 11.9× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | 174.3 | 199.0 | 203.4 | 225.8 | 268.7 |
| Deposits | 347.6 | 356.6 | 351.8 | 376.0 | 415.5 |
| Loans to deposits | 50.1% | 55.8% | 57.8% | 60.1% | 64.7% |
| Provision for credit losses | −0.0 | 0.2 | 0.5 | 0.1 | 0.2 |
| Provision to average loans | — | 0.1% | 0.2% | 0.1% | 0.1% |
| Total assets | 1,188.1 | 1,180.2 | 1,193.7 | 1,215.1 | 1,420.3 |
| Shareholders' equity | 105.4 | 100.1 | 99.0 | 104.5 | 111.6 |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Morgan Stanley shares on the open market, and 9 insiders sold $68.2 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Mary L SchapiroDirector | Sold | 1,000 | $212.06 | $212,060 | Form 4 |
| Jul 17, 2026 | Michael A. PizziHead Technology & Operations | Sold | 24,165 | $215.55 | $5.2 million | Form 4 |
| Jul 16, 2026 | Sharon YeshayaChief Financial Officer | Sold | 15,554 | $222.51 | $3.5 million | Form 4 |
| Apr 20, 2026 | Eric F GrossmanChief Legal/Admin Officer | Sold | 11,118 | $190.75 | $2.1 million | Form 4 |
| Apr 17, 2026 | Daniel A SimkowitzCo-President | Sold | 14,690 | $189.24 | $2.8 million | Form 4 |
| Apr 16, 2026 | Andrew M SapersteinCo-President | Sold | 51,668 | $188.60 | $9.7 million | Form 4 |
| Apr 16, 2026 | Mandell CrawleyChief Client Officer | Sold | 16,129 | $188.21 | $3.0 million | Form 4 |
| Jan 30, 2026 | Daniel A SimkowitzCo-President | Sold | 32,968 | $182.61 | $6.0 million | Form 4 |
| Jan 20, 2026 | Andrew M SapersteinCo-President | Sold | 30,330 | $183.62 | $5.6 million | Form 4 |
| Jan 20, 2026 | Eric F GrossmanChief Legal/Admin Officer | Sold | 21,555 | $184.00 | $4.0 million | Form 4 |
| Jan 20, 2026 | Michael A. PizziHead Technology & Operations | Sold | 20,000 | $184.55 | $3.7 million | Form 4 |
| Jan 20, 2026 | Sharon YeshayaChief Financial Officer | Sold | 15,838 | $185.77 | $2.9 million | Form 4 |
Compare
Put Morgan Stanley side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Net margin | Return on equity | Return on tangible equity | Efficiency ratio | Compare |
|---|---|---|---|---|---|---|---|
| Morgan Stanley | FY25 | 14.4% | 23.9% | 15.6% | 19.1% | 68.4% | |
| Goldman Sachs | FY25 | 8.9% | 29.5% | 13.9% | 15.9% | 64.4% | Compare |
| Charles Schwab | FY25 | 22.0% | 37.0% | 18.1% | 39.2% | 52.1% | Compare |
| Raymond James Financial | FY25 | 6.6% | 13.4% | 17.7% | 21.0% | 71.3% | Compare |
| Stifel | FY25 | 6.7% | 10.8% | 11.7% | 17.9% | 73.4% | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 34.6 | 37.9 | 40.1 | 41.5 | 48.8 | 59.8 | 53.7 | 54.1 | 61.8 | 70.6 |
| Revenue growth | −1.5% | 9.6% | 5.7% | 3.6% | 17.4% | 22.6% | −10.2% | 0.9% | 14.1% | 14.4% |
| Net interest income | 3.7 | 3.3 | 3.8 | 4.7 | 6.3 | 8.0 | 9.3 | 8.2 | 8.6 | 10.0 |
| Noninterest income | 30.9 | 34.6 | 36.3 | 36.8 | 42.4 | 51.7 | 44.3 | 45.9 | 53.1 | 60.6 |
| Noninterest expense | 25.8 | 27.5 | 28.9 | 30.1 | 33.6 | 40.1 | 39.3 | 41.8 | 43.9 | 48.3 |
| Provision for credit losses | 0.1 | 0.0 | −0.0 | 0.1 | 0.6 | −0.0 | 0.2 | 0.5 | 0.1 | 0.2 |
| Net income | 6.0 | 6.1 | 8.7 | 9.0 | 11.0 | 15.0 | 11.0 | 9.1 | 13.4 | 16.9 |
| Diluted EPS (US$) | 2.92 | 3.07 | 4.73 | 5.19 | 6.46 | 8.03 | 6.15 | 5.18 | 7.95 | 10.21 |
| Diluted shares (millions) | 1,887 | 1,821 | 1,738 | 1,640 | 1,624 | 1,814 | 1,713 | 1,646 | 1,611 | 1,592 |
| Payouts | ||||||||||
| Dividends paid | 1.7 | 2.1 | 2.4 | 2.6 | 2.7 | 4.2 | 5.4 | 5.8 | 6.1 | 6.6 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Balance sheet at fiscal year end | ||||||||||
| Loans, net | 94.2 | 104.1 | 115.6 | 130.6 | — | 174.3 | 199.0 | 203.4 | 225.8 | 268.7 |
| Deposits | 155.9 | 159.4 | 187.8 | 190.4 | 310.8 | 347.6 | 356.6 | 351.8 | 376.0 | 415.5 |
| Total assets | 814.9 | 851.7 | 853.5 | 895.4 | 1,115.9 | 1,188.1 | 1,180.2 | 1,193.7 | 1,215.1 | 1,420.3 |
| Shareholders' equity | 76.0 | 77.4 | 80.2 | 81.5 | 101.8 | 105.4 | 100.1 | 99.0 | 104.5 | 111.6 |
| Ratios | ||||||||||
| Return on equity | 7.9% | 8.0% | 11.1% | 11.2% | 12.0% | 14.5% | 10.7% | 9.1% | 13.2% | 15.6% |
| Return on tangible common equity | 8.3% | 8.3% | 11.8% | 11.8% | 13.3% | 17.6% | 13.5% | 11.3% | 16.3% | 19.1% |
| Return on assets | 0.8% | 0.7% | 1.0% | 1.0% | 1.1% | 1.3% | 0.9% | 0.8% | 1.1% | 1.3% |
| Efficiency ratio | 74.5% | 72.6% | 72.0% | 72.4% | 68.9% | 67.1% | 73.2% | 77.2% | 71.1% | 68.4% |