MS
SP100NYSEMorgan Stanley
Financial Services · Capital Markets · United States
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Asia, Europe, the Middle East, and Africa. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The company offers capital raising and financial advisory services, including services related to the underwriting of debt, equity securities, and other products, as well as advice on mergers and acquisitions, restructurings, and project finance. It also provides equity and fixed income products comprising sales, financing, prime brokerage, and market-making services; Asia wealth management; business-related investments services; originating corporate and commercial real estate loans, secured lending facilities, and extending securities-based and other financing; and research activities. In addition, the company offers financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; stock plan administration; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services. Further, it provides equity, fixed income, alternatives and solutions, and liquidity and overlay services to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors, corporations, and individuals. Morgan Stanley was founded in 1924 and is headquartered in New York, New York.
www.morganstanley.com ↗Shares trade at a moderate 19.4× trailing earnings, easing to 16.6× on forward estimates. Profitability shows a net margin of 24.8% and return on equity of 16.4%. Debt/equity stands at 5.02×. Revenue grew 16.3% year-on-year. It yields 1.9% in dividends. The mean analyst target of USD207.62 sits 3.0% below the current price (Buy, 21 analysts).
business model
Morgan Stanley is a global financial services firm providing investment banking, securities trading, wealth management, and investment management. It has shifted toward more stable, fee-based wealth and asset management revenue while retaining a leading institutional securities franchise.
revenue segments
Revenue is organized into Institutional Securities (investment banking advisory and underwriting, equity and fixed income trading), Wealth Management (financial advice, brokerage, lending, and workplace/retirement services), and Investment Management (asset management across strategies).
key dependencies
Depends on capital markets activity (M&A, IPO, and trading volumes), interest rates and net interest income, client assets and market levels driving wealth management fees, regulatory capital requirements, and overall economic and market conditions.
competitors
Competes with Goldman Sachs, JPMorgan, Bank of America (Merrill), Bank of America, UBS, and other bulge-bracket banks in investment banking and trading, and with wealth managers and asset managers like BlackRock and Charles Schwab.
moat
Benefits from scale in wealth management (bolstered by E*Trade and Eaton Vance acquisitions), a premier investment banking brand and advisory relationships, large and sticky client assets, and diversified fee-based revenue that adds stability.
risks
Exposed to market volatility, declines in deal activity and trading, interest rate shifts, credit and counterparty risk, regulatory capital and compliance requirements, and reputational risk. Wealth management fees are sensitive to market downturns.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $65.97B | $57.62B | $50.67B | $50.21B | — |
| Interest expense | $49.02B | $45.52B | $37.62B | $12.27B | — |
| Pretax income | $21.95B | $17.60B | $11.81B | $14.09B | — |
| Tax provision | $4.93B | $4.07B | $2.58B | $2.91B | — |
| Net income | $16.86B | $13.39B | $9.09B | $11.03B | — |
| Diluted EPS | $10.21 | $7.95 | $5.18 | $6.15 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $1.42T | $1.22T | $1.19T | $1.18T | — |
| Cash & equivalents | $81.31B | $75.74B | $58.66B | $92.75B | — |
| Total liabilities | $1.31T | $1.11T | $1.09T | $1.08T | — |
| Total debt | $370.54B | $310.42B | $276.39B | $246.22B | — |
| Long-term debt | $349.39B | $288.78B | $267.47B | $241.08B | — |
| Shareholders' equity | $111.63B | $104.51B | $99.04B | $100.14B | — |
| Retained earnings | $115.09B | $104.99B | $98.00B | $94.86B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$17.89B | $1.36B | -$33.54B | -$6.40B | — |
| Investing cash flow | -$46.78B | -$29.46B | -$3.08B | -$11.63B | — |
| Financing cash flow | $67.76B | $46.76B | -$2.73B | $22.71B | — |
| Capital expenditure | -$2.90B | -$3.46B | -$3.41B | -$3.08B | -$2.31B |
| Free cash flow | -$20.79B | -$2.10B | -$36.95B | -$9.47B | — |
| Dividends paid | -$6.59B | -$6.14B | -$5.76B | -$5.40B | — |
| Share buybacks | -$5.83B | -$4.20B | -$6.18B | -$10.87B | — |
| End cash position | $111.69B | $105.39B | $89.23B | $128.13B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
Notes & alerts
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