Morgan StanleyMS
NYSE•Financial Services•Capital Markets
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.
Morgan Stanley (MS) reported trailing twelve months revenue of $73.49B as of March 2026, a 14.2% increase year-over-year. Quarterly revenue reached $20.58B, reflecting continued top-line momentum.
Morgan Stanley generated $18.11B in TTM net income, with quarterly EBITDA of $7.01B. The operating margin expanded from 31.3% to 34.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (34.1%) and net margin (27.1%) indicates moderate non-operating costs. Net margin has improved from 24.3% a year ago, signaling stronger bottom-line efficiency.
MS trades at a P/E of 13.6x (below the broader market average) and a P/S of 3.4x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-7.10B, indicating cash consumption over the period. The balance sheet shows $1.58T in total assets with $363.01B in long-term debt against $114.29B in stockholders equity for a debt-to-equity ratio of 3.2, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~30.4%, suggesting durable pricing power and cost discipline.
ROE is positive at ~13.3% on average, adequate but below the threshold typically associated with wide moats.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~30.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~31.7% — no sign of cost or pricing stress.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 3.2 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 2.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation