Morgan Stanley MS · USD
Financials · Capital Markets · US listing · 🇺🇸 United States
S&P 500
187.11
+3.13%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue, before interest expense
$114.98bn
FY2016FY2025
Net income
$16.86bn
FY2016FY2025
Total assets
$1.42trn
FY2016FY2025
Shareholders' equity
$111.63bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | $114.98bn | $103.14bn | $88.29bn | $62.48bn | $57.78bn | $49.68bn | $51.45bn | $47.80bn | $41.55bn | $36.03bn |
| Operating income | $21.95bn | $17.60bn | $11.81bn | $14.09bn | $19.67bn | $14.42bn | $11.30bn | $11.24bn | $10.40bn | $8.85bn |
| Net income | $16.86bn | $13.39bn | $9.09bn | $11.03bn | $15.03bn | $11.00bn | $9.04bn | $8.75bn | $6.11bn | $5.98bn |
| Diluted earnings per share | 10.58 | 8.33 | 5.59 | 6.57 | 8.42 | 6.10 | 5.64 | 5.13 | 3.40 | 3.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $1.42trn | $1.22trn | $1.19trn | $1.18trn | $1.19trn | $1.12trn | $895.43bn | $853.53bn | $851.73bn | $814.95bn |
| Cash and short-term investments | $539.97bn | $401.59bn | $461.89bn | $467.86bn | $500.35bn | $474.23bn | $368.83bn | $357.29bn | $314.17bn | $318.11bn |
| Total liabilities | $1.31trn | $1.11trn | $1.09trn | $1.08trn | $1.08trn | $1.01trn | $812.73bn | $772.13bn | $773.27bn | $737.77bn |
| Debt | $493.44bn | $751.72bn | $705.90bn | $681.08bn | $665.23bn | $602.04bn | $460.39bn | $439.15bn | $422.03bn | $392.05bn |
| Shareholders' equity | $111.63bn | $104.51bn | $99.04bn | $100.14bn | $105.44bn | $101.78bn | $81.55bn | $80.25bn | $77.39bn | $76.05bn |
| Shares outstanding | 1,593m | 1,608m | 1,627m | 1,679m | 1,785m | 1,802m | 1,602m | 1,705m | 1,796m | 1,853m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | $34.47bn | $33.15bn | $28.86bn | $30.05bn | $28.16bn | $27.91bn | $25.98bn | $26.33bn |
| Operating income | $7.40bn | $7.01bn | $5.76bn | $6.03bn | $4.62bn | $5.54bn | $4.91bn | $4.22bn |
| Net income | $5.58bn | $5.64bn | $4.40bn | $4.61bn | $3.54bn | $4.32bn | $3.71bn | $3.19bn |
| Diluted earnings per share | 3.50 | 3.54 | 2.76 | 2.89 | 2.22 | 2.71 | 2.31 | 1.98 |
| Total assets | — | $1.58trn | $1.42trn | $1.36trn | $1.35trn | $1.30trn | $1.22trn | $1.26trn |
| Cash and short-term investments | — | $659.74bn | $539.97bn | $103.05bn | $216.00bn | $87.56bn | $401.59bn | $434.54bn |
| Debt | — | $393.20bn | $493.44bn | $414.62bn | $420.85bn | $396.93bn | $360.49bn | $374.65bn |
| Shareholders' equity | — | $114.29bn | $111.63bn | $109.96bn | $108.18bn | $106.81bn | $104.51bn | $103.65bn |
Financial ratios
Data as of 3 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 19.1% | 17.1% | 13.4% | 22.6% | 34.0% | 29.0% |
| Net margin | 14.7% | 13.0% | 10.3% | 17.7% | 26.0% | 22.1% |
| Return on equity | 15.1% | 12.8% | 9.2% | 11.0% | 14.3% | 10.8% |
| Return on assets | 1.2% | 1.1% | 0.8% | 0.9% | 1.3% | 1.0% |
| Revenue growth | 11.5% | 16.8% | 41.3% | 8.1% | 16.3% | -3.4% |
| Earnings growth | 25.9% | 47.4% | -17.6% | -26.6% | 36.7% | 21.6% |
| Current ratio | 1.17x | 0.66x | 0.72x | 0.72x | 0.77x | 0.80x |
| Debt to equity | 4.42x | 3.45x | 3.42x | 3.05x | 2.84x | 2.77x |
| Equity ratio | 7.9% | 8.6% | 8.3% | 8.5% | 8.9% | 9.1% |
| Interest coverage | 0.45x | 0.39x | 0.31x | 1.15x | 14.40x | 3.75x |
| Buybacks as a share of market value | 0.9% | 1.2% | 3.1% | 5.9% | 0.9% | -12.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.5% | 18.3% | 12.3% |
| Operating income | 15.9% | 8.8% | 10.0% |
| Net income | 15.2% | 8.9% | 10.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.1% | 17.7% | 20.9% | 21.7% |
| Net margin | 13.9% | 13.7% | 16.0% | 16.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.8 | 15.1 | 16.7 | 12.9 | 11.7 | 11.2 | 9.1 | 7.7 | 15.4 | 13.1 |
| Price to sales | 2.5 | 2.0 | 1.7 | 2.3 | 3.0 | 2.5 | 1.6 | 1.4 | 2.3 | 2.2 |
Market value over time
31 Oct 2016 to 2 Sept 2026, in USD
$63.08bn$337.43bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 43% | 32% | 7% | -10% | 41% | 34% | 30% | -26% | 21% | 38% |
Dividends and splits
Per share, in the currency the company pays
Paid for 32 years. Last went ex-dividend on 31 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.15 | 3.85 | 3.55 | 3.75 | 2.95 | 2.10 | 1.40 | 1.30 |
- 2-for-1 split · 27 Jan 2000
- 2-for-1 split · 15 Jan 1997
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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