Morgan Stanley (MS)
Financials · Investment Banking & Brokerage · US stock · S&P 500 component
$183.97
▼ -3.04 (1.63%)
Fair valueOvervalued
$135 −26.4% to fair value
$68fair band $115–$164$203
Day's range
$182.22 – $187.00
52-week range
$152.80 – $232.25
About Morgan Stanley
Morgan Stanley is a global financial services firm that serves corporations, governments, institutions and individual investors. It is organised around institutional securities, which covers investment banking, trading and lending; wealth management, which advises and lends to individual and business clients; and investment management, which runs funds and portfolios for institutions and individuals.
Morgan Stanley earns revenue from advisory and underwriting fees, trading, asset management and wealth management fees, and net interest income. The data sheet does not carry a revenue figure for the firm. The dividend yield is 2.3%. On the site's X-Ray Score it receives 34 out of 100.
Price chart
52-wk range $152.80 – $232.25Volume 6,288,764Daily, split-adjusted
Vitals
Market cap$288.6B
52-week range$152.80 – $232.25
Volume (last day)6,288,764
P/E (TTM)14.4
EBIT / EV yield5.1%
Free-cash-flow yield–
Dividend yield2.3%
Revenue (TTM)–
Net income (TTM)$20.2B
Operating margin–
Return on capital6.0%
Debt incl. leases$383.2B
Cash & securities$160.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$135middle half of models $111 – $158
Overvalued
−26.4% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $184
Undervalued < $115Fair $115 – $164Overvalued > $164
P/E multiple
$184
P/B multiple
$150
Dividend discount, stable
$89
Dividend discount, multi-stage
$118
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
10/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.1%
Fair value vs price0.7×
Growth
Strong
72/100
Growing faster than most of its sector.
See the numbers →
EPS growth (3y)18.4%
Profitability
Weak
12/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.0%
Financial health
Weak
37/100
Balance sheet is more stretched than most peers.
See the numbers →
Net debt / EBITDA7.3×
Interest coverNo interest cost
Dividends
Fair
64/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.3%
Dividend growth6.9%
Quarterly results: last 6 quarters
–
Mar '25
–
Jun '25
–
Sep '25
–
Dec '25
–
Mar '26
–
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue –, diluted EPS $3.46.
Compare with peers
SCHW Schwab Charles Corp68 RJF Raymond James Financia...55 IBKR Interactive Brokers Gr...51 GS Goldman Sachs Group In...49Other Investment Banking & Brokerage companies by X-Ray Score.
SWOT analysis: Morgan Stanley
Strengthsinside the company
- Earnings per share have compounded at 18.4% a year over three years.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 6.0% is well below the 13.6% median of industry peers.
- Net debt is 7.3x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- The price is 26% above our fair value estimate, so there is little room for disappointment.
- The price trend is down on the daily and weekly signals.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MS with peers and sector
Medians of 5 Investment Banking & Brokerage peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): GS 49, SCHW 68, HOOD 45, IBKR 51, RJF 55.
| Metric | MS | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 34 | 51 | 50 |
| Valuation | 10 | 48 | 52 |
| Growth | 72 | 66 | 54 |
| Profitability | 12 | 52 | 49 |
| Financial health | 37 | 58 | 51 |
| Dividends | 64 | 58 | 54 |
Sector leaders: highest X-Ray Score in Financials
MS ranks #68 of 71 in Financials and #6 of 6 in Investment Banking & Brokerage by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MS
Each factor is rated by where MS stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 1 Good · 3 Average · 0 Bad of 4
Growth: 1 · 0 · 0
Profitability: 0 · 1 · 0
Valuation: 0 · 2 · 0
| Factor | MS | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| EPS growth, 3 years a year | +18.4% | Good beats 72% | +12.7% | – | – |
| Profitability | |||||
| Return on equity | 17.3% | Average beats 58% | 15.7% | 12.8% | ▲ Better |
| Valuation | |||||
| P/E ratio | 14.3x | Average beats 46% | 13.8x | 15.1x | ≈ In line |
| Price / book | 2.5x | Average beats 39% | 2.2x | 1.7x | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings), and banks and insurers are rated only on the factors that apply to them. A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 0 Average · ● 5 BadCash quality
Earnings backed by cashBad
Risk models
Growth
EPS growth (3y)Good
Balance sheet
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Each check is graded against the company's sector, not a fixed number. Checklist score 30/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | – | – | – | – | – |
| Operating income | $21.0B | $26.4B | $53.9B | $17.6B | $22.0B |
| Net income | $15.0B | $11.0B | $9.1B | $13.4B | $16.9B |
| Operating cash flow | $34.0B | −$6.4B | −$33.5B | $1.4B | −$17.9B |
| Operating margin | – | – | – | – | – |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $8.03 | $6.15 | $5.18 | $7.95 | $10.21 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
0 bullish · 4 neutral · 12 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 184.1 | Bearish |
| EMA 10 | 184.5 | Bearish |
| SMA 20 | 187.4 | Bearish |
| EMA 20 | 188.3 | Bearish |
| SMA 50 | 201.6 | Bearish |
| EMA 50 | 197.0 | Bearish |
| SMA 100 | 208.5 | Bearish |
| EMA 100 | 199.6 | Bearish |
| SMA 200 | 193.1 | Bearish |
| EMA 200 | 191.8 | Bearish |
Oscillators (daily)
| RSI (14) | 38.94 | Neutral |
| MACD (12, 26) | -5.48 | Bearish |
| Momentum (12) | -3.69 | Bearish |
| Stochastic %K (14) | 44.66 | Neutral |
| Williams %R (14) | -55.34 | Neutral |
| CCI (20) | -48.43 | Neutral |
Pivot points (classic, last session)
S3 177.0 | S2 179.6 | S1 181.8 | Pivot 184.4 | R1 186.6 | R2 189.2 | R3 191.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.15 USD
Yield on today's price
2.26%
Frequency
Quarterly
Next ex-dividend date
30 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 1.1500 |
| 1.1500 | |
| 1.0000 | |
| 1.0000 | |
| 1.0000 | |
| 1.0000 | |
| 0.9250 | |
| 0.9250 | |
| 0.9250 | |
| 0.9250 | |
| 0.8500 | |
| 0.8500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MS
| ETF | Share of the fund |
|---|---|
| KBWB Invesco KBW Bank | 9.36% |
| IYF iShares U.S. Financials | 3.45% |
| XLF Financial Select Sector SPDR | 3.30% |
| PWV Invesco Dynamic Large Cap Value | 3.21% |
| VFH Vanguard Financials | 2.97% |
| MFSV MFS Active Value | 2.95% |
| NULV Nuveen ESG Large-Cap Value | 2.04% |
| DLN WisdomTree U.S. LargeCap Dividend | 1.50% |
The eight funds with the largest weight in MS among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MS stock splits
MS has split its stock 2 times since 1997. The latest was a 2-for-1 split on 27 Jan 2000.
Full MS stock split history →MS SEC filings
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.