Financials · Investment Banking & Brokerage · US stock · price as of 22 Oct 2026
Key indicators
Price
$183.97
52-week range
$152.80 – $232.25
Market cap
$288.6B
P/E (trailing)
14.4×
Dividend yield
2.3%
Revenue (last 12 months)
–
Revenue growth (3y a year)
–
Price / book
2.5×
Return on equity
17.3%
Fair value
Fair value (average of valid models)$135.32 middle half of models $111 – $158
Versus priceOvervalued−26% to fair value
P/E multiple
$183.77
P/B multiple
$150.03
Dividend discount, stable
$89.02
Dividend discount, multi-stage
$118.46
Model uncertainty
Medium
X-Ray Score
34/ 100 · Low confidence · ahead of 4% of sector peers
Valuation10
Growth72
Profitability12
Financial health37
Dividends64
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Morgan Stanley an X-Ray Score of 34 out of 100 (low confidence), ahead of 4% of the S&P 500 stocks in its sector. Its strongest lens is growth (72) and its weakest is valuation (10).
Our fair value (the average of the valid models) is $135.32 (range $111.10 to $158.47). At $183.97 the stock trades 36% above that value, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Morgan Stanley (MS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$84.29
$75.58
$86.10
$120.31
$174.65
$183.97
Market cap
$152.9B
$129.5B
$141.7B
$193.8B
$278.0B
$288.6B
P/E
10.5×
12.3×
16.6×
15.1×
17.1×
14.4×
Price / book
1.5×
1.3×
1.4×
1.9×
2.5×
2.5×
Dividend yield
2.49%
3.90%
3.77%
2.95%
2.20%
2.26%
Fundamentals checklist ● 1 Good · ● 0 Average · ● 2 Bad · each check graded against the sector
Growth
EPS growth (3y)18.4%Good
Valuation
Fair value vs price0.7×Bad
Profitability
Return on invested capital6.0%Bad
XStocksXray
Morgan Stanley (MS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
–
–
–
–
–
–
Net income
15,034
11,029
9,087
13,390
16,861
20,155
Diluted EPS ($)
8.03
6.15
5.18
7.95
10.21
12.74
Net margin
–
–
–
–
–
–
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
1,188,140
1,180,231
1,193,693
1,215,071
1,420,270
1,675,057
Cash
127,725
128,127
89,232
105,386
111,695
160,135
Total debt
227,363
233,867
260,544
284,307
341,681
383,156
Equity
105,441
100,141
99,038
104,511
111,632
116,329
Dividend per share ($)
2.10
2.95
3.25
3.55
3.85
4.00
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
