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MS-PA

Morgan Stanley

MS-PA

Morgan Stanley • NYSE
$19.70 ▲ 0.51% (+0.10)
Market Cap $211.60 B
52w High $24.65
52w Low $19.28
Dividend Yield 1.35%
P/E 2.51
Volume 111.98K
Outstanding Shares 10.69B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.048B ▲ $11.055B ▲ $4.61B ▲ 15.342% ▲ $2.83 ▲ $7.376B ▲
Q2-2025 $28.162B ▲ $10.786B ▼ $3.539B ▼ 12.567% ▼ $2.15 ▼ $5.929B ▼
Q1-2025 $27.912B ▲ $10.838B ▲ $4.315B ▲ 15.459% ▲ $2.62 ▲ $6.409B ▼
Q4-2024 $25.982B ▼ $10.022B ▼ $3.714B ▲ 14.295% ▲ $2.25 ▲ $6.551B ▲
Q3-2024 $26.328B $10.039B $3.188B 12.109% $1.91 $5.491B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $103.049B ▼ $1.365T ▲ $1.254T ▲ $109.962B ▲
Q2-2025 $216.002B ▲ $1.354T ▲ $1.245T ▲ $108.184B ▲
Q1-2025 $87.565B ▼ $1.3T ▲ $1.192T ▲ $106.812B ▲
Q4-2024 $401.589B ▼ $1.215T ▼ $1.11T ▼ $104.511B ▲
Q3-2024 $434.537B $1.258T $1.153T $103.647B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.657B ▲ $-15.624B ▼ $-33.187B ▼ $43.734B ▲ $103.728B ▲ $-15.429B ▼
Q2-2025 $3.575B ▼ $11.829B ▲ $-17.672B ▼ $21.667B ▲ $18.391B ▲ $11.066B ▲
Q1-2025 $4.371B ▲ $-23.976B ▼ $-5.034B ▲ $13.045B ▼ $-14.647B ▼ $-24.689B ▼
Q4-2024 $3.724B ▲ $11.8B ▲ $-10.15B ▼ $15.255B ▼ $14.302B ▲ $10.921B ▲
Q3-2024 $3.226B $-17.323B $-6.696B $23.048B $924M $-18.239B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Institutional Securities Segment
Institutional Securities Segment
 $14.28Bn ▲$8.98Bn ▼$7.64Bn ▼$8.52Bn ▲
Investment Management Segment
Investment Management Segment
 $3.02Bn ▲$1.60Bn ▼$1.55Bn ▼$1.65Bn ▲
Wealth Management Segment
Wealth Management Segment
 $14.36Bn ▲$7.33Bn ▼$7.76Bn ▲$8.23Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Morgan Stanley’s earnings profile looks strong but cyclical. Revenue has grown very meaningfully over the past few years, helped by a larger wealth management business and still-solid institutional activity. Profitability dipped from peak levels during the post‑pandemic boom but has recovered well more recently, with per‑share earnings bouncing back after a softer period. Overall, the firm shows it can generate substantial profits across different environments, but those profits can swing with deal-making, trading, and market sentiment.

Balance Sheet

Balance Sheet The balance sheet is large, as you’d expect for a global investment bank and wealth manager, and has expanded gradually over time. Debt levels have risen but appear in line with a big, regulated financial institution that relies on market funding. Equity has also grown, suggesting the firm has been able to retain earnings and preserve capital. The key takeaway is a sizable, relatively stable balance sheet with increasing leverage that needs to be carefully managed in stressed markets, as is typical for the sector.

Cash Flow

Cash Flow Reported cash flows are quite volatile from year to year, with operating and free cash flow swinging between positive and negative. For a bank-like institution, this is not unusual because client flows, trading positions, and balance-sheet movements can dominate the cash flow statement. Capital spending is modest relative to the size of the firm, reflecting a business that is more about people, technology, and balance-sheet usage than heavy physical investment. Liquidity and regulatory funding metrics matter more here than traditional free cash flow trends, and those are not fully visible in this summary.

Competitive Edge

Competitive Edge Morgan Stanley holds a strong, though not unassailable, competitive position. It combines a powerful global brand, top-tier investment banking and trading capabilities, and one of the industry’s leading wealth management franchises. Strategic moves like acquiring E*TRADE and Eaton Vance have deepened its reach with retail investors and asset management clients, while scale and a broad product set create meaningful advantages over smaller rivals. At the same time, it faces intense competition from other global banks, asset managers, and fintech platforms, and remains exposed to market cycles, regulatory changes, and the need to retain top talent.

Innovation and R&D

Innovation and R&D The firm is leaning heavily into technology, particularly data, AI, and digital platforms. Its AI tools for financial advisors and its partnership with OpenAI signal a push to make advice more efficient and personalized, while the E*TRADE platform strengthens its digital presence with self-directed investors. Ongoing work in predictive analytics, cybersecurity, and integrated client platforms (including Morgan Stanley at Work) shows a clear focus on staying ahead technologically. The opportunity is to deepen client relationships and lower costs; the risk is execution missteps or falling behind peers in a fast-moving tech race.

Summary

Putting it all together, Morgan Stanley looks like a mature, diversified financial powerhouse with meaningful growth in revenue over recent years and solid, if cyclical, profitability. Its balance sheet and funding profile are fundamental to its resilience, while cash flow volatility is part of the business model for a large capital markets institution. The firm’s edge comes from its brand, scale, wealth management tilt, and strong institutional franchise, all reinforced by active investment in AI and digital capabilities. Key things to watch include how well it manages leverage and risk through the cycle, how effectively it executes on technology and integration of past acquisitions, and how it navigates regulatory and competitive pressures in global capital markets.