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MS-PE

Morgan Stanley

MS-PE

Morgan Stanley • NYSE
$25.55 ▼ -0.08% (-0.02)
Market Cap $235.14 B
52w High $25.85
52w Low $25.01
Dividend Yield 1.81%
P/E 3.25
Volume 19.90K
Outstanding Shares 9.20B

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
 $21.27Bn ▲$8.98Bn ▼$7.64Bn ▼$8.52Bn ▲
Investment Management Segment
Investment Management Segment
 $4.41Bn ▲$1.60Bn ▼$1.55Bn ▼$1.65Bn ▲
Wealth Management Segment
Wealth Management Segment
 $21.15Bn ▲$7.33Bn ▼$7.76Bn ▲$8.23Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Morgan Stanley’s recent income trends show a business that has grown meaningfully while riding through normal market ups and downs. Revenue has moved steadily higher over the last several years, helped by strength in capital markets, wealth and investment management, and fee-based businesses. Profitability dipped in the middle of the period as markets softened and costs rose, but earnings have clearly recovered more recently, with per‑share profits now back near prior peaks. Overall, the income statement points to a large, diversified franchise that can still grow, but whose profits remain sensitive to deal activity, trading volumes, and the broader interest‑rate and economic backdrop.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, complex financial institution with substantial assets and a meaningful layer of debt, which is typical for a global bank and capital markets firm. Asset levels have been relatively stable over time, suggesting no extreme balance‑sheet expansion. Equity has inched up, showing gradual capital build, while debt has crept higher, which is worth watching in a higher‑rate world. Cash and liquid resources move around from year to year, which is normal given trading and funding flows, but recent levels look solid rather than stretched. Overall, the balance sheet appears robust but inherently carries the leverage and funding risks that come with a major financial intermediary.

Cash Flow

Cash Flow Cash flows are more volatile than the earnings line suggests, which is common for a capital‑markets‑heavy institution. Operating cash flow has swung between strong inflows and sizable outflows, driven by changes in trading positions, client balances, and working capital rather than day‑to‑day operating weakness. Free cash flow turns negative in years when there are big balance‑sheet swings, not because of heavy investment spending, since ongoing capital expenditures are quite modest for a firm of this size. The key takeaway is that reported cash flow is cyclical and can look lumpy, so it needs to be interpreted in the context of Morgan Stanley’s role as a market‑making and financing institution rather than like a traditional industrial company.

Competitive Edge

Competitive Edge Morgan Stanley, and by extension its private equity arm, operates from a position of considerable strength. The brand is globally recognized, which helps attract deals, capital, and top talent. Its private equity team benefits from the firm’s broad client base, deep industry relationships, and access to capital markets, creating an advantage in sourcing investments and exiting them. The focus on middle‑market companies, combined with a hands‑on, operational approach, helps differentiate it from larger, more financial‑engineering‑driven buyout competitors. In addition, the ability to provide capital across the spectrum—from growth equity to credit—gives Morgan Stanley a flexible toolkit that many pure‑play private equity firms cannot easily match. The main risks are intense competition for deals, high valuations in private markets, and reliance on healthy capital markets for realizations.

Innovation and R&D

Innovation and R&D Innovation at Morgan Stanley Private Equity is less about traditional R&D spending and more about using technology, data, and new product structures to gain an edge. The group taps into the firm‑wide AI and data‑analytics platforms, including internal AI assistants, to sift through information faster, improve due diligence, and monitor portfolio performance in a more granular, real‑time way. It has also pushed into thematic and impact‑oriented strategies, such as climate‑focused platforms like 1GT, and is backing technology‑enabled businesses (for example, video AI and digital platforms) to align with long‑term economic shifts. Efforts to “democratize” private markets—via acquisitions like EquityZen and dedicated private‑markets desks—show a willingness to rethink distribution and investor access. Overall, the innovation agenda is about embedding digital tools, ESG, and new structures into how capital is raised and deployed, rather than about lab‑style research.

Summary

Putting it all together, Morgan Stanley and its private equity division combine scale, a strong brand, and growing, albeit cyclical, earnings power. The income statement shows that the firm can grow and rebound from softer periods, while the balance sheet and liquidity position underline its status as a large, leveraged but well‑capitalized financial institution. Cash flows are inherently choppy due to the nature of the business, so short‑term swings need to be viewed through that lens. Competitively, MS‑PE benefits from Morgan Stanley’s global network, deal flow, and ability to provide flexible capital, with a clear emphasis on operational value creation in the middle market. Its innovation efforts center on AI‑driven analytics, digital platforms, and thematic strategies such as climate and alternatives access. The main opportunities lie in continued growth of private markets, technology‑enabled investing, and sustainable finance, while key risks include market cyclicality, competition for deals, and the structural leverage typical of large financial groups.