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MS-PF

Morgan Stanley

MS-PF

Morgan Stanley • NYSE
$25.29 ▼ -0.04% (-0.01)
Market Cap $235.73 B
52w High $25.63
52w Low $24.87
Dividend Yield 1.74%
P/E 3.22
Volume 29.45K
Outstanding Shares 9.32B

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 Q3-2024Q4-2024Q1-2025Q2-2025
Institutional Securities Segment
Institutional Securities Segment
 $6.82Bn ▲$7.27Bn ▲$8.98Bn ▲$7.64Bn ▼
Investment Management Segment
Investment Management Segment
 $1.46Bn ▲$1.64Bn ▲$1.60Bn ▼$1.55Bn ▼
Wealth Management Segment
Wealth Management Segment
 $7.27Bn ▲$7.48Bn ▲$7.33Bn ▼$7.76Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Morgan Stanley’s income statement shows a business that has grown meaningfully in size and is back in a stronger profitability phase after a softer stretch. Revenue has climbed steadily over the past five years, with a particularly sharp step-up more recently, suggesting successful expansion in wealth management and capital markets activities. Profits dipped in the middle of the period as markets became more volatile and deal activity slowed, but they have since recovered, though not quite to the prior peak. Overall, the firm looks solidly profitable, but still exposed to the ups and downs of trading and investment banking cycles.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, globally systemic financial institution with massive assets and funding needs. Total assets have inched up over time rather than surging, which points to measured growth rather than aggressive balance sheet expansion. Debt levels have been trending higher, while equity has grown only gradually, meaning leverage has crept up but remains in line with what is typical for a global investment bank and wealth manager. Cash levels move around from year to year, which is normal for a trading- and financing-heavy business, but it does underscore reliance on market funding and disciplined risk management.

Cash Flow

Cash Flow Cash flow is choppy, which is common for a capital markets firm. Operating cash flow has swung between large inflows and large outflows, driven mainly by shifts in trading positions, client balances, and funding, rather than day‑to‑day profitability. Free cash flow has also been volatile and more often negative recently, reflecting both these working capital swings and steady investment in technology and infrastructure. For a bank-like institution, this pattern is not unusual, but it means cash flow statements need to be read with the business model in mind rather than as a simple measure of health.

Competitive Edge

Competitive Edge Morgan Stanley holds a strong competitive position anchored by a powerful brand, a leading wealth management franchise, and a diversified mix of businesses. The growing, fee-based wealth platform adds stability and helps smooth out more cyclical areas like investment banking and trading. Its global scale creates cost advantages and allows heavy ongoing investment in technology and talent, which smaller rivals struggle to match. Key risks to this position include intense competition from other global banks and asset managers, regulatory constraints, and the possibility that new digital or fintech players could chip away at certain services if Morgan Stanley’s own innovation were to slow.

Innovation and R&D

Innovation and R&D Innovation at Morgan Stanley is centered on technology rather than traditional lab-style research. The firm has moved early and decisively in applying artificial intelligence to support advisors, investment bankers, and internal decision-making, using tools that search research, summarize client meetings, and streamline workflows. This should enhance productivity and deepen client relationships, especially in wealth management where high-touch advice is crucial. The firm is also building products around long-term themes such as aging populations, clean energy, and the rewiring of global supply chains. The opportunity is meaningful, but there is execution risk: realizing the full value of AI and thematic strategies depends on data quality, regulatory comfort with these tools, and continued investment to stay ahead of peers.

Summary

Overall, Morgan Stanley appears to be in a robust strategic position: revenues are significantly higher than a few years ago, profits have rebounded after a mid-cycle soft spot, and the franchise is anchored by a large, sticky wealth management business. The balance sheet shows scale and moderate, industry-standard leverage, while cash flows reflect the inherent volatility of a trading and capital markets model rather than any clear structural strain. Competitively, the combination of brand, diversification, and advisor-led wealth management gives the firm a durable foundation, and its aggressive push into AI and digital tools could further widen that edge if executed well. Key uncertainties remain tied to macroeconomic cycles, market activity, regulation, and the real-world payoff from its technology investments, all of which can meaningfully influence future results in either direction.