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MS-PK

Morgan Stanley

MS-PK

Morgan Stanley • NYSE
$24.75 ▲ 0.12% (+0.03)
Market Cap $242.04 B
52w High $25.52
52w Low $22.52
Dividend Yield 1.46%
P/E 3.15
Volume 49.46K
Outstanding Shares 9.78B

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 income statement shows a business that has grown meaningfully and remains very profitable, although not in a perfectly straight line. Revenue has climbed steadily over the past several years, with a particularly strong step‑up most recently, suggesting both higher client activity and good traction from acquisitions and expanded wealth management. Profitability dipped in the middle of the period, likely reflecting tougher markets and deal slowdowns, but margins have rebounded as conditions improved and as the firm leaned on its large base of fee‑driven wealth and investment management revenue. Overall, earnings remain solid and comfortably positive, but they are still tied to market cycles and capital markets activity, so some ups and downs are normal.

Balance Sheet

Balance Sheet The balance sheet is large and complex, as expected for a global investment bank, but it looks broadly stable over time. Total assets have edged up, not exploded, which implies controlled growth rather than aggressive balance sheet expansion. Cash balances move around from year to year but remain substantial, providing a liquidity cushion. Debt has been rising gradually, yet shareholders’ equity has held fairly steady, which points to a business that is managing leverage in a measured way rather than suddenly ramping risk. As with any major financial institution, the true resilience depends heavily on risk management quality and regulatory capital, not just headline balance sheet size.

Cash Flow

Cash Flow Reported cash flows are noisy and swing between positive and negative, which is common for large banks because client activity, trading positions, and securities financing can dominate short‑term cash movements. There are periods of strong operating cash inflows and other years with sizeable outflows, even when profits are healthy. Free cash flow shows a similar pattern, reinforcing that traditional industrial‑style cash flow analysis doesn’t map neatly onto a capital markets firm. Capital spending is relatively modest and growing only slowly, indicating that most investment is in people, technology, and acquisitions rather than physical assets. The key takeaway is that accounting earnings are a more useful indicator of performance here than year‑to‑year cash flow swings.

Competitive Edge

Competitive Edge Morgan Stanley occupies a leading position in global capital markets and wealth management, supported by a well‑known brand and deep client relationships. Its biggest strength is diversification: it combines investment banking and trading with a very large wealth and investment management franchise, which helps smooth results when one side of the business faces a slowdown. The firm benefits from significant intellectual capital—experienced bankers, advisors, and research teams—that is hard for smaller or newer competitors to replicate. At the same time, it faces intense competition from other global banks and from digital and fintech players, and it operates under heavy regulatory oversight, which can constrain flexibility and add cost. Its competitive edge looks durable but not unassailable, and maintaining it will require continuous execution and risk discipline.

Innovation and R&D

Innovation and R&D Innovation at Morgan Stanley is centered on technology and product development rather than traditional lab‑style R&D. The firm has moved early and aggressively in applying artificial intelligence to wealth management, using tools like its AI assistant, personalized idea‑generation systems, and automatic meeting summarization to make advisors more productive and client interactions more tailored. Partnerships with major tech companies and the shift of systems to the cloud should improve scalability, data use, and speed of product rollout over time. Acquisitions such as E*TRADE and Eaton Vance add both new technologies and new platforms for digital distribution and investment products. The main risks are execution—integrating tools seamlessly into advisor and client workflows—and navigating data, privacy, and regulatory questions as AI use deepens.

Summary

Overall, Morgan Stanley looks like a mature, diversified financial institution that has grown meaningfully while maintaining solid profitability. Earnings and revenue trends point to a healthier, more fee‑driven business mix than in past cycles, with wealth and investment management helping offset the natural volatility of trading and investment banking. The balance sheet appears broadly steady and managed with an emphasis on scale and liquidity rather than rapid expansion, though, as with any large bank, leverage, market risk, and regulatory pressures remain key areas to watch. Cash flows are choppy but largely reflect the nature of the business rather than a clear sign of stress. Strategically, the firm’s push into AI and digital platforms, combined with its strong brand and intellectual capital, gives it meaningful opportunities to deepen relationships and improve efficiency, but success will depend on disciplined risk management, effective technology integration, and adapting to fast‑moving competition and regulation.