# Morgan Stanley (MS)

> Morgan Stanley advises companies and governments on raising money, helps people manage investments, and trades and lends in financial markets.

- Exchange: NYSE · Sector: Financials · Industry: Capital Markets
- Headquarters: New York City, New York
- Founded: 1935
- SEC CIK: 0000895421 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895421))
- Full page: https://inspectstocks.com/stocks/ms
- Data as of: price 2026-09-28; newest filing used 2026-08-04; latest fiscal period ended 2026-06-30

## Grade

**A** on the balance-sheet rubric used for lenders, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | $20.2B |  |
| Earnings growing overall | passed | $20.2B | $10B |
| Earnings growing recently | passed | $20.2B | $16.9B |
| Earns well on its assets | passed | 1.2% |  |
| Book value per share growing | passed | $70.12 | $58.46 |

Business quality (the + / − mark): 4 of 8 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 25.8% |  |
| Healthy profit margin | passed | 25.8% |  |
| Good return on equity | passed | 18.1% |  |
| Debt under control | failed | 3.11 |  |
| Turns sales into cash | failed | -23.8% |  |
| Earns a wide spread on lending | failed | 0.8% |  |
| Runs the bank efficiently | failed | 66.2% |  |
| Credit losses well covered | passed | 0.3% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $78B |
| Net income, trailing twelve months | $20.2B |
| Free cash flow, trailing twelve months | -$18.6B |
| Net margin | 25.8% |
| Return on equity | 18.1% |
| Debt to equity | 3.11 |
| Diluted EPS, trailing twelve months | $12.37 |
| Share price | $193.67 |
| Market value | $304.2B |
| Price / earnings | 15.7x |
| Price / sales | 3.9x |

## What the business does

Its Institutional Securities business advises on mergers and acquisitions and helps clients raise money by issuing stocks and bonds. It also trades stocks and bonds for clients and provides financing, including loans. Wealth Management provides financial advice, investment accounts, workplace stock-plan services, banking and lending to individuals and businesses. Investment Management invests money for institutions and individuals in stocks, bonds and other types of investments.

### How it makes money

- **Institutional Securities: advice on company transactions and fundraising, plus trading and financing for institutional clients.** (51.2% of reported segment net revenues (quarter ended 2026-06-30)) — It earns fees for advice and for arranging stock and bond issues, and revenue from trading, financing and lending to clients. Segment net revenues were $11.040 billion (quarter ended 2026-06-30, high). Shares use the sum of reported segment net revenues before intersegment eliminations.
- **Wealth Management: investment accounts, financial advice, brokerage, banking and lending for individuals and businesses.** (41.1% of reported segment net revenues (quarter ended 2026-06-30)) — It receives fees for managing or advising on client assets, earns revenue from client transactions, and earns interest on loans and deposits. Segment net revenues were $8.856 billion (quarter ended 2026-06-30, high). Shares use the sum of reported segment net revenues before intersegment eliminations.
- **Investment Management: investment funds and strategies for institutional and individual clients.** (7.6% of reported segment net revenues (quarter ended 2026-06-30)) — It mainly earns fees for managing client investments, and may also earn performance-related income. Segment net revenues were $1.646 billion (quarter ended 2026-06-30, high). Shares use the sum of reported segment net revenues before intersegment eliminations.

### Products

- **Investment banking advice and underwriting** — Advice on mergers, acquisitions and restructurings, and arranging stock or bond sales so companies and other clients can raise money.
- **Equity trading and prime brokerage** — Buying and selling shares for clients, and providing investment funds with services such as trading and financing.
- **Fixed-income markets** — Trading and financing involving bonds, interest-rate products, credit and commodities.
- **Wealth Management accounts and advice** — Advisor-led and self-directed investing, financial planning, brokerage, custody and cash-management services for individuals.
- **Workplace stock-plan services** — Administering company stock plans and related services for employers, executives and employees.
- **Investment Management strategies** — Investment funds and strategies covering stocks, bonds, alternative investments, cash management and related services.

### Customers

- Corporations that hire the firm for advice on mergers and acquisitions, fundraising, trading and loans.
- Governments that use its investment banking, markets and financing services.
- Banks, investment funds, insurers and other financial institutions that trade, borrow, raise money or invest through the firm.
- Individual investors who use financial advisors or self-directed brokerage accounts.
- Institutional investors, including retirement plans, foundations, endowments and government investment funds, that hire it to manage money.
- Companies and their employees who use workplace stock-plan administration and related financial services.

### Competitors

- Goldman Sachs (GS) — Investment banking, trading and investment-management services for companies, institutions and investors.
- JPMorgan Chase (JPM) — Investment banking, markets, wealth management, asset management and lending.
- Bank of America (BAC) — Investment banking, markets, wealth management and banking services.
- Citigroup (C) — Investment banking and markets services for companies, governments and institutions.
- UBS Group (UBS) — Wealth management, investment banking, markets and investment management.

### What it depends on

- Trading, underwriting and advisory revenue depends in part on market activity and clients choosing to trade, raise money or complete transactions.
- Wealth and investment-management fees depend in part on the value of client assets and the amount of money clients keep in fee-paying accounts.
- Net interest income depends on client lending and deposit balances, interest rates and competition over deposit pricing.
- The firm lends to clients, including through corporate and commercial real estate loans, and reports provisions for potential loan losses.

### What could go wrong

- A fall in markets or a drop in client activity can reduce trading, financing, underwriting and advisory revenue.
- Lower asset values or client withdrawals can reduce assets on which the firm earns management and advisory fees.
- Borrowers may fail to repay loans, including corporate and commercial real estate loans, leading to credit losses.

## More on this company

- [Overview](https://inspectstocks.com/stocks/ms)
- [Financial statements](https://inspectstocks.com/stocks/ms/financials)
- [Competitors](https://inspectstocks.com/stocks/ms/peers)
- [Earnings](https://inspectstocks.com/stocks/ms/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.