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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
MS — frequently asked questions
Is Morgan Stanley overvalued?
In our latest published analysis dated 2026-09-22, MS looks meaningfully overvalued. The price recorded at analysis is 206 USD versus our fair value of 120 USD; the high endpoint is presented separately as potential value of 155 USD. That implies roughly 41.9% downside to fair value at that date.
Our latest published report, analyzed 2026-09-22, gives MS a fair value of 120 USD and a potential value of 155 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Morgan Stanley's archetype; it is a dated research output, not a live price.
Should I buy MS now?
Our latest published rating for MS, analyzed 2026-09-22, is Sell. Morgan Stanley looks meaningfully overvalued at the analysis-date price of 206 USD versus fair value of 120 USD; potential value is 155 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for MS?
The dedicated bear-case section in our report analyzed 2026-09-22 documents Morgan Stanley's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is MS's rating?
Our latest published rating for MS, analyzed 2026-09-22, is Sell, with a published moat assessment of 7.5/10 (Narrow). It reflects our fair value of 120 USD, the potential value of 155 USD, and the price recorded at analysis (206 USD).
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§1 Resumen ejecutivoEN
Respuesta en 30 segundosSell
Precio frente a valor
Precio
$206.12
Valor razonable
$119.68
Valor potencial
$155.02
A fecha de
2026-09-21
Por qué puede funcionar
Accelerating corporate data center artificial intelligence capital expenditures, projected to rise from $850B in 2026 to $1.3T in 2027, could drive substantial debt and equity underwriting fee velocity, lifting valuation toward Potential value of $155.02.
Qué cambiaría nuestra opinión
A macroeconomic stagflation shock driving the terminal multiple below 10.4x.
We rate Morgan Stanley as a Sell. The shares trade at a substantial premium to fundamental value, leaving investors with an unfavorable risk-reward balance.4
Our rating is Sell. For an ordinary investor, this means avoiding new share purchases and selling or trimming existing holdings to preserve capital against potential downside.
On September 21, 2026, the stock was priced at $206.12. This price sits 72.2% above our Fair value of $119.68, representing an upside of -41.9%. It also exceeds our Potential value of $155.02.4
The primary downside risk is a slowdown in capital markets underwriting combined with fee compression in wealth management. If market declines reduce asset values, advisory fees shrink while dealmaking falls. Investors would observe this risk unfolding if Institutional Securities quarterly revenue drops below $6.0B for two consecutive quarters.
The business could outperform if corporate artificial intelligence infrastructure investments surge to $1.3T in 2027. That expansion would lift underwriting fees and investment banking profits toward Potential value of $155.02. However, this potential upside remains secondary to the substantial valuation premium.5
Switching Costs
Wealth management client inertia and multi-product corporate relationships anchor $31.75B in FY2025 fee-based revenue with demonstrated pricing leverage in specialized products.5,8
Tier-one underwriting brand and institutional trust enable the firm to intermediate complex multi-year corporate capital requirements.5
Cycle upside
Resurgent debt and equity underwriting driven by corporate refinancing and an expanding IPO backlog.5
Recomendación de la casa
We rate Morgan Stanley a Sell because the share price of $206.12 on September 21, 2026 stands at a 72.2% premium to our Fair value of $119.68, leaving no margin of safety against potential capital markets contractions.4
Descripción general de la empresa
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Its Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. MORGAN STANLEY is a global financial services firm that maintains significant market positions in each of its business segments: Institutional Securities, Wealth Management and Investment Management. Through its subsidiaries and affiliates, the company provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals.
Additional information related to its business segments, respective clients, and products and services provided is included under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” MORGAN STANLEY has offices, operations and data centers located around the world.
§2 Caso bajistaEN
Under a severe stagflation scenario, falling asset prices cut wealth management advisory fees while institutional dealmaking freezes. Negative FY2025 operating cash flow of -$17.89B limits capital flexibility, forcing multiple de-rating.
The Bear scenario envisions persistent macroeconomic stagflation, subdued capital market activity, and fee compression across wealth management. Underwriting freezes and elevated capital costs reduce earnings power, driving substantial multiple contraction. Confirmation would be marked by consecutive quarters of declining institutional revenue and net asset outflows.
Cómo puede fallar esta tesis
Protracted capital markets underwriting freeze and multiple de-rating driven by macro stagflation
Macroeconomic stagflation freezes corporate capital markets underwriting and compresses the terminal valuation multiple toward Goldman Sachs at 12.96x forward earnings, triggering valuation contraction if the terminal multiple falls below 10.4x.3
FV impact
-16.8%
Terminal multiple 20% lower
Trigger
Within 12 months
Señales de alerta temprana a vigilar
Los cinco acontecimientos que debilitarían nuestra tesis de inversión.
Negative revenue growth indicates that market declines or price discounting by competing advisors have overwhelmed net new asset inflows, eroding the fee-based compounding engine that stabilizes firm profitability across market cycles.
Actual:$31.75B in FY2025
Alerta siAnnual revenue growth falls below 0.0% over any 12-month period
§3 Foso competitivoEN
Narrow
Morgan Stanley maintains a narrow economic moat grounded in high switching costs across wealth management and intangible brand assets in institutional securities.
While wealth advisory fees generate dependable baseline earnings, aggressive pricing from independent registered investment advisors and point-to-point capital placement present enduring competitive friction.
01Switching Costs — Wealth management client inertia and multi-product corporate relationships anchor $31.75B in FY2025 fee-based revenue with demonstrated pricing leverage in specialized products.Moderate
02Intangible Assets — Tier-one underwriting brand and institutional trust enable the firm to intermediate complex multi-year corporate capital requirements.Moderate
Amenazas conocidas al foso
Amenaza
Severidad
Cronograma
Mitigación
Discount RIA fee compression and digital wealth disintermediation
The highlighted cell is Fair value when every assumption sits at its base level ($119.68). Each row and column shows what Fair value becomes when one assumption moves.
The Base scenario targets $119.68 with a probability of 55.0%, implying an expected return of -41.9% from $206.12. This path assumes steady wealth fee growth and normalized institutional trading revenues. Disconfirmation would occur if underwriting dealflow stalls or advisory margins compress over coming quarters.
Reported FY2025 operating cash flow of -$17.89B and free cash flow of -$20.79B reflect balance sheet financing flows and trading asset inventory adjustments typical of major broker-dealers, rather than structural operational cash deficits.6,7
Asignación de capital
Capital return centers on cash dividends of $6.59B in FY2025 and repurchases, shrinking diluted average shares from 1,646M in FY2023 to 1,592M in FY2025 and 1,570.6M shares outstanding in September 2026.
Durable wealth management advisory fees provide a solid earnings baseline, while institutional securities provides cyclical upside leverage during capital market recoveries.
Institutional Securities revenue rose to $33.08B in FY2025 with a 65% efficiency ratio in early 2026.
Ingresos más recientes115 mil M US$CAGR de ingresos +13,8 %
Margen operativo19,1 %10 periodos fiscales
Flujo de caja libre más reciente-20,8 mil M US$FY2025
Caja neta198,3 mil M US$FY2025
Desglose de la cuenta de resultadosCómo la escala del negocio se convierte en beneficio declarado.30 jun 2026
StockMarketAgent.AI
Ingresos34,5 mil M US$Coste de ventas−13,2 mil M US$Beneficio bruto21,3 mil M US$Gastos operativos−13,9 mil M US$Beneficio operativo7398 M US$Partidas no operativas e impuestos−1817 M US$Beneficio neto5581 M US$
Datos del historial financiero
Ingresos
34.470.000.000 US$
Coste de ventas
13.220.000.000 US$
Beneficio bruto
21.250.000.000 US$
Gastos operativos
13.852.000.000 US$
Beneficio operativo
7.398.000.000 US$
Partidas no operativas e impuestos
-1.817.000.000 US$
Beneficio neto
5.581.000.000 US$
Resumen del balanceCómo se mantienen y financian los activos declarados en el período seleccionado.
StockMarketAgent.AI
Composición de activosFinanciado por
Activos totales1,4 B US$Efectivo111,7 mil M US$Activos corrientes654,7 mil M US$Pasivos totales1,3 B US$Pasivos corrientes559,6 mil M US$Patrimonio neto112,7 mil M US$
Datos del desglose del balance
Activos totales
1.420.270.000.000 US$
Efectivo
111.695.000.000 US$
Activos corrientes
654.691.000.000 US$
Pasivos totales
1.307.618.000.000 US$
Pasivos corrientes
559.572.000.000 US$
Patrimonio neto
112.652.000.000 US$
Puente de flujo de cajaCómo el flujo de caja operativo se convirtió en flujo de caja libre en FY2024.
StockMarketAgent.AI
Conciliación del flujo operativo
Beneficio neto13,4 mil M US$Depreciación y amortización+5161 M US$Compensación basada en acciones+1622 M US$Otros ajustes operativos−18,8 mil M US$Flujo de caja operativo1362 M US$
Conciliación del efectivo inicial al final
Efectivo inicial89,2 mil M US$Flujo de caja operativo+1362 M US$Flujo de inversión−29,5 mil M US$Flujo de financiación+46,8 mil M US$Efecto del tipo de cambio−2504 M US$Efectivo final105,4 mil M US$
1362 M US$ − 3462 M US$Flujo de caja libre -2100 M US$
Datos del puente de flujo de caja
Beneficio neto
13.390.000.000 US$
Entrada operativa
20.173.000.000 US$
Depreciación y amortización
5.161.000.000 US$
Compensación basada en acciones
1.622.000.000 US$
Flujo de caja operativo
1.362.000.000 US$
Salida operativa
18.811.000.000 US$
Efectivo disponible
137.350.000.000 US$
Efectivo inicial
89.232.000.000 US$
Entrada de financiación
46.756.000.000 US$
Salida de inversión
29.460.000.000 US$
Capex
3.462.000.000 US$
Otras actividades de inversión
25.998.000.000 US$
Efecto del tipo de cambio
2.504.000.000 US$
Efectivo final
105.386.000.000 US$
Flujo de inversión
-29.460.000.000 US$
Flujo de financiación
46.756.000.000 US$
Ingresos por regiónProporción de los ingresos totales de 2025-12-31.
70,6 mil M US$Ingresos totales
Ingresos por regiónProporción
Americas52,9 mil M US$74,9 %+12,7 % interanual
Asia9420 M US$13,3 %+23,4 % interanual
EMEA8328 M US$11,8 %+15,7 % interanual
Fuente: SEC EDGAR · Presentado 2026-02-19 · SEC EDGAR
Datos de composición de ingresos: Ingresos por región
Ingresos por región
Ingresos
Proporción
interanual
Americas
52,9 mil M US$
74,9 %
12,7 %
Asia
9420 M US$
13,3 %
23,4 %
EMEA
8328 M US$
11,8 %
15,7 %
Ingresos y beneficiosCómo la escala del negocio se convierte en beneficio declarado.
Efectivo y deudaLiquidez disponible frente al endeudamiento total.
Generación de efectivoFlujo de caja operativo frente al flujo de caja libre.
RentabilidadEvolución de los márgenes bruto, operativo y neto.
Datos financieros puntuales utilizados en el análisis del 2026-09-22.
Datos del historial financiero
Período
Ingresos
EBITDA
Beneficio neto
Flujo de caja operativo
Flujo de caja libre
Capex
Depreciación y amortización
Compensación basada en acciones
Recompras de acciones
Dividendos pagados
Emisión neta de deuda
Flujo de inversión
Flujo de financiación
Efectivo inicial
Efectivo final
Efectivo e inversiones
Deuda total
Margen operativo
ROIC
WACC
Diferencial ROIC−WACC
2016-12-31
36 mil M US$
10,6 mil M US$
5979 M US$
5383 M US$
4107 M US$
1276 M US$
1736 M US$
1136 M US$
—
1746 M US$
—
-19,5 mil M US$
7363 M US$
—
77,4 mil M US$
352,1 mil M US$
164,8 mil M US$
24,6 %
—
4,4 %
—
2017-12-31
41,5 mil M US$
12,2 mil M US$
6111 M US$
-4505 M US$
-6134 M US$
1629 M US$
1753 M US$
1026 M US$
—
2085 M US$
—
-12,4 mil M US$
16,3 mil M US$
77,4 mil M US$
80,4 mil M US$
348,4 mil M US$
191,1 mil M US$
25,0 %
—
4,7 %
—
2018-12-31
47,8 mil M US$
13,1 mil M US$
8748 M US$
7305 M US$
5440 M US$
1865 M US$
1844 M US$
920 M US$
—
2375 M US$
—
-22,9 mil M US$
24,2 mil M US$
80,4 mil M US$
87,2 mil M US$
392,6 mil M US$
188,1 mil M US$
23,5 %
—
9,0 %
—
2019-12-31
51,4 mil M US$
13,9 mil M US$
9042 M US$
40,8 mil M US$
38,9 mil M US$
1826 M US$
2643 M US$
1153 M US$
—
2627 M US$
—
-33,6 mil M US$
-12 mil M US$
87,2 mil M US$
82,2 mil M US$
401,3 mil M US$
190,1 mil M US$
22,0 %
—
8,6 %
—
2020-12-31
49,7 mil M US$
18,2 mil M US$
11 mil M US$
-25,2 mil M US$
-26,7 mil M US$
1444 M US$
3769 M US$
1312 M US$
—
2739 M US$
—
-37,9 mil M US$
83,8 mil M US$
82,2 mil M US$
105,7 mil M US$
512,4 mil M US$
213,4 mil M US$
29,0 %
—
3,1 %
—
2021-12-31
57,8 mil M US$
23,9 mil M US$
15 mil M US$
34 mil M US$
31,7 mil M US$
2308 M US$
4216 M US$
2085 M US$
—
4171 M US$
—
-49,9 mil M US$
41,5 mil M US$
105,7 mil M US$
127,7 mil M US$
541,2 mil M US$
227,4 mil M US$
34,0 %
—
3,6 %
—
2022-12-31
62,5 mil M US$
18,1 mil M US$
11 mil M US$
-6397 M US$
-9475 M US$
3078 M US$
3998 M US$
1875 M US$
10,9 mil M US$
5401 M US$
37,6 mil M US$
-11,6 mil M US$
22,7 mil M US$
127,7 mil M US$
128,1 mil M US$
503,2 mil M US$
233,9 mil M US$
22,6 %
—
9,9 %
—
2023-12-31
88,3 mil M US$
16,1 mil M US$
9087 M US$
-33,5 mil M US$
-36,9 mil M US$
3412 M US$
4256 M US$
1709 M US$
6178 M US$
5763 M US$
13,6 mil M US$
-3084 M US$
-2726 M US$
128,1 mil M US$
89,2 mil M US$
492,5 mil M US$
260,5 mil M US$
13,4 %
—
11,1 %
—
2024-12-31
103,1 mil M US$
22,8 mil M US$
13,4 mil M US$
1362 M US$
-2100 M US$
3462 M US$
5161 M US$
1622 M US$
4199 M US$
6138 M US$
28,1 mil M US$
-29,5 mil M US$
46,8 mil M US$
89,2 mil M US$
105,4 mil M US$
431,2 mil M US$
284,3 mil M US$
17,1 %
—
11,3 %
—
2025-12-31
115 mil M US$
26,6 mil M US$
16,9 mil M US$
-17,9 mil M US$
-20,8 mil M US$
2898 M US$
4658 M US$
1926 M US$
5835 M US$
6593 M US$
39,8 mil M US$
-46,8 mil M US$
67,8 mil M US$
105,4 mil M US$
111,7 mil M US$
540 mil M US$
341,7 mil M US$
19,1 %
—
10,9 %
—
§9 Comparación de valoración con pares
Valor razonableReport-date price
Morgan StanleyMS
Precio / valor razonable
Valor razonable119,68 US$Report-date price206,12 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión55 / 100
The Goldman Sachs Group, Inc.GS
Precio / valor razonable
Valor razonable655,45 US$Report-date price949,49 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión57 / 100
Robinhood Markets, Inc.HOOD
Precio / valor razonable
Valor razonable27,39 US$Report-date price75,41 US$
Fecha de evaluación
Ventaja competitivanarrow
Cuadro de mando de inversión57 / 100
Morgan StanleyMS
Precio / valor razonable
Valor razonable119,68 US$Report-date price206,12 US$
Morgan Stanley (MS) trades at 15.1x forward earnings against a peer median of 15.3x. The comparison uses 4 peers: The Goldman Sachs Group Inc., Robinhood Markets, Inc., The Charles Schwab Corporation and BlackRock Inc., as of 2026-09-21 to 2026-09-22.
§10 Industria y cicloEN
Fase del ciclo
Expansion
Industry capital expenditures stand at 1.7x depreciation and 1.6% of revenue. As supply and capacity data are unavailable, the cycle perspective is demand-led and evidence-limited.
Ciclo alcista
Resurgent debt and equity underwriting driven by corporate refinancing and an expanding IPO backlog.
Ciclo bajista
Elevated interest rates and geopolitical uncertainty restrict corporate advisory activity and suppress trading volumes.
Surging corporate spending on computing infrastructure expands multi-year private placement and public underwriting mandates.
Private Credit and Point-to-Point Corporate Financing
negative
Direct capital raising among non-bank ecosystem participants bypasses traditional investment banking fee pools.
Posicionamiento
Well anchored by top-tier investment banking distribution and the leading Americas wealth management network.8
§11 Gestión de posiciónEN
Tamaño de posición
With the stock trading at $206.12 as of 2026-09-21, representing a 72.2% premium to Fair value of $119.68, zero portfolio exposure is recommended under our Sell rating.4
Riesgo
Eliminate downside exposure by divesting existing equity holdings, avoiding unhedged long exposure, and managing financial sector beta via liquid index options.
Tramos de entrada
Nivel
Acción
Por qué
Below $119.68 (Fair value)
Review valuation parameters
Permits entry aligned with fundamental earnings power and normalized dividend yield.
Consider initial accumulation
Provides an attractive margin of safety anchored in regulated bank cash dividend capacity.
Tramos de salida
Nivel
Acción
$206.12 (Report-date price)
Liquidate existing long positions to harvest gains.
$214.33 (50-day moving average)
Complete remaining disposals on any short-term technical bounce.
Annual revenue falls below $30.0B over a 12-month period
Maintain zero allocation and confirm that fee compression is impairing franchise compounding.8
§12 Perspectivas de inversoresEN
Value Investor
Avoid
The shares traded at $206.12 on September 21, 2026, standing 72.2% above our Fair value of $119.68, offering no margin of safety.4
Income Investor
Avoid
Although the firm paid $6.59B in dividends in FY2025 ($4.60 per share), the elevated share price compresses yield while negative operating cash flow of -$17.89B constrains capital returns.7
Growth and Momentum Investor
Avoid
Even with positive corporate technology financing trends, the price exceeds our Potential value of $155.02, skewing risk-reward downward.5
§14 Recomendación finalEN
Acción
Vender
We recommend a Sell rating on Morgan Stanley. The stock traded at $206.12 on September 21, 2026, standing 72.2% above our Fair value of $119.68.4
While wealth management generates recurring fee income, prevailing market levels leave investors vulnerable to multiple contraction if underwriting activity slows or advisory fees compress.
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Sources
The records this analysis drew on, as they stood when it was run.
Analyst consensusData as of 2026-09-22 · Published 2026-09-22 · Provider-adjusted · cited for 1 figureCited in Escenarios
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Regulatory capital buffer tightening and monetary policy shock lifting cost of equity by 200 bps
Monetary tightening and regulatory capital buffer expansions push the cost of equity above 11.83% against strict cost of equity of 9.94% and pre-tax cost of debt of 19.55%, triggering steep dividend discount valuation declines.2
FV impact
-9.7%
Cost of capital 2 points higher
Trigger
Within 24 months
Prolonged asset market decline and retail fee compression dampening 5-year revenue growth by 10 percentage points
A multi-year equity market contraction and discount RIA fee pricing lower 5-year annual revenue growth below -2.0% because advisory fees depend on asset price levels, depressing operating margins toward FY2023 trough levels of 13.38%.5
FV impact
-9.4%
Revenue and EPS growth 10 points lower for five years
A steep drop in operating margin reflects loss of operating leverage across institutional trading and underwriting, demonstrating that fixed compensation and technology infrastructure spending cannot be quickly flexed downward during cyclical volume downturns.
Actual:19.09% in FY2025
Alerta siOperating margin drops below 15.0% over a trailing four-quarter period
Sustained quarterly revenue declines reveal a deep freeze in debt and equity underwriting alongside muted secondary market-making volumes, impairing the primary driver of upside operating leverage and earnings velocity.
Actual:$33.08B in FY2025
Alerta siQuarterly revenue falls below $6.0B for two consecutive quarters
Contraction in international revenue share signals that cross-border dealmaking and global corporate intermediation are succumbing to regulatory fragmentation and trade barriers, curtailing the firm's global reach advantage.
Persistent cash outflows highlight balance sheet funding friction and expanding working capital absorption in broker-dealer assets, reducing surplus liquidity available for share repurchases and cash dividend payouts.
Actual:-$17.89B in FY2025
Alerta siOperating cash flow remains negative for a second consecutive fiscal year
medium
medium-term
Structuring expertise and global distribution scale keep public and private syndicate syndication vital for massive infrastructure programs.5
Limitation: Terminal value is 71.9% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Wealth management net new asset inflows sustain high margin fee generation8
The Bull scenario targets $155.02 with a probability of 20.0%, offering an expected return of -24.8% from $206.12. This outcome requires surging corporate capital expenditures and an active IPO calendar driving strong institutional operating leverage. Disconfirmation would emerge if corporate financing bypasses traditional syndicates into direct private deals.
Conversion of deal pipeline into completed transactions drives substantial operating leverage and fee generation in Institutional Securities.
