Morgan Stanley (MS)

NYSE: MS · USD

$190

+3.53 (+1.9%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-22

Our latest published analysis: MS rated Sell

Morgan Stanley's published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$120 / share

Potential value

$155 / share

Upside to FV

-41.9%

from $190

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$318.2B
Revenue (ttm)	79.8B
Net income (ttm)	19.8B
EPS (ttm)	$12.6
Shares out	1.6B
P/E (trailing)	15.1x
P/E (forward)	15.1x
Dividend	$4.60 (2.42%)
Volume	4,185,694
Beta	1.21

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 79.8B
Net income (ttm): 19.8B
EPS (ttm): $12.6
P/E (trailing): 15.1x
P/E (forward): 15.1x
Market cap: $318.2B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$57.78B	$62.48B	$88.29B	$103.15B	$114.98B	+18.8%
Gross profit	$56.41B	$49.93B	$50.14B	$57.36B	$65.62B	+3.9%
Operating income	$19.67B	$14.09B	$11.81B	$17.60B	$21.95B	+2.8%
Net income	$15.03B	$11.03B	$9.09B	$13.39B	$16.86B	+2.9%
EPS (diluted)	$8.03	$6.15	$5.18	$7.95	$10.21	+6.2%
EBITDA	$23.88B	$18.09B	$16.07B	$22.76B	$26.61B	+2.7%
R&D	—	—	—	—	—	—
SG&A	$24.63B	$23.05B	$24.21B	$26.18B	$29.07B	+4.2%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	적극 매수
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	적극 매수
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	보유
AJG	Arthur J. Gallagher & Co.	66.7B	43.2x	4.4x	6.6%	+15.3%	-5.7%	매수
ALL	The Allstate Corporation	63.2B	5.0x	0.9x	32.6%	+8.5%	+31.8%	적극 매수
AMP	Ameriprise Financial, Inc.	43.1B	11.8x	2.2x	43.0%	+8.9%	+1.1%	매수

Base and Bull scenarios

Base55%

Price target

$119.68

-41.9% from spot

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.

Operating margin remains stable around historical baseline levels
Revenue expands in line with consensus projections through FY2027
Terminal valuation multiple converges toward historical peer norms

Bull20%

Price target

$155.02

-24.8% from spot

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.

Corporate technology infrastructure spending accelerates debt and equity underwriting
Operating leverage improves the firm-wide efficiency ratio
Wealth management net new asset inflows sustain high margin fee generation

Sensitivity: Ke × terminal growth

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.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
7.8%	$132	$133	$135	$137	$140
8.8%	$124	$125	$127	$128	$130
9.8%	$118	$119	$120	$121	$122
10.8%	$112	$113	$114	$114	$115
11.8%	$107	$108	$108	$109	$109

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E15.1

P25 8.7P50 10.4P75 12.8

Trailing P/E16.4

P25 10.7P50 13.5P75 31.8

ROE18

P25 4.9P50 11P75 15.4

ROIC3.4

P25 -0.7P50 6.7P75 12.6

Benchmarks · 1M

All MS indicators

Market & fundamental data

Available fields

246

Groups with data

Currency

USD

Showing 246 of 246 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000895421
Company name	Morgan Stanley
Country	United States
Country code	US
CUSIP number	617446448
Earnings date	2026-10-14
Earnings time	bmo
Employees	83,728
Employees change	1,728
Employees growth	2.11%
Enterprise value	$166.5B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1924
In index	SP500
Industry	Capital Markets
Is primary listing	Yes
Is SPAC	No
ISIN number	US6174464486
Last 10-K release date	2026-02-19
Last earnings date	2026-10-14
Last refreshed	2026-10-28
Last stock split date	2000-01-27
Last stock split type	Forward
Market cap	$298B
Market cap category	Mega-Cap
Next earnings date	2027-01-14
Options	Yes
Price	$190.44
Price currency	USD
Sector	Financials
SIC code	6211
Stock price date	2026-10-28
Symbol	MS
U.S. state	New York
Website	https://www.morganstanley.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	15.11x
Average P/E ratio (10Y)	13.06x
Average P/E ratio (3Y)	16.08x
Average P/E ratio (5Y)	14.79x
Earnings yield	6.62%
EV/Earnings	8.38x
EV/Sales	2.08x
FCF / EV yield	-11.18%
FCF yield	-6.24%
Forward EV/Sales	1.93x
Forward P/E	14.25x
Forward P/S	3.45x
Graham number	138.67606
Graham upside	-27.13%
Industry forward P/E	15.58x
Industry P/E	26.21x
Lynch fair value	$86.56
Lynch upside	-54.52%
P/B ratio	2.76x
P/E ratio	15.11x
P/S ratio	3.73x
PEG ratio	1.16x
Price / tangible book value	3.56x
Sector forward P/E	13.61x
Sector P/E	15.68x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
Effective tax rate	22.23%
Gross margin	87.31%
Operating margin	39.97%
Pretax margin	33.33%
Profit margin	25.63%
Profit per employee	$237,053
Profitable quarters	46
Profitable years	13
Revenue per employee	$953,015
ROA	1.35%
ROA (5Y)	1.09%
ROE	17.97%
ROE (5Y)	12.63%
ROIC	3.42%
ROIC (5Y)	3.27%
SBC / revenue	2.64%
Tax / revenue	7.41%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	29.33%
EPS growth (Q)	8.21%
EPS growth (QoQ)	-12.43%
EPS growth 10Y	17.62%
EPS growth 3Y	31.13%
EPS growth 5Y	9.99%
EPS growth quarters	10
EPS growth years	2
Net income growth	26.43%
Net income growth (Q)	6.49%
Net income growth (QoQ)	-12.6%
Net income growth 3Y	28.93%
Net income growth 5Y	6.87%
Net income growth quarters	10
Net income growth years	2
Operating income growth	26.71%
Operating income growth (Q)	13.68%
Operating income growth 3Y	24.79%
Operating income growth 5Y	6.75%
Revenue growth	16.43%
Revenue growth (Q)	10.79%
Revenue growth (QoQ)	-4.99%
Revenue growth 10Y	9.12%
Revenue growth 3Y	14.34%
Revenue growth 5Y	6.29%
Revenue growth quarters	13
Revenue growth years	3

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-3B
EPS	$12.61
FCF per share	$-11.87
Financing cash flow	$106.6B
Free cash flow	$-18.6B
Free cash flow minus SBC	$-20.6B
Gross profit	$69.7B
Income taxes	$5.9B
Investing cash flow	$-37.9B
Net borrowing	$63.8B
Net cash flow	$51B
Net income	$19.8B
Operating cash flow minus SBC	$-17.6B
Operating income	$31.9B
Revenue	$79.8B
Stock-based compensation	$2.1B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$67.80
Debt / equity	5.17
Net cash (debt)	$131.6B
Net cash / market cap	44.18%
Net cash growth	26.83%
Net debt / equity	-1.12
Piotroski F-Score	2
Shareholders' equity	$117.4B
Tangible book value	$83.6B
Tangible book value per share	$53.18
Total cash	$739.1B
Total debt	$607.5B
WACC	3.6%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.05
Current ratio	2
Quick ratio	1.6
Working capital	$734.1B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.42%
Dividend growth	11.69%
Dividend growth (10Y)	19.9%
Dividend growth (3Y)	9.78%
Dividend growth (5Y)	15.41%
Dividend growth years	12
Dividend payment date	2026-11-13
Dividend payment years	34
Dividend payout frequency	Quarterly
Dividend per share	$4.60
Dividend yield	2.42%
Ex-dividend date	2026-10-30
Last dividend	$1.15
Payout ratio	36.49%
Shareholder yield	3.84%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	463.1%
10Y return CAGR	22.19%
10Y total return	641.61%
150-day SMA	$201.59
15Y price change	881.14%
15Y return CAGR	19.16%
15Y total return	1,287.32%
1D price change	1.89%
1M price change	-2.99%
1M total return	-2.99%
1W price change	1.83%
1W total return	1.83%
1Y price change	14.71%
1Y return CAGR	17.32%
1Y total return	17.31%
20-day SMA	$185.89
200-day SMA	$194.28
20Y price change	149.14%
20Y return CAGR	7.94%
20Y total return	360.72%
3M price change	-11.24%
3M total return	-10.75%
3Y price change	170.51%
3Y return CAGR	43.66%
3Y total return	196.55%
50-day SMA	$199.02
50-day SMA vs 200-day SMA	50over200
52-week high	$232.25
52-week high date	2026-07-15
52-week low	$152.80
52-week low date	2026-03-12
5Y price change	86.94%
5Y return CAGR	17%
5Y total return	119.21%
6M price change	0.14%
6M total return	1.23%
All-time high	$232.25
All-time high date	2026-07-15
All-time low	$6.71
All-time low date	2008-10-10
Average true range (ATR)	$5.09
Average volume	6.3M
Beta (1Y)	1.34
Beta (2Y)	1.48
Beta (5Y)	1.21
Change from 52-week high	-18%
Change from 52-week low	24.63%
Change from all-time high	-18%
Change from all-time low	2,738.15%
Change from open	1.44%
Day's gap	0.44%
Dollar volume	$797.1M
High price	$190.85
Low price	$187.19
Monthly RSI	62.57
Open price	$187.74
Position in 52-week range	88.8%
Premarket change	0.9%
Premarket close	$186.91
Premarket price	$188.60
Premarket volume	2.9K
Previous close	$186.91
Price vs 150-day SMA	-5.53%
Price vs 20-day SMA	2.45%
Price vs 200-day SMA	-1.98%
Price vs 50-day SMA	-4.31%
Relative volume	0.67
RSI	51.21
Sharpe ratio	0.56
Sharpe ratio (3Y)	1.25
Sharpe ratio (5Y)	0.56
Sortino ratio	1.01
Sortino ratio (3Y)	2.06
Sortino ratio (5Y)	1.02
Volume	4.2M
Weekly RSI	45.67
YTD price change	7.27%
YTD total return	9.04%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1.2B
Float percentage	75.79%
Shares change (QoQ)	-0.19%
Shares change (YoY)	-1.42%
Shares held by insiders	0.14%
Shares held by institutions	62.94%
Shares outstanding	1.6B
Short % of float	1.23%
Short % of shares	0.93%
Short ratio	2.9 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	164

Deeper analysis on MS

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Scorecard

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this MS report

What is the latest published MS stock rating?

Morgan Stanley is shown with Sell in the latest published report, analyzed 2026-09-22. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full MS analysis?

The full latest published report, analyzed 2026-09-22, lives at /stocks/MS/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for MS?

The latest published report analyzed 2026-09-22 gives MS a fair value of USD 120 and a potential value of USD 155. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the MS page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-22). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellMS · Fair value $120-41.9%

Read full analysis →

Morgan Stanley (MS)

Our latest published analysis: MS rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · MS

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All MS indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on MS

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	4.5
Profitability	7.5
Revenue Growth	7.5
Risk Assessment	4.0
Competitive Moat	7.5
Earnings Quality	4.5
Capital Efficiency	4.0