NYSE · Financial Services

Morgan Stanley

MS · Capital Markets

$187.77

▼ -2.4 (-1.26%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Morgan Stanley at $187.77.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 25.6%

Fin. Health F

Years to Pay Off Debt 22.0 yrs

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.91x

Cash Flow C

Free Cash Flow -$20.8B

CapEx % of Net Income 17.2%

Owner Earnings $24.4B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $298.2B

Enterprise Value $224.3B

P/E (TTM) 16.99

Dividend Yield 2.10%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 25.6%

Company Info

Sector Financial Services

Industry Capital Markets

Employees 83922

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Morgan Stanley at $187.77.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $187.77, the stock trades at a 54% premium to its Graham Number of $121.71. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Morgan Stanley

Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Asia, Europe, the Middle East, and Africa. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The company offers capital raising and financial advisory services, including services related to the underwriting of debt, equity securities, and other products, as well as advice on mergers and acquisitions, restructurings, and project finance. It also provides equity and fixed income products comprising sales, financing, prime brokerage, and market-making services; Asia wealth management; business-related investments services; originating corporate and commercial real estate loans, secured lending facilities, and extending securities-based and other financing; and research activities. In addition, the company offers financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; stock plan administration; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services. Further, it provides equity, fixed income, alternatives and solutions, and liquidity and overlay services to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors, corporations, and individuals. Morgan Stanley was founded in 1924 and is headquartered in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	25.6% ▲	23.2%	17.9%	22.0%	N/A
Diluted EPS	10.21 ▲	7.95	5.18	6.15	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$1,420.3B	$1,215.1B	$1,193.7B	$1,180.2B
Total Debt	$370.5B ↑	$310.4B	$276.4B	$246.2B
Working Capital	N/A •	N/A	N/A	N/A
Years to Pay Debt	21.98	23.18	30.42	22.32

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$20.8B ▼	-$2.1B	-$36.9B	-$9.5B	N/A
Owner Earnings	$24.4B	$22.0B	$16.8B	$18.1B	N/A
CapEx % of Net Income	17.2%	25.9%	37.5%	27.9%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-32,330	0	0	0
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	-144,000		-1,181,000	-470,000	-456,000
Total Unusual Items Excluding Goodwill	-144,000		-1,181,000	-470,000	-456,000
Net Income From Continuing Operation Net Minority Interest	16,861,000	13,390,000	9,087,000	11,029,000
Reconciled Depreciation	4,658,000	5,161,000	4,256,000	3,998,000
Net Interest Income	10,046,000	8,611,000	8,230,000	9,327,000
Interest Expense	49,017,000	45,524,000	37,619,000	12,268,000
Interest Income	59,063,000	54,135,000	45,849,000	21,595,000
Normalized Income	16,972,670	13,390,000	9,087,000	11,029,000
Net Income From Continuing And Discontinued Operation	16,861,000	13,390,000	9,087,000	11,029,000
Diluted Average Shares	1,592,000	1,611,000	1,646,000	1,713,000
Basic Average Shares	1,574,000	1,591,000	1,628,000	1,691,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	16,249,000	12,800,000	8,530,000	10,540,000
Net Income Common Stockholders	16,249,000	12,800,000	8,530,000	10,540,000
Preferred Stock Dividends	612,000	590,000	557,000	489,000
Net Income	16,861,000	13,390,000	9,087,000	11,029,000
Minority Interests	-164,000	-139,000	-143,000	-150,000
Net Income Including Noncontrolling Interests	17,025,000	13,529,000	9,230,000	11,179,000
Net Income Continuous Operations	17,025,000	13,529,000	9,230,000	11,179,000
Tax Provision	4,929,000	4,067,000	2,583,000	2,910,000
Pretax Income	21,954,000	17,596,000	11,813,000	14,089,000
Special Income Charges	-144,000		-1,181,000	-470,000	-456,000
Other Special Charges			535,000
Restructuring And Mergern Acquisition	144,000		646,000	470,000	456,000
Gain On Sale Of Security	1,351,000	824,000	573,000	15,000
Selling General And Administration	30,245,000	27,143,000	25,456,000	23,958,000
Selling And Marketing Expense	1,173,000	965,000	898,000	905,000
General And Administrative Expense	29,072,000	26,178,000	24,558,000	23,053,000
Salaries And Wages	29,072,000	26,178,000	24,558,000	23,053,000
Total Revenue	65,966,000	57,621,000	50,667,000	50,210,000
Operating Revenue	65,966,000	57,621,000	50,667,000	50,210,000
Occupancy And Equipment	1,872,000	1,905,000	1,895,000	1,729,000
Professional Expense And Contract Services Expense	2,839,000	2,901,000	3,058,000	3,070,000
Other Non Interest Expense	8,563,000	7,812,000	7,913,000	7,084,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	456,060	432,240	412,066	364,843
Preferred Shares Number	324,500	112,000	304,500	264,500
Ordinary Shares Number	1,582,834	1,606,654	1,626,828	1,675,000
Share Issued	2,038,894	2,038,894	2,038,894	2,039,843
Net Debt	289,228,000	234,678,000	217,726,000	153,469,000
Total Debt	370,538,000	310,421,000	276,387,000	246,216,000
Tangible Book Value	79,146,000	71,602,000	66,526,000	67,121,000
Invested Capital	472,420,000	405,182,000	366,675,000	337,607,000
Net Tangible Assets	88,896,000	81,352,000	75,276,000	75,871,000
Common Stock Equity	101,882,000	94,761,000	90,288,000	91,391,000
Preferred Stock Equity	9,750,000	9,750,000	8,750,000	8,750,000
Total Capitalization	461,024,000	393,287,000	366,505,000	341,222,000
Total Equity Gross Minority Interest	112,652,000	105,428,000	99,982,000	101,231,000
Minority Interest	1,020,000	917,000	944,000	1,090,000
Stockholders Equity	111,632,000	104,511,000	99,038,000	100,141,000
Gains Losses Not Affecting Retained Earnings	-6,285,000	-6,814,000	-6,421,000	-6,253,000
Other Equity Adjustments	-6,285,000	-6,814,000	-6,421,000	-6,253,000
Treasury Stock	38,097,000	33,613,000	31,139,000	26,577,000
Retained Earnings	115,091,000	104,989,000	97,996,000	94,862,000
Additional Paid In Capital	31,153,000	30,179,000	29,832,000	29,339,000
Capital Stock	9,770,000	9,770,000	8,770,000	8,770,000
Common Stock	20,000	20,000	20,000	20,000
Preferred Stock	9,750,000	9,750,000	8,750,000	8,750,000
Total Liabilities Net Minority Interest	1,307,618,000	1,109,643,000	1,093,711,000	1,079,000,000
Derivative Product Liabilities	42,025,000	37,930,000	35,275,000	38,135,000
Long Term Debt And Capital Lease Obligation	349,392,000	288,776,000	267,467,000	241,081,000
Long Term Debt	349,392,000	288,776,000	267,467,000	241,081,000
Current Debt And Capital Lease Obligation	21,146,000	21,645,000	8,920,000	5,135,000
Current Debt	21,146,000	21,645,000	8,920,000	5,135,000
Other Current Borrowings	21,146,000	21,645,000	8,920,000	5,135,000
Payables And Accrued Expenses	226,519,000	175,938,000	208,148,000	216,134,000
Payables	226,519,000	175,938,000	208,148,000	216,134,000
Accounts Payable	226,519,000	175,938,000	208,148,000	216,134,000
Total Assets	1,420,270,000	1,215,071,000	1,193,693,000	1,180,231,000
Investments And Advances	378,873,000	342,917,000	359,311,000	336,881,000
Held To Maturity Securities	47,315,000	61,071,000	66,694,000	75,634,000
Available For Sale Securities	80,912,000	58,000	4,000	7,000
Trading Securities	215,007,000	182,939,000	204,376,000	176,904,000
Long Term Equity Investment	246,000	241,000	124,000	39,000
Goodwill And Other Intangible Assets	22,736,000	23,159,000	23,762,000	24,270,000
Other Intangible Assets	6,010,000	6,453,000	7,055,000	7,618,000
Goodwill	16,726,000	16,706,000	16,707,000	16,652,000
Net PPE	20,000	23,000	23,000	4,000
Gross PPE	20,000	23,000	23,000	4,000
Other Properties	20,000	23,000	23,000	4,000
Receivables	114,720,000	86,158,000	80,105,000	78,540,000
Accounts Receivable	114,720,000	86,158,000	80,105,000	78,540,000
Other Short Term Investments	35,393,000	98,608,000	88,113,000	84,297,000
Cash And Cash Equivalents	81,310,000	75,743,000	58,661,000	92,747,000
Cash Cash Equivalents And Federal Funds Sold	231,938,000	223,951,000	199,972,000	242,034,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-20,787,000	-2,100,000	-36,948,000	-9,475,000
Repurchase Of Capital Stock	-5,835,000	-4,199,000	-6,178,000	-10,871,000
Repayment Of Debt	-99,393,000	-80,230,000	-64,805,000	-34,898,000
Issuance Of Debt	139,169,000	108,365,000	78,424,000	72,460,000
Issuance Of Capital Stock	0	995,000	0	994,000
Capital Expenditure	-2,898,000	-3,462,000	-3,412,000	-3,078,000
Interest Paid Supplemental Data	47,096,000	46,359,000	41,940,000	9,819,000
Income Tax Paid Supplemental Data	3,504,000	1,885,000	2,035,000	4,147,000
End Cash Position	111,695,000	105,386,000	89,232,000	128,127,000
Beginning Cash Position	105,386,000	89,232,000	128,127,000	127,725,000
Effect Of Exchange Rate Changes	3,219,000	-2,504,000	451,000	-4,283,000
Changes In Cash	3,090,000	18,658,000	-39,346,000	4,685,000
Financing Cash Flow	67,758,000	46,756,000	-2,726,000	22,714,000
Cash Flow From Continuing Financing Activities	67,758,000	46,756,000	-2,726,000	22,714,000
Net Other Financing Charges	1,267,000	4,008,000	671,000	-1,229,000
Cash Dividends Paid	-6,593,000	-6,138,000	-5,763,000	-5,401,000
Net Preferred Stock Issuance	0	995,000	0	994,000
Preferred Stock Issuance	0	995,000	0	994,000
Net Common Stock Issuance	-5,835,000	-4,199,000	-6,178,000	-10,871,000
Common Stock Payments	-5,835,000	-4,199,000	-6,178,000	-10,871,000
Net Issuance Payments Of Debt	39,776,000	28,135,000	13,619,000	37,562,000
Net Long Term Debt Issuance	39,776,000	28,135,000	13,619,000	37,562,000
Long Term Debt Payments	-99,393,000	-80,230,000	-64,805,000	-34,898,000
Long Term Debt Issuance	139,169,000	108,365,000	78,424,000	72,460,000
Investing Cash Flow	-46,779,000	-29,460,000	-3,084,000	-11,632,000
Cash Flow From Continuing Investing Activities	-46,779,000	-29,460,000	-3,084,000	-11,632,000
Net Other Investing Changes	-1,092,000	-1,485,000	-923,000	-347,000
Net Investment Purchase And Sale	-1,406,000	-1,895,000	5,310,000	15,445,000
Sale Of Investment	35,172,000	37,292,000	28,388,000	45,278,000
Purchase Of Investment	-36,578,000	-39,187,000	-23,078,000	-29,833,000
Net Business Purchase And Sale			0	0	-2,648,000
Purchase Of Business			0	0	-2,648,000
Net PPE Purchase And Sale	-2,898,000	-3,462,000	-3,412,000	-3,078,000
Purchase Of PPE				-3,078,000	-2,308,000
Operating Cash Flow	-17,889,000	1,362,000	-33,536,000	-6,397,000
Cash Flow From Continuing Operating Activities	-17,889,000	1,362,000	-33,536,000	-6,397,000
Change In Working Capital	-42,816,000	-19,370,000	-49,108,000	-23,498,000
Change In Other Working Capital	-93,681,000	31,897,000	-49,365,000	-39,703,000
Change In Payables And Accrued Expense	50,708,000	-25,550,000	-3,629,000	-4,897,000
Change In Payable	50,708,000	-25,550,000	-3,629,000	-4,897,000
Change In Account Payable			-3,629,000	-4,897,000	7,758,000
Change In Receivables	-26,637,000	-5,308,000	602,000	14,664,000
Changes In Account Receivables			602,000	14,664,000	774,000
Other Non Cash Items	408,000	4,000	308,000	618,000
Stock Based Compensation	1,926,000	1,622,000	1,709,000	1,875,000
Deferred Tax	561,000	152,000	-463,000	-849,000
Deferred Income Tax	561,000	152,000	-463,000	-849,000
Depreciation Amortization Depletion	4,658,000	5,161,000	4,256,000	3,998,000
Depreciation And Amortization	4,658,000	5,161,000	4,256,000	3,998,000
Net Income From Continuing Operations	17,025,000	13,529,000	9,230,000	11,179,000

These metrics estimate what Morgan Stanley is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$121.71

Margin of Safety

Market Cap ÷ Company Value

4.09

P/B Ratio

2.91

Warren's Owner Earnings

$24.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$66.0B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.10%

vs Uninterrupted dividends

✅ Earnings Growth

+66.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

17.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.91x P/B (P/E×P/B: 49.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	17.2%	25.9%	37.5%	27.9%	N/A
Repurchase of Capital Stock	-$5.8B	-$4.2B	-$6.2B	-$10.9B	N/A
Free Cash Flow	-$20.8B ▼	-$2.1B ▲	-$36.9B ▼	-$9.5B •	N/A •
Warren's Owner Earnings	$24.4B	$22.0B	$16.8B	$18.1B	N/A

Peers & Industry

No auto-detected peers for Capital Markets. You can manually compare MS against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

24.27%

High — management has strong skin in the game

Return on Equity (ROE)

16.5%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

1.2%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$5.8B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+19.4% YoY

Debt is growing — management is leveraging up

Leadership Team

Edward Pick

CEO & Chairman of the Board

Age 56

Pay: $12,690,324

0.075% of net income

Daniel Aaron Simkowitz

Co-President

Age 59

Pay: $12,201,500

0.072% of net income

Andrew Michael Saperstein

Co-President

Age 58

Pay: $12,297,226

0.073% of net income

Sharon Yeshaya

Executive VP & CFO

Age 45

Pay: $8,924,403

0.053% of net income

Clint Gartin

Chairman of Investment Banking

Top Institutional Holders

Institution	% Owned	Shares
Mitsubishi UFJ Financial Group Inc	23.85%	377,085,167
Vanguard Group Inc	7.57%	119,718,100
State Street Corporation	6.57%	103,854,751
Blackrock Inc.	6.02%	95,248,897
JPMORGAN CHASE & CO	2.26%	35,714,453
Geode Capital Management, LLC	1.71%	27,070,557
FMR, LLC	1.65%	26,166,591
Fisher Asset Management, LLC	1.58%	25,018,335

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.21

Moderate volatility — moves slightly more than market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

4.56x

High leverage — significant financial risk

52-Week Price Range

Low: $117.21 Current: $187.77 High: $194.59

Currently at 91% of 52-week range

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