# Morgan Stanley (MS) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MS/thesis · /stocks/MS/memo

## Financial Snapshot

---
ticker: MS
step: 04
generated: 2026-05-12
source: quick-research
---

### Morgan Stanley (MS) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Net Revenues | $54.1B | $61.8B | $70.6B | +14% |
| Wealth Management Revenue | $26.3B | $28.5B | $31.7B | +12% (record) |
| Institutional Securities Revenue | $24.0B | $28.0B | $33.1B | +18% |
| Investment Management Revenue | $5.4B | $5.7B | $6.1B | +7% |
| Net Income | $9.1B | $13.4B | $16.8B | +25% |
| EPS (diluted) | $5.18 | $7.95 | $10.21 | +29% |
| ROTCE | 13% | 18.8% | 21.6% | +280bps |

#### Q1 2026 Highlights (most recent reported — record quarter)

| Metric | Q1 2026 | YoY |
|--------|---------|-----|
| Net Revenues | $20.6B (record) | +15%+ |
| EPS | $3.43 | record |
| Wealth Management | $8.5B (record) | strong |
| Wealth Pre-Tax Margin | 30.4% | |
| Asia revenue contribution | 45% of sequential rev gain | (vs 16% baseline) |

#### Wealth Management Detail (FY2025)

| Metric | Value |
|--------|-------|
| Net Revenues | $31.7B (record, +12%) |
| WM Fees | $6.55B (+12%) |
| Advisor-led assets (workplace + E*TRADE) | $99B (vs $60B historic avg) |
| Number of FAs | ~16,000 |
| Pre-Tax Margin | 30%+ target |

#### Institutional Securities Detail (FY2025)

| Metric | Value |
|--------|-------|
| Net Revenues | $33.1B |
| Equity (record) | strong |
| Investment Banking (strong on client activity) | recovering |
| Fixed Income (solid) | moderate |

#### Investment Management

| Metric | Value (Q1 2026) |
|--------|----------------|
| AUM/AUS | $1.9T |
| Investment professionals | 1,300+ |
| Brands | Parametric, Calvert, Eaton Vance, Atlas, Solium |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Total Assets | ~$1.3T |
| Total Deposits | ~$390B |
| Total Loans | ~$300B |
| CET1 Capital Ratio | ~15.3% (well above req) |
| Tangible Book Value/Share | ~$50 |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~13x | P/TBV: ~2.6x | Dividend Yield: ~2.9%
- ROTCE: 21.6% — exceptional (vs ~13% three years ago)
- Pre-tax margin Wealth: 30%+

#### Growth Profile
2025 was the strongest year in MS history — net revenues $70.6B (+14%); EPS $10.21 (+29%). Q1 2026 followed with a record $20.6B revenue quarter ($3.43 EPS). Asia contributed 45% of sequential revenue improvement — well above 16% revenue weighting. Wealth Management $31.7B record; pre-tax margin 30.4%. The integrated model is firing on all cylinders.

#### Forward Estimates
- **2026E Net Revenues:** ~$78-80B (+10-13%)
- **2026E EPS:** ~$11.50-12.00 (+13-18%)
- **2027E EPS:** ~$13-14 (assumes IB cycle continues)
- **Wealth pre-tax margin target:** 30%+ sustained

#### Capital Return
- Quarterly dividend $0.96/share = $3.85 annual (~$6B paid)
- Buybacks: ~$5-8B annual run rate
- Total capital return: ~$11-14B annually
- Combined yield ~5-7%

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MS/fundamental

## Navigation

- Overview: /stocks/MS
- Financials (this page): /stocks/MS/financials
- Thesis: /stocks/MS/thesis
- Investment Memo: /stocks/MS/memo
- Coverage universe: /stocks