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Earnings transcript
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MS
Morgan Stanley
$223.17
-1.79
(-0.8%)
| Exchange: | NYSE |
| Market Cap: | 352.003B |
| Shares Outstanding: | 117.865M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Financial – Capital Markets | |||||
| CEO: | Edward N. Pick | |||||
| Full Time Employees: | 81000 | |||||
| Address: |
| |||||
| Website: | https://www.morganstanley.com |
Morgan Stanley operates as a prominent financial holding company, delivering a comprehensive suite of financial solutions and services. Its diverse clientele spans major corporations, governmental bodies, financial institutions, and individual clients across various global regions, including the Americas, Europe, the Middle East, Africa, and Asia. The firm’s operations are structured into three primary divisions: Institutional Securities, Wealth Management, and Investment Management. Within the Institutional Securities segment, Morgan Stanley provides crucial capital-raising and strategic financial advisory services. This includes underwriting activities for debt, equity, and other financial instruments, alongside expert counsel on mergers and acquisitions, corporate reorganizations, real estate transactions, and project financing. Furthermore, this division is a key player in sales and trading, offering services like sales execution, financing solutions, prime brokerage, and market-making across equity and fixed-income products, encompassing foreign exchange and commodities. It also extends corporate and commercial real estate loans, furnishes secured lending facilities, supports sales and trading clients with financing, and engages in asset-backed and mortgage lending. Investment and research services, along with specific wealth management offerings, are also part of this segment. The Wealth Management segment caters to individual investors, as well as small to medium-sized enterprises and institutions. It offers a broad spectrum of services, from financial advisor-led and self-directed brokerage and investment guidance to comprehensive financial and wealth planning. This segment also delivers workplace solutions, such as stock plan administration, and provides annuity and insurance products. Lending options include securities-backed loans, residential real estate mortgages, and other credit facilities, complemented by banking and retirement plan services. Finally, the Investment Management segment is dedicated to providing specialized investment products, including equity, fixed income, liquidity, and alternative strategies. These offerings are distributed through institutional and intermediary channels to a sophisticated client base that features benefit and defined contribution plans, foundations, endowments, governmental entities, sovereign wealth funds, insurance companies, and corporate and third-party fund sponsors. Morgan Stanley’s origins trace back to its founding in 1924, and its global headquarters are situated in New York, New York.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 88,286,000 | 103,145,000 | 114,983,000 |
| Gross Profit | 50,135,000 | 57,357,000 | 65,617,000 |
| EBITDA | 16,069,000 | 22,757,000 | 26,612,000 |
| Operating Income | 11,813,000 | 17,596,000 | 21,954,000 |
| Net Income | 9,087,000 | 13,390,000 | 16,861,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 1,193,693,000 | 1,215,071,000 | 1,420,270,000 |
| Total Liabilities | 1,093,711,000 | 1,109,643,000 | 1,307,618,000 |
| Total Stockholders Equity | 99,038,000 | 104,511,000 | 111,632,000 |
| Total Debt | 339,038,000 | 360,488,000 | 0 |
| Cash and Cash Equivalents | 58,661,000 | 75,743,000 | 111,695,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | -33,536,000 | 1,362,000 | -17,889,000 |
| Capital Expenditure | -3,412,000 | -3,462,000 | 0 |
| Free Cash Flow | -36,948,000 | -2,100,000 | -17,889,000 |
| Net Income | 9,087,000 | 13,529,000 | 16,861,000 |
| Net Change in Cash | -38,895,000 | 16,154,000 | 6,309,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 90,785,430.973 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 96,361,247.904 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 93,903,714.564 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 24,274,929.797 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 25,765,836.026 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 25,108,721.237 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 23,436,916.934 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 25,327,664.565 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 24,494,318.475 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 29,620,722.593 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 31,439,954.212 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 30,638,130.477 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 15.380 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 15.900 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 14.710 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 7 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 4 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Performance Metrics: Morgan Stanley demonstrates robust financial health with consistent revenue growth, as evidenced by historical data from income statements. Key indicators such as net income and operating cash flow from cash flow statements reflect operational efficiency and profitability, positioning MS favorably within the financial services sector.
- Solid Market Position and Valuation: The company’s price-to-earnings (P/E) ratio (TTM) and forward P/E estimates suggest a competitive valuation relative to industry averages, as per the industry and sector data. This indicates investor confidence and a stable market perception of MS’s earnings potential.
- High Return Metrics: Metrics such as return on equity (ROE) and return on invested capital (ROIC) from key metrics data highlight efficient use of capital and strong profitability, reinforcing MS’s ability to generate value for shareholders.
- Diversified Revenue Streams: Revenue product and geographic segments data indicate a well-diversified income base across various product categories and regions, reducing dependency on any single market and enhancing financial stability.
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Intrinsic Value Calculator
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Common questions about MS valuation
Is Morgan Stanley (MS) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Morgan Stanley (MS) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is MS a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether MS trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is MS’s P/E ratio?
You can see MS’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for MS?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is MS a good long-term investment?
Whether MS fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
MS
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Daily snapshot
-0.8
Trading Metrics:
| Open: | 229.09 | Previous Close: | 224.96 | |
| Day Low: | 222.89 | Day High: | 230.33 | |
| Year Low: | 130.9 | Year High: | 230.35 | |
| Price Avg 50: | 197.21 | Price Avg 200: | 175.18 | |
| Volume: | 10.683M | Average Volume: | 6.087M |
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Login — it's freeMS full analysis
Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of Morgan Stanley, ticker symbol MS, one of the heavyweights in the financial services world. Whether you’re a seasoned investor or just curious about this global banking giant, stick around because we’re breaking down everything from financials to valuation, recent performance, and more. Let’s get started! So, if you’re new to Morgan Stanley, let me give you the quick rundown. This isn’t just any bank—it’s…
