Annual Income Statements for Morgan Stanley
This table shows Morgan Stanley's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Morgan Stanley
This table shows Morgan Stanley's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
2,113 |
2,836 |
2,049 |
2,262 |
1,383 |
3,266 |
2,942 |
3,028 |
3,564 |
4,157 |
3,392 |
Consolidated Net Income / (Loss) |
|
2,266 |
3,033 |
2,221 |
2,435 |
1,541 |
3,462 |
3,117 |
3,226 |
3,724 |
4,371 |
3,575 |
Net Income / (Loss) Continuing Operations |
|
2,266 |
3,033 |
2,221 |
2,435 |
1,541 |
3,462 |
3,117 |
3,226 |
3,724 |
4,371 |
3,575 |
Total Pre-Tax Income |
|
2,794 |
3,760 |
2,812 |
3,145 |
2,096 |
4,395 |
4,074 |
4,221 |
4,906 |
5,544 |
4,622 |
Total Revenue |
|
12,749 |
14,517 |
13,457 |
13,273 |
12,896 |
15,136 |
15,019 |
15,383 |
16,223 |
17,739 |
16,792 |
Net Interest Income / (Expense) |
|
2,319 |
2,346 |
2,010 |
1,977 |
1,897 |
1,796 |
2,067 |
2,196 |
2,552 |
2,353 |
2,347 |
Total Interest Income |
|
-3,036 |
9,980 |
2,010 |
12,126 |
-15,886 |
1,796 |
13,529 |
2,196 |
36,942 |
13,748 |
14,905 |
Investment Securities Interest Income |
|
9,232 |
9,980 |
10,913 |
12,126 |
12,830 |
12,930 |
13,529 |
14,185 |
13,491 |
13,748 |
14,905 |
Total Interest Expense |
|
-5,355 |
7,634 |
0.00 |
10,149 |
-17,783 |
0.00 |
11,462 |
0.00 |
34,390 |
11,395 |
12,558 |
Long-Term Debt Interest Expense |
|
- |
7,634 |
- |
10,149 |
- |
- |
11,462 |
- |
- |
11,395 |
12,558 |
Total Non-Interest Income |
|
10,430 |
12,171 |
11,447 |
11,296 |
10,999 |
13,340 |
12,952 |
13,187 |
13,671 |
15,386 |
14,445 |
Trust Fees by Commissions |
|
1,169 |
1,239 |
1,090 |
1,098 |
1,110 |
1,227 |
1,183 |
1,294 |
1,390 |
1,481 |
1,425 |
Other Service Charges |
|
4,841 |
4,980 |
5,305 |
5,327 |
4,980 |
5,535 |
5,746 |
5,986 |
6,497 |
6,714 |
6,243 |
Net Realized & Unrealized Capital Gains on Investments |
|
3,102 |
4,622 |
3,897 |
3,823 |
3,494 |
4,989 |
4,288 |
4,317 |
3,993 |
5,480 |
5,133 |
Investment Banking Income |
|
1,318 |
1,330 |
1,155 |
1,048 |
1,415 |
1,589 |
1,735 |
1,590 |
1,791 |
1,711 |
1,644 |
Provision for Credit Losses |
|
87 |
234 |
161 |
134 |
3.00 |
-6.00 |
76 |
79 |
115 |
135 |
196 |
Total Non-Interest Expense |
|
9,868 |
10,523 |
10,484 |
9,994 |
10,797 |
10,747 |
10,869 |
11,083 |
11,202 |
12,060 |
11,974 |
Salaries and Employee Benefits |
|
5,615 |
6,410 |
6,262 |
5,935 |
5,951 |
6,696 |
6,460 |
6,733 |
6,289 |
7,521 |
7,190 |
Net Occupancy & Equipment Expense |
|
1,376 |
1,355 |
1,397 |
1,403 |
1,515 |
1,417 |
1,475 |
1,515 |
1,586 |
1,499 |
1,548 |
Marketing Expense |
|
295 |
247 |
236 |
191 |
224 |
217 |
245 |
224 |
279 |
238 |
297 |
Other Operating Expenses |
|
2,582 |
2,511 |
2,589 |
2,465 |
3,107 |
2,417 |
2,689 |
2,611 |
3,048 |
2,802 |
2,939 |
Income Tax Expense |
|
528 |
727 |
591 |
710 |
555 |
933 |
957 |
995 |
1,182 |
1,173 |
1,047 |
Preferred Stock Dividends Declared |
|
123 |
144 |
133 |
146 |
134 |
146 |
134 |
160 |
150 |
158 |
147 |
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders) |
|
30 |
53 |
39 |
27 |
24 |
50 |
41 |
38 |
10 |
56 |
36 |
Basic Earnings per Share |
|
$1.30 |
$1.72 |
$1.25 |
$1.39 |
$0.88 |
$2.04 |
$1.85 |
$1.91 |
$2.24 |
$2.62 |
$2.15 |
Weighted Average Basic Shares Outstanding |
|
1.69B |
1.65B |
1.64B |
1.62B |
1.63B |
1.60B |
1.59B |
1.59B |
1.59B |
1.58B |
1.58B |
Diluted Earnings per Share |
|
$1.27 |
$1.70 |
$1.24 |
$1.38 |
$0.86 |
$2.02 |
$1.82 |
$1.88 |
$2.23 |
$2.60 |
$2.13 |
Weighted Average Diluted Shares Outstanding |
|
1.71B |
1.66B |
1.65B |
1.64B |
1.65B |
1.62B |
1.61B |
1.61B |
1.61B |
1.60B |
1.59B |
Weighted Average Basic & Diluted Shares Outstanding |
|
1.68B |
1.67B |
1.66B |
1.64B |
1.64B |
1.63B |
1.62B |
1.61B |
1.61B |
1.60B |
1.60B |
Cash Dividends to Common per Share |
|
- |
$0.78 |
$0.78 |
$0.85 |
- |
$0.85 |
$0.85 |
$0.93 |
- |
$0.93 |
$0.93 |
Annual Cash Flow Statements for Morgan Stanley
This table details how cash moves in and out of Morgan Stanley's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
-18,320 |
-2,039 |
-8,192 |
3,035 |
8,629 |
-5,025 |
23,483 |
22,071 |
402 |
-38,895 |
16,154 |
Net Cash From Operating Activities |
|
1,379 |
-4,463 |
5,383 |
-4,505 |
7,305 |
40,773 |
-25,231 |
33,971 |
-6,397 |
-33,536 |
1,362 |
Net Cash From Continuing Operating Activities |
|
1,379 |
-4,463 |
5,383 |
-4,505 |
7,305 |
40,773 |
-25,231 |
33,971 |
-6,397 |
-33,536 |
1,362 |
Net Income / (Loss) Continuing Operations |
|
3,667 |
6,279 |
6,123 |
6,216 |
8,883 |
9,237 |
11,179 |
15,120 |
11,179 |
9,230 |
13,529 |
Consolidated Net Income / (Loss) |
|
3,667 |
6,279 |
6,123 |
6,216 |
8,883 |
9,237 |
11,179 |
15,120 |
11,179 |
9,230 |
13,529 |
Provision For Loan Losses |
|
- |
123 |
144 |
29 |
-15 |
161 |
761 |
4.00 |
280 |
532 |
264 |
Depreciation Expense |
|
1,161 |
1,433 |
1,736 |
1,753 |
1,844 |
2,643 |
3,769 |
4,216 |
3,998 |
4,256 |
5,161 |
Non-Cash Adjustments to Reconcile Net Income |
|
1,188 |
2,486 |
2,613 |
3,926 |
1,119 |
1,123 |
1,336 |
1,942 |
1,644 |
1,554 |
1,778 |
Changes in Operating Assets and Liabilities, net |
|
-4,637 |
-14,784 |
-5,233 |
-16,429 |
-4,526 |
27,609 |
-42,276 |
12,689 |
-23,498 |
-49,108 |
-19,370 |
Net Cash From Investing Activities |
|
-36,313 |
-19,995 |
-19,508 |
-12,391 |
-22,881 |
-33,561 |
-37,898 |
-49,897 |
-11,632 |
-3,084 |
-29,460 |
Net Cash From Continuing Investing Activities |
|
-36,313 |
-19,995 |
-19,508 |
-12,391 |
-22,881 |
-33,561 |
-37,898 |
-49,897 |
-11,632 |
-3,084 |
-29,460 |
Purchase of Investment Securities |
|
-53,944 |
-64,582 |
-61,591 |
-37,967 |
-38,459 |
-62,724 |
-79,972 |
-111,465 |
-56,910 |
-31,472 |
-66,752 |
Sale and/or Maturity of Investments |
|
17,631 |
43,589 |
42,083 |
25,576 |
15,876 |
29,163 |
38,267 |
61,568 |
45,278 |
28,388 |
37,292 |
Net Cash From Financing Activities |
|
16,614 |
24,154 |
7,363 |
16,261 |
24,205 |
-11,966 |
83,784 |
41,547 |
22,714 |
-2,726 |
46,756 |
Net Cash From Continuing Financing Activities |
|
16,614 |
24,154 |
7,363 |
16,261 |
24,205 |
-11,966 |
83,784 |
41,547 |
22,714 |
-2,726 |
46,756 |
Net Change in Deposits |
|
21,165 |
22,490 |
-171 |
3,573 |
28,384 |
2,513 |
75,417 |
36,897 |
1,659 |
-5,075 |
23,955 |
Issuance of Debt |
|
-2,189 |
31,812 |
44,959 |
55,416 |
40,059 |
30,605 |
60,726 |
89,648 |
72,460 |
79,220 |
112,723 |
Issuance of Preferred Equity |
|
- |
1,493 |
0.00 |
994 |
0.00 |
497 |
0.00 |
1,275 |
994 |
0.00 |
995 |
Repayment of Debt |
|
- |
-27,377 |
-31,596 |
-37,398 |
-36,297 |
-36,853 |
-47,690 |
-70,124 |
-35,782 |
-64,805 |
-80,230 |
Repurchase of Common Equity |
|
-1,458 |
-2,773 |
-3,933 |
-4,292 |
-5,566 |
-5,954 |
-1,890 |
-12,075 |
-10,871 |
-6,178 |
-4,199 |
Payment of Dividends |
|
-904 |
-1,551 |
-1,842 |
-2,085 |
-2,375 |
-2,627 |
-2,739 |
-4,171 |
-5,401 |
-5,763 |
-6,138 |
Other Financing Activities, Net |
|
0.00 |
60 |
-54 |
53 |
- |
-147 |
-40 |
97 |
-345 |
-125 |
-350 |
Effect of Exchange Rate Changes |
|
- |
-1,735 |
-1,430 |
3,670 |
- |
-271 |
2,828 |
-3,550 |
-4,283 |
451 |
-2,504 |
Cash Interest Paid |
|
- |
2,672 |
2,834 |
5,377 |
9,977 |
12,511 |
4,120 |
1,303 |
9,819 |
41,940 |
46,359 |
Cash Income Taxes Paid |
|
886 |
677 |
831 |
1,390 |
1,377 |
1,908 |
2,591 |
4,231 |
4,147 |
2,035 |
1,885 |
Quarterly Cash Flow Statements for Morgan Stanley
This table details how cash moves in and out of Morgan Stanley's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Change in Cash & Equivalents |
|
16,431 |
-16,869 |
-6,264 |
3,407 |
-19,169 |
13,073 |
-12,145 |
924 |
14,302 |
-14,647 |
18,391 |
Net Cash From Operating Activities |
|
-13,996 |
-9,865 |
-9,666 |
3,747 |
-17,752 |
4,360 |
2,525 |
-17,323 |
11,800 |
-23,976 |
11,829 |
Net Cash From Continuing Operating Activities |
|
-13,996 |
-9,865 |
-9,666 |
3,747 |
-17,752 |
4,360 |
2,525 |
-17,323 |
11,800 |
-23,976 |
11,829 |
Net Income / (Loss) Continuing Operations |
|
2,266 |
3,033 |
2,221 |
2,435 |
1,541 |
3,462 |
3,117 |
3,226 |
3,724 |
4,371 |
3,575 |
Consolidated Net Income / (Loss) |
|
2,266 |
3,033 |
2,221 |
2,435 |
1,541 |
3,462 |
3,117 |
3,226 |
3,724 |
4,371 |
3,575 |
Provision For Loan Losses |
|
87 |
234 |
161 |
134 |
3.00 |
-6.00 |
76 |
79 |
115 |
135 |
196 |
Depreciation Expense |
|
1,207 |
940 |
922 |
988 |
1,406 |
975 |
1,271 |
1,270 |
1,645 |
865 |
1,307 |
Non-Cash Adjustments to Reconcile Net Income |
|
-241 |
624 |
473 |
295 |
162 |
430 |
504 |
418 |
426 |
537 |
627 |
Changes in Operating Assets and Liabilities, net |
|
-17,315 |
-14,696 |
-13,443 |
-105 |
-20,864 |
-501 |
-2,443 |
-22,316 |
5,890 |
-29,884 |
6,124 |
Net Cash From Investing Activities |
|
898 |
-1,041 |
6,241 |
517 |
-8,801 |
1,054 |
-13,668 |
-6,696 |
-10,150 |
-5,034 |
-17,672 |
Net Cash From Continuing Investing Activities |
|
898 |
-1,041 |
6,241 |
517 |
-8,801 |
1,054 |
-13,668 |
-6,696 |
-10,150 |
-5,034 |
-17,672 |
Purchase of Investment Securities |
|
-2,939 |
-7,584 |
-2,231 |
-6,376 |
-15,281 |
-11,643 |
-21,258 |
-15,573 |
-18,007 |
-13,761 |
-25,038 |
Sale and/or Maturity of Investments |
|
3,837 |
6,543 |
8,472 |
6,893 |
6,480 |
12,697 |
7,590 |
8,877 |
7,857 |
8,727 |
7,366 |
Net Cash From Financing Activities |
|
25,975 |
-6,288 |
-2,493 |
361 |
5,694 |
8,857 |
-404 |
23,048 |
15,255 |
13,045 |
21,667 |
Net Cash From Continuing Financing Activities |
|
25,975 |
-6,288 |
-2,493 |
361 |
5,694 |
8,857 |
-404 |
23,048 |
15,255 |
13,045 |
21,667 |
Net Change in Deposits |
|
18,475 |
-9,084 |
950 |
-3,054 |
6,113 |
534 |
-3,475 |
14,460 |
12,436 |
5,520 |
7,712 |
Issuance of Debt |
|
18,177 |
21,219 |
18,704 |
20,993 |
18,304 |
28,079 |
25,166 |
25,899 |
32,354 |
32,439 |
36,902 |
Repayment of Debt |
|
-7,411 |
-14,845 |
-19,414 |
-14,442 |
-16,104 |
-16,496 |
-19,655 |
-15,836 |
-27,018 |
-21,528 |
-20,190 |
Repurchase of Common Equity |
|
-1,745 |
-2,205 |
-1,089 |
-1,542 |
-1,342 |
-1,718 |
-823 |
-806 |
-852 |
-2,030 |
-1,129 |
Payment of Dividends |
|
-1,378 |
-1,406 |
-1,379 |
-1,501 |
-1,477 |
-1,496 |
-1,467 |
-1,590 |
-1,585 |
-1,616 |
-1,584 |
Other Financing Activities, Net |
|
-143 |
33 |
-265 |
-93 |
200 |
-46 |
-150 |
-74 |
-80 |
260 |
-44 |
Effect of Exchange Rate Changes |
|
3,554 |
325 |
-346 |
-1,218 |
1,690 |
-1,198 |
-598 |
1,895 |
-2,603 |
1,318 |
2,567 |
Cash Interest Paid |
|
5,480 |
8,912 |
10,250 |
11,137 |
11,641 |
11,878 |
11,142 |
11,478 |
11,861 |
12,464 |
12,079 |
Cash Income Taxes Paid |
|
1,342 |
307 |
671 |
270 |
787 |
233 |
810 |
406 |
436 |
534 |
1,811 |
Annual Balance Sheets for Morgan Stanley
This table presents Morgan Stanley's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
801,510 |
787,465 |
814,949 |
851,733 |
853,531 |
895,429 |
1,115,862 |
1,188,140 |
1,180,231 |
1,193,693 |
1,215,071 |
Cash and Due from Banks |
|
21,381 |
19,827 |
22,017 |
24,816 |
30,541 |
82,171 |
105,654 |
127,725 |
128,127 |
89,232 |
105,386 |
Trading Account Securities |
|
497,954 |
467,104 |
217,872 |
298,243 |
322,431 |
313,075 |
423,592 |
446,542 |
346,366 |
335,199 |
353,351 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Goodwill |
|
6,588 |
6,584 |
6,577 |
6,597 |
6,688 |
7,143 |
11,635 |
16,833 |
16,652 |
16,707 |
16,706 |
Intangible Assets |
|
3,159 |
2,984 |
2,721 |
2,448 |
2,163 |
2,107 |
4,980 |
8,360 |
7,618 |
7,055 |
6,453 |
Other Assets |
|
116,822 |
169,053 |
442,443 |
498,281 |
470,409 |
490,933 |
570,001 |
588,680 |
681,468 |
745,500 |
733,175 |
Total Liabilities & Shareholders' Equity |
|
801,510 |
787,465 |
814,949 |
851,733 |
853,531 |
895,429 |
1,115,862 |
1,188,140 |
1,180,231 |
1,193,693 |
1,215,071 |
Total Liabilities |
|
729,406 |
711,281 |
737,772 |
773,267 |
772,125 |
812,732 |
1,012,713 |
1,081,542 |
1,079,000 |
1,093,711 |
1,109,643 |
Non-Interest Bearing Deposits |
|
133,544 |
156,034 |
155,863 |
159,436 |
187,820 |
190,356 |
310,782 |
347,574 |
356,646 |
351,804 |
376,007 |
Short-Term Debt |
|
253,279 |
225,491 |
245,141 |
247,934 |
229,318 |
252,034 |
278,024 |
290,873 |
278,668 |
270,799 |
226,005 |
Long-Term Debt |
|
190,076 |
182,590 |
192,678 |
217,445 |
211,036 |
215,831 |
240,673 |
255,467 |
261,895 |
291,444 |
325,647 |
Other Long-Term Liabilities |
|
152,507 |
147,166 |
144,090 |
148,452 |
143,951 |
154,511 |
183,234 |
187,628 |
181,791 |
179,664 |
181,984 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
72,104 |
76,184 |
77,177 |
78,466 |
81,406 |
82,697 |
103,149 |
106,598 |
101,231 |
99,982 |
105,428 |
Total Preferred & Common Equity |
|
70,900 |
75,182 |
76,050 |
77,391 |
80,246 |
81,549 |
101,781 |
105,441 |
100,141 |
99,038 |
104,511 |
Preferred Stock |
|
- |
- |
- |
- |
- |
8,520 |
9,250 |
- |
8,750 |
8,750 |
9,750 |
Total Common Equity |
|
70,900 |
75,182 |
76,050 |
77,391 |
80,246 |
73,029 |
92,531 |
105,441 |
91,391 |
90,288 |
94,761 |
Common Stock |
|
22,142 |
21,764 |
20,440 |
20,658 |
20,978 |
21,037 |
22,523 |
24,906 |
24,478 |
24,538 |
25,096 |
Retained Earnings |
|
44,625 |
49,204 |
53,679 |
57,577 |
64,175 |
70,589 |
78,694 |
89,432 |
94,862 |
97,996 |
104,989 |
Treasury Stock |
|
-2,766 |
-4,059 |
-5,797 |
-9,211 |
-13,971 |
-18,727 |
-9,767 |
-17,500 |
-26,577 |
-31,139 |
-33,613 |
Accumulated Other Comprehensive Income / (Loss) |
|
-1,248 |
-1,656 |
-2,643 |
-3,060 |
-2,292 |
-2,788 |
-1,962 |
-3,102 |
-6,253 |
-6,421 |
-6,814 |
Other Equity Adjustments |
|
8,147 |
9,929 |
10,371 |
11,427 |
11,356 |
2,918 |
3,043 |
11,705 |
4,881 |
5,314 |
5,103 |
Noncontrolling Interest |
|
1,204 |
1,002 |
1,127 |
1,075 |
1,160 |
1,148 |
1,368 |
1,157 |
1,090 |
944 |
917 |
Quarterly Balance Sheets for Morgan Stanley
This table presents Morgan Stanley's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Total Assets |
|
1,180,231 |
1,199,904 |
1,164,911 |
1,169,013 |
1,193,693 |
1,228,503 |
1,212,447 |
1,258,027 |
1,215,071 |
1,300,296 |
1,353,870 |
Cash and Due from Banks |
|
128,127 |
111,258 |
104,994 |
108,401 |
89,232 |
102,305 |
90,160 |
91,084 |
105,386 |
90,739 |
109,130 |
Trading Account Securities |
|
346,366 |
367,179 |
331,891 |
383,681 |
335,199 |
789,377 |
348,140 |
380,454 |
353,351 |
774,516 |
791,437 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
202,742 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Goodwill |
|
16,652 |
16,657 |
16,652 |
16,699 |
16,707 |
16,722 |
16,719 |
16,735 |
16,706 |
16,714 |
16,734 |
Intangible Assets |
|
7,618 |
7,470 |
7,322 |
7,204 |
7,055 |
6,914 |
6,763 |
6,620 |
6,453 |
6,305 |
6,185 |
Other Assets |
|
681,468 |
697,340 |
704,052 |
450,286 |
745,500 |
313,185 |
750,665 |
763,134 |
733,175 |
412,022 |
430,384 |
Total Liabilities & Shareholders' Equity |
|
1,180,231 |
1,199,904 |
1,164,911 |
1,169,013 |
1,193,693 |
1,228,503 |
1,212,447 |
1,258,027 |
1,215,071 |
1,300,296 |
1,353,870 |
Total Liabilities |
|
1,079,000 |
1,097,950 |
1,063,550 |
1,068,855 |
1,093,711 |
1,128,363 |
1,110,841 |
1,153,356 |
1,109,643 |
1,192,449 |
1,244,600 |
Non-Interest Bearing Deposits |
|
356,646 |
347,523 |
348,511 |
345,458 |
351,804 |
352,494 |
348,890 |
363,722 |
376,007 |
381,563 |
389,377 |
Short-Term Debt |
|
278,668 |
281,191 |
273,183 |
277,140 |
270,799 |
296,774 |
271,574 |
274,920 |
226,005 |
271,003 |
284,882 |
Long-Term Debt |
|
261,895 |
274,440 |
269,636 |
269,925 |
291,444 |
302,419 |
309,415 |
333,778 |
325,647 |
344,261 |
371,531 |
Other Long-Term Liabilities |
|
181,791 |
194,796 |
172,220 |
176,332 |
179,664 |
176,676 |
180,962 |
180,936 |
181,984 |
195,622 |
198,810 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
101,231 |
101,954 |
101,361 |
100,158 |
99,982 |
100,140 |
101,606 |
104,671 |
105,428 |
107,847 |
109,270 |
Total Preferred & Common Equity |
|
100,141 |
100,826 |
100,386 |
99,211 |
99,038 |
99,198 |
100,714 |
103,647 |
104,511 |
106,812 |
108,184 |
Preferred Stock |
|
8,750 |
- |
8,750 |
- |
8,750 |
8,750 |
8,750 |
9,750 |
9,750 |
9,750 |
9,750 |
Total Common Equity |
|
91,391 |
100,826 |
91,636 |
99,211 |
90,288 |
90,448 |
91,964 |
93,897 |
94,761 |
97,062 |
98,434 |
Common Stock |
|
24,478 |
23,533 |
24,007 |
24,371 |
24,538 |
23,816 |
24,369 |
24,745 |
25,096 |
24,516 |
25,198 |
Retained Earnings |
|
94,862 |
96,392 |
97,151 |
98,007 |
97,996 |
99,811 |
101,374 |
102,911 |
104,989 |
107,653 |
109,567 |
Treasury Stock |
|
-26,577 |
-27,481 |
-28,480 |
-29,959 |
-31,139 |
-31,372 |
-32,129 |
-32,868 |
-33,613 |
-34,423 |
-35,503 |
Accumulated Other Comprehensive Income / (Loss) |
|
-6,253 |
-5,711 |
-6,300 |
-7,202 |
-6,421 |
-7,057 |
-6,760 |
-5,986 |
-6,814 |
-5,961 |
-5,913 |
Other Equity Adjustments |
|
4,881 |
14,093 |
5,258 |
13,994 |
5,314 |
5,250 |
5,110 |
5,095 |
5,103 |
5,277 |
5,085 |
Noncontrolling Interest |
|
1,090 |
1,128 |
975 |
947 |
944 |
942 |
892 |
1,024 |
917 |
1,035 |
1,086 |
Annual Metrics And Ratios for Morgan Stanley
This table displays calculated financial ratios and metrics derived from Morgan Stanley's official financial filings.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
5.48% |
2.57% |
-1.49% |
9.57% |
5.70% |
3.57% |
17.38% |
22.56% |
-10.19% |
0.89% |
14.07% |
EBITDA Growth |
|
-21.70% |
108.92% |
6.61% |
14.85% |
7.61% |
6.60% |
30.43% |
31.32% |
-24.27% |
-11.16% |
41.62% |
EBIT Growth |
|
-21.22% |
136.56% |
4.16% |
17.57% |
8.02% |
0.57% |
27.58% |
36.41% |
-28.37% |
-16.15% |
48.95% |
NOPAT Growth |
|
0.68% |
71.01% |
-2.75% |
1.85% |
42.53% |
3.94% |
21.02% |
35.25% |
-26.06% |
-17.43% |
46.58% |
Net Income Growth |
|
1.49% |
71.23% |
-2.48% |
1.52% |
42.91% |
3.99% |
21.02% |
35.25% |
-26.06% |
-17.43% |
46.58% |
EPS Growth |
|
17.65% |
81.25% |
0.69% |
5.14% |
54.07% |
9.73% |
24.47% |
24.30% |
-23.41% |
-15.77% |
53.47% |
Operating Cash Flow Growth |
|
-96.06% |
-423.64% |
220.61% |
-183.69% |
262.15% |
458.15% |
-161.88% |
234.64% |
-118.83% |
-424.25% |
104.06% |
Free Cash Flow Firm Growth |
|
337.03% |
-40.29% |
-165.64% |
8.11% |
236.96% |
-163.17% |
-207.21% |
73.43% |
239.76% |
-150.18% |
266.72% |
Invested Capital Growth |
|
-10.29% |
-6.05% |
6.35% |
5.60% |
-4.06% |
5.52% |
12.95% |
5.00% |
-1.71% |
3.18% |
-0.78% |
Revenue Q/Q Growth |
|
-0.31% |
-0.07% |
3.85% |
1.28% |
-2.32% |
6.21% |
5.68% |
1.58% |
-3.20% |
0.27% |
5.69% |
EBITDA Q/Q Growth |
|
-36.73% |
78.53% |
7.91% |
2.18% |
-4.09% |
8.25% |
9.18% |
1.21% |
-10.49% |
-3.01% |
15.47% |
EBIT Q/Q Growth |
|
-43.32% |
105.94% |
10.04% |
2.21% |
-5.18% |
8.40% |
5.71% |
2.36% |
-12.92% |
-5.58% |
19.00% |
NOPAT Q/Q Growth |
|
-32.35% |
66.80% |
13.69% |
-14.05% |
11.21% |
8.81% |
10.99% |
2.05% |
-11.48% |
-7.28% |
19.24% |
Net Income Q/Q Growth |
|
-32.42% |
67.13% |
13.83% |
-14.06% |
11.20% |
8.80% |
10.99% |
2.05% |
-11.48% |
-7.28% |
19.24% |
EPS Q/Q Growth |
|
-36.26% |
79.01% |
16.80% |
-14.96% |
12.89% |
10.43% |
8.94% |
2.29% |
-10.74% |
-7.33% |
20.82% |
Operating Cash Flow Q/Q Growth |
|
-92.86% |
68.62% |
-52.41% |
59.16% |
-60.57% |
20.88% |
-109,800.00% |
312.67% |
-180.49% |
-12.61% |
104.83% |
Free Cash Flow Firm Q/Q Growth |
|
60.02% |
145.38% |
-247.21% |
40.02% |
60.39% |
-204.89% |
-393.68% |
83.54% |
-44.63% |
-156.79% |
134.08% |
Invested Capital Q/Q Growth |
|
-3.37% |
-7.21% |
0.87% |
-2.10% |
-4.12% |
-1.53% |
13.33% |
-1.16% |
1.40% |
2.32% |
-7.89% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
13.86% |
28.24% |
30.56% |
32.04% |
32.62% |
33.57% |
37.30% |
39.97% |
33.70% |
29.68% |
36.85% |
EBIT Margin |
|
10.48% |
24.16% |
25.55% |
27.42% |
28.02% |
27.21% |
29.57% |
32.91% |
26.25% |
21.82% |
28.49% |
Profit (Net Income) Margin |
|
10.70% |
17.86% |
17.68% |
16.38% |
22.15% |
22.24% |
22.93% |
25.30% |
20.83% |
17.05% |
21.91% |
Tax Burden Percent |
|
102.12% |
73.91% |
69.20% |
59.75% |
79.05% |
81.74% |
77.54% |
76.88% |
79.35% |
78.13% |
76.89% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
-2.51% |
25.90% |
30.81% |
40.07% |
20.91% |
18.26% |
22.47% |
23.12% |
20.65% |
21.87% |
23.11% |
Return on Invested Capital (ROIC) |
|
0.68% |
1.26% |
1.23% |
1.18% |
1.67% |
1.72% |
1.91% |
2.37% |
1.73% |
1.42% |
2.05% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.67% |
1.26% |
1.23% |
1.17% |
1.67% |
1.72% |
1.91% |
2.37% |
1.73% |
1.42% |
2.05% |
Return on Net Nonoperating Assets (RNNOA) |
|
4.52% |
7.21% |
6.76% |
6.81% |
9.44% |
9.53% |
10.12% |
12.05% |
9.03% |
7.76% |
11.12% |
Return on Equity (ROE) |
|
5.20% |
8.47% |
7.99% |
7.99% |
11.11% |
11.26% |
12.03% |
14.42% |
10.76% |
9.17% |
13.17% |
Cash Return on Invested Capital (CROIC) |
|
11.52% |
7.50% |
-4.93% |
-4.27% |
5.81% |
-3.65% |
-10.25% |
-2.51% |
3.45% |
-1.72% |
2.83% |
Operating Return on Assets (OROA) |
|
0.44% |
1.07% |
1.10% |
1.25% |
1.32% |
1.29% |
1.43% |
1.71% |
1.19% |
1.00% |
1.46% |
Return on Assets (ROA) |
|
0.45% |
0.79% |
0.76% |
0.75% |
1.04% |
1.06% |
1.11% |
1.31% |
0.94% |
0.78% |
1.12% |
Return on Common Equity (ROCE) |
|
5.04% |
8.34% |
7.87% |
7.87% |
10.96% |
10.51% |
10.72% |
13.61% |
10.19% |
8.28% |
11.87% |
Return on Equity Simple (ROE_SIMPLE) |
|
5.17% |
8.35% |
8.05% |
8.03% |
11.07% |
11.33% |
10.98% |
14.34% |
11.16% |
9.32% |
12.95% |
Net Operating Profit after Tax (NOPAT) |
|
3,681 |
6,295 |
6,122 |
6,235 |
8,887 |
9,237 |
11,179 |
15,120 |
11,179 |
9,230 |
13,529 |
NOPAT Margin |
|
10.74% |
17.91% |
17.68% |
16.43% |
22.16% |
22.24% |
22.93% |
25.30% |
20.83% |
17.05% |
21.91% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
62.87% |
56.45% |
56.48% |
55.07% |
54.18% |
55.66% |
51.91% |
50.40% |
54.37% |
57.49% |
53.65% |
Operating Expenses to Revenue |
|
89.52% |
75.84% |
74.45% |
72.58% |
71.98% |
72.41% |
68.87% |
67.08% |
73.23% |
77.20% |
71.08% |
Earnings before Interest and Taxes (EBIT) |
|
3,591 |
8,495 |
8,848 |
10,403 |
11,237 |
11,301 |
14,418 |
19,668 |
14,089 |
11,813 |
17,596 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
4,752 |
9,928 |
10,584 |
12,156 |
13,081 |
13,944 |
18,187 |
23,884 |
18,087 |
16,069 |
22,757 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.82 |
0.64 |
0.83 |
1.00 |
0.71 |
0.97 |
1.18 |
1.51 |
1.45 |
1.62 |
2.12 |
Price to Tangible Book Value (P/TBV) |
|
0.95 |
0.73 |
0.95 |
1.13 |
0.80 |
1.11 |
1.44 |
1.99 |
1.98 |
2.21 |
2.81 |
Price to Revenue (P/Rev) |
|
1.70 |
1.37 |
1.83 |
2.04 |
1.42 |
1.71 |
2.25 |
2.67 |
2.47 |
2.71 |
3.26 |
Price to Earnings (P/E) |
|
18.52 |
8.48 |
11.49 |
13.84 |
6.91 |
8.34 |
10.43 |
10.94 |
12.58 |
17.20 |
15.72 |
Dividend Yield |
|
1.17% |
2.22% |
2.07% |
2.10% |
3.33% |
2.97% |
2.31% |
2.37% |
3.76% |
3.64% |
2.84% |
Earnings Yield |
|
5.40% |
11.80% |
8.70% |
7.23% |
14.47% |
12.00% |
9.59% |
9.14% |
7.95% |
5.81% |
6.36% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.64 |
0.65 |
0.69 |
0.92 |
0.86 |
0.85 |
0.86 |
0.89 |
0.86 |
0.95 |
1.00 |
Enterprise Value to Revenue (EV/Rev) |
|
9.69 |
8.97 |
10.31 |
13.11 |
11.13 |
11.23 |
10.94 |
9.69 |
10.34 |
11.62 |
10.66 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
69.88 |
31.77 |
33.72 |
40.94 |
34.13 |
33.44 |
29.32 |
24.25 |
30.68 |
39.17 |
28.92 |
Enterprise Value to EBIT (EV/EBIT) |
|
92.47 |
37.13 |
40.34 |
47.83 |
39.74 |
41.26 |
36.98 |
29.44 |
39.38 |
53.28 |
37.40 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
90.21 |
50.11 |
58.30 |
79.81 |
50.24 |
50.48 |
47.69 |
38.30 |
49.63 |
68.19 |
48.65 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
240.79 |
0.00 |
66.30 |
0.00 |
61.12 |
11.44 |
0.00 |
17.05 |
0.00 |
0.00 |
483.21 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
5.29 |
8.41 |
0.00 |
0.00 |
14.42 |
0.00 |
0.00 |
0.00 |
24.86 |
0.00 |
35.24 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
6.15 |
5.36 |
5.67 |
5.93 |
5.41 |
5.66 |
5.03 |
5.13 |
5.34 |
5.62 |
5.23 |
Long-Term Debt to Equity |
|
2.64 |
2.40 |
2.50 |
2.77 |
2.59 |
2.61 |
2.33 |
2.40 |
2.59 |
2.92 |
3.09 |
Financial Leverage |
|
6.72 |
5.74 |
5.52 |
5.80 |
5.67 |
5.53 |
5.31 |
5.08 |
5.23 |
5.48 |
5.42 |
Leverage Ratio |
|
11.58 |
10.72 |
10.45 |
10.71 |
10.67 |
10.66 |
10.82 |
10.98 |
11.40 |
11.80 |
11.73 |
Compound Leverage Factor |
|
11.58 |
10.72 |
10.45 |
10.71 |
10.67 |
10.66 |
10.82 |
10.98 |
11.40 |
11.80 |
11.73 |
Debt to Total Capital |
|
86.01% |
84.27% |
85.01% |
85.57% |
84.40% |
84.98% |
83.41% |
83.67% |
84.23% |
84.90% |
83.96% |
Short-Term Debt to Total Capital |
|
49.14% |
46.56% |
47.60% |
45.59% |
43.95% |
45.78% |
44.71% |
44.55% |
43.42% |
40.89% |
34.40% |
Long-Term Debt to Total Capital |
|
36.88% |
37.70% |
37.41% |
39.98% |
40.45% |
39.20% |
38.70% |
39.13% |
40.81% |
44.01% |
49.56% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
1.55% |
1.49% |
0.00% |
1.36% |
1.32% |
1.48% |
Noncontrolling Interests to Total Capital |
|
0.23% |
0.21% |
0.22% |
0.20% |
0.22% |
0.21% |
0.22% |
0.18% |
0.17% |
0.14% |
0.14% |
Common Equity to Total Capital |
|
13.75% |
15.53% |
14.77% |
14.23% |
15.38% |
13.26% |
14.88% |
16.15% |
14.24% |
13.63% |
14.42% |
Debt to EBITDA |
|
93.30 |
41.10 |
41.37 |
38.28 |
33.66 |
33.55 |
28.52 |
22.87 |
29.89 |
34.99 |
24.24 |
Net Debt to EBITDA |
|
57.34 |
26.83 |
27.63 |
34.49 |
29.70 |
27.66 |
22.71 |
17.53 |
22.80 |
29.44 |
19.61 |
Long-Term Debt to EBITDA |
|
40.00 |
18.39 |
18.20 |
17.89 |
16.13 |
15.48 |
13.23 |
10.70 |
14.48 |
18.14 |
14.31 |
Debt to NOPAT |
|
120.44 |
64.83 |
71.52 |
74.64 |
49.55 |
50.65 |
46.40 |
36.13 |
48.36 |
60.91 |
40.78 |
Net Debt to NOPAT |
|
74.02 |
42.31 |
47.78 |
67.24 |
43.72 |
41.76 |
36.95 |
27.69 |
36.89 |
51.25 |
32.99 |
Long-Term Debt to NOPAT |
|
51.64 |
29.01 |
31.47 |
34.87 |
23.75 |
23.37 |
21.53 |
16.90 |
23.43 |
31.58 |
24.07 |
Noncontrolling Interest Sharing Ratio |
|
3.06% |
1.49% |
1.39% |
1.41% |
1.40% |
6.60% |
10.92% |
5.61% |
5.29% |
9.71% |
9.91% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
62,784 |
37,489 |
-24,609 |
-22,614 |
30,972 |
-19,565 |
-60,105 |
-15,972 |
22,323 |
-11,201 |
18,674 |
Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
|
17.07 |
13.67 |
-7.42 |
-3.97 |
3.07 |
-1.58 |
-15.62 |
-11.69 |
0.00 |
0.00 |
0.41 |
Operating Cash Flow to Interest Expense |
|
0.37 |
-1.63 |
1.62 |
-0.79 |
0.72 |
3.29 |
-6.56 |
24.87 |
0.00 |
0.00 |
0.03 |
Operating Cash Flow Less CapEx to Interest Expense |
|
0.37 |
-1.63 |
1.62 |
-0.79 |
0.72 |
3.29 |
-6.56 |
24.87 |
0.00 |
0.00 |
0.03 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.04 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
Fixed Asset Turnover |
|
5.65 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
515,459 |
484,265 |
514,996 |
543,845 |
521,760 |
550,562 |
621,846 |
652,938 |
641,794 |
662,225 |
657,080 |
Invested Capital Turnover |
|
0.06 |
0.07 |
0.07 |
0.07 |
0.08 |
0.08 |
0.08 |
0.09 |
0.08 |
0.08 |
0.09 |
Increase / (Decrease) in Invested Capital |
|
-59,103 |
-31,194 |
30,731 |
28,849 |
-22,085 |
28,802 |
71,284 |
31,092 |
-11,144 |
20,431 |
-5,145 |
Enterprise Value (EV) |
|
332,054 |
315,420 |
356,887 |
497,626 |
446,510 |
466,316 |
533,178 |
579,070 |
554,866 |
629,402 |
658,134 |
Market Capitalization |
|
58,374 |
48,077 |
63,277 |
77,336 |
56,836 |
70,954 |
109,517 |
159,298 |
132,590 |
146,697 |
201,201 |
Book Value per Share |
|
$36.22 |
$38.83 |
$40.61 |
$42.81 |
$46.65 |
$45.12 |
$51.14 |
$58.76 |
$54.07 |
$55.01 |
$58.82 |
Tangible Book Value per Share |
|
$31.24 |
$33.89 |
$35.64 |
$37.80 |
$41.51 |
$39.40 |
$41.96 |
$44.72 |
$39.71 |
$40.53 |
$44.44 |
Total Capital |
|
515,459 |
484,265 |
514,996 |
543,845 |
521,760 |
550,562 |
621,846 |
652,938 |
641,794 |
662,225 |
657,080 |
Total Debt |
|
443,355 |
408,081 |
437,819 |
465,379 |
440,354 |
467,865 |
518,697 |
546,340 |
540,563 |
562,243 |
551,652 |
Total Long-Term Debt |
|
190,076 |
182,590 |
192,678 |
217,445 |
211,036 |
215,831 |
240,673 |
255,467 |
261,895 |
291,444 |
325,647 |
Net Debt |
|
272,476 |
266,341 |
292,483 |
419,215 |
388,514 |
385,694 |
413,043 |
418,615 |
412,436 |
473,011 |
446,266 |
Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
|
14 |
16 |
-1.00 |
19 |
4.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
443,355 |
408,081 |
437,819 |
465,379 |
440,354 |
467,865 |
518,697 |
546,340 |
540,563 |
562,243 |
551,652 |
Total Depreciation and Amortization (D&A) |
|
1,161 |
1,433 |
1,736 |
1,753 |
1,844 |
2,643 |
3,769 |
4,216 |
3,998 |
4,256 |
5,161 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.26 |
$6.55 |
$8.16 |
$6.23 |
$5.24 |
$8.04 |
Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1.62B |
1.60B |
1.79B |
1.69B |
1.63B |
1.59B |
Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.19 |
$6.46 |
$8.03 |
$6.15 |
$5.18 |
$7.95 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1.64B |
1.62B |
1.81B |
1.71B |
1.65B |
1.61B |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.26 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1.60B |
1.81B |
1.78B |
1.68B |
1.64B |
1.61B |
Normalized Net Operating Profit after Tax (NOPAT) |
|
2,514 |
6,295 |
6,122 |
6,235 |
8,887 |
9,237 |
11,179 |
15,120 |
11,179 |
9,230 |
13,529 |
Normalized NOPAT Margin |
|
7.33% |
17.91% |
17.68% |
16.43% |
22.16% |
22.24% |
22.93% |
25.30% |
20.83% |
17.05% |
21.91% |
Pre Tax Income Margin |
|
10.48% |
24.16% |
25.55% |
27.42% |
28.02% |
27.21% |
29.57% |
32.91% |
26.25% |
21.82% |
28.49% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
0.98 |
3.10 |
2.67 |
1.83 |
1.11 |
0.91 |
3.75 |
14.40 |
0.00 |
0.00 |
0.39 |
NOPAT to Interest Expense |
|
1.00 |
2.30 |
1.85 |
1.09 |
0.88 |
0.74 |
2.90 |
11.07 |
0.00 |
0.00 |
0.30 |
EBIT Less CapEx to Interest Expense |
|
0.98 |
3.10 |
2.67 |
1.83 |
1.11 |
0.91 |
3.75 |
14.40 |
0.00 |
0.00 |
0.39 |
NOPAT Less CapEx to Interest Expense |
|
1.00 |
2.30 |
1.85 |
1.09 |
0.88 |
0.74 |
2.90 |
11.07 |
0.00 |
0.00 |
0.30 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
24.65% |
24.70% |
30.08% |
33.54% |
26.74% |
28.44% |
24.50% |
27.59% |
48.31% |
62.44% |
45.37% |
Augmented Payout Ratio |
|
64.41% |
68.86% |
94.32% |
102.59% |
89.40% |
92.90% |
41.41% |
107.45% |
145.56% |
129.37% |
76.41% |
Quarterly Metrics And Ratios for Morgan Stanley
This table displays calculated financial ratios and metrics derived from Morgan Stanley's official financial filings.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
-12.22% |
-1.92% |
2.47% |
2.21% |
1.15% |
4.26% |
11.61% |
15.90% |
25.80% |
17.20% |
11.81% |
EBITDA Growth |
|
-34.63% |
-15.01% |
-11.93% |
-4.24% |
-12.47% |
14.26% |
43.14% |
32.86% |
87.06% |
19.35% |
10.93% |
EBIT Growth |
|
-42.79% |
-18.05% |
-15.28% |
-7.17% |
-24.98% |
16.89% |
44.88% |
34.21% |
134.06% |
26.14% |
13.45% |
NOPAT Growth |
|
-39.02% |
-18.36% |
-12.42% |
-8.53% |
-31.99% |
14.14% |
40.34% |
32.48% |
141.66% |
26.26% |
14.69% |
Net Income Growth |
|
-39.02% |
-18.36% |
-12.42% |
-8.53% |
-31.99% |
14.14% |
40.34% |
32.48% |
141.66% |
26.26% |
14.69% |
EPS Growth |
|
-36.82% |
-15.84% |
-10.79% |
-6.12% |
-32.28% |
18.82% |
46.77% |
36.23% |
159.30% |
28.71% |
17.03% |
Operating Cash Flow Growth |
|
-4,110.32% |
-4,227.62% |
-164.82% |
149.61% |
-26.84% |
144.20% |
126.12% |
-562.32% |
166.47% |
-649.91% |
368.48% |
Free Cash Flow Firm Growth |
|
148.98% |
119.58% |
374.54% |
-139.15% |
-240.87% |
-733.14% |
-536.42% |
-429.54% |
146.95% |
49.31% |
-125.26% |
Invested Capital Growth |
|
-1.71% |
-0.46% |
-0.90% |
2.26% |
3.18% |
6.35% |
5.96% |
10.22% |
-0.78% |
3.40% |
12.17% |
Revenue Q/Q Growth |
|
-1.83% |
13.87% |
-7.30% |
-1.37% |
-2.84% |
17.37% |
-0.77% |
2.42% |
5.46% |
9.34% |
-5.34% |
EBITDA Q/Q Growth |
|
-7.30% |
17.47% |
-20.55% |
10.69% |
-15.27% |
53.34% |
-0.47% |
2.73% |
19.30% |
-2.17% |
-7.49% |
EBIT Q/Q Growth |
|
-17.53% |
34.57% |
-25.21% |
11.84% |
-33.35% |
109.69% |
-7.30% |
3.61% |
16.23% |
13.00% |
-16.63% |
NOPAT Q/Q Growth |
|
-14.88% |
33.85% |
-26.77% |
9.64% |
-36.71% |
124.66% |
-9.97% |
3.50% |
15.44% |
17.37% |
-18.21% |
Net Income Q/Q Growth |
|
-14.88% |
33.85% |
-26.77% |
9.64% |
-36.71% |
124.66% |
-9.97% |
3.50% |
15.44% |
17.37% |
-18.21% |
EPS Q/Q Growth |
|
-13.61% |
33.86% |
-27.06% |
11.29% |
-37.68% |
134.88% |
-9.90% |
3.30% |
18.62% |
16.59% |
-18.08% |
Operating Cash Flow Q/Q Growth |
|
-85.30% |
29.52% |
2.02% |
138.76% |
-573.77% |
124.56% |
-42.09% |
-786.06% |
168.12% |
-303.19% |
149.34% |
Free Cash Flow Firm Q/Q Growth |
|
-55.81% |
-54.91% |
33.75% |
-246.91% |
-58.98% |
-102.68% |
7.80% |
-78.25% |
114.10% |
-318.82% |
-309.71% |
Invested Capital Q/Q Growth |
|
1.40% |
2.46% |
-2.04% |
0.47% |
2.32% |
5.60% |
-2.39% |
4.51% |
-7.89% |
10.05% |
5.89% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
31.38% |
32.38% |
27.75% |
31.14% |
27.16% |
35.48% |
35.59% |
35.70% |
40.38% |
36.13% |
35.31% |
EBIT Margin |
|
21.92% |
25.90% |
20.90% |
23.69% |
16.25% |
29.04% |
27.13% |
27.44% |
30.24% |
31.25% |
27.53% |
Profit (Net Income) Margin |
|
17.77% |
20.89% |
16.50% |
18.35% |
11.95% |
22.87% |
20.75% |
20.97% |
22.96% |
24.64% |
21.29% |
Tax Burden Percent |
|
81.10% |
80.66% |
78.98% |
77.42% |
73.52% |
78.77% |
76.51% |
76.43% |
75.91% |
78.84% |
77.35% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
18.90% |
19.34% |
21.02% |
22.58% |
26.48% |
21.23% |
23.49% |
23.57% |
24.09% |
21.16% |
22.65% |
Return on Invested Capital (ROIC) |
|
1.47% |
1.69% |
1.37% |
1.55% |
0.99% |
1.85% |
1.76% |
1.80% |
2.15% |
2.23% |
1.94% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
1.47% |
1.69% |
1.37% |
1.55% |
0.99% |
1.85% |
1.76% |
1.80% |
2.15% |
2.23% |
1.94% |
Return on Net Nonoperating Assets (RNNOA) |
|
7.71% |
9.13% |
7.32% |
8.25% |
5.44% |
10.55% |
9.76% |
10.16% |
11.65% |
13.02% |
11.41% |
Return on Equity (ROE) |
|
9.18% |
10.83% |
8.69% |
9.80% |
6.43% |
12.40% |
11.52% |
11.97% |
13.80% |
15.25% |
13.35% |
Cash Return on Invested Capital (CROIC) |
|
3.45% |
2.05% |
2.48% |
-0.68% |
-1.72% |
-4.73% |
-4.20% |
-8.06% |
2.83% |
-1.31% |
-9.42% |
Operating Return on Assets (OROA) |
|
0.99% |
1.14% |
0.96% |
1.10% |
0.74% |
1.31% |
1.29% |
1.32% |
1.55% |
1.59% |
1.42% |
Return on Assets (ROA) |
|
0.81% |
0.92% |
0.76% |
0.85% |
0.55% |
1.03% |
0.98% |
1.01% |
1.18% |
1.25% |
1.10% |
Return on Common Equity (ROCE) |
|
8.69% |
10.30% |
7.90% |
9.27% |
5.81% |
11.73% |
10.42% |
11.28% |
12.44% |
13.75% |
12.06% |
Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
10.41% |
10.14% |
10.03% |
0.00% |
9.74% |
10.48% |
10.95% |
0.00% |
13.52% |
13.77% |
Net Operating Profit after Tax (NOPAT) |
|
2,266 |
3,033 |
2,221 |
2,435 |
1,541 |
3,462 |
3,117 |
3,226 |
3,724 |
4,371 |
3,575 |
NOPAT Margin |
|
17.77% |
20.89% |
16.50% |
18.35% |
11.95% |
22.87% |
20.75% |
20.97% |
22.96% |
24.64% |
21.29% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
57.15% |
55.19% |
58.67% |
56.72% |
59.63% |
55.03% |
54.46% |
55.07% |
50.26% |
52.19% |
53.81% |
Operating Expenses to Revenue |
|
77.40% |
72.49% |
77.91% |
75.30% |
83.72% |
71.00% |
72.37% |
72.05% |
69.05% |
67.99% |
71.31% |
Earnings before Interest and Taxes (EBIT) |
|
2,794 |
3,760 |
2,812 |
3,145 |
2,096 |
4,395 |
4,074 |
4,221 |
4,906 |
5,544 |
4,622 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
4,001 |
4,700 |
3,734 |
4,133 |
3,502 |
5,370 |
5,345 |
5,491 |
6,551 |
6,409 |
5,929 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.45 |
1.38 |
1.48 |
1.30 |
1.62 |
1.68 |
1.70 |
1.78 |
2.12 |
1.92 |
2.28 |
Price to Tangible Book Value (P/TBV) |
|
1.98 |
1.82 |
2.01 |
1.71 |
2.21 |
2.27 |
2.29 |
2.37 |
2.81 |
2.52 |
2.97 |
Price to Revenue (P/Rev) |
|
2.47 |
2.61 |
2.53 |
2.39 |
2.71 |
2.77 |
2.78 |
2.86 |
3.26 |
2.90 |
3.39 |
Price to Earnings (P/E) |
|
12.58 |
14.17 |
14.30 |
13.93 |
17.20 |
16.94 |
15.89 |
15.76 |
15.72 |
13.63 |
15.87 |
Dividend Yield |
|
3.76% |
3.65% |
3.81% |
4.08% |
3.64% |
3.60% |
3.53% |
3.36% |
2.84% |
3.13% |
2.65% |
Earnings Yield |
|
7.95% |
7.06% |
6.99% |
7.18% |
5.81% |
5.90% |
6.29% |
6.35% |
6.36% |
7.33% |
6.30% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.86 |
0.89 |
0.91 |
0.88 |
0.95 |
0.94 |
0.96 |
0.98 |
1.00 |
1.00 |
1.02 |
Enterprise Value to Revenue (EV/Rev) |
|
10.34 |
10.96 |
10.86 |
10.53 |
11.62 |
12.02 |
11.66 |
11.91 |
10.66 |
11.22 |
11.83 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
30.68 |
33.89 |
34.82 |
34.32 |
39.17 |
39.33 |
35.80 |
35.30 |
28.92 |
30.34 |
32.10 |
Enterprise Value to EBIT (EV/EBIT) |
|
39.38 |
44.10 |
45.74 |
45.45 |
53.28 |
52.89 |
47.92 |
47.05 |
37.40 |
38.52 |
40.56 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
49.63 |
55.72 |
57.29 |
57.12 |
68.19 |
68.16 |
62.25 |
61.32 |
48.65 |
50.01 |
52.53 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
483.21 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
24.86 |
43.29 |
36.35 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
35.24 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
5.34 |
5.45 |
5.36 |
5.46 |
5.62 |
5.98 |
5.72 |
5.82 |
5.23 |
5.71 |
6.01 |
Long-Term Debt to Equity |
|
2.59 |
2.69 |
2.66 |
2.70 |
2.92 |
3.02 |
3.05 |
3.19 |
3.09 |
3.19 |
3.40 |
Financial Leverage |
|
5.23 |
5.40 |
5.34 |
5.33 |
5.48 |
5.71 |
5.54 |
5.64 |
5.42 |
5.84 |
5.87 |
Leverage Ratio |
|
11.40 |
11.76 |
11.46 |
11.52 |
11.80 |
12.02 |
11.71 |
11.85 |
11.73 |
12.16 |
12.17 |
Compound Leverage Factor |
|
11.40 |
11.76 |
11.46 |
11.52 |
11.80 |
12.02 |
11.71 |
11.85 |
11.73 |
12.16 |
12.17 |
Debt to Total Capital |
|
84.23% |
84.50% |
84.27% |
84.53% |
84.90% |
85.68% |
85.11% |
85.33% |
83.96% |
85.09% |
85.73% |
Short-Term Debt to Total Capital |
|
43.42% |
42.76% |
42.41% |
42.82% |
40.89% |
42.44% |
39.79% |
38.54% |
34.40% |
37.48% |
37.21% |
Long-Term Debt to Total Capital |
|
40.81% |
41.73% |
41.86% |
41.71% |
44.01% |
43.24% |
45.33% |
46.79% |
49.56% |
47.61% |
48.52% |
Preferred Equity to Total Capital |
|
1.36% |
0.00% |
1.36% |
0.00% |
1.32% |
1.25% |
1.28% |
1.37% |
1.48% |
1.35% |
1.27% |
Noncontrolling Interests to Total Capital |
|
0.17% |
0.17% |
0.15% |
0.15% |
0.14% |
0.13% |
0.13% |
0.14% |
0.14% |
0.14% |
0.14% |
Common Equity to Total Capital |
|
14.24% |
15.33% |
14.23% |
15.33% |
13.63% |
12.93% |
13.47% |
13.16% |
14.42% |
13.42% |
12.86% |
Debt to EBITDA |
|
29.89 |
32.20 |
32.41 |
33.02 |
34.99 |
35.80 |
31.66 |
30.89 |
24.24 |
25.86 |
26.92 |
Net Debt to EBITDA |
|
22.80 |
25.75 |
26.14 |
26.48 |
29.44 |
29.68 |
26.75 |
26.26 |
19.61 |
22.04 |
22.45 |
Long-Term Debt to EBITDA |
|
14.48 |
15.90 |
16.10 |
16.29 |
18.14 |
18.07 |
16.86 |
16.94 |
14.31 |
14.47 |
15.24 |
Debt to NOPAT |
|
48.36 |
52.93 |
53.31 |
54.95 |
60.91 |
62.03 |
55.04 |
53.65 |
40.78 |
42.61 |
44.07 |
Net Debt to NOPAT |
|
36.89 |
42.33 |
43.00 |
44.06 |
51.25 |
51.44 |
46.50 |
45.62 |
32.99 |
36.33 |
36.74 |
Long-Term Debt to NOPAT |
|
23.43 |
26.14 |
26.48 |
27.11 |
31.58 |
31.31 |
29.31 |
29.42 |
24.07 |
23.84 |
24.94 |
Noncontrolling Interest Sharing Ratio |
|
5.29% |
4.88% |
9.09% |
5.33% |
9.71% |
5.35% |
9.54% |
5.72% |
9.91% |
9.85% |
9.71% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
13,410 |
6,047 |
8,088 |
-11,882 |
-18,890 |
-38,286 |
-35,298 |
-62,920 |
8,869 |
-19,407 |
-79,513 |
Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
|
0.00 |
0.79 |
0.00 |
-1.17 |
0.00 |
-3.44 |
0.00 |
0.00 |
0.26 |
-1.70 |
-6.33 |
Operating Cash Flow to Interest Expense |
|
0.00 |
-1.29 |
0.00 |
0.37 |
0.00 |
0.39 |
0.00 |
0.00 |
0.34 |
-2.10 |
0.94 |
Operating Cash Flow Less CapEx to Interest Expense |
|
0.00 |
-1.29 |
0.00 |
0.37 |
0.00 |
0.39 |
0.00 |
0.00 |
0.34 |
-2.10 |
0.94 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.05 |
0.04 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
641,794 |
657,585 |
644,180 |
647,223 |
662,225 |
699,333 |
682,595 |
713,369 |
657,080 |
723,111 |
765,683 |
Invested Capital Turnover |
|
0.08 |
0.08 |
0.08 |
0.08 |
0.08 |
0.08 |
0.08 |
0.09 |
0.09 |
0.09 |
0.09 |
Increase / (Decrease) in Invested Capital |
|
-11,144 |
-3,014 |
-5,867 |
14,317 |
20,431 |
41,748 |
38,415 |
66,146 |
-5,145 |
23,778 |
83,088 |
Enterprise Value (EV) |
|
554,866 |
584,871 |
583,323 |
568,603 |
629,402 |
658,346 |
657,012 |
695,711 |
658,134 |
721,984 |
782,544 |
Market Capitalization |
|
132,590 |
139,370 |
135,773 |
128,992 |
146,697 |
151,766 |
156,541 |
167,323 |
201,201 |
186,674 |
224,425 |
Book Value per Share |
|
$54.07 |
$59.95 |
$54.87 |
$59.88 |
$55.01 |
$56.49 |
$56.59 |
$58.04 |
$58.82 |
$60.18 |
$61.36 |
Tangible Book Value per Share |
|
$39.71 |
$45.60 |
$40.51 |
$45.45 |
$40.53 |
$41.73 |
$42.14 |
$43.60 |
$44.44 |
$45.91 |
$47.07 |
Total Capital |
|
641,794 |
657,585 |
644,180 |
647,223 |
662,225 |
699,333 |
682,595 |
713,369 |
657,080 |
723,111 |
765,683 |
Total Debt |
|
540,563 |
555,631 |
542,819 |
547,065 |
562,243 |
599,193 |
580,989 |
608,698 |
551,652 |
615,264 |
656,413 |
Total Long-Term Debt |
|
261,895 |
274,440 |
269,636 |
269,925 |
291,444 |
302,419 |
309,415 |
333,778 |
325,647 |
344,261 |
371,531 |
Net Debt |
|
412,436 |
444,373 |
437,825 |
438,664 |
473,011 |
496,888 |
490,829 |
517,614 |
446,266 |
524,525 |
547,283 |
Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
540,563 |
555,631 |
542,819 |
547,065 |
562,243 |
599,193 |
580,989 |
608,698 |
551,652 |
615,264 |
656,413 |
Total Depreciation and Amortization (D&A) |
|
1,207 |
940 |
922 |
988 |
1,406 |
975 |
1,271 |
1,270 |
1,645 |
865 |
1,307 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$1.30 |
$1.72 |
$1.25 |
$1.39 |
$0.88 |
$2.04 |
$1.85 |
$1.91 |
$2.24 |
$2.62 |
$2.15 |
Adjusted Weighted Average Basic Shares Outstanding |
|
1.69B |
1.65B |
1.64B |
1.62B |
1.63B |
1.60B |
1.59B |
1.59B |
1.59B |
1.58B |
1.58B |
Adjusted Diluted Earnings per Share |
|
$1.27 |
$1.70 |
$1.24 |
$1.38 |
$0.86 |
$2.02 |
$1.82 |
$1.88 |
$2.23 |
$2.60 |
$2.13 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
1.71B |
1.66B |
1.65B |
1.64B |
1.65B |
1.62B |
1.61B |
1.61B |
1.61B |
1.60B |
1.59B |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
1.68B |
1.67B |
1.66B |
1.64B |
1.64B |
1.63B |
1.62B |
1.61B |
1.61B |
1.60B |
1.60B |
Normalized Net Operating Profit after Tax (NOPAT) |
|
2,266 |
3,033 |
2,221 |
2,435 |
1,541 |
3,462 |
3,117 |
3,226 |
3,724 |
4,371 |
3,575 |
Normalized NOPAT Margin |
|
17.77% |
20.89% |
16.50% |
18.35% |
11.95% |
22.87% |
20.75% |
20.97% |
22.96% |
24.64% |
21.29% |
Pre Tax Income Margin |
|
21.92% |
25.90% |
20.90% |
23.69% |
16.25% |
29.04% |
27.13% |
27.44% |
30.24% |
31.25% |
27.53% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
0.00 |
0.49 |
0.00 |
0.31 |
0.00 |
0.39 |
0.00 |
0.00 |
0.14 |
0.49 |
0.37 |
NOPAT to Interest Expense |
|
0.00 |
0.40 |
0.00 |
0.24 |
0.00 |
0.31 |
0.00 |
0.00 |
0.11 |
0.38 |
0.28 |
EBIT Less CapEx to Interest Expense |
|
0.00 |
0.49 |
0.00 |
0.31 |
0.00 |
0.39 |
0.00 |
0.00 |
0.14 |
0.49 |
0.37 |
NOPAT Less CapEx to Interest Expense |
|
0.00 |
0.40 |
0.00 |
0.24 |
0.00 |
0.31 |
0.00 |
0.00 |
0.11 |
0.38 |
0.28 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
48.31% |
52.33% |
54.68% |
56.90% |
62.44% |
60.60% |
56.29% |
53.15% |
45.37% |
43.34% |
42.80% |
Augmented Payout Ratio |
|
145.56% |
141.83% |
129.79% |
123.00% |
129.37% |
119.52% |
107.68% |
94.47% |
76.41% |
74.59% |
75.13% |
Key Financial Trends
Morgan Stanley has shown steady growth over the last four years, reflected in its latest quarterly financial results for Q2 2025 compared to previous years. Here are the key trends and highlights from the cash flow, income, and balance sheet statements:
- Net Income Growth: Morgan Stanley's net income increased to $3.575 billion in Q2 2025, up from $3.117 billion in Q2 2024 and $2.221 billion in Q2 2023, showing consistent profitability growth.
- Strong Operating Cash Flow: Net cash from continuing operating activities recovered strongly in Q2 2025 to $11.83 billion compared to a smaller or negative cash flow in some prior quarters (e.g., negative $23.976 billion in Q1 2025). This indicates improved operational efficiency and cash generation.
- Increase in Deposits and Debt Issuance: There was a substantial increase in deposits (+$7.7 billion) and issuance of debt ($36.9 billion) in Q2 2025, supporting liquidity and funding.
- Consistent Dividend Payouts: Dividends to common shareholders remained steady at $0.925 per share in Q1 and Q2 2025, with dividend payments around $1.58 billion, reflecting stable returns to investors.
- Increase in Total Assets: Total assets grew to approximately $1.35 trillion in Q2 2025, up from $1.3 trillion in Q1 2025 and $1.21 trillion in Q2 2024, indicating asset growth and expansion.
- Solid Capital Base: Total equity rose to approximately $109 billion in Q2 2025, up from $107.8 billion in Q1 2025, supporting financial strength.
- High Interest Expense: Interest expense remained very high at around $12.56 billion for Q2 2025, largely offsetting interest income — this reflects the bank's cost of funding and debt servicing burden.
- Increased Depreciation and Operating Expenses: Depreciation expense rose to $1.31 billion in Q2 2025, and total non-interest expenses were $11.97 billion, reflecting continued investment in infrastructure and higher operating costs.
- Large Investment Securities Purchases: Morgan Stanley spent $25.0 billion on purchasing investment securities in Q2 2025, significantly more than sales/maturities, which led to a negative investing cash flow of $17.7 billion — a potential liquidity pressure.
- Repayment of Long-term Debt: Despite large debt issuance, the company also repaid $20.19 billion in debt during Q2 2025, with net cash from financing activities at $21.67 billion — this high turnover could indicate refinancing risk or debt structure adjustments.
Summary: Morgan Stanley’s recent results show robust earnings growth and strong cash flows from operations, driven by rising revenues and efficient management. The firm has also increased its deposits and leveraged debt issuance to fund operations and investments, leading to growth in total assets and equity. However, the high interest expenses and sizeable net investment securities purchases signal ongoing capital deployment challenges and the need to balance liquidity. Investors should watch for how the bank manages these funding costs and investment activities in the coming quarters.
08/09/25 04:19 AMAI Generated. May Contain Errors.