Morgan Stanley

Morgan Stanley

MS

$200.21

Updated: 23/09/2026, 04:14:25

Market Cap
$315.79B
Sector
Financial Services
Industry
Financial - Capital Markets
Country
US
Stock valuation chart
One-year closing share-price history for MS
Company Profile

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.

USD
NYSE
CEO: Edward N. Pick
Employees: 83,000
https://www.morganstanley.com
Asset Summaries
Latest generated summaries for MS

No summaries found.

Detailed business
Evidence-backed facts extracted from the latest official annual filing.
MS-10-k-fy2025.html9.3 MBtext/htmlENFiled 19/02/2026Period ended 31/12/2025

Business monitoring

Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.

Evidence-backed · 23 KPI observations

Revenue

N/A

FY — · Reported

Net income

$16.9B

FY 2025 · Reported

Gross margin

N/A

FY — · Reported

Free cash flow

N/A

FY — · Reported

R&D intensity

N/A

FY — · Reported

Share repurchases

N/A

FY — · Reported

Earnings and cash generation
USD billions, directly sourced from inline XBRL; free cash flow is operating cash flow less capex.
Profitability and reinvestment
Margins and R&D as a percentage of revenue.
Top products and services
Products and services mentioned in the filing; a quantitative sales breakdown was not disclosed.

Other offerings mentioned without separate sales

Investment Banking revenue sources
Equity financing services
Fixed income market-making product families
Lending product types by segment
Investment Management product families
Parametric systematic strategies

Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.

Geographic footprint
What the filing identifies, separated by location role so partner manufacturing is not presented as Apple-owned factories.
1 named headquarters
0 manufacturing countries
0 individually named factories

Map layer

Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.

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Named headquarters Manufacturing partner country

Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.

How the business makes money

Corporate facts

Delaware-incorporated; principal executive offices at 1585 Broadway, New York, NY 10036; common stock (MS) listed on NYSE

95%
Source evidence
“Delaware1585 Broadway36-3145972(212)761-4000”

U.S. Bank Subsidiaries support Institutional Securities and Wealth Management

Morgan Stanley's U.S. Bank Subsidiaries are FDIC-insured, OCC-regulated and exist to support the Institutional Securities and Wealth Management segments

95%
Source evidence
“Our U.S. Bank Subsidiaries’ business activities are generally limited to supporting our Institutional Securities and Wealth Management business segments.”

U.S. Bank Subsidiaries business activities and customer categories

U.S. Bank Subsidiaries accept deposits, lend to large corporate/institutional clients and high to ultra-high net worth individuals, and invest in securities

90%
Source evidence
“Our U.S. Bank Subsidiaries accept deposits, provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals, and invest in securities.”

Three business segments

Institutional Securities, Wealth Management, Investment Management

98%
Source evidence
“Substantially all of our operating revenues and operating expenses are directly attributable to our business segments.”

Investment Banking revenue sources

Underwriting, loan syndication, advisory (IS); distribution of newly issued securities (WM)

95%
Source evidence
“these revenues are primarily composed of fees earned from underwriting equity and fixed income securities, syndicating loans and advisory services in relation to mergers and acquisitions”

Equity financing services

Prime brokerage, margin lending, securities lending, swaps, fund administration

95%
Source evidence
“We provide financing, prime brokerage and fund administration services to our clients active in the equity markets”

Fixed income market-making product families

Global macro, credit products, commodities (electricity, natural gas, oil, metals)

95%
Source evidence
“We make markets in various commodity products related primarily to electricity, natural gas, oil and metals.”

Lending product types by segment

IS lending: secured lending facilities, commercial/residential real estate, corporate loans; WM lending: securities-based lending, tailored lending, residential real estate

90%
Source evidence
“Lending activity in our U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities”

Investment Management product families

Asset management fees generated from Equity, Fixed Income, Alternatives and Solutions, and Liquidity and Overlay Services

90%
Source evidence
“Asset management and other related fees within the Investment Management segment are primarily generated from Equity, Fixed Income and the following products:”

Parametric systematic strategies

Alternatives and Solutions includes systematic strategies offered by Parametric

85%
Source evidence
“as well as systematic strategies that create custom investment solutions, including those offered by Parametric.”

Geographic disclosures

Segment and revenue information disclosed by Americas, EMEA, Asia, US and Non-US for 2023-2025

85%
Source evidence
“srt:AmericasMember2025-01-012025-12-310000895421srt:AmericasMember2024-01-012024-12-310000895421srt:AmericasMember2023-01-012023-12-310000895421us-gaap:EMEAMember”

Investment Management carried interest

Carried interest when fund returns exceed performance targets; subject to risk of reversal

90%
Source evidence
“The business is entitled to receive carried interest when the return in certain funds exceeds specified performance targets.”

Operations and dependencies

Talent attraction and retention critical to performance

People are the Firm's most important asset; failure to attract and retain qualified employees and rising compensation costs could materially adversely affect performance

95%
Source evidence
“Our people are our most important asset. We compete with various other companies in attracting and retaining qualified and skilled personnel.”

Deferred cash-based compensation structure for financial advisors

Financial advisor deferred compensation: 75% cash-based and 25% stock-based awards; cash awards track notional investments selected from a Firm menu

90%
Source evidence
“Deferred compensation for financial advisors in the Wealth Management business segment is generally composed of 75% cash-based awards and 25% stock-based awards.”

Positioning and strategy

Competitive landscape across financial services

Competes with commercial banks, global investment banks, broker-dealers, private banks, RIAs, digital investing platforms, asset managers and fintech firms on execution, capital, innovation, technology and price

95%
Source evidence
“We compete with commercial banks, global investment banks, regional banks, broker-dealers, private banks, registered investment advisers, digital investing platforms, traditional and alternative asset managers, financial technology firms”

MSBNA eligible asset growth and MSCS fixed income derivatives merger

Strategic objective of ongoing growth of eligible assets at MSBNA; MSCS fixed income derivatives business merged into MSBNA on February 14, 2026

90%
Source evidence
“Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the fixed income derivatives business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA.”

Risks, financing, and outlook

Deposits composition

Deposits $415,523mm at Dec 31, 2025 (sweep $145,237mm; time $99,640mm), up from $376,007mm

98%
Source evidence
“Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics”

Derivative/hedging contract types

Derivative exposures across interest rate, FX, equity/index, commodity and credit risk contracts

80%
Source evidence
“us-gaap:InterestRateContractMember2025-01-012025-12-310000895421us-gaap:InterestRateContractMember2023-01-012023-12-310000895421us-gaap:ForeignExchangeContractMember”

International operations exposure including U.S.-China tensions

International operations exposed to political, economic, legal and compliance risks including U.S.-China tensions and emerging market instability

95%
Source evidence
“political and governmental instability, including tensions between the U.S. and its significant trading partners, such as China”

Credit ratings at Feb 13, 2026

Parent long-term debt A1/A-/A+; bank subsidiaries Aa3/A+; all stable outlook

95%
Source evidence
“Parent Company and U.S. Bank Subsidiaries Issuer Ratings at February 13, 2026”

Collateralized financing transactions

Securities purchased under resale/borrowed $272,151mm; sold under repo/loaned $95,849mm at Dec 31, 2025

95%
Source evidence
“Securities purchased under agreements to resell and Securities borrowed$272,151 $242,424”

Market value of common stock held by non-affiliates

Aggregate market value of common stock held by non-affiliates: approximately $217,968,854,713 as of June 30, 2025

90%
Source evidence
“As of June 30, 2025, the aggregate market value of the common stock of the Registrant held by non-affiliates of the Registrant was approximately $217,968,854,713.”

Shares outstanding

1,587,860,206 shares of common stock outstanding as of January 31, 2026

90%
Source evidence
“As of January 31, 2026, there were 1,587,860,206 shares of the Registrant’s common stock, $0.01 par value, outstanding.”

LCR and NSFR compliance

LCR 134%, NSFR 121% vs 100% minimums; compliant

98%
Source evidence
“As of December 31, 2025, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.”

CFPB consumer protection supervision

Subject to CFPB enforcement of federal consumer protection laws including Gramm-Leach-Bliley, ECOA, HMDA, TILA

95%
Source evidence
“We are subject to supervision and regulation by the CFPB with respect to U.S. federal consumer protection laws.”

Derivatives/swap dealer regulation

Derivatives businesses subject to comprehensive swap regulation by CFTC and SEC, including margin, clearing, and reporting requirements

95%
Source evidence
“We are subject to comprehensive regulation of our derivatives businesses, including regulations that impose margin requirements, public and regulatory reporting, central clearing and mandatory trading on regulated exchanges”

Broker-dealer regulation (SEC, FINRA, net capital)

MS&Co. and MSSB are SEC-registered broker-dealers subject to net capital, Regulation Best Interest and FINRA rules; MSSB is also a registered investment adviser

95%
Source evidence
“Our primary U.S. broker-dealer subsidiaries, Morgan Stanley & Co. LLC (“MS&Co.”) and Morgan Stanley Smith Barney LLC (“MSSB”) are registered broker-dealers with the SEC and in all 50 states”

Federal Reserve Act Sections 23A/23B affiliate transaction restrictions

U.S. Bank Subsidiaries subject to Sections 23A/23B restrictions on affiliate transactions and cross-collateralized FDIC loss responsibility

95%
Source evidence
“each of our U.S. Bank Subsidiaries could be responsible for any loss to the FDIC from the failure of the other U.S. Bank Subsidiary.”

Orderly liquidation authority / FDIC resolution regime

As a BHC, Morgan Stanley can be subject to FDIC resolution under orderly liquidation authority with an SPOE strategy for U.S. G-SIBs

95%
Source evidence
“certain financial companies, including BHCs such as the Firm and certain of its subsidiaries, can be subject to a resolution proceeding under the orderly liquidation authority, with the FDIC being appointed as receiver”

Volcker Rule restrictions on covered funds

Investment Management subject to Volcker Rule restrictions on covered funds, subject to limited exemptions

90%
Source evidence
“restrictions on sponsoring or investing in, or maintaining certain other relationships with, covered funds, as defined by the Volcker Rule, subject to certain limited exemptions”

Technology-driven competition: generative AI and tokenization

Generative AI, tokenization and automated electronic trading expected to continue pressuring revenues and intensifying competition

95%
Source evidence
“the introduction and application of new technologies, including generative artificial intelligence and tokenization, will likely continue the pressure on revenues”

Dependence on external financing and credit ratings

Relies on external financing; ratings affect funding cost and OTC derivative trading revenues

95%
Source evidence
“We rely on external sources to finance a significant portion of our daily operations.”

Pricing pressure from competitors seeking market share

Pricing pressures as competitors cut fees, pay higher deposit rates, or operate under less stringent regulation

95%
Source evidence
“some of our competitors seek to obtain market share by reducing prices and fees, paying higher interest rates on deposits, eliminating commissions or other fees”

Litigation and regulatory proceedings risk

Firm faces litigation and regulatory actions with substantial compensatory/punitive damages, treble damages in antitrust, and potential penalties, fines and business limitations

95%
Source evidence
“Certain of the actual or threatened legal or regulatory actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages”

Conflicts of interest risk

Integrated Firm initiatives and multiple brands/channels heighten potential conflicts of interest that could lead to litigation, enforcement and reputational damage

90%
Source evidence
“we utilize multiple brands and business channels, including those resulting from our acquisitions, and continue to enhance the collaboration across business segments, including as part of our Integrated Firm initiatives, which may heighten the potential conflicts of interest”

Strategic alliance risk with MUFG

Strategic alliance with Mitsubishi UFJ Financial Group (MUFG) carries integration, dependency and reputational risks

90%
Source evidence
“(including with Mitsubishi UFJ Financial Group, Inc. (“MUFG”)), we face numerous risks and uncertainties in combining, transferring, separating or integrating the relevant businesses and systems”

Material exposure graph

Corporations, governments, financial institutions and individuals
Customer Exposure

Diversified client base across corporations, governments, financial institutions and individuals creates potential conflicts of interest that can trigger litigation or client loss.

Relevance 85·Dependency 80·Confidence 95
Source evidence
“As a global financial services firm that provides products and services to a large and diversified group of clients, including corporations, governments, financial institutions and individuals, we face potential conflicts of interest”
Wealth Management clients
Customer Exposure

Deposits, a stable low-cost funding source, are primarily sourced from Wealth Management clients.

Relevance 85·Dependency 75·Confidence 90
Source evidence
“Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics”
Orderly Liquidation Authority / FDIC SPOE resolution
Regulatory Exposure

As a U.S. G-SIB BHC, Morgan Stanley could be resolved under OLA with FDIC as receiver using SPOE strategy, with broad FDIC powers over assets, liabilities and creditor treatment.

Relevance 85·Dependency 70·Confidence 95
Source evidence
“The FDIC has indicated that it expects to use an SPOE strategy if the FDIC were to implement the orderly liquidation authority for a U.S. G-SIB.”
High to ultra-high net worth individuals
Customer Exposure

U.S. Bank Subsidiaries lend to high to ultra-high net worth individuals, a core Wealth Management borrower category driving securities-based and residential lending growth.

Relevance 80·Dependency 70·Confidence 90
Source evidence
“provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals”
Generative AI and tokenization
Competitive Exposure

New technologies including generative AI and tokenization increase competition and pressure revenues across trading and financial services businesses.

Relevance 80·Dependency 60·Confidence 90
Source evidence
“the introduction and application of new technologies, including generative artificial intelligence and tokenization, will likely continue the pressure on revenues”
Large corporate and institutional clients
Customer Exposure

Institutional Securities lending activity at the U.S. Bank Subsidiaries serves large corporate and institutional clients.

Relevance 75·Dependency 65·Confidence 90
Source evidence
“Lending activity in our U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans.”
Mitsubishi UFJ Financial Group (MUFG)
Supplier Dependency

Strategic alliance with MUFG entails integration and dependency risks; joint ventures/minority stakes may depend on systems, controls and personnel not under the Firm's control.

Relevance 75·Dependency 60·Confidence 90
Source evidence
“In connection with past or future acquisitions, divestitures, joint ventures, partnerships, minority stakes or strategic alliances (including with Mitsubishi UFJ Financial Group, Inc. (“MUFG”)), we face numerous risks and uncertainties”
Digital investing platforms and fintech firms
Competitive Exposure

Digital investing platforms, fintech firms and emerging non-financial firms focused on technology innovation compete for the same retail and institutional clients and assets.

Relevance 75·Dependency 55·Confidence 95
Source evidence
“including non-financial companies and business models focusing on technology innovation, such as tokenization, competing for the same clients and/or assets”
LCR and NSFR rules
Regulatory Exposure

Required to maintain minimum 100% LCR and NSFR; liquidity held and calibrated to these regulatory requirements.

Relevance 70·Dependency 60·Confidence 95
Source evidence
“We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%.”
Securities-based lending
Revenue Exposure

Wealth Management securities-based lending grew to $108.9B from $92.9B, a key driver of WM loan growth at the U.S. Bank Subsidiaries.

Relevance 70·Dependency 60·Confidence 90
Source evidence
“Securities-based lending and Other3 108.9 92.9”
MSBNA
Demand Driver

Merging MSCS fixed income derivatives into MSBNA supports the strategic objective of growing eligible assets at the bank subsidiary, relevant to regulatory capital optimization.

Relevance 70·Dependency 55·Confidence 85
Source evidence
“Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the fixed income derivatives business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA.”
interest_rates
Revenue Exposure

Net interest in Institutional Securities is a function of market-making, client activity, and level/term structure/volatility of interest rates; Wealth Management interest expense driven by deposits and rates.

Relevance 70·Dependency 55·Confidence 85
Source evidence
“Net interest is a function of market-making strategies, client activity, and the prevailing level, term structure and volatility of interest rates.”
China (U.S.-China tensions)
Geopolitical Exposure

Tensions between the U.S. and significant trading partners such as China, along with tariffs and exchange controls, are cited as risks to international operations.

Relevance 70·Dependency 50·Confidence 90
Source evidence
“including tensions between the U.S. and its significant trading partners, such as China, as well as the outbreak or escalation of hostilities or terrorist activity around the world”
credit_conditions
Cost Driver

Availability and cost of financing vary with market conditions, credit ratings and overall availability of credit.

Relevance 65·Dependency 60·Confidence 90
Source evidence
“The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit.”
Asset management and other related fees
Revenue Exposure

Investment Management revenue is primarily generated from asset management and related fees on Equity, Fixed Income, Alternatives and Solutions, and Liquidity and Overlay products.

Relevance 65·Dependency 55·Confidence 85
Source evidence
“Asset management and other related fees within the Investment Management segment are primarily generated from Equity, Fixed Income and the following products:”
CFPB consumer protection laws
Regulatory Exposure

Firm is supervised by the CFPB for federal consumer protection compliance, with state attorneys general also empowered to enforce certain laws under Dodd-Frank.

Relevance 60·Dependency 50·Confidence 95
Source evidence
“under the Dodd-Frank Act, state attorneys general and other state officials are empowered to enforce certain federal consumer protection laws and regulations”
Secured lending facilities
Revenue Exposure

Secured lending facilities are the largest Institutional Securities loan category at the bank subsidiaries, rising to $67.2B from $50.2B.

Relevance 60·Dependency 50·Confidence 85
Source evidence
“Secured lending facilities67.2 50.2”
equity markets financing clients
Customer Exposure

Equity financing business driven by spread between financing income earned and financing/liquidity costs from margin lending, securities lending and swaps clients.

Relevance 60·Dependency 50·Confidence 85
Source evidence
“Results from this business are largely driven by the difference between financing income earned and financing and liquidity costs incurred”
market_volatility
Revenue Exposure

Fixed income and Equities revenues affected by market volumes, bid-offer spreads and market conditions on inventory held to facilitate client activity.

Relevance 60·Dependency 45·Confidence 80
Source evidence
“including market volumes, bid-offer spreads and the impact of market conditions on inventory held to facilitate client activity”
Dodd-Frank whistleblower program
Legal Exposure

Dodd-Frank whistleblower compensation increases the possibility of a greater number of SEC or CFTC investigations of the Firm.

Relevance 55·Dependency 40·Confidence 90
Source evidence
“As a result of this compensation, it is possible we could face an increased number of investigations by the SEC or CFTC.”
Interest rates
Demand Driver

The Firm carries substantial interest rate contract exposure and interest-rate-sensitive deposit/loan balances ($408.1B deposits) at the U.S. Bank Subsidiaries.

Relevance 50·Dependency 45·Confidence 70
Source evidence
“us-gaap:InterestRateContractMember2025-01-012025-12-310000895421us-gaap:InterestRateContractMember2023-01-012023-12-310000895421”
Full company information
Latest profile, trading, valuation, and identifier data stored for MS.
Share price
$200.21
Market cap
$315.79B
Exchange
NYSE
Currency
USD
CEO
Edward N. Pick
Employees
83,000
IPO date
23/02/1993
Beta
1.207
Last dividend
$0.00
Day range
$198.21 – $206.75
52-week range
$151.84 – $232.25
1-day performance
-2.87%
1-year performance
31.86%
Current drawdown (1Y)
-13.80%
CIK
0000895421
CUSIP
617446448
ISIN
US6174464486
Created
07/12/2025, 05:20:15
Last update
23/09/2026, 04:14:25

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