At a glance
Morgan Stanley is worth $291.70B, about 18 times its fiscal 2025 earnings. Revenue grew 14.4% to $70.64B in fiscal 2025, with 23.9% kept as profit; over 5 years it has grown 7.7% a year. It pays a 2.32% dividend yield, raised every year for at least 9 years, and returned $28.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +15.8% over the past year with dividends reinvested and +15.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.6% in the 2020 crash (S&P 500: 33.7%) and 32.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 23 months after the lows.
The business in plain English
Morgan Stanley is a global financial services firm. It advises clients and helps raise, trade, manage and distribute money for governments, institutions and individuals. Its roots go back to 1924. It is based in and around New York City, with principal offices in London, Frankfurt, Tokyo and Hong Kong. The Federal Reserve regulates it as a financial holding company: a group that owns banks but may also do investment banking and trading.
It has three business segments. In the year ended December 31, 2025, revenue totaled $70.6 billion. Institutional Securities underwrites stock and bond deals, provides financing and makes markets, which means quoting prices so clients can trade securities. It brought in $33.1 billion, or 47%. Wealth Management works mostly in the US. It serves clients through financial advisors, workplace programs and digital accounts, and brought in $31.8 billion, or 45%. Investment Management, which runs funds including alternative investments, added $6.5 billion, or 9%.
Most revenue is noninterest income, such as fees, commissions and trading revenue. That came to $60.6 billion in fiscal 2025, against $10.0 billion of net interest income (what the firm earns on loans and securities minus what it pays on deposits and borrowings). The Americas supplied 74.9% of revenue, Asia 13.3%, and Europe, the Middle East and Africa 11.8%.
Price history
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MS +15.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| IS | $33.08B | 46.8% |
| WM | $31.75B | 44.9% |
| IM | $6.53B | 9.2% |
By geography
| Americas | $52.90B | 74.9% |
| Asia | $9.42B | 13.3% |
| EMEA | $8.33B | 11.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $21.35B, up 27.1% from a year earlier, and net income was $5.58B (+57.7%).
- For fiscal 2025, revenue was $70.64B (+14.4% year over year; +7.7% a year from FY2020 to FY2025) with a 23.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.7% good |
|---|---|
| Return on equity | 15.1% good |
| Net income / revenue | 23.9% watch |
| Deposits | $446.07B |
| Loans | $289.32B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $48.76B | $11.00B | — |
| FY2021 | $59.76B | $15.03B | — |
| FY2022 | $53.67B | $11.03B | — |
| FY2023 | $54.14B | $9.09B | — |
| FY2024 | $61.76B | $13.39B | — |
| FY2025 | $70.64B | $16.86B | — |
Valuation snapshot
| Market value | $291.70B |
|---|---|
| P/E ratio | 18.2 |
| Dividend yield | 2.32% |
Rank among 1514 US companies
Market value at each year end
Morgan Stanley’s market value went from $79.13B at the end of 2016 to $291.70B on Nov 2, 2026, about 3.7 times as much; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $291.70B | +3.4% |
| 2025 | $282.15B | +39.3% |
| 2024 | $202.54B | +32.3% |
| 2023 | $153.05B | +6.5% |
| 2022 | $143.69B | -18.4% |
| 2021 | $176.14B | +42.1% |
| 2020 | $123.98B | +49.8% |
| 2019 | $82.74B | +21.3% |
| 2018 | $68.20B | -28.1% |
| 2017 | $94.86B | +19.9% |
| 2016 | $79.13B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MS price data to Nov 2, 2026 | +7.0% | +15.8% | +40.2% | +15.8% | +22.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.0% |
| 2025 | +45.2% |
| 2024 | +39.7% |
| 2023 | +13.9% |
| 2022 | -10.4% |
| 2021 | +46.6% |
| 2020 | +38.1% |
| 2019 | +32.7% |
| 2018 | -22.8% |
| 2017 | +26.6% |
| 2016 | +36.1% |
| 2015 | -16.8% |
| 2014 | +25.1% |
| 2013 | +65.3% |
| 2012 | +27.9% |
| 2011 | -43.9% |
| 2010 | -7.4% |
| 2009 | +88.0% |
| 2008 | -68.8% |
| 2007 | -20.6% |
| 2006 | +45.9% |
| 2005 | +4.3% |
| 2004 | -2.3% |
| 2003 | +47.9% |
| 2002 | -27.2% |
| 2001 | -28.3% |
| 2000 | +12.0% |
| 1999 | +102.1% |
| 1998 | +20.8% |
| 1997 | +80.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74.9% over that stretch · deepest drop along the way 86.2%, back to its old high 111.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.6% over that stretch · deepest drop along the way 50.6%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.6% over that stretch · deepest drop along the way 32.4%, back to its old high 22.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (24 read): 0 open-market purchases and 17 sales ($26.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 16, 2026 | Andrew M Saperstein Co-President | sell | $6.3M |
| Jul 17, 2026 | Michael A. Pizzi Head Technology & Operations | sell | $3.7M |
| Apr 17, 2026 | Daniel A Simkowitz Co-President | sell | $2.8M |
| Apr 16, 2026 | Mandell Crawley Chief Client Officer | sell | $2.5M |
| Jul 16, 2026 | Sharon Yeshaya Chief Financial Officer | sell | $2.0M |
Who owns it
ETFs with the most weight in MS
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 11.67% |
| KBWB Invesco KBW Bank ETF | 7.77% |
| NITE Nightview Fund NITE | 4.91% |
| SAMM Strategas Macro Momentum ETF | 4.24% |
| JHAC John Hancock Fundamental All Cap Core ETF | 3.78% |
| GSIB Themes Global Systemically Important Banks ETF | 3.54% |
| CCOR Core Alternative ETF | 3.05% |
| DECO SPDR Galaxy Digital Asset Ecosystem ETF | 3.01% |
What could go wrong
- Trading and dealmaking rise and fall with markets. Institutional Securities, about 47% of fiscal 2025 revenue, depends on market activity. Uncertainty can shrink the number and size of deals and cut the value of securities the firm holds.
- Weak markets can slow Wealth Management. Falling stock prices or sharp interest-rate moves can shake investor confidence, reducing client assets, deposits and money flowing into fee-based accounts. Wealth Management brought in about 45% of fiscal 2025 revenue.
- Regulators can limit dividends and buybacks. Federal Reserve stress tests and capital rules can restrict payouts, and regulators can block dividends they consider unsafe. Proposed revisions to capital rules could change how much capital the firm must hold.
- Funding depends on credit ratings. The firm relies on outside sources to finance much of its operations. A credit-rating downgrade could raise borrowing costs or limit access to debt markets. Total debt was $383.2 billion as of June 30, 2026.
- Big positions and other firms' failures. Large, concentrated positions can lose money when prices move sharply. Borrowers and trading partners may fail to pay, and a default by a major financial firm could disrupt markets broadly.
- Electronic trading and new tech squeeze prices. Automated trading platforms, generative artificial intelligence and tokenization (recording assets as digital tokens) are likely to keep pressuring Institutional Securities revenue. Rival asset managers are also pushing fees down.
Recent events
- Quarterly results released
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Morgan Stanley has raised its dividend at least 9 years in a row through fiscal 2025, and the streak may be longer. Dividends per share climbed from $1.40 in fiscal 2020 to $3.85 in fiscal 2025, about 22.4% a year. From fiscal 2021 to 2025 it paid out $28.1 billion in total. In fiscal 2025, dividends took 39.1% of net income, and the yield was 2.22% as of October 27, 2026. Shares outstanding fell about 12.5% from October 2021 to July 2026. Regulators can restrict dividends and buybacks, for example after Federal Reserve stress tests.
The stock has fallen hard in downturns. It fell 86.2% in the 2008 financial crisis and did not regain its peak until March 2018. It fell 50.6% in the 2020 COVID crash, recovering by November 2020, and 32.4% in the 2022 bear market, recovering by May 2024. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does Morgan Stanley make money?
Mostly from fees, commissions and trading rather than lending. In fiscal 2025, revenue was $70.6 billion, of which $60.6 billion was noninterest income. Institutional Securities, which handles investment banking, financing and market-making for corporations, governments and institutions, brought in about 47%. Wealth Management, which serves mainly US clients through financial advisors, workplace programs and digital accounts, brought in about 45%. Investment Management, which runs funds, added about 9%. Net interest income, the spread earned on loans and securities after funding costs, was $10.0 billion.
Is Morgan Stanley a bank?
Legally, yes. Morgan Stanley is a bank holding company and financial holding company supervised by the Federal Reserve. It owns two national banks, Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, N.A. As of June 30, 2026, it held $446.1 billion of deposits and $289.3 billion of loans. But most fiscal 2025 revenue was noninterest income, such as fees and trading revenue, so results depend heavily on financial markets. Return on equity (profit relative to shareholders' capital) was 15.1% in fiscal 2025.
Does Morgan Stanley raise its dividend every year?
Yes. It has raised its dividend at least 9 years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $1.40 in fiscal 2020 to $3.85 in fiscal 2025, about 22.4% a year. The dividend yield (yearly dividends divided by the share price) was 2.22% as of October 27, 2026. Increases are not guaranteed: regulators can limit dividends at large bank holding companies, for example through Federal Reserve stress tests.
How much did Morgan Stanley stock fall in the 2008 financial crisis?
About 86% from peak to low. The share price fell 86.2% from October 9, 2007, to November 20, 2008, and did not regain that peak until March 9, 2018, roughly 112 months later. For calendar 2008 alone, the stock lost about 69%. Later downturns were shorter: it fell 50.6% in the 2020 COVID crash, recovering by November 2020, and 32.4% in the 2022 bear market, recovering by May 2024.
How has Morgan Stanley stock performed over the long term?
Based on share price, it rose about 627% over the 10 years to October 27, 2026, or 21.9% a year, and 115% over five years, or 16.5% a year. Calendar years vary widely: it gained 45.2% in 2025 and 39.7% in 2024 but lost 10.4% in 2022, and it was up 7% in 2026 through October 27. Its one-year beta of 1.45 means it tended to move about 1.45 times as much as the broad market.