◆ What the Market Isn't Pricing In

Morgan Stanley (MS) — the variant view

Morgan Stanley beat every goal it set within six months and the market lowered its multiple, treating an annuity as a trading peak.

📈 MS valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The market pays less for Morgan Stanley's earnings now than it did at the end of 2025, even though the firm has since beaten every goal it set. The shares traded at about 15.3 times trailing earnings in September 20261, against about 16.7 times at the end of 20252. At $196.313, they were below the 52-week high of $232.254.

P/E on filed earnings (x)16.8x202315.1x202416.7x202515.3xTTM Sep 2026Calculated: year-end market value (stockanalysis) over filed net income
Record earnings, a lower multiple.

The goals were specific. In January 2026 the firm targeted ROTCE of 20%, an efficiency ratio of 70%, a Wealth Management pre-tax margin of 30% and client assets of more than $10 trillion5. By the second quarter it reported ROTCE of 26.6%, a first-half efficiency ratio of 65%, a wealth margin of 30.5% and client assets at the $10 trillion milestone6.

The market's reasoning is visible. The second quarter was a trading quarter, and half of its record wealth flows came from IPOs7. Investors are treating the results as a cyclical peak.

What that may miss is the part that is not cyclical. Wealth and Investment Management produced about 49% of segment pre-tax income in 20258, and much of it is a fee on balances. Diluted earnings per share were $5.18 in 2023 and $10.21 in 20259, and $12.38 over the trailing twelve months10.

Analysts are more optimistic than the multiple. The average price target from 25 analysts was $236.43 in September 2026, with a consensus rating of buy11. The forward P/E was 15.14 against a trailing 15.86 on the data provider's own basis12, which implies the market expects earnings to hold roughly flat rather than fall back to 2023 levels.

The dividend alone offers a yield of about 2.34% at $196.3113, on a payout of about 38% of earnings available to common shareholders in 202514. The shares have ranged from $151.84 to $232.25 over the past year15, a swing of about half, which is the kind of volatility the market attaches to a trading firm rather than a wealth manager.

The market is not blind; the shares trade at 3.69 times tangible book16. But at about 15 times earnings it prices the firm closer to a bank than a wealth manager. The figure that would settle it is EPS in the first weak year: holding above $10 would show the goals were structural, and the market was wrong to discount them.

References
  1. Moat Explorer calcThe shares traded at about 15.3 times trailing earnings in September 2026, against about 16.7 times at the end of 2025.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - capital, valuation, payouts and trailing figures. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  2. Moat Explorer calcThe shares traded at about 15.3 times trailing earnings in September 2026, against about 16.7 times at the end of 2025.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - capital, valuation, payouts and trailing figures. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  3. ReportedAt $196.31, they were below the 52-week high of $232.25.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
  4. ReportedAt $196.31, they were below the 52-week high of $232.25.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
  5. ReportedIn January 2026 the firm targeted ROTCE of 20%, an efficiency ratio of 70%, a Wealth Management pre-tax margin of 30% and client assets of more than $10 trillion.
    Morgan Stanley strategic update, The Integrated Firm: Executing on a Higher Plane, Form 8-K exhibit 99.3 - ROTCE 2016-2025, firmwide goals, five-year Wealth Management aggregates and wallet share. — 2016-2025 · publ. 15 January 2026 · source ↗
  6. ReportedBy the second quarter it reported ROTCE of 26.6%, a first-half efficiency ratio of 65%, a wealth margin of 30.5% and client assets at the $10 trillion milestone.
    Morgan Stanley second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns and the chief executive's statement. — Q2 2026 · publ. 15 July 2026 · source ↗
  7. ReportedThe second quarter was a trading quarter, and half of its record wealth flows came from IPOs.
    Morgan Stanley second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns and the chief executive's statement. — Q2 2026 · publ. 15 July 2026 · source ↗
  8. Moat Explorer calcWealth and Investment Management produced about 49% of segment pre-tax income in 2025, and much of it is a fee on balances.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - Wealth Management shares, margins, flows and the balance sheet. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  9. ReportedDiluted earnings per share were $5.18 in 2023 and $10.21 in 2025, and $12.38 over the trailing twelve months.
    Morgan Stanley Form 10-K for fiscal 2025 - financial highlights, income statement, balance sheet and business description. — FY2025 · publ. 19 February 2026 · source ↗
  10. Moat Explorer calcDiluted earnings per share were $5.18 in 2023 and $10.21 in 2025, and $12.38 over the trailing twelve months.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - capital, valuation, payouts and trailing figures. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  11. ReportedThe average price target from 25 analysts was $236.43 in September 2026, with a consensus rating of buy.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
  12. ReportedThe forward P/E was 15.14 against a trailing 15.86 on the data provider's own basis, which implies the market expects earnings to hold roughly flat rather than fall back to 2023 levels.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
  13. ReportedThe dividend alone offers a yield of about 2.34% at $196.31, on a payout of about 38% of earnings available to common shareholders in 2025.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
  14. Moat Explorer calcThe dividend alone offers a yield of about 2.34% at $196.31, on a payout of about 38% of earnings available to common shareholders in 2025.
    Moat Explorer calculation from Morgan Stanley's reported figures ($ millions unless stated). Wealth Management: asset management revenue share 18,627 / 31,754 = 58.7%; net interest income share 7,911 / 31,754 = 24.9%. Client assets change 2025: 7,381 - 6,194 = 1,187 billion; net new assets 356.3 / 1,187 = 30%, so market and other changes 830.7 billion, about 70%. Fee-based share of advisor-led assets 2,347 / 4,758 = 49.3% (2024); 2,753 / 5,715 = 48.2% (2025); 3,022 / 6,273 = 48.2% (June 2026). Transactional revenue 2,473 / 4,259 - 1 = -42% (2022). Wealth Management pre-tax margins: 2015 3,332 / 15,100 = 22.1%; 2020 4,387 / 19,086 = 23.0%; 2021 6,181 / 24,243 = 25.5%; 2022 6,583 / 24,417 = 27.0%; 2023 6,530 / 26,268 = 24.9%; 2024 7,740 / 28,420 = 27.2%; 2025 9,293 / 31,754 = 29.3%. Wealth Management revenue growth (31,754 / 15,100)^(1/10) - 1 = 7.7% a year. Self-directed assets 1,667 / 1,437 - 1 = 16%; households 8.5 / 8.3 - 1 = 2.4%; daily average revenue trades 1,029 / 837 - 1 = 23% (2025) and 1,278 / 1,029 - 1 = 24% (Q2 2026); 1,278 / 759 = 1.68 since 2023. Wealth Management bank loans 181 / 146 - 1 = 24% (2022-2025). Balance sheet 2025: loans 289,038 / 246,814 - 1 = 17.1%; deposits 415,523 / 376,007 - 1 = 10.5%; borrowings 348,935 / 288,819 - 1 = 20.8%. Firm loans June 2026 315,653 / 289,038 - 1 = 9.2%; 315,653 / 246,814 - 1 = 28% since end-2024. Uninsured deposits 84,201 / 415,523 = 20.3%. Net new assets Q2 2026 excluding IPO-related inflows: just over half of 148.1 billion was IPO-related, so the rest is below 148.1 / 2 = 74.05 billion. Segments: sum of segment net revenues 2025 33,080 + 31,754 + 6,525 = 71,359, less firm net revenues 70,645 = 714 of eliminations; eliminations as reported each year 2015 213, 2016 290, 2017 290, 2018 463, 2019 467, 2020 539, 2021 541, 2022 517, 2023 555, 2024 600, 2025 714. Wealth and Investment Management share of segment revenue: 2015 (15,100 + 2,315) / 35,368 = 49.2%; 2023 (26,268 + 5,370) / 54,698 = 57.8%; 2025 (31,754 + 6,525) / 71,359 = 53.6%. Institutional Securities share of segment revenue 2025 33,080 / 71,359 = 46.4%. Share of firm pre-tax income 2025: Institutional Securities 11,237 / 21,954 = 51.2%; Wealth Management 9,293 / 21,954 = 42.3%; Investment Management 1,478 / 21,954 = 6.7%. Share of segment pre-tax income: 2021 Institutional Securities 11,814 / (11,814 + 6,181 + 1,678) = 11,814 / 19,673 = 60.1%; 2023 4,476 / 11,848 = 37.8%, Wealth and Investment Management 6,530 + 842 = 7,372 = 62.2%; 2025 Institutional Securities 11,237 / 22,008 = 51.1%, Wealth and Investment Management 10,771 / 22,008 = 48.9%; 2015 Wealth and Investment Management (3,332 + 492) / 8,495 = 45.0%. Q2 2026 Institutional Securities 4,262 / 7,348 = 58.0%; revenue 11,040 / 7,643 - 1 = 44%. Institutional Securities pre-tax margins: 2015 4,671 / 17,953 = 26.0%; 2021 11,814 / 29,833 = 39.6%; 2022 6,715 / 24,393 = 27.5%; 2023 4,476 / 23,060 = 19.4%; 2024 8,749 / 28,080 = 31.2%; 2025 11,237 / 33,080 = 34.0%; growth (33,080 / 17,953)^(1/10) - 1 = 6.3% a year. Equity 15,631 / 9,986 - 1 = 57% (2023-2025); 15,631 / 12,230 - 1 = 27.8% (2025); 15,631 / 70,645 = 22.1% of firm; 15,631 / 33,080 = 47.3% of segment. Fixed income 8,716 / 8,418 - 1 = 3.5%; 8,716 / 33,080 = 26.3% of segment. Equity underwriting 851 / 4,437 - 1 = -81% (2022). Investment Management margins: 2021 1,678 / 6,220 = 27.0%; 2023 842 / 5,370 = 15.7%; 2025 1,478 / 6,525 = 22.7%; fees 6,068 / 5,231 - 1 = 16% (2023-2025); Parametric 524 / 336 - 1 = 56%. Regions: Asia 9,420 / 6,434 - 1 = 46%; Asia 9,420 / 70,645 = 13.3% (2025); 6,434 / 54,143 = 11.9% (2023); Americas 52,897 / 70,645 = 74.9% (2025); Q2 2026 Americas 15,046 / 21,348 = 70.5%, Asia 3,930 / 21,348 = 18.4%. Capital and valuation: CET1 excess 14.8% - 11.8% = 3.0 points (June 2026). Goodwill and intangibles 16,726 + 6,010 = 22,736. Acquisitions 11.9 + 8.7 = 20.6 billion. Compensation 29,216 / 48,342 = 60.4% of non-interest expenses; 29,216 / 26,178 - 1 = 11.6%. Dividends per share 3.85 / 0.55 = 7.0 times. Payout 2025 (6,147 + 4,585) / 16,249 = 66%. Buyback price 197.64 / 85.35 = 2.3 times. Total assets 1,675,057 / 1,215,071 - 1 = 37.9% (end-2024 to June 2026); common equity 106,579 / 94,761 - 1 = 12.5%. MUFG stake 380,010,887 shares x $196.31 = about $74.6 billion. Trailing twelve months to June 2026: net revenues 70,645 - 34,531 + 41,928 = 78,042; net income 16,861 - 7,854 + 11,148 = 20,155; diluted EPS 10.21 - 4.73 + 6.90 = 12.38. P/E = market value / net income: 2023 153.05 / 9.087 = 16.8; 2024 202.54 / 13.390 = 15.1; 2025 282.15 / 16.861 = 16.7; September 2026 308.32 / 20.155 = 15.3; price to sales 308.32 / 78.042 = 3.95. Revenue growth (70,645 / 35,155)^(1/10) - 1 = 7.2% a year. Wealth Management 2025: revenue 31,754 / 28,420 - 1 = 11.7%, pre-tax income 9,293 / 7,740 - 1 = 20.1%; bank loans 181 / 160 - 1 = 13.1%, deposits 408 / 370 - 1 = 10.3%; stock plan unvested 658 / 534 - 1 = 23% (six months). Investment banking 7,619 / 10,272 - 1 = -26% (2025 vs 2021). Tangible book value per share 50.00 / 44.57 - 1 = 12.2%. Non-compensation expenses 19,126 / 17,723 - 1 = 7.9%; net revenues 70,645 / 61,761 - 1 = 14.4%. Revenue per employee 70,645 / 83,000 = about 0.85 million. Vanguard, BlackRock and State Street 6.9% + 5.7% + 7.2% = 19.8% of the stock. Diluted EPS growth (10.21 / 2.90)^(1/10) - 1 = 13.4% a year. Q2 2026 Institutional Securities share of segment revenue 11,040 / (11,040 + 8,856 + 1,646) = 11,040 / 21,542 = 51.2%. First half 2026: Institutional Securities pre-tax income 8,423 / 5,392 - 1 = 56%, share of firm pre-tax income 8,423 / 14,359 = 58.7% (H1 2025 5,392 / 10,166 = 53.0%); Wealth Management pre-tax income 5,288 / 4,151 - 1 = 27%. Q2 2026 Wealth Management revenue 8,856 / 7,764 - 1 = 14%; asset management revenue 5,261 / 4,411 - 1 = 19%; firm revenue 21,348 / 16,792 - 1 = 27%; headcount 82,944 / 80,393 - 1 = 3.2%. Investment Management pre-tax income (1,478 - 870) / 8,700 = 7.0% of the Eaton Vance price. Net income 16,861 / 6,127 - 1 = 175%; shareholders equity 111,632 / 75,182 - 1 = 48%. Self-directed plus stock plan unvested assets June 2026 1,811 + 658 = 2,469 billion. Average diluted shares 1,592 / 1,646 - 1 = -3.3%. Total client assets 9,276 / 7,860 - 1 = 18%. Market value 308.32 / 153.05 = 2.0 times (end-2023 to September 2026). 2023 charges 249 + 353 + 293 = 895. Net income 9,087 / 15,034 - 1 = -40% (2021-2023). Borrowings 348,935 / 288,819 - 1 = 21%. Loans to deposits 289,038 / 415,523 = 70%. Compensation 29,216 / 70,645 = 41% of net revenues (2025). Net new assets 2025 quarterly average 356.3 / 4 = 89.1 billion. Forecast extrapolation: 2026 revenue 41,928 x 2 = 83,856; 2026 EPS 196.31 / 15.14 = 12.97; 2027 83.9 x 1.072 = 89.9 and 12.97 x 1.072 = 13.90; 2028 96.4 and 14.90 - capital, valuation, payouts and trailing figures. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Morgan Stanley's Forms 10-K and 10-Q, earnings releases and financial supplements, the 2026 proxy statement and market data; operands shown in the source line.
  15. ReportedThe shares have ranged from $151.84 to $232.25 over the past year, a swing of about half, which is the kind of volatility the market attaches to a trading firm rather than a wealth manager.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
  16. ReportedThe market is not blind; the shares trade at 3.69 times tangible book.
    Morgan Stanley (MS) statistics - price to book 2.90, price to tangible book 3.69, price to sales 3.96. — September 2026 · publ. 25 September 2026 · source ↗
Sources
Generated September 26, 2026