# Morgan Stanley (MS)

> Source: Nexqual · https://nexqual.com/MS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Morgan Stanley (MS), nexqual.com/MS" · informational, not investment advice.

**Price:** USD 183.97 (-1.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 187.01 · day 182.22–187 · 52w 152.8–232.25 · market cap $289B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $78.0B, net income $20.2B (25.8% margin) (SEC filings).
- Valuation: P/E 14.3x (avg 16.3x at the last 3 fiscal year-ends).
- 5 of 80 tracked superinvestors hold MS (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 0 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $26.6M; 7 not under a Rule 10b5-1 plan ($26.6M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.54 on a 1–5 scale) (26 analysts), mean target USD 212.64 (range 185–262).
- Total return with dividends: 1Y +18.1% vs S&P 500 +14.9%; 5Y +111.9% vs S&P 500 +80.3%.
- Next earnings: 2027-01-14, EPS estimate USD 2.92, revenue estimate $20.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $59.8B | $53.7B | $54.1B | $61.8B | $70.6B | $78.0B |
| Net income | $15.0B | $11.0B | $9.09B | $13.4B | $16.9B | $20.2B |
| EPS (diluted) | $8.03 | $6.15 | $5.18 | $7.95 | $10.21 | — |
| Net margin | 25.2% | 20.6% | 16.8% | 21.7% | 23.9% | 25.8% |
| Revenue growth | +22.6% | -10.2% | +0.9% | +14.1% | +14.4% | — |
| Cash + short-term investments | $128B | $128B | $89.2B | $105B | $112B | — |
| Total debt | $227B | $234B | $261B | $284B | $342B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.3x · P/S 3.7x · P/B 2.5x · Earnings yield 6.98% · Dividend yield (paid, TTM) 2.35%
P/E at fiscal year-ends: Dec 2025 16.8x, Dec 2024 15.1x, Dec 2023 16.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold MS (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 3.18% | $38.6M | Reduced -1.4% | Q3 2026 |
| Viking Global | Viking Global Investors | 0.97% | $339M | New position | Q2 2026 |
| Richard Pzena | Pzena Investment Management | 0.28% | $95.0M | Reduced -4.6% | Q2 2026 |
| Torray Funds |  | 0.07% | $497K | Reduced -92.3% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | <0.01% | $217K | New position | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-28 | Schapiro Mary L | Director | 1,000 | $212K | 2.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-17 | Pizzi Michael A. | Head Technology & Operations | 24,165 | $5.2M | 16.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-16 | Yeshaya Sharon | Chief Financial Officer | 15,554 | $3.5M | 10.2% | No | Too little history (no open-market trades in 2023) |
| 2026-04-20 | Grossman Eric F | Chief Legal/Admin Officer | 11,118 | $2.1M | 6.2% | No | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-04-17 | Simkowitz Daniel A | Co-President | 14,690 | $2.8M | 3.8% | No | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-04-16 | Saperstein Andrew M | Co-President | 51,668 | $9.7M | 15.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-16 | Crawley Mandell | Chief Client Officer | 16,129 | $3.0M | 20.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.54 on a 1–5 scale), 26 analysts; mean target USD 212.64 (low 185, high 262).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | BMO Capital | Target lowered | Outperform | $215 → $210 |
| 2026-10-16 | JP Morgan | Target raised | Neutral | $195 → $198 |
| 2026-10-15 | Citigroup | Target lowered | Neutral | $210 → $190 |
| 2026-10-15 | RBC Capital | Target lowered | Sector Perform | $243 → $195 |
| 2026-10-15 | TD Cowen | Target lowered | Hold | $210 → $205 |
| 2026-10-15 | Wells Fargo | Target lowered | Equal-Weight | $223 → $217 |
| 2026-10-15 | Evercore ISI Group | Target lowered | Outperform | $215 → $205 |
| 2026-10-15 | Keefe, Bruyette & Woods | Target lowered | Outperform | $250 → $230 |
| 2026-10-08 | TD Cowen | Initiated | Hold | $210 |
| 2026-10-06 | BMO Capital | Target lowered | Outperform | $250 → $215 |
| 2026-10-05 | UBS | Target lowered | Buy | $260 → $236 |
| 2026-10-01 | Evercore ISI Group | Target lowered | Outperform | $240 → $215 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +18.1% | +111.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +18.2% | +16.2% |
| Volatility (annualized) | 28.3% | 28.4% |
| Max drawdown | -21.5% (Jul 2026→Oct 2026) | -29.7% (Feb 2022→Jun 2022) |

## Peers (Capital Markets)
GS (Goldman Sachs Group, Inc. (The)) USD 891.3 -1.48% · SCHW (Charles Schwab Corporation (The) USD 91.44 -0.22% · IBKR (Interactive Brokers Group, Inc.) USD 82.28 -3.57% · HOOD (Robinhood Markets, Inc.) USD 96.58 -5.25% · NMR (Nomura Holdings Inc) USD 9.04 -1.95% · TW (Tradeweb Markets Inc.) USD 121.89 +1.57%

## More
Full page: https://nexqual.com/MS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.92 | $2.94 | -0.5% | $20.32B | 14 |
| Next quarter (ends 2027-03-31) | $3.60 | $3.68 | -2.2% | $22.05B | 9 |
| Current fiscal year (ends 2026-12-31) | $12.84 | $12.97 | -1.0% | $82.29B | 21 |
| Next fiscal year (ends 2027-12-31) | $13.60 | $13.59 | +0.0% | $86.48B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2027-01-14): ±11.8%; earnings reaction alone ±2.7%; last 4 reports averaged ±3.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 32.4% | ±4.1% |
| 2026-11-06 | 14 | 32.9% | ±5.4% |
| 2026-11-13 | 21 | 31.5% | ±6.2% |
| 2026-11-20 | 28 | 31.3% | ±7.0% |
| 2026-11-27 | 35 | 29.9% | ±7.4% |
| 2026-12-04 | 42 | 28.6% | ±7.8% |
| 2026-12-18 | 56 | 30.2% | ±9.5% |
| 2027-01-15 | 84 | 30.8% | ±11.8% |