Recent News
Apr 8, 2026 — Morgan Stanley Investment Management launched the Morgan Stanley Bitcoin Trust, an exchange-traded product aimed at tracking bitcoin performance.
Apr 29, 2026 — Morgan Stanley Real Estate Investing announced the sale of the Pullman Paris Tour Eiffel hotel as part of portfolio activity.
Apr 2026 — Morgan Stanley filed initial registration statements for additional cryptocurrency-themed exchange-traded products and launched new investor education centers within MSIM.
Apr 15, 2026 — Coverage noted that a rollback of a U.S. capital rule freed balance-sheet capacity that Morgan Stanley redeployed into prime brokerage and macro trading desks.
Technical Analysis
ADX and Directional Indicators: ADX at 36.18 signals a strong trending environment; both directional indicators carry bearish signals: DI+ shows a peak-and-reversal (bearish) while DI- shows a dip-and-reversal (bearish), implying recent trend strength accompanies a directional shift toward downside pressure.
MACD: MACD sits at 5.96 and trends downward with the MACD line below the signal line at 6.07, indicating waning bullish momentum and a bearish momentum bias for the near term.
MRO (Momentum/Regression Oscillator): MRO at 34.87 and decreasing indicates price sits above the model target and that the upside carries a higher probability of mean reversion; the declining MRO supports potential corrective risk against current levels.
RSI and Price Positioning: RSI at 65.52 with a peak-and-reversal signal places the security near overbought territory and shows a shift from peak momentum, consistent with a higher risk of pullback while price remains above short-term averages.
Price vs. Moving Averages & Bands: Price closed at $214.04, above the 12-day EMA ($209.63, increasing) and the 20-day average ($209.81), while the 200-day average sits at $172.64; the close near the upper Bollinger band (1x upper $215.35) indicates proximity to short-term resistance. Trading volume at ~4.69M trails 10/50/200-day averages, suggesting limited conviction behind the recent advance.
Fundamental Analysis
Earnings & Recent Report: Reported diluted EPS of $3.43 for the quarter (report dated 2026-04-15) beat the consensus estimate of $3.02 by $0.41, a surprise of approximately 13.6%. Net income for the period registered at $5.567 billion and total revenue at $19.324 billion in the quarter.
Profitability & Returns: Return on equity measured 5.33%, and return on assets measured 0.371%; earnings growth reads 27.99% on the trailing metric with year-over-year earnings growth at 63.49%, signaling a step-up in profitability despite modest absolute returns on capital.
Cash Flow & Capital: Operating cash flow shows a negative outflow of $7.098 billion and free cash flow stands at -$7.852 billion; free cash flow yield equals -2.93%, which sits below the industry peer mean free cash flow yield of -1.37%, indicating a comparatively weaker cash conversion profile.
Leverage Profile: Debt-to-equity reads 3.77x, above the industry peer mean of 1.44x and approaching the peer high of 3.99x, reflecting a capital structure with meaningful leverage relative to peers; total debt stood at $394.234 billion.
Valuation Metrics: Trailing P/E equals 49.39, below the industry peer mean P/E of 64.86 but still elevated on an absolute basis; forward P/E at 53.85 supports a high-growth multiple stance. Price-to-book equals 2.56, below the industry peer mean of 3.33 and below the peer median of 3.78. PEG ratio at 1.76 sits above the industry peer mean of 0.28 and above the peer median of 1.28. WMDST values the stock as over-valued given the combination of high earnings multiple, negative free cash flow yield, and elevated leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-15 |
| NEXT REPORT DATE: | 2026-07-15 |
| CASH FLOW | Begin Period Cash Flow | $ 111.7 B |
| Operating Cash Flow | $ -7.10 B | |
| Capital Expenditures | $ -754.00 M | |
| Change In Working Capital | $ -14.19 B | |
| Dividends Paid | $ -1.71 B | |
| Cash Flow Delta | $ 21.8 B | |
| End Period Cash Flow | $ 133.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 19.3 B | |
| Forward Revenue | $ 4.4 B | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 714.0 M | |
| Depreciation and Amortization | $ 714.0 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 15.3 B | |
| Interest Expense | $ 12.6 B | |
| Net Interest Income | $ 2.7 B | |
| Income Before Tax | $ 7.0 B | |
| Tax Provision | $ 1.4 B | |
| Tax Rate | 19.584 % | |
| Net Income | $ 5.6 B | |
| Net Income From Continuing Operations | $ 5.6 B | |
| EARNINGS | ||
| EPS Estimate | $ 3.02 | |
| EPS Actual | $ 3.43 | |
| EPS Difference | $ 0.41 | |
| EPS Surprise | 13.576 % | |
| Forward EPS | $ 3.18 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.6 T | |
| Intangible Assets | $ 23.1 B | |
| Net Tangible Assets | $ 91.2 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 95.8 B | |
| Net Receivables | $ 132.6 B | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 259.3 B | |
| Short-Term Debt | $ 23.7 B | |
| Total Current Liabilities | — | |
| Net Debt | $ 298.5 B | |
| Total Debt | $ 394.2 B | |
| Total Liabilities | $ 1.5 T | |
| EQUITY | ||
| Total Equity | $ 104.5 B | |
| Retained Earnings | $ 118.9 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 66.18 | |
| Shares Outstanding | 1.580 B | |
| Revenue Per-Share | $ 12.23 | |
| VALUATION | Market Capitalization | $ 267.6 B |
| Enterprise Value | $ 661.8 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 34.25 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 15.128 | |
| Asset To Liability | 1.079 | |
| Debt To Capital | 0.79 | |
| Debt To Assets | 0.249 | |
| Debt To Assets QoQ | -4.446 % | |
| Debt To Assets YoY | -1.071 % | |
| Debt To Assets IPRWA | high: 0.674 MS: 0.249 median: 0.209 mean: 0.19 low: 0.0 |
|
| Debt To Equity | 3.771 | |
| Debt To Equity QoQ | 3.694 % | |
| Debt To Equity YoY | 11.717 % | |
| Debt To Equity IPRWA | high: 3.986 MS: 3.771 mean: 1.445 median: 0.856 low: -1.068 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.56 | |
| Price To Book QoQ | -4.212 % | |
| Price To Book YoY | 28.787 % | |
| Price To Book IPRWA | high: 7.056 median: 3.78 mean: 3.329 MS: 2.56 low: -0.507 |
|
| Price To Earnings (P/E) | 49.392 | |
| Price To Earnings QoQ | -23.051 % | |
| Price To Earnings YoY | 6.951 % | |
| Price To Earnings IPRWA | high: 131.673 mean: 64.861 median: 62.093 MS: 49.392 low: -78.913 |
|
| PE/G Ratio | 1.765 | |
| Price To Sales (P/S) | 13.849 | |
| Price To Sales QoQ | -14.747 % | |
| Price To Sales YoY | 18.556 % | |
| Price To Sales IPRWA | high: 114.397 mean: 29.648 median: 25.758 MS: 13.849 low: -50.338 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 53.852 | |
| Forward PE/G | 1.924 | |
| Forward P/S | 61.474 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.013 | |
| Asset Turnover Ratio QoQ | 6.977 % | |
| Asset Turnover Ratio YoY | -1.904 % | |
| Asset Turnover Ratio IPRWA | high: 0.275 mean: 0.041 median: 0.018 MS: 0.013 low: -0.084 |
|
| Receivables Turnover | 0.156 | |
| Receivables Turnover Ratio QoQ | 6.27 % | |
| Receivables Turnover Ratio YoY | -15.648 % | |
| Receivables Turnover Ratio IPRWA | high: 9.786 mean: 1.899 median: 0.828 MS: 0.156 low: 0.039 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 583.933 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.039 | |
| CapEx To Depreciation | -1.056 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 484.8 B | |
| Net Invested Capital | $ 498.8 B | |
| Invested Capital | $ 498.8 B | |
| Net Tangible Assets | $ 91.2 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 2.568 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.259 | |
| Dividend Payout Ratio | 0.307 | |
| Dividend Rate | $ 1.08 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 11.346 % | |
| Revenue Growth | -1.879 % | |
| Revenue Growth QoQ | -119.825 % | |
| Revenue Growth YoY | -138.269 % | |
| Revenue Growth IPRWA | high: 130.559 % median: 0.136 % MS: -1.879 % mean: -3.804 % low: -156.276 % |
|
| Earnings Growth | 27.985 % | |
| Earnings Growth QoQ | -752.94 % | |
| Earnings Growth YoY | 63.492 % | |
| Earnings Growth IPRWA | high: 45.0 % MS: 27.985 % median: 1.923 % mean: -4.898 % low: -117.241 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -7.85 B | |
| Free Cash Flow Yield | -2.934 % | |
| Free Cash Flow Yield QoQ | 156.245 % | |
| Free Cash Flow Yield YoY | -77.071 % | |
| Free Cash Flow Yield IPRWA | high: 29.426 % median: 1.03 % mean: -1.366 % MS: -2.934 % low: -27.411 % |
|
| Free Cash Growth | 151.747 % | |
| Free Cash Growth QoQ | -762.882 % | |
| Free Cash Growth YoY | -146.538 % | |
| Free Cash Growth IPRWA | high: 314.536 % MS: 151.747 % median: -8.399 % mean: -31.841 % low: -569.703 % |
|
| Free Cash To Net Income | -1.41 | |
| Cash Flow Margin | 109.563 % | |
| Cash Flow To Earnings | 3.803 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.371 % | |
| Return On Assets QoQ | 17.405 % | |
| Return On Assets YoY | 8.163 % | |
| Return On Assets IPRWA | high: 6.815 % mean: 0.893 % median: 0.488 % MS: 0.371 % low: -7.04 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.053 | |
| Return On Equity QoQ | 23.378 % | |
| Return On Equity YoY | 19.771 % | |
| Return On Equity IPRWA | high: 0.222 MS: 0.053 median: 0.052 mean: 0.047 low: -0.164 |
|
| DuPont ROE | 5.396 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |