Morgan Stanley (MS) intrinsic value & 10-year financials
Morgan Stanley (MS) has a Graham intrinsic value of $337.72 per share. At $180.57 on Oct 17, 2026, the stock trades 47% below that value. Over the last 10 fiscal years revenue grew 4.2% a year to $5.9B, with an average return on invested capital of 11.1%.
- Graham intrinsic value
- $337.72
- Share price (Oct 17, 2026)
- $180.57
- Price vs Graham value
- 47% below
- Market cap
- $287.5B
- Revenue (FY2025)
- $5.9B
- Revenue growth (10-yr CAGR)
- 4.2%
- ROIC (10-yr avg)
- 11.1%
- Free cash flow (FY2025)
- —
MS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.9B | $16.9B | $10.21 | — | — | — |
| FY2024 | $5.1B | $13.4B | $7.95 | — | — | — |
| FY2023 | $4.5B | $9.1B | $5.18 | — | — | — |
| FY2022 | $4.9B | $11.0B | $6.15 | — | — | — |
| FY2021 | $5.5B | $15.0B | $8.03 | — | — | — |
| FY2020 | $4.9B | $11.0B | $6.46 | — | — | — |
| FY2019 | $3.9B | $9.0B | $5.19 | — | — | — |
| FY2018 | $4.2B | $8.7B | $4.73 | — | — | — |
| FY2017 | $4.1B | $6.1B | $3.07 | — | — | — |
| FY2016 | $4.1B | $6.0B | $2.92 | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Morgan Stanley has demonstrated mature, steady growth, with revenue compounding at 4.2% annually over the past decade.
Morgan Stanley is evaluated as a financial franchise, with average ROE near 11.3% over the available history. Bank and fintech returns are not comparable to industrial ROIC and can be amplified by leverage; they do not by themselves prove an economic moat.
Over the decade, Morgan Stanley shows that management has aggressively returned capital to shareholders by retiring 15.6% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Morgan Stanley is modeled at 14.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $337.72 per share.