MS · US
MS.US Morgan Stanley: latest print still Q2 — calendar set Q3 for Oct 14
Morgan Stanley Wealth + IB. No new 8-K P&L in this window; financials still Q2 SEC frames. 2025-09-11 calendar sets Q3 for **2026-10-14** (~07:30 ET print / 09:30 ET call). Watch NNA, IB wallet, GSIB capital.
Cite a section with a deep link, e.g. /en/r/ms-us-research#thesis
Snapshot
- Price
- USD 202.58
- Market cap
- USD 318.2B
- 2026-Q2 net revenue
- USD 21.3B
- PE TTM
- 16.4
As-of 2026-09-29 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Morgan Stanley (MS) Third-largest US bank/IB by mcap (2026-09-18). Wealth/IM fees are the recurring engine; IB/trading add beta. Ted Pick CEO since 2024. Watch NNA, IB wallet, GSIB capital.
Business
Model: wealth AUM fees + IB/trading + IM. Flagships: Wealth, Institutional Securities. Edge: HNW channel and IB brand. Strategy: wealth scale, stock-loan cash, capital efficiency. Entity: Morgan Stanley.
Value chain
Wealth and wholesale intermediary. Risks: market beta, advisor attrition, clearing.
Corporate events
Material items (public filings / IR):
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2024-01 | CEO 交接 | Ted Pick 出任 CEO，接替 James Gorman | 财富优先战略延续，关注机构业务风险偏好 |
| Q2 | 财报 | 最新正式打印仍为 Q2 | 收入/净利图不停在未披露的下一季 |
| 2026-10-14 | 日历 | 下一份出数 / 电话会（07:30 ET print / 09:30 ET call） | Morgan Stanley press, 2025-09-11 2026 call calendar |
Valuation
Fee-rich wealth supports a premium vs pure IB; PE/PB only on the latest sourced quote.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 16.4 | 腾讯财经行情；历史季为 null |
| PB | 2.99 | 腾讯财经行情；银行主锚之一 |
| 股息率 | N/A | 未接入分红公告同源序列 |
| 现价 / 市值 | 202.58 / $318.17B | 2026-09-18 16:05:15 |
Valuation · ~3y
Interactive chart available in the reader.
~3y quarterly closes (Sina US daily resampled to quarter-end; gaps are null):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Net revenue RevenuesNetOfInterestExpense and net income NetIncomeLoss from SEC companyfacts CYyyyyQn frames (single-quarter). Banks have no gross margin; the margin chart is quarterly NI / net revenue.
Net revenue · last 8Q
Interactive chart available in the reader.
Net margin · last 8Q (NI / net revenue)
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Watch wealth NNA, CET1 and liquidity. Auditor opinion on the 10-K.
Financial health
| Item | Read-through | Note |
|---|---|---|
| 财务健康总评 | 银行口径：看资本与信贷成本 | 非工业净现金框架 |
| 经营现金流 | 见最新 10-Q | 银行 OCF 含交易/营运资金，波动大 |
| 资本 / 有息负债 | CET1 与批发融资见 10-Q | GSIB/区域行资本规则不同 |
| 流动性 | LCR / 现金及准备金见 10-Q | 存款搬家与市场流动性 |
| 审计意见 | 以最新 10-K 为准 | 持续经营强调事项如有会在年报披露 |
Operations
Volume: wealth NNA/AUM; price: fee rate; cost: comp ratio and RWA.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $21.35B | 2026-Q2 | SEC RevenuesNetOfInterestExpense CYyyyyQn |
| 最新单季净利润 | $5.58B | 2026-Q2 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $76.94B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 202.58 / $318.17B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 16.36 / 2.99 | 最新季一点 | 无历史同源序列则仅最新点 |
Competition
No sourced quarterly deposit/IB-wallet share series — share charts stay null. Qualitative peers:
Peer comparison
| Company | Position | Quality (qual.) | Strength | Weakness |
|---|---|---|---|---|
| Morgan Stanley | 财富+IB | 中高 | HNW 渠道 | 对市场 beta 敏感 |
| Goldman Sachs | 机构投行 | 中 | FICC/股票 | 财富弱于 MS |
| JPMorgan | 全能 | 高 | 存款+清算 | 财富费率叙事弱于 MS |
| Charles Schwab | 经纪银行 | 中高 | 零售经纪规模 | 投行缺失 |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Ted Pick | 2024-01 | 接替 James Gorman，24m 重大人事 |
| CFO | Sharon Yeshaya | 2021+ | 稳定 |
| 董事长 | Ted Pick | 2024 | CEO 兼董事长 |
Stability: CEO succession complete; wealth-first strategy continued.
Outlook
Near-term: next official print scheduled 2026-10-14 (07:30 ET print / 09:30 ET call). Financials still stop at Q2; this pack does not pre-fill an undisclosed P&L. Medium-term: the tracking items above.
Scenarios
| Case | Condition | Read-through |
|---|---|---|
| Bull | NIM / credit / fees beat last 4Q | Upside revision |
| Base | Rates and credit near recent trend | Hold / track |
| Bear | Credit or IB/wealth fees deteriorate | Reassess |
Risks
Risks
| Risk | Level | Note |
|---|---|---|
| 财富 AUM 市场 beta | 高 | 权益下跌直接减少费收入 |
| 投行周期 | 中 | IPO/并购停滞后机构收入下滑 |
| GSIB 资本 | 中 | 资本要求上升压 ROE |
| 人才与顾问流失 | 中 | 财富渠道依赖顾问 |
| 诉讼与监管 | 低 | 批发业务合规尾部风险 |
Tracking
Check the next 10-Q / earnings release for:
- Next official print scheduled 2026-10-14 (07:30 ET print / 09:30 ET call; Morgan Stanley press, 2025-09-11 2026 call calendar) — pack financials still stop at Q2; do not extrapolate
- Wealth net new assets
- AUM and fee rate
- IB fees
- CET1
References
- IR: https://www.morganstanley.com/about-us-ir
- SEC companyfacts CIK 0000895421 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000895421.json
- Tencent Finance quotes (gtimg, 2026-09-18 16:05:15)
- Sina US daily bars — https://finance.sina.com.cn/usstock/
- CompaniesMarketCap bank ranking — https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
Not investment advice. Filings over quotes; PE/PB are point-in-time, not a historical multiple curve.
- Morgan Stanley press, 2025-09-11 2026 call calendar — https://www.morganstanley.com/press-releases/morgan-stanley-schedules-2026-quarterly-investor-conference-call
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