Morgan Stanley's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Morgan Stanley (MS) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Morgan Stanley vs Its Competitors
- TTM: Trailing 12-month revenue of 68,350M vs 1,228,825M combined for its competitors (5.3% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-31.8% annualized vs trailing 12 months), vs accelerating (+4.2%) for its tracked peer group.
- Growth: Morgan Stanley generated -30.6% revenue growth year over year in Q2 2026, vs 11.1% for its competitors combined.
- Profitability: Its 48.5% net margin compares with 26.3% for the peer group.
- Scale: Morgan Stanley ranks #1 of 90 companies by market capitalization in the Investment Services industry, holding 12.6% of industry market cap.
- Peer revenue share: Morgan Stanley accounted for 3.5% of combined revenue among its tracked peer group, down from 5.5% a year earlier.
- Peer differentiation: Revenue per employee of $0.82M compares with $0.76M for the peer group (1.1x).
- Structure: Morgan Stanley reports the following subsidiaries: MORGAN STANLEY & CO INTERNATIONAL PLC, Morgan Stanley Finance LLC.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
MS Sales vs. its Competitors, Q2 2026
Morgan Stanley reported revenue contraction of 30.59 % year on year in Q2 2026, below its competitors' combined revenue growth of 11.07 %.
With a net margin of 48.50 %, Morgan Stanley achieved higher profitability than its competitors (26.29 %).
Morgan Stanley generated 3.51 % of the combined sales of its peer group, down from 5.51 % a year earlier.
API endpoints for this dataset
Morgan Stanley vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Morgan Stanley reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Morgan Stanley and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Morgan Stanley | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (7) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Morgan Stanley's competitor groups requires a Commercial License.
For context: the Investment Services industry grew revenue -1.7% year over year, combined, vs -30.6% for Morgan Stanley. Morgan Stanley's share of combined industry revenue moved from 6.44% to 4.55%, a loss of 1.89 percentage points.
Morgan Stanley's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Morgan Stanley | Yes | Yes | No | Yes |
| Competitors combined (99) | ||||
| High-Confidence Competitors (9) | ||||
| Similar-Size Competitors (5) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
MS Stock Performance relative to its Competitors
MS Stock Performance relative to High-Confidence Competitors
MS Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | The Bank Of New York Mellon Corporation | 282.9% | Outperformed |
| 2 | Wisdomtree Inc | 282.9% | Outperformed |
| 3 | Virtu Financial inc | 282.9% | Outperformed |
| 4 | First Internet Bancorp | 282.9% | Outperformed |
| 5 | Franklin Resources Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Morgan Stanley's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Morgan Stanley's Comment on Competition and Industry Peers
Publicly Traded Peers of Morgan Stanley
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Morgan Stanley |
286,248.36 | 68,350.00 |
 Jpmorgan Chase and Co |
905,083.22 | 190,733.00 |
 Bank Of America Corporation |
359,376.67 | 122,968.00 |
 The Goldman Sachs Group Inc |
261,640.85 | 42,162.00 |
 Wells Fargo and Company |
258,812.97 | 85,055.00 |
 Citigroup inc |
205,616.53 | 91,360.00 |
| SUBTOTAL | 3,920,107.71 | 1,425,949.85 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Morgan Stanley versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Morgan Stanley's Competitors Named by the Company
Competitive relationships identified from Morgan Stanley reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Greenlit Ventures Inc | Company report | 85% |
| Evercore Inc | Company report | 85% |
| Perella Weinberg Partners | Company report | 85% |
| GLVT | Company report | 85% |
| Barclays Plc | Company report | 85% |
| Ubs Ag | Company report | 85% |
| Moelis and Co | Company report | 85% |
| Altisource Portfolio Solutions S a | Company report | 85% |
| Plum Acquisition Corp I | Company report | 85% |
| Morgan Stanley Direct Lending Fund | Company report | 85% |
| United Bancorp Inc | Company report | 85% |
| First Financial Northwest Inc | Company report | 85% |
| Alpha Investment Inc | Company report | 85% |
| Blue Foundry Bancorp | Company report | 85% |
| Jpmorgan Chase and Co | Company report | 85% |
| Stifel Financial Corp | Company report | 85% |
| Svb Financial Group | Company report | 85% |
| Principal Financial Group inc | Company report | 85% |
| Interactive Brokers Group Inc | Company report | 85% |
| Legg Mason Inc | Company report | 85% |
| Price T Rowe Group Inc | Company report | 85% |
| Wells Fargo and Company | Company report | 85% |
| Credit Suisse Group Ag | Company report | 85% |
| Houlihan Lokey Inc | Company report | 85% |
| Kkr and co inc | Company report | 85% |
| Voya Financial Inc | Company report | 85% |
| Pjt Partners Inc | Company report | 85% |
| Pnc Financial Services Group Inc | Company report | 85% |
| The Goldman Sachs Group Inc | Company report | 85% |
| Invesco Ltd | Company report | 85% |
| Lincoln National Corporation | Company report | 85% |
| Prudential Financial Inc | Company report | 85% |
| Lazard Inc | Company report | 85% |
| Us Bancorp De | Company report | 85% |
| Schwab Charles Corp | Company report | 85% |
| Cowen inc | Company report | 85% |
| Western Alliance Bancorporation | Company report | 85% |
| Huntington Bancshares Incorporated | Company report | 85% |
| Manning and Napier Inc. | Company report | 85% |
| Bank Of America Corporation | Company report | 85% |
| Citizens Financial Group Inc | Company report | 85% |
| Raymond James Financial Inc | Company report | 85% |
| Credit Suisse Ag | Company report | 85% |
| Virtus Investment Partners Inc | Company report | 85% |
| Apollo Global Management Inc | Company report | 85% |
| Ares Management Corporation | Company report | 85% |
| Blackstone Inc | Company report | 85% |
| Alliancebernstein Holding L p | Company report | 85% |
| The Bank Of New York Mellon Corporation | Company report | 85% |
| Franklin Resources Inc | Company report | 85% |
| Carlyle Group Inc | Company report | 85% |
| Truist Financial Corporation | Company report | 85% |
| Virtu Financial inc | Company report | 85% |
| Avantax Inc | Company report | 85% |
| Apollo Asset Management Inc. | Company report | 85% |
| Citigroup inc | Company report | 85% |
| Regions Financial Corporation | Company report | 85% |
| Fifth Third Bancorp | Company report | 85% |
| Hsbc Usa Inc | Company report | 85% |
| Wisdomtree Inc | Company report | 85% |
| Artisan Partners Asset Management Inc | Company report | 85% |
| Greenhill and Co Inc | Company report | 85% |
| Blackrock Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Morgan Stanley's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Morgan Stanley's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Citigroup inc | Markets 29.42 % |
| Schwab Charles Corp | Investor Services 78.17 % |
| Apollo Global Management Inc | Retirement Services 36.50 % |
| Energy Transfer Lp | Investment In Sunoco LP 38.49 % |
| American International Group Inc | North America Operating 34.61 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Morgan Stanley's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Morgan Stanley | 286,248 | 823,494 | 245,422 |
| Jpmorgan Chase and Co | 905,083 | 598,825 | 204,714 |
| Bank Of America Corporation | 359,377 | 577,315 | 150,793 |
| The Goldman Sachs Group Inc | 261,641 | 889,494 | 467,700 |
| Wells Fargo and Company | 258,813 | 355,879 | 96,699 |
| Citigroup inc | 205,617 | 404,248 | 80,004 |
| PEERS TOTAL | 3,633,859 | 755,808 | 164,247 |
Morgan Stanley's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Blackrock Inc | Americas 64.41 % |
| Franklin Resources Inc | United States 72.53 % |
| Sei Investments Company | United States 85.04 % |
| Invesco Ltd | Americas 75.67 % |
| Stifel Financial Corp | Americas 57.23 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Morgan Stanley's Position in Industry Market Structure
Market-capitalization share and concentration across all 88 companies in Morgan Stanley's industry classification, broader than the peer set above. Market cap in millions of $.Morgan Stanley ranks #1 of 88 companies by market capitalization in its industry, holding 12.62 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 582, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Morgan Stanley | 286,248 | 12.62 % |
| 2 | The Goldman Sachs Group Inc | 264,943 | 11.68 % |
| 3 | Blackrock Inc | 192,748 | 8.50 % |
| 4 | Schwab Charles Corp | 160,997 | 7.10 % |
| 5 | Cme Group Inc | 1,234 | 5.2% |
| 6 | Futu Holdings Ltd | 1,234 | 5.2% |
| 7 | Intercontinental Exchange Inc | 1,234 | 5.2% |
| 8 | Blackstone Inc | 1,234 | 5.2% |
| 9 | Kkr and co inc | 1,234 | 5.2% |
| 10 | Brookfield Asset Management Ltd | 1,234 | 5.2% |
Market cap and industry share for the rest of Morgan Stanley's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-05.
Morgan Stanley's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Morgan Stanley | 286,248 | 18.36 % |
| 2 | The Goldman Sachs Group Inc | 264,943 | 15.39 % |
| 3 | Blackrock Inc | 1,234 | 12.3% |
| 4 | Schwab Charles Corp | 1,234 | 12.3% |
| 5 | Cme Group Inc | 1,234 | 12.3% |
| 6 | Futu Holdings Ltd | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Morgan Stanley's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-05. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Morgan Stanley's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Investment Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (142 companies). See the full Investment Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.00 % | 21.10 % (avg) | -21.1 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 37.96 % | 22.65 % (avg) | +15.3 pp |
| Capital Intensity (Capex / Revenue) | 4.38 % | 3.62 % (avg) | +0.8 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Morgan Stanley's Valuation vs Competitive Position
Valuation multiples vs the Investment Services industry average (142 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Investment Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 16.0x | 24.3x | -8.3x |
| EV / EBITDA | 15.0x | 12.5x | +2.5x |
| P/B | 2.7x | 3.6x | -0.8x |
| Return on Equity | 17.85 % | industry aggregate | 2.00 % |
| Return on Invested Capital | - | 6.42 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Morgan Stanley's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 5.70 % | 3.27 % | 16.37 % | 23.98 % | -10.19 % | 0.89 % | 14.07 % | 14.38 % |
| Operating Margin | 28.02 % | 27.28 % | 29.91 % | 32.92 % | 26.77 % | 22.80 % | 28.92 % | 31.57 % |
| Return on Invested Capital | 2.30 % | 2.26 % | 2.67 % | 3.21 % | 1.54 % | 0.96 % | 1.34 % | 2.34 % |
| P/E | 9.0x | 9.8x | 10.1x | 12.4x | 14.5x | 15.5x | 15.5x | 16.4x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Morgan Stanley's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Morgan Stanley falls in the Cash Cow quadrant: relative market share of 1.08x vs its largest competitor, in an industry growing revenue 9.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Morgan Stanley's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 582 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 4.38 % vs industry average 3.62 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Morgan Stanley's dedicated Suppliers and Customers pages, not here.
Morgan Stanley's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Morgan Stanley falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Morgan Stanley's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Market leader by capitalization in its industry (#1 of 88, 12.62 % share).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-31.8% annualized vs trailing 12 months).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
No rule matched.
Threats
- Losing revenue share to the broader industry (-1.9 points over the past year).
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Morgan Stanley's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Morgan Stanley | 0.40 | 1.12 | 3.16 |
| Jpmorgan Chase and Co | 0.15 | 0.42 | 1.41 |
| Bank Of America Corporation | 0.10 | 0.52 | 1.27 |
| The Goldman Sachs Group Inc | 0.43 | 0.79 | 3.30 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.16 |
| Citigroup inc | 0.07 | 0.40 | 1.78 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Morgan Stanley's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Morgan Stanley | Q2 2026 | -30.6 % | +58.1 % |
| Jpmorgan Chase and Co | Q3 2026 | +10.2 % | +9.0 % |
| Bank Of America Corporation | Q3 2026 | +3.2 % | -16.8 % |
| The Goldman Sachs Group Inc | Q3 2026 | -68.0 % | +29.2 % |
| Wells Fargo and Company | Q3 2026 | +5.4 % | +6.9 % |
| Citigroup inc | Q2 2026 | +14.3 % | +44.6 % |
| PEERS TOTAL | +8.0 % | +16.0 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Morgan Stanley's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Morgan Stanley | Q2 2026 | - | +7.3 % |
| Jpmorgan Chase and Co | Q3 2026 | -12.8 % | - |
| Bank Of America Corporation | Q3 2026 | - | - |
| The Goldman Sachs Group Inc | Q3 2026 | +8.6 % | -5.9 % |
| Wells Fargo and Company | Q3 2026 | +31.5 % | - |
| Citigroup inc | Q2 2026 | - | -11.6 % |
Morgan Stanley's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Morgan Stanley | 1.35% | 1.95% | 17.85% |
| Jpmorgan Chase and Co | 1.34% | 1.65% | 17.70% |
| Bank Of America Corporation | 0.93% | 1.18% | 10.69% |
| The Goldman Sachs Group Inc | 1.08% | 1.63% | 17.90% |
| Wells Fargo and Company | 1.04% | 1.23% | 12.78% |
| Citigroup inc | 0.66% | 0.69% | 8.46% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Morgan Stanley's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Morgan Stanley | 14.76 | 4.19 |
| Jpmorgan Chase and Co | 14.19 | 4.75 |
| Bank Of America Corporation | 11.88 | 2.92 |
| The Goldman Sachs Group Inc | 12.53 | 6.21 |
| Wells Fargo and Company | 12.03 | 3.04 |
| Citigroup inc | 12.84 | 2.25 |
| PEERS AVERAGE | 12.43 | 2.75 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.