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 1,107,675M combined for tracked competitors (5.8% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-31.8% annualized vs trailing 12 months), vs accelerating (+4.0%) for its tracked peer group.
- Growth: Morgan Stanley generated -30.6% revenue growth year over year in Q2 2026, vs 13.6% for its tracked competitors combined.
- Profitability: Its 48.5% net margin compares with 26.7% for the peer group.
- Scale: Morgan Stanley ranks #1 of 91 companies by market capitalization in the Investment Services industry, holding 13.3% of industry market cap.
- Peer revenue share: Morgan Stanley accounted for 3.9% of combined revenue among its tracked peer group, down from 6.2% a year earlier.
- Peer differentiation: Revenue per employee of $0.82M compares with $0.75M for the peer group (1.1x).
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 13.61 %.
With a net margin of 48.50 %, Morgan Stanley achieved higher profitability than its competitors (26.68 %).
Morgan Stanley generated 3.89 % of the combined sales of its peer group, down from 6.21 % a year earlier.
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 an SEC filing; 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 (6) | $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 -2.0% year over year, combined, vs -30.6% for Morgan Stanley. Morgan Stanley's share of combined industry revenue moved from 6.56% to 4.64%, a loss of 1.91 percentage points.
Morgan Stanley's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Morgan Stanley | Yes | Yes | No | No |
| Competitors combined (99) | ||||
| High-Confidence Competitors (8) | ||||
| 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 | Blue Foundry Bancorp | 282.9% | Outperformed |
| 5 | Principal Financial Group inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Morgan Stanley's best-performing tracked 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 | 303,821.16 | 68,350.00 |
| Jpmorgan Chase and Co | 906,840.78 | 186,328.00 |
| Bank Of America Corporation | 404,609.27 | 121,098.00 |
| The Goldman Sachs Group Inc | 279,373.77 | 52,259.00 |
| Wells Fargo and Company | 248,473.80 | 83,940.00 |
| Citigroup inc | 233,259.84 | 88,262.00 |
| SUBTOTAL | 3,988,831.54 | 1,419,556.00 |
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Sources: Morgan Stanley's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
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 SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Perella Weinberg Partners | Named by the company | 85% |
| Greenlit Ventures Inc | Named by the company | 85% |
| Evercore Inc | Named by the company | 85% |
| GLVT | Named by the company | 85% |
| Barclays Plc | Named by the company | 85% |
| Moelis and Co | Named by the company | 85% |
| Ubs Ag | Named by the company | 85% |
| Plum Acquisition Corp I | Named by the company | 85% |
| Altisource Portfolio Solutions S a | Named by the company | 85% |
| Morgan Stanley Direct Lending Fund | Named by the company | 85% |
| Blue Foundry Bancorp | Named by the company | 85% |
| United Bancorp Inc | Named by the company | 85% |
| First Financial Northwest Inc | Named by the company | 85% |
| Alpha Investment Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Morgan Stanley's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
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 | Crude oil transportation and services 27.94 % |
| Prudential Financial Inc | Total Reconciling Items 1.88 % |
Source: operating segment revenue as reported in each company's SEC filings (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 | 303,821 | 823,494 | 245,422 |
| Jpmorgan Chase and Co | 906,841 | 584,995 | 200,752 |
| Bank Of America Corporation | 404,609 | 568,535 | 158,005 |
| The Goldman Sachs Group Inc | 279,374 | 1,102,511 | 442,468 |
| Wells Fargo and Company | 248,474 | 351,213 | 95,100 |
| Citigroup inc | 233,260 | 390,540 | 72,049 |
| PEERS TOTAL | 3,685,010 | 752,249 | 161,585 |
Morgan Stanley's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. 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 % |
| Invesco Ltd | Americas 75.98 % |
| Sei Investments Company | United States 85.02 % |
| Stifel Financial Corp | Americas 55.21 % |
Source: revenue geography as reported in each company's SEC filings (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 13.32 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 606, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Morgan Stanley | 303,821 | 13.32 % |
| 2 | The Goldman Sachs Group Inc | 279,374 | 12.24 % |
| 3 | Blackrock Inc | 176,379 | 7.73 % |
| 4 | Schwab Charles Corp | 170,944 | 7.49 % |
| 5 | Futu Holdings Ltd | 1,234 | 5.2% |
| 6 | Robinhood Markets Inc | 1,234 | 5.2% |
| 7 | Cme Group Inc | 1,234 | 5.2% |
| 8 | Blackstone Inc | 1,234 | 5.2% |
| 9 | Kkr and co inc | 1,234 | 5.2% |
| 10 | Intercontinental Exchange Inc | 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 2026-09-28.
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 | 303,821 | 22.37 % |
| 2 | The Goldman Sachs Group Inc | 279,374 | 16.49 % |
| 3 | Blackrock Inc | 1,234 | 12.3% |
| 4 | Schwab Charles Corp | 1,234 | 12.3% |
| 5 | Futu Holdings Ltd | 1,234 | 12.3% |
| 6 | Robinhood Markets Inc | 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 2026-09-28. 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 (78 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 114.18 % | 61.67 % (avg) | +52.5 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 44.69 % | 19.52 % (avg) | +25.2 pp |
| Capital Intensity (Capex / Revenue) | 4.38 % | 2.93 % (avg) | +1.5 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 (78 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.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 17.0x | 23.9x | -6.9x |
| EV / EBITDA | 13.4x | 12.8x | +0.6x |
| P/B | 2.9x | 3.0x | -0.1x |
| Return on Equity | 17.85 % | industry aggregate | 2.01 % |
| Return on Invested Capital | - | 8.46 % (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 SEC filings.| 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 | 16.3x | 16.4x | 17.2x |
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
Relative market share (vs Morgan Stanley's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Morgan Stanley falls in the Cash Cow quadrant: relative market share of 1.09x vs its largest competitor, in an industry growing revenue 9.2% (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 606 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 4.38 % vs industry average 2.93 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Morgan Stanley's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Morgan Stanley's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Morgan Stanley's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
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, 13.32 % 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).
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: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
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 | 0.17 | 0.42 | 1.40 |
| Bank Of America Corporation | 0.09 | 0.52 | 1.25 |
| The Goldman Sachs Group Inc | 0.50 | 0.79 | 3.11 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.41 |
| Citigroup inc | 0.01 | 0.40 | 1.75 |
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 | Q2 2026 | +30.4 % | +44.0 % |
| Bank Of America Corporation | Q2 2026 | +15.0 % | +27.5 % |
| The Goldman Sachs Group Inc | Q2 2026 | -65.3 % | +78.0 % |
| Wells Fargo and Company | Q2 2026 | +14.2 % | +21.6 % |
| Citigroup inc | Q1 2026 | +14.1 % | +44.6 % |
| PEERS TOTAL | +12.3 % | +34.5 % |
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 | Q2 2026 | -6.4 % | - |
| Bank Of America Corporation | Q2 2026 | - | - |
| The Goldman Sachs Group Inc | Q2 2026 | -73.4 % | +5.5 % |
| Wells Fargo and Company | Q2 2026 | -16.2 % | - |
| Citigroup inc | Q1 2026 | - | -6.7 % |
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 | 1.35% | 3.71% | 17.50% |
| Bank Of America Corporation | 0.97% | 2.76% | 11.13% |
| The Goldman Sachs Group Inc | 1.07% | 1.86% | 16.95% |
| Wells Fargo and Company | 1.05% | 2.94% | 12.48% |
| Citigroup inc | 0.61% | 0.63% | 7.62% |
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 | 15.67 | 4.45 |
| Jpmorgan Chase and Co | 14.17 | 4.87 |
| Bank Of America Corporation | 12.78 | 3.34 |
| The Goldman Sachs Group Inc | 14.19 | 5.35 |
| Wells Fargo and Company | 11.82 | 2.96 |
| Citigroup inc | 16.34 | 2.64 |
| PEERS AVERAGE | 12.84 | 2.81 |
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.