PerpEquitiesEquity
MS perpetual futures
Morgan Stanley tracked across crypto venues with normalized contract specs.
Price chart
220.95▲ 0.72%
219.50220.00220.50221.00221.50
01:37 PM02:18 PM03:00 PM03:41 PM04:22 PM
24/7 perp mark · BingX (MS-USDT)
Auto: market closed → highest-volume perp venue
Trading data
Perpetual market activity
Venues
1
Live markets
1/1
24h volume
$172k
Open interest
$323
Best liquidity
$91k
BingX
Tightest spread
+90.5 bps
BingX
Highest volume
$172k
BingX
Settlement mix
USDT · 1/1
Best Liquidity
MSTightest Spread
MSHighest Volume
MSCompany data
Company fundamentals
Market cap
$346.5B
Updated 3h ago
Revenue
$120.2B
Trailing 12 months
Net income
$18.2B
Trailing 12 months
Free cash flow
$-1.1B
Trailing 12 months
Profit margin
15.1%
P/E
19.7
P/S
2.9
Revenue estimate
$78.0B
Next fiscal year
Revenue growth
-32%
Next fiscal year
Fundamental detail
Annual + quarterlyLatest revenue$115.0B
Net margin+14.7%
Free cash flow$46.1B
Net debt$363.9B
PeriodRevenueGrowthNet incomeFCF
2020$49.7B-3%$11.0B$-26.7B
2021$57.8B+16%$15.0B$31.7B
2022$62.5B+8%$11.0B$-9.5B
2023$88.3B+41%$9.1B$-36.9B
2024$103.1B+17%$13.4B$-2.1B
2025$115.0B+11%$16.9B$46.1B
PeriodGross marginOperating marginNet marginROEROA
2020+90.7%+29.0%+22.1%+10.8%+1.0%
2021+97.6%+34.0%+26.0%+14.3%+1.3%
2022+79.9%+22.6%+17.7%+11.0%+0.9%
2023+56.8%+13.4%+10.3%+9.2%+0.8%
2024+55.6%+17.1%+13.0%+12.8%+1.1%
2025+57.1%+19.1%+14.7%+15.1%+1.2%
PeriodCashDebtNet debtCurrent ratio
2020$67.5B$283.5B$216.1B0.80
2021$86.8B$305.4B$218.5B0.77
2022$92.7B$308.8B$216.0B0.72
2023$58.7B$339.0B$280.4B0.72
2024$75.7B$360.5B$284.7B0.66
2025$111.7B$475.6B$363.9B1.17
PeriodMarket capEnterprise valueP/SP/E
2020$109.9B$325.9B2.210.5
2021$175.2B$393.7B3.012.0
2022$143.8B$359.8B2.313.6
2023$151.8B$432.2B1.717.8
2024$200.0B$484.8B1.915.6
2025$278.9B$642.8B2.417.2
PeriodRevenueGrowthNet incomeFCF
Q2 2024$25.5B+19%$3.1B$1.7B
Q3 2024$26.3B+17%$3.2B$-18.2B
Q4 2024$26.0B+7%$3.7B$10.9B
Q1 2025$27.9B+10%$4.3B$-24.7B
Q2 2025$28.2B+10%$3.5B$11.1B
Q3 2025$30.0B+14%$4.6B$-4.0B
Q4 2025$28.9B+11%$4.4B$-221.0M
Q1 2026$33.1B+19%$5.6B$-7.9B
PeriodGross marginOperating marginNet marginROEROA
Q2 2024+54.7%+16.0%+12.1%+3.1%+0.3%
Q3 2024+54.2%+16.0%+12.1%+3.1%+0.3%
Q4 2024+57.5%+18.9%+14.3%+3.6%+0.3%
Q1 2025+58.7%+19.9%+15.5%+4.0%+0.3%
Q2 2025+54.7%+16.4%+12.6%+3.3%+0.3%
Q3 2025+56.9%+20.1%+15.3%+4.2%+0.3%
Q4 2025+58.0%+20.0%+15.2%+3.9%+0.3%
Q1 2026+61.8%+21.1%+17.0%+4.9%+0.4%
PeriodCashDebtNet debtCurrent ratio
Q2 2024$61.1B$358.0B$296.9B0.64
Q3 2024$61.7B$374.7B$312.9B0.68
Q4 2024$75.7B$360.5B$284.7B0.66
Q1 2025$60.8B$396.9B$336.1B0.22
Q2 2025$109.1B$437.0B$327.9B0.45
Q3 2025$73.5B$414.6B$341.2B0.26
Q4 2025$111.7B$475.6B$363.9B1.17
Q1 2026$133.5B$394.2B$260.7B1.61
PeriodMarket capEnterprise valueP/SP/E
Q2 2024$158.1B$455.0B6.213.4
Q3 2024$165.5B$478.5B6.313.6
Q4 2024$199.0B$483.8B7.714.0
Q1 2025$184.8B$520.9B6.611.1
Q2 2025$222.1B$550.0B7.916.4
Q3 2025$249.7B$590.9B8.314.0
Q4 2025$278.9B$642.8B9.716.4
Q1 2026$258.5B$519.2B7.812.0
Refreshed 3h ago
Research data
Estimates, events and peers
Estimates
6 periodsFY 2026$78.0B-32%12 analysts
FY 2027$82.4B-28%13 analysts
FY 2028$87.4B-24%8 analysts
FY 2029$96.4B-16%7 analysts
Q1 2028$23.8B-28%2 analysts
Q2 2028$22.5B-20%5 analysts
Events
Earnings · dividends · splits2026-07-15EarningsRevenue est. $19.3B
2026-04-30Dividend1 dividend
2026-04-15EarningsRevenue est. $19.7B
2026-01-30Dividend1 dividend
2026-01-15EarningsRevenue est. $17.7B
2025-10-31Dividend1 dividend