Morgan Stanley (MS)财务
NYSE · Financial Services · Financial - Capital Markets · 员工83,000人 · CEO Edward N. Pick
- 股价
- $184.30 -2.41%
- 市值
- $2910亿
- 企业价值
- $6690亿
- 最近财报
- Q3 '26 2026-10-14提交
- 下次财报
- 2027-01-14
营收(TTM)$1300亿+15.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)20.5%+1.7 百分点 对比去年同期营业利润 $266亿
净利润(TTM)$205亿+26.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)-$116亿-72.5% 对比去年同期资本支出 -$6.16亿
稀释EPS(TTM)$12.51+28.3% 对比去年同期最近4个季度之和
净现金-$2580亿+17.2% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2910亿 EV $6690亿
- 营收
- $1300亿 过去12个月
- 营收增速
- – 下一财年
- 净利润率
- 15.8% 净利润 / 营收,TTM
- P/E
- 14.5×
- P/S
- 2.2× 股价 / 营收,TTM
- EV / EBITDA
- 22.6× TTM
- 自由现金流
- -$116亿 过去12个月
- 净利润
- $205亿 过去12个月
- 营收预期
- – 下一财年
- 盈利
- 2027-01-14
- 股息
- $4.30 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 营收增长放缓:同比10.7%Q3 '26营收$333亿,此前四个季度的平均值为16.6%。
- 营业利润率20.5%(TTM),较去年同期+1.7 百分点营收增长15.7%,营业利润增长26.3%。
- 资本支出占营收的0.5%(去年为2.7%)最近4个季度投入$6.16亿(同比-79.9%)。自由现金流-$116亿,相当于净利润的-56.7%。
- 稀释股数一年内减少1.7%Q3 '26稀释股数15.7亿,一年前为15.9亿。
- 净债务 $2580亿现金 + 短期投资 $1200亿,含租赁债务 $3780亿;一年前净债务 $3120亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $333亿 | $300亿 | +10.7% |
| 毛利率 | 60.7% | 56.9% | +3.8 百分点 |
| 营业利润 | $64.8亿 | $60.3亿 | +7.5% |
| 营业利润率 | 19.5% | 20.1% | -0.6 百分点 |
| 净利润 | $49.1亿 | $46.1亿 | +6.5% |
| 稀释EPS | $3.03 | $2.80 | +8.2% |
| 经营现金流 | $0 | -$33.3亿 | +100.0% |
| 资本支出 | $0 | $7.13亿 | -100.0% |
| 自由现金流 | $0 | -$40.5亿 | +100.0% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $4.49亿 | -100.0% |
营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '25 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Wealth Management Segment | $84.3亿 | -40.9% | 46.6% | $318亿 | -9.8% | |
| Institutional Securities Segment | $79.3亿 | -44.3% | 43.9% | $331亿 | -5.7% | |
| Investment Management Segment | $17.2亿 | -43.2% | 9.5% | $65.3亿 | -10.0% |
按地区划分的营收
占总额比例| 分部 | Q4 '25 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $138亿 | +9.9% | 77.0% | $529亿 | +12.7% | |
| Asia | $21.5亿 | +6.8% | 12.0% | $94.2亿 | +23.4% | |
| EMEA | $19.6亿 | +17.0% | 10.9% | $83.3亿 | +15.7% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- -$123亿
- 资本支出
- $6.16亿
- 股票回购
- $26.3亿
- 股息
- -$50.7亿
- 收购
- $0
- 债务净发行
- $224亿
- 股权激励费用
- $16亿
- 自由现金流
- -$116亿
- 股东回报 / FCF
- -21.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 14.5× | 15.3× | 12.0× – 17.8× |
| EV / EBITDA | 22.6× | 21.7× | 16.5× – 26.9× |
| EV / 营收 | 5.2× | 5.6× | 4.7× – 6.8× |
| 股价 / FCF | -25.0× | 5.8× 5年中的2年 | 5.5× – 6.0× |
| 股价 / 净资产 | 2.4× | 1.8× | 1.4× – 2.5× |
| FCF收益率 | -4.0% | 0.5% | -24.3% – 18.1% |
| 投入资本回报率 | -5.4% | 2.3% | 1.7% – 3.1% |
| 净资产收益率 | 17.9% | 12.5% | 9.2% – 15.1% |
分析师
一致目标价 $212.00 (+15.0%)
区间 $195.00 – $236.00 · 评级 Buy
强烈买入0
买入29
持有23
卖出1
强烈卖出0
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Morgan Stanley在近期10-Q / 10-K文件中标记的全部373项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accrued Liabilities and Other Liabilities | $316亿 | $275亿 | +15.0% | $296亿 | $282亿 | +5.0% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$11.7亿2025-12-31 | -$14.8亿 | +20.8% | -$11.7亿 | -$14.8亿 | +20.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$63.3亿 | -$59.1亿 | -7.0% | -$62.9亿 | -$68.1亿 | +7.8% |
| Additional Paid in Capital | $316亿 | $303亿 | +4.4% | $312亿 | $302亿 | +3.2% |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $7900万 | $7700万 | +2.6% | $2.9亿 | $3.01亿 | -3.7% |
| Amortization Method Qualified Affordable Housing Project Investments | $18.7亿 | $18.4亿 | +1.4% | $19.3亿 | $18.5亿 | +3.8% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $5800万 | $6200万 | -6.5% | $2.37亿 | $2.39亿 | -0.8% |
| Amortization of Intangible Assets | – | – | – | $4.54亿 | $6.02亿 | -24.6% |
| Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $600亿2025-12-31 | $499亿 | +20.2% | $600亿 | $499亿 | +20.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 400万 | -100.0% | 200万 | 0 | – |
| Assets | $1.68万亿 | $1.35万亿 | +23.7% | $1.42万亿 | $1.22万亿 | +16.9% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 14.9% | 15.0% | -0.7% | 15.0% | 15.9% | -5.7% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 4.5% | 4.5% | 0.0% | 4.5% | 4.5% | 0.0% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $876亿 | $787亿 | +11.3% | $832亿 | $751亿 | +10.7% |
| Banking Regulation, Countercyclical Capital Buffer | 0.0% | 0.0% | – | 0.0% | 0.0% | – |
| Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge | 3.0% | 3.0% | 0.0% | 3.0%2024-12-31 | 3.0% | 0.0% |
| Banking Regulation, Risk-Weighted Assets, Actual | $5890亿 | $5230亿 | +12.6% | $5530亿 | $4720亿 | +17.1% |
| Banking Regulation, Supplementary Leverage Ratio, Actual | 4.9% | 5.5% | -10.9% | 5.4% | 5.6% | -3.6% |
| Banking Regulation, Tier One Leverage Capital Ratio, Actual | 6.0% | 6.8% | -11.8% | 6.7% | 6.9% | -2.9% |
| Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 4.0% | 4.0% | 0.0% | 4.0% | 4.0% | 0.0% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | 16.5% | 16.9% | -2.4% | 16.8% | 18.0% | -6.7% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 13.3% | 15.0% | -11.3% | 13.3% | 15.0% | -11.3% |
| Banking Regulation, Tier One Risk-Based Capital, Actual | $972亿 | $884亿 | +10.0% | $927亿 | $848亿 | +9.4% |
| Banking Regulation, Total Capital, Actual | $1090亿 | $997亿 | +9.3% | $1030亿 | $956亿 | +8.2% |
| Banking Regulation, Total Risk-Based Capital Ratio, Actual | 18.5% | 19.0% | -2.6% | 18.7% | 20.3% | -7.9% |
| Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 15.3% | 17.0% | -10.0% | 15.3% | 17.0% | -10.0% |
| BeneficialInterestSecuredByPrepayableFinancialInstrumentsLastOfLayerAmortizedCost | $7.59亿 | $6.07亿 | +25.0% | $5.89亿 | $3.25亿 | +81.2% |
| Brokerage Commissions Revenue | $18.3亿 | $14.3亿 | +28.6% | $59.4亿 | $50.9亿 | +16.5% |
| Capital Accumulation Plans | $59.1亿 | $50.9亿 | +16.3% | $51.5亿 | $51亿 | +1.0% |
| Cash and Cash Equivalents, at Carrying Value | $1600亿 | $1090亿 | +46.7% | $1120亿 | $1050亿 | +6.0% |
| Cash and Due from Banks | $69.4亿 | $81.3亿 | -14.7% | $44.6亿 | $44.4亿 | +0.6% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -$1700万 | -$4600万 | +63.0% | -$6800万 | $3100万 | -319.4% |
| Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $148亿 | $121亿 | +21.7% | $529亿 | $363亿 | +45.5% |
| Cash Flows Between Transferor and Transferee, Receipts on Transferor's Interest in Transferred Financial Assets, Other | $1.59亿 | $24.6亿 | -93.5% | $115亿 | $79.6亿 | +44.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1600亿 | $1090亿 | +46.7% | $1120亿 | $1050亿 | +6.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $266亿 | $184亿 | +44.7% | $63.1亿 | $162亿 | -60.9% |
| Cash, FDIC Insured Amount | $3490亿 | $3130亿 | +11.5% | $3310亿 | $2980亿 | +11.1% |
| Collateral Already Posted, Aggregate Fair Value | $209亿 | $168亿 | +23.9% | $202亿 | $163亿 | +24.0% |
| Common Stock Issued, Employee Stock Trust | $59.1亿 | $50.9亿 | +16.3% | $51.5亿 | $51亿 | +1.0% |
| Common Stock, Dividends, Per Share, Declared | $1.00 | $0.93 | +8.1% | $3.85 | $3.55 | +8.5% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 35亿 | 35亿 | 0.0% | 35亿 | 35亿 | 0.0% |
| Common Stock, Shares, Issued | 20.4亿 | 20.4亿 | 0.0% | 20.4亿 | 20.4亿 | 0.0% |
| Common Stock, Shares, Outstanding | 15.7亿 | 16亿 | -1.6% | 15.8亿 | 16.1亿 | -1.5% |
| Common Stock, Value, Issued | $2000万 | $2000万 | 0.0% | $2000万 | $2000万 | 0.0% |
| Communications and Information Technology | $12亿 | $10.9亿 | +10.5% | $44.2亿 | $40.9亿 | +8.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $47.6亿 | $35.9亿 | +32.6% | $174亿 | $130亿 | +33.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $48亿 | $36.7亿 | +31.1% | $175亿 | $131亿 | +34.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $33.4亿 | $27.6亿 | +21.2% | $30亿 | $26.3亿 | +14.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $22.3亿 | $20.1亿 | +11.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $15.4亿 | $12.4亿 | +23.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $43.7亿 | $39.2亿 | +11.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $6.01亿 | $6.6亿 | -8.9% |
| Customer Securities for which Entity has Right to Sell or Repledge, Fair Value | $1.38万亿 | $1.12万亿 | +23.4% | $1.19万亿 | $9330亿 | +27.7% |
| Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged | $1.06万亿 | $8760亿 | +21.2% | $9000亿 | $7240亿 | +24.3% |
| Debt Instrument, Fair Value Disclosure | $1480亿 | $1250亿 | +17.5% | $1320亿 | $1030亿 | +28.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1.43亿 | $7100万 | +101.4% | $2.23亿 | $8900万 | +150.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $23.7亿 | $29亿 | -18.2% | $22.8亿 | $34.4亿 | -33.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $199亿 | $450亿 | -55.8% | $302亿 | $441亿 | -31.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $22.4亿 | $28.4亿 | -21.0% | $22.7亿 | $33.6亿 | -32.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30
数据截至 2026-11-01