Balance Sheet Morgan Stanley

Equities

MS

US6174464486

Investment Banking & Brokerage Services

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Published financial data: MORGAN STANLEY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Interest and Dividend Income, Total	1.11TCr	1.08TCr	2.16TCr	5.09TCr	5.5TCr
Interest Expense, Total	384.9Cr	136.6Cr	1.23TCr	4.21TCr	4.55TCr
Net Interest Income	729.9Cr	942.1Cr	934.2Cr	880.3Cr	943.5Cr
Brokerage Commission	485.1Cr	552.1Cr	493.8Cr	453.7Cr	509.4Cr
Trading and Principal Transactions	1.4TCr	1.28TCr	1.39TCr	1.53TCr	1.68TCr
Asset Management Fee	1.43TCr	2TCr	1.96TCr	1.96TCr	2.25TCr
Underwriting & Investment Banking Fee	767.4Cr	1.1TCr	559.9Cr	494.8Cr	670.5Cr
Gain (Loss) on Sale of Investments, Total (Rev)	8.1Cr	21Cr	7Cr	4.9Cr	5.2Cr
Other Revenues, Total	2.9Cr	83Cr	21Cr	93Cr	121.3Cr
Revenues Before Provison For Loan Losses	4.82TCr	5.98TCr	5.37TCr	5.41TCr	6.18TCr
Provision For Loan Losses	-	40L	28Cr	53Cr	26Cr
Total Revenues	4.82TCr	5.98TCr	5.34TCr	5.36TCr	6.15TCr
Salaries And Other Employee Benefits	2.07TCr	2.45TCr	2.3TCr	2.42TCr	2.62TCr
Cost of Services Provided, Total	959.2Cr	1.18TCr	1.27TCr	1.31TCr	1.4TCr
Total Operating Expenses	3.03TCr	3.63TCr	3.57TCr	3.73TCr	4.02TCr
Operating Income	1.79TCr	2.35TCr	1.77TCr	1.63TCr	2.13TCr
Other Non Operating Income (Expenses)	-292.8Cr	-348.7Cr	-313.1Cr	-384.6Cr	-367.4Cr
EBT, Excl. Unusual Items	1.5TCr	2TCr	1.46TCr	1.25TCr	1.76TCr
Total Merger & Related Restructuring Charges	-15Cr	-10Cr	-4.1Cr	-	-
Impairment of Goodwill	-	-80L	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Asset Writedown	-7Cr	-4.2Cr	-1.7Cr	-4.3Cr	-5Cr
Legal Settlements	-34Cr	-16Cr	-44Cr	-25Cr	-
Other Unusual Items	-	-	-	-35Cr	-
EBT, Incl. Unusual Items	1.44TCr	1.97TCr	1.41TCr	1.18TCr	1.76TCr
Income Tax Expense	323.9Cr	454.8Cr	291Cr	258.3Cr	406.7Cr
Earnings From Continuing Operations	1.12TCr	1.51TCr	1.12TCr	923Cr	1.35TCr
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	1.12TCr	1.51TCr	1.12TCr	923Cr	1.35TCr
Minority Interest	-18Cr	-8.6Cr	-15Cr	-14Cr	-14Cr
Net Income - (IS)	1.1TCr	1.5TCr	1.1TCr	908.7Cr	1.34TCr
Preferred Dividend and Other Adjustments	50Cr	47Cr	49Cr	56Cr	59Cr
Net Income to Common Incl Extra Items	1.05TCr	1.46TCr	1.05TCr	853Cr	1.28TCr
Net Income to Common Excl. Extra Items	1.05TCr	1.46TCr	1.05TCr	853Cr	1.28TCr
Per Share Items
Net EPS - Basic	6.55	8.16	6.23	5.24	8.05
Basic EPS - Continuing Operations	6.55	8.16	6.23	5.24	8.05
Basic Weighted Average Shares Outstanding	160.3Cr	178.5Cr	169.1Cr	162.8Cr	159.1Cr
Net EPS - Diluted	6.46	8.03	6.15	5.18	7.95
Diluted EPS - Continuing Operations	6.46	8.03	6.15	5.18	7.95
Diluted Weighted Average Shares Outstanding	162.4Cr	181.4Cr	171.3Cr	164.6Cr	161.1Cr
Normalized Basic EPS	5.72	6.95	5.3	4.69	6.84
Normalized Diluted EPS	5.65	6.84	5.24	4.64	6.76
Dividend Per Share	1.4	2.45	3.02	3.32	3.62
Payout Ratio	24.91	27.74	48.97	63.42	45.84
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
Effective Tax Rate - (Ratio)	22.46	23.12	20.65	21.87	23.11
Current Domestic Taxes	204Cr	302.9Cr	296Cr	173.2Cr	267.1Cr
Current Foreign Taxes	144.9Cr	151.5Cr	80Cr	131.4Cr	124.4Cr
Total Current Taxes	348.9Cr	454.4Cr	375.9Cr	304.6Cr	391.5Cr
Deferred Domestic Taxes	-29Cr	2.2Cr	-94Cr	-35Cr	20L
Deferred Foreign Taxes	3.7Cr	-1.8Cr	9.6Cr	-11Cr	15Cr
Total Deferred Taxes	-25Cr	40L	-85Cr	-46Cr	15Cr
Normalized Net Income	917.64Cr	1.24TCr	896.88Cr	764.32Cr	1.09TCr
Non-Cash Pension Expense	7.1Cr	9.1Cr	8.1Cr	3.5Cr	6Cr
Supplemental Operating Expense Items
Stock-Based Comp., G&A Exp. (Total)	-	208.5Cr	187.5Cr	170.9Cr	162.2Cr
Stock-Based Comp., Other (Total)	131.2Cr	-	-	-	-
Total Stock-Based Compensation	131.2Cr	208.5Cr	187.5Cr	170.9Cr	162.2Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	11TCr	13TCr	13TCr	8.92TCr	11TCr
Cash & Securities Segregated	-	-	-	-	-
Securities Purchased Under Agreements To Resell	12TCr	12TCr	11TCr	11TCr	12TCr
Securities Borrowed	11TCr	13TCr	13TCr	12TCr	12TCr
Accounts Receivable, Total	9.42TCr	16TCr	11TCr	7.06TCr	7.67TCr
Other Receivables	14TCr	11TCr	17TCr	21TCr	23TCr
Gross Property Plant And Equipment	-	-	-	-	-
Accumulated Depreciation	-	-	-	-	-
Net Property Plant And Equipment	441.9Cr	426.8Cr	407.3Cr	436.8Cr	411.4Cr
Goodwill	1.16TCr	1.68TCr	1.67TCr	1.67TCr	1.67TCr
Other Intangibles, Total	498Cr	836Cr	761.8Cr	705.5Cr	645.3Cr
Investment In Debt and Equity Securities	18TCr	18TCr	16TCr	15TCr	16TCr
Trading Asset Securities, Total	18TCr	19TCr	18TCr	21TCr	18TCr
Loans Held For Sale	1.28TCr	1.38TCr	1.48TCr	1.53TCr	1.23TCr
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	13TCr	10TCr	12TCr	16TCr	15TCr
Other Long-Term Assets, Total	1.73TCr	1.92TCr	2.29TCr	2.39TCr	2.41TCr
Total Assets	1,11600Cr	1,18800Cr	1,18000Cr	1,19400Cr	1,21500Cr
Liabilities
Accounts Payable, Total	23TCr	23TCr	22TCr	21TCr	17TCr
Accrued Expenses, Total	-	-	-	-	393.8Cr
Short-Term Borrowings	12TCr	12TCr	12TCr	13TCr	11TCr
Current Portion of Long-Term Debt	2.62TCr	1.73TCr	2.51TCr	3.1TCr	3.45TCr
Current Portion of Leases	84Cr	89Cr	87Cr	91Cr	77Cr
Long-Term Debt	19TCr	22TCr	22TCr	24TCr	26TCr
Long-Term Leases	448.6Cr	427.1Cr	403.1Cr	450.4Cr	416.5Cr
Trust Preferred Securities (BS)	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	13TCr	13TCr	14TCr	14TCr	15TCr
Other Non Current Liabilities	31TCr	37TCr	36TCr	34TCr	36TCr
Total Liabilities	1,01300Cr	1,08200Cr	1,07900Cr	1,09400Cr	1,11000Cr
Preferred Stock Redeemable	925Cr	775Cr	875Cr	875Cr	975Cr
Total Preferred Equity	925Cr	775Cr	875Cr	875Cr	975Cr
Common Stock, Total	2Cr	2Cr	2Cr	2Cr	2Cr
Additional Paid In Capital	2.55TCr	2.88TCr	2.93TCr	2.98TCr	3.02TCr
Retained Earnings	7.87TCr	8.94TCr	9.49TCr	9.8TCr	10TCr
Treasury Stock	-976.7Cr	-1.75TCr	-2.66TCr	-3.11TCr	-3.36TCr
Comprehensive Income and Other	-196.2Cr	-310.2Cr	-625.3Cr	-642.1Cr	-681.4Cr
Total Common Equity	9.25TCr	9.77TCr	9.14TCr	9.03TCr	9.48TCr
Minority Interest	136.8Cr	115.7Cr	109Cr	94Cr	92Cr
Total Equity	10TCr	11TCr	10TCr	10TCr	11TCr
Total Liabilities And Equity	1,11600Cr	1,18800Cr	1,18000Cr	1,19400Cr	1,21500Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	181.36Cr	178.13Cr	168.19Cr	163.53Cr	161.29Cr
ECS Total Common Shares Outstanding	180.96Cr	177.22Cr	167.55Cr	162.68Cr	160.67Cr
Book Value / Share	51.13	55.12	54.55	55.5	58.98
Tangible Book Value	7.59TCr	7.25TCr	6.71TCr	6.65TCr	7.16TCr
Tangible Book Value Per Share	41.95	40.91	40.06	40.89	44.57
Tangible Book Value Per Share (As Reported)	41.95	40.91	40.06	40.89	44.57
Total Debt	34TCr	36TCr	37TCr	40TCr	42TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	35Cr	48Cr	49Cr	55Cr	58Cr
Net Debt	-17TCr	-21TCr	-19TCr	-12TCr	-11TCr
Equity Method Investments, Total	241Cr	221.4Cr	192.7Cr	191.5Cr	186.9Cr
Full Time Employees	68T	75T	82T	80T	80T

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.1TCr	1.5TCr	1.1TCr	908.7Cr	1.34TCr
Depreciation, Depletion & Amortization	339.6Cr	360.4Cr	338.8Cr	365.5Cr	455.9Cr
Amortization of Goodwill and Intangible Assets - (CF)	37Cr	61Cr	61Cr	60Cr	60Cr
Total Depreciation, Depletion & Amortization	376.9Cr	421.6Cr	399.8Cr	425.6Cr	516.1Cr
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	-	-	-	-	-
Provision for Credit Losses	76Cr	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	131.2Cr	208.5Cr	187.5Cr	170.9Cr	162.2Cr
Provision and Write-off of Bad Debts	-	40L	28Cr	53Cr	26Cr
Change in Trading Asset Securities	1.56TCr	907.5Cr	-3.94TCr	-6.1TCr	3.45TCr
Change in Accounts Receivable	-2.98TCr	77Cr	1.47TCr	60Cr	-530.8Cr
Change in Accounts Payable	1.02TCr	775.8Cr	-489.7Cr	-362.9Cr	-2.56TCr
Change in Other Net Operating Assets (Collected)	-3.82TCr	-491.8Cr	615.7Cr	1.49TCr	-2.3TCr
Other Operating Activities	21Cr	-5.7Cr	-8.1Cr	-1.2Cr	30Cr
Cash from Operations	-2.52TCr	3.4TCr	-639.7Cr	-3.35TCr	136.2Cr
Capital Expenditure	-144.4Cr	-230.8Cr	-307.8Cr	-341.2Cr	-346.2Cr
Cash Acquisitions	380.7Cr	-264.8Cr	-	-	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-2.15TCr	-800.3Cr	1.54TCr	531Cr	-189.5Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-1.79TCr	-3.61TCr	-2.37TCr	-405.9Cr	-2.26TCr
Other Investing Activities, Total	-80Cr	-83Cr	-35Cr	-92Cr	-148.5Cr
Cash from Investing	-3.79TCr	-4.99TCr	-1.16TCr	-308.4Cr	-2.95TCr
Long-Term Debt Issued, Total	6.35TCr	9.03TCr	7.25TCr	7.92TCr	11TCr
Total Debt Issued	6.35TCr	9.03TCr	7.25TCr	7.92TCr	11TCr
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-5.05TCr	-7.07TCr	-3.58TCr	-6.48TCr	-8.02TCr
Total Debt Repaid	-5.05TCr	-7.07TCr	-3.58TCr	-6.48TCr	-8.02TCr
Repurchase of Common Stock	-189Cr	-1.21TCr	-1.09TCr	-617.8Cr	-419.9Cr
Issuance of Preferred Stock	-	127.5Cr	99Cr	-	100Cr
Common & Preferred Stock Dividends Paid	-273.9Cr	-417.1Cr	-540.1Cr	-576.3Cr	-613.8Cr
Common & Preferred Stock Dividends Paid	-273.9Cr	-417.1Cr	-540.1Cr	-576.3Cr	-613.8Cr
Other Financing Activities, Total	7.54TCr	3.7TCr	131.4Cr	-520Cr	2.36TCr
Cash from Financing	8.38TCr	4.15TCr	2.27TCr	-272.6Cr	4.68TCr
Foreign Exchange Rate Adjustments	282.8Cr	-355Cr	-428.3Cr	45Cr	-250.4Cr
Net Change in Cash	2.35TCr	2.21TCr	40Cr	-3.89TCr	1.62TCr
Supplemental Items
Cash Interest Paid	412Cr	130.3Cr	981.9Cr	4.19TCr	4.64TCr
Cash Income Tax Paid (Refund)	259.1Cr	423.1Cr	414.7Cr	203.5Cr	188.5Cr
Net Debt Issued / Repaid	1.3TCr	1.95TCr	3.67TCr	1.44TCr	3.25TCr

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.11	1.31	0.94	0.78	1.12
Return On Equity %	12.03	14.42	10.76	9.17	13.17
Return on Common Equity	12.68	15.31	11.15	9.39	13.83
Margin Analysis
Gross Profit Margin %	88.81	89.19	86.98	86.47	86.62
SG&A Margin	51.66	49.92	53.79	56.06	51.95
Income From Continuing Operations Margin %	23.19	25.3	20.94	17.22	22
Net Income Margin %	22.81	25.16	20.66	16.95	21.77
Net Avail. For Common Margin %	21.79	24.38	19.74	15.91	20.81
Normalized Net Income Margin	19.04	20.75	16.8	14.26	17.71
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.05	0.05
Short Term Liquidity
Current Ratio	1.78	1.93	1.93	1.95	2.09
Quick Ratio	1.49	1.69	1.65	1.6	1.76
Operating Cash Flow to Current Liabilities	-0.05	0.07	-0.01	-0.07	0
Long Term Solvency
Total Debt/Equity	331.1	335.26	363	403.8	397.03
Total Debt / Total Capital	76.8	77.03	78.4	80.15	79.88
LT Debt/Equity	191.07	206.94	217.78	246.75	254.75
Long-Term Debt / Total Capital	44.32	47.54	47.04	48.98	51.25
Total Liabilities / Total Assets	90.76	91.03	91.42	91.62	91.32
Tier 1 Capital Ratio %	19.4	17.7	17.2	17.1	17.8
Total Capital Ratio %	21.5	19.7	19.3	19.5	19.9
Leverage Ratio %	8.4	7.1	6.7	6.7	6.9
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.37	24.49	-10.65	0.42	14.71
Gross Profit, 1 Yr. Growth %	16.53	25.09	-12.86	-0.17	14.9
Earnings From Cont. Operations, 1 Yr. Growth %	21.02	35.25	-26.06	-17.43	46.58
Net Income, 1 Yr. Growth %	21.61	36.72	-26.64	-17.61	47.35
Normalized Net Income, 1 Yr. Growth %	28.75	35.13	-27.67	-11.8	42.48
Diluted EPS Before Extra, 1 Yr. Growth %	24.47	24.3	-23.41	-15.77	53.47
Common Equity, 1 Yr. Growth %	26.7	5.58	-6.45	-1.21	4.95
Total Assets, 1 Yr. Growth %	24.62	6.48	-0.67	1.14	1.79
Tangible Book Value, 1 Yr. Growth %	19.03	-4.5	-7.42	-0.89	7.63
Cash From Operations, 1 Yr. Growth %	-161.88	-234.64	-118.83	424.25	-104.06
Capital Expenditures, 1 Yr. Growth %	-20.92	59.83	33.36	10.85	1.47
Dividend Per Share, 1 Yr. Growth %	3.7	75	23.47	9.92	9.02
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.62	20.17	5.47	-5.28	7.33
Gross Profit, 2 Yr. CAGR %	9.5	20.52	4.4	-6.73	7.1
Earnings From Cont. Operations, 2 Yr. CAGR %	12.16	27.94	0	-21.87	10.01
Net Income, 2 Yr. CAGR %	12.11	28.95	0.15	-22.26	10.18
Normalized Net Income, 2 Yr. CAGR %	14.12	31.9	-1.14	-20.97	11.56
Diluted EPS Before Extra, 2 Yr. CAGR %	16.84	24.39	-2.43	-19.68	13.7
Common Equity, 2 Yr. CAGR %	13.58	15.66	-0.62	-3.86	1.83
Total Assets, 2 Yr. CAGR %	14.34	15.19	2.84	0.23	1.47
Tangible Book Value, 2 Yr. CAGR %	9.88	6.62	-5.97	-4.21	3.28
Cash From Operations, 2 Yr. CAGR %	85.85	-8.72	-49.65	-0.64	-53.86
Capital Expenditures, 2 Yr. CAGR %	-12.01	12.43	46	21.59	6.05
Dividend Per Share, 2 Yr. CAGR %	10.34	34.72	46.99	16.5	9.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.3	14.21	8.87	3.76	0.96
Gross Profit, 3 Yr. CAGR %	7.91	14.29	8.17	2.86	-0.01
Earnings From Cont. Operations, 3 Yr. CAGR %	21.48	19.38	6.57	-6.19	-3.64
Net Income, 3 Yr. CAGR %	21.63	19.78	6.85	-6.16	-3.79
Normalized Net Income, 3 Yr. CAGR %	11.46	20.73	7.96	-5.91	-3.82
Diluted EPS Before Extra, 3 Yr. CAGR %	28.01	19.27	5.82	-7.1	-0.33
Common Equity, 3 Yr. CAGR %	10.34	10.85	7.76	-0.81	-1.01
Total Assets, 3 Yr. CAGR %	9.42	11.66	9.64	2.27	0.75
Tangible Book Value, 3 Yr. CAGR %	8.26	4.86	1.72	-4.31	-0.41
Cash From Operations, 3 Yr. CAGR %	77.59	66.92	-46.07	9.95	-65.77
Capital Expenditures, 3 Yr. CAGR %	-3.94	7.36	19.01	33.19	14.47
Dividend Per Share, 3 Yr. CAGR %	13.8	28.67	30.86	33.42	13.95
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.47	11.53	7.07	5.98	8.25
Gross Profit, 5 Yr. CAGR %	6.28	11.5	6.4	5.37	7.74
Earnings From Cont. Operations, 5 Yr. CAGR %	12.17	19.82	12.39	0.76	7.93
Net Income, 5 Yr. CAGR %	12.41	20.25	12.53	0.76	8.17
Normalized Net Income, 5 Yr. CAGR %	10.46	17.24	6.24	1.64	8.85
Diluted EPS Before Extra, 5 Yr. CAGR %	17.29	22.42	14.83	1.82	8.9
Common Equity, 5 Yr. CAGR %	6.46	7.35	5.82	4.71	5.35
Total Assets, 5 Yr. CAGR %	7.22	7.83	6.74	6.94	6.3
Tangible Book Value, 5 Yr. CAGR %	5.5	4.12	2.33	1.13	2.34
Cash From Operations, 5 Yr. CAGR %	41.4	44.55	7.26	35.64	-49.33
Capital Expenditures, 5 Yr. CAGR %	1.01	12.58	13.57	12.84	13.65
Dividend Per Share, 5 Yr. CAGR %	18.47	26.71	26.07	23.66	21.84