Cash flow Morgan Stanley

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MS

US6174464486

Investment Banking & Brokerage Services

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160.75 ^USD	+0.19%		-3.13%	-9.45%

03:23pm	Crude Oil Prices Rebound Amid Prevailing Supply Disruptions, Planned Oil Reserves Release	MT
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16.YbTlWQzVNtM67wZ3Orfjj7HT4Chb3rrKsrxVbQV_oeY.UuW2L33lYrV5nmAucv6g6dWKpFAO7vWF8fYGXWEJlZ8EgZUOa6ZHhRemPg

Published financial data: MORGAN STANLEY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest and Dividend Income, Total	1.08TCr	2.16TCr	5.09TCr	5.5TCr	6.04TCr
Interest Expense, Total	136.6Cr	1.23TCr	4.21TCr	4.55TCr	4.9TCr
Net Interest Income	942.1Cr	934.2Cr	880.3Cr	943.5Cr	1.14TCr
Brokerage Commission	552.1Cr	493.8Cr	453.7Cr	509.4Cr	593.6Cr
Trading and Principal Transactions	1.28TCr	1.39TCr	1.53TCr	1.68TCr	1.86TCr
Asset Management Fee	2TCr	1.96TCr	1.96TCr	2.25TCr	2.51TCr
Underwriting & Investment Banking Fee	1.1TCr	559.9Cr	494.8Cr	670.5Cr	819.9Cr
Gain (Loss) on Sale of Investments, Total (Rev)	21Cr	7Cr	4.9Cr	4.3Cr	2.4Cr
Other Revenues, Total	83Cr	21Cr	93Cr	122.2Cr	138.8Cr
Revenues Before Provison For Loan Losses	5.98TCr	5.37TCr	5.41TCr	6.18TCr	7.06TCr
Provision For Loan Losses	40L	28Cr	53Cr	26Cr	35Cr
Total Revenues	5.98TCr	5.34TCr	5.36TCr	6.15TCr	7.03TCr
Salaries And Other Employee Benefits	2.45TCr	2.3TCr	2.42TCr	2.62TCr	2.91TCr
Cost of Services Provided, Total	1.18TCr	1.27TCr	1.31TCr	1.4TCr	1.5TCr
Total Operating Expenses	3.63TCr	3.57TCr	3.73TCr	4.02TCr	4.41TCr
Operating Income	2.35TCr	1.77TCr	1.63TCr	2.13TCr	2.62TCr
Other Non Operating Income (Expenses)	-348.7Cr	-313.1Cr	-384.6Cr	-367.4Cr	-406.4Cr
EBT, Excl. Unusual Items	2TCr	1.46TCr	1.25TCr	1.76TCr	2.22TCr
Restructuring Charges	-	-	-	-	-14Cr
Total Merger & Related Restructuring Charges	-10Cr	-4.1Cr	-	-	-
Impairment of Goodwill	-80L	-	-	-	-
Asset Writedown	-4.2Cr	-1.7Cr	-4.3Cr	-5Cr	-8.1Cr
Legal Settlements	-16Cr	-44Cr	-25Cr	-	-
Other Unusual Items	-	-	-35Cr	-	-
EBT, Incl. Unusual Items	1.97TCr	1.41TCr	1.18TCr	1.76TCr	2.2TCr
Income Tax Expense	454.8Cr	291Cr	258.3Cr	406.7Cr	492.9Cr
Earnings From Continuing Operations	1.51TCr	1.12TCr	923Cr	1.35TCr	1.7TCr
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	1.51TCr	1.12TCr	923Cr	1.35TCr	1.7TCr
Minority Interest	-8.6Cr	-15Cr	-14Cr	-14Cr	-16Cr
Net Income - (IS)	1.5TCr	1.1TCr	908.7Cr	1.34TCr	1.69TCr
Preferred Dividend and Other Adjustments	47Cr	49Cr	56Cr	59Cr	61Cr
Net Income to Common Incl Extra Items	1.46TCr	1.05TCr	853Cr	1.28TCr	1.62TCr
Net Income to Common Excl. Extra Items	1.46TCr	1.05TCr	853Cr	1.28TCr	1.62TCr
Per Share Items
Net EPS - Basic	8.16	6.23	5.24	8.05	10.32
Basic EPS - Continuing Operations	8.16	6.23	5.24	8.05	10.32
Basic Weighted Average Shares Outstanding	178.5Cr	169.1Cr	162.8Cr	159.1Cr	157.4Cr
Net EPS - Diluted	8.03	6.15	5.18	7.95	10.21
Diluted EPS - Continuing Operations	8.03	6.15	5.18	7.95	10.21
Diluted Weighted Average Shares Outstanding	181.4Cr	171.3Cr	164.6Cr	161.1Cr	159.2Cr
Normalized Basic EPS	6.95	5.3	4.69	6.84	8.7
Normalized Diluted EPS	6.84	5.24	4.64	6.76	8.6
Dividend Per Share	2.45	3.02	3.32	3.62	3.92
Payout Ratio	27.74	48.97	63.42	45.84	39.1
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
Effective Tax Rate - (Ratio)	23.12	20.65	21.87	23.11	22.45
Current Domestic Taxes	302.9Cr	296Cr	173.2Cr	267.1Cr	283.3Cr
Current Foreign Taxes	151.5Cr	80Cr	131.4Cr	124.4Cr	153.5Cr
Total Current Taxes	454.4Cr	375.9Cr	304.6Cr	391.5Cr	436.8Cr
Deferred Domestic Taxes	2.2Cr	-94Cr	-35Cr	20L	48Cr
Deferred Foreign Taxes	-1.8Cr	9.6Cr	-11Cr	15Cr	7.6Cr
Total Deferred Taxes	40L	-85Cr	-46Cr	15Cr	56Cr
Normalized Net Income	1.24TCr	896.88Cr	764.32Cr	1.09TCr	1.37TCr
Non-Cash Pension Expense	9.1Cr	8.1Cr	3.5Cr	6Cr	7.6Cr
Supplemental Operating Expense Items
Stock-Based Comp., G&A Exp. (Total)	208.5Cr	187.5Cr	170.9Cr	162.2Cr	192.6Cr
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	208.5Cr	187.5Cr	170.9Cr	162.2Cr	192.6Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	13TCr	13TCr	8.92TCr	11TCr	11TCr
Cash & Securities Segregated	-	-	-	-	-
Securities Purchased Under Agreements To Resell	12TCr	11TCr	11TCr	12TCr	12TCr
Securities Borrowed	13TCr	13TCr	12TCr	12TCr	15TCr
Accounts Receivable, Total	16TCr	11TCr	7.06TCr	7.67TCr	10TCr
Other Receivables	11TCr	17TCr	21TCr	23TCr	28TCr
Net Property Plant And Equipment	426.8Cr	407.3Cr	436.8Cr	411.4Cr	416.4Cr
Goodwill	1.68TCr	1.67TCr	1.67TCr	1.67TCr	1.67TCr
Other Intangibles, Total	836Cr	761.8Cr	705.5Cr	645.3Cr	601Cr
Investment In Debt and Equity Securities	18TCr	16TCr	15TCr	16TCr	16TCr
Trading Asset Securities, Total	19TCr	18TCr	21TCr	18TCr	22TCr
Loans Held For Sale	1.38TCr	1.48TCr	1.53TCr	1.23TCr	937.4Cr
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	10TCr	12TCr	16TCr	15TCr	21TCr
Other Long-Term Assets, Total	1.92TCr	2.29TCr	2.39TCr	2.41TCr	2.49TCr
Total Assets	1,18800Cr	1,18000Cr	1,19400Cr	1,21500Cr	1,42000Cr
Liabilities
Accounts Payable, Total	23TCr	22TCr	21TCr	17TCr	22TCr
Accrued Expenses, Total	-	-	-	393.8Cr	466.3Cr
Short-Term Borrowings	12TCr	12TCr	13TCr	11TCr	15TCr
Current Portion of Long-Term Debt	1.73TCr	2.51TCr	3.1TCr	3.45TCr	3.81TCr
Current Portion of Leases	89Cr	87Cr	91Cr	77Cr	82Cr
Long-Term Debt	22TCr	22TCr	24TCr	26TCr	32TCr
Long-Term Leases	427.1Cr	403.1Cr	450.4Cr	416.5Cr	417.7Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	13TCr	14TCr	14TCr	15TCr	17TCr
Other Non Current Liabilities	37TCr	36TCr	34TCr	36TCr	40TCr
Total Liabilities	1,08200Cr	1,07900Cr	1,09400Cr	1,11000Cr	1,30800Cr
Preferred Stock Redeemable	775Cr	875Cr	875Cr	975Cr	975Cr
Total Preferred Equity	775Cr	875Cr	875Cr	975Cr	975Cr
Common Stock, Total	2Cr	2Cr	2Cr	2Cr	2Cr
Additional Paid In Capital	2.88TCr	2.93TCr	2.98TCr	3.02TCr	3.12TCr
Retained Earnings	8.94TCr	9.49TCr	9.8TCr	10TCr	12TCr
Treasury Stock	-1.75TCr	-2.66TCr	-3.11TCr	-3.36TCr	-3.81TCr
Comprehensive Income and Other	-310.2Cr	-625.3Cr	-642.1Cr	-681.4Cr	-628.5Cr
Total Common Equity	9.77TCr	9.14TCr	9.03TCr	9.48TCr	10TCr
Minority Interest	115.7Cr	109Cr	94Cr	92Cr	102Cr
Total Equity	11TCr	10TCr	10TCr	11TCr	11TCr
Total Liabilities And Equity	1,18800Cr	1,18000Cr	1,19400Cr	1,21500Cr	1,42000Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	178.13Cr	168.19Cr	163.53Cr	161.29Cr	158.79Cr
ECS Total Common Shares Outstanding	177.22Cr	167.55Cr	162.68Cr	160.67Cr	158.28Cr
Book Value / Share	55.12	54.55	55.5	58.98	64.37
Tangible Book Value	7.25TCr	6.71TCr	6.65TCr	7.16TCr	7.91TCr
Tangible Book Value Per Share	40.91	40.06	40.89	44.57	50
Tangible Book Value Per Share (As Reported)	40.91	40.06	40.89	44.57	50
Total Debt	36TCr	37TCr	40TCr	42TCr	51TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	48Cr	49Cr	55Cr	58Cr	46Cr
Net Debt	-21TCr	-19TCr	-12TCr	-11TCr	-8.7TCr
Equity Method Investments, Total	221.4Cr	192.7Cr	191.5Cr	186.9Cr	205.4Cr
Full Time Employees	75T	82T	80T	80T	83T

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.5TCr	1.1TCr	908.7Cr	1.34TCr	1.69TCr
Depreciation, Depletion & Amortization	360.4Cr	338.8Cr	365.5Cr	455.9Cr	420.4Cr
Amortization of Goodwill and Intangible Assets - (CF)	61Cr	61Cr	60Cr	60Cr	45Cr
Total Depreciation, Depletion & Amortization	421.6Cr	399.8Cr	425.6Cr	516.1Cr	465.8Cr
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	-	-	-	-	-
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	208.5Cr	187.5Cr	170.9Cr	162.2Cr	192.6Cr
Provision and Write-off of Bad Debts	40L	28Cr	53Cr	26Cr	35Cr
Change in Trading Asset Securities	907.5Cr	-3.94TCr	-6.1TCr	3.45TCr	-6.77TCr
Change in Accounts Receivable	77Cr	1.47TCr	60Cr	-530.8Cr	-2.66TCr
Change in Accounts Payable	775.8Cr	-489.7Cr	-362.9Cr	-2.56TCr	5.07TCr
Change in Other Net Operating Assets (Collected)	-491.8Cr	615.7Cr	1.49TCr	-2.3TCr	83Cr
Other Operating Activities	-5.7Cr	-8.1Cr	-1.2Cr	30Cr	113.3Cr
Cash from Operations	3.4TCr	-639.7Cr	-3.35TCr	136.2Cr	-1.79TCr
Capital Expenditure	-230.8Cr	-307.8Cr	-341.2Cr	-346.2Cr	-289.8Cr
Cash Acquisitions	-264.8Cr	-	-	-	-
Investment in Marketable and Equity Securities, Total	-800.3Cr	1.54TCr	531Cr	-189.5Cr	-140.6Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-3.61TCr	-2.37TCr	-405.9Cr	-2.26TCr	-4.14TCr
Other Investing Activities, Total	-83Cr	-35Cr	-92Cr	-148.5Cr	-109.2Cr
Cash from Investing	-4.99TCr	-1.16TCr	-308.4Cr	-2.95TCr	-4.68TCr
Long-Term Debt Issued, Total	9.03TCr	7.25TCr	7.92TCr	11TCr	14TCr
Total Debt Issued	9.03TCr	7.25TCr	7.92TCr	11TCr	14TCr
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-7.07TCr	-3.58TCr	-6.48TCr	-8.02TCr	-9.94TCr
Total Debt Repaid	-7.07TCr	-3.58TCr	-6.48TCr	-8.02TCr	-9.94TCr
Repurchase of Common Stock	-1.21TCr	-1.09TCr	-617.8Cr	-419.9Cr	-583.5Cr
Issuance of Preferred Stock	127.5Cr	99Cr	-	100Cr	-
Common & Preferred Stock Dividends Paid	-417.1Cr	-540.1Cr	-576.3Cr	-613.8Cr	-659.3Cr
Common & Preferred Stock Dividends Paid	-417.1Cr	-540.1Cr	-576.3Cr	-613.8Cr	-659.3Cr
Other Financing Activities, Total	3.7TCr	131.4Cr	-520Cr	2.36TCr	3.93TCr
Cash from Financing	4.15TCr	2.27TCr	-272.6Cr	4.68TCr	6.78TCr
Foreign Exchange Rate Adjustments	-355Cr	-428.3Cr	45Cr	-250.4Cr	321.9Cr
Net Change in Cash	2.21TCr	40Cr	-3.89TCr	1.62TCr	630.9Cr
Supplemental Items
Cash Interest Paid	130.3Cr	981.9Cr	4.19TCr	4.64TCr	4.71TCr
Cash Income Tax Paid (Refund)	423.1Cr	414.7Cr	203.5Cr	188.5Cr	350.4Cr
Net Debt Issued / Repaid	1.95TCr	3.67TCr	1.44TCr	3.25TCr	4.09TCr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.31	0.94	0.78	1.12	1.29
Return On Equity %	14.42	10.76	9.17	13.17	15.61
Return on Common Equity	15.31	11.15	9.39	13.83	16.53
Margin Analysis
Gross Profit Margin %	89.19	86.98	86.47	86.62	87.06
SG&A Margin	49.92	53.79	56.06	51.95	49.73
Income From Continuing Operations Margin %	25.3	20.94	17.22	22	24.22
Net Income Margin %	25.16	20.66	16.95	21.77	23.99
Net Avail. For Common Margin %	24.38	19.74	15.91	20.81	23.12
Normalized Net Income Margin	20.75	16.8	14.26	17.71	19.49
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.05	0.05
Short Term Liquidity
Current Ratio	1.93	1.93	1.95	2.09	2.05
Quick Ratio	1.69	1.65	1.6	1.76	1.67
Operating Cash Flow to Current Liabilities	0.07	-0.01	-0.07	0	-0.03
Long Term Solvency
Total Debt/Equity	335.26	363	403.8	397.03	455.75
Total Debt / Total Capital	77.03	78.4	80.15	79.88	82.01
LT Debt/Equity	206.94	217.78	246.75	254.75	288.33
Long-Term Debt / Total Capital	47.54	47.04	48.98	51.25	51.88
Total Liabilities / Total Assets	91.03	91.42	91.62	91.32	92.07
Tier 1 Capital Ratio %	17.7	17.2	17.1	17.8	16.8
Total Capital Ratio %	19.7	19.3	19.5	19.9	18.7
Leverage Ratio %	7.1	6.7	6.7	6.9	6.7
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	24.49	-10.65	0.42	14.71	14.31
Gross Profit, 1 Yr. Growth %	25.09	-12.86	-0.17	14.9	14.89
Earnings From Cont. Operations, 1 Yr. Growth %	35.25	-26.06	-17.43	46.58	25.84
Net Income, 1 Yr. Growth %	36.72	-26.64	-17.61	47.35	25.92
Normalized Net Income, 1 Yr. Growth %	35.13	-27.67	-11.8	42.48	25.79
Diluted EPS Before Extra, 1 Yr. Growth %	24.3	-23.41	-15.77	53.47	28.43
Common Equity, 1 Yr. Growth %	5.58	-6.45	-1.21	4.95	7.51
Total Assets, 1 Yr. Growth %	6.48	-0.67	1.14	1.79	16.89
Tangible Book Value, 1 Yr. Growth %	-4.5	-7.42	-0.89	7.63	10.54
Cash From Operations, 1 Yr. Growth %	-234.64	-118.83	424.25	-104.06	-1.41T
Capital Expenditures, 1 Yr. Growth %	59.83	33.36	10.85	1.47	-16.29
Dividend Per Share, 1 Yr. Growth %	75	23.47	9.92	9.02	8.28
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.17	5.47	-5.28	7.33	14.51
Gross Profit, 2 Yr. CAGR %	20.52	4.4	-6.73	7.1	14.89
Earnings From Cont. Operations, 2 Yr. CAGR %	27.94	0	-21.87	10.01	35.81
Net Income, 2 Yr. CAGR %	28.95	0.15	-22.26	10.18	36.22
Normalized Net Income, 2 Yr. CAGR %	31.9	-1.14	-20.97	11.56	37.29
Diluted EPS Before Extra, 2 Yr. CAGR %	24.39	-2.43	-19.68	13.7	40.39
Common Equity, 2 Yr. CAGR %	15.66	-0.62	-3.86	1.83	6.23
Total Assets, 2 Yr. CAGR %	15.19	2.84	0.23	1.47	9.08
Tangible Book Value, 2 Yr. CAGR %	6.62	-5.97	-4.21	3.28	9.07
Cash From Operations, 2 Yr. CAGR %	-8.72	-49.65	-0.64	-53.86	-26.96
Capital Expenditures, 2 Yr. CAGR %	12.43	46	21.59	6.05	-7.84
Dividend Per Share, 2 Yr. CAGR %	34.72	46.99	16.5	9.47	8.65
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.21	8.87	3.76	0.96	9.6
Gross Profit, 3 Yr. CAGR %	14.29	8.17	2.86	-0.01	9.64
Earnings From Cont. Operations, 3 Yr. CAGR %	19.38	6.57	-6.19	-3.64	15.05
Net Income, 3 Yr. CAGR %	19.78	6.85	-6.16	-3.79	15.2
Normalized Net Income, 3 Yr. CAGR %	20.73	7.96	-5.91	-3.82	16.12
Diluted EPS Before Extra, 3 Yr. CAGR %	19.27	5.82	-7.1	-0.33	18.41
Common Equity, 3 Yr. CAGR %	10.85	7.76	-0.81	-1.01	3.69
Total Assets, 3 Yr. CAGR %	11.66	9.64	2.27	0.75	6.37
Tangible Book Value, 3 Yr. CAGR %	4.86	1.72	-4.31	-0.41	5.65
Cash From Operations, 3 Yr. CAGR %	66.92	-46.07	9.95	-65.77	40.89
Capital Expenditures, 3 Yr. CAGR %	7.36	19.01	33.19	14.47	-1.99
Dividend Per Share, 3 Yr. CAGR %	28.67	30.86	33.42	13.95	9.07
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.53	7.07	5.98	8.25	7.93
Gross Profit, 5 Yr. CAGR %	11.5	6.4	5.37	7.74	7.51
Earnings From Cont. Operations, 5 Yr. CAGR %	19.82	12.39	0.76	7.93	8.78
Net Income, 5 Yr. CAGR %	20.25	12.53	0.76	8.17	8.93
Normalized Net Income, 5 Yr. CAGR %	17.24	6.24	1.64	8.85	8.34
Diluted EPS Before Extra, 5 Yr. CAGR %	22.42	14.83	1.82	8.9	9.59
Common Equity, 5 Yr. CAGR %	7.35	5.82	4.71	5.35	1.94
Total Assets, 5 Yr. CAGR %	7.83	6.74	6.94	6.3	4.94
Tangible Book Value, 5 Yr. CAGR %	4.12	2.33	1.13	2.34	0.84
Cash From Operations, 5 Yr. CAGR %	44.55	7.26	35.64	-49.33	-6.65
Capital Expenditures, 5 Yr. CAGR %	12.58	13.57	12.84	13.65	14.95
Dividend Per Share, 5 Yr. CAGR %	26.71	26.07	23.66	21.84	22.9