Morgan Stanley (MS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-92.6%

$13.89

vs $186.61 price

Levered DCF

-$72.47

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.01

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.17×	15.64×	17.8×	13.65×	12.03×	10.46×	9.72×	8.23×
P/B	2.5×	1.91×	1.53×	1.44×	1.66×	1.08×	1.01×	0.84×
P/S	2.43×	1.94×	1.72×	2.3×	3.03×	2.21×	1.61×	1.42×
EV / EBITDA	24.15×	21.3×	26.9×	19.89×	16.49×	17.92×	21.12×	20.24×
Gross margin	57.1%	55.6%	56.8%	79.9%	97.6%	90.7%	75.6%	78.9%
Operating margin	19.1%	17.1%	13.4%	22.6%	34.0%	29.0%	22.0%	23.5%
Net margin	14.7%	13.0%	10.3%	17.7%	26.0%	22.1%	17.6%	18.3%
Current ratio	1.17×	0.66×	0.72×	0.72×	0.77×	0.8×	0.76×	0.79×
Debt / equity	4.26×	3.45×	3.42×	3.08×	2.9×	2.79×	3.21×	3.1×
Interest coverage	0.45×	0.39×	0.31×	1.15×	14.4×	3.75×	0.91×	1.11×
Dividend yield	2.4%	3.1%	3.8%	3.8%	2.4%	2.5%	3.2%	3.5%
Payout ratio	39.1%	45.8%	63.4%	49.0%	27.7%	24.9%	29.1%	27.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.1%	12.8%	9.2%	11.0%	14.3%	10.8%	11.1%	10.9%
Return on invested capital	1.7%	2.5%	1.8%	2.3%	3.1%	2.4%	2.3%	2.3%
Return on assets	1.2%	1.1%	0.8%	0.9%	1.3%	1.0%	1.0%	1.0%
Free cash flow yield	16.5%	-1.0%	-24.3%	-6.6%	18.1%	-24.3%	47.1%	8.0%
Earnings yield	6.0%	6.7%	6.0%	7.7%	8.6%	10.0%	10.9%	12.9%
Enterprise value	$642.8B	$484.8B	$432.2B	$359.8B	$393.7B	$325.9B	$294.5B	$264.8B
Net debt / EBITDA	13.67×	12.51×	17.45×	11.94×	9.15×	11.88×	15.19×	15.06×
Cash conversion cycle (days)	-2,708	-1,098	-1,660	-5,828	-60,320	-17,289	-5,352	-6,091