Morgan Stanley
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+ FollowMarket Cap$292.36B
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Earnings Call Q3 2026
October 14, 2026 - AI Summary
Strong quarter results; momentum continues
- Q3 delivered ~$20.3B total revenues and EPS ~$3.03 (ROTCE 22.6%).
- Wealth + Investment Management client assets rose by ~$400B to a record ~$10.5T, supporting the “integrated firm” narrative.
- Efficiency ratio: 66% YTD; operating leverage from strong revenues more than offset higher execution/related costs vs. prior year.
Wealth management is the standout (flows + profitability), with a durable funnel
- Wealth revenues >$9B (record); net new assets (NNA) ~$232B and fee-based flows ~$80B (another record).
- In the first 9 months: roughly ~$500B net new assets and ~$175B fee-based flows, implying continued progress toward sustained wealth growth.
- Management emphasized IPO-driven flows as a tail, not a one-quarter event—helping convert new equity wealth into advice-based relationships over time.
- Strong economics signal: they believe they can retain more of these flows and convert them into fee-based/adviser-led assets, citing steady retention rates and ongoing relationship-building.
Investment banking / Institutional Securities: positive but choppy market backdrop
- Institutional Securities revenue ~$10B (+18% YoY), led by equities ~$5.8B (+41%) and supported by advisory pickup.
- Investment banking revenue ~$2.2B (+2% YoY) with sequential broadening across regions; advisory ~$887M up, underwriting mixed (equity underwriting down in the quarter; fixed income underwriting ~$747M strong).
- CEO framed markets in two phases: July–Aug unusually brisk (AI-driven risk appetite / hyperscaler investment themes), then slower volumes into September/early Q4 due to Middle East tensions and higher global rates.
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$-72.29
137.3% downside
Current Fair Value
137.3% downsideOvervalued by 137.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $292.36 Billion |
|---|---|
| Enterprise Value | $292.36 Billion |
| Annual dividend | $4.30 |
| Dividend yield | 2.33% |
| Earnings per Share | $10.34 |
| Beta | 1.21 |
| Outstanding Shares | 1,548,000,000 |
Return
| Return on Equity | NaN% |
|---|---|
| Return on Assets | 1.55% |
| Return on Invested Capital | 2.33% |
Valuation & Multiples
| P/E Ratio | 14.53 |
|---|---|
| PEG | 266.37 |
| Price to Sales | 2.94 |
| Price to Book Ratio | 0.18 |
| Enterprise Value to Revenue | 2.85 |
| Enterprise Value to EBIT | 7.42 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | - |
Revenue Sources
No data
Last Earnings Call
Report Date
October 21, 2026
EPS Estimate
$2.96
Consensus analyst estimateRevenue Estimate
$20.11 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 14, 2027
EPS Estimate
$2.93
Consensus analyst estimateRevenue Estimate
$20.26 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 3.14, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 3.1373▲ 202.70% |
|---|---|
| Total Calls | 765▼ 99.99% |
| Total Puts | 2,400▼ 99.98% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.86%▼ 83.62% |
|---|---|
| Total Invested | $8.44B▼ 97.03% |
| Investors Holding | 1,114▼ 1740.00% |
About Market Vectors Chinese Renminbi/USD ETN
2,020 employees
CEO: James Gorman
The investment seeks to replicate, net of expenses, the S&P Chinese Renminbi Total Return Index. The index tracks the value of the Chinese RMB relative to the U.S. dollar. It follows the value of non-deliverable, three-month currency for...