Morgan Stanley
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+ FollowMarket Cap$28.95B
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Earnings Call Q3 2026
October 14, 2026 - AI Summary
Strong Q3 results; momentum across the “integrated firm” (good)
- Revenues $20.3B and EPS $3.03; ROTCE 22.6%.
- Efficiency ratio YTD: 66% (operating leverage helped offset higher execution-related costs vs. prior year).
- Total client assets in Wealth & Investment Management grew +$400B to a record $10.5T.
Wealth management outperformance with record net new assets and fees (very good)
- Wealth revenues >$9B with record net new assets (NNA) of $232B and fee-based flows of $80B.
- NNA and fee-based flows were supported by IPO-related flows, corporate retirement mandates, and Workplace/E*TRADE funnel strength.
- Examples of the firm’s scale: $8.4T wealth assets, ~21M relationships; they highlighted a multi-quarter/ multi-year funnel effect from the E*TRADE acquisition (not just one-off IPO impact).
Institutional Securities solid; Investment Banking activity resilient but timing/pacing is the watch item (good + mixed)
- Institutional Securities revenues $10B (+18% YoY), driven by equities (up; led at $5.8B) and advisory pickup.
- Investment Banking revenues $2.2B (+2% YoY); underwriting mix: equity underwriting down vs prior year (a few large deals driving), while fixed income underwriting was strong ($747M).
- Management said banking pipelines remain high and boardroom dialogue is “active,” with optimism about monetizing the corporate finance life cycle—but acknowledged volume slowed late in the quarter due to macro/geopolitical concerns.
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$-72.91
489.9% downside
Current Fair Value
489.9% downsideOvervalued by 489.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $28.95 Billion |
|---|---|
| Enterprise Value | $28.95 Billion |
| Annual dividend | $1.19 |
| Dividend yield | 2.31% |
| 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 | 14.16 |
|---|---|
| PEG | 259.42 |
| Price to Sales | 0.28 |
| Price to Book Ratio | 0.02 |
| Enterprise Value to Revenue | 0.28 |
| Enterprise Value to EBIT | 0.73 |
| Enterprise Value to Net Income | 1 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | - |
Revenue Sources
No data
Last Earnings Call
Report Date
October 14, 2026
EPS Estimate
$2.93
Consensus analyst estimateRevenue Estimate
$19.93 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 14, 2027
EPS Estimate
$2.95
Consensus analyst estimateRevenue Estimate
$20.19 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | - |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.00%▼ 0.03% |
|---|---|
| Total Invested | $26,674▼ 99.73% |
| Investors Holding | 1▼ 7.00% |
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...