Morgan Stanley
MS · Investment Banking & Brokerage
$179.49
2.4%Charles Schwab
SCHW · Investment Banking & Brokerage
$90.58
0.9%The short version
- Morgan Stanley is the larger business, with $70.6B of revenue in fiscal 2025 against $23.9B for Charles Schwab, about 3.0 times as much.
- Charles Schwab grew revenue faster (22.0%, against 14.4%).
- Investors pay more for each dollar of Charles Schwab’s earnings: a P/E of 16.5x against 14.5x for Morgan Stanley.
| Latest fiscal year | MS · FY25 | SCHW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $285.7B | $163.9B |
| Revenue | $70.6B | $23.9B |
| Free cash flow | — | — |
| Net income | $16.9B | $8.9B |
| Growth | ||
| Revenue growth | 14.4% | 22.0% |
| 5-year growth | 7.7% | 15.4% |
| Share count change | −1.2% | −1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 23.9% | 37.0% |
| FCF margin | — | — |
| Return on capital | — | — |
| Return on equity | 15.6% | 18.1% |
| Balance sheet | ||
| Net debt | — | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $6.6B | $9.7B |
| Valuation & quality | ||
| P/E | 14.5x | 16.5x |
| Piotroski F-score | — | — |
FY16
MS $34.6B
SCHW $7.5B
FY17
MS $37.9B
SCHW $8.6B
FY18
MS $40.1B
SCHW $10.1B
FY19
MS $41.5B
SCHW $10.7B
FY20
MS $48.8B
SCHW $11.7B
FY21
MS $59.8B
SCHW $18.5B
FY22
MS $53.7B
SCHW $20.8B
FY23
MS $54.1B
SCHW $18.8B
FY24
MS $61.8B
SCHW $19.6B
FY25
MS $70.6B
SCHW $23.9B
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.