Morgan Stanley vs Raymond James Financial
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The short version
- Morgan Stanley is the larger business, with $70.6B of revenue in fiscal 2025 against $15.9B for Raymond James Financial, about 4.4 times as much.
- Morgan Stanley grew revenue faster (14.4%, against 6.6%).
- Investors pay more for each dollar of Morgan Stanleyβs earnings: a P/E of 14.5x against 13.7x for Raymond James Financial.
| Latest fiscal year | MS Β· FY25 | RJF Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $285.7B | $32.6B |
| Revenue | $70.6B | $15.9B |
| Free cash flow | β | β |
| Net income | $16.9B | $2.1B |
| Growth | ||
| Revenue growth | 14.4% | 6.6% |
| 5-year growth | 7.7% | 14.3% |
| Share count change | β1.2% | β2.7% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 23.9% | 13.4% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 15.6% | 17.7% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $6.6B | $416M |
| Valuation & quality | ||
| P/E | 14.5x | 13.7x |
| Piotroski F-score | β | β |
Revenue
FY16
MS $34.6B
RJF $5.5B
FY17
MS $37.9B
RJF $6.5B
FY18
MS $40.1B
RJF $7.5B
FY19
MS $41.5B
RJF $8.0B
FY20
MS $48.8B
RJF $8.2B
FY21
MS $59.8B
RJF $9.9B
FY22
MS $53.7B
RJF $11.3B
FY23
MS $54.1B
RJF $13.0B
FY24
MS $61.8B
RJF $14.9B
FY25
MS $70.6B
RJF $15.9B
MS
RJF
Operating margin
FY16
MS β
RJF β
FY17
MS β
RJF β
FY18
MS β
RJF β
FY19
MS β
RJF β
FY20
MS β
RJF β
FY21
MS β
RJF β
FY22
MS β
RJF β
FY23
MS β
RJF β
FY24
MS β
RJF β
FY25
MS β
RJF β
MS
RJF
Free cash flow
FY16
MS β
RJF β
FY17
MS β
RJF β
FY18
MS β
RJF β
FY19
MS β
RJF β
FY20
MS β
RJF β
FY21
MS β
RJF β
FY22
MS β
RJF β
FY23
MS β
RJF β
FY24
MS β
RJF β
FY25
MS β
RJF β
MS
RJF
Return on capital
FY16
MS β
RJF β
FY17
MS β
RJF β
FY18
MS β
RJF β
FY19
MS β
RJF β
FY20
MS β
RJF β
FY21
MS β
RJF β
FY22
MS β
RJF β
FY23
MS β
RJF β
FY24
MS β
RJF β
FY25
MS β
RJF β
MS
RJF
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.