Goldman Sachs vs Morgan Stanley
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The short version
- Morgan Stanley is the larger business, with $70.6B of revenue in fiscal 2025 against $58.3B for Goldman Sachs.
- Morgan Stanley grew revenue faster (14.4%, against 8.9%).
- Investors pay more for each dollar of Morgan Stanleyβs earnings: a P/E of 14.5x against 13.5x for Goldman Sachs.
| Latest fiscal year | GS Β· FY25 | MS Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $278.1B | $285.7B |
| Revenue | $58.3B | $70.6B |
| Free cash flow | β | β |
| Net income | $17.2B | $16.9B |
| Growth | ||
| Revenue growth | 8.9% | 14.4% |
| 5-year growth | 5.5% | 7.7% |
| Share count change | β4.8% | β1.2% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 29.5% | 23.9% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 13.9% | 15.6% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $17.6B | $6.6B |
| Valuation & quality | ||
| P/E | 13.5x | 14.5x |
| Piotroski F-score | β | β |
Revenue
FY16
GS $30.8B
MS $34.6B
FY17
GS $32.7B
MS $37.9B
FY18
GS $36.6B
MS $40.1B
FY19
GS $36.5B
MS $41.5B
FY20
GS $44.6B
MS $48.8B
FY21
GS $59.3B
MS $59.8B
FY22
GS $47.4B
MS $53.7B
FY23
GS $46.3B
MS $54.1B
FY24
GS $53.5B
MS $61.8B
FY25
GS $58.3B
MS $70.6B
GS
MS
Operating margin
FY16
GS β
MS β
FY17
GS β
MS β
FY18
GS β
MS β
FY19
GS β
MS β
FY20
GS β
MS β
FY21
GS β
MS β
FY22
GS β
MS β
FY23
GS β
MS β
FY24
GS β
MS β
FY25
GS β
MS β
GS
MS
Free cash flow
FY16
GS β
MS β
FY17
GS β
MS β
FY18
GS β
MS β
FY19
GS β
MS β
FY20
GS β
MS β
FY21
GS β
MS β
FY22
GS β
MS β
FY23
GS β
MS β
FY24
GS β
MS β
FY25
GS β
MS β
GS
MS
Return on capital
FY16
GS β
MS β
FY17
GS β
MS β
FY18
GS β
MS β
FY19
GS β
MS β
FY20
GS β
MS β
FY21
GS β
MS β
FY22
GS β
MS β
FY23
GS β
MS β
FY24
GS β
MS β
FY25
GS β
MS β
GS
MS
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.