Morgan Stanley vs Charles Schwab
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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 Schwabβs earnings: a P/E of 16.5x against 14.5x for Morgan Stanley.
| Latest fiscal year | MS Β· FY25 | SCHW Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $285.7B | $163.9B |
| Revenue | $70.6B | $23.9B |
| Free cash flow | β | β |
| Net income | $16.9B | $8.9B |
| Growth | ||
| Revenue growth | 14.4% | 22.0% |
| 5-year growth | 7.7% | 15.4% |
| Share count change | β1.2% | β1.4% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 23.9% | 37.0% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 15.6% | 18.1% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $6.6B | $9.7B |
| Valuation & quality | ||
| P/E | 14.5x | 16.5x |
| Piotroski F-score | β | β |
Revenue
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
MS
SCHW
Operating margin
FY16
MS β
SCHW β
FY17
MS β
SCHW β
FY18
MS β
SCHW β
FY19
MS β
SCHW β
FY20
MS β
SCHW β
FY21
MS β
SCHW β
FY22
MS β
SCHW β
FY23
MS β
SCHW β
FY24
MS β
SCHW β
FY25
MS β
SCHW β
MS
SCHW
Free cash flow
FY16
MS β
SCHW β
FY17
MS β
SCHW β
FY18
MS β
SCHW β
FY19
MS β
SCHW β
FY20
MS β
SCHW β
FY21
MS β
SCHW β
FY22
MS β
SCHW β
FY23
MS β
SCHW β
FY24
MS β
SCHW β
FY25
MS β
SCHW β
MS
SCHW
Return on capital
FY16
MS β
SCHW β
FY17
MS β
SCHW β
FY18
MS β
SCHW β
FY19
MS β
SCHW β
FY20
MS β
SCHW β
FY21
MS β
SCHW β
FY22
MS β
SCHW β
FY23
MS β
SCHW β
FY24
MS β
SCHW β
FY25
MS β
SCHW β
MS
SCHW
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.