MS Morgan Stanley margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 87

Gross margin

100%

Operating margin

33.6%

EBITDA margin

38.1%

Net margin

25.5%

For this period, Morgan Stanley reports a gross margin of 100%, an operating margin of 33.6%, an EBITDA margin of 38.1%, and a net margin of 25.5%. The main improvement was in operating margin, up 2.4 percentage points; the remaining margins remained unchanged.

MS margin history

Gross, operating, EBITDA and net margin trends

Morgan Stanley's margins averaged 100% gross, 28.97% operating, 35.47% EBITDA, and 21.78% net during the last 3 years. Against the three-year averages, operating, EBITDA, and net margins are above their three-year averages.

MS margin expansion

Year-over-year margin changes in percentage points

Operating margin expanded by 2.4 percentage points, EBITDA margin by 0.2 percentage points, and net margin by 2 percentage points. Gross margin was unchanged.

Gross margin expansion

0pp

Operating margin expansion

2.4pp

EBITDA margin expansion

0.2pp

Net margin expansion

2pp

MS Gross margin

Across the last 3 years, Morgan Stanley's gross margin averaged 100%. The current gross margin stands at 100%, in line with its three-year average. Gross margin was highest at 100% in Sep 2026 and lowest at 100% in Dec 2023.

MS Operating margin

The average operating margin for Morgan Stanley was 28.97% over the last 3 years. At present, Morgan Stanley's current operating margin is 33.6%, which is 4.6 percentage points above its three-year average. The operating margin for Morgan Stanley moved between 22.8% in Dec 2023 and 33.8% in Jun 2026.

MS EBITDA margin

The average EBITDA margin for Morgan Stanley was 35.47% over the last 3 years. Currently, the current EBITDA margin for Morgan Stanley is 38.1%, 2.6 percentage points above its three-year average. The EBITDA margin for Morgan Stanley moved between 29.4% in Dec 2023 and 38.9% in Jun 2026.

MS Net margin

Over the last 3 years, Morgan Stanley's net margin averaged 21.78%. Currently, Morgan Stanley's current net margin is 25.5%, which is 3.7 percentage points above its three-year average. During this period, net margin reached a high of 25.8% in Jun 2026 and a low of 16.8% in Dec 2023.

MS margin group comparison

Margins compared with peer-group, industry and sector averages

Morgan Stanley's gross margin of 100% is above the Financial Services sector, the industry and its peers average. Compared to its Financial Services sector average of 83.5%, Morgan Stanley's gross margin is 20% higher.

MS margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Morgan Stanley's gross margin?

As of Sep 30, 2026, MS has a gross margin of 100%.

What is Morgan Stanley's operating margin?

The current operating margin for MS is 33.6% as of Sep 30, 2026.

What is Morgan Stanley's EBITDA margin?

The current EBITDA margin for MS is 38.1% as of Sep 30, 2026.

What is Morgan Stanley's net margin?

For the period ending Sep 30, 2026, MS recorded a net margin of 25.5%.

What are the average margins of MS?

Looking back over 3 years, MS recorded average margins of 100.0% gross, 29.0% operating, 35.5% EBITDA, and 21.8% net.

What are the highest historical margins of MS?

Over the last 5 years, Morgan Stanley's highest margins were 100% gross in Sep 2026, 33.8% operating in Jun 2026, 39.8% EBITDA in Dec 2021, and 25.8% net in Jun 2026.

What are the lowest historical margins of MS?

Over this 5-year history, Morgan Stanley's margins fell as low as 100% gross in Dec 2021, 22.8% operating in Dec 2023, 29.4% EBITDA in Dec 2023, and 16.8% net in Dec 2023.