MS Morgan Stanley margins

Relative Growth: Rel. Growth: 92

Relative Strength: Rel. Strength: 73

Relative Valuation: Rel. Valuation: 63

Relative Profitability: Rel. Profitability: 90

Gross margin

100%

Operating margin

33.8%

EBITDA margin

38.9%

Net margin

25.8%

For this period, Morgan Stanley reports a gross margin of 100%, an operating margin of 33.8%, an EBITDA margin of 38.9%, and a net margin of 25.8%. The main improvement was in operating margin, up 3.8 percentage points; the remaining margins remained unchanged.

MS margin history

Gross, operating, EBITDA and net margin trends

Morgan Stanley's margins averaged 100% gross, 28.19% operating, 34.83% EBITDA, and 21.18% 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 3.8 percentage points, EBITDA margin by 2.2 percentage points, and net margin by 3.5 percentage points. Gross margin was unchanged.

Gross margin expansion

0pp

Operating margin expansion

3.8pp

EBITDA margin expansion

2.2pp

Net margin expansion

3.5pp

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 Jun 2026 and lowest at 100% in Sep 2023.

MS Operating margin

The average operating margin for Morgan Stanley was 28.19% over the last 3 years. At present, Morgan Stanley's current operating margin is 33.8%, which is 5.6 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 34.83% over the last 3 years. Currently, the current EBITDA margin for Morgan Stanley is 38.9%, 4.1 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 21.18%. Currently, Morgan Stanley's current net margin is 25.8%, which is 4.6 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 84%, Morgan Stanley's gross margin is 19% higher.

MS margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Morgan Stanley's gross margin?

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

What is Morgan Stanley's operating margin?

The current operating margin for MS is 33.8% as of Jun 30, 2026.

What is Morgan Stanley's EBITDA margin?

The current EBITDA margin for MS is 38.9% as of Jun 30, 2026.

What is Morgan Stanley's net margin?

For the period ending Jun 30, 2026, MS recorded a net margin of 25.8%.

What are the average margins of MS?

Looking back over 3 years, MS recorded average margins of 100.0% gross, 28.2% operating, 34.8% EBITDA, and 21.2% net.

What are the highest historical margins of MS?

Over the last 5 years, Morgan Stanley's highest margins were 100% gross in Jun 2026, 33.8% operating in Jun 2026, 40% EBITDA in Sep 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 Sep 2021, 22.8% operating in Dec 2023, 29.4% EBITDA in Dec 2023, and 16.8% net in Dec 2023.