Cash flow Morgan Stanley

Equities

MS

US6174464486

Investment Banking & Brokerage Services

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176.51 ^USD	+0.93%		+4.04%	+40.40%

Dec. 05	TREASURIES-US bond slide as investors brace for hawkish Fed	RE
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Published financial data: MORGAN STANLEY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Interest and Dividend Income, Total	11.15B	10.79B	21.61B	50.85B	54.96B
Interest Expense, Total	3.85B	1.37B	12.27B	42.05B	45.52B
Net Interest Income	7.3B	9.42B	9.34B	8.8B	9.44B
Brokerage Commission	4.85B	5.52B	4.94B	4.54B	5.09B
Trading and Principal Transactions	13.99B	12.81B	13.93B	15.26B	16.76B
Asset Management Fee	14.27B	19.97B	19.58B	19.62B	22.5B
Underwriting & Investment Banking Fee	7.67B	10.99B	5.6B	4.95B	6.7B
Gain (Loss) on Sale of Investments, Total (Rev)	81M	210M	70M	49M	52M
Other Revenues, Total	29M	832M	213M	926M	1.21B
Revenues Before Provison For Loan Losses	48.2B	59.76B	53.67B	54.14B	61.76B
Provision For Loan Losses	-	4M	280M	532M	264M
Total Revenues	48.2B	59.75B	53.39B	53.61B	61.5B
Salaries And Other Employee Benefits	20.7B	24.53B	23.01B	24.2B	26.18B
Cost of Services Provided, Total	9.59B	11.76B	12.66B	13.1B	14B
Total Operating Expenses	30.3B	36.29B	35.67B	37.31B	40.18B
Operating Income	17.9B	23.46B	17.72B	16.3B	21.32B
Other Non Operating Income (Expenses)	-2.93B	-3.49B	-3.13B	-3.85B	-3.67B
EBT, Excl. Unusual Items	14.98B	19.98B	14.59B	12.46B	17.65B
Total Merger & Related Restructuring Charges	-151M	-102M	-41M	-	-
Impairment of Goodwill	-	-8M	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Asset Writedown	-70M	-42M	-17M	-43M	-50M
Legal Settlements	-336M	-157M	-443M	-249M	-
Other Unusual Items	-	-	-	-353M	-
EBT, Incl. Unusual Items	14.42B	19.67B	14.09B	11.81B	17.6B
Income Tax Expense	3.24B	4.55B	2.91B	2.58B	4.07B
Earnings From Continuing Operations	11.18B	15.12B	11.18B	9.23B	13.53B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	11.18B	15.12B	11.18B	9.23B	13.53B
Minority Interest	-183M	-86M	-150M	-143M	-139M
Net Income - (IS)	11B	15.03B	11.03B	9.09B	13.39B
Preferred Dividend and Other Adjustments	496M	468M	489M	557M	590M
Net Income to Common Incl Extra Items	10.5B	14.57B	10.54B	8.53B	12.8B
Net Income to Common Excl. Extra Items	10.5B	14.57B	10.54B	8.53B	12.8B
Per Share Items
Net EPS - Basic	6.55	8.16	6.23	5.24	8.05
Basic EPS - Continuing Operations	6.55	8.16	6.23	5.24	8.05
Basic Weighted Average Shares Outstanding	1.6B	1.78B	1.69B	1.63B	1.59B
Net EPS - Diluted	6.46	8.03	6.15	5.18	7.95
Diluted EPS - Continuing Operations	6.46	8.03	6.15	5.18	7.95
Diluted Weighted Average Shares Outstanding	1.62B	1.81B	1.71B	1.65B	1.61B
Normalized Basic EPS	5.72	6.95	5.3	4.69	6.84
Normalized Diluted EPS	5.65	6.84	5.24	4.64	6.76
Dividend Per Share	1.4	2.45	3.02	3.32	3.62
Payout Ratio	24.91	27.74	48.97	63.42	45.84
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
Effective Tax Rate - (Ratio)	22.46	23.12	20.65	21.87	23.11
Current Domestic Taxes	2.04B	3.03B	2.96B	1.73B	2.67B
Current Foreign Taxes	1.45B	1.52B	799M	1.31B	1.24B
Total Current Taxes	3.49B	4.54B	3.76B	3.05B	3.92B
Deferred Domestic Taxes	-287M	22M	-945M	-354M	2M
Deferred Foreign Taxes	37M	-18M	96M	-109M	150M
Total Deferred Taxes	-250M	4M	-849M	-463M	152M
Normalized Net Income	9.18B	12.4B	8.97B	7.64B	10.89B
Non-Cash Pension Expense	71M	91M	81M	35M	60M
Supplemental Operating Expense Items
Stock-Based Comp., G&A Exp. (Total)	-	2.08B	1.88B	1.71B	1.62B
Stock-Based Comp., Other (Total)	1.31B	-	-	-	-
Total Stock-Based Compensation	1.31B	2.08B	1.88B	1.71B	1.62B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	106B	128B	128B	89.23B	105B
Cash & Securities Segregated	-	-	-	-	-
Securities Purchased Under Agreements To Resell	116B	120B	114B	111B	119B
Securities Borrowed	112B	130B	133B	121B	124B
Accounts Receivable, Total	94.23B	161B	108B	70.61B	76.7B
Other Receivables	141B	107B	167B	212B	233B
Gross Property Plant And Equipment	-	-	-	-	-
Accumulated Depreciation	-	-	-	-	-
Net Property Plant And Equipment	4.42B	4.27B	4.07B	4.37B	4.11B
Goodwill	11.64B	16.83B	16.65B	16.71B	16.71B
Other Intangibles, Total	4.98B	8.36B	7.62B	7.06B	6.45B
Investment In Debt and Equity Securities	182B	183B	160B	155B	160B
Trading Asset Securities, Total	181B	193B	179B	205B	185B
Loans Held For Sale	12.81B	13.83B	14.79B	15.26B	12.32B
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	133B	104B	124B	163B	149B
Other Long-Term Assets, Total	17.32B	19.22B	22.91B	23.87B	24.11B
Total Assets	1,116B	1,188B	1,180B	1,194B	1,215B
Liabilities
Accounts Payable, Total	227B	229B	216B	208B	172B
Accrued Expenses, Total	-	-	-	-	3.94B
Short-Term Borrowings	117B	119B	121B	125B	115B
Current Portion of Long-Term Debt	26.2B	17.33B	25.1B	30.98B	34.49B
Current Portion of Leases	841M	886M	870M	913M	772M
Long-Term Debt	193B	216B	216B	242B	264B
Long-Term Leases	4.49B	4.27B	4.03B	4.5B	4.16B
Trust Preferred Securities (BS)	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	131B	130B	139B	141B	154B
Other Non Current Liabilities	313B	365B	356B	341B	361B
Total Liabilities	1,013B	1,082B	1,079B	1,094B	1,110B
Preferred Stock Redeemable	9.25B	7.75B	8.75B	8.75B	9.75B
Total Preferred Equity	9.25B	7.75B	8.75B	8.75B	9.75B
Common Stock, Total	20M	20M	20M	20M	20M
Additional Paid In Capital	25.55B	28.84B	29.34B	29.83B	30.18B
Retained Earnings	78.69B	89.43B	94.86B	98B	105B
Treasury Stock	-9.77B	-17.5B	-26.58B	-31.14B	-33.61B
Comprehensive Income and Other	-1.96B	-3.1B	-6.25B	-6.42B	-6.81B
Total Common Equity	92.53B	97.69B	91.39B	90.29B	94.76B
Minority Interest	1.37B	1.16B	1.09B	944M	917M
Total Equity	103B	107B	101B	99.98B	105B
Total Liabilities And Equity	1,116B	1,188B	1,180B	1,194B	1,215B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.81B	1.78B	1.68B	1.64B	1.61B
ECS Total Common Shares Outstanding	1.81B	1.77B	1.68B	1.63B	1.61B
Book Value / Share	51.13	55.12	54.55	55.5	58.98
Tangible Book Value	75.92B	72.5B	67.12B	66.53B	71.6B
Tangible Book Value Per Share	41.95	40.91	40.06	40.89	44.57
Tangible Book Value Per Share (As Reported)	41.95	40.91	40.06	40.89	44.57
Total Debt	342B	357B	367B	404B	419B
Debt Equivalent of Unfunded Proj. Benefit Obligation	349M	476M	491M	553M	578M
Net Debt	-173B	-213B	-187B	-123B	-114B
Equity Method Investments, Total	2.41B	2.21B	1.93B	1.92B	1.87B
Full Time Employees	68K	75K	82K	80K	80K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	11B	15.03B	11.03B	9.09B	13.39B
Depreciation, Depletion & Amortization	3.4B	3.6B	3.39B	3.66B	4.56B
Amortization of Goodwill and Intangible Assets - (CF)	373M	612M	610M	601M	602M
Total Depreciation, Depletion & Amortization	3.77B	4.22B	4B	4.26B	5.16B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	-	-	-	-	-
Provision for Credit Losses	762M	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	1.31B	2.08B	1.88B	1.71B	1.62B
Provision and Write-off of Bad Debts	-	4M	280M	532M	264M
Change in Trading Asset Securities	15.55B	9.08B	-39.42B	-61.03B	34.5B
Change in Accounts Receivable	-29.77B	774M	14.66B	602M	-5.31B
Change in Accounts Payable	10.19B	7.76B	-4.9B	-3.63B	-25.55B
Change in Other Net Operating Assets (Collected)	-38.24B	-4.92B	6.16B	14.94B	-23.01B
Other Operating Activities	207M	-57M	-81M	-12M	295M
Cash from Operations	-25.23B	33.97B	-6.4B	-33.54B	1.36B
Capital Expenditure	-1.44B	-2.31B	-3.08B	-3.41B	-3.46B
Cash Acquisitions	3.81B	-2.65B	-	-	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-21.51B	-8B	15.44B	5.31B	-1.9B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-17.95B	-36.11B	-23.65B	-4.06B	-22.62B
Other Investing Activities, Total	-802M	-832M	-347M	-923M	-1.48B
Cash from Investing	-37.9B	-49.9B	-11.63B	-3.08B	-29.46B
Long-Term Debt Issued, Total	63.52B	90.27B	72.46B	79.22B	113B
Total Debt Issued	63.52B	90.27B	72.46B	79.22B	113B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-50.48B	-70.75B	-35.78B	-64.8B	-80.23B
Total Debt Repaid	-50.48B	-70.75B	-35.78B	-64.8B	-80.23B
Repurchase of Common Stock	-1.89B	-12.08B	-10.87B	-6.18B	-4.2B
Issuance of Preferred Stock	-	1.28B	994M	-	995M
Common & Preferred Stock Dividends Paid	-2.74B	-4.17B	-5.4B	-5.76B	-6.14B
Common & Preferred Stock Dividends Paid	-2.74B	-4.17B	-5.4B	-5.76B	-6.14B
Other Financing Activities, Total	75.38B	36.99B	1.31B	-5.2B	23.6B
Cash from Financing	83.78B	41.55B	22.71B	-2.73B	46.76B
Foreign Exchange Rate Adjustments	2.83B	-3.55B	-4.28B	451M	-2.5B
Net Change in Cash	23.48B	22.07B	402M	-38.9B	16.15B
Supplemental Items
Cash Interest Paid	4.12B	1.3B	9.82B	41.94B	46.36B
Cash Income Tax Paid (Refund)	2.59B	4.23B	4.15B	2.04B	1.88B
Net Debt Issued / Repaid	13.04B	19.52B	36.68B	14.42B	32.49B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.11	1.31	0.94	0.78	1.12
Return On Equity %	12.03	14.42	10.76	9.17	13.17
Return on Common Equity	12.68	15.31	11.15	9.39	13.83
Margin Analysis
Gross Profit Margin %	88.81	89.19	86.98	86.47	86.62
SG&A Margin	51.66	49.92	53.79	56.06	51.95
Income From Continuing Operations Margin %	23.19	25.3	20.94	17.22	22
Net Income Margin %	22.81	25.16	20.66	16.95	21.77
Net Avail. For Common Margin %	21.79	24.38	19.74	15.91	20.81
Normalized Net Income Margin	19.04	20.75	16.8	14.26	17.71
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.05	0.05
Short Term Liquidity
Current Ratio	1.78	1.93	1.93	1.95	2.09
Quick Ratio	1.49	1.69	1.65	1.6	1.76
Operating Cash Flow to Current Liabilities	-0.05	0.07	-0.01	-0.07	0
Long Term Solvency
Total Debt/Equity	331.1	335.26	363	403.8	397.03
Total Debt / Total Capital	76.8	77.03	78.4	80.15	79.88
LT Debt/Equity	191.07	206.94	217.78	246.75	254.75
Long-Term Debt / Total Capital	44.32	47.54	47.04	48.98	51.25
Total Liabilities / Total Assets	90.76	91.03	91.42	91.62	91.32
Tier 1 Capital Ratio %	19.4	17.7	17.2	17.1	17.8
Total Capital Ratio %	21.5	19.7	19.3	19.5	19.9
Leverage Ratio %	8.4	7.1	6.7	6.7	6.9
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.37	24.49	-10.65	0.42	14.71
Gross Profit, 1 Yr. Growth %	16.53	25.09	-12.86	-0.17	14.9
Earnings From Cont. Operations, 1 Yr. Growth %	21.02	35.25	-26.06	-17.43	46.58
Net Income, 1 Yr. Growth %	21.61	36.72	-26.64	-17.61	47.35
Normalized Net Income, 1 Yr. Growth %	28.75	35.13	-27.67	-11.8	42.48
Diluted EPS Before Extra, 1 Yr. Growth %	24.47	24.3	-23.41	-15.77	53.47
Common Equity, 1 Yr. Growth %	26.7	5.58	-6.45	-1.21	4.95
Total Assets, 1 Yr. Growth %	24.62	6.48	-0.67	1.14	1.79
Tangible Book Value, 1 Yr. Growth %	19.03	-4.5	-7.42	-0.89	7.63
Cash From Operations, 1 Yr. Growth %	-161.88	-234.64	-118.83	424.25	-104.06
Capital Expenditures, 1 Yr. Growth %	-20.92	59.83	33.36	10.85	1.47
Dividend Per Share, 1 Yr. Growth %	3.7	75	23.47	9.92	9.02
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.62	20.17	5.47	-5.28	7.33
Gross Profit, 2 Yr. CAGR %	9.5	20.52	4.4	-6.73	7.1
Earnings From Cont. Operations, 2 Yr. CAGR %	12.16	27.94	0	-21.87	10.01
Net Income, 2 Yr. CAGR %	12.11	28.95	0.15	-22.26	10.18
Normalized Net Income, 2 Yr. CAGR %	14.12	31.9	-1.14	-20.97	11.56
Diluted EPS Before Extra, 2 Yr. CAGR %	16.84	24.39	-2.43	-19.68	13.7
Common Equity, 2 Yr. CAGR %	13.58	15.66	-0.62	-3.86	1.83
Total Assets, 2 Yr. CAGR %	14.34	15.19	2.84	0.23	1.47
Tangible Book Value, 2 Yr. CAGR %	9.88	6.62	-5.97	-4.21	3.28
Cash From Operations, 2 Yr. CAGR %	85.85	-8.72	-49.65	-0.64	-53.86
Capital Expenditures, 2 Yr. CAGR %	-12.01	12.43	46	21.59	6.05
Dividend Per Share, 2 Yr. CAGR %	10.34	34.72	46.99	16.5	9.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.3	14.21	8.87	3.76	0.96
Gross Profit, 3 Yr. CAGR %	7.91	14.29	8.17	2.86	-0.01
Earnings From Cont. Operations, 3 Yr. CAGR %	21.48	19.38	6.57	-6.19	-3.64
Net Income, 3 Yr. CAGR %	21.63	19.78	6.85	-6.16	-3.79
Normalized Net Income, 3 Yr. CAGR %	11.46	20.73	7.96	-5.91	-3.82
Diluted EPS Before Extra, 3 Yr. CAGR %	28.01	19.27	5.82	-7.1	-0.33
Common Equity, 3 Yr. CAGR %	10.34	10.85	7.76	-0.81	-1.01
Total Assets, 3 Yr. CAGR %	9.42	11.66	9.64	2.27	0.75
Tangible Book Value, 3 Yr. CAGR %	8.26	4.86	1.72	-4.31	-0.41
Cash From Operations, 3 Yr. CAGR %	77.59	66.92	-46.07	9.95	-65.77
Capital Expenditures, 3 Yr. CAGR %	-3.94	7.36	19.01	33.19	14.47
Dividend Per Share, 3 Yr. CAGR %	13.8	28.67	30.86	33.42	13.95
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.47	11.53	7.07	5.98	8.25
Gross Profit, 5 Yr. CAGR %	6.28	11.5	6.4	5.37	7.74
Earnings From Cont. Operations, 5 Yr. CAGR %	12.17	19.82	12.39	0.76	7.93
Net Income, 5 Yr. CAGR %	12.41	20.25	12.53	0.76	8.17
Normalized Net Income, 5 Yr. CAGR %	10.46	17.24	6.24	1.64	8.85
Diluted EPS Before Extra, 5 Yr. CAGR %	17.29	22.42	14.83	1.82	8.9
Common Equity, 5 Yr. CAGR %	6.46	7.35	5.82	4.71	5.35
Total Assets, 5 Yr. CAGR %	7.22	7.83	6.74	6.94	6.3
Tangible Book Value, 5 Yr. CAGR %	5.5	4.12	2.33	1.13	2.34
Cash From Operations, 5 Yr. CAGR %	41.4	44.55	7.26	35.64	-49.33
Capital Expenditures, 5 Yr. CAGR %	1.01	12.58	13.57	12.84	13.65
Dividend Per Share, 5 Yr. CAGR %	18.47	26.71	26.07	23.66	21.84