Goldman Sachs vs Morgan Stanley GS vs MS
Goldman Sachs and Morgan Stanley on one sheet: valuation multiples, growth, margins, debt, dividends and returns, each section labelled with the period it covers, from the companies' filings. Add or remove a stock above the sheet; the link holds the set.
What differs most
- EV / EBITDA: Goldman Sachs 33.3×, Morgan Stanley 9.8×.
- Consensus revenue growth for next year: Morgan Stanley −28.4%, Goldman Sachs −41.3%.
- Operating margin: Goldman Sachs 25.0%, Morgan Stanley 20.5%.
Price return
2025-10-26 → 2026-10-26
GS+14.0%
MS+12.0%
Profile
latestSector
Financial Services
Financial Services
Industry
Financial - Capital Markets
Financial - Capital Markets
Market value
$260.10B
$289.42B
Enterprise value
$1.10T
$289.42B
Employees
47,400
83,000
Revenue per employee (TTM)
$2.6M
$1.6M
Our models
nightlythe valuation on each stock's pagePrice vs model
1% undervalued vs model
30% overvalued vs model
Model range
$835–1033
$124–164
Models in the headline
1
1
FCF growth priced in, at a 10% return
—
−16.0%
Every model, its assumptions and its range: GS valuation · MS valuation. The growth priced in, at any return: GS reverse DCF · MS reverse DCF.
Trading
close 2026-10-26Last close
$893.28
$183.49
52-week high
$1152.07
$228.55
52-week low
$773.70
$154.37
Price vs 52-week high
−22.5%
−19.7%
Price vs 52-week low
+15.5%
+18.9%
Average daily volume / shares
0.7%
0.3%
Beta
1.28
1.21
Returns
to 2026-10-261 month
−4.5%
−6.5%
3 months
−15.8%
−14.4%
6 months
−3.6%
−2.4%
Year to date
+1.6%
+3.4%
1 year
+14.0%
+12.0%
1 year, dividends added
+16.3%
+14.5%
2 years
+74.3%
+57.0%
Valuation
price × TTM to Sep 2026P/E (TTM)
12.8×
14.7×
P/E on consensus EPS (next FY)
12.6×
14.3×
Price / sales
2.1×
2.2×
EV / sales
8.9×
2.2×
EV / EBITDA
33.3×
9.8×
Price / book
2.1×
—
Price / free cash flow (FY)
n/m
6.3×
Free-cash-flow yield (FY)
−18.2%
15.9%
Growth
TTM and FY2025Revenue growth (TTM)
—
—
Revenue growth, consensus next FY
−41.3%
−28.4%
Revenue, 3-year CAGR
22.1%
22.5%
Revenue, 5-year CAGR
18.5%
18.3%
EPS growth (TTM)
—
—
EPS growth, consensus next FY
+38.6%
+26.1%
EPS, 3-year CAGR
19.5%
18.4%
Free cash flow, 3-year CAGR
—
—
Diluted shares, 3-year change
−11.3%
−7.0%
Profitability
TTM to Sep 2026Gross margin (FY)†
47.5%
57.1%
Operating margin
25.0%
20.5%
EBITDA margin
26.7%
22.9%
Net margin
18.0%
15.8%
Free-cash-flow margin (FY)
−37.7%
40.1%
Return on equity
17.7%
—
Return on assets
1.0%
1.2%
Asset turnover
0.06
0.08
† Gross margin (FY): As filed. Companies draw the cost-of-revenue line in different places, so gross margins of two companies in one industry can differ for that reason alone; operating margin does not depend on where the line is drawn.
Balance sheet
MRQ Sep 2026Cash
$177.0M
$0
Total debt
$839.00B
$0
Net debt
$838.82B
$0
Debt / equity
6.7×
—
Net debt / EBITDA (TTM)
25.4×
0.0×
Interest coverage (FY)
0.3×
0.4×
Current ratio (FY)
0.83
1.17
Dividends
trailing 12 monthsDividend yield
2.0%
2.3%
Dividends per share
$18.00
$4.15
Payout ratio (of TTM EPS)
25.9%
33.2%
Dividend per share, 5-year CAGR
25.6%
18.9%
Frequency
Quarterly
Quarterly
Ownership and activity
last 90 days · latest 13FTracked superinvestors holding (13F)
6
7
Insider open-market buys (Form 4)
$0
$0
Insider sales (Form 4)
$1.0M
$0
Analyst upgrades
1
0
Analyst downgrades
0
0
Statements
income TTM to Sep 2026 · cash flow FY2025Revenue
$123.48B
$129.76B
EBITDA
$33.01B
$29.65B
Operating income
$30.87B
$26.65B
Net income
$22.17B
$20.52B
EPS (diluted)
$69.54
$12.51
Operating cash flow
−$45.15B
$49.00B
Capital expenditure
−$2.06B
−$2.90B
Free cash flow
−$47.22B
$46.10B
Dividends paid
$5.28B
$6.59B
Statements, prices, dividends and consensus estimates from Financial Modeling Prep; insider trades from Form 4 and holdings from 13F. Refreshed nightly. A comparison of filed numbers, not a recommendation to buy, sell or hold any security.