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.

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GSMS

Often compared:+ JPM

What differs most

generated from the numbers below

Debt / equity: Morgan Stanley 3.3×, Goldman Sachs 2.8×.

Price return

2025-10-16 → 2026-10-16

GS+16.2%

MS+12.8%

Prices at the close on 2026-10-16

Goldman Sachs

$881.26

Morgan Stanley

$180.54

Profile

latest

Sector

Financial Services

Industry

Financial - Capital Markets

Market value

$256.60B

$284.76B

Enterprise value

$417.29B

$507.78B

Employees

47,400

83,000

Revenue per employee (TTM)

—

Our models

nightlythe valuation on each stock's page

Price vs model

at model vs model

28% overvalued vs model

Model range

$831–1015

$126–168

Models in the headline

FCF growth priced in, at a 10% return

—

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 2026-10-16

Last close

$881.26

$180.54

52-week high

$1152.07

$228.55

52-week low

$744.60

$154.37

Price vs 52-week high

−23.5%

−21.0%

Price vs 52-week low

+18.4%

+17.0%

Average daily volume / shares

0.7%

0.3%

Beta

1.28

1.21

Returns

to 2026-10-16

1 month

−6.0%

−10.8%

3 months

−19.6%

−17.3%

6 months

−2.1%

−3.6%

Year to date

+0.3%

+1.7%

1 year

+16.2%

+12.8%

1 year, dividends added

+18.6%

+15.4%

2 years

+66.3%

+51.1%

Valuation

price × TTM to Jun 2026

P/E (TTM)

13.6×

14.6×

P/E on consensus EPS (next FY)

12.8×

14.1×

Price / sales

—

EV / sales

—

EV / EBITDA

—

Price / book

2.1×

2.4×

Price / free cash flow (FY)

n/m

Free-cash-flow yield (FY)

−18.4%

−7.3%

Growth

TTM and FY2025

Revenue growth (TTM)

—

Revenue growth, consensus next FY

—

Revenue, 3-year CAGR

—

Revenue, 5-year CAGR

—

EPS growth (TTM)

—

EPS growth, consensus next FY

+33.9%

+25.2%

EPS, 3-year CAGR

19.5%

18.4%

Free cash flow, 3-year CAGR

—

Diluted shares, 3-year change

−11.3%

−7.1%

Profitability

TTM to Jun 2026

Gross margin (FY)†

47.5%

57.1%

Operating margin

—

EBITDA margin

—

Net margin

—

Free-cash-flow margin (FY)

—

Return on equity

17.1%

17.3%

Return on assets

1.0%

1.2%

Asset turnover

—

† 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 Jun 2026

Cash

$187.27B

$160.13B

Total debt

$347.96B

$383.16B

Net debt

$160.70B

$223.02B

Debt / equity

2.8×

3.3×

Net debt / EBITDA (TTM)

—

Interest coverage (FY)

0.3×

0.4×

Current ratio (FY)

0.83

1.17

Dividends

trailing 12 months

Dividend yield

2.0%

2.3%

Dividends per share

$18.00

$4.15

Payout ratio (of TTM EPS)

27.8%

33.5%

Dividend per share, 5-year CAGR

25.6%

18.9%

Frequency

Quarterly

Ownership and activity

last 90 days · latest 13F

Tracked superinvestors holding (13F)

Insider open-market buys (Form 4)

Insider sales (Form 4)

$805K

$212K

Analyst upgrades

Analyst downgrades

Statements

income TTM to Jun 2026 · cash flow FY2025

Revenue

—

EBITDA

—

Operating income

—

Net income

$20.97B

$20.16B

EPS (diluted)

$64.82

$12.37

Operating cash flow

−$45.15B

−$17.89B

Capital expenditure

−$2.06B

−$2.90B

Free cash flow

−$47.22B

−$20.79B

Dividends paid

$5.28B

$6.59B

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Statements from the companies' SEC filings; 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.