MSMORGAN STANLEY

Security Brokers, Dealers & Flotation Companies

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $289.7B
Employees: 2,025
Net debt / EBITDA: —; $232.4B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-106% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$17M · 96th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$289.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$52M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$15.0B	$11.0B	$9.1B	$13.4B	$16.9B	26%
Operating cash flow	$34.0B	−$6.4B	−$33.5B	$1.4B	−$17.9B	1413%
Stock-based comp	$2.1B	$1.9B	$1.7B	$1.6B	$1.9B	19%
Dividends	$4.2B	$5.4B	$5.8B	$6.1B	$6.6B	7.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 15, 2026	MITSUBISHI UFJ FINANCIAL GROUP INC	SCHEDULE 13D/A	24.1%	Passive
Apr 13, 2026	MITSUBISHI UFJ FINANCIAL GROUP INC	SCHEDULE 13D/A	23.9%	Passive
Nov 4, 2025	MITSUBISHI UFJ FINANCIAL GROUP INC	SCHEDULE 13D/A	23.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $52M · 33
Net: −$52M

Pay vs performance

No pay-versus-performance disclosure yet.