Goldman Sachs vs Morgan Stanley
Morgan Stanley is the larger business, with $70.64bn of revenue in fiscal 2025 against $58.28bn for Goldman Sachs (1.2 times as much). Morgan Stanley grew faster (14.4% against 8.9%). Goldman Sachs kept more of each dollar of sales as profit: a net margin of 29.5% against 23.9%.
| Latest fiscal year | Goldman SachsGS, 2025 | Morgan StanleyMS, 2025 |
|---|---|---|
| Revenue | $58.28bn | $70.64bn |
| Revenue growth | 8.9% | 14.4% |
| Net income | $17.18bn | $16.86bn |
| Operating margin | — | — |
| Net margin | 29.5% | 23.9% |
| Return on equity | 13.9% | 15.6% |
| Free cash flow | −$47.22bn | — |
| Cash | $164.26bn | $111.69bn |
| Total debt | $355.96bn | $348.94bn |
| Debt to equity | — | — |
| Dividend per share | $14.00 | $3.85 |
| Dividend yield | 2.4% | 2.3% |
| Share buybacks | $12.36bn | — |
| Employees | — | 83,000 |
| Market value | $259.37bn | $291.95bn |
| Price vs our value range | — | — |
| Moat score | 67 (Moderate) | 72 (Strong) |
| Insider trades, 12 months | 51 buys, 242 sales | 0 buys, 33 sales |