Question 1

What is Morgan Stanley's P/FCF ratio?

Accepted Answer

Morgan Stanley (MS) P/FCF ratio is 33.3× as of February 23, 2023. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Morgan Stanley?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Morgan Stanley specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is Morgan Stanley's P/FCF ratio high or low?

Accepted Answer

Morgan Stanley's P/FCF ratio of 33.3× is above its own 5-year average of 20.1× and above the sector median of 12.0×. That places the current reading at the 96th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Morgan Stanley's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Morgan Stanley (MS) P/FCF ratio has ranged from a low of 0.2× in 2008 to a high of 65.2× in 2016. The 5-year average is 20.1× and the 5-year median is 26.5×.

Question 7

What was Morgan Stanley's P/FCF ratio in 2021?

Accepted Answer

Morgan Stanley (MS) P/FCF ratio at the end of 2021 was 5.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Morgan Stanley's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$279B	-$17.9B	—	—	Dec 31, 2025
2024	$199B	-$2.1B	—	—	Dec 31, 2024
2023	$150B	-$36.9B	—	—	Dec 31, 2023
2022	$140B	-$9.48B	—	—	Dec 31, 2022
2021	$172B	$31.7B	5.4×	—	Dec 31, 2021
2020	$122B	-$26.7B	—	—	Dec 31, 2020
2019	$80.4B	$38.9B	2.1×	-10.1×	Dec 31, 2019
2018	$66.4B	$5.44B	12.2×	—	Dec 31, 2018
2017	$91.9B	-$6.13B	—	—	Dec 31, 2017
2016	$76.3B	$1.17B	65.2×	+39.0×	Dec 31, 2016
2015	$60.1B	$2.3B	26.1×	—	Dec 31, 2015
2014	$74.5B	-$11.7B	—	—	Dec 31, 2014
2013	$59.7B	$34.2B	1.7×	+0.2×	Dec 31, 2013
2012	$36.2B	$23.2B	1.6×	-3.6×	Dec 31, 2012
2011	$28B	$5.38B	5.2×	+4.2×	Dec 31, 2011
2010	$39.1B	$39.1B	1.0×	—	Dec 31, 2010
2009	$38.4B	-$48.8B	—	—	Dec 31, 2009
2008	$11.7B	$72B	0.2×	—	Nov 30, 2008
2007	$52.7B	-$23.6B	—	—	Nov 30, 2007
2006	$64.5B	-$60.9B	—	—	Nov 30, 2006
2005	$50B	-$31.9B	—	—	Nov 30, 2005
2004	$46.1B	-$25.1B	—	—	Nov 30, 2004
2003	$51.7B	$1.75B	29.5×	—	Nov 30, 2003
2002	$41.5B	-$6.18B	—	—	Nov 30, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Morgan Stanley (MS) 2003-2026

P/FCF Ratio daily chart for Morgan Stanley (MS)

Historical P/FCF Ratio for Morgan Stanley (MS) from 2002 to 2025

About P/FCF Ratio at Morgan Stanley (MS)

Morgan Stanley P/FCF Ratio by Year

Morgan Stanley P/FCF Ratio 2021: 5.4×

Morgan Stanley P/FCF Ratio 2019: 2.1×

Morgan Stanley P/FCF Ratio 2018: 12.2×

Morgan Stanley P/FCF Ratio 2016: 65.2×

Morgan Stanley P/FCF Ratio 2015: 26.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Morgan Stanley (MS) Key Financials