Morgan Stanley (MS) 财务分析 | 雷达图·估值·财报

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

利润瀑布图分析

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盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

19.21%

营业利润 Operating Income = $5.76B

营业收入 Revenue = $29.99B

税前利润率 Pre-tax Profit Margini

19.21%

税前利润 Income Before Tax = $5.76B

营业收入 Revenue = $29.99B

净利润率 Net Profit Margini

14.66%

净利润 Net Income = $4.40B

营业收入 Revenue = $29.99B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

23.19%

所得税费用 Income Tax Expense = $1.34B

税前利润 Income Before Tax = $5.76B

现金税率 TTM Cash Tax Rate (TTM)i

0.00%

实际缴纳所得税 Income Taxes Paid (TTM) = $0.00B

税前利润 Income Before Tax (TTM) = $21.95B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$5.78B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $2.85B | non interest income: $15.04B | non interest expense: $12.11B

PPNR利润率 PPNR Margini

19.27%

拨备前净收入 PPNR = $5.78B

营业收入 Revenue = $29.99B

PPNR资产回报率 PPNR / Avg Assetsi

0.44%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $5.78B | avg total assets: $1317.67B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

40.39%

非利息费用 Non-Interest Expense = $12.11B

营业收入 Revenue = $29.99B

成本收入比（非银） Cost-to-Incomei

40.39%

运营费用 Operating Expenses = $12.11B

营业收入 Revenue = $29.99B

成本资产比（UBPR思想） Cost-to-Assetsi

0.92%

运营费用 Operating Expenses = $12.11B

平均总资产 Avg Total Assets = $1317.67B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

-5.43%

收入增长率 Revenue Growth (YoY) = 15.42%

费用增长率 Expense Growth (YoY) = 20.85%

营业利润率扩张 (YoY) Operating Margin Expansioni

0.32pp

当前营业利润率 Current Operating Margin = 19.21%

去年同期营业利润率 Prior Operating Margin = 18.88%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

-0.55x

经营现金流 Operating Cash Flow = $-2.41B

净利润 Net Income = $4.40B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

0.52%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $4.40B | operating cash flow: $-2.41B | avg total assets: $1317.67B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

0.14x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.07x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $116.11B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $44.79B | employee count: N/A

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资本充足性 Capital Adequacy

有形普通股权 Tangible Common Equity (TCE)i

$79.15B

有形资产 Tangible Assets (TA)i

$1397.53B

TCE/TA比率 TCE / TA Ratioi

5.66%

⚠️ 警告 Warning

有形普通股权 TCE = $79.15B

有形资产 TA = $1397.53B

杠杆指标 Leverage

股权资产比 Equity / Assets (E/A)i

7.86%

股东权益 Total Equity = $111.63B

总资产 Total Assets = $1420.27B

资产股权倍数 Assets / Equity (A/E)i

12.72x

总资产 Total Assets = $1420.27B

股东权益 Total Equity = $111.63B

资本质量 Capital Quality

AOCI侵蚀度 AOCI / TCEi

-7.94%

✅ 健康 Healthy

AOCI = $-6.29B

有形普通股权 TCE = $79.15B

商誉无形占比 (Goodwill + Intangibles) / Equityi

20.37%

✅ 健康 Healthy

商誉+无形资产 GW+Intangibles = $22.74B

股东权益 Total Equity = $111.63B

流动性 Liquidity

高流动性缓冲 Liquidity Buffer (HQLA proxy)i

38.02%

✅ 健康 Healthy

现金+短投 Cash+ST Inv = $539.97B

总资产 Total Assets = $1420.27B

资金结构 Funding Structure

批发资金依赖度 Wholesale Funding Ratio (Core)i

36.05%

⚠️ 警告 Warning

短期+长期债务 ST+LT Debt = $471.38B

总负债 Total Liabilities = $1307.62B

证券类资产占比 Securities / Assetsi

69.05%

🔴 风险 Risk

短投+长投 ST+LT Inv = $980.75B

总资产 Total Assets = $1420.27B

风险调整 Risk-Adjusted

风险调整后TCE Risk-Adjusted TCE (ATCE)i

$72.86B

ATCE/TA比率 ATCE / TAi

5.21%

风险调整TCE ATCE = $72.86B

有形资产 TA = $1397.53B

ATCE剪刀差 ATCE Scissor Spreadi

45 bps

✅ 健康 Healthy

TCE/TA = 566.00%

ATCE/TA = 521.00%

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现金流瀑布图

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流入

流出

小计

起止点

现金流生成能力 Cash Generation Capability

盈利现金含量 Earnings Cash Contenti

-1.06x

经营现金流 TTM Operating Cash Flow (TTM) = $-17.89B

净利润 TTM Net Income (TTM) = $16.86B

现金流资产收益率 Cash Flow ROA (CFROA)i

-1.28%

经营现金流 TTM Operating Cash Flow (TTM) = $-17.89B

平均总资产 Average Total Assets = $1392.54B

流动性／偿债能力 Liquidity / Solvency

现金流充足率 Cash Flow Adequacyi

-0.58x

经营现金流 TTM Operating Cash Flow (TTM) = $-17.89B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $30.84B

经营现金流覆盖短期债务比 OCF / Short-Term Debti

-0.12x

经营现金流 TTM Operating Cash Flow (TTM) = $-17.89B

短期债务 Short-Term Debt = $144.05B

持续性／稳定性 Sustainability / Stability

经营现金流增长率 OCF Growth Rate (YoY)i

-120.42%

当期季度 Current Quarter OCF = $-2.41B

去年同期 Same Quarter Last Year OCF = $11.80B

经营现金流波动性 OCF Volatility (CV)i

2.69x

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

19.21%

营业利润 Operating Income = $5.76B

营业收入 Revenue = $29.99B

税前利润率 Pre-tax Profit Margini

19.21%

税前利润 Income Before Tax = $5.76B

营业收入 Revenue = $29.99B

净利润率 Net Profit Margini

14.66%

净利润 Net Income = $4.40B

营业收入 Revenue = $29.99B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

23.19%

所得税费用 Income Tax Expense = $1.34B

税前利润 Income Before Tax = $5.76B

现金税率 TTM Cash Tax Rate (TTM)i

0.00%

实际缴纳所得税 Income Taxes Paid (TTM) = $0.00B

税前利润 Income Before Tax (TTM) = $21.95B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$5.78B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $2.85B | non interest income: $15.04B | non interest expense: $12.11B

PPNR利润率 PPNR Margini

19.27%

拨备前净收入 PPNR = $5.78B

营业收入 Revenue = $29.99B

PPNR资产回报率 PPNR / Avg Assetsi

0.44%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $5.78B | avg total assets: $1317.67B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

40.39%

非利息费用 Non-Interest Expense = $12.11B

营业收入 Revenue = $29.99B

成本收入比（非银） Cost-to-Incomei

40.39%

运营费用 Operating Expenses = $12.11B

营业收入 Revenue = $29.99B

成本资产比（UBPR思想） Cost-to-Assetsi

0.92%

运营费用 Operating Expenses = $12.11B

平均总资产 Avg Total Assets = $1317.67B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

-5.43%

收入增长率 Revenue Growth (YoY) = 15.42%

费用增长率 Expense Growth (YoY) = 20.85%

营业利润率扩张 (YoY) Operating Margin Expansioni

0.32pp

当前营业利润率 Current Operating Margin = 19.21%

去年同期营业利润率 Prior Operating Margin = 18.88%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

-0.55x

经营现金流 Operating Cash Flow = $-2.41B

净利润 Net Income = $4.40B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

0.52%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $4.40B | operating cash flow: $-2.41B | avg total assets: $1317.67B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

0.14x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.07x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $116.11B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $44.79B | employee count: N/A

资本充足性 Capital Adequacy

有形普通股权 Tangible Common Equity (TCE)i

$79.15B

有形资产 Tangible Assets (TA)i

$1397.53B

TCE/TA比率 TCE / TA Ratioi

5.66%

⚠️ 警告 Warning

有形普通股权 TCE = $79.15B

有形资产 TA = $1397.53B

杠杆指标 Leverage

股权资产比 Equity / Assets (E/A)i

7.86%

股东权益 Total Equity = $111.63B

总资产 Total Assets = $1420.27B

资产股权倍数 Assets / Equity (A/E)i

12.72x

总资产 Total Assets = $1420.27B

股东权益 Total Equity = $111.63B

资本质量 Capital Quality

AOCI侵蚀度 AOCI / TCEi

-7.94%

✅ 健康 Healthy

AOCI = $-6.29B

有形普通股权 TCE = $79.15B

商誉无形占比 (Goodwill + Intangibles) / Equityi

20.37%

✅ 健康 Healthy

商誉+无形资产 GW+Intangibles = $22.74B

股东权益 Total Equity = $111.63B

流动性 Liquidity

高流动性缓冲 Liquidity Buffer (HQLA proxy)i

38.02%

✅ 健康 Healthy

现金+短投 Cash+ST Inv = $539.97B

总资产 Total Assets = $1420.27B

资金结构 Funding Structure

批发资金依赖度 Wholesale Funding Ratio (Core)i

36.05%

⚠️ 警告 Warning

短期+长期债务 ST+LT Debt = $471.38B

总负债 Total Liabilities = $1307.62B

证券类资产占比 Securities / Assetsi

69.05%

🔴 风险 Risk

短投+长投 ST+LT Inv = $980.75B

总资产 Total Assets = $1420.27B

风险调整 Risk-Adjusted

风险调整后TCE Risk-Adjusted TCE (ATCE)i

$72.86B

ATCE/TA比率 ATCE / TAi

5.21%

风险调整TCE ATCE = $72.86B

有形资产 TA = $1397.53B

ATCE剪刀差 ATCE Scissor Spreadi

45 bps

✅ 健康 Healthy

TCE/TA = 566.00%

ATCE/TA = 521.00%

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Morgan Stanley

🔍 商业模式深度分析 (杜邦模型)

财务可视化指标

📊 估值

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 成长

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 盈利

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 现金质量

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ 财务韧性

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ 运营与资本效率

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 股东回报

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

利润表分析

利润瀑布图分析

资产负债表分析

现金流量表分析

📊 估值

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 成长

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 盈利

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 现金质量

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ 财务韧性

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ 运营与资本效率

ROIC (TTM)