CompetitorsNarrow moat

Morgan Stanley (MS) — moat facet

Morgan Stanley's rivals are four different animals, and the one it most resembles, Goldman Sachs, is now worth less than it.

Morgan Stanley's annual report names categories, not companies: "We compete with commercial banks, global investment banks, regional banks, broker-dealers, private banks, registered investment advisers, digital investing platforms" and others1. It says its position depends on "reputation, client experience, the quality and consistency of our long-term investment performance, innovation, execution, relative pricing"2. The rivals that matter are four different kinds of relationship.

Market value, September 2026 ($bn)Morgan Stanley308.3Goldman Sachs283.5Charles Schwab172.1Robinhood110.3stockanalysis.com market cap pages, September 2026
Ahead of the rival it most resembles.

Goldman Sachs is the head-on rival in investment banking and markets, one of seven peers against which the firm measures its wallet share3. Charles Schwab, Robinhood and the independent adviser firms compete for the same savers and advisers through cheaper platforms. Vanguard, BlackRock and State Street compete with Investment Management for fund money while holding 6.9%, 5.7% and 7.2% of Morgan Stanley's own shares4. And MUFG, the largest shareholder at 24.0%5, is a partner rather than a rival.

The market ranks them on the business mix. In September 2026 Morgan Stanley was worth $308.32 billion, Goldman Sachs $283.50 billion, Charles Schwab $172.07 billion and Robinhood $110.32 billion67.

Advisers leaving for independent firms are discussed on the page about adviser loans; the pressure from new technology on the wealth fee has its own page too.

Morgan Stanley's regional growth shows where it has been taking business. The firm says revenue grew about 50% in Asia, about 40% in EMEA and about 30% in the Americas between 2023 and 20258. It employs about 30,000 full-time staff outside the United States9, and its international businesses contributed about $18 billion, or 25%, of 2025 revenue on its own measure10.

The market value comparison has flipped in recent years toward the firms with more fee income. Morgan Stanley's market value was $153.05 billion at the end of 2023 and $308.32 billion in September 20261112, roughly double. The rise came with record earnings, but also with a steady increase in the share of profit from wealth and asset management.

The value gap over Goldman Sachs is the single comparison worth repeating. If Goldman's market value moved back above Morgan Stanley's, the market would be saying the wealth franchise had stopped earning its premium.

Moat trajectory: Holding steady

Market value ahead of Goldman Sachs; wallet share rising.

The number that tests this moat
Reported
Market value vs Goldman Sachs
$308.32bn vs $283.50bn (September 2026)

The market's verdict on the wealth mix; Goldman moving back ahead would mean the premium had gone.

Source: MS market cap history (stockanalysis) ↗
Dig deeper
DIG DEEPER 01
Goldman Sachs: The Head-On Rival
Morgan Stanley meets Goldman Sachs in every deal, but it no longer needs to win every deal, because half its profit comes from wealth.
DIG DEEPER 02
Schwab, Robinhood and the Independent Advisers
Morgan Stanley fights the discount platforms with E*TRADE and the independent advisers with loans, and it is winning on assets while conceding on…
DIG DEEPER 03
Vanguard and BlackRock: Owners Who Compete
Vanguard and BlackRock own a slice of Morgan Stanley while taking money out of its equity funds.
DIG DEEPER 04
MUFG: The Partner That Owns a Quarter
A Japanese bank owns a quarter of Morgan Stanley and names two of its directors, which makes it a partner, a shield and a concentration at once.
References
  1. ReportedMorgan Stanley's annual report names categories, not companies: "We compete with commercial banks, global investment banks, regional banks, broker-dealers, private banks, registered investment advisers, digital investing platforms" and others.
    Morgan Stanley Form 10-K for fiscal 2025 - Item 1A risk factors, competition and legal proceedings. — FY2025 · publ. 19 February 2026 · source ↗
  2. ReportedIt says its position depends on "reputation, client experience, the quality and consistency of our long-term investment performance, innovation, execution, relative pricing".
    Morgan Stanley Form 10-K for fiscal 2025 - Item 1A risk factors, competition and legal proceedings. — FY2025 · publ. 19 February 2026 · source ↗
  3. ReportedGoldman Sachs is the head-on rival in investment banking and markets, one of seven peers against which the firm measures its wallet share.
    Morgan Stanley strategic update, The Integrated Firm: Executing on a Higher Plane, Form 8-K exhibit 99.3 - ROTCE 2016-2025, firmwide goals, five-year Wealth Management aggregates and wallet share. — 2016-2025 · publ. 15 January 2026 · source ↗
  4. ReportedVanguard, BlackRock and State Street compete with Investment Management for fund money while holding 6.9%, 5.7% and 7.2% of Morgan Stanley's own shares.
    Morgan Stanley 2026 proxy statement (DEF 14A) - principal shareholders, the MUFG investor agreement and board designees, the Japanese joint venture, and executive compensation. — 2026 · publ. 2 April 2026 · source ↗
  5. ReportedAnd MUFG, the largest shareholder at 24.0%, is a partner rather than a rival.
    Morgan Stanley 2026 proxy statement (DEF 14A) - principal shareholders, the MUFG investor agreement and board designees, the Japanese joint venture, and executive compensation. — 2026 · publ. 2 April 2026 · source ↗
  6. ReportedIn September 2026 Morgan Stanley was worth $308.32 billion, Goldman Sachs $283.50 billion, Charles Schwab $172.07 billion and Robinhood $110.32 billion.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
  7. ReportedIn September 2026 Morgan Stanley was worth $308.32 billion, Goldman Sachs $283.50 billion, Charles Schwab $172.07 billion and Robinhood $110.32 billion.
    Morgan Stanley market capitalisation history and related stocks - year-end values 2015-2025, and Goldman Sachs, Charles Schwab, Robinhood and Interactive Brokers market caps. — 2015-2026 · publ. September 2026 · source ↗
  8. ReportedThe firm says revenue grew about 50% in Asia, about 40% in EMEA and about 30% in the Americas between 2023 and 2025.
    Morgan Stanley strategic update, The Integrated Firm: Executing on a Higher Plane, Form 8-K exhibit 99.3 - ROTCE 2016-2025, firmwide goals, five-year Wealth Management aggregates and wallet share. — 2016-2025 · publ. 15 January 2026 · source ↗
  9. ReportedIt employs about 30,000 full-time staff outside the United States, and its international businesses contributed about $18 billion, or 25%, of 2025 revenue on its own measure.
    Morgan Stanley strategic update, The Integrated Firm: Executing on a Higher Plane, Form 8-K exhibit 99.3 - ROTCE 2016-2025, firmwide goals, five-year Wealth Management aggregates and wallet share. — 2016-2025 · publ. 15 January 2026 · source ↗
  10. ReportedIt employs about 30,000 full-time staff outside the United States, and its international businesses contributed about $18 billion, or 25%, of 2025 revenue on its own measure.
    Morgan Stanley strategic update, The Integrated Firm: Executing on a Higher Plane, Form 8-K exhibit 99.3 - ROTCE 2016-2025, firmwide goals, five-year Wealth Management aggregates and wallet share. — 2016-2025 · publ. 15 January 2026 · source ↗
  11. ReportedMorgan Stanley's market value was $153.05 billion at the end of 2023 and $308.32 billion in September 2026, roughly double.
    Morgan Stanley market capitalisation history and related stocks - year-end values 2015-2025, and Goldman Sachs, Charles Schwab, Robinhood and Interactive Brokers market caps. — 2015-2026 · publ. September 2026 · source ↗
  12. ReportedMorgan Stanley's market value was $153.05 billion at the end of 2023 and $308.32 billion in September 2026, roughly double.
    Morgan Stanley (MS) market data - $196.31 at the close on 25 September 2026, market cap $308.32B, trailing P/E 15.86, forward P/E 15.14, 52-week range 151.84-232.25. — September 2026 · publ. 25 September 2026 · source ↗
Sources
Generated September 26, 2026