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Morgan Stanley

MSAbove value

Held by 7 superinvestors.

Price$214.08
Holders7
Total value$796.6M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31
Revenue growth
—
Net margin
—
ROE
15.1%
FCF margin
—

Fundamentals data incomplete — read with care.

What makes a business high quality

Valuation · value band

Above fair value

$70/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$214
cheaperpricier

Zero-growth floor

$56

Central IV

$70

Optimistic top

$79

Morgan Stanley (MS): A conservative value band $56–$79 / sh (zero-growth floor to growth-capped optimistic top); central read about $70. Today’s price sits above that band (price $214 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 3% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.6% · Zero-growth downside $56

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $54.93 – $79.18 · Greenwald zero-growth $63.20 · zero-growth base $63.20 · reproduction $55.84

Moat Commodity-like · terminal value 33% of present value · owner-earnings yield 4% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: 2025, 2024, 2023, 2022, 2021

Buffett owner-earnings value$54.77 – $63.20 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 17.6 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $88.90B = $55.84 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 17.6 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.

Owner-earnings DCF: growth g₁ 3% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 13.16%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

7 holders · $796.6M combined · this quarter +1 opened / -0 exited

This quarter1 opened1 added5 trimmed
Holders 7 → 7 · last 8q

SEC 13F · notes

Written summary

Morgan Stanley (MS) is held by 7 of the superinvestors tracked on Compounder, with a combined $796.6M in reported 13F value. The largest position belongs to Andreas Halvorsen, where it makes up 1.0% of the portfolio.

Other notable holders by value include Jim Cullen (2.9% of its book), Richard Pzena (0.3% of its book) and David Katz (3.5% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in MS, 1 added to existing ones, 5 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Morgan Stanley (MS) also commonly hold →

MS's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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