Citigroup vs Morgan Stanley: Business Model & Financial Comparison 2026
Citigroup · Financial Services / Banks - Diversified·Morgan Stanley · Financial Services / Capital Markets
Financial Comparison
| Metric | CCitigroup | MSMorgan Stanley |
|---|---|---|
| Market Cap | $223.23B | $297.06B |
| Revenue (TTM) | $78.73B | $73.17B |
| Revenue Growth | 16.9% | 16.3% |
| Gross Margin | 0.0% | 87.4% |
| Operating Margin | 34.1% | 40.6% |
| Net Margin | 20.4% | 24.8% |
| Return on Equity | 7.6% | N/A |
| P/E (Trailing) | 15.8x | 16.9x |
| P/E (Forward) | 10.3x | 14.8x |
| Free Cash Flow | N/A | N/A |
| Cash | $1.33T | $600.39B |
| Total Debt | $749.21B | $513.41B |
Data sourced from Yahoo Finance. Green highlights indicate better performance for that metric. Use the interactive tool for real-time data.
Business Model Comparison
Citigroup
Citigroup Inc. stands as a leading company in Financial Services. Generating $75.72 billion in annual revenue (growing 4.4% year-over-year) and carrying a market capitalization of $190.59 billion, the company has cemented its position as a foundational player in the global Banks - Diversified landscape. Under the leadership of its leadership team, Citigroup Inc. continues to execute on a multi-year strategic vision that balances growth investment…
Full Citigroup analysis →Morgan Stanley
Morgan Stanley stands as a leading company in Financial Services. Generating $70.30 billion in annual revenue (growing 11.0% year-over-year) and carrying a market capitalization of $258.11 billion, the company has cemented its position as a foundational player in the global Capital Markets landscape. Under the leadership of its leadership team, Morgan Stanley continues to execute on a multi-year strategic vision that balances growth investment wi…
Full Morgan Stanley analysis →SWOT Analysis Comparison
Strengths
Citigroup
- With a market capitalization of $190.59B, Citigroup Inc. is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access that
Morgan Stanley
- With a market capitalization of $258.11B, Morgan Stanley is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access that
- Morgan Stanley's gross margin of 87.1% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 38.6% demonstrates discip
- Revenue grew 11.0% year-over-year to $70.30B, indicating strong demand for Morgan Stanley's products and services and outperformance relative to many industry peers.
Weaknesses
Citigroup
- Revenue growth of 4.4% is below what growth investors typically seek, suggesting market saturation in core businesses or increasing competitive pressure.
- With 226,000 employees globally, Citigroup Inc. faces inherent challenges in agility, decision-making speed, and maintaining a consistent culture across geographies — advantages that smaller, nimbler
Morgan Stanley
- With a debt-to-equity ratio of 455.7, Morgan Stanley carries significant debt relative to equity. While manageable given its cash flow, elevated leverage limits financial flexibility and increases vul
Opportunities
Citigroup
- Citigroup Inc. operates in the Banks - Diversified segment of the broader Financial Services sector, which represents a $26.5 trillion global financial services market by 2028. Even modest share gains
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Citigro
- With $989.68B in cash and strong free cash flow generation, Citigroup Inc. is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic reach.
Morgan Stanley
- Morgan Stanley operates in the Capital Markets segment of the broader Financial Services sector, which represents a $26.5 trillion global financial services market by 2028. Even modest share gains in
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Morgan
- Earnings growth of 20.7% YoY demonstrates Morgan Stanley's ability to convert revenue growth into shareholder value. Analysts project continued earnings expansion driven by operating leverage as fixed
Threats
Citigroup
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Citigroup Inc.'s revenue is not fully insulated from macroeconomic cycles, and a recession s
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Citigroup Inc.'s bu
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
Morgan Stanley
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Morgan Stanley's revenue is not fully insulated from macroeconomic cycles, and a recession s
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Morgan Stanley's bu
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
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Open Comparison ToolCitigroup vs Morgan Stanley: FAQ
- Is Citigroup bigger than Morgan Stanley?
- By market capitalization, Morgan Stanley is larger at $297.06B vs Citigroup's $223.23B.
- Which has better profit margins — Citigroup or Morgan Stanley?
- Morgan Stanley has higher net profit margins (24.8%) compared to Citigroup (20.4%). Gross and operating margins are compared in the table above.
- What sectors do Citigroup and Morgan Stanley operate in?
- Citigroup operates in the Financial Services sector (Banks - Diversified). Morgan Stanley operates in the Financial Services sector (Capital Markets).
- How does Citigroup's revenue compare to Morgan Stanley's?
- Citigroup generates $78.73B in annual revenue (TTM) while Morgan Stanley generates $73.17B. Citigroup is the larger company by revenue as of 2026.