Goldman Sachs Group vs Morgan Stanley: Business Model & Financial Comparison 2026
Goldman Sachs Group · Financial Services / Capital Markets·Morgan Stanley · Financial Services / Capital Markets
Financial Comparison
| Metric | GSGoldman Sachs Group | MSMorgan Stanley |
|---|---|---|
| Market Cap | $234.61B | $245.91B |
| Revenue (TTM) | $59.40B | $70.30B |
| Revenue Growth | 15.2% | 11.0% |
| Gross Margin | 82.9% | 87.1% |
| Operating Margin | 38.3% | 38.6% |
| Net Margin | 28.9% | 24.0% |
| Return on Equity | 13.9% | 15.6% |
| P/E (Trailing) | 15.2x | 15.2x |
| P/E (Forward) | 12.0x | 12.6x |
| Free Cash Flow | N/A | N/A |
| Cash | $996.63B | $600.39B |
| Total Debt | $747.58B | $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
Goldman Sachs Group
The Goldman Sachs Group, Inc. stands as a leading company in Financial Services. Generating $59.40 billion in annual revenue (growing 15.2% year-over-year) and carrying a market capitalization of $252.91 billion, the company has cemented its position as a foundational player in the global Capital Markets landscape. Under the leadership of its leadership team, The Goldman Sachs Group, Inc. continues to execute on a multi-year strategic vision that…
Full Goldman Sachs Group 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
Goldman Sachs Group
- With a market capitalization of $252.91B, The Goldman Sachs Group, Inc. is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capit
- The Goldman Sachs Group, Inc.'s gross margin of 82.9% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 38.3% demo
- Revenue grew 15.2% year-over-year to $59.40B, indicating strong demand for The Goldman Sachs Group, Inc.'s products and services and outperformance relative to many industry peers.
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
Goldman Sachs Group
- With a debt-to-equity ratio of 596.1, The Goldman Sachs Group, Inc. carries significant debt relative to equity. While manageable given its cash flow, elevated leverage limits financial flexibility an
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
Goldman Sachs Group
- The Goldman Sachs Group, Inc. 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
- 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 The Gol
- Earnings growth of 17.3% YoY demonstrates The Goldman Sachs Group, Inc.'s ability to convert revenue growth into shareholder value. Analysts project continued earnings expansion driven by operating le
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
Goldman Sachs Group
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. The Goldman Sachs Group, Inc.'s revenue is not fully insulated from macroeconomic cycles, an
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on The Goldman Sachs G
- 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 ToolGoldman Sachs Group vs Morgan Stanley: FAQ
- Is Goldman Sachs Group bigger than Morgan Stanley?
- By market capitalization, Morgan Stanley is larger at $245.91B vs Goldman Sachs Group's $234.61B.
- Which has better profit margins — Goldman Sachs Group or Morgan Stanley?
- Goldman Sachs Group has higher net profit margins (28.9%) compared to Morgan Stanley (24.0%). Gross and operating margins are compared in the table above.
- What sectors do Goldman Sachs Group and Morgan Stanley operate in?
- Goldman Sachs Group operates in the Financial Services sector (Capital Markets). Morgan Stanley operates in the Financial Services sector (Capital Markets).
- How does Goldman Sachs Group's revenue compare to Morgan Stanley's?
- Goldman Sachs Group generates $59.40B in annual revenue (TTM) while Morgan Stanley generates $70.30B. Morgan Stanley is the larger company by revenue as of 2026.