Growth & Assumptions

$M
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Market & Balance Sheet Data

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$M
$M

Cash Flow Projection

Year2027202820292030203120322033203420352036
Free Cash Flow-23,073.57-25,611.66-28,428.95-31,556.13-35,027.3-37,759.43-40,704.67-43,879.63-47,302.25-50,991.82
Terminal Value----------656,519.68
Cumulated PVRunning Sum-20,787-41,574-62,361-83,148-103,935-124,122.74-143,728.48-162,769.02-181,260.64-430,435.21
* Scroll horizontally for more yearsAll figures in USD Millions

Valuation Breakdown

Enterprise Value (EV)-$430,435.21
(+) Cash & Investments$600,391.02
(-) Total Debt$513,408.01
Equity Value-$343,452.2
Shares Outstanding1,587.86
Fair Value Per Share-$216.3
All figures in USD Millions

Calculated Fair Value

$-216.30
Current Price$167
Margin of Safety-229.52%
Sell

MS (MS) DCF Valuation Analysis

Independent intrinsic value calculation based on latest financial reports.

Our MS DCF calculator utilizes a two-stage Discounted Cash Flow model to estimate the true value of MS stock. As of the most recent quarterly report (12/31/2025), MS generated -$20,787,000,000 in Trailing Twelve Month (TTM) Free Cash Flow.

Key Valuation Metrics for MS

Forward P/E
13.59
Price to Book
2.59
Margin of Safety
N/A
Intrinsic Value
N/A

By discounting MS's future cash flows using an expected return of 11%, we can determine if the stock is currently trading at a margin of safety. A negative margin of safety suggests that market expectations may be too high relative to the company's historical cash flow productivity.

Final Verdict

For MS to be considered a fair investment at current levels, it would need to sustain a cash flow growth rate of approximately 11.00% for the next five years. This valuation model accounts for MS's current cash position of $600,391,024,640 and total debt of $513,408,008,192. Currently trading at a premium to its intrinsic value, investors should carefully consider the growth assumptions required to justify the current price.

Why use DCF for MS?

Discounted Cash Flow is widely considered the most accurate method for valuing mature companies like MS. Using our Free DCF Calculator, you can customize every assumption in this model to see how it affects the intrinsic value.

Based on Owner Earnings (FCF)
Includes Balance Sheet adjustments
Customizable growth assumptions

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