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Morgan Stanley vs Stifel Financial: revenue, profit, margins and growth compared

Morgan Stanley brought in $70.6B of revenue in fiscal 2025, Stifel Financial $6.3B in fiscal 2025. Revenue changed by +14.4% at Morgan Stanley and +6.7% at Stifel Financial on the year before, so Morgan Stanley grew faster. Morgan Stanley kept 23.9% of its revenue as net profit, Stifel Financial 10.8%.

Side by side, latest fiscal year

MSSF
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$70.6B$6.3B
Revenue growth+14.4%+6.7%
Net income$16.9B$683.8M
Net margin23.9%10.8%
Free cash flown/a$1.1B
Free cash flow marginn/a16.6%
Earnings per share (diluted)$10.21$5.87
Cash$111.7B$2.3B
Debt$341.7B$617.4M
Price to earnings19.212.0
Market value$308.3B$10.6B
Dividend yield1.96%2.62%
Rank by revenue in sector#9 of 444 · Finance#86 of 444 · Finance

Over the years

Revenue
MS FY2018: $40.1BMS FY2019: $41.5BMS FY2020: $48.8BMS FY2021: $59.8BMS FY2022: $53.7BMS FY2023: $54.1BMS FY2024: $61.8BMS FY2025: $70.6BSF FY2018: $3.2BSF FY2019: $3.5BSF FY2020: $3.8BSF FY2021: $4.8BSF FY2022: $4.6BSF FY2023: $5.2BSF FY2024: $6BSF FY2025: $6.3BFY18FY19FY20FY21FY22FY23FY24FY25
MS $70.6BSF $6.3B
Net income
MS FY2018: $8.7BMS FY2019: $9BMS FY2020: $11BMS FY2021: $15BMS FY2022: $11BMS FY2023: $9.1BMS FY2024: $13.4BMS FY2025: $16.9BSF FY2018: $394MSF FY2019: $448.4MSF FY2020: $503.5MSF FY2021: $824.9MSF FY2022: $662.2MSF FY2023: $522.5MSF FY2024: $731.4MSF FY2025: $683.8MFY18FY19FY20FY21FY22FY23FY24FY25
MS $16.9BSF $683.8M
Net margin
MS FY2018: 21.8%MS FY2019: 21.8%MS FY2020: 22.6%MS FY2021: 25.2%MS FY2022: 20.6%MS FY2023: 16.8%MS FY2024: 21.7%MS FY2025: 23.9%SF FY2018: 12.3%SF FY2019: 12.8%SF FY2020: 13.2%SF FY2021: 17.2%SF FY2022: 14.4%SF FY2023: 10.1%SF FY2024: 12.3%SF FY2025: 10.8%FY18FY19FY20FY21FY22FY23FY24FY25
MS 23.9%SF 10.8%
Revenue growth
MS FY2019: +3.6%MS FY2020: +17.4%MS FY2021: +22.6%MS FY2022: -10.2%MS FY2023: +0.9%MS FY2024: +14.1%MS FY2025: +14.4%SF FY2019: +10.0%SF FY2020: +8.6%SF FY2021: +25.3%SF FY2022: -4.0%SF FY2023: +12.3%SF FY2024: +15.4%SF FY2025: +6.7%FY19FY20FY21FY22FY23FY24FY25
MS +14.4%SF +6.7%
Free cash flow
SF FY2018: $421.3MSF FY2019: $469MSF FY2020: $1.6BSF FY2021: $683.9MSF FY2022: $1.1BSF FY2023: $447.4MSF FY2024: $416.6MSF FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
MSSF $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Morgan Stanley and Stifel Financial

Which is bigger by revenue, Morgan Stanley or Stifel Financial?

Morgan Stanley is bigger by revenue: $70.6B in fiscal 2025, against $6.3B for Stifel Financial in fiscal 2025.

Which keeps more of its revenue as profit, Morgan Stanley or Stifel Financial?

Morgan Stanley had a net margin of 23.9% in fiscal 2025; Stifel Financial had 10.8% in fiscal 2025.

Which grew revenue faster, Morgan Stanley or Stifel Financial?

In their latest fiscal years revenue changed by +14.4% at Morgan Stanley and +6.7% at Stifel Financial.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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