GS vs MS
Goldman Sachs Group Inc. and Morgan Stanley, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | GS | MS |
|---|---|---|
| Revenue | $58.3B | $70.6B |
| Net income | $17.2B | $16.9B |
| Gross margin | · | · |
| Net margin | 29.5% | 24.1% |
| Return on equity | 13.9% | 15.6% |
| Diluted EPS | $51.32 | $10.21 |
| Dividend / share | $14.00 | $3.85 |
| Payout ratio | 30.7% | 39.1% |
| Free cash flow | $-47.2B | · |
| Equity | $125.0B | $111.6B |
| Net debt / equity | · | 2.06× |
| Current ratio | · | · |
| Revenue CAGR 5y | 5.5% | 7.7% |
| Profit CAGR 5y | 12.7% | 8.9% |
MS bills 1.2× the revenue of GS, and GS keeps more of each dollar of revenue as profit (29.5% against 24.1%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | GS | MS |
|---|---|---|
| FY2025 | $58.3B | $70.6B |
| FY2024 | $53.5B | $61.8B |
| FY2023 | $46.3B | $54.1B |
| FY2022 | $47.4B | $53.7B |
| FY2021 | $59.3B | $59.8B |
| FY2020 | $44.6B | $48.8B |
| FY2019 | $36.5B | $41.5B |
| FY2018 | $36.6B | $40.1B |
| FY2017 | $32.7B | $37.9B |
| FY2016 | $30.8B | $34.6B |
Bottom line
| Fiscal year | GS | MS |
|---|---|---|
| FY2025 | $17.2B | $16.9B |
| FY2024 | $14.3B | $13.4B |
| FY2023 | $8.5B | $9.1B |
| FY2022 | $11.3B | $11.0B |
| FY2021 | $21.6B | $15.0B |
| FY2020 | $9.5B | $11.0B |
| FY2019 | $8.5B | $9.0B |
| FY2018 | $10.5B | $8.7B |
| FY2017 | $4.3B | $6.1B |
| FY2016 | $7.4B | $6.0B |
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$12,362,000,000 | MS |
| FY2024 | −$8,249,000,000 | MS |
| FY2023 | −$7,889,000,000 | MS |
| FY2022 | −$6,303,000,000 | MS |
| FY2021 | −$416,000,000 | MS |
| FY2020 | −$4,197,000,000 | MS |
| FY2019 | −$4,992,000,000 | MS |
| FY2018 | −$3,491,000,000 | MS |
| FY2017 | −$5,215,000,000 | MS |
| FY2016 | −$3,841,000,000 | MS |
| FY2015 | −$1,335,000,000 | MS |
| FY2014 | +$253,000,000 | GS |
| FY2013 | +$1,713,000,000 | GS |
| FY2012 | +$7,985,000,000 | GS |
| FY2011 | −$3,416,000,000 | MS |
The higher-revenue side has changed between GS and MS over this period. The gap has widened since the earliest year compared.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +5.4 pp | GS |
| FY2024 | +4.8 pp | GS |
| FY2023 | +1.4 pp | GS |
| FY2022 | +2.9 pp | GS |
| FY2021 | +11.2 pp | GS |
| FY2020 | −1.7 pp | MS |
| FY2019 | +0.9 pp | GS |
| FY2018 | +6.4 pp | GS |
| FY2017 | −3.3 pp | MS |
| FY2016 | +6.3 pp | GS |
| FY2015 | +0.1 pp | GS |
| FY2014 | +13.9 pp | GS |
| FY2013 | +12.4 pp | GS |
| FY2012 | +19.1 pp | GS |
| FY2011 | +1.0 pp | GS |
The higher net margin has changed hands between GS and MS over this period.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
MS's net margin has been more volatile than GS's over the 15 comparable fiscal years — 5.9 percentage points of standard deviation against 5.6.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between GS and MS over these 15 fiscal years — GS led in 13 and MS in 2.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
GS's return on equity has been more volatile than MS's over the 19 comparable fiscal years — 5.6 percentage points of standard deviation against 3.9.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between GS and MS over these 19 fiscal years — GS led in 10 and MS in 9.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.