GS vs MS
The Goldman Sachs Group, Inc. and Morgan Stanley, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | GS | MS |
|---|---|---|
| Revenue | $58.3B | $70.6B |
| Net income | $17.2B | $16.9B |
| Gross margin | — | — |
| Net margin | 29.5% | 23.9% |
| 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 | −0.92× | 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 23.9%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
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 |
Net income by year
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 |
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