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Morgan Stanley (MEX:MS) Cyclically Adjusted Price-to-FCF : (As of Jul. 12, 2025)


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What is Morgan Stanley Cyclically Adjusted Price-to-FCF?

Shiller PE for Stocks: The True Measure of Stock Valuation


Morgan Stanley Cyclically Adjusted Price-to-FCF Historical Data

The historical data trend for Morgan Stanley's Cyclically Adjusted Price-to-FCF can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Morgan Stanley Cyclically Adjusted Price-to-FCF Chart

Morgan Stanley Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Cyclically Adjusted Price-to-FCF
Get a 7-Day Free Trial Premium Member Only Premium Member Only 13.99 15.71 18.98 908.17 -

Morgan Stanley Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Cyclically Adjusted Price-to-FCF Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 30,896.93 2,628.81 - - -

Competitive Comparison of Morgan Stanley's Cyclically Adjusted Price-to-FCF

For the Capital Markets subindustry, Morgan Stanley's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Morgan Stanley's Cyclically Adjusted Price-to-FCF Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Morgan Stanley's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Morgan Stanley's Cyclically Adjusted Price-to-FCF falls into.


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Morgan Stanley Cyclically Adjusted Price-to-FCF Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted Price-to-FCF takes the Free Cash Flow per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/FCF calculation. Because it considers this 10-year average, it's often referred to as the CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF.

Morgan Stanley's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2025 is calculated as:

For example, Morgan Stanley's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2025 was:

Adj_FreeCashFlowPerShare=Free Cash Flow per Share/CPI of Mar. 2025 (Change)*Current CPI (Mar. 2025)
=-315.683/134.9266*134.9266
=-315.683

Current CPI (Mar. 2025) = 134.9266.

Morgan Stanley Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201506 34.438 100.684 46.150
201509 1.266 100.392 1.702
201512 27.425 99.792 37.081
201603 34.716 100.470 46.622
201606 114.925 101.688 152.490
201609 -89.927 101.861 -119.119
201612 -31.326 101.863 -41.494
201703 -2.658 102.862 -3.487
201706 -144.430 103.349 -188.559
201709 51.469 104.136 66.687
201712 39.323 104.011 51.011
201803 125.542 105.290 160.880
201806 -148.686 106.317 -188.697
201809 152.846 106.507 193.631
201812 -88.478 105.998 -112.625
201903 190.996 107.251 240.283
201906 116.669 108.070 145.663
201909 156.346 108.329 194.732
201912 -5.914 108.420 -7.360
202003 350.036 108.902 433.687
202006 -255.549 108.767 -317.010
202009 -98.605 109.815 -121.153
202012 -286.385 109.897 -351.611
202103 296.316 111.754 357.757
202106 44.342 114.631 52.193
202109 17.124 115.734 19.964
202112 -3.461 117.630 -3.970
202203 -4.686 121.301 -5.212
202206 164.797 125.017 177.860
202209 -99.686 125.227 -107.408
202212 -171.662 125.222 -184.966
202303 -114.718 127.348 -121.545
202306 -109.208 128.729 -114.466
202309 30.046 129.860 31.218
202312 -195.136 129.419 -203.440
202403 36.397 131.776 37.267
202406 19.037 132.554 19.378
202409 -223.202 133.029 -226.386
202412 141.645 133.157 143.527
202503 -315.683 134.927 -315.683

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.


Morgan Stanley  (MEX:MS) Cyclically Adjusted Price-to-FCF Explanation

Compared with the regular Price-to-Free-Cash-Flow, which works poorly for cyclical businesses, the Cyclically Adjusted Price-to-FCF smoothed out the fluctuations of free cash flow during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted Price-to-FCF should give similar results to regular Price-to-Free-Cash-Flow.


Morgan Stanley Cyclically Adjusted Price-to-FCF Related Terms

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Morgan Stanley Business Description

Industry
Address
1585 Broadway, New York, NY, USA, 10036
Morgan Stanley is a global investment bank whose history, through its legacy firms, can be traced back to 1924. The company has institutional securities, wealth management, and investment management segments with approximately 45% of net revenue from its institutional securities business, 45% from wealth management, and 10% from investment management. About 24% of its total revenue is from outside the Americas. The company had over $6 trillion of client assets as well as around 70,000 employees at the end of 2024.