MORGAN STANLEY (DWD.DE) Stock Fundamental Analysis

Europe • Frankfurt Stock Exchange • FRA:DWD • US6174464486

146.64 EUR
-3.12 (-2.08%)
Last: Feb 6, 2026, 09:10 AM
Fundamental Rating

4

DWD gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 119 industry peers in the Capital Markets industry. While DWD is still in line with the averages on profitability rating, there are concerns on its financial health. DWD has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

  • In the past year DWD was profitable.
  • DWD had a negative operating cash flow in the past year.
  • In the past 5 years DWD has always been profitable.
  • The reported operating cash flow has been mixed in the past 5 years: DWD reported negative operating cash flow in multiple years.
DWD.DE Yearly Net Income VS EBIT VS OCF VS FCFDWD.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B -20B 40B

1.2 Ratios

  • The Return On Assets of DWD (1.14%) is comparable to the rest of the industry.
  • DWD's Return On Equity of 14.15% is fine compared to the rest of the industry. DWD outperforms 73.11% of its industry peers.
  • DWD has a Return On Invested Capital of 1.46%. This is comparable to the rest of the industry: DWD outperforms 52.10% of its industry peers.
Industry RankSector Rank
ROA 1.14%
ROE 14.15%
ROIC 1.46%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
DWD.DE Yearly ROA, ROE, ROICDWD.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

1.3 Margins

  • With a Profit Margin value of 13.32%, DWD perfoms like the industry average, outperforming 52.94% of the companies in the same industry.
  • In the last couple of years the Profit Margin of DWD has declined.
  • Looking at the Operating Margin, with a value of 18.06%, DWD is in the better half of the industry, outperforming 60.50% of the companies in the same industry.
  • DWD's Operating Margin has declined in the last couple of years.
  • Looking at the Gross Margin, with a value of 54.99%, DWD is in the better half of the industry, outperforming 66.39% of the companies in the same industry.
  • In the last couple of years the Gross Margin of DWD has declined.
Industry RankSector Rank
OM 18.06%
PM (TTM) 13.32%
GM 54.99%
OM growth 3Y-4.95%
OM growth 5Y-7.71%
PM growth 3Y-5.29%
PM growth 5Y-7.41%
GM growth 3Y-10.21%
GM growth 5Y-8.75%
DWD.DE Yearly Profit, Operating, Gross MarginsDWD.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. Health

2.1 Basic Checks

  • DWD has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
DWD.DE Yearly Shares OutstandingDWD.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B
DWD.DE Yearly Total Debt VS Total AssetsDWD.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200B 400B 600B 800B 1T

2.2 Solvency

  • DWD has an Altman-Z score of -0.06. This is a bad value and indicates that DWD is not financially healthy and even has some risk of bankruptcy.
  • DWD has a Altman-Z score (-0.06) which is comparable to the rest of the industry.
  • DWD has a Debt/Equity ratio of 7.41. This is a high value indicating a heavy dependency on external financing.
  • With a Debt to Equity ratio value of 7.41, DWD is not doing good in the industry: 68.07% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 7.41
Debt/FCF N/A
Altman-Z -0.06
ROIC/WACCN/A
WACCN/A
DWD.DE Yearly LT Debt VS Equity VS FCFDWD.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100B 200B

2.3 Liquidity

  • A Current Ratio of 0.30 indicates that DWD may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.30, DWD is in line with its industry, outperforming 42.02% of the companies in the same industry.
  • A Quick Ratio of 0.30 indicates that DWD may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.30, DWD is in line with its industry, outperforming 42.02% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.3
Quick Ratio 0.3
DWD.DE Yearly Current Assets VS Current LiabilitesDWD.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 200B 400B 600B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. Growth

3.1 Past

  • DWD shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 28.59%, which is quite impressive.
  • Measured over the past years, DWD shows a quite strong growth in Earnings Per Share. The EPS has been growing by 9.28% on average per year.
  • Looking at the last year, DWD shows a quite strong growth in Revenue. The Revenue has grown by 11.54% in the last year.
  • DWD shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 17.86% yearly.
EPS 1Y (TTM)28.59%
EPS 3Y18.47%
EPS 5Y9.28%
EPS Q2Q%20.72%
Revenue 1Y (TTM)11.54%
Revenue growth 3Y21.98%
Revenue growth 5Y17.86%
Sales Q2Q%10.28%

3.2 Future

  • The Earnings Per Share is expected to grow by 9.05% on average over the next years. This is quite good.
  • DWD is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.14% yearly.
EPS Next Y11.93%
EPS Next 2Y10.69%
EPS Next 3Y9.25%
EPS Next 5Y9.05%
Revenue Next Year8.65%
Revenue Next 2Y7.01%
Revenue Next 3Y6.07%
Revenue Next 5Y5.14%

3.3 Evolution

  • The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
DWD.DE Yearly Revenue VS EstimatesDWD.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 20B 40B 60B 80B 100B
DWD.DE Yearly EPS VS EstimatesDWD.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5 10 15

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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 16.95, which indicates a correct valuation of DWD.
  • Compared to the rest of the industry, the Price/Earnings ratio of DWD indicates a somewhat cheap valuation: DWD is cheaper than 69.75% of the companies listed in the same industry.
  • DWD is valuated rather cheaply when we compare the Price/Earnings ratio to 27.67, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 15.14, which indicates a correct valuation of DWD.
  • DWD's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. DWD is cheaper than 74.79% of the companies in the same industry.
  • DWD's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.20.
Industry RankSector Rank
PE 16.95
Fwd PE 15.14
DWD.DE Price Earnings VS Forward Price EarningsDWD.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • DWD's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. DWD is cheaper than 64.71% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 20.2
DWD.DE Per share dataDWD.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

  • DWD's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.42
PEG (5Y)1.83
EPS Next 2Y10.69%
EPS Next 3Y9.25%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 2.19%, DWD has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 3.02, DWD pays a bit more dividend than its industry peers.
  • DWD's Dividend Yield is a higher than the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.19%

5.2 History

  • The dividend of DWD is nicely growing with an annual growth rate of 18.94%!
Dividend Growth(5Y)18.94%
Div Incr Years6
Div Non Decr Years6
DWD.DE Yearly Dividends per shareDWD.DE Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 41.70% of the earnings are spent on dividend by DWD. This is a bit on the high side, but may be sustainable.
  • The dividend of DWD is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP41.7%
EPS Next 2Y10.69%
EPS Next 3Y9.25%
DWD.DE Yearly Income VS Free CF VS DividendDWD.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B -20B
DWD.DE Dividend Payout.DWD.DE Dividend Payout, showing the Payout Ratio.DWD.DE Dividend Payout.PayoutRetained Earnings

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MORGAN STANLEY

FRA:DWD (2/6/2026, 9:10:09 AM)

146.64

-3.12 (-2.08%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)01-15
Earnings (Next)04-15
Inst Owners62.56%
Inst Owner ChangeN/A
Ins Owners0.19%
Ins Owner ChangeN/A
Market Cap233.30B
Revenue(TTM)119.66B
Net Income(TTM)15.56B
Analysts74.55
Price Target161.78 (10.32%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.19%
Yearly Dividend3.19
Dividend Growth(5Y)18.94%
DP41.7%
Div Incr Years6
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)17.52%
Min EPS beat(2)5.77%
Max EPS beat(2)29.27%
EPS beat(4)4
Avg EPS beat(4)19.15%
Min EPS beat(4)5.77%
Max EPS beat(4)29.27%
EPS beat(8)7
Avg EPS beat(8)14.05%
EPS beat(12)11
Avg EPS beat(12)10.53%
EPS beat(16)13
Avg EPS beat(16)8.07%
Revenue beat(2)2
Avg Revenue beat(2)3.7%
Min Revenue beat(2)1.43%
Max Revenue beat(2)5.96%
Revenue beat(4)4
Avg Revenue beat(4)4.02%
Min Revenue beat(4)1.43%
Max Revenue beat(4)5.96%
Revenue beat(8)7
Avg Revenue beat(8)2.74%
Revenue beat(12)9
Avg Revenue beat(12)10.9%
Revenue beat(16)12
Avg Revenue beat(16)9.91%
PT rev (1m)7.71%
PT rev (3m)10.97%
EPS NQ rev (1m)1.23%
EPS NQ rev (3m)1.9%
EPS NY rev (1m)5.01%
EPS NY rev (3m)6.01%
Revenue NQ rev (1m)2.17%
Revenue NQ rev (3m)2.82%
Revenue NY rev (1m)2.87%
Revenue NY rev (3m)3.44%
Valuation
Industry RankSector Rank
PE 16.95
Fwd PE 15.14
P/S 2.36
P/FCF N/A
P/OCF N/A
P/B 2.5
P/tB 3.16
EV/EBITDA 20.2
EPS(TTM)8.65
EY5.9%
EPS(NY)9.69
Fwd EY6.61%
FCF(TTM)-3.59
FCFYN/A
OCF(TTM)-1.96
OCFYN/A
SpS62.24
BVpS58.58
TBVpS46.42
PEG (NY)1.42
PEG (5Y)1.83
Graham Number106.78
Profitability
Industry RankSector Rank
ROA 1.14%
ROE 14.15%
ROCE 3.33%
ROIC 1.46%
ROICexc 1.61%
ROICexgc 1.69%
OM 18.06%
PM (TTM) 13.32%
GM 54.99%
FCFM N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y-4.95%
OM growth 5Y-7.71%
PM growth 3Y-5.29%
PM growth 5Y-7.41%
GM growth 3Y-10.21%
GM growth 5Y-8.75%
F-Score4
Asset Turnover0.09
Health
Industry RankSector Rank
Debt/Equity 7.41
Debt/FCF N/A
Debt/EBITDA 31.03
Cap/Depr 59.4%
Cap/Sales 2.63%
Interest Coverage 0.45
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.3
Quick Ratio 0.3
Altman-Z -0.06
F-Score4
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)28.59%
EPS 3Y18.47%
EPS 5Y9.28%
EPS Q2Q%20.72%
EPS Next Y11.93%
EPS Next 2Y10.69%
EPS Next 3Y9.25%
EPS Next 5Y9.05%
Revenue 1Y (TTM)11.54%
Revenue growth 3Y21.98%
Revenue growth 5Y17.86%
Sales Q2Q%10.28%
Revenue Next Year8.65%
Revenue Next 2Y7.01%
Revenue Next 3Y6.07%
Revenue Next 5Y5.14%
EBIT growth 1Y37.32%
EBIT growth 3Y15.93%
EBIT growth 5Y8.77%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y78.72%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y86.95%
OCF growth 3YN/A
OCF growth 5YN/A

MORGAN STANLEY / DWD.DE FAQ

Can you provide the ChartMill fundamental rating for MORGAN STANLEY?

ChartMill assigns a fundamental rating of 3 / 10 to DWD.DE.


What is the valuation status for DWD stock?

ChartMill assigns a valuation rating of 3 / 10 to MORGAN STANLEY (DWD.DE). This can be considered as Overvalued.


How profitable is MORGAN STANLEY (DWD.DE) stock?

MORGAN STANLEY (DWD.DE) has a profitability rating of 3 / 10.


What are the PE and PB ratios of MORGAN STANLEY (DWD.DE) stock?

The Price/Earnings (PE) ratio for MORGAN STANLEY (DWD.DE) is 16.95 and the Price/Book (PB) ratio is 2.5.


How financially healthy is MORGAN STANLEY?

The financial health rating of MORGAN STANLEY (DWD.DE) is 1 / 10.