What is Morgan Stanley's asset management — goodwill?

Morgan Stanley (MS) reported asset management — goodwill of $6.09B in Q4 2025.

How has Morgan Stanley's asset management — goodwill changed year-over-year?

Morgan Stanley's asset management — goodwill increased by 0.1% year-over-year, from $6.08B to $6.09B.

What does asset management — goodwill mean?

Represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations within the Investment Management segment. It reflects the premium paid for intangible benefits such as brand reputation, customer relationships, and synergies.

Morgan Stanley MS Asset Management — Goodwill

Other segment segments

Global Wealth Management Group

$10.2B+0.1%

Institutional Securities

$437M+0.5%

Similar metrics at other companies

VOYAInvestment Management Segment — Goodwill

$286M0.0%

JLLInvestment Management — Goodwill

$56.8M+0.7%

JEFAsset Management — Goodwill

$188.63M-38.1%

STTInvestment Management — Goodwill

$8.11B+2,925%

EQHInvestment Management — Goodwill

$5.1B0.0%

LAZAsset Management — Goodwill

$80.91M-0.4%

Other financials

Income statement

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Revenue$21.3B+27.1%

Net income$3.2B-9.8%

EPS (diluted)$3.46+62.4%

Balance sheet

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Cash & equivalents$133.53B+47.2%

Total debt$383.16B+13.5%

Total equity$114.29B+7.0%

Total assets$1.68T+23.7%

Cash flow

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Operating cash flow-$7.1B+70.4%

CapEx$754.0M+5.8%

Free cash flow-$7.9B+68.2%

Valuation

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Market cap$359.28B+57.1%

P/E20.2×+4.7×

P/S4.6×+1.1×

Profitability

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Net margin22.8%+0.5pp

FCF margin-54.3%-8.4pp

Returns & leverage

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Return on equity16.4%+2.5pp

Debt / equity3.3×+0.3×

Where this comes from

Reported directly by Morgan Stanley in its filing.

Tagged under the XBRL concept us-gaap:Goodwill.

The official record: Morgan Stanley’s 10-K, filed February 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Morgan Stanley's asset management — goodwill?: Morgan Stanley (MS) reported asset management — goodwill of $6.09B in Q4 2025.
How has Morgan Stanley's asset management — goodwill changed year-over-year?: Morgan Stanley's asset management — goodwill increased by 0.1% year-over-year, from $6.08B to $6.09B.
What does asset management — goodwill mean?: Represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations within the Investment Management segment. It reflects the premium paid for intangible benefits such as brand reputation, customer relationships, and synergies.