IBKR vs MS: Interactive Brokers and Morgan Stanley compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Morgan Stanley is the larger company, worth $310.0B, about 2.1 times Interactive Brokers.
- Interactive Brokers grew revenue faster over the last year (+28.1% vs +27.1%).
- On earnings, Morgan Stanley is the cheaper stock (17.8x vs 37.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | IBKR | MS |
|---|---|---|
| Market cap | $146.5B | $310.0B |
| Share price | $87.87 | $190.02 |
| Revenue (last fiscal year) | $6.2B | $70.6B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +28.1% | +27.1% |
| Revenue growth per year, last 5 fiscal years | +23.0% | +4.3% |
| Operating margin | — | — |
| Net margin | 16.4% | 25.8% |
| Return on equity | 19.1% | 17.3% |
| P/E (trailing) | 37.0x | 17.8x |
| Price / free cash flow | 9.30x | 6.73x |
| EV / EBITDA | 7.06x | 7.76x |
| FCF growth the price implies | — | — |
| Dividend yield | 0.36% | 2.1% |
| Debt / equity | 38.1x | 13.4x |
| Fundamental grade | C | B |
| Superinvestors holding it | 8 | 12 |
| Insider purchases, last 12 months | 6 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Interactive Brokers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.7B | — | — |
| 2022 | $3.1B | — | — |
| 2023 | $4.3B | — | — |
| 2024 | $5.2B | — | — |
| 2025 | $6.2B | — | — |
Morgan Stanley
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $59.8B | — | — |
| 2022 | $53.7B | — | — |
| 2023 | $54.1B | — | — |
| 2024 | $61.8B | — | — |
| 2025 | $70.6B | — | — |
Where the revenue comes from
Interactive Brokers · by segments, 2019
Electronic Brokerage$1.9B97%
Market Making$67M3%
Morgan Stanley · by segments, 2025
IS$33.1B46%
WM$31.8B44%
IM$6.5B9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open IBKR in InvestinglyQuestions
Which is bigger, Interactive Brokers or Morgan Stanley?
Morgan Stanley (MS), at $310.0B against $146.5B.
Is IBKR or MS cheaper?
By trailing P/E, Morgan Stanley (17.8x) is cheaper than Interactive Brokers (37.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, IBKR or MS?
Interactive Brokers: revenue grew +28.1% over the last year, against +27.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.