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Side-by-side financial comparison of Morgan Stanley (MS) and Valero Energy (VLO). Click either name above to swap in a different company.
Valero Energy is the larger business by last-quarter revenue ($32.4B vs $17.9B, roughly 1.8× Morgan Stanley). Morgan Stanley runs the higher net margin — 24.6% vs 4.1%, a 20.5% gap on every dollar of revenue.
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked No. 30 in the Forbes Global 2000.
Valero Energy Corporation is an American-based fuels producer mostly involved in manufacturing and marketing transportation fuels and other related products. It is headquartered in San Antonio, Texas, United States. Throughout the United States, Canada, and the United Kingdom, the company owns and operates 15 refineries with a combined throughput capacity of approximately 3.2 million barrels per day, two renewable diesel plants that produce approximately 1.
MS vs VLO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $17.9B | $32.4B |
| Net Profit | $4.4B | $1.3B |
| Gross Margin | — | 6.3% |
| Operating Margin | 32.2% | — |
| Net Margin | 24.6% | 4.1% |
| Revenue YoY | — | 7.0% |
| Net Profit YoY | — | 312.3% |
| EPS (diluted) | $2.68 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $32.4B | ||
| Q4 25 | $17.9B | $30.4B | ||
| Q3 25 | $18.2B | $32.2B | ||
| Q2 25 | $16.8B | $29.9B | ||
| Q1 25 | $17.7B | $30.3B | ||
| Q4 24 | — | $30.8B | ||
| Q3 24 | $15.4B | $32.9B | ||
| Q2 24 | $15.0B | $34.5B |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $4.4B | $1.1B | ||
| Q3 25 | $4.6B | $1.1B | ||
| Q2 25 | $3.5B | $714.0M | ||
| Q1 25 | $4.3B | $-595.0M | ||
| Q4 24 | — | $281.0M | ||
| Q3 24 | $3.2B | $364.0M | ||
| Q2 24 | $3.1B | $880.0M |
| Q1 26 | — | 6.3% | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 4.2% |
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 5.2% | ||
| Q3 25 | 33.1% | 4.7% | ||
| Q2 25 | 27.5% | 3.3% | ||
| Q1 25 | 31.3% | -3.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 27.4% | 1.5% | ||
| Q2 24 | 27.1% | 3.5% |
| Q1 26 | — | 4.1% | ||
| Q4 25 | 24.6% | 3.7% | ||
| Q3 25 | 25.3% | 3.4% | ||
| Q2 25 | 21.1% | 2.4% | ||
| Q1 25 | 24.3% | -2.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 20.7% | 1.1% | ||
| Q2 24 | 20.5% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | $2.68 | $3.66 | ||
| Q3 25 | $2.80 | $3.53 | ||
| Q2 25 | $2.13 | $2.28 | ||
| Q1 25 | $2.60 | $-1.90 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | $1.88 | $1.14 | ||
| Q2 24 | $1.82 | $2.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $111.7B | — |
| Total DebtLower is stronger | $341.7B | — |
| Stockholders' EquityBook value | $111.6B | $26.9M |
| Total Assets | $1420.3B | — |
| Debt / EquityLower = less leverage | 3.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $111.7B | $4.7B | ||
| Q3 25 | $103.7B | $4.8B | ||
| Q2 25 | $109.1B | $4.5B | ||
| Q1 25 | $90.7B | $4.6B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | $91.1B | $5.2B | ||
| Q2 24 | $90.2B | $5.2B |
| Q1 26 | — | — | ||
| Q4 25 | $341.7B | $9.7B | ||
| Q3 25 | $324.1B | $9.7B | ||
| Q2 25 | $320.1B | $10.3B | ||
| Q1 25 | $297.0B | $10.3B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | $291.2B | $9.8B | ||
| Q2 24 | $269.9B | $9.7B |
| Q1 26 | — | $26.9M | ||
| Q4 25 | $111.6B | $23.7B | ||
| Q3 25 | $110.0B | $23.8B | ||
| Q2 25 | $108.2B | $24.1B | ||
| Q1 25 | $106.8B | $23.5B | ||
| Q4 24 | — | $24.5B | ||
| Q3 24 | $103.6B | $25.3B | ||
| Q2 24 | $100.7B | $25.4B |
| Q1 26 | — | — | ||
| Q4 25 | $1420.3B | $58.0B | ||
| Q3 25 | $1364.8B | $58.6B | ||
| Q2 25 | $1353.9B | $59.4B | ||
| Q1 25 | $1300.3B | $59.2B | ||
| Q4 24 | — | $60.1B | ||
| Q3 24 | $1258.0B | $60.4B | ||
| Q2 24 | $1212.4B | $63.6B |
| Q1 26 | — | — | ||
| Q4 25 | 3.06× | 0.41× | ||
| Q3 25 | 2.95× | 0.41× | ||
| Q2 25 | 2.96× | 0.43× | ||
| Q1 25 | 2.78× | 0.44× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | 2.81× | 0.39× | ||
| Q2 24 | 2.68× | 0.38× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.4B | $1.4B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | -0.55× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $-2.4B | $2.1B | ||
| Q3 25 | $-3.3B | $1.9B | ||
| Q2 25 | $11.8B | $936.0M | ||
| Q1 25 | $-24.0B | $952.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $529.0M | ||
| Q1 25 | — | $293.0M | ||
| Q4 24 | — | $523.0M | ||
| Q3 24 | — | $866.0M | ||
| Q2 24 | — | $2.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 5.9% |
| Q1 26 | — | 0.5% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.2% |
| Q1 26 | — | 1.05× | ||
| Q4 25 | -0.55× | 1.81× | ||
| Q3 25 | -0.72× | 1.72× | ||
| Q2 25 | 3.34× | 1.31× | ||
| Q1 25 | -5.56× | — | ||
| Q4 24 | — | 3.81× | ||
| Q3 24 | — | 3.56× | ||
| Q2 24 | — | 2.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
