Morgan Stanley Ratios and Metrics

Market cap in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 20, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Cap	1,355,051	1,493,068	1,073,246	806,052	756,894	924,328
Market Cap Growth	22.16%	39.12%	33.15%	6.49%	-18.11%	40.28%
Enterprise Value	-	5,550,779	4,483,258	4,054,155	3,663,902	3,762,279
PE Ratio	15.14	17.39	15.81	18.00	13.82	12.22
Forward PE	14.34	16.78	16.19	15.32	12.45	12.91
PEG Ratio	-	1.43	1.20	3.58	4.15	2.65
PS Ratio	3.50	3.98	3.27	2.80	2.65	2.91
PB Ratio	2.18	2.52	1.93	1.53	1.42	1.65
P/TBV Ratio	2.44	2.53	1.94	1.55	1.45	1.69
P/FCF Ratio	-	-13.52	-96.19	-4.11	-15.03	5.49
P/OCF Ratio	-	-15.71	148.30	-4.52	-22.27	5.12
EV/Sales Ratio	-	14.79	13.66	14.09	12.85	11.85
EV/EBITDA Ratio	-	39.26	37.08	47.48	38.12	29.65
EV/EBIT Ratio	-	47.58	47.95	64.59	48.94	36.00
EV/FCF Ratio	-	-50.26	-401.79	-20.65	-72.78	22.36
Debt / Equity Ratio	7.67	7.67	6.99	6.91	6.57	6.13
Debt / EBITDA Ratio	32.49	32.49	32.36	42.99	36.79	27.34
Debt / FCF Ratio	-41.59	-41.59	-350.71	-18.70	-70.23	20.62
Net Debt / Equity Ratio	6.75	6.75	6.04	6.08	5.37	4.98
Net Debt / EBITDA Ratio	28.29	28.29	27.73	37.44	29.71	21.99
Net Debt / FCF Ratio	-36.22	-36.22	-300.53	-16.28	-56.70	16.59
Asset Turnover	0.05	0.05	0.05	0.05	0.05	0.05
Quick Ratio	0.09	0.09	0.09	0.08	0.12	0.12
Current Ratio	0.72	0.72	0.70	0.72	0.71	0.72
Return on Equity (ROE)	15.61%	15.61%	13.17%	9.17%	10.76%	14.42%
Return on Assets (ROA)	1.29%	1.29%	1.12%	0.78%	0.94%	1.31%
Return on Invested Capital (ROIC)	1.69%	1.69%	1.48%	1.07%	1.34%	1.87%
Return on Capital Employed (ROCE)	20.13%	20.13%	17.13%	11.74%	13.56%	18.75%
Earnings Yield	6.60%	5.75%	6.32%	5.55%	7.23%	8.18%
FCF Yield	-8.45%	-7.40%	-1.04%	-24.36%	-6.65%	18.20%
Dividend Yield	1.64%	2.36%	3.07%	3.80%	3.76%	2.38%
Payout Ratio	39.10%	40.57%	47.95%	67.56%	51.24%	28.64%
Buyback Yield / Dilution	2.08%	2.08%	2.08%	4.07%	7.63%	6.94%
Total Shareholder Return	3.71%	4.44%	5.15%	7.87%	11.39%	9.32%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.