摩根士丹利美股招股说明书(2026-01-02版)

Pricing Supplement No. 12,693Registration Statement Nos. 333-275587;333-275587-01Dated December 30, 2025 Morgan Stanley Finance LLC STRUCTURED INVESTMENTS Opportunities in U.S. Equities Trigger Jump Securities Based on the Value of the Common Stock of NVIDIA Corporation due July 6,2027 Fully and Unconditionally Guaranteed by Morgan StanleyPrincipal at Risk Securities The Trigger Jump Securities, which we refer to as the securities, are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities will pay no interest and do not guarantee the return of any of the principal amount atmaturity. At maturity, you will receive for each security that you hold an amount in cash that will vary depending on the performance of the common stockof NVIDIA Corporation, as determined on the valuation date. If the underlying stock appreciates or does not depreciate at all over the term of thesecurities, you will receive for each security that you hold at maturity the upside payment of $407.60 per security in addition to the stated principal amount.If the final share price is less than the initial share price but greater than or equal to the downside threshold level of 70% of the initial share price, meaning proportionate to the full percentage decrease in the final share price from the initial share price. Under these circumstances, the payment at maturity persecurity will be less than $700 and could be zero.Accordingly, you may lose your entire initial investment in the securities.The securities are forinvestors who seek an equity-based return and who are willing to risk their principal and forgo current income and returns above the upside payment inexchange for the upside payment feature that applies to a limited range of performance of the underlying stock. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes Program. The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanyingproduct supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are You should read this document together with the related product supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read theaccompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer insteadto the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see “Additional Terms of the Securities” and“Additional Information About the Securities” at the end of this document. Trigger Jump Securities Based on the Value of the Common Stock of NVIDIA Corporation due July 6, 2027Principal at Risk Securities Investment Summary Trigger Jump Securities Principal at Risk Securities The Trigger Jump Securities Based on the Value of the Common Stock of NVIDIA Corporation due July 6, 2027 (the “securities”)can be used: As an alternative to direct exposure to the underlying stock that provides a fixed return of 40.76% per security if the If the final share price is less than the downside threshold level, the securities are exposed on a 1:1 basis to the percentagedecline of the final share price from the initial share price. Accordingly, investors may lose their entire initial investment in thesecurities. 1.5 years$407.60 per security (40.76% of the stated principal amount)70% of the initial share priceNone. Investors may lose their entire initial investment in the securities.None Maturity:Upside payment:Downside threshold level:Minimum payment at maturity:Interest: The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring andhedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date willbe less than $1,000. We estimate that the value of each security on the pricing date is $971.30. What goes into the estimated value on the pricing date? In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and aperformance-based component linked to the underlying stock. The estimated value of the securities is determined using our ownpricing and valuation models, market inputs and assumptions relating to the underlying stock, instruments based on the What determines the economic terms of the securities? In determining the economic terms of the securities, including the upside payment and the downside threshold level, we use aninternal funding rate