Free Writing Prospectus to Preliminary Pricing Supplement No. 4,732

Registration Statement Nos. 333-275587; 333-275587-01

Dated November 5, 2024; Filed pursuant to Rule 433

Morgan Stanley

5-Year NDX Dual Directional Buffered Participation Securities

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision


Terms

Issuing entity:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Underlying index:

Nasdaq-100 Index® (NDX)

Maximum upside payment at maturity:

155% to 160% of principal

Buffer amount:

20% of principal (80% maximum loss)1

Pricing date:

November 22, 2024

Valuation date:

November 23, 2029

Maturity date:

November 28, 2029

CUSIP:

61776WWH2

Preliminary pricing supplement:

https://www.sec.gov/Archives/edgar/data/895421/000183988224037714/ms4732_424b2-22496.htm

1All payments are subject to our credit risk

Hypothetical Payout at Maturity1

Change in Underlying Index

Return on Securities

+160.00%

55.00%*

+140.00%

55.00%*

+120.00%

55.00%*

+100.00%

55.00%*

+80.00%

55.00%*

+60.00%

55.00%*

+55.00%

55.00%

+40.00%

40.00%

+20.00%

20.00%

+10.00%

10.00%

0.00%

0.00%

-10.00%

10.00%

-20.00%

20.00%

-21.00%

-1.00%

-40.00%

-20.00%

-60.00%

-40.00%

-80.00%

-60.00%

-100.00%

-80.00%

*Assumes a hypothetical maximum upside payment of 155% of principal