ASIC
Ategrity Specialty Holdings LLC
ASIC's fundamentals are strong: revenue grew 30% and its operating margin rose 1 points to 24%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
MS
Morgan Stanley
MS's fundamentals are strong: revenue grew 16% and earnings per share grew 29%. At 15x earnings, it's trading in line with its usual 14x. Analysts expect earnings growth.
ASIC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
ASIC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like ASIC.
MS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MS.
ASIC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 10x | $24.39 | — |
| Cheap | 11x | $22.09 | -9.4% |
| Fair | 12x | $24.16 | -0.9% |
| Current | 12x | $24.39 | — |
| Expensive | 13x | $25.32 | +3.8% |
Historical ranges are pointers, not guarantees.
ASIC has the edge over MS in the historical PE scenario, which offers more potential upside but is not a forecast.
MS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $134 | -29% |
| Fair | 14x | $178 | -5.7% |
| Forward | 14x | $189 | — |
| Current | 15x | $189 | — |
| Expensive | 18x | $223 | +18% |
Historical ranges are pointers, not guarantees.
MS's PE is in its fair range at 15x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
ASIC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for ASIC, but weaker profitability.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over ASIC on the outlook, with more favorable profitability expectations.
ASIC Earnings Per Share
ASIC and MS do not have enough comparable growth data to identify a winner.
MS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.39 | +6.3% |
| Q3 2026 | $12.60 | +29% |
| Q2 2026 | $12.37 | +40% |
| Q1 2026 | $11.04 | +29% |
| Q4 2025 | $10.21 | +28% |
| Q3 2025 | $9.76 | +48% |
| Q2 2025 | $8.84 | +45% |
| Q1 2025 | $8.53 | +55% |
| Q4 2024 | $7.95 | +53% |
MS's earnings per share have climbed steadily: $12.60 over the past year, up 29% from the year before, and higher year over year for 10 quarters in a row.
ASIC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $125.6M | +8.2% |
| Q2 2026 | $148.5M | +46% |
| Q1 2026 | $129M | +55% |
| Q4 2025 | $123.3M | +18% |
| Q2 2025 | $101.8M | +34% |
| Q1 2025 | $83.1M | +9.3% |
ASIC has the edge over MS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | -14 points |
| Q2 2026 | 31% | +9.3 points |
| Q1 2026 | 27% | +14 points |
| Q4 2025 | 27% | N/A |
| Q3 2025 | 26% | -4.4 points |
| Q2 2025 | 22% | N/A |
| Q1 2025 | 13% | N/A |
| Q4 2024 | 30% | +16 points |
ASIC's operating margin was 12% last quarter, down 14 points from the same quarter a year ago, near the bottom of its range since 2024.
MS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
| Q2 2025 | $16.8B | +12% |
| Q1 2025 | $17.7B | +17% |
| Q4 2024 | $16.2B | +26% |
MS's revenue has grown year over year for 14 quarters in a row: $20.3B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.2 points |
| Q2 2026 | 34% | +6.9 points |
| Q1 2026 | 34% | +2.8 points |
| Q4 2025 | 32% | +2 points |
| Q3 2025 | 33% | +5.6 points |
| Q2 2025 | 28% | +0.4 points |
| Q1 2025 | 31% | +2.2 points |
| Q4 2024 | 30% | +14 points |
MS has the edge over ASIC on profitability, with a higher operating margin.
ASIC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $72.5M | +76% |
| Q1 2026 | $41.1M | +96% |
| Q3 2025 | $41.1M | +38% |
| Q1 2025 | $21M | -40% |
| Q1 2025 | $0 | -100% |
| Q4 2024 | $34.5M | +16% |
| Q4 2024 | $29.8M | +0.2% |
| Q3 2024 | $21M | -40% |
ASIC's free cash flow was $193M over the past year, up 126% from the year before. Free cash flow isn't a meaningful measure for financial services companies like ASIC.
MS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$46B | -$42.7B |
| Q2 2026 | -$2.7B | -123% |
| Q1 2026 | -$7.1B | +$16.9B |
| Q4 2025 | -$2.4B | -120% |
| Q3 2025 | -$3.3B | +$14B |
| Q2 2025 | $11.8B | +368% |
| Q1 2025 | -$24B | -650% |
| Q4 2024 | $11.8B | +$29.6B |
MS's free cash flow was −$58.3B over the past year, against −$3.7B the year before. Free cash flow isn't a meaningful measure for financial services companies like MS.
ASIC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +382K shares |
| 1 year | +0.5% | +274K shares |
ASIC has 50M diluted shares, up 0.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q1 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q4 2024 | $2.7M |
| Q3 2024 | — |
MS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -1.5% | -24M shares |
| 3 years | -4.7% | -77M shares |
| 5 years | -14% | -246M shares |
| Available history | -4.5% | -74M shares |
MS has the edge over ASIC on shareholder dilution, with a more favorable share count trend.
ASIC Net Leverage
MS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 8.2x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 8.4x | High |
| Q2 2025 | 8.7x | High |
| Q1 2025 | 8.7x | High |
| Q4 2024 | 7.9x | High |
MS's net debt is about 7.8 years of its operating earnings (EBITDA), down from 8.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MS.
ASIC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.3 | Neutral |
| Stochastic | 17.8 | Oversold |
ASIC's weekly RSI is 50 (neutral) and its Stochastic is 18 (oversold).
MS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 18.7 | Oversold |
MS's weekly RSI is 45 (neutral) and its Stochastic is 19 (oversold).
ASIC PE vs Financial Services Sector
| Metric | ASIC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 5.1% below |
| PE % | 63 | 12 | 51 pts above |
ASIC has the edge over MS on valuation relative to its sector.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS is trading at 15x earnings, a 15% premium to the Financial Services sector's median of 13x.
ASIC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $25.4 | 3.8% below |
| 20 week MA | $25.4 | 3.8% below |
| 50 week MA | $22.1 | 10% above |
MS has stronger trend alignment. ASIC is above 1 of 3 weekly averages versus MS above 3 of 5.
MS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $186.5 | 1.5% above |
| 20 week MA | $203.3 | 6.9% below |
| 50 week MA | $191.9 | 1.4% below |
| 100 week MA | $164.9 | 15% above |
| 200 week MA | $129.3 | 46% above |
MS's trend is mixed: it's above three of its five weekly moving averages, and 46% above its 200-week average.
ASIC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $23.7 | $21.5 | -9.2% |
| 2026 YTD | $21.5 | $24.4 | +14% |
ASIC has the edge over MS on returns for 2026, with the stronger performance.
MS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.1 | $68.1 | +33% |
| 2021 | $68.1 | $99.3 | +46% |
| 2022 | $99.3 | $86.1 | -13% |
| 2023 | $86.1 | $93.3 | +8.3% |
| 2024 | $93.3 | $126.8 | +36% |
| 2025 | $126.8 | $181.9 | +43% |
| 2026 YTD | $181.9 | $189.2 | +4% |
MS has finished higher in five of the last six years. It's up 4% so far in 2026.