BAM
Brookfield Asset Management Ltd.
BAM has the edge over MS overall, supported by stronger valuation and stronger modeled upside.
MS
Morgan Stanley
MS offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
BAM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
BAM's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAM.
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.
BAM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $51.41 | — |
| Forward | 25x | $51.41 | — |
| Cheap | 35x | $104 | +101% |
| Fair | 45x | $132 | +157% |
| Expensive | 53x | $154 | +200% |
Historical ranges are pointers, not guarantees.
BAM 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.
BAM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for BAM, but weaker profitability.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over BAM on the outlook, with more favorable valuation and profitability expectations.
BAM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.06 | -29% |
| Q3 2026 | $2.92 | +83% |
| Q2 2026 | $1.72 | +15% |
| Q1 2026 | $1.54 | +7.7% |
| Q4 2025 | $1.52 | +13% |
| Q2 2025 | $1.50 | +33% |
| Q4 2024 | $1.35 | +19% |
| Q2 2024 | $1.13 | +77% |
| Q4 2023 | $1.13 | -62% |
BAM earned $2.92 per share over the past year, up 83% from the year before.
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 has the edge over BAM on earnings, with stronger typical year-over-year growth.
BAM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +89% |
| Q2 2026 | $1.7B | +57% |
| Q1 2026 | $1.3B | +22% |
| Q4 2025 | $1.2B | +16% |
| Q3 2025 | $1.1B | +2.1% |
| Q2 2025 | $1.1B | +19% |
| Q1 2025 | $1.1B | +22% |
| Q2 2022 | $924M | +25% |
BAM has the edge over MS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 57% | -9.5 points |
| Q2 2026 | 54% | -7.3 points |
| Q1 2026 | 49% | -27 points |
| Q4 2025 | 77% | +4.7 points |
| Q3 2025 | 67% | -2.1 points |
| Q2 2025 | 61% | -7.1 points |
| Q1 2025 | 75% | +7.6 points |
| Q4 2024 | 72% | N/A |
BAM has the edge over MS on profitability, with a higher operating margin.
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's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
BAM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $521M | -30% |
| Q2 2026 | $392.8M | -26% |
| Q1 2026 | $339M | +28% |
| Q4 2025 | $706M | +$1.6B |
| Q3 2025 | $741M | +31% |
| Q2 2025 | $529M | +35% |
| Q1 2025 | $265M | -48% |
| Q2 2022 | $2.7B | +31% |
BAM has the edge over MS on cash generation, producing positive trailing cash flow while its opponent burns cash.
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.
BAM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -21.4M shares |
| 1 year | -2.9% | -47.6M shares |
| 3 years | +300% | +1.2B shares |
BAM has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10M |
| Q2 2026 | $103M |
| Q1 2026 | $376M |
| Q4 2025 | $227M |
| Q3 2025 | $69M |
| Q2 2025 | — |
| Q1 2025 | $116M |
| Q4 2024 | — |
BAM spent $716M buying back its own shares over the past year, about four times what it spent the year before.
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 1.6B diluted shares, down 1.5% from a year ago.
BAM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | 0.1x | Very low |
BAM has the edge over MS on leverage, with a lower net debt burden relative to earnings.
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.
BAM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.6 | Neutral |
| Stochastic | 58.7 | Neutral |
BAM's weekly RSI is 57 (neutral) and its Stochastic is 59 (neutral).
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).
BAM PE vs Financial Services Sector
| Metric | BAM | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 13x | 35% above |
| PE % | 10 | 54 | 44 pts below |
BAM is trading at 18x earnings, a 35% premium to the Financial Services sector's median of 13x.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS has the edge over BAM on valuation relative to its sector.
BAM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $47.5 | 8.1% above |
| 20 week MA | $48.6 | 5.9% above |
| 50 week MA | $48.7 | 5.6% above |
| 100 week MA | $52.1 | 1.2% below |
| 200 week MA | $45.2 | 14% above |
BAM has the edge over MS on trend strength, trading above more of its moving averages.
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.
BAM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $33.0 | $28.0 | -15% |
| 2023 | $28.0 | $40.2 | +43% |
| 2024 | $40.2 | $54.6 | +36% |
| 2025 | $54.6 | $53.4 | -2.3% |
| 2026 YTD | $53.4 | $51.4 | -3.7% |
BAM has finished lower in two of the last four years. It's down 3.7% so far in 2026.
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 the edge over BAM on returns for 2026, with the stronger performance.