BANC
Banc of California, Inc.
BANC offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has the edge over BANC overall, supported by stronger fundamentals and stronger modeled upside.
BANC Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| N/A | |
| N/A |
BANC's revenue and profitability are currently weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like BANC.
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.
BANC PE Valuation
BANC has no meaningful PE right now: it lost money over the past year.
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.
BANC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for BANC, with profitability improving.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
BANC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.97 | — |
| Q3 2026 | -$0.35 | -133% |
BANC has swung to a loss: it lost $0.35 per share over the past year, after a profit 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 BANC in the latest year-over-year earnings comparison.
BANC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $303.8M | +5.6% |
| Q2 2026 | $16.4M | -94% |
| Q1 2026 | $286.9M | +7.9% |
| Q4 2025 | $292.9M | +11% |
| Q3 2025 | $287.7M | +33% |
| Q2 2025 | $272.8M | +5.2% |
| Q1 2025 | $266M | +1.2% |
| Q4 2024 | $264.3M | +1086% |
BANC's revenue is down over the past year, though its latest quarter was up: $304M last quarter, up 5.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 36% | +3.5 points |
| Q2 2026 | -2044% | -2061 points |
| Q1 2026 | 33% | +5.9 points |
| Q4 2025 | 34% | +7.5 points |
| Q3 2025 | 32% | +27 points |
| Q2 2025 | 18% | +0.3 points |
| Q1 2025 | 27% | +11 points |
| Q4 2024 | 27% | +10451 points |
BANC 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 has the edge over BANC on sales, with more consistent year-over-year improvement.
| 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.
BANC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $61.5M | -19% |
| Q2 2026 | $158.8M | +158% |
| Q1 2026 | $45.6M | +235% |
| Q4 2025 | $84.2M | +11% |
| Q3 2025 | $75.5M | +69% |
| Q2 2025 | $61.4M | +79% |
| Q1 2025 | $13.6M | +$103.9M |
| Q4 2024 | $75.7M | +120% |
BANC 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.
BANC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.9% | +4.5M shares |
| 1 year | +0.8% | +1.3M shares |
BANC has 160M diluted shares, up 0.8% from a year ago, despite $220M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $109,000 |
| Q1 2026 | $32.3M |
| Q4 2025 | $187.7M |
| Q3 2025 | $35.9M |
| Q2 2025 | $112.9M |
| Q1 2025 | $38.9M |
BANC spent $220M buying back its own shares over the past year.
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 BANC on shareholder dilution, with a more favorable share count trend.
BANC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 133.9x | High |
| Q2 2026 | 2,403.3x | High |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | -0.7x | Net Cash |
| Q3 2025 | -1.2x | Net Cash |
| Q2 2025 | -1.7x | Net Cash |
| Q1 2025 | -2.7x | Net Cash |
| Q4 2024 | -5.0x | Net Cash |
BANC's net debt is more than 20 years of its operating earnings (EBITDA), after holding more cash than debt a year ago. Net leverage isn't a meaningful measure for financial services companies like BANC.
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 has the edge over BANC on leverage, with a lower net debt burden relative to earnings.
BANC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.8 | Neutral |
| Stochastic | 33.9 | Neutral |
BANC's weekly RSI is 44 (neutral) and its Stochastic is 34 (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).
BANC PE vs Financial Services Sector
| Metric | BANC | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
BANC has no meaningful PE right now: it lost money over the past year.
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.
BANC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.8 | 0.2% above |
| 20 week MA | $18.8 | 5.3% below |
| 50 week MA | $19.0 | 6.3% below |
| 100 week MA | $17.1 | 4% above |
| 200 week MA | $15.4 | 16% above |
BANC's trend is mixed: it's above three of its five weekly moving averages, and 16% above its 200-week average.
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.
BANC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.0 | $15.0 | -12% |
| 2021 | $15.0 | $19.5 | +31% |
| 2022 | $19.5 | $15.5 | -21% |
| 2023 | $15.5 | $13.4 | -13% |
| 2024 | $13.4 | $15.5 | +15% |
| 2025 | $15.5 | $19.7 | +27% |
| 2026 YTD | $19.7 | $17.8 | -9.6% |
BANC has finished lower in three of the last six years. It's down 9.6% 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 BANC on returns for 2026, with the stronger performance.