BHRB
Burke & Herbert Financial Services Corp.
BHRB offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has the edge over BHRB overall, supported by stronger fundamentals and stronger modeled upside.
BHRB Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
BHRB's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BHRB.
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.
BHRB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.3x | $70.96 | — |
| Cheap | 9.9x | $59.63 | -16% |
| Current | 12x | $70.96 | — |
| Fair | 14x | $86.67 | +22% |
| Expensive | 21x | $130 | +83% |
Historical ranges are pointers, not guarantees.
BHRB 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.
BHRB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BHRB, but weaker profitability.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over BHRB on the outlook, with more favorable profitability expectations.
BHRB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.53 | +41% |
| Q3 2026 | $6.05 | -19% |
| Q2 2026 | $6.24 | -15% |
| Q1 2026 | $7.71 | +96% |
| Q4 2025 | $7.72 | +174% |
| Q3 2025 | $7.46 | +321% |
| Q2 2025 | $7.31 | +1362% |
| Q1 2025 | $3.93 | +45% |
| Q4 2024 | $2.82 | -6.6% |
BHRB earned $6.05 per share over the past year, down 19% 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'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.
BHRB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $119.7M | +40% |
| Q2 2026 | $106.9M | +23% |
| Q1 2026 | $84.7M | +2% |
| Q4 2025 | $86.5M | +4.9% |
| Q3 2025 | $85.4M | +1.9% |
| Q2 2025 | $87.1M | +26% |
| Q1 2025 | $83M | +215% |
| Q4 2024 | $82.5M | +204% |
BHRB has the edge over MS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | -6.1 points |
| Q2 2026 | 11% | -31 points |
| Q1 2026 | 39% | -0.3 points |
| Q4 2025 | 44% | +19 points |
| Q3 2025 | 43% | +4.2 points |
| Q2 2025 | 43% | +70 points |
| Q1 2025 | 40% | +17 points |
| Q4 2024 | 25% | +4 points |
BHRB 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.
BHRB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $43.5M | +23% |
| Q2 2026 | -$1.9M | +$1.5M |
| Q1 2026 | $24.6M | -31% |
| Q4 2025 | $28.3M | -63% |
| Q3 2025 | $35.4M | +82% |
| Q2 2025 | -$3.4M | +$17M |
| Q1 2025 | $35.9M | +542% |
| Q4 2024 | $76.6M | +3203% |
BHRB 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.
BHRB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.7% | +1.8M shares |
| 1 year | +34% | +5.2M shares |
| 3 years | +171% | +12.8M shares |
BHRB has 20M diluted shares, up 34% from a year ago.
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 BHRB on shareholder dilution, with a more favorable share count trend.
BHRB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.8x | High |
| Q2 2026 | 4.3x | High |
| Q1 2026 | 3.6x | Elevated |
| Q4 2025 | 3.1x | Elevated |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 5.3x | High |
| Q1 2025 | 4.5x | High |
| Q4 2024 | 9.3x | High |
BHRB 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.
BHRB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.1 | Neutral |
| Stochastic | 39.2 | Neutral |
BHRB's weekly RSI is 56 (neutral) and its Stochastic is 39 (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).
BHRB PE vs Financial Services Sector
| Metric | BHRB | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 9.9% below |
| PE % | 33 | 63 | 30 pts below |
BHRB 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.
BHRB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $70.0 | 1.3% above |
| 20 week MA | $71.0 | 0% below |
| 50 week MA | $67.3 | 5.5% above |
| 100 week MA | $63.5 | 12% above |
| 200 week MA | $62.0 | 14% above |
BHRB 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.
BHRB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.4 | $43.1 | -21% |
| 2021 | $43.1 | $55.3 | +28% |
| 2022 | $55.3 | $70.8 | +28% |
| 2023 | $70.8 | $62.9 | -11% |
| 2024 | $62.9 | $62.4 | -0.7% |
| 2025 | $62.4 | $63.1 | +1% |
| 2026 YTD | $63.1 | $71.0 | +12% |
BHRB 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.