BOH
Bank of Hawaii Corporation
BOH has the edge over MS overall, supported by stronger valuation and stronger fundamentals.
MS
Morgan Stanley
MS offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BOH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BOH's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BOH.
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.
BOH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $69.51 | — |
| Cheap | 12x | $69.10 | -0.6% |
| Current | 12x | $69.51 | — |
| Fair | 15x | $84.23 | +21% |
| Expensive | 19x | $106 | +53% |
Historical ranges are pointers, not guarantees.
BOH 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.
BOH Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BOH, 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.
BOH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.43 | +14% |
| Q3 2026 | $5.66 | +39% |
| Q2 2026 | $5.37 | +41% |
| Q1 2026 | $4.96 | +39% |
| Q4 2025 | $4.63 | +34% |
| Q3 2025 | $4.08 | +23% |
| Q2 2025 | $3.81 | +7% |
| Q1 2025 | $3.56 | -8% |
| Q4 2024 | $3.46 | -16% |
BOH earned $5.66 per share over the past year, up 39% 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 BOH on earnings, with more consistent year-over-year improvement.
BOH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $198.8M | +8.8% |
| Q2 2026 | $196.9M | +13% |
| Q1 2026 | $192.3M | +13% |
| Q4 2025 | $189.6M | +16% |
| Q3 2025 | $182.6M | +12% |
| Q2 2025 | $174.5M | +11% |
| Q1 2025 | $169.9M | +8.7% |
| Q4 2024 | $163.2M | +3.3% |
BOH's revenue has grown year over year for eight quarters in a row: $199M last quarter, up 8.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 42% | +5 points |
| Q2 2026 | 42% | +7.1 points |
| Q1 2026 | 39% | +5.7 points |
| Q4 2025 | 41% | +9.4 points |
| Q3 2025 | 37% | +4.8 points |
| Q2 2025 | 35% | +5.8 points |
| Q1 2025 | 33% | +2.1 points |
| Q4 2024 | 32% | +6.5 points |
BOH 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 BOH on sales, with stronger typical year-over-year growth.
| 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.
BOH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93M | +212% |
| Q2 2026 | $84.9M | +17% |
| Q1 2026 | $18.2M | +78% |
| Q4 2025 | $71.6M | -26% |
| Q3 2025 | $29.8M | +$53.7M |
| Q2 2025 | $72.6M | +72% |
| Q1 2025 | $10.2M | -81% |
| Q4 2024 | $96.3M | +342% |
BOH 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.
BOH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -182K shares |
| 1 year | -1.1% | -428K shares |
| 3 years | +0.3% | +133K shares |
| 5 years | -1.3% | -528K shares |
| Available history | -2.7% | -1.1M shares |
BOH has 40M diluted shares, down 1.1% from a year ago, with $54M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $20.2M |
| Q2 2026 | $17M |
| Q1 2026 | $15.1M |
| Q4 2025 | $1.3M |
| Q3 2025 | $135,000 |
| Q2 2025 | $286,000 |
| Q1 2025 | $3.3M |
| Q4 2024 | $161,000 |
BOH spent $54M buying back its own shares over the past year, more than ten 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 the edge over BOH on shareholder dilution, with a more favorable share count trend.
BOH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.4x | Very low |
| Q4 2025 | -1.4x | Net Cash |
| Q3 2025 | -1.7x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -1.7x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
BOH 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.
BOH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.4 | Neutral |
| Stochastic | 26.7 | Neutral |
BOH's weekly RSI is 39 (neutral) and its Stochastic is 27 (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).
BOH PE vs Financial Services Sector
| Metric | BOH | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 5.7% below |
| PE % | 17 | 63 | 46 pts below |
BOH 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.
BOH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $69.3 | 0.3% above |
| 20 week MA | $75.6 | 8% below |
| 50 week MA | $75.4 | 7.8% below |
| 100 week MA | $71.4 | 2.6% below |
| 200 week MA | $65.5 | 6.1% above |
BOH's trend is mixed: it's above two of its five weekly moving averages, and 6.1% 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 has the edge over BOH on trend strength, trading above more of its moving averages.
BOH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $94.8 | $77.0 | -19% |
| 2021 | $77.0 | $83.4 | +8.2% |
| 2022 | $83.4 | $76.8 | -7.9% |
| 2023 | $76.8 | $72.5 | -5.7% |
| 2024 | $72.5 | $70.4 | -2.9% |
| 2025 | $70.4 | $70.0 | -0.6% |
| 2026 YTD | $70.0 | $69.5 | -0.7% |
BOH has finished four years in a row lower, and it's down 0.7% 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 BOH on returns for 2026, with the stronger performance.