BWB
Bridgewater Bancshares, Inc.
BWB has a slight edge over MS overall, supported by stronger fundamentals and stronger valuation.
MS
Morgan Stanley
MS has slightly lower modeled downside risk, despite its lower overall score.
BWB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BWB's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BWB.
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.
BWB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $17.14 | -17% |
| Fair | 11x | $22.18 | +7% |
| Current | 11x | $20.73 | — |
| Forward | 11x | $20.73 | — |
| Expensive | 14x | $26.63 | +28% |
Historical ranges are pointers, not guarantees.
BWB 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.
BWB Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BWB, with profitability holding steady.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over BWB on the outlook, with more favorable valuation and profitability expectations.
BWB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.97 | +1.5% |
| Q3 2026 | $1.94 | +46% |
| Q2 2026 | $1.83 | +50% |
| Q1 2026 | $1.76 | +60% |
| Q4 2025 | $1.49 | +45% |
| Q3 2025 | $1.33 | +25% |
| Q2 2025 | $1.22 | +12% |
| Q1 2025 | $1.10 | -3.5% |
| Q4 2024 | $1.03 | -19% |
BWB earned $1.94 per share over the past year, up 46% 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 BWB on earnings, with more consistent year-over-year improvement.
BWB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $43.2M | +20% |
| Q2 2026 | $40.9M | +13% |
| Q1 2026 | $46.2M | +43% |
| Q4 2025 | $38.8M | +32% |
| Q3 2025 | $36.2M | +33% |
| Q2 2025 | $36.1M | +35% |
| Q1 2025 | $32.3M | +23% |
| Q4 2024 | $29.5M | +10% |
BWB has the edge over MS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +2.5 points |
| Q2 2026 | 45% | +3.1 points |
| Q1 2026 | 49% | +10 points |
| Q4 2025 | 44% | +8.5 points |
| Q3 2025 | 42% | -0.1 points |
| Q2 2025 | 42% | +2.3 points |
| Q1 2025 | 39% | +0.1 points |
| Q4 2024 | 36% | -7.7 points |
BWB 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.
BWB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $45.5M | +486% |
| Q2 2026 | $9.3M | +229% |
| Q1 2026 | $14.2M | +105% |
| Q4 2025 | $4.4M | -86% |
| Q3 2025 | $7.8M | +$14.2M |
| Q2 2025 | $2.8M | -73% |
| Q1 2025 | $6.9M | -3.5% |
| Q4 2024 | $31.2M | +$39.8M |
BWB 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.
BWB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +207K shares |
| 1 year | +2.1% | +606K shares |
| 3 years | +1.7% | +485K shares |
| 5 years | -1.1% | -314K shares |
| Available history | -4% | -1.2M shares |
BWB has 29M diluted shares, up 2.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $1.6M |
| Q1 2025 | $621,000 |
| Q4 2024 | $17,000 |
| Q3 2024 | — |
| Q2 2024 | $2.9M |
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 BWB on shareholder dilution, with a more favorable share count trend.
BWB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Elevated |
| Q2 2026 | 3.5x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 6.2x | High |
| Q3 2025 | 6.8x | High |
| Q2 2025 | 5.7x | High |
| Q1 2025 | 5.5x | High |
| Q4 2024 | 4.6x | High |
BWB 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.
BWB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.5 | Neutral |
| Stochastic | 24.5 | Neutral |
BWB's weekly RSI is 53 (neutral) and its Stochastic is 24 (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).
BWB PE vs Financial Services Sector
| Metric | BWB | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 18% below |
| PE % | 38 | 63 | 25 pts below |
BWB 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.
BWB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.5 | 1% above |
| 20 week MA | $21.1 | 1.6% below |
| 50 week MA | $19.6 | 6% above |
| 100 week MA | $17.4 | 19% above |
| 200 week MA | $14.7 | 41% above |
BWB 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.
BWB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.8 | $12.3 | -11% |
| 2021 | $12.3 | $17.3 | +40% |
| 2022 | $17.3 | $17.8 | +2.8% |
| 2023 | $17.8 | $13.5 | -24% |
| 2024 | $13.5 | $13.5 | -0.2% |
| 2025 | $13.5 | $18.0 | +34% |
| 2026 YTD | $18.0 | $20.7 | +15% |
BWB 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.