BXSL
Blackstone Secured Lending Fund
BXSL trails on the overall score without a compensating advantage in the available component scores.
MS
Morgan Stanley
MS has the edge over BXSL overall, supported by stronger valuation and stronger fundamentals.
BXSL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
BXSL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BXSL.
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.
BXSL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8x | $9.65 | -59% |
| Forward | 9.3x | $23.67 | — |
| Fair | 9.4x | $11.30 | -52% |
| Expensive | 11x | $12.62 | -47% |
| Current | 20x | $23.67 | — |
Historical ranges are pointers, not guarantees.
BXSL's PE is in its expensive range at 20x. On analysts' estimates for next year's earnings, today's price would be 9.3x, in its fair range.
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 has the edge over BXSL in the historical PE scenario, which offers more potential upside but is not a forecast.
BXSL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect BXSL's earnings and revenue to decline, with profitability weakening.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over BXSL on the outlook, with more favorable earnings and revenue expectations.
BXSL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.54 | +111% |
| Q3 2026 | $1.20 | -55% |
| Q2 2026 | $1.27 | -55% |
| Q1 2026 | $1.91 | -39% |
| Q4 2025 | $2.46 | -29% |
| Q3 2025 | $2.64 | -27% |
| Q2 2025 | $2.82 | -27% |
| Q1 2025 | $3.15 | -16% |
| Q4 2024 | $3.45 | -5.5% |
BXSL's earnings per share have fallen from their peak: $1.20 over the past year, against $6.63 in early 2021.
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 BXSL on earnings, with more consistent year-over-year improvement.
BXSL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $118.4M | -1.9% |
| Q1 2022 | $142.5M | +23% |
| Q4 2021 | $157.6M | +23% |
| Q3 2021 | $117.1M | -36% |
| Q2 2021 | $120.7M | -48% |
| Q4 2020 | $127.9M | +140% |
MS has the stronger quarterly revenue trend. Revenue is down 1.9% for BXSL versus up 12% for MS.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 67% | +8 points |
| Q1 2022 | 76% | +11 points |
| Q4 2021 | 78% | +11 points |
| Q3 2021 | 80% | +49 points |
| Q2 2021 | 59% | +38 points |
| Q1 2021 | 66% | N/A |
| Q4 2020 | 67% | +3.5 points |
| Q3 2020 | 31% | N/A |
BXSL's operating margin was 67% last quarter, up 8 points from the same quarter a year ago.
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.
BXSL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $479.3M | +$911.9M |
| Q2 2026 | $561M | +$782M |
| Q1 2026 | $249.3M | -41% |
| Q4 2025 | -$229.7M | +$674.2M |
| Q3 2025 | -$432.6M | +$85.1M |
| Q2 2025 | -$221.1M | +$488.1M |
| Q1 2025 | $424.7M | +$820.2M |
| Q4 2024 | -$903.9M | -$775.9M |
BXSL 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.
BXSL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +333K shares |
| 1 year | +1.1% | +2.4M shares |
| 3 years | +37% | +63M shares |
| 5 years | +39% | +65.3M shares |
| Available history | +367% | +183M shares |
BXSL has 233M diluted shares, up 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | $47.4M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
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 BXSL on shareholder dilution, with a more favorable share count trend.
BXSL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 12.4x | High |
| Q1 2022 | 10.6x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 10.0x | High |
| Q2 2021 | 12.9x | High |
| Q1 2021 | 20.0x | High |
BXSL's net debt is about 12 years of its operating earnings (EBITDA), down from 13 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BXSL.
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.
BXSL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 33.0 | Neutral |
BXSL's weekly RSI is 46 (neutral) and its Stochastic is 33 (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).
BXSL PE vs Financial Services Sector
| Metric | BXSL | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 52% above |
| PE % | 100 | 64 | 36 pts above |
BXSL is trading at 20x earnings, a 52% 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 BXSL on valuation relative to its sector.
BXSL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.8 | 0.5% below |
| 20 week MA | $24.0 | 1.5% below |
| 50 week MA | $24.5 | 3.3% below |
| 100 week MA | $27.5 | 14% below |
| 200 week MA | $28.0 | 15% below |
BXSL is in a downtrend: it's below all five of its weekly moving averages, and 15% below 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 BXSL on trend strength, trading above more of its moving averages.
BXSL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.0 | $37.6 | +30% |
| 2022 | $37.6 | $22.9 | -39% |
| 2023 | $22.9 | $27.6 | +20% |
| 2024 | $27.6 | $33.3 | +20% |
| 2025 | $33.3 | $27.2 | -18% |
| 2026 YTD | $27.2 | $23.7 | -13% |
BXSL has finished higher in three of the last five years. It's down 13% 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 BXSL on returns for 2026, with the stronger performance.