CCAP
Crescent Capital BDC, Inc.
CCAP trails on the overall score without a compensating advantage in the available component scores.
MS
Morgan Stanley
MS has the edge over CCAP overall, supported by stronger valuation and stronger fundamentals.
CCAP Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
CCAP's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like CCAP.
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.
CCAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $6.07 | -40% |
| Forward | 7x | $10.10 | — |
| Fair | 7.4x | $7.78 | -23% |
| Expensive | 9.4x | $9.89 | -2.1% |
| Current | 9.7x | $10.10 | — |
Historical ranges are pointers, not guarantees.
CCAP's PE is in its expensive range at 9.7x. On analysts' estimates for next year's earnings, today's price would be 7.0x, 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 CCAP in the historical PE scenario, which offers more potential upside but is not a forecast.
CCAP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect CCAP'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 CCAP on the outlook, with more favorable earnings and revenue expectations.
CCAP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.45 | +38% |
| Q3 2026 | $1.05 | -45% |
| Q2 2026 | $1.23 | -41% |
| Q1 2026 | $1.78 | -20% |
| Q4 2025 | $1.81 | -25% |
| Q3 2025 | $1.91 | -23% |
| Q2 2025 | $2.09 | -14% |
| Q1 2025 | $2.22 | -7.1% |
| Q4 2024 | $2.40 | +4.3% |
CCAP's earnings per share have fallen from their peak: $1.05 over the past year, against $5.34 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 CCAP on earnings, with more consistent year-over-year improvement.
CCAP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $6.6M | -82% |
| Q1 2022 | $23M | -3.1% |
| Q4 2021 | $18.7M | -49% |
| Q3 2021 | $22.9M | -43% |
| Q2 2021 | $35.8M | -38% |
| Q4 2020 | $36.5M | +220% |
MS has the stronger quarterly revenue trend. Revenue is down 82% for CCAP versus up 12% for MS.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -9.2% | -104 points |
| Q1 2022 | 71% | -21 points |
| Q4 2021 | 77% | -18 points |
| Q3 2021 | 75% | -21 points |
| Q2 2021 | 95% | -3.4 points |
| Q1 2021 | 92% | N/A |
| Q4 2020 | 96% | +16 points |
| Q3 2020 | 97% | N/A |
CCAP's operating margin was −9.2% last quarter, down 104 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
CCAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $24.4M | -21% |
| Q2 2026 | $9.8M | -73% |
| Q1 2026 | -$23.8M | -$8.7M |
| Q4 2025 | $22.6M | +$25.5M |
| Q3 2025 | $30.8M | -34% |
| Q2 2025 | $36.4M | +$61.1M |
| Q1 2025 | -$15.1M | -138% |
| Q4 2024 | -$2.9M | -108% |
CCAP 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.
CCAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -8.5K shares |
| 1 year | -0.6% | -215K shares |
| 3 years | -0.6% | -216K shares |
| 5 years | +31% | +8.7M shares |
| Available history | +41% | +10.6M shares |
CCAP has 37M diluted shares, down 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $667,000 |
| Q1 2026 | $1M |
| Q4 2025 | $1M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
CCAP spent $3M 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 CCAP on shareholder dilution, with a more favorable share count trend.
CCAP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 13.4x | High |
| Q1 2022 | 7.6x | High |
| Q4 2021 | 7.1x | High |
| Q3 2021 | 5.1x | High |
| Q2 2021 | 3.8x | Elevated |
| Q1 2021 | 3.2x | Elevated |
| Q4 2020 | 8.5x | High |
| Q3 2020 | 14.2x | High |
CCAP's net debt is about 13 years of its operating earnings (EBITDA), up from 3.8 years a year ago. Net leverage isn't a meaningful measure for financial services companies like CCAP.
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.
CCAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.3 | Neutral |
| Stochastic | 34.5 | Neutral |
CCAP's weekly RSI is 45 (neutral) and its Stochastic is 35 (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).
CCAP PE vs Financial Services Sector
| Metric | CCAP | Sector median | Relative |
|---|---|---|---|
| PE | 9.7x | 13x | 26% below |
| PE % | 85 | 65 | 20 pts above |
CCAP 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.
CCAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.25 | 9.2% above |
| 20 week MA | $10.2 | 0.6% below |
| 50 week MA | $12.0 | 15% below |
| 100 week MA | $14.0 | 28% below |
| 200 week MA | $15.4 | 34% below |
CCAP has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 34% 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 CCAP on trend strength, trading above more of its moving averages.
CCAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.1 | $15.0 | -12% |
| 2021 | $15.0 | $18.0 | +20% |
| 2022 | $18.0 | $13.1 | -27% |
| 2023 | $13.1 | $17.4 | +32% |
| 2024 | $17.4 | $19.8 | +14% |
| 2025 | $19.8 | $14.7 | -25% |
| 2026 YTD | $14.7 | $10.1 | -31% |
CCAP has finished lower in three of the last six years. It's down 31% 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 CCAP on returns for 2026, with the stronger performance.