CFG
Citizens Financial Group, Inc.
CFG has a slight edge over MS overall, supported by stronger modeled upside and stronger fundamentals.
MS
Morgan Stanley
MS offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CFG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
CFG's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like CFG.
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.
CFG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.9x | $39.08 | -40% |
| Forward | 10x | $64.86 | — |
| Fair | 11x | $54.21 | -16% |
| Current | 13x | $64.86 | — |
| Expensive | 16x | $79.51 | +23% |
Historical ranges are pointers, not guarantees.
CFG's PE is in its fair range at 13x. If earnings grow as analysts expect, today's price would be 10x next year's earnings.
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 CFG in the historical PE scenario, which offers more potential upside but is not a forecast.
CFG Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for CFG, 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.
CFG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.18 | +25% |
| Q3 2026 | $4.96 | +39% |
| Q2 2026 | $4.60 | +40% |
| Q1 2026 | $4.22 | +34% |
| Q4 2025 | $3.86 | +27% |
| Q3 2025 | $3.57 | +39% |
| Q2 2025 | $3.29 | +25% |
| Q1 2025 | $3.15 | +13% |
| Q4 2024 | $3.03 | -3.2% |
CFG earned $4.96 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 CFG on earnings, with more consistent year-over-year improvement.
CFG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.3B | +9.6% |
| Q2 2026 | $2.3B | +12% |
| Q1 2026 | $2.2B | +12% |
| Q4 2025 | $2.2B | +8.6% |
| Q3 2025 | $2.1B | +11% |
| Q2 2025 | $2B | +3.8% |
| Q1 2025 | $1.9B | -1.2% |
| Q4 2024 | $2B | -0.1% |
CFG's revenue has grown year over year for six quarters in a row: $2.3B last quarter, up 9.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +4.9 points |
| Q2 2026 | 33% | +5.9 points |
| Q1 2026 | 30% | +5.8 points |
| Q4 2025 | 31% | +5.8 points |
| Q3 2025 | 30% | +5 points |
| Q2 2025 | 27% | +2.8 points |
| Q1 2025 | 24% | +2.2 points |
| Q4 2024 | 26% | +15 points |
CFG 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 CFG on sales, with more consistent year-over-year improvement.
| 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.
CFG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $453M | -73% |
| Q2 2026 | $726M | -18% |
| Q1 2026 | $237M | +$450M |
| Q4 2025 | -$158M | -133% |
| Q3 2025 | $1.7B | +1205% |
| Q2 2025 | $886M | +6.2% |
| Q1 2025 | -$213M | -138% |
| Q4 2024 | $483M | -28% |
CFG 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.
CFG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -1M shares |
| 1 year | -2.3% | -9.8M shares |
| 3 years | -9.7% | -45.5M shares |
| 5 years | -0.5% | -2.2M shares |
| Available history | -5.7% | -25.6M shares |
CFG has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $125M |
| Q2 2026 | $225M |
| Q1 2026 | $300M |
| Q4 2025 | $125M |
| Q3 2025 | $75M |
| Q2 2025 | $200M |
| Q1 2025 | $200M |
| Q4 2024 | $225M |
CFG spent $775M buying back its own shares over the past year, up 11% from 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 1.6B diluted shares, down 1.5% from a year ago.
CFG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.1x | High |
| Q2 2026 | 4.8x | High |
| Q1 2026 | 3.8x | Elevated |
| Q4 2025 | 3.5x | Elevated |
| Q3 2025 | 3.6x | Elevated |
| Q2 2025 | 4.7x | High |
| Q1 2025 | 4.6x | High |
| Q4 2024 | 4.6x | High |
CFG 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.
CFG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.3 | Neutral |
| Stochastic | 16.2 | Oversold |
CFG's weekly RSI is 47 (neutral) and its Stochastic is 16 (oversold).
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).
CFG PE vs Financial Services Sector
| Metric | CFG | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.5% above |
| PE % | 60 | 63 | 3 pts below |
CFG 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.
CFG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $64.2 | 1% above |
| 20 week MA | $68.3 | 5.1% below |
| 50 week MA | $64.6 | 0.4% above |
| 100 week MA | $55.2 | 18% above |
| 200 week MA | $44.7 | 45% above |
CFG 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.
CFG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.5 | $35.1 | -13% |
| 2021 | $35.1 | $46.6 | +33% |
| 2022 | $46.6 | $38.9 | -17% |
| 2023 | $38.9 | $33.1 | -15% |
| 2024 | $33.1 | $43.6 | +32% |
| 2025 | $43.6 | $59.8 | +37% |
| 2026 YTD | $59.8 | $64.9 | +8.4% |
CFG 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.