CION
CION Investment Corporation
There isn't enough reported data to score CION yet.
MS
Morgan Stanley
MS's fundamentals are strong: revenue grew 16% and earnings per share grew 29%. At 15x earnings, it's trading in line with its usual 14x. Analysts expect earnings growth.
CION Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Stable | |
| N/A | |
| N/A |
CION's profitability is currently stable, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like CION.
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.
CION PE Valuation
CION has no meaningful PE right now: it lost money over the past year.
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.
CION Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Decline | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect CION's profitability to improve, but its revenue to decline.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over CION on the outlook, with more favorable earnings and revenue expectations.
CION Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.18 | — |
| Q3 2026 | -$0.70 | -237% |
| Q2 2026 | $0.06 | +$0.25 |
| Q1 2026 | -$0.04 | +$0.25 |
| Q4 2025 | -$0.39 | -162% |
| Q3 2025 | $0.51 | -65% |
| Q2 2025 | -$0.19 | -108% |
| Q1 2025 | -$0.29 | -112% |
| Q4 2024 | $0.63 | -64% |
CION has swung to a loss: it lost $0.70 per share over the past year, after a profit 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 CION on earnings quality, reporting a profit while its opponent remains loss making.
CION Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $12.1M | -69% |
| Q1 2022 | $19.3M | -68% |
| Q4 2021 | $27.4M | -52% |
| Q3 2021 | $36.7M | -9.9% |
| Q2 2021 | $39.1M | +28% |
| Q4 2020 | $56.9M | +32% |
MS has the stronger quarterly revenue trend. Revenue is down 69% for CION versus up 12% for MS.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -10% | -82 points |
| Q1 2022 | 41% | -41 points |
| Q4 2021 | 60% | -24 points |
| Q3 2021 | 68% | -7.9 points |
| Q2 2021 | 72% | +17 points |
| Q1 2021 | 82% | N/A |
| Q4 2020 | 83% | +15 points |
| Q3 2020 | 76% | N/A |
CION's operating margin was −10% last quarter, down 82 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.
CION Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $306.8M | +591% |
| Q2 2026 | $21.6M | -50% |
| Q1 2026 | -$4.6M | -175% |
| Q4 2025 | -$17.1M | +$26.3M |
| Q3 2025 | $44.4M | -15% |
| Q2 2025 | $43.5M | +$60.2M |
| Q1 2025 | $6.1M | -94% |
| Q4 2024 | -$43.4M | +$11.2M |
CION 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.
CION Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -458K shares |
| 1 year | -5.5% | -2.9M shares |
| 3 years | -9.8% | -5.4M shares |
| 5 years | -13% | -7.5M shares |
| Available history | -14% | -7.9M shares |
CION has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $8M |
| Q1 2026 | $9.7M |
| Q4 2025 | $5.2M |
| Q3 2025 | $3.3M |
| Q2 2025 | $6.6M |
| Q1 2025 | $2.2M |
| Q4 2024 | $2M |
CION spent $23M buying back its own shares over the past year, up 64% 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.
CION Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 13.0x | High |
| Q1 2022 | 11.0x | High |
| Q4 2021 | 6.9x | High |
| Q3 2021 | 5.3x | High |
| Q2 2021 | 5.1x | High |
| Q1 2021 | 4.9x | High |
| Q4 2019 | 15.2x | High |
CION's net debt is about 13 years of its operating earnings (EBITDA), up from 5.1 years a year ago. Net leverage isn't a meaningful measure for financial services companies like CION.
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.
CION Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.2 | Neutral |
| Stochastic | 26.9 | Neutral |
CION's weekly RSI is 38 (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).
CION PE vs Financial Services Sector
| Metric | CION | Sector median | Relative |
|---|---|---|---|
| PE | 113x | 13x | 767% above |
| PE % | 94 | 65 | 29 pts above |
CION has no meaningful PE right now: it lost money over the past year.
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 CION on valuation relative to its sector.
CION Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.70 | 8.4% below |
| 20 week MA | $6.79 | 9.6% below |
| 50 week MA | $7.50 | 18% below |
| 100 week MA | $8.91 | 31% below |
| 200 week MA | $9.99 | 39% below |
CION is in a downtrend: it's below all five of its weekly moving averages, and 39% 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 CION on trend strength, trading above more of its moving averages.
CION Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $12.0 | $12.9 | +7.9% |
| 2022 | $12.9 | $10.3 | -20% |
| 2023 | $10.3 | $11.3 | +9.9% |
| 2024 | $11.3 | $11.4 | +0.7% |
| 2025 | $11.4 | $9.59 | -16% |
| 2026 YTD | $9.59 | $6.14 | -36% |
CION is down 36% so far in 2026, after finishing higher in three of the previous five years.
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 CION on returns for 2026, with the stronger performance.