DEFT
DeFi Technologies Inc.
There isn't enough reported data to score DEFT 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.
DEFT Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| N/A | |
| N/A |
DEFT's profitability is currently healthy. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like DEFT.
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.
DEFT PE Valuation
DEFT 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.
DEFT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect DEFT's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over DEFT on the outlook, with more favorable earnings and revenue expectations.
DEFT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.02 | -86% |
| Q4 2025 | $0.17 | +$0.24 |
| Q4 2024 | -$0.07 | -$0.01 |
| Q3 2024 | $0.19 | +$0.37 |
| Q2 2024 | $0.13 | +$0.32 |
| Q1 2024 | -$0.06 | +$0.17 |
| Q4 2023 | -$0.06 | +$0.17 |
| Q3 2023 | -$0.18 | +$0.08 |
| Q2 2023 | -$0.19 | +$0.07 |
DEFT has the stronger earnings trend. Trailing diluted EPS is up 183% for DEFT versus MS up 29%.
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's earnings per share have climbed steadily: $12.60 over the past year, up 29% from the year before, and higher year over year for 10 quarters in a row.
DEFT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2024 | $138.1M | +2558% |
| Q1 2023 | $12.5M | +875% |
| Q3 2020 | $1.6M | +1990% |
MS has the stronger quarterly revenue trend. Revenue is down 73% for DEFT versus up 12% for MS.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -39 points |
| Q4 2025 | 47% | N/A |
| Q3 2024 | 46% | N/A |
| Q2 2024 | 50% | -12 points |
| Q4 2023 | -40% | N/A |
| Q2 2023 | 62% | N/A |
| Q1 2023 | -82% | +518 points |
| Q1 2022 | -600% | N/A |
DEFT's operating margin was 11% last quarter, up 52 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 has the edge over DEFT on profitability, with a higher operating margin.
DEFT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$133.4M | -$58.6M |
| Q4 2024 | -$74.7M | -$73.3M |
| Q3 2024 | $8.7M | +$12.5M |
| Q2 2024 | $14.8M | +$19M |
| Q1 2024 | -$40.1M | -$32.6M |
| Q4 2023 | -$1.4M | -162% |
| Q3 2023 | -$3.9M | -$796K |
| Q2 2023 | -$4.2M | -$3.6M |
DEFT has the stronger cash trend. Its trailing FCF is down 327% versus its history, compared with MS at down 492%.
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.
DEFT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.5% | +28.4M shares |
| 1 year | +22% | +73.1M shares |
| 3 years | +95% | +197M shares |
| 5 years | +853% | +363M shares |
| Available history | +878% | +364M shares |
DEFT has 406M diluted shares, up 22% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | $1.7M |
| Q3 2024 | $499,859 |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
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 DEFT on shareholder dilution, with a more favorable share count trend.
DEFT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2024 | -0.1x | Net Cash |
| Q2 2024 | -0.0x | Net Cash |
| Q4 2020 | -0.2x | Net Cash |
| Q3 2020 | -0.0x | Very low |
DEFT has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like DEFT.
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.
DEFT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.3 | Neutral |
| Stochastic | 1.7 | Oversold |
DEFT's weekly RSI is 31 (neutral) and its Stochastic is 2 (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).
DEFT PE vs Financial Services Sector
| Metric | DEFT | Sector median | Relative |
|---|---|---|---|
| PE | 2x | 13x | 85% below |
| PE % | 0 | 17 | 17 pts below |
DEFT 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.
DEFT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.42 | 29% below |
| 20 week MA | $0.48 | 38% below |
| 50 week MA | $0.65 | 54% below |
MS has stronger trend alignment. DEFT is above 0 of 3 weekly averages versus MS above 3 of 5.
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.
DEFT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $3.98 | $0.82 | -79% |
| 2026 YTD | $0.82 | $0.30 | -63% |
DEFT has finished every year since 2025 lower, and it's down 63% 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 DEFT on returns for 2026, with the stronger performance.