EIG
Employers Holdings, Inc.
EIG trails on the overall score without a compensating advantage in the available component scores.
MS
Morgan Stanley
MS has the edge over EIG overall, supported by stronger fundamentals and stronger valuation.
EIG Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| N/A | |
| N/A |
EIG's profitability is currently stable, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like EIG.
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.
EIG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $16.04 | -66% |
| Fair | 10x | $19.10 | -60% |
| Forward | 21x | $47.36 | — |
| Expensive | 22x | $39.61 | -16% |
| Current | 26x | $47.36 | — |
Historical ranges are pointers, not guarantees.
EIG's PE is in its expensive range at 26x. On analysts' estimates for next year's earnings, today's price would be 21x.
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 EIG in the historical PE scenario, which offers more potential upside but is not a forecast.
EIG Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Decline | |
| Improving | |
| Limited | |
| High |
Analysts expect EIG'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 EIG on the outlook, with more favorable earnings and revenue expectations.
EIG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.21 | +21% |
| Q3 2026 | $1.82 | -28% |
| Q2 2026 | $0.82 | -80% |
| Q1 2026 | $0.46 | -89% |
| Q4 2025 | $0.46 | -90% |
| Q3 2025 | $2.53 | -52% |
| Q2 2025 | $4.10 | -12% |
| Q1 2025 | $4.12 | -12% |
| Q4 2024 | $4.71 | +5.8% |
EIG's earnings per share have fallen from their peak: $1.82 over the past year, against $6.01 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 EIG on earnings, with more consistent year-over-year improvement.
EIG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $189.3M | -21% |
| Q2 2026 | $220.2M | -11% |
| Q1 2026 | $207.6M | +2.5% |
| Q4 2025 | $170.5M | -21% |
| Q3 2025 | $239.3M | +6.8% |
| Q2 2025 | $246.3M | +14% |
| Q1 2025 | $202.6M | -9.2% |
| Q4 2024 | $216.6M | -4% |
EIG's revenue has slid since its 2025 peak: $189M last quarter, down 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.7% | +12 points |
| Q2 2026 | 16% | +0.7 points |
| Q1 2026 | 6.2% | -1.7 points |
| Q4 2025 | -17% | -33 points |
| Q3 2025 | -4.7% | -21 points |
| Q2 2025 | 15% | -3.4 points |
| Q1 2025 | 7.8% | -8 points |
| Q4 2024 | 16% | -9.8 points |
EIG's operating margin was 7.7% last quarter, up 12 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 has the edge over EIG 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 has the edge over EIG on profitability, with a higher operating margin.
EIG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$12.2M | -142% |
| Q2 2026 | -$10.9M | -$10M |
| Q1 2026 | $1.3M | -91% |
| Q4 2025 | $500K | -96% |
| Q3 2025 | $28.8M | -43% |
| Q1 2025 | $14.1M | +$14.8M |
| Q4 2024 | $11.4M | -58% |
| Q3 2024 | $50.1M | +105% |
EIG's free cash flow was −$21M over the past year, against $53M the year before. Free cash flow isn't a meaningful measure for financial services companies like EIG.
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 has the edge over EIG on cash flow, with more consistent year-over-year improvement.
EIG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -228K shares |
| 1 year | -23% | -5.3M shares |
| 3 years | -31% | -8.1M shares |
| 5 years | -37% | -10.4M shares |
| Available history | -44% | -14.5M shares |
EIG has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $16.9M |
| Q2 2026 | $30.2M |
| Q1 2026 | $79.3M |
| Q4 2025 | $94.1M |
| Q3 2025 | $45.4M |
| Q2 2025 | $23.5M |
| Q1 2025 | $19.8M |
| Q4 2024 | $10.6M |
EIG spent $221M buying back its own shares over the past year, up 122% 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.
EIG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.1x | Healthy |
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | -1.2x | Net Cash |
| Q4 2025 | -4.8x | Net Cash |
| Q3 2025 | -1.7x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2024 | -0.7x | Net Cash |
| Q4 2023 | -1.5x | Net Cash |
EIG 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.
EIG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.0 | Neutral |
| Stochastic | 21.3 | Neutral |
EIG's weekly RSI is 49 (neutral) and its Stochastic is 21 (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).
EIG PE vs Financial Services Sector
| Metric | EIG | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 100% above |
| PE % | 90 | 63 | 27 pts above |
EIG is trading at 26x earnings, a 100% 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 EIG on valuation relative to its sector.
EIG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.6 | 2.5% below |
| 20 week MA | $49.3 | 3.9% below |
| 50 week MA | $45.4 | 4.2% above |
| 100 week MA | $45.7 | 3.6% above |
| 200 week MA | $44.2 | 7.2% above |
EIG has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 7.2% above 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's trend is mixed: it's above three of its five weekly moving averages, and 46% above its 200-week average.
EIG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.6 | $31.9 | -23% |
| 2021 | $31.9 | $40.6 | +27% |
| 2022 | $40.6 | $43.5 | +7.3% |
| 2023 | $43.5 | $39.4 | -9.5% |
| 2024 | $39.4 | $50.9 | +29% |
| 2025 | $50.9 | $42.9 | -16% |
| 2026 YTD | $42.9 | $47.4 | +10% |
EIG 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.