FBIZ
First Business Financial Services, Inc.
FBIZ's outlook is improving, though it still trails on the overall score.
MS
Morgan Stanley
MS has the edge over FBIZ overall, supported by stronger valuation and stronger modeled upside.
FBIZ Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
FBIZ's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FBIZ.
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.
FBIZ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.5x | $50.79 | -32% |
| Fair | 8.6x | $58.61 | -22% |
| Expensive | 10x | $68.55 | -8.7% |
| Current | 11x | $75.07 | — |
| Forward | 11x | $75.07 | — |
Historical ranges are pointers, not guarantees.
FBIZ has the edge over MS in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
FBIZ Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FBIZ, with profitability improving.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over FBIZ on the outlook, with more favorable valuation expectations.
FBIZ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.06 | +3.7% |
| Q3 2026 | $6.81 | +12% |
| Q2 2026 | $6.56 | +17% |
| Q1 2026 | $6.07 | +10% |
| Q4 2025 | $5.95 | +14% |
| Q3 2025 | $6.08 | +30% |
| Q2 2025 | $5.62 | +22% |
| Q1 2025 | $5.50 | +27% |
| Q4 2024 | $5.22 | +20% |
FBIZ's earnings per share have climbed steadily: $6.81 over the past year, up 12% from the year before, and higher year over year for 10 quarters in a row.
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 FBIZ on earnings, with stronger typical year-over-year growth.
FBIZ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $47.5M | +6.7% |
| Q2 2026 | $46.7M | +14% |
| Q1 2026 | $44.3M | +8.5% |
| Q4 2025 | $42.2M | +2.6% |
| Q3 2025 | $44.5M | +17% |
| Q2 2025 | $41M | +8.1% |
| Q1 2025 | $40.8M | +13% |
| Q4 2024 | $41.2M | +12% |
FBIZ's revenue has grown year over year for 19 quarters in a row: $48M last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | +1.9 points |
| Q2 2026 | 36% | +3.4 points |
| Q1 2026 | 32% | -0.5 points |
| Q4 2025 | 38% | +1.3 points |
| Q3 2025 | 39% | +5.2 points |
| Q2 2025 | 33% | 0 points |
| Q1 2025 | 33% | +3.7 points |
| Q4 2024 | 37% | +3.1 points |
FBIZ 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 FBIZ on sales, with stronger typical year-over-year growth.
| 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.
FBIZ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.2M | -72% |
| Q2 2026 | $43.6M | +181% |
| Q1 2026 | $2.9M | -74% |
| Q4 2025 | $16.1M | -27% |
| Q3 2025 | $18.3M | +27% |
| Q2 2025 | $15.5M | +23% |
| Q1 2025 | $11.2M | +35% |
| Q4 2024 | $21.9M | +68% |
FBIZ 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.
FBIZ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +37.9K shares |
| 1 year | +0.9% | +74.5K shares |
| 3 years | +1.7% | +138K shares |
| 5 years | -1.1% | -94.1K shares |
| Available history | -3.2% | -269K shares |
FBIZ has 8M diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $849,000 |
| Q2 2026 | $878,000 |
| Q1 2026 | $811,000 |
| Q4 2025 | $16,000 |
| Q3 2025 | $11,000 |
| Q2 2025 | $586,000 |
| Q1 2025 | $777,000 |
| Q4 2024 | $13,000 |
FBIZ spent $3M buying back its own shares over the past year, up 84% 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 the edge over FBIZ on shareholder dilution, with a more favorable share count trend.
FBIZ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.3x | Net Cash |
| Q2 2026 | -2.4x | Net Cash |
| Q1 2026 | -2.1x | Net Cash |
| Q4 2025 | -0.6x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -2.1x | Net Cash |
| Q1 2025 | -3.0x | Net Cash |
| Q4 2024 | -2.9x | Net Cash |
FBIZ 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.
FBIZ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.6 | Neutral |
| Stochastic | 67.1 | Neutral |
FBIZ's weekly RSI is 69 (neutral) and its Stochastic is 67 (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).
FBIZ PE vs Financial Services Sector
| Metric | FBIZ | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 15% below |
| PE % | 96 | 63 | 33 pts above |
FBIZ 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.
FBIZ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.3 | 3.8% above |
| 20 week MA | $70.4 | 6.7% above |
| 50 week MA | $62.1 | 21% above |
| 100 week MA | $55.8 | 35% above |
| 200 week MA | $45.8 | 64% above |
FBIZ 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.
FBIZ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.2 | $18.2 | -30% |
| 2021 | $18.2 | $28.8 | +58% |
| 2022 | $28.8 | $36.5 | +27% |
| 2023 | $36.5 | $40.1 | +10% |
| 2024 | $40.1 | $45.9 | +14% |
| 2025 | $45.9 | $55.4 | +21% |
| 2026 YTD | $55.4 | $75.1 | +35% |
FBIZ 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.