FBK
FB Financial Corporation
FBK has the edge over MS overall, supported by stronger valuation and stronger fundamentals.
MS
Morgan Stanley
MS has slightly lower modeled downside risk, despite its lower overall score.
FBK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
FBK's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like FBK.
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.
FBK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $51.10 | -6.3% |
| Forward | 11x | $54.53 | — |
| Current | 12x | $54.53 | — |
| Fair | 15x | $66.25 | +21% |
| Expensive | 23x | $105 | +92% |
Historical ranges are pointers, not guarantees.
FBK 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.
FBK Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect FBK's earnings to grow and its profitability to improve, with its revenue holding steady.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over FBK on the outlook, with more favorable revenue expectations.
FBK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.94 | +8.5% |
| Q3 2026 | $4.55 | +112% |
| Q2 2026 | $3.78 | +95% |
| Q1 2026 | $2.71 | -0.7% |
| Q4 2025 | $2.45 | -1.2% |
| Q3 2025 | $2.15 | -6.1% |
| Q2 2025 | $1.94 | -22% |
| Q1 2025 | $2.73 | +15% |
| Q4 2024 | $2.48 | -3.5% |
FBK earned $4.55 per share over the past year, up 112% 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 FBK on earnings, with more consistent year-over-year improvement.
FBK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $174.5M | +0.4% |
| Q2 2026 | $174.8M | +127% |
| Q1 2026 | $172.3M | +32% |
| Q4 2025 | $178.6M | +37% |
| Q3 2025 | $173.9M | +94% |
| Q2 2025 | $76.9M | -40% |
| Q1 2025 | $130.7M | +22% |
| Q4 2024 | $130.4M | +12% |
FBK's revenue has grown year over year for five quarters in a row: $174M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +27 points |
| Q2 2026 | 42% | +55 points |
| Q1 2026 | 43% | +5.7 points |
| Q4 2025 | 39% | +0.7 points |
| Q3 2025 | 17% | +4.3 points |
| Q2 2025 | -13% | -52 points |
| Q1 2025 | 37% | +5.5 points |
| Q4 2024 | 38% | +7.6 points |
FBK 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'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.
FBK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $18.2M | -60% |
| Q2 2026 | $73.8M | +8% |
| Q1 2026 | $29.3M | +$47.4M |
| Q4 2025 | $51.2M | +127% |
| Q3 2025 | $45.6M | -2.3% |
| Q2 2025 | $68.4M | +141% |
| Q1 2025 | -$18.1M | -152% |
| Q4 2024 | $22.6M | -68% |
FBK 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.
FBK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.7% | -1.4M shares |
| 1 year | -6.8% | -3.7M shares |
| 3 years | +7.3% | +3.4M shares |
| 5 years | +4.7% | +2.3M shares |
| Available history | +60% | +18.9M shares |
FBK has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $29.3M |
| Q2 2026 | $84.2M |
| Q1 2026 | $21.8M |
| Q4 2025 | $87.9M |
| Q3 2025 | $23.9M |
| Q2 2025 | $34.3M |
| Q1 2025 | $9.9M |
| Q4 2024 | — |
FBK spent $223M buying back its own shares over the past year, about three times what it spent 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.
FBK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.5x | Net Cash |
| Q2 2026 | -4.3x | Net Cash |
| Q1 2026 | -6.6x | Net Cash |
| Q4 2025 | -6.3x | Net Cash |
| Q3 2025 | -8.2x | Net Cash |
| Q2 2025 | -10.4x | Net Cash |
| Q1 2025 | -4.6x | Net Cash |
| Q4 2024 | -5.5x | Net Cash |
FBK 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.
FBK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.5 | Neutral |
| Stochastic | 34.0 | Neutral |
FBK's weekly RSI is 49 (neutral) and its Stochastic is 34 (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).
FBK PE vs Financial Services Sector
| Metric | FBK | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 8% below |
| PE % | 25 | 63 | 38 pts below |
FBK 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.
FBK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $53.3 | 2.4% above |
| 20 week MA | $56.1 | 2.8% below |
| 50 week MA | $55.6 | 1.9% below |
| 100 week MA | $52.5 | 3.8% above |
| 200 week MA | $44.9 | 21% above |
FBK's trend is mixed: it's above three of its five weekly moving averages, and 21% 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.
FBK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.5 | $34.7 | -12% |
| 2021 | $34.7 | $43.4 | +25% |
| 2022 | $43.4 | $36.5 | -16% |
| 2023 | $36.5 | $39.9 | +9.3% |
| 2024 | $39.9 | $51.7 | +30% |
| 2025 | $51.7 | $56.8 | +9.9% |
| 2026 YTD | $56.8 | $54.5 | -4% |
FBK has finished higher in four of the last six years. It's down 4% 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 FBK on returns for 2026, with the stronger performance.