FCNCA
First Citizens BancShares, Inc.
FCNCA offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has a slight edge over FCNCA overall, supported by stronger fundamentals and stronger modeled upside.
FCNCA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
FCNCA's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like FCNCA.
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.
FCNCA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.5x | $1,649 | -29% |
| Forward | 11x | $2,318 | — |
| Fair | 12x | $2,274 | -1.9% |
| Current | 12x | $2,318 | — |
| Expensive | 14x | $2,794 | +21% |
Historical ranges are pointers, not guarantees.
FCNCA's PE is in its fair range at 12x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
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 FCNCA in the historical PE scenario, which offers more potential upside but is not a forecast.
FCNCA Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for FCNCA, with profitability improving.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
FCNCA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $208.95 | +7.3% |
| Q3 2026 | $194.71 | +15% |
| Q2 2026 | $186.56 | +10% |
| Q1 2026 | $173.40 | -0.7% |
| Q4 2025 | $165.24 | -13% |
| Q3 2025 | $169.10 | -3.1% |
| Q2 2025 | $169.44 | -6.8% |
| Q1 2025 | $174.62 | -3.1% |
| Q4 2024 | $189.41 | -76% |
FCNCA's earnings per share have fallen from their peak: $194.71 over the past year, against $784.51 in late 2023.
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 FCNCA on earnings, with more consistent year-over-year improvement.
FCNCA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | 0% |
| Q2 2026 | $2.4B | +2.5% |
| Q1 2026 | $2.3B | +0.7% |
| Q4 2025 | $2.4B | +1.2% |
| Q3 2025 | $2.4B | -0.5% |
| Q2 2025 | $2.4B | -3.5% |
| Q1 2025 | $2.3B | -6% |
| Q4 2024 | $2.4B | -1.9% |
FCNCA's revenue fell from its 2023 peak and has held roughly level since: $2.4B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 33% | +2.2 points |
| Q2 2026 | 37% | +4.7 points |
| Q1 2026 | 30% | +2.2 points |
| Q4 2025 | 33% | +2.7 points |
| Q3 2025 | 31% | -4.8 points |
| Q2 2025 | 32% | -7.9 points |
| Q1 2025 | 28% | -13 points |
| Q4 2024 | 31% | +1.5 points |
FCNCA 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 FCNCA 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's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
FCNCA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $689M | +1.6% |
| Q2 2026 | $941M | +28% |
| Q1 2026 | $31M | +$36M |
| Q4 2025 | $807M | -19% |
| Q3 2025 | $678M | -23% |
| Q2 2025 | $733M | +132% |
| Q1 2025 | -$5M | -101% |
| Q4 2024 | $991M | +43% |
FCNCA 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.
FCNCA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.5% | -285K shares |
| 1 year | -12% | -1.6M shares |
| 3 years | -23% | -3.3M shares |
| 5 years | +15% | +1.4M shares |
| Available history | +1% | +109K shares |
FCNCA has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $600M |
| Q2 2026 | $606M |
| Q1 2026 | $899M |
| Q4 2025 | $900M |
| Q3 2025 | $896M |
| Q2 2025 | $613M |
| Q1 2025 | $618M |
| Q4 2024 | $948M |
FCNCA spent $3B buying back its own shares over the past year, down 2.3% 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.
FCNCA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.1x | High |
| Q2 2026 | 8.3x | High |
| Q1 2026 | 9.4x | High |
| Q4 2025 | 10.4x | High |
| Q3 2025 | 11.6x | High |
| Q2 2025 | 11.1x | High |
| Q1 2025 | 10.8x | High |
| Q4 2024 | 9.7x | High |
FCNCA 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.
FCNCA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.7 | Neutral |
| Stochastic | 72.5 | Neutral |
FCNCA's weekly RSI is 62 (neutral) and its Stochastic is 73 (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).
FCNCA PE vs Financial Services Sector
| Metric | FCNCA | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 8.6% below |
| PE % | 54 | 63 | 9 pts below |
FCNCA 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.
FCNCA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2,209.5 | 4.9% above |
| 20 week MA | $2,185.1 | 6.1% above |
| 50 week MA | $2,081.5 | 11% above |
| 100 week MA | $2,003.1 | 16% above |
| 200 week MA | $1,746.4 | 33% above |
FCNCA 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.
FCNCA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $530.5 | $593.1 | +12% |
| 2021 | $593.1 | $864.4 | +46% |
| 2022 | $864.4 | $751.1 | -13% |
| 2023 | $751.1 | $1,419.0 | +89% |
| 2024 | $1,419.0 | $2,132.4 | +50% |
| 2025 | $2,132.4 | $2,180.5 | +2.3% |
| 2026 YTD | $2,180.5 | $2,317.9 | +6.3% |
FCNCA 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.