FFIN
First Financial Bankshares, Inc.
FFIN offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has a slight edge over FFIN overall, supported by stronger modeled upside and lower modeled downside.
FFIN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
FFIN'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 FFIN.
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.
FFIN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $30.26 | — |
| Current | 15x | $30.26 | — |
| Cheap | 18x | $37.29 | +23% |
| Fair | 23x | $47.10 | +56% |
| Expensive | 30x | $60.74 | +101% |
Historical ranges are pointers, not guarantees.
FFIN 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.
FFIN Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FFIN, with profitability holding steady.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over FFIN on the outlook, with more favorable valuation and profitability expectations.
FFIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.10 | +3.3% |
| Q3 2026 | $2.03 | +20% |
| Q2 2026 | $1.87 | +8.7% |
| Q1 2026 | $1.84 | +14% |
| Q4 2025 | $1.77 | +13% |
| Q3 2025 | $1.69 | +17% |
| Q2 2025 | $1.72 | +23% |
| Q1 2025 | $1.62 | +17% |
| Q4 2024 | $1.56 | +12% |
FFIN's earnings per share have climbed steadily: $2.03 over the past year, up 20% from the year before, and higher year over year for eight 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 FFIN on earnings, with stronger typical year-over-year growth.
FFIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $174.1M | +8% |
| Q2 2026 | $172.8M | +10% |
| Q1 2026 | $166.9M | +12% |
| Q4 2025 | $164.7M | +12% |
| Q3 2025 | $161.3M | +16% |
| Q2 2025 | $156.6M | +16% |
| Q1 2025 | $149M | +15% |
| Q4 2024 | $147.1M | +23% |
FFIN's revenue has grown year over year for 11 quarters in a row: $174M last quarter, up 8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 52% | +13 points |
| Q2 2026 | 51% | -1.6 points |
| Q1 2026 | 53% | +2.2 points |
| Q4 2025 | 54% | +2.7 points |
| Q3 2025 | 39% | -9.1 points |
| Q2 2025 | 52% | +4.9 points |
| Q1 2025 | 50% | +0.4 points |
| Q4 2024 | 52% | +4.8 points |
FFIN 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 FFIN 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.
FFIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $86.3M | +3.2% |
| Q2 2026 | $75.2M | +28% |
| Q1 2026 | $97.5M | +31% |
| Q4 2025 | $68.9M | -14% |
| Q3 2025 | $83.7M | +7.7% |
| Q2 2025 | $58.7M | -8% |
| Q1 2025 | $74.7M | +4.2% |
| Q4 2024 | $79.7M | +45% |
FFIN 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.
FFIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +28.2K shares |
| 1 year | +0.2% | +252K shares |
| 3 years | +0.4% | +577K shares |
| 5 years | +0.4% | +508K shares |
| Available history | +5.4% | +7.4M shares |
FFIN has 144M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | $1,000 |
| Q3 2023 | $2.7M |
| Q4 2022 | — |
| Q3 2022 | $2M |
| Q4 2020 | — |
| Q3 2020 | — |
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 FFIN on shareholder dilution, with a more favorable share count trend.
FFIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -0.6x | Net Cash |
| Q4 2025 | -0.6x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.6x | Net Cash |
| Q1 2025 | -0.6x | Net Cash |
| Q4 2024 | -0.0x | Net Cash |
FFIN 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.
FFIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.4 | Neutral |
| Stochastic | 14.7 | Oversold |
FFIN's weekly RSI is 36 (neutral) and its Stochastic is 15 (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).
FFIN PE vs Financial Services Sector
| Metric | FFIN | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 0 | 63 | 63 pts below |
FFIN 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.
FFIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.9 | 2.1% below |
| 20 week MA | $32.9 | 8.1% below |
| 50 week MA | $32.3 | 6.2% below |
| 100 week MA | $33.6 | 10% below |
| 200 week MA | $32.6 | 7.1% below |
FFIN is in a downtrend: it's below all five of its weekly moving averages, and 7.1% below 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 has the edge over FFIN on trend strength, trading above more of its moving averages.
FFIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.3 | $35.8 | +1.4% |
| 2021 | $35.8 | $50.2 | +40% |
| 2022 | $50.2 | $33.7 | -33% |
| 2023 | $33.7 | $30.3 | -10% |
| 2024 | $30.3 | $36.2 | +19% |
| 2025 | $36.2 | $30.9 | -15% |
| 2026 YTD | $30.9 | $30.3 | -1.9% |
FFIN has finished lower in three of the last six years. It's down 1.9% 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 FFIN on returns for 2026, with the stronger performance.