FHN
First Horizon Corporation
FHN's outlook is improving, though it still trails on the overall score.
MS
Morgan Stanley
MS has the edge over FHN overall, supported by stronger modeled upside and stronger fundamentals.
FHN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
FHN's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like FHN.
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.
FHN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.8x | $10.71 | -54% |
| Forward | 10x | $23.41 | — |
| Fair | 12x | $16.07 | -31% |
| Expensive | 15x | $20.09 | -14% |
| Current | 17x | $23.41 | — |
Historical ranges are pointers, not guarantees.
FHN's PE is in its expensive range at 17x. If earnings grow as analysts expect, today's price would be 10x next year's earnings, in its fair range.
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 FHN in the historical PE scenario, which offers more potential upside but is not a forecast.
FHN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect FHN'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 FHN on the outlook, with more favorable revenue expectations.
FHN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.25 | +63% |
| Q3 2026 | $1.38 | -16% |
| Q2 2026 | $2.08 | +34% |
| Q1 2026 | $1.99 | +38% |
| Q4 2025 | $1.87 | +38% |
| Q3 2025 | $1.65 | +19% |
| Q2 2025 | $1.55 | +27% |
| Q1 2025 | $1.44 | 0% |
| Q4 2024 | $1.36 | -12% |
FHN's earnings per share have fallen from their peak: $1.38 over the past year, against $2.61 in mid-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 FHN on earnings, with more consistent year-over-year improvement.
FHN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $407M | -54% |
| Q2 2026 | $887M | +6.9% |
| Q1 2026 | $862M | +6.2% |
| Q4 2025 | $888M | +22% |
| Q3 2025 | $889M | +7.5% |
| Q2 2025 | $830M | +1.8% |
| Q1 2025 | $812M | -0.9% |
| Q4 2024 | $728M | -8.9% |
FHN's revenue has slid since its 2020 peak: $407M last quarter, down 54% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -24% | -63 points |
| Q2 2026 | 38% | +1.1 points |
| Q1 2026 | 40% | +4.6 points |
| Q4 2025 | 39% | +9.8 points |
| Q3 2025 | 39% | +4.7 points |
| Q2 2025 | 37% | +5.3 points |
| Q1 2025 | 35% | +4.1 points |
| Q4 2024 | 29% | +6.6 points |
FHN's operating margin was −24% last quarter, down 63 points from the same quarter a year ago, near the bottom of its range since 2019.
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 FHN 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 FHN on profitability, with a higher operating margin.
FHN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $594M | +$802M |
| Q2 2026 | $566M | +665% |
| Q1 2026 | $270M | -21% |
| Q4 2025 | $389M | +124% |
| Q2 2025 | $74M | +$224M |
| Q1 2025 | $340M | -59% |
| Q2 2024 | -$150M | -149% |
| Q1 2024 | $838M | +$907M |
FHN 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.
FHN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -6.3M shares |
| 1 year | -7.2% | -36.5M shares |
| 3 years | -16% | -87.6M shares |
| 5 years | -14% | -76M shares |
| Available history | +50% | +158M shares |
FHN has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4M |
| Q2 2026 | $121M |
| Q1 2026 | $235M |
| Q4 2025 | $335M |
| Q3 2025 | $190M |
| Q2 2025 | $28M |
| Q1 2025 | $365M |
| Q4 2024 | $164M |
FHN spent $695M buying back its own shares over the past year, down 7% 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.
FHN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 1.7x | Healthy |
| Q4 2022 | 1.2x | Healthy |
| Q3 2022 | 0.2x | Very low |
| Q2 2022 | 0.7x | Very low |
| Q1 2022 | 0.4x | Very low |
FHN 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.
FHN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.4 | Neutral |
| Stochastic | 23.9 | Neutral |
FHN's weekly RSI is 44 (neutral) and its Stochastic is 24 (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).
FHN PE vs Financial Services Sector
| Metric | FHN | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 13x | 30% above |
| PE % | 100 | 63 | 37 pts above |
FHN is trading at 17x earnings, a 30% 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 FHN on valuation relative to its sector.
FHN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.3 | 0.7% above |
| 20 week MA | $24.4 | 4.2% below |
| 50 week MA | $24.2 | 3.3% below |
| 100 week MA | $22.5 | 4.1% above |
| 200 week MA | $18.9 | 24% above |
FHN's trend is mixed: it's above three of its five weekly moving averages, and 24% 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.
FHN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.5 | $12.6 | -23% |
| 2021 | $12.6 | $16.0 | +26% |
| 2022 | $16.0 | $24.5 | +53% |
| 2023 | $24.5 | $14.2 | -42% |
| 2024 | $14.2 | $20.2 | +43% |
| 2025 | $20.2 | $24.5 | +21% |
| 2026 YTD | $24.5 | $23.4 | -4.5% |
FHN has finished higher in four of the last six years. It's down 4.5% 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 FHN on returns for 2026, with the stronger performance.