FIBK
First Interstate BancSystem, Inc.
FIBK offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has a slight edge over FIBK overall, supported by stronger modeled upside and lower modeled downside.
FIBK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
FIBK'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 FIBK.
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.
FIBK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $34.46 | -8.5% |
| Current | 12x | $37.67 | — |
| Fair | 13x | $42.01 | +12% |
| Forward | 13x | $37.67 | — |
| Expensive | 16x | $51.86 | +38% |
Historical ranges are pointers, not guarantees.
FIBK 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.
FIBK Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect FIBK'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 FIBK on the outlook, with more favorable valuation and revenue expectations.
FIBK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.89 | -9.8% |
| Q3 2026 | $3.20 | +35% |
| Q2 2026 | $3.24 | +46% |
| Q1 2026 | $3.06 | +45% |
| Q4 2025 | $2.94 | +34% |
| Q3 2025 | $2.37 | +3.9% |
| Q2 2025 | $2.22 | -9% |
| Q1 2025 | $2.11 | -16% |
| Q4 2024 | $2.19 | -12% |
FIBK earned $3.20 per share over the past year, up 35% 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 FIBK on earnings, with more consistent year-over-year improvement.
FIBK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $249.5M | -0.4% |
| Q2 2026 | $263.9M | +6.3% |
| Q1 2026 | $241.8M | -2.1% |
| Q4 2025 | $313M | +20% |
| Q3 2025 | $250.5M | -0.6% |
| Q2 2025 | $248.3M | +1.6% |
| Q1 2025 | $247M | +2% |
| Q4 2024 | $261.3M | +3.6% |
FIBK's revenue has picked up after three years of holding roughly level: $250M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 33% | -4.1 points |
| Q2 2026 | 41% | +3.3 points |
| Q1 2026 | 32% | +5.2 points |
| Q4 2025 | 44% | +19 points |
| Q3 2025 | 37% | +8.1 points |
| Q2 2025 | 38% | +5.6 points |
| Q1 2025 | 27% | -4.8 points |
| Q4 2024 | 26% | -6.5 points |
FIBK 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 FIBK 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.
FIBK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $105.7M | +15% |
| Q2 2026 | $57.9M | -15% |
| Q1 2026 | $55M | -30% |
| Q4 2025 | $67.3M | -29% |
| Q3 2025 | $91.7M | +2% |
| Q2 2025 | $68.1M | -17% |
| Q1 2025 | $78.5M | -10% |
| Q4 2024 | $95.2M | +37% |
FIBK 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.
FIBK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -1.7M shares |
| 1 year | -8% | -8.3M shares |
| 3 years | -8.4% | -8.7M shares |
| 5 years | +54% | +33.3M shares |
| Available history | +49% | +31.2M shares |
FIBK has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $77.2M |
| Q2 2026 | $69.5M |
| Q1 2026 | $87.7M |
| Q4 2025 | $91.2M |
| Q3 2025 | $27.5M |
| Q2 2025 | — |
| Q1 2025 | $3.2M |
| Q4 2024 | — |
FIBK spent $326M buying back its own shares over the past year, more than ten 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.
FIBK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | 1.7x | Healthy |
| Q4 2024 | -0.7x | Net Cash |
FIBK 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.
FIBK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.6 | Neutral |
| Stochastic | 63.9 | Neutral |
FIBK's weekly RSI is 55 (neutral) and its Stochastic is 64 (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).
FIBK PE vs Financial Services Sector
| Metric | FIBK | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 9.6% below |
| PE % | 30 | 63 | 33 pts below |
FIBK 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.
FIBK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $36.5 | 3.1% above |
| 20 week MA | $37.4 | 0.6% above |
| 50 week MA | $36.3 | 3.8% above |
| 100 week MA | $33.2 | 13% above |
| 200 week MA | $30.7 | 23% above |
FIBK 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.
FIBK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.8 | $40.7 | -2.8% |
| 2021 | $40.7 | $39.1 | -3.8% |
| 2022 | $39.1 | $38.3 | -2% |
| 2023 | $38.3 | $30.8 | -20% |
| 2024 | $30.8 | $32.4 | +5.3% |
| 2025 | $32.4 | $35.9 | +11% |
| 2026 YTD | $35.9 | $37.7 | +4.8% |
FIBK 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.