FISI
Financial Institutions, Inc.
FISI's outlook is improving, though it still trails on the overall score.
MS
Morgan Stanley
MS has the edge over FISI overall, supported by stronger fundamentals and stronger valuation.
FISI Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Strong | |
| N/A | |
| N/A |
FISI's profitability is currently strong. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like FISI.
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.
FISI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $23.28 | -42% |
| Fair | 7.3x | $29.54 | -26% |
| Forward | 9.5x | $40.04 | — |
| Expensive | 9.9x | $39.80 | -0.6% |
| Current | 9.9x | $40.04 | — |
Historical ranges are pointers, not guarantees.
FISI 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.
FISI Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FISI, with profitability improving.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over FISI on the outlook, with more favorable valuation expectations.
FISI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.24 | +5.1% |
| Q3 2024 | $3.17 | -4.2% |
| Q2 2024 | $3.21 | -3% |
| Q1 2024 | $2.50 | -26% |
| Q4 2023 | $3.15 | -12% |
| Q3 2023 | $3.31 | -17% |
| Q2 2023 | $3.31 | -21% |
| Q1 2023 | $3.39 | -24% |
| Q4 2022 | $3.56 | -26% |
MS has the stronger earnings trend. Trailing diluted EPS is up 27% for FISI versus MS up 29%.
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's earnings per share have climbed steadily: $12.60 over the past year, up 29% from the year before, and higher year over year for 10 quarters in a row.
FISI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $64.7M | +1.4% |
| Q2 2026 | $64.3M | +7.7% |
| Q1 2026 | $62.7M | +9.5% |
| Q3 2025 | $63.8M | +27% |
| Q2 2025 | $59.7M | -8.4% |
| Q1 2025 | $57.2M | +12% |
| Q3 2024 | $50.1M | -3.9% |
| Q2 2024 | $65.2M | +21% |
FISI's revenue has grown year over year for four quarters in a row: $65M last quarter, up 1.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | -2.4 points |
| Q2 2026 | 40% | +3.8 points |
| Q1 2026 | 40% | +3.6 points |
| Q4 2025 | 37% | N/A |
| Q3 2025 | 40% | +11 points |
| Q2 2025 | 36% | -10 points |
| Q1 2025 | 36% | +31 points |
| Q3 2024 | 29% | -2.5 points |
FISI 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 FISI 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.
FISI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $31.8M | +$39.7M |
| Q2 2026 | $21.8M | +$29.1M |
| Q1 2026 | $23M | +151% |
| Q3 2025 | -$7.9M | -$7.6M |
| Q2 2025 | -$7.3M | -121% |
| Q1 2025 | $9.2M | -17% |
| Q3 2024 | -$299K | -101% |
| Q2 2024 | $34.7M | +341% |
FISI 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.
FISI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -39K shares |
| 1 year | -2.1% | -434K shares |
| 3 years | +29% | +4.5M shares |
| 5 years | +25% | +4M shares |
| Available history | +24% | +3.9M shares |
FISI has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $7.7M |
| Q2 2026 | $65,000 |
| Q1 2026 | $6.1M |
| Q4 2025 | $10.9M |
| Q3 2025 | $34,000 |
| Q2 2025 | — |
| Q1 2025 | $481,000 |
| Q3 2024 | $26,000 |
FISI spent $25M buying back its own shares over the past year.
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.
FISI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 2.0x | Healthy |
| Q3 2024 | -1.0x | Net Cash |
| Q2 2024 | 2.5x | Moderate |
| Q1 2024 | 0.4x | Very low |
| Q4 2023 | 2.6x | Moderate |
FISI 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.
FISI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.7 | Neutral |
| Stochastic | 38.7 | Neutral |
FISI's weekly RSI is 57 (neutral) and its Stochastic is 39 (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).
FISI PE vs Financial Services Sector
| Metric | FISI | Sector median | Relative |
|---|---|---|---|
| PE | 9.9x | 13x | 24% below |
| PE % | 84 | 63 | 21 pts above |
FISI 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.
FISI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.7 | 0.8% above |
| 20 week MA | $40.3 | 0.6% below |
| 50 week MA | $36.2 | 11% above |
| 100 week MA | $31.4 | 28% above |
| 200 week MA | $25.8 | 55% above |
FISI 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.
FISI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.0 | $22.5 | -30% |
| 2021 | $22.5 | $31.8 | +42% |
| 2022 | $31.8 | $24.5 | -23% |
| 2023 | $24.5 | $21.3 | -13% |
| 2024 | $21.3 | $27.0 | +27% |
| 2025 | $27.0 | $32.0 | +18% |
| 2026 YTD | $32.0 | $40.0 | +25% |
FISI 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.