FMNB
Farmers National Banc Corp.
FMNB's outlook is improving, though it still trails on the overall score.
MS
Morgan Stanley
MS has the edge over FMNB overall, supported by stronger fundamentals and stronger modeled upside.
FMNB Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
FMNB's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FMNB.
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.
FMNB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.4x | $11.73 | -24% |
| Forward | 8.9x | $15.46 | — |
| Fair | 9.4x | $13.07 | -15% |
| Expensive | 11x | $15.07 | -2.5% |
| Current | 11x | $15.46 | — |
Historical ranges are pointers, not guarantees.
FMNB 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.
FMNB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for FMNB, 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.
FMNB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.75 | +26% |
| Q3 2026 | $1.39 | -3.5% |
| Q2 2026 | $1.47 | +9.7% |
| Q1 2026 | $1.45 | +13% |
| Q4 2025 | $1.45 | +19% |
| Q3 2025 | $1.44 | +18% |
| Q2 2025 | $1.34 | -0.7% |
| Q1 2025 | $1.28 | -11% |
| Q4 2024 | $1.22 | -8.3% |
FMNB's earnings per share have fallen from their peak: $1.39 over the past year, against $2.02 in late 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 FMNB on earnings, with more consistent year-over-year improvement.
FMNB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $65.9M | +38% |
| Q2 2026 | $70.4M | +50% |
| Q1 2026 | $56.3M | +26% |
| Q4 2025 | $49.1M | +11% |
| Q3 2025 | $47.7M | +8% |
| Q2 2025 | $47M | +13% |
| Q1 2025 | $44.7M | +12% |
| Q4 2024 | $44.2M | -1.9% |
FMNB's revenue has grown year over year for seven quarters in a row: $66M last quarter, up 38% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | -5.7 points |
| Q2 2026 | 39% | +3.8 points |
| Q1 2026 | 36% | -1.1 points |
| Q4 2025 | 36% | -3.9 points |
| Q3 2025 | 31% | +7.8 points |
| Q2 2025 | 35% | +0.7 points |
| Q1 2025 | 37% | +3 points |
| Q4 2024 | 40% | +0.6 points |
FMNB's operating margin was 25% last quarter, down 5.7 points from the same quarter a year ago.
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 FMNB 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 FMNB on profitability, with a higher operating margin.
FMNB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $28.1M | +211% |
| Q2 2026 | $26M | +109% |
| Q1 2026 | $7.1M | -42% |
| Q3 2025 | $9M | -62% |
| Q2 2025 | $12.4M | -25% |
| Q1 2025 | $12.2M | -7.5% |
| Q3 2024 | $23.7M | +21% |
| Q2 2024 | $16.5M | +8.6% |
FMNB 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.
FMNB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +78.4K shares |
| 1 year | +57% | +21.6M shares |
| 3 years | +59% | +21.9M shares |
| 5 years | +109% | +30.9M shares |
| Available history | +113% | +31.4M shares |
FMNB has 59M diluted shares, up 57% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $11.5M |
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 FMNB on shareholder dilution, with a more favorable share count trend.
FMNB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.4x | High |
| Q2 2026 | 4.7x | High |
| Q1 2026 | 5.2x | High |
| Q4 2025 | 4.8x | High |
| Q3 2025 | 4.1x | High |
| Q2 2025 | 4.0x | High |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 6.0x | High |
FMNB 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.
FMNB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.0 | Neutral |
| Stochastic | 43.3 | Neutral |
FMNB's weekly RSI is 55 (neutral) and its Stochastic is 43 (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).
FMNB PE vs Financial Services Sector
| Metric | FMNB | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 15% below |
| PE % | 87 | 63 | 24 pts above |
FMNB 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.
FMNB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.4 | 0.3% above |
| 20 week MA | $15.4 | 0.2% above |
| 50 week MA | $14.4 | 7.5% above |
| 100 week MA | $14.0 | 10% above |
| 200 week MA | $13.6 | 14% above |
FMNB 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.
FMNB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.4 | $13.2 | -19% |
| 2021 | $13.2 | $18.3 | +39% |
| 2022 | $18.3 | $14.2 | -22% |
| 2023 | $14.2 | $14.5 | +1.5% |
| 2024 | $14.5 | $14.0 | -3.1% |
| 2025 | $14.0 | $13.7 | -2.4% |
| 2026 YTD | $13.7 | $15.5 | +13% |
FMNB 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.