FULT
Fulton Financial Corporation
FULT's outlook is improving, though it still trails on the overall score.
MS
Morgan Stanley
MS has a slight edge over FULT overall, supported by stronger fundamentals and stronger modeled upside.
FULT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
FULT's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FULT.
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.
FULT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.1x | $19.50 | -18% |
| Forward | 10x | $23.84 | — |
| Fair | 11x | $22.58 | -5.3% |
| Current | 11x | $23.84 | — |
| Expensive | 12x | $25.61 | +7.4% |
Historical ranges are pointers, not guarantees.
FULT 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.
FULT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FULT, 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.
FULT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.34 | +9% |
| Q3 2026 | $2.15 | +13% |
| Q2 2026 | $2.09 | +22% |
| Q1 2026 | $2.10 | +24% |
| Q4 2025 | $2.08 | +32% |
| Q3 2025 | $1.91 | +21% |
| Q2 2025 | $1.71 | +2.4% |
| Q1 2025 | $1.70 | +5.6% |
| Q4 2024 | $1.57 | -4.3% |
FULT earned $2.15 per share over the past year, up 13% 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 FULT on earnings, with more consistent year-over-year improvement.
FULT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $367.3M | +9.8% |
| Q2 2026 | $363.6M | +12% |
| Q1 2026 | $331.9M | +4.2% |
| Q4 2025 | $336M | +5.1% |
| Q3 2025 | $334.6M | +5.3% |
| Q2 2025 | $324.1M | -3.2% |
| Q1 2025 | $318.4M | +21% |
| Q4 2024 | $319.6M | +18% |
FULT's revenue has grown year over year for five quarters in a row: $367M last quarter, up 9.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 39% | +1.2 points |
| Q2 2026 | 35% | -2.7 points |
| Q1 2026 | 35% | -0.9 points |
| Q4 2025 | 36% | +8.8 points |
| Q3 2025 | 38% | +13 points |
| Q2 2025 | 38% | +7 points |
| Q1 2025 | 36% | +7.5 points |
| Q4 2024 | 27% | -2.9 points |
FULT 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 FULT 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.
FULT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $294.1M | +153% |
| Q2 2026 | $99.7M | +8.7% |
| Q1 2026 | $114.7M | +16216% |
| Q4 2025 | $96M | -25% |
| Q3 2025 | $116.1M | +$148.4M |
| Q2 2025 | $91.7M | -45% |
| Q1 2025 | $703K | -100% |
| Q4 2024 | $127.9M | +$185.3M |
FULT 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.
FULT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -763K shares |
| 1 year | +4.8% | +8.9M shares |
| 3 years | +16% | +26.2M shares |
| 5 years | +18% | +28.8M shares |
| Available history | +15% | +24.4M shares |
FULT has 192M diluted shares, up 4.8% from a year ago, despite $120M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $56.8M |
| Q2 2026 | $18.3M |
| Q1 2026 | $24.6M |
| Q4 2025 | $19.9M |
| Q3 2025 | $31M |
| Q2 2025 | $14.5M |
| Q1 2025 | $550,000 |
| Q4 2024 | — |
FULT spent $120M buying back its own shares over the past year, up 159% 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 the edge over FULT on shareholder dilution, with a more favorable share count trend.
FULT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2020 | 4.7x | High |
| Q4 2019 | 2.6x | Moderate |
FULT's net debt is about 4.7 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like FULT.
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.
FULT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.0 | Neutral |
| Stochastic | 61.4 | Neutral |
FULT's weekly RSI is 57 (neutral) and its Stochastic is 61 (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).
FULT PE vs Financial Services Sector
| Metric | FULT | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 15% below |
| PE % | 68 | 63 | 5 pts above |
FULT 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.
FULT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.2 | 2.9% above |
| 20 week MA | $23.7 | 0.5% above |
| 50 week MA | $22.1 | 7.8% above |
| 100 week MA | $20.3 | 18% above |
| 200 week MA | $17.9 | 33% above |
FULT 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.
FULT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.5 | $12.8 | -27% |
| 2021 | $12.8 | $16.9 | +32% |
| 2022 | $16.9 | $17.1 | +0.8% |
| 2023 | $17.1 | $16.5 | -3.6% |
| 2024 | $16.5 | $19.7 | +19% |
| 2025 | $19.7 | $20.1 | +2.1% |
| 2026 YTD | $20.1 | $23.8 | +19% |
FULT 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.