FUNC
First United Corporation
FUNC's outlook is improving, though it still trails on the overall score.
MS
Morgan Stanley
MS has the edge over FUNC overall, supported by stronger fundamentals and stronger valuation.
FUNC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
FUNC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FUNC.
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.
FUNC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.3x | $20.60 | -56% |
| Fair | 8.6x | $33.56 | -28% |
| Forward | 9.6x | $46.40 | — |
| Expensive | 11x | $44.55 | -4% |
| Current | 12x | $46.40 | — |
Historical ranges are pointers, not guarantees.
FUNC's PE is in its expensive range at 12x. If earnings grow as analysts expect, today's price would be 9.6x 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 FUNC in the historical PE scenario, which offers more potential upside but is not a forecast.
FUNC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FUNC, 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.
FUNC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.83 | +23% |
| Q3 2026 | $3.91 | +2.1% |
| Q2 2026 | $3.87 | +6% |
| Q1 2026 | $3.91 | +12% |
| Q4 2025 | $3.77 | +20% |
| Q3 2025 | $3.83 | +55% |
| Q2 2025 | $3.65 | +62% |
| Q1 2025 | $3.48 | +61% |
| Q4 2024 | $3.15 | +40% |
FUNC's earnings per share have climbed steadily: $3.91 over the past year, up 2.1% from the year before, and higher year over year for eight quarters in a row.
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 FUNC on earnings, with stronger typical year-over-year growth.
FUNC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $25.2M | +11% |
| Q2 2026 | $23.9M | +9.9% |
| Q1 2026 | $23.4M | +12% |
| Q4 2025 | $23.2M | +12% |
| Q3 2025 | $22.7M | +12% |
| Q2 2025 | $21.8M | +8.5% |
| Q1 2025 | $20.9M | +12% |
| Q4 2024 | $20.8M | +40% |
FUNC's revenue has grown year over year for 10 quarters in a row: $25M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 38% | -3.1 points |
| Q2 2026 | 31% | -5.6 points |
| Q1 2026 | 38% | +1 points |
| Q4 2025 | 33% | -6.4 points |
| Q3 2025 | 41% | +2.7 points |
| Q2 2025 | 37% | +4 points |
| Q1 2025 | 37% | +11 points |
| Q4 2024 | 39% | +25 points |
FUNC 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 FUNC on sales, with stronger typical year-over-year growth.
| 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.
FUNC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $4.6M | +2621% |
| Q2 2026 | $4.7M | +560% |
| Q1 2026 | $13M | +104% |
| Q4 2025 | $8.2M | -11% |
| Q3 2025 | $168K | -71% |
| Q2 2025 | $706K | -90% |
| Q1 2025 | $6.4M | +81% |
| Q4 2024 | $9.2M | +61% |
FUNC 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.
FUNC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +3K shares |
| 1 year | -0.7% | -44K shares |
| 3 years | -3.9% | -264K shares |
| 5 years | -2.4% | -160K shares |
| Available history | -9% | -637K shares |
FUNC has 6M diluted shares, down 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $371,000 |
| Q1 2026 | $2.2M |
| Q4 2024 | $1,000 |
| Q3 2024 | $1,000 |
| Q4 2023 | $1.5M |
| Q4 2021 | — |
| Q3 2021 | — |
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 FUNC on shareholder dilution, with a more favorable share count trend.
FUNC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 1.7x | Healthy |
| Q4 2024 | 3.5x | Elevated |
FUNC 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.
FUNC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.5 | Neutral |
| Stochastic | 75.8 | Neutral |
FUNC's weekly RSI is 65 (neutral) and its Stochastic is 76 (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).
FUNC PE vs Financial Services Sector
| Metric | FUNC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 8.8% below |
| PE % | 87 | 63 | 24 pts above |
FUNC 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.
FUNC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $44.8 | 3.6% above |
| 20 week MA | $44.5 | 4.2% above |
| 50 week MA | $40.8 | 14% above |
| 100 week MA | $37.1 | 25% above |
| 200 week MA | $29.3 | 59% above |
FUNC 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.
FUNC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.0 | $16.0 | -33% |
| 2021 | $16.0 | $18.7 | +17% |
| 2022 | $18.7 | $19.2 | +2.9% |
| 2023 | $19.2 | $23.5 | +22% |
| 2024 | $23.5 | $33.9 | +44% |
| 2025 | $33.9 | $38.7 | +14% |
| 2026 YTD | $38.7 | $46.4 | +20% |
FUNC 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.