GLAD
Gladstone Capital Corporation
GLAD offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has the edge over GLAD overall, supported by stronger fundamentals and stronger modeled upside.
GLAD Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Strong | |
| N/A | |
| N/A |
GLAD's profitability is currently strong, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like GLAD.
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.
GLAD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.2x | $16.39 | -15% |
| Current | 7.3x | $19.39 | — |
| Fair | 9.4x | $24.91 | +28% |
| Forward | 9.8x | $19.39 | — |
| Expensive | 15x | $39.91 | +106% |
Historical ranges are pointers, not guarantees.
GLAD 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.
GLAD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect GLAD's revenue to grow, but its profitability to weaken.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over GLAD on the outlook, with more favorable valuation and earnings expectations.
GLAD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.98 | -25% |
| Q2 2026 | $2.65 | +13% |
| Q1 2026 | $2.42 | -6.6% |
| Q4 2025 | $2.29 | -12% |
| Q3 2025 | $2.55 | -3% |
| Q2 2025 | $2.35 | +8.3% |
| Q1 2025 | $2.59 | +17% |
| Q4 2024 | $2.59 | +16% |
| Q3 2024 | $2.63 | +20% |
GLAD's earnings per share have fallen from their peak: $2.65 over the past year, against $5.04 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 GLAD on earnings, with more consistent year-over-year improvement.
GLAD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $9M | -75% |
| Q1 2022 | $12.4M | -49% |
| Q4 2021 | $14.5M | -6.7% |
| Q3 2021 | $36.4M | +172% |
| Q2 2021 | $21.3M | +22% |
| Q4 2020 | $15.5M | +386% |
| Q3 2020 | $13.4M | +58% |
MS has the stronger quarterly revenue trend. Revenue is down 75% for GLAD versus up 12% for MS.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 57% | -33 points |
| Q1 2022 | 67% | -21 points |
| Q4 2021 | 83% | +4.3 points |
| Q3 2021 | 90% | +13 points |
| Q2 2021 | 84% | -1.5 points |
| Q1 2021 | 88% | N/A |
| Q4 2020 | 79% | +57 points |
| Q3 2020 | 77% | +13 points |
GLAD's operating margin was 57% last quarter, down 27 points from the same quarter a year ago, near the bottom of its range since 2019.
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's revenue has grown year over year for 14 quarters in a row: $20.3B last quarter, up 12% from the same quarter a year ago.
| 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.
GLAD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$36.9M | -281% |
| Q1 2026 | $16.6M | -65% |
| Q4 2025 | -$33.8M | -241% |
| Q3 2025 | -$96.6M | -$90.9M |
| Q2 2025 | $20.4M | -62% |
| Q1 2025 | $46.8M | +$65.9M |
| Q4 2024 | $24M | +$50.2M |
| Q3 2024 | -$5.7M | -125% |
GLAD's free cash flow was −$151M over the past year, against $85M the year before. Free cash flow isn't a meaningful measure for financial services companies like GLAD.
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 has the edge over GLAD on cash flow, with more consistent year-over-year improvement.
GLAD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +27% | +6M shares |
| 3 years | +51% | +9.5M shares |
| 5 years | +68% | +11.5M shares |
| Available history | +86% | +13.1M shares |
GLAD has 28M diluted shares, up 27% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
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 GLAD on shareholder dilution, with a more favorable share count trend.
GLAD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 7.2x | High |
| Q2 2022 | 4.8x | High |
| Q1 2022 | 2.6x | Moderate |
| Q4 2021 | 2.7x | Moderate |
| Q3 2021 | 2.8x | Moderate |
| Q2 2021 | 3.4x | Elevated |
| Q1 2021 | 3.8x | Elevated |
| Q4 2020 | 20.5x | High |
GLAD's net debt is about 7.2 years of its operating earnings (EBITDA), up from 2.8 years a year ago. Net leverage isn't a meaningful measure for financial services companies like GLAD.
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.
GLAD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 49.1 | Neutral |
GLAD's weekly RSI is 51 (neutral) and its Stochastic is 49 (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).
GLAD PE vs Financial Services Sector
| Metric | GLAD | Sector median | Relative |
|---|---|---|---|
| PE | 7.3x | 13x | 44% below |
| PE % | 27 | 63 | 36 pts below |
GLAD 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.
GLAD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $19.0 | 1.8% above |
| 20 week MA | $19.4 | 0.2% above |
| 50 week MA | $19.3 | 0.5% above |
| 100 week MA | $22.5 | 14% below |
| 200 week MA | $22.0 | 12% below |
GLAD has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 12% below its 200-week average.
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.
GLAD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.2 | $17.4 | -14% |
| 2021 | $17.4 | $22.3 | +28% |
| 2022 | $22.3 | $19.2 | -14% |
| 2023 | $19.2 | $21.4 | +12% |
| 2024 | $21.4 | $28.1 | +31% |
| 2025 | $28.1 | $20.5 | -27% |
| 2026 YTD | $20.5 | $19.4 | -5.5% |
GLAD has finished lower in three of the last six years. It's down 5.5% so far in 2026.
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 the edge over GLAD on returns for 2026, with the stronger performance.