IBN
ICICI Bank Limited
IBN offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has the edge over IBN overall, supported by stronger modeled upside and stronger fundamentals.
IBN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
IBN's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like IBN.
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.
IBN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $30.21 | -12% |
| Fair | 19x | $32.33 | -6% |
| Expensive | 21x | $34.73 | +1% |
| Current | 21x | $34.39 | — |
Historical ranges are pointers, not guarantees.
IBN 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.
IBN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for IBN, but weaker profitability.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over IBN on the outlook, with more favorable profitability expectations.
IBN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.66 | +5.7% |
| Q1 2026 | $1.60 | +5.3% |
| Q4 2025 | $1.57 | +7.5% |
| Q3 2025 | $1.58 | +12% |
| Q2 2025 | $1.57 | +16% |
| Q1 2025 | $1.52 | +15% |
| Q4 2024 | $1.46 | +15% |
| Q3 2024 | $1.41 | +18% |
IBN's earnings per share have climbed steadily: $1.66 over the past year, up 5.7% from the year before, and higher year over year for 15 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 IBN on earnings, with stronger typical year-over-year growth.
IBN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $6.6B | -18% |
| Q1 2026 | $9B | +6.1% |
| Q4 2025 | $8.3B | +3.8% |
| Q3 2025 | $8.1B | +4.4% |
| Q2 2025 | $8B | +11% |
| Q1 2025 | $8.5B | +20% |
| Q4 2024 | $8B | +25% |
| Q3 2024 | $7.8B | +27% |
IBN's revenue has held roughly level: $6.6B last quarter, down 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 35% | +8.6 points |
| Q1 2026 | 25% | +0.8 points |
| Q4 2025 | 23% | -1.6 points |
| Q3 2025 | 25% | -0.4 points |
| Q2 2025 | 26% | +1.2 points |
| Q1 2025 | 24% | -0.8 points |
| Q4 2024 | 25% | -1.1 points |
| Q3 2024 | 25% | -1 points |
IBN 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 IBN 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.
IBN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | $0 |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | $0 |
| Q3 2025 | $0 | $0 |
| Q2 2025 | $0 | $0 |
| Q1 2025 | $0 | $0 |
| Q4 2024 | $0 | $0 |
| Q3 2024 | $0 | $0 |
IBN's free cash flow was $0 over the past year, against $0 the year before. Free cash flow isn't a meaningful measure for financial services companies like IBN.
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 IBN on cash flow, with more consistent year-over-year improvement.
IBN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +2.6M shares |
| 1 year | +0.1% | +3M shares |
| 3 years | +1.7% | +59.4M shares |
| 5 years | +2.6% | +92.9M shares |
| Available history | +7.5% | +254M shares |
IBN has 3.6B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
IBN hasn't bought back shares in 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 the edge over IBN on shareholder dilution, with a more favorable share count trend.
IBN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | -0.6x | Net Cash |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.2x | Very low |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | 0.8x | Very low |
IBN 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.
IBN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.0 | Overbought |
| Stochastic | 85.3 | Overbought |
IBN's weekly RSI is 71 (overbought) and its Stochastic is 85 (overbought).
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).
IBN PE vs Financial Services Sector
| Metric | IBN | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 13x | 60% above |
| PE % | 79 | 63 | 16 pts above |
IBN is trading at 21x earnings, a 60% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS has the edge over IBN on valuation relative to its sector.
IBN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.1 | 14% above |
| 20 week MA | $29.8 | 15% above |
| 50 week MA | $29.0 | 19% above |
| 100 week MA | $30.2 | 14% above |
| 200 week MA | $27.7 | 24% above |
IBN 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.
IBN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $15.3 | $14.0 | -8.4% |
| 2021 | $14.0 | $19.3 | +38% |
| 2022 | $19.3 | $21.6 | +12% |
| 2023 | $21.6 | $23.8 | +11% |
| 2024 | $23.8 | $30.5 | +28% |
| 2025 | $30.5 | $30.1 | -1.3% |
| 2026 YTD | $30.1 | $34.4 | +14% |
IBN 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.