INBK
First Internet Bancorp
INBK has a slight edge over MS overall, supported by stronger fundamentals and stronger modeled upside.
MS
Morgan Stanley
MS has lower modeled downside risk, despite its lower overall score.
INBK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
INBK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like INBK.
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.
INBK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 5.9x | $25.40 | — |
| Cheap | 6.6x | $11.23 | -56% |
| Fair | 9.8x | $16.69 | -34% |
| Expensive | 15x | $25.81 | +1.6% |
| Current | 15x | $25.40 | — |
Historical ranges are pointers, not guarantees.
INBK's PE is in its expensive range at 15x. If earnings grow as analysts expect, today's price would be 5.9x next year's earnings, in its cheap 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 INBK in the historical PE scenario, which offers more potential upside but is not a forecast.
INBK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for INBK, 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.
INBK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.33 | +155% |
| Q3 2026 | $1.70 | +$5.51 |
| Q2 2026 | -$3.60 | -306% |
| Q1 2026 | -$3.85 | -260% |
| Q4 2025 | -$4.03 | -240% |
| Q3 2025 | -$3.81 | -252% |
| Q2 2025 | $1.75 | -17% |
| Q1 2025 | $2.40 | +28% |
| Q4 2024 | $2.88 | +203% |
INBK has returned to profit: it earned $1.70 per share over the past year, after losing money 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 INBK on earnings, with more consistent year-over-year improvement.
INBK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $43.9M | +670% |
| Q2 2026 | $41.1M | +23% |
| Q1 2026 | $43.1M | +21% |
| Q4 2025 | $41.7M | +5.6% |
| Q3 2025 | $5.7M | -83% |
| Q2 2025 | $33.5M | +3.7% |
| Q1 2025 | $35.5M | +22% |
| Q4 2024 | $39.5M | +45% |
INBK's revenue has grown year over year for four quarters in a row: $44M last quarter, up 670% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | +968 points |
| Q2 2026 | 3.9% | +9.4 points |
| Q1 2026 | 4.1% | +4 points |
| Q4 2025 | 13% | -7.9 points |
| Q3 2025 | -956% | -979 points |
| Q2 2025 | -5.5% | -24 points |
| Q1 2025 | 0.1% | -19 points |
| Q4 2024 | 21% | +8 points |
INBK's operating margin was 12% last quarter, up 968 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'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 has the edge over INBK on profitability, with a higher operating margin.
INBK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $29.4M | -21% |
| Q2 2026 | $24.3M | +$115.1M |
| Q1 2026 | $75.3M | +131% |
| Q4 2025 | $23.4M | +$30.1M |
| Q3 2025 | $37M | +$37.2M |
| Q2 2025 | -$90.8M | -687% |
| Q1 2025 | $32.6M | +1663% |
| Q4 2024 | -$6.7M | -156% |
INBK 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.
INBK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +43.9K shares |
| 1 year | +1.4% | +124K shares |
| 3 years | -7.6% | -729K shares |
INBK has 9M diluted shares, up 1.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | $521,000 |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $283,000 |
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 INBK on shareholder dilution, with a more favorable share count trend.
INBK Net Leverage
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.
INBK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.8 | Neutral |
| Stochastic | 16.8 | Oversold |
INBK's weekly RSI is 47 (neutral) and its Stochastic is 17 (oversold).
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).
INBK PE vs Financial Services Sector
| Metric | INBK | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 82 | 63 | 19 pts above |
INBK 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.
INBK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.1 | 2.8% below |
| 20 week MA | $27.4 | 7.1% below |
| 50 week MA | $24.3 | 4.4% above |
| 100 week MA | $25.0 | 1.7% above |
| 200 week MA | $25.5 | 0.3% below |
INBK's trend is mixed: it's above two of its five weekly moving averages, and 0.3% 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 has the edge over INBK on trend strength, trading above more of its moving averages.
INBK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.1 | $28.9 | +20% |
| 2021 | $28.9 | $44.6 | +54% |
| 2022 | $44.6 | $24.6 | -45% |
| 2023 | $24.6 | $24.2 | -1.7% |
| 2024 | $24.2 | $36.6 | +51% |
| 2025 | $36.6 | $20.5 | -44% |
| 2026 YTD | $20.5 | $25.4 | +24% |
INBK 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.