KBDC
Kayne Anderson BDC, Inc.
KBDC offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has the edge over KBDC overall, supported by stronger fundamentals and stronger modeled upside.
KBDC Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Strong | |
| N/A | |
| N/A |
KBDC's profitability is currently strong. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like KBDC.
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.
KBDC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.4x | $12.87 | — |
| Cheap | 7.7x | $13.51 | +5% |
| Forward | 8x | $12.87 | — |
| Fair | 8.1x | $14.22 | +11% |
| Expensive | 8.5x | $14.84 | +15% |
Historical ranges are pointers, not guarantees.
KBDC 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.
KBDC Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect KBDC'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 KBDC on the outlook, with more favorable valuation and earnings expectations.
KBDC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.61 | -7.8% |
| Q3 2026 | $1.75 | +2.3% |
| Q2 2026 | $1.72 | -4.4% |
| Q1 2026 | $1.70 | -11% |
| Q4 2025 | $1.67 | -18% |
| Q3 2025 | $1.71 | -18% |
| Q2 2025 | $1.80 | -14% |
| Q1 2025 | $1.91 | -11% |
| Q4 2024 | $2.03 | -6% |
KBDC earned $1.75 per share over the past year, up 2.3% 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 KBDC on earnings, with more consistent year-over-year improvement.
KBDC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $20.7M | +306% |
KBDC has the edge over MS in the latest year-over-year revenue comparison.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 70% | -29 points |
| Q2 2022 | 68% | N/A |
| Q1 2022 | 72% | N/A |
| Q4 2021 | 163% | N/A |
| Q3 2021 | 99% | N/A |
KBDC's operating margin was 70% last quarter, down 28 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's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
KBDC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $65.1M | +$118.8M |
| Q2 2026 | -$69.4M | -2950% |
| Q1 2026 | $39.8M | +$167M |
| Q4 2025 | $79.8M | +$128.9M |
| Q3 2025 | -$53.7M | +$63.9M |
| Q2 2025 | $2.4M | +$289.2M |
| Q1 2025 | -$127.2M | -$36.2M |
| Q4 2024 | -$49.1M | +$4.7M |
KBDC 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.
KBDC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -306K shares |
| 1 year | -6.2% | -4.4M shares |
| 3 years | +63% | +25.5M shares |
KBDC has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.6M |
| Q2 2026 | $3.8M |
| Q1 2026 | $21.4M |
| Q4 2025 | $24.9M |
| Q1 2025 | $384,000 |
| Q4 2024 | $418,000 |
| Q3 2022 | — |
| Q2 2022 | — |
KBDC spent $54M buying back its own shares over 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 1.6B diluted shares, down 1.5% from a year ago.
KBDC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 10.0x | High |
| Q2 2022 | 9.6x | High |
KBDC's net debt is about 10 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like KBDC.
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.
KBDC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.7 | Neutral |
| Stochastic | 28.5 | Neutral |
KBDC's weekly RSI is 44 (neutral) and its Stochastic is 28 (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).
KBDC PE vs Financial Services Sector
| Metric | KBDC | Sector median | Relative |
|---|---|---|---|
| PE | 7.4x | 13x | 44% below |
| PE % | 3 | 27 | 24 pts below |
KBDC 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.
KBDC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.7 | 1.4% above |
| 20 week MA | $13.2 | 2.2% below |
| 50 week MA | $13.9 | 7.2% below |
| 100 week MA | $14.8 | 13% below |
MS has stronger trend alignment. KBDC is above 1 of 4 weekly averages versus MS above 3 of 5.
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.
KBDC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $16.1 | $16.8 | +4% |
| 2025 | $16.8 | $14.8 | -12% |
| 2026 YTD | $14.8 | $12.9 | -13% |
KBDC has finished lower in one of the last two years. It's down 13% 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 KBDC on returns for 2026, with the stronger performance.