MKL
Markel Corporation
MKL's outlook is improving, though it still trails on the overall score.
MS
Morgan Stanley
MS has the edge over MKL overall, supported by stronger modeled upside and stronger fundamentals.
MKL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MKL's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MKL.
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.
MKL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.7x | $1,086 | -45% |
| Fair | 10x | $1,458 | -26% |
| Current | 14x | $1,962 | — |
| Forward | 17x | $1,962 | — |
| Expensive | 30x | $4,191 | +114% |
Historical ranges are pointers, not guarantees.
MKL 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.
MKL Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect MKL's earnings to grow and its profitability to improve, with its revenue holding steady.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over MKL on the outlook, with more favorable valuation and revenue expectations.
MKL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $118.42 | -16% |
| Q3 2026 | $140.23 | -12% |
| Q2 2026 | $181.33 | +8.6% |
| Q1 2026 | $138.24 | +1.7% |
| Q4 2025 | $169.22 | -15% |
| Q3 2025 | $160.02 | -26% |
| Q2 2025 | $167.02 | +8.7% |
| Q1 2025 | $135.97 | -27% |
| Q4 2024 | $199.32 | +36% |
MKL's earnings per share have fallen from their peak: $140.23 over the past year, against $216.79 in late 2024.
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 MKL on earnings, with more consistent year-over-year improvement.
MKL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.2B | +5.7% |
| Q2 2026 | $4B | -13% |
| Q1 2026 | $3.6B | +4.5% |
| Q4 2025 | $4B | +4.3% |
| Q3 2025 | $3.9B | -15% |
| Q2 2025 | $4.6B | +24% |
| Q1 2025 | $3.4B | -24% |
| Q4 2024 | $3.8B | -17% |
MKL's revenue grew through 2024 and has held roughly level since: $4.2B last quarter, up 5.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.2% | -17 points |
| Q2 2026 | 39% | +15 points |
| Q1 2026 | -7.7% | -16 points |
| Q4 2025 | 20% | +4.3 points |
| Q3 2025 | 26% | -4.1 points |
| Q2 2025 | 24% | +13 points |
| Q1 2025 | 8.3% | -22 points |
| Q4 2024 | 16% | -8.9 points |
MKL's operating margin was 9.2% last quarter, down 16 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 has the edge over MKL 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 has the edge over MKL on profitability, with a higher operating margin.
MKL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $849.5M | -27% |
| Q2 2026 | $384.5M | -15% |
| Q1 2026 | -$31.4M | -109% |
| Q4 2025 | $599.1M | +43% |
| Q3 2025 | $1.2B | +39% |
| Q2 2025 | $453.8M | -13% |
| Q1 2025 | $335.5M | -40% |
| Q4 2024 | $420M | -42% |
MKL 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.
MKL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -145K shares |
| 1 year | -1.2% | -155K shares |
| 3 years | -6.7% | -898K shares |
| 5 years | -9.7% | -1.3M shares |
| Available history | -10% | -1.4M shares |
MKL has 12M diluted shares, down 1.2% from a year ago, with $771M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $314.7M |
| Q2 2026 | $236.7M |
| Q1 2026 | $133.9M |
| Q4 2025 | $85.5M |
| Q3 2025 | $74.4M |
| Q2 2025 | $99.4M |
| Q1 2025 | $170.3M |
| Q4 2024 | $183.6M |
MKL spent $771M buying back its own shares over the past year, up 46% from the year before.
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 MKL on shareholder dilution, with a more favorable share count trend.
MKL 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.
MKL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.1 | Neutral |
| Stochastic | 71.7 | Neutral |
MKL's weekly RSI is 60 (neutral) and its Stochastic is 72 (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).
MKL PE vs Financial Services Sector
| Metric | MKL | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 7.5% above |
| PE % | 72 | 63 | 9 pts above |
MKL 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.
MKL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,839.6 | 6.7% above |
| 20 week MA | $1,861.0 | 5.4% above |
| 50 week MA | $1,928.6 | 1.7% above |
| 100 week MA | $1,914.7 | 2.5% above |
| 200 week MA | $1,694.0 | 16% above |
MKL 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.
MKL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1,122.4 | $990.9 | -12% |
| 2021 | $990.9 | $1,208.7 | +22% |
| 2022 | $1,208.7 | $1,307.6 | +8.2% |
| 2023 | $1,307.6 | $1,419.9 | +8.6% |
| 2024 | $1,419.9 | $1,740.4 | +23% |
| 2025 | $1,740.4 | $2,181.5 | +25% |
| 2026 YTD | $2,181.5 | $1,962.1 | -10% |
MKL has finished higher in five of the last six years. It's down 10% 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 MKL on returns for 2026, with the stronger performance.