MORN
Morningstar, Inc.
MORN has the edge over MS overall, supported by stronger valuation.
MS
Morgan Stanley
MS has slightly lower modeled downside risk, despite its lower overall score.
MORN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
MORN'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 MORN.
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.
MORN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $246 | — |
| Current | 22x | $246 | — |
| Cheap | 26x | $298 | +21% |
| Fair | 48x | $549 | +123% |
| Expensive | 88x | $999 | +306% |
Historical ranges are pointers, not guarantees.
MORN 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.
MORN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MORN, 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.
MORN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.12 | +24% |
| Q3 2026 | $11.41 | +30% |
| Q2 2026 | $10.52 | +12% |
| Q1 2026 | $9.78 | +9.8% |
| Q4 2025 | $8.87 | +3.4% |
| Q3 2025 | $8.80 | +16% |
| Q2 2025 | $9.40 | +64% |
| Q1 2025 | $8.91 | +80% |
| Q4 2024 | $8.58 | +161% |
MORN's earnings per share have climbed steadily: $11.41 over the past year, up 30% from the year before, and higher year over year for 12 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 MORN on earnings, with stronger typical year-over-year growth.
MORN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $672.1M | +8.9% |
| Q2 2026 | $663.2M | +9.6% |
| Q1 2026 | $644.8M | +11% |
| Q4 2025 | $641.1M | +8.5% |
| Q3 2025 | $617.4M | +8.4% |
| Q2 2025 | $605.1M | +5.8% |
| Q1 2025 | $581.9M | +7.2% |
| Q4 2024 | $591M | +9.7% |
MORN's revenue has grown year over year every quarter since late 2020: $672M last quarter, up 8.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | +4.2 points |
| Q2 2026 | 24% | +3.5 points |
| Q1 2026 | 24% | +4.6 points |
| Q4 2025 | 25% | -3.6 points |
| Q3 2025 | 21% | +0.4 points |
| Q2 2025 | 21% | +1.7 points |
| Q1 2025 | 20% | +2.6 points |
| Q4 2024 | 28% | +11 points |
MORN's operating margin was 25% last quarter, up 4.2 points from the same quarter a year ago, near the top 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 has the edge over MORN on sales, with stronger typical year-over-year growth.
| 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 MORN on profitability, with a higher operating margin.
MORN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $155.4M | -2.9% |
| Q2 2026 | $122.5M | +96% |
| Q1 2026 | $53.6M | -8.8% |
| Q4 2025 | $161.3M | +43% |
| Q3 2025 | $160.1M | +2.8% |
| Q2 2025 | $62.4M | -48% |
| Q1 2025 | $58.8M | -1.2% |
| Q4 2024 | $112.8M | +4.6% |
MORN 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.
MORN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -300K shares |
| 1 year | -11% | -4.5M shares |
| 3 years | -12% | -5.1M shares |
| 5 years | -13% | -5.6M shares |
| Available history | -13% | -5.5M shares |
MORN has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100M |
| Q2 2026 | $100M |
| Q1 2026 | $300M |
| Q4 2025 | $395.3M |
| Q3 2025 | $170.1M |
| Q2 2025 | $112M |
| Q1 2025 | $109.6M |
| Q4 2024 | $11.6M |
MORN spent $895M buying back its own shares over the past year, up 122% 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 1.6B diluted shares, down 1.5% from a year ago.
MORN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 0.8x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.4x | Very low |
| Q4 2024 | 0.3x | Very low |
MORN 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.
MORN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.0 | Neutral |
| Stochastic | 94.7 | Overbought |
MORN's weekly RSI is 67 (neutral) and its Stochastic is 95 (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).
MORN PE vs Financial Services Sector
| Metric | MORN | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 13x | 66% above |
| PE % | 11 | 63 | 52 pts below |
MORN is trading at 22x earnings, a 66% premium to the Financial Services sector's median of 13x.
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 MORN on valuation relative to its sector.
MORN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $216.6 | 14% above |
| 20 week MA | $202.4 | 22% above |
| 50 week MA | $191.9 | 28% above |
| 100 week MA | $236.4 | 4.1% above |
| 200 week MA | $251.9 | 2.3% below |
MORN 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.
MORN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $152.0 | $222.3 | +46% |
| 2021 | $222.3 | $339.5 | +53% |
| 2022 | $339.5 | $213.5 | -37% |
| 2023 | $213.5 | $286.2 | +34% |
| 2024 | $286.2 | $339.8 | +19% |
| 2025 | $339.8 | $219.1 | -36% |
| 2026 YTD | $219.1 | $246.1 | +12% |
MORN 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.