MS
Morgan Stanley
MS has the edge over OPY overall, supported by stronger valuation and stronger modeled upside.
OPY
Oppenheimer Holdings Inc.
OPY trails on the overall score without a compensating advantage in the available component scores.
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.
OPY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
OPY'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 OPY.
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 OPY in the historical PE scenario, which offers more potential upside but is not a forecast.
OPY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.1x | $30.75 | -66% |
| Fair | 9x | $66.53 | -26% |
| Current | 12x | $89.68 | — |
| Expensive | 13x | $93.25 | +4% |
Historical ranges are pointers, not guarantees.
OPY's PE is in its expensive range at 12x.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
OPY Forward outlook
There aren't enough analyst estimates for OPY to show an outlook.
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 OPY on earnings, with more consistent year-over-year improvement.
OPY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $7.43 | -0.3% |
| Q2 2026 | $8.86 | +15% |
| Q1 2026 | $8.39 | +25% |
| Q4 2025 | $13.04 | +105% |
| Q3 2025 | $7.45 | +15% |
| Q2 2025 | $7.71 | +40% |
| Q1 2025 | $6.72 | +80% |
| Q4 2024 | $6.37 | +146% |
OPY's earnings per share have fallen from their peak: $7.43 over the past year, against $13.28 in late 2021.
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 OPY on profitability, with a higher operating margin.
OPY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $382M | -10% |
| Q2 2026 | $454.9M | +22% |
| Q1 2026 | $445.1M | +21% |
| Q4 2025 | $472.6M | +26% |
| Q3 2025 | $424.4M | +14% |
| Q2 2025 | $373.2M | +13% |
| Q1 2025 | $367.8M | +4.2% |
| Q4 2024 | $375.4M | +22% |
OPY's revenue is growing: $382M last quarter, down 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.3% | -5.2 points |
| Q2 2026 | 8.7% | 0 points |
| Q1 2026 | -6.1% | -17 points |
| Q4 2025 | 22% | +18 points |
| Q3 2025 | 7.5% | -2 points |
| Q2 2025 | 8.6% | +3.8 points |
| Q1 2025 | 11% | +0.6 points |
| Q4 2024 | 4.5% | -1.2 points |
OPY's operating margin was 2.3% last quarter, down 5.2 points from the same quarter a year ago.
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.
OPY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $128.6M | +107% |
| Q2 2026 | -$57.1M | -247% |
| Q1 2026 | -$190M | -$96.6M |
| Q4 2025 | $175.8M | +146% |
| Q3 2025 | $62.2M | +455% |
| Q2 2025 | $38.9M | +$155.6M |
| Q1 2025 | -$93.4M | -$14.1M |
| Q4 2024 | $71.5M | +17% |
OPY has the edge over MS on cash generation, producing positive trailing cash flow while its opponent burns cash.
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 OPY on shareholder dilution, with a more favorable share count trend.
OPY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +103K shares |
| 1 year | +1.2% | +136K shares |
| 3 years | +1.3% | +146K shares |
| 5 years | -15% | -2.1M shares |
| Available history | -16% | -2.3M shares |
OPY has 12M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $2.3M |
| Q3 2025 | — |
| Q2 2025 | $581,000 |
| Q1 2025 | $90,000 |
| Q4 2024 | — |
OPY spent $2M buying back its own shares over the past year, about three times what it spent the year before.
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.
OPY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2023 | 1.5x | Healthy |
| Q3 2023 | 1.2x | Healthy |
| Q2 2023 | 1.6x | Healthy |
| Q1 2023 | 1.4x | Healthy |
| Q4 2022 | 0.0x | Very low |
| Q3 2022 | 0.8x | Very low |
| Q2 2022 | 0.6x | Very low |
| Q1 2022 | 0.4x | Very low |
OPY's net debt is about 1.5 years of its operating earnings (EBITDA), up from less than a year a year ago. Net leverage isn't a meaningful measure for financial services companies like OPY.
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).
OPY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.7 | Neutral |
| Stochastic | 14.4 | Oversold |
OPY's weekly RSI is 39 (neutral) and its Stochastic is 14 (oversold).
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.
OPY PE vs Financial Services Sector
| Metric | OPY | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.3% below |
| PE % | 80 | 63 | 17 pts above |
OPY has the edge over MS on valuation relative to its sector.
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 OPY on trend strength, trading above more of its moving averages.
OPY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $102.8 | 13% below |
| 20 week MA | $109.8 | 18% below |
| 50 week MA | $97.5 | 8.1% below |
| 100 week MA | $82.0 | 9.4% above |
| 200 week MA | $62.7 | 43% above |
OPY has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 43% above its 200-week average.
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.
OPY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $27.8 | $31.7 | +14% |
| 2021 | $31.7 | $44.2 | +39% |
| 2022 | $44.2 | $42.8 | -3.2% |
| 2023 | $42.8 | $41.3 | -3.4% |
| 2024 | $41.3 | $64.5 | +56% |
| 2025 | $64.5 | $74.2 | +15% |
| 2026 YTD | $74.2 | $89.7 | +21% |
OPY has the edge over MS on returns for 2026, with the stronger performance.