MS
Morgan Stanley
MS has the edge over PFG overall, supported by stronger fundamentals and stronger modeled upside.
PFG
Principal Financial Group, Inc.
PFG's outlook is improving, though it still trails on the overall score.
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.
PFG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
PFG's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PFG.
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 PFG in the historical PE scenario, which offers more potential upside but is not a forecast.
PFG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.2x | $64.91 | -43% |
| Forward | 11x | $113 | — |
| Fair | 12x | $105 | -6.8% |
| Current | 13x | $113 | — |
| Expensive | 16x | $143 | +26% |
Historical ranges are pointers, not guarantees.
PFG's PE is in its fair range at 13x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
PFG Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for PFG, with profitability improving.
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 PFG on earnings, with more consistent year-over-year improvement.
PFG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.84 | +9.6% |
| Q3 2026 | $8.98 | +31% |
| Q2 2026 | $7.02 | +41% |
| Q1 2026 | $6.97 | +49% |
| Q4 2025 | $5.25 | -21% |
| Q3 2025 | $6.87 | +$7.66 |
| Q2 2025 | $4.97 | -5.5% |
| Q1 2025 | $4.67 | -13% |
| Q4 2024 | $6.68 | +162% |
PFG's earnings per share have fallen from their peak: $8.98 over the past year, against $20.63 in late 2022.
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 PFG 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's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
PFG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.6B | +25% |
| Q2 2026 | $3.9B | +6.4% |
| Q1 2026 | $3.5B | -4.5% |
| Q4 2025 | $4.6B | -3.7% |
| Q3 2025 | $3.7B | +22% |
| Q2 2025 | $3.7B | -15% |
| Q1 2025 | $3.7B | -8.8% |
| Q4 2024 | $4.8B | +77% |
PFG's revenue is recovering but still below its 2022 peak: $4.6B last quarter, up 25% 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.
PFG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.5B | +52% |
| Q2 2026 | $2.1B | +156% |
| Q1 2026 | $187.1M | -81% |
| Q4 2025 | $1.7B | +20% |
| Q3 2025 | $1B | -11% |
| Q2 2025 | $811.9M | -43% |
| Q1 2025 | $977.3M | +67% |
| Q4 2024 | $1.5B | +55% |
PFG 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 1.6B diluted shares, down 1.5% from a year ago.
PFG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -1.8M shares |
| 1 year | -3.7% | -8.3M shares |
| 3 years | -11% | -27.4M shares |
| 5 years | -20% | -55M shares |
| Available history | -23% | -64.1M shares |
PFG has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $251M |
| Q2 2026 | $257.7M |
| Q1 2026 | $235M |
| Q4 2025 | $275.4M |
| Q3 2025 | $227.7M |
| Q2 2025 | $159.3M |
| Q1 2025 | $240.3M |
| Q4 2024 | $306.1M |
PFG spent $1B buying back its own shares over the past year, up 9.2% from 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.
PFG Net Leverage
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).
PFG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.4 | Neutral |
| Stochastic | 38.2 | Neutral |
PFG's weekly RSI is 57 (neutral) and its Stochastic is 38 (neutral).
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.
PFG PE vs Financial Services Sector
| Metric | PFG | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 3.4% below |
| PE % | 65 | 63 | 2 pts above |
PFG 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's trend is mixed: it's above three of its five weekly moving averages, and 46% above its 200-week average.
PFG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $110.9 | 1.9% above |
| 20 week MA | $112.4 | 0.6% above |
| 50 week MA | $102.1 | 11% above |
| 100 week MA | $91.1 | 24% above |
| 200 week MA | $85.1 | 33% above |
PFG has the edge over MS on trend strength, trading above more of its moving averages.
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.
PFG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.8 | $48.5 | -11% |
| 2021 | $48.5 | $71.6 | +48% |
| 2022 | $71.6 | $85.6 | +20% |
| 2023 | $85.6 | $78.7 | -8.1% |
| 2024 | $78.7 | $77.7 | -1.2% |
| 2025 | $77.7 | $89.4 | +15% |
| 2026 YTD | $89.4 | $113.0 | +26% |
PFG has the edge over MS on returns for 2026, with the stronger performance.