MS
Morgan Stanley
MS offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
PNC
The PNC Financial Services Group, Inc.
PNC has a slight edge over MS overall, supported by stronger valuation and lower modeled downside.
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.
PNC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
PNC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PNC.
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.
PNC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9x | $169 | -27% |
| Forward | 11x | $231 | — |
| Fair | 12x | $233 | +1% |
| Current | 12x | $231 | — |
| Expensive | 15x | $273 | +18% |
Historical ranges are pointers, not guarantees.
PNC has the edge over MS in the historical PE scenario, which offers more potential upside but is not a forecast.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
PNC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PNC, 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 PNC on earnings, with stronger typical year-over-year growth.
PNC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.90 | +11% |
| Q3 2026 | $18.79 | +21% |
| Q2 2026 | $18.17 | +24% |
| Q1 2026 | $17.21 | +22% |
| Q4 2025 | $16.59 | +21% |
| Q3 2025 | $15.47 | +31% |
| Q2 2025 | $14.61 | +22% |
| Q1 2025 | $14.15 | +19% |
| Q4 2024 | $13.74 | +7.4% |
PNC's earnings per share have climbed steadily: $18.79 over the past year, up 21% from the year before, and higher year over year for eight quarters in a row.
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 PNC 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's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
PNC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.6B | +11% |
| Q2 2026 | $6.9B | +21% |
| Q1 2026 | $6.2B | +13% |
| Q4 2025 | $6.1B | +9.1% |
| Q3 2025 | $5.9B | +8.9% |
| Q2 2025 | $5.7B | +4.6% |
| Q1 2025 | $5.5B | +6% |
| Q4 2024 | $5.6B | +3.8% |
PNC's revenue has grown year over year for 10 quarters in a row: $6.6B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +1.3 points |
| Q2 2026 | 38% | +1.9 points |
| Q1 2026 | 35% | +1.6 points |
| Q4 2025 | 38% | +4.1 points |
| Q3 2025 | 39% | +4.4 points |
| Q2 2025 | 36% | +2.1 points |
| Q1 2025 | 34% | +1.7 points |
| Q4 2024 | 34% | +15 points |
PNC has the edge over MS on profitability, with a higher operating margin.
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.
PNC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.1B | +15% |
| Q2 2026 | $2.1B | +45% |
| Q1 2026 | $1.9B | +$2.4B |
| Q4 2025 | $757M | -58% |
| Q3 2025 | $2.7B | -19% |
| Q2 2025 | $1.5B | +43% |
| Q1 2025 | -$509M | -129% |
| Q4 2024 | $1.8B | -63% |
PNC 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 PNC on shareholder dilution, with a more favorable share count trend.
PNC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -2M shares |
| 1 year | +1.3% | +5M shares |
| 3 years | +0.2% | +1M shares |
| 5 years | -5.9% | -25M shares |
| Available history | -10% | -47M shares |
PNC has 401M diluted shares, up 1.3% from a year ago, despite $2.4B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $566M |
| Q2 2026 | $622M |
| Q1 2026 | $796M |
| Q4 2025 | $406M |
| Q3 2025 | $334M |
| Q2 2025 | $336M |
| Q1 2025 | $262M |
| Q4 2024 | $221M |
PNC spent $2.4B buying back its own shares over the past year, up 107% 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.
PNC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.3x | High |
| Q2 2026 | 8.2x | High |
| Q1 2026 | 6.6x | High |
| Q4 2025 | 5.7x | High |
| Q3 2025 | 6.7x | High |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 2.8x | Moderate |
| Q4 2024 | 2.0x | Healthy |
PNC has the edge over MS on leverage, with a lower net debt burden relative to earnings.
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).
PNC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.5 | Neutral |
| Stochastic | 38.8 | Neutral |
PNC's weekly RSI is 51 (neutral) and its Stochastic is 39 (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.
PNC PE vs Financial Services Sector
| Metric | PNC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 5.5% below |
| PE % | 48 | 63 | 15 pts below |
PNC 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.
PNC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $224.0 | 3.1% above |
| 20 week MA | $238.3 | 3% below |
| 50 week MA | $226.6 | 1.9% above |
| 100 week MA | $206.2 | 12% above |
| 200 week MA | $178.1 | 30% above |
PNC 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.
PNC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $160.8 | $146.2 | -9.1% |
| 2021 | $146.2 | $197.9 | +35% |
| 2022 | $197.9 | $155.0 | -22% |
| 2023 | $155.0 | $154.9 | -0.1% |
| 2024 | $154.9 | $193.3 | +25% |
| 2025 | $193.3 | $213.9 | +11% |
| 2026 YTD | $213.9 | $231.0 | +8% |
PNC has the edge over MS on returns for 2026, with the stronger performance.