MS
Morgan Stanley
MS offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
PRI
Primerica, Inc.
PRI 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.
PRI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
PRI'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 PRI.
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.
PRI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $292 | — |
| Current | 12x | $292 | — |
| Cheap | 13x | $320 | +9.8% |
| Fair | 14x | $365 | +25% |
| Expensive | 18x | $465 | +59% |
Historical ranges are pointers, not guarantees.
PRI 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.
PRI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PRI, 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 PRI on earnings, with more consistent year-over-year improvement.
PRI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $26.73 | +5.7% |
| Q3 2026 | $25.29 | +16% |
| Q2 2026 | $24.88 | +23% |
| Q1 2026 | $23.83 | +60% |
| Q4 2025 | $22.91 | +67% |
| Q3 2025 | $21.76 | +65% |
| Q2 2025 | $20.24 | +61% |
| Q1 2025 | $14.87 | -9.8% |
| Q4 2024 | $13.75 | -14% |
PRI earned $25.29 per share over the past year, up 16% from the year before.
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 PRI 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 PRI on profitability, with a higher operating margin.
PRI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $901.7M | +7.4% |
| Q2 2026 | $865.1M | +9% |
| Q1 2026 | $872.7M | +8.4% |
| Q4 2025 | $853.7M | +8.3% |
| Q3 2025 | $839.9M | +8.5% |
| Q2 2025 | $793.3M | -1.2% |
| Q1 2025 | $804.8M | +8.3% |
| Q4 2024 | $788.1M | +8.5% |
PRI's revenue has grown year over year for five quarters in a row: $902M last quarter, up 7.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -2.2 points |
| Q2 2026 | 30% | +0.3 points |
| Q1 2026 | 29% | +1.1 points |
| Q4 2025 | 29% | +1.2 points |
| Q3 2025 | 32% | -0.5 points |
| Q2 2025 | 30% | +29 points |
| Q1 2025 | 28% | +3.4 points |
| Q4 2024 | 28% | +0.6 points |
PRI's operating margin was 30% last quarter, down 2.2 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.
PRI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $291.4M | +44% |
| Q2 2026 | $193.8M | +19% |
| Q1 2026 | $156.8M | -21% |
| Q4 2025 | $338.2M | +25% |
| Q3 2025 | $202.9M | -2.1% |
| Q2 2025 | $162.6M | -6.2% |
| Q1 2025 | $197.5M | -6.4% |
| Q4 2024 | $270.6M | +12% |
PRI 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.
PRI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -417K shares |
| 1 year | -5% | -1.6M shares |
| 3 years | -14% | -5M shares |
| 5 years | -22% | -8.9M shares |
| Available history | -27% | -11.5M shares |
PRI has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $122.1M |
| Q2 2026 | $135.2M |
| Q1 2026 | $135M |
| Q4 2025 | $70.1M |
| Q3 2025 | $129M |
| Q2 2025 | $133M |
| Q1 2025 | $118M |
| Q4 2024 | $47.8M |
PRI spent $462M buying back its own shares over the past year, up 8.1% 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.
PRI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.8x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -0.6x | Net Cash |
| Q4 2025 | -0.8x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -1.0x | Net Cash |
PRI 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).
PRI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.1 | Neutral |
| Stochastic | 32.7 | Neutral |
PRI's weekly RSI is 54 (neutral) and its Stochastic is 33 (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.
PRI PE vs Financial Services Sector
| Metric | PRI | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 11% below |
| PE % | 7 | 63 | 56 pts below |
PRI 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.
PRI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $280.9 | 3.9% above |
| 20 week MA | $294.7 | 0.9% below |
| 50 week MA | $276.6 | 5.5% above |
| 100 week MA | $273.5 | 6.8% above |
| 200 week MA | $247.0 | 18% above |
PRI 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.
PRI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $130.6 | $134.8 | +3.2% |
| 2021 | $134.8 | $153.6 | +14% |
| 2022 | $153.6 | $141.6 | -7.8% |
| 2023 | $141.6 | $205.8 | +45% |
| 2024 | $205.8 | $270.6 | +32% |
| 2025 | $270.6 | $260.2 | -3.8% |
| 2026 YTD | $260.2 | $292.0 | +12% |
PRI has the edge over MS on returns for 2026, with the stronger performance.