MS
Morgan Stanley
MS has the edge over PWP overall, supported by stronger fundamentals and stronger modeled upside.
PWP
Perella Weinberg Partners
PWP offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
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.
PWP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| N/A | |
| N/A |
PWP's revenue is currently healthy, and its profitability is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like PWP.
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.
PWP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.5x | $13.45 | — |
| Cheap | 18x | $7.12 | -47% |
| Current | 34x | $13.45 | — |
| Fair | 36x | $14.42 | +7.2% |
| Expensive | 63x | $25.28 | +88% |
Historical ranges are pointers, not guarantees.
PWP 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.
PWP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for PWP, with profitability improving. However, they disagree widely on these estimates.
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 PWP on earnings, with more consistent year-over-year improvement.
PWP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.42 | +255% |
| Q3 2026 | $0.40 | -61% |
| Q2 2026 | $0.27 | -77% |
| Q1 2026 | $0.25 | +$0.32 |
| Q4 2025 | $0.47 | +$1.69 |
PWP's earnings per share have fallen from their peak: $0.40 over the past year, against $1.18 in mid-2025.
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 PWP 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 PWP on profitability, with a higher operating margin.
PWP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $251.4M | +53% |
| Q2 2026 | $156.5M | +0.8% |
| Q1 2026 | $148.9M | -30% |
| Q4 2025 | $219.2M | -2.9% |
| Q3 2025 | $164.6M | -41% |
| Q2 2025 | $155.3M | -43% |
| Q1 2025 | $211.8M | +107% |
| Q4 2024 | $225.7M | +6.1% |
PWP's revenue has held roughly level: $251M last quarter, up 53% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +8.5 points |
| Q2 2026 | 3.2% | -2.5 points |
| Q1 2026 | -8.7% | -14 points |
| Q4 2025 | 8.4% | -1 points |
| Q3 2025 | 5.4% | -7.5 points |
| Q2 2025 | 5.8% | +36 points |
| Q1 2025 | 5.5% | +58 points |
| Q4 2024 | 9.5% | +30 points |
PWP's operating margin was 14% last quarter, up 8.5 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.
PWP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $71M | +23% |
| Q2 2026 | $47.2M | -15% |
| Q1 2026 | -$111.8M | +$65.8M |
| Q4 2025 | $95.1M | -31% |
| Q3 2025 | $57.6M | -71% |
| Q2 2025 | $55.3M | -34% |
| Q1 2025 | -$177.6M | +$37.2M |
| Q4 2024 | $138.8M | -5.1% |
PWP 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 PWP on shareholder dilution, with a more favorable share count trend.
PWP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +1.6M shares |
| 1 year | +3.1% | +3.1M shares |
| 3 years | +15% | +13.5M shares |
PWP has 103M diluted shares, up 3.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $1.9M |
| Q2 2025 | $17.3M |
| Q1 2025 | $14.4M |
| Q4 2024 | — |
PWP spent $2M buying back its own shares over the past year, down 94% 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.
PWP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.2x | Net Cash |
| Q2 2026 | -2.8x | Net Cash |
| Q1 2026 | -1.7x | Net Cash |
| Q4 2025 | -3.7x | Net Cash |
| Q3 2025 | -2.6x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q1 2025 | -15.9x | Net Cash |
PWP 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).
PWP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.8 | Neutral |
| Stochastic | 27.4 | Neutral |
PWP's weekly RSI is 42 (neutral) and its Stochastic is 27 (neutral).
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 PWP on valuation relative to its sector.
PWP PE vs Financial Services Sector
| Metric | PWP | Sector median | Relative |
|---|---|---|---|
| PE | 34x | 13x | 158% above |
| PE % | 45 | 61 | 16 pts below |
PWP is trading at 34x earnings, a 158% premium to the Financial Services sector's median of 13x.
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 PWP on trend strength, trading above more of its moving averages.
PWP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $14.2 | 5.1% below |
| 20 week MA | $15.4 | 12% below |
| 50 week MA | $17.4 | 23% below |
| 100 week MA | $18.9 | 29% below |
| 200 week MA | $16.2 | 17% below |
PWP is in a downtrend: it's below all five of its weekly moving averages, and 17% below 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 the edge over PWP on returns for 2026, with the stronger performance.
PWP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.90 | $10.9 | +10% |
| 2021 | $10.9 | $12.8 | +18% |
| 2022 | $12.8 | $9.41 | -27% |
| 2023 | $9.41 | $12.2 | +30% |
| 2024 | $12.2 | $24.0 | +96% |
| 2025 | $24.0 | $17.7 | -26% |
| 2026 YTD | $17.7 | $13.5 | -24% |
PWP has finished higher in four of the last six years. It's down 24% so far in 2026.