MS
Morgan Stanley
MS's outlook is improving, though it still trails on the overall score.
RGA
Reinsurance Group of America, Incorporated
RGA has the edge over MS overall, supported by stronger valuation and stronger fundamentals.
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.
RGA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
RGA's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like RGA.
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.
RGA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.1x | $274 | — |
| Cheap | 11x | $272 | -0.6% |
| Current | 11x | $274 | — |
| Fair | 14x | $353 | +29% |
| Expensive | 18x | $454 | +66% |
Historical ranges are pointers, not guarantees.
RGA 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.
RGA Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RGA, 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 RGA on earnings, with more consistent year-over-year improvement.
RGA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $30.01 | +16% |
| Q3 2026 | $25.88 | +99% |
| Q2 2026 | $22.77 | +98% |
| Q1 2026 | $18.46 | +56% |
| Q4 2025 | $17.75 | +65% |
| Q3 2025 | $13.00 | +19% |
| Q2 2025 | $11.52 | -10% |
| Q1 2025 | $11.85 | -7.9% |
| Q4 2024 | $10.74 | -20% |
RGA earned $25.88 per share over the past year, up 99% 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'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 RGA on profitability, with a higher operating margin.
RGA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.6B | +22% |
| Q2 2026 | $6.6B | +19% |
| Q1 2026 | $6.5B | +23% |
| Q4 2025 | $6.6B | +27% |
| Q3 2025 | $6.2B | +9.8% |
| Q2 2025 | $5.6B | +15% |
| Q1 2025 | $5.3B | -17% |
| Q4 2024 | $5.2B | +4.7% |
RGA's revenue has grown year over year for six quarters in a row: $7.5B last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.3% | +3.1 points |
| Q2 2026 | 9.1% | +3 points |
| Q1 2026 | 6.8% | -0.2 points |
| Q4 2025 | 7.7% | +3.4 points |
| Q3 2025 | 5.2% | +1.4 points |
| Q2 2025 | 6.1% | +0.6 points |
| Q1 2025 | 7% | +2.7 points |
| Q4 2024 | 4.3% | +1 points |
RGA's operating margin was 8.3% last quarter, up 3.1 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.
RGA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.4B | -$365M |
| Q2 2026 | -$484M | +$336M |
| Q1 2026 | -$2.9B | -$1.4B |
| Q4 2025 | $7.3B | -57% |
| Q3 2025 | -$990M | +$77M |
| Q2 2025 | -$820M | +$147M |
| Q1 2025 | -$1.4B | +$4.3B |
| Q4 2024 | $17.1B | +150% |
RGA 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.
RGA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.5% | -1M shares |
| 3 years | -1.5% | -1M shares |
| 5 years | -2.9% | -2M shares |
| Available history | +3.3% | +2.1M shares |
RGA has 66M diluted shares, down 1.5% from a year ago, with $289M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $82M |
| Q2 2026 | $52M |
| Q1 2026 | $94M |
| Q4 2025 | $61M |
| Q3 2025 | $75M |
| Q2 2025 | — |
| Q1 2025 | $38M |
| Q4 2024 | $1M |
RGA spent $289M buying back its own shares over the past year, up 154% 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.
RGA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2021 | 0.5x | Very low |
| Q4 2020 | 0.3x | Very low |
| Q3 2020 | 0.4x | Very low |
| Q2 2020 | -0.9x | Net Cash |
| Q1 2020 | 0.2x | Very low |
| Q4 2019 | 1.3x | Healthy |
RGA's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like RGA.
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).
RGA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 73.2 | Overbought |
| Stochastic | 81.8 | Overbought |
RGA's weekly RSI is 73 (overbought) and its Stochastic is 82 (overbought).
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.
RGA PE vs Financial Services Sector
| Metric | RGA | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 19% below |
| PE % | 17 | 63 | 46 pts below |
RGA 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.
RGA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $260.6 | 5% above |
| 20 week MA | $249.4 | 9.8% above |
| 50 week MA | $224.0 | 22% above |
| 100 week MA | $210.2 | 30% above |
| 200 week MA | $191.9 | 43% above |
RGA 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.
RGA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $162.0 | $113.6 | -30% |
| 2021 | $113.6 | $109.4 | -3.6% |
| 2022 | $109.4 | $142.7 | +30% |
| 2023 | $142.7 | $161.8 | +13% |
| 2024 | $161.8 | $211.4 | +31% |
| 2025 | $211.4 | $205.6 | -2.8% |
| 2026 YTD | $205.6 | $273.7 | +33% |
RGA has the edge over MS on returns for 2026, with the stronger performance.