MS
Morgan Stanley
MS has the edge over RILY overall, supported by lower modeled downside and stronger modeled upside.
RILY
BRC Group Holdings, Inc.
RILY 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.
RILY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
RILY's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like RILY.
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 RILY in the historical PE scenario, which offers more potential upside but is not a forecast.
RILY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 0.6x | $2.10 | -44% |
| Current | 1x | $3.77 | — |
| Fair | 7.7x | $29.01 | +669% |
| Expensive | 26x | $97.75 | +2493% |
Historical ranges are pointers, not guarantees.
RILY's PE is in its cheap range at 1.0x.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
RILY Forward outlook
There aren't enough analyst estimates for RILY to show an outlook.
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 RILY on earnings, with more consistent year-over-year improvement.
RILY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $3.76 | -46% |
| Q2 2026 | $12.71 | +$18.00 |
| Q1 2026 | $16.76 | +$40.90 |
| Q4 2025 | $9.80 | +$35.26 |
| Q3 2025 | $7.01 | +$35.68 |
| Q2 2025 | -$5.29 | +$16.52 |
| Q1 2025 | -$24.14 | -$18.23 |
| Q4 2024 | -$25.46 | -$21.77 |
RILY earned $3.76 per share over the past year, down 46% 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 RILY 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 RILY on profitability, with a higher operating margin.
RILY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $163.8M | -41% |
| Q2 2026 | $239.1M | +6.1% |
| Q1 2026 | $352.1M | +89% |
| Q4 2025 | $278.4M | +38% |
| Q3 2025 | $277.9M | +39% |
| Q2 2025 | $225.3M | -27% |
| Q1 2025 | $186.1M | -46% |
| Q4 2024 | $201.4M | -41% |
RILY's revenue is growing: $164M last quarter, down 41% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -85% | -109 points |
| Q2 2026 | 16% | +11 points |
| Q1 2026 | 43% | +77 points |
| Q4 2025 | 22% | +99 points |
| Q3 2025 | 24% | +65 points |
| Q2 2025 | 4.8% | +76 points |
| Q1 2025 | -33% | -32 points |
| Q4 2024 | -77% | -64 points |
RILY's operating margin was −85% last quarter, down 109 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
RILY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $102.4M | +$164.1M |
| Q2 2026 | -$19.4M | +$8.6M |
| Q1 2026 | $37.1M | +$43.6M |
| Q4 2025 | $25.2M | +$29.2M |
| Q3 2025 | -$61.7M | -440% |
| Q2 2025 | -$28M | -126% |
| Q1 2025 | -$6.5M | -105% |
| Q4 2024 | -$4M | -106% |
RILY 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 RILY on shareholder dilution, with a more favorable share count trend.
RILY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.7% | +1.8M shares |
| 1 year | +31% | +9.6M shares |
| 3 years | +34% | +10.3M shares |
| 5 years | +40% | +11.4M shares |
| Available history | +42% | +11.8M shares |
RILY has 40M diluted shares, up 31% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | $15.8M |
| Q3 2023 | $115,000 |
| Q2 2023 | — |
| Q1 2023 | $53.8M |
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.
RILY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.8x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.5x | Net Cash |
| Q4 2025 | 10.8x | High |
| Q1 2024 | 13.5x | High |
| Q4 2023 | 7.7x | High |
| Q3 2023 | 6.0x | High |
| Q2 2023 | 5.3x | High |
RILY 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).
RILY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.2 | Neutral |
| Stochastic | 4.5 | Oversold |
RILY's weekly RSI is 30 (neutral) and its Stochastic is 5 (oversold).
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.
RILY PE vs Financial Services Sector
| Metric | RILY | Sector median | Relative |
|---|---|---|---|
| PE | 1x | 13x | 92% below |
| PE % | 28 | 63 | 35 pts below |
RILY 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 has the edge over RILY on trend strength, trading above more of its moving averages.
RILY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.47 | 16% below |
| 20 week MA | $6.01 | 37% below |
| 50 week MA | $6.85 | 45% below |
| 100 week MA | $5.68 | 34% below |
| 200 week MA | $16.2 | 77% below |
RILY is in a downtrend: it's below all five of its weekly moving averages, and 77% 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 RILY on returns for 2026, with the stronger performance.
RILY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.1 | $43.1 | +71% |
| 2021 | $43.1 | $81.7 | +90% |
| 2022 | $81.7 | $31.9 | -61% |
| 2023 | $31.9 | $21.0 | -34% |
| 2024 | $21.0 | $4.68 | -78% |
| 2025 | $4.68 | $4.78 | +2.1% |
| 2026 YTD | $4.78 | $3.77 | -21% |
RILY has finished lower in three of the last six years. It's down 21% so far in 2026.