MS
Morgan Stanley
MS has a slight edge over RJF overall, supported by stronger fundamentals and stronger modeled upside.
RJF
Raymond James Financial, Inc.
RJF has slightly lower modeled downside risk, despite its lower overall score.
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.
RJF Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
RJF's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like RJF.
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.
RJF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $167 | — |
| Cheap | 13x | $145 | -13% |
| Fair | 15x | $169 | +0.8% |
| Current | 15x | $167 | — |
| Expensive | 17x | $190 | +14% |
Historical ranges are pointers, not guarantees.
RJF 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.
RJF Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RJF, 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 RJF on earnings, with more consistent year-over-year improvement.
RJF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.31 | +25% |
| Q2 2026 | $11.48 | +13% |
| Q1 2026 | $10.59 | +2% |
| Q4 2025 | $10.23 | -0.1% |
| Q3 2025 | $10.30 | +6.2% |
| Q2 2025 | $10.19 | +15% |
| Q1 2025 | $10.38 | +25% |
| Q4 2024 | $10.24 | +28% |
| Q3 2024 | $9.70 | +22% |
RJF earned $11.48 per share over the past year, up 13% 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 RJF 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.
RJF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.9B | +16% |
| Q1 2026 | $3.9B | +13% |
| Q4 2025 | $3.7B | +5.6% |
| Q3 2025 | $3.7B | +7.7% |
| Q2 2025 | $3.4B | +5.3% |
| Q1 2025 | $3.4B | +9.1% |
| Q4 2024 | $3.5B | +17% |
| Q3 2024 | $3.5B | +13% |
RJF's revenue has grown year over year every quarter since late 2020: $3.9B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2025 | 17% | -2 points |
| Q2 2025 | 17% | -3.4 points |
| Q1 2025 | 20% | +0.2 points |
| Q4 2024 | 21% | +0.3 points |
| Q3 2024 | 19% | -0.4 points |
| Q2 2024 | 20% | +3.2 points |
| Q1 2024 | 20% | +0.1 points |
| Q4 2023 | 21% | -2.5 points |
RJF's operating margin was 17% last quarter, down 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.
RJF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$308M | -149% |
| Q1 2026 | $1.1B | +1385% |
| Q4 2025 | -$56M | -107% |
| Q3 2025 | $752M | +63% |
| Q2 2025 | $634M | -3.2% |
| Q1 2025 | $71M | -79% |
| Q4 2024 | $789M | +60% |
| Q3 2024 | $460M | +20% |
RJF 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.
RJF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -2M shares |
| 1 year | -4% | -8.3M shares |
| 3 years | -8.2% | -17.6M shares |
| 5 years | -6.8% | -14.4M shares |
| Available history | -8.7% | -18.8M shares |
RJF has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2023 | $302M |
| Q1 2023 | $369M |
| Q4 2022 | $189M |
| Q2 2022 | $101M |
| Q1 2022 | $8M |
| Q4 2021 | $51M |
| Q3 2021 | $1M |
| Q2 2021 | $48M |
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.
RJF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | -2.3x | Net Cash |
| Q2 2025 | -2.0x | Net Cash |
| Q1 2025 | -2.1x | Net Cash |
| Q4 2024 | -2.1x | Net Cash |
| Q3 2024 | -2.5x | Net Cash |
| Q2 2024 | -1.9x | Net Cash |
| Q1 2024 | -2.3x | Net Cash |
| Q4 2023 | -2.5x | Net Cash |
RJF has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like RJF.
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).
RJF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.7 | Neutral |
| Stochastic | 32.1 | Neutral |
RJF's weekly RSI is 55 (neutral) and its Stochastic is 32 (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.
RJF PE vs Financial Services Sector
| Metric | RJF | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 12% above |
| PE % | 47 | 63 | 16 pts below |
RJF 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.
RJF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $159.8 | 4.7% above |
| 20 week MA | $167.6 | 0.2% below |
| 50 week MA | $160.7 | 4.1% above |
| 100 week MA | $158.2 | 5.7% above |
| 200 week MA | $136.0 | 23% above |
RJF 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 the edge over RJF on returns for 2026, with the stronger performance.
RJF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $60.2 | $62.0 | +2.9% |
| 2021 | $62.0 | $99.4 | +60% |
| 2022 | $99.4 | $107.4 | +8% |
| 2023 | $107.4 | $111.5 | +3.9% |
| 2024 | $111.5 | $156.9 | +41% |
| 2025 | $156.9 | $165.3 | +5.3% |
| 2026 YTD | $165.3 | $167.3 | +1.2% |
RJF has finished every year since 2020 higher, and it's up 1.2% so far in 2026.