MS
Morgan Stanley
MS has the edge over SLM overall, supported by stronger fundamentals and stronger modeled upside.
SLM
SLM Corporation
SLM 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.
SLM Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
SLM's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like SLM.
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.
SLM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.3x | $14.65 | -12% |
| Current | 6x | $16.59 | — |
| Forward | 6.6x | $16.59 | — |
| Fair | 7.1x | $19.45 | +17% |
| Expensive | 9.6x | $26.38 | +59% |
Historical ranges are pointers, not guarantees.
SLM 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 |
MS has the edge over SLM on the outlook, with more favorable valuation and earnings expectations.
SLM Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect SLM's earnings and profitability to decline, with its revenue holding steady. 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 SLM on earnings, with more consistent year-over-year improvement.
SLM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.52 | -8.2% |
| Q3 2026 | $2.75 | -4.5% |
| Q2 2026 | $3.57 | +77% |
| Q1 2026 | $3.60 | +28% |
| Q4 2025 | $3.46 | +29% |
| Q3 2025 | $2.88 | +0.3% |
| Q2 2025 | $2.02 | -37% |
| Q1 2025 | $2.81 | -12% |
| Q4 2024 | $2.68 | +12% |
SLM's earnings per share have fallen from their peak: $2.75 over the past year, against $3.77 in mid-2021.
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 SLM 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 SLM on profitability, with a higher operating margin.
SLM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $375.5M | -31% |
| Q2 2026 | $401.1M | -0.6% |
| Q1 2026 | $560M | -3.6% |
| Q4 2025 | $454.1M | +16% |
| Q3 2025 | $545.7M | +42% |
| Q2 2025 | $403.6M | -21% |
| Q1 2025 | $581M | +3.5% |
| Q4 2024 | $390M | -12% |
SLM's revenue has slid since its 2021 peak: $375M last quarter, down 31% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -16% | -50 points |
| Q2 2026 | 20% | -1.7 points |
| Q1 2026 | 71% | +2.1 points |
| Q4 2025 | 70% | +36 points |
| Q3 2025 | 34% | +50 points |
| Q2 2025 | 22% | -44 points |
| Q1 2025 | 69% | +0.3 points |
| Q4 2024 | 34% | -17 points |
SLM's operating margin was −16% last quarter, down 50 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.
SLM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$106.4M | -$57M |
| Q2 2026 | -$134.8M | +$3.9M |
| Q1 2026 | -$76M | +$70.1M |
| Q4 2025 | -$64.5M | -1520% |
| Q3 2025 | -$49.3M | +$64.1M |
| Q2 2025 | -$138.7M | +$5.1M |
| Q1 2025 | -$146.1M | -$69.3M |
| Q4 2024 | $4.5M | +$31.7M |
SLM has the edge over MS on cash flow, with more consistent year-over-year improvement.
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.
SLM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.5% | -4.8M shares |
| 1 year | -12% | -25M shares |
| 3 years | -19% | -43.2M shares |
| 5 years | -39% | -119M shares |
| Available history | -57% | -245M shares |
SLM has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $127.7M |
| Q2 2026 | $3.1M |
| Q1 2026 | $290.7M |
| Q4 2025 | $123.8M |
| Q3 2025 | $143.5M |
| Q2 2025 | $71.7M |
| Q1 2025 | $29.7M |
| Q4 2024 | $47.1M |
SLM spent $545M buying back its own shares over the past year, up 87% 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.
SLM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.6x | High |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 4.0x | Elevated |
| Q2 2025 | 4.0x | Elevated |
| Q1 2025 | 2.9x | Moderate |
| Q4 2024 | 2.1x | Moderate |
SLM 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).
SLM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 25.5 | Oversold |
| Stochastic | 2.4 | Oversold |
SLM's weekly RSI is 26 (oversold) and its Stochastic is 2 (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.
SLM PE vs Financial Services Sector
| Metric | SLM | Sector median | Relative |
|---|---|---|---|
| PE | 6x | 13x | 54% below |
| PE % | 27 | 63 | 36 pts below |
SLM 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 SLM on trend strength, trading above more of its moving averages.
SLM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.2 | 18% below |
| 20 week MA | $23.7 | 30% below |
| 50 week MA | $23.8 | 30% below |
| 100 week MA | $26.7 | 38% below |
| 200 week MA | $22.5 | 26% below |
SLM is in a downtrend: it's below all five of its weekly moving averages, and 26% 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 SLM on returns for 2026, with the stronger performance.
SLM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.99 | $12.3 | +36% |
| 2021 | $12.3 | $19.1 | +56% |
| 2022 | $19.1 | $16.5 | -14% |
| 2023 | $16.5 | $19.1 | +16% |
| 2024 | $19.1 | $27.9 | +46% |
| 2025 | $27.9 | $27.5 | -1.3% |
| 2026 YTD | $27.5 | $16.6 | -40% |
SLM is down 40% so far in 2026, after finishing higher in four of the previous six years.