MS
Morgan Stanley
MS has a slight edge over SNEX overall, supported by stronger valuation and lower modeled downside.
SNEX
StoneX Group Inc.
SNEX offers stronger fundamentals, 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.
SNEX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
SNEX's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like SNEX.
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.
SNEX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8x | $33.61 | -41% |
| Fair | 10x | $43.51 | -24% |
| Forward | 13x | $57.11 | — |
| Current | 14x | $57.11 | — |
| Expensive | 15x | $64.87 | +14% |
Historical ranges are pointers, not guarantees.
SNEX 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.
SNEX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for SNEX, 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 SNEX on earnings, with stronger typical year-over-year growth.
SNEX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.42 | +5.6% |
| Q2 2026 | $4.19 | +61% |
| Q1 2026 | $3.73 | +42% |
| Q4 2025 | $2.98 | +20% |
| Q3 2025 | $2.62 | +11% |
| Q2 2025 | $2.61 | +22% |
| Q1 2025 | $2.62 | +18% |
| Q4 2024 | $2.48 | +17% |
| Q3 2024 | $2.36 | +6.8% |
SNEX's earnings per share have climbed steadily: $4.19 over the past year, up 61% from the year before, and higher year over year for eight quarters in a row.
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 SNEX on profitability, with a higher operating margin.
SNEX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $719.7M | +47% |
| Q1 2026 | $829.1M | +70% |
| Q4 2025 | $724.4M | +47% |
| Q3 2025 | $585.1M | +29% |
| Q2 2025 | $488.3M | +4.2% |
| Q1 2025 | $487.3M | +15% |
| Q4 2024 | $492.1M | +17% |
| Q3 2024 | $454.8M | +13% |
SNEX has the edge over MS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 22% | +24 points |
| Q1 2026 | 27% | +29 points |
| Q4 2025 | 26% | +30 points |
| Q3 2025 | 19% | +21 points |
| Q2 2025 | -2.2% | +3.5 points |
| Q1 2025 | -1.8% | +1.3 points |
| Q4 2024 | -4.3% | -0.6 points |
| Q3 2024 | -2.1% | -21 points |
SNEX's operating margin was 22% last quarter, up 24 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.
SNEX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$1.2B | -183% |
| Q1 2026 | $2.8B | +$2.9B |
| Q4 2025 | -$1.3B | -$785.5M |
| Q3 2025 | $3.5B | +1895% |
| Q2 2025 | $1.5B | +$2.1B |
| Q1 2025 | -$169.8M | -122% |
| Q4 2024 | -$491.4M | -452% |
| Q3 2024 | $175.9M | -51% |
SNEX 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 SNEX on shareholder dilution, with a more favorable share count trend.
SNEX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.9% | +2.3M shares |
| 1 year | +11% | +12.1M shares |
| 3 years | +19% | +19.9M shares |
| 5 years | +24% | +24M shares |
| Available history | +29% | +28.2M shares |
SNEX has 124M diluted shares, up 11% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2022 | — |
| Q3 2021 | $8.6M |
| Q2 2021 | $3.1M |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | $7.1M |
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.
SNEX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -2.0x | Net Cash |
| Q1 2026 | -2.6x | Net Cash |
| Q4 2025 | -3.1x | Net Cash |
| Q3 2025 | -6.1x | Net Cash |
| Q2 2025 | -71.1x | Net Cash |
| Q2 2024 | -14.8x | Net Cash |
| Q1 2024 | -5.5x | Net Cash |
| Q4 2023 | -1.5x | Net Cash |
SNEX 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).
SNEX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.2 | Neutral |
| Stochastic | 11.8 | Oversold |
SNEX's weekly RSI is 41 (neutral) and its Stochastic is 12 (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.
SNEX PE vs Financial Services Sector
| Metric | SNEX | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 4.8% above |
| PE % | 76 | 63 | 13 pts above |
SNEX 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 SNEX on trend strength, trading above more of its moving averages.
SNEX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.0 | 3.2% below |
| 20 week MA | $66.4 | 14% below |
| 50 week MA | $62.7 | 8.8% below |
| 100 week MA | $50.4 | 13% above |
| 200 week MA | $35.6 | 60% above |
SNEX has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 60% above 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 finished higher in five of the last six years. It's up 4% so far in 2026.
SNEX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.59 | $11.2 | +17% |
| 2021 | $11.2 | $12.1 | +7.7% |
| 2022 | $12.1 | $19.1 | +58% |
| 2023 | $19.1 | $21.9 | +15% |
| 2024 | $21.9 | $29.4 | +34% |
| 2025 | $29.4 | $44.5 | +52% |
| 2026 YTD | $44.5 | $57.1 | +28% |
SNEX has the edge over MS on returns for 2026, with the stronger performance.