MS
Morgan Stanley
MS has slightly lower modeled downside risk, despite its lower overall score.
SPGI
S&P Global Inc.
SPGI has a slight edge over MS overall, supported by stronger valuation.
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.
SPGI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
SPGI's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like SPGI.
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.
SPGI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 24x | $469 | — |
| Cheap | 28x | $474 | +1.2% |
| Current | 28x | $469 | — |
| Fair | 36x | $613 | +31% |
| Expensive | 48x | $807 | +72% |
Historical ranges are pointers, not guarantees.
SPGI 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 SPGI on the outlook, with more favorable revenue expectations.
SPGI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect SPGI's earnings to grow and its profitability to improve, with its revenue holding steady.
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 SPGI on earnings, with stronger typical year-over-year growth.
SPGI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.42 | +15% |
| Q3 2026 | $16.82 | +22% |
| Q2 2026 | $16.43 | +26% |
| Q1 2026 | $15.81 | +24% |
| Q4 2025 | $14.66 | +19% |
| Q3 2025 | $13.75 | +21% |
| Q2 2025 | $13.00 | +23% |
| Q1 2025 | $12.73 | +43% |
| Q4 2024 | $12.35 | +50% |
SPGI's earnings per share have climbed steadily: $16.82 over the past year, up 22% from the year before, and higher year over year for 11 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 has the edge over SPGI 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's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
SPGI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | -5.4% |
| Q2 2026 | $4.1B | +10% |
| Q1 2026 | $4.2B | +10% |
| Q4 2025 | $3.9B | +9% |
| Q3 2025 | $3.9B | +8.8% |
| Q2 2025 | $3.8B | +5.8% |
| Q1 2025 | $3.8B | +8.2% |
| Q4 2024 | $3.6B | +14% |
SPGI's revenue is growing: $3.7B last quarter, down 5.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 53% | +10 points |
| Q2 2026 | 44% | +2.4 points |
| Q1 2026 | 48% | +6.2 points |
| Q4 2025 | 43% | +6.3 points |
| Q3 2025 | 43% | +3 points |
| Q2 2025 | 41% | +0.4 points |
| Q1 2025 | 42% | +2.1 points |
| Q4 2024 | 36% | +8.2 points |
SPGI has the edge over MS on profitability, with a higher operating margin.
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.
SPGI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -21% |
| Q2 2026 | $1.4B | +1.2% |
| Q1 2026 | $1B | +11% |
| Q4 2025 | $1.7B | -0.3% |
| Q3 2025 | $1.5B | +3.5% |
| Q2 2025 | $1.4B | -9.2% |
| Q1 2025 | $910M | -1.5% |
| Q4 2024 | $1.7B | +33% |
SPGI 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.
SPGI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -3.9M shares |
| 1 year | -4.2% | -12.9M shares |
| 3 years | -8.3% | -26.4M shares |
| 5 years | +21% | +49.9M shares |
| Available history | +18% | +44.7M shares |
SPGI has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.6B |
| Q2 2026 | $500M |
| Q1 2026 | $1B |
| Q4 2025 | $2.5B |
| Q3 2025 | $1.2B |
| Q2 2025 | $651M |
| Q1 2025 | $650M |
| Q4 2024 | $1.3B |
SPGI spent $6.6B buying back its own shares over the past year, up 74% 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.
SPGI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.4x | Healthy |
SPGI 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).
SPGI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.9 | Neutral |
| Stochastic | 85.6 | Overbought |
SPGI's weekly RSI is 60 (neutral) and its Stochastic is 86 (overbought).
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS has the edge over SPGI on valuation relative to its sector.
SPGI PE vs Financial Services Sector
| Metric | SPGI | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 114% above |
| PE % | 15 | 63 | 48 pts below |
SPGI is trading at 28x earnings, a 114% premium to the Financial Services sector's median of 13x.
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.
SPGI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $435.0 | 7.7% above |
| 20 week MA | $430.0 | 9% above |
| 50 week MA | $442.2 | 6% above |
| 100 week MA | $475.5 | 1.5% below |
| 200 week MA | $448.6 | 4.4% above |
SPGI 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 SPGI on returns for 2026, with the stronger performance.
SPGI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $274.3 | $316.6 | +15% |
| 2021 | $316.6 | $473.7 | +50% |
| 2022 | $473.7 | $332.9 | -30% |
| 2023 | $332.9 | $440.5 | +32% |
| 2024 | $440.5 | $501.8 | +14% |
| 2025 | $501.8 | $529.5 | +5.5% |
| 2026 YTD | $529.5 | $468.5 | -12% |
SPGI has finished higher in five of the last six years. It's down 12% so far in 2026.