MS
Morgan Stanley
MS's fundamentals are strong: revenue grew 16% and earnings per share grew 29%. At 15x earnings, it's trading in line with its usual 14x. Analysts expect earnings growth.
TCPC
BlackRock TCP Capital Corp.
There isn't enough reported data to score TCPC yet.
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.
TCPC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| N/A | |
| N/A |
TCPC's revenue and profitability are currently stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like TCPC.
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.
TCPC PE Valuation
TCPC has no meaningful PE right now: it lost money over the past year.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over TCPC on the outlook, with more favorable earnings and revenue expectations.
TCPC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong decline | |
| Strong decline | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect TCPC's earnings and revenue to decline, with profitability weakening.
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 TCPC on earnings quality, reporting a profit while its opponent remains loss making.
TCPC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.32 | — |
| Q3 2026 | -$2.37 | -$2.20 |
| Q2 2026 | -$1.28 | -$1.07 |
| Q1 2026 | -$1.49 | -$0.87 |
| Q4 2025 | -$1.05 | -$0.26 |
| Q3 2025 | -$0.17 | +$0.32 |
| Q2 2025 | -$0.21 | +$0.31 |
| Q1 2025 | -$0.62 | -272% |
| Q4 2024 | -$0.79 | -218% |
TCPC lost $2.37 per share over the past year, a bigger loss than 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 stronger quarterly revenue trend. Revenue is up 12% for MS versus up 5.5% for TCPC.
| 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.
TCPC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $44M | +5.5% |
| Q1 2022 | $42.2M | +2.4% |
| Q4 2021 | $39.6M | -7.7% |
| Q3 2021 | $42.7M | -0.3% |
| Q2 2021 | $41.6M | -7.7% |
| Q1 2021 | $41.2M | -0.2% |
| Q4 2020 | $42.9M | -10% |
TCPC's revenue has held roughly level: $44M last quarter, up 5.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 70% | +1.3 points |
| Q1 2022 | 69% | -0.3 points |
| Q4 2021 | 69% | -0.8 points |
| Q3 2021 | 68% | -1.3 points |
| Q2 2021 | 68% | -1.9 points |
| Q1 2021 | 69% | -11 points |
| Q4 2020 | 70% | -2.6 points |
| Q3 2020 | 70% | N/A |
TCPC's operating margin was 70% last quarter, up 1.3 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.
TCPC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $291.9M | +181% |
| Q2 2026 | $96.3M | +$138.2M |
| Q1 2026 | $159.1M | +203% |
| Q4 2025 | $40.5M | -43% |
| Q3 2025 | $103.7M | +2.1% |
| Q2 2025 | -$41.9M | -148% |
| Q1 2025 | $52.5M | +57% |
| Q4 2024 | $71.7M | +78% |
TCPC 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 TCPC on shareholder dilution, with a more favorable share count trend.
TCPC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -12.6K shares |
| 1 year | -1.3% | -1.1M shares |
| 3 years | +45% | +26.1M shares |
| 5 years | +45% | +26.1M shares |
| Available history | +43% | +25.2M shares |
TCPC has 84M diluted shares, down 1.3% from a year ago, with $5M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $590,502 |
| Q1 2026 | $2.3M |
| Q4 2025 | $2.5M |
| Q3 2025 | $162,702 |
| Q2 2025 | $274,463 |
| Q1 2025 | $26,915 |
| Q2 2022 | — |
TCPC spent $5M buying back its own shares over the past year.
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.
TCPC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 10.7x | High |
| Q1 2022 | 10.8x | High |
| Q4 2021 | 17.2x | High |
| Q3 2021 | 10.8x | High |
| Q2 2021 | 11.0x | High |
| Q1 2021 | 10.6x | High |
| Q4 2020 | 6.7x | High |
| Q3 2020 | 9.5x | High |
TCPC's net debt is about 11 years of its operating earnings (EBITDA), down from 11 years a year ago. Net leverage isn't a meaningful measure for financial services companies like TCPC.
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).
TCPC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.2 | Neutral |
| Stochastic | 79.0 | Neutral |
TCPC's weekly RSI is 51 (neutral) and its Stochastic is 79 (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.
TCPC PE vs Financial Services Sector
| Metric | TCPC | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
TCPC has no meaningful PE right now: it lost money over the past year.
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 TCPC on trend strength, trading above more of its moving averages.
TCPC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.10 | 0.2% above |
| 20 week MA | $3.88 | 5.9% above |
| 50 week MA | $4.23 | 2.8% below |
| 100 week MA | $5.83 | 30% below |
| 200 week MA | $8.29 | 50% below |
TCPC has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 50% 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 TCPC on returns for 2026, with the stronger performance.
TCPC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.1 | $11.3 | -20% |
| 2021 | $11.3 | $13.5 | +20% |
| 2022 | $13.5 | $13.0 | -3.8% |
| 2023 | $13.0 | $11.5 | -11% |
| 2024 | $11.5 | $8.56 | -26% |
| 2025 | $8.56 | $5.44 | -36% |
| 2026 YTD | $5.44 | $4.11 | -24% |
TCPC has finished four years in a row lower, and it's down 24% so far in 2026.