MS
Morgan Stanley
MS has the edge over TFC overall, supported by stronger fundamentals and stronger modeled upside.
TFC
Truist Financial Corporation
TFC's outlook is improving, though it still trails on the 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.
TFC Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
TFC's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like TFC.
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.
TFC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.2x | $35.92 | -28% |
| Forward | 10x | $49.89 | — |
| Fair | 12x | $46.89 | -6% |
| Current | 13x | $49.89 | — |
| Expensive | 15x | $57.58 | +15% |
Historical ranges are pointers, not guarantees.
TFC 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 TFC on the outlook, with more favorable revenue expectations.
TFC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect TFC'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 TFC on earnings, with more consistent year-over-year improvement.
TFC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.75 | +22% |
| Q3 2026 | $3.89 | +3.7% |
| Q2 2026 | $4.37 | +18% |
| Q1 2024 | -$1.33 | -130% |
| Q4 2023 | -$1.09 | -125% |
| Q3 2023 | $3.97 | -8.9% |
| Q2 2023 | $4.32 | -2% |
| Q1 2023 | $4.49 | +0.2% |
| Q4 2022 | $4.43 | -0.9% |
TFC earned $3.89 per share over the past year, up 3.7% 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 TFC 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 TFC on profitability, with a higher operating margin.
TFC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | -28% |
| Q2 2026 | $5.3B | +5.6% |
| Q1 2026 | $5.2B | +5.2% |
| Q4 2025 | $5.2B | +3.7% |
| Q3 2025 | $5.2B | +2% |
| Q1 2025 | $4.9B | +1.7% |
| Q4 2024 | $5.1B | -11% |
| Q3 2024 | $5.1B | -10% |
TFC's revenue fell from its 2022 peak and has held roughly level since: $3.7B last quarter, down 28% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | -9.6 points |
| Q2 2026 | 34% | +4.1 points |
| Q1 2026 | 33% | +1.5 points |
| Q4 2025 | 30% | -0.9 points |
| Q3 2025 | 33% | -0.1 points |
| Q2 2025 | 30% | N/A |
| Q1 2025 | 31% | +3 points |
| Q4 2024 | 31% | +121 points |
TFC's operating margin was 24% last quarter, down 9.6 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.
TFC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +18% |
| Q2 2026 | $1B | +14% |
| Q1 2026 | $679M | -9% |
| Q4 2025 | $2.6B | +233% |
| Q3 2025 | $1.5B | -2.4% |
| Q1 2025 | $746M | +$1.7B |
| Q4 2024 | $775M | -67% |
| Q3 2024 | $1.5B | -36% |
TFC 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.
TFC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -12.7M shares |
| 1 year | -5.4% | -70.3M shares |
| 3 years | -8.3% | -111M shares |
| 5 years | -9.1% | -123M shares |
| Available history | -9.7% | -131M shares |
TFC has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.2B |
| Q2 2026 | $1.2B |
| Q1 2026 | $1.1B |
| Q4 2025 | $750M |
| Q3 2025 | $500M |
| Q2 2025 | $750M |
| Q1 2025 | $500M |
| Q4 2024 | $500M |
TFC spent $4.3B buying back its own shares over the past year, up 90% 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 has the edge over TFC on leverage, with a lower net debt burden relative to earnings.
TFC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 9.1x | High |
| Q2 2026 | 8.6x | High |
| Q1 2026 | 8.9x | High |
| Q4 2025 | 9.0x | High |
| Q3 2025 | 9.3x | High |
| Q2 2025 | 7.8x | High |
| Q1 2024 | 143.0x | High |
| Q4 2023 | 57.0x | High |
TFC's net debt is about 9.1 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for financial services companies like TFC.
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).
TFC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.5 | Neutral |
| Stochastic | 50.7 | Neutral |
TFC's weekly RSI is 52 (neutral) and its Stochastic is 51 (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.
TFC PE vs Financial Services Sector
| Metric | TFC | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 1.5% below |
| PE % | 63 | 63 | Same percentile |
TFC 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.
TFC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.0 | 4% above |
| 20 week MA | $50.0 | 0.2% below |
| 50 week MA | $49.6 | 0.6% above |
| 100 week MA | $46.4 | 7.5% above |
| 200 week MA | $41.7 | 20% above |
TFC 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 TFC on returns for 2026, with the stronger performance.
TFC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.5 | $47.0 | -17% |
| 2021 | $47.0 | $57.8 | +23% |
| 2022 | $57.8 | $42.6 | -26% |
| 2023 | $42.6 | $36.9 | -13% |
| 2024 | $36.9 | $43.7 | +18% |
| 2025 | $43.7 | $50.6 | +16% |
| 2026 YTD | $50.6 | $49.9 | -1.4% |
TFC has finished lower in three of the last six years. It's down 1.4% so far in 2026.