MS
Morgan Stanley
MS has the edge over TRST overall, supported by stronger valuation and stronger modeled upside.
TRST
TrustCo Bank Corp NY
TRST trails on the overall score without a compensating advantage in the available component scores.
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.
TRST Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
TRST'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 TRST.
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.
TRST PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $33.26 | -42% |
| Fair | 11x | $42.22 | -27% |
| Expensive | 14x | $52.94 | -8.2% |
| Current | 15x | $57.66 | — |
Historical ranges are pointers, not guarantees.
TRST 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.
TRST Forward outlook
There aren't enough analyst estimates for TRST to show an outlook.
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 TRST on earnings, with more consistent year-over-year improvement.
TRST Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $3.76 | +26% |
| Q2 2026 | $3.60 | +28% |
| Q1 2026 | $3.41 | +27% |
| Q4 2025 | $3.25 | +26% |
| Q3 2025 | $2.99 | +20% |
| Q2 2025 | $2.81 | +8.5% |
| Q1 2025 | $2.68 | -3.9% |
| Q4 2024 | $2.57 | -17% |
TRST earned $3.76 per share over the past year, up 26% 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 TRST on sales, with stronger typical year-over-year growth.
| 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.
TRST Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $51.9M | +8.5% |
| Q2 2026 | $51.5M | +11% |
| Q1 2026 | $49.5M | +9.3% |
| Q4 2025 | $48.2M | +11% |
| Q3 2025 | $47.8M | +9.6% |
| Q2 2025 | $46.6M | +7.3% |
| Q1 2025 | $45.3M | +9.5% |
| Q4 2024 | $43.3M | +0.5% |
TRST's revenue has grown year over year for eight quarters in a row: $52M last quarter, up 8.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | -0.3 points |
| Q2 2026 | 44% | +1.4 points |
| Q1 2026 | 44% | +2.4 points |
| Q4 2025 | 44% | +9.7 points |
| Q3 2025 | 45% | +5.8 points |
| Q2 2025 | 42% | +4.4 points |
| Q1 2025 | 41% | +2.9 points |
| Q4 2024 | 34% | +4.1 points |
TRST 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.
TRST Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $19.3M | +93% |
| Q2 2026 | $25.5M | +2.3% |
| Q1 2026 | $10.2M | +$13.4M |
| Q4 2025 | $14.1M | +17% |
| Q3 2025 | $10M | -36% |
| Q2 2025 | $24.9M | +42% |
| Q1 2025 | -$3.3M | -135% |
| Q4 2024 | $12M | -19% |
TRST 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.
TRST Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.6% | -447K shares |
| 1 year | -9.9% | -1.9M shares |
| 3 years | -11% | -2.1M shares |
| 5 years | -12% | -2.3M shares |
| Available history | -13% | -2.4M shares |
TRST has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $29M |
| Q2 2026 | $24.6M |
| Q1 2026 | $23.9M |
| Q4 2025 | $21.3M |
| Q3 2025 | $11.5M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q4 2023 | — |
TRST spent $99M 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.
TRST Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -5.4x | Net Cash |
| Q2 2026 | -6.4x | Net Cash |
| Q1 2026 | -7.4x | Net Cash |
| Q4 2025 | -7.1x | Net Cash |
| Q3 2025 | -7.5x | Net Cash |
| Q2 2025 | -8.4x | Net Cash |
| Q1 2025 | -9.4x | Net Cash |
| Q4 2024 | -8.1x | Net Cash |
TRST 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).
TRST Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.8 | Neutral |
| Stochastic | 61.3 | Neutral |
TRST's weekly RSI is 63 (neutral) and its Stochastic is 61 (neutral).
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 TRST on valuation relative to its sector.
TRST PE vs Financial Services Sector
| Metric | TRST | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 18% above |
| PE % | 95 | 63 | 32 pts above |
TRST is trading at 15x earnings, a 18% 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.
TRST Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $55.8 | 3.3% above |
| 20 week MA | $56.2 | 2.6% above |
| 50 week MA | $50.2 | 15% above |
| 100 week MA | $42.1 | 37% above |
| 200 week MA | $36.3 | 59% above |
TRST 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 finished higher in five of the last six years. It's up 4% so far in 2026.
TRST Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $43.5 | $33.0 | -24% |
| 2021 | $33.0 | $32.9 | -0.2% |
| 2022 | $32.9 | $37.6 | +14% |
| 2023 | $37.6 | $31.1 | -17% |
| 2024 | $31.1 | $33.4 | +7.6% |
| 2025 | $33.4 | $42.6 | +27% |
| 2026 YTD | $42.6 | $57.7 | +35% |
TRST has the edge over MS on returns for 2026, with the stronger performance.