MS
Morgan Stanley
MS has the edge over UNM overall, supported by stronger modeled upside and lower modeled downside.
UNM
Unum Group
UNM 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.
UNM Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| N/A | |
| N/A |
UNM's profitability is currently stable, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like UNM.
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 has the edge over UNM in the historical PE scenario, which offers more potential upside but is not a forecast.
UNM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.9x | $8.45 | -89% |
| Fair | 7.4x | $10.64 | -87% |
| Forward | 9.4x | $79.09 | — |
| Expensive | 9.5x | $13.57 | -83% |
| Current | 55x | $79.09 | — |
Historical ranges are pointers, not guarantees.
UNM's PE is in its expensive range at 55x. On analysts' estimates for next year's earnings, today's price would be 9.4x.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over UNM on the outlook, with more favorable earnings and revenue expectations.
UNM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect UNM's earnings, revenue and profitability to hold roughly 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 UNM on earnings, with more consistent year-over-year improvement.
UNM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.40 | +487% |
| Q3 2026 | $1.43 | -72% |
| Q2 2026 | $4.31 | -48% |
| Q1 2026 | $4.62 | -46% |
| Q4 2025 | $4.27 | -55% |
| Q3 2025 | $5.12 | -45% |
| Q2 2025 | $8.35 | +23% |
| Q1 2025 | $8.48 | +26% |
| Q4 2024 | $9.46 | +46% |
UNM's earnings per share have fallen from their peak: $1.43 over the past year, against $9.46 in late 2024.
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 UNM 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 UNM on profitability, with a higher operating margin.
UNM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | -25% |
| Q2 2026 | $3.4B | +0.3% |
| Q1 2026 | $3.4B | +8.5% |
| Q4 2025 | $3.2B | +0.2% |
| Q3 2025 | $3.4B | +5% |
| Q2 2025 | $3.4B | +4% |
| Q1 2025 | $3.1B | -3.4% |
| Q4 2024 | $3.2B | +2.9% |
UNM's revenue has slid since its 2020 peak: $2.5B last quarter, down 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -22% | -23 points |
| Q2 2026 | 9.8% | -2.6 points |
| Q1 2026 | 9% | +1.1 points |
| Q4 2025 | 6.7% | -7 points |
| Q3 2025 | 1.6% | -14 points |
| Q2 2025 | 12% | -2.9 points |
| Q1 2025 | 7.9% | -7.6 points |
| Q4 2024 | 14% | +0.1 points |
UNM's operating margin was −22% last quarter, down 23 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
UNM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $529.6M | +$932.2M |
| Q2 2026 | $474.3M | +48% |
| Q1 2026 | $301.2M | -5.2% |
| Q4 2025 | $320.1M | -29% |
| Q3 2025 | -$402.6M | -214% |
| Q2 2025 | $320.1M | +2.8% |
| Q1 2025 | $317.8M | +18% |
| Q4 2024 | $453.8M | +52% |
UNM 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.
UNM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -1.4M shares |
| 1 year | -7% | -12M shares |
| 3 years | -20% | -38.5M shares |
| 5 years | -23% | -46.5M shares |
| Available history | -24% | -51.2M shares |
UNM has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $198.5M |
| Q2 2026 | $209.9M |
| Q1 2026 | $398.8M |
| Q4 2025 | $258.5M |
| Q3 2025 | $250.9M |
| Q2 2025 | $300.4M |
| Q1 2025 | $200.5M |
| Q4 2024 | $472.9M |
UNM spent $1.1B buying back its own shares over the past year, down 13% 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.
UNM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 3.2x | Elevated |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 2.7x | Moderate |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 1.7x | Healthy |
UNM's net debt is about 7.8 years of its operating earnings (EBITDA), up from 2.7 years a year ago. Net leverage isn't a meaningful measure for financial services companies like UNM.
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).
UNM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.3 | Neutral |
| Stochastic | 34.1 | Neutral |
UNM's weekly RSI is 40 (neutral) and its Stochastic is 34 (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 UNM on valuation relative to its sector.
UNM PE vs Financial Services Sector
| Metric | UNM | Sector median | Relative |
|---|---|---|---|
| PE | 55x | 13x | 325% above |
| PE % | 100 | 63 | 37 pts above |
UNM is trading at 55x earnings, a 325% 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 has the edge over UNM on trend strength, trading above more of its moving averages.
UNM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $87.7 | 9.8% below |
| 20 week MA | $89.7 | 12% below |
| 50 week MA | $83.0 | 4.7% below |
| 100 week MA | $79.8 | 0.9% below |
| 200 week MA | $65.0 | 22% above |
UNM has fallen below most of its moving averages, though it's still 22% 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 the edge over UNM on returns for 2026, with the stronger performance.
UNM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $28.8 | $21.9 | -24% |
| 2021 | $21.9 | $24.5 | +12% |
| 2022 | $24.5 | $41.1 | +68% |
| 2023 | $41.1 | $45.2 | +10% |
| 2024 | $45.2 | $73.2 | +62% |
| 2025 | $73.2 | $78.8 | +7.7% |
| 2026 YTD | $78.8 | $79.1 | +0.3% |
UNM has finished higher in five of the last six years, two of them by more than 50%. It's roughly flat so far in 2026.