MS
Morgan Stanley
MS has the edge over VOYA overall, supported by stronger fundamentals and stronger valuation.
VOYA
Voya Financial, Inc.
VOYA'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.
VOYA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
VOYA's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like VOYA.
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 VOYA in the historical PE scenario, which offers more potential upside but is not a forecast.
VOYA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.7x | $47.81 | -53% |
| Forward | 9.4x | $102 | — |
| Fair | 12x | $73.20 | -28% |
| Expensive | 15x | $93.42 | -8.6% |
| Current | 16x | $102 | — |
Historical ranges are pointers, not guarantees.
VOYA's PE is in its expensive range at 16x. If earnings grow as analysts expect, today's price would be 9.4x next year's earnings, in its cheap range.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over VOYA on the outlook, with more favorable revenue expectations.
VOYA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect VOYA'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 VOYA on earnings, with more consistent year-over-year improvement.
VOYA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.92 | +76% |
| Q3 2026 | $6.22 | +6% |
| Q2 2026 | $5.93 | +17% |
| Q1 2026 | $6.62 | +24% |
| Q4 2025 | $6.29 | +1.9% |
| Q3 2025 | $5.87 | -6.4% |
| Q2 2025 | $5.05 | -33% |
| Q1 2025 | $5.35 | -24% |
| Q4 2024 | $6.17 | +14% |
VOYA's earnings per share have fallen from their peak: $6.22 over the past year, against $16.61 in late 2021.
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 VOYA 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 VOYA on profitability, with a higher operating margin.
VOYA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | -4.8% |
| Q2 2026 | $1.9B | -4.3% |
| Q1 2026 | $2B | +3.1% |
| Q4 2025 | $2.1B | +5% |
| Q3 2025 | $2.1B | +8.8% |
| Q2 2025 | $2B | -2.6% |
| Q1 2025 | $2B | -4% |
| Q4 2024 | $2B | +11% |
VOYA's revenue fell from its 2021 peak and has held roughly level since: $2B last quarter, down 4.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -0.3 points |
| Q2 2026 | 1.8% | -7.7 points |
| Q1 2026 | 11% | +2.5 points |
| Q4 2025 | 8% | +2 points |
| Q3 2025 | 14% | +8.5 points |
| Q2 2025 | 9.5% | -4.1 points |
| Q1 2025 | 8.8% | -5.2 points |
| Q4 2024 | 6% | +0.4 points |
VOYA's operating margin was 14% last quarter, about level with 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.
VOYA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $644M | +283% |
| Q2 2026 | $503M | -32% |
| Q1 2026 | -$36M | +$143M |
| Q4 2025 | $557M | +605% |
| Q3 2025 | $168M | -77% |
| Q2 2025 | $742M | +135% |
| Q1 2025 | -$179M | -177% |
| Q4 2024 | $79M | -78% |
VOYA 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.
VOYA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -5.2% | -5.1M shares |
| 3 years | -15% | -16.1M shares |
| 5 years | -25% | -30.1M shares |
| Available history | -37% | -54.7M shares |
VOYA has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100M |
| Q2 2026 | $150M |
| Q1 2026 | $150M |
| Q4 2025 | $100M |
| Q3 2025 | $100M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $120M |
VOYA spent $500M buying back its own shares over the past year, up 127% 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.
VOYA Net Leverage
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).
VOYA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.9 | Neutral |
| Stochastic | 55.4 | Neutral |
VOYA's weekly RSI is 65 (neutral) and its Stochastic is 55 (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 VOYA on valuation relative to its sector.
VOYA PE vs Financial Services Sector
| Metric | VOYA | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 26% above |
| PE % | 91 | 63 | 28 pts above |
VOYA is trading at 16x earnings, a 26% 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.
VOYA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $97.2 | 5.2% above |
| 20 week MA | $99.0 | 3.3% above |
| 50 week MA | $85.5 | 20% above |
| 100 week MA | $77.6 | 32% above |
| 200 week MA | $74.9 | 37% above |
VOYA 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.
VOYA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $60.5 | $57.4 | -5.1% |
| 2021 | $57.4 | $67.6 | +18% |
| 2022 | $67.6 | $61.9 | -8.5% |
| 2023 | $61.9 | $73.0 | +18% |
| 2024 | $73.0 | $68.6 | -6% |
| 2025 | $68.6 | $75.1 | +9.5% |
| 2026 YTD | $75.1 | $102.2 | +36% |
VOYA has the edge over MS on returns for 2026, with the stronger performance.