MS
Morgan Stanley
MS has the edge over VRTS overall, supported by stronger fundamentals and stronger modeled upside.
VRTS
Virtus Investment Partners, Inc.
VRTS offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
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.
VRTS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| N/A | |
| N/A |
VRTS's revenue and profitability are currently stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like VRTS.
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.
VRTS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.3x | $125 | — |
| Current | 7.7x | $125 | — |
| Cheap | 8.4x | $135 | +8.8% |
| Fair | 11x | $185 | +48% |
| Expensive | 15x | $242 | +94% |
Historical ranges are pointers, not guarantees.
VRTS 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 VRTS on the outlook, with more favorable earnings and revenue expectations.
VRTS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect VRTS'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 VRTS on earnings, with more consistent year-over-year improvement.
VRTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.84 | +23% |
| Q3 2026 | $16.14 | -17% |
| Q2 2026 | $17.53 | -15% |
| Q1 2026 | $16.97 | +0.8% |
| Q4 2025 | $19.97 | +18% |
| Q3 2025 | $19.47 | +18% |
| Q2 2025 | $20.53 | +38% |
| Q1 2025 | $16.84 | +1.4% |
| Q4 2024 | $16.89 | -4.6% |
VRTS's earnings per share have fallen from their peak: $16.14 over the past year, against $26.01 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 VRTS 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 VRTS on profitability, with a higher operating margin.
VRTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $197.6M | -8.7% |
| Q2 2026 | $201.4M | -4.4% |
| Q1 2026 | $199.5M | -8.4% |
| Q4 2025 | $208M | -11% |
| Q3 2025 | $216.4M | -4.7% |
| Q2 2025 | $210.5M | -6.2% |
| Q1 2025 | $217.9M | -1.9% |
| Q4 2024 | $233.5M | +8.8% |
VRTS's revenue has slid since its 2021 peak: $198M last quarter, down 8.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | -4.4 points |
| Q2 2026 | 14% | -7.9 points |
| Q1 2026 | 7.7% | -9 points |
| Q4 2025 | 19% | -2.6 points |
| Q3 2025 | 22% | -2.6 points |
| Q2 2025 | 21% | +1.8 points |
| Q1 2025 | 17% | +2.2 points |
| Q4 2024 | 22% | +3.6 points |
VRTS's operating margin was 17% last quarter, down 4.4 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.
VRTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $74.4M | -30% |
| Q2 2026 | $56.1M | -24% |
| Q1 2026 | $33.5M | +$40.3M |
| Q4 2025 | -$248.4M | -$143.7M |
| Q3 2025 | $106.9M | +55% |
| Q2 2025 | $74.2M | +8.1% |
| Q1 2025 | -$6.8M | +$29.7M |
| Q4 2024 | -$104.7M | -2223% |
VRTS's free cash flow was −$84M over the past year, against $70M the year before. Free cash flow isn't a meaningful measure for financial services companies like VRTS.
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 VRTS on shareholder dilution, with a more favorable share count trend.
VRTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -4K shares |
| 1 year | -1.4% | -93K shares |
| 3 years | -8.2% | -605K shares |
| 5 years | -15% | -1.2M shares |
| Available history | -17% | -1.4M shares |
VRTS has 7M diluted shares, down 1.4% from a year ago, with $40M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10M |
| Q2 2026 | $10.5M |
| Q1 2026 | $10M |
| Q4 2025 | $10M |
| Q3 2025 | — |
| Q2 2025 | $30M |
| Q1 2025 | $20M |
| Q4 2024 | $12.5M |
VRTS spent $40M buying back its own shares over the past year, down 35% 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.
VRTS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.6x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | -0.4x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | -0.7x | Net Cash |
VRTS 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).
VRTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.0 | Neutral |
| Stochastic | 12.1 | Oversold |
VRTS's weekly RSI is 39 (neutral) and its Stochastic is 12 (oversold).
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.
VRTS PE vs Financial Services Sector
| Metric | VRTS | Sector median | Relative |
|---|---|---|---|
| PE | 7.7x | 13x | 41% below |
| PE % | 12 | 63 | 51 pts below |
VRTS 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 has the edge over VRTS on trend strength, trading above more of its moving averages.
VRTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $126.0 | 1.1% below |
| 20 week MA | $145.6 | 14% below |
| 50 week MA | $146.4 | 15% below |
| 100 week MA | $165.0 | 24% below |
| 200 week MA | $189.1 | 34% below |
VRTS is in a downtrend: it's below all five of its weekly moving averages, and 34% 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 VRTS on returns for 2026, with the stronger performance.
VRTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $122.5 | $214.9 | +75% |
| 2021 | $214.9 | $296.5 | +38% |
| 2022 | $296.5 | $189.9 | -36% |
| 2023 | $189.9 | $241.8 | +27% |
| 2024 | $241.8 | $222.9 | -7.8% |
| 2025 | $222.9 | $166.4 | -25% |
| 2026 YTD | $166.4 | $124.6 | -25% |
VRTS has finished lower in three of the last six years. It's down 25% so far in 2026.