MS
Morgan Stanley
MS has the edge over WABC overall, supported by stronger fundamentals and stronger modeled upside.
WABC
Westamerica Bancorporation
WABC 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.
WABC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
WABC'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 WABC.
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.
WABC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.7x | $40.14 | -33% |
| Forward | 12x | $59.64 | — |
| Fair | 13x | $60.53 | +1.5% |
| Current | 13x | $59.64 | — |
| Expensive | 19x | $89.76 | +51% |
Historical ranges are pointers, not guarantees.
WABC 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 WABC on the outlook, with more favorable revenue expectations.
WABC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect WABC'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 WABC on earnings, with more consistent year-over-year improvement.
WABC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.89 | +5.5% |
| Q3 2026 | $4.64 | +1.1% |
| Q2 2026 | $4.54 | -5% |
| Q1 2026 | $4.49 | -10% |
| Q4 2025 | $4.52 | -13% |
| Q3 2025 | $4.59 | -16% |
| Q2 2025 | $4.78 | -17% |
| Q1 2025 | $4.99 | -16% |
| Q4 2024 | $5.20 | -14% |
WABC earned $4.64 per share over the past year, up 1.1% 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 WABC 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's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
WABC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $64.1M | +0.5% |
| Q2 2026 | $62.8M | -2.8% |
| Q1 2026 | $62.1M | -6.5% |
| Q4 2025 | $63.3M | -9% |
| Q3 2025 | $63.7M | -14% |
| Q2 2025 | $64.6M | -13% |
| Q1 2025 | $66.4M | -12% |
| Q4 2024 | $69.6M | -13% |
WABC's revenue has slid since its 2023 peak: $64M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 59% | -0.5 points |
| Q2 2026 | 59% | -2 points |
| Q1 2026 | 59% | -4.3 points |
| Q4 2025 | 60% | -3.1 points |
| Q3 2025 | 60% | -5 points |
| Q2 2025 | 60% | -4.3 points |
| Q1 2025 | 63% | -2.2 points |
| Q4 2024 | 63% | -5.4 points |
WABC 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.
WABC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33M | +15% |
| Q2 2026 | $15.2M | -33% |
| Q1 2026 | $38.7M | -8.2% |
| Q4 2025 | $25.9M | -11% |
| Q3 2025 | $28.7M | -28% |
| Q2 2025 | $22.8M | +23% |
| Q1 2025 | $42.2M | -19% |
| Q4 2024 | $29.1M | +$37.4M |
WABC 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.
WABC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -196K shares |
| 1 year | -8.8% | -2.2M shares |
| 3 years | -13% | -3.5M shares |
| 5 years | -14% | -3.8M shares |
| Available history | -14% | -3.9M shares |
WABC has the edge over MS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.9M |
| Q2 2026 | $41.5M |
| Q1 2026 | $51M |
| Q4 2025 | $23.3M |
| Q3 2025 | $23.9M |
| Q2 2025 | $38.3M |
| Q1 2025 | $18.2M |
| Q4 2024 | — |
WABC spent $119M buying back its own shares over the past year, up 48% 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.
WABC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -1.6x | Net Cash |
| Q4 2025 | -2.6x | Net Cash |
| Q3 2025 | -3.1x | Net Cash |
| Q2 2025 | -2.9x | Net Cash |
| Q1 2025 | -3.2x | Net Cash |
| Q4 2024 | -2.4x | Net Cash |
WABC 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).
WABC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.9 | Neutral |
| Stochastic | 63.1 | Neutral |
WABC's weekly RSI is 55 (neutral) and its Stochastic is 63 (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.
WABC PE vs Financial Services Sector
| Metric | WABC | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 1.3% below |
| PE % | 47 | 63 | 16 pts below |
WABC 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.
WABC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $60.2 | 1% below |
| 20 week MA | $59.8 | 0.3% below |
| 50 week MA | $55.4 | 7.7% above |
| 100 week MA | $52.3 | 14% above |
| 200 week MA | $50.4 | 18% above |
WABC has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 18% 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 finished higher in five of the last six years. It's up 4% so far in 2026.
WABC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $67.9 | $54.2 | -20% |
| 2021 | $54.2 | $56.9 | +4.9% |
| 2022 | $56.9 | $58.6 | +3% |
| 2023 | $58.6 | $56.4 | -3.7% |
| 2024 | $56.4 | $52.5 | -6.9% |
| 2025 | $52.5 | $49.1 | -6.5% |
| 2026 YTD | $49.1 | $59.6 | +21% |
WABC has the edge over MS on returns for 2026, with the stronger performance.