MS
Morgan Stanley
MS has the edge over WD overall, supported by stronger fundamentals and lower modeled downside.
WD
Walker & Dunlop, Inc.
WD 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.
WD Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| N/A | |
| N/A |
WD's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like WD.
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.
WD PE Valuation
WD has no meaningful PE right now: it lost money over the past year.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over WD on the outlook, with more favorable revenue expectations.
WD Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect WD'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 WD on earnings quality, reporting a profit while its opponent remains loss making.
WD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.88 | — |
| Q3 2026 | -$1.01 | -130% |
| Q2 2026 | $1.12 | -65% |
| Q1 2026 | $2.02 | -31% |
| Q4 2025 | $1.64 | -49% |
| Q3 2025 | $3.37 | +20% |
| Q2 2025 | $3.24 | +25% |
| Q1 2025 | $2.92 | +6.6% |
| Q4 2024 | $3.19 | +0.3% |
WD has swung to a loss: it lost $1.01 per share over the past year, after a profit 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 WD 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 WD on profitability, with a higher operating margin.
WD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $298.4M | -12% |
| Q2 2026 | $306.7M | -3.9% |
| Q1 2026 | $301.3M | +27% |
| Q4 2025 | $340M | -0.4% |
| Q3 2025 | $337.7M | +16% |
| Q2 2025 | $319.2M | +18% |
| Q1 2025 | $237.4M | +4.1% |
| Q4 2024 | $341.5M | +24% |
WD's revenue fell from its 2021 peak and has held roughly level since: $298M last quarter, down 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -16% | -29 points |
| Q2 2026 | 0.7% | -14 points |
| Q1 2026 | 8.6% | +6.4 points |
| Q4 2025 | -5.5% | -21 points |
| Q3 2025 | 14% | +0.8 points |
| Q2 2025 | 15% | +4.1 points |
| Q1 2025 | 2.2% | -3.8 points |
| Q4 2024 | 15% | +0.9 points |
WD's operating margin was −16% last quarter, down 29 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.
WD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $718.9M | +$1.7B |
| Q2 2026 | $1.2B | +$1.4B |
| Q1 2026 | -$1.1B | -$861.1M |
| Q4 2025 | $796.1M | +51% |
| Q3 2025 | -$950.4M | -$746.5M |
| Q2 2025 | -$241M | +$662K |
| Q1 2025 | -$284.7M | -909% |
| Q4 2024 | $526.9M | +60% |
WD 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 the edge over WD on shareholder dilution, with a more favorable share count trend.
WD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +9K shares |
| 1 year | -0.3% | -113K shares |
| 3 years | +1.2% | +389K shares |
| 5 years | +5.8% | +1.8M shares |
| Available history | +8% | +2.5M shares |
WD has 33M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $792,000 |
| Q2 2026 | $298,000 |
| Q1 2026 | $19.1M |
| Q4 2025 | $183,000 |
| Q3 2025 | $1M |
| Q2 2025 | $645,000 |
| Q1 2025 | $8.6M |
| Q4 2024 | $369,000 |
WD spent $20M buying back its own shares over the past year, up 91% 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.
WD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.9x | Net Cash |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.6x | Net Cash |
| Q4 2025 | -0.6x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -0.6x | Net Cash |
| Q1 2025 | -0.5x | Net Cash |
| Q4 2024 | 1.4x | Healthy |
WD 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).
WD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.3 | Neutral |
| Stochastic | 36.1 | Neutral |
WD's weekly RSI is 41 (neutral) and its Stochastic is 36 (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 WD on valuation relative to its sector.
WD PE vs Financial Services Sector
| Metric | WD | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 13x | 139% above |
| PE % | 85 | 63 | 22 pts above |
WD has no meaningful PE right now: it lost money over the past year.
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 WD on trend strength, trading above more of its moving averages.
WD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $35.5 | 8.7% above |
| 20 week MA | $41.3 | 6.6% below |
| 50 week MA | $49.3 | 22% below |
| 100 week MA | $64.8 | 40% below |
| 200 week MA | $78.1 | 51% below |
WD has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 51% 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 WD on returns for 2026, with the stronger performance.
WD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $65.0 | $92.6 | +42% |
| 2021 | $92.6 | $149.4 | +61% |
| 2022 | $149.4 | $79.1 | -47% |
| 2023 | $79.1 | $111.0 | +40% |
| 2024 | $111.0 | $96.8 | -13% |
| 2025 | $96.8 | $61.0 | -37% |
| 2026 YTD | $61.0 | $38.6 | -37% |
WD has finished lower in three of the last six years. It's down 37% so far in 2026.