MS
Morgan Stanley
MS's fundamentals are strong: revenue grew 16% and earnings per share grew 29%. At 15x earnings, it's trading in line with its usual 14x. Analysts expect earnings growth.
XXI
Twenty One Capital Inc
There isn't enough reported data to score XXI yet.
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.
XXI Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| N/A | |
| N/A |
XXI's profitability is currently healthy. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like XXI.
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.
XXI PE Valuation
XXI has no meaningful PE right now: it lost money over the past year.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
XXI Forward outlook
There aren't enough analyst estimates for XXI to show an outlook.
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's earnings per share have climbed steadily: $12.60 over the past year, up 29% from the year before, and higher year over year for 10 quarters in a row.
XXI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2025 | $0.22 | +$0.24 |
| Q1 2025 | $0.18 | +$0.20 |
| Q4 2024 | $0.12 | +$0.14 |
XXI has the edge over MS in the latest year-over-year earnings comparison.
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's revenue has grown year over year for 14 quarters in a row: $20.3B last quarter, up 12% from the same quarter a year ago.
| 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.
XXI Quarterly Revenue
XXI's revenue is shrinking: $0 last quarter.
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 has the stronger cash trend. Its trailing FCF is down 492% versus its history, compared with XXI at down 3,020%.
XXI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$9.2M | -$9.2M |
| Q4 2025 | -$2.4M | -619% |
| Q2 2025 | -$100 | -$100 |
| Q1 2025 | $0 | $0 |
| Q4 2024 | $456.5K | +1419% |
| Q3 2024 | -$635.8K | -$635.8K |
| Q2 2024 | $0 | $0 |
| Q1 2024 | $0 | $0 |
XXI's free cash flow was −$12M over the past year, against −$179,350 the year before. Free cash flow isn't a meaningful measure for financial services companies like XXI.
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 XXI on shareholder dilution, with a more favorable share count trend.
XXI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +362% | +46.3M shares |
XXI has 59M diluted shares, up 362% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q4 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
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.
XXI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.3x | Very low |
XXI's net debt is about 2.0 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like XXI.
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).
XXI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.6 | Neutral |
| Stochastic | 36.1 | Neutral |
XXI's weekly RSI is 33 (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 is trading at 15x earnings, a 15% premium to the Financial Services sector's median of 13x.
XXI PE vs Financial Services Sector
XXI 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 stronger trend alignment. MS is above 3 of 5 weekly averages versus XXI above 0 of 3.
XXI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.84 | 14% below |
| 20 week MA | $5.54 | 9.7% below |
| 50 week MA | $6.87 | 27% below |
XXI is in a downtrend: it's below all three of its weekly moving averages, and 27% below its 50-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 XXI on returns for 2026, with the stronger performance.
XXI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $14.4 | $9.40 | -35% |
| 2026 YTD | $9.40 | $5.00 | -47% |
XXI has finished every year since 2025 lower, and it's down 47% so far in 2026.