MS
Morgan Stanley
MS has lower modeled downside risk, despite its lower overall score.
ZION
Zions Bancorporation, National Association
ZION has the edge over MS overall, supported by stronger valuation and stronger fundamentals.
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.
ZION Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
ZION's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like ZION.
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.
ZION PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.1x | $66.14 | +0.3% |
| Current | 8.1x | $65.95 | — |
| Forward | 9.7x | $65.95 | — |
| Fair | 9.8x | $79.72 | +21% |
| Expensive | 12x | $98.31 | +49% |
Historical ranges are pointers, not guarantees.
ZION 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 ZION on the outlook, with more favorable valuation expectations.
ZION Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for ZION, with profitability improving.
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 ZION on earnings, with stronger typical year-over-year growth.
ZION Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.81 | -16% |
| Q3 2026 | $8.15 | +46% |
| Q2 2026 | $7.85 | +44% |
| Q1 2026 | $6.43 | +26% |
| Q4 2025 | $6.00 | +21% |
| Q3 2025 | $5.58 | +27% |
| Q2 2025 | $5.47 | +32% |
| Q1 2025 | $5.12 | +29% |
| Q4 2024 | $4.95 | +14% |
ZION's earnings per share have climbed steadily: $8.15 over the past year, up 46% from the year before, and higher year over year for eight quarters in a row.
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 ZION on sales, with stronger typical year-over-year growth.
| 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.
ZION Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $881M | +2.3% |
| Q2 2026 | $1.1B | +36% |
| Q1 2026 | $849M | +6.8% |
| Q4 2025 | $891M | +8.7% |
| Q3 2025 | $861M | +8.7% |
| Q2 2025 | $838M | +7.9% |
| Q1 2025 | $795M | +7.1% |
| Q4 2024 | $820M | +12% |
ZION's revenue has grown year over year for nine quarters in a row: $881M last quarter, up 2.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 38% | +5 points |
| Q2 2026 | 51% | +14 points |
| Q1 2026 | 35% | +4.6 points |
| Q4 2025 | 38% | +5.1 points |
| Q3 2025 | 33% | -1.9 points |
| Q2 2025 | 37% | +3.5 points |
| Q1 2025 | 30% | +2.7 points |
| Q4 2024 | 33% | +12 points |
ZION 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.
ZION Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $860M | +108% |
| Q2 2026 | $389M | +$482M |
| Q1 2026 | $398M | +162% |
| Q4 2025 | $480M | -1.8% |
| Q3 2025 | $413M | +326% |
| Q2 2025 | -$93M | -140% |
| Q1 2025 | $152M | -34% |
| Q4 2024 | $489M | +$763M |
ZION 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 ZION on shareholder dilution, with a more favorable share count trend.
ZION Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -1.1M shares |
| 1 year | -1.4% | -2M shares |
| 3 years | -1.7% | -2.6M shares |
| 5 years | -9.6% | -15.4M shares |
| Available history | -22% | -41.4M shares |
ZION has 145M diluted shares, down 1.4% from a year ago, with $227M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $75M |
| Q2 2026 | $75M |
| Q1 2026 | $77M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $41M |
| Q4 2024 | $1M |
ZION spent $227M buying back its own shares over the past year, about five times what it spent 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.
ZION Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Healthy |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 1.0x | Very low |
| Q4 2025 | 3.0x | Elevated |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.2x | Very low |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | 3.6x | Elevated |
ZION 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).
ZION Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.8 | Neutral |
| Stochastic | 38.7 | Neutral |
ZION's weekly RSI is 52 (neutral) and its Stochastic is 39 (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.
ZION PE vs Financial Services Sector
| Metric | ZION | Sector median | Relative |
|---|---|---|---|
| PE | 8.1x | 13x | 38% below |
| PE % | 16 | 63 | 47 pts below |
ZION 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.
ZION Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $64.4 | 2.4% above |
| 20 week MA | $67.4 | 2.2% below |
| 50 week MA | $63.3 | 4.2% above |
| 100 week MA | $57.8 | 14% above |
| 200 week MA | $49.4 | 34% above |
ZION 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.
ZION Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.5 | $43.3 | -16% |
| 2021 | $43.3 | $62.4 | +44% |
| 2022 | $62.4 | $48.5 | -22% |
| 2023 | $48.5 | $43.9 | -9.5% |
| 2024 | $43.9 | $54.7 | +25% |
| 2025 | $54.7 | $59.5 | +8.8% |
| 2026 YTD | $59.5 | $66.0 | +11% |
ZION has the edge over MS on returns for 2026, with the stronger performance.