Is MS or NMR more undervalued in 2026?

CirclFi compares Morgan Stanley (MS) and Nomura Holdings Inc (NMR) using 13 institutional-grade valuation models. MS has a Quality of Company score of 7.4/10 while NMR scores 7.7/10.

Which is a better buy — MS or NMR?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do MS and NMR valuations compare?

MS at $203.79 and NMR at $7.99 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

MS vs NMR Valuation Comparison 2026 — Intrinsic Value Analysis

MS

Capital Markets

Morgan Stanley

Quality

7.4

out of 10

Value Trap

LOW

Price

$203.79

Last close

Models

11/13

Active

NMR

Capital Markets

Nomura Holdings Inc

Quality

7.7

out of 10

Value Trap

SAFE

Price

$7.99

Last close

Models

7/13

Active

Model-by-Model Comparison

Model	Type	MS Fair Value	MS Upside	NMR Fair Value	NMR Upside
Bayesian DCF	Intrinsic	$8.36	-95.6%	—	—
EROIC Spread	Intrinsic	$27.78	-86.4%	$19.45	+143.4%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$429.52	+110.8%	$41.06	+413.9%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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MS vs NMR — Which Stock Is More Undervalued?

NMR scores higher with a 7.7/10 quality rating vs MS's 7.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Morgan Stanley (MS) and Nomura Holdings Inc (NMR) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

MS currently trades at $203.79 with a QOC of 7.4/10, while NMR trades at $7.99 with a QOC of 7.7/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).