COMP <GO>

C vs MS // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Citigroup Inc. (NYSE) VS. Morgan Stanley (NYSE) • 15-METRIC TALLY: C 4 — MS 9

▲ OPTIONS IMPLIED MOVE & PUT/CALL SKEW LEADER: C

LAST: $122.64 (-2.48%) • MKT CAP: $210.95B

options-implied-move

6.70%

LAST: $184.30 (-3.00%) • MKT CAP: $298.41B

options-implied-move

7.00%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (C VS. MS) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	C	MS	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	1.50%	3.00%	-1.50	MS	/roic <GO>
EV/EBITDA & P/E Valuation	39.9x	31.0x	+8.90	MS	/valuation <GO>
Free Cash Flow Yield	-18.00%	-7.25%	-10.75	MS	/fcf-yield <GO>
Operating Margin	20.50%	24.60%	-4.10	MS	/operating-margins <GO>
Net Profit Margin	16.80%	20.20%	-3.40	MS	/net-margins <GO>
Revenue Growth (YoY)	5.60%	5.50%	+0.10	C	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.55%	2.21%	+0.34	C	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	0.45	0.46	-0.01	MS	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	5/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	6.70%	7.00%	-0.30	C	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	42.4	43.3	-0.93	MS	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.93	1.04	-0.11	MS	/macro-sensitivity <GO>
Forward P/E Multiple	13.7x	16.5x	-2.80	C	/forward-pe <GO>
Enterprise Scale & Market Cap	$210.95B	$298.41B	-$87.45B	MS	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	C REV	MS REV	C GROSS %	MS GROSS %	C FCF	MS FCF
FY 2025	$85.22B	$0	44.0%	—	-$74.15B	-$17.89B
FY 2024	$80.72B	$0	44.0%	—	-$26.17B	$1.36B
FY 2023	$78.07B	$0	44.0%	—	-$76.93B	-$33.54B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

C // BETA 0.93

MS // BETA 1.04