A Business at a Glance
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Morningstar, Inc.
MORN
$7.3B
Mkt Cap
$172.61
+3.01%
Morningstar, Inc. (MORN) has a current P/E ratio of 19.5, compared to its historical median P/E of 39.3. The stock is currently considered Fair based on its historical valuation range.
Morningstar, Inc. (MORN) has a 5-year average return on invested capital (ROIC) of 10.6%. This indicates solid capital allocation.
Morningstar, Inc. (MORN) has a market capitalization of $6.6B. It is classified as a mid-cap stock.
Yes, Morningstar, Inc. (MORN) pays a dividend with a trailing twelve-month yield of 1.18%. The company also returns capital through share buybacks, with a buyback yield of 14.89%.
Based on historical P/E analysis, Morningstar, Inc. (MORN) appears fair. The current P/E of 19.5 is 50% below its historical median of 39.3. The estimated fair value CAGR (P/E method) is 1.9%.
Morningstar, Inc. (MORN) operates in the Investment Advice industry, within the Financials sector.
Morningstar, Inc. (MORN) reported annual revenue of $2.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Morningstar is a leading global provider of independent investment insights operating through five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. The company's core competencies are data, research, design, and technology, which it leverages to deliver connected data, independent research, investor-first tools, and long-term portfolio strategies across proprietary desktop and web-based software platforms, direct data feeds, APIs, and AI integrations. Morningstar Direct Platform provides comprehensive investment data, research, and analysis to portfolio managers, product developers, marketers, advisors, and analysts through products including Morningstar Data, Morningstar Direct, and Morningstar Advisor Workstation, with flexible delivery via data feeds, APIs, and AI-ready integrations. The Morningstar Wealth and Morningstar Retirement segments provide investment management services with approximately $378.0 billion in assets under management and advisement as of December 31, 2025, while Morningstar Credit delivers credit ratings, research, data, and analytics solutions to enhance market transparency. PitchBook and Morningstar Sustainalytics complement the platform by offering specialized investment data and research capabilities, with distribution through direct customer relationships, alliances, and redistributors, positioning the company as one of the few providers delivering integrated data, research, ratings, software, indexes, and investment management services aligned with its mission of empowering investor success.
【Expanding AI-driven capabilities】 Management is advancing AI integrations across its platform, including the launch of AI Insights APIs and Model Context Protocol (MCP) services to deliver generative AI summaries and AI-ready access to data and research. The company continues to enhance its data delivery infrastructure through flexible APIs and intelligent agents to support evolving customer workflows. Morningstar is focused on removing frictions in investment decision-making by deepening its technology capabilities and expanding access to its proprietary research and analytics across multiple delivery channels.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.5B | 2.4B | 2.3B | 2.0B | 1.9B | 1.7B |
| Net Income | 403M | 374M | 370M | 141M | 71M | 193M |
| EPS | $10.03 | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 |
| Free Cash Flow | 437M | 443M | 449M | 197M | 168M | 348M |
| ROIC | 19.4% | 16.2% | 16.0% | 6.1% | 3.4% | 11.1% |
| Gross Margin | - | 61.0% | 60.6% | 58.6% | 58.3% | 58.9% |
| Debt/Equity | 1.70 | 1.76 | 0.86 | 1.46 | 1.84 | 0.51 |
| Dividends/Share | $2.03 | $1.87 | $1.67 | $1.53 | $1.46 | $1.31 |
| Operating Income | 568M | 527M | 485M | 231M | 168M | 257M |
| Operating Margin | 22.7% | 21.5% | 21.3% | 11.3% | 9.0% | 15.1% |
| ROE | 39.5% | 26.3% | 25.1% | 11.1% | 5.4% | 14.4% |
| Shares Outstanding | 38M | 42M | 43M | 43M | 43M | 43M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 760M | 789M | 799M | 912M | 1.0B | 1.2B | 1.4B | 1.7B | 1.9B | 2.0B | 2.3B | 2.4B | 2.5B |
| Gross Margin | 58.1% | 58.2% | 56.9% | 57.6% | 59.7% | 59.0% | 60.0% | 58.9% | 58.3% | 58.6% | 60.6% | 61.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 109M | 107M | 105M | 130M | 148M | 211M | 272M | 318M | 400M | 356M | 327M | 334M | 342M |
| EBIT | 106M | 191M | 181M | 170M | 216M | 190M | 215M | 257M | 168M | 231M | 485M | 527M | 568M |
| Op. Margin | 13.9% | 24.2% | 22.6% | 18.6% | 21.2% | 16.1% | 15.5% | 15.1% | 9.0% | 11.3% | 21.3% | 21.5% | 22.7% |
| Net Income | 78M | 133M | 161M | 137M | 183M | 152M | 224M | 193M | 71M | 141M | 370M | 374M | 403M |
| Net Margin | 10.3% | 16.8% | 20.2% | 15.0% | 17.9% | 12.9% | 16.1% | 11.4% | 3.8% | 6.9% | 16.3% | 15.3% | 16.1% |
| Non-Recurring | 0 | 0 | 0 | 17M | 0 | 0 | 0 | 0 | 26M | 15M | 79M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 11.7% | 20.5% | 24.1% | 17.4% | 19.5% | 11.7% | 13.5% | 11.1% | 3.4% | 6.1% | 16.0% | 16.2% | 19.4% |
| ROE | 11.7% | 20.5% | 24.1% | 18.2% | 21.0% | 15.1% | 19.0% | 14.4% | 5.4% | 11.1% | 25.1% | 26.3% | 39.5% |
| ROA | 7.7% | 13.0% | 13.5% | 9.9% | 12.8% | 7.9% | 8.8% | 7.0% | 2.2% | 4.1% | 10.6% | 10.5% | 10.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 137M | 242M | 214M | 250M | 315M | 334M | 384M | 450M | 298M | 316M | 592M | 590M | 590M |
| Free Cash Flow | 78M | 184M | 151M | 184M | 239M | 254M | 308M | 348M | 168M | 197M | 449M | 443M | 437M |
| Owner Earnings | 64M | 160M | 129M | 135M | 186M | 172M | 208M | 257M | 48M | 79M | 347M | 343M | 338M |
| CapEx | 58M | 57M | 63M | 67M | 76M | 80M | 77M | 102M | 130M | 119M | 143M | 147M | 153M |
| Maint. CapEx | 55M | 64M | 71M | 91M | 97M | 118M | 140M | 151M | 167M | 185M | 190M | 190M | 194M |
| Growth CapEx | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 55M | 64M | 71M | 91M | 97M | 118M | 140M | 151M | 167M | 185M | 190M | 190M | 194M |
| CapEx/OCF | 44.1% | 23.7% | 29.4% | 26.6% | 24.2% | 23.9% | 20.0% | 22.6% | 43.5% | 37.6% | 24.1% | 24.9% | 25.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 31M | 34M | 38M | 39M | 43M | 48M | 51M | 54M | 62M | 64M | 69M | 77M | 77M |
| Dividend Yield | 1.0% | 1.1% | 1.2% | 1.2% | 0.9% | 0.8% | 0.8% | 0.5% | 0.6% | 0.7% | 0.5% | 0.7% | 1.2% |
| Share Buybacks | 77M | 97M | 49M | 42M | 21M | 4.9M | 42M | 1.3M | 226M | 1.4M | 12M | 787M | 977M |
| Buyback Yield | 2.8% | 2.9% | 1.7% | 1.1% | 0.5% | 0.1% | 0.5% | 0.0% | 2.6% | 0.0% | 0.1% | 8.5% | 14.9% |
| Stock-Based Comp | 18M | 17M | 15M | 24M | 32M | 44M | 37M | 42M | 83M | 53M | 55M | 56M | 58M |
| Debt Repayment | 0 | 0 | 0 | 70M | 110M | 166M | 130M | 10M | 355M | 365M | 105M | 450M | 450M |
| Balance Sheet | |||||||||||||
| Net Debt | -195M | -214M | -304M | -103M | -256M | 648M | 434M | 173M | 1.8B | 1.6B | 846M | 1.6B | 1.2B |
| Cash & Equiv. | 185M | 207M | 259M | 308M | 369M | 334M | 423M | 484M | 377M | 338M | 503M | 475M | 532M |
| Long-Term Debt | N/A | 0 | 0 | 70M | 70M | 502M | 449M | 359M | 1.1B | 972M | 699M | 1.1B | 1.7B |
| Debt/Equity | 0.05 | 0.05 | 0.00 | 0.31 | 0.15 | 0.94 | 0.71 | 0.51 | 1.84 | 1.46 | 0.86 | 1.76 | 1.70 |
| Interest Coverage | 70.4 | 158.8 | 113.0 | 99.9 | 166.0 | 118.5 | 153.7 | 183.6 | 98.7 | 100.3 | 372.9 | 14.1 | 14.1 |
| Equity | 654M | 640M | 697M | 805M | 935M | 1.1B | 1.3B | 1.4B | 1.2B | 1.3B | 1.6B | 1.2B | 1.0B |
| Total Assets | 1.0B | 1.0B | 1.4B | 1.4B | 1.5B | 2.4B | 2.7B | 2.9B | 3.5B | 3.4B | 3.5B | 3.6B | 4.0B |
| Total Liabilities | 356M | 388M | 654M | 601M | 519M | 1.3B | 1.4B | 1.4B | 2.3B | 2.1B | 1.9B | 2.4B | 3.0B |
| Intangibles | 96M | 74M | 121M | 95M | 74M | 333M | 380M | 328M | 549M | 484M | 409M | 379M | 591M |
| Retained Earnings | 642M | 739M | 862M | 959M | 1.1B | 1.2B | 1.4B | 1.5B | 1.5B | 1.6B | 1.9B | 2.2B | 2.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.74 | 3.00 | 3.72 | 3.18 | 4.25 | 3.52 | 5.18 | 4.45 | 1.64 | 3.29 | 8.58 | 8.87 | 10.03 |
| Owner EPS | 1.42 | 3.61 | 2.97 | 3.13 | 4.33 | 3.99 | 4.82 | 5.92 | 1.12 | 1.84 | 8.04 | 8.14 | 8.88 |
| Book Value | 14.52 | 14.49 | 16.09 | 18.70 | 21.71 | 25.09 | 29.45 | 32.60 | 28.08 | 30.96 | 37.54 | 28.96 | 26.79 |
| Cash Flow/Share | 3.04 | 5.46 | 4.94 | 5.81 | 7.31 | 7.74 | 8.90 | 10.36 | 6.93 | 7.38 | 13.72 | 13.98 | 15.70 |
| Dividends/Share | 0.70 | 0.79 | 0.89 | 0.94 | 1.03 | 1.14 | 1.22 | 1.31 | 1.46 | 1.53 | 1.67 | 1.87 | 2.03 |
| Shares Out. | 45.0M | 44.2M | 43.3M | 43.1M | 43.1M | 43.2M | 43.2M | 43.4M | 43.0M | 42.9M | 43.1M | 42.2M | 38.0M |
| Valuation | |||||||||||||
| P/E Ratio | 34.6 | 24.9 | 18.2 | 28.8 | 24.7 | 41.5 | 41.6 | 75.6 | 125.1 | 86.4 | 39.3 | 24.6 | 17.2 |
| P/FCF | 34.6 | 18.0 | 19.4 | 21.5 | 18.9 | 24.8 | 30.3 | 42.0 | 52.4 | 61.8 | 32.3 | 20.8 | 15.0 |
| EV/EBIT | 23.8 | 16.2 | 15.9 | 22.2 | 19.1 | 34.1 | 45.3 | 56.1 | 57.1 | 55.7 | 31.7 | 20.6 | 13.7 |
| Price/Book | 4.2 | 5.2 | 4.2 | 4.9 | 4.8 | 5.8 | 7.3 | 10.3 | 7.3 | 9.2 | 9.0 | 7.5 | 6.4 |
| Price/Sales | 3.9 | 4.0 | 4.0 | 3.6 | 4.6 | 5.0 | 4.8 | 6.5 | 5.6 | 4.7 | 5.8 | 4.7 | 2.6 |
| FCF Yield | 2.9% | 5.6% | 5.1% | 4.6% | 5.3% | 4.0% | 3.3% | 2.4% | 1.9% | 1.6% | 3.1% | 4.8% | 6.7% |
| Market Cap | 2.7B | 3.3B | 2.9B | 3.9B | 4.5B | 6.3B | 9.3B | 14.6B | 8.8B | 12.2B | 14.5B | 9.2B | 6.6B |
| Avg. Price | 65.35 | 71.17 | 74.11 | 76.14 | 109.78 | 135.40 | 154.51 | 253.82 | 245.69 | 222.05 | 305.73 | 272.39 | 172.61 |
| Year-End Price | 60.28 | 74.82 | 67.78 | 91.72 | 104.86 | 146.00 | 215.61 | 336.43 | 205.16 | 284.20 | 336.84 | 218.56 | 172.61 |
Morningstar, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Morningstar, Inc. trades at 19.5x trailing earnings, compared to its 15-year median P/E of 39.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.4x vs a median of 27.5x. The company's 5-year average ROIC is 10.6% with a gross margin of 59.5%. Total shareholder yield (dividends + buybacks) is 16.1%. At current prices, the estimated annualized return to fair value is +3.3%.
Morningstar, Inc. (MORN) has a net profit margin of 15.3%. This is a healthy margin.
Morningstar, Inc. (MORN) generated $443 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Morningstar, Inc. (MORN) has a debt-to-equity ratio of 1.76. This indicates higher leverage, which may increase financial risk.
Morningstar, Inc. (MORN) reported earnings per share (EPS) of $8.87 in its most recent fiscal year.
Morningstar, Inc. (MORN) has a return on equity (ROE) of 26.3%. This indicates the company generates strong returns for shareholders.
Morningstar, Inc. (MORN) has a 5-year average gross margin of 59.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for Morningstar, Inc. (MORN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Morningstar, Inc. (MORN) has a book value per share of $28.96, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is advancing AI integrations across its platform, including the launch of AI Insights APIs and Model Context Protocol (MCP) services to deliver generative AI summaries and AI-ready access to data and research. The company continues to enhance its data delivery infrastructure through flexible APIs and intelligent agents to support evolving customer workflows. Morningstar is focused on removing frictions in investment decision-making by deepening its technology capabilities and expanding access to its proprietary research and analytics across multiple delivery channels.