Pricing Log in Create free account
Saturday 31 October 2026 Export MORN’s income statement to Excel — free account

Morningstar, Inc.

MORN Financial Financial Data & Stock Exchanges

Morningstar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, up 7.49% from fiscal 2024.

Revenue
+9.60%
EPS
+35.1%
Free cash flow
+96.3%
Total debt
+104.3%

Quarter to June 2026, against a year earlier

226.19 3.65 +1.64%
Market cap
$8.3B
P/E
21.4×
Fwd P/E
19.7×
Dividend yield
0.88%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Morningstar Data and Analytics Segment
  • PitchBook Segment
  • Morningstar Credit Segment
  • Morningstar Wealth Segment
  • Corporate and Other
  • Morningstar Retirement Segment

Every year since 2023 →

Insider Decisions last twelve months

Bought, $m 0.19
Sold, $m 76.26
Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell 8 1 — 8 1 — 8 — — 8 — —
Insider Ownership 48.25%

Capital & Financial Ratios $m

Size
Market Cap 8,260.00
Revenue ttm 2,566.50
Net income ttm 421.60
Free cash flow ttm 497.50
Net debt Q 1,189.50
Valuation
P/E 21.39
Forward P/E 19.70
Price / sales 3.34
Forward P/S Powerpack
Price / FCF 17.24
Price / book 8.38
Financial health
Current ratio Q 1.06
Debt / equity Q 1.67
Interest coverage Q 9.39
Growth
Revenue growth Q +9.60% (above 0%: growing)
Operating income growth Q +28.38% (above 0%: growing)
EPS, this year +30.31% (at or above 15%: strong)
EPS, next year A +13.51%
Revenue, next year A +9.10%
EPS, past 5 yrs +11.36%
EPS, next 5 yrs A +18.82% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 10.69%
10-year low 10-year high
P/S against its own 10 years 6.90%
10-year low 10-year high
P/B against its own 10 years 79.03%
10-year low 10-year high

Dividends raised 5 years running

Yield
0.88%
Annual rate
2.00
Payout ratio
18.9%
Growth, 2017–26
+9.01%/yr
  1. 0.92 ’17
  2. 1.00 ’18 +9%
  3. 1.12 ’19 +12%
  4. 1.52 ’20 +35%
  5. 0.95 ’21 −38%
  6. 1.44 ’22 +52%
  7. 1.50 ’23 +4%
  8. 1.62 ’24 +8%
  9. 1.82 ’25 +12%
  10. 2.00 ’26 +10%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 389 551 529 524
Receivables 345 371 407 396
Inventory — — — —
Other 5 11 25 25
816 1,014 1,038 1,035
2023 2024 2025 Q'26
Payables 78 87 98 92
ST’ Debt 32 — — 18
Other 2 1 9 4
881 967 1,053 980

Compound Annual Growth %

10y 5y 3y
Sales 11.98% 11.97% 9.34%
Cash Flow 9.34% 8.94% 25.57%
Earnings 10.93% 10.85% 74.44%
Book Value 6.67% (0.79%) 0.41%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY15 Estimate 0.70 Actual 0.72

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY14 0.69 0.67 Miss by 0.02
Q4 FY14 0.63 0.71 Beat by 0.08
Q1 FY15 0.68 0.67 Miss by 0.01
Q2 FY15 0.70 0.72 Beat by 0.02

EPS $

Mar Jun Sep Dec Year
’26 2.73 2.83 — — —
’25 1.82 2.09 2.17 2.83 8.87
’24 1.49 1.60 2.77 2.71 8.58
’23 (0.18) 0.84 0.91 1.71 3.29
’22 1.06 0.70 (0.21) 0.08 1.64
’21 1.27 0.76 1.13 1.30 4.45
’20 0.55 1.12 1.76 1.74 5.18
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 645 663 — — —
’25 582 605 617 641 2,446
’24 543 572 569 591 2,275
’23 480 505 516 539 2,039
’22 457 470 468 475 1,871
’21 393 415 429 462 1,699
’20 324 328 357 380 1,390
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 92 156 — — —
’25 91 99 196 204 590
’24 94 153 192 153 592
’23 23 25 131 138 316
’22 24 69 102 104 298
’21 64 127 123 136 450
’20 49 128 93 115 384
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 54 123 — — —
’25 59 62 160 161 443
’24 60 121 156 113 449
’23 (6) (6) 101 108 197
’22 (4) 37 68 67 168
’21 42 109 92 106 348
’20 34 111 71 93 308
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 799 912 1,020 1,179 1,390 1,699 1,871 2,039 2,275 2,446 2,567 +13.2% 2,668 2,822 2,988 +6.9%
Gross margin, % 56.89 57.60 59.69 59.02 59.96 58.90 58.34 58.62 60.63 61.03 62.24 +4.1 pt
EBT 225 181 233 199 283 251 131 182 491 499 563 +9.3%
EBT margin, % 28.16 19.86 22.84 16.84 20.37 14.74 6.98 8.90 21.59 20.40 21.93 (7.8) pt
Net income 161 137 183 152 224 193 71 141 370 374 422 +9.8%
Per share, $
Per share, $ Revenue 18.57 21.35 23.94 27.61 32.39 39.52 43.91 47.85 53.16 58.37 67.90 +13.6%
Earnings 3.74 3.21 4.30 3.56 5.22 4.50 1.65 3.31 8.64 8.93 10.61 +10.2%
Cash flow 4.97 5.86 7.39 7.83 8.96 10.46 6.99 7.43 13.82 14.07 17.11 +12.3%
Capex (1.46) (1.56) (1.79) (1.87) (1.79) (2.37) (3.04) (2.80) (3.33) (3.51) (3.95) +10.2%
Free cash flow 3.51 4.30 5.60 5.96 7.17 8.10 3.95 4.63 10.49 10.56 13.16 +13.0%
Book value 16.20 18.85 21.94 25.38 29.64 32.93 28.34 31.17 37.82 29.16 27.08 +6.7%
Shares, m 43 43 43 43 43 43 43 43 43 42 40 (0.3%)
Valuation, ×
Valuation, × P/E 19.83 30.29 25.60 42.50 44.28 76.00 132.20 83.87 39.07 24.25 21.39 51.8
P/S 3.99 4.54 4.59 5.48 7.15 8.65 4.97 5.80 6.34 3.72 3.34 5.5
P/B 4.58 5.14 5.01 5.96 7.81 10.39 7.70 8.91 8.90 7.45 8.38 7.2
EV/Sales 3.93 4.35 4.27 5.60 7.17 8.57 5.34 6.09 6.41 3.96 — 5.6
EV/FCF 20.78 21.61 18.24 25.97 32.38 41.81 59.34 62.89 32.51 21.87 — 33.7
Cash, $m
Cash, $m Operating cash flow 214 250 315 334 384 450 298 316 592 590 647 +11.9%
Capex (63) (67) (76) (80) (77) (102) (129) (119) (143) (147) (149) +9.9%
Free cash flow 151 184 239 254 308 348 168 197 449 443 498 +12.7%
Balance, $m
Balance, $m Working capital 177 207 239 107 104 104 (72) (65) 47 (15) 55 n/m
Net debt (54) (173) (326) 146 25 (151) 695 583 148 544 1,190 n/m
Shareholders’ equity 697 805 935 1,084 1,271 1,416 1,207 1,328 1,619 1,222 1,024 +6.4%
Returns, %
Returns, % ROA 13.53 9.93 12.80 7.95 8.83 6.95 2.22 4.10 10.64 10.48 11.13 (3.0) pt
ROIC 17.58 16.80 22.15 9.64 10.38 12.70 5.51 7.54 17.16 18.64 17.05 +1.1 pt
ROE 24.08 18.23 21.04 15.06 18.99 14.39 5.38 11.13 25.11 26.35 31.96 +2.3 pt
People
People Employees 4,595 4,920 5,416 6,737 7,979 9,556 12,224 11,334 11,085 10,973 — +10.2%
Revenue/emp, $m 0.17 0.19 0.19 0.18 0.17 0.18 0.15 0.18 0.21 0.22 — +2.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Morningstar Data and Analytics Segment 831 33.96%
PitchBook Segment 672 27.47%
Morningstar Credit Segment 354 14.49%
Morningstar Wealth Segment 251 10.28%
Corporate and Other 200 8.17%
Morningstar Retirement Segment 138 5.63%
Gross margin 61.03%
Operating margin 21.53%
Pre-tax margin 20.40%

Revenue by segment since 2023

Morningstar, Inc. vs peers in Financial Data & Stock Exchanges (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ICE Intercontinental Exchange Inc. $91.1B 23.7× 22.7× +4.84% (above 0%: growing) +14.09% (above 0%: growing) +29.65% (above 0%: growing) 98.61% 52.18% Compare
MCO Moody's Corporation $84.3B 31.2× 30.3× +15.12% (above 0%: growing) +56.52% (above 0%: growing) +47.01% (above 0%: growing) 76.29% 47.87% Compare
NDAQ Nasdaq, Inc. $58.6B 30.7× 29.4× +20.51% (above 0%: growing) +13.92% (above 0%: growing) −7.71% (below 0%: shrinking) 59.24% 28.12% Compare
MSCI MSCI Inc $44.2B 34.1× 31.4× +12.20% (above 0%: growing) +19.90% (above 0%: growing) +8.19% (above 0%: growing) 82.71% 56.23% Compare
COIN Coinbase Global, Inc. $42.4B — (loss-making) — (loss-making) −18.51% (below 0%: shrinking) n/m +128.50% (above 0%: growing) 84.44% (9.30%) Compare
CBOE Cboe Global Markets, Inc. $32.8B 25.9× — +22.95% (above 0%: growing) +50.67% (above 0%: growing) −270.85% (below 0%: shrinking) 50.71% 32.99% Compare
TRU TransUnion $14.4B 20.2× 17.7× +14.91% (above 0%: growing) +33.93% (above 0%: growing) +42.65% (above 0%: growing) 58.41% 19.70% Compare
FDS FactSet Research Systems Inc. $11.3B 22.5× 18.9× +6.33% (above 0%: growing) −15.94% (below 0%: shrinking) −0.46% (below 0%: shrinking) 48.59% 24.68% Compare
MORN Morningstar, Inc. $8.3B 21.4× 19.7× +9.60% (above 0%: growing) +35.07% (above 0%: growing) +96.31% (above 0%: growing) 63.92% 24.22%
Median of peers $43.3B 25.9× 26.0× +13.56% +19.90% +18.92% 67.77% 30.56%

All 14 Financial Data & Stock Exchanges stocks →

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.07m (9.28m) 97.00
2024 8.64m 14.46m 149.00
2023 7.28m 14.02m 126.00
2022 6.31m (3.29m) 94.00
2021 5.60m 16.98m 148.00

Ownership

Directors and executive officers, together 38.80%
Joe Mansueto 38.10%
Daniel Mansueto 9.70%
Vanguard Group 6.60%
BlackRock, Inc. 6.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Morningstar, Inc. (MORN) Latest News

29 Oct

Impact 4 · · bisnow.com
Impact 3 · · Benzinga

28 Oct

Impact 4 · · StockStory
Impact 4 · · Business Wire earnings
Impact 3 · · Associated Press

27 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · StockStory

21 Oct

Impact 3 · · Business Wire

18 Oct

Impact 3 · · Simply Wall St.

14 Oct

Impact 4 · · Business Wire

13 Oct

Impact 4 · · The Daily Upside
Impact 3 · · StockStory
Impact 3 · · Simply Wall St.

12 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

7 Oct

Impact 4 · · Business Wire
Impact 3 · · StockStory

6 Oct

Impact 4 · · Business Wire
Impact 3 · · StockStory

5 Oct

Impact 3 · · Business Wire

30 Sep

Impact 4 ·
Impact 3 · · bisnow.com
Impact 3 · · The Real Deal

27 Sep

Impact 3 · · Simply Wall St.

24 Sep

Impact 3 · · Business Wire

23 Sep

Impact 3 · · Business Wire

19 Sep

Impact 4 ·

15 Sep

Impact 4 ·
Impact 3 ·
stockrow.com/MORN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com