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Saturday 31 October 2026
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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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
19.83 | 30.29 | 25.60 | 42.50 | 44.28 | 76.00 | 132.20 | 83.87 | 39.07 | 24.25 |
Piotroski F-Score |
6 | 7 | 9 | 3 | 6 | 5 | 4 | 9 | 8 | 6 |
P/S ratio |
3.99 | 4.54 | 4.59 | 5.48 | 7.15 | 8.65 | 4.97 | 5.80 | 6.34 | 3.72 |
P/FCF ratio |
21.14 | 22.56 | 19.60 | 25.40 | 32.30 | 42.25 | 55.21 | 59.94 | 32.11 | 20.57 |
P/Operating CF |
45.24 | 48.47 | 44.44 | 78.31 | 86.69 | 108.21 | 89.78 | 85.82 | 93.96 | 44.63 |
P/B ratio |
4.58 | 5.14 | 5.01 | 5.96 | 7.81 | 10.39 | 7.70 | 8.91 | 8.90 | 7.45 |
Price to Tangible BV |
167.00 | 28.63 | 15.39 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
3.93 | 4.35 | 4.27 | 5.60 | 7.17 | 8.57 | 5.34 | 6.09 | 6.41 | 3.96 |
EV/EBITDA |
12.47 | 15.20 | 13.93 | 21.50 | 28.08 | 35.70 | 29.87 | 29.87 | 21.61 | 13.51 |
EV/Operating CF |
14.67 | 15.86 | 13.83 | 19.76 | 25.92 | 32.35 | 33.54 | 39.22 | 24.67 | 16.42 |
EV/FCF |
20.78 | 21.61 | 18.24 | 25.97 | 32.38 | 41.81 | 59.34 | 62.89 | 32.51 | 21.87 |
Quick Ratio |
1.53 | 1.55 | 1.57 | 1.13 | 1.07 | 1.05 | 0.82 | 0.83 | 0.95 | 0.89 |
Current Ratio |
1.60 | 1.64 | 1.66 | 1.22 | 1.17 | 1.13 | 0.92 | 0.93 | 1.05 | 0.99 |
Net Debt/EBITDA |
(0.21) | (0.66) | (1.04) | 0.47 | 0.07 | (0.37) | 2.08 | 1.40 | 0.22 | 0.76 |
Debt/Assets |
18.51% | 12.81% | 4.81% | 21.64% | 18.14% | 13.81% | 31.93% | 28.57% | 19.68% | 29.88% |
Debt/Equity |
0.36 | 0.22 | 0.07 | 0.47 | 0.38 | 0.28 | 0.92 | 0.73 | 0.43 | 0.88 |
Asset Turnover |
0.67 | 0.66 | 0.71 | 0.62 | 0.55 | 0.61 | 0.59 | 0.59 | 0.65 | 0.69 |
Operating CF/Net income |
1.33 | 1.83 | 1.72 | 2.20 | 1.72 | 2.33 | 4.22 | 2.24 | 1.60 | 1.58 |
Capex/Depreciation |
(0.89) | (0.73) | (0.79) | (0.68) | (0.55) | (0.68) | (0.78) | (0.64) | (0.75) | (0.77) |
Interest Coverage |
— | 84.90 | 119.89 | 21.79 | 22.65 | 29.54 | 5.91 | 4.46 | 12.86 | 18.41 |
| 24.08% | 18.23% | 21.04% | 15.06% | 18.99% | 14.39% | 5.38% | 11.13% | 25.11% | 26.35% | |
| 13.53% | 9.93% | 12.80% | 7.95% | 8.83% | 6.95% | 2.22% | 4.10% | 10.64% | 10.48% | |
ROIC |
17.58% | 16.80% | 22.15% | 9.64% | 10.38% | 12.70% | 5.51% | 7.54% | 17.16% | 18.64% |
Return on Tangible Assets |
48.91% | 38.67% | 47.87% | 57.99% | 86.47% | 70.06% | 55.21% | 98.95% | 139.22% | 172.76% |
Average Days of Receivables |
66.64 | 59.33 | 62.27 | 60.31 | 54.45 | 59.67 | 60.08 | 61.68 | 59.44 | 60.69 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
25.39% | 28.97% | 29.05% | 32.96% | 34.43% | 34.91% | 40.46% | 38.24% | 33.77% | 32.75% |
Intangible Assets out of Total Assets |
0.50 | 0.47 | 0.43 | 0.58 | 0.59 | 0.54 | 0.61 | 0.61 | 0.56 | 0.55 |
Share Based Compensation of Revenue |
1.82% | 2.64% | 3.11% | 3.77% | 2.63% | 2.47% | 4.45% | 2.59% | 2.40% | 2.31% |
Graham Net Nets |
(0.06) | (0.02) | 0.02 | (0.11) | (0.07) | (0.04) | (0.16) | (0.11) | (0.06) | (0.15) |
Graham Number |
36.93 | 36.84 | 46.02 | 45.09 | 59.05 | 57.74 | 32.43 | 48.18 | 85.64 | 76.68 |
Earnings Yield |
5.04% | 3.30% | 3.91% | 2.35% | 2.26% | 1.32% | 0.76% | 1.19% | 2.56% | 4.12% |
Free Cash Flow Yield |
4.73% | 4.43% | 5.10% | 3.94% | 3.10% | 2.37% | 1.81% | 1.67% | 3.11% | 4.86% |
Revenue per Share |
18.57 | 21.35 | 23.94 | 27.61 | 32.39 | 39.52 | 43.91 | 47.85 | 53.16 | 58.37 |
Operating CF per Share |
4.97 | 5.86 | 7.39 | 7.83 | 8.96 | 10.46 | 6.99 | 7.43 | 13.82 | 14.07 |
Capex per Share |
(1.46) | (1.56) | (1.79) | (1.87) | (1.79) | (2.37) | (3.04) | (2.80) | (3.33) | (3.51) |
Free Cash Flow per Share |
3.51 | 4.30 | 5.60 | 5.96 | 7.17 | 8.10 | 3.95 | 4.63 | 10.49 | 10.56 |
Cash per Share |
7.07 | 8.27 | 9.29 | 8.61 | 10.82 | 12.70 | 9.73 | 9.13 | 12.87 | 12.62 |
Shareholders Equity per Share |
16.20 | 18.85 | 21.94 | 25.38 | 29.64 | 32.93 | 28.34 | 31.17 | 37.82 | 29.16 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
16.20 | 18.85 | 21.94 | 25.38 | 29.64 | 32.93 | 28.34 | 31.17 | 37.82 | 29.16 |
Free Cash Flow |
150.90 | 183.50 | 238.70 | 254.40 | 307.60 | 348.10 | 168.30 | 197.30 | 448.90 | 442.60 |
Working Capital |
177.10 | 206.60 | 238.80 | 107.40 | 103.50 | 104.10 | (71.70) | (65.10) | 46.80 | (15.30) |
Capital Expenditures |
(62.80) | (66.60) | (76.10) | (80.00) | (76.70) | (101.80) | (129.50) | (119.10) | (142.70) | (147.10) |
Net Current Asset Value |
(182.10) | (71.00) | 82.50 | (684.10) | (694.60) | (559.20) | (1,456.90) | (1,259.90) | (916.20) | (1,330.30) |
EV/EBIT |
17.34 | 23.36 | 20.17 | 34.84 | 46.28 | 56.63 | 59.52 | 53.81 | 30.10 | 18.38 |
Capex to Sales |
0.08 | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 | 0.07 | 0.06 | 0.06 | 0.06 |
Price to Operating Income |
17.64 | 24.38 | 21.68 | 34.08 | 46.16 | 57.22 | 55.38 | 51.28 | 29.73 | 17.29 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.46 | 0.62 | 0.67 | 0.76 | 0.90 | 0.88 | 0.84 | 0.89 | 0.87 | 0.82 |
Cash ROIC |
12.06% | 13.71% | 17.04% | 12.95% | 13.83% | 14.77% | 6.16% | 7.34% | 15.65% | 15.68% |
Accounts Receivable Turnover |
5.60 | 6.20 | 6.33 | 6.39 | 6.91 | 7.01 | 6.39 | 6.25 | 6.36 | 6.29 |
Accounts Payable Turnover |
8.22 | 8.24 | 7.94 | 8.53 | 9.02 | 9.91 | 10.21 | 10.91 | 10.81 | 10.29 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
47.28 | 46.45 | 48.30 | 44.50 | 42.31 | 39.98 | 35.69 | 33.93 | 35.58 | 37.50 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
142.55 | 147.00 | 161.10 | 184.40 | 201.05 | 242.55 | 292.85 | 326.20 | 357.50 | 388.55 |
Average Payables |
41.90 | 46.90 | 51.80 | 56.65 | 61.70 | 70.50 | 76.35 | 77.30 | 82.85 | 92.60 |
Average Assets |
1,189.95 | 1,378.30 | 1,429.75 | 1,912.35 | 2,533.45 | 2,779.35 | 3,168.75 | 3,439.10 | 3,476.15 | 3,569.55 |
Average Common Equity |
668.70 | 750.85 | 869.80 | 1,009.15 | 1,177.50 | 1,343.65 | 1,311.50 | 1,267.45 | 1,473.20 | 1,420.25 |
Columns are period end dates