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%

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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 Segments Filings

	Older periods	Sep '25	Dec '25	Mar '26	Jun '26
P/E ratio Full definition →	+8 more quarters Free account	26.25	24.25	17.13	14.71
P/S ratio Full definition →		4.08	3.72	2.64	2.30
P/FCF ratio Full definition →		24.78	20.57	15.11	11.85
P/Operating CF Full definition →		49.91	44.63	72.24	37.88
P/B ratio Full definition →		6.45	7.45	6.49	5.76
Price to Tangible BV Full definition →		0.00	0.00	0.00	0.00
EV/Sales Full definition →		4.23	3.96	3.11	2.76
EV/EBITDA Full definition →		13.95	13.51	10.21	8.82
EV/Operating CF Full definition →		18.80	16.42	13.20	10.96
EV/FCF Full definition →		25.71	21.87	17.81	14.25
Quick Ratio Full definition →		0.94	0.89	0.92	0.94
Current Ratio Full definition →		1.04	0.99	1.03	1.06
Net Debt/EBITDA Full definition →		1.91	2.63	5.69	5.56
Debt/Assets Full definition →		23.86%	29.88%	42.97%	43.42%
Debt/Equity Full definition →		0.56	0.88	1.68	1.67
Asset Turnover Full definition →		0.67	0.69	0.66	0.68
Operating CF/Net income Full definition →		2.14	1.77	0.85	1.44
Capex/Depreciation Full definition →		(0.76)	(0.91)	(0.73)	(0.62)
Interest Coverage Full definition →		18.26	18.14	11.38	9.39
Research and Development Expense of Revenue Full definition →		0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →		32.62%	32.57%	30.89%	32.66%
Intangible Assets out of Total Assets Full definition →		0.57	0.55	0.59	0.59
Share Based Compensation of Revenue Full definition →		3.01%	1.61%	1.67%	4.12%
Graham Net Nets Full definition →		(0.11)	(0.15)	(0.29)	(0.32)
Graham Number Full definition →		84.57	76.68	76.07	80.41
Earnings Yield Full definition →		3.81%	4.12%	5.84%	6.80%
Free Cash Flow Yield Full definition →		4.03%	4.86%	6.62%	8.44%
Revenue per Share Full definition →		14.67	15.30	16.49	17.55
Operating CF per Share Full definition →		4.65	4.87	2.34	4.12
Capex per Share Full definition →		(0.85)	(1.02)	(0.97)	(0.88)
Free Cash Flow per Share Full definition →		3.80	3.85	1.37	3.24
Cash per Share Full definition →		12.22	12.62	13.61	13.86
Shareholders Equity per Share Full definition →		35.96	29.16	26.05	27.08
Interest Debt per Share Full definition →		0.00	0.00	0.00	0.00
Book value per Share Full definition →		35.96	29.16	26.05	27.08
Free Cash Flow Full definition →		160.10	161.30	53.60	122.50
Working Capital Full definition →		33.70	(15.30)	32.60	54.60
Capital Expenditures Full definition →		(35.60)	(42.70)	(37.90)	(33.20)
Net Current Asset Value Full definition →		(1,064.40)	(1,330.30)	(1,904.30)	(1,887.00)
EV/EBIT Full definition →		18.94	18.38	13.71	11.74
Capex to Sales Full definition →		0.06	0.07	0.06	0.05
Price to Operating Income Full definition →		18.25	17.29	11.63	9.77
Other line items
Average Receivables Full definition →		352.60	388.55	384.75	398.80
Average Payables Full definition →		85.40	92.60	98.60	91.05
Average Assets Full definition →		3,561.95	3,569.55	3,786.30	3,788.10
Average Common Equity Full definition →		1,539.85	1,420.25	1,313.95	1,319.15

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Columns are period end dates

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