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

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

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Columns are period end dates

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