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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
+8.86%
EPS
+41.7%
Free cash flow
−2.94%
Total debt
+97.8%

Quarter to September 2026, against a year earlier

244.03 3.14 −1.27%
Market cap
$9.2B
P/E
21.2×
Fwd P/E
19.7×
Dividend yield
0.82%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
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Morningstar, Inc. (MORN) Debt to equity

Alert me on Debt to equity

Morningstar, Inc.'s debt to equity at the end of the quarter to 30 September 2026 was 1.6×, up 0.8× from fiscal 2025 (0.9×). Over the past ten years it has ranged from 0.0× (fiscal 2015) to 0.9× (fiscal 2022); the current reading is higher than 91% of that period. That is above the Financial Data & Stock Exchanges industry median of 0.7× and above the Financial sector median of 0.2×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 0.9× 103.38%
FY2024 0.4× (41.06%)
FY2023 0.7× (20.33%)
FY2022 0.9× 229.11%
FY2021 0.3× (27.40%)
FY2020 0.4× (18.75%)
FY2019 0.5× 532.18%
FY2018 0.1× (66.50%)
FY2017 0.2× (37.68%)
FY2016 0.4× —

Quarterly newest first

Period Debt to equity Change
Sep 2026 1.6× (2.19%)
Jun 2026 1.7× (0.47%)
Mar 2026 1.7× 91.55%
Dec 2025 0.9× 56.55%
43 more quarters

Against its own ten years

Low 0.0× High 0.9×
Ten-year median 0.4×
Current reading's percentile 91

Debt to equity against peers

Company Debt to equity
MSCI MSCI Inc compare −2.2×
CBOE Cboe Global Markets, Inc. compare 0.2×
ICE Intercontinental Exchange Inc. compare 0.7×
FDS FactSet Research Systems Inc. compare 0.7×
NDAQ Nasdaq, Inc. compare 0.7×
COIN Coinbase Global, Inc. compare 0.8×
TRU TransUnion compare 1.1×
MORN Morningstar, Inc. 1.6×
MCO Moody's Corporation compare 2.0×
Financial Data & Stock Exchanges industry median 0.7×
Financial sector median 0.2×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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