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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
Segments Valuation Filings

Morningstar, Inc. (MORN) P/B ratio

Alert me on P/B ratio

As of 6 November 2026, Morningstar, Inc. (MORN) trades at a P/B ratio of 8.9×. Over the past ten years it has ranged from 4.2× (March 2020) to 10.8× (December 2021); the current reading is higher than 89% of that period. That is above the Financial Data & Stock Exchanges industry median of 4.6× and above the Financial sector median of 1.3×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 7.5× (16.32%)
FY2024 8.9× (0.02%)
FY2023 8.9× 15.69%
FY2022 7.7× (25.88%)
FY2021 10.4× 32.92%
FY2020 7.8× 31.05%
FY2019 6.0× 19.10%
FY2018 5.0× (2.66%)
FY2017 5.1× 12.34%
FY2016 4.6× (17.49%)

Quarterly newest first

Period P/B ratio Change
Sep 2026 6.9× 20.30%
Jun 2026 5.8× (11.22%)
Mar 2026 6.5× (12.93%)
Dec 2025 7.5× 15.50%
43 more quarters

Against its own ten years

Low 4.2× High 10.8×
Ten-year median 6.5×
Current reading's percentile 90

P/B ratio against peers

Company P/B ratio
MSCI MSCI Inc compare n/m
COIN Coinbase Global, Inc. compare 2.6×
TRU TransUnion compare 3.2×
ICE Intercontinental Exchange Inc. compare 3.3×
NDAQ Nasdaq, Inc. compare 5.0×
FDS FactSet Research Systems Inc. compare 6.2×
CBOE Cboe Global Markets, Inc. compare 6.2×
MORN Morningstar, Inc. 9.0×
MCO Moody's Corporation compare 26.1×
Financial Data & Stock Exchanges industry median 4.6×
Financial sector median 1.3×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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