Friday 6 November 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: +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%

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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 Segments Valuation Filings

Morningstar, Inc. (MORN) Price to free cash flow

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As of 6 November 2026, Morningstar, Inc. (MORN) trades at a price to free cash flow of 18.5×. Over the past ten years it has ranged from 11.9× (June 2026) to 87.8× (September 2023); the current reading is higher than 11% of that period. That is below the Financial Data & Stock Exchanges industry median of 20.2× and above the Financial sector median of 9.7×.

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<iframe src="https://stockrow.com/embed/MORN/price-to-free-cash-flow" width="100%" height="360" style="border:0" loading="lazy" title="Morningstar, Inc. price to free cash flow, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/MORN/metrics/price-to-free-cash-flow">Morningstar, Inc. (MORN) price to free cash flow — stockrow.com</a></p>

Period	Price to free cash flow	Change
FY2025	20.6×	(35.93%)
FY2024	32.1×	(46.43%)
FY2023	59.9×	8.56%
FY2022	55.2×	30.70%
FY2021	42.2×	30.81%
FY2020	32.3×	27.17%
FY2019	25.4×	29.56%
FY2018	19.6×	(13.10%)
FY2017	22.6×	6.72%
FY2016	21.1×	9.55%

Period	Price to free cash flow	Change
Sep 2026	14.4×	21.67%
Jun 2026	11.9×	(21.55%)
Mar 2026	15.1×	(26.54%)
Dec 2025	20.6×	(17.00%)
43 more quarters	Free account

Against its own ten years

Low 11.9× High 87.8×

Ten-year median 26.9×

Current reading's percentile 11

Company	Price to free cash flow
CBOE Cboe Global Markets, Inc. compare	14.5×
TRU TransUnion compare	17.4×
FDS FactSet Research Systems Inc. compare	17.5×
MORN Morningstar, Inc.	18.8×
ICE Intercontinental Exchange Inc. compare	20.2×
NDAQ Nasdaq, Inc. compare	26.5×
MCO Moody's Corporation compare	29.9×
MSCI MSCI Inc compare	32.6×
COIN Coinbase Global, Inc. compare	46.5×
Financial Data & Stock Exchanges industry median	20.2×
Financial sector median	9.7×
Market median	14.1×

What Price to free cash flow is

Price to Free Cash Flow Ratio shows how much investors pay for each dollar of cash a company generates after its capital spending.

Stock Price ÷ ((Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM)) ÷ (Shares (Basic, Weighted) (latest quarter)))

The full definition of Price to free cash flow →

Morningstar, Inc. (MORN) Price to free cash flow

Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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Price to free cash flow, daily

Annual newest first

Quarterly newest first

Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

More on MORN

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