Pricing Log in Create free account
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%
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) valuation and DCF model

What the price implies · reverse DCF

At $244.03 the price implies 30.4% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 9.1% a year over the last ten years, 8.9% over the last five. The price asks for about three times its ten-year rate. Return on equity averaged 18.0% over ten years; the price implies 60.3% for good.

In December 2017 the price assumed 28.2% a year; Morningstar, Inc. went on to grow the dividend a share 11.7% a year to FY2025.

Price implies
30.4%
Last 5 years, reported
8.9%
Last 10 years, reported
9.1%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
30.4% a year for ten years
$244.03
today’s price
Its base case
9.1% a year for five years, then 5.5%
$44.79
81.6% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Morningstar, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 30.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Morningstar, Inc.’s own cost of capital: risk-free 4.3% + beta 0.91 × equity premium 4.5% = 8.4% cost of equity; weighted, 8.4%.

Use 8.4%
Base case value per share $44.79 ten years discounted, and what follows
Current price $244.03 market price per share
Below today’s price 81.6% downside at the base case’s assumptions

How we got there$18.62 10 years of dividends+$26.17 terminal value=$44.79 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Financial Data & Stock Exchanges).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 21.19× 60.11× 51.92× 59% below 24.85× 15% below
P/FCF 18.52× 37.27× 32.85× 44% below 20.23× 8% below
P/B 8.90× 8.37× 7.62× 17% above 4.56× 95% above
EV/EBITDA — 26.11× 22.17× — 3.38× —
EV/Sales — 6.07× 5.57× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
32.18×62.64×93.11×123.58×10Y avg 51.92×2017201820192020202120222023202420252026

MORN trades at 21.19× P/E, against a 10-year average of 51.92× (range 21.19×–132.20×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $598.09 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.