Sunday 11 October 2026 Export all MORN data to Excel Powerpack

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. In the quarter to June 2026, revenue grew 9.60%, EPS grew 35.1%, free cash flow grew 96.3% and total debt rose 104.3%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten; insiders bought in the last twelve months.

204.45 1.71 +0.84%

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Market cap: $7.6B
P/E: 19.3×
Fwd P/E: 17.9×
Dividend yield: 0.98%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.19

Total sells 76.26

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	1	—	—	—	—	—	—	—
Sell	8	1	—	8	1	—	8	—	—	8	—	—

Insider Ownership 49.02%

Capital & Financial Ratios $m

Market Cap 7,610.00

Revenue 2,566.50

Net Income 421.60

Free Cash Flow 497.50

Net Debt 1,189.50

Current Ratio 1.06

Debt/Equity 1.67

P/E ratio 19.27

Fwd P/E 17.90

P/S ratio 3.01

P/B ratio 7.55

Past 5Y EPS Growth 11.36%

This Y EPS Growth 25.41%

Next Y EPS Growth 13.22%

Next Y revenue growth 8.53%

Next 5Y EPS Growth 18.83%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 4.99%

10-year low 10-year high

P/S against its own 10 years 5.02%

10-year low 10-year high

P/B against its own 10 years 62.67%

10-year low 10-year high

Dividends

Payout Ratio 0.19

Annual Dividend Rate 2.00

Annual Dividend Yield 0.98%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.00	0.50 0.50 0.50 0.50
2025	1.82	0.46 0.46 0.46 0.46
2024	1.62	0.41 0.41 0.41 0.41
2023	1.50	0.38 0.38 0.38 0.38
2022	1.44	0.36 0.36 0.36 0.36
2021	0.95	0.32 0.32 0.32
2020	1.52	0.30 0.30 0.30 0.30 0.32
2019	1.12	0.28 0.28 0.28 0.28
2018	1.00	0.25 0.25 0.25 0.25
2017	0.92	0.23 0.23 0.23 0.23
2016	0.88	0.22 0.22 0.22 0.22

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	389	551	529	524
Receivables	345	371	407	396
Inventory	—	—	—	—
Other	5	11	25	25
	816	1,014	1,038	1,035

	2023	2024	2025	Q'26
Payables	78	87	98	92
ST’ Debt	32	—	—	18
Other	2	1	9	4
	881	967	1,053	980

Compound Annual Growth %

	10y	5y	3y
Sales	11.98%	11.97%	9.34%
Cash Flow	9.34%	8.94%	25.57%
Earnings	10.93%	10.85%	74.44%
Book Value	6.67%	(0.79%)	0.41%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	645	663	—	—	—
’25	582	605	617	641	2,446
’24	543	572	569	591	2,275
’23	480	505	516	539	2,039
’22	457	470	468	475	1,871
’21	393	415	429	462	1,699
’20	324	328	357	380	1,390

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	92	156	—	—	—
’25	91	99	196	204	590
’24	94	153	192	153	592
’23	23	25	131	138	316
’22	24	69	102	104	298
’21	64	127	123	136	450
’20	49	128	93	115	384

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	54	123	—	—	—
’25	59	62	160	161	443
’24	60	121	156	113	449
’23	(6)	(6)	101	108	197
’22	(4)	37	68	67	168
’21	42	109	92	106	348
’20	34	111	71	93	308

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.73	2.83	—	—	—
’25	1.82	2.09	2.17	2.83	8.87
’24	1.49	1.60	2.77	2.71	8.58
’23	(0.18)	0.84	0.91	1.71	3.29
’22	1.06	0.70	(0.21)	0.08	1.64
’21	1.27	0.76	1.13	1.30	4.45
’20	0.55	1.12	1.76	1.74	5.18

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	67.74	68.43	90.00	99.67	102.59	213.55	207.11	163.28	269.51	202.89	Analyst estimates 2026–2028 Powerpack
	High	89.44	99.11	144.34	163.94	232.06	350.21	343.54	289.17	365.00	338.50
People
People	Employees	4,595	4,920	5,416	6,737	7,979	9,556	12,224	11,334	11,085	10,973
	Revenue/emp, $m	0.17	0.19	0.19	0.18	0.17	0.18	0.15	0.18	0.21	0.22
Income, $m
Income, $m	Revenue	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275	2,446
	Gross margin, %	56.89	57.60	59.69	59.02	59.96	58.90	58.34	58.62	60.63	61.03
	EBT	225	181	233	199	283	251	131	182	491	499
	EBT margin, %	28.16	19.86	22.84	16.84	20.37	14.74	6.98	8.90	21.59	20.40
	Net income	161	137	183	152	224	193	71	141	370	374
	Depreciation	71	91	97	118	140	151	167	185	190	190
Per share, $
Per share, $	Revenue	18.57	21.35	23.94	27.61	32.39	39.52	43.91	47.85	53.16	58.37
	Earnings	3.74	3.21	4.30	3.56	5.22	4.50	1.65	3.31	8.64	8.93
	Cash flow	4.97	5.86	7.39	7.83	8.96	10.46	6.99	7.43	13.82	14.07
	Capex	(1.46)	(1.56)	(1.79)	(1.87)	(1.79)	(2.37)	(3.04)	(2.80)	(3.33)	(3.51)
	Free cash flow	3.51	4.30	5.60	5.96	7.17	8.10	3.95	4.63	10.49	10.56
	Book value	16.20	18.85	21.94	25.38	29.64	32.93	28.34	31.17	37.82	29.16
	Shares, m	43	43	43	43	43	43	43	43	43	42
Valuation, ×
Valuation, ×	P/E	19.83	30.29	25.60	42.50	44.28	76.00	132.20	83.87	39.07	24.25
	P/S	3.99	4.54	4.59	5.48	7.15	8.65	4.97	5.80	6.34	3.72
	P/B	4.58	5.14	5.01	5.96	7.81	10.39	7.70	8.91	8.90	7.45
	EV/Sales	3.93	4.35	4.27	5.60	7.17	8.57	5.34	6.09	6.41	3.96
	EV/FCF	20.78	21.61	18.24	25.97	32.38	41.81	59.34	62.89	32.51	21.87
Cash, $m
Cash, $m	Operating cash flow	214	250	315	334	384	450	298	316	592	590
	Capex	(63)	(67)	(76)	(80)	(77)	(102)	(129)	(119)	(143)	(147)
	Free cash flow	151	184	239	254	308	348	168	197	449	443
Balance, $m
Balance, $m	Working capital	177	207	239	107	104	104	(72)	(65)	47	(15)
	Total debt	250	180	70	513	489	395	1,110	972	699	1,073
	Net debt	(54)	(173)	(326)	146	25	(151)	695	583	148	544
	Shareholders’ equity	697	805	935	1,084	1,271	1,416	1,207	1,328	1,619	1,222
Returns, %
Returns, %	ROA	13.53	9.93	12.80	7.95	8.83	6.95	2.22	4.10	10.64	10.48
	ROIC	17.58	16.80	22.15	9.64	10.38	12.70	5.51	7.54	17.16	18.64
	ROE	24.08	18.23	21.04	15.06	18.99	14.39	5.38	11.13	25.11	26.35

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ICE Intercontinental Exchange Inc.	$87.2B	21.9×	19.9×	+4.84% (above 0%: growing)	+14.09% (above 0%: growing)	+29.65% (above 0%: growing)	98.61%	52.18%	Compare
MCO Moody's Corporation	$79.5B	29.3×	28.7×	+15.12% (above 0%: growing)	+56.52% (above 0%: growing)	+47.01% (above 0%: growing)	76.29%	47.87%	Compare
NDAQ Nasdaq, Inc.	$51.6B	27.0×	26.1×	+20.51% (above 0%: growing)	+13.92% (above 0%: growing)	−7.71% (below 0%: shrinking)	59.24%	28.12%	Compare
COIN Coinbase Global, Inc.	$45.4B	— (loss-making)	359×	−18.51% (below 0%: shrinking)	n/m	+128.50% (above 0%: growing)	84.44%	(9.30%)	Compare
MSCI MSCI Inc	$40.8B	30.8×	30.8×	+12.20% (above 0%: growing)	+19.90% (above 0%: growing)	+8.19% (above 0%: growing)	82.71%	56.23%	Compare
CBOE Cboe Global Markets, Inc.	$30.7B	23.6×	—	+22.95% (above 0%: growing)	+50.67% (above 0%: growing)	−270.85% (below 0%: shrinking)	50.71%	32.99%	Compare
TRU TransUnion	$12.4B	17.1×	17.1×	+14.91% (above 0%: growing)	+33.93% (above 0%: growing)	+42.65% (above 0%: growing)	58.41%	19.70%	Compare
FDS FactSet Research Systems Inc.	$10.2B	19.7×	14.5×	+6.33% (above 0%: growing)	−15.94% (below 0%: shrinking)	−0.46% (below 0%: shrinking)	48.59%	24.68%	Compare
MORN Morningstar, Inc.	$7.6B	19.3×	17.9×	+9.60% (above 0%: growing)	+35.07% (above 0%: growing)	+96.31% (above 0%: growing)	63.92%	24.22%
Median of peers	$43.1B	23.6×	26.1×	+13.56%	+19.90%	+18.92%	67.77%	30.56%

All 15 Financial Data & Stock Exchanges stocks →

Morningstar, Inc. (MORN) key facts

Strength: Morningstar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, up 7.49% from fiscal 2024.
Strength: Net income was $374.2 million, or $8.93 per share (basic), a net margin of 15.3%.
Morningstar, Inc. (MORN) is a Financial Data & Stock Exchanges company in the Financial sector, listed on Nasdaq.
As of October 9, 2026, MORN traded at $204.45, a market capitalization of $7.6 billion.
At that price the stock trades at 19.3× trailing-twelve-month earnings and 3.0× sales; its P/E is higher than 5% of its own readings over the past ten years.
Morningstar, Inc. pays an annual dividend of $2.00 per share, a yield of 0.98%, with a payout ratio of 18.9%.
Return on equity was 26.4% and debt-to-equity 1.67.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.