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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. 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%
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% (at or above 15%: strong)
Next Y EPS Growth 13.22%
Next Y revenue growth 8.53%
Next 5Y EPS Growth 18.83% (at or above 15%: strong)

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Morningstar, Inc. vs peers in Financial Data & Stock Exchanges (Q) = latest quarter vs a year earlier

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.

Source: company filings (standardised) and stockrow calculations.

Morningstar, Inc. (MORN) Latest News

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stockrow.com/MORN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com