MORN

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Morningstar, Inc.

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Key Metrics

Previous Close: $213.65
52-Week Range: $141.49 – $266.05
Market Cap: $8.16B
P/E (TTM): 20.69
EPS (TTM): 10.51
Dividend Yield: 0.94%

Advanced Metrics

Price/Book: 7.97
PEG Ratio: 2.31
Return on Equity: 31.96%
Return on Assets: 9.63%
Gross Margin: 62.24%
Operating Margin: 24.22%
Profit Margin: 16.43%
Current Ratio: 1.06
Debt/Equity: 1.86
Total Debt: $1.90B
Free Cash Flow: $497.80M
Revenue Growth: 9.60%
Earnings Growth: 35.40%
Enterprise Value: $9.54B

MORN Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.87B	$2.04B	$2.28B	$2.45B
Cost of Revenue	$779.30M	$843.50M	$895.70M	$952.90M
Gross Profit	$1.09B	$1.20B	$1.38B	$1.49B
Selling, General & Admin	$756.90M	$779.60M	$768.20M	$801.00M
Operating Expenses	$923.50M	$964.50M	$958.60M	$988.70M
Operating Income	$167.80M	$230.60M	$420.80M	$503.90M
EBITDA	$325.60M	$418.10M	$731.60M	$728.90M
Pretax Income	$130.60M	$181.50M	$491.30M	$499.00M
Income Tax	$56.50M	$33.00M	$104.00M	$121.50M
Net Income	$70.50M	$141.10M	$369.90M	$374.20M
Diluted EPS	1.64	3.29	8.58	8.87
Diluted Shares	42.90M	42.90M	43.10M	42.20M

MORN Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$376.60M	$337.90M	$502.70M	$474.50M
Receivables	$307.90M	$344.50M	$370.50M	$406.60M
Current Assets	$810.80M	$815.70M	$1.01B	$1.04B
Total Assets	$3.47B	$3.40B	$3.55B	$3.59B
Current Liabilities	$882.50M	$880.80M	$967.30M	$1.05B
Long-Term Debt	$1.08B	$940.30M	$698.60M	$1.07B
Total Debt	$1.32B	$1.16B	$904.00M	$1.26B
Total Liabilities	$2.27B	$2.08B	$1.93B	$2.37B
Retained Earnings	$1.53B	$1.61B	$1.91B	$2.21B
Shareholders' Equity	$1.21B	$1.33B	$1.62B	$1.22B
Working Capital	-$71.70M	-$65.10M	$46.80M	-$15.30M
Net Debt	$733.00M	$634.50M	$195.90M	$598.10M

MORN Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$297.80M	$316.40M	$591.60M	$589.70M
Capital Expenditure	-$129.50M	-$119.10M	-$142.70M	-$147.10M
Free Cash Flow	$168.30M	$197.30M	$448.90M	$442.60M
Depreciation & Amortisation	$166.60M	$184.90M	$190.40M	$189.90M
Stock-Based Compensation	$83.20M	$52.80M	$54.70M	$56.40M
Investing Cash Flow	-$799.30M	-$81.90M	-$21.30M	-$139.30M
Financing Cash Flow	$415.10M	-$278.40M	-$384.40M	-$514.70M
Dividends Paid	-$61.50M	-$63.90M	-$69.30M	-$76.90M
Share Repurchases	-$226.00M	-$1.40M	-$11.60M	-$787.00M
Net Change in Cash	-$86.40M	-$43.90M	$185.90M	-$64.30M

MORN Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$605.10M	$617.40M	$641.10M	$644.80M	$663.20M
Cost of Revenue	$230.60M	$241.70M	$249.20M	$238.90M	$239.30M
Gross Profit	$374.50M	$375.70M	$391.90M	$405.90M	$423.90M
Selling, General & Admin	$201.70M	$201.40M	$208.80M	$199.20M	$216.60M
Operating Expenses	$249.40M	$247.90M	$255.00M	$250.00M	$263.30M
Operating Income	$125.10M	$127.80M	$136.90M	$155.90M	$160.60M
EBITDA	$175.30M	$179.50M	$209.40M	$209.10M	$219.60M
Pretax Income	$116.50M	$123.10M	$150.90M	$141.80M	$147.00M
Income Tax	$26.30M	$31.40M	$36.40M	$34.60M	$38.30M
Net Income	$89.00M	$91.60M	$115.10M	$107.10M	$107.80M
Diluted EPS	2.09	2.17	2.83	2.73	2.83
Diluted Shares	42.50M	42.30M	40.70M	39.30M	38.10M

MORN Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$503.50M	$474.20M	$474.50M	$492.80M	$489.50M
Receivables	$402.00M	$376.80M	$406.60M	$418.00M	$395.60M
Current Assets	$1.04B	$979.20M	$1.04B	$1.06B	$1.03B
Total Assets	$3.63B	$3.56B	$3.59B	$3.99B	$3.95B
Current Liabilities	$921.00M	$945.50M	$1.05B	$1.03B	$980.30M
Long-Term Debt	$838.80M	$848.90M	$1.07B	$1.69B	$1.70B
Total Debt	$1.03B	$1.04B	$1.26B	$1.91B	$1.90B
Total Liabilities	$2.02B	$2.04B	$2.37B	$2.97B	$2.92B
Retained Earnings	$2.04B	$2.11B	$2.21B	$2.29B	$2.38B
Shareholders' Equity	$1.61B	$1.51B	$1.22B	$1.02B	$1.02B
Working Capital	$121.30M	$33.70M	-$15.30M	$32.60M	$54.60M
Net Debt	$335.30M	$374.70M	$598.10M	$1.22B	$1.22B

MORN Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$99.00M	$195.70M	$204.00M	$91.50M	$155.70M
Capital Expenditure	-$36.60M	-$35.60M	-$42.70M	-$37.90M	-$33.20M
Free Cash Flow	$62.40M	$160.10M	$161.30M	$53.60M	$122.50M
Depreciation & Amortisation	$48.50M	$47.00M	$47.10M	$51.70M	$53.50M
Stock-Based Compensation	$18.40M	$18.60M	$10.30M	$10.80M	$27.30M
Investing Cash Flow	-$23.90M	-$33.00M	-$11.70M	-$384.40M	-$26.00M
Financing Cash Flow	-$108.50M	-$188.10M	-$194.00M	$316.90M	-$130.60M
Dividends Paid	-$19.30M	-$19.20M	-$18.90M	-$19.90M	-$19.00M
Share Repurchases	-$112.00M	-$170.10M	-$395.30M	-$300.00M	-$100.00M
Net Change in Cash	-$33.40M	-$25.40M	-$1.70M	$24.00M	-$900.00K

Market Snapshot

About

Morningstar provides independent investment research, data, and analytics. The company offers portfolio analysis tools, fund ratings, financial planning software, and market intelligence to individual investors, advisors, and institutions worldwide.