CME Group vs Morningstar
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The short version
- CME Group is the larger business, with $6.5B of revenue in fiscal 2025 against $2.4B for Morningstar, about 2.7 times as much.
- Morningstar grew revenue faster (7.5%, against 6.4%).
- CME Group kept more of each dollar of sales as operating profit (64.9% operating margin, against 21.5%).
- CME Group turned more of its sales into free cash flow (64.3% FCF margin, against 18.1%).
- Morningstar earned a higher return on the capital invested in it (22.5%, against 11.9%).
- Investors pay more for each dollar of CME Group’s earnings: a P/E of 25.1x against 21.4x for Morningstar.
| Latest fiscal year | CME · FY25 | MORN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $109.6B | $8.6B |
| Revenue | $6.5B | $2.4B |
| Free cash flow | $4.2B | $443M |
| Net income | $4.1B | $374M |
| Growth | ||
| Revenue growth | 6.4% | 7.5% |
| 5-year growth | 6.0% | 12.0% |
| Share count change | 0.1% | −2.1% |
| Profitability | ||
| Gross margin | — | 61.0% |
| Operating margin | 64.9% | 21.5% |
| Net margin | 62.5% | 15.3% |
| FCF margin | 64.3% | 18.1% |
| Return on capital | 11.9% | 22.5% |
| Return on equity | 14.8% | 26.4% |
| Balance sheet | ||
| Net debt | −$1.1B | $544M |
| Net debt / EBITDA | −0.3x | 0.8x |
| Dividends and buybacks | $3.9B | $864M |
| Valuation & quality | ||
| P/E | 25.1x | 21.4x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
CME $3.6B
MORN $799M
FY17
CME $3.6B
MORN $912M
FY18
CME $4.3B
MORN $1.0B
FY19
CME $4.9B
MORN $1.2B
FY20
CME $4.9B
MORN $1.4B
FY21
CME $4.7B
MORN $1.7B
FY22
CME $5.0B
MORN $1.9B
FY23
CME $5.6B
MORN $2.0B
FY24
CME $6.1B
MORN $2.3B
FY25
CME $6.5B
MORN $2.4B
CME
MORN
Operating margin
FY16
CME 61.2%
MORN 22.6%
FY17
CME 63.4%
MORN 18.6%
FY18
CME 60.5%
MORN 21.2%
FY19
CME 53.2%
MORN 16.1%
FY20
CME 54.0%
MORN 15.5%
FY21
CME 56.4%
MORN 15.1%
FY22
CME 60.1%
MORN 9.0%
FY23
CME 61.6%
MORN 11.3%
FY24
CME 64.1%
MORN 21.3%
FY25
CME 64.9%
MORN 21.5%
CME
MORN
Free cash flow
FY16
CME $1.6B
MORN $151M
FY17
CME $1.7B
MORN $184M
FY18
CME $2.3B
MORN $239M
FY19
CME $2.4B
MORN $254M
FY20
CME $2.5B
MORN $308M
FY21
CME $2.3B
MORN $348M
FY22
CME $3.0B
MORN $168M
FY23
CME $3.4B
MORN $197M
FY24
CME $3.6B
MORN $449M
FY25
CME $4.2B
MORN $443M
CME
MORN
Return on capital
FY16
CME 7.1%
MORN —
FY17
CME 10.7%
MORN —
FY18
CME 7.2%
MORN —
FY19
CME 7.1%
MORN 15.9%
FY20
CME 7.2%
MORN 13.7%
FY21
CME 7.3%
MORN 15.5%
FY22
CME 8.3%
MORN 6.1%
FY23
CME 9.8%
MORN 9.8%
FY24
CME 11.3%
MORN 20.6%
FY25
CME 11.9%
MORN 22.5%
CME
MORN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.