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Morningstar

MORN Nasdaq Financial Exchanges & Data Financials FY2016–FY2025

Morningstar's revenue rose 7.5% to $2.4 billion in fiscal 2025. Its operating margin was 21.5%, up from 21.3% a year earlier. Free cash flow was $443 million, down 1.4%. It paid out $864 million in dividends and buybacks, 195% of free cash flow. The diluted share count fell 2.1%.

Last close · Oct 23, 2026

$224.89

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$2.4B
7.5% vs prior year
Operating margin Operating income as a share of revenue.
21.5%
0.2 pts
Net income Profit after all expenses, interest and tax.
$374M
1.2%
Free cash flow Cash from operations minus capital spending.
$443M
1.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
22.5%
1.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.4x
On $10.52 EPS (TTM)

What Morningstar does

No business description yet.

Legal name
MORNINGSTAR, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001289419-26-000013
0001289419

Revenue and margins

Morningstar had $2.4B of revenue in fiscal 2025, up 7.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $443M in fiscal 2025, 18.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Morningstar returned $864M to shareholders in fiscal 2025, 195% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Morningstar yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$544M and divides by 42.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.4x · peers 25.8x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Morningstar can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $546M$415M$389M$551M$529M
Debt incl. finance leases $359M$1.1B$972M$699M$1.1B
Net debt / EBITDA −0.5x2.1x1.4x0.2x0.8x
Debt / equity 0.3x0.9x0.7x0.4x0.9x
Interest coverage 24.7x5.9x4.0x10.2x14.1x
Current ratio 1.1x0.9x0.9x1.1x1.0x
Quick ratio 1.1x0.9x0.9x1.1x1.0x
Total assets $2.9B$3.5B$3.4B$3.5B$3.6B
Total liabilities $1.4B$2.3B$2.1B$1.9B$2.4B
Shareholders' equity $1.4B$1.2B$1.3B$1.6B$1.2B
Net debt (− = net cash) −$187M$695M$583M$148M$544M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.7M

1 insider

Of sales under plans

100%

$15.7M

DateInsiderTradeSharesPriceValueFiling
Aug 24, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 5,659 $218.84 $1.2M Form 4
Aug 21, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 4,095 $216.76 $0.9M Form 4
Aug 20, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,250 $214.16 $1.6M Form 4
Aug 19, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 6,594 $213.75 $1.4M Form 4
Aug 18, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,906 $210.26 $1.7M Form 4
Aug 17, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,250 $207.04 $1.5M Form 4
Aug 14, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,250 $206.88 $1.5M Form 4
Aug 13, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,250 $197.92 $1.4M Form 4
Aug 12, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,250 $195.27 $1.4M Form 4
Aug 11, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 974 $200.32 $0.2M Form 4
Aug 10, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,250 $201.84 $1.5M Form 4
Aug 7, 2026 Joseph D MansuetoExecutive Chairman, Director, 10% owner Sold plan 7,250 $199.62 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 8 / 98 / 96 / 9
Accruals ratio −5.1%−6.4%−6.0%
Altman Z'' 2.543.643.50

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Morningstar MORN $8.6B 7.5% 21.5% 18.1% 22.5% 21.4x 6
FactSet FDS $12.1B 6.7% 28.3% 28.6% 18.2% 22.7x 6 Compare →
MSCI MSCI $44.5B 9.8% 54.7% 49.4% 44.5% 32.6x 7 Compare →
Cboe Global Markets CBOE $35.7B 15.1% 31.1% 35.7% 22.8% 26.5x 9 Compare →
CME Group CME $109.6B 6.4% 64.9% 64.3% 11.9% 25.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $799M $912M $1.0B $1.2B $1.4B $1.7B $1.9B $2.0B $2.3B $2.4B
Gross profit $454M $525M $609M $696M $833M $1.0B $1.1B $1.2B $1.4B $1.5B
Operating income $181M $170M $216M $190M $215M $257M $168M $231M $485M $527M
Interest expense $1.2M $5.4M $3.7M $11.0M $11.1M $10.4M $28.4M $58.4M $47.4M $37.3M
Pretax income $225M $181M $233M $199M $283M $251M $131M $174M $474M $496M
Income tax $63.7M $42.9M $47.8M $45.6M $59.7M $62.6M $56.5M $33.0M $104M $122M
Net income $161M $137M $183M $152M $224M $193M $70.5M $141M $370M $374M
Diluted EPS $3.72 $3.18 $4.25 $3.52 $5.18 $4.45 $1.64 $3.29 $8.58 $8.87
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $214M $250M $315M $334M $384M $450M $298M $316M $592M $590M
Capital expenditure $62.8M $66.6M $76.1M $80.0M $76.7M $102M $130M $119M $143M $147M
Free cash flow $151M $184M $239M $254M $308M $348M $168M $197M $449M $443M
Depreciation and amortization $70.7M $91.2M $96.7M $118M $140M $151M $167M $185M $190M $190M
Stock-based compensation $14.5M $24.1M $31.7M $44.4M $36.6M $41.9M $83.2M $52.8M $54.7M $56.4M
Acquisitions $192M $1.0M $0.4M $682M $67.8M $24.8M $647M $0.8M $0.0M $39.0M
Share buybacks $48.8M $42.3M $20.9M $4.9M $41.9M $1.3M $226M $1.4M $11.6M $787M
Dividends paid $37.9M $39.3M $42.6M $47.8M $51.4M $54.2M $61.5M $63.9M $69.3M $76.9M
Dividends and buybacks $86.7M $81.6M $63.5M $52.7M $93.3M $55.5M $288M $65.3M $80.9M $864M
Balance sheet
Cash and short-term investments $304M $353M $396M $368M $464M $546M $415M $389M $551M $529M
Total debt — — $70.0M $513M $449M $359M $1.1B $972M $699M $1.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $472M $530M $602M $603M $730M $888M $811M $816M $1.0B $1.0B
Current liabilities $295M $323M $363M $496M $627M $784M $883M $881M $967M $1.1B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $152M $147M $144M $155M $155M $172M $199M $208M $219M $232M
Total assets $1.4B $1.4B $1.5B $2.4B $2.7B $2.9B $3.5B $3.4B $3.5B $3.6B
Total liabilities $654M $601M $519M $1.3B $1.4B $1.4B $2.3B $2.1B $1.9B $2.4B
Shareholders' equity $697M $805M $935M $1.1B $1.3B $1.4B $1.2B $1.3B $1.6B $1.2B
Margins
Gross margin 56.9% 57.6% 59.7% 59.0% 60.0% 58.9% 58.3% 58.6% 60.6% 61.0%
Operating margin 22.6% 18.6% 21.2% 16.1% 15.5% 15.1% 9.0% 11.3% 21.3% 21.5%
EBITDA margin 31.5% 28.6% 30.6% 26.1% 25.5% 24.0% 17.9% 20.4% 29.7% 29.3%
Net margin 20.2% 15.0% 17.9% 12.9% 16.1% 11.4% 3.8% 6.9% 16.3% 15.3%
FCF margin 18.9% 20.1% 23.4% 21.6% 22.1% 20.5% 9.0% 9.7% 19.7% 18.1%
Returns
Return on capital — — — 15.9% 13.7% 15.5% 6.1% 9.8% 20.6% 22.5%
Return on capital employed 20.3% 15.9% 19.9% 12.8% 10.9% 12.4% 7.2% 9.0% 19.0% 20.6%
Return on equity 24.1% 18.2% 21.0% 15.1% 19.0% 14.4% 5.4% 11.1% 25.1% 26.4%
Return on assets 13.5% 9.9% 12.8% 8.0% 8.8% 7.0% 2.2% 4.1% 10.6% 10.5%
Growth
Revenue growth 1.2% 14.2% 11.9% 15.6% 17.9% 22.3% 10.1% 9.0% 11.6% 7.5%
Net income growth 21.4% −15.0% 33.7% −16.9% 47.1% −13.6% −63.5% 100.1% 162.2% 1.2%
EPS growth 24.0% −14.5% 33.7% −17.2% 47.2% −14.1% −63.2% 100.6% 160.8% 3.4%
FCF growth −18.1% 21.6% 30.1% 6.6% 20.9% 13.2% −51.7% 17.2% 127.5% −1.4%
Share count change −2.3% −0.7% 0.0% 0.5% 0.0% 0.5% −1.2% 0.0% 0.5% −2.1%
Financial health
Net debt / EBITDA — — −1.0x 0.5x −0.0x −0.5x 2.1x 1.4x 0.2x 0.8x
Debt / equity — — 0.1x 0.5x 0.4x 0.3x 0.9x 0.7x 0.4x 0.9x
Interest coverage 150.7x 31.4x 58.3x 17.2x 19.4x 24.7x 5.9x 4.0x 10.2x 14.1x
Current ratio 1.6x 1.6x 1.7x 1.2x 1.2x 1.1x 0.9x 0.9x 1.1x 1.0x
Quick ratio 1.6x 1.6x 1.7x 1.2x 1.2x 1.1x 0.9x 0.9x 1.1x 1.0x
Capital allocation
Capex / revenue 7.9% 7.3% 7.5% 6.8% 5.5% 6.0% 6.9% 5.8% 6.3% 6.0%
Stock comp / revenue 1.8% 2.6% 3.1% 3.8% 2.6% 2.5% 4.5% 2.6% 2.4% 2.3%
Payouts / FCF 57.5% 44.5% 26.6% 20.7% 30.3% 15.9% 170.8% 33.1% 18.0% 195.2%
Quality scores
Piotroski F-score — — — 4.0 6.0 5.0 5.0 8.0 8.0 6.0
Altman Z'' 5.0 5.4 6.5 3.4 3.4 3.6 2.2 2.5 3.6 3.5
Accruals ratio −4.4% −8.2% −9.2% −9.5% −6.3% −9.2% −7.2% −5.1% −6.4% −6.0%

Source: SEC EDGAR XBRL filings (CIK 0001289419). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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