FactSet vs Morningstar
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The short version
- FactSet is the larger business, with $2.5B of revenue in fiscal 2026 against $2.4B for Morningstar.
- Morningstar grew revenue faster (7.5%, against 6.7%).
- FactSet kept more of each dollar of sales as operating profit (28.3% operating margin, against 21.5%).
- FactSet turned more of its sales into free cash flow (28.6% FCF margin, against 18.1%).
- Morningstar earned a higher return on the capital invested in it (22.5%, against 18.2%).
| Latest fiscal year | FDS · FY26 | MORN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.1B | $8.6B |
| Revenue | $2.5B | $2.4B |
| Free cash flow | $707M | $443M |
| Net income | $534M | $374M |
| Growth | ||
| Revenue growth | 6.7% | 7.5% |
| 5-year growth | 9.3% | 12.0% |
| Share count change | −4.6% | −2.1% |
| Profitability | ||
| Gross margin | 50.6% | 61.0% |
| Operating margin | 28.3% | 21.5% |
| Net margin | 21.5% | 15.3% |
| FCF margin | 28.6% | 18.1% |
| Return on capital | 18.2% | 22.5% |
| Return on equity | 25.5% | 26.4% |
| Balance sheet | ||
| Net debt | $1.1B | $544M |
| Net debt / EBITDA | 1.3x | 0.8x |
| Dividends and buybacks | $808M | $864M |
| Valuation & quality | ||
| P/E | — | 21.4x |
| Piotroski F-score | 6 | 6 |
Revenue
FY17
FDS $1.2B
MORN $912M
FY18
FDS $1.4B
MORN $1.0B
FY19
FDS $1.4B
MORN $1.2B
FY20
FDS $1.5B
MORN $1.4B
FY21
FDS $1.6B
MORN $1.7B
FY22
FDS $1.8B
MORN $1.9B
FY23
FDS $2.1B
MORN $2.0B
FY24
FDS $2.2B
MORN $2.3B
FY25
FDS $2.3B
MORN $2.4B
FY26
FDS $2.5B
MORN —
FDS
MORN
Operating margin
FY17
FDS 28.8%
MORN 18.6%
FY18
FDS 27.1%
MORN 21.2%
FY19
FDS 30.5%
MORN 16.1%
FY20
FDS 29.4%
MORN 15.5%
FY21
FDS 29.8%
MORN 15.1%
FY22
FDS 25.8%
MORN 9.0%
FY23
FDS 30.2%
MORN 11.3%
FY24
FDS 31.8%
MORN 21.3%
FY25
FDS 32.2%
MORN 21.5%
FY26
FDS 28.3%
MORN —
FDS
MORN
Free cash flow
FY17
FDS $284M
MORN $184M
FY18
FDS $352M
MORN $239M
FY19
FDS $368M
MORN $254M
FY20
FDS $428M
MORN $308M
FY21
FDS $494M
MORN $348M
FY22
FDS $487M
MORN $168M
FY23
FDS $585M
MORN $197M
FY24
FDS $615M
MORN $449M
FY25
FDS $617M
MORN $443M
FY26
FDS $707M
MORN —
FDS
MORN
Return on capital
FY17
FDS 35.9%
MORN —
FY18
FDS 31.4%
MORN —
FY19
FDS 42.5%
MORN 15.9%
FY20
FDS 44.5%
MORN 13.7%
FY21
FDS 46.6%
MORN 15.5%
FY22
FDS 23.3%
MORN 6.1%
FY23
FDS 18.2%
MORN 9.8%
FY24
FDS 20.8%
MORN 20.6%
FY25
FDS 20.7%
MORN 22.5%
FY26
FDS 18.2%
MORN —
FDS
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.