NASDAQ : MORN
Morningstar, Inc. — Financial statements
Financials · Financial Data & Stock Exchanges · United States
Last price 226.19 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.39B
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Financial statements
Morningstar, Inc. (MORN) reported revenue of 2.62B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.62B | 2.45B | 2.28B | 2.04B | 1.87B | 1.70B |
| Cost of Revenue | 968.10M | 952.90M | 895.70M | 843.50M | 779.30M | 698.40M |
| Gross Profit | 1.65B | 1.49B | 1.38B | 1.20B | 1.09B | 1.00B |
| Selling, General & Admin | 831.00M | 796.50M | 768.20M | 779.60M | 731.00M | 593.20M |
| Operating Expenses | 1.04B | 986.40M | 958.60M | 964.50M | 897.60M | 743.90M |
| Operating Income | 616.70M | 506.20M | 420.80M | 230.60M | 193.70M | 257.00M |
| Interest Expense | -66.10M | -40.00M | -49.90M | -51.70M | -28.40M | -8.70M |
| Interest & Investment Income | 8.90M | 11.40M | 12.20M | |||
| Earnings From Equity Investments | 1.10M | -3.30M | -17.40M | -19.20M | -3.60M | 5.40M |
| Currency Exchange Gain (Loss) | -6.70M | -3.70M | ||||
| Other Non Operating Income (Expenses) | 5.80M | 1.00M | -1.10M | 14.40M | ||
| EBT Excluding Unusual Items | 566.40M | 475.30M | 364.60M | 174.10M | 155.00M | 250.00M |
| Merger & Restructuring Charges | -4.50M | -4.50M | -25.90M | |||
| Gain (Loss) on Sale of Investments | -2.10M | 5.90M | ||||
| Gain (Loss) on Sale of Assets | 22.70M | 22.70M | 109.30M | |||
| Other Unusual Items | 8.60M | 2.20M | ||||
| Pretax Income | 593.20M | 495.70M | 473.90M | 174.10M | 127.00M | 255.90M |
| Income Tax Expense | 147.70M | 121.50M | 104.00M | 33.00M | 56.50M | 62.60M |
| Earnings From Continuing Operations | 445.50M | 374.20M | 369.90M | 141.10M | 70.50M | 193.30M |
| Net Income | 445.50M | 374.20M | 369.90M | 141.10M | 70.50M | 193.30M |
| Net Income to Common | 445.50M | 374.20M | 369.90M | 141.10M | 70.50M | 193.30M |
| Shares Outstanding (Basic) | 38.67M | 41.90M | 42.80M | 42.60M | 42.60M | 43.00M |
| Shares Outstanding (Diluted) | 39.05M | 42.20M | 43.10M | 42.90M | 42.90M | 43.40M |
| EPS (Basic) | 11.52 | 8.93 | 8.64 | 3.31 | 1.65 | 4.50 |
| EPS (Diluted) | 11.42 | 8.87 | 8.58 | 3.29 | 1.64 | 4.45 |
| Free Cash Flow | 492.80M | 442.60M | 448.90M | 197.30M | 168.30M | 348.10M |
| Free Cash Flow Per Share | 12.62 | 10.49 | 10.41 | 4.60 | 3.92 | 8.02 |
| Dividend Per Share | 2.00 | 1.86 | 1.67 | 1.53 | 1.46 | 1.31 |
| Gross Margin | 63.07% | 61.03% | 60.63% | 58.62% | 58.34% | 58.90% |
| Operating Margin | 23.53% | 20.70% | 18.50% | 11.31% | 10.36% | 15.12% |
| Profit Margin | 17.00% | 15.30% | 16.26% | 6.92% | 3.77% | 11.38% |
| Free Cash Flow Margin | 18.80% | 18.10% | 19.73% | 9.68% | 9.00% | 20.48% |
| EBITDA | 719.40M | 593.40M | 516.30M | 334.30M | 296.00M | 347.80M |
| EBITDA Margin | 27.45% | 24.27% | 22.69% | 16.40% | 15.82% | 20.47% |
| D&A For EBITDA | 102.70M | 87.20M | 95.50M | 103.70M | 102.30M | 90.80M |
| EBIT | 616.70M | 506.20M | 420.80M | 230.60M | 193.70M | 257.00M |
| EBIT Margin | 23.53% | 20.70% | 18.50% | 11.31% | 10.36% | 15.12% |
| Effective Tax Rate | 24.90% | 24.51% | 21.95% | 18.95% | 44.49% | 24.46% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 496.70M | 474.50M | 502.70M | 337.90M | 376.60M | 483.80M |
| Short-Term Investments | 27.90M | 54.20M | 48.30M | 51.10M | 38.00M | 62.30M |
| Cash & Short-Term Investments | 524.60M | 528.70M | 551.00M | 389.00M | 414.60M | 546.10M |
| Accounts Receivable | 427.70M | 390.40M | 358.10M | 343.90M | 307.90M | 268.90M |
| Other Receivables | 8.10M | 16.20M | 12.40M | 600.00K | 8.90M | |
| Receivables | 435.80M | 406.60M | 370.50M | 344.50M | 307.90M | 277.80M |
| Prepaid Expenses | 51.70M | 42.50M | 42.10M | 34.90M | 36.70M | 30.60M |
| Other Current Assets | 51.90M | 60.20M | 50.50M | 47.30M | 51.60M | 33.10M |
| Total Current Assets | 1.06B | 1.04B | 1.01B | 815.70M | 810.80M | 887.60M |
| Property, Plant & Equipment | 400.00M | 390.90M | 400.10M | 371.60M | 391.00M | 321.00M |
| Long-Term Investments | 51.00M | 50.30M | 85.30M | 100.20M | 96.00M | 63.30M |
| Goodwill | 1.75B | 1.61B | 1.56B | 1.58B | 1.57B | 1.21B |
| Other Intangible Assets | 550.00M | 379.30M | 408.80M | 484.40M | 548.60M | 328.20M |
| Long-Term Deferred Tax Assets | 93.90M | 78.70M | 43.20M | 14.60M | 10.80M | 12.80M |
| Long-Term Deferred Charges | 27.80M | 30.10M | 26.60M | 29.30M | 35.40M | 31.10M |
| Other Long-Term Assets | 18.70M | 12.10M | 8.80M | 8.80M | 10.50M | 11.70M |
| Total Assets | 3.95B | 3.59B | 3.55B | 3.40B | 3.47B | 2.86B |
| Accounts Payable | 101.70M | 97.90M | 87.30M | 78.40M | 76.20M | 76.50M |
| Accrued Expenses | 230.20M | 294.20M | 272.20M | 214.40M | 220.10M | 273.70M |
| Current Portion of Long-Term Debt | 18.20M | 32.10M | 32.10M | |||
| Current Portion of Leases | 40.40M | 41.80M | 35.10M | 36.40M | 37.30M | 36.40M |
| Current Income Taxes Payable | 19.60M | 24.00M | 30.50M | |||
| Current Unearned Revenue | 600.30M | 586.10M | 540.80M | 517.70M | 455.60M | 377.40M |
| Other Current Liabilities | 5.20M | 9.30M | 1.40M | 1.80M | 61.20M | 19.50M |
| Total Current Liabilities | 1.02B | 1.05B | 967.30M | 880.80M | 882.50M | 783.50M |
| Long-Term Debt | 1.66B | 1.07B | 698.60M | 940.30M | 1.08B | 359.40M |
| Long-Term Leases | 140.30M | 146.70M | 170.30M | 151.40M | 176.70M | 135.70M |
| Long-Term Unearned Revenue | 21.80M | 21.00M | 22.40M | 26.30M | 33.50M | 36.40M |
| Long-Term Deferred Tax Liabilities | 21.10M | 27.20M | 27.60M | 35.60M | 62.90M | 101.70M |
| Other Long-Term Liabilities | 66.20M | 47.50M | 44.10M | 41.20M | 34.60M | 30.10M |
| Total Liabilities | 2.93B | 2.37B | 1.93B | 2.08B | 2.27B | 1.45B |
| Additional Paid-In Capital | 919.90M | 869.50M | 822.70M | 789.00M | 757.80M | 689.00M |
| Retained Earnings | 2.48B | 2.21B | 1.91B | 1.61B | 1.53B | 1.53B |
| Treasury Stock | -2.29B | -1.79B | -993.90M | -985.50M | -986.70M | -764.30M |
| Comprehensive Income & Other | -86.40M | -68.10M | -119.40M | -86.50M | -99.00M | -35.30M |
| Total Common Equity | 1.03B | 1.22B | 1.62B | 1.33B | 1.21B | 1.42B |
| Shareholders' Equity | 1.03B | 1.22B | 1.62B | 1.33B | 1.21B | 1.42B |
| Total Liabilities & Equity | 3.95B | 3.59B | 3.55B | 3.40B | 3.47B | 2.86B |
| Total Debt | 1.86B | 1.26B | 904.00M | 1.16B | 1.32B | 531.50M |
| Net Cash (Debt) | -1.33B | -732.40M | -353.00M | -771.20M | -909.00M | 14.60M |
| Net Cash Per Share | -34.18 | -17.36 | -8.19 | -17.98 | -21.19 | 0.34 |
| Filing Date Shares Outstanding | 37.10M | 39.58M | 42.84M | 42.73M | 42.48M | 42.96M |
| Total Common Shares Outstanding | 37.10M | 39.74M | 42.87M | 42.73M | 42.48M | 43.14M |
| Working Capital | 48.40M | -15.30M | 46.80M | -65.10M | -71.70M | 104.10M |
| Book Value Per Share | 27.64 | 30.75 | 37.76 | 31.08 | 28.42 | 32.82 |
| Tangible Book Value | -1.27B | -768.20M | -352.20M | -735.40M | -913.20M | -119.30M |
| Tangible Book Value Per Share | -34.23 | -19.33 | -8.22 | -17.21 | -21.50 | -2.77 |
| Machinery | 156.10M | 138.10M | 152.60M | 144.40M | 124.80M | |
| Construction In Progress | 12.90M | 12.20M | 13.80M | 13.70M | 11.00M | |
| Leasehold Improvements | 136.10M | 113.90M | 113.30M | 106.50M | 100.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 445.50M | 374.20M | 369.90M | 141.10M | 70.50M | 193.30M |
| Depreciation & Amortization | 102.70M | 87.20M | 95.50M | 103.70M | 102.30M | 90.80M |
| Other Amortization | 102.70M | 102.70M | 94.90M | 81.20M | 64.30M | 59.90M |
| Loss (Gain) From Sale of Assets | -22.70M | -22.70M | -109.30M | |||
| Loss (Gain) on Equity Investments | -1.10M | 3.30M | 17.40M | -42.20M | 3.60M | -5.40M |
| Stock-Based Compensation | 65.00M | 56.40M | 54.70M | 52.80M | 83.20M | 41.90M |
| Provision & Write-off of Bad Debts | 3.90M | 5.10M | 8.10M | 5.30M | 3.80M | 1.90M |
| Other Operating Activities | -48.90M | -45.40M | -32.40M | -53.60M | -17.90M | 3.90M |
| Change in Accounts Receivable | -60.30M | -26.00M | -30.30M | -38.20M | -38.60M | -67.90M |
| Change in Accounts Payable | 26.90M | 1.10M | 9.60M | -1.50M | -2.00M | 7.10M |
| Change in Unearned Revenue | 16.00M | 25.70M | 30.10M | 50.90M | 60.00M | 78.20M |
| Change in Income Taxes | 16.40M | -8.00M | 23.10M | -7.80M | 18.90M | -6.10M |
| Change in Other Net Operating Assets | -4.20M | 36.10M | 60.30M | 24.70M | -50.30M | 52.30M |
| Operating Cash Flow | 641.90M | 589.70M | 591.60M | 316.40M | 297.80M | 449.90M |
| Capital Expenditures | -149.10M | -147.10M | -142.70M | -119.10M | -129.50M | -101.80M |
| Cash Acquisitions | -359.50M | -39.00M | -800.00K | -646.70M | -24.80M | |
| Divestitures | 52.40M | |||||
| Sale (Purchase) of Intangibles | 22.70M | 22.70M | 65.00M | |||
| Investment in Securities | 38.00M | 19.20M | 3.80M | 37.90M | -22.90M | -41.00M |
| Other Investing Activities | 5.00M | 4.90M | 200.00K | 100.00K | -200.00K | -100.00K |
| Investing Cash Flow | -442.90M | -139.30M | -21.30M | -81.90M | -799.30M | -167.70M |
| Long-Term Debt Issued | 1.18B | 90.00M | 260.00M | 1.12B | 10.00M | |
| Total Debt Issued | 1.59B | 1.18B | 90.00M | 260.00M | 1.12B | 10.00M |
| Long-Term Debt Repaid | -800.00M | -364.40M | -397.50M | -374.10M | -100.00M | |
| Total Debt Repaid | -759.40M | -800.00M | -364.40M | -397.50M | -374.10M | -100.00M |
| Net Debt Issued (Repaid) | 830.60M | 375.00M | -274.40M | -137.50M | 750.90M | -90.00M |
| Repurchase of Common Stock | -911.80M | -809.80M | -40.70M | -31.60M | -255.90M | -30.30M |
| Common Dividends Paid | -76.50M | -76.90M | -69.30M | -63.90M | -61.50M | -54.20M |
| Other Financing Activities | -13.20M | -3.00M | -45.40M | -18.40M | -37.30M | |
| Financing Cash Flow | -170.90M | -514.70M | -384.40M | -278.40M | 415.10M | -211.80M |
| Foreign Exchange Rate Adjustments | -5.60M | 36.10M | -21.10M | 5.20M | -20.80M | -9.10M |
| Net Cash Flow | 22.50M | -28.20M | 164.80M | -38.70M | -107.20M | 61.30M |
| Free Cash Flow | 492.80M | 442.60M | 448.90M | 197.30M | 168.30M | 348.10M |
| Free Cash Flow Margin | 18.80% | 18.10% | 19.73% | 9.68% | 9.00% | 20.48% |
| Free Cash Flow Per Share | 12.62 | 10.49 | 10.41 | 4.60 | 3.92 | 8.02 |
| Levered Free Cash Flow | 464.82M | 446.38M | 482.71M | 199.11M | 234.91M | 330.79M |
| Unlevered Free Cash Flow | 506.14M | 471.38M | 513.90M | 231.43M | 252.66M | 336.23M |
| Cash Interest Paid | 66.80M | 37.30M | 47.40M | 58.40M | 28.40M | 10.40M |
| Cash Income Tax Paid | 164.00M | 171.80M | 115.60M | 73.20M | 75.30M | 80.90M |
| Change in Working Capital | -5.20M | 28.90M | 92.80M | 28.10M | -12.00M | 63.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.39B | 8.94B | 14.44B | 12.22B | 9.19B | 14.74B |
| Enterprise Value | 9.73B | 9.47B | 14.88B | 13.10B | 10.14B | 14.78B |
| Last Close Price | 226.19 | 214.95 | 330.96 | 279.78 | 210.21 | 330.06 |
| PE Ratio | 19.81 | 23.89 | 39.04 | 86.62 | 130.40 | 76.25 |
| Forward PE | 16.02 | 21.33 | 42.45 | 51.08 | 39.01 | 29.04 |
| PS Ratio | 3.20 | 3.65 | 6.35 | 6.00 | 4.92 | 8.67 |
| PB Ratio | 8.18 | 7.32 | 8.92 | 9.21 | 7.62 | 10.41 |
| P/FCF Ratio | 17.03 | 20.19 | 32.17 | 61.95 | 54.62 | 42.34 |
| P/OCF Ratio | 13.07 | 15.16 | 24.41 | 38.63 | 30.87 | 32.76 |
| PEG Ratio | 2.34 | 2.34 | 2.34 | 2.42 | 2.42 | |
| EV/Sales Ratio | 3.71 | 3.87 | 6.54 | 6.42 | 5.42 | 8.70 |
| EV/EBITDA Ratio | 13.52 | 15.95 | 28.82 | 39.18 | 34.27 | 42.49 |
| EV/EBIT Ratio | 15.77 | 18.70 | 35.37 | 56.80 | 52.37 | 57.50 |
| EV/FCF Ratio | 19.74 | 21.39 | 33.15 | 66.39 | 60.27 | 42.45 |
| Debt / Equity Ratio | 1.81 | 1.03 | 0.56 | 0.87 | 1.10 | 0.38 |
| Debt / EBITDA Ratio | 2.36 | 1.92 | 1.57 | 2.90 | 3.92 | 1.36 |
| Debt / FCF Ratio | 3.77 | 2.85 | 2.01 | 5.88 | 7.87 | 1.53 |
| Net Debt / Equity Ratio | 1.30 | 0.60 | 0.22 | 0.58 | 0.75 | -0.01 |
| Net Debt / EBITDA Ratio | 1.85 | 1.23 | 0.68 | 2.31 | 3.07 | -0.04 |
| Net Debt / FCF Ratio | 2.71 | 1.66 | 0.79 | 3.91 | 5.40 | -0.04 |
| Asset Turnover | 0.70 | 0.69 | 0.65 | 0.59 | 0.59 | 0.61 |
| Quick Ratio | 0.95 | 0.89 | 0.95 | 0.83 | 0.82 | 1.05 |
| Current Ratio | 1.05 | 0.98 | 1.05 | 0.93 | 0.92 | 1.13 |
| Return on Equity (ROE) | 35.08% | 26.35% | 25.11% | 11.13% | 5.38% | 14.39% |
| Return on Assets (ROA) | 10.27% | 8.86% | 7.57% | 4.19% | 3.82% | 5.78% |
| Return on Invested Capital (ROIC) | 19.44% | 19.47% | 16.14% | 8.87% | 6.11% | 13.69% |
| Return on Capital Employed (ROCE) | 21.00% | 20.00% | 16.30% | 9.10% | 7.50% | 12.40% |
| Earnings Yield | 5.05% | 4.19% | 2.56% | 1.15% | 0.77% | 1.31% |
| FCF Yield | 5.87% | 4.95% | 3.11% | 1.61% | 1.83% | 2.36% |
| Dividend Yield | 0.88% | 0.83% | 0.50% | 0.53% | 0.68% | 0.38% |
| Payout Ratio | 17.51% | 20.55% | 18.73% | 45.29% | 87.23% | 28.04% |
| Buyback Yield / Dilution | 8.60% | 2.09% | -0.47% | 1.15% | -0.46% | |
| Total Shareholder Return | 9.49% | 2.92% | 0.03% | 0.53% | 1.83% | -0.08% |