Morningstar, Inc. (MORN)

Morningstar, Inc. provides independent investment insights for investors in the United States, Asia, Australia, Canada, Continental Europe, the United Kingdom, and internationally. It operates through five segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. The company offers managed investments, including mutual funds, exchanged traded funds, separate accounts, collective investment trusts, model portfolios, equities, and fixed-income securities; Morningstar Direct, an investment analysis and reporting application; and Morningstar Advisor Workstation, a suite of tools to provide advice to clients. It also provides PitchBook that offers data and research covering the private capital markets comprising venture capital, private equity and credit, bank loans, and merger and acquisition activities through the PitchBook platform; Morningstar Model Portfolios, an advisor service with model portfolios for fee-based financial advisors; Morningstar International Wealth Platform, which offers discretionary asset management services; and Morningstar Investor/Morningstar.com, an individual investor platform and media site. In addition, the company offers credit ratings, research, data, and credit analytics solutions through Morningstar DBRS and Morningstar Credit Analytics agencies. Further, it provides managed retirement accounts, fiduciary services, and custom models; Morningstar Sustainalytics that provides environmental, social and governance data, research, and ratings; and Morningstar Indexes that offers market indexes used for performance benchmarks and as the basis for investment products and other portfolio strategies. The company was incorporated in 1984 and is headquartered in Chicago, Illinois.

Ticker
MORN
Exchange
Nasdaq
Sector
Financial Services
Industry
Financial Data & Stock Exchanges
Market cap
$9.06B
52-week range
$141.49 - $248.88

Valuation

Share price
$244.15 (close of Nov 6, 2026)
P/E (TTM)
21.25x
Price to book
8.83x
Price to free cash flow
18.38x
Enterprise value
$10.44B
Book value per share
$27.64

Price performance

PeriodChange
1 day-1.22%
5 days+7.94%
1 month+24.76%
3 months+24.21%
6 months+45.62%
Year to date+12.35%
1 year+15.36%
3 years-7.16%
5 years-21.95%
10 years+256.89%
All time+1,117.71%

Short interest

As of
Oct 15, 2026
Short % of float
5.64%
Shares short
1.24M
Days to cover
4.93
Change since prior report
-12.68%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
30.62%
Return on assets
10.42%
Net margin
15.30%
Revenue growth
7.49%
Net income growth
1.16%
Free cash flow growth
-1.40%

Cash flow and balance sheet

Free cash flow yield (TTM)
5.44%
Current ratio
1.05x
Net debt to EBITDA
1.60x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$2.45B
Net income
$374.20M
Earnings per share
$8.93
Interest expense
$28.60M
Shares outstanding
41.90M

Income statement by year

Period endRevenueNet incomeEPS
2025-12-31$2.45B$374.20M$8.93
2024-12-31$2.28B$369.90M$8.64
2023-12-31$2.04B$141.10M$3.31
2022-12-31$1.87B$70.50M$1.65
2021-12-31$1.70B$193.30M$4.50
2020-12-31$1.39B$223.60M$5.22
2019-12-31$1.18B$152.00M$3.56
2018-12-31$1.02B$183.00M$4.30
2017-12-31$911.70M$136.90M$3.21
2016-12-31$798.60M$161.00M$3.74

Margins and returns by year

Period endNet marginReturn on equity
2025-12-3115.30%30.62%
2024-12-3116.26%22.85%
2023-12-316.92%10.63%
2022-12-313.77%5.84%
2021-12-3111.38%13.65%
2020-12-3116.09%17.59%
2019-12-3112.89%14.03%
2018-12-3117.94%19.58%
2017-12-3115.02%17.01%
2016-12-3120.16%23.11%

Cash and debt by year

Period endCashDebt
2025-12-31$474.50M$1.07B
2024-12-31$502.70M$698.60M
2023-12-31$337.90M$972.40M
2022-12-31$376.60M$1.11B
2021-12-31$483.80M$359.40M
2020-12-31$463.00M$449.10M
2019-12-31$359.90M$502.10M
2018-12-31$389.40M$70.00M
2017-12-31$329.70M$180.00M
2016-12-31$286.80M$250.00M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$442.60M$56.40M
2024-12-31$448.90M$54.70M
2023-12-31$197.30M$52.80M
2022-12-31$168.30M$83.20M
2021-12-31$348.10M$41.90M
2020-12-31$307.60M$36.60M
2019-12-31$254.40M$44.40M
2018-12-31$238.70M$31.70M
2017-12-31$183.50M$24.10M
2016-12-31$150.90M$14.50M

Dividend history

Most recent payment
Oct 2, 2026
Paid in the last twelve months
$2.00
Payment dateDividend per share
2026-10-02$0.50
2026-07-10$0.50
2026-04-02$0.50
2026-01-02$0.50
2025-10-03$0.46
2025-07-11$0.46
2025-04-04$0.46
2025-01-03$0.46

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-28Sep 2026-
2026-07-29Jun 2026-
2026-04-29Mar 2026-
2026-02-12Dec 2025-
2025-10-29Sep 2025-
2025-07-30Jun 2025-
2025-04-30Mar 2025-
2025-02-26Dec 2024-

Filings and sources

Company website
morningstar.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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