MORN · Morningstar, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B | $1.39B |
| Cost of Revenue | $952.90M | $895.70M | $843.50M | $779.30M | $698.40M | $556.40M |
| Gross Profit | $1.49B | $1.38B | $1.20B | $1.09B | $1.00B | $833.10M |
| R&D | - | - | - | - | - | - |
| SG&A | $334.00M | $327.20M | $355.80M | $400.40M | $318.40M | $272.00M |
| Total Operating Expenses | $1.94B | $1.85B | $1.81B | $1.70B | $1.44B | $1.17B |
| D&A | $189.90M | $190.40M | $184.90M | $166.60M | $150.70M | $139.50M |
| Operating Income | $526.60M | $484.80M | $230.60M | $167.80M | $257.00M | $215.20M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $121.50M | $104.00M | $33.00M | $56.50M | $62.60M | $59.70M |
| Net Income | $369.90M | $141.10M | $70.50M | $193.30M | $223.60M | $152.00M |
| EPS - Basic | $8.93 | $8.64 | $3.31 | $1.65 | $4.50 | $5.22 |
| EPS - Diluted | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 | $5.18 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $474.50M | $502.70M | $337.90M | $376.60M | $483.80M | $422.50M |
| Accounts Receivable | $390.40M | $358.10M | $343.90M | $307.90M | $268.90M | $205.10M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $1.04B | $1.01B | $815.70M | $810.80M | $887.60M | $730.00M |
| Total Assets | $3.59B | $3.55B | $3.40B | $3.47B | $2.86B | $2.70B |
| Current Liabilities | $1.05B | $967.30M | $880.80M | $882.50M | $783.50M | $626.50M |
| Long-term Debt | $1.07B | $698.60M | $972.40M | $1.11B | $359.40M | $449.10M |
| Total Liabilities | $2.37B | $1.93B | $2.08B | $2.27B | $1.45B | $1.42B |
| Stockholders' Equity | $1.22B | $1.62B | $1.33B | $1.21B | $1.42B | $1.27B |
| Retained Earnings | $2.21B | $1.91B | $1.61B | $1.53B | $1.53B | $1.39B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $589.70M | $591.60M | $316.40M | $297.80M | $449.90M | $384.30M |
| Investing Cash Flow | ($139.30M) | ($21.30M) | ($81.90M) | ($799.30M) | ($167.70M) | ($123.80M) |
| Financing Cash Flow | ($514.70M) | ($384.40M) | ($278.40M) | $415.10M | $211.80M | $182.20M |
| CapEx | $147.10M | $142.70M | $119.10M | $129.50M | $101.80M | $76.70M |
| Free Cash Flow | $442.60M | $448.90M | $197.30M | $168.30M | $348.10M | $307.60M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 61.0% | 60.6% | 58.6% | 58.3% | 58.9% | 60.0% |
| Operating margin | 21.5% | 21.3% | 11.3% | 9.0% | 15.1% | 15.5% |
| EBITDA margin | 29.3% | 29.7% | 20.4% | 17.9% | 24.0% | 25.5% |
| Net margin | 15.1% | 6.2% | 3.5% | 10.3% | 13.2% | 10.9% |
| Free cash flow margin | 18.1% | 19.7% | 9.7% | 9.0% | 20.5% | 22.1% |
| FCF / Net income | 1.20 | 3.18 | 2.80 | 0.87 | 1.56 | 2.02 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 13.7% | 14.4% | 17.5% | 21.4% | 18.7% | 19.6% |
| Effective tax rate | 24.7% | 42.4% | 31.9% | 22.6% | 21.9% | 28.2% |
| Return on assets | 10.3% | 4.0% | 2.1% | 5.6% | 7.8% | 5.6% |
| Return on equity | 30.3% | 8.7% | 5.3% | 16.0% | 15.8% | 12.0% |
| Return on invested capital | 17.3% | 12.0% | 6.8% | 5.6% | 11.3% | 9.0% |
| Liquidity | ||||||
| Current ratio | 0.99 | 1.05 | 0.93 | 0.92 | 1.13 | 1.17 |
| Quick ratio | 0.99 | 1.05 | 0.93 | 0.92 | 1.13 | 1.17 |
| Cash ratio | 0.45 | 0.52 | 0.38 | 0.43 | 0.62 | 0.67 |
| Leverage | ||||||
| Debt / Equity | 0.88 | 0.43 | 0.73 | 0.92 | 0.25 | 0.35 |
| Debt / Assets | 0.30 | 0.20 | 0.29 | 0.32 | 0.13 | 0.17 |
| Debt / EBITDA | 1.50 | 1.03 | 2.34 | 3.32 | 0.88 | 1.27 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 2.94 | 2.19 | 2.56 | 2.88 | 2.02 | 2.12 |
| Liabilities / Assets | 0.66 | 0.54 | 0.61 | 0.65 | 0.51 | 0.53 |
| Efficiency | ||||||
| Asset turnover | 0.68 | 0.64 | 0.60 | 0.54 | 0.59 | 0.52 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 58d | 57d | 62d | 60d | 58d | 54d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 24.5x | 39.2x | 87.0x | 132.1x | 76.9x | 44.7x |
| P / B | 7.5x | 9.0x | 9.2x | 7.7x | 10.5x | 7.9x |
| P / S | 3.7x | 6.4x | 6.0x | 5.0x | 8.7x | 7.2x |
| EV / EBITDA | 13.6x | 21.8x | 31.1x | 30.0x | 36.1x | 28.3x |
| Growth | ||||||
| Revenue growth (YoY) | 7.5% | 11.6% | 9.0% | 10.1% | 22.3% | 17.9% |
| Revenue CAGR (3y) | 9.3% | 10.2% | 13.6% | 16.6% | 28.6% | 15.1% |
| Revenue CAGR (5y) | 12.0% | 14.1% | 20.6% | 15.5% | 16.3% | 12.0% |
| Gross profit growth (YoY) | 8.2% | 15.4% | 9.5% | 9.0% | 20.1% | 19.7% |
| Operating income growth (YoY) | 8.6% | 110.2% | 37.4% | -34.7% | 19.4% | 13.5% |
| Net income growth (YoY) | 162.2% | 100.1% | -63.5% | -13.6% | 47.1% | -16.9% |
| EPS growth (YoY) | 3.4% | 160.8% | 100.6% | -63.1% | -14.1% | 47.2% |
| EPS CAGR (3y) | 75.5% | 24.5% | -14.0% | -22.5% | 1.5% | 17.7% |
| EPS CAGR (5y) | 11.4% | 19.5% | -5.0% | -12.4% | 3.6% | 11.5% |
| FCF growth (YoY) | -1.4% | 127.5% | 17.2% | -51.7% | 13.2% | 20.9% |
| FCF CAGR (5y) | 7.5% | 12.0% | -3.7% | -1.7% | 18.2% | 11.1% |
| Book value growth (YoY) | -24.5% | 21.9% | 10.0% | -14.7% | 11.4% | 17.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.45B totalMorningstar Data And Analytics Segment$830.60M · 34.0%
Pitch Book Segment$671.80M · 27.5%
Morningstar Credit Segment$354.40M · 14.5%
Morningstar Wealth Segment$251.40M · 10.3%
Corporate And Other$199.70M · 8.2%
Morningstar Retirement Segment$137.60M · 5.6%
Product / service
$1.17B totalLicensed Based$829.10M · 70.7%
Asset Based$142.50M · 12.2%
Morningstar Sustainalytics$112.00M · 9.5%
Morningstar Indexes$87.70M · 7.5%
Transaction Based$1.50M · 0.1%
Geographic
$3.14B totalUS$1.75B · 56.0%
Non United States$690.60M · 22.0%
Europe Excluding United Kingdom$219.60M · 7.0%
GB$189.80M · 6.1%
CA$154.90M · 4.9%
AU$65.30M · 2.1%
Asia$48.00M · 1.5%
Segment Geographical Group Of Other Countries$13.00M · 0.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.87
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Investment Advice
Comparing Morningstar against the 5 most active filers in the same SIC group.
Dividends
$1.91/share trailing 12 months · +11.0% YoY
| Ex-date | Per share |
|---|---|
| Apr 2, 2026 | $0.5000 |
| Jan 2, 2026 | $0.5000 |
| Oct 3, 2025 | $0.4550 |
| Jul 11, 2025 | $0.4550 |
| Apr 4, 2025 | $0.4550 |
| Jan 3, 2025 | $0.4550 |
| Oct 4, 2024 | $0.4050 |
| Jul 12, 2024 | $0.4050 |
| Apr 4, 2024 | $0.4050 |
| Jan 4, 2024 | $0.4050 |
| Oct 5, 2023 | $0.3750 |
| Jul 6, 2023 | $0.3750 |
| Apr 5, 2023 | $0.3750 |
| Jan 5, 2023 | $0.3750 |
| Oct 17, 2022 | $0.3600 |
| Jun 30, 2022 | $0.3600 |
| Mar 31, 2022 | $0.3600 |
| Jan 6, 2022 | $0.3600 |
| Oct 18, 2021 | $0.3150 |
| Jul 8, 2021 | $0.3150 |
| Apr 8, 2021 | $0.3150 |
| Dec 31, 2020 | $0.3150 |
| Oct 15, 2020 | $0.3000 |
| Jul 1, 2020 | $0.3000 |