Morningstar, Inc. MORN
Our mission is to empower investor success. We deliver connected data, independent research, investor-first tools, and long-term portfolio strategies with a focus on removing frictions that can slow decisions, cloud markets, and drive up costs.
Morningstar, Inc. is a leading global provider of independent investment insights. Our core competencies are data, research, design, and technology, and we employ each of these to create products built on the depth and breadth of our data that are designed to clearly convey complex investment information. We offer a variety of products and solutions that serve a wide range of market participants.
Through our Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, our customers can access a wide selection of investment data, research, ratings, and tools on our proprietary desktop or web-based software platforms; through direct data feeds and application programming interfaces (APIs); and via artificial intelligence (AI) integrations, which offer AI-ready access to data, research, and capabilities through Model Context Protocol (MCP) and intelligent agents. We also offer access via third parties in our alliances and redistributors customer segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B | $1.39B | $1.18B | $1.02B | $911.7M | $798.6M |
| Cost of revenue | $952.9M | $895.7M | $843.5M | $779.3M | $698.4M | $556.4M | $483.1M | $411.1M | $386.6M | $344.3M |
| Gross profit | $1.49B | $1.38B | $1.20B | $1.09B | $1.00B | $833.1M | $695.9M | $608.8M | $525.1M | $454.3M |
| SG&A | $334.0M | $327.2M | $355.8M | $400.4M | $318.4M | $272.0M | $210.7M | $147.8M | $129.8M | $105.2M |
| Total operating expenses | $1.94B | $1.85B | $1.81B | $1.70B | $1.44B | $1.17B | $989.4M | $804.1M | $741.9M | $617.8M |
| Operating income | $526.6M | $484.8M | $230.6M | $167.8M | $257.0M | $215.2M | $189.6M | $215.8M | $169.8M | $180.8M |
| Pre-tax income | $495.7M | $473.9M | $174.1M | $130.6M | $250.5M | $283.0M | $198.5M | $232.9M | $181.1M | $224.9M |
| Income tax | $121.5M | $104.0M | $33.0M | $56.5M | $62.6M | $59.7M | $45.6M | $47.8M | $42.9M | $63.7M |
| Net income | $374.2M | $369.9M | $141.1M | $70.5M | $193.3M | $223.6M | $152.0M | $183.0M | $136.9M | $161.0M |
| EPS, basic | 8.93 | 8.64 | 3.31 | 1.65 | 4.50 | 5.22 | 3.56 | 4.30 | 3.21 | 3.74 |
| EPS, diluted | 8.87 | 8.58 | 3.29 | 1.64 | 4.45 | 5.18 | 3.52 | 4.25 | 3.18 | 3.72 |
| Shares, diluted (wtd. avg.) | $42.2M | $43.1M | $42.9M | $42.9M | $43.4M | $43.2M | $43.2M | $43.0M | $43.0M | $43.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $474.5M | $502.7M | $337.9M | $376.6M | $483.8M | $422.5M | $334.1M | $369.3M | $308.2M | $259.1M |
| Short-term investments | $54.2M | $48.3M | $51.1M | $38.0M | $62.3M | $41.7M | $33.4M | $26.6M | $45.1M | $44.9M |
| Receivables | $390.4M | $358.1M | $343.9M | $307.9M | $268.9M | $205.1M | $188.5M | $172.2M | $148.2M | $145.8M |
| Total current assets | $1.04B | $1.01B | $815.7M | $810.8M | $887.6M | $730.0M | $603.2M | $601.6M | $529.8M | $472.0M |
| Property, plant and equipment | $231.9M | $218.9M | $207.7M | $199.4M | $171.8M | $155.1M | $154.7M | $143.5M | $147.4M | $152.1M |
| Goodwill | $1.61B | $1.56B | $1.58B | $1.57B | $1.21B | $1.21B | $1.04B | $556.7M | $564.9M | $556.8M |
| Other intangibles | $379.3M | $408.8M | $484.4M | $548.6M | $328.2M | $380.1M | $333.4M | $73.9M | $95.4M | $120.9M |
| Total assets | $3.59B | $3.55B | $3.40B | $3.47B | $2.86B | $2.70B | $2.37B | $1.45B | $1.41B | $1.35B |
| Short-term debt | — | $0 | $32.1M | $32.1M | $0 | $0 | $11.0M | $0 | — | $0 |
| Total current liabilities | $1.05B | $967.3M | $880.8M | $882.5M | $783.5M | $626.5M | $495.8M | $362.8M | $323.2M | $294.9M |
| Long-term debt | $1.07B | $698.6M | $972.4M | $1.11B | $359.4M | $449.1M | $502.1M | $70.0M | — | — |
| Total liabilities | $2.37B | $1.93B | $2.08B | $2.27B | $1.45B | $1.42B | $1.29B | $519.1M | $600.8M | $654.1M |
| Retained earnings | $2.21B | $1.91B | $1.61B | $1.53B | $1.53B | $1.39B | $1.22B | $1.11B | $958.7M | $861.9M |
| Total equity | $1.22B | $1.62B | $1.33B | $1.21B | $1.42B | $1.27B | $1.08B | $934.7M | $804.9M | $696.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $589.7M | $591.6M | $316.4M | $297.8M | $449.9M | $384.3M | $334.4M | $314.8M | $250.1M | $213.7M |
| Depreciation and amortisation | $189.9M | $190.4M | $184.9M | $166.6M | $150.7M | $139.5M | $117.7M | $96.7M | $91.2M | $70.7M |
| Stock-based compensation | $56.4M | $54.7M | $52.8M | $83.2M | $41.9M | $36.6M | $44.4M | $31.7M | $24.1M | $14.5M |
| Capital expenditure | $147.1M | $142.7M | $119.1M | $129.5M | $101.8M | $76.7M | $80.0M | $76.1M | $66.6M | $62.8M |
| Investing cash flow | -$139.3M | -$21.3M | -$81.9M | -$799.3M | -$167.7M | -$123.8M | -$746.3M | -$49.9M | -$60.8M | -$274.2M |
| Financing cash flow | -$514.7M | -$384.4M | -$278.4M | $415.1M | -$211.8M | -$182.2M | $373.7M | -$188.8M | -$157.5M | $123.7M |
| Dividends paid | $76.9M | $69.3M | $63.9M | $61.5M | $54.2M | $51.4M | $47.8M | $42.6M | $39.3M | $37.9M |
| Buybacks | $787.0M | $11.6M | $1.4M | $226.0M | $1.3M | $41.9M | $4.9M | $20.9M | $42.3M | $48.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001289419-26-000013.
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| TROW | PRICE T ROWE GROUP INC | $23.42B | 11.9x | 3.1% |
| BEN | FRANKLIN TEMPLETON INC | $17.65B | 38.2x | 3.5% |
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