Morningstar, Inc. MORN

Financials SIC 6282 - Investment Advice NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities › Portfolio Management and Investment Advice derived Nasdaq

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.

Last close 224.89 2026-10-23
Market cap $8.44B 2026-06-30 share count
52-week range 141.49 - 226.07

Valuation FY2025 figures against the last close

P/S3.4x
P/E25.4x
P/FCF19.1x
EV/EBITDA12.5x
Dividend yield0.9%
Diluted EPS8.87

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Morningstar Data and Analytics Segment
  • PitchBook Segment
  • Morningstar Credit Segment
  • Morningstar Wealth Segment
  • Corporate Segment and Other Operating Segment
  • Morningstar Retirement Segment
Revenue by segment, 6 categories over 3 years. The same figures are in the table below. FY2025 Morningstar Data and Analytics Segment, FY2025: 830.6M (34.0%) 34% Morningstar Data and Analytics Segment PitchBook Segment, FY2025: 671.8M (27.5%) 27% PitchBook Segment Morningstar Credit Segment, FY2025: 354.4M (14.5%) 14% Morningstar Wealth Segment, FY2025: 251.4M (10.3%) 10% Corporate Segment and Other Operating Segment, FY2025: 199.7M (8.2%) 8% Morningstar Retirement Segment, FY2025: 137.6M (5.6%) 6% FY2024 Morningstar Data and Analytics Segment, FY2024: 788.1M (34.6%) 35% PitchBook Segment, FY2024: 618.4M (27.2%) 27% Morningstar Credit Segment, FY2024: 291.1M (12.8%) 13% Morningstar Wealth Segment, FY2024: 248.4M (10.9%) 11% Corporate Segment and Other Operating Segment, FY2024: 202M (8.9%) 9% Morningstar Retirement Segment, FY2024: 127.1M (5.6%) 6% FY2023 Morningstar Data and Analytics Segment, FY2023: 747.2M (36.7%) 37% PitchBook Segment, FY2023: 551.9M (27.1%) 27% Morningstar Credit Segment, FY2023: 215.4M (10.6%) 11% Morningstar Wealth Segment, FY2023: 229.9M (11.3%) 11% Corporate Segment and Other Operating Segment, FY2023: 183.7M (9.0%) 9% Morningstar Retirement Segment, FY2023: 110.5M (5.4%) 5%
Segment FY2025FY2024FY2023
Morningstar Data and Analytics Segment $830.6M $788.1M $747.2M
PitchBook Segment $671.8M $618.4M $551.9M
Morningstar Credit Segment $354.4M $291.1M $215.4M
Morningstar Wealth Segment $251.4M $248.4M $229.9M
Corporate Segment and Other Operating Segment $199.7M $202.0M $183.7M
Morningstar Retirement Segment $137.6M $127.1M $110.5M

As the company reported it, from the “Segment Reporting (Details) - Table 2” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 8.938.643.311.654.505.223.564.303.213.74
EPS, diluted 8.878.583.291.644.455.183.524.253.183.72
Shares, diluted (wtd. avg.) 42.2M43.1M42.9M42.9M43.4M43.2M43.2M43.0M43.0M43.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 798.6M Gross profit, FY2016: 454.3M Net income, FY2016: 161M Revenue, FY2017: 911.7M Gross profit, FY2017: 525.1M Net income, FY2017: 136.9M Revenue, FY2018: 1B Gross profit, FY2018: 608.8M Net income, FY2018: 183M Revenue, FY2019: 1.2B Gross profit, FY2019: 695.9M Net income, FY2019: 152M Revenue, FY2020: 1.4B Gross profit, FY2020: 833.1M Net income, FY2020: 223.6M Revenue, FY2021: 1.7B Gross profit, FY2021: 1B Net income, FY2021: 193.3M Revenue, FY2022: 1.9B Gross profit, FY2022: 1.1B Net income, FY2022: 70.5M Revenue, FY2023: 2B Gross profit, FY2023: 1.2B Net income, FY2023: 141.1M Revenue, FY2024: 2.3B Gross profit, FY2024: 1.4B Net income, FY2024: 369.9M Revenue, FY2025: 2.4B Gross profit, FY2025: 1.5B Net income, FY2025: 374.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $798.6M $911.7M $1.02B $1.18B $1.39B $1.70B $1.87B $2.04B $2.28B $2.45B
Gross profit $454.3M $525.1M $608.8M $695.9M $833.1M $1.00B $1.09B $1.20B $1.38B $1.49B
Net income $161.0M $136.9M $183.0M $152.0M $223.6M $193.3M $70.5M $141.1M $369.9M $374.2M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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