MORN
Morningstar, Inc.
$166.38
+0.44 (+0.27%)
At close · Jul 6
Market Cap
$6.54B
Shares
38,028,018
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Revenue
$2.45B
+7.5%
FY2025
Net Income
$374.2M
+1.2%
FY2025
Gross Margin
61.03%
+0.4pp
FY2025
Operating Margin
21.53%
+0.2pp
FY2025
Diluted EPS
$8.87
+3.4%
FY2025
Operating Cash Flow
$589.7M
-0.3%
FY2025
Chart any reported metric, KPI or segment over time — the full statement history lives here
Search above to add metrics — fundamentals, product and segment revenue, company KPIs, valuation.
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $2.51B | $2.45B | $2.28B | $2.04B | $1.87B | $1.7B | $1.39B | $1.18B | $1.02B | $911.7M | $798.6M | $788.8M | $760.1M | $698.3M | $658.29M | $631.4M | $555.35M | $479M | $502.46M | |
| $960.4M | $952.9M | $895.7M | $843.5M | $779.3M | $698.4M | $556.4M | $483.1M | $411.1M | $386.6M | $344.3M | $330.1M | $318.6M | $271.4M | $246.78M | $235.29M | $157.07M | $128.62M | $130.09M | |
| $1.55B | $1.49B | $1.38B | $1.2B | $1.09B | $1B | $833.1M | $695.9M | $608.8M | $525.1M | $454.3M | $458.7M | $441.5M | $426.9M | $411.51M | $396.11M | $398.28M | $350.38M | $372.37M | |
| — | 61.03% | 60.63% | 58.62% | 58.34% | 58.9% | 59.96% | 59.02% | 59.69% | 57.6% | 56.89% | 58.15% | 58.08% | 61.13% | 62.51% | 62.74% | 71.72% | 73.15% | 74.11% | |
| $53.42M | — | — | — | — | — | — | — | — | — | — | — | — | — | $51.44M | $53.16M | $49.24M | $38.38M | $40.34M | |
| $469.6M | $467M | $441M | $423.8M | $356.5M | $274.8M | $206.4M | $177.9M | $148.5M | $134.3M | $97.6M | $96.6M | $111.1M | $103.6M | $108.88M | $106.7M | $95.47M | $71.77M | $81.65M | |
| $341.5M | $334M | $327.2M | $355.8M | $400.4M | $318.4M | $272M | $210.7M | $147.8M | $129.8M | $105.2M | $107.1M | $108.9M | $106.9M | $108.86M | $108.08M | $92.84M | $83.6M | $85.51M | |
| $64.4M | $59.8M | $64.5M | $70.5M | $66.7M | $62M | $58.8M | $36.5M | $20.7M | $23.6M | $19.4M | $22M | $22.3M | $21.5M | $23.94M | $27.27M | $24.85M | — | — | |
| $194.3M | $189.9M | $190.4M | $184.9M | $166.6M | $150.7M | $139.5M | $117.7M | $96.7M | $91.2M | $70.7M | $64.4M | $54.9M | $45.7M | $43.1M | $42.91M | $39.66M | $31.96M | $26M | |
| $1.97B | $1.94B | $1.85B | $1.81B | $1.7B | $1.44B | $1.17B | $989.4M | $804.1M | $741.9M | $617.8M | $598.2M | $654.5M | $527.6M | $507.62M | $492.99M | $434.29M | $354.32M | $363.58M | |
| $568.4M | $526.6M | $484.8M | $230.6M | $167.8M | $257M | $215.2M | $189.6M | $215.8M | $169.8M | $180.8M | $190.6M | $105.6M | $170.7M | $150.67M | $138.42M | $121.06M | $124.67M | $138.88M | |
| — | 21.53% | 21.31% | 11.31% | 8.97% | 15.12% | 15.49% | 16.08% | 21.16% | 18.62% | 22.64% | 24.16% | 13.89% | 24.45% | 22.89% | 21.92% | 21.8% | 26.03% | 27.64% | |
| $762.7M | $716.5M | $675.2M | $415.5M | $334.4M | $407.7M | $354.7M | $307.3M | $312.5M | $261M | $251.5M | $255M | $160.5M | $216.4M | $193.76M | $181.33M | $160.72M | $156.63M | $164.87M | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | $228K | $311K | $1.32M | $281K | $348K | — | |
| -$36.1M | -$27.6M | $6.5M | -$49.1M | -$37.2M | -$6.5M | $67.8M | $8.9M | $17.1M | $11.3M | $44.1M | $3.1M | $8.4M | $7.3M | $2.96M | $1.71M | $6.73M | $2.93M | $4.25M | |
| -$800K | -$3.3M | -$17.4M | -$7.4M | -$3.6M | $5.4M | $300K | -$900K | -$2.1M | -$1.3M | -$200K | $1.8M | $0 | $1.4M | $2.03M | $1.85M | $1.42M | $1.17M | $1.32M | |
| — | $0 | $0 | $49.6M | $0 | $0 | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| $529M | $495.7M | $473.9M | $174.1M | $130.6M | $250.5M | $283M | $198.5M | $232.9M | $181.1M | $224.9M | $193.7M | $114M | $178M | $153.63M | $140.12M | $127.79M | $127.61M | $143.13M | |
| $128.7M | $121.5M | $104M | $33M | $56.5M | $62.6M | $59.7M | $45.6M | $47.8M | $42.9M | $63.7M | $62.7M | $35.7M | $56M | $52.88M | $43.66M | $42.76M | $46.78M | $54.42M | |
| $402.8M | $374.2M | $369.9M | $141.1M | $70.5M | $193.3M | $223.6M | $152M | $183M | $136.9M | $161M | $132.6M | $78.3M | $123.5M | $108.08M | $98.36M | $86.37M | $82.13M | $89.63M | |
| — | 15.3% | 16.26% | 6.92% | 3.77% | 11.38% | 16.09% | 12.89% | 17.94% | 15.02% | 20.16% | 16.81% | 10.3% | 17.69% | 16.42% | 15.58% | 15.55% | 17.15% | 17.84% | |
| — | — | — | — | — | — | — | — | — | $0 | $0 | $200K | $0 | -$100K | -$117K | -$43K | $87K | -$132K | $397K | |
| — | — | $369.9M | $141.1M | $70.5M | $193.3M | $223.6M | $152M | $183M | $136.9M | — | $132.6M | $78.3M | $123.5M | $107.99M | $98.06M | $86.03M | $82.13M | — | |
| — | — | — | — | — | — | — | — | — | $171.8M | $134.1M | $102.8M | $48.4M | $119M | $116.18M | $94.85M | $91.46M | $98.05M | — | |
| USD/shares | — | $8.93 | $8.64 | $3.31 | $1.65 | $4.50 | $5.22 | $3.56 | $4.30 | $3.21 | $3.74 | $3.00 | $1.75 | $2.68 | $2.23 | $1.96 | $1.75 | $1.71 | $1.94 |
| USD/shares | — | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 | $5.18 | $3.52 | $4.25 | $3.18 | $3.72 | $3.00 | $1.74 | $2.66 | $2.20 | $1.92 | $1.70 | $1.65 | $1.82 |
| shares | — | 41.9M | 42.8M | 42.6M | 42.6M | 43M | 42.9M | 42.7M | 42.6M | 42.7M | 43M | 44.2M | 44.7M | 46.2M | 48.5M | 50.03M | 49.25M | 48.11M | 46.14M |
| shares | — | 42.2M | 43.1M | 42.9M | 42.9M | 43.4M | 43.2M | 43.2M | 43M | 43M | 43.3M | 44.3M | 44.9M | 46.5M | 49.15M | 50.99M | 50.56M | 49.79M | 49.21M |
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2009–FY2025: $1.81B in buybacks, $661.93M in dividends.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.
Valuation
Compare industry multiplesEV/Revenue
—
EV/EBIT
—
P/E (TTM)
17.57×
Financial Data & Stock Exchanges median 22.02×
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|
| Morningstar Data and Analytics Segment | $667,500,000 | $696,600,000 | $747,200,000 | $788,100,000 | $830,600,000 |
| PitchBook Segment | $301,600,000 | $450,700,000 | $551,900,000 | $618,400,000 | $671,800,000 |
| Morningstar Credit Segment | $271,200,000 | $236,900,000 | $215,400,000 | $291,100,000 | $354,400,000 |
| Morningstar Wealth Segment | $238,400,000 | $228,900,000 | $229,900,000 | $248,400,000 | $251,400,000 |
| Corporate And Other | $116,000,000 | $153,500,000 | $183,700,000 | $202,000,000 | $199,700,000 |
| Morningstar Retirement Segment | $104,600,000 | $104,000,000 | $110,500,000 | $127,100,000 | $137,600,000 |
By Geography (USD)
| Component | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| United States | $764,200,000 | $866,400,000 | $970,800,000 | $1,184,300,000 | $1,353,900,000 | $1,470,600,000 | $1,638,800,000 | $1,754,900,000 |
| Non United States | $255,700,000 | $312,600,000 | $418,700,000 | $515,000,000 | $516,700,000 | $568,000,000 | $636,300,000 | $690,600,000 |
| Europe Excluding United Kingdom | $81,200,000 | $88,000,000 | $113,800,000 | $159,100,000 | $162,900,000 | $185,500,000 | $203,800,000 | $219,600,000 |
| United Kingdom | $72,400,000 | $93,900,000 | $117,500,000 | $135,700,000 | $133,600,000 | $148,000,000 | $167,400,000 | $189,800,000 |
| Canada | $30,700,000 | $56,900,000 | $101,500,000 | $112,900,000 | $109,800,000 | $116,300,000 | $140,400,000 | $154,900,000 |
| Australia | $40,900,000 | $39,500,000 | $45,600,000 | $56,900,000 | $55,800,000 | $58,400,000 | $62,400,000 | $65,300,000 |
| Asia | $24,500,000 | $27,900,000 | $33,600,000 | $41,100,000 | $44,800,000 | $49,300,000 | $49,600,000 | $48,000,000 |
| Segment Geographical Group Of Other Countries | $6,000,000 | $6,400,000 | $6,700,000 | $9,300,000 | $9,800,000 | $10,500,000 | $12,700,000 | $13,000,000 |
By Product & Service (USD)
| Component | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| Licensed Based | $751,600,000 | $812,700,000 | $934,900,000 | $1,131,700,000 | $1,228,700,000 | $1,391,600,000 | $1,496,900,000 | $1,590,000,000 |
| Transaction Based | $67,900,000 | $154,700,000 | $230,800,000 | $302,700,000 | $269,000,000 | $232,200,000 | $308,600,000 | $377,400,000 |
| Asset Based | $200,400,000 | $211,600,000 | $223,800,000 | $264,900,000 | $219,400,000 | $231,100,000 | $267,600,000 | $278,400,000 |
| Morningstar Sustainalytics | — | — | — | — | $103,300,000 | $118,200,000 | $117,300,000 | $112,000,000 |
| Morningstar Indexes | — | — | — | — | $50,200,000 | $65,500,000 | $84,700,000 | $87,700,000 |
Key facts
CIK
1289419
CUSIP
617700109
13F (30d)
11 filings
10 filers
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