MORN Financials Morningstar, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 31, 2026, 11:17 UTC Overview →

Growth & profitability

Revenue has grown 12.0% per year over the past 5 years.
Net income has grown slower than revenue (10.8% vs 12.0% per year).
Operating margin has expanded, at 21.5% in the latest year.
Free cash flow has grown 7.5% per year over the past 5 years.

Financial health

Total debt ($1.1B) exceeds cash ($475M); net debt is $598M.
Total debt has grown faster than revenue (19.0% vs 12.0% per year).
Total debt is 1.5× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 20.6% of earnings and 17.4% of free cash flow.
The dividend has grown 8.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$2.4B	$374M	61.0%	21.5%	30.6%	10.4%	$443M	$1.1B	$475M
2024	$2.3B	$370M	60.6%	21.3%	22.9%	10.4%	$449M	$699M	$503M
2023	$2.0B	$141M	58.6%	11.3%	10.6%	4.1%	$197M	$972M	$338M
2022	$1.9B	$71M	58.3%	9.0%	5.8%	2.0%	$168M	$1.1B	$377M
2021	$1.7B	$193M	58.9%	15.1%	13.7%	6.8%	$348M	$359M	$484M
2020	$1.4B	$224M	60.0%	15.5%	17.6%	8.3%	$308M	$449M	$423M
2019	$1.2B	$152M	59.0%	16.1%	14.0%	6.4%	$254M	$524M	$334M
2018	$1.0B	$183M	59.7%	21.2%	19.6%	12.6%	$239M	$70M	$369M
2017	$912M	$137M	57.6%	18.6%	17.0%	9.7%	$184M	—	$308M
2016	$799M	$161M	56.9%	22.6%	23.1%	11.9%	$151M	—	—
2015	—	$133M	—	—	20.7%	12.9%	$184M	—	—
2014	—	$78M	—	—	12.0%	7.8%	$78M	—	—
2013	—	$123M	—	—	17.9%	12.0%	$153M	—	—
2012	—	$108M	—	—	14.9%	10.4%	$116M	—	—
2011	—	$98M	—	—	11.5%	8.4%	$142M	—	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$672M	$116M	64.2%	24.9%	11.3%	2.9%	$155M	$1.7B	$497M
Jun '26	$663M	$108M	63.9%	24.2%	10.5%	2.7%	$123M	$1.7B	$490M
Mar '26	$645M	$107M	62.9%	24.2%	10.5%	2.7%	$54M	$1.7B	$493M
Dec '25	$641M	$115M	61.1%	24.9%	9.4%	3.2%	$161M	$1.1B	$475M
Sep '25	$617M	$92M	60.9%	20.7%	6.1%	2.6%	$160M	$849M	$474M
Jun '25	$605M	$89M	61.9%	20.7%	5.5%	2.5%	$62M	$839M	$504M
Mar '25	$582M	$79M	60.2%	19.6%	4.9%	2.2%	$59M	$804M	$512M
Dec '24	$591M	$117M	60.7%	28.5%	7.2%	3.3%	$113M	$699M	$503M
Sep '24	$569M	$120M	60.9%	20.3%	7.6%	3.4%	$156M	$865M	$553M
Jun '24	$572M	$69M	61.1%	19.0%	4.8%	2.0%	$121M	$900M	$391M
Mar '24	$543M	$64M	59.8%	17.1%	4.6%	1.9%	$60M	$949M	$354M
Dec '23	$539M	$74M	61.9%	17.5%	5.5%	2.2%	$108M	$972M	$338M
Sep '23	$516M	$39M	60.6%	13.6%	3.1%	1.2%	$101M	$1.1B	$325M
Jun '23	$505M	$36M	57.1%	8.3%	2.9%	1.0%	-$6M	$1.2B	$343M
Mar '23	$480M	-$8M	54.4%	5.1%	-0.6%	-0.2%	-$6M	$1.1B	$352M
Dec '22	$475M	$3M	58.9%	7.5%	0.3%	0.1%	$67M	$1.1B	$377M
Sep '22	$468M	-$9M	58.3%	4.7%	-0.8%	-0.3%	$68M	$1.2B	$373M
Jun '22	$470M	$30M	58.0%	11.5%	2.4%	0.9%	$37M	$1.2B	$380M
Mar '22	$457M	$46M	58.1%	12.3%	3.4%	1.6%	-$5M	$504M	$484M
Dec '21	$462M	$57M	59.0%	16.2%	4.0%	2.0%	$106M	$359M	$484M

Valuation over time

How the market has priced MORN against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 106.9× (Mar '23) to 23.7× (Nov '26).
The price-to-sales ratio has fallen from 4.0× (Mar '23) to 3.6× (Nov '26).
The dividend yield has risen from 0.8% (Mar '23) to 0.9% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MORN growing its revenue and profit?

Over the past 5 years, Morningstar, Inc.'s revenue has grown 12.0% per year, and net income grown 10.8% per year. These are computed facts, not advice.

How much debt does MORN have?

As of FY2025, Morningstar, Inc. reported $1.1B of total debt against $475M of cash.

What is MORN's profit margin?

In FY2025, gross margin was 61.0%, operating margin 21.5%, and net margin 15.3%.

What is MORN's P/E ratio?

Morningstar, Inc.'s P/E (TTM) is 19.87 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the MORN stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 23.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.