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 46 d ago 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
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
Sep '21	$429M	$49M	57.3%	15.8%	3.5%	1.8%	$92M	$374M	$427M

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 108.0× (Mar '23) to 21.6× (Sep '26).
The price-to-sales ratio has fallen from 4.1× (Mar '23) to 3.3× (Sep '26).
The dividend yield has risen from 0.8% (Mar '23) to 1.0% (Sep '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?

As of Sep '26, Morningstar, Inc. traded at a price-to-earnings ratio of about 21.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.