Morningstar

MORN · Nasdaq · Financials · Financials, fiscal 2016 to 2025

MORN · Last close · October 26, 2026

$225.29

Morningstar's revenue rose 7.5% to $2.4 billion in fiscal 2025. Its operating margin was 21.5%, up from 21.3% a year earlier. Free cash flow was $443 million, down 1.4%. It paid out $864 million in dividends and buybacks, 195% of free cash flow. The diluted share count fell 2.1%.

MORNINGSTAR, INC. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001289419-26-000013 Updated October 11, 2026

Revenue

$2.4B

7.5%

Operating margin

21.5%

0.2 pts

Net income

$374M

1.2%

Free cash flow

$443M

1.4%

Return on capital

22.5%

1.9 pts

Market cap

$8.6B

Oct 26 close

P/E

21.4x

On $10.52 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Morningstar does

Morningstar sells investment data, research, ratings and software to investors, financial advisors and institutions. Customers use its desktop and web platforms, data feeds and programming interfaces (APIs), and its artificial intelligence (AI) connections to get this information. It also sells investment management services and a range of indexes that others use as benchmarks.

It reports five segments: Morningstar Direct Platform, PitchBook (data on private markets), Morningstar Credit (credit ratings and research), Morningstar Wealth and Morningstar Retirement. The last two manage money for individuals and advisors, and the company says they handle about $378.0 billion in assets under management and advisement.

Morningstar says its independence and the accuracy of its research and ratings matter to its customers, so its brand and reputation are central to the business. Several of its businesses are regulated in many countries.

Its biggest risks, as it describes them

Harm to its brand, independence or reputation.
Liability if its research, ratings or published data are wrong or are misused.
Keeping its products fresh and up to date with technology, including AI.
Regulation of its ratings, advisory and investment management businesses in many countries.
Mistakes in its automated advisory tools that could lead to customer losses.

From Morningstar's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 10.1% a year and net income 9.8% a year, as buybacks cut the share count by 3%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Morningstar yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Morningstar's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Morningstar's fiscal 2025 free cash flow of $443M, net cash of −$544M at December 31, 2025 and 42 million diluted shares, from its filings. The scenarios are fitted to Morningstar: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Financial Exchanges & Data), plus 1 point as a smaller company, worth $8.6B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Morningstar's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 9.5% then 6% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 14% then 8.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $225.29
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Morningstar's earnings per share of $10.52 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21.4×, the middle of Morningstar's own P/E today, its peers' median and its sector's median (Morningstar's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: FactSet, MSCI, Cboe Global Markets, CME Group.

Earnings growth in the years ahead (% a year) Starts at Morningstar's revenue growth over the last 3 years, 9.3% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $225.29
Value at this multiple, against the last close: —
Morningstar's P/E at the last close: 21.4×

Company	Last close	Earnings per share	P/E today
MSCIMSCI	$617.67	$18.90	32.7×
Cboe Global MarketsCBOE	$335.25	$12.83	26.1×
CME GroupCME	$308.06	$12.19	25.3×
FactSetFDS	$323.39	$14.57	22.2×
MorningstarMORN	$225.29	$10.52	21.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	546	415	389	551	529
Debt incl. finance leases	359	1,110	972	699	1,073
Net debt (negative means net cash)	−187	695	583	148	544
Net debt to EBITDA	−0.5x	2.1x	1.4x	0.2x	0.8x
Debt to equity	0.2x	0.9x	0.7x	0.4x	0.9x
Interest coverage	24.7x	5.9x	4.0x	10.2x	14.1x
Current ratio	1.1x	0.9x	0.9x	1.1x	1.0x
Quick ratio	1.1x	0.9x	0.9x	1.1x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $186,590 of Morningstar shares on the open market, and 4 insiders sold $76.3 million, $75.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 24, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	5,659	$218.84	$1.2 million	Form 4
Aug 21, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	4,095	$216.76	$887,620	Form 4
Aug 20, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,250	$214.16	$1.6 million	Form 4
Aug 19, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	6,594	$213.75	$1.4 million	Form 4
Aug 18, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,906	$210.26	$1.7 million	Form 4
Aug 17, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,250	$207.04	$1.5 million	Form 4
Aug 14, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,250	$206.88	$1.5 million	Form 4
Aug 13, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,250	$197.92	$1.4 million	Form 4
Aug 12, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,250	$195.27	$1.4 million	Form 4
Aug 11, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	974	$200.32	$195,112	Form 4
Aug 10, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,250	$201.84	$1.5 million	Form 4
Aug 7, 2026	Joseph D MansuetoExecutive Chairman, Director, 10% owner	Sold plan	7,250	$199.62	$1.4 million	Form 4

The latest 12 of 70 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	8 of 9	8 of 9	6 of 9
Accruals ratio	−5.1%	−6.4%	−6.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Morningstar side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Morningstar	FY25	7.5%	21.5%	18.1%	22.5%	0.8x	6
FactSet	FY26	6.7%	28.3%	28.6%	18.2%	1.2x	6	Compare
MSCI	FY25	9.8%	54.7%	49.4%	44.5%	3.3x	7	Compare
Cboe Global Markets	FY25	15.1%	31.1%	35.7%	22.8%	−0.5x	9	Compare
CME Group	FY25	6.4%	64.9%	64.3%	11.8%	−0.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275	2,446
Revenue growth	1.2%	14.2%	11.9%	15.6%	17.9%	22.3%	10.1%	9.0%	11.6%	7.5%
Gross profit	454	525	609	696	833	1,001	1,091	1,195	1,379	1,493
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	181	170	216	190	215	257	168	231	485	527
Net income	161	137	183	152	224	193	70	141	370	374
Diluted EPS (US$)	3.72	3.18	4.25	3.52	5.18	4.45	1.64	3.29	8.58	8.87
Diluted shares (millions)	43	43	43	43	43	43	43	43	43	42
Cash flow
Cash from operations	214	250	315	334	384	450	298	316	592	590
Capital expenditure	63	67	76	80	77	102	130	119	143	147
Free cash flow	151	184	239	254	308	348	168	197	449	443
Dividends paid	38	39	43	48	51	54	62	64	69	77
Share buybacks	49	42	21	5	42	1	226	1	12	787
Acquisitions	192	1	0	682	68	25	647	1	0	39
Stock-based compensation	14	24	32	44	37	42	83	53	55	56
Balance sheet at fiscal year end
Cash and short-term investments	304	353	396	368	464	546	415	389	551	529
Debt incl. finance leases	—	—	70	513	449	359	1,110	972	699	1,073
Total assets	1,351	1,406	1,454	2,371	2,696	2,863	3,475	3,403	3,549	3,590
Total liabilities	654	601	519	1,287	1,425	1,447	2,268	2,076	1,930	2,368
Shareholders' equity	696	805	935	1,084	1,271	1,416	1,207	1,328	1,619	1,222
Margins and ratios
Gross margin	56.9%	57.6%	59.7%	59.0%	60.0%	58.9%	58.3%	58.6%	60.6%	61.0%
Operating margin	22.6%	18.6%	21.2%	16.1%	15.5%	15.1%	9.0%	11.3%	21.3%	21.5%
Net margin	20.2%	15.0%	17.9%	12.9%	16.1%	11.4%	3.8%	6.9%	16.3%	15.3%
Free cash flow margin	18.9%	20.1%	23.4%	21.6%	22.1%	20.5%	9.0%	9.7%	19.7%	18.1%
Return on capital	—	—	—	15.9%	13.7%	15.5%	6.1%	9.8%	20.6%	22.5%
Return on equity	24.1%	18.2%	21.0%	15.1%	19.0%	14.4%	5.4%	11.1%	25.1%	26.4%
Return on assets	13.5%	9.9%	12.8%	8.0%	8.8%	7.0%	2.2%	4.1%	10.6%	10.5%
Net debt to EBITDA	—	—	−1.0x	0.5x	−0.0x	−0.5x	2.1x	1.4x	0.2x	0.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Morningstar's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Morningstar.