MORNNasdaqInvestment AdviceFiscal year ends December 31
Morningstar, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$205.66−1.71 (-0.82%)
Close on Oct 19, 2026
- Market cap
- $7.84B
- P/E (TTM)
- 23.2
- Dividend yield
- 0.88%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
61.0%+1.1 pts over 5 years
Operating margin
21.5%+6.0 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.5% | +9.3% | +12.0% | +12.0% | |
| Gross profit | +8.2% | +11.0% | +12.4% | +12.5% | |
| Operating income | +8.6% | +46.4% | +19.6% | +10.7% | |
| EPS, diluted | +3.4% | +75.5% | +11.4% | +11.5% | |
| Free cash flow | -1.4% | +38.0% | +7.5% | +9.2% | |
| Dividend per share | +12.3% | +8.1% | +8.7% | +9.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 24.1% | – | – | |
| Return on assets | 13.5% | – | – | |
| Current ratio | 1.60 | 1.17 | 0.99 | |
| Net debt to EBITDA | – | 0.07× | 0.83× | |
| Capex to revenue | 7.9% | 5.5% | 6.0% | |
| Diluted shares | 43M | 43M | 42M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Morningstar generated $2.25B from operations and spent $1.99B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$2.25B
Used
$1.99B
Capital expenditure$640.20M32%Dividends$325.80M16%Share buybacks$1.03B52%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin15.0%
×Asset turnover0.66×
×Equity multiplier1.84×
=Return on equity, FY201718.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2017 | 15.0% | 0.66× | 1.84× | 18.2% |
| FY2016 | 20.2% | 0.67× | 1.78× | 24.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$589.70M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$589.70M vs –
- Less leverageLong-term debt to assets fell19.7% → 29.9%
- Better liquidityCurrent ratio rose1.05 → 0.99
- No dilutionShare count did not rise43M → 42M
- Gross margin improvedGross margin up on the prior year60.63% → 61.03%
- More efficientAsset turnover rose0.67 → 0.69