1. United States of America Stocks

  2. •

    Financial Services

  3. •

    Financial - Data & Stock Exchanges
Morningstar, Inc.

Morningstar, Inc.

MORN
Morningstar, Inc.US flagNASDAQ Global Select
209.24
USD
+5.28
- -
7.85BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
15.13
17.01
17.85
18.57
21.35
23.94
27.61
32.39
39.52
43.91
47.85
53.16
58.37
64.36
Basic EPS, GAAP
2.68
1.75
3
3.74
3.21
4.3
3.56
5.21
4.5
1.65
3.31
8.64
8.93
10.57
Free Cash Flow per Basic Share
4.04
3.06
5.46
4.97
5.86
7.39
7.83
8.96
10.46
6.99
7.43
13.82
14.07
16.22
Dividend per Share
0.38
0.68
0.76
0.88
0.92
1
1.12
1.2
1.26
1.44
1.5
1.62
1.84
1.93
Book Value per Share
15.35
14.74
14.75
16.22
18.92
21.93
25.29
29.64
32.82
28.42
31.08
37.76
30.75
27.29
Tangible Book Value per Share
5.78
4.23
4.65
0.44
3.4
7.13
-6.74
-7.31
-2.77
-21.5
-17.21
-8.22
-19.33
-34.41
Basic Weighted Avg Shares
46
45
44
43
43
43
43
43
43
43
43
43
42
40
Sales/Revenue/Turnover
698
760
789
799
912
1,020
1,179
1,390
1,699
1,871
2,039
2,275
2,446
2,566
Operating Margin (%)
24.45
21.92
24.16
22.64
18.62
21.16
16.08
15.49
15.12
8.97
11.31
18.5
20.61
22.65
Depreciation Expense
46
55
64
71
91
97
118
140
151
167
185
190
190
199
Net Income, GAAP
124
78
133
161
137
183
152
224
193
70
141
370
374
422
Effective Tax Rate (%)
31.46
31.32
32.37
28.32
23.69
20.52
22.97
21.1
24.99
43.26
18.18
21.17
24.35
25
Profit Margin (%)
17.69
10.3
16.81
20.16
15.02
17.94
12.89
16.09
11.38
3.77
6.92
16.26
15.3
16.43
Working Capital
177
97
106
177
207
239
107
104
104
-72
-65
47
-15
55
LT Debt
- -
- -
- -
250
180
70
641
587
495
1,254
1,092
869
1,219
1,845
Total Equity
691
654
641
697
805
935
1,084
1,271
1,416
1,207
1,328
1,619
1,222
1,024
Return on Invested Capital (%)
16.52
16.67
19
16.01
13.45
17.3
10.55
9.28
10.05
4.26
7.54
13.19
15.11
15.61
Return on Capital (%)
17.45
11.43
19.52
19.98
14.61
18.54
11.43
12.66
10.39
3.87
7.31
16.33
16.16
16.61
Return on Common Equity (%)
17.45
11.65
20.5
24.09
18.24
21.04
15.06
18.99
14.39
5.38
11.13
25.11
26.35
31.96

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
42
61
60
LT Borrowings
1,073
1,695
1,695
LT Finance Leases
147
151
150
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
40
38
38
Market Capitalization
8,636
6,429
5,853

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,038
1,063
1,035
Cash, Cash Equivalents & STI
529
532
524
Accounts Receivable, Net
390
403
383
Inventories
- -
- -
- -
Total Current Liabilities
1,053
1,031
980
Payables & Accruals
122
148
107
ST Debt
42
61
60
Deferred Revenue
586
669
628

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.77%
0.8%
-24.51%
Free Cash Flow
12.87%
15.23%
-0.32%
Net Income, GAAP
25.67%
37.27%
1.16%
Sales/Revenue/Turnover
12.12%
12.09%
7.49%
Total Cash Common Dividend
8.65%
8.45%
10.97%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
543
572
569
591
2,275
2025
582
605
617
641
2,446
2026
645
663
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.5
1.61
2.79
2.72
8.64
2025
1.83
2.11
2.18
2.84
8.93
2026
2.74
2.85
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.41
0.4
0.41
0.4
1.62
2025
0.46
0.46
0.46
0.47
1.84
2026
0.51
0.5
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Kunal Kapoor
Full Time Employees
10,973
Sector
Financial Services
Industry
Financial - Data & Stock Exchanges
Address
22 West Washington Street Chicago IL United States of America 60602
IPO Date
May 3, 2005
CIK
0001289419
Website
morningstar.com
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Business
Morningstar, Inc. (MORN) provides independent investment research and data analytics services to individual investors, financial advisors, asset managers, and institutions worldwide. The company offers a suite of products and services including Morningstar Investor, a premium subscription platform for stock, fund, and ETF research; Morningstar Direct, an enterprise-level investment analytics tool; Morningstar Portfolio Manager for portfolio tracking and analysis; PitchBook, a private market data and research platform acquired in 2021; and dbRS, a U.S. fixed-income database; along with workplace solutions, retirement planning tools, and sustainable investing data. Founded in 1984 and headquartered in Chicago, Illinois, Morningstar operates globally across North America, Europe, Asia-Pacific, and Latin America, serving diverse customer segments in the financial services industry. In recent developments, Morningstar completed the acquisition of PitchBook Data in February 2022 for approximately $225 million, enhancing its private capital markets intelligence; launched Morningstar US Sustainable Investment Stars in 2024 to rate sustainable funds; and in November 2025 announced a strategic partnership with Google Cloud to integrate AI-powered analytics into its research platforms. The company also expanded its offerings through the 2023 acquisition of FinTech Toolshed, bolstering advisor technology insights, and reorganized its business units in early 2025 to streamline operations amid growing demand for ESG and alternative data. These initiatives reflect Morningstar's focus on innovation, data expansion, and technological integration to maintain leadership in investment research.

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