Stocktoria

Morningstar, Inc. MORN

Nasdaq · stock · Investment Advice · website · IPO 2005-05-03 · LEI

Morningstar, Inc. statistics & valuation

Market cap$5.9B
P / S2.4×
P / B4.8×
P / FCF13.3×
Dividend yield1.31%
FCF margin18.1%
Net debt$598.1M
Net debt / EBITDA0.8×
Enterprise value USD$6.5B
EV / EBITDA9×
Earnings yield EBIT/EV8.1%
Return on capital20.8%
Graham number -61.5%$76.02

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($76.02); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
22.60% 18.60% 21.20% 16.10% 15.50% 15.10% 9.00% 11.30% 21.30% 21.50% 2016201720182019202020212022202320242025
Return on equity (%)
23.10% 17.00% 19.60% 2016201720182019202020212022202320242025
Shares outstanding
43.3M 43.0M 46.6M 43.2M 43.2M 43.4M 42.9M 42.9M 43.1M 42.2M 2016201720182019202020212022202320242025
Net debt ($)
-$299.3M $179.0M $26.6M -$124.4M $733.0M $634.5M $195.9M $598.1M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
11.90% 9.70% 12.60% 2016201720182019202020212022202320242025
Free cash flow margin (%)
18.90% 20.10% 23.40% 21.60% 22.10% 20.50% 9.00% 9.70% 19.70% 18.10% 2016201720182019202020212022202320242025
Debt / equity (×)
0.07× 0.47× 0.35× 0.25× 0.92× 0.73× 0.43× 0.88× 2016201720182019202020212022202320242025
EPS ($)
$3.72 $3.18 $4.25 $3.52 $5.18 $4.45 $1.64 $3.29 $8.58 $8.87 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Morningstar, Inc. trades at about 22.3× earnings — below its 10-year norm (10-year range 20.5×–148.1×, median 44.4×).

20.5× 148.1×

Shaded band = 10-year range (20.5×–148.1×); dot = today's 22.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin21.5%21.3%11.3%9.0%15.1%15.5%16.1%21.2%18.6%22.6%
Net margin———————17.9%15.0%20.2%
FCF margin18.1%19.7%9.7%9.0%20.5%22.1%21.6%23.4%20.1%18.9%
Return on assets———————12.6%9.7%11.9%
Return on equity———————19.6%17.0%23.1%
Debt / equity0.88×0.43×0.73×0.92×0.25×0.35×0.47×0.07×——
Current ratio0.991.050.930.921.131.171.221.661.641.60

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.