Morningstar, Inc. (MORN) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 1.06B | 1.04B | 979.2M | 1.04B | 1.01B | 1.01B | 1.02B | 875.8M | 830.6M | 815.7M | 758.2M | 807.3M | 781.3M | 810.8M | 788.8M | 818.1M | 902.8M | 887.6M | 797M | 759.2M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | 55.34 | 54.12 | 55.72 | 54.6 | 54.15 | 53.43 | 53.71 | 52.72 | 56.17 | 54.81 | 55.31 | 55.87 | 56.83 | 57.37 | 58.14 | 56.46 | 53.69 | 50.58 | 50.44 | 50.4 |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 167.9M | 102.7M | 87.9M | 49.4M | 48.1M | 50.5M | 48.7M | 54.9M | 46.7M | 47.3M | 46.4M | 46.4M | 49.7M | 51.6M | 48.1M | 38.3M | 37.1M | 33.1M | 28.6M | 26.6M |
| Total Non-Current Assets | 2.92B | 2.55B | 2.58B | 2.59B | 2.57B | 2.53B | 2.54B | 2.53B | 2.56B | 2.59B | 2.59B | 2.65B | 2.67B | 2.66B | 2.63B | 2.65B | 1.97B | 1.98B | 1.95B | 1.95B |
| Property, Plant & Equipment | 400.8M | 390.9M | 390.3M | 390.1M | 393.7M | 400.1M | 369.9M | 358.4M | 367.3M | 371.6M | 367.7M | 379.2M | 386.1M | 391M | 373.3M | 322.4M | 321.9M | 321M | 293.5M | 294.7M |
| Fixed Asset Turnover | 1.63x | 1.64x | 1.58x | 1.54x | 1.47x | 1.54x | 1.56x | 1.58x | 1.47x | 1.46x | 1.38x | 1.32x | 1.23x | 1.24x | 1.35x | 1.46x | 1.42x | 1.50x | 1.46x | 1.41x |
| Goodwill | 1.75B | 1.61B | 1.61B | 1.62B | 1.6B | 1.56B | 1.58B | 1.57B | 1.57B | 1.58B | 1.57B | 1.58B | 1.58B | 1.57B | 1.54B | 1.58B | 1.2B | 1.21B | 1.21B | 1.21B |
| Intangible Assets | 591.4M | 379.3M | 396M | 413.3M | 420.4M | 408.8M | 432.5M | 443.1M | 463.4M | 484.4M | 495.4M | 518.5M | 532.6M | 548.6M | 559.1M | 593.2M | 321.6M | 328.2M | 344.2M | 353M |
| Long-Term Investments | 50.3M | 50.3M | 71.8M | 77.2M | 76.2M | 85.3M | 96M | 97.3M | 96.1M | 100.2M | 104.8M | 114.8M | 117.7M | 96M | 96.9M | 96.6M | 64.1M | 63.3M | 51M | 47.4M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 3.99B | 3.59B | 3.56B | 3.63B | 3.59B | 3.55B | 3.57B | 3.4B | 3.39B | 3.4B | 3.34B | 3.46B | 3.45B | 3.47B | 3.42B | 3.47B | 2.87B | 2.86B | 2.74B | 2.71B |
| Asset Turnover | 0.17x | 0.18x | 0.17x | 0.17x | 0.16x | 0.17x | 0.16x | 0.17x | 0.16x | 0.16x | 0.15x | 0.15x | 0.14x | 0.14x | 0.14x | 0.15x | 0.16x | 0.16x | 0.16x | 0.15x |
| Asset Growth % | 11.15% | 1.16% | -0.24% | 6.67% | 5.81% | 4.28% | 6.64% | -1.57% | -1.78% | -2.05% | -2.08% | -0.23% | 20.26% | 21.38% | 24.44% | 27.8% | 7.26% | 6.18% | 7.08% | 15.36% |
| Total Current Liabilities | 1.03B | 1.05B | 945.5M | 921M | 912.3M | 967.3M | 895.9M | 837.4M | 846.8M | 880.8M | 809.5M | 814.9M | 844.4M | 882.5M | 806.4M | 801.3M | 720.5M | 783.5M | 693.4M | 685.1M |
| Accounts Payable | 104.6M | 97.9M | 90.4M | 90.2M | 92.6M | 87.3M | 80.4M | 77.1M | 72M | 78.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 60.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.1M | 32.1M | 32.1M | 32.1M | 32.1M | 32.1M | 32.1M | 29.4M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 152.8M | 303.5M | 241.7M | 189.3M | 140M | 273.6M | 243.8M | 180.1M | 142.8M | 216.2M | 254.5M | 240.2M | 273.9M | 357.5M | 312.4M | 277.8M | 254.5M | 369.7M | 297.4M | 271.3M |
| Current Ratio | 1.03x | 0.99x | 1.04x | 1.13x | 1.11x | 1.05x | 1.14x | 1.05x | 0.98x | 0.93x | 0.94x | 0.99x | 0.93x | 0.92x | 0.98x | 1.02x | 1.25x | 1.13x | 1.15x | 1.11x |
| Quick Ratio | 1.03x | 0.99x | 1.04x | 1.13x | 1.11x | 1.05x | 1.14x | 1.05x | 0.98x | 0.93x | 0.94x | 0.99x | 0.93x | 0.92x | 0.98x | 1.02x | 1.25x | 1.13x | 1.15x | 1.11x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.94B | 1.31B | 1.1B | 1.09B | 1.06B | 963M | 1.1B | 1.13B | 1.16B | 1.19B | 1.29B | 1.41B | 1.4B | 1.39B | 1.43B | 1.42B | 797.2M | 663.3M | 665.5M | 677.1M |
| Long-Term Debt | 1.85B | 1.22B | 848.9M | 838.8M | 803.7M | 698.6M | 864.7M | 899.6M | 917.3M | 940.3M | 1.02B | 1.12B | 1.1B | 1.08B | 1.13B | 1.15B | 504.4M | 359.4M | 374.3M | 374.3M |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 2.97B | 2.37B | 2.04B | 2.02B | 1.98B | 1.93B | 2B | 1.97B | 2.01B | 2.08B | 2.1B | 2.22B | 2.25B | 2.27B | 2.24B | 2.23B | 1.52B | 1.45B | 1.36B | 1.36B |
| Total Debt | 1.91B | 1.41B | 1.04B | 1.03B | 1B | 904M | 1.04B | 1.07B | 1.13B | 1.16B | 1.24B | 1.35B | 1.34B | 1.32B | 1.36B | 1.33B | 670.9M | 531.5M | 527.2M | 537.5M |
| Net Debt | 1.41B | 933.3M | 568.4M | 530.5M | 491.6M | 401.3M | 489.7M | 677M | 774.2M | 822.3M | 915.2M | 1.01B | 985.7M | 947M | 984.5M | 952.2M | 187.4M | 47.7M | 100.2M | 149.9M |
| Debt / Equity | 1.87x | 1.15x | 0.69x | 0.64x | 0.62x | 0.56x | 0.67x | 0.75x | 0.82x | 0.87x | 1.00x | 1.09x | 1.11x | 1.10x | 1.15x | 1.07x | 0.50x | 0.38x | 0.38x | 0.40x |
| Debt / EBITDA | 9.18x | 6.81x | 5.96x | 5.96x | 6.21x | 4.17x | 6.47x | 6.78x | 8.07x | 8.23x | 10.64x | 15.22x | 19.31x | 16.48x | 20.50x | 14.19x | 7.14x | 4.70x | 4.98x | 6.34x |
| Net Debt / EBITDA | 6.81x | 4.52x | 3.25x | 3.06x | 3.05x | 1.85x | 3.04x | 4.30x | 5.54x | 5.84x | 7.85x | 11.35x | 14.22x | 11.79x | 14.87x | 10.14x | 1.99x | 0.42x | 0.95x | 1.77x |
| Interest Coverage | 10.09x | 14.24x | 14.10x | 12.31x | 13.19x | 16.22x | 13.55x | 7.83x | 7.21x | 7.18x | 4.63x | 3.01x | 1.14x | 3.47x | 0.78x | 9.73x | 25.23x | 33.26x | 26.28x | 19.32x |
| Total Equity | 1.02B | 1.22B | 1.51B | 1.61B | 1.61B | 1.62B | 1.57B | 1.43B | 1.38B | 1.33B | 1.24B | 1.24B | 1.2B | 1.21B | 1.18B | 1.24B | 1.35B | 1.42B | 1.39B | 1.35B |
| Equity Growth % | -36.7% | -24.51% | -3.3% | 12.61% | 16.35% | 21.9% | 25.85% | 16.03% | 14.81% | 10% | 5.52% | -0.45% | -10.88% | -14.75% | -14.9% | -8.05% | 2.29% | 11.37% | 17.7% | 24.19% |
| Book Value per Share | 25.92 | 30.02 | 35.54 | 37.72 | 37.34 | 37.55 | 36.24 | 33.26 | 32.17 | 30.88 | 29.00 | 28.87 | 28.15 | 28.27 | 27.61 | 28.93 | 31.22 | 32.62 | 31.92 | 31.17 |
| Total Shareholders' Equity | 1.02B | 1.22B | 1.51B | 1.61B | 1.61B | 1.62B | 1.57B | 1.43B | 1.38B | 1.33B | 1.24B | 1.24B | 1.2B | 1.21B | 1.18B | 1.24B | 1.35B | 1.42B | 1.39B | 1.35B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 2.29B | 2.21B | 2.11B | 2.04B | 1.97B | 1.91B | 1.81B | 1.71B | 1.66B | 1.61B | 1.55B | 1.53B | 1.51B | 1.53B | 1.56B | 1.57B | 1.56B | 1.53B | 1.5B | 1.45B |
| Treasury Stock | 0 | -1.79B | -1.39B | -1.22B | -1.1B | -993.9M | -981.6M | -983.9M | -985.5M | -985.5M | -985.9M | -986.8M | -986.7M | -986.7M | -982.2M | -966M | -874.9M | -764.3M | -764.3M | -765.1M |
| Accumulated OCI | 0 | -68.1M | -71.4M | -60.7M | -102.4M | -119.4M | -74.2M | -98.5M | -97.1M | -86.5M | -107.2M | -84.1M | -92M | -99M | -140.7M | -89.3M | -45.8M | -35.3M | -34.8M | -14.7M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |