Latest Ratios: P/E Ratio 20.7x · EV/EBITDA 11.9x · ROE 26.3%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.2B | $9.2B | $14.5B | $12.3B | $9.3B | $14.8B | $10.0B | $6.5B | $4.7B | $4.2B | $3.2B |
| Enterprise Value | $10.1B | $10.1B | $14.9B | $13.1B | $10.2B | $14.9B | $10.2B | $6.9B | $4.4B | $4.0B | $3.2B |
| P/E Ratio → | 20.72 | 24.50 | 39.25 | 87.00 | 132.07 | 76.85 | 44.70 | 42.99 | 25.78 | 30.49 | 19.77 |
| P/S Ratio | 3.58 | 3.81 | 6.52 | 6.18 | 5.04 | 8.78 | 7.26 | 5.59 | 4.64 | 4.60 | 4.00 |
| P/B Ratio | 8.43 | 7.51 | 8.97 | 9.25 | 7.70 | 10.48 | 7.87 | 6.03 | 5.05 | 5.18 | 4.57 |
| P/FCF | 18.59 | 20.72 | 32.33 | 62.24 | 55.21 | 42.64 | 32.52 | 25.69 | 19.79 | 22.72 | 21.11 |
| P/OCF | 15.53 | 15.55 | 24.53 | 38.81 | 31.20 | 32.99 | 26.03 | 19.55 | 15.00 | 16.67 | 14.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.20 | 6.70 | 6.59 | 5.56 | 8.81 | 7.41 | 5.89 | 4.35 | 4.46 | 3.98 |
| EV / EBITDA | 11.89 | 14.10 | 22.09 | 31.53 | 30.62 | 36.52 | 28.78 | 22.42 | 14.16 | 15.48 | 12.63 |
| EV / EBIT | 19.16 | 18.75 | 27.56 | 56.18 | 64.39 | 57.45 | 34.71 | 33.25 | 18.85 | 23.80 | 14.03 |
| EV / FCF | — | 22.83 | 33.23 | 66.41 | 60.84 | 42.78 | 33.19 | 27.08 | 18.53 | 22.02 | 21.05 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.0% | 62.0% | 62.0% | 60.1% | 59.2% | 59.2% | 60.4% | 59.5% | 59.8% | 57.9% | 57.0% |
| Operating Margin | 21.9% | 21.9% | 21.8% | 11.6% | 9.1% | 15.2% | 15.6% | 16.2% | 21.2% | 18.7% | 22.7% |
| Net Profit Margin | 15.6% | 15.6% | 16.6% | 7.1% | 3.8% | 11.4% | 16.2% | 13.0% | 18.0% | 15.1% | 20.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.3% | 26.3% | 25.1% | 11.1% | 5.4% | 14.4% | 19.0% | 15.1% | 21.0% | 18.2% | 24.1% |
| ROA | 10.5% | 10.5% | 10.6% | 4.1% | 2.2% | 7.0% | 8.8% | 7.9% | 12.8% | 9.9% | 13.5% |
| ROIC | 15.3% | 15.3% | 14.5% | 6.9% | 5.6% | 10.0% | 8.8% | 10.2% | 16.3% | 13.2% | 16.7% |
| ROCE | 20.6% | 20.6% | 19.0% | 9.0% | 7.2% | 12.4% | 10.9% | 12.8% | 19.9% | 15.9% | 20.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.15 | 1.15 | 0.56 | 0.87 | 1.10 | 0.38 | 0.49 | 0.63 | 0.07 | 0.22 | 0.36 |
| Debt / EBITDA | 1.96 | 1.96 | 1.34 | 2.79 | 3.96 | 1.30 | 1.77 | 2.24 | 0.22 | 0.69 | 0.99 |
| Net Debt / Equity | — | 0.76 | 0.25 | 0.62 | 0.78 | 0.03 | 0.16 | 0.33 | -0.32 | -0.16 | -0.01 |
| Net Debt / EBITDA | 1.30 | 1.30 | 0.59 | 1.98 | 2.83 | 0.12 | 0.58 | 1.15 | -0.96 | -0.49 | -0.04 |
| Debt / FCF | — | 2.11 | 0.89 | 4.17 | 5.63 | 0.14 | 0.66 | 1.39 | -1.25 | -0.70 | -0.06 |
| Interest Coverage | 13.47 | 13.47 | 10.85 | 4.51 | 5.60 | 29.79 | 26.50 | 23.82 | 130.39 | 30.87 | 150.93 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.99 | 0.99 | 1.05 | 0.93 | 0.92 | 1.13 | 1.17 | 1.22 | 1.66 | 1.64 | 1.60 |
| Quick Ratio | 0.99 | 0.99 | 1.05 | 0.93 | 0.92 | 1.13 | 1.17 | 1.22 | 1.66 | 1.64 | 1.60 |
| Cash Ratio | 0.45 | 0.45 | 0.52 | 0.38 | 0.43 | 0.62 | 0.67 | 0.67 | 1.02 | 0.95 | 0.88 |
| Asset Turnover | — | 0.67 | 0.63 | 0.58 | 0.53 | 0.59 | 0.51 | 0.49 | 0.70 | 0.64 | 0.59 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.8% | 0.5% | 0.5% | 0.7% | 0.4% | 0.5% | 0.7% | 0.9% | 0.9% | 1.2% |
| Payout Ratio | 20.6% | 20.6% | 18.7% | 45.3% | 87.2% | 28.0% | 23.0% | 31.4% | 23.3% | 28.7% | 23.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 4.1% | 2.5% | 1.1% | 0.8% | 1.3% | 2.2% | 2.3% | 3.9% | 3.3% | 5.1% |
| FCF Yield | 5.4% | 4.8% | 3.1% | 1.6% | 1.8% | 2.3% | 3.1% | 3.9% | 5.1% | 4.4% | 4.7% |
| Buyback Yield | 8.6% | 8.6% | 0.1% | 0.0% | 2.4% | 0.0% | 0.4% | 0.1% | 0.4% | 1.0% | 1.5% |
| Total Shareholder Yield | 9.3% | 9.4% | 0.6% | 0.5% | 3.1% | 0.4% | 0.9% | 0.8% | 1.3% | 2.0% | 2.7% |
| Shares Outstanding | — | $42M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying MORN stock.
Morningstar, Inc.'s current P/E ratio is 20.7x. The historical average is 42.7x. This places it at the 10th percentile of its historical range.
Morningstar, Inc.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
Morningstar, Inc.'s return on equity (ROE) is 26.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 10.1%.
Based on historical data, Morningstar, Inc. is trading at a P/E of 20.7x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Morningstar, Inc.'s current dividend yield is 0.75% with a payout ratio of 20.6%.
Morningstar, Inc. has 62.0% gross margin and 21.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Morningstar, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Provision-driven earnings pressure and fee dependence
Metrics are mathematically derived from official filings.
Premium Multiple Prices a Franchise Not a Bank
Based on EDBL's reported figures, MORN trades at 8.54x book and 27.87x trailing earnings, a premium that the market appears to justify through brand and data franchise value rather than balance sheet earnings power typical of a depository institution.
The 8.54x price-to-book multiple sits far above the bank-style valuation framework, and tangible book value per share is negative across the recent quarters, which means the price-to-tangible-book metric is not meaningful and the valuation rests almost entirely on intangible franchise value. Trailing P/E of 27.87x compares with a forward P/E of 19.24x, suggesting the market expects earnings to recover from the recent EPS miss. Investors should treat the premium as an expression of fee-based recurring revenue durability rather than as a conventional bank return-on-tangible-equity expectation.
ROE Recovery Driven by Equity Shrinkage
According to recent SEC filings, MORN's ROE climbed from 4.9% in 2025Q1 to 11.3% in 2026Q3, but the equity-to-assets ratio fell from 0.46 to 0.26 over the same window, meaning much of the improvement reflects a smaller denominator.
A DuPont read shows that the net interest margin is negative in every period, so the spread component contributes nothing, and the entire return stack depends on fee income and asset utilization. The leverage component has compressed sharply, which mechanically inflates ROE even when net income is flat. This suggests the apparent profitability recovery may be less durable than the headline ratio implies and warrants further investigation into the sustainability of earnings relative to the reduced capital base.
Negative Spread Income Leaves Fee Engine Exposed
Based on reported figures, MORN's net interest margin remained between -0.2% and -0.4% across all ten quarters, while the efficiency ratio stayed in a 36.9% to 43.1% band, indicating cost discipline offsets a structurally absent spread earnings buffer.
A negative net interest margin is an unusual profile that indicates the company does not rely on lending spread for earnings, so the efficiency ratio is effectively a measure of operating cost against fee revenue. The stability of the efficiency ratio near 40% suggests expense growth has tracked revenue, but it also means any fee volatility passes directly to earnings. Investors should monitor whether cost discipline can hold if fee growth slows.
Equity Buffer Thinned by Capital Returns
As reported in financial statements, MORN's equity-to-assets fell from 0.46 in 2024Q4 to 0.26 in 2026Q3, a compression that reduces the loss-absorbing cushion even though cash balances stayed near $474M to $553M throughout.
Traditional regulatory capital ratios such as CET1 are not the binding framework for this entity, so the equity-to-assets trajectory serves as the most useful proxy for capital headroom. The decline reflects capital being returned or redeployed faster than retained earnings rebuild it, which may constrain flexibility under adverse provision scenarios. Based on reported figures, the stable liquidity cushion partially offsets this, but the thinner equity base warrants continued monitoring.
Profitability Lags Ratings Peers on Returns
Based on EDBL's reported figures, MORN's trailing P/E of 27.87x sits below MSCI at 42.15x but above FactSet at 21.90x, while its net economics are not directly comparable to peers whose returns are reported on different capital bases.
Against the data and index peers, MORN occupies a middle valuation position, which suggests the market views its franchise as more durable than FactSet's but less exceptional than MSCI's margin profile. The ROE comparison is distorted by the unusually small equity base, so peer ROE comparisons overstate MORN's relative quality. Gaps appear structural in the sense of business mix, while the recent earnings miss may reflect a cyclical credit-linked headwind.
P/B Misleads When Equity Is Shrinking
Based on reported figures, the 8.54x price-to-book multiple may appear inflated, yet the sharp equity decline from about $1.6B to $1.0B means the book value denominator itself is shifting, making the multiple an unreliable anchor for valuation comparisons.
Price-to-book is most commonly misapplied to MORN because the denominator has been reduced by capital returns and a negative tangible book position, so the multiple reflects capital structure choices as much as market pricing. A more useful alternative is to evaluate valuation against normalized fee-based earnings and recurring revenue, adjusted for stock-based compensation and provision drag. Investors should treat the P/B signal as directional only until the equity base stabilizes.