Morningstar, Inc. (MORN) Financial Ratios
26 years of historical data (2000–2025) · Financial Services · Financial - Data & Stock Exchanges
EV/EBITDA
↓
9.46
↓-65% vs avg
5yr avg: 26.97
30Y Low9.5·High36.5
P/FCF
↓
13.20
↓-69% vs avg
5yr avg: 42.63
30Y Low16.8·High62.2
P/B Ratio
↓
5.31
↓-40% vs avg
5yr avg: 8.78
30Y Low3.3·High10.5
ROE
↑
26.3%
↓+60% vs avg
5yr avg: 16.5%
30Y Low-75%·High26%
Debt/EBITDA
↑
1.96
↓-14% vs avg
5yr avg: 2.27
30Y Low0.0·High4.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MORN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Morningstar, Inc. trades at 17.3x earnings, 76% below its 5-year average of 71.9x, sitting at the 0th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 28%. On a free-cash-flow basis, the stock trades at 13.2x P/FCF, 69% below the 5-year average of 42.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.8B | $9.2B | $14.5B | $12.3B | $9.3B | $14.8B | $10.0B | $6.5B | $4.7B | $4.2B | $3.2B |
| Enterprise Value | $6.8B | $10.1B | $14.9B | $13.1B | $10.2B | $14.9B | $10.2B | $6.9B | $4.4B | $4.0B | $3.2B |
| P/E Ratio → | 17.33 | 24.50 | 39.25 | 87.00 | 132.07 | 76.85 | 44.70 | 42.99 | 25.78 | 30.49 | 19.77 |
| P/S Ratio | 2.39 | 3.75 | 6.38 | 6.02 | 4.97 | 8.73 | 7.20 | 5.54 | 4.63 | 4.57 | 3.99 |
| P/B Ratio | 5.31 | 7.51 | 8.97 | 9.25 | 7.70 | 10.48 | 7.87 | 6.03 | 5.05 | 5.18 | 4.57 |
| P/FCF | 13.20 | 20.72 | 32.33 | 62.24 | 55.21 | 42.64 | 32.52 | 25.69 | 19.79 | 22.72 | 21.11 |
| P/OCF | 9.91 | 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
MORN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Morningstar, Inc.'s enterprise value stands at 9.5x EBITDA, 65% below its 5-year average of 27.0x. The Financial Services sector median is 11.4x, placing the stock at a 17% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.13 | 6.56 | 6.43 | 5.47 | 8.76 | 7.35 | 5.84 | 4.34 | 4.43 | 3.98 |
| EV / EBITDA | 9.46 | 14.10 | 22.09 | 31.53 | 30.62 | 36.52 | 28.78 | 22.42 | 14.16 | 15.48 | 12.63 |
| EV / EBIT | 12.87 | 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 |
MORN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Morningstar, Inc. earns an operating margin of 21.5%, roughly in line with the Financial Services sector average. Operating margins have expanded from 11.3% to 21.5% over the past 3 years, signaling improving operational efficiency. ROE of 26.3% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 15.3% represents solid returns on invested capital versus a sector median of 5.5%.
Margins
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 | 61.0% | 61.0% | 60.6% | 58.6% | 58.3% | 58.9% | 60.0% | 59.0% | 59.7% | 57.6% | 56.9% |
| Operating Margin | 21.5% | 21.5% | 21.3% | 11.3% | 9.0% | 15.1% | 15.5% | 16.1% | 21.2% | 18.6% | 22.6% |
| Net Profit Margin | 15.3% | 15.3% | 16.3% | 6.9% | 3.8% | 11.4% | 16.1% | 12.9% | 17.9% | 15.0% | 20.2% |
Return on Capital
| 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% |
MORN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Morningstar, Inc. carries a Debt/EBITDA ratio of 2.0x, which is manageable (54% below the sector average of 4.3x). Net debt stands at $933M ($1.4B total debt minus $475M cash). Interest coverage of 13.5x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 |
MORN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.99x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.93x to 0.99x over the past 3 years.
| 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 | — | 0.68 | 0.64 | 0.60 | 0.54 | 0.59 | 0.52 | 0.50 | 0.70 | 0.65 | 0.59 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MORN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Morningstar, Inc. returns 14.7% to shareholders annually — split between a 1.2% dividend yield and 13.5% buyback yield. The payout ratio of 20.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 4.1% | 2.5% | 1.1% | 0.8% | 1.3% | 2.2% | 2.3% | 3.9% | 3.3% | 5.1% |
| FCF Yield | 7.6% | 4.8% | 3.1% | 1.6% | 1.8% | 2.3% | 3.1% | 3.9% | 5.1% | 4.4% | 4.7% |
| Buyback Yield | 13.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 14.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $42M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M |
Peer Comparison
Compare MORN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MORNYou | $6B | 17.3 | 9.5 | 13.2 | 61.0% | 21.5% | 26.3% | 15.3% | 2.0 |
 MSCI | $42B | 37.4 | 24.9 | 27.3 | 82.4% | 54.7% | — | 34.9% | 3.3 |
 SPGI | $122B | 28.0 | 17.5 | 22.3 | 70.2% | 42.2% | 12.1% | 9.7% | 1.9 |
 MCO | $80B | 33.0 | 21.6 | 31.0 | 68.2% | 44.8% | 62.0% | 22.5% | 1.9 |
 FDS | $8B | 14.2 | 10.1 | 13.3 | 52.7% | 32.2% | 29.1% | 15.5% | 1.7 |
 ICE | $76B | 23.2 | 14.8 | 17.7 | 61.9% | 38.7% | 11.7% | 7.5% | 3.1 |
 LSE | $68M | 8.4 | 7.9 | 4.7 | 23.2% | 10.9% | 22.4% | 17.3% | 0.2 |
 VRSK | $23B | 26.8 | 15.3 | 19.1 | 67.3% | 44.6% | 437.9% | 33.0% | 3.0 |
 TRI | $34B | 23.1 | 12.3 | 16.7 | 75.8% | 26.6% | 12.6% | 11.2% | 0.7 |
 BLK | $174B | 29.6 | 23.0 | 46.3 | 55.5% | 29.1% | 10.0% | 7.5% | 1.9 |
 TROW | $23B | 11.6 | 8.0 | 15.8 | 62.7% | 29.9% | 17.8% | 13.3% | 0.3 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 26 years · Updated daily
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MORN — Frequently Asked Questions
Quick answers to the most common questions about buying MORN stock.
What is Morningstar, Inc.'s P/E ratio?
Morningstar, Inc.'s current P/E ratio is 17.3x. The historical average is 42.7x.
What is Morningstar, Inc.'s EV/EBITDA?
Morningstar, Inc.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
What is Morningstar, Inc.'s ROE?
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%.
Is MORN stock overvalued?
Based on historical data, Morningstar, Inc. is trading at a P/E of 17.3x. Compare with industry peers and growth rates for a complete picture.
What is Morningstar, Inc.'s dividend yield?
Morningstar, Inc.'s current dividend yield is 1.19% with a payout ratio of 20.6%.
What are Morningstar, Inc.'s profit margins?
Morningstar, Inc. has 61.0% gross margin and 21.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Morningstar, Inc. have?
Morningstar, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.