Last 48 quarters of trend data · Financial Services · Financial - Data & Stock Exchanges
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 22.58 | 13.78 | 15.48 | 19.20 | 26.73 | 37.55 | 41.19 | 31.07 | 28.80 | 46.23 | 51.74 | 41.85 | 64.35 | 58.35 | — | 676.84 | — | 86.37 | 64.43 | 65.77 | 57.31 |
| — | -63.3% | -62.4% | -38.2% | -7.2% | -18.8% | -20.4% | -25.8% | -55.2% | -20.8% | — | -93.8% | — | -32.4% | — | +929.1% | — | +2.1% | +45.4% | +97.7% | +151.2% | |
| P/S Ratio | 3.12 | 2.30 | 2.64 | 3.51 | 4.06 | 5.65 | 5.64 | 6.25 | 6.18 | 5.70 | 6.27 | 5.87 | 5.03 | 4.29 | 4.67 | 5.00 | 4.95 | 5.57 | 6.51 | 8.07 | 6.59 |
| — | -59.3% | -53.2% | -43.8% | -34.3% | -1.0% | -10.0% | +6.5% | +23.0% | +32.9% | +34.2% | +17.5% | +1.5% | -22.9% | -28.2% | -38.1% | -24.9% | -17.4% | +4.1% | +21.6% | +35.0% | |
| P/B Ratio | 6.92 | 5.81 | 6.52 | 7.24 | 6.53 | 8.32 | 8.03 | 8.97 | 8.80 | 8.89 | 9.59 | 9.27 | 8.08 | 6.79 | 7.21 | 7.66 | 7.69 | 8.36 | 8.75 | 10.48 | 8.11 |
| — | -30.2% | -18.8% | -19.3% | -25.9% | -6.4% | -16.2% | -3.3% | +9.0% | +31.0% | +32.9% | +21.0% | +5.0% | -18.7% | -17.6% | -26.9% | -5.2% | +1.3% | +18.7% | +33.2% | +37.7% | |
| P/FCF | 16.98 | 12.13 | 30.99 | 13.71 | 15.43 | 53.83 | 54.95 | 32.17 | 22.12 | 26.39 | 55.71 | 28.54 | 24.78 | — | — | 34.30 | 33.14 | 70.10 | — | 35.10 | 30.42 |
| — | -77.5% | -43.6% | -57.4% | -30.2% | +104.0% | -1.4% | +12.7% | -10.7% | — | — | -16.8% | -25.2% | — | — | -2.3% | +8.9% | +173.3% | — | +30.0% | +24.1% | |
| EV / EBITDA | 11.79 | 8.59 | 9.70 | 11.83 | 14.95 | 20.11 | 20.78 | 17.22 | 22.14 | 21.30 | 25.10 | 23.30 | 23.51 | 26.49 | 34.90 | 31.74 | 37.96 | 30.16 | 31.96 | 32.88 | 26.78 |
| — | -57.3% | -53.3% | -31.3% | -32.5% | -5.6% | -17.2% | -26.1% | -5.8% | -19.6% | -28.1% | -26.6% | -38.1% | -12.2% | +9.2% | -3.5% | +41.8% | -9.3% | +33.6% | +30.0% | +18.3% | |
| EV / EBIT | 16.04 | 11.46 | 12.80 | 15.06 | 19.72 | 27.54 | 28.57 | 21.48 | 21.76 | 32.72 | 34.74 | 31.29 | 37.45 | 49.47 | 145.71 | 59.28 | 302.73 | 64.65 | 45.79 | 48.66 | 43.16 |
| — | -58.4% | -55.2% | -29.9% | -9.4% | -15.8% | -17.8% | -31.4% | -41.9% | -33.9% | -76.2% | -47.2% | -87.6% | -23.5% | +218.2% | +21.8% | +601.4% | +10.7% | +29.8% | +84.6% | +124.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.0% | 63.9% | 62.9% | 61.1% | 60.9% | 61.9% | 60.2% | 60.7% | 60.9% | 61.1% | 59.8% | 61.9% | 60.6% | 57.1% | 54.4% | 58.9% | 58.3% | 58.0% | 58.1% | 59.0% | 57.3% |
| — | +3.3% | +4.5% | +0.7% | -0.1% | +1.4% | +0.7% | -1.9% | +0.4% | +6.9% | +10.0% | +5.0% | +4.1% | -1.5% | -6.5% | -0.1% | +1.7% | -2.5% | -3.0% | -2.8% | -6.3% | |
| Operating Margin | 21.5% | 24.2% | 24.2% | 24.9% | 20.7% | 20.7% | 19.6% | 28.5% | 20.3% | 19.0% | 17.1% | 17.5% | 13.6% | 8.3% | 5.1% | 7.5% | 4.7% | 11.5% | 12.3% | 16.2% | 15.8% |
| — | +17.1% | +23.3% | -12.5% | +2.0% | +9.0% | +14.9% | +62.4% | +49.4% | +129.6% | +234.0% | +134.5% | +189.0% | -27.9% | -58.6% | -53.8% | -70.3% | +0.8% | -27.9% | -5.4% | +27.5% | |
| Net Margin | 15.3% | 16.3% | 16.6% | 18.0% | 14.8% | 14.7% | 13.5% | 19.8% | 21.0% | 12.1% | 11.8% | 13.6% | 7.6% | 7.2% | -1.6% | 0.7% | -1.9% | 6.4% | 10.1% | 12.2% | 11.4% |
| — | +10.5% | +23.1% | -9.2% | -29.4% | +21.7% | +14.1% | +45.0% | +177.2% | +68.9% | +846.6% | +1864.0% | +494.6% | +11.8% | -115.7% | -94.3% | -116.8% | -19.2% | -27.8% | -38.2% | -46.4% |
| Metric | TTM | Q2 '26 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.3% | 10.6% | 9.6% | 8.4% | 5.9% | 5.5% | 4.9% | 7.3% | 8.0% | 4.9% | 4.7% | 5.7% | 3.2% | 3.0% | -0.6% | 0.3% | -0.7% | 2.3% | 3.3% | 4.0% | 3.6% |
| — | +91.2% | +96.5% | +14.6% | -26.6% | +12.5% | +2.7% | +28.5% | +153.1% | +65.8% | +851.6% | +1966.4% | +524.0% | +27.4% | -118.9% | -93.1% | -120.8% | -5.7% | -21.3% | -34.4% | -46.8% | |
| ROA | 10.5% | 2.7% | 2.8% | 3.2% | 2.5% | 2.5% | 2.2% | 3.3% | 3.4% | 2.0% | 1.9% | 2.2% | 1.1% | 1.0% | -0.2% | 0.1% | -0.3% | 1.0% | 1.6% | 2.0% | 1.8% |
| — | +10.2% | +28.5% | -2.0% | -25.8% | +21.2% | +16.4% | +50.8% | +198.8% | +94.7% | +961.1% | +2174.1% | +539.5% | +10.0% | -113.6% | -95.2% | -114.6% | -22.2% | -21.3% | -29.6% | -42.1% | |
| ROIC | 15.3% | 4.1% | 4.2% | 4.6% | 3.7% | 3.6% | 3.3% | 4.9% | 3.4% | 3.2% | 2.8% | 2.8% | 2.1% | 1.2% | 0.7% | 1.1% | 0.6% | 1.8% | 2.1% | 2.9% | 2.7% |
| — | +15.4% | +26.3% | -6.1% | +8.6% | +9.9% | +20.0% | +72.7% | +63.7% | +166.2% | +283.6% | +171.0% | +220.7% | -30.7% | -66.0% | -63.8% | -75.9% | -6.1% | -19.9% | +11.3% | +44.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.15 | 1.86 | 1.87 | 1.15 | 0.69 | 0.64 | 0.62 | 0.56 | 0.67 | 0.75 | 0.82 | 0.87 | 1.00 | 1.09 | 1.11 | 1.10 | 1.15 | 1.07 | 0.50 | 0.38 | 0.38 |
| — | +190.5% | +200.2% | +106.3% | +3.4% | -14.0% | -23.6% | -36.1% | -33.2% | -31.8% | -26.6% | -20.3% | -13.4% | +1.8% | +123.8% | +192.1% | +202.5% | +169.6% | +15.0% | -23.8% | -32.6% | |
| Debt / EBITDA | 1.96 | 8.90 | 9.18 | 6.81 | 5.96 | 5.96 | 6.21 | 4.17 | 6.47 | 6.78 | 8.07 | 8.23 | 10.64 | 15.22 | 19.31 | 16.48 | 20.50 | 14.19 | 7.14 | 4.70 | 4.98 |
| — | +49.4% | +47.8% | +63.2% | -7.8% | -12.1% | -23.0% | -49.3% | -39.2% | -55.5% | -58.2% | -50.0% | -48.1% | +7.3% | +170.5% | +251.1% | +311.8% | +123.9% | +29.9% | -24.4% | -40.0% | |
| Current Ratio | 0.99 | 1.06 | 1.03 | 0.99 | 1.04 | 1.13 | 1.11 | 1.05 | 1.14 | 1.05 | 0.98 | 0.93 | 0.94 | 0.99 | 0.93 | 0.92 | 0.98 | 1.02 | 1.25 | 1.13 | 1.15 |
| — | -6.7% | -7.0% | -6.0% | -9.3% | +8.2% | +13.1% | +13.2% | +21.9% | +5.6% | +6.0% | +0.8% | -4.2% | -3.0% | -26.2% | -18.9% | -14.9% | -7.9% | +4.7% | -2.8% | +3.3% | |
| Quick Ratio | 0.99 | 1.06 | 1.03 | 0.99 | 1.04 | 1.13 | 1.11 | 1.05 | 1.14 | 1.05 | 0.98 | 0.93 | 0.94 | 0.99 | 0.93 | 0.92 | 0.98 | 1.02 | 1.25 | 1.13 | 1.15 |
| — | -6.7% | -7.0% | -6.0% | -9.3% | +8.2% | +13.1% | +13.2% | +21.9% | +5.6% | +6.0% | +0.8% | -4.2% | -3.0% | -26.2% | -18.9% | -14.9% | -7.9% | +4.7% | -2.8% | +3.3% | |
| Interest Coverage | 13.47 | 9.39 | 10.09 | 14.24 | 14.10 | 12.31 | 13.19 | 16.22 | 13.55 | 7.83 | 7.21 | 7.18 | 4.63 | 3.01 | 1.14 | 3.47 | 0.78 | 9.73 | 25.23 | 33.26 | 26.28 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying MORN stock.
Morningstar, Inc.'s current P/E is 22.6x. The average P/E over the last 4 quarters is 18.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Morningstar, Inc.'s current operating margin is 21.5%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Morningstar, Inc.'s business trajectory between earnings reports.