Morningstar, Inc.
Company Stats
- Market Cap
- $7.1B
- as of Sep 30, 2026
- Enterprise Value
- $7.7B
- Shares Outstanding
- 37.5M
- Free Float
- 10.7%
Income Statement
- Revenue
- $2.4B
- Operating Income
- $526.6M
- Net Income
- $374.2M
- EBITDA
- $716.5M
- Revenue Growth, 3Y
- 9.3%
- FCF Margin, 3Y Avg
- 15.8%
- FCF Margin, Worst Year
- 9.7%
Cash Flow
- Free Cash Flow
- $442.6M
- FCF Yield
- 6.2%
- Owner FCF Yield
- 5.4%
Balance Sheet
- Cash & Equivalents
- $474.5M
- Total Debt
- $1.1B
- Net Debt
- $600.5M
- Net Debt / EBITDA
- 0.84x
- EV / EBITDA
- 10.79x
- Net Debt / EBIT
- 1.14x
Returns & Capital
- Dividends Paid
- $76.9M
- Dividend Yield
- 1.1%
- Dividend Payout, 3Y Avg
- 28.2%
- Share Repurchases
- $787.0M
- Buyback Yield, 3Y Avg
- 3.7%
- SBC, 3Y Avg
- $54.6M
Cash Flow by Year
| Year | Revenue | FCF | Margin |
|---|---|---|---|
| FY2025 | $2.4B | $442.6M | 18.1% |
| FY2024 | $2.3B | $448.9M | 19.7% |
| FY2023 | $2.0B | $197.3M | 9.7% |
| FY2022 | $1.9B | $168.3M | 9.0% |
| FY2021 | $1.7B | $348.1M | 20.5% |
Annual filing data through FY ended December 31, 2025; shares and float as of October 10, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.
Stronger demand supports expansion as pricing diverges
Financial Services Earnings: Demand Strong, Costs Bite Back