Morningstar Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Morningstar has an operating margin of 21.5%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 21.3% the prior year.
Morningstar's revenue declined 100% year-over-year, from $2.3B to $2K. This contraction results in a growth score of 0/100.
Morningstar carries a low D/E ratio of 0.88, meaning only $0.88 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.
Morningstar's current ratio of 0.99 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.
Morningstar converts 18.1% of revenue into free cash flow ($443). This strong cash generation earns a score of 90/100.
Morningstar earns a strong 30.6% return on equity (ROE), meaning it generates $31 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 22.9% the prior year.
Morningstar scores 1667503.32, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.6B) relative to total liabilities ($2K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Morningstar passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Morningstar generates $1.58 in operating cash flow ($590 OCF vs $374 net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows Morningstar (MORN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Morningstar generated $2K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Morningstar's EBITDA was $717 in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 100.0% from the prior year.
Morningstar generated $443 in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 100.0% from the prior year.
Morningstar reported $374 in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Morningstar earned $8.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.4% from the prior year.
Morningstar held $475 in cash against $1K in long-term debt as of fiscal year 2025.
Morningstar paid $1.87 per share in dividends in fiscal year 2025. This represents an increase of 12.0% from the prior year.
Morningstar had 40M shares outstanding in fiscal year 2025. This represents a decrease of 7.7% from the prior year.
Morningstar's gross margin was 61.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Morningstar's operating margin was 21.5% in fiscal year 2025, reflecting core business profitability. This is up 0.2 percentage points from the prior year.
Morningstar's net profit margin was 15.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.
Morningstar's ROE was 30.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.8 percentage points from the prior year.
Morningstar spent $787 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Morningstar invested $147 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
MORN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $641.1M+3.8% | $617.4M+2.0% | $605.1M+4.0% | $581.9M-1.5% | $591.0M+3.8% | $569.4M-0.4% | $571.9M+5.4% | $542.8M |
| Cost of Revenue | $249.2M+3.1% | $241.7M+4.8% | $230.6M-0.3% | $231.4M-0.3% | $232.2M+4.3% | $222.7M0.0% | $222.7M+2.1% | $218.1M |
| Gross Profit | $391.9M+4.3% | $375.7M+0.3% | $374.5M+6.8% | $350.5M-2.3% | $358.8M+3.5% | $346.7M-0.7% | $349.2M+7.5% | $324.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $89.6M+4.3% | $85.9M+4.8% | $82.0M+7.2% | $76.5M-14.0% | $89.0M+14.7% | $77.6M-3.4% | $80.3M0.0% | $80.3M |
| Operating Income | $159.6M+24.9% | $127.8M+2.2% | $125.1M+9.6% | $114.1M-32.2% | $168.2M+45.6% | $115.5M+6.5% | $108.5M+17.2% | $92.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $36.4M+15.9% | $31.4M+19.4% | $26.3M-4.0% | $27.4M-19.2% | $33.9M+14.5% | $29.6M+54.2% | $19.2M-9.9% | $21.3M |
| Net Income | $115.1M+25.7% | $91.6M+2.9% | $89.0M+13.4% | $78.5M-32.8% | $116.9M-2.3% | $119.7M+73.2% | $69.1M+7.6% | $64.2M |
| EPS (Diluted) | $2.79+28.6% | $2.17+3.8% | $2.09+14.8% | $1.82-33.1% | $2.72-1.8% | $2.77+73.1% | $1.60+7.4% | $1.49 |
MORN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.6B+0.9% | $3.6B-2.0% | $3.6B+1.2% | $3.6B+1.1% | $3.5B-0.5% | $3.6B+4.8% | $3.4B+0.4% | $3.4B |
| Current Assets | $1.0B+6.0% | $979.2M-6.1% | $1.0B+3.0% | $1.0B-0.2% | $1.0B-0.9% | $1.0B+16.8% | $875.8M+5.4% | $830.6M |
| Cash & Equivalents | $474.5M+0.1% | $474.2M-5.8% | $503.5M-1.6% | $511.5M+1.8% | $502.7M-9.1% | $552.9M+41.3% | $391.2M+10.6% | $353.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $390.4M+7.3% | $363.9M-5.2% | $384.0M+12.2% | $342.1M-4.5% | $358.1M+9.0% | $328.4M-2.4% | $336.4M+3.1% | $326.2M |
| Goodwill | $1.6B-0.2% | $1.6B-0.2% | $1.6B+1.1% | $1.6B+2.5% | $1.6B-1.1% | $1.6B+0.6% | $1.6B-0.3% | $1.6B |
| Total Liabilities | $2.4B+15.9% | $2.0B+1.4% | $2.0B+2.0% | $2.0B+2.4% | $1.9B-3.5% | $2.0B+1.6% | $2.0B-1.8% | $2.0B |
| Current Liabilities | $1.1B+11.4% | $945.5M+2.7% | $921.0M+1.0% | $912.3M-5.7% | $967.3M+8.0% | $895.9M+7.0% | $837.4M-1.1% | $846.8M |
| Long-Term Debt | $1.1B+26.4% | $848.9M+1.2% | $838.8M+4.4% | $803.7M+15.0% | $698.6M-19.2% | $864.7M-3.9% | $899.6M-5.2% | $949.4M |
| Total Equity | $1.2B-19.3% | $1.5B-6.2% | $1.6B+0.3% | $1.6B-0.6% | $1.6B+3.4% | $1.6B+9.2% | $1.4B+3.7% | $1.4B |
| Retained Earnings | $2.2B+4.5% | $2.1B+3.6% | $2.0B+3.5% | $2.0B+3.1% | $1.9B+5.4% | $1.8B+6.0% | $1.7B+3.1% | $1.7B |
MORN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $204.0M+4.2% | $195.7M+97.7% | $99.0M+8.8% | $91.0M-40.7% | $153.4M-20.1% | $191.9M+25.7% | $152.7M+63.1% | $93.6M |
| Capital Expenditures | $42.7M+19.9% | $35.6M-2.7% | $36.6M+13.7% | $32.2M-20.7% | $40.6M+12.5% | $36.1M+13.2% | $31.9M-6.5% | $34.1M |
| Free Cash Flow | $161.3M+0.7% | $160.1M+156.6% | $62.4M+6.1% | $58.8M-47.9% | $112.8M-27.6% | $155.8M+29.0% | $120.8M+103.0% | $59.5M |
| Investing Cash Flow | -$11.7M+64.5% | -$33.0M-38.1% | -$23.9M+66.2% | -$70.7M-393.4% | $24.1M+70.9% | $14.1M+143.0% | -$32.8M-22.8% | -$26.7M |
| Financing Cash Flow | -$194.0M-3.1% | -$188.1M-73.4% | -$108.5M-350.2% | -$24.1M+87.9% | -$199.1M-230.7% | -$60.2M+26.2% | -$81.6M-87.6% | -$43.5M |
| Dividends Paid | $18.9M-1.6% | $19.2M-0.5% | $19.3M-1.0% | $19.5M+12.7% | $17.3M-0.6% | $17.4M+0.6% | $17.3M0.0% | $17.3M |
| Share Buybacks | $395.3M+132.4% | $170.1M+51.9% | $112.0M+2.2% | $109.6M+844.8% | $11.6M | $0 | $0 | $0 |
MORN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.1%+0.3pp | 60.9%-1.0pp | 61.9%+1.7pp | 60.2%-0.5pp | 60.7%-0.2pp | 60.9%-0.2pp | 61.1%+1.2pp | 59.8% |
| Operating Margin | 24.9%+4.2pp | 20.7%+0.0pp | 20.7%+1.1pp | 19.6%-8.9pp | 28.5%+8.2pp | 20.3%+1.3pp | 19.0%+1.9pp | 17.1% |
| Net Margin | 17.9%+3.1pp | 14.8%+0.1pp | 14.7%+1.2pp | 13.5%-6.3pp | 19.8%-1.2pp | 21.0%+8.9pp | 12.1%+0.3pp | 11.8% |
| Return on Equity | 9.4%+3.4pp | 6.0%+0.5pp | 5.5%+0.6pp | 4.9%-2.3pp | 7.2%-0.4pp | 7.6%+2.8pp | 4.8%+0.2pp | 4.6% |
| Return on Assets | 3.2%+0.6pp | 2.6%+0.1pp | 2.5%+0.3pp | 2.2%-1.1pp | 3.3%-0.1pp | 3.4%+1.3pp | 2.0%+0.1pp | 1.9% |
| Current Ratio | 0.99-0.1 | 1.04-0.1 | 1.13+0.0 | 1.11+0.1 | 1.05-0.1 | 1.14+0.1 | 1.05+0.1 | 0.98 |
| Debt-to-Equity | 0.88+0.3 | 0.56+0.0 | 0.52+0.0 | 0.50+0.1 | 0.43-0.1 | 0.55-0.1 | 0.63-0.1 | 0.69 |
| FCF Margin | 25.2%-0.8pp | 25.9%+15.6pp | 10.3%+0.2pp | 10.1%-9.0pp | 19.1%-8.3pp | 27.4%+6.2pp | 21.1%+10.2pp | 11.0% |
Note: The current ratio is below 1.0 (0.99), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Morningstar's annual revenue?
Morningstar (MORN) reported $2K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Morningstar's revenue growing?
Morningstar (MORN) revenue declined by 100% year-over-year, from $2.3B to $2K in fiscal year 2025.
Is Morningstar profitable?
Yes, Morningstar (MORN) reported a net income of $374 in fiscal year 2025, with a net profit margin of 15.3%.
What is Morningstar's earnings per share (EPS)?
Morningstar (MORN) reported diluted earnings per share of $8.87 for fiscal year 2025. This represents a 3.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Morningstar's EBITDA?
Morningstar (MORN) had EBITDA of $717 in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Morningstar have?
As of fiscal year 2025, Morningstar (MORN) had $475 in cash and equivalents against $1K in long-term debt.
What is Morningstar's gross margin?
Morningstar (MORN) had a gross margin of 61.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Morningstar's operating margin?
Morningstar (MORN) had an operating margin of 21.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Morningstar's net profit margin?
Morningstar (MORN) had a net profit margin of 15.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Morningstar pay dividends?
Yes, Morningstar (MORN) paid $1.87 per share in dividends during fiscal year 2025.
What is Morningstar's return on equity (ROE)?
Morningstar (MORN) has a return on equity of 30.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Morningstar's free cash flow?
Morningstar (MORN) generated $443 in free cash flow during fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Morningstar's operating cash flow?
Morningstar (MORN) generated $590 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Morningstar's total assets?
Morningstar (MORN) had $4K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Morningstar's capital expenditures?
Morningstar (MORN) invested $147 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Morningstar buy back shares?
Yes, Morningstar (MORN) spent $787 on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Morningstar have outstanding?
Morningstar (MORN) had 40M shares outstanding as of fiscal year 2025.
What is Morningstar's current ratio?
Morningstar (MORN) had a current ratio of 0.99 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Morningstar's debt-to-equity ratio?
Morningstar (MORN) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Morningstar's return on assets (ROA)?
Morningstar (MORN) had a return on assets of 10.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Morningstar's Altman Z-Score?
Morningstar (MORN) has an Altman Z-Score of 1667503.32, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Morningstar's Piotroski F-Score?
Morningstar (MORN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Morningstar's earnings high quality?
Morningstar (MORN) has an earnings quality ratio of 1.58x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Morningstar?
Morningstar (MORN) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.