Morningstar, Inc.

NasdaqGS:MORN Stock Report

Market Cap: US$6.3b

Morningstar Past Earnings Performance

Past criteria checks 2/6

Morningstar has been growing earnings at an average annual rate of 21.5%, while the Capital Markets industry saw earnings growing at 5.8% annually. Revenues have been growing at an average rate of 9.8% per year. Morningstar's return on equity is 39.5%, and it has net margins of 16.1%.

Key information

21.49%

Earnings growth rate

22.08%

EPS growth rate

Capital Markets Industry Growth10.26%
Revenue growth rate9.77%
Return on equity39.54%
Net Margin16.06%
Next Earnings Update29 Jul 2026

Recent past performance updates

Recent updates

Analysis Article • Jun 20

Morningstar (MORN) Stock Looks Fairly Valued On P E But Rich On Cash Flow

Morningstar (MORN) is attracting attention after a period of weaker share performance, with the stock down over the past day, week, month, past 3 months, year to date, and year. See our latest analysis for Morningstar. Morningstar’s recent share price weakness, with the stock down over the past month and year to date, sits alongside a 1 year total shareholder return decline of 48.43% and a 5 year total shareholder return decline of 36.49%. This points to fading momentum as investors reassess...
Seeking Alpha • May 30

Morningstar: Priced For Complete Growth Collapse

Summary Morningstar is priced for collapse, trading at one-third its 10-year average P/E, despite strong business performance. MORN delivered 10.8% revenue growth and 42.6% adjusted diluted EPS growth in Q1 2026, with standout results in its Credit business. Management signaled deep undervaluation by tripling share repurchases to $300 million and raising dividends, reinforcing shareholder return commitment. Despite AI-driven competitive risks, MORN's robust cash flow, high-quality platforms, and double-digit EPS growth consensus support a $312 fair value estimate—46% above the current price. Read the full article on Seeking Alpha
Analysis Article • May 02

Results: Morningstar, Inc. Beat Earnings Expectations And Analysts Now Have New Forecasts

Morningstar, Inc. ( NASDAQ:MORN ) defied analyst predictions to release its quarterly results, which were ahead of...
Analysis Article • Feb 11

Risks Still Elevated At These Prices As Morningstar, Inc. (NASDAQ:MORN) Shares Dive 26%

Morningstar, Inc. ( NASDAQ:MORN ) shareholders that were waiting for something to happen have been dealt a blow with a...
Analysis Article • Feb 01

Morningstar (NASDAQ:MORN) Is Due To Pay A Dividend Of $0.50

Morningstar, Inc. ( NASDAQ:MORN ) will pay a dividend of $0.50 on the 30th of April. Even though the dividend went up...
Analysis Article • Dec 25

Morningstar (NASDAQ:MORN) Will Pay A Larger Dividend Than Last Year At $0.50

The board of Morningstar, Inc. ( NASDAQ:MORN ) has announced that it will be paying its dividend of $0.50 on the 30th...
Analysis Article • Dec 11

Morningstar's (NASDAQ:MORN) Upcoming Dividend Will Be Larger Than Last Year's

The board of Morningstar, Inc. ( NASDAQ:MORN ) has announced that the dividend on 30th of January will be increased to...
Analysis Article • Jul 26

Morningstar, Inc.'s (NASDAQ:MORN) Shareholders Might Be Looking For Exit

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 18x, you may...
Seeking Alpha • Apr 23

Morningstar: Margin Expansion Opportunity

Summary Morningstar has suffered a temporary decrease in margins due to acquisitions, but the trend has reversed in recent quarters. Compared to its peers, there is significant room to grow operating margins. Morningstar has a top-notch business model with recurring revenues, low debt, and positive working capital. The stock is trading at a discount compared to its fair value and will deliver double-digit returns. Read the full article on Seeking Alpha
Seeking Alpha • Feb 05

Morningstar: High-Quality Stock, Buy On A Pullback

Summary Morningstar, Inc. is a long-term capital appreciation play, with potential to beat the S&P 500 Index, but current high multiples suggest waiting for market-driven price drops. Strong Q3 results with double-digit growth in revenue and profit, and expected continued growth in Q4, highlight Morningstar's robust business performance. Despite a high P/E ratio of 41.5 and a low dividend yield of 0.56%, Morningstar shows steady revenue growth across all segments over the past decade. I rate MORN as Hold due to high valuation, but recommend buying on pullbacks, given its strong momentum and historical outperformance of the S&P 500. Read the full article on Seeking Alpha
Seeking Alpha • Nov 19

Why Retail Investors Might Be Interested In Morningstar

Summary Morningstar excels in wealth management tools, offering top-rated products like Direct and Workstation for portfolio management and risk assessment. Despite lower net profit margins, Morningstar's diverse product lines show consistent growth, with significant potential in high-margin segments like Morningstar Credit. Key risks include cybersecurity, regulatory challenges, and economic downturns, which could impact the demand for financial data products. Morningstar is a solid business, but I recommend waiting for a price retraction closer to year-end for a better entry point. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Morningstar makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NasdaqGS:MORN Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 262,5084038070
31 Dec 252,4463747970
30 Sep 252,3953767980
30 Jun 252,3474047830
31 Mar 252,3143847720
31 Dec 242,2753707680
30 Sep 242,2233277540
30 Jun 242,1692467650
31 Mar 242,1022137730
31 Dec 232,0391417800
30 Sep 231,975717690
30 Jun 231,928237790
31 Mar 231,893177580
31 Dec 221,871717310
30 Sep 221,8581247040
30 Jun 221,8191826520
31 Mar 221,7641856090
31 Dec 211,6991935930
30 Sep 211,6182125130
30 Jun 211,5462394990
31 Mar 211,4582554650
31 Dec 201,3902244780
30 Sep 201,3421764650
30 Jun 201,2981494280
31 Mar 201,2441434160
31 Dec 191,1791523890
30 Sep 191,1091673510
30 Jun 191,0571753210
31 Mar 191,0351743060
31 Dec 181,0201832960
30 Sep 181,0001802880
30 Jun 189691572810
31 Mar 189461612720
31 Dec 179121372640
30 Sep 178811682490
30 Jun 178471652340
31 Mar 178161502180
31 Dec 167991612030
30 Sep 167881281970
30 Jun 167871311980
31 Mar 167911322000
31 Dec 157891332040
30 Sep 157841272080

Quality Earnings: MORN has high quality earnings.

Growing Profit Margin: MORN's current net profit margins (16.1%) are lower than last year (16.6%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: MORN's earnings have grown significantly by 21.5% per year over the past 5 years.

Accelerating Growth: MORN's earnings growth over the past year (4.8%) is below its 5-year average (21.5% per year).

Earnings vs Industry: MORN earnings growth over the past year (4.8%) did not outperform the Capital Markets industry 38.3%.

Return on Equity

High ROE: Whilst MORN's Return on Equity (39.54%) is high, this metric is skewed due to their high level of debt.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 21:14
End of Day Share Price 2026/07/02 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Morningstar, Inc. is covered by 4 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jeffrey SilberBMO Capital Markets Equity Research
Niamh AlexanderKeefe, Bruyette, & Woods
Russell QuelchRothschild & Co Redburn