Overview Dividends

(MORN) Morningstar - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US6177001095

Data, Analytics, Ratings, Portfolios, Retirement

Financial Exchanges & Data
Market Cap in USD: 9,086m

IPO / Inception: 2005-05-03
Return 12m vs S&P 500: -44.5%

EPS (Earnings per Share)

EPS CAGR: 19.93%
EPS Trend: 57.9%

Last SUE: 0.44
Qual. Beats: 0

Revenue

Rev. CAGR: 8.03%
Rev. Trend: 98.3%

Last SUE: 0.04
Qual. Beats: 0

Dividends

Dividend Yield	1.06%
Yield on Cost 5y	1.07%
Yield CAGR 5y	1.69%
Payout Consistency	95.9%
Payout Ratio	18.9%

Risk via 5d forecast
Volatility	22.3%
Value at Risk 5%th	34.8%
Relative Tail Risk	-5.19%

Reward TTM
Sharpe Ratio	-1.73
Alpha	-50.00
CAGR/Max DD	0.02

Character TTM
Hurst Exponent	0.392
Beta	0.820
Beta Downside	0.895

Drawdowns 3y
Max DD	41.82%
Mean DD	13.13%
Median DD	9.02%

Description: MORN Morningstar October 30, 2025

Morningstar, Inc. (NASDAQ:MORN) is a global provider of independent investment research and data, operating across North America, Europe, Asia-Pacific and other regions. The firm’s business is organized into five primary segments: Morningstar Data & Analytics, PitchBook, Morningstar Wealth, Morningstar Credit, and Morningstar Retirement, each delivering subscription-based software, research, and managed-investment products such as mutual funds, ETFs, and model portfolios.

Key growth levers include the rapid expansion of private-market data via PitchBook (which has seen double-digit annual revenue growth, driven by heightened venture-capital and private-equity activity) and the increasing demand for ESG and sustainability analytics supplied by Sustainalytics. In FY 2024, Morningstar reported subscription revenue of roughly $1.1 billion, representing about 78 % of total revenue, and a trailing-12-month operating margin of ~ 15 %, reflecting the high-margin nature of its SaaS-centric model. The company’s exposure to macro-drivers such as interest-rate cycles (affecting credit-rating services) and discretionary investment spending (impacting wealth-management tools) adds a layer of cyclicality to its earnings.

For a deeper dive into Morningstar’s valuation metrics, the ValueRay platform offers a granular, data-driven view of its financials and peer comparisons.

Piotroski VR‑10 (Strict, 0-10) 7.0

Net Income (376.0m TTM) > 0 and > 6% of Revenue (6% = 143.7m TTM)

FCFTA 0.11 (>2.0%) and ΔFCFTA -1.37pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 1.41% (prev 5.71%; Δ -4.30pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.15 (>3.0%) and CFO 539.1m > Net Income 376.0m (YES >=105%, WARN >=100%)

Net Debt (568.4m) to EBITDA (729.4m) ratio: 0.78 <= 3.0 (WARN <= 3.5)

Current Ratio 1.04 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (42.6m) change vs 12m ago -1.39% (target <= -2.0% for YES)

Gross Margin 60.93% (prev 60.91%; Δ 0.02pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 67.25% (prev 62.33%; Δ 4.92pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 13.69 (EBITDA TTM 729.4m / Interest Expense TTM 39.3m) >= 6 (WARN >= 3)

Altman Z'' 4.06

(A) 0.01 = (Total Current Assets 979.2m - Total Current Liabilities 945.5m) / Total Assets 3.56b

(B) 0.59 = Retained Earnings (Balance) 2.11b / Total Assets 3.56b

(D) 1.00 = Book Value of Equity 2.04b / Total Liabilities 2.04b

Total Rating: 4.06 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 85.49

1. Piotroski 7.0pt

2. FCF Yield 4.10%

3. FCF Margin 16.45%

4. Debt/Equity 0.69

5. Debt/Ebitda 0.78

6. ROIC - WACC (= 8.62)%

7. RoE 23.66%

8. Rev. Trend 98.34%

9. EPS Trend 57.88%

What is the price of MORN shares?

As of December 28, 2025, the stock is trading at USD 219.06 with a total of 281,245 shares traded.
Over the past week, the price has changed by +1.69%, over one month by +2.50%, over three months by -6.56% and over the past year by -35.53%.

Is MORN a buy, sell or hold?

Morningstar has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy MORN.

Strong Buy: 1
Buy: 1
Hold: 1
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the MORN price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	278.3	27.1%
Analysts Target Price	278.3	27.1%
ValueRay Target Price	196.1	-10.5%

MORN Fundamental Data Overview December 23, 2025

Market Cap USD = 9.09b (9.09b USD * 1.0 USD.USD)
P/E Trailing = 24.5342
P/E Forward = 19.084
P/S = 3.7929
P/B = 5.8472
Beta = 1.11
Revenue TTM = 2.40b USD
EBIT TTM = 538.2m USD
EBITDA TTM = 729.4m USD
Long Term Debt = 848.9m USD (from longTermDebt, last quarter)
Short Term Debt = 39.9m USD (from shortTermDebt, last quarter)
Debt = 1.04b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 568.4m USD (from netDebt column, last quarter)
Enterprise Value = 9.61b USD (9.09b + Debt 1.04b - CCE 514.5m)
Interest Coverage Ratio = 13.69 (Ebit TTM 538.2m / Interest Expense TTM 39.3m)
FCF Yield = 4.10% (FCF TTM 394.1m / Enterprise Value 9.61b)
FCF Margin = 16.45% (FCF TTM 394.1m / Revenue TTM 2.40b)
Net Margin = 15.70% (Net Income TTM 376.0m / Revenue TTM 2.40b)
Gross Margin = 60.93% ((Revenue TTM 2.40b - Cost of Revenue TTM 935.9m) / Revenue TTM)
Gross Margin QoQ = 60.85% (prev 61.89%)
Tobins Q-Ratio = 2.70 (Enterprise Value 9.61b / Total Assets 3.56b)
Interest Expense / Debt = 0.90% (Interest Expense 9.40m / Debt 1.04b)
Taxrate = 25.53% (31.4m / 123.0m)
NOPAT = 400.8m (EBIT 538.2m * (1 - 25.53%))
Current Ratio = 1.04 (Total Current Assets 979.2m / Total Current Liabilities 945.5m)
Debt / Equity = 0.69 (Debt 1.04b / totalStockholderEquity, last quarter 1.51b)
Debt / EBITDA = 0.78 (Net Debt 568.4m / EBITDA 729.4m)
Debt / FCF = 1.44 (Net Debt 568.4m / FCF TTM 394.1m)
Total Stockholder Equity = 1.59b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.57% (Net Income 376.0m / Total Assets 3.56b)
RoE = 23.66% (Net Income TTM 376.0m / Total Stockholder Equity 1.59b)
RoCE = 22.08% (EBIT 538.2m / Capital Employed (Equity 1.59b + L.T.Debt 848.9m))
RoIC = 16.79% (NOPAT 400.8m / Invested Capital 2.39b)
WACC = 8.18% (E(9.09b)/V(10.13b) * Re(9.04%) + D(1.04b)/V(10.13b) * Rd(0.90%) * (1-Tc(0.26)))
Discount Rate = 9.04% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.47%
[DCF Debug] Terminal Value 75.90% ; FCFE base≈414.0m ; Y1≈445.9m ; Y5≈548.6m
Fair Price DCF = 194.4 (DCF Value 8.00b / Shares Outstanding 41.1m; 5y FCF grow 8.65% → 3.0% )
EPS Correlation: 57.88 | EPS CAGR: 19.93% | SUE: 0.44 | # QB: 0
Revenue Correlation: 98.34 | Revenue CAGR: 8.03% | SUE: 0.04 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.51 | Chg30d=+0.030 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=10.79 | Chg30d=+0.317 | Revisions Net=+1 | Growth EPS=+14.8% | Growth Revenue=+7.5%

Additional Sources for MORN Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle