Morningstar
MORN
200.65
+4.96
+2.53%
Morningstar
US · MORN
#1799 by market cap
Listed 1970
200.65
+4.96
+2.53%
Live - 5344 symbols - heartbeat 196s ago
· 2026-10-08 08:26
Pre-market
200.70
+0.02%
After-hours
199.24
-0.70%
- Market cap
- 7.53B
- P/E (TTM)i
- 19.09
- P/Bi
- 7.35
- EPSi
- 8.87
- Div yieldi
- 0.97%
- 52W posi
- 71%
Reader sentiment
Are you bullish or bearish on MORN?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Good
- Altman Z-Score is 3.91, above the 3.0 "safe zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +7.49% YoY
Margins
- Gross margin
- 61.03%
- Operating margin
- 20.61%
- Net margin
- 15.30%
Key ratios & quality
- Enterprise valuei
- 8.11B
- PEG ratioi
- 0.26
- Altman Z-Scorei
- 3.91
PEG uses trailing P/E against the 3-year net income growth rate (74.44%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.02B | 1.18B | 1.39B | 1.70B | 1.87B | 2.04B | 2.28B | 2.45B |
| Gross profit | 608.80M | 695.90M | 833.10M | 1.00B | 1.09B | 1.20B | 1.38B | 1.49B |
| Selling & admin expenses | 296.30M | 388.60M | 478.40M | 593.20M | 756.90M | 779.60M | 768.20M | 801.00M |
| Research & development | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | 215.80M | 189.60M | 215.20M | 257.00M | 167.80M | 230.60M | 420.80M | 503.90M |
| Pretax profit | 232.90M | 198.50M | 283.00M | 250.50M | 130.60M | 181.50M | 491.30M | 499.00M |
| Tax | 47.80M | 45.60M | 59.70M | 62.60M | 56.50M | 33.00M | 104.00M | 121.50M |
| Net profit | 183.00M | 152.00M | 223.60M | 193.30M | 70.50M | 141.10M | 369.90M | 374.20M |
| Basic EPS | 4 | 4 | 5 | 5 | 2 | 3 | 9 | 9 |
| Diluted EPS | 4.25 | 3.52 | 5.18 | 4.45 | 1.64 | 3.29 | 8.58 | 8.87 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 581.90M | 605.10M | 617.40M | 641.10M | 644.80M | 663.20M |
| Gross profit | 350.50M | 374.50M | 375.70M | 391.90M | 405.90M | 423.90M |
| Selling & admin expenses | 189.10M | 201.70M | 201.40M | 208.80M | 199.20M | 216.60M |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | 114.10M | 125.10M | 127.80M | 136.90M | 155.90M | 160.60M |
| Pretax profit | 108.50M | 116.50M | 123.10M | 150.90M | 141.80M | 147.00M |
| Tax | 27.40M | 26.30M | 31.40M | 36.40M | 34.60M | 38.30M |
| Net profit | 78.50M | 89.00M | 91.60M | 115.10M | 107.10M | 107.80M |
| Basic EPS | 2 | 2 | 2 | 3 | 3 | 3 |
| Diluted EPS | 1.82 | 2.09 | 2.17 | 2.83 | 2.73 | 2.83 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 601.60M | 603.20M | 730.00M | 887.60M | 810.80M | 815.70M | 1.01B | 1.04B |
| Cash & ST investments | 395.90M | 367.50M | 464.20M | 546.10M | 414.60M | 389.00M | 551.00M | 528.70M |
| Inventory | -- | -- | -- | -- | -- | -- | -- | -- |
| Total assets | 1.45B | 2.37B | 2.70B | 2.86B | 3.47B | 3.40B | 3.55B | 3.59B |
| Total current liabilities | 362.80M | 495.80M | 626.50M | 783.50M | 882.50M | 880.80M | 967.30M | 1.05B |
| Short-term debt | -- | 46.80M | 39.90M | 36.40M | 69.40M | 68.50M | 35.10M | 41.80M |
| Long-term debt | 70.00M | 502.10M | 449.10M | 359.40M | 1.08B | 940.30M | 698.60M | 1.07B |
| Total liabilities | 519,100,000.00 | 1,287,300,000.00 | 1,424,600,000.00 | 1,446,800,000.00 | 2,267,700,000.00 | 2,075,600,000.00 | 1,930,300,000.00 | 2,368,300,000.00 |
| Total equity | 934.70M | 1.08B | 1.27B | 1.42B | 1.21B | 1.33B | 1.62B | 1.22B |
| Retained earnings | 1.11B | 1.22B | 1.39B | 1.53B | 1.54B | 1.61B | 1.91B | 2.21B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 1.01B | 1.04B | 979.20M | 1.04B | 1.06B | 1.03B |
| Cash & ST investments | 559.20M | 541.60M | 514.50M | 528.70M | 532.20M | 523.80M |
| Inventory | -- | -- | -- | -- | -- | -- |
| Total assets | 3.59B | 3.63B | 3.56B | 3.59B | 3.99B | 3.95B |
| Total current liabilities | 912.30M | 921.00M | 945.50M | 1.05B | 1.03B | 980.30M |
| Short-term debt | 37.70M | 39.30M | 39.90M | 41.80M | 60.90M | 60.00M |
| Long-term debt | 803.70M | 838.80M | 848.90M | 1.07B | 1.69B | 1.70B |
| Total liabilities | 1,977,100,000.00 | 2,016,000,000.00 | 2,043,600,000.00 | 2,368,300,000.00 | 2,967,600,000.00 | 2,921,900,000.00 |
| Total equity | 1.61B | 1.61B | 1.51B | 1.22B | 1.02B | 1.02B |
| Retained earnings | 1.97B | 2.04B | 2.11B | 2.21B | 2.29B | 2.38B |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 314.80M | 334.40M | 384.30M | 449.90M | 297.80M | 316.40M | 591.60M | 589.70M |
| Depreciation & amortization | 96.70M | 117.70M | 139.50M | 150.70M | 166.60M | 184.90M | 190.40M | 189.90M |
| Free cash flow | 238.70M | 254.40M | 307.60M | 348.10M | 168.30M | 197.30M | 448.90M | 442.60M |
| Dividends paid | -42.60M | -47.80M | -51.40M | -54.20M | -61.50M | -63.90M | -69.30M | -76.90M |
| Stock buybacks / issuance | -20.90M | -4.90M | -41.90M | -1.30M | -226.00M | -1.40M | -11.60M | -787.00M |
| Ending cash balance | 369.30M | 334.10M | 422.50M | 483.80M | 376.60M | 337.90M | 502.70M | 474.50M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 91.00M | 99.00M | 195.70M | 204.00M | 91.50M | 155.70M |
| Depreciation & amortization | 47.30M | 48.50M | 47.00M | 47.10M | 51.70M | 53.50M |
| Free cash flow | 58.80M | 62.40M | 160.10M | 161.30M | 53.60M | 122.50M |
| Dividends paid | -19.50M | -19.30M | -19.20M | -18.90M | -19.90M | -19.00M |
| Stock buybacks / issuance | -109.60M | -112.00M | -170.10M | -395.30M | -300.00M | -100.00M |
| Ending cash balance | 511.50M | 503.50M | 474.20M | 474.50M | 492.80M | 489.50M |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 21.04 | 15.06 | 18.99 | 14.39 | 5.38 | 11.13 | 25.11 | 26.35 |
| ROA %i | 12.80 | 7.95 | 8.83 | 6.95 | 2.22 | 4.10 | 10.64 | 10.48 |
| ROIC %i | 18.54 | 11.24 | 12.60 | 10.39 | 4.09 | 7.29 | 15.94 | 15.82 |
| 5-year avg ROE %i | 19.10 | 19.78 | 19.48 | 17.54 | 14.97 | 12.99 | 15.00 | 16.47 |
| EBIT margin %i | 23.24 | 17.78 | 21.17 | 15.35 | 8.59 | 11.88 | 23.79 | 22.04 |
| FCF / sales %i | 23.40 | 21.58 | 22.14 | 20.48 | 9.00 | 9.68 | 19.73 | 18.10 |
| Current ratioi | 1.66 | 1.22 | 1.17 | 1.13 | 0.92 | 0.93 | 1.05 | 0.99 |
| Quick ratioi | 1.57 | 1.13 | 1.07 | 1.05 | 0.82 | 0.83 | 0.95 | 0.89 |
| Debt / assetsi | 4.82 | 29.00 | 23.25 | 18.57 | 38.09 | 34.09 | 25.47 | 35.13 |
| LT debt / equityi | 7.49 | 59.14 | 46.15 | 34.97 | 103.90 | 82.22 | 53.68 | 99.79 |
| Interest coveragei | 57.80 | 18.88 | 26.50 | 25.09 | 5.34 | 3.99 | 10.85 | 13.48 |
| Revenue CAGR (3Y) %i | 8.94 | 13.87 | 15.08 | 18.55 | 16.63 | 13.63 | 10.22 | 9.34 |
| Net income CAGR (3Y) %i | 11.34 | -1.90 | 17.77 | 1.84 | -22.59 | -14.23 | 24.15 | 74.44 |
| FCF CAGR (3Y) %i | 9.02 | 19.02 | 18.79 | 13.40 | -12.87 | -13.76 | 8.85 | 38.03 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 25.68 | 26.51 | 24.42 | 26.35 | 30.66 | 31.96 |
| ROA %i | 11.02 | 11.49 | 10.56 | 10.48 | 10.64 | 11.13 |
| ROIC %i | 15.97 | 16.56 | 15.36 | 15.82 | 15.56 | 16.37 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 24.09 | 24.78 | 22.97 | 22.04 | 23.08 | 24.09 |
| FCF / sales %i | 19.37 | 16.61 | 16.45 | 18.10 | 17.44 | 19.38 |
| Current ratioi | 1.11 | 1.13 | 1.04 | 0.99 | 1.03 | 1.06 |
| Quick ratioi | 1.00 | 1.02 | 0.94 | 0.89 | 0.92 | 0.94 |
| Debt / assetsi | 27.97 | 28.48 | 29.31 | 35.13 | 47.83 | 48.28 |
| LT debt / equityi | 59.99 | 61.61 | 66.23 | 99.79 | 181.17 | 180.19 |
| Interest coveragei | 12.45 | 13.85 | 14.00 | 13.48 | 12.40 | 11.14 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Diversified
- Morningstar Direct Platform is the largest reported line at 33.49% of revenue, across 6 reported segments.
- No single line clears half of revenue; PitchBook is next at 26.34%, spreading the business across more than one real driver.
Revenue breakdown most recent period
Business
Morningstar Direct Platform33.49%
PitchBook26.34%
Morningstar Credit15.82%
Corporate and All Other9.54%
Morningstar Wealth9.09%
Morningstar Retirement5.71%
Quote time 2026-10-08 08:26:50 · For reference only, not investment advice and not tailored to your situation.