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Morningstar, Inc. key statistics and ratios

In fiscal 2025, Morningstar, Inc. had return on equity of 26.3%, an operating margin of 21.5%, debt equal to 88.0% of equity and a current ratio of 0.99. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin73.1%71.7%62.7%62.5%61.1%58.1%58.2%56.9%57.6%59.7%59.0%60.0%58.9%58.3%58.6%60.6%61.0%63.1%
Operating margin26.0%21.8%21.9%22.9%24.4%13.9%24.2%22.6%18.6%21.2%16.1%15.5%15.1%9.0%11.3%21.3%21.5%24.5%
Net margin17.1%15.6%15.6%16.4%17.7%10.3%16.8%20.2%15.0%17.9%12.9%16.1%11.4%3.8%6.9%16.3%15.3%17.0%
Free-cash-flow margin18.6%19.6%22.4%17.6%21.9%10.3%23.4%18.9%20.1%23.4%21.6%22.1%20.5%9.0%9.7%19.7%18.1%18.8%
Return on equity12.4%12.0%12.0%13.7%17.4%11.7%20.5%24.1%18.2%21.0%15.1%19.0%14.4%5.4%11.1%25.1%26.3%39.6%
Return on assets8.9%8.6%8.7%9.8%11.9%7.7%13.0%13.5%9.9%12.8%7.9%8.8%7.0%2.2%4.1%10.6%10.5%11.8%
Asset turnover0.520.550.560.590.670.740.770.670.660.710.620.550.610.590.590.650.690.70
Current ratio2.142.012.261.841.661.331.351.601.641.661.221.171.130.920.931.050.991.05
Debt to equity0.0%—0.0%0.0%0.0%4.6%5.5%0.0%0.0%7.5%48.4%35.3%25.4%94.6%75.7%43.2%88.0%165.5%
Interest cover (operating income ÷ interest)——105.0x———————————————
Effective tax rate36.7%33.5%31.2%34.4%31.5%31.3%32.4%28.3%23.7%20.5%23.0%21.1%25.0%43.3%19.0%21.9%24.5%25.1%
R&D as % of revenue8.0%8.9%8.4%7.8%——————————————
Capital spending as % of revenue2.6%2.7%3.7%4.6%4.8%7.7%7.3%7.9%7.3%7.5%6.8%5.5%6.0%6.9%5.8%6.3%6.0%5.7%
Free cash flow ÷ net income108.2%125.8%144.0%107.3%124.0%100.0%138.9%93.7%134.0%130.4%167.4%137.6%180.1%238.7%139.8%121.4%118.3%110.6%
Dividends ÷ net income0.0%0.0%10.2%23.6%14.1%39.0%25.4%23.5%28.7%23.3%31.4%23.0%28.0%87.2%45.3%18.7%20.6%17.2%
Dividends and buybacks ÷ free cash flow0.0%3.5%35.8%239.1%111.6%136.9%71.0%57.5%44.5%26.6%20.7%30.3%15.9%170.8%33.1%18.0%195.2%197.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

79 /100

Strong moat

How hard Morningstar's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.5% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 59.4%, moving by 1.5 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 18.2%; its worst year was 8.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.8% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 9.9% over five years; stock-based pay has been a median 2.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: FDS vs MORNMORN vs TWMORN vs MSCI

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Figures from Morningstar, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Morningstar, Inc.