Morningstar (MORN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Morningstar

NasdaqGS•Financial Services•Financial Data & Stock Exchanges

$191.02-2.13(-0.01%)After hours

Market Cap

$7.67B

P/E

18.2x

P/S

3.0x

P/B

7.5x

Morningstar, Inc. provides independent investment insights for investors in the United States, Asia, Australia, Canada, Continental Europe, the United Kingdom, and internationally. It operates through five segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. The company offers managed investments, including mutual funds, exchanged traded funds, separate accounts, collective investment trusts, model portfolios, equities, and fixed-income securities; Morningstar Direct, an investment analysis and reporting application; and Morningstar Advisor Workstation, a suite of tools to provide advice to clients. It also provides PitchBook that offers data and research covering the private capital markets comprising venture capital, private equity and credit, bank loans, and merger and acquisition activities through the PitchBook platform; Morningstar Model Portfolios, an advisor service with model portfolios for fee-based financial advisors; Morningstar International Wealth Platform, which offers discretionary asset management services; and Morningstar Investor/Morningstar.com, an individual investor platform and media site. In addition, the company offers credit ratings, research, data, and credit analytics solutions through Morningstar DBRS and Morningstar Credit Analytics agencies. Further, it provides managed retirement accounts, fiduciary services, and custom models; Morningstar Sustainalytics that provides environmental, social and governance data, research, and ratings; and Morningstar Indexes that offers market indexes used for performance benchmarks and as the basis for investment products and other portfolio strategies. The company was incorporated in 1984 and is headquartered in Chicago, Illinois.

How this company scores

GoodMetricSide Score: 73/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (9/25).

Profitability22/25

Growth17/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsHigh ROECash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.2x5y range 16.0x – 800.2x

Currently below its 20-quarter median.

P/S · 3.0x5y range 2.6x – 8.4x

Currently below its 20-quarter median.

P/B · 7.5x5y range 6.3x – 11.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 222.1% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $7.67B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.57B
Q. Revenue: $663.20M
TTM EBITDA: $603.90M
TTM Op. Income: $603.90M
Q. Op. Income: $160.60M
TTM Net Income: $421.60M
Q. Net Income: $107.80M
EPS: $2.85
Shares Out.: $37.80M

$2.57B in TTM revenue grew 9.3% YoY, reaching $663.20M last quarter. TTM EBITDA of $603.90M and TTM operating income of $603.90M show growth is flowing through to the bottom line. TTM net income of $421.60M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 24.2%
Op. Margin: 24.2%
Net Margin: 16.3%

Op. margin of 24.2% is up 3.5% YoY — cost efficiency is improving. Net margin at 16.3% Over the past year, operating margin is up 17% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.2x
P/S Ratio: 3.0x
P/B Ratio: 7.5x

At 18.2x P/E, the stock trades within typical market levels. P/S of 3.0x and P/B of 7.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 45% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.95B
Cash: N/A
Long-Term Debt: $1.71B
Book Value: $1.02B
D/E Ratio: 1.7
Debt/EBITDA: 10.7

With $3.95B in assets and $1.71B in long-term debt, D/E is 1.7and book value is $1.02B — moderate leverage. Over the past year, debt/equity is up 222% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $155.70M
TTM Free Cash Flow: $497.50M
FCF Margin: 19.4%
FCF / Net Income: 1.2

TTM FCF of $497.50M on $155.70M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 28% — an improving trend.