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Morningstar, Inc.
Nasdaq · CIK 1289419
Last close183.55
Daily change-7.16 (-3.75%)
10 Years gain+150.19%
Dividends TTM2.46 (+38.70%)
Dividend yield1.29%
Fundamental Analysis
MORN · STANDARD
SIC 6282 · Investment Advice · Fiscal year end 1231
Fundamental
69.8Momentum
67.5Acceleration
68.7Confidence
91.0Annual Revenue18
Quarterly Revenue74
Annual CFO18
Balance SheetAvailable
RankingEligible
Score Breakdown
Growth15.0 / 25
Quality19.4 / 25
Capital Efficiency18.4 / 20
Balance Sheet4.3 / 15
Shareholder Economics9.7 / 10
Forward Indicators3.0 / 5
Signals
Gross margin expansionGross margin improved by 1.9308 percentage points.
Operating leverageOperating margin improved by 3.4944 percentage points.
ROIC expansionROIC improved by 4.1096 percentage points.
Share count reductionDiluted share count declined 11.6009%.
Strong operating leverageOperating income is growing faster than revenue while operating margin expands.
Key Metrics
Revenue Growth TTM11.67%OK
Revenue CAGR 3Y9.34%OK
Gross Margin62.44%OK
Operating Margin22.5%OK
FCF Marginn/aMISSING
FCF Growthn/aINSUFFICIENT_HISTORY
ROIC22.22%OK
Incremental Operating Margin 3Y45.35%OK
Net Debt / CFOn/aNOT_MEANINGFUL
Diluted Share Growth 1Y-11.6%OK
SBC / Revenuen/aMISSING
SBC / FCFn/aNOT_MEANINGFUL
Financial History
| Period | Revenue | Gross Profit | Operating Income | CFO | FCF | Gross Margin | Op Margin | FCF Margin | ROIC | Shares |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 FY Dec 31, 2025 | $2.45B | $1.49B | $526.60M | $589.70M | $442.60M | 61.03% | 21.53% | 18.1% | 22.51% | 42.2M |
| 2025 FY Dec 31, 2024 | $2.28B | $1.38B | $484.80M | $591.60M | $448.90M | 60.63% | 21.31% | 19.73% | 20.4% | 43.1M |
| 2025 FY Dec 31, 2023 | $2.04B | $1.20B | $230.60M | $316.40M | $197.30M | 58.62% | 11.31% | 9.68% | 9.64% | 42.9M |
| 2024 FY Dec 31, 2022 | $1.87B | $1.09B | $167.80M | $297.80M | $168.30M | 58.34% | 8.97% | 9% | 8.38% | 42.9M |
| 2023 FY Dec 31, 2021 | $1.70B | $1.00B | $257.00M | $449.90M | $348.10M | 58.9% | 15.12% | 20.48% | 16.34% | 43.4M |
Formula Trace
| Metric | Value | Formula | Status | Source |
|---|---|---|---|---|
| Revenue TTM | $2.53B | sum latest 4 fiscal quarters Revenue | OK | 0001289419-26-000041, 0001289419-25-000168 |
| Revenue Growth TTM | 11.67% | Revenue_TTM / Revenue_TTM_1Y_ago - 1 | OK | 0001289419-26-000041, 0001289419-25-000168 |
| Revenue CAGR 3Y | 9.34% | (Revenue_current / Revenue_3Y_ago)^(1/3) - 1 | OK | 0001289419-26-000013 |
| Revenue CAGR 5Y | 11.97% | (Revenue_current / Revenue_5Y_ago)^(1/5) - 1 | OK | 0001289419-26-000013 |
| Gross Profit CAGR 3Y | 11% | (GrossProfit_current / GrossProfit_3Y_ago)^(1/3) - 1 | OK | 0001289419-26-000013 |
| Operating Income Growth | 32.2% | OperatingIncome_current / OperatingIncome_prior_year - 1 | OK | 0001289419-26-000041, 0001289419-25-000168 |
| FCF Growth | n/a | FCF_current / FCF_prior_year - 1 | INSUFFICIENT_HISTORY | derived |
| Revenue Growth Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Gross Profit Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Operating Income Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| FCF Acceleration | n/a | 0.5*(Q0-Q1)+0.3*(Q1-Q2)+0.2*(Q2-Q3) | INSUFFICIENT_HISTORY | derived |
| Gross Margin | 62.44% | Gross Profit / Revenue | OK | 0001289419-26-000041, 0001289419-25-000168 |
| Operating Margin | 22.5% | Operating Income / Revenue | OK | 0001289419-26-000041, 0001289419-25-000168 |
| ROIC | 22.22% | NOPAT / Average Invested Capital | OK | 0001289419-26-000041, 0001289419-25-000168 |
| Net Debt / CFO | n/a | Net Debt / CFO | NOT_MEANINGFUL | 0001289419-26-000041 |
| Current Ratio | 1.06x | Current Assets / Current Liabilities | OK | derived |
| Cash / Debt | 0.31x | (Cash + Short-term Investments) / Total Debt | OK | 0001289419-26-000041 |
| Revenue per Diluted Share | $66.42 | Revenue / Diluted Shares | OK | 0001289419-26-000041, 0001289419-25-000168 |