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Last update at 2026-06-04T20:00:00Z
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Hedge Fund Fermat Sees 20% Surge in Catastrophe Bond Market
Thu 15 May 25, 10:52 AMSemrush Strengthens Leadership with Appointment of Caroline Tsay to Board of Directors
Mon 05 May 25, 08:30 PMMorningstar, Inc. Reports First-Quarter 2025 Financial Results
Wed 30 Apr 25, 08:15 PMMorningstar, Inc. (MORN): Among Small Cap Financial Stocks Hedge Funds Are Buying
Tue 22 Apr 25, 02:20 PMPimco, T. Rowe Bet on SEC Shift With Push for Tax-Savvy Funds
Thu 17 Apr 25, 04:18 PMShould iShares Morningstar Small-Cap Growth ETF (ISCG) Be on Your Investing Radar?
Mon 07 Apr 25, 10:20 AMMorningstar, Inc. to Announce First-Quarter 2025 Financial Results on April 30
Mon 31 Mar 25, 08:15 PMMorningstar Awards for Investing Excellence UK 2025: Winners Announced
Fri 21 Mar 25, 07:00 AMIs FlexShares Morningstar U.S. Market Factor Tilt ETF (TILT) a Strong ETF Right Now?
Thu 20 Mar 25, 10:20 AM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 130.60M | 250.50M | 283.00M | 198.50M | 232.90M |
| Minority interest | - | - | - | - | 0.00000M |
| Net income | 70.50M | 193.30M | 223.60M | 152.00M | 183.00M |
| Selling general administrative | 400.40M | 318.40M | 272.00M | 210.70M | 147.80M |
| Selling and marketing expenses | 356.50M | 274.80M | 206.40M | 177.90M | 148.50M |
| Gross profit | 1091.30M | 1000.90M | 833.10M | 695.90M | 608.80M |
| Reconciled depreciation | 166.60M | 150.70M | 139.50M | 117.70M | 96.70M |
| Ebit | 167.80M | 257.00M | 215.20M | 189.60M | 205.30M |
| Ebitda | 325.60M | 409.00M | 351.10M | 287.80M | 302.00M |
| Depreciation and amortization | 157.80M | 152.00M | 135.90M | 98.20M | 96.70M |
| Non operating income net other | -12.40000M | 7.60M | 77.60M | 17.60M | 18.90M |
| Operating income | 167.80M | 257.00M | 215.20M | 189.60M | 215.80M |
| Other operating expenses | 1702.80M | 1442.30M | 1174.30M | 989.40M | 804.10M |
| Interest expense | 28.40M | 8.70M | 9.50M | 11.10M | 4.10M |
| Tax provision | 56.50M | 62.60M | 59.70M | 45.60M | 47.80M |
| Interest income | 1.70M | 1.70M | 1.60M | 2.40M | 2.30M |
| Net interest income | -28.40000M | -8.70000M | -9.50000M | -8.70000M | -1.80000M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 56.50M | 62.60M | 59.70M | 45.60M | 47.80M |
| Total revenue | 1870.60M | 1699.30M | 1389.50M | 1179.00M | 1019.90M |
| Total operating expenses | 923.50M | 743.90M | 617.90M | 506.30M | 393.00M |
| Cost of revenue | 779.30M | 698.40M | 556.40M | 483.10M | 411.10M |
| Total other income expense net | -37.20000M | -6.50000M | 67.80M | 8.90M | 18.90M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 74.10M | 187.90M | 223.30M | 244.10M | 280.70M |
| Net income applicable to common shares | 74.10M | 187.90M | 223.30M | 244.10M | 280.70M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 3403.40M | 3474.80M | 2862.70M | 2696.00M | 2370.90M |
| Intangible assets | 484.40M | 548.60M | 328.20M | 380.10M | 333.40M |
| Earning assets | - | - | - | - | - |
| Other current assets | 40.30M | 88.30M | 63.70M | 58.50M | 40.90M |
| Total liab | 2075.60M | 2267.70M | 1446.80M | 1424.60M | 1287.30M |
| Total stockholder equity | 1327.80M | 1207.10M | 1415.90M | 1271.40M | 1083.60M |
| Deferred long term liab | - | 62.90M | 101.70M | 108.90M | 95.00M |
| Other current liab | 216.20M | 357.50M | 19.50M | 46.10M | 140.00M |
| Common stock | - | - | 1415.90M | 1271.40M | 1083.60M |
| Capital stock | 0.00000M | 0.00000M | 0.00000M | 0.00000M | 0.00000M |
| Retained earnings | 1610.80M | 1535.00M | 1526.50M | 1389.40M | 1217.90M |
| Other liab | - | 131.00M | 168.20M | 211.30M | 150.70M |
| Good will | 1578.80M | 1571.70M | 1207.00M | 1205.00M | 1039.10M |
| Other assets | - | 56.70M | 55.60M | 226.00M | 36.10M |
| Cash | 337.90M | 376.60M | 483.80M | 422.50M | 334.10M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 880.80M | 882.50M | 783.50M | 626.50M | 495.80M |
| Current deferred revenue | 517.70M | 455.60M | 377.40M | 306.80M | 250.10M |
| Net debt | 822.30M | 947.00M | 47.70M | 204.20M | 353.50M |
| Short term debt | 68.50M | 69.40M | 36.40M | 39.90M | 46.80M |
| Short long term debt | 32.10M | 32.10M | - | - | 11.00M |
| Short long term debt total | 1160.20M | 1323.60M | 531.50M | 626.70M | 687.60M |
| Other stockholder equity | -196.50000M | -228.90000M | -75.30000M | -96.00000M | -73.70000M |
| Property plant equipment | - | 199.40M | 171.80M | 155.10M | 154.70M |
| Total current assets | 773.80M | 810.80M | 887.60M | 730.00M | 603.20M |
| Long term investments | 100.20M | 96.00M | 63.30M | 32.60M | 59.60M |
| Net tangible assets | - | -913.20000M | -119.30000M | -313.70000M | -288.90000M |
| Short term investments | 51.10M | 38.00M | 62.30M | 41.70M | 33.40M |
| Net receivables | 344.50M | 307.90M | 277.80M | 207.30M | 194.80M |
| Long term debt | 940.30M | 1077.50M | 359.40M | 449.10M | 502.10M |
| Inventory | - | - | - | - | - |
| Accounts payable | 78.40M | 296.30M | 350.20M | 233.70M | 58.90M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | -86.50000M | -99.00000M | -35.30000M | -22.00000M | -60.60000M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | 1535.00M | 1526.50M | 1389.40M | 1217.90M |
| Treasury stock | - | -986.70000M | -764.30000M | -767.30000M | -728.70000M |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 80.00M | 45.90M | 42.80M | 32.90M | 25.40M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 2629.60M | 2664.00M | 1975.10M | 1966.00M | 1767.70M |
| Capital lease obligations | 187.80M | 214.00M | 172.10M | 177.60M | 174.50M |
| Long term debt total | - | 1077.50M | 359.40M | 449.10M | 502.10M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -22.90000M | -41.00000M | 19.00M | 15.70M | 16.00M |
| Change to liabilities | 39.40M | 137.20M | 46.20M | 36.80M | 11.60M |
| Total cashflows from investing activities | -799.30000M | -167.70000M | -123.80000M | -746.30000M | -49.90000M |
| Net borrowings | 750.90M | -90.00000M | -413.40000M | 444.40M | -110.00000M |
| Total cash from financing activities | 415.10M | -211.80000M | -182.20000M | 373.70M | -188.80000M |
| Change to operating activities | -50.30000M | 63.60M | 38.90M | 10.50M | 25.90M |
| Net income | 70.50M | 193.30M | 223.60M | 152.00M | 183.00M |
| Change in cash | -107.20000M | 61.30M | 88.40M | -35.20000M | 61.10M |
| Begin period cash flow | 483.80M | 422.50M | 334.10M | 369.30M | 308.20M |
| End period cash flow | 376.60M | 483.80M | 422.50M | 334.10M | 369.30M |
| Total cash from operating activities | 297.80M | 449.90M | 384.30M | 334.40M | 314.80M |
| Issuance of capital stock | - | - | - | - | - |
| Depreciation | 166.60M | 150.70M | 139.50M | 117.70M | 96.70M |
| Other cashflows from investing activities | -646.90000M | -24.90000M | -66.10000M | -682.00000M | 10.20M |
| Dividends paid | -61.50000M | -54.20000M | -51.40000M | -47.80000M | 42.60M |
| Change to inventory | - | - | - | - | - |
| Change to account receivables | -38.60000M | -67.90000M | -9.20000M | 11.30M | -29.60000M |
| Sale purchase of stock | -226.00000M | -1.30000M | -41.90000M | -4.90000M | -20.90000M |
| Other cashflows from financing activities | 1076.70M | -66.30000M | -25.50000M | -18.00000M | -15.30000M |
| Change to netincome | 68.20M | 24.50M | -45.50000M | 23.20M | 16.60M |
| Capital expenditures | 129.50M | 101.80M | 76.70M | 80.00M | 76.10M |
| Change receivables | -38.60000M | -67.90000M | -9.20000M | 11.30M | -29.60000M |
| Cash flows other operating | -8.30000M | 12.10M | 29.70M | -6.60000M | 36.50M |
| Exchange rate changes | - | -9.10000M | 10.10M | 3.00M | -15.00000M |
| Cash and cash equivalents changes | -86.40000M | 484.90M | 452.80M | -35.20000M | 61.10M |
| Change in working capital | -12.00000M | 63.60M | 38.90M | 41.50M | 18.50M |
| Stock based compensation | 83.20M | 41.90M | 36.60M | 44.40M | 31.70M |
| Other non cash items | 26.80M | 12.50M | -47.60000M | -15.20000M | -14.00000M |
| Free cash flow | 168.30M | 348.10M | 307.60M | 254.40M | 238.70M |
Sector: Financial Services Industry: Financial Data & Stock Exchanges
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| MORN Morningstar Inc |
3.18 1.76% | 183.91 | 59.82 | - | 6.41 | 9.86 | 6.80 | 32.44 |
| SPGI S&P Global Inc |
7.83 1.90% | 420.12 | 56.69 | 29.76 | 11.11 | 3.83 | 11.88 | 29.36 |
| CME CME Group Inc |
3.42 1.35% | 256.06 | 25.78 | 23.75 | 15.86 | 3.59 | 15.65 | 17.49 |
| MCO Moodys Corporation |
0.76 0.17% | 449.15 | 47.15 | 34.13 | 12.22 | 21.93 | 13.13 | 30.23 |
| ICE Intercontinental Exchange Inc |
3.61 2.61% | 142.06 | 28.62 | 21.79 | 9.36 | 2.78 | 9.72 | 19.58 |
Morningstar, Inc. provides independent investment insights in the United States, Asia. Australia, Continental Europe, the United Kingdom, and internationally. The company operates in five segments: Morningstar Data and Analytics; PitchBook; Morningstar Wealth; Morningstar Credit; and Morningstar Retirement. The company offers managing investments, including mutual funds, ETFs, separate accounts, collective investment trusts, model portfolios, equities, and fixed income securities; Morningstar Direct is an investment-analysis and reporting platform; Morningstar Advisor Workstation, a suite of tool to provide help and advice. The PitchBook segment provides data and research covering the private capital markets comprising venture capital, private equity, private credit and bank loans, and merger and acquisition activities; and pitchbook platform. It provides model portfolios and wealth platforms; Morningstar Managed Portfolios, an advisor service with model portfolios designed for fee-based independent financial advisors; and Morningstar.com that discovers, evaluates, and monitors stocks, ETFs, and mutual funds; build and monitor portfolios and markets. In addition, the company provides credit ratings, research, data, and credit analytics solutions; Morningstar DBRS which offers securitizations and other structured finance instruments, such as asset-backed securities, residential mortgage-backed securities, commercial mortgage-backed securities, and collateralized loan obligations. Further, it offers managed retirement accounts, fiduciary services, Morningstar Lifetime Allocation funds, and custom models; Morningstar Indexes offers market indexes used for performance benchmarks and as the basis for investment products and other portfolio strategies; and Morningstar Sustainalytics provides environmental, social and governance data, research, analysis, and insights. Morningstar, Inc. was incorporated in 1984 and is headquartered in Chicago, Illinois.
22 West Washington Street, Chicago, IL, United States, 60602
| Name | Title | Year Born |
|---|---|---|
| Mr. Kunal Kapoor CFA | CEO & Director | 1975 |
| Mr. Jason M. Dubinsky | Chief Financial Officer | 1973 |
| Mr. Daniel Dunn | Chief Revenue Officer | 1976 |
| Ms. Kimberly J. McGarry | Global Controller & Chief Accounting Officer | 1952 |
| Mr. James Rhodes | Pres of Data, Research & Enterprise Solutions and CTO | NA |
| Ms. Barbara Margaret Noverini C.F.A. | Analyst | NA |
| Mr. Patrick J. Maloney | Gen. Counsel & Corp. Sec. | 1958 |
| Stephanie Lerdall | Sr. Mang. of Media Relations | NA |
| Mr. Chris Boruff | Managing Director of Bus. Operations | 1965 |
| Mr. David W. Williams | Chief Design Officer | 1961 |
Disclaimer - This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.
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