arrow_back Back Filing freshness 10-Q FY 2025 SEC EDGAR

download Export Data

Morningstar, Inc.

MORN

$200.38 ▲ +5.19 (+2.66%) at close

19 Visible periods

34 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Good

Bullish

auto_awesome

Analytical Summary

Morningstar, Inc. shows strong fundamentals with top-quartile Profit Margin (%) and Operating Margin (%). The company's metrics support a bullish outlook for growth-oriented investors.

Market Cap $8.4B

Dividend Yield 0.93%

Revenue Growth 7.5% ↘

Op. Margin 21.5% →

ROIC 37.1% ↘

FCF / Share $10.56 →

Trailing P/E 22.4x

Price / Book —

FCF Yield 5.3%

Debt / Equity —

info Valuation on last close. End-of-day price, Sep 23, 2026.

19-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$2.45B

↑ +7.5% —

Net Income Profit after all expenses

$374.20M

↑ +1.2% —

Operating Margin Operating profit as % of sales

21.5%

↑ +1.1% 77th

FCF / Share Free cash flow per share

$10.56

↑ +0.7% —

Long-Term Debt Long-term obligations

$1.07B

↑ +53.5% —

trending_up

Bullish Indicators

Operating Margin (%)Operating Margin (%) is in the top quartile
Profit Margin (%)Profit Margin (%) is in the top quartile

warning

Bearish Risks

No bearish risks detected.

Health Breakdown

Profitability ↑

Financial Health ↓

Cash Quality ↓

Dividend History

Dividend / share · sourced from SEC filings

$1.87 Latest / share

+12.0% YoY

+9.3% 12-yr CAGR

$0.70

FY 2014

$0.79

FY 2015

$0.89

FY 2016

$0.94

FY 2017

$1.03

FY 2018

$1.14

FY 2019

$1.22

FY 2020

$1.31

FY 2021

$1.46

FY 2022

$1.53

FY 2023

$1.67

FY 2024

$1.87

FY 2025

Financial view

Statement lens

Choose the reporting cadence, isolate a period range, or search directly for a metric.

Cadence

Annual Quarterly

Range

→

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Revenue Growth YoY (%)	7.5% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+25%)	11.6% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+93%)	9.0% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+50%)	10.1% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+68%)	22.3% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+272%)	17.9% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+198%)	15.6% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+160%)	11.9% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+98%)	14.2% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+136%)	1.2% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-79%)	3.8% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-37%)	8.9% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+48%)	6.1% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	4.3% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-29%)	13.7% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+128%)	15.9% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+166%)	-4.7% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-178%)	—	—
EPS Growth YoY (%)	3.4% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	161.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	100.6% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-63.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-13.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	46.6% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-17.2% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	34.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-14.2% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	24.7% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	71.4% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-34.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	20.2% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	13.8% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	12.0% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	2.3% Caution Caution Year-over-year change in earnings per share Optimal: > 10%	-11.9% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	1.2% Caution ↓ Caution Declining Year-over-year change in net income	162.2% Excellent ↑ Excellent Improving Year-over-year change in net income	100.1% Excellent ↑ Excellent Improving Year-over-year change in net income	-63.5% Weak ↓ Weak Declining Year-over-year change in net income	-13.6% Weak ↓ Weak Declining Year-over-year change in net income	47.1% Excellent ↑ Excellent Improving Year-over-year change in net income	-16.9% Weak ↓ Weak Declining Year-over-year change in net income	33.7% Excellent ↑ Excellent Improving Year-over-year change in net income	-15.0% Weak ↓ Weak Declining Year-over-year change in net income	21.4% Good ↑ Good Improving Year-over-year change in net income	69.3% Excellent ↑ Excellent Improving Year-over-year change in net income	-36.6% Weak ↓ Weak Declining Year-over-year change in net income	14.3% Fair ↑ Fair Improving Year-over-year change in net income	9.9% Fair ↑ Fair Improving Year-over-year change in net income	13.9% Fair ↑ Fair Improving Year-over-year change in net income	5.2% Fair Fair Year-over-year change in net income	-8.4% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	0.7% Caution ↓ Caution Declining Year-over-year change in free cash flow	126.5% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	17.2% Good ↑ Good Improving Year-over-year change in free cash flow	-51.2% Weak ↓ Weak Declining Year-over-year change in free cash flow	12.9% Fair ↓ Fair Declining Year-over-year change in free cash flow	20.3% Good → Good Stable Year-over-year change in free cash flow	6.3% Fair ↓ Fair Declining Year-over-year change in free cash flow	30.4% Excellent ↓ Excellent Declining Year-over-year change in free cash flow	22.5% Good ↓ Good Declining Year-over-year change in free cash flow	-14.6% Weak ↓ Weak Declining Year-over-year change in free cash flow	148.5% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-50.1% Weak ↓ Weak Declining Year-over-year change in free cash flow	38.7% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-15.5% Weak ↓ Weak Declining Year-over-year change in free cash flow	28.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	19.4% Good Good Year-over-year change in free cash flow	-42.9% Weak Weak Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	9.3% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	10.2% Good ↓ Good Declining Compound annual revenue growth over 3 years	13.6% Good ↓ Good Declining Compound annual revenue growth over 3 years	16.6% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	18.6% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	15.1% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	13.9% Good ↑ Good Improving Compound annual revenue growth over 3 years	8.9% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	6.2% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	4.6% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	6.2% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	6.4% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	7.9% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	11.2% Good Good Compound annual revenue growth over 3 years	7.9% Fair Fair Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	12.0% Good ↓ Good Declining Compound annual revenue growth over 5 years	14.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	14.9% Excellent → Excellent Stable Compound annual revenue growth over 5 years	15.5% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	16.3% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	12.0% Good ↑ Good Improving Compound annual revenue growth over 5 years	9.2% Good ↑ Good Improving Compound annual revenue growth over 5 years	7.9% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	6.7% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	4.8% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	7.3% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	9.7% Good Good Compound annual revenue growth over 5 years	6.8% Fair Fair Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	75.6% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	24.3% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	-14.1% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-22.6% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	1.5% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	17.6% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	-1.6% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	12.7% Good ↓ Good Declining Compound annual EPS growth over 3 years	22.4% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	11.7% Good ↑ Good Improving Compound annual EPS growth over 3 years	10.4% Good ↑ Good Improving Compound annual EPS growth over 3 years	-3.7% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	15.3% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	9.3% Fair Fair Compound annual EPS growth over 3 years	0.3% Caution Caution Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Operating Margin (%) (%)	21.5% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-14%)	21.3% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-15%)	11.3% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-55%)	9.0% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-64%)	15.1% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-40%)	15.5% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-38%)	16.1% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-36%)	21.2% Good → Good Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-15%)	18.6% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-26%)	22.6% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-9%)	24.2% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	13.9% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-44%)	24.4% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	22.9% Good → Good Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-8%)	21.9% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-12%)	21.8% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-13%)	26.0% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	27.6% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+11%)	—
Effective Tax Rate (%) (%)	24.5% Fair Fair Actual taxes paid relative to pre-tax income Optimal: 15-25%	21.9% Fair Fair Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	15.3% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-30%)	16.3% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-26%)	6.9% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-69%)	3.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-83%)	11.4% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-48%)	16.1% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-27%)	12.9% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-41%)	17.9% Good → Good Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-18%)	15.0% Good → Good Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-32%)	20.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-8%)	16.8% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-24%)	10.3% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-53%)	17.7% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-20%)	16.4% Good → Good Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-25%)	15.6% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	15.6% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	17.1% Good Good Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-22%)	17.8% Good Good Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-19%)	—
FCF Margin (%) (%)	18.1% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	19.7% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	9.7% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	9.0% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	20.5% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	22.1% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	21.6% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	23.4% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	20.1% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	18.9% Good → Good Stable Free cash flow as a percentage of revenue Optimal: > 10%	23.0% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	9.7% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	21.9% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	17.6% Good ↓ Good Declining Free cash flow as a percentage of revenue Optimal: > 10%	22.4% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	19.6% Good ↓ Good Declining Free cash flow as a percentage of revenue Optimal: > 10%	18.6% Good Good Free cash flow as a percentage of revenue Optimal: > 10%	29.7% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	1.18x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.21x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	1.40x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	2.39x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.80x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.38x Good → Good Stable Free cash flow relative to reported net income Optimal: > 1x	1.67x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.30x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	1.34x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	0.94x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.37x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	0.94x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.24x Good → Good Stable Free cash flow relative to reported net income Optimal: > 1x	1.07x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.44x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	1.26x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	1.08x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	1.67x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Return on Invested Capital (%)	37.1% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	54.2% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	18.7% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	11.9% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	56.5% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	37.9% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	29.2% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	243.5% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	—	20.5% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	23.5% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	12.8% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	19.5% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	16.4% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	12.8% Good Good Return earned on debt + equity capital invested Optimal: > 10%	12.3% Good Good Return earned on debt + equity capital invested Optimal: > 10%	—	—	—
Return on Capital (%) (%)	14.7% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	13.7% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	6.8% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	4.8% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	9.0% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	8.0% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	8.0% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	14.8% Good → Good Stable Operating profit relative to total assets Optimal: > 10%	12.1% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	13.4% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	18.5% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	10.5% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	16.6% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	14.5% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	11.8% Good Good Operating profit relative to total assets Optimal: > 10%	11.1% Good Good Operating profit relative to total assets Optimal: > 10%	—	—	—
Return on Common Equity (%) (%)	—	—	—	—	—	—	—	—	—	23.1% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+93%)	20.7% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+73%)	12.0% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	17.9% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+49%)	14.9% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+24%)	11.5% Fair Fair Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	11.1% Fair Fair Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-8%)	—	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Debt to Equity (x)	—	—	—	—	—	—	—	—	—	0.00x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	0.05x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-95%)	0.05x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-96%)	0.00x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	—	—	—	—	—	—
Interest Coverage (x)	14.12x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	10.23x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	3.95x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	5.91x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	24.71x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	19.39x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	17.24x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	58.32x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	484.46x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	105.02x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	430.81x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	358.26x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—	—
Net Debt (USD)	$598.10M	$195.90M	$634.50M	$733.00M	$-124.40M	$26.60M	$179.00M	$-299.30M	$-308.20M	$-259.10M	$-172.10M	$-155.20M	$-168.16M	$-163.89M	$-200.44M	$-180.18M	$-130.50M	$-173.89M	$-159.58M
Debt / EBITDA (x)	1.50x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.03x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.34x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.32x Caution ↑ Caution Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.88x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.27x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.67x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.22x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	0.00x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.14x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.19x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.00x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—

📊 What does each share earn? 8 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Revenue per Share (USD)	$58.37	$53.16	$47.85	$43.91	$39.52	$32.39	$27.61	$23.94	$21.35	$18.57	$17.85	$17.00	$15.13	$13.57	$12.62	$11.28	$9.96	$10.89	—
Basic EPS, GAAP (USD)	$8.93	$8.64	$3.31	$1.65	$4.50	$5.22	$3.56	$4.30	$3.21	$3.74	$3.00	$1.75	$2.68	$2.23	$1.96	$1.75	$1.71	$1.94	—
Free Cash Flow per Share (USD)	$10.56	$10.49	$4.63	$3.95	$8.10	$7.17	$5.96	$5.60	$4.30	$3.51	$4.11	$1.65	$3.32	$2.39	$2.83	$2.21	$1.85	$3.24	—
Dividend per Share (USD)	$1.87	$1.67	$1.53	$1.46	$1.31	$1.22	$1.14	$1.03	$0.94	$0.89	$0.79	$0.70	$0.55	$0.43	$0.25	$0.05	$0.00	—	—
Book Value per Share (USD)	—	—	—	—	—	—	—	—	—	$16.22	$14.75	$14.74	$15.35	$15.59	$17.08	$15.65	—	—	—
Tangible Book Value per Share (USD)	—	—	—	—	—	—	—	—	—	$3.25	$6.36	$6.39	$8.09	$8.69	$10.72	$9.28	—	—	—
Basic Weighted Avg Shares (shares)	41.90M	42.80M	42.60M	42.60M	43.00M	42.90M	42.70M	42.60M	42.70M	43.00M	44.20M	44.70M	46.16M	48.50M	50.03M	49.25M	48.11M	46.14M	—
Dividend Payout Ratio (%)	20.9% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	19.3% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	46.2% Good → Good Stable Dividends paid as a percentage of earnings Optimal: 30-60%	88.5% Caution ↑ Caution Improving Dividends paid as a percentage of earnings Optimal: 30-60%	29.1% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	23.4% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	32.0% Good ↑ Good Improving Dividends paid as a percentage of earnings Optimal: 30-60%	24.0% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	29.3% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	23.8% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	26.3% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	40.0% Good ↑ Good Improving Dividends paid as a percentage of earnings Optimal: 30-60%	20.3% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	19.3% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	12.8% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	2.9% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Working Capital (USD)	$-15.30M	$46.80M	$-65.10M	$-71.70M	$104.10M	$103.50M	$107.40M	$238.80M	$206.60M	$177.10M	$105.50M	$97.00M	$177.35M	$217.25M	$341.40M	$254.56M	—	—	—
LT Debt (USD)	$1.07B	$698.60M	$972.40M	$1.11B	$359.40M	$449.10M	$513.10M	$70.00M	—	—	—	—	—	—	—	—	—	—	—
Total Equity (USD)	—	—	—	—	—	—	—	—	—	$696.50M	$640.30M	$653.50M	$690.26M	$725.52M	$855.37M	$780.32M	—	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Sales/Revenue/Turnover (USD)	$2.45B	$2.28B	$2.04B	$1.87B	$1.70B	$1.39B	$1.18B	$1.02B	$911.70M	$798.60M	$788.80M	$760.10M	$698.27M	$658.29M	$631.40M	$555.35M	$479.00M	$502.46M	—
Depreciation Expense (USD)	$189.90M	$190.40M	$184.90M	$166.60M	$150.70M	$139.50M	$117.70M	$96.70M	$91.20M	$70.70M	$64.40M	$54.90M	$45.69M	$43.10M	$42.91M	$39.66M	$31.96M	$26.00M	—
Net Income, GAAP (USD)	$374.20M	$369.90M	$141.10M	$70.50M	$193.30M	$223.60M	$152.00M	$183.00M	$136.90M	$161.00M	$132.60M	$78.30M	$123.53M	$108.08M	$98.36M	$86.37M	$82.13M	$89.63M	—
Operating Cash Flow (USD)	$589.70M	$591.60M	$316.40M	$297.80M	$449.90M	$384.30M	$334.40M	$314.80M	$250.10M	$213.70M	$238.90M	$132.20M	$186.66M	$146.00M	$164.98M	$123.42M	$101.26M	$149.34M	—

⌨️ Keyboard Shortcuts

/ Search

Esc Clear

A Annual

Q Quarterly

1-7 Jump to category

R Reset

bar_chart Data from SEC EDGAR XBRL filings

Synced yesterday 19 years · 72 quarters

Morningstar, Inc.

Analytical Summary

19-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

Dividend History

Statement lens

Benchmark Lens

Signals

Percentile Rankings

Peer Comparison

Compare MORN with peers