MORN
Morningstar Inc
NASDAQ: MORN · FINANCIAL SERVICES · FINANCIAL DATA & STOCK EXCHANGES
$187.60
+2.11% today
Updated 2026-04-29
Market cap
$7.23B
P/E ratio
21.15
P/S ratio
2.96x
EPS (TTM)
$8.87
Dividend yield
1.02%
52W range
$149 – $314
Volume
0.5M
Morningstar Inc (MORN) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $315.18M | $435.11M | $502.46M | $479.00M | $555.35M | $631.40M | $658.29M | $698.30M | $760.10M | $788.80M | $798.60M | $911.70M | $1.02B | $1.18B | $1.39B | $1.70B | $1.87B | $2.04B | $2.28B | $2.45B |
| Revenue growth (YoY) | — | +38.1% | +15.5% | -4.7% | +15.9% | +13.7% | +4.3% | +6.1% | +8.9% | +3.8% | +1.2% | +14.2% | +11.9% | +15.6% | +17.9% | +22.3% | +10.1% | +9.0% | +11.6% | +7.5% |
| Cost of revenue | $86.97M | $113.78M | $130.09M | $128.62M | $157.07M | $235.29M | $246.78M | $271.40M | $318.60M | $330.10M | $344.30M | $386.60M | $411.10M | $483.10M | $556.40M | $698.40M | $779.30M | $843.50M | $895.70M | $952.90M |
| Gross profit | $228.20M | $321.33M | $372.37M | $350.38M | $398.28M | $396.11M | $411.50M | $426.90M | $441.50M | $458.70M | $454.30M | $525.10M | $608.80M | $695.90M | $833.10M | $1.00B | $1.09B | $1.20B | $1.38B | $1.49B |
| Gross margin | 72.4% | 73.9% | 74.1% | 73.1% | 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% |
| R&D | $29.49M | $35.12M | $40.34M | $38.38M | $49.24M | $53.16M | $51.44M | $0.00 | $0.00 | $13.00M | $20.00M | $30.60M | $42.80M | $61.10M | $53.90M | $59.90M | $64.30M | $81.20M | — | — |
| SG&A | $106.20M | $147.70M | $85.27M | $82.95M | $92.84M | $108.08M | $108.86M | $106.90M | $108.90M | $107.10M | $105.20M | $129.80M | $147.80M | $210.70M | $272.00M | $318.40M | $400.40M | $355.80M | $327.20M | $334.00M |
| Operating income | $77.53M | $117.25M | $139.12M | $124.67M | $121.06M | $138.41M | $150.67M | $170.70M | $105.60M | $190.60M | $180.80M | $169.80M | $215.80M | $189.60M | $215.20M | $257.00M | $167.80M | $230.60M | $484.80M | $526.60M |
| Operating margin | 24.6% | 26.9% | 27.7% | 26.0% | 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% |
| EBITDA | $92.50M | $138.51M | $165.12M | $159.92M | $167.74M | $184.35M | $197.03M | $216.40M | $169.40M | $258.60M | $297.10M | $261.00M | $331.40M | $324.90M | $433.60M | $409.90M | $325.60M | $418.10M | $731.60M | $728.90M |
| EBITDA margin | 29.3% | 31.8% | 32.9% | 33.4% | 30.2% | 29.2% | 29.9% | 31.0% | 22.3% | 32.8% | 37.2% | 28.6% | 32.5% | 27.6% | 31.2% | 24.1% | 17.4% | 20.5% | 32.2% | 29.8% |
| EBIT | $77.53M | $117.25M | $139.12M | $127.95M | $128.07M | $141.44M | $153.94M | $170.70M | $114.50M | $194.20M | $226.40M | $169.80M | $234.70M | $207.20M | $294.10M | $259.20M | $159.00M | $233.20M | $541.20M | $539.00M |
| Interest expense | $0.00 | $0.00 | $0.00 | $348000.00 | $281000.00 | $1.32M | $311000.00 | $228000.00 | $500000.00 | $500000.00 | $1.50M | $5.50M | $1.80M | $8.70M | $11.10M | $8.70M | $28.40M | $51.70M | $49.90M | $40.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $51.76M | $73.92M | $92.53M | $82.46M | $86.37M | $98.36M | $108.08M | $123.50M | $78.30M | $132.60M | $161.00M | $136.90M | $183.00M | $152.00M | $223.60M | $193.30M | $70.50M | $141.10M | $369.90M | $374.20M |
| Net income growth (YoY) | — | +42.8% | +25.2% | -10.9% | +4.7% | +13.9% | +9.9% | +14.3% | -36.6% | +69.3% | +21.4% | -15.0% | +33.7% | -16.9% | +47.1% | -13.6% | -63.5% | +100.1% | +162.2% | +1.2% |
| Profit margin | 16.4% | 17.0% | 18.4% | 17.2% | 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% |