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Morningstar, Inc.

MORN Clue Score72
United States Fiscal year ends December CIK 0001289419
$204.45 +0.84% Close, 9 Oct 2026
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Price $204.45 −24.13% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue798.6Operating income180.8Net income161.0EPS, diluted3.72Fiscal year 2017Revenue911.7 +14.2%Operating income169.8Net income136.9 −15.0%EPS, diluted3.18 −14.5%Fiscal year 2018Revenue1,019.9 +11.9%Operating income215.8Net income183.0 +33.7%EPS, diluted4.25 +33.6%Fiscal year 2019Revenue1,179.0 +15.6%Operating income189.6Net income152.0 −16.9%EPS, diluted3.52 −17.2%Fiscal year 2020Revenue1,389.5 +17.9%Operating income215.2Net income223.6 +47.1%EPS, diluted5.18 +47.2%Fiscal year 2021Revenue1,699.3 +22.3%Operating income257.0Net income193.3 −13.6%EPS, diluted4.45 −14.1%Fiscal year 2022Revenue1,870.6 +10.1%Operating income167.8Net income70.5 −63.5%EPS, diluted1.64 −63.1%Fiscal year 2023Revenue2,038.6 +9.0%Operating income230.6Net income141.1 +100.1%EPS, diluted3.29 +100.6%Fiscal year 2024Revenue2,275.1 +11.6%Operating income484.8Net income369.9 +162.2%EPS, diluted8.58 +160.8%Fiscal year 2025Revenue2,445.5 +7.5%Operating income526.6Net income374.2 +1.2%EPS, diluted8.87 +3.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 798.6 911.7 1,019.9 1,179.0 1,389.5 1,699.3 1,870.6 2,038.6 2,275.1 2,445.5
Growth +14.2% +11.9% +15.6% +17.9% +22.3% +10.1% +9.0% +11.6% +7.5%
Operating income 180.8 169.8 215.8 189.6 215.2 257.0 167.8 230.6 484.8 526.6
Net income 161.0 136.9 183.0 152.0 223.6 193.3 70.5 141.1 369.9 374.2
Growth −15.0% +33.7% −16.9% +47.1% −13.6% −63.5% +100.1% +162.2% +1.2%
EPS, diluted 3.72 3.18 4.25 3.52 5.18 4.45 1.64 3.29 8.58 8.87
Growth −14.5% +33.6% −17.2% +47.2% −14.1% −63.1% +100.6% +160.8% +3.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin22.6%Net margin20.2%Free cash flow margin18.9%Fiscal year 2017Operating margin18.6%Net margin15.0%Free cash flow margin20.1%Fiscal year 2018Operating margin21.2%Net margin17.9%Free cash flow margin23.4%Fiscal year 2019Operating margin16.1%Net margin12.9%Free cash flow margin21.6%Fiscal year 2020Operating margin15.5%Net margin16.1%Free cash flow margin22.1%Fiscal year 2021Operating margin15.1%Net margin11.4%Free cash flow margin20.5%Fiscal year 2022Operating margin9.0%Net margin3.8%Free cash flow margin9.0%Fiscal year 2023Operating margin11.3%Net margin6.9%Free cash flow margin9.7%Fiscal year 2024Operating margin21.3%Net margin16.3%Free cash flow margin19.7%Fiscal year 2025Operating margin21.5%Net margin15.3%Free cash flow margin18.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 22.6% 18.6% 21.2% 16.1% 15.5% 15.1% 9.0% 11.3% 21.3% 21.5%
Net margin 20.2% 15.0% 17.9% 12.9% 16.1% 11.4% 3.8% 6.9% 16.3% 15.3%
Free cash flow margin 18.9% 20.1% 23.4% 21.6% 22.1% 20.5% 9.0% 9.7% 19.7% 18.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow213.7Capital expenditure−62.8Free cash flow150.9Buybacks−48.8Dividends paid−37.9Fiscal year 2017Operating cash flow250.1Capital expenditure−66.6Free cash flow183.5 +21.6%Buybacks−42.3Dividends paid−39.3Fiscal year 2018Operating cash flow314.8Capital expenditure−76.1Free cash flow238.7 +30.1%Buybacks−20.9Dividends paid−42.6Fiscal year 2019Operating cash flow334.4Capital expenditure−80.0Free cash flow254.4 +6.6%Buybacks−4.9Dividends paid−47.8Fiscal year 2020Operating cash flow384.3Capital expenditure−76.7Free cash flow307.6 +20.9%Buybacks−41.9Dividends paid−51.4Fiscal year 2021Operating cash flow449.9Capital expenditure−101.8Free cash flow348.1 +13.2%Buybacks−1.3Dividends paid−54.2Fiscal year 2022Operating cash flow297.8Capital expenditure−129.5Free cash flow168.3 −51.7%Buybacks−226.0Dividends paid−61.5Fiscal year 2023Operating cash flow316.4Capital expenditure−119.1Free cash flow197.3 +17.2%Buybacks−1.4Dividends paid−63.9Fiscal year 2024Operating cash flow591.6Capital expenditure−142.7Free cash flow448.9 +127.5%Buybacks−11.6Dividends paid−69.3Fiscal year 2025Operating cash flow589.7Capital expenditure−147.1Free cash flow442.6 −1.4%Buybacks−787.0Dividends paid−76.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 213.7 250.1 314.8 334.4 384.3 449.9 297.8 316.4 591.6 589.7
Capital expenditure −62.8 −66.6 −76.1 −80.0 −76.7 −101.8 −129.5 −119.1 −142.7 −147.1
Free cash flow 150.9 183.5 238.7 254.4 307.6 348.1 168.3 197.3 448.9 442.6
Growth +21.6% +30.1% +6.6% +20.9% +13.2% −51.7% +17.2% +127.5% −1.4%
Buybacks −48.8 −42.3 −20.9 −4.9 −41.9 −1.3 −226.0 −1.4 −11.6 −787.0
Dividends paid −37.9 −39.3 −42.6 −47.8 −51.4 −54.2 −61.5 −63.9 −69.3 −76.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash259.1Shareholders’ equity696.5Fiscal year 2017Cash308.2Shareholders’ equity804.9Fiscal year 2018Cash369.3Total debt70.0Net cash (debt)299.3Shareholders’ equity934.7Debt to equity0.07Fiscal year 2019Cash334.1Total debt513.1Net cash (debt)−179.0Shareholders’ equity1,083.6Debt to equity0.47Fiscal year 2020Cash422.5Total debt449.1Net cash (debt)−26.6Shareholders’ equity1,271.4Debt to equity0.35Fiscal year 2021Cash483.8Total debt359.4Net cash (debt)124.4Shareholders’ equity1,415.9Debt to equity0.25Fiscal year 2022Cash376.6Total debt1,109.6Net cash (debt)−733.0Shareholders’ equity1,207.1Debt to equity0.92Fiscal year 2023Cash337.9Total debt972.4Net cash (debt)−634.5Shareholders’ equity1,327.8Debt to equity0.73Fiscal year 2024Cash502.7Total debt698.6Net cash (debt)−195.9Shareholders’ equity1,618.6Debt to equity0.43Fiscal year 2025Cash474.5Total debt1,072.6Net cash (debt)−598.1Shareholders’ equity1,221.9Debt to equity0.88
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 259.1 308.2 369.3 334.1 422.5 483.8 376.6 337.9 502.7 474.5
Total debt n/a n/a 70.0 513.1 449.1 359.4 1,109.6 972.4 698.6 1,072.6
Net cash (debt) n/a n/a 299.3 −179.0 −26.6 124.4 −733.0 −634.5 −195.9 −598.1
Shareholders’ equity 696.5 804.9 934.7 1,083.6 1,271.4 1,415.9 1,207.1 1,327.8 1,618.6 1,221.9
Debt to equity n/a n/a 0.07 0.47 0.35 0.25 0.92 0.73 0.43 0.88

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
213.7 250.1 314.8 334.4 384.3 449.9 297.8 316.4 591.6 589.7
Growth +17.0% +25.9% +6.2% +14.9% +17.1% −33.8% +6.2% +87.0% −0.3%
70.7 91.2 96.7 117.7 139.5 150.7 166.6 184.9 190.4 189.9
Investment
−62.8 −66.6 −76.1 −80.0 −76.7 −101.8 −129.5 −119.1 −142.7 −147.1
calc 150.9 183.5 238.7 254.4 307.6 348.1 168.3 197.3 448.9 442.6
Growth +21.6% +30.1% +6.6% +20.9% +13.2% −51.7% +17.2% +127.5% −1.4%
calc 3.48 4.27 5.55 5.89 7.12 8.02 3.92 4.60 10.42 10.49
−274.2 −60.8 −49.9 −746.3 −123.8 −167.7 −799.3 −81.9 −21.3 −139.3
Financing
123.7 −157.5 −188.8 373.7 −182.2 −211.8 415.1 −278.4 −384.4 −514.7
−37.9 −39.3 −42.6 −47.8 −51.4 −54.2 −61.5 −63.9 −69.3 −76.9
−48.8 −42.3 −20.9 −4.9 −41.9 −1.3 −226.0 −1.4 −11.6 −787.0

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.