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Morningstar, Inc. MORN | NASDAQ

$204.38 $0.08 | 0.04%

TREND SIGNAL: Signal available — unlock to view

|2026-10-13

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Company Overview:

Market Cap: $7.67B

Trailing PE: 19.4x

FWD PE *: 15.8x

Payout Ratio (TTM): 18.3%

52-Week Range: $141.49 - $227.51

* Forward PE is based on street estimates.

7.7 Year MORN Performance Metrics:

Total Return (with DRIP): 74.1% (7.46% CAGR)

Total Return (no DRIP): 74.6% (7.51% CAGR)

Share Price: 64.6% (6.69% CAGR)

Yield on Cost (with DRIP): 1.70%

Total Invested: $10,000

Total Value (with DRIP): $17,407

Total Return $ (with DRIP): $7,407

Dividend Increase: 78.6% (7.77% CAGR)

Dividend Yield (FWD): 0.98% ($2.00)

MORN 7.7-yr Total Return ($10K invested)

1M 3M 6M YTD 1Y 3Y 5Y 10Y

MORN Share Price

1M 3M 6M YTD 1Y 3Y 5Y 10Y All

MORN Price CAGR:1Y: -9.55%2Y: -22.74%5Y: -5.28%10Y: 6.69%

MORN Dividend Charts

MORN - Dividends

MORN Dividend CAGR:1Y: 9.89%2Y: 11.11%5Y: 6.79%10Y: 8.07%

MORN - Dividend Payout Ratio

MORN Dividend Payout Ratio CAGR:1Y: -18.72%2Y: -16.10%5Y: -15.55%10Y: -5.14%

MORN - Dividend to Free Cash Flow Ratio

MORN Dividend to FCF Ratio CAGR:1Y: -49.85%2Y: 4.07%5Y: 4.51%10Y: -0.98%

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MORN Financials: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:

MORN - Revenue

MORN Revenue CAGR:1Y: 9.60%2Y: 7.82%5Y: 9.81%10Y: 12.84%

MORN - Earnings Per Share (EPS)

MORN EPS CAGR:1Y: 35.41%2Y: 32.99%5Y: 30.08%10Y: 14.51%

MORN - Net Income

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MORN Net Income CAGR:1Y: 21.12%2Y: 24.90%5Y: 26.79%10Y: 12.98%

MORN - EBITDA

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MORN EBITDA CAGR:1Y: 25.27%2Y: 18.04%5Y: 21.10%10Y: 13.00%

MORN - Free Cash Flow

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MORN Free Cash Flow CAGR:1Y: 96.31%2Y: 0.70%5Y: 2.46%10Y: 8.24%

MORN - Free Cash Flow / Share

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MORN Free Cash Flow / Share CAGR:1Y: 120.72%2Y: 7.15%5Y: 5.13%10Y: 9.64%

MORN - Operating Income

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MORN Operating Income CAGR:1Y: 28.38%2Y: 19.69%5Y: 27.75%10Y: 13.72%

MORN - Gross Profit

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MORN Gross Profit CAGR:1Y: 13.19%2Y: 19.13%5Y: 11.41%10Y: 14.23%

MORN - Shares Outstanding

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MORN Shares Outstanding CAGR:1Y: -10.98%2Y: -5.98%5Y: -2.53%10Y: -1.27%

MORN - Share Buybacks

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MORN Share Buybacks CAGR:1Y: -10.71%2Y: 164.44%5Y: 52.31%10Y: 36.66%

MORN - Stock-Based Comp

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MORN Stock-Based Comp CAGR:1Y: 0.00%2Y: 38.66%5Y: 18.26%10Y: 21.80%

MORN - Expenses

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MORN Expenses CAGR:1Y: -9.29%2Y: 2.02%5Y: 12.17%10Y: 7.64%

MORN - Revenue vs Net Income

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MORN - EPS vs FCF / Share

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MORN - EPS vs PE Ratio

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MORN - FCF vs FCF / Share

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MORN - FCF vs Stock Based Comp

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MORN - Cash & Debt

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MORN - Revenue by Segment

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MORN Revenue CAGR:1Y: 9.60%2Y: 7.82%5Y: 9.81%10Y: 12.84%

MORN - Revenue by Region

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MORN Revenue CAGR:1Y: 9.60%2Y: 7.82%5Y: 9.81%10Y: 12.84%

Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:

MORN - REVENUE: Actual + Estimates

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MORN Actual Revenue CAGR:1Y: 9.60%2Y: 7.82%5Y: 9.81%10Y: 12.84%

MORN - EPS: Actual + Estimates

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MORN Actual EPS CAGR:1Y: 35.41%2Y: 32.99%5Y: 30.08%10Y: 14.51%

MORN - NET INCOME: Actual + Estimates

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MORN Actual Net Income CAGR:1Y: 21.12%2Y: 24.90%5Y: 26.79%10Y: 12.98%

MORN - EBITDA: Actual + Estimates

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MORN Actual EBITDA CAGR:1Y: 25.27%2Y: 18.04%5Y: 21.10%10Y: 13.00%

Ratios, Profit Margins & Return on Capital:

MORN - Net Profit Margin

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MORN Net Profit Margin CAGR:1Y: 10.47%2Y: 15.84%5Y: 15.46%10Y: 0.13%

MORN - Gross Profit Margin

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MORN Gross Profit Margin CAGR:1Y: 3.28%2Y: 10.49%5Y: 1.46%10Y: 1.23%

MORN - Price to Earnings

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MORN Price to Earnings CAGR:1Y: -63.21%2Y: -45.51%5Y: -30.44%10Y: -6.79%

MORN - Price To Sales Ratio

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MORN Price To Sales Ratio CAGR:1Y: -59.67%2Y: -36.90%5Y: -19.69%10Y: -6.67%

MORN - Return on Capital Employed

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MORN Return on Capital Employed CAGR:1Y: 17.30%2Y: 11.34%5Y: 18.39%10Y: -1.24%

MORN - Return on Invested Capital

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MORN Return on Invested Capital CAGR:1Y: 11.74%2Y: 8.48%5Y: 17.64%10Y: -0.67%

MORN Dividends Info:

Annual Dividend: $2

Forward Yield: 0.98%

Ex-Dividend Date: 2026-10-02

Lifetime Dividends / Share: $18.11

MORN Dividend History: Dates, Payments & Yield list

Below is a schedule of all MORN dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield

Ex-Date	Payment Date	Amount	Yield	Forward Yield	Price on Ex-Date
10/02/2026	10/05/2026	$0.500	1.09%	1.06%	$189.16
07/10/2026	07/13/2026	$0.500	1.21%	1.15%	$173.55
04/02/2026	04/06/2026	$0.500	1.16%	1.13%	$176.66
01/02/2026	01/05/2026	$0.500	0.95%	0.93%	$214.01
10/03/2025	10/06/2025	$0.455	0.8%	0.81%	$223.63
07/11/2025	07/14/2025	$0.455	0.62%	0.62%	$294.23
04/04/2025	04/07/2025	$0.455	0.68%	0.71%	$257.85
01/03/2025	01/06/2025	$0.455	0.54%	0.56%	$325.09
10/03/2024	10/31/2024	$0.405	0.51%	0.49%	$328.05
10/04/2024	10/07/2024	$0.405	0.51%	0.52%	$312.85
07/11/2024	07/31/2024	$0.405	0.54%	0.51%	$317.65
07/12/2024	07/15/2024	$0.405	0.53%	0.53%	$305.55
04/04/2024	04/08/2024	$0.405	0.53%	0.52%	$314.16
01/04/2024	01/08/2024	$0.405	0.59%	0.58%	$278.74
10/05/2023	10/09/2023	$0.375	0.65%	0.64%	$233.32
07/06/2023	07/10/2023	$0.375	0.77%	0.76%	$197.75
04/05/2023	04/07/2023	$0.375	0.74%	0.84%	$178.31
01/05/2023	01/09/2023	$0.375	0.7%	0.65%	$230.57
10/17/2022	10/31/2022	$0.360	0.65%	0.62%	$232.18
06/30/2022	07/29/2022	$0.360	0.6%	0.56%	$255.35
03/31/2022	04/29/2022	$0.360	0.53%	0.57%	$253.23
01/06/2022	01/31/2022	$0.360	0.46%	0.5%	$287.41
10/18/2021	10/29/2021	$0.315	0.46%	0.4%	$316.75
07/08/2021	07/30/2021	$0.315	0.5%	0.5%	$252.63
04/08/2021	04/30/2021	$0.315	0.54%	0.48%	$265.01
12/31/2020	01/29/2021	$0.315	0.54%	0.55%	$229.89
10/15/2020	10/30/2020	$0.300	0.66%	0.63%	$190.38
07/01/2020	07/31/2020	$0.300	0.8%	0.71%	$168.04
04/02/2020	04/30/2020	$0.300	1.07%	0.77%	$155.96
01/02/2020	01/31/2020	$0.300	0.79%	0.76%	$156.89
10/17/2019	10/31/2019	$0.280	0.72%	0.69%	$161.84
07/03/2019	07/31/2019	$0.280	0.76%	0.74%	$151.98
04/04/2019	04/30/2019	$0.280	0.87%	0.78%	$143.45
01/03/2019	01/31/2019	$0.280	0%	0.9%	$124.15
10/16/2018	10/31/2018	$0.250	0%	0.81%	$124.15
07/05/2018	07/27/2018	$0.250	0%	0.81%	$124.15
04/05/2018	04/27/2018	$0.250	0%	0.81%	$124.15
01/04/2018	01/31/2018	$0.250	0%	0.81%	$124.15
10/17/2017	10/31/2017	$0.230	0%	0.74%	$124.15
07/05/2017	07/28/2017	$0.230	0%	0.74%	$124.15
04/05/2017	04/28/2017	$0.230	0%	0.74%	$124.15
01/04/2017	01/31/2017	$0.230	0%	0.74%	$124.15
10/06/2016	10/28/2016	$0.220	0%	0.71%	$124.15
07/06/2016	07/29/2016	$0.220	0%	0.71%	$124.15
04/06/2016	04/29/2016	$0.220	0%	0.71%	$124.15
01/06/2016	01/29/2016	$0.220	0%	0.71%	$124.15
10/07/2015	10/30/2015	$0.190	0%	0.61%	$124.15
07/08/2015	07/31/2015	$0.190	0%	0.61%	$124.15
04/08/2015	04/30/2015	$0.190	0%	0.61%	$124.15
01/07/2015	01/30/2015	$0.190	0%	0.61%	$124.15
10/08/2014	10/31/2014	$0.170	0%	0.55%	$124.15
07/09/2014	07/31/2014	$0.170	0%	0.55%	$124.15
04/09/2014	04/30/2014	$0.170	0%	0.55%	$124.15
01/08/2014	01/31/2014	$0.170	0%	0.55%	$124.15
10/09/2013	10/31/2013	$0.125	0%	0.4%	$124.15
07/10/2013	07/31/2013	$0.125	0%	0.4%	$124.15
04/10/2013	04/30/2013	$0.125	0%	0.4%	$124.15
12/13/2012	12/28/2012	$0.125	0%	0.4%	$124.15
10/10/2012	10/31/2012	$0.100	0%	0.32%	$124.15
07/11/2012	07/31/2012	$0.100	0%	0.32%	$124.15
04/11/2012	04/30/2012	$0.100	0%	0.32%	$124.15
01/11/2012	01/31/2012	$0.100	0%	0.32%	$124.15
10/12/2011	10/31/2011	$0.050	0%	0.16%	$124.15
07/13/2011	07/29/2011	$0.050	0%	0.16%	$124.15
04/13/2011	04/29/2011	$0.050	0%	0.16%	$124.15
12/29/2010	01/14/2011	$0.050	0%	0.16%	$124.15

Projected Future Returns & Dividends for MORN

Based on past 7.7-year performance, here are MORN growth metrics:

Share price CAGR of +6.69%
Dividend CAGR of +8.61%

Using MORN CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:

	MORN (DRIP)	MORN - No DRIP
Current Price	$204.38	$204.38
Start Shares	48.93	48.93
Start Value	$10,000	$10,000

After 10 years:
Final Share Count	54.40	48.93
Dividends Payment	$1.14	$1.14
Annual Dividends	$249	$224
Yield on cost	2.49%	2.24%
Share Price	$390.48	$390.48
Total Dividends	$1,546	$1,460
Final Value	$21,243	$20,565

Estimated Future Value + Dividends - MORN

NOTE: Above numbers are our estimate based on MORN's Dividend and Price CAGR over past 7.7 years. These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.

We cannot guarantee that your actual returns will meet these estimates.

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Company Info

Morningstar, Inc. (MORN) had its IPO on 2005-05-03, and is traded on NASDAQ stock exchange.

Morningstar, Inc. operates as a leading global provider of independent investment research and insights, catering to clients across North America, Europe, Australia, and Asia. The firm delivers a comprehensive range of services, including sophisticated web-based analytical tools, extensive investment data, and specialized research focusing on fundamental equity, manager selection, and private capital markets. Additionally, Morningstar offers credit and fund ratings, ESG (environmental, social, and governance) ratings, and index solutions. Its product suite also encompasses various investment offerings, such as managed portfolios, data on both publicly traded and private companies, fixed income securities, and real-time global market information. These services are designed to serve a diverse client base, including financial advisors, asset management companies, retirement plan administrators and sponsors, alongside individual and institutional investors. Among its key offerings are: Morningstar Data: A vast repository of investment intelligence, encompassing equity fundamentals, managed investments, ESG factors, and market data. Morningstar Direct: An advanced platform built for in-depth investment analysis. Morningstar Managed Portfolios: A model portfolio service tailored for independent financial advisors, also providing asset allocation strategies for asset managers, broker/dealers, and insurance providers. Morningstar Advisor Workstation: A web-based platform enabling research, financial planning, and the generation of proposals. Morningstar.com: The company's dedicated online portal for individual investors. Furthermore, Morningstar provides Morningstar Enterprise Components and Morningstar Credit Ratings, which offer issuance and surveillance capabilities for structured finance products, corporate credit evaluations, and operational risk assessments. It also creates Morningstar Indexes for developing specialized investment products and offers workplace solutions, including retirement accounts, fiduciary services, allocation funds, and custom models. Through its PitchBook Platform, the company provides a robust research and analysis workstation for investment and research professionals, supplemented by a mobile application, an Excel plug-in, data feeds, and various data solutions. Morningstar, Inc. was founded in 1984 and has its corporate headquarters situated in Chicago, Illinois.

MORN website: https://www.morningstar.com

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DCF Model — MORN

Value from:

EPS (TTM)icompany profit per share over the last 12 months

EPS Growth %ihow fast profit per share grows each of the next 5 years — prefilled with what analysts expect

EPS growth after year 5 (forever)ithe slower pace once the fast 5 years are over — only drives years 6-10 of the price path below

Exit multiple (PE in 5 yrs)iwhat buyers pay per $1 of profit in 2031 — prefilled with today’s forward PE

Desired return %/yrithe yearly return you want from buying today — the S&P has done ~14%/yr, ask for more from a single stock

FCF growth %/yr (next 5 yrs)ihow fast free cash flow grows while the company is still expanding fast

Years of fast FCF growthihow many years the fast growth lasts before the business settles down

FCF growth after year 5 (forever)ithe slow, steady pace once the company is mature — usually 2-3%, near inflation. Must stay below your target return

Risk-free rate %iwhat a 10-yr US treasury pays with zero risk — the floor any risky stock must beat

Your target return %/yrithe yearly return you want for taking this risk — rule of thumb: risk-free rate + extra for risk

FCF base ($M, TTM)ilast 12 months of free cash flow, added up from reported quarters

Include dividends in returnidividends hand you part of the return in cash, so the share price needs to climb less

Pay up to today

—

vs current price $204.38

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Cash flow & implied price by year

FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.

EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.

Free cash flow today

—

grows for the next years

Then mature

—

every future dollar counted back to today

Pile of today-dollars

—

÷ shares

Implied price path

Year	FCF	Implied price

Sensitivity — fair value: growth ↓ × target return →