MORN
Morningstar, Inc.
MORN's fundamentals are strong and it looks cheap: trading at 22x earnings, less than half its usual 49x. Analysts expect strong earnings growth.
MORN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
MORN's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MORN.
MORN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $246 | — |
| Current | 22x | $246 | — |
| Cheap | 26x | $298 | +21% |
| Fair | 48x | $549 | +123% |
| Expensive | 88x | $999 | +306% |
Historical ranges are pointers, not guarantees.
MORN's PE is in its cheap range at 22x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
MORN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MORN, with profitability improving.
MORN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.12 | +24% |
| Q3 2026 | $11.41 | +30% |
| Q2 2026 | $10.52 | +12% |
| Q1 2026 | $9.78 | +9.8% |
| Q4 2025 | $8.87 | +3.4% |
| Q3 2025 | $8.80 | +16% |
| Q2 2025 | $9.40 | +64% |
| Q1 2025 | $8.91 | +80% |
| Q4 2024 | $8.58 | +161% |
MORN's earnings per share have climbed steadily: $11.41 over the past year, up 30% from the year before, and higher year over year for 12 quarters in a row.
MORN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $672.1M | +8.9% |
| Q2 2026 | $663.2M | +9.6% |
| Q1 2026 | $644.8M | +11% |
| Q4 2025 | $641.1M | +8.5% |
| Q3 2025 | $617.4M | +8.4% |
| Q2 2025 | $605.1M | +5.8% |
| Q1 2025 | $581.9M | +7.2% |
| Q4 2024 | $591M | +9.7% |
MORN's revenue has grown year over year every quarter since late 2020: $672M last quarter, up 8.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | +4.2 points |
| Q2 2026 | 24% | +3.5 points |
| Q1 2026 | 24% | +4.6 points |
| Q4 2025 | 25% | -3.6 points |
| Q3 2025 | 21% | +0.4 points |
| Q2 2025 | 21% | +1.7 points |
| Q1 2025 | 20% | +2.6 points |
| Q4 2024 | 28% | +11 points |
MORN's operating margin was 25% last quarter, up 4.2 points from the same quarter a year ago, near the top of its range since 2019.
MORN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $155.4M | -2.9% |
| Q2 2026 | $122.5M | +96% |
| Q1 2026 | $53.6M | -8.8% |
| Q4 2025 | $161.3M | +43% |
| Q3 2025 | $160.1M | +2.8% |
| Q2 2025 | $62.4M | -48% |
| Q1 2025 | $58.8M | -1.2% |
| Q4 2024 | $112.8M | +4.6% |
MORN's free cash flow was $493M over the past year, up 25% from the year before. Free cash flow isn't a meaningful measure for financial services companies like MORN.
MORN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -300K shares |
| 1 year | -11% | -4.5M shares |
| 3 years | -12% | -5.1M shares |
| 5 years | -13% | -5.6M shares |
| Available history | -13% | -5.5M shares |
MORN has 38M diluted shares, down 11% from a year ago, with $895M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100M |
| Q2 2026 | $100M |
| Q1 2026 | $300M |
| Q4 2025 | $395.3M |
| Q3 2025 | $170.1M |
| Q2 2025 | $112M |
| Q1 2025 | $109.6M |
| Q4 2024 | $11.6M |
MORN spent $895M buying back its own shares over the past year, up 122% from the year before.
MORN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 0.8x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.4x | Very low |
| Q4 2024 | 0.3x | Very low |
MORN's net debt is about 1.4 years of its operating earnings (EBITDA), up from less than a year a year ago. Net leverage isn't a meaningful measure for financial services companies like MORN.
MORN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.0 | Neutral |
| Stochastic | 94.7 | Overbought |
MORN's weekly RSI is 67 (neutral) and its Stochastic is 95 (overbought).
MORN PE vs Financial Services Sector
| Metric | MORN | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 13x | 66% above |
| PE % | 11 | 63 | 52 pts below |
MORN is trading at 22x earnings, a 66% premium to the Financial Services sector's median of 13x.
MORN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $216.6 | 14% above |
| 20 week MA | $202.4 | 22% above |
| 50 week MA | $191.9 | 28% above |
| 100 week MA | $236.4 | 4.1% above |
| 200 week MA | $251.9 | 2.3% below |
MORN has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 2.3% below its 200-week average.
MORN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $152.0 | $222.3 | +46% |
| 2021 | $222.3 | $339.5 | +53% |
| 2022 | $339.5 | $213.5 | -37% |
| 2023 | $213.5 | $286.2 | +34% |
| 2024 | $286.2 | $339.8 | +19% |
| 2025 | $339.8 | $219.1 | -36% |
| 2026 YTD | $219.1 | $246.1 | +12% |
MORN has finished higher in four of the last six years. It's up 12% so far in 2026.