Morningstar, Inc. logo MORN - Morningstar, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 2
HOLD 4
SELL 0
STRONG
SELL
0
| PRICE TARGET: $236.50 DETAILS
HIGH: $280.00
LOW: $193.00
MEDIAN: $236.50
CONSENSUS: $236.50
UPSIDE: 31.65%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Revenue
Revenue 2,445.5 2,275.1 2,038.6 1,870.6 1,699.3 1,389.5 1,179 1,019.9 911.7 798.6 788.8 760.1 698.3 658.3 631.4 555.4 479.0 502.5 435.1 315.2 227.1 179.7 139.5 109.6 91.2 75.0
Cost of Revenue 952.9 895.7 843.5 779.3 698.4 556.4 483.1 411.1 386.6 344.3 330.1 318.6 271.4 246.8 235.3 157.1 128.6 130.1 113.8 87.0 64.4 54.7 43.5 39.0 0 0
Gross Profit 1,492.6 1,379.4 1,195.1 1,091.3 1,000.9 833.1 695.9 608.8 525.1 454.3 458.7 441.5 426.9 411.5 396.1 398.3 350.4 372.4 321.3 228.2 162.7 124.9 96.0 70.6 91.2 75.0
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 51.4 53.2 49.2 38.4 40.3 35.1 29.5 19.7 16.2 14.7 11.9 0 0
SG&A Expenses 801 768.2 779.6 756.9 593.2 478.4 388.6 296.3 264.1 202.8 203.7 220 210.5 217.7 214.8 188.3 154.7 166.9 147.7 106.2 88.3 99.0 84.9 61.5 0 0
Other Expenses 165 126.4 184.9 166.6 150.7 139.5 117.7 96.7 91.2 70.7 64.4 115.9 45.7 (8.3) (10.2) 39.7 32.0 26.0 21.3 15.0 8.3 8.2 7.1 5.5 107.6 137.0
Operating Expenses 966 894.6 964.5 923.5 743.9 617.9 506.3 393 355.3 273.5 268.1 335.9 256.2 260.8 257.7 277.2 225.7 233.3 204.1 150.7 116.2 107.2 106.7 78.9 107.6 137.0
Operating Income
Operating Income 526.6 484.8 230.6 167.8 257 215.2 189.6 215.8 169.8 180.8 190.6 105.6 170.7 150.7 138.4 121.1 124.7 139.1 117.3 77.5 46.5 17.7 (10.8) (8.3) (16.4) (62.1)
Interest Expense 40 49.9 51.7 28.4 8.7 11.1 8.7 1.8 5.5 1.5 0.5 0.5 0.2 0.3 1.3 0.3 0.3 0 0 0 0 0 0 0 0 0
Interest Income 11.4 12.2 9 1.7 1.7 1.6 2.4 2.3 1.9 1.8 1.8 2.6 2.9 5.5 3.7 2.7 3.4 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 728.9 731.6 418.1 325.6 409.9 433.6 324.9 331.4 261 297.1 258.6 169.4 216.4 197.0 184.4 167.7 159.9 165.1 138.5 92.5 54.7 26.0 (3.6) (2.8) 91.2 75.0
EBIT 539 541.2 233.2 159 259.2 294.1 207.2 234.7 169.8 226.4 194.2 114.5 170.7 153.9 141.4 128.1 128.0 139.1 117.3 77.5 46.5 17.7 (10.8) (8.3) 91.2 75.0
Income Before Tax 495.7 473.9 174.1 127 255.9 283.3 197.6 230.8 179.8 224.7 195.5 114 179.4 155.7 142.0 129.2 128.8 144.7 125.2 81.7 49.7 19.5 (8.9) (3.1) (15.7) (41.3)
Income Tax Expense 121.5 104 33 56.5 62.6 59.7 45.6 47.8 42.9 63.7 62.7 35.7 56 52.9 43.7 42.8 47.1 51.8 51.3 33.0 20.2 11.6 3.0 (0.3) (5.3) (10.5)
Net Income 374.2 369.9 141.1 70.5 193.3 223.6 152 183 136.9 161 132.6 78.3 123.5 108.1 98.4 86.4 82.5 92.5 73.9 51.8 31.1 8.8 (11.9) 0.4 (9.3) (28.6)
Per Share Data
EPS (Basic) 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 2.01 1.71 1.26 0.79 0.23 -0.31 0.01 -0.24 -0.75
EPS (Diluted) 8.87 8.58 3.29 1.64 4.45 5.18 3.52 4.26 3.18 3.72 3.00 1.74 2.66 2.20 1.92 1.70 1.65 1.88 1.53 1.11 0.70 0.21 -0.31 -0.09 -0.22 -0.75
Shares Outstanding 41.9 42.8 42.6 42.6 43 42.9 42.7 42.6 42.7 43 44.2 44.7 46.2 48.5 50.0 49.2 48.1 46.1 43.2 41.2 39.4 38.4 38.4 38.3 38.3 38.4
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000
Current Assets
Cash & Cash Equivalents 474.5 502.7 337.9 376.6 483.8 422.5 334.1 369.3 308.2 259.1 130.5 173.9 59.5 53.5 44.3 0 0
Short-Term Investments 54.2 48.3 51.1 38 62.3 41.7 33.4 26.6 45.1 44.9 212.1 123.7 59.6 22.6 20.5 0 0
Net Receivables 406.6 370.5 344.5 307.9 277.8 207.3 194.8 174 148.2 145.8 87.9 98.7 33.7 22.2 19.8 0 0
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 102.7 50.5 47.3 51.6 33.1 26.8 40.9 31.7 28.3 22.2 13.7 17.4 6.6 7.1 8.8 0 0
Total Current Assets 1,038 1,014.1 815.7 810.8 887.6 730 603.2 601.6 529.8 472 444.1 413.7 135.8 105.4 93.4 0 0
Non-Current Assets
Property, Plant & Equipment 390.9 400.1 371.6 391 321 302.8 299.5 143.5 147.4 152.1 59.8 58.8 17.5 17.3 15.0 0 0
Goodwill 1,610.8 1,562 1,578.8 1,571.7 1,207 1,205 1,039.1 556.7 564.9 556.8 250.0 187.2 0 14.1 6.0 0 0
Intangible Assets 379.3 408.8 484.4 548.6 328.2 380.1 333.4 73.9 95.4 120.9 135.5 119.8 16.0 1.9 0 0 0
Long-Term Investments 50.3 85.3 100.2 96 63.3 32.6 59.6 63.1 62 40.3 24.1 20.4 0 16.9 15.7 0 0
Other Non-Current Assets 42.2 35.4 38.1 45.9 42.8 32.9 25.4 15 6.2 8.8 6.1 3.9 17 27.7 25.1 0 0
Total Non-Current Assets 2,552.2 2,534.8 2,587.7 2,664 1,975.1 1,966 1,767.7 852.2 875.9 878.9 475.0 390.2 77.6 77.8 61.7 0 0
Total Assets 3,590.2 3,548.9 3,403.4 3,474.8 2,862.7 2,696 2,370.9 1,453.8 1,405.7 1,350.9 919.6 803.9 213.4 183.2 155.1 128.7 133.9
Current Liabilities
Account Payables 97.9 87.3 78.4 76.2 76.5 0 0 54.4 49.2 44.6 0 0 12.1 0 0 0 0
Short-Term Debt 0 0 32.1 32.1 0 0 11 0 0 0 0 0 0.0 0 0 0 0
Deferred Revenue 586.1 540.8 517.7 455.6 377.4 306.8 250.1 195.8 171.3 165.4 127.1 130.3 63.4 55.6 47.7 0 0
Other Current Liabilities 303.5 273.6 216.2 281.3 293.2 279.8 198.9 112.6 102.7 84.9 1.0 0.1 7.3 22.4 9.2 0 0
Total Current Liabilities 1,053.3 967.3 880.8 882.5 783.5 626.5 495.8 362.8 323.2 294.9 206.9 233.4 118.9 111.3 83.4 0 0
Non-Current Liabilities
Long-Term Debt 1,219.3 698.6 940.3 1,077.5 359.4 449.1 502.1 70 180 250 0 0 0 0 0 0 0
Deferred Tax Liabilities 27.2 27.6 35.6 62.9 101.7 108.9 95 22.2 23.6 38.2 4.7 7.5 0 0 0 0 0
Other Non-Current Liabilities (99.2) 44.1 41.2 34.6 30.1 68.9 23.5 49.9 59.8 71 31.2 27.0 30.1 24.1 21.2 0 0
Total Non-Current Liabilities 1,315 963 1,194.8 1,385.2 663.3 798.1 791.5 156.3 277.6 359.2 35.8 35.0 30.1 24.1 21.2 0 0
Total Liabilities 2,368.3 1,930.3 2,075.6 2,267.7 1,446.8 1,424.6 1,287.3 519.1 600.8 654.1 242.7 268.4 149.0 135.4 104.6 0 0
Stockholders' Equity
Common Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings 2,206.2 1,909.2 1,610.8 1,535 1,526.5 1,389.4 1,217.9 1,114.8 958.7 861.9 239.6 164.3 (81.7) (90.5) (78.6) 0 0
Accumulated Other Comprehensive Income (68.1) (119.4) (86.5) (99) (35.3) (22) (60.6) (75) (46.6) (81.5) 0.0 (15.9) 1.2 2.4 4.6 0 0
Total Stockholders' Equity 1,221.9 1,618.6 1,327.8 1,207.1 1,415.9 1,271.4 1,083.6 934.7 804.9 696.5 664.6 535.5 64.4 47.8 50.5 36.0 38.0
Total Liabilities & Equity 3,590.2 3,548.9 3,403.4 3,474.8 2,862.7 2,696 2,370.9 1,453.8 1,405.7 1,350.9 919.6 803.9 213.4 183.2 155.1 128.7 133.9
Debt Metrics
Total Debt 1,407.8 904 1,160.2 1,323.6 531.5 626.7 687.6 70 180 250 0 0 0.0 0 0 0 0
Net Debt 933.3 401.3 822.3 947 47.7 204.2 353.5 (299.3) (128.2) (9.1) (130.5) (173.9) (59.5) (53.5) (44.3) 0 0
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000
Operating Activities
Net Income 374.2 369.9 141.1 70.5 193.3 223.6 152 183 136.9 161 31.1 8.8 (11.9) 0.4 (9.3) (28.6)
Depreciation & Amortization 189.9 190.4 184.9 166.6 150.7 139.5 117.7 96.7 91.2 70.7 8.3 8.2 7.1 5.5 0 0
Stock-Based Compensation 0 54.7 52.8 83.2 41.9 36.6 44.4 31.7 24.1 14.5 0 0 29.0 7.3 0 0
Change in Working Capital 28.9 92.8 28.1 (12) 63.6 38.9 41.5 18.5 23.3 5.2 (3.3) 0.2 3.7 9.6 10.0 0
Other Non-Cash Items 38.9 (81.4) (58.1) 26.8 12.5 (47.6) (15.2) (14) (11.3) (42.4) 11.8 14.8 (0.7) (5.9) (5.9) (7.5)
Operating Cash Flow 589.7 591.6 316.4 297.8 449.9 384.3 334.4 314.8 250.1 213.7 48.4 32.9 29.7 16.5 (5.2) (36.2)
Investing Activities
Capital Expenditure (147.1) (142.7) (119.1) (129.5) (101.8) (76.7) (80) (76.1) (66.6) (62.8) (7.5) (7.7) (8.6) (6.0) (5.9) (11.1)
Acquisitions (39) 52.4 (0.8) (676.1) (54.6) (39.3) (664.3) 18 22.7 (191.6) (8.2) (0.2) (10.8) 3.5 0 0
Purchases of Investments (26.3) (16) (3.7) (36.5) (100.9) (56.4) (37.7) (43.1) (59.7) (48.5) (78.8) (50.6) (22.3) (15.8) 0 0
Sales/Maturities of Investments 45.5 27.1 31.1 43 58.8 46.9 35.8 51.2 42.2 28.6 77.5 37.5 20.7 14.9 0 0
Other Investing Activities 27.6 57.9 10.6 (0.2) 30.8 1.7 (0.1) 0.1 0.6 0.1 0.0 0.1 0.5 4.9 9.1 (9.1)
Investing Cash Flow (139.3) (21.3) (81.9) (799.3) (167.7) (123.8) (746.3) (49.9) (60.8) (274.2) (16.9) (20.8) (20.5) 1.4 3.1 (20.2)
Financing Activities
Net Debt Issuance 375 (274.4) (137.5) 750.9 (90) (63.4) 444.4 (110) (70) 215 (0.0) (6.6) (0.2) (2.1) 0 0
Stock Repurchased (787) (11.6) (1.4) (226) (1.3) (41.9) (4.9) (20.9) (42.3) (48.8) 0 0 0 0 0 0
Dividends Paid (76.9) (69.3) (63.9) (61.5) (54.2) (51.4) (47.8) (42.6) (39.3) (37.9) 0 0 0 0 0 0
Other Financing Activities (25.8) (29.1) (75.6) (48.3) (66.5) (25.5) (18) (15.3) (5.9) (4.6) 0 0 0 (0.0) (1.0) 97.1
Financing Cash Flow (514.7) (384.4) (278.4) 415.1 (211.8) (182.2) 373.7 (188.8) (157.5) 123.7 25.3 (6.4) (0.0) (2.0) (1.0) 97.1
Cash Position
Net Change in Cash (28.2) 164.8 (38.7) (107.2) 61.3 88.4 (35.2) 61.1 49.1 52 56.5 6.0 9.2 16.4 (1.0) 97.1
Cash at Beginning 502.7 337.9 376.6 483.8 422.5 334.1 369.3 308.2 259.1 207.1 35.9 53.5 0 0 0 0
Cash at End 474.5 502.7 337.9 376.6 483.8 422.5 334.1 369.3 308.2 259.1 92.4 59.5 9.2 16.4 (1.0) 97.1
Free Cash Flow 442.6 448.9 197.3 168.3 348.1 307.6 254.4 238.7 183.5 150.9 41.0 25.1 21.1 10.6 (11.1) (47.2)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Income Statement
Revenue 2,445.5 2,275.1 2,038.6 1,870.6 1,699.3 1,389.5 1,179 1,019.9 911.7 798.6 788.8 760.1 698.3 658.3 631.4 555.4 479.0 502.5 435.1 315.2 227.1 179.7 139.5 109.6 91.2 75.0
Gross Profit 1,492.6 1,379.4 1,195.1 1,091.3 1,000.9 833.1 695.9 608.8 525.1 454.3 458.7 441.5 426.9 411.5 396.1 398.3 350.4 372.4 321.3 228.2 162.7 124.9 96.0 70.6 91.2 75.0
Operating Income 526.6 484.8 230.6 167.8 257 215.2 189.6 215.8 169.8 180.8 190.6 105.6 170.7 150.7 138.4 121.1 124.7 139.1 117.3 77.5 46.5 17.7 (10.8) (8.3) (16.4) (62.1)
Net Income 374.2 369.9 141.1 70.5 193.3 223.6 152 183 136.9 161 132.6 78.3 123.5 108.1 98.4 86.4 82.5 92.5 73.9 51.8 31.1 8.8 (11.9) 0.4 (9.3) (28.6)
EPS (Diluted) 8.87 8.58 3.29 1.64 4.45 5.18 3.52 4.26 3.18 3.72 3.00 1.74 2.66 2.20 1.92 1.70 1.65 1.88 1.53 1.11 0.70 0.21 -0.31 -0.09 -0.22 -0.75
Balance Sheet
Cash & Equivalents 474.5 502.7 337.9 376.6 483.8 422.5 334.1 369.3 308.2 259.1 130.5 173.9 59.5 53.5 44.3 0 0
Total Assets 3,590.2 3,548.9 3,403.4 3,474.8 2,862.7 2,696 2,370.9 1,453.8 1,405.7 1,350.9 919.6 803.9 213.4 183.2 155.1 128.7 133.9
Total Debt 1,407.8 904 1,160.2 1,323.6 531.5 626.7 687.6 70 180 250 0 0 0.0 0 0 0 0
Stockholders' Equity 1,221.9 1,618.6 1,327.8 1,207.1 1,415.9 1,271.4 1,083.6 934.7 804.9 696.5 664.6 535.5 64.4 47.8 50.5 36.0 38.0
Cash Flow
Operating Cash Flow 589.7 591.6 316.4 297.8 449.9 384.3 334.4 314.8 250.1 213.7 48.4 32.9 29.7 16.5 (5.2) (36.2)
Capital Expenditure (147.1) (142.7) (119.1) (129.5) (101.8) (76.7) (80) (76.1) (66.6) (62.8) (7.5) (7.7) (8.6) (6.0) (5.9) (11.1)
Free Cash Flow 442.6 448.9 197.3 168.3 348.1 307.6 254.4 238.7 183.5 150.9 41.0 25.1 21.1 10.6 (11.1) (47.2)