Morningstar

MORN

Financial - Data & Stock Exchanges · Financial Services

Price

$172.48

-1.42 (-0.82%)

Market Cap

$6.56B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−2.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 43.4M (2021) → 42.2M (2025)

Morningstar, Inc. provides independent investment research services in North America, Europe, Australia, and Asia. The company offers web-based tools; investment data, fundamental equity and manager research, private capital markets research, credit and fund rating, and index, as well as environmental, social, and governance (ESG) rating services; and investment offerings, including managed investment products, publicly listed and private companies, fixed income securities, and real-time global

Winston Score History

Politician Trades

14 trades / 12mo

5 Congressional buys and 9 sells on MORN in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+49.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

48.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$493M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Morningstar is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

62.9%

Premium pricing power — 62.9% gross margin

Operating Margin

24.2%

Excellent — 24.2% operating margin

ROCE

5.7%

Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+8.4%

Steady sales growth (8.4% YoY)

EPS YoY

+10.3%

Earnings growing (10.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

147%

Turns 147% of profit into real cash

FCF Margin

17.4%

Converts sales into free cash efficiently (17.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.68

Elevated debt (1.68)

Interest Cover

12.17x

Comfortably covers interest (12.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.5x

Fair value — P/E 17.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+4.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.5 → 12.9)

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Dividends

Dividend Yield

1.24%

Small dividend — 1.24% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+9.9%

Dividend growing modestly (9.9% YoY)

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