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Morningstar Inc is a provider of independent investment research to financial advisers, asset managers, and investors. The company focuses its operations on two core sectors: data and research. It offers data on investments such as mutual funds, stocks, exchange-traded funds, closed-end funds, separate accounts, and variable annuities. Further, the company tracks real-time market data of equity, derivative, currency exchanges, and other investments. In its research operation, Morningstar offers analyst research on passive and active mutual funds, alternative funds, and college saving plans. Morningstar's majority of the revenue is generated in the United States of America.
1984
11.1K+
LTM Revenue $2.3B
LTM EBITDA $659M
$12.4B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Morningstar has a last 12-month revenue of $2.3B and a last 12-month EBITDA of $659M.
In the most recent fiscal year, Morningstar achieved revenue of $2.3B and an EBITDA of $732M.
Morningstar expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Morningstar valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $2.0B | $2.3B | XXX | XXX | XXX |
| Gross Profit | $1.1B | $1.2B | XXX | XXX | XXX |
| Gross Margin | 54% | 53% | XXX | XXX | XXX |
| EBITDA | $427M | $732M | XXX | XXX | XXX |
| EBITDA Margin | 21% | 32% | XXX | XXX | XXX |
| Net Profit | $70.5M | $141M | XXX | XXX | XXX |
| Net Margin | 3% | 6% | XXX | XXX | XXX |
| Net Debt | $733M | $635M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
As of April 28, 2025, Morningstar's stock price is $281.
Morningstar has current market cap of $12.0B, and EV of $12.4B.
See Morningstar trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $12.4B | $12.0B | XXX | XXX | XXX | XXX | $8.10 |
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Sign UpAs of April 28, 2025, Morningstar has market cap of $12.0B and EV of $12.4B.
Morningstar's trades at 5.3x LTM EV/Revenue multiple, and 18.8x LTM EBITDA.
Analysts estimate Morningstar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Morningstar and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $12.4B | XXX | XXX | XXX |
| EV/Revenue | 5.4x | XXX | XXX | XXX |
| EV/EBITDA | 16.9x | XXX | XXX | XXX |
| P/E | 32.5x | XXX | XXX | XXX |
| P/E/Growth | 7.8x | XXX | XXX | XXX |
| EV/FCF | 27.5x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpMorningstar's NTM/LTM revenue growth is 7%
Morningstar's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.1M for the same period.
Over next 12 months, Morningstar's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Morningstar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Morningstar and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 12% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 32% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 71% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 39% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.2M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.1M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 19% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 14% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 42% | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Wolters Kluwer | XXX | XXX | XXX | XXX | XXX | XXX |
| Gumtree Australia | XXX | XXX | XXX | XXX | XXX | XXX |
| Gumtree Australia | XXX | XXX | XXX | XXX | XXX | XXX |
| Stock3 | XXX | XXX | XXX | XXX | XXX | XXX |
| Business Online | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Morningstar acquired XXX companies to date.
Last acquisition by Morningstar was XXXXXXXX, XXXXX XXXXX XXXXXX . Morningstar acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was Morningstar founded? | Morningstar was founded in 1984. |
| Where is Morningstar headquartered? | Morningstar is headquartered in United States of America. |
| How many employees does Morningstar have? | As of today, Morningstar has 11.1K+ employees. |
| Who is the CEO of Morningstar? | Morningstar's CEO is Mr. Kunal Kapoor. |
| Is Morningstar publicy listed? | Yes, Morningstar is a public company listed on NAS. |
| What is the stock symbol of Morningstar? | Morningstar trades under MORN ticker. |
| When did Morningstar go public? | Morningstar went public in 2005. |
| Who are competitors of Morningstar? | Similar companies to Morningstar include e.g. Wolters Kluwer, Gumtree Australia, Gumtree Australia, Stock3. |
| What is the current market cap of Morningstar? | Morningstar's current market cap is $12.0B |
| What is the current revenue of Morningstar? | Morningstar's last 12-month revenue is $2.3B. |
| What is the current EBITDA of Morningstar? | Morningstar's last 12-month EBITDA is $659M. |
| What is the current EV/Revenue multiple of Morningstar? | Current revenue multiple of Morningstar is 5.3x. |
| What is the current EV/EBITDA multiple of Morningstar? | Current EBITDA multiple of Morningstar is 18.8x. |
| What is the current revenue growth of Morningstar? | Morningstar revenue growth between 2023 and 2024 was 12%. |
| Is Morningstar profitable? | Yes, Morningstar is EBITDA-positive (as of the last 12 months). |
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