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Morningstar Valuation Multiples
Discover revenue and EBITDA valuation multiples for Morningstar and similar public comparables like Clearwater Analytics, Oracle Financial Services, FactSet, Hundsun and more.
Morningstar Overview
About Morningstar
Morningstar Inc is a provider of independent investment insights to financial advisers, asset managers, and investors. It provides data and research insights on various investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time market data. The company has five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. Maximum revenue is derived from the Morningstar Direct Platform, which provides investors with comprehensive data, research, insights, and investment analysis through product areas such as Morningstar Data, Morningstar Direct, and Morningstar Advisor Workstation. Geographically, it generates maximum revenue from the USA.
Founded
1984
HQ
Employees
11.0K
Website
Financials (LTM)
EV
$8B
Morningstar Financials
Morningstar reported last 12-month revenue of $2B and EBITDA of $724M.
In the same LTM period, Morningstar generated $724M in EBITDA and $383M in net income.
Revenue (LTM)
Morningstar P&L
In the most recent fiscal year, Morningstar reported revenue of $2B and EBITDA of $729M.
Morningstar expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $1B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 61% | XXX | XXX | XXX |
| EBITDA | $724M | XXX | $729M | XXX | XXX | XXX |
| EBITDA Margin | 29% | XXX | 30% | XXX | XXX | XXX |
| EBIT Margin | 24% | XXX | 24% | XXX | XXX | XXX |
| Net Profit | $383M | XXX | $374M | XXX | XXX | XXX |
| Net Margin | 15% | XXX | 15% | XXX | XXX | XXX |
| Net Debt | — | — | $598M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Morningstar Stock Performance
Morningstar has current market cap of $7B, and enterprise value of $8B.
Market Cap Evolution
Morningstar's stock price is $182.31.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $8B | $7B | 0.0% | XXX | XXX | XXX | $9.45 |
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Start Free TrialMorningstar Valuation Multiples
Morningstar trades at 3.2x EV/Revenue multiple, and 11.0x EV/EBITDA.
EV / Revenue (LTM)
Morningstar Financial Valuation Multiples
As of April 1, 2026, Morningstar has market cap of $7B and EV of $8B.
Equity research analysts estimate Morningstar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Morningstar has a P/E ratio of 18.9x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $8B | XXX | $8B | XXX | XXX | XXX |
| EV/Revenue | 3.2x | XXX | 3.3x | XXX | XXX | XXX |
| EV/EBITDA | 11.0x | XXX | 10.9x | XXX | XXX | XXX |
| EV/EBIT | 13.3x | XXX | 13.6x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 5.3x | XXX | XXX | XXX |
| P/E | 18.9x | XXX | 19.3x | XXX | XXX | XXX |
| EV/FCF | 17.5x | XXX | 18.0x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Morningstar Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Morningstar Margins & Growth Rates
Morningstar's revenue in the last 12 month grew by 7%.
Morningstar's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.
Morningstar's rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Morningstar's rule of X is 47% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Morningstar Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7% | XXX | 7% | XXX | XXX | XXX |
| EBITDA Margin | 29% | XXX | 30% | XXX | XXX | XXX |
| EBITDA Growth | 11% | XXX | 8% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 37% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 47% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 19% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 14% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 40% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Morningstar Public Comps
See public comps and valuation multiples for other Financial Data & Information and Financial Services Software comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Clearwater Analytics | XXX | XXX | XXX | XXX | XXX | XXX |
| Oracle Financial Services | XXX | XXX | XXX | XXX | XXX | XXX |
| FactSet | XXX | XXX | XXX | XXX | XXX | XXX |
| Hundsun | XXX | XXX | XXX | XXX | XXX | XXX |
| Temenos | 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 M&A Activity
Morningstar acquired XXX companies to date.
Last acquisition by Morningstar was on XXXXXXXX, XXXXX. Morningstar acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Morningstar
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
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Start Free TrialMorningstar Investment Activity
Morningstar invested in XXX companies to date.
Morningstar made its latest investment on XXXXXXXX, XXXXX. Morningstar invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Morningstar
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Morningstar
| When was Morningstar founded? | Morningstar was founded in 1984. |
| Where is Morningstar headquartered? | Morningstar is headquartered in United States. |
| How many employees does Morningstar have? | As of today, Morningstar has over 11K employees. |
| Who is the CEO of Morningstar? | Morningstar's CEO is Kunal Kapoor. |
| Is Morningstar publicly listed? | Yes, Morningstar is a public company listed on Nasdaq. |
| 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? | Morningstar main competitors are Clearwater Analytics, Oracle Financial Services, FactSet, Hundsun. |
| What is the current market cap of Morningstar? | Morningstar's current market cap is $7B. |
| What is the current revenue of Morningstar? | Morningstar's last 12 months revenue is $2B. |
| What is the current revenue growth of Morningstar? | Morningstar revenue growth (NTM/LTM) is 7%. |
| What is the current EV/Revenue multiple of Morningstar? | Current revenue multiple of Morningstar is 3.2x. |
| Is Morningstar profitable? | Yes, Morningstar is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Morningstar? | Morningstar's last 12 months EBITDA is $724M. |
| What is Morningstar's EBITDA margin? | Morningstar's last 12 months EBITDA margin is 29%. |
| What is the current EV/EBITDA multiple of Morningstar? | Current EBITDA multiple of Morningstar is 11.0x. |
| What is the current FCF of Morningstar? | Morningstar's last 12 months FCF is $454M. |
| What is Morningstar's FCF margin? | Morningstar's last 12 months FCF margin is 18%. |
| What is the current EV/FCF multiple of Morningstar? | Current FCF multiple of Morningstar is 17.5x. |
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