MORNMorningstar, Inc.
Investment Advice
- Revenue
- $2.4B
- 7.5% YoY
- Operating margin
- 21.5%
- 1.1% YoY
- EBITDA
- $717M
- 6.1% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.7×
- $1.2B net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear322% of net incomeCash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowFired146% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired44% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.9B | $2.0B | $2.3B | $2.4B | 7.5% |
| Operating income | $257M | $168M | $231M | $485M | $527M | 8.6% |
| Operating cash flow | $450M | $298M | $316M | $592M | $590M | 0.3% |
| Capex | $102M | $130M | $119M | $143M | $147M | 3.1% |
| Stock-based comp | $42M | $83M | $53M | $55M | $56M | 3.1% |
| Buybacks | $1M | $226M | $1M | $12M | $787M | 6684% |
| Dividends | $54M | $62M | $64M | $69M | $77M | 11% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.