Morningstar (MORN) Financials

$293.53 -1.62 (-0.55%)

Closing price 05/6/2025 04:00 PM Eastern

Extended Trading

$293.90 +0.37 (+0.12%)

As of 05/6/2025 06:20 PM Eastern

Annual Income Statements for Morningstar

This table shows Morningstar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	133	161	137	183	152	224	193	71	141	370
Consolidated Net Income / (Loss)	133	161	137	183	152	224	193	71	141	370
Net Income / (Loss) Continuing Operations	133	161	137	183	152	224	193	71	141	370
Total Pre-Tax Income	194	225	181	233	199	283	251	131	182	491
Total Operating Income	191	181	170	216	190	215	257	168	231	485
Total Gross Profit	459	454	525	609	696	833	1,001	1,091	1,195	1,379
Total Revenue	789	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275
Operating Revenue	789	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275
Total Cost of Revenue	330	344	387	411	483	556	698	779	844	896
Operating Cost of Revenue	330	344	387	411	483	556	698	779	844	896
Total Operating Expenses	268	274	355	393	506	618	744	924	965	895
Selling, General & Admin Expense	107	105	130	148	211	272	318	400	356	327
Marketing Expense	97	98	134	149	178	206	275	357	424	441
Depreciation Expense	64	71	91	97	118	140	151	167	185	190
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	-64
Total Other Income / (Expense), net	3.10	44	11	17	7.70	66	-6.50	-37	-49	2.70
Interest & Investment Income	1.30	0.30	-3.60	3.80	11	21	-7.80	-28	-52	-38
Other Income / (Expense), net	1.80	44	15	13	-3.10	45	1.30	-8.80	2.60	40
Income Tax Expense	63	64	43	48	46	60	63	57	33	104
Other Gains / (Losses), net	1.80	-0.20	-1.30	-2.10	-0.90	0.30	5.40	-3.60	-7.40	-17
Basic Earnings per Share	$3.00	$3.74	$3.21	$4.30	$3.56	$5.22	$4.50	$1.65	$3.31	$8.64
Weighted Average Basic Shares Outstanding	44.20M	43M	42.70M	42.60M	42.70M	42.90M	43M	42.60M	42.60M	42.80M
Diluted Earnings per Share	$3.00	$3.72	$3.18	$4.25	$3.52	$5.18	$4.45	$1.64	$3.29	$8.58
Weighted Average Diluted Shares Outstanding	44.30M	43.30M	43M	43M	43.20M	43.20M	43.40M	42.90M	42.90M	43.10M
Weighted Average Basic & Diluted Shares Outstanding	44.20M	43M	42.60M	42.60M	42.85M	42.90M	42.96M	42.48M	42.73M	42.84M
Cash Dividends to Common per Share	$1.55	$1.77	$1.86	$2.03	$2.26	$2.42	$2.57	$2.90	$3.03	$3.29

This table shows Morningstar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-9.00	3.30	-7.60	36	39	74	64	69	120	117	79
Consolidated Net Income / (Loss)	-9.00	3.30	-7.60	36	39	74	64	69	120	117	79
Net Income / (Loss) Continuing Operations	-9.00	3.30	-7.60	36	39	74	64	69	120	117	79
Total Pre-Tax Income	-2.30	31	2.10	32	57	90	87	90	152	163	109
Total Operating Income	22	36	25	42	70	94	93	109	116	168	114
Total Gross Profit	273	280	261	288	313	333	325	349	347	359	351
Total Revenue	468	475	480	505	516	539	543	572	569	591	582
Operating Revenue	468	475	480	505	516	539	543	572	569	591	582
Total Cost of Revenue	195	195	219	216	203	205	218	223	223	232	231
Operating Cost of Revenue	195	195	219	216	203	205	218	223	223	232	231
Total Operating Expenses	251	245	236	247	243	239	232	241	231	191	236
Selling, General & Admin Expense	117	106	84	90	90	92	80	80	78	89	77
Marketing Expense	90	94	108	110	106	100	105	111	108	117	113
Depreciation Expense	44	45	45	47	47	47	47	49	46	48	47
Total Other Income / (Expense), net	-24	-4.90	-22	-10	-13	-4.10	-5.60	-19	36	-9.10	-5.60
Interest & Investment Income	-11	-11	-13	-14	-13	-12	-12	-10	-8.90	-7.00	-5.40
Other Income / (Expense), net	-14	6.20	-9.10	4.10	0.20	7.40	5.90	-8.70	45	-2.10	-0.20
Income Tax Expense	5.40	26	8.40	-6.20	17	14	21	19	30	34	27
Other Gains / (Losses), net	-1.30	-0.90	-1.30	-1.80	-1.60	-2.70	-1.50	-1.20	-2.60	-12	-2.60
Basic Earnings per Share	($0.21)	$0.08	($0.18)	$0.85	$0.92	$1.72	$1.50	$1.61	$2.79	$2.74	$1.83
Weighted Average Basic Shares Outstanding	42.50M	42.60M	42.50M	42.60M	42.70M	42.60M	42.70M	42.80M	42.90M	42.80M	42.80M
Diluted Earnings per Share	($0.21)	$0.09	($0.18)	$0.84	$0.91	$1.72	$1.49	$1.60	$2.77	$2.72	$1.82
Weighted Average Diluted Shares Outstanding	42.70M	42.90M	42.50M	42.80M	42.90M	42.90M	43M	43.10M	43.20M	43.10M	43.10M
Weighted Average Basic & Diluted Shares Outstanding	42.45M	42.48M	42.55M	42.65M	42.70M	42.73M	42.75M	42.84M	42.88M	42.84M	42.25M
Cash Dividends to Common per Share	$0.36	$1.10	$0.76	$0.76	$0.76	$0.75	$0.82	$0.82	$0.82	$0.83	$0.92

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	22	52	49	61	-35	88	61	-107	-1.50	165
Net Cash From Operating Activities	242	214	250	315	334	384	450	298	316	592
Net Cash From Continuing Operating Activities	242	214	250	315	334	384	450	298	359	592
Net Income / (Loss) Continuing Operations	133	161	137	183	152	224	193	71	141	370
Consolidated Net Income / (Loss)	133	161	137	183	152	224	193	71	141	370
Depreciation Expense	64	71	91	97	118	140	151	167	185	190
Non-Cash Adjustments To Reconcile Net Income	15	-28	13	18	29	-11	54	110	37	-27
Changes in Operating Assets and Liabilities, net	29	9.90	9.20	17	36	32	52	-49	-4.30	58
Net Cash From Investing Activities	-80	-274	-61	-50	-746	-124	-168	-799	-82	-21
Net Cash From Continuing Investing Activities	-80	-274	-61	-50	-746	-124	-168	-799	-82	-21
Purchase of Property, Plant & Equipment	-57	-63	-67	-76	-80	-77	-102	-130	-119	-143
Acquisitions	-11	-192	-1.00	-0.40	-682	-68	-25	-647	-0.80	0.00
Purchase of Investments	-41	-49	-60	-43	-38	-63	-101	-66	-19	-23
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	65
Divestitures	0.00	0.00	24	18	18	35	1.10	0.00	26	52
Sale and/or Maturity of Investments	30	29	42	51	36	47	59	43	31	27
Other Investing Activities, net	-0.20	0.10	0.60	0.10	-0.10	1.70	-0.10	-0.20	0.10	0.20
Net Cash From Financing Activities	-128	124	-158	-189	374	-182	-212	415	-278	-384
Net Cash From Continuing Financing Activities	-128	124	-158	-189	374	-182	-212	415	-278	-384
Repayment of Debt	-45	-15	-71	-112	-169	-476	-103	-376	-397	-364
Repurchase of Common Equity	-97	-49	-42	-21	-4.90	-42	-1.30	-226	-1.40	-12
Payment of Dividends	-34	-38	-39	-43	-48	-51	-54	-62	-64	-69
Issuance of Debt	50	230	0.00	0.00	610	60	10	1,125	260	90
Issuance of Common Equity	3.90	0.40	0.20	0.10	0.20	352	0.00	0.00	0.00	0.00
Other Financing Activities, net	-5.60	-5.00	-4.80	-13	-15	-25	-63	-46	-76	-29
Effect of Exchange Rate Changes	-13	-11	17	-15	3.00	10	-9.10	-21	-	-21
Cash Interest Paid	0.40	1.20	5.40	3.70	11	11	10	28	58	47
Cash Income Taxes Paid	50	58	47	67	63	58	81	75	73	116

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-7.50	3.90	-24	-8.90	-18	50	16	38	162	-50	8.80
Net Cash From Operating Activities	102	104	23	25	131	138	94	153	192	153	91
Net Cash From Continuing Operating Activities	102	104	23	25	131	180	94	153	192	153	91
Net Income / (Loss) Continuing Operations	-9.00	3.30	-7.60	36	39	74	64	69	120	117	79
Consolidated Net Income / (Loss)	-9.00	3.30	-7.60	36	39	74	64	69	120	117	79
Depreciation Expense	44	45	45	47	47	47	47	49	46	48	47
Non-Cash Adjustments To Reconcile Net Income	46	21	-38	14	15	46	3.30	31	-26	-35	13
Changes in Operating Assets and Liabilities, net	21	34	24	-73	30	15	-21	3.50	53	23	-48
Net Cash From Investing Activities	-36	-38	-0.70	-27	-21	-33	-27	-33	14	24	-71
Net Cash From Continuing Investing Activities	-36	-38	-0.70	-27	-21	-33	-27	-33	14	24	-71
Purchase of Property, Plant & Equipment	-34	-36	-30	-30	-29	-30	-34	-32	-36	-41	-32
Acquisitions	-0.20	0.10	0.00	-	-	-0.80	0.00	-	-	-	-39
Purchase of Investments	-11	-4.00	-2.90	-3.20	-3.90	-9.40	-10	-3.20	-6.10	-4.00	-4.50
Divestitures	-	-	26	-	-	-	0.00	-	52	0.20	0.00
Sale and/or Maturity of Investments	8.80	1.80	5.50	6.40	12	7.20	17	2.30	3.90	3.50	4.50
Other Investing Activities, net	0.10	-0.10	0.00	-	-0.10	0.20	0.00	-	0.20	-	0.00
Net Cash From Financing Activities	-57	-77	-49	-6.10	-120	-103	-44	-82	-60	-199	-24
Net Cash From Continuing Financing Activities	-57	-77	-49	-6.10	-120	-103	-44	-82	-60	-199	-24
Repayment of Debt	-90	-63	-73	-113	-128	-83	-113	-50	-35	-167	-40
Repurchase of Common Equity	-15	-8.30	0.00	-1.40	-	-	0.00	-	-	-12	-110
Payment of Dividends	-15	-15	-16	-16	-16	-16	-17	-17	-17	-17	-20
Issuance of Debt	70	15	95	135	30	-	90	-	-	-	145
Issuance of Common Equity	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Financing Activities, net	-6.50	-4.90	-55	-11	-6.00	-4.30	-3.20	-14	-7.90	-3.70	0.00
Effect of Exchange Rate Changes	-17	15	1.70	-0.20	-7.60	-	-7.60	-0.80	16	-29	13
Cash Interest Paid	11	11	12	16	14	17	12	14	12	11	6.40
Cash Income Taxes Paid	13	18	9.10	24	14	27	13	32	22	50	14

This table presents Morningstar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,029	1,351	1,406	1,454	2,371	2,696	2,863	3,475	3,403	3,549
Total Current Assets	410	472	530	602	603	730	888	811	816	1,014
Cash & Equivalents	207	259	308	369	334	423	484	377	338	503
Short-Term Investments	42	45	45	27	33	42	62	38	51	48
Accounts Receivable	139	146	148	172	189	205	269	308	344	358
Prepaid Expenses	-	-	-	-	-	32	31	37	35	42
Current Deferred & Refundable Income Taxes	-	-	0.00	1.80	6.30	2.20	8.90	0.00	0.60	12
Other Current Assets	22	22	28	32	41	27	33	52	47	51
Plant, Property, & Equipment, net	135	152	147	144	155	155	172	199	208	219
Total Noncurrent Assets	485	727	729	709	1,613	1,811	1,803	2,465	2,380	2,316
Long-Term Investments	36	40	62	63	60	33	63	96	100	85
Goodwill	364	557	565	557	1,039	1,205	1,207	1,572	1,579	1,562
Intangible Assets	74	121	95	74	333	380	328	549	484	409
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.00	11	13	13	11	15	43
Other Noncurrent Operating Assets	11	8.80	6.20	15	170	181	192	238	202	217
Total Liabilities & Shareholders' Equity	1,029	1,351	1,406	1,454	2,371	2,696	2,863	3,475	3,403	3,549
Total Liabilities	388	654	601	519	1,287	1,425	1,447	2,268	2,076	1,930
Total Current Liabilities	304	295	323	363	496	627	784	883	881	967
Short-Term Debt	35	-	-	0.00	11	0.00	0.00	32	32	0.00
Accounts Payable	39	45	49	54	59	65	77	76	78	87
Current Deferred Revenue	141	165	171	196	250	307	377	456	518	541
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	0.00	31
Current Employee Benefit Liabilities	81	72	92	110	138	169	274	220	214	272
Other Current Liabilities	8.60	13	11	3.10	38	86	56	99	38	37
Total Noncurrent Liabilities	84	359	278	156	792	798	663	1,385	1,195	963
Long-Term Debt	0.00	250	180	70	502	449	359	1,078	940	699
Noncurrent Deferred Revenue	25	25	41	14	32	34	36	34	26	22
Noncurrent Deferred & Payable Income Tax Liabilities	20	38	24	22	95	109	102	63	36	28
Noncurrent Employee Benefit Liabilities	8.90	10	12	12	12	35	16	21	24	21
Other Noncurrent Operating Liabilities	30	36	21	38	150	172	150	191	169	193
Total Equity & Noncontrolling Interests	641	697	805	935	1,084	1,271	1,416	1,207	1,328	1,619
Total Preferred & Common Equity	640	697	805	935	1,084	1,271	1,416	1,207	1,328	1,619
Total Common Equity	640	697	805	935	1,084	1,271	1,416	1,207	1,328	1,619
Common Stock	576	584	601	622	655	671	689	758	789	823
Retained Earnings	739	862	959	1,115	1,218	1,389	1,527	1,535	1,611	1,909
Treasury Stock	-620	-668	-708	-727	-729	-767	-764	-987	-986	-994
Accumulated Other Comprehensive Income / (Loss)	-55	-82	-47	-75	-61	-22	-35	-99	-87	-119

This table presents Morningstar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	3,415	3,451	3,458	3,344	3,389	3,404	3,566	3,586
Total Current Assets	789	781	807	758	831	876	1,023	1,012
Cash & Equivalents	373	352	343	325	354	391	553	512
Short-Term Investments	34	33	35	39	55	48	49	48
Accounts Receivable	285	298	322	298	326	336	328	342
Prepaid Expenses	40	48	46	41	49	45	44	54
Current Deferred & Refundable Income Taxes	9.50	0.00	15	8.80	0.00	0.00	0.00	9.40
Other Current Assets	48	50	46	46	47	55	49	48
Plant, Property, & Equipment, net	188	202	206	204	211	210	212	222
Total Noncurrent Assets	2,439	2,468	2,445	2,382	2,348	2,317	2,331	2,352
Long-Term Investments	97	118	115	105	96	97	96	76
Goodwill	1,542	1,577	1,585	1,569	1,574	1,570	1,580	1,601
Intangible Assets	559	533	519	495	463	443	433	420
Noncurrent Deferred & Refundable Income Taxes	12	11	12	10	20	24	31	46
Other Noncurrent Operating Assets	229	229	216	202	195	183	192	209
Total Liabilities & Shareholders' Equity	3,415	3,451	3,458	3,344	3,389	3,404	3,566	3,586
Total Liabilities	2,236	2,246	2,222	2,100	2,006	1,970	2,001	1,977
Total Current Liabilities	806	844	815	810	847	837	896	912
Short-Term Debt	32	32	32	32	32	0.00	0.00	0.00
Accounts Payable	67	70	69	70	72	77	80	93
Current Deferred Revenue	425	502	506	487	565	548	540	595
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	47
Current Employee Benefit Liabilities	195	134	169	181	123	166	216	133
Other Current Liabilities	88	107	38	40	55	46	60	45
Total Noncurrent Liabilities	1,430	1,402	1,407	1,291	1,160	1,132	1,105	1,065
Long-Term Debt	1,126	1,099	1,121	1,023	917	900	865	804
Noncurrent Deferred Revenue	35	31	30	28	25	24	23	22
Noncurrent Deferred & Payable Income Tax Liabilities	73	66	58	52	33	30	30	30
Noncurrent Employee Benefit Liabilities	19	21	23	23	23	23	21	23
Other Noncurrent Operating Liabilities	177	184	175	164	161	155	166	187
Total Equity & Noncontrolling Interests	1,179	1,205	1,236	1,244	1,383	1,434	1,566	1,609
Total Preferred & Common Equity	1,179	1,205	1,236	1,244	1,383	1,434	1,566	1,609
Total Common Equity	1,179	1,205	1,236	1,244	1,383	1,434	1,566	1,609
Common Stock	739	772	775	783	808	807	810	848
Retained Earnings	1,563	1,511	1,532	1,555	1,658	1,709	1,812	1,968
Treasury Stock	-982	-987	-987	-986	-986	-984	-982	-1,105
Accumulated Other Comprehensive Income / (Loss)	-141	-92	-84	-107	-97	-99	-74	-102

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.78%	1.24%	14.16%	11.87%	15.60%	17.85%	22.30%	10.08%	8.98%	11.60%
EBITDA Growth	53.96%	14.99%	-6.57%	18.09%	-6.63%	31.46%	2.28%	-20.39%	28.41%	71.16%
EBIT Growth	71.94%	16.74%	-17.76%	24.04%	-18.59%	39.62%	-0.81%	-38.44%	46.67%	125.21%
NOPAT Growth	77.72%	0.53%	-0.01%	32.36%	-14.85%	16.27%	13.53%	-50.61%	98.17%	102.56%
Net Income Growth	69.60%	21.23%	-14.97%	33.67%	-16.94%	47.11%	-13.55%	-63.53%	100.14%	162.15%
EPS Growth	72.41%	24.00%	-14.52%	33.65%	-17.18%	47.16%	-14.09%	-63.15%	100.61%	160.79%
Operating Cash Flow Growth	76.79%	-11.51%	17.03%	25.87%	6.23%	14.92%	17.07%	-33.81%	6.25%	86.98%
Free Cash Flow Firm Growth	3,877.70%	-148.37%	299.34%	20.27%	-344.54%	124.21%	116.57%	-317.50%	133.72%	178.76%
Invested Capital Growth	-9.19%	53.93%	-5.46%	-4.20%	114.33%	4.63%	-4.72%	54.91%	0.27%	-7.18%
Revenue Q/Q Growth	0.66%	1.35%	3.51%	1.96%	6.28%	3.58%	5.06%	0.69%	3.23%	2.35%
EBITDA Q/Q Growth	1.90%	15.49%	-12.05%	1.62%	-0.78%	7.73%	3.10%	-7.55%	17.34%	10.19%
EBIT Q/Q Growth	1.48%	20.04%	-19.77%	2.74%	-5.38%	11.38%	3.90%	-17.19%	34.72%	13.95%
NOPAT Q/Q Growth	3.48%	5.96%	-2.16%	2.37%	-8.49%	14.79%	1.81%	-36.24%	74.95%	16.39%
Net Income Q/Q Growth	4.48%	25.78%	-18.66%	1.95%	-8.87%	27.12%	-8.86%	-43.01%	99.01%	13.29%
EPS Q/Q Growth	4.90%	26.10%	-18.46%	1.92%	-9.04%	27.59%	-9.37%	-42.25%	98.19%	13.19%
Operating Cash Flow Q/Q Growth	-3.36%	8.98%	6.34%	6.75%	-6.38%	9.11%	4.97%	-9.81%	12.16%	2.71%
Free Cash Flow Firm Q/Q Growth	-9.00%	-183.08%	369.16%	12.47%	-12.99%	-93.42%	117.08%	-18.02%	68.07%	20.04%
Invested Capital Q/Q Growth	2.54%	48.44%	-4.86%	-7.90%	-0.46%	381.18%	-4.55%	-1.45%	-1.10%	-2.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.15%	56.89%	57.60%	59.69%	59.02%	59.96%	58.90%	58.34%	58.62%	60.63%
EBITDA Margin	32.56%	36.98%	30.26%	31.94%	25.80%	28.78%	24.07%	17.41%	20.51%	31.45%
Operating Margin	24.16%	22.64%	18.62%	21.16%	16.08%	15.49%	15.12%	8.97%	11.31%	21.31%
EBIT Margin	24.39%	28.12%	20.26%	22.46%	15.82%	18.74%	15.20%	8.50%	11.44%	23.08%
Profit (Net Income) Margin	16.84%	20.16%	15.02%	17.94%	12.89%	16.09%	11.38%	3.77%	6.92%	16.26%
Tax Burden Percent	68.56%	71.59%	75.59%	78.57%	76.57%	79.01%	77.17%	53.98%	77.74%	75.29%
Interest Burden Percent	100.68%	100.13%	98.05%	101.66%	106.43%	108.68%	96.98%	82.14%	77.83%	93.55%
Effective Tax Rate	32.37%	28.32%	23.69%	20.52%	22.97%	21.10%	24.99%	43.26%	18.18%	21.17%
Return on Invested Capital (ROIC)	31.35%	26.08%	22.11%	30.76%	17.03%	14.19%	16.13%	6.41%	10.43%	21.89%
ROIC Less NNEP Spread (ROIC-NNEP)	29.70%	7.79%	17.67%	27.07%	13.10%	295.12%	15.78%	-7.75%	1.64%	17.39%
Return on Net Nonoperating Assets (RNNOA)	-10.84%	-2.00%	-3.88%	-9.72%	-1.97%	4.80%	-1.75%	-1.03%	0.70%	3.22%
Return on Equity (ROE)	20.51%	24.08%	18.23%	21.04%	15.06%	18.99%	14.39%	5.38%	11.13%	25.11%
Cash Return on Invested Capital (CROIC)	40.98%	-16.40%	27.72%	35.04%	-55.72%	9.67%	20.97%	-36.68%	10.16%	29.34%
Operating Return on Assets (OROA)	18.87%	18.87%	13.40%	16.02%	9.75%	10.28%	9.29%	5.02%	6.78%	15.11%
Return on Assets (ROA)	13.02%	13.53%	9.93%	12.80%	7.95%	8.83%	6.95%	2.22%	4.10%	10.64%
Return on Common Equity (ROCE)	20.49%	24.07%	18.23%	21.04%	15.06%	18.99%	14.39%	5.38%	11.13%	25.11%
Return on Equity Simple (ROE_SIMPLE)	20.74%	23.12%	17.01%	19.58%	14.03%	17.59%	13.65%	5.84%	10.63%	22.85%
Net Operating Profit after Tax (NOPAT)	129	130	130	172	146	170	193	95	189	382
NOPAT Margin	16.34%	16.23%	14.21%	16.82%	12.39%	12.22%	11.34%	5.09%	9.26%	16.80%
Net Nonoperating Expense Percent (NNEP)	1.65%	18.29%	4.44%	3.68%	3.93%	-280.93%	0.35%	14.16%	8.79%	4.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.11%	8.20%	16.49%
Cost of Revenue to Revenue	41.85%	43.11%	42.40%	40.31%	40.98%	40.04%	41.10%	41.66%	41.38%	39.37%
SG&A Expenses to Revenue	13.58%	13.17%	14.24%	14.49%	17.87%	19.58%	18.74%	21.40%	17.45%	14.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.99%	34.25%	38.97%	38.53%	42.94%	44.47%	43.78%	49.37%	47.31%	39.32%
Earnings before Interest and Taxes (EBIT)	192	225	185	229	187	260	258	159	233	525
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	257	295	276	326	304	400	409	326	418	716
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.17	4.28	4.88	4.82	5.80	7.64	10.24	7.51	9.14	8.91
Price to Tangible Book Value (P/TBV)	16.41	158.67	27.18	14.82	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.20	3.74	4.31	4.42	5.33	6.99	8.53	4.85	5.95	6.34
Price to Earnings (P/E)	24.98	18.53	28.71	24.63	41.34	43.46	74.97	128.60	86.03	38.99
Dividend Yield	1.01%	1.27%	1.00%	0.95%	0.76%	0.54%	0.37%	0.67%	0.65%	0.48%
Earnings Yield	4.00%	5.40%	3.48%	4.06%	2.42%	2.30%	1.33%	0.78%	1.16%	2.56%
Enterprise Value to Invested Capital (EV/IC)	7.83	4.80	6.49	7.55	5.45	7.90	12.22	5.35	6.97	8.62
Enterprise Value to Revenue (EV/Rev)	3.88	3.62	4.05	4.04	5.40	6.96	8.38	5.17	6.19	6.37
Enterprise Value to EBITDA (EV/EBITDA)	11.93	9.78	13.39	12.64	20.94	24.18	34.82	29.68	30.19	20.24
Enterprise Value to EBIT (EV/EBIT)	15.92	12.86	20.00	17.98	34.16	37.13	55.14	60.79	54.13	27.58
Enterprise Value to NOPAT (EV/NOPAT)	23.77	22.29	28.51	24.01	43.62	56.94	73.88	101.52	66.90	37.90
Enterprise Value to Operating Cash Flow (EV/OCF)	12.69	13.52	14.77	13.08	19.05	25.16	31.66	32.46	39.89	24.48
Enterprise Value to Free Cash Flow (EV/FCFF)	18.18	0.00	22.74	21.08	0.00	83.57	56.84	0.00	68.69	28.27
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.36	0.22	0.07	0.47	0.35	0.25	0.92	0.73	0.43
Long-Term Debt to Equity	0.00	0.36	0.22	0.07	0.46	0.35	0.25	0.89	0.71	0.43
Financial Leverage	-0.36	-0.26	-0.22	-0.36	-0.15	0.02	-0.11	0.13	0.43	0.19
Leverage Ratio	1.57	1.78	1.84	1.64	1.90	2.15	2.07	2.42	2.71	2.36
Compound Leverage Factor	1.59	1.78	1.80	1.67	2.02	2.34	2.01	1.98	2.11	2.21
Debt to Total Capital	5.18%	26.40%	18.28%	6.97%	32.14%	26.10%	20.24%	47.90%	42.27%	30.15%
Short-Term Debt to Total Capital	5.18%	0.00%	0.00%	0.00%	0.69%	0.00%	0.00%	1.39%	1.40%	0.00%
Long-Term Debt to Total Capital	0.00%	26.40%	18.28%	6.97%	31.45%	26.10%	20.24%	46.51%	40.88%	30.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	94.78%	73.56%	81.72%	93.03%	67.87%	73.90%	79.76%	52.10%	57.73%	69.85%
Debt to EBITDA	0.14	0.85	0.65	0.21	1.69	1.12	0.88	3.41	2.33	0.98
Net Debt to EBITDA	-0.97	-0.32	-0.85	-1.19	0.28	-0.12	-0.61	1.84	1.16	0.09
Long-Term Debt to EBITDA	0.00	0.85	0.65	0.21	1.65	1.12	0.88	3.31	2.25	0.98
Debt to NOPAT	0.27	1.93	1.39	0.41	3.51	2.64	1.86	11.65	5.15	1.83
Net Debt to NOPAT	-1.93	-0.73	-1.82	-2.27	0.59	-0.28	-1.30	6.29	2.56	0.16
Long-Term Debt to NOPAT	0.00	1.93	1.39	0.41	3.44	2.64	1.86	11.32	4.98	1.83
Altman Z-Score	7.63	4.93	6.14	7.70	4.46	5.69	7.69	3.68	4.97	6.38
Noncontrolling Interest Sharing Ratio	0.09%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.60	1.64	1.66	1.22	1.17	1.13	0.92	0.93	1.05
Quick Ratio	1.27	1.53	1.55	1.57	1.12	1.07	1.04	0.82	0.83	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	169	-82	162	195	-478	116	251	-545	184	512
Operating Cash Flow to CapEx	421.47%	340.29%	375.53%	413.67%	418.00%	501.04%	441.95%	229.96%	265.66%	761.39%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.67	0.66	0.71	0.62	0.55	0.61	0.59	0.59	0.65
Accounts Receivable Turnover	5.72	5.60	6.20	6.37	6.54	7.06	7.17	6.49	6.26	6.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.26	5.57	6.09	7.01	7.91	8.97	10.40	10.08	10.02	10.67
Accounts Payable Turnover	8.98	8.22	8.24	7.94	8.53	9.02	9.91	10.21	10.91	10.81
Days Sales Outstanding (DSO)	63.86	65.15	58.85	57.33	55.83	51.70	50.91	56.27	58.35	56.31
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.64	44.42	44.28	45.99	42.80	40.48	36.84	35.76	33.45	33.76
Cash Conversion Cycle (CCC)	23.22	20.73	14.57	11.34	13.03	11.22	14.06	20.51	24.90	22.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	391	603	570	546	1,170	1,224	1,166	1,806	1,811	1,681
Invested Capital Turnover	1.92	1.61	1.56	1.83	1.37	1.16	1.42	1.26	1.13	1.30
Increase / (Decrease) in Invested Capital	-40	211	-33	-24	624	54	-58	640	4.90	-130
Enterprise Value (EV)	3,063	2,889	3,695	4,118	6,370	9,669	14,242	9,665	12,623	14,484
Market Capitalization	3,312	2,983	3,930	4,507	6,284	9,717	14,492	9,066	12,139	14,422
Book Value per Share	$14.48	$16.18	$18.93	$21.91	$25.31	$29.68	$32.85	$28.44	$31.10	$37.74
Tangible Book Value per Share	$4.57	$0.44	$3.40	$7.13	($6.75)	($7.32)	($2.77)	($21.51)	($17.22)	($8.21)
Total Capital	676	947	985	1,005	1,597	1,721	1,775	2,317	2,300	2,317
Total Debt	35	250	180	70	513	449	359	1,110	972	699
Total Long-Term Debt	0.00	250	180	70	502	449	359	1,078	940	699
Net Debt	-249	-94	-235	-389	86	-48	-250	599	483	62
Capital Expenditures (CapEx)	57	63	67	76	80	77	102	130	119	78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-108	-127	-147	-157	-249	-361	-442	-454	-422	-504
Debt-free Net Working Capital (DFNWC)	141	177	207	239	118	104	104	-40	-33	47
Net Working Capital (NWC)	106	177	207	239	107	104	104	-72	-65	47
Net Nonoperating Expense (NNE)	-3.90	-31	-7.32	-11	-5.96	-54	-0.52	25	48	12
Net Nonoperating Obligations (NNO)	-249	-94	-235	-389	86	-48	-250	599	483	62
Total Depreciation and Amortization (D&A)	64	71	91	97	118	140	151	167	185	190
Debt-free, Cash-free Net Working Capital to Revenue	-13.70%	-15.89%	-16.09%	-15.40%	-21.13%	-25.96%	-26.01%	-24.28%	-20.70%	-22.16%
Debt-free Net Working Capital to Revenue	17.81%	22.18%	22.66%	23.41%	10.04%	7.45%	6.13%	-2.12%	-1.62%	2.06%
Net Working Capital to Revenue	13.37%	22.18%	22.66%	23.41%	9.11%	7.45%	6.13%	-3.83%	-3.19%	2.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.00	$3.74	$3.21	$4.30	$3.56	$5.22	$4.50	$1.65	$3.31	$8.64
Adjusted Weighted Average Basic Shares Outstanding	44.20M	43M	42.70M	42.60M	42.70M	42.90M	43M	42.60M	42.60M	42.80M
Adjusted Diluted Earnings per Share	$3.00	$3.72	$3.18	$4.25	$3.52	$5.18	$4.45	$1.64	$3.29	$8.58
Adjusted Weighted Average Diluted Shares Outstanding	44.30M	43.30M	43M	43M	43.20M	43.20M	43.40M	42.90M	42.90M	43.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.91M	42.93M	42.50M	42.59M	42.85M	42.90M	42.96M	42.48M	42.73M	42.84M
Normalized Net Operating Profit after Tax (NOPAT)	129	130	130	172	146	170	193	95	189	332
Normalized NOPAT Margin	16.34%	16.23%	14.21%	16.82%	12.39%	12.22%	11.34%	5.09%	9.26%	14.58%
Pre Tax Income Margin	24.56%	28.16%	19.86%	22.84%	16.84%	20.37%	14.74%	6.98%	8.90%	21.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.38%	23.54%	28.71%	23.28%	31.45%	22.99%	28.04%	87.23%	45.29%	18.73%
Augmented Payout Ratio	98.42%	53.85%	59.61%	34.70%	34.67%	41.73%	28.71%	407.80%	46.28%	21.87%

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.16%	2.77%	4.97%	7.29%	10.10%	13.41%	13.15%	13.31%	10.46%	9.71%	7.20%
EBITDA Growth	-49.42%	-23.52%	-41.55%	10.87%	122.90%	71.45%	142.03%	60.45%	76.80%	44.64%	10.64%
EBIT Growth	-87.48%	-44.18%	-76.45%	4.81%	756.10%	144.12%	539.61%	117.90%	129.06%	63.16%	15.63%
NOPAT Growth	-69.52%	-91.32%	-279.65%	13.95%	222.30%	1,534.87%	195.14%	70.94%	87.36%	67.21%	21.96%
Net Income Growth	-118.37%	-94.16%	-116.49%	19.93%	534.44%	2,127.27%	944.74%	91.41%	206.14%	59.05%	22.27%
EPS Growth	-118.58%	-93.02%	-116.98%	20.00%	533.33%	1,811.11%	927.78%	90.48%	204.40%	58.14%	22.15%
Operating Cash Flow Growth	-16.72%	-23.84%	-0.43%	-64.34%	28.01%	33.14%	300.00%	523.27%	46.82%	11.32%	-2.78%
Free Cash Flow Firm Growth	62.91%	-657.55%	-1,496.88%	109.10%	108.58%	111.77%	111.48%	220.60%	274.30%	252.19%	78.38%
Invested Capital Growth	50.03%	54.91%	46.99%	-0.40%	-0.08%	0.27%	-0.32%	-5.24%	-5.37%	-7.18%	-2.73%
Revenue Q/Q Growth	-0.47%	1.45%	0.99%	5.21%	2.14%	4.50%	0.76%	5.36%	-0.44%	3.79%	-1.54%
EBITDA Q/Q Growth	-37.40%	65.08%	-30.40%	54.15%	25.86%	26.97%	-1.75%	2.20%	38.68%	3.87%	-24.85%
EBIT Q/Q Growth	-81.24%	408.54%	-63.07%	197.40%	53.28%	45.01%	-3.24%	1.32%	61.12%	3.30%	-31.43%
NOPAT Q/Q Growth	-64.80%	-68.36%	-1,608.45%	167.83%	-0.44%	60.49%	-12.22%	21.87%	9.12%	43.23%	-35.97%
Net Income Q/Q Growth	-129.90%	136.67%	-330.30%	575.00%	8.31%	87.98%	-12.65%	7.63%	73.23%	-2.34%	-32.85%
EPS Q/Q Growth	-130.00%	142.86%	-300.00%	566.67%	8.33%	89.01%	-13.37%	7.38%	73.13%	-1.81%	-33.09%
Operating Cash Flow Q/Q Growth	48.62%	1.37%	-77.39%	4.70%	433.47%	5.43%	-32.08%	63.14%	25.67%	-20.06%	-40.68%
Free Cash Flow Firm Q/Q Growth	5.80%	-6.65%	-3.80%	108.73%	-11.16%	46.20%	1.30%	143.66%	3.72%	37.57%	-48.69%
Invested Capital Q/Q Growth	-3.74%	-1.45%	1.49%	3.44%	-3.43%	-1.10%	0.90%	-1.67%	-3.57%	-2.99%	5.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.27%	58.95%	54.39%	57.12%	60.64%	61.87%	59.82%	61.06%	60.89%	60.71%	60.23%
EBITDA Margin	11.19%	18.21%	12.55%	18.39%	22.66%	27.53%	26.84%	26.04%	36.27%	36.29%	27.70%
Operating Margin	4.70%	7.47%	5.11%	8.26%	13.58%	17.52%	17.06%	18.97%	20.28%	28.46%	19.61%
EBIT Margin	1.75%	8.78%	3.21%	9.07%	13.62%	18.90%	18.15%	17.45%	28.24%	28.10%	19.57%
Profit (Net Income) Margin	-1.92%	0.69%	-1.58%	7.15%	7.58%	13.64%	11.83%	12.08%	21.02%	19.78%	13.49%
Tax Burden Percent	391.30%	10.78%	-361.90%	113.88%	68.12%	81.40%	73.79%	77.21%	78.80%	71.76%	72.35%
Interest Burden Percent	-28.05%	73.38%	13.64%	69.21%	81.77%	88.70%	88.32%	89.68%	94.47%	98.07%	95.26%
Effective Tax Rate	0.00%	86.27%	400.00%	-19.56%	29.09%	15.61%	24.48%	21.45%	19.49%	20.81%	25.25%
Return on Invested Capital (ROIC)	4.00%	1.29%	-18.84%	10.02%	10.38%	16.67%	14.79%	17.50%	20.37%	29.37%	18.82%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.97%	0.39%	6.33%	7.94%	8.68%	15.53%	13.73%	14.35%	27.46%	23.39%	16.60%
Return on Net Nonoperating Assets (RNNOA)	-1.14%	0.05%	1.30%	4.25%	4.45%	6.63%	5.69%	5.50%	7.37%	4.33%	3.40%
Return on Equity (ROE)	2.86%	1.34%	-17.54%	14.27%	14.83%	23.30%	20.48%	23.01%	27.74%	33.70%	22.22%
Cash Return on Invested Capital (CROIC)	-30.24%	-36.68%	-35.25%	3.35%	5.97%	10.16%	13.83%	20.82%	23.95%	29.34%	24.82%
Operating Return on Assets (OROA)	1.06%	5.18%	1.92%	5.05%	7.96%	11.20%	11.15%	11.03%	18.17%	18.39%	12.99%
Return on Assets (ROA)	-1.16%	0.41%	-0.95%	3.98%	4.43%	8.09%	7.27%	7.64%	13.52%	12.95%	8.95%
Return on Common Equity (ROCE)	2.86%	1.34%	-17.54%	14.27%	14.83%	23.30%	20.48%	23.01%	27.74%	33.70%	22.22%
Return on Equity Simple (ROE_SIMPLE)	10.49%	0.00%	1.39%	1.85%	5.70%	0.00%	15.39%	17.15%	20.85%	0.00%	23.88%
Net Operating Profit after Tax (NOPAT)	15	4.87	-74	50	50	80	70	85	93	133	85
NOPAT Margin	3.29%	1.03%	-15.32%	9.88%	9.63%	14.79%	12.88%	14.90%	16.33%	22.54%	14.66%
Net Nonoperating Expense Percent (NNEP)	9.97%	0.90%	-25.16%	2.08%	1.70%	1.14%	1.07%	3.15%	-7.08%	5.98%	2.22%
Return On Investment Capital (ROIC_SIMPLE)	-	0.21%	-	-	-	3.46%	-	-	-	5.75%	3.53%
Cost of Revenue to Revenue	41.73%	41.05%	45.61%	42.88%	39.36%	38.13%	40.18%	38.94%	39.11%	39.29%	39.77%
SG&A Expenses to Revenue	24.97%	22.34%	17.51%	17.85%	17.40%	17.08%	14.79%	14.04%	13.63%	15.06%	13.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.57%	51.47%	49.28%	48.86%	47.06%	44.35%	42.76%	42.09%	40.60%	32.25%	40.63%
Earnings before Interest and Taxes (EBIT)	8.20	42	15	46	70	102	99	100	161	166	114
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	52	87	60	93	117	148	146	149	207	215	161
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.55	7.51	7.09	6.70	7.97	9.14	9.50	8.81	8.72	8.91	7.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.79	4.85	4.51	4.29	5.02	5.95	6.25	5.82	6.14	6.34	5.54
Price to Earnings (P/E)	71.98	128.60	508.49	363.10	139.93	86.03	61.72	51.36	41.82	38.99	33.38
Dividend Yield	0.82%	0.67%	0.72%	0.76%	0.64%	0.65%	0.50%	0.53%	0.50%	0.48%	0.56%
Earnings Yield	1.39%	0.78%	0.20%	0.28%	0.71%	1.16%	1.62%	1.95%	2.39%	2.56%	3.00%
Enterprise Value to Invested Capital (EV/IC)	5.22	5.35	5.00	4.71	5.74	6.97	7.43	7.23	7.98	8.62	7.31
Enterprise Value to Revenue (EV/Rev)	5.14	5.17	4.84	4.64	5.32	6.19	6.46	5.99	6.22	6.37	5.62
Enterprise Value to EBITDA (EV/EBITDA)	27.14	29.68	32.43	30.62	29.49	30.19	26.98	23.21	21.28	20.24	17.77
Enterprise Value to EBIT (EV/EBIT)	49.78	60.79	84.14	80.46	60.70	54.13	42.95	35.09	29.99	27.58	24.04
Enterprise Value to NOPAT (EV/NOPAT)	64.01	101.52	212.83	159.70	97.44	66.90	54.95	45.57	42.09	37.90	32.68
Enterprise Value to Operating Cash Flow (EV/OCF)	28.94	32.46	30.81	35.26	37.25	39.89	35.14	25.24	23.99	24.48	22.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	140.39	96.10	68.69	53.69	33.80	32.39	28.27	29.04
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.98	0.92	0.94	0.93	0.85	0.73	0.69	0.63	0.55	0.43	0.50
Long-Term Debt to Equity	0.95	0.89	0.91	0.91	0.82	0.71	0.66	0.63	0.55	0.43	0.50
Financial Leverage	0.19	0.13	0.20	0.53	0.51	0.43	0.41	0.38	0.27	0.19	0.20
Leverage Ratio	2.40	2.42	2.47	2.80	2.79	2.71	2.64	2.57	2.46	2.36	2.33
Compound Leverage Factor	-0.67	1.77	0.34	1.94	2.28	2.41	2.33	2.31	2.32	2.31	2.22
Debt to Total Capital	49.54%	47.90%	48.43%	48.28%	45.90%	42.27%	40.70%	38.55%	35.58%	30.15%	33.31%
Short-Term Debt to Total Capital	1.37%	1.39%	1.37%	1.34%	1.40%	1.40%	1.38%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.17%	46.51%	47.06%	46.94%	44.50%	40.88%	39.33%	38.55%	35.58%	30.15%	33.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.46%	52.10%	51.57%	51.72%	54.10%	57.73%	59.30%	61.45%	64.42%	69.85%	66.69%
Debt to EBITDA	3.29	3.41	4.00	3.95	2.96	2.33	1.89	1.61	1.33	0.98	1.10
Net Debt to EBITDA	1.86	1.84	2.22	2.26	1.65	1.16	0.88	0.65	0.26	0.09	0.23
Long-Term Debt to EBITDA	3.20	3.31	3.89	3.84	2.87	2.25	1.82	1.61	1.33	0.98	1.10
Debt to NOPAT	7.75	11.65	26.26	20.61	9.79	5.15	3.84	3.16	2.63	1.83	2.02
Net Debt to NOPAT	4.38	6.29	14.58	11.80	5.44	2.56	1.80	1.27	0.51	0.16	0.42
Long-Term Debt to NOPAT	7.54	11.32	25.51	20.03	9.49	4.98	3.71	3.16	2.63	1.83	2.02
Altman Z-Score	3.58	3.57	3.44	3.45	4.13	4.85	5.32	5.30	5.62	6.05	5.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.98	0.92	0.93	0.99	0.94	0.93	0.98	1.05	1.14	1.05	1.11
Quick Ratio	0.86	0.82	0.81	0.86	0.82	0.83	0.87	0.93	1.04	0.94	0.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-596	-635	-660	58	51	75	76	185	191	263	135
Operating Cash Flow to CapEx	302.97%	286.70%	79.32%	80.86%	446.08%	459.33%	274.49%	478.68%	531.58%	377.83%	282.61%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.59	0.60	0.56	0.58	0.59	0.61	0.63	0.64	0.65	0.66
Accounts Receivable Turnover	7.09	6.49	6.59	6.13	6.78	6.26	6.74	6.59	7.10	6.48	6.93
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.52	10.08	10.02	9.93	10.07	10.02	10.20	10.43	10.67	10.67	10.70
Accounts Payable Turnover	13.16	10.21	11.34	11.07	12.14	10.91	11.90	11.62	11.55	10.81	11.05
Days Sales Outstanding (DSO)	51.46	56.27	55.36	59.56	53.83	58.35	54.19	55.38	51.43	56.31	52.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	27.73	35.76	32.19	32.96	30.06	33.45	30.66	31.40	31.61	33.76	33.05
Cash Conversion Cycle (CCC)	23.72	20.51	23.17	26.60	23.77	24.90	23.53	23.98	19.82	22.55	19.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,833	1,806	1,833	1,896	1,831	1,811	1,827	1,797	1,733	1,681	1,778
Invested Capital Turnover	1.22	1.26	1.23	1.01	1.08	1.13	1.15	1.17	1.25	1.30	1.28
Increase / (Decrease) in Invested Capital	611	640	586	-7.70	-1.50	4.90	-5.80	-99	-98	-130	-50
Enterprise Value (EV)	9,558	9,665	9,171	8,939	10,508	12,623	13,585	12,992	13,820	14,484	12,995
Market Capitalization	8,904	9,066	8,543	8,279	9,921	12,139	13,141	12,629	13,653	14,422	12,826
Book Value per Share	$27.75	$28.44	$28.36	$29.04	$29.17	$31.10	$32.37	$33.54	$36.55	$37.74	$37.56
Tangible Book Value per Share	($21.71)	($21.51)	($21.31)	($20.39)	($19.23)	($17.22)	($15.32)	($13.54)	($10.42)	($8.21)	($9.62)
Total Capital	2,337	2,317	2,336	2,389	2,300	2,300	2,333	2,333	2,430	2,317	2,413
Total Debt	1,158	1,110	1,132	1,154	1,056	972	949	900	865	699	804
Total Long-Term Debt	1,126	1,078	1,099	1,121	1,023	940	917	900	865	699	804
Net Debt	654	599	628	661	587	483	444	363	167	62	168
Capital Expenditures (CapEx)	34	36	30	30	29	30	34	32	36	41	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-393	-454	-416	-354	-383	-422	-393	-401	-475	-504	-459
Debt-free Net Working Capital (DFNWC)	15	-40	-31	25	-19	-33	16	38	127	47	100
Net Working Capital (NWC)	-18	-72	-63	-7.60	-51	-65	-16	38	127	47	100
Net Nonoperating Expense (NNE)	24	1.57	-66	14	11	6.16	5.73	16	-27	16	6.79
Net Nonoperating Obligations (NNO)	654	599	628	661	587	483	444	363	167	62	168
Total Depreciation and Amortization (D&A)	44	45	45	47	47	47	47	49	46	48	47
Debt-free, Cash-free Net Working Capital to Revenue	-21.13%	-24.28%	-21.99%	-18.35%	-19.39%	-20.70%	-18.71%	-18.48%	-21.36%	-22.16%	-19.84%
Debt-free Net Working Capital to Revenue	0.78%	-2.12%	-1.64%	1.27%	-0.97%	-1.62%	0.76%	1.77%	5.71%	2.06%	4.32%
Net Working Capital to Revenue	-0.95%	-3.83%	-3.33%	-0.39%	-2.60%	-3.19%	-0.77%	1.77%	5.71%	2.06%	4.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	$0.08	($0.18)	$0.85	$0.92	$1.72	$1.50	$1.61	$2.79	$2.74	$1.83
Adjusted Weighted Average Basic Shares Outstanding	42.50M	42.60M	42.50M	42.60M	42.70M	42.60M	42.70M	42.80M	42.90M	42.80M	42.80M
Adjusted Diluted Earnings per Share	($0.21)	$0.09	($0.18)	$0.84	$0.91	$1.72	$1.49	$1.60	$2.77	$2.72	$1.82
Adjusted Weighted Average Diluted Shares Outstanding	42.70M	42.90M	42.80M	42.80M	42.90M	42.90M	43M	43.10M	43.20M	43.10M	43.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.45M	42.48M	42.55M	42.65M	42.70M	42.73M	42.75M	42.84M	42.88M	42.84M	42.25M
Normalized Net Operating Profit after Tax (NOPAT)	15	25	17	29	50	80	70	85	93	133	85
Normalized NOPAT Margin	3.29%	5.23%	3.58%	5.78%	9.63%	14.79%	12.88%	14.90%	16.33%	22.54%	14.66%
Pre Tax Income Margin	-0.49%	6.44%	0.44%	6.28%	11.13%	16.76%	16.03%	15.65%	26.68%	27.56%	18.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.34%	87.23%	368.45%	274.12%	89.14%	45.29%	30.67%	27.08%	20.83%	18.73%	18.61%
Augmented Payout Ratio	225.30%	407.80%	1,055.36%	383.33%	102.82%	46.28%	31.33%	27.08%	20.83%	21.87%	50.16%

Frequently Asked Questions About Morningstar's Financials

When does Morningstar's financial year end?

According to the most recent income statement we have on file, Morningstar's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Morningstar's net income changed over the last 9 years?

Morningstar's net income appears to be on an upward trend, with a most recent value of $369.90 million in 2024, rising from $132.80 million in 2015. The previous period was $141.10 million in 2023. Check out Morningstar's forecast to explore projected trends and price targets.

What is Morningstar's operating income?

Morningstar's total operating income in 2024 was $484.80 million, based on the following breakdown:

Total Gross Profit: $1.38 billion
Total Operating Expenses: $894.60 million

How has Morningstar revenue changed over the last 9 years?

Over the last 9 years, Morningstar's total revenue changed from $788.80 million in 2015 to $2.28 billion in 2024, a change of 188.4%.

How much debt does Morningstar have?

Morningstar's total liabilities were at $1.93 billion at the end of 2024, a 7.0% decrease from 2023, and a 397.0% increase since 2015.

How much cash does Morningstar have?

In the past 9 years, Morningstar's cash and equivalents has ranged from $207.10 million in 2015 to $502.70 million in 2024, and is currently $502.70 million as of their latest financial filing in 2024.

How has Morningstar's book value per share changed over the last 9 years?

Over the last 9 years, Morningstar's book value per share changed from 14.48 in 2015 to 37.74 in 2024, a change of 160.6%.

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This page (NASDAQ:MORN) was last updated on 5/7/2025 by MarketBeat.com Staff

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Morningstar (MORN) Financials

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Morningstar (MORN) Financials

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