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Morningstar (MORN) Financials

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$308.58 -0.35 (-0.11%)
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Annual Income Statements for Morningstar

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

Quarterly Income Statements for Morningstar

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

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

Annual Cash Flow Statements for Morningstar

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

Quarterly Cash Flow Statements for Morningstar

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

Annual Balance Sheets for Morningstar

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

Quarterly Balance Sheets for Morningstar

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

Annual Metrics And Ratios for Morningstar

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

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

Quarterly Metrics And Ratios for Morningstar

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

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

Frequently Asked Questions About Morningstar's Financials

When does Morningstar's fiscal year end?

According to the most recent income statement we have on file, Morningstar's financial year ends in December. Their financial 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. Find out what analysts predict for Morningstar in the coming months.

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 5/30/2025 by MarketBeat.com Staff
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