What is Morningstar's EV / sales?

Morningstar (MORN) reported EV / sales of 3.2× in Q1 2026.

How has Morningstar's EV / sales changed year-over-year?

Morningstar's EV / sales decreased by 45.0% year-over-year, from 5.8× to 3.2×.

What is the long-term trend for Morningstar's EV / sales?

Over 5 years (2020 to 2025), Morningstar's EV / sales has grown at a -11.5% compound annual growth rate (CAGR), from 7.3× to 4×.

What does EV / sales mean?

Enterprise value at the quarter end divided by trailing-twelve-month revenue. A capital-structure-neutral revenue multiple, useful when earnings are negative.

Morningstar MORN EV / sales

EV / sales at other companies

S&P GlobalSPGI

8.7×-2.8×

FactSet Research SystemsFDS

4.1×-4.3×

Moody'sMCO

10.6×-1.7×

MSCIMSCI

14.1×-2.4×

BlackrockBLK

6×-1.3×

Morgan StanleyMS

6.8×+0.4×

Other financials

Income statement

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Revenue$644.8M+10.8%

Gross profit$405.9M+15.8%

Operating income$155.9M+36.6%

Net income$107.1M+36.4%

EPS (diluted)$2.73+50.0%

Balance sheet

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Cash & equivalents$492.8M-3.7%

Total debt$1.9B+91.9%

Total equity$1.0B-36.7%

Total assets$4.0B+11.2%

Cash flow

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Operating cash flow$91.5M+0.5%

CapEx$37.9M+17.7%

Free cash flow$53.6M-8.8%

Valuation

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Market cap$5.84B-49.2%

Enterprise value$7.28B-40.4%

P/E14.5×-15.5×

P/S2.3×-2.6×

Profitability

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Gross margin61.7%+1.0pp

Operating margin22.7%+0.8pp

Net margin16.1%-0.5pp

FCF margin17.4%-1.9pp

Returns & leverage

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Return on equity30.7%+5.0pp

Debt / equity1.9×+1.3×

Current ratio1×-0.1×

Where this comes from

Calculated from Morningstar’s reported figures.

enterprise value/total revenue=3.2×

Based on the most recent quarter.

The official record: Morningstar’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Morningstar's EV / sales?: Morningstar (MORN) reported EV / sales of 3.2× in Q1 2026.
How has Morningstar's EV / sales changed year-over-year?: Morningstar's EV / sales decreased by 45.0% year-over-year, from 5.8× to 3.2×.
What is the long-term trend for Morningstar's EV / sales?: Over 5 years (2020 to 2025), Morningstar's EV / sales has grown at a -11.5% compound annual growth rate (CAGR), from 7.3× to 4×.
What does EV / sales mean?: Enterprise value at the quarter end divided by trailing-twelve-month revenue. A capital-structure-neutral revenue multiple, useful when earnings are negative.