What is Morningstar's goodwill?

Morningstar (MORN) reported goodwill of $1.75B in Q1 2026.

How has Morningstar's goodwill changed year-over-year?

Morningstar's goodwill increased by 9.1% year-over-year, from $1.6B to $1.75B.

What is the long-term trend for Morningstar's goodwill?

Over 5 years (2020 to 2025), Morningstar's goodwill has grown at a 6.0% compound annual growth rate (CAGR), from $1.21B to $1.61B.

What does goodwill mean?

The excess of acquisition cost over the fair value of net identifiable assets acquired — representing brand value, customer relationships, and synergies from past M&A.

Morningstar MORN Goodwill

Goodwill at other companies

S&P GlobalSPGI

$36.36B+4.0%

FactSet Research SystemsFDS

$1.29B+3.4%

Moody'sMCO

$6.34B+1.6%

MSCIMSCI

$2.96B+1.5%

BlackrockBLK

$35.3B+24.7%

Morgan StanleyMS

$17.11B+2.3%

Segments

By segment

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PitchBook Segment$628.7M-0.2%

Morningstar Data and Analytics Segment$605.3M+1.1%

Corporate and Other$209.6M+202%

Morningstar Credit Segment$118.7M+2.1%

Morningstar Retirement Segment$93.5M0.0%

Morningstar Wealth Segment$91.4M-1.8%

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

See full

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

See full

Operating cash flow$91.5M+0.5%

CapEx$37.9M+17.7%

Free cash flow$53.6M-8.8%

Valuation

See full

Market cap$5.84B-49.2%

Enterprise value$7.28B-40.4%

P/E14.5×-15.5×

P/S2.3×-2.6×

Profitability

See full

Gross margin61.7%+1.0pp

Operating margin22.7%+0.8pp

Net margin16.1%-0.5pp

FCF margin17.4%-1.9pp

Returns & leverage

See full

Return on equity30.7%+5.0pp

Debt / equity1.9×+1.3×

Current ratio1×-0.1×

Where this comes from

Reported directly by Morningstar in its filing.

Tagged under the XBRL concept us-gaap:Goodwill.

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 goodwill?: Morningstar (MORN) reported goodwill of $1.75B in Q1 2026.
How has Morningstar's goodwill changed year-over-year?: Morningstar's goodwill increased by 9.1% year-over-year, from $1.6B to $1.75B.
What is the long-term trend for Morningstar's goodwill?: Over 5 years (2020 to 2025), Morningstar's goodwill has grown at a 6.0% compound annual growth rate (CAGR), from $1.21B to $1.61B.
What does goodwill mean?: The excess of acquisition cost over the fair value of net identifiable assets acquired — representing brand value, customer relationships, and synergies from past M&A.