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Morningstar MORN United States — Operating lease assets

Other geography segments

GB
$9M—
Canada
$7.8M—
Australia
$1.5M—

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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

Reported directly by Morningstar in its filing.

Tagged under the XBRL concept us-gaap:OperatingLeaseRightOfUseAsset.

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 united states — operating lease assets?
Morningstar (MORN) reported united states — operating lease assets of $75.4M in Q1 2026.
How has Morningstar's united states — operating lease assets changed year-over-year?
Morningstar's united states — operating lease assets decreased by 15.1% year-over-year, from $88.8M to $75.4M.
What is the long-term trend for Morningstar's united states — operating lease assets?
Over 4 years (2021 to 2025), Morningstar's united states — operating lease assets has grown at a -1.0% compound annual growth rate (CAGR), from $340.5M to $327.6M.
What does united states — operating lease assets mean?
This metric represents the right-of-use assets recognized on the balance sheet for operating leases related to the United States segment, primarily consisting of office space. It reflects the company's long-term commitment to physical operational capacity within the domestic market. Investors use this to evaluate the scale of the company's fixed operational footprint and its associated long-term lease obligations.