What is Morningstar's net debt?

Morningstar (MORN) reported net debt of $1.43B in Q1 2026.

How has Morningstar's net debt changed year-over-year?

Morningstar's net debt increased by 191.3% year-over-year, from $491.6M to $1.43B.

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

Over 5 years (2020 to 2025), Morningstar's net debt has grown at a 31.0% compound annual growth rate (CAGR), from $204.2M to $786.6M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Morningstar MORN Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

SeaboardSEB

2×-0.4×

Sabra HealthcareSBRA

-0.2×-0.3×

TDS

Telephone and Data SystemsTDS

-0.2×-25.0×

Liberty GlobalLBTYB

8.1×-1.0×

Mirion TechnologiesMIR

0.4×-2.5×

CleanSparkCLSK

-21.7×—

Other financials

Income statement

See full

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

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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

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

Calculated from Morningstar’s reported figures.

$1.9Btotal debt−$492.8Mcash and equivalents=$1.43B

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 net debt?: Morningstar (MORN) reported net debt of $1.43B in Q1 2026.
How has Morningstar's net debt changed year-over-year?: Morningstar's net debt increased by 191.3% year-over-year, from $491.6M to $1.43B.
What is the long-term trend for Morningstar's net debt?: Over 5 years (2020 to 2025), Morningstar's net debt has grown at a 31.0% compound annual growth rate (CAGR), from $204.2M to $786.6M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.