What are Morningstar's profit margins?

Morningstar (MORN) runs a 61.7% gross margin and a 22.7% operating margin, with a 16.1% net margin.

Where do Morningstar's ratios come from?

Every ratio is computed from Morningstar's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Morningstar MORN Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	61.7%+0.7pp	61%+0.1pp	60.9%0.0pp	60.9%+0.2pp	60.7%+0.1pp
Operating margin	22.7%+1.1pp	21.5%-0.8pp	22.3%+0.1pp	22.3%+0.4pp	21.9%+0.6pp
Net margin	16.1%+0.8pp	15.3%-0.4pp	15.7%-1.5pp	17.2%+0.6pp	16.6%+0.3pp
EBITDA margin	30.4%+1.1pp	29.3%-1.0pp	30.3%0.0pp	30.4%+0.3pp	30.1%+0.4pp
Free cash flow margin	17.4%-0.7pp	18.1%+1.6pp	16.5%-0.2pp	16.6%-2.8pp	19.4%-0.4pp
Returns
Return on equity	30.7%+4.3pp	26.3%+1.9pp	24.4%-2.1pp	26.5%+0.8pp	25.7%+0.6pp
Return on assets	10.6%+0.2pp	10.5%-0.1pp	10.6%-0.9pp	11.5%+0.5pp	11%+0.4pp
Return on invested capital	18.9%-0.8pp	19.8%-0.1pp	19.8%+0.6pp	19.2%+0.7pp	18.5%+0.3pp
Efficiency
Asset turnover	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×
Liquidity
Current ratio	1×0.0×	1×-0.1×	1×-0.1×	1.1×0.0×	1.1×+0.1×
Quick ratio	1×0.0×	1×-0.1×	1×-0.1×	1.1×0.0×	1.1×+0.1×
Cash ratio	0.5×0.0×	0.5×-0.1×	0.5×0.0×	0.5×0.0×	0.6×0.0×
Leverage
Debt-to-equity	1.9×+0.9×	1×+0.3×	0.7×0.0×	0.6×0.0×	0.6×+0.1×
Debt-to-assets	0.5×+0.1×	0.4×+0.1×	0.3×0.0×	0.3×0.0×	0.3×0.0×
Net debt / EBITDA	1.9×+0.8×	1.1×+0.3×	0.8×0.0×	0.7×0.0×	0.7×+0.1×
Per Share
Book value per share	$25.92-10.5%	$28.96-19.1%	$35.79-5.8%	$37.99+1.7%	$37.34-0.6%
Valuation
Market capitalization	$6.51B-27.1%	$8.94B-8.7%	$9.79B-25.3%	$13.09B+2.1%	$12.83B-11.2%
Enterprise value	$7.94B-18.3%	$9.72B-6.1%	$10.35B-24.0%	$13.62B+2.3%	$13.32B-10.3%
Price / earnings	16.2×-7.7×	23.9×-2.1×	26×-6.4×	32.4×-1.0×	33.4×-5.7×
Price / sales	2.6×-1.1×	3.7×-0.4×	4.1×-1.5×	5.6×0.0×	5.5×-0.8×
Price / book	6.4×-0.9×	7.3×+0.9×	6.5×-1.6×	8.1×+0.1×	8×-1.0×
EV / EBITDA	10.4×-3.2×	13.6×-0.7×	14.3×-4.9×	19.1×0.0×	19.1×-2.9×
EV / sales	3.2×-0.8×	4×-0.3×	4.3×-1.5×	5.8×0.0×	5.8×-0.8×
Free cash flow yield	6.7%+1.8pp	5%+0.9pp	4%+1.1pp	3%-0.5pp	3.5%+0.4pp
Earnings yield	6.2%+2.0pp	4.2%+0.3pp	3.8%+0.8pp	3.1%+0.1pp	3%+0.4pp
Dividend yield	1.2%+0.3pp	0.9%+0.1pp	0.8%+0.2pp	0.6%0.0pp	0.6%+0.1pp
PEG ratio	3.3×-17.2×	20.5×+18.8×	1.7×+1.2×	0.5×+0.1×	0.4×+0.2×

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Questions, answered.

What are Morningstar's profit margins?: Morningstar (MORN) runs a 61.7% gross margin and a 22.7% operating margin, with a 16.1% net margin.
Where do Morningstar's ratios come from?: Every ratio is computed from Morningstar's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.