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%+1.0pp	61%+0.4pp	60.9%0.0pp	60.9%+0.1pp	60.7%+0.8pp
Operating margin	22.7%+0.8pp	21.5%+0.2pp	22.3%+3.9pp	22.3%+5.4pp	21.9%+7.7pp
Net margin	16.1%-0.5pp	15.3%-1.0pp	15.7%+1.0pp	17.2%+5.9pp	16.6%+6.5pp
EBITDA margin	30.4%+0.3pp	29.3%-0.4pp	30.3%+3.4pp	30.4%+4.8pp	30.1%+7.0pp
Free cash flow margin	17.4%-1.9pp	18.1%-1.6pp	16.5%-3.5pp	16.6%-1.4pp	19.4%+6.9pp
Returns
Return on equity	30.7%+5.0pp	26.3%+1.2pp	24.4%+1.2pp	26.5%+8.1pp	25.7%+9.2pp
Return on assets	10.6%-0.4pp	10.5%-0.2pp	10.6%+1.1pp	11.5%+4.3pp	11%+4.8pp
Return on invested capital	18.9%+0.4pp	19.8%+1.6pp	19.8%+4.4pp	19.2%+6.2pp	18.5%+7.3pp
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×-0.1×	1×-0.1×	1×-0.1×	1.1×+0.1×	1.1×+0.1×
Quick ratio	1×-0.1×	1×-0.1×	1×-0.1×	1.1×+0.1×	1.1×+0.1×
Cash ratio	0.5×-0.1×	0.5×-0.1×	0.5×-0.1×	0.5×+0.1×	0.6×+0.1×
Leverage
Debt-to-equity	1.9×+1.3×	1×+0.5×	0.7×0.0×	0.6×-0.1×	0.6×-0.2×
Debt-to-assets	0.5×+0.2×	0.4×+0.1×	0.3×0.0×	0.3×0.0×	0.3×-0.1×
Net debt / EBITDA	1.9×+1.2×	1.1×+0.5×	0.8×0.0×	0.7×-0.5×	0.7×-1.0×
Per Share
Book value per share	$25.92-30.6%	$28.96-22.9%	$35.79-1.2%	$37.99+14.2%	$37.34+16.1%
Valuation
Market capitalization	$6.51B-49.2%	$8.94B-38.1%	$9.79B-28.4%	$13.09B+3.6%	$12.83B-2.6%
Enterprise value	$7.94B-40.4%	$9.72B-34.5%	$10.35B-26.8%	$13.62B+2.4%	$13.32B-4.7%
Price / earnings	16.2×-17.2×	23.9×-15.2×	26×-15.8×	32.4×-19.0×	33.4×-28.5×
Price / sales	2.6×-2.9×	3.7×-2.7×	4.1×-2.1×	5.6×-0.2×	5.5×-0.7×
Price / book	6.4×-1.6×	7.3×-1.6×	6.5×-2.3×	8.1×-0.7×	8×-1.5×
EV / EBITDA	10.4×-8.7×	13.6×-8.4×	14.3×-9.3×	19.1×-4.9×	19.1×-9.6×
EV / sales	3.2×-2.6×	4×-2.5×	4.3×-2.0×	5.8×-0.3×	5.8×-0.9×
Free cash flow yield	6.7%+3.2pp	5%+1.8pp	4%+0.8pp	3%-0.1pp	3.5%+1.5pp
Earnings yield	6.2%+3.2pp	4.2%+1.6pp	3.8%+1.5pp	3.1%+1.1pp	3%+1.4pp
Dividend yield	1.2%+0.6pp	0.9%+0.4pp	0.8%+0.3pp	0.6%0.0pp	0.6%+0.1pp
PEG ratio	3.3×+2.9×	20.5×+20.3×	1.7×+1.6×	0.5×+0.5×	0.4×+0.4×

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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.