MORNMorningstar, Inc.
Investment Advice
- Revenue
- $2.4B
- 7.5% YoY
- Operating margin
- 21.5%
- 1.1% YoY
- EBITDA
- $717M
- 6.1% YoY
- Market cap
- $8.4B
- Employees
- —
- Net debt / EBITDA
- 1.7×
- $1.2B net debt
- AI in 10-K
- 13.1
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo322% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowYes146% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes44% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo13.1 per 10K words · 95th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$8.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$76M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.9B | $2.0B | $2.3B | $2.4B | 7.5% |
| Operating income | $257M | $168M | $231M | $485M | $527M | 8.6% |
| Operating cash flow | $450M | $298M | $316M | $592M | $590M | 0.3% |
| Capex | $102M | $130M | $119M | $143M | $147M | 3.1% |
| Stock-based comp | $42M | $83M | $53M | $55M | $56M | 3.1% |
| Buybacks | $1M | $226M | $1M | $12M | $787M | 6684% |
| Dividends | $54M | $62M | $64M | $69M | $77M | 11% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $187K · 1
- Open-market sells, 12 mo
- $76M · 259
- Net
- −$76M
Pay vs performance
No pay-versus-performance disclosure yet.