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Morningstar

MORN
73
Financial - Data & Stock Exchanges · Financial Services
Exchange
NASDAQ
Winston Score
73
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Strong
Cash Flow
Exceptional
Stability
Good
Valuation
Good
Dividends
Mixed
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Winston Score History

The full picture

Morningstar is a financial research and data company that helps everyday investors, financial advisors, and large institutions make sense of stocks, mutual funds, and other investments. Its most recognized products include star ratings for mutual funds, investment research reports, and data tools used by wealth managers and retirement plan providers. It is one of the most trusted independent investment research brands in the world.

Morningstar earns money through subscriptions to its data and research platforms, software licenses, and credit ratings services — not by managing money itself. It operates globally, with a significant presence in North America, Europe, and Asia, and generates over $2 billion in annual revenue. Its main competitive advantage is the depth and independence of its proprietary data, which is deeply embedded in the workflows of financial professionals. The key risk is that larger data providers like Bloomberg or FactSet could undercut Morningstar's pricing or outpace its product development in an increasingly competitive financial data market.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+35.1% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

48.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$574M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Morningstar is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
63.9%
Premium pricing power — 63.9% gross margin
Profit after running costs
Operating Margin
24.2%
Excellent — 24.2% operating margin
Return on the money invested
ROCE
22.1%
Exceptional — 22.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+9.3%
Steady sales growth (+9.3% YoY)
Profit growth
EPS YoY
+12.3%
Earnings growing (+12.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
153%
Turns 153% of profit into real cash
Spare cash per sale
FCF Margin
19.4%
Converts sales into free cash efficiently (19.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.67
Elevated debt (1.67)
Covers its interest
Interest Cover
11.29x
Comfortably covers interest (11.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.4x
no trend
Growth-priced — P/E 20.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+4.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.4 → 15.9)

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Dividends

Dividend
Dividend Yield
0.94%
no trend
Small dividend — 0.94% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+9.9%
no trend
Dividend growing modestly (9.9% YoY)

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