Company Valuation: Morningstar, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 14,738 9,193 12,222 14,442 8,938 7,855 - -
Change - -37.62% 32.95% 18.16% -38.11% -12.11% - -
Enterprise Value (EV) 1 14,738 10,003 12,806 14,589 9,482 8,882 8,544 8,434
Change - -32.13% 28.02% 13.93% -35.01% -6.32% -3.8% -1.29%
P/E - 132x 87x 39.2x 24.5x 19.4x 16.9x 14.2x
PBR - - - 8.97x 7.51x 7.23x 5.93x 5.93x
PEG - - 1x 0x 7.25x 0.9x 1.2x 0.7x
Capitalization / Revenue - 4.91x 6x 6.35x 3.65x 2.97x 2.8x 2.65x
EV / Revenue - 5.35x 6.28x 6.41x 3.88x 3.35x 3.05x 2.84x
EV / EBITDA - 25.1x 29x 23.9x 13.2x 10.7x 9.43x 8.34x
EV / EBIT - 33.5x - 29.5x 16.3x 12.8x 11.2x 9.86x
EV / FCF - 59.4x 64.9x 32.5x 21.4x 17.6x 14.2x 13x
FCF Yield - 1.68% 1.54% 3.08% 4.67% 5.69% 7.05% 7.72%
Dividend per Share 2 - 1.44 1.5 1.67 1.88 2.003 2.203 2.921
Rate of return - 0.66% 0.52% 0.5% 0.87% 0.96% 1.05% 1.39%
EPS 2 - 1.64 3.29 8.58 8.87 10.82 12.38 14.77
Distribution rate - 87.8% 45.6% 19.5% 21.2% 18.5% 17.8% 19.8%
Net sales 1 - 1,871 2,039 2,275 2,446 2,649 2,801 2,969
EBITDA 1 - 398.8 440.9 611.2 716.5 828.4 906.1 1,012
EBIT 1 - 298.9 - 493.8 582.9 693.6 763.5 855.1
Net income 1 193.3 70.5 141.1 369.9 374.2 413.3 461 527.2
Net Debt 1 - 809.2 583.4 147.6 543.9 1,027 688.9 578.5
Reference price 2 341.99 216.59 286.24 336.76 217.31 209.40 209.40 209.40
Nbr of stocks (in thousands) 43,095 42,446 42,700 42,884 41,129 37,514 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/26/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.95x3.44x11.01x0.93% 8.09B
21.94x4.44x12.28x1.93% 35.24B
12.33x - - - 1.21B
Average 18.07x 3.94x 11.65x 1.43% 14.85B
Weighted average by Cap. 21.32x 4.25x 12.05x 1.74%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

  1. Stock Market
  2. Stocks
  3. MORN Stock
  4. Valuation Morningstar, Inc.