Morningstar, Inc. · Investment Advice

MORN

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The short version

A high-quality, profitable business with steady sales.

Going well

Profitable every year for 10 years
Brings in more cash than it spends
Raised its dividend (0.8% yield)

Money moves

No insider buying or selling in the last 30 days
Institutions added 2.9% to their holdings in the quarter ending June 2026 (191 bought, 259 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$225.25+0.2% that day

Company value: $8.4B; Share price times all shares
Price vs profit (P/E): 21.4x; You pay about $21 for each $1 of yearly profit
Price vs sales: 3.3x; Company value is 3.3 times a year of sales
Dividend yield: 0.8%; Yearly dividend as a share of today's price
Cash vs value: 6%; Cash as a share of company value
Debt vs value: 13%; Debt as a share of company value

From MORN's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$663.2M+9.6% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $2.6B, up 9.3% from the 12 months before. Over 5 years, sales grew about 12% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of MORN. Starting points are the company's recent numbers.

Sales growth+9% a yearRecently: +9.3% a yearProfit margin16%Last 12 months: 16.4%P/E at the end21xToday: 21.4x. Many steady companies trade at 12x to 25xShare count change-1% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$3.9B

Profit in 5 years$632M

Price these guesses point to$371.92+65% vs $225.25 todayAbout +11% a year, before dividends

What today's price needs: with a 16% margin and a 21x P/E, sales could shrink about 1.4% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

4/4Strong

PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.15.3%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$442.6M
PassShare count not growingNot diluting owners. Falling means buybacks.-1.6% in 3 years

Revenue: $2.4B; +7.5% vs prior year
5-year growth: +12.0%/yr; revenue, per year
Total debt: $1.1B
Free cash flow: $442.6M; 18.1% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity. A checklist is a starting point for research, not a verdict.