MORN

Morningstar, Inc.

$302.84

2.23

(0.74%)

Exchange:	NASDAQ
Market Cap:	12.795B
Shares Outstanding:	38.389M

Overview

Earnings

Financials

Valuation

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About The Company

Morningstar, Inc. provides independent investment research services in North America, Europe, Australia, and Asia. The company offers web-based tools; investment data, fundamental equity and manager research, private capital markets research, credit and fund rating, and index, as well as environmental, social, and governance (ESG) rating services; and investment offerings, including managed investment products, publicly listed and private companies, fixed income securities, and real-time global market data for financial advisors, asset managers, retirement plan providers and sponsors, and individual and institutional investors. It also provides Morningstar Data, an investment data spanning various databases, including equity fundamentals, managed investments, ESG factors, and market data; Morningstar Direct, an investment-analysis platform; Morningstar Managed Portfolios, an advisor service consisting of model portfolio that offers services for independent financial advisors, as well as offers asset allocation services for asset managers, broker/dealers, and insurance providers; Morningstar Advisor Workstation, a web-based research, financial planning, and proposal generation platform; and Morningstar.com, a website for individual investors. In addition, the company offers Morningstar Enterprise Components; Morningstar Credit Ratings that provides issuance and surveillance services for structured finance products and instruments; corporate credit estimates and operational risk assessment rankings; Morningstar Indexes for creating investment products; Morningstar workplace solutions, such as retirement accounts, fiduciary services, allocation funds, and custom models; and PitchBook Platform, research and analysis workstation for investment and research professionals. Further, its PitchBook provides a mobile application, excel plug-in, data feeds, and data solutions. The company was incorporated in 1984 and is headquartered in Chicago, Illinois.

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Revenue Segmentation

EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	788,800	798,600	911,700	1,019,900	1,179,000	1,389,500	1,699,300	1,870,600	2,038,600	2,275,100
? Cost Of Revenue	330,100	344,300	386,600	411,100	483,100	556,400	698,400	779,300	843,500	895,700
? Gross Profit	458,700	454,300	525,100	608,800	695,900	833,100	1,000,900	1,091,300	1,195,100	1,379,400
? Research And Development Expenses	13,000	20,000	30,600	42,800	61,100	53,900	59,900	64,300	81,200	0
? General And Administrative Expenses	107,100	105,200	129,800	147,800	210,700	272,000	318,400	400,400	355,800	327,200
? Selling And Marketing Expenses	96,600	97,600	134,300	148,500	177,900	206,400	274,800	356,500	423,800	441,000
? Operating Expenses	268,100	273,500	355,300	393,000	506,300	617,900	743,900	923,500	964,500	894,600
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	1,800	1,800	1,900	2,300	2,400	1,600	1,700	1,700	9,000	12,200
? Interest Expense	500	1,500	5,500	4,100	11,100	9,500	8,700	28,400	60,700	49,900
? Depreciation And Amortization	64,400	70,700	91,200	96,700	117,700	139,500	150,700	166,600	184,900	190,400
? EBITDA	255,000	295,400	261,000	331,600	326,400	433,900	417,000	323,700	419,700	731,600
? EBIT
? Operating Income	190,600	180,800	169,800	215,800	189,600	215,200	257,000	167,800	230,600	484,800
? Income Before Tax	193,700	224,900	181,100	232,900	198,500	283,000	250,500	130,600	174,100	491,300
? Income Tax Expense	62,700	63,700	42,900	47,800	45,600	59,700	62,600	56,500	33,000	104,000
? Net Income From Continuing Operations
? Net Income	132,600	161,000	136,900	183,000	152,000	223,600	193,300	70,500	141,100	369,900
? EPS (Earnings Per Share)	3	3.740	3.210	4.300	3.560	5.220	4.500	1.650	3.310	8.640
? EPS Diluted	3	3.720	3.180	4.260	3.520	5.180	4.450	1.640	3.290	8.580
? Weighted Average Shares Outstanding	44,200	43,000	42,700	42,600	42,700	42,900	43,000	42,600	42,600	42,800
? Weighted Average Shares Outstanding Diluted	44,300	43,300	43,000	43,000	43,200	43,200	43,400	42,900	42,900	43,100
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	207,100	259,100	308,200	369,300	334,100	422,500	483,800	376,600	337,900	502,700
? Short Term Investments	41,500	44,900	45,100	26,600	33,400	41,700	62,300	38,000	51,100	48,300
? Cash And Short Term Investments	248,600	304,000	353,300	395,900	367,500	464,200	546,100	414,600	389,000	551,000
? Net Receivables	139,300	145,800	148,200	174,000	194,800	207,300	277,800	307,900	344,500	370,500
? Accounts Receivables
? Inventory	1	1	0	0	0	0	0	1	0	0
? Total Current Assets	409,900	472,000	529,800	601,600	603,200	730,000	887,600	810,800	815,700	1,014,100
? Property Plant Equipment Net	134,500	152,100	147,400	143,500	299,500	302,800	321,000	391,000	371,600	400,100
? Goodwill	364,200	556,800	564,900	556,700	1,039,100	1,205,000	1,207,000	1,571,700	1,578,800	1,562,000
? Intangible Assets	74,200	120,900	95,400	73,900	333,400	380,100	328,200	548,600	484,400	408,800
? Long Term Investments	35,600	40,300	62,000	63,100	59,600	32,600	63,300	96,000	100,200	85,300
? Total Non Current Assets	619,100	878,900	875,900	852,200	1,767,700	1,966,000	1,975,100	2,664,000	2,587,700	2,534,800
? Total Assets	1,029,000	1,350,900	1,405,700	1,453,800	2,370,900	2,696,000	2,862,700	3,474,800	3,403,400	3,548,900
? Account Payables	39,200	44,600	44,900	50,300	58,900	233,700	76,500	76,200	78,400	87,300
? Short Term Debt	35,000	0	0	0	82,600	79,800	36,400	69,400	68,500	35,100
? Deferred Revenue	140,700	165,400	171,300	195,800	250,100	306,800	377,400	455,600	517,700	540,800
? Total Current Liabilities	304,400	294,900	323,200	362,800	495,800	626,500	783,500	882,500	880,800	967,300
? Long Term Debt	0	250,000	180,000	70,000	640,800	586,800	495,100	1,254,200	1,091,700	868,900
? Deferred Revenue Non Current	25,400	10,300	11,700	14,200	32,200	33,500	36,400	33,500	26,300	22,400
? Deferred Tax Liabilities Non Current	19,800	38,200	23,600	22,200	95,000	108,900	101,700	62,900	35,600	27,600
? Total Non Current Liabilities	84,000	359,200	277,600	156,300	791,500	798,100	663,300	1,385,200	1,194,800	963,000
? Total Liabilities	388,400	654,100	600,800	519,100	1,287,300	1,424,600	1,446,800	2,267,700	2,075,600	1,930,300
? Treasury Stock
? Preferred Stock	0	0	0	0	0	0	0	0	0	0
? Common Stock	0	0	0	0	0	0	0	0	0	0
? Retained Earnings	739,200	861,900	958,700	1,114,800	1,217,900	1,389,400	1,526,500	1,535,000	1,610,800	0
? Additional Paid In Capital
? Total Stockholders Equity	640,600	696,800	804,900	934,700	1,083,600	1,271,400	1,415,900	1,207,100	1,327,800	253,600
? Total Equity	640,900	697,100	804,900	934,700	1,083,600	1,271,400	1,415,900	1,207,100	1,327,800	253,600
? Minority Interest	300	300	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	1,029,000	1,350,900	1,405,700	1,453,800	2,370,900	2,696,000	2,862,700	3,474,800	3,403,400	3,548,900
? Total Investments	77,100	85,200	107,100	89,700	93,000	74,300	125,600	134,000	151,300	133,600
? Total Debt	35,000	250,000	180,000	70,000	687,600	626,700	531,500	1,323,600	1,160,200	904,000
? Net Debt	-172,100	-9,100	-128,200	-299,300	353,500	204,200	47,700	947,000	822,300	401,300
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	132,800	161,000	136,900	183,000	152,000	223,600	193,300	70,500	141,100	369,900
? Depreciation And Amortization	64,400	70,700	91,200	96,700	117,700	139,500	150,700	166,600	184,900	190,400
? Deferred Income Tax	2,900	4,700	-14,100	-1,100	-6,000	-6,700	-12,100	-37,300	-32,400	-34,800
? Stock Based Compensation	17,400	14,500	24,100	31,700	44,400	36,600	41,900	83,200	52,800	54,700
? Change In Working Capital	26,400	5,200	23,300	18,500	41,500	38,900	63,600	-12,000	28,100	92,800
? Accounts Receivables	-6,900	-100	-1,200	-29,600	11,300	-9,200	-67,900	-38,600	0	0
? Inventory	0	0	0	0	-3,200	9,500	-7,100	2,000	0	0
? Accounts Payables	4,700	3,400	700	6,000	3,200	-9,500	7,100	-2,000	0	9,600
? Net Cash Provided By Operating Activities	238,900	213,700	250,100	314,800	334,400	384,300	449,900	297,800	316,400	591,600
? Investments In Property Plant And Equipment	-57,300	-62,800	-66,600	-76,100	-80,000	-76,700	-101,800	-129,500	-119,100	-142,700
? Acquisitions Net	-11,100	-191,600	22,700	2,700	-683,400	-74,500	-54,600	-676,100	-800	0
? Purchases Of Investments	-40,900	-16,500	-24,800	-43,100	-37,700	-63,100	-100,900	-36,500	-3,700	-7,300
? Sales Maturities Of Investments	30,000	28,600	42,200	51,200	35,800	46,900	58,800	43,000	31,100	27,100
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	0
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-33,700	-37,900	-39,300	-42,600	-47,800	-51,400	-54,200	-61,500	-63,900	-69,300
? Common Dividends Paid
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	-124,900	123,700	-157,500	-188,800	373,700	-182,200	-211,800	415,100	-278,400	-384,400
? Effect Of Forex Changes On Cash	-12,600	-11,200	17,300	-15,000	3,000	10,100	-9,100	-20,800	5,200	-21,100
? Net Change In Cash	21,900	52,000	49,100	61,100	-35,200	88,400	61,300	-107,200	-38,700	164,800
? Cash At End Of Period	207,100	259,100	308,200	369,300	334,100	422,500	483,800	376,600	337,900	502,700
? Cash At Beginning Of Period	185,200	207,100	259,100	308,200	369,300	334,100	422,500	483,800	376,600	337,900
? Operating Cash Flow	238,900	213,700	250,100	314,800	334,400	384,300	449,900	297,800	316,400	591,600
? Capital Expenditure	-57,300	-62,800	-66,600	-76,100	-80,000	-76,700	-101,800	-129,500	-119,100	-142,700
? Free Cash Flow	181,600	150,900	183,500	238,700	254,400	307,600	348,100	168,300	197,300	448,900
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
Estimated Revenue (Low)	833,500.821	868,958.864	860,418.164	1,866,898.089	1,986,126.057	2,262,000.524	2,385,886.601	2,534,273.855	2,993,456.413	3,176,389.010
Estimated Revenue (High)	1,250,251.239	1,303,438.305	1,290,627.257	1,916,646.488	2,056,926.961	2,271,130.526	2,470,938.064	2,708,836.408	2,993,818.804	3,212,034.722
Estimated Revenue (Avg)	1,041,876.030	1,086,198.585	1,075,522.711	1,890,770.442	2,021,271.951	2,266,985.366	2,428,106.538	2,620,927.507	2,993,637.609	3,190,586.026
Estimated Ebitda (Low)	297,169.056	307,280.484	303,115.314	300,801.686	300,377.330	569,190.227	600,363.847	637,702.731	753,247.454	794,420.414
Estimated Ebitda (High)	445,753.588	460,920.731	454,672.976	451,202.533	450,566.001	571,487.622	621,765.460	681,628.140	753,338.643	803,335.469
Estimated Ebitda (Avg)	371,461.322	384,100.608	378,894.145	376,002.110	375,471.666	570,444.569	610,987.706	659,507.505	753,293.048	797,971.113
Estimated Net Income (Low)	149,315.051	153,654.875	150,989.446	149,229.483	148,389.352	329,240.907	366,060.807	377,847.795	570,984.072	603,548.709
Estimated Net Income (High)	223,972.580	230,482.318	226,484.174	223,844.231	222,584.037	344,054.808	383,115.477	478,059.608	597,585.823	612,365.676
Estimated Net Income (Avg)	186,643.816	192,068.597	188,736.810	186,536.857	185,486.695	336,647.858	374,588.142	416,584.170	584,189.481	607,060.497
Estimated SGA Expense (Low)	234,419.561	241,671.086	237,818.510	235,401.956	234,446.644	822,502.184	867,549.287	921,505.437	1,088,472.091	1,154,989.520
Estimated SGA Expense (High)	351,629.345	362,506.634	356,727.771	353,102.941	351,669.973	825,822.010	898,475.457	984,979.375	1,088,603.862	1,167,950.912
Estimated SGA Expense (Avg)	293,024.453	302,088.860	297,273.141	294,252.449	293,058.309	824,314.759	882,901.180	953,014.191	1,088,537.977	1,160,151.799
Estimated EPS (Avg)	4.050	4.210	4.170	4.640	4.620	7.840	8.690	10.140	13.550	14.080
Estimated EPS (High)	4.880	5.060	5.010	4.720	4.730	7.980	8.890	11.090	13.870	14.210
Estimated EPS (Low)	3.220	3.350	3.320	4.570	4.520	7.640	8.490	8.770	13.250	14
Number of Analysts (Estimated Revenue)	19	12	9	1	1	3	1	3	1	1
Number of Analysts (Estimated EPS)	19	12	9	1	1	3	1	3	1	1

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Current Key Metrics

?	Revenue (TTM) :	2.275B	?	P/S (TTM) :	5.49
?	Net Income (TTM) :	369.9M	?	P/E (TTM) :	33.49
?	Enterprise Value (TTM) :	13.192B	?	EV/FCF (TTM) :	29.43
?	Dividend Yield (TTM) :	0.01	?	Payout Ratio (TTM) :	0.19
?	ROE (TTM) :	0.25	?	ROIC (TTM) :	0.15
?	Net Debt (TTM) :	353M	?	Debt/Equity (TTM) :	0.62
?	P/B (TTM) :	8	?	Current Ratio (TTM) :	1.11