Morningstar (MORN) Invested Capital (2013 - 2026)
Morningstar (MORN) posted Invested Capital of $2.7 billion for Q3 2026, up 14.4% from $2.36 billion a year earlier but down 1.2% from the prior quarter.
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Analysis
Morningstar (MORN) Invested Capital (2013 - 2026) Analysis & Trends
For FY2025, Morningstar's Invested Capital came in at $2.29 billion, down 1.0% from FY2024.
- Annual Invested Capital shows a five-year compound annual growth rate of 5.9% (FY2020 to FY2025).
- In prior years, Morningstar's Invested Capital was $2.32 billion in FY2024 (+0.7%), $2.3 billion in FY2023 (-0.7%), $2.32 billion in FY2022 (+30.5%) and $1.78 billion in FY2021 (+3.2%).
- Quarterly Invested Capital has run from a low of $1.78 billion in Q4 2021 to a high of $2.74 billion in Q2 2026 over five years.
- On a year-over-year basis, Invested Capital has increased in each of the last three quarters, with growth averaging 5.6% over the last eight quarters.
- The strongest year-over-year quarter for Invested Capital in the past five years was Q2 2022, with growth of 40.2%; the weakest was Q3 2025, with a decline of 2.8%.
- According to Business Quant data, Invested Capital for the three prior quarters was $2.74 billion (Q2 2026), $2.73 billion (Q1 2026) and $2.29 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Msci | 236.00 Bn | 234.48 Bn | 739.80 Mn | 3.70 Bn |
| 2 | S&P Global | 137.30 Bn | 132.50 Bn | 2.64 Bn | 32.89 Bn |
| 3 | Moodys | 87.63 Bn | 80.69 Bn | 1.50 Bn | 10.32 Bn |
| 4 | Verisk Analytics | 26.66 Bn | 22.85 Bn | 567.00 Mn | 3.38 Bn |
| 5 | Equifax | 22.03 Bn | 21.43 Bn | 940.10 Mn | 9.70 Bn |
| 6 | TransUnion | 15.46 Bn | 12.30 Bn | - | 10.46 Bn |
| 7 | Factset Research Systems | 11.73 Bn | 10.58 Bn | 308.40 Mn | 3.37 Bn |
| 8 | Morningstar | 9.14 Bn | 7.03 Bn | 431.40 Mn | 2.70 Bn |
| 9 | Mastercard | 572.29 Bn | 532.37 Bn | - | 30.69 Bn |
| 10 | Cme | 113.65 Bn | 101.99 Bn | 359.20 Mn | 29.99 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 2.70 Bn |
| Jun 30, 2026 | 2.74 Bn |
| Mar 31, 2026 | 2.73 Bn |
| Dec 31, 2025 | 2.29 Bn |
| Sep 30, 2025 | 2.36 Bn |
| Jun 30, 2025 | 2.45 Bn |
| Mar 31, 2025 | 2.41 Bn |
| Dec 31, 2024 | 2.32 Bn |
| Sep 30, 2024 | 2.43 Bn |
| Jun 30, 2024 | 2.33 Bn |
| Mar 31, 2024 | 2.33 Bn |
| Dec 31, 2023 | 2.30 Bn |
| Sep 30, 2023 | 2.30 Bn |
| Jun 30, 2023 | 2.39 Bn |
| Mar 31, 2023 | 2.34 Bn |
| Dec 31, 2022 | 2.32 Bn |
| Sep 30, 2022 | 2.34 Bn |
| Jun 30, 2022 | 2.42 Bn |
| Mar 31, 2022 | 1.86 Bn |
| Dec 31, 2021 | 1.78 Bn |
API Access
Morningstar Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "MORN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();