Morningstar (MORN) Net Margin (2009 - 2026)
Morningstar's Net Margin came in at 17.18% for Q3 2026, up 2.35 percentage points from 14.84% a year earlier and up 0.93 percentage points from the prior quarter.
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Analysis
Morningstar (MORN) Net Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Morningstar reported Net Margin of 17.00%, up 1.30 percentage points year-over-year; for FY2025, it was 15.30%, down 0.96 percentage points from FY2024.
- Net Margin carries a five-year change of -0.79 percentage points (FY2020 to FY2025).
- Going back by year, Net Margin was 16.26% in FY2024 (+9.34 pp), 6.92% in FY2023 (+3.15 pp), 3.77% in FY2022 (-7.61 pp) and 11.38% in FY2021 (-4.72 pp).
- The five-year range for quarterly Net Margin is -1.92% (Q3 2022) to 21.02% (Q3 2024).
- Year-over-year, Net Margin has increased for three consecutive quarters, with an average year-over-year change of +1.18 percentage points over the last eight quarters.
- The fastest year-over-year change in Net Margin over five years came in Q3 2024 (a gain of 13.44 percentage points), and the weakest in Q3 2022 (a drop of 13.35 percentage points).
- Business Quant data shows MORN's Net Margin at 16.25% (Q2 2026), 16.61% (Q1 2026) and 17.95% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 136.14 Bn | 125.99 Bn | 2.64 Bn | 33.71% |
| 2 | Moodys | 87.37 Bn | 80.29 Bn | 1.50 Bn | 36.28% |
| 3 | Msci | 46.53 Bn | 45.01 Bn | 739.80 Mn | 39.35% |
| 4 | Verisk Analytics | 25.76 Bn | 20.40 Bn | 572.90 Mn | 28.35% |
| 5 | Equifax | 21.57 Bn | 20.84 Bn | 940.10 Mn | 12.51% |
| 6 | TransUnion | 15.42 Bn | 12.11 Bn | - | 11.90% |
| 7 | Factset Research Systems | 11.51 Bn | 10.36 Bn | 308.40 Mn | 19.08% |
| 8 | Morningstar | 9.02 Bn | 6.91 Bn | 431.40 Mn | 17.18% |
| 9 | Mastercard | 571.76 Bn | 531.85 Bn | - | 47.19% |
| 10 | Cme | 109.34 Bn | 97.67 Bn | - | 59.68% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 17.18% |
| Jun 30, 2026 | 16.25% |
| Mar 31, 2026 | 16.61% |
| Dec 31, 2025 | 17.95% |
| Sep 30, 2025 | 14.84% |
| Jun 30, 2025 | 14.71% |
| Mar 31, 2025 | 13.49% |
| Dec 31, 2024 | 19.78% |
| Sep 30, 2024 | 21.02% |
| Jun 30, 2024 | 12.08% |
| Mar 31, 2024 | 11.83% |
| Dec 31, 2023 | 13.64% |
| Sep 30, 2023 | 7.58% |
| Jun 30, 2023 | 7.15% |
| Mar 31, 2023 | -1.58% |
| Dec 31, 2022 | 0.69% |
| Sep 30, 2022 | -1.92% |
| Jun 30, 2022 | 6.40% |
| Mar 31, 2022 | 10.09% |
| Dec 31, 2021 | 12.22% |
API Access
Morningstar Net Margin 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=net-margin&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "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=net-margin&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();