Morningstar (MORN) Return on Invested Capital [ROIC] (2014 - 2026)
Morningstar's Return on Invested Capital [ROIC] was 17.75% in Q3 2026, up 0.70 percentage points from 17.05% a year earlier and up 1.19 percentage points from the prior quarter.
Powered by 
Analysis
Morningstar (MORN) Return on Invested Capital [ROIC] (2014 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Morningstar came in at 17.28%, up 0.72 percentage points from FY2024.
- Return on Invested Capital [ROIC] has now increased for three consecutive years, with a five-year change of +7.04 percentage points (FY2020 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was 16.55% in FY2024 (+8.38 pp), 8.17% in FY2023 (+3.52 pp), 4.65% in FY2022 (-6.38 pp) and 11.03% in FY2021 (+0.79 pp).
- The Q3 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] since Q1 2016.
- Compared with a year earlier, Return on Invested Capital [ROIC] was higher in seven of the last eight quarters, with an average year-over-year change of +2.96 percentage points.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q2 2024 (a gain of 9.85 percentage points); the worst was Q1 2023 (a drop of 8.08 percentage points).
- Per Business Quant data, MORN's Return on Invested Capital [ROIC] in the three quarters before Q3 2026 was 16.56% (Q2 2026), 17.15% (Q1 2026) and 17.11% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Msci | 235.55 Bn | 234.03 Bn | 739.80 Mn | 44.06% |
| 2 | S&P Global | 137.22 Bn | 132.42 Bn | 2.64 Bn | 14.90% |
| 3 | Moodys | 88.04 Bn | 81.11 Bn | 1.50 Bn | 27.86% |
| 4 | Verisk Analytics | 26.17 Bn | 22.36 Bn | 567.00 Mn | 31.95% |
| 5 | Equifax | 22.05 Bn | 21.44 Bn | 940.10 Mn | 9.29% |
| 6 | TransUnion | 15.64 Bn | 12.48 Bn | - | 7.66% |
| 7 | Factset Research Systems | 11.49 Bn | 10.35 Bn | 308.40 Mn | 16.92% |
| 8 | Morningstar | 9.15 Bn | 7.04 Bn | 431.40 Mn | 17.75% |
| 9 | Mastercard | 570.55 Bn | 530.63 Bn | - | 56.59% |
| 10 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn | 11.69% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 17.75% |
| Jun 30, 2026 | 16.56% |
| Mar 31, 2026 | 17.15% |
| Dec 31, 2025 | 17.11% |
| Sep 30, 2025 | 17.05% |
| Jun 30, 2025 | 16.83% |
| Mar 31, 2025 | 16.81% |
| Dec 31, 2024 | 16.10% |
| Sep 30, 2024 | 13.79% |
| Jun 30, 2024 | 12.22% |
| Mar 31, 2024 | 10.67% |
| Dec 31, 2023 | 8.20% |
| Sep 30, 2023 | 4.60% |
| Jun 30, 2023 | 2.37% |
| Mar 31, 2023 | 1.85% |
| Dec 31, 2022 | 4.09% |
| Sep 30, 2022 | 6.28% |
| Jun 30, 2022 | 8.91% |
| Mar 31, 2022 | 9.94% |
| Dec 31, 2021 | 10.91% |
API Access
Morningstar Return on Invested Capital [ROIC] 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=return-on-invested-capital-%5Broic%5D&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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=return-on-invested-capital-%5Broic%5D&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();