Company / Operating Margin
Morningstar, Inc. Operating Margin History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Operating Margin
21.5%
FY2025
5-year range
11.3% / 21.5%
FY2021-FY2025
Trend
+1.0%
vs FY2024
Sector context
#48 of 105
Financials
What the data says
At 21.5%, Morningstar, Inc.'s operating margin ranks #48 of 105 in the Financials sector. Operating Margin has fluctuated over the past 10 years, ranging from 11.3% in FY2023 to 24.2% in FY2017.
Based on SEC 10-K filings.
21.5% in FY2025 with a 5-year CAGR of +0.4%.
Improved from 11.3% to 21.5% over the past 2 years.
Financials sector context is included.
Operating Margin over time
Growth rates
- 3-Year Change
- +6.0pp
- 5-Year Change
- +0.4pp
- 10-Year Change
- -
Sector benchmark
#48 of 105 in FinancialsTop 46% of 105This company 21.5% Sector average -49.0%
▼
+144.0% above sector average
Key checks
Key Insights
- In FY2025, operating margin increased 1.0% year-over-year.
- Currently 70.5pp above the Financials sector average.
- Peak operating margin was recorded in FY2017.
- Lowest operating margin in the period was in FY2023.
Company context
Key Data Points
- High earnings quality (cash-backed earnings)
- Strong return on equity: 24.8%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Operating MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 21.5% | +1.0% |
| FY2024 | 21.3% | +88.4% |
| FY2023 | 11.3% | -27.0% |
| FY2022 | 15.5% | -3.7% |
| FY2021 | 16.1% | -24.0% |
| FY2020 | 21.2% | +13.6% |
| FY2019 | 18.6% | -12.0% |
| FY2018 | 21.2% | -12.4% |
| FY2017 | 24.2% | +73.9% |
| FY2016 | 13.9% | -43.2% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026