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Asset management · Financial Services · Fiscal year ends Dec 31
Morningstar reported revenue of $2.4B in the fiscal year ended Dec 2025, up 7.5% from the year before. Operating income was $527M, an operating margin of 21.5%, and net income was $374M. Operating cash flow of $590M less capital expenditure of $147M left free cash flow of $443M. Net debt was $598M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,699 | 1,871 | 2,039 | 2,275 | 2,446 |
| Cost of revenue | 698 | 779 | 844 | 896 | 953 |
| Gross profit | 1,001 | 1,091 | 1,195 | 1,379 | 1,493 |
| Selling, general & admin | 593 | 757 | 780 | 768 | 801 |
| Operating income | 257 | 168 | 231 | 485 | 527 |
| Pre-tax income | 251 | 131 | 174 | 474 | 496 |
| Income tax | 62.6 | 56.5 | 33.0 | 104 | 122 |
| Net income | 193 | 70.5 | 141 | 370 | 374 |
| Diluted EPS | 4.45 | 1.64 | 3.29 | 8.58 | 8.87 |
| Diluted shares | 43.4 | 42.9 | 42.9 | 43.1 | 42.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 484 | 377 | 338 | 503 | 475 |
| Receivables | 269 | 308 | 344 | 358 | 390 |
| Current assets | 888 | 811 | 816 | 1,014 | 1,038 |
| Net PP&E | 172 | 199 | 208 | 219 | 232 |
| Goodwill | 1,207 | 1,572 | 1,579 | 1,562 | 1,611 |
| Total assets | 2,863 | 3,475 | 3,403 | 3,549 | 3,590 |
| Deferred revenue | 414 | 489 | 544 | 563 | 607 |
| Current liabilities | 784 | 883 | 881 | 967 | 1,053 |
| Short-term debt | 0.0 | 32.1 | 32.1 | 0.0 | 0.0 |
| Long-term debt | 359 | 1,110 | 972 | 699 | 1,073 |
| Total liabilities | 1,447 | 2,268 | 2,076 | 1,930 | 2,368 |
| Shareholders' equity | 1,416 | 1,207 | 1,328 | 1,619 | 1,222 |
| Backlog (remaining obligations) | 947 | 1,074 | 1,398 | 1,462 | 1,541 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 450 | 298 | 316 | 592 | 590 |
| Capital expenditure | 102 | 130 | 119 | 143 | 147 |
| Free cash flow | 348 | 168 | 197 | 449 | 443 |
| Depreciation & amortisation | 151 | 167 | 185 | 190 | 190 |
| Stock-based compensation | 41.9 | 83.2 | 52.8 | 54.7 | 56.4 |
| Acquisitions | 24.8 | 647 | 0.8 | 0.0 | 39.0 |
| Share buybacks | 1.3 | 226 | 1.4 | 11.6 | 787 |
| Dividends paid | 54.2 | 61.5 | 63.9 | 69.3 | 76.9 |
| Dividend per share | 1.31 | 1.46 | 1.53 | 1.67 | 1.87 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.1% | 9.0% | 11.6% | 7.5% |
| Operating income growth (YoY) | – | −34.7% | 37.4% | 110.2% | 8.6% |
| EPS growth (YoY) | – | −63.1% | 100.6% | 160.8% | 3.4% |
| Gross margin | 58.9% | 58.3% | 58.6% | 60.6% | 61.0% |
| Operating margin | 15.1% | 9.0% | 11.3% | 21.3% | 21.5% |
| Net margin | 11.4% | 3.8% | 6.9% | 16.3% | 15.3% |
| Return on equityBlank when equity is negative | 13.7% | 5.8% | 10.6% | 22.9% | 30.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.4% | 6.5% | 9.1% | 18.8% | 20.8% |
| Free cash flow margin | 20.5% | 9.0% | 9.7% | 19.7% | 18.1% |
| Cash conversion (CFO ÷ net income) | 2.33x | 4.22x | 2.24x | 1.60x | 1.58x |
| Receivable days | 58 | 60 | 62 | 57 | 58 |
| Debt ÷ equity | 0.25x | 0.95x | 0.76x | 0.43x | 0.88x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −124 | 765 | 667 | 196 | 598 |
| Current ratio | 1.13x | 0.92x | 0.93x | 1.05x | 0.99x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.