$183.55

-7.66 (-4.01%)

Weekly Expected Move ±5.3%

$164 $174 $184 $193 $203

NASDAQ · Financial Services · Financial - Data & Stock Exchanges · Tech Score Sell · Power 39 · $6.9B mcap · 19M float · 2.04% daily turnover · Short 57% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

50.0 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 18.8% · 5Y Avg: 14.2%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale ★

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. MORN shows a Weak competitive edge (50.0/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Efficient Scale. ROIC of 18.8% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$260

Avg Target

$260

High

Based on 7 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 2Hold: 4Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$260.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-07-07	UBS	Alex Kramm	$280	$260	-20	+51.8%	$171.31
2026-06-26	BMO Capital	Jeffrey Silber	$193	$212	+19	+44.9%	$146.30
2026-06-18	Redburn Partners	—	$340	$210	-130	+27.8%	$164.30
2026-02-17	BMO Capital	—	$250	$193	-57	+20.4%	$160.26
2026-02-13	UBS	—	$320	$280	-40	+77.1%	$158.07
2025-10-30	BMO Capital	Jeffrey Silber	Initiated	$250	—	+16.6%	$214.43
2025-10-30	UBS	—	Initiated	$320	—	+53.2%	$208.83
2025-03-03	Credit Suisse	—	Initiated	$370	—	+20.5%	$307.00
2024-10-09	Redburn Partners	Russell Quelch	Initiated	$340	—	+1.4%	$335.28

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. MORN receives an overall rating of B+. Strongest factors: DCF (4/5), ROE (5/5), ROA (5/5). Areas of concern: D/E (1/5), P/B (1/5).

Rating Change History

Date	From	To
2026-04-29	B	B+
2026-04-24	B+	B

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 69 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. MORN scores highest in Safety (100/100) and lowest in Growth (52/100). An overall grade of A places MORN among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-B Score

13.43

Safe Zone

Piotroski F-Score

6/9

✓ ✓ ✗ ✓ ✗ ✗ ✓ ✓ ✓

Beneish M-Score

-2.72

Unlikely Manipulator

Ohlson O-Score

-6.47

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

Score: 73.5/100

Trend: Deteriorating

Earnings Quality

75/100

OCF/NI: 1.53x

Accruals: -5.9%

The Altman-B Score replaces the traditional Z-Score for banks and financial institutions. It weights equity-to-assets, return on assets, retained earnings, market value coverage, and cash reserves — metrics that better capture bank solvency than manufacturing-oriented ratios. MORN scores 13.43, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. MORN scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. MORN's score of -2.72 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. MORN's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. MORN receives an estimated rating of A (score: 73.5/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). MORN's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

17.30x

PEG

1.41x

P/S

2.68x

P/B

6.78x

P/FCF

11.91x

P/OCF

9.16x

EV/EBITDA

9.00x

EV/Revenue

2.85x

EV/EBIT

11.92x

EV/FCF

14.69x

Earnings Yield

7.11%

FCF Yield

8.39%

Shareholder Yield

17.59%

Graham Number

$81.79

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 17.3x earnings, MORN trades at a reasonable valuation. An earnings yield of 7.1% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $81.79 per share, 124% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.749

NI / EBT

Interest Burden

0.919

EBT / EBIT

EBIT Margin

0.239

EBIT / Rev

Asset Turnover

0.678

Rev / Assets

Equity Multiplier

2.872

Assets / Equity

ROE

32.0%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. MORN's ROE of 32.0% is driven by Asset Turnover (0.678), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$426.03

Price/Value

0.37x

Margin of Safety

63.49%

Premium

-63.49%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with MORN's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. MORN actually compounded EPS at 174.9% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. MORN trades at a -63% premium to its adjusted intrinsic value of $426.03, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 17.3x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$183.55

Median 1Y

$180.84

5th Pctile

$106.36

95th Pctile

$308.93

Ann. Volatility

31.4%

Analyst Target

$260.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Kunal Kapoor Chief Executive Officer	$650,000	$6,251,743	$9,070,695
Michael Holt Financial ancial Officer	$450,000	$1,125,309	$2,470,209
Danny Dunn Revenue Chief Revenue Officer	$447,917	$969,059	$1,435,351
Joe Mansueto Executive Chairman	$100,000	$—	$105,250

CEO Pay Ratio

124:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $9,070,695

Avg Employee Cost (SGA/emp): $72,997

Employees: 10,973

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

10,973

-1.0% YoY

Revenue / Employee

$222,865

Rev: $2,445,500,000

Profit / Employee

$34,102

NI: $374,200,000

SGA / Employee

$72,997

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	16.6%	14.4%	13.8%	14.0%	9.6%	5.4%	1.3%	1.8%	5.9%	11.1%	16.5%	18.4%	23.2%	25.1%	25.7%	26.5%	24.4%	26.3%	30.7%	32.0%	31.96%
ROA	8.0%	7.0%	6.7%	5.9%	4.0%	2.2%	0.5%	0.7%	2.1%	4.1%	6.2%	7.2%	9.4%	10.6%	11.0%	11.5%	10.6%	10.5%	10.6%	11.1%	11.13%
ROIC	13.4%	13.9%	12.3%	8.8%	7.0%	4.4%	1.6%	2.2%	4.9%	8.9%	11.7%	13.7%	16.3%	19.2%	19.2%	19.2%	19.9%	18.9%	18.0%	18.8%	18.84%
ROCE	13.7%	12.5%	11.9%	9.4%	7.4%	6.2%	4.3%	4.4%	7.1%	9.6%	12.8%	14.9%	17.7%	20.5%	20.4%	21.0%	20.6%	21.2%	19.6%	20.7%	20.67%
Gross Margin	57.3%	59.0%	58.1%	58.0%	58.3%	58.9%	54.4%	57.1%	60.6%	61.9%	59.8%	61.1%	60.9%	60.7%	60.2%	61.9%	60.9%	61.1%	62.9%	63.9%	63.92%
Operating Margin	15.8%	16.2%	12.3%	11.5%	4.7%	7.5%	5.1%	8.3%	13.6%	17.5%	17.1%	19.0%	20.3%	28.5%	19.6%	20.7%	20.7%	24.9%	24.2%	24.2%	24.22%
Net Margin	11.4%	12.2%	10.1%	6.4%	-1.9%	0.7%	-1.6%	7.2%	7.6%	13.6%	11.8%	12.1%	21.0%	19.8%	13.5%	14.7%	14.8%	18.0%	16.6%	16.3%	16.25%
EBITDA Margin	24.2%	24.9%	22.6%	17.8%	11.2%	18.5%	12.8%	18.7%	23.2%	28.1%	27.3%	26.5%	36.8%	35.5%	28.3%	29.0%	29.1%	32.7%	32.4%	32.3%	32.28%
FCF Margin	20.7%	20.5%	17.1%	12.7%	11.1%	9.0%	8.8%	6.4%	7.9%	9.7%	12.5%	18.0%	20.0%	19.7%	19.4%	16.6%	16.5%	18.1%	17.4%	19.4%	19.38%
OCF Margin	26.5%	26.5%	23.2%	19.3%	17.8%	15.9%	15.7%	13.2%	14.3%	15.5%	18.4%	23.7%	25.9%	26.0%	25.5%	22.8%	22.5%	24.1%	23.5%	25.2%	25.21%
ROE 3Y Avg	snapshot only																				27.79%
ROE 5Y Avg	snapshot only																				19.97%
ROA 3Y Avg	snapshot only																				9.68%
ROIC 3Y Avg	snapshot only																				15.28%
ROIC Economic	snapshot only																				15.75%
Cash ROA	snapshot only																				16.40%
Cash ROIC	snapshot only																				26.90%
CROIC	snapshot only																				20.69%
NOPAT Margin	snapshot only																				17.65%
Pretax Margin	snapshot only																				21.94%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				32.18%
SBC / Revenue	snapshot only																				2.21%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	51.65	74.92	62.70	55.93	71.79	128.71	508.38	362.41	139.83	86.20	61.64	51.39	41.90	38.98	33.47	33.13	26.23	23.58	16.44	14.06	17.300
P/S Ratio	6.77	8.52	6.56	5.59	4.78	4.85	4.51	4.29	5.02	5.97	6.24	5.83	6.15	6.34	5.56	5.70	4.12	3.61	2.64	2.31	2.683
P/B Ratio	7.91	10.23	8.56	8.19	7.53	7.52	7.09	6.69	7.97	9.16	9.49	8.81	8.74	8.91	7.99	8.29	6.51	7.22	6.50	5.79	6.777
P/FCF	32.70	41.60	38.29	44.07	42.98	53.92	51.23	66.69	63.19	61.64	49.92	32.44	30.82	32.12	28.69	34.35	25.03	19.94	15.14	11.91	11.912
P/OCF	25.56	32.19	28.27	28.98	26.89	30.47	28.69	32.60	35.14	38.44	33.94	24.54	23.75	24.38	21.83	25.01	18.30	14.96	11.22	9.16	9.161
EV/EBITDA	25.61	35.15	28.68	27.30	27.74	30.50	33.25	31.18	29.68	30.28	26.93	23.23	21.36	20.53	18.07	18.27	14.25	13.31	10.34	9.00	8.998
EV/Revenue	6.80	8.51	6.63	6.09	5.29	5.34	5.01	4.79	5.46	6.34	6.59	6.12	6.35	6.49	5.75	5.91	4.34	3.97	3.19	2.85	2.847
EV/EBIT	39.10	55.45	45.66	44.03	50.62	62.12	84.99	80.02	59.85	53.40	42.38	34.75	29.88	27.92	24.38	24.37	19.31	18.00	13.81	11.92	11.925
EV/FCF	32.82	41.56	38.71	48.04	47.58	59.32	56.95	74.53	68.77	65.55	52.65	34.06	31.81	32.91	29.68	35.61	26.37	21.92	18.29	14.69	14.688
Earnings Yield	1.9%	1.3%	1.6%	1.8%	1.4%	0.8%	0.2%	0.3%	0.7%	1.2%	1.6%	1.9%	2.4%	2.6%	3.0%	3.0%	3.8%	4.2%	6.1%	7.1%	7.11%
FCF Yield	3.1%	2.4%	2.6%	2.3%	2.3%	1.9%	2.0%	1.5%	1.6%	1.6%	2.0%	3.1%	3.2%	3.1%	3.5%	2.9%	4.0%	5.0%	6.6%	8.4%	8.39%
PEG Ratio	snapshot only																				1.409
EV/OCF	snapshot only																				11.296
EV/Gross Profit	snapshot only																				4.575
Acquirers Multiple	snapshot only																				12.100
Shareholder Yield	snapshot only																				17.59%
Graham Number	snapshot only																				$81.79

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	1.15	1.13	1.25	1.02	0.98	0.92	0.93	0.99	0.94	0.93	0.98	1.05	1.14	1.05	1.11	1.13	1.04	0.99	1.03	1.06	1.056
Quick Ratio	1.15	1.13	1.25	1.02	0.98	0.92	0.93	0.99	0.94	0.93	0.98	1.05	1.14	1.05	1.11	1.13	1.04	0.99	1.03	1.06	1.056
Debt/Equity	0.38	0.38	0.50	1.07	1.15	1.10	1.11	1.09	1.00	0.87	0.82	0.75	0.67	0.56	0.62	0.64	0.69	1.15	1.87	1.86	1.861
Net Debt/Equity	0.03	-0.01	0.09	0.74	0.81	0.75	0.79	0.79	0.70	0.58	0.52	0.44	0.28	0.22	0.28	0.30	0.35	0.72	1.35	1.35	1.349
Debt/Assets	0.19	0.19	0.23	0.38	0.40	0.38	0.39	0.39	0.37	0.34	0.33	0.31	0.29	0.25	0.28	0.28	0.29	0.39	0.48	0.48	0.483
Debt/EBITDA	1.23	1.29	1.65	3.28	3.83	4.04	4.69	4.56	3.41	2.72	2.19	1.87	1.58	1.26	1.36	1.36	1.43	1.93	2.47	2.35	2.346
Net Debt/EBITDA	0.09	-0.04	0.31	2.26	2.68	2.78	3.34	3.28	2.41	1.81	1.40	1.10	0.67	0.49	0.60	0.65	0.72	1.21	1.78	1.70	1.701
Interest Coverage	24.45	25.09	25.87	21.14	9.71	5.34	2.66	2.17	3.08	3.99	5.43	6.64	8.78	10.60	12.18	13.56	13.69	13.47	12.40	11.45	11.454
Equity Multiplier	1.98	2.02	2.12	2.79	2.90	2.88	2.86	2.80	2.69	2.56	2.45	2.37	2.28	2.19	2.23	2.25	2.35	2.94	3.91	3.85	3.854
Cash Ratio	snapshot only																				0.534
Debt Service Coverage	snapshot only																				15.179
Cash to Debt	snapshot only																				0.275
FCF to Debt	snapshot only																				0.261
Defensive Interval	snapshot only																				337.8 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.61	0.61	0.64	0.59	0.60	0.59	0.60	0.56	0.58	0.59	0.61	0.63	0.64	0.65	0.66	0.67	0.67	0.69	0.66	0.68	0.678
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	7.59	7.17	6.98	6.76	7.09	6.49	6.59	6.13	6.78	6.26	6.74	6.59	7.10	6.48	6.93	6.52	6.92	6.53	6.74	6.69	6.693
Payables Turnover	—	—	—	—	—	—	—	—	—	21.52	—	—	—	10.81	19.63	20.33	20.71	10.29	9.74	10.64	10.644
DSO	48	51	52	54	51	56	55	60	54	58	54	55	51	56	53	56	53	56	54	55	54.5 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	0	0	0	0	0	0	0	0	0	17	0	0	0	34	19	18	18	35	37	34	34.3 days
Cash Conversion Cycle	48	51	52	54	51	56	55	60	54	41	54	55	51	23	34	38	35	20	17	20	20.2 days
Fixed Asset Turnover	snapshot only																				6.348
Cash Velocity	snapshot only																				4.900
Capital Intensity	snapshot only																				1.537

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	20.6%	22.3%	20.9%	17.6%	14.9%	10.1%	7.4%	6.0%	6.3%	9.0%	11.0%	12.5%	12.6%	11.6%	10.1%	8.2%	7.8%	7.5%	8.4%	9.3%	9.33%
Net Income	20.6%	-13.6%	-27.5%	-24.1%	-41.7%	-63.5%	-90.9%	-87.5%	-42.7%	1.0%	11.7%	9.8%	3.6%	1.6%	80.5%	64.3%	15.2%	1.2%	4.8%	4.3%	4.33%
EPS	20.0%	-13.9%	-27.5%	-23.4%	-40.7%	-62.9%	-90.8%	-87.4%	-43.0%	98.7%	11.6%	9.7%	3.6%	1.6%	80.0%	65.5%	16.8%	7.1%	15.0%	17.2%	17.20%
FCF	22.0%	13.2%	-4.2%	-26.4%	-38.3%	-51.7%	-44.8%	-46.3%	-24.1%	17.2%	57.7%	2.1%	1.8%	1.3%	70.5%	0.1%	-11.2%	-1.4%	-2.4%	27.6%	27.63%
EBITDA	14.5%	-5.1%	-13.1%	-11.0%	-17.4%	-20.5%	-30.0%	-27.0%	2.6%	30.5%	80.0%	92.8%	81.8%	68.5%	43.2%	33.0%	10.3%	1.3%	5.1%	6.9%	6.91%
Op. Income	30.3%	19.4%	3.5%	13.0%	-16.3%	-34.7%	-44.8%	-51.1%	-17.1%	37.4%	1.2%	2.0%	1.4%	1.1%	69.5%	43.1%	30.2%	8.6%	12.3%	15.5%	15.49%
OCF Growth	snapshot only																				20.85%
Asset Growth	snapshot only																				8.68%
Equity Growth	snapshot only																				-36.59%
Debt Growth	snapshot only																				84.22%
Shares Change	snapshot only																				-10.98%
Dividend Growth	snapshot only																				17.69%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	17.4%	18.6%	19.4%	19.8%	18.8%	16.6%	15.0%	14.1%	13.8%	13.6%	13.0%	12.0%	11.2%	10.2%	9.5%	8.9%	8.8%	9.3%	9.8%	10.0%	10.01%
Revenue 5Y	15.5%	16.3%	16.7%	16.5%	16.1%	15.5%	14.9%	14.7%	14.6%	14.9%	15.2%	15.5%	14.9%	14.1%	13.2%	12.6%	12.3%	12.0%	11.5%	10.7%	10.67%
EPS 3Y	5.5%	1.6%	1.7%	1.5%	-9.1%	-22.2%	-50.8%	-46.3%	-26.0%	-14.1%	-5.6%	1.1%	15.6%	24.4%	27.9%	30.6%	45.0%	77.2%	2.0%	1.7%	1.75%
EPS 5Y	10.6%	3.6%	4.1%	2.1%	-5.9%	-12.3%	-36.3%	-31.9%	-16.9%	-5.0%	4.1%	7.1%	14.4%	19.6%	22.0%	22.3%	16.7%	12.2%	11.8%	14.9%	14.90%
Net Income 3Y	5.7%	1.8%	1.9%	1.3%	-9.5%	-22.6%	-51.0%	-46.5%	-26.1%	-14.2%	-5.8%	0.9%	15.5%	24.2%	27.7%	30.5%	44.9%	74.4%	1.9%	1.6%	1.64%
Net Income 5Y	10.6%	3.7%	4.2%	2.0%	-6.0%	-12.4%	-36.3%	-32.0%	-17.0%	-5.1%	4.1%	7.1%	14.4%	19.5%	21.9%	22.1%	16.4%	10.8%	9.6%	12.0%	11.99%
EBITDA 3Y	9.3%	7.2%	8.0%	7.9%	2.6%	0.0%	-4.5%	-5.2%	-1.0%	-0.5%	3.1%	7.8%	15.5%	20.5%	21.8%	23.3%	27.2%	30.6%	39.4%	40.0%	39.96%
EBITDA 5Y	10.8%	6.7%	7.2%	5.8%	2.3%	3.3%	-1.5%	-0.5%	2.0%	5.1%	9.7%	12.1%	15.0%	17.1%	17.6%	16.9%	14.2%	10.9%	10.5%	12.2%	12.25%
Gross Profit 3Y	17.3%	18.0%	18.4%	18.5%	18.0%	16.2%	14.2%	13.2%	12.9%	12.8%	12.6%	12.3%	12.2%	11.3%	10.9%	10.6%	10.4%	11.0%	12.5%	13.2%	13.17%
Gross Profit 5Y	16.5%	17.1%	17.5%	17.0%	16.3%	15.8%	14.4%	14.0%	13.9%	14.4%	15.2%	15.7%	15.5%	14.7%	14.0%	13.5%	13.0%	12.4%	11.9%	11.4%	11.38%
Op. Income 3Y	5.8%	6.0%	4.2%	5.6%	1.3%	-4.0%	-9.7%	-14.1%	-3.3%	2.3%	7.9%	17.8%	18.5%	23.6%	27.2%	27.4%	37.2%	46.4%	61.1%	69.6%	69.64%
Op. Income 5Y	6.4%	7.3%	8.1%	8.5%	3.2%	-0.2%	-6.4%	-8.8%	-3.9%	1.3%	6.5%	11.2%	15.6%	20.7%	22.4%	21.8%	23.0%	19.6%	19.0%	22.0%	21.96%
FCF 3Y	15.1%	13.4%	8.5%	-3.1%	-9.6%	-12.9%	-12.4%	-24.6%	-17.0%	-13.8%	-5.9%	7.5%	9.8%	8.8%	14.1%	19.1%	24.0%	38.0%	37.9%	58.9%	58.94%
FCF 5Y	20.7%	18.2%	10.3%	6.7%	3.6%	-1.7%	-2.9%	-9.9%	-6.5%	-3.7%	2.1%	8.9%	9.7%	12.0%	12.6%	6.1%	7.5%	7.5%	6.8%	9.7%	9.68%
OCF 3Y	13.3%	12.6%	9.2%	1.9%	-2.6%	-3.8%	-2.8%	-11.4%	-7.1%	-6.3%	-1.1%	8.8%	10.4%	9.6%	12.9%	15.1%	17.8%	25.6%	25.6%	36.7%	36.65%
OCF 5Y	17.0%	16.1%	10.5%	8.5%	7.0%	3.6%	2.5%	-1.8%	-0.9%	0.1%	4.3%	9.2%	10.0%	12.1%	12.7%	8.0%	8.9%	8.9%	8.1%	10.1%	10.12%
Assets 3Y	24.0%	25.3%	22.7%	30.1%	14.4%	13.6%	14.6%	13.7%	9.3%	8.1%	8.2%	7.9%	9.1%	7.4%	7.7%	1.6%	1.4%	1.1%	4.9%	4.5%	4.50%
Assets 5Y	21.0%	16.2%	16.2%	20.3%	19.8%	19.8%	19.2%	19.4%	18.4%	18.5%	16.9%	16.7%	9.3%	8.4%	9.4%	9.1%	6.8%	5.9%	8.3%	7.8%	7.79%
Equity 3Y	14.3%	14.8%	11.8%	7.3%	4.2%	3.7%	5.3%	4.4%	1.9%	1.5%	1.5%	2.0%	4.2%	4.6%	6.0%	9.2%	8.7%	0.4%	-5.4%	-6.1%	-6.08%
Book Value 3Y	14.0%	14.6%	11.5%	7.5%	4.6%	4.1%	5.7%	4.7%	2.1%	1.6%	1.8%	2.2%	4.3%	4.8%	6.1%	9.2%	8.8%	2.0%	-2.7%	-2.4%	-2.36%
Dividend 3Y	1.6%	1.5%	2.4%	3.5%	4.2%	4.8%	3.7%	2.8%	2.1%	1.4%	2.0%	2.3%	2.6%	3.0%	3.2%	3.4%	3.5%	5.2%	5.6%	5.6%	5.58%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.94	0.95	0.96	0.96	0.96	0.97	0.98	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	1.00	1.00	1.00	0.999
Earnings Stability	0.72	0.44	0.31	0.26	0.05	0.05	0.16	0.17	0.46	0.24	0.03	0.00	0.06	0.14	0.16	0.23	0.35	0.35	0.33	0.42	0.423
Margin Stability	0.98	0.98	0.97	0.98	0.99	0.99	0.98	0.98	0.99	0.99	0.98	0.97	0.98	0.98	0.98	0.97	0.98	0.98	0.97	0.97	0.969
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.92	0.95	0.89	0.90	0.83	0.50	0.50	0.50	0.83	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.94	1.00	0.98	0.98	0.983
Earnings Smoothness	0.81	0.85	0.68	0.73	0.47	0.07	0.00	0.00	0.46	0.33	0.00	0.00	0.00	0.10	0.43	0.51	0.86	0.99	0.95	0.96	0.958
ROE Trend	-0.00	-0.02	-0.03	-0.01	-0.05	-0.10	-0.15	-0.14	-0.07	0.01	0.08	0.09	0.13	0.15	0.15	0.16	0.12	0.14	0.20	0.20	0.201
Gross Margin Trend	0.00	-0.01	-0.01	-0.01	-0.01	-0.01	-0.02	-0.02	-0.01	0.00	0.02	0.03	0.03	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.013
FCF Margin Trend	-0.02	-0.01	-0.04	-0.09	-0.09	-0.12	-0.11	-0.10	-0.08	-0.05	-0.00	0.08	0.10	0.10	0.09	0.04	0.02	0.03	0.01	0.02	0.021
Sustainable Growth Rate	12.4%	10.4%	9.6%	9.5%	5.0%	0.7%	-3.5%	-3.2%	0.6%	6.1%	11.4%	13.4%	18.4%	20.4%	20.9%	21.7%	19.5%	20.9%	24.8%	26.1%	26.12%
Internal Growth Rate	6.4%	5.3%	4.9%	4.2%	2.1%	0.3%	—	—	0.2%	2.3%	4.5%	5.5%	8.1%	9.5%	9.8%	10.4%	9.2%	9.1%	9.4%	10.0%	10.01%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	2.02	2.33	2.22	1.93	2.67	4.22	17.72	11.12	3.98	2.24	1.82	2.09	1.76	1.60	1.53	1.32	1.43	1.58	1.47	1.53	1.534
FCF/OCF	0.78	0.77	0.74	0.66	0.63	0.57	0.56	0.49	0.56	0.62	0.68	0.76	0.77	0.76	0.76	0.73	0.73	0.75	0.74	0.77	0.769
FCF/Net Income	snapshot only																				1.180
OCF/EBITDA	snapshot only																				0.797
CapEx/Revenue	5.8%	6.0%	6.1%	6.6%	6.7%	6.9%	6.9%	6.7%	6.3%	5.8%	5.9%	5.8%	5.9%	6.3%	6.1%	6.2%	6.1%	6.0%	6.1%	5.8%	5.82%
CapEx/Depreciation	snapshot only																				0.750
Accruals Ratio	-0.08	-0.09	-0.08	-0.05	-0.07	-0.07	-0.09	-0.07	-0.06	-0.05	-0.05	-0.08	-0.07	-0.06	-0.06	-0.04	-0.05	-0.06	-0.05	-0.06	-0.059
Sloan Accruals	snapshot only																				-0.070
Cash Flow Adequacy	snapshot only																				2.857
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	0.5%	0.4%	0.5%	0.6%	0.7%	0.7%	0.7%	0.8%	0.6%	0.5%	0.5%	0.5%	0.5%	0.5%	0.6%	0.5%	0.8%	0.9%	1.2%	1.3%	1.09%
Dividend/Share	$1.23	$1.25	$1.30	$1.35	$1.40	$1.44	$1.45	$1.46	$1.47	$1.49	$1.52	$1.55	$1.57	$1.61	$1.66	$1.72	$1.77	$1.89	$1.97	$2.02	$2.00
Payout Ratio	25.2%	28.0%	30.5%	32.0%	48.3%	87.2%	3.7%	2.7%	89.1%	45.3%	30.7%	27.1%	20.8%	18.7%	18.6%	18.2%	20.0%	20.6%	19.2%	18.3%	18.26%
FCF Payout Ratio	15.9%	15.6%	18.6%	25.2%	28.9%	36.5%	37.1%	50.4%	40.3%	32.4%	24.8%	17.1%	15.3%	15.4%	16.0%	18.9%	19.1%	17.4%	17.7%	15.5%	15.48%
Total Payout Ratio	30.2%	32.0%	91.1%	1.4%	2.3%	4.1%	10.6%	3.8%	1.0%	46.3%	31.3%	27.1%	20.8%	21.9%	50.2%	75.9%	1.3%	2.3%	2.6%	2.5%	2.47%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.06	0.06	0.09	0.11	0.13	0.14	0.11	0.08	0.06	0.04	0.06	0.07	0.08	0.09	0.10	0.11	0.11	0.12	0.09	0.06	0.061
Buyback Yield	0.1%	0.1%	1.0%	2.0%	2.5%	2.5%	1.4%	0.3%	0.1%	0.0%	0.0%	0.0%	0.0%	0.1%	0.9%	1.7%	4.1%	8.9%	14.8%	16.3%	16.29%
Net Buyback Yield	0.1%	0.1%	1.0%	2.0%	2.5%	2.5%	1.4%	0.3%	0.1%	0.0%	0.0%	0.0%	0.0%	0.1%	0.9%	1.7%	4.1%	8.9%	14.8%	16.3%	16.29%
Total Shareholder Return	0.6%	0.4%	1.5%	2.6%	3.1%	3.2%	2.1%	1.1%	0.7%	0.5%	0.5%	0.5%	0.5%	0.6%	1.5%	2.3%	4.9%	9.8%	15.9%	17.6%	17.59%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.77	0.76	0.74	0.75	0.72	0.56	0.26	0.40	0.61	0.81	0.82	0.78	0.79	0.78	0.78	0.78	0.76	0.75	0.76	0.75	0.749
Interest Burden (EBT/EBIT)	0.98	0.98	0.98	0.96	0.89	0.79	0.58	0.49	0.64	0.72	0.79	0.83	0.87	0.90	0.91	0.92	0.92	0.92	0.92	0.92	0.919
EBIT Margin	0.17	0.15	0.15	0.14	0.10	0.09	0.06	0.06	0.09	0.12	0.16	0.18	0.21	0.23	0.24	0.24	0.22	0.22	0.23	0.24	0.239
Asset Turnover	0.61	0.61	0.64	0.59	0.60	0.59	0.60	0.56	0.58	0.59	0.61	0.63	0.64	0.65	0.66	0.67	0.67	0.69	0.66	0.68	0.678
Equity Multiplier	2.07	2.07	2.07	2.38	2.40	2.42	2.47	2.80	2.79	2.71	2.64	2.57	2.46	2.36	2.33	2.31	2.31	2.51	2.88	2.87	2.872

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$4.89	$4.45	$4.26	$4.24	$2.90	$1.65	$0.39	$0.53	$1.65	$3.28	$4.95	$5.71	$7.56	$8.58	$8.91	$9.44	$8.83	$9.19	$10.25	$11.07	$11.07
Book Value/Share	$31.92	$32.62	$31.22	$28.93	$27.61	$28.27	$28.15	$28.87	$29.00	$30.88	$32.17	$33.26	$36.24	$37.55	$37.34	$37.72	$35.54	$30.02	$25.92	$26.87	$27.08
Tangible Book/Share	$-3.86	$-2.75	$-3.98	$-21.70	$-21.60	$-21.39	$-21.15	$-20.27	$-19.12	$-17.10	$-15.22	$-13.43	$-10.33	$-8.17	$-9.57	$-9.74	$-11.66	$-18.87	$-33.59	$-33.88	$-33.88
Revenue/Share	$37.27	$39.15	$40.73	$42.39	$43.51	$43.81	$44.24	$45.04	$46.03	$47.41	$48.88	$50.32	$51.45	$52.79	$53.69	$54.85	$56.23	$60.09	$63.83	$67.36	$67.90
FCF/Share	$7.72	$8.02	$6.98	$5.38	$4.84	$3.94	$3.89	$2.89	$3.66	$4.59	$6.11	$9.04	$10.28	$10.42	$10.40	$9.11	$9.25	$10.87	$11.13	$13.06	$13.16
OCF/Share	$9.88	$10.37	$9.45	$8.17	$7.73	$6.97	$6.96	$5.92	$6.58	$7.36	$8.99	$11.94	$13.33	$13.73	$13.67	$12.51	$12.65	$14.49	$15.02	$16.98	$17.11
Cash/Share	$11.23	$12.58	$12.58	$9.72	$9.53	$9.71	$9.00	$8.84	$8.48	$9.05	$9.51	$10.19	$13.93	$12.78	$12.97	$12.65	$12.08	$12.99	$13.54	$13.75	$13.86
EBITDA/Share	$9.89	$9.48	$9.42	$9.46	$8.30	$7.67	$6.67	$6.92	$8.47	$9.93	$11.95	$13.25	$15.30	$16.69	$17.08	$17.75	$17.12	$17.91	$19.68	$21.31	$21.31
Debt/Share	$12.15	$12.25	$15.49	$31.06	$31.78	$31.00	$31.26	$31.54	$28.91	$26.98	$26.23	$24.78	$24.13	$20.97	$23.27	$24.16	$24.47	$34.59	$48.51	$49.99	$49.99
Net Debt/Share	$0.92	$-0.34	$2.91	$21.34	$22.25	$21.29	$22.25	$22.71	$20.43	$17.93	$16.72	$14.59	$10.21	$8.19	$10.30	$11.50	$12.40	$21.60	$34.97	$36.25	$36.25

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman-B Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	13.430
Altman Z-Prime	snapshot only																				5.233
Piotroski F-Score	7	5	6	5	6	4	4	5	6	8	8	8	8	7	8	9	6	7	6	6	6
Beneish M-Score	-2.54	-2.61	-2.68	-2.32	-2.58	-2.62	-2.65	-2.75	-2.74	-2.62	-2.67	-2.87	-2.73	-2.71	-2.68	-2.48	-2.56	-2.66	-2.50	-2.72	-2.723
Ohlson O-Score	snapshot only																				-6.465
Net-Net WC	snapshot only																				$-49.53
EVA	snapshot only																				$212552226.56

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				A
Credit Score	92.02	88.99	82.15	72.97	65.97	64.17	52.72	52.38	63.12	68.84	72.18	79.96	80.05	81.09	79.32	79.94	79.19	78.34	71.41	73.51	73.512
Credit Grade	snapshot only																				6
Credit Trend	snapshot only																				-6.430
Implied Spread (bps)	snapshot only																				150.000
Industry Credit Rank	snapshot only																				40
Sector Credit Rank	snapshot only																				75

MORN NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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