Morningstar, Inc.

Morningstar’s balance sheet is conservative.

As of June 30, 2025, cash and investments were 541.6 million against 838.8 million of debt, and the company reported compliance with all covenants; leverage was about 0.9x EBITDA at year‑end 2024. Fixed 2.32% 2030 notes and a sizable SOFR‑based revolver provide flexibility, and TTM free cash flow is about 390 million.

This provides capacity to fund organic investment and selective M&A while maintaining resilience through cycles.