Morningstar, Inc.
$8.40B- Market cap
- $7.86B
- Debt
- +$1.07B
- Cash
- −$528.70M
Capital structure 88% equity / 12% debt · EV / Revenue 3.43x · EV / EBITDA 11.62x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 ·
Decision snapshot: MORN stock price at discount vs ALK $209.40 current versus $449.27 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at ALK's multiple
Implied fair value · at MORN's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple premium
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: MORN FY 2025 (ended Dec 31, 2025) · ALK FY 2025 (ended Dec 31, 2025).
Trendline
Five fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 88% equity / 12% debt · EV / Revenue 3.43x · EV / EBITDA 11.62x
Capital structure 45% equity / 55% debt · EV / Revenue 0.70x · EV / EBITDA 19.59x
ALK carries the larger enterprise value at $9.91B against $8.40B; ALK trades on the lower EV / Revenue multiple (0.70x vs 3.43x); MORN on the lower EV / EBITDA (11.62x vs 19.59x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
MORNINGSTAR, INC. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
ALASKA AIR GROUP, INC. · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.88x
1.42x
Net debt / EBITDA
Leverage against operating earnings
0.75x
10.32x
Cash and equivalents
Liquid reserves on the balance sheet
$528.70M
$627.00M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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