Morningstar, Inc.
$8.40B- Market cap
- $7.86B
- Debt
- +$1.07B
- Cash
- −$528.70M
Capital structure 88% equity / 12% debt · EV / Revenue 3.44x · EV / EBITDA 11.62x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: MORN stock price at discount vs ZNTL $209.44 current versus $277.88 implied using P/S multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at ZNTL'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.
Higher is better
Pricing power
Operating leverage
Multiple discount
Not comparable
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: MORN FY 2025 (ended Dec 31, 2025) · ZNTL FY 2024 (ended Dec 31, 2024). Fiscal years are not aligned.
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 3.44x · EV / EBITDA 11.62x
Capital structure 78% equity / 22% debt · EV / Revenue 4.98x
MORN carries the larger enterprise value at $8.40B against $336.07M; MORN trades on the lower EV / Revenue multiple (3.44x vs 4.98x).
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.
Zentalis Pharmaceuticals, Inc. · implied price per share
Latest annual free cash flow must be positive to qualify 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
0.24x
Net debt / EBITDA
Leverage against operating earnings
0.75x
-0.29x
Cash and equivalents
Liquid reserves on the balance sheet
$528.70M
$33.90M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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