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Side-by-side financial comparison of Morningstar, Inc. (MORN) and New Fortress Energy Inc. (NFE). Click either name above to swap in a different company.
Morningstar, Inc. is the larger business by last-quarter revenue ($644.8M vs $326.2M, roughly 2.0× New Fortress Energy Inc.). On growth, Morningstar, Inc. posted the faster year-over-year revenue change (10.8% vs -7.0%). Morningstar, Inc. produced more free cash flow last quarter ($53.6M vs $-134.8M). Over the past eight quarters, Morningstar, Inc.'s revenue compounded faster (6.2% CAGR vs -26.8%).
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
MORN vs NFE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $644.8M | $326.2M |
| Net Profit | — | $-847.1M |
| Gross Margin | 62.9% | 35.5% |
| Operating Margin | 24.2% | -193.0% |
| Net Margin | — | -259.7% |
| Revenue YoY | 10.8% | -7.0% |
| Net Profit YoY | — | -277.4% |
| EPS (diluted) | $2.73 | $-3.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $644.8M | — | ||
| Q4 25 | $641.1M | $326.2M | ||
| Q3 25 | $617.4M | $240.3M | ||
| Q2 25 | $605.1M | $228.1M | ||
| Q1 25 | $581.9M | $384.9M | ||
| Q4 24 | $591.0M | $350.7M | ||
| Q3 24 | $569.4M | $446.0M | ||
| Q2 24 | $571.9M | $291.2M |
| Q1 26 | — | — | ||
| Q4 25 | $115.1M | $-847.1M | ||
| Q3 25 | $91.6M | $-263.0M | ||
| Q2 25 | $89.0M | $-546.5M | ||
| Q1 25 | $78.5M | $-175.4M | ||
| Q4 24 | $116.9M | $-224.4M | ||
| Q3 24 | $119.7M | $9.3M | ||
| Q2 24 | $69.1M | $-88.9M |
| Q1 26 | 62.9% | — | ||
| Q4 25 | 61.1% | 35.5% | ||
| Q3 25 | 60.9% | 18.1% | ||
| Q2 25 | 61.9% | 8.4% | ||
| Q1 25 | 60.2% | 21.4% | ||
| Q4 24 | 60.7% | 17.6% | ||
| Q3 24 | 60.9% | 27.1% | ||
| Q2 24 | 61.1% | 23.8% |
| Q1 26 | 24.2% | — | ||
| Q4 25 | 24.9% | -193.0% | ||
| Q3 25 | 20.7% | -37.4% | ||
| Q2 25 | 20.7% | -170.3% | ||
| Q1 25 | 19.6% | -3.3% | ||
| Q4 24 | 28.5% | 65.0% | ||
| Q3 24 | 20.3% | 17.8% | ||
| Q2 24 | 19.0% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | -259.7% | ||
| Q3 25 | 14.8% | -109.4% | ||
| Q2 25 | 14.7% | -239.6% | ||
| Q1 25 | 13.5% | -45.6% | ||
| Q4 24 | 19.8% | -64.0% | ||
| Q3 24 | 21.0% | 2.1% | ||
| Q2 24 | 12.1% | -30.5% |
| Q1 26 | $2.73 | — | ||
| Q4 25 | $2.79 | $-3.03 | ||
| Q3 25 | $2.17 | $-0.96 | ||
| Q2 25 | $2.09 | $-1.99 | ||
| Q1 25 | $1.82 | $-0.65 | ||
| Q4 24 | $2.72 | $-1.10 | ||
| Q3 24 | $2.77 | $0.03 | ||
| Q2 24 | $1.60 | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $492.8M | $226.5M |
| Total DebtLower is stronger | $1.7B | $8.2B |
| Stockholders' EquityBook value | $1.0B | $182.6M |
| Total Assets | $4.0B | $10.6B |
| Debt / EquityLower = less leverage | 1.68× | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $492.8M | — | ||
| Q4 25 | $528.7M | $226.5M | ||
| Q3 25 | $40.3M | $145.2M | ||
| Q2 25 | $38.1M | $551.1M | ||
| Q1 25 | $47.7M | $447.9M | ||
| Q4 24 | $551.0M | $492.9M | ||
| Q3 24 | $48.8M | $90.8M | ||
| Q2 24 | $48.0M | $133.0M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | — | $8.2B | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | $8.9B | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — |
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $182.6M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $1.6B | $1.9B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.6B | $10.6B | ||
| Q3 25 | $3.6B | $12.0B | ||
| Q2 25 | $3.6B | $12.0B | ||
| Q1 25 | $3.6B | $13.1B | ||
| Q4 24 | $3.5B | $12.9B | ||
| Q3 24 | $3.6B | $12.0B | ||
| Q2 24 | $3.4B | $11.4B |
| Q1 26 | 1.68× | — | ||
| Q4 25 | — | 44.78× | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | 4.74× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-76.2M |
| Free Cash FlowOCF − Capex | $53.6M | $-134.8M |
| FCF MarginFCF / Revenue | 8.3% | -41.3% |
| Capex IntensityCapex / Revenue | 5.9% | 18.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $437.4M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $204.0M | $-76.2M | ||
| Q3 25 | $195.7M | $-171.0M | ||
| Q2 25 | $99.0M | $-329.0M | ||
| Q1 25 | $91.0M | $-7.2M | ||
| Q4 24 | $153.4M | $445.3M | ||
| Q3 24 | $191.9M | $-20.0M | ||
| Q2 24 | $152.7M | $113.9M |
| Q1 26 | $53.6M | — | ||
| Q4 25 | $161.3M | $-134.8M | ||
| Q3 25 | $160.1M | $-231.6M | ||
| Q2 25 | $62.4M | $-726.7M | ||
| Q1 25 | $58.8M | $-262.3M | ||
| Q4 24 | $112.8M | $-210.3M | ||
| Q3 24 | $155.8M | $-367.0M | ||
| Q2 24 | $120.8M | $-493.2M |
| Q1 26 | 8.3% | — | ||
| Q4 25 | 25.2% | -41.3% | ||
| Q3 25 | 25.9% | -96.4% | ||
| Q2 25 | 10.3% | -318.6% | ||
| Q1 25 | 10.1% | -68.2% | ||
| Q4 24 | 19.1% | -60.0% | ||
| Q3 24 | 27.4% | -82.3% | ||
| Q2 24 | 21.1% | -169.3% |
| Q1 26 | 5.9% | — | ||
| Q4 25 | 6.7% | 18.0% | ||
| Q3 25 | 5.8% | 25.2% | ||
| Q2 25 | 6.0% | 174.4% | ||
| Q1 25 | 5.5% | 66.3% | ||
| Q4 24 | 6.9% | 187.0% | ||
| Q3 24 | 6.3% | 77.8% | ||
| Q2 24 | 5.6% | 208.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | -2.15× | ||
| Q2 24 | 2.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
