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Side-by-side financial comparison of Morningstar, Inc. (MORN) and OPEN TEXT CORP (OTEX). Click either name above to swap in a different company.
OPEN TEXT CORP is the larger business by last-quarter revenue ($1.3B vs $644.8M, roughly 2.0× Morningstar, Inc.). On growth, Morningstar, Inc. posted the faster year-over-year revenue change (10.8% vs 2.2%). OPEN TEXT CORP produced more free cash flow last quarter ($305.0M vs $53.6M). Over the past eight quarters, Morningstar, Inc.'s revenue compounded faster (6.2% CAGR vs -3.0%).
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.
Open Text Corporation is a global software company that develops and sells information management software.
MORN vs OTEX — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $644.8M | $1.3B |
| Net Profit | — | $172.7M |
| Gross Margin | 62.9% | 73.1% |
| Operating Margin | 24.2% | 15.7% |
| Net Margin | — | 13.5% |
| Revenue YoY | 10.8% | 2.2% |
| Net Profit YoY | — | — |
| EPS (diluted) | $2.73 | $0.70 |
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 | $1.3B | ||
| Q4 25 | $641.1M | $1.3B | ||
| Q3 25 | $617.4M | $1.3B | ||
| Q2 25 | $605.1M | $1.3B | ||
| Q1 25 | $581.9M | $1.3B | ||
| Q4 24 | $591.0M | $1.3B | ||
| Q3 24 | $569.4M | $1.3B | ||
| Q2 24 | $571.9M | $1.4B |
| Q1 26 | — | $172.7M | ||
| Q4 25 | $115.1M | $168.1M | ||
| Q3 25 | $91.6M | $146.6M | ||
| Q2 25 | $89.0M | $28.8M | ||
| Q1 25 | $78.5M | $92.8M | ||
| Q4 24 | $116.9M | $229.9M | ||
| Q3 24 | $119.7M | $84.4M | ||
| Q2 24 | $69.1M | $248.2M |
| Q1 26 | 62.9% | 73.1% | ||
| Q4 25 | 61.1% | 74.0% | ||
| Q3 25 | 60.9% | 72.8% | ||
| Q2 25 | 61.9% | 72.3% | ||
| Q1 25 | 60.2% | 71.6% | ||
| Q4 24 | 60.7% | 73.3% | ||
| Q3 24 | 60.9% | 71.7% | ||
| Q2 24 | 61.1% | 72.5% |
| Q1 26 | 24.2% | 15.7% | ||
| Q4 25 | 24.9% | 22.0% | ||
| Q3 25 | 20.7% | 21.0% | ||
| Q2 25 | 20.7% | 13.9% | ||
| Q1 25 | 19.6% | 16.7% | ||
| Q4 24 | 28.5% | 22.2% | ||
| Q3 24 | 20.3% | 16.3% | ||
| Q2 24 | 19.0% | 14.2% |
| Q1 26 | — | 13.5% | ||
| Q4 25 | 18.0% | 12.7% | ||
| Q3 25 | 14.8% | 11.4% | ||
| Q2 25 | 14.7% | 2.2% | ||
| Q1 25 | 13.5% | 7.4% | ||
| Q4 24 | 19.8% | 17.2% | ||
| Q3 24 | 21.0% | 6.6% | ||
| Q2 24 | 12.1% | 18.2% |
| Q1 26 | $2.73 | $0.70 | ||
| Q4 25 | $2.79 | $0.66 | ||
| Q3 25 | $2.17 | $0.58 | ||
| Q2 25 | $2.09 | $0.11 | ||
| Q1 25 | $1.82 | $0.35 | ||
| Q4 24 | $2.72 | $0.87 | ||
| Q3 24 | $2.77 | $0.32 | ||
| Q2 24 | $1.60 | $0.91 |
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 | $1.3B |
| Total DebtLower is stronger | $1.7B | $6.2B |
| Stockholders' EquityBook value | $1.0B | $4.0B |
| Total Assets | $4.0B | $13.3B |
| Debt / EquityLower = less leverage | 1.68× | 1.57× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $492.8M | $1.3B | ||
| Q4 25 | $528.7M | $1.3B | ||
| Q3 25 | $40.3M | $1.1B | ||
| Q2 25 | $38.1M | $1.2B | ||
| Q1 25 | $47.7M | $1.3B | ||
| Q4 24 | $551.0M | $1.1B | ||
| Q3 24 | $48.8M | $1.0B | ||
| Q2 24 | $48.0M | $1.3B |
| Q1 26 | $1.7B | $6.2B | ||
| Q4 25 | — | $6.4B | ||
| Q3 25 | $848.9M | $6.4B | ||
| Q2 25 | $838.8M | $6.4B | ||
| Q1 25 | $803.7M | $6.4B | ||
| Q4 24 | $698.6M | $6.4B | ||
| Q3 24 | $864.7M | $6.4B | ||
| Q2 24 | $899.6M | $6.4B |
| Q1 26 | $1.0B | $4.0B | ||
| Q4 25 | $1.2B | $4.0B | ||
| Q3 25 | $1.5B | $4.0B | ||
| Q2 25 | $1.6B | $3.9B | ||
| Q1 25 | $1.6B | $4.1B | ||
| Q4 24 | $1.6B | $4.2B | ||
| Q3 24 | $1.6B | $4.1B | ||
| Q2 24 | $1.4B | $4.2B |
| Q1 26 | $4.0B | $13.3B | ||
| Q4 25 | $3.6B | $13.6B | ||
| Q3 25 | $3.6B | $13.5B | ||
| Q2 25 | $3.6B | $13.8B | ||
| Q1 25 | $3.6B | $13.8B | ||
| Q4 24 | $3.5B | $13.7B | ||
| Q3 24 | $3.6B | $13.8B | ||
| Q2 24 | $3.4B | $14.2B |
| Q1 26 | 1.68× | 1.57× | ||
| Q4 25 | — | 1.58× | ||
| Q3 25 | 0.56× | 1.61× | ||
| Q2 25 | 0.52× | 1.62× | ||
| Q1 25 | 0.50× | 1.55× | ||
| Q4 24 | 0.43× | 1.51× | ||
| Q3 24 | 0.55× | 1.55× | ||
| Q2 24 | 0.63× | 1.52× |
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 | — | $354.6M |
| Free Cash FlowOCF − Capex | $53.6M | $305.0M |
| FCF MarginFCF / Revenue | 8.3% | 23.8% |
| Capex IntensityCapex / Revenue | 5.9% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | $437.4M | $809.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $354.6M | ||
| Q4 25 | $204.0M | $318.7M | ||
| Q3 25 | $195.7M | $147.8M | ||
| Q2 25 | $99.0M | $158.2M | ||
| Q1 25 | $91.0M | $402.2M | ||
| Q4 24 | $153.4M | $348.0M | ||
| Q3 24 | $191.9M | $-77.8M | ||
| Q2 24 | $152.7M | $185.2M |
| Q1 26 | $53.6M | $305.0M | ||
| Q4 25 | $161.3M | $279.4M | ||
| Q3 25 | $160.1M | $101.2M | ||
| Q2 25 | $62.4M | $124.0M | ||
| Q1 25 | $58.8M | $373.8M | ||
| Q4 24 | $112.8M | $306.7M | ||
| Q3 24 | $155.8M | $-117.1M | ||
| Q2 24 | $120.8M | $145.2M |
| Q1 26 | 8.3% | 23.8% | ||
| Q4 25 | 25.2% | 21.1% | ||
| Q3 25 | 25.9% | 7.9% | ||
| Q2 25 | 10.3% | 9.5% | ||
| Q1 25 | 10.1% | 29.8% | ||
| Q4 24 | 19.1% | 23.0% | ||
| Q3 24 | 27.4% | -9.2% | ||
| Q2 24 | 21.1% | 10.7% |
| Q1 26 | 5.9% | 3.9% | ||
| Q4 25 | 6.7% | 3.0% | ||
| Q3 25 | 5.8% | 3.6% | ||
| Q2 25 | 6.0% | 2.6% | ||
| Q1 25 | 5.5% | 2.3% | ||
| Q4 24 | 6.9% | 3.1% | ||
| Q3 24 | 6.3% | 3.1% | ||
| Q2 24 | 5.6% | 2.9% |
| Q1 26 | — | 2.05× | ||
| Q4 25 | 1.77× | 1.90× | ||
| Q3 25 | 2.14× | 1.01× | ||
| Q2 25 | 1.11× | 5.49× | ||
| Q1 25 | 1.16× | 4.33× | ||
| Q4 24 | 1.31× | 1.51× | ||
| Q3 24 | 1.60× | -0.92× | ||
| Q2 24 | 2.21× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MORN
Segment breakdown not available.
OTEX
| Customer support | $564.8M | 44% |
| Cloud services and subscriptions | $492.9M | 38% |
| License | $145.1M | 11% |
| Professional service and other | $79.6M | 6% |
