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Side-by-side financial comparison of Morningstar, Inc. (MORN) and Perion Network Ltd. (PERI). Click either name above to swap in a different company.
Morningstar, Inc. is the larger business by last-quarter revenue ($641.1M vs $368.7M, roughly 1.7× Perion Network Ltd.). Morningstar, Inc. runs the higher net margin — 18.0% vs 2.1%, a 15.9% gap on every dollar of revenue. Morningstar, Inc. produced more free cash flow last quarter ($161.3M vs $-2.9M). Over the past eight quarters, Perion Network Ltd.'s revenue compounded faster (16.4% CAGR vs 8.7%).
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.
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
MORN vs PERI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $641.1M | $368.7M |
| Net Profit | $115.1M | $7.7M |
| Gross Margin | 61.1% | — |
| Operating Margin | 24.9% | 2.0% |
| Net Margin | 18.0% | 2.1% |
| Revenue YoY | 8.5% | — |
| Net Profit YoY | -1.5% | — |
| EPS (diluted) | $2.79 | — |
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.
| Q4 25 | $641.1M | — | ||
| Q3 25 | $617.4M | $368.7M | ||
| Q2 25 | $605.1M | $266.5M | ||
| Q1 25 | $581.9M | $157.8M | ||
| Q4 24 | $591.0M | — | ||
| Q3 24 | $569.4M | $508.9M | ||
| Q2 24 | $571.9M | $323.6M | ||
| Q1 24 | $542.8M | $145.2M |
| Q4 25 | $115.1M | — | ||
| Q3 25 | $91.6M | $7.7M | ||
| Q2 25 | $89.0M | $5.6M | ||
| Q1 25 | $78.5M | $11.8M | ||
| Q4 24 | $116.9M | — | ||
| Q3 24 | $119.7M | $78.0M | ||
| Q2 24 | $69.1M | $45.2M | ||
| Q1 24 | $64.2M | $23.8M |
| Q4 25 | 61.1% | — | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 61.9% | — | ||
| Q1 25 | 60.2% | — | ||
| Q4 24 | 60.7% | — | ||
| Q3 24 | 60.9% | — | ||
| Q2 24 | 61.1% | — | ||
| Q1 24 | 59.8% | — |
| Q4 25 | 24.9% | — | ||
| Q3 25 | 20.7% | 2.0% | ||
| Q2 25 | 20.7% | -1.7% | ||
| Q1 25 | 19.6% | 5.4% | ||
| Q4 24 | 28.5% | — | ||
| Q3 24 | 20.3% | 15.1% | ||
| Q2 24 | 19.0% | 13.7% | ||
| Q1 24 | 17.1% | 16.9% |
| Q4 25 | 18.0% | — | ||
| Q3 25 | 14.8% | 2.1% | ||
| Q2 25 | 14.7% | 2.1% | ||
| Q1 25 | 13.5% | 7.5% | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 21.0% | 15.3% | ||
| Q2 24 | 12.1% | 14.0% | ||
| Q1 24 | 11.8% | 16.4% |
| Q4 25 | $2.79 | — | ||
| Q3 25 | $2.17 | — | ||
| Q2 25 | $2.09 | — | ||
| Q1 25 | $1.82 | — | ||
| Q4 24 | $2.72 | — | ||
| Q3 24 | $2.77 | — | ||
| Q2 24 | $1.60 | — | ||
| Q1 24 | $1.49 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $528.7M | $156.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $722.9M |
| Total Assets | $3.6B | $915.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $528.7M | — | ||
| Q3 25 | $40.3M | $156.2M | ||
| Q2 25 | $38.1M | $156.2M | ||
| Q1 25 | $47.7M | $156.2M | ||
| Q4 24 | $551.0M | — | ||
| Q3 24 | $48.8M | $187.6M | ||
| Q2 24 | $48.0M | $187.6M | ||
| Q1 24 | $55.4M | $187.6M |
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — | ||
| Q1 24 | $917.3M | — |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.5B | $722.9M | ||
| Q2 25 | $1.6B | $722.9M | ||
| Q1 25 | $1.6B | $722.9M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $718.1M | ||
| Q2 24 | $1.4B | $718.1M | ||
| Q1 24 | $1.4B | $718.1M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.6B | $915.5M | ||
| Q2 25 | $3.6B | $915.5M | ||
| Q1 25 | $3.6B | $915.5M | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.6B | $1.1B | ||
| Q2 24 | $3.4B | $1.1B | ||
| Q1 24 | $3.4B | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.66× | — |
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 | $204.0M | $2.6M |
| Free Cash FlowOCF − Capex | $161.3M | $-2.9M |
| FCF MarginFCF / Revenue | 25.2% | -0.8% |
| Capex IntensityCapex / Revenue | 6.7% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.77× | 0.34× |
| TTM Free Cash FlowTrailing 4 quarters | $442.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.0M | — | ||
| Q3 25 | $195.7M | $2.6M | ||
| Q2 25 | $99.0M | — | ||
| Q1 25 | $91.0M | — | ||
| Q4 24 | $153.4M | — | ||
| Q3 24 | $191.9M | $105.2M | ||
| Q2 24 | $152.7M | — | ||
| Q1 24 | $93.6M | $17.8M |
| Q4 25 | $161.3M | — | ||
| Q3 25 | $160.1M | $-2.9M | ||
| Q2 25 | $62.4M | — | ||
| Q1 25 | $58.8M | — | ||
| Q4 24 | $112.8M | — | ||
| Q3 24 | $155.8M | $104.7M | ||
| Q2 24 | $120.8M | — | ||
| Q1 24 | $59.5M | $17.6M |
| Q4 25 | 25.2% | — | ||
| Q3 25 | 25.9% | -0.8% | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 10.1% | — | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 27.4% | 20.6% | ||
| Q2 24 | 21.1% | — | ||
| Q1 24 | 11.0% | 12.2% |
| Q4 25 | 6.7% | — | ||
| Q3 25 | 5.8% | 1.5% | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 6.3% | 0.1% | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | 6.3% | 0.1% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.14× | 0.34× | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | 1.35× | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.46× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
