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Side-by-side financial comparison of Morningstar, Inc. (MORN) and PJT Partners Inc. (PJT). Click either name above to swap in a different company.
Morningstar, Inc. is the larger business by last-quarter revenue ($641.1M vs $531.4M, roughly 1.2× PJT Partners Inc.). Morningstar, Inc. runs the higher net margin — 18.0% vs 10.0%, a 7.9% gap on every dollar of revenue. On growth, PJT Partners Inc. posted the faster year-over-year revenue change (12.9% vs 8.5%). Morningstar, Inc. produced more free cash flow last quarter ($161.3M vs $138.6M). Over the past eight quarters, PJT Partners Inc.'s revenue compounded faster (27.5% 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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
MORN vs PJT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $641.1M | $531.4M |
| Net Profit | $115.1M | $53.4M |
| Gross Margin | 61.1% | — |
| Operating Margin | 24.9% | 23.1% |
| Net Margin | 18.0% | 10.0% |
| Revenue YoY | 8.5% | 12.9% |
| Net Profit YoY | -1.5% | 4.0% |
| 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 | $531.4M | ||
| Q3 25 | $617.4M | $442.3M | ||
| Q2 25 | $605.1M | $401.1M | ||
| Q1 25 | $581.9M | $321.9M | ||
| Q4 24 | $591.0M | $470.5M | ||
| Q3 24 | $569.4M | $320.3M | ||
| Q2 24 | $571.9M | $358.1M | ||
| Q1 24 | $542.8M | $327.1M |
| Q4 25 | $115.1M | $53.4M | ||
| Q3 25 | $91.6M | $39.8M | ||
| Q2 25 | $89.0M | $32.9M | ||
| Q1 25 | $78.5M | $54.0M | ||
| Q4 24 | $116.9M | $51.3M | ||
| Q3 24 | $119.7M | $22.1M | ||
| Q2 24 | $69.1M | $28.3M | ||
| Q1 24 | $64.2M | $32.6M |
| 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% | 23.1% | ||
| Q3 25 | 20.7% | 20.6% | ||
| Q2 25 | 20.7% | 19.1% | ||
| Q1 25 | 19.6% | 16.3% | ||
| Q4 24 | 28.5% | 21.9% | ||
| Q3 24 | 20.3% | 15.4% | ||
| Q2 24 | 19.0% | 18.0% | ||
| Q1 24 | 17.1% | 16.5% |
| Q4 25 | 18.0% | 10.0% | ||
| Q3 25 | 14.8% | 9.0% | ||
| Q2 25 | 14.7% | 8.2% | ||
| Q1 25 | 13.5% | 16.8% | ||
| Q4 24 | 19.8% | 10.9% | ||
| Q3 24 | 21.0% | 6.9% | ||
| Q2 24 | 12.1% | 7.9% | ||
| Q1 24 | 11.8% | 10.0% |
| 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 | $538.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $308.2M |
| Total Assets | $3.6B | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $528.7M | $538.9M | ||
| Q3 25 | $40.3M | $400.5M | ||
| Q2 25 | $38.1M | $214.6M | ||
| Q1 25 | $47.7M | $194.3M | ||
| Q4 24 | $551.0M | $483.9M | ||
| Q3 24 | $48.8M | $148.8M | ||
| Q2 24 | $48.0M | $164.2M | ||
| Q1 24 | $55.4M | $215.5M |
| 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 | $308.2M | ||
| Q3 25 | $1.5B | $228.6M | ||
| Q2 25 | $1.6B | $167.4M | ||
| Q1 25 | $1.6B | $148.8M | ||
| Q4 24 | $1.6B | $187.0M | ||
| Q3 24 | $1.6B | $159.1M | ||
| Q2 24 | $1.4B | $133.8M | ||
| Q1 24 | $1.4B | $174.6M |
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.6B | $1.7B | ||
| Q2 25 | $3.6B | $1.5B | ||
| Q1 25 | $3.6B | $1.4B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.6B | $1.6B | ||
| Q2 24 | $3.4B | $1.4B | ||
| Q1 24 | $3.4B | $1.3B |
| 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 | $155.7M |
| Free Cash FlowOCF − Capex | $161.3M | $138.6M |
| FCF MarginFCF / Revenue | 25.2% | 26.1% |
| Capex IntensityCapex / Revenue | 6.7% | 3.2% |
| Cash ConversionOCF / Net Profit | 1.77× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $442.6M | $480.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.0M | $155.7M | ||
| Q3 25 | $195.7M | $256.1M | ||
| Q2 25 | $99.0M | $190.4M | ||
| Q1 25 | $91.0M | $-75.9M | ||
| Q4 24 | $153.4M | $195.7M | ||
| Q3 24 | $191.9M | $180.5M | ||
| Q2 24 | $152.7M | $193.6M | ||
| Q1 24 | $93.6M | $-38.8M |
| Q4 25 | $161.3M | $138.6M | ||
| Q3 25 | $160.1M | $240.9M | ||
| Q2 25 | $62.4M | $178.9M | ||
| Q1 25 | $58.8M | $-77.9M | ||
| Q4 24 | $112.8M | $195.3M | ||
| Q3 24 | $155.8M | $178.5M | ||
| Q2 24 | $120.8M | $193.0M | ||
| Q1 24 | $59.5M | $-39.2M |
| Q4 25 | 25.2% | 26.1% | ||
| Q3 25 | 25.9% | 54.5% | ||
| Q2 25 | 10.3% | 44.6% | ||
| Q1 25 | 10.1% | -24.2% | ||
| Q4 24 | 19.1% | 41.5% | ||
| Q3 24 | 27.4% | 55.7% | ||
| Q2 24 | 21.1% | 53.9% | ||
| Q1 24 | 11.0% | -12.0% |
| Q4 25 | 6.7% | 3.2% | ||
| Q3 25 | 5.8% | 3.4% | ||
| Q2 25 | 6.0% | 2.9% | ||
| Q1 25 | 5.5% | 0.6% | ||
| Q4 24 | 6.9% | 0.1% | ||
| Q3 24 | 6.3% | 0.6% | ||
| Q2 24 | 5.6% | 0.1% | ||
| Q1 24 | 6.3% | 0.1% |
| Q4 25 | 1.77× | 2.92× | ||
| Q3 25 | 2.14× | 6.43× | ||
| Q2 25 | 1.11× | 5.79× | ||
| Q1 25 | 1.16× | -1.41× | ||
| Q4 24 | 1.31× | 3.81× | ||
| Q3 24 | 1.60× | 8.15× | ||
| Q2 24 | 2.21× | 6.84× | ||
| Q1 24 | 1.46× | -1.19× |
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% |
PJT
Segment breakdown not available.
