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Side-by-side financial comparison of Morningstar, Inc. (MORN) and SCANSOURCE, INC. (SCSC). Click either name above to swap in a different company.
SCANSOURCE, INC. is the larger business by last-quarter revenue ($766.5M vs $641.1M, roughly 1.2× Morningstar, Inc.). Morningstar, Inc. runs the higher net margin — 18.0% vs 2.2%, a 15.8% gap on every dollar of revenue. On growth, Morningstar, Inc. posted the faster year-over-year revenue change (8.5% vs 2.5%). Morningstar, Inc. produced more free cash flow last quarter ($161.3M vs $28.9M). Over the past eight quarters, Morningstar, Inc.'s revenue compounded faster (8.7% CAGR vs 0.9%).
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.
ScanSource, Inc. is a leading global specialty technology distributor offering a broad portfolio of solutions including point-of-sale systems, barcode scanning tools, cybersecurity products, cloud services and communication solutions. It primarily serves value-added resellers, managed service providers and enterprise clients across North America, Latin America and Europe, covering retail, healthcare, industrial and public sector core segments.
MORN vs SCSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $641.1M | $766.5M |
| Net Profit | $115.1M | $16.5M |
| Gross Margin | 61.1% | 13.4% |
| Operating Margin | 24.9% | 2.3% |
| Net Margin | 18.0% | 2.2% |
| Revenue YoY | 8.5% | 2.5% |
| Net Profit YoY | -1.5% | -3.3% |
| EPS (diluted) | $2.79 | $0.75 |
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 | $766.5M | ||
| Q3 25 | $617.4M | $739.6M | ||
| Q2 25 | $605.1M | $812.9M | ||
| Q1 25 | $581.9M | $704.8M | ||
| Q4 24 | $591.0M | $747.5M | ||
| Q3 24 | $569.4M | $775.6M | ||
| Q2 24 | $571.9M | $746.1M | ||
| Q1 24 | $542.8M | $752.6M |
| Q4 25 | $115.1M | $16.5M | ||
| Q3 25 | $91.6M | $19.9M | ||
| Q2 25 | $89.0M | $20.1M | ||
| Q1 25 | $78.5M | $17.4M | ||
| Q4 24 | $116.9M | $17.1M | ||
| Q3 24 | $119.7M | $17.0M | ||
| Q2 24 | $69.1M | $16.1M | ||
| Q1 24 | $64.2M | $12.8M |
| Q4 25 | 61.1% | 13.4% | ||
| Q3 25 | 60.9% | 14.5% | ||
| Q2 25 | 61.9% | 12.9% | ||
| Q1 25 | 60.2% | 14.2% | ||
| Q4 24 | 60.7% | 13.6% | ||
| Q3 24 | 60.9% | 13.1% | ||
| Q2 24 | 61.1% | 13.0% | ||
| Q1 24 | 59.8% | 12.6% |
| Q4 25 | 24.9% | 2.3% | ||
| Q3 25 | 20.7% | 3.5% | ||
| Q2 25 | 20.7% | 3.3% | ||
| Q1 25 | 19.6% | 3.2% | ||
| Q4 24 | 28.5% | 2.5% | ||
| Q3 24 | 20.3% | 2.3% | ||
| Q2 24 | 19.0% | 2.9% | ||
| Q1 24 | 17.1% | 2.3% |
| Q4 25 | 18.0% | 2.2% | ||
| Q3 25 | 14.8% | 2.7% | ||
| Q2 25 | 14.7% | 2.5% | ||
| Q1 25 | 13.5% | 2.5% | ||
| Q4 24 | 19.8% | 2.3% | ||
| Q3 24 | 21.0% | 2.2% | ||
| Q2 24 | 12.1% | 2.2% | ||
| Q1 24 | 11.8% | 1.7% |
| Q4 25 | $2.79 | $0.75 | ||
| Q3 25 | $2.17 | $0.89 | ||
| Q2 25 | $2.09 | $0.87 | ||
| Q1 25 | $1.82 | $0.74 | ||
| Q4 24 | $2.72 | $0.70 | ||
| Q3 24 | $2.77 | $0.69 | ||
| Q2 24 | $1.60 | $0.66 | ||
| Q1 24 | $1.49 | $0.50 |
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 | $83.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $910.9M |
| Total Assets | $3.6B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $528.7M | $83.5M | ||
| Q3 25 | $40.3M | $124.9M | ||
| Q2 25 | $38.1M | $126.2M | ||
| Q1 25 | $47.7M | $146.3M | ||
| Q4 24 | $551.0M | $110.5M | ||
| Q3 24 | $48.8M | $145.0M | ||
| Q2 24 | $48.0M | $185.5M | ||
| Q1 24 | $55.4M | $159.1M |
| 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 | $910.9M | ||
| Q3 25 | $1.5B | $914.0M | ||
| Q2 25 | $1.6B | $906.4M | ||
| Q1 25 | $1.6B | $901.7M | ||
| Q4 24 | $1.6B | $900.7M | ||
| Q3 24 | $1.6B | $920.9M | ||
| Q2 24 | $1.4B | $924.3M | ||
| Q1 24 | $1.4B | $944.1M |
| Q4 25 | $3.6B | $1.7B | ||
| Q3 25 | $3.6B | $1.7B | ||
| Q2 25 | $3.6B | $1.8B | ||
| Q1 25 | $3.6B | $1.7B | ||
| Q4 24 | $3.5B | $1.7B | ||
| Q3 24 | $3.6B | $1.8B | ||
| Q2 24 | $3.4B | $1.8B | ||
| Q1 24 | $3.4B | $1.8B |
| 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 | $30.8M |
| Free Cash FlowOCF − Capex | $161.3M | $28.9M |
| FCF MarginFCF / Revenue | 25.2% | 3.8% |
| Capex IntensityCapex / Revenue | 6.7% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.77× | 1.87× |
| TTM Free Cash FlowTrailing 4 quarters | $442.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.0M | $30.8M | ||
| Q3 25 | $195.7M | $23.2M | ||
| Q2 25 | $99.0M | — | ||
| Q1 25 | $91.0M | $66.1M | ||
| Q4 24 | $153.4M | $-6.2M | ||
| Q3 24 | $191.9M | $44.8M | ||
| Q2 24 | $152.7M | — | ||
| Q1 24 | $93.6M | $160.2M |
| Q4 25 | $161.3M | $28.9M | ||
| Q3 25 | $160.1M | $20.8M | ||
| Q2 25 | $62.4M | — | ||
| Q1 25 | $58.8M | $64.6M | ||
| Q4 24 | $112.8M | $-8.2M | ||
| Q3 24 | $155.8M | $42.5M | ||
| Q2 24 | $120.8M | — | ||
| Q1 24 | $59.5M | $157.7M |
| Q4 25 | 25.2% | 3.8% | ||
| Q3 25 | 25.9% | 2.8% | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 10.1% | 9.2% | ||
| Q4 24 | 19.1% | -1.1% | ||
| Q3 24 | 27.4% | 5.5% | ||
| Q2 24 | 21.1% | — | ||
| Q1 24 | 11.0% | 21.0% |
| Q4 25 | 6.7% | 0.3% | ||
| Q3 25 | 5.8% | 0.3% | ||
| Q2 25 | 6.0% | 0.3% | ||
| Q1 25 | 5.5% | 0.2% | ||
| Q4 24 | 6.9% | 0.3% | ||
| Q3 24 | 6.3% | 0.3% | ||
| Q2 24 | 5.6% | 0.2% | ||
| Q1 24 | 6.3% | 0.3% |
| Q4 25 | 1.77× | 1.87× | ||
| Q3 25 | 2.14× | 1.17× | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | 3.79× | ||
| Q4 24 | 1.31× | -0.36× | ||
| Q3 24 | 1.60× | 2.64× | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.46× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
