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Side-by-side financial comparison of Morningstar, Inc. (MORN) and Titan Machinery Inc. (TITN). Click either name above to swap in a different company.
Titan Machinery Inc. is the larger business by last-quarter revenue ($644.5M vs $641.1M, roughly 1.0× Morningstar, Inc.). Morningstar, Inc. runs the higher net margin — 18.0% vs 0.2%, a 17.8% gap on every dollar of revenue. On growth, Morningstar, Inc. posted the faster year-over-year revenue change (8.5% vs -5.2%). Over the past eight quarters, Morningstar, Inc.'s revenue compounded faster (8.7% CAGR vs -13.0%).
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.
Titan Machinery, Inc. is one of the largest dealers of agricultural and construction equipment and claims to be the largest dealer for the CNH Industrial brands in the world. It is based in West Fargo, North Dakota and has locations throughout the Midwestern United States, Australia, Austria, Bulgaria, Germany, Romania and Ukraine. The company is publicly traded on NASDAQ using the symbol TITN. As of 2023, the company reported a total revenue of US$2.209 billion.
MORN vs TITN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $641.1M | $644.5M |
| Net Profit | $115.1M | $1.2M |
| Gross Margin | 61.1% | 17.2% |
| Operating Margin | 24.9% | 1.6% |
| Net Margin | 18.0% | 0.2% |
| Revenue YoY | 8.5% | -5.2% |
| Net Profit YoY | -1.5% | -30.1% |
| EPS (diluted) | $2.79 | $0.05 |
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 | $644.5M | ||
| Q3 25 | $617.4M | $546.4M | ||
| Q2 25 | $605.1M | $594.3M | ||
| Q1 25 | $581.9M | $759.9M | ||
| Q4 24 | $591.0M | $679.8M | ||
| Q3 24 | $569.4M | $633.7M | ||
| Q2 24 | $571.9M | $628.7M | ||
| Q1 24 | $542.8M | $852.1M |
| Q4 25 | $115.1M | $1.2M | ||
| Q3 25 | $91.6M | $-6.0M | ||
| Q2 25 | $89.0M | $-13.2M | ||
| Q1 25 | $78.5M | $-43.8M | ||
| Q4 24 | $116.9M | $1.7M | ||
| Q3 24 | $119.7M | $-4.3M | ||
| Q2 24 | $69.1M | $9.4M | ||
| Q1 24 | $64.2M | $24.0M |
| Q4 25 | 61.1% | 17.2% | ||
| Q3 25 | 60.9% | 17.1% | ||
| Q2 25 | 61.9% | 15.3% | ||
| Q1 25 | 60.2% | 6.7% | ||
| Q4 24 | 60.7% | 16.3% | ||
| Q3 24 | 60.9% | 17.7% | ||
| Q2 24 | 61.1% | 19.4% | ||
| Q1 24 | 59.8% | 16.6% |
| Q4 25 | 24.9% | 1.6% | ||
| Q3 25 | 20.7% | 0.1% | ||
| Q2 25 | 20.7% | -1.0% | ||
| Q1 25 | 19.6% | -6.0% | ||
| Q4 24 | 28.5% | 1.7% | ||
| Q3 24 | 20.3% | 2.5% | ||
| Q2 24 | 19.0% | 3.6% | ||
| Q1 24 | 17.1% | 4.8% |
| Q4 25 | 18.0% | 0.2% | ||
| Q3 25 | 14.8% | -1.1% | ||
| Q2 25 | 14.7% | -2.2% | ||
| Q1 25 | 13.5% | -5.8% | ||
| Q4 24 | 19.8% | 0.3% | ||
| Q3 24 | 21.0% | -0.7% | ||
| Q2 24 | 12.1% | 1.5% | ||
| Q1 24 | 11.8% | 2.8% |
| Q4 25 | $2.79 | $0.05 | ||
| Q3 25 | $2.17 | $-0.26 | ||
| Q2 25 | $2.09 | $-0.58 | ||
| Q1 25 | $1.82 | $-1.92 | ||
| Q4 24 | $2.72 | $0.07 | ||
| Q3 24 | $2.77 | $-0.19 | ||
| Q2 24 | $1.60 | $0.41 | ||
| Q1 24 | $1.49 | $1.04 |
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 | — |
| Total DebtLower is stronger | — | $176.6M |
| Stockholders' EquityBook value | $1.2B | $612.6M |
| Total Assets | $3.6B | $1.8B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $528.7M | — | ||
| Q3 25 | $40.3M | — | ||
| Q2 25 | $38.1M | — | ||
| Q1 25 | $47.7M | — | ||
| Q4 24 | $551.0M | — | ||
| Q3 24 | $48.8M | — | ||
| Q2 24 | $48.0M | — | ||
| Q1 24 | $55.4M | — |
| Q4 25 | — | $176.6M | ||
| Q3 25 | $848.9M | $164.5M | ||
| Q2 25 | $838.8M | $165.3M | ||
| Q1 25 | $803.7M | $168.7M | ||
| Q4 24 | $698.6M | $140.6M | ||
| Q3 24 | $864.7M | $126.6M | ||
| Q2 24 | $899.6M | $119.3M | ||
| Q1 24 | $917.3M | $120.1M |
| Q4 25 | $1.2B | $612.6M | ||
| Q3 25 | $1.5B | $610.3M | ||
| Q2 25 | $1.6B | $605.4M | ||
| Q1 25 | $1.6B | $614.1M | ||
| Q4 24 | $1.6B | $668.2M | ||
| Q3 24 | $1.6B | $659.6M | ||
| Q2 24 | $1.4B | $662.6M | ||
| Q1 24 | $1.4B | $657.6M |
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.6B | $1.9B | ||
| Q2 25 | $3.6B | $1.8B | ||
| Q1 25 | $3.6B | $1.8B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $3.6B | $2.2B | ||
| Q2 24 | $3.4B | $2.1B | ||
| Q1 24 | $3.4B | $2.0B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | 0.56× | 0.27× | ||
| Q2 25 | 0.52× | 0.27× | ||
| Q1 25 | 0.50× | 0.27× | ||
| Q4 24 | 0.43× | 0.21× | ||
| Q3 24 | 0.55× | 0.19× | ||
| Q2 24 | 0.63× | 0.18× | ||
| Q1 24 | 0.66× | 0.18× |
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 | $34.0M |
| Free Cash FlowOCF − Capex | $161.3M | — |
| FCF MarginFCF / Revenue | 25.2% | — |
| Capex IntensityCapex / Revenue | 6.7% | — |
| Cash ConversionOCF / Net Profit | 1.77× | 28.37× |
| TTM Free Cash FlowTrailing 4 quarters | $442.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.0M | $34.0M | ||
| Q3 25 | $195.7M | $43.7M | ||
| Q2 25 | $99.0M | $6.2M | ||
| Q1 25 | $91.0M | $126.5M | ||
| Q4 24 | $153.4M | $-8.8M | ||
| Q3 24 | $191.9M | $-15.0M | ||
| Q2 24 | $152.7M | $-32.4M | ||
| Q1 24 | $93.6M | $49.8M |
| Q4 25 | $161.3M | — | ||
| Q3 25 | $160.1M | — | ||
| Q2 25 | $62.4M | — | ||
| Q1 25 | $58.8M | — | ||
| Q4 24 | $112.8M | — | ||
| Q3 24 | $155.8M | — | ||
| Q2 24 | $120.8M | — | ||
| Q1 24 | $59.5M | — |
| Q4 25 | 25.2% | — | ||
| Q3 25 | 25.9% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 10.1% | — | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 27.4% | — | ||
| Q2 24 | 21.1% | — | ||
| Q1 24 | 11.0% | — |
| Q4 25 | 6.7% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 6.3% | — | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | 6.3% | — |
| Q4 25 | 1.77× | 28.37× | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.31× | -5.15× | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | -3.43× | ||
| Q1 24 | 1.46× | 2.08× |
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% |
TITN
| Agriculture Segment | $420.9M | 65% |
| Sales Of Parts | $122.3M | 19% |
| Service Sales | $48.9M | 8% |
| Australia_segment | $29.9M | 5% |
| Rental And Other | $13.3M | 2% |
| Rental | $10.3M | 2% |
| Other Revenue | $1.1M | 0% |
