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Side-by-side financial comparison of Morningstar, Inc. (MORN) and UDR, Inc. (UDR). Click either name above to swap in a different company.
Morningstar, Inc. is the larger business by last-quarter revenue ($644.8M vs $425.8M, roughly 1.5× UDR, Inc.). On growth, Morningstar, Inc. posted the faster year-over-year revenue change (10.8% vs 0.9%). Over the past eight quarters, Morningstar, Inc.'s revenue compounded faster (6.2% CAGR vs 1.3%).
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.
UDR, Inc. is a leading U.S.-headquartered real estate investment trust specializing in owning, operating, and redeveloping high-quality multifamily residential apartment communities. It operates across major U.S. metropolitan markets, catering to a diverse tenant base including young professionals, families, and middle-to-high income households.
MORN vs UDR — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $644.8M | $425.8M |
| Net Profit | — | $189.8M |
| Gross Margin | 62.9% | — |
| Operating Margin | 24.2% | 54.0% |
| Net Margin | — | 44.6% |
| Revenue YoY | 10.8% | 0.9% |
| Net Profit YoY | — | 147.2% |
| EPS (diluted) | $2.73 | $0.63 |
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 | $425.8M | ||
| Q4 25 | $641.1M | $433.1M | ||
| Q3 25 | $617.4M | $431.9M | ||
| Q2 25 | $605.1M | $425.4M | ||
| Q1 25 | $581.9M | $421.9M | ||
| Q4 24 | $591.0M | $422.7M | ||
| Q3 24 | $569.4M | $420.2M | ||
| Q2 24 | $571.9M | $415.3M |
| Q1 26 | — | $189.8M | ||
| Q4 25 | $115.1M | $222.9M | ||
| Q3 25 | $91.6M | $40.4M | ||
| Q2 25 | $89.0M | $37.7M | ||
| Q1 25 | $78.5M | $76.7M | ||
| Q4 24 | $116.9M | $-5.0M | ||
| Q3 24 | $119.7M | $22.6M | ||
| Q2 24 | $69.1M | $28.9M |
| Q1 26 | 62.9% | — | ||
| 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 26 | 24.2% | 54.0% | ||
| Q4 25 | 24.9% | 64.1% | ||
| Q3 25 | 20.7% | 17.7% | ||
| Q2 25 | 20.7% | 18.2% | ||
| Q1 25 | 19.6% | 29.0% | ||
| Q4 24 | 28.5% | 15.7% | ||
| Q3 24 | 20.3% | 16.6% | ||
| Q2 24 | 19.0% | 16.5% |
| Q1 26 | — | 44.6% | ||
| Q4 25 | 18.0% | 51.5% | ||
| Q3 25 | 14.8% | 9.4% | ||
| Q2 25 | 14.7% | 8.9% | ||
| Q1 25 | 13.5% | 18.2% | ||
| Q4 24 | 19.8% | -220.5% | ||
| Q3 24 | 21.0% | 5.4% | ||
| Q2 24 | 12.1% | 7.0% |
| Q1 26 | $2.73 | $0.63 | ||
| Q4 25 | $2.79 | $0.67 | ||
| Q3 25 | $2.17 | $0.12 | ||
| Q2 25 | $2.09 | $0.11 | ||
| Q1 25 | $1.82 | $0.23 | ||
| Q4 24 | $2.72 | $-0.01 | ||
| Q3 24 | $2.77 | $0.06 | ||
| Q2 24 | $1.60 | $0.08 |
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 | $1.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $1.0B | $3.3B |
| Total Assets | $4.0B | $10.3B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $492.8M | $1.3M | ||
| Q4 25 | $528.7M | $1.2M | ||
| Q3 25 | $40.3M | $1.2M | ||
| Q2 25 | $38.1M | $1.5M | ||
| Q1 25 | $47.7M | $1.3M | ||
| Q4 24 | $551.0M | $1.3M | ||
| Q3 24 | $48.8M | $2.3M | ||
| Q2 24 | $48.0M | $2.8M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | — | $5.8B | ||
| Q3 25 | $848.9M | $5.8B | ||
| Q2 25 | $838.8M | $5.8B | ||
| Q1 25 | $803.7M | $5.8B | ||
| Q4 24 | $698.6M | $5.8B | ||
| Q3 24 | $864.7M | $5.9B | ||
| Q2 24 | $899.6M | $5.8B |
| Q1 26 | $1.0B | $3.3B | ||
| Q4 25 | $1.2B | $3.3B | ||
| Q3 25 | $1.5B | $3.3B | ||
| Q2 25 | $1.6B | $3.3B | ||
| Q1 25 | $1.6B | $3.3B | ||
| Q4 24 | $1.6B | $3.4B | ||
| Q3 24 | $1.6B | $3.5B | ||
| Q2 24 | $1.4B | $3.7B |
| Q1 26 | $4.0B | $10.3B | ||
| Q4 25 | $3.6B | $10.6B | ||
| Q3 25 | $3.6B | $10.6B | ||
| Q2 25 | $3.6B | $10.6B | ||
| Q1 25 | $3.6B | $10.7B | ||
| Q4 24 | $3.5B | $10.9B | ||
| Q3 24 | $3.6B | $11.1B | ||
| Q2 24 | $3.4B | $11.1B |
| Q1 26 | 1.68× | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | 0.56× | 1.78× | ||
| Q2 25 | 0.52× | 1.74× | ||
| Q1 25 | 0.50× | 1.74× | ||
| Q4 24 | 0.43× | 1.69× | ||
| Q3 24 | 0.55× | 1.67× | ||
| Q2 24 | 0.63× | 1.55× |
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 | — | — |
| Free Cash FlowOCF − Capex | $53.6M | — |
| FCF MarginFCF / Revenue | 8.3% | — |
| Capex IntensityCapex / Revenue | 5.9% | 4.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $437.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $204.0M | $902.9M | ||
| Q3 25 | $195.7M | $234.9M | ||
| Q2 25 | $99.0M | $250.3M | ||
| Q1 25 | $91.0M | $156.2M | ||
| Q4 24 | $153.4M | $876.8M | ||
| Q3 24 | $191.9M | $230.3M | ||
| Q2 24 | $152.7M | $238.5M |
| Q1 26 | $53.6M | — | ||
| Q4 25 | $161.3M | $650.0M | ||
| Q3 25 | $160.1M | $164.6M | ||
| Q2 25 | $62.4M | $190.1M | ||
| Q1 25 | $58.8M | $103.2M | ||
| Q4 24 | $112.8M | $627.0M | ||
| Q3 24 | $155.8M | $161.3M | ||
| Q2 24 | $120.8M | $171.1M |
| Q1 26 | 8.3% | — | ||
| Q4 25 | 25.2% | 150.1% | ||
| Q3 25 | 25.9% | 38.1% | ||
| Q2 25 | 10.3% | 44.7% | ||
| Q1 25 | 10.1% | 24.5% | ||
| Q4 24 | 19.1% | 148.3% | ||
| Q3 24 | 27.4% | 38.4% | ||
| Q2 24 | 21.1% | 41.2% |
| Q1 26 | 5.9% | 4.9% | ||
| Q4 25 | 6.7% | 58.4% | ||
| Q3 25 | 5.8% | 16.3% | ||
| Q2 25 | 6.0% | 14.2% | ||
| Q1 25 | 5.5% | 12.6% | ||
| Q4 24 | 6.9% | 59.1% | ||
| Q3 24 | 6.3% | 16.4% | ||
| Q2 24 | 5.6% | 16.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | 4.05× | ||
| Q3 25 | 2.14× | 5.81× | ||
| Q2 25 | 1.11× | 6.64× | ||
| Q1 25 | 1.16× | 2.04× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | 10.19× | ||
| Q2 24 | 2.21× | 8.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MORN
Segment breakdown not available.
UDR
| Rental income | $423.3M | 99% |
| Joint venture management and other fees | $2.5M | 1% |
