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Side-by-side financial comparison of Morningstar, Inc. (MORN) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
Morningstar, Inc. is the larger business by last-quarter revenue ($641.1M vs $566.0M, roughly 1.1× WillScot Holdings Corp). Morningstar, Inc. runs the higher net margin — 18.0% vs -33.1%, a 51.0% gap on every dollar of revenue. On growth, Morningstar, Inc. posted the faster year-over-year revenue change (8.5% vs -6.1%). Morningstar, Inc. produced more free cash flow last quarter ($161.3M vs $149.7M). Over the past eight quarters, Morningstar, Inc.'s revenue compounded faster (8.7% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
MORN vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $641.1M | $566.0M |
| Net Profit | $115.1M | $-187.3M |
| Gross Margin | 61.1% | 50.4% |
| Operating Margin | 24.9% | -32.5% |
| Net Margin | 18.0% | -33.1% |
| Revenue YoY | 8.5% | -6.1% |
| Net Profit YoY | -1.5% | -310.0% |
| EPS (diluted) | $2.79 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $617.4M | $566.8M | ||
| Q2 25 | $605.1M | $589.1M | ||
| Q1 25 | $581.9M | $559.6M | ||
| Q4 24 | $591.0M | $602.5M | ||
| Q3 24 | $569.4M | $601.4M | ||
| Q2 24 | $571.9M | $604.6M | ||
| Q1 24 | $542.8M | $587.2M |
| Q4 25 | $115.1M | $-187.3M | ||
| Q3 25 | $91.6M | $43.3M | ||
| Q2 25 | $89.0M | $47.9M | ||
| Q1 25 | $78.5M | $43.1M | ||
| Q4 24 | $116.9M | $89.2M | ||
| Q3 24 | $119.7M | $-70.5M | ||
| Q2 24 | $69.1M | $-46.9M | ||
| Q1 24 | $64.2M | $56.2M |
| Q4 25 | 61.1% | 50.4% | ||
| Q3 25 | 60.9% | 49.7% | ||
| Q2 25 | 61.9% | 50.3% | ||
| Q1 25 | 60.2% | 53.7% | ||
| Q4 24 | 60.7% | 55.8% | ||
| Q3 24 | 60.9% | 53.5% | ||
| Q2 24 | 61.1% | 54.1% | ||
| Q1 24 | 59.8% | 54.0% |
| Q4 25 | 24.9% | -32.5% | ||
| Q3 25 | 20.7% | 21.0% | ||
| Q2 25 | 20.7% | 21.5% | ||
| Q1 25 | 19.6% | 21.3% | ||
| Q4 24 | 28.5% | 28.9% | ||
| Q3 24 | 20.3% | -5.9% | ||
| Q2 24 | 19.0% | -0.9% | ||
| Q1 24 | 17.1% | 22.1% |
| Q4 25 | 18.0% | -33.1% | ||
| Q3 25 | 14.8% | 7.6% | ||
| Q2 25 | 14.7% | 8.1% | ||
| Q1 25 | 13.5% | 7.7% | ||
| Q4 24 | 19.8% | 14.8% | ||
| Q3 24 | 21.0% | -11.7% | ||
| Q2 24 | 12.1% | -7.7% | ||
| Q1 24 | 11.8% | 9.6% |
| Q4 25 | $2.79 | $-1.02 | ||
| Q3 25 | $2.17 | $0.24 | ||
| Q2 25 | $2.09 | $0.26 | ||
| Q1 25 | $1.82 | $0.23 | ||
| Q4 24 | $2.72 | $0.48 | ||
| Q3 24 | $2.77 | $-0.37 | ||
| Q2 24 | $1.60 | $-0.25 | ||
| Q1 24 | $1.49 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $1.2B | $856.3M |
| Total Assets | $3.6B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $528.7M | $14.6M | ||
| Q3 25 | $40.3M | $14.8M | ||
| Q2 25 | $38.1M | $12.8M | ||
| Q1 25 | $47.7M | $10.7M | ||
| Q4 24 | $551.0M | $9.0M | ||
| Q3 24 | $48.8M | $11.0M | ||
| Q2 24 | $48.0M | $5.9M | ||
| Q1 24 | $55.4M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | $848.9M | $3.6B | ||
| Q2 25 | $838.8M | $3.7B | ||
| Q1 25 | $803.7M | $3.6B | ||
| Q4 24 | $698.6M | $3.7B | ||
| Q3 24 | $864.7M | $3.6B | ||
| Q2 24 | $899.6M | $3.5B | ||
| Q1 24 | $917.3M | $3.5B |
| Q4 25 | $1.2B | $856.3M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $1.6B | $1.0B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.4B | $1.3B |
| Q4 25 | $3.6B | $5.8B | ||
| Q3 25 | $3.6B | $6.1B | ||
| Q2 25 | $3.6B | $6.1B | ||
| Q1 25 | $3.6B | $6.0B | ||
| Q4 24 | $3.5B | $6.0B | ||
| Q3 24 | $3.6B | $6.0B | ||
| Q2 24 | $3.4B | $6.0B | ||
| Q1 24 | $3.4B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | 0.56× | 3.39× | ||
| Q2 25 | 0.52× | 3.55× | ||
| Q1 25 | 0.50× | 3.56× | ||
| Q4 24 | 0.43× | 3.62× | ||
| Q3 24 | 0.55× | 3.42× | ||
| Q2 24 | 0.63× | 2.88× | ||
| Q1 24 | 0.66× | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $161.3M | $149.7M |
| FCF MarginFCF / Revenue | 25.2% | 26.5% |
| Capex IntensityCapex / Revenue | 6.7% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | $442.6M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.0M | $158.9M | ||
| Q3 25 | $195.7M | $191.2M | ||
| Q2 25 | $99.0M | $205.3M | ||
| Q1 25 | $91.0M | $206.6M | ||
| Q4 24 | $153.4M | $178.9M | ||
| Q3 24 | $191.9M | $-1.6M | ||
| Q2 24 | $152.7M | $175.6M | ||
| Q1 24 | $93.6M | $208.7M |
| Q4 25 | $161.3M | $149.7M | ||
| Q3 25 | $160.1M | $186.9M | ||
| Q2 25 | $62.4M | $199.0M | ||
| Q1 25 | $58.8M | $202.0M | ||
| Q4 24 | $112.8M | $176.6M | ||
| Q3 24 | $155.8M | $-4.9M | ||
| Q2 24 | $120.8M | $169.4M | ||
| Q1 24 | $59.5M | $202.1M |
| Q4 25 | 25.2% | 26.5% | ||
| Q3 25 | 25.9% | 33.0% | ||
| Q2 25 | 10.3% | 33.8% | ||
| Q1 25 | 10.1% | 36.1% | ||
| Q4 24 | 19.1% | 29.3% | ||
| Q3 24 | 27.4% | -0.8% | ||
| Q2 24 | 21.1% | 28.0% | ||
| Q1 24 | 11.0% | 34.4% |
| Q4 25 | 6.7% | 1.6% | ||
| Q3 25 | 5.8% | 0.7% | ||
| Q2 25 | 6.0% | 1.1% | ||
| Q1 25 | 5.5% | 0.8% | ||
| Q4 24 | 6.9% | 0.4% | ||
| Q3 24 | 6.3% | 0.6% | ||
| Q2 24 | 5.6% | 1.0% | ||
| Q1 24 | 6.3% | 1.1% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.14× | 4.41× | ||
| Q2 25 | 1.11× | 4.28× | ||
| Q1 25 | 1.16× | 4.80× | ||
| Q4 24 | 1.31× | 2.01× | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.46× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
