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Side-by-side financial comparison of Morningstar, Inc. (MORN) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
Morningstar, Inc. is the larger business by last-quarter revenue ($644.8M vs $625.1M, roughly 1.0× WATTS WATER TECHNOLOGIES INC). On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 10.8%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $53.6M). Over the past eight quarters, Morningstar, Inc.'s revenue compounded faster (6.2% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
MORN vs WTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $644.8M | $625.1M |
| Net Profit | — | $83.7M |
| Gross Margin | 62.9% | 49.5% |
| Operating Margin | 24.2% | 18.2% |
| Net Margin | — | 13.4% |
| Revenue YoY | 10.8% | 15.7% |
| Net Profit YoY | — | 24.0% |
| EPS (diluted) | $2.73 | $2.50 |
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 | — | ||
| Q4 25 | $641.1M | $625.1M | ||
| Q3 25 | $617.4M | $611.7M | ||
| Q2 25 | $605.1M | $643.7M | ||
| Q1 25 | $581.9M | $558.0M | ||
| Q4 24 | $591.0M | $540.4M | ||
| Q3 24 | $569.4M | $543.6M | ||
| Q2 24 | $571.9M | $597.3M |
| Q1 26 | — | — | ||
| Q4 25 | $115.1M | $83.7M | ||
| Q3 25 | $91.6M | $82.2M | ||
| Q2 25 | $89.0M | $100.9M | ||
| Q1 25 | $78.5M | $74.0M | ||
| Q4 24 | $116.9M | $67.5M | ||
| Q3 24 | $119.7M | $69.1M | ||
| Q2 24 | $69.1M | $82.0M |
| Q1 26 | 62.9% | — | ||
| Q4 25 | 61.1% | 49.5% | ||
| Q3 25 | 60.9% | 48.8% | ||
| Q2 25 | 61.9% | 50.6% | ||
| Q1 25 | 60.2% | 48.8% | ||
| Q4 24 | 60.7% | 46.7% | ||
| Q3 24 | 60.9% | 47.3% | ||
| Q2 24 | 61.1% | 47.7% |
| Q1 26 | 24.2% | — | ||
| Q4 25 | 24.9% | 18.2% | ||
| Q3 25 | 20.7% | 18.2% | ||
| Q2 25 | 20.7% | 21.0% | ||
| Q1 25 | 19.6% | 15.7% | ||
| Q4 24 | 28.5% | 16.5% | ||
| Q3 24 | 20.3% | 17.1% | ||
| Q2 24 | 19.0% | 18.7% |
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 13.4% | ||
| Q3 25 | 14.8% | 13.4% | ||
| Q2 25 | 14.7% | 15.7% | ||
| Q1 25 | 13.5% | 13.3% | ||
| Q4 24 | 19.8% | 12.5% | ||
| Q3 24 | 21.0% | 12.7% | ||
| Q2 24 | 12.1% | 13.7% |
| Q1 26 | $2.73 | — | ||
| Q4 25 | $2.79 | $2.50 | ||
| Q3 25 | $2.17 | $2.45 | ||
| Q2 25 | $2.09 | $3.01 | ||
| Q1 25 | $1.82 | $2.21 | ||
| Q4 24 | $2.72 | $2.02 | ||
| Q3 24 | $2.77 | $2.06 | ||
| Q2 24 | $1.60 | $2.44 |
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 | $405.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $1.0B | $2.0B |
| Total Assets | $4.0B | $2.9B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $492.8M | — | ||
| Q4 25 | $528.7M | $405.5M | ||
| Q3 25 | $40.3M | $457.7M | ||
| Q2 25 | $38.1M | $369.3M | ||
| Q1 25 | $47.7M | $336.8M | ||
| Q4 24 | $551.0M | $386.9M | ||
| Q3 24 | $48.8M | $303.9M | ||
| Q2 24 | $48.0M | $279.4M |
| Q1 26 | $1.7B | — | ||
| 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 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.6B | $1.9B | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.4B | $1.6B |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.6B | $2.9B | ||
| Q3 25 | $3.6B | $2.7B | ||
| Q2 25 | $3.6B | $2.6B | ||
| Q1 25 | $3.6B | $2.5B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.6B | $2.4B | ||
| Q2 24 | $3.4B | $2.4B |
| Q1 26 | 1.68× | — | ||
| 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× | — |
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 | — | $154.7M |
| Free Cash FlowOCF − Capex | $53.6M | $140.3M |
| FCF MarginFCF / Revenue | 8.3% | 22.4% |
| Capex IntensityCapex / Revenue | 5.9% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $437.4M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $204.0M | $154.7M | ||
| Q3 25 | $195.7M | $122.4M | ||
| Q2 25 | $99.0M | $69.7M | ||
| Q1 25 | $91.0M | $55.2M | ||
| Q4 24 | $153.4M | $139.5M | ||
| Q3 24 | $191.9M | $90.7M | ||
| Q2 24 | $152.7M | $85.3M |
| Q1 26 | $53.6M | — | ||
| Q4 25 | $161.3M | $140.3M | ||
| Q3 25 | $160.1M | $110.9M | ||
| Q2 25 | $62.4M | $59.5M | ||
| Q1 25 | $58.8M | $45.6M | ||
| Q4 24 | $112.8M | $127.5M | ||
| Q3 24 | $155.8M | $84.3M | ||
| Q2 24 | $120.8M | $78.5M |
| Q1 26 | 8.3% | — | ||
| Q4 25 | 25.2% | 22.4% | ||
| Q3 25 | 25.9% | 18.1% | ||
| Q2 25 | 10.3% | 9.2% | ||
| Q1 25 | 10.1% | 8.2% | ||
| Q4 24 | 19.1% | 23.6% | ||
| Q3 24 | 27.4% | 15.5% | ||
| Q2 24 | 21.1% | 13.1% |
| Q1 26 | 5.9% | — | ||
| Q4 25 | 6.7% | 2.3% | ||
| Q3 25 | 5.8% | 1.9% | ||
| Q2 25 | 6.0% | 1.6% | ||
| Q1 25 | 5.5% | 1.7% | ||
| Q4 24 | 6.9% | 2.2% | ||
| Q3 24 | 6.3% | 1.2% | ||
| Q2 24 | 5.6% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | 1.85× | ||
| Q3 25 | 2.14× | 1.49× | ||
| Q2 25 | 1.11× | 0.69× | ||
| Q1 25 | 1.16× | 0.75× | ||
| Q4 24 | 1.31× | 2.07× | ||
| Q3 24 | 1.60× | 1.31× | ||
| Q2 24 | 2.21× | 1.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
