Flagship explainer

What drives MORNINGSTAR, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity26%Tax burden75%net income ÷ pretax incomeInterest burden94%pretax ÷ operating incomeOperating margin22%operating income ÷ revenueAsset turnover0.69×revenue ÷ average assetsEquity multiplier2.51×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$374MFY2025
Income before tax$496MFY2025
Operating income$527MFY2025
$2.4BFY2025
Ending assets$3.6BFY2025
Beginning assets$3.5BFY2024
$1.2BFY2025
$1.6BFY2024
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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MORN dupont explainer — Buy Like Buffett · Buy Like Buffett