Morningstar price to free cash flow MORN

Market value divided by free cash flow over the last twelve months, since 2012.

Today, Oct 23, 2026: 17.0×
10-year median: 27.8×
Against its 10-year history: 7th; percentile: 0 is its lowest day, 100 its highest
10-year range: 13.4× to 90.3×
Peer median: 12.1×

Morningstar's price to free cash flow is 17.0× as of Oct 23, 2026.

That is below its ten-year median of 27.8×, lower than on 93% of days in the last ten years.

Over that time it ranged from 13.4× in Jun 2026 to 90.3× in Nov 2023.

The median for 10 asset managers of a similar size is 12.1×.

Price to free cash flow over time

median 27.8×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	17.0×	13.4×	22.6×
2025	22.9×	22.1×	32.3×
2024	32.8×	31.7×	81.3×
2023	77.9×	45.0×	90.3×
2022	44.5×	32.2×	51.3×
2021	44.0×	31.6×	44.0×
2020	36.1×	18.0×	36.1×
2019	23.3×	21.1×	28.0×
2018	21.4×	20.7×	30.6×
2017	23.8×	16.9×	26.9×
2016	24.2×	17.8×	24.9×
2015	18.9×	18.3×	45.2×
2014	36.2×	21.2×	38.1×
2013	24.0×	22.9×	28.0×
2012	24.5×	21.3×	25.5×

Against its peers

Companies in Asset Management nearest Morningstar's size, closest first, today.

Company	Price to free cash flow
MORNMorningstar	17.0×
IDCCInterDigital	15.2×
HLIHoulihan Lokey	18.9×
EVREvercore	6.0×
AMGAffiliated Managers	9.3×
VCTRVictory Capital	11.7×
DLBDolby Laboratories	15.0×
CGCarlyle	n/m
OWLBlue OWL Capital	11.0×
HASIHA Sustainable Infrastructure Capital	n/m
HLNEHamilton Lane INC	12.4×
Peer median	12.1×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Morningstar

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.