olivLaw · US equity research
Morningstar, Inc. MORN
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Morningstar is a global provider of independent investment insights, combining data, research, credit ratings and portfolio tools. In the second quarter of 2026 revenue rose to 663.2 million USD, and the company says it is accelerating the use of its data in AI-driven workflows.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Morningstar, Inc. (MORN) stock was 244.25 USD (+3.19% on the day), with market capitalisation 9.1 bn USD, P/E 21.4 on diluted EPS of 11.43 USD over the last 12 months, dividend yield 0.82%, beta 0.63, 52-week range 141.84–244.25 USD. Latest reported quarter (Q3 2026): revenue of 672.1 m USD (+8.9% YoY), net income of 115.5 m USD (+26.1% YoY), diluted EPS 3.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 74.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 192.25 – 241.78
- above the upper band · %B 1.05 · band width 22.8%
- SMA 50 / 200
- 207.32 / 186.12
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 9.39 / 6.61
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +29.1% | −1.1% | +30.2 pp | — |
| 3 months | +22.5% | −0.5% | +23.0 pp | — |
| 6 months | +45.7% | +4.4% | +41.3 pp | — |
| Year to date | +12.4% | +12.3% | +0.1 pp | — |
| 1 year | +15.4% | +13.5% | +1.8 pp | −2.8% |
| 3 years | −6.9% | +76.4% | −83.3 pp | +24.7% |
| 5 years | −21.9% | +63.7% | −85.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 591.0 m | 581.9 m | 605.1 m | 617.4 m | 641.1 m | 644.8 m | 663.2 m | 672.1 m |
| Cost of revenue | 232.2 m | 231.4 m | 230.6 m | 241.7 m | 249.2 m | 238.9 m | 239.3 m | 240.7 m |
| Operating income | 168.2 m | 114.1 m | 125.1 m | 127.8 m | 159.6 m | 155.9 m | 160.6 m | 167.4 m |
| Depreciation & amortisation | 48.4 m | 47.3 m | 48.5 m | 47.0 m | 47.1 m | 51.7 m | 53.5 m | 53.1 m |
| Pre-tax income | 145.5 m | 108.5 m | 116.5 m | 123.1 m | 147.6 m | 141.8 m | 147.0 m | 152.4 m |
| Income tax | 33.9 m | 27.4 m | 26.3 m | 31.4 m | 36.4 m | 34.6 m | 38.3 m | 38.4 m |
| Net income | 116.9 m | 78.5 m | 89.0 m | 91.6 m | 115.1 m | 107.1 m | 107.8 m | 115.5 m |
| Diluted EPS | 2.71 ≈ | 1.82 | 2.09 | 2.17 | 2.81 ≈ | 2.73 | 2.83 | 3.06 |
| Operating cash flow | 153.4 m | 91.0 m | 99.0 m ≈ | 195.7 m ≈ | 204.0 m | 91.5 m | 155.7 m ≈ | 190.7 m ≈ |
| Capex | 40.6 m | 32.2 m | 36.6 m ≈ | 35.6 m ≈ | 42.7 m | 37.9 m | 33.2 m ≈ | 35.3 m ≈ |
| Dividends paid | 17.3 m | 19.5 m | 19.3 m ≈ | 19.2 m ≈ | 18.9 m | 19.9 m | 19.0 m ≈ | 18.7 m ≈ |
| Share repurchases | 11.6 m | 109.6 m | 112.0 m ≈ | 170.1 m ≈ | 395.3 m | 300.0 m | 100.0 m ≈ | 100.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 13 percentile of its own 40-quarter history (min 14.8, median 37.9, max 524.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.2 bn | 1.4 bn | 1.7 bn | 1.9 bn | 2.0 bn | 2.3 bn | 2.4 bn |
| Revenue YoY | +11.9% | +15.6% | +17.9% | +22.3% | +10.1% | +9.0% | +11.6% | +7.5% |
| Net income | 183.0 m | 152.0 m | 223.6 m | 193.3 m | 70.5 m | 141.1 m | 369.9 m | 374.2 m |
| Net income YoY | +33.7% | −16.9% | +47.1% | −13.6% | −63.5% | +100.1% | +162.2% | +1.2% |
| Diluted EPS | 4.25 | 3.52 | 5.18 | 4.45 | 1.64 | 3.29 | 8.58 | 8.87 |
| Diluted EPS YoY | +33.6% | −17.2% | +47.2% | −14.1% | −63.1% | +100.6% | +160.8% | +3.4% |
| net % | 17.9% | 12.9% | 16.1% | 11.4% | 3.8% | 6.9% | 16.3% | 15.3% |
| Free cash flow | 238.7 m | 254.4 m | 307.6 m | 348.1 m | 168.3 m | 197.3 m | 448.9 m | 442.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 474.5 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 598.1 m USD
- Equity
- 1.2 bn USD
- Total assets
- 3.6 bn USD
- Debt / equity
- 0.88x
- Current ratio
- 0.99x
- ROE
- 26.3%
- ROA
- 10.5%
- FCF margin
- 18.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.7 bn | 1.9 bn | 2.0 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 556.4 m | 698.4 m | 779.3 m | 843.5 m | 895.7 m | 952.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 833.1 m ≈ | 1.0 bn ≈ | 1.1 bn ≈ | 1.2 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Operating income | 215.2 m | 257.0 m | 167.8 m | 230.6 m | 484.8 m | 526.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 139.5 m | 150.7 m | 166.6 m | 184.9 m | 190.4 m | 189.9 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 354.7 m ≈ | 407.7 m ≈ | 334.4 m ≈ | 415.5 m ≈ | 675.2 m ≈ | 716.5 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Pre-tax income | 283.0 m | 250.5 m | 130.6 m | 174.1 m | 473.9 m | 495.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 59.7 m | 62.6 m | 56.5 m | 33.0 m | 104.0 m | 121.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 223.6 m | 193.3 m | 70.5 m | 141.1 m | 369.9 m | 374.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 5.18 | 4.45 | 1.64 | 3.29 | 8.58 | 8.87 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 43.2 m | 43.4 m | 42.9 m | 42.9 m | 43.1 m | 42.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 1.22 | 1.31 | 1.46 | 1.53 | 1.67 | 1.87 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 422.5 m | 483.8 m | 376.6 m | 337.9 m | 502.7 m | 474.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 205.1 m | 268.9 m | 307.9 m | 343.9 m | 358.1 m | 390.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 730.0 m | 887.6 m | 810.8 m | 815.7 m | 1.0 bn | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 155.1 m | 171.8 m | 199.4 m | 207.7 m | 218.9 m | 231.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 380.1 m | 328.2 m | 548.6 m | 484.4 m | 408.8 m | 379.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 2.7 bn | 2.9 bn | 3.5 bn | 3.4 bn | 3.5 bn | 3.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 0 | 0 | 32.1 m | 32.1 m | 0 | 0 | SEC (XBRL)· 29 Apr 2026verified |
| Long-term debt | 449.1 m | 359.4 m | 1.1 bn | 972.4 m | 698.6 m | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 626.5 m | 783.5 m | 882.5 m | 880.8 m | 967.3 m | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 1.4 bn | 1.4 bn | 2.3 bn | 2.1 bn | 1.9 bn | 2.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 1.3 bn | 1.4 bn | 1.2 bn | 1.3 bn | 1.6 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 384.3 m | 449.9 m | 297.8 m | 316.4 m | 591.6 m | 589.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 76.7 m | 101.8 m | 129.5 m | 119.1 m | 142.7 m | 147.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 307.6 m ≈ | 348.1 m ≈ | 168.3 m ≈ | 197.3 m ≈ | 448.9 m ≈ | 442.6 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -123.8 m | -167.7 m | -799.3 m | -81.9 m | -21.3 m | -139.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -182.2 m | -211.8 m | 415.1 m | -278.4 m | -384.4 m | -514.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 51.4 m | 54.2 m | 61.5 m | 63.9 m | 69.3 m | 76.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 41.9 m | 1.3 m | 226.0 m | 1.4 m | 11.6 m | 787.0 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet30
- Growth89
- Quality79
- Returns100
- Valuation50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 135.53 – 329.77 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA156.42 – 299.63 (Mid 232.01)6 companies used · median multiple 11.6x · quartiles 8.3x – 14.5xABX, APAM, BEN, LAZ, VCTR, VRTS
- Peers: P/E135.53 – 329.77 (Mid 250.16)29 companies used · median multiple 21.9x · quartiles 11.9x – 28.9xAAMI, ABX, AMG, AMP, APAM, APO, ARES, BEN, BVC, BX, CG, CNS, EVR, FHI, GROW, HLI, HNNA, KKR, LAZ, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS, WHG
- Dividend discount (DDM)outside the aggregate24.57 – 33.05 (Mid 28.19)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.4% | 82 (vs peers) | 11% |
| Net margin · Quality | 17.0% | 54 (vs peers) | 7% |
| FCF conversion · Quality | 110.6% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 9.3% | 78 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 75.5% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.4x | 33 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 21 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 21.4x | 53 (vs peers) | 11% |
| EV/EBITDA · Valuation | 12.1x | 33 (vs peers) | 11% |
| FCF yield · Valuation | 5.4% | 68 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 10.7% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 15.5% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth89/100 · 2/2 factors with a value
- Quality79/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation50/100 · 3/3 factors with a value
Memo
MORNINGSTAR, INC. (MORN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.4 bn USD in 2025; YoY growth 7.5%; net margin 17.0%; ROE 35.1%; net debt/EBITDA 1.4x.
The estimated value range is 145.97–314.70 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 241.08 USD, the price of 244.25 USD leaves a potential of -1.3% (value / price − 1) and a margin of safety of -1.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.4%
- FCF conversion: 110.6%
- Revenue CAGR 3Y: 9.3%
- EPS CAGR 3Y: 75.5%
- Shareholder yield (distributions): 10.7%
- Payout ratio (FCF): 15.5%
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +15% / −7% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
| BVCBitVentures Limited | 138.6 m | 39.8 | 28.9% | 687.6% | unavailable | +1,203% / −76% |
1- and 3-year price returns: for MORN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 159.09 Total return -34% · Per year -34% | 280.64 Total return 16% · Per year 16% | 421.86 Total return 74% · Per year 74% |
| 3 years | 169.80 Total return -28% · Per year -10% | 335.53 Total return 40% · Per year 12% | 551.57 Total return 130% · Per year 32% |
| 5 years | 181.23 Total return -22% · Per year -5% | 401.17 Total return 70% · Per year 11% | 721.15 Total return 203% · Per year 25% |
- Exit P/E± 83.88
- Net margin± 58.72
- Annual revenue growth± 46.06
- Annual dilution± 4.93
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Morningstar is a global provider of independent investment insights, combining data, research, credit ratings and portfolio tools. In the second quarter of 2026 revenue rose to 663.2 million USD 3, and the company says it is accelerating the use of its data in AI-driven workflows 3.
SWOT
Strengths
- The company combines proprietary data, research and technology in a broad product portfolio, allowing it to offer complete solutions.
- Revenue and free cash flow grew in the first half of 2026, showing a solid operating base 23.
- Morningstar Credit and PitchBook were the largest contributors to recent organic growth 3.
Weaknesses
- Trust in the company's independence is a fragile asset, and criticism about conflicts of interest could weigh on its reputation.
- The Morningstar Direct renewal rate declined, partly because clients consolidated licences 1.
- Debt increased in 2026 and personnel and technology costs rose, compressing margins in some segments 3.
Opportunities
Threats
- Competition from large data providers and from banks' and custodians' in-house tools could reduce market share.
- A weak economic cycle or volatile interest rates could reduce bond issuance and assets under management.
- Cybersecurity risks and data protection rules could generate costs and reputational damage 1.
Risks
- Independence and conflicts of interesthigh
Issuer-pay ratings and advisory services can attract criticism about independence, with effects on demand and regulation 1.
- Cybersecurityhigh
The company handles confidential and personal data, and attacks or vendor failures could generate costs and reputational harm 1.
- Economic cycle and interest ratesmedium
Assets under management and credit issuance depend on markets, so a recession could reduce revenue from asset-based and ratings businesses 1.
- AI adoptionmedium
AI investments may not deliver the expected benefits, and technology costs could rise 12.
- Debt and acquisition integrationlow
Debt increased after the CRSP acquisition, and integrating acquisitions may not yield the expected benefits 2.
Investment thesis
What would need to be true (bull case)
What to watch
- Organic revenue growth and the effect of the sunsetting of productsQ3 2026
- Renewal rates at Morningstar Direct and PitchBook2026
- CRSP integration and its effect on adjusted operating marginQ3 2026
- Debt levels and the share repurchase programmenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Morningstar states its mission as 'empowering investor success', delivering connected data, independent research, investor-first tools and long-term portfolio strategies 1. The company runs its business in three areas: data and software for professionals, investment management services for individuals and advisors, and credit ratings through Morningstar Credit 1. Revenue comes from licences per user or enterprise, fees on assets under management and one-time transaction revenue 1.
Segments
Morningstar Direct Platform
The segment includes Morningstar Data, Morningstar Direct and Morningstar Advisor Workstation, offering data, research and investment analysis tools. It contributed 222.1 million USD to revenue in the second quarter of 2026 3.
PitchBook
PitchBook provides data and research on private markets, with AI-enabled tools for private capital investors. Its revenue in the second quarter of 2026 was 174.7 million USD 3.
Morningstar Credit
Through Morningstar DBRS, the segment provides credit ratings and analytics for debt markets. Second-quarter 2026 revenue was 104.9 million USD, up 23.4% 3.
Market context
The global ratings market was estimated at approximately 11.8 billion USD for the twelve months ended September 30, 2025 1. For investment fund and security data, the largest markets are North America and Europe 1. Demand for data used in digital and AI applications could support growth, although results depend on the economic cycle and bond issuance volumes 1.
Trends
- AI integrationmixed
Morningstar launched an MCP server and integrations with AI platforms, which could widen access to its data and research 1. Investment in AI also carries execution risk and technology costs 1.
- Convergence of public and private marketstailwind
Investor interest in alternative assets and private markets could raise demand for new data and ratings, as the growth in the credit segment in 2026 suggests 3.
- Sensitivity to the economic cycleheadwind
Asset-based revenue and credit issuance depend on markets and interest rates, so an economic slowdown could reduce demand for the company's products 1.
- Pressure on independence and reputationheadwind
The issuer-pay model for ratings and other activities can create perceptions of a lack of independence, with reputational effects 1.
Competitive position
In investment data, the company names Bloomberg, FactSet, LSEG (Refinitiv), S&P Global and FE fundinfo as competitors 1. In private markets, Preqin, MSCI and Beauhurst are also cited 1. Morningstar differentiates by combining data, research and tools in one offering 2.
- Bloomberg
Competes in market and equity data and in tools for Morningstar Direct clients.
- FactSet
Present in market data, advisor tools and private market data.
- S&P Global
Competes in market and equity data, with a presence in private market information.
- LSEG (Refinitiv)
Competes in fund data, market data and private capital information.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Morningstar CEO Kunal Kapoor on making career choices that help you growCNBC — Top News · 27 Oct 2026 · EN
- Morningstar Shuns Low-Growth South Africa, Favors Brazil, MexicoBloomberg Markets · 29 Sept 2026 · EN
- Scope Ratings retrogradează Franța la același nivel cu Fitch și S&P / Hexagonul, trecut de Morningstar DBRS la o perspectivă negativăG4Media · 19 Sept 2026 · RO
- If You Invest $2,500 in the Vanguard Morningstar Growth ETF (VUG) Right Now and Hold for 20 Years, Here's How Much Wealth History Suggests You Could GenerateYahoo Finance — News · 19 Sept 2026 · EN
- ‘Apple and Microsoft Look Like Value Stocks’: Morningstar on SanDisk’s 2,107% YearYahoo Finance — News · 11 Sept 2026 · EN
- Мосбиржа запустила пилотный рейтинг ПИФов по модели MorningstarKommersant (RU) · 22 Jul 2026 · RU
- SpaceX is worth less than half of its $1.75 trillion IPO target, Morningstar saysCNBC World · 03 Jun 2026 · EN
- Morningstar values SpaceX at $780B, half its IPO targetHacker News · 02 Jun 2026 · EN
The latest news item in our archive is from 27 Oct 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report28 Oct 2026
- Current report25 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 Sept 2026Other events · Financial statements and exhibits
- Current report25 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report25 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Other events · Financial statements and exhibits
- Current report22 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Morningstar, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Morningstar, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Morningstar, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.