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Morningstar, Inc.

Morningstar, Inc.

NASDAQ•MORN
CEO: Mr. Joseph D. Mansueto
Sector: Financial Services
Industry: Financial - Data & Stock Exchanges
Listing Date: 2005-05-03
Morningstar, Inc. provides independent investment insights in the United States, Asia. Australia, Continental Europe, the United Kingdom, and internationally. The company operates in five segments: Morningstar Data and Analytics; PitchBook; Morningstar Wealth; Morningstar Credit; and Morningstar Retirement. The company offers managing investments, including mutual funds, ETFs, separate accounts, collective investment trusts, model portfolios, equities, and fixed income securities; Morningstar Direct is an investment-analysis and reporting platform; Morningstar Advisor Workstation, a suite of tool to provide help and advice. The PitchBook segment provides data and research covering the private capital markets comprising venture capital, private equity, private credit and bank loans, and merger and acquisition activities; and pitchbook platform. It provides model portfolios and wealth platforms; Morningstar Managed Portfolios, an advisor service with model portfolios designed for fee-based independent financial advisors; and Morningstar.com that discovers, evaluates, and monitors stocks, ETFs, and mutual funds; build and monitor portfolios and markets. In addition, the company provides credit ratings, research, data, and credit analytics solutions; Morningstar DBRS which offers securitizations and other structured finance instruments, such as asset-backed securities, residential mortgage-backed securities, commercial mortgage-backed securities, and collateralized loan obligations. Further, it offers managed retirement accounts, fiduciary services, Morningstar Lifetime Allocation funds, and custom models; Morningstar Indexes offers market indexes used for performance benchmarks and as the basis for investment products and other portfolio strategies; and Morningstar Sustainalytics provides environmental, social and governance data, research, analysis, and insights. Morningstar, Inc. was incorporated in 1984 and is headquartered in Chicago, Illinois.
Contact Information
22 West Washington Street, Chicago, IL, 60602, United States
312-696-6000
www.morningstar.com
Market Cap
$9.31B
P/E (TTM)
24.7
27.1
Dividend Yield
0.8%
52W High
$340.91
52W Low
$202.89
52W Range
12%
Rank24Top 7.5%
6.1
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Strong • 6.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$617.40M+8.43%
4-Quarter Trend

EPS

$2.18-21.86%
4-Quarter Trend

FCF

$160.10M+2.76%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue and Income Growth Consolidated revenue reached $1,804.4M, increasing 7.1%. Operating income grew 15.9% to $367.0M for nine months.
Operating Margin Expansion Operating margin expanded 1.5 percentage points to 20.3% for the nine months ended September 30, 2025.
Morningstar Credit Performance Credit segment revenue increased 19.3% to $249.1M; adjusted operating income surged 44.4% to $80.0M.
PitchBook Income Rises PitchBook adjusted operating income grew 14.7% to $158.0M for the nine months, margin increased 1.5 points.

Risk Factors

Effective Tax Rate Increase Effective tax rate rose to 24.7% for nine months 2025, up 3.0 points, due to prior year sale gain impact.
Operating Cash Flow Decline Cash provided by operating activities decreased 12.0% to $385.7M, driven by higher income tax payments.
Pending Acquisition Execution Risk exists failing to consummate the $375.0M CRSP acquisition or achieve anticipated benefits in Q4 2025.
Cybersecurity and Reputation Risks Ongoing risks include failure to mitigate cybersecurity events and protect confidential information and brand reputation.

Outlook

CRSP Acquisition Closing Expecting completion of the $375.0M CRSP acquisition during the fourth quarter of 2025, subject to closing conditions.
New Share Repurchase Program Board approved new three-year share repurchase program up to $1.0B, effective October 31, 2025, terminating prior plan.
Capital Allocation Strategy Intend to use cash, equivalents, and investments for working capital and funding future corporate growth purposes.
Segment Name Change Morningstar Data and Analytics segment renamed to Morningstar Direct Platform starting in the first quarter of 2025.

Peer Comparison

Revenue (TTM)

Western Alliance BancorporationWAL
$5.21B
+6.2%
First Horizon CorporationFHN
$4.79B
-5.0%
Webster Financial CorporationWBS
$4.34B
+5.1%

Gross Margin (Latest Quarter)

First Horizon CorporationFHN
100.6%
+41.3pp
SEI Investments CompanySEIC
85.8%
+32.1pp
SouthState CorporationSSB
70.7%
+0.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
FHN$12.61B14.010.0%6.7%
FDS$11.04B18.228.0%37.0%
WBS$10.77B11.410.0%1.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.5%
Moderate Growth
4Q Net Income CAGR
-7.8%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 24, 2026
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EPS:-
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Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 30, 2025|
    Revenue: $617.40M+8.4%
    |
    EPS: $2.18-21.9%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 31, 2025|
    Revenue: $605.10M+6.1%
    |
    EPS: $2.11+31.1%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 1, 2025|
    Revenue: $581.90M+7.0%
    |
    EPS: $1.83+22.0%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 28, 2025|
    Revenue: $2.28B+11.6%
    |
    EPS: $8.64+161.0%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 25, 2024|
    Revenue: $569.40M+10.5%
    |
    EPS: $2.79+203.3%
    Beat
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 26, 2024|
    Revenue: $570.50M+13.0%
    |
    EPS: $1.61+89.4%
    Beat
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 26, 2024|
    Revenue: $544.00M+13.4%
    |
    EPS: $1.50-1100.0%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 29, 2024|
    Revenue: $2.04B+9.0%
    |
    EPS: $3.31+100.6%
    Meet