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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
$7.58B
P/E (TTM)
20.0
32
Dividend Yield
1.0%
52W High
$316.71
52W Low
$149.08
52W Range
21%
Rank33Top 25.7%
4.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$641.10M+0.00%
4-Quarter Trend

EPS

$2.84+0.00%
4-Quarter Trend

FCF

$161.30M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Consolidated Revenue Growth Consolidated revenue reached $2,445.5M in 2025, marking 7.5% growth; organic revenue increased 8.0%.
Adjusted Income Improvement Adjusted operating income grew 18.0% to $582.9M, reflecting 2.1 pp expansion in adjusted operating margin.
Credit Segment Strong Performance Morningstar Credit revenue surged 21.7% to $354.4M, driven by strong transaction-based revenue growth.
Data Renewal Rate Rises Morningstar Data renewal rate improved to 101% in 2025, up from 99% in 2024, showing client retention.

Risk Factors

Brand Independence Reputation Reputation risks negative impact from allegations of conflicts of interest or lack of independence in ratings/research.
Pace of Innovation Failure Failing to create innovative, proprietary offerings or keep pace with technology trends may harm competitive position.
Economic Market Volatility Changing economic conditions, recessions, and fluctuating interest rates may negatively impact asset-based revenue.
Cybersecurity Data Protection Failure to protect confidential information via cybersecurity measures risks operational disruption and reputational harm.

Outlook

AI Native Strategy Focus Strategy centers on becoming AI-native, rethinking processes to improve insight speed and quality across workflows.
Index Capabilities Expansion Completed CRSP acquisition in February 2026 to significantly enhance index and data capabilities for growth.
New Share Repurchase Program New $1.0B share repurchase program authorized, replacing the prior program completed during 2025.
Language of Markets Goal Strategic priority to become the trusted universal language for both public and private capital markets data.

Peer Comparison

Revenue (TTM)

WAL stock ticker logoWAL
$5.29B
+5.6%
FHN stock ticker logoFHN
$4.91B
-0.5%
UMBF stock ticker logoUMBF
$4.44B
+68.5%

Gross Margin (Latest Quarter)

SSB stock ticker logoSSB
72.0%
+4.0pp
FHN stock ticker logoFHN
70.3%
+9.6pp
XP stock ticker logoXP
67.4%
+4.3pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
FHN$11.33B11.511.1%5.5%
WBS$11.14B11.010.7%5.1%
XP$10.62B10.622.5%21.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.3%
Moderate Growth
4Q Net Income CAGR
13.6%
Profitability Improving
Cash Flow Stability
100%
Strong Cash Flow

Deep Research

Next earnings:Apr 28, 2026
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LTM
No Data