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Morningstar, Inc. MORN

Financial — Financial Data & Stock Exchanges
Dividend Champion (5y) Insider Buys (last 12m)
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
0.19
Total sells
76.26
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — 1 — — — — — —
Sell — 8 1 — 8 1 — 8 — — 8 —
Insider Ownership
49.02%

Capital & Financial Ratios

Market Cap
7,610.00
Revenue
2,566.50
Net Income
421.60
Free Cash Flow
497.50
Net Debt
1,189.50
Current Ratio
1.06
Debt/Equity
1.67
P/E ratio
19.21
P/S ratio
3.00
P/B ratio
7.53
Past 5Y EPS Growth
19.52%
This Y EPS Growth
24.91%
Next Y EPS Growth
13.17%
Next 5Y EPS Growth
18.58%
in millions of $

Dividends

Payout Ratio
2.75
Annual Dividend Rate
1.50
Annual Dividend Yield
0.55%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 2.00
—
—
—
—
2025 1.82
—
—
—
—
2024 1.62
—
—
—
—
2023 1.50
—
—
—
—
2022 1.44
—
—
—
—
2021 0.95
—
—
—
2020 1.52
—
—
—
—
—
2019 1.12
—
—
—
—
2018 1.00
—
—
—
—
2017 0.92
—
—
—
—
2016 0.88
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 389.00 551.00 528.70 523.80
Receivables 344.50 370.50 406.60 395.60
Inventory — — — —
Other 5.40 11.30 24.80 24.50
815.70 1,014.10 1,038.00 1,034.90
2023 2024 2025 Q'26
Payables 78.40 87.30 97.90 91.90
ST’ Debt 32.10 — — 18.20
Other 1.80 1.40 9.30 4.00
880.80 967.30 1,053.30 980.30
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 644.80 663.20 — —
—
’25 581.90 605.10 617.40 641.10
2,445.50
’24 542.80 571.90 569.40 591.00
2,275.10
’23 479.70 504.70 515.50 538.70
2,038.60
’22 457.00 470.40 468.20 475.00
1,870.60
’21 392.80 415.40 428.90 462.20
1,699.30
’20 324.00 327.90 357.20 380.40
1,389.50
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 91.50 155.70 — —
—
’25 91.00 99.00 195.70 204.00
589.70
’24 93.60 152.70 191.90 153.40
591.60
’23 23.40 24.50 130.70 137.80
316.40
’22 23.50 68.70 102.10 103.50
297.80
’21 64.20 127.20 122.60 135.90
449.90
’20 48.70 127.60 93.40 114.60
384.30
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 53.60 122.50 — —
—
’25 58.80 62.40 160.10 161.30
442.60
’24 59.50 120.80 155.80 112.80
448.90
’23 (6.10) (5.80) 101.40 107.80
197.30
’22 (4.50) 37.00 68.40 67.40
168.30
’21 41.50 108.50 92.40 105.70
348.10
’20 33.60 110.60 70.80 92.60
307.60
in millions of $

EPS

Mar Jun Sep Dec Year
’26 2.73 2.83 — —
—
’25 1.82 2.09 2.17 2.83
8.87
’24 1.49 1.60 2.77 2.71
8.58
’23 (0.18) 0.84 0.91 1.71
3.29
’22 1.06 0.70 (0.21) 0.08
1.64
’21 1.27 0.76 1.13 1.30
4.45
’20 0.55 1.12 1.76 1.74
5.18

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.7
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 207.11 163.28 269.51 202.89 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 343.54 289.17 365.00 338.50 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,224 11,334 11,085 10,973 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.15 0.18 0.21 0.22 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,870.60 2,038.60 2,275.10 2,445.50 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 58.34% 58.62% 60.63% 61.03% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 130.60 181.50 491.30 499.00 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.98% 8.90% 21.59% 20.40% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 70.50 141.10 369.90 374.20 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 166.60 184.90 190.40 189.90 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 43.91 47.85 53.16 58.37 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ 1.65 3.31 8.64 8.93 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.99 7.43 13.82 14.07 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3.04) (2.80) (3.33) (3.51) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.95 4.63 10.49 10.56 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 28.34 31.17 37.82 29.16 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 42.60 42.60 42.80 41.90 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 132.20 83.87 39.07 24.25 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.97 5.80 6.34 3.72 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.70 8.91 8.90 7.45 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.34 6.09 6.41 3.96 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 59.34 62.89 32.51 21.87 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 297.80 316.40 591.60 589.70 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (129.50) (119.10) (142.70) (147.10) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 168.30 197.30 448.90 442.60 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (71.70) (65.10) 46.80 (15.30) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,109.60 972.40 698.60 1,072.60 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 695.00 583.40 147.60 543.90 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,207.10 1,327.80 1,618.60 1,221.90 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.22% 4.10% 10.64% 10.48% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.51% 7.54% 17.16% 18.64% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.38% 11.13% 25.11% 26.35% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Morningstar, Inc. (MORN) has engineered a robust transformation over the past decade, scaling revenue from $799 million in 2016 to $2.275 billion in 2024—a 185% surge at 14% CAGR—through strategic acquisitions like PitchBook and expansions into workplace solutions and ESG analytics. This subscription-driven model (over 80% recurring revenue) delivered steady gross margins of 58-60% and rebounding efficiency, with revenue per employee jumping 34% to $205,000 in 2024. Yet, the stock has decoupled sharply, trading 56% below 2024 highs amid insider selling exceeding $90 million (zero buys) and macro headwinds, masking a dramatic profitability turnaround: EBT margins rocketed from 7% in 2022 to 22% last year, net income soared 162%, and free cash flow per share surged 126% to $10.49.

Balance sheet strength bolsters the case, with net debt slashed 75% to $148 million, equity up 22%, and ROE hitting 25%. Current valuations appear compressed at 19x forward PE, 3x EV/Sales, and reasonable multiples versus a high-moat data business. Analysts project 7-8% revenue CAGR through 2027, accelerating EPS to mid-teens growth (reaching $11.82), implying 20-75% upside from recent lows—trading like a turnaround despite solid fundamentals.

Forward catalysts like AI-enhanced analytics and potential spin-offs contrast with risks such as persistent insider caution, capex efficiency, and recessionary pressures. This blend of operational resilience and market skepticism positions MORN as a compelling watch for patient investors seeking undervalued compounding.

Read full commentary →

Morningstar, Inc. (MORN) Latest News

News by impact score

Fine-tune

19 Sep

4 , 2:08 PM
Morningstar emphasizes AI portfolio tools and asset owner strategy shifts as key priorities. AI portfolio tools represent major product innovation with potential to alter competitive positioning.

15 Sep

4 , 9:15 PM
Morningstar's PitchBook data powers ChatGPT for finance applications, potentially reshaping the MORN investment case through expanded AI-driven financial tools and competitive positioning. PitchBook integration with ChatGPT creates new AI finance capabilities that could materially boost Morningstar's growth trajectory and investor appeal.

3 , 7:33 AM
Morningstar launches initiatives to assist investors navigating public-private market dynamics and related investment realities. New focus on public-private markets may expand service offerings and client base without major immediate financial shifts.

10 Sep

3 , 1:45 PM
Morningstar subsidiary PitchBook now delivers private market intelligence inside ChatGPT for financial services users. PitchBook ChatGPT integration broadens data access and may lift adoption without transforming core operations.

26 Aug

3 , 3:09 AM
Morningstar integrates its research into AI workflows for finance users. AI workflow integration represents product innovation with potential to influence competitive positioning.

25 Aug

4 , 12:36 PM
Morningstar and PitchBook integrate trusted investment intelligence into Gemini Enterprise for Financial Services to ground AI applications and expand data access across AI ecosystems. Integration of Morningstar data into Google's Gemini AI platform for finance represents a major strategic expansion into AI ecosystems with potential revenue and adoption gains.

17 Aug

3 , 9:22 AM
GenAI disruption fears trigger pullback in Morningstar (MORN) stock despite solid financial fundamentals. GenAI fears may moderately pressure investor sentiment and short-term performance while fundamentals remain intact.

13 Aug

3 , 12:13 PM
Strong returns from ESG investments are attracting investors back to the sector, likely increasing demand for Morningstar's ESG ratings and analysis services. ESG performance trends may moderately lift usage of Morningstar's specialized ratings without altering core business trajectory.

3 , 1:30 AM
ESG funds attract inflows and deliver strong returns amid rising investor demand for sustainable options, with Morningstar positioned in related fund analysis and ratings. ESG fund inflows and returns raise visibility for Morningstar's core ratings and data services without altering operations.

12 Aug

3 , 3:13 PM
Morningstar posts strong Q2 earnings, boosting investor interest and raising questions on potential stock undervaluation. Strong quarterly earnings enhance investor sentiment toward Morningstar's performance and valuation.

5 Aug

3 www.esgdive.com, 8:43 AM
US sustainable funds recorded positive inflows for the first time since 2022 per Morningstar. Morningstar's coverage of renewed sustainable fund inflows points to growth in a monitored market segment supporting its data services.

1 Aug

3 , 4:11 PM
Morningstar shares rose 11.6% after the firm beat earnings and rebranded a major index. Earnings beat supports short-term sentiment while index rebrand may strengthen positioning in financial data without reshaping core operations.

3 , 11:12 AM
Morningstar rebrands CRSP Indexes while expanding its global benchmarks business. Rebranding CRSP Indexes supports moderate growth in Morningstar's benchmarks operations.

29 Jul

3 , 5:12 PM
Morningstar exceeded Q2 CY2026 sales expectations. Sales beat indicates stronger revenue growth than projected.

3 , 4:15 PM
Morningstar, Inc. released its second-quarter 2026 financial results. Quarterly earnings directly inform performance metrics and investor views on operations.

28 Jul

3 , 8:53 AM
Morningstar (MORN) Q2 earnings expectations center on revenue growth from asset management and credit ratings amid market volatility, with analysts projecting modest EPS gains and continued subscription momentum. Q2 earnings preview may moderately sway near-term investor sentiment and valuation for MORN without altering long-term trajectory.

22 Jul

3 , 9:40 AM
Morningstar launches US Capital Allocation Leaders Index to provide exposure to companies with exemplary capital allocation practices. New index launch adds product innovation in core indexing business with moderate long-term growth potential.

6 Jul

3 www.thestreet.com, 2:33 PM
Morningstar issues stark warning on AI stocks, flagging risks of overvaluation and potential market corrections tied to the sector. Morningstar warning on AI stocks may boost its profile as an analyst firm with moderate effects on market perception.

29 Jun

4 , 1:27 AM
Morningstar integrates its investment intelligence into Microsoft 365 Copilot workflows. Partnership with Microsoft expands Morningstar platform reach and embeds tools in widely used enterprise workflows.

27 Jun

3 , 6:07 AM
Morningstar integrates research tools into Microsoft 365 and launches daily CLO indexes. Microsoft integration expands research reach and new CLO indexes add product offerings with moderate growth potential.

25 Jun

4 Business Wire, 9:30 AM
Morningstar expands AI integrations with Microsoft to bring trusted investment intelligence into enterprise workflows. AI partnership with Microsoft strengthens Morningstar enterprise offerings and competitive positioning.

3 Business Wire, 9:15 AM
PitchBook expands premium AI integrations with Microsoft 365 Copilot and Copilot in Excel. AI expansions by PitchBook improve product capabilities and competitive positioning for Morningstar.

24 Jun

3 Business Wire, 11:00 AM
Morningstar Indexes and Houlihan Lokey will launch a daily valued index suite for the Collateralized Loan Obligation market. New CLO index suite expands Morningstar Indexes offerings with moderate strategic reach.

19 Jun

4 , 9:09 AM
Morningstar (MORN) teams up with Apollo, Franklin Templeton, and JPMorgan on new models. Partnership with major financial institutions advances Morningstar modeling capabilities and competitive position.

18 Jun

4 www.thedailyupside.com, 12:02 AM
Morningstar will launch public-private model portfolios incorporating funds from Apollo, Franklin Templeton, and JPMorgan. New model portfolio launch with major asset managers expands Morningstar's product offerings and partnership reach, likely boosting AUM and revenue.

17 Jun

3 www.wealthmanagement.com, 11:05 AM
Morningstar Wealth plans to launch public/private model portfolios. New model portfolios expand Morningstar Wealth offerings with potential moderate effects on client acquisition and operations.

3 , 8:05 AM
StepStone and PitchBook launch deal-level benchmarking solution, adding StepStone's institutional-grade fund and deal performance data to PitchBook's private markets intelligence platform. Adds StepStone data to PitchBook platform, moderately strengthening product offerings in private markets.

3 , 7:00 AM
Morningstar Wealth partners with Apollo, Franklin Templeton and J.P. Morgan Asset Management to develop public/private model portfolios. Partnership adds model portfolio capabilities that may modestly expand Morningstar Wealth offerings and client reach.

3 , 6:00 AM
Morningstar forms partnership with Apollo, Franklin Templeton and J.P. Morgan to develop public/private model portfolios. Partnership expands Morningstar model portfolio offerings with major asset managers, moderately strengthening its advisory capabilities.

16 Jun

3 , 9:00 AM
PitchBook partners with Samaya AI to launch a premium LLM integrating private market data into AI workflows with full auditability for enhanced research and operations. PitchBook AI upgrade adds competitive data and workflow tools that can lift platform adoption and revenue contribution.
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