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Morningstar, Inc. (MORN) stock

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NASDAQ: MORN Nasdaq Financial Exchanges & Data Next results ~February 11, 2027

C+ Fundamentals grade

Morningstar, Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Morningstar files

10-Q filed October 28: Morningstar

Revenue for the twelve months to September 2026 was $2.62bn, up 9.4% on a year earlier, about the same pace as a quarter earlier. The diluted share count is down 8.7% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from B to C+.

Our model value for Morningstar is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Morningstar

Morningstar's revenue reached $2.62bn over the twelve months to June 2026, up 9.4% on a year earlier and broadly in line with the growth rate seen a quarter before. Meanwhile, the diluted share count has fallen 8.7% year on year, which flatters earnings on a per-share basis. The fundamentals grade has improved, moving from C+ to B. Despite that, our model value has dropped from $93.48 to $69.64 a share. Against a current share price of $216, the gap to our valuation remains wide. The rating is unchanged at Sell.

10-Q on SEC EDGAR

Where Morningstar stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.57bn, up 9.3% on a year earlier, faster than 8.4% a quarter earlier. The diluted share count is down 6.6% on a year earlier, which lifts each remaining share.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Morningstar, Inc.'s trailing-twelve-month revenue grew 9.4% year on year, with a free-cash-flow margin of 18.8%. Where it stands out: change in share count of -8.7% ranks 1 of 11 financial exchanges & data companies we cover. Where it lags: operating margin of 24.5% ranks 10 of 11 financial exchanges & data companies we cover.

Current signal Long-term debt rising: Long-term debt rose 98% year over year, to 42% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 8.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: operating margin. Operating margin of 24.5% ranks 10 of 11 financial exchanges & data companies we cover (median 40.5%).
  • Below peers: net margin. Net margin of 17.0% ranks 10 of 11 financial exchanges & data companies we cover (median 29.6%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$3.48 against an average estimate of $3.04: beat by 14.5%
Revenue
$672m, up 8.9% on a year earlier
Share reaction
+3.1% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $3.07

Morningstar's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.5%
  • 1 week+6.0%
  • 1 month+30.1%
  • This year+11.1%
  • 1 year+13.7%
  • 5 years-20.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.6B
Operating margin
24.5%
Net margin
17.0%
EPS (TTM, diluted)
$11.42

Growth

Revenue growth
+9.4%
Change in growth rate
+0.1 pts
Share count change
−8.7%

Earnings

Last results
October 28, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Product
  3. Product
  4. Announcement
  5. Announcement
  6. Results
  7. Announcement
  8. Announcement
  9. Announcement
  10. Dividend
  11. Announcement
  12. Announcement
  13. Announcement
  14. Insider trade
  15. Insider trade
  16. Insider trade
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Morningstar, Inc. valuation models and calculator

No model value for Morningstar, Inc. at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Morningstar, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$160–$320 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$79 ~$57–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$74 ~$64–$88 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$2.7 ~$29–$120 Left out: out of range vs price (0.01x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$84 ~$71–$100 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Morningstar, Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

79 /100

Strong moat

How hard Morningstar's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.5% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 59.4%, moving by 1.5 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 18.2%; its worst year was 8.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.8% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 9.9% over five years; stock-based pay has been a median 2.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.37 +25% $2.7bn +9%
Next $14.00 +13% $2.8bn +6%

Next year's EPS estimate has moved +4.1% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.7% on 90 days ago. In the last 30 days, 1 analyst raised Morningstar, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Morningstar, Inc., last 90 days
$11.00 $12.00 $13.00 $14.00 $15.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.92 Current fiscal year, 60 days ago: $12.32 Current fiscal year, 30 days ago: $12.32 Current fiscal year, 7 days ago: $12.37 Current fiscal year, Now: $12.37 $12.37 Next fiscal year, 90 days ago: $13.45 Next fiscal year, 60 days ago: $13.94 Next fiscal year, 30 days ago: $13.94 Next fiscal year, 7 days ago: $14.00 Next fiscal year, Now: $14.00 $14.00

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.92$13.45
60 days ago $12.32$13.94
30 days ago $12.32$13.94
7 days ago $12.37$14.00
Now $12.37$14.00

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.04 $3.48 +14.5%
Jun 2026 $2.83 $3.10 +9.6%
Mar 2026 $2.66 $3.18 +19.5%
Dec 2025 $2.36 $2.71 +14.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026

No numeric guidance in Morningstar, Inc.'s latest earnings release (filed October 28, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 2026213
  2. Sep 2026213
  3. Aug 2026213

Counts of recommendations published by analysts covering Morningstar, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.5%
of tradable shares
Days to cover
4.31
at average volume
Short interest, 1 month
−13%
to October 15, 2026
Held by institutions
66%
of shares
Held by insiders
49.7%
of shares
Employees
10,973
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +13.7%

$210.00 on October 31, 2025 to $238.73

ThenNowEffect
Revenue (last 12 months) $2.3bn $2.6bn +9.3%
Net margin 17.2% 16.4% −4.6%
P/E multiple 22.3x 22.7x +1.8%
Share count 43m 40m +7.0%

Biggest factor: revenue.

Last 3 years −6.9%

$256.43 on November 3, 2023 to $238.73

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.6bn +33.1%
Net margin 1.2% 16.4% +1288.8%
P/E multiple n/m 22.7x −95.3%
Share count 43m 40m +6.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MORN+48%−36%+33%+18%−35%+11%
Industry peers (median)+40%−24%+31%+15%+6%+10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MORN50%33%67%67%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MORN−13%−39%−33%−10%−38%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from December 12, 2024 to June 25, 2026. Getting back needed a 150% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$141.04 – $238.73
From 52-week high
0.0%
vs 50-day average
+15.9%
vs 200-day average
+29.1%
Volatility (1 year)
41%
Beta vs S&P 500
0.00

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.3%
After a week
5 up, 6 down
typical move ±4.8%
After a month
5 up, 6 down
typical move ±5.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +3.1% 0.0% — —
July 29, 2026 −0.5% +0.1% +2.7% +12.7%
April 29, 2026 −8.2% +1.0% −8.7% −0.9%
February 12, 2026 +3.0% −1.5% +2.7% +17.6%
October 29, 2025 −1.7% −1.1% −2.6% −1.5%
July 30, 2025 −3.6% −0.5% −9.4% −8.9%
April 30, 2025 +0.3% +0.7% +5.5% +9.2%
February 26, 2025 −3.7% −1.5% −6.5% −6.6%
October 23, 2024 −3.5% −0.7% −3.8% −1.0%
July 25, 2024 +7.0% +0.6% +3.0% +2.9%
April 25, 2024 −5.3% +0.6% −3.8% −1.6%
February 29, 2024 −0.2% +1.3% +3.9% +2.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Morningstar, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Morningstar, Inc.
$2B $2.2B $2.4B $2.6B $2.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.3B Revenue (TTM), FY25 Q1: $2.3B Revenue (TTM), FY25 Q2: $2.3B Revenue (TTM), FY25 Q3: $2.4B Revenue (TTM), FY25 Q4: $2.4B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.6B Revenue (TTM), FY26 Q3: $2.6B $2.6B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2B
FY24 Q1 $2.1B
FY24 Q2 $2.2B
FY24 Q3 $2.2B
FY24 Q4 $2.3B
FY25 Q1 $2.3B
FY25 Q2 $2.3B
FY25 Q3 $2.4B
FY25 Q4 $2.4B
FY26 Q1 $2.5B
FY26 Q2 $2.6B
FY26 Q3 $2.6B
Revenue growth, TTM YoY Morningstar, Inc.
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.0% Revenue growth, TTM YoY, FY24 Q1: 11.0% Revenue growth, TTM YoY, FY24 Q2: 12.5% Revenue growth, TTM YoY, FY24 Q3: 12.6% Revenue growth, TTM YoY, FY24 Q4: 11.6% Revenue growth, TTM YoY, FY25 Q1: 10.1% Revenue growth, TTM YoY, FY25 Q2: 8.2% Revenue growth, TTM YoY, FY25 Q3: 7.8% Revenue growth, TTM YoY, FY25 Q4: 7.5% Revenue growth, TTM YoY, FY26 Q1: 8.4% Revenue growth, TTM YoY, FY26 Q2: 9.3% Revenue growth, TTM YoY, FY26 Q3: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.0%
FY24 Q1 11.0%
FY24 Q2 12.5%
FY24 Q3 12.6%
FY24 Q4 11.6%
FY25 Q1 10.1%
FY25 Q2 8.2%
FY25 Q3 7.8%
FY25 Q4 7.5%
FY26 Q1 8.4%
FY26 Q2 9.3%
FY26 Q3 9.4%
Operating margin (TTM) Morningstar, Inc.
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.3% Operating margin (TTM), FY24 Q1: 14.2% Operating margin (TTM), FY24 Q2: 16.9% Operating margin (TTM), FY24 Q3: 18.5% Operating margin (TTM), FY24 Q4: 21.3% Operating margin (TTM), FY25 Q1: 21.9% Operating margin (TTM), FY25 Q2: 22.3% Operating margin (TTM), FY25 Q3: 22.3% Operating margin (TTM), FY25 Q4: 21.5% Operating margin (TTM), FY26 Q1: 22.7% Operating margin (TTM), FY26 Q2: 23.5% Operating margin (TTM), FY26 Q3: 24.5% 24.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.3%
FY24 Q1 14.2%
FY24 Q2 16.9%
FY24 Q3 18.5%
FY24 Q4 21.3%
FY25 Q1 21.9%
FY25 Q2 22.3%
FY25 Q3 22.3%
FY25 Q4 21.5%
FY26 Q1 22.7%
FY26 Q2 23.5%
FY26 Q3 24.5%
FCF margin (TTM) Morningstar, Inc.
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.7% FCF margin (TTM), FY24 Q1: 12.5% FCF margin (TTM), FY24 Q2: 18.0% FCF margin (TTM), FY24 Q3: 20.0% FCF margin (TTM), FY24 Q4: 19.7% FCF margin (TTM), FY25 Q1: 19.4% FCF margin (TTM), FY25 Q2: 16.6% FCF margin (TTM), FY25 Q3: 16.5% FCF margin (TTM), FY25 Q4: 18.1% FCF margin (TTM), FY26 Q1: 17.4% FCF margin (TTM), FY26 Q2: 19.4% FCF margin (TTM), FY26 Q3: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.7%
FY24 Q1 12.5%
FY24 Q2 18.0%
FY24 Q3 20.0%
FY24 Q4 19.7%
FY25 Q1 19.4%
FY25 Q2 16.6%
FY25 Q3 16.5%
FY25 Q4 18.1%
FY26 Q1 17.4%
FY26 Q2 19.4%
FY26 Q3 18.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 479 555 631 658 698 760 789 799 912 1,020 1,179 1,390 1,699 1,871 2,039 2,275 2,446 2,621
Gross profit 350 398 396 412 427 442 459 454 525 609 696 833 1,001 1,091 1,195 1,379 1,493 1,653
EBITDA 157 161 181 194 216 161 255 252 261 313 307 355 408 334 416 675 717 849
Operating income 125 121 138 151 171 106 191 181 170 216 190 215 257 168 231 485 527 644
Net income 82 86 98 108 124 78 133 161 137 183 152 224 193 71 141 370 374 446
Diluted EPS $1.65 $1.70 $1.92 $2.20 $2.66 $1.74 $3.00 $3.72 $3.18 $4.25 $3.52 $5.18 $4.45 $1.64 $3.29 $8.58 $8.87 $11.42
Growth (year on year)
Revenue −4.7% +15.9% +13.7% +4.3% +6.1% +8.9% +3.8% +1.2% +14.2% +11.9% +15.6% +17.9% +22.3% +10.1% +9.0% +11.6% +7.5% +9.4%
EBITDA −5.0% +2.6% +12.8% +6.9% +11.7% −25.8% +58.9% −1.4% +3.8% +19.7% −1.7% +15.4% +14.9% −18.0% +24.3% +62.5% +6.1% +16.9%
Operating income −10.2% −2.9% +14.3% +8.9% +13.3% −38.1% +80.5% −5.1% −6.1% +27.1% −12.1% +13.5% +19.4% −34.7% +37.4% +110.2% +8.6% +20.2%
Net income −8.4% +5.2% +13.9% +9.9% +14.3% −36.6% +69.3% +21.4% −15.0% +33.7% −16.9% +47.1% −13.6% −63.5% +100.1% +162.2% +1.2% +18.5%
Diluted EPS −9.3% +3.0% +12.9% +14.6% +20.9% −34.6% +72.4% +24.0% −14.5% +33.6% −17.2% +47.2% −14.1% −63.1% +100.6% +160.8% +3.4% +29.8%
Margins
Gross margin 73.1% 71.7% 62.7% 62.5% 61.1% 58.1% 58.2% 56.9% 57.6% 59.7% 59.0% 60.0% 58.9% 58.3% 58.6% 60.6% 61.0% 63.1%
EBITDA margin 32.7% 28.9% 28.7% 29.4% 31.0% 21.1% 32.3% 31.5% 28.6% 30.6% 26.1% 25.5% 24.0% 17.9% 20.4% 29.7% 29.3% 32.4%
Operating margin 26.0% 21.8% 21.9% 22.9% 24.4% 13.9% 24.2% 22.6% 18.6% 21.2% 16.1% 15.5% 15.1% 9.0% 11.3% 21.3% 21.5% 24.5%
Net margin 17.1% 15.6% 15.6% 16.4% 17.7% 10.3% 16.8% 20.2% 15.0% 17.9% 12.9% 16.1% 11.4% 3.8% 6.9% 16.3% 15.3% 17.0%
Free-cash-flow margin 18.6% 19.6% 22.4% 17.6% 21.9% 10.3% 23.4% 18.9% 20.1% 23.4% 21.6% 22.1% 20.5% 9.0% 9.7% 19.7% 18.1% 18.8%
Cash flow
Cash from operations 101 123 165 146 187 137 242 214 250 315 334 384 450 298 316 592 590 642
Capital spending 12 15 23 30 34 58 57 63 67 76 80 77 102 130 119 143 147 149
Free cash flow 89 109 142 116 153 78 184 151 184 239 254 308 348 168 197 449 443 493
Stock-based pay 12 14 15 19 15 18 17 15 24 32 44 37 42 83 53 55 56 65
Free cash flow after stock pay 77 95 126 97 138 61 167 136 159 207 210 271 306 85 145 394 386 428
Balance sheet
Cash 130 180 200 164 168 185 207 259 308 369 334 423 484 377 338 503 475 497
Total debt 0 — 0 0 0 30 35 0 0 70 524 449 359 1,142 1,005 700 1,075 1,697
Net debt (negative = net cash) −130 −180 −200 −164 −168 −155 −172 −259 −308 −299 190 27 −124 765 667 197 601 1,200
Diluted shares 50m 51m 51m 49m 47m 45m 44m 43m 43m 43m 43m 43m 43m 43m 43m 43m 42m 39m
Returned to shareholders
Dividends 0 0 10 25 17 31 34 38 39 43 48 51 54 62 64 69 77 77
Buybacks 0 4 41 252 154 77 97 49 42 21 5 42 1 226 1 12 787 895
Total returned 0 4 51 277 171 107 131 87 82 64 53 93 56 288 65 81 864 972

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$895M
Dividends (TTM)
$76.5M
Returned to shareholders
197%
of free cash flow
Buybacks, last 3 fiscal years
$800M
Diluted share count
−8.7%
year over year
Total shareholder yield
11.0%
dividends 0.9% + buybacks 10.1% of market value
Dividend payout ratio
17%
of net income paid out
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated MORN FDS TW MSCI CBOE COIN Median
Revenue, last 12 months $2.6bn $2.5bn $2.3bn $3.4bn $5.3bn $5.6bn $5.3bn
Revenue growth, last 12 months 9.4% 6.7% 14.4% 12.3% 14.3% −26.6% 9.4%
Revenue growth, 3-year average 9.9% 5.9% 21.9% 12.4% 11.5% 26.5% 12.4%
Revenue growth, latest quarter 8.9% 6.3% 14.9% 12.4% 19.0% −35.0% 12.4%
Gross margin 63.1% 50.6% — 82.4% 53.9% — 63.1%
Operating margin 24.5% 28.3% 44.1% 55.7% 36.4% 3.6% 40.5%
Operating margin, 3-year average 21.8% 30.8% 41.0% 54.4% 31.2% 19.6% 38.4%
Net margin 17.0% 21.5% 39.8% 40.3% 28.0% −12.5% 29.6%
Cash from operations / revenue 24.5% 33.2% 52.6% 47.0% 49.7% 25.0% 40.7%
Free-cash-flow margin 18.8% 28.6% 50.6% 45.9% 47.9% 25.0% 36.4%
Free-cash-flow margin, 3-year average 18.4% 27.7% 51.6% 48.5% 33.6% 31.2% 34.0%
Stock pay / revenue 2.5% 3.4% 4.8% 3.7% 1.0% 16.9% 2.9%
Change in share count −8.7% −4.6% −0.9% −5.5% −0.1% −0.9% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 9.4% 9.4% 6 of 11
Change in growth rate Growth +0.1pp +0.4pp 7 of 11
Operating margin Profitability 24.5% 40.5% 10 of 11
Net margin Profitability 17.0% 29.6% 10 of 11
Stock pay as % of revenue Cash generation 2.5% 2.9% 5 of 11
Change in share count Balance sheet -8.7% -1.7% 1 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Morningstar Data and Analytics $831M ▲ 5.4%
Pitch Book $672M ▲ 8.6%
Morningstar Credit $354M ▲ 21.7%
Morningstar Wealth $251M ▲ 1.2%
Morningstar Retirement $138M ▲ 8.3%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Licensed Based $1.7B ▲ 5.8%
Transaction Based $383M ▲ 21.0%
Asset Based $343M ▲ 2.9%
Morningstar Sustainalytics $112M ▼ 4.5%
Morningstar Indexes $87.7M ▲ 3.5%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $1.8B 71.8% ▲ 7.1%
Non United States $691M 28.2% ▲ 8.5%
Europe Excluding United Kingdom $220M 31.8% ▲ 7.8%
United Kingdom $190M 27.5% ▲ 13.4%
Canada $155M 22.4% ▲ 10.3%
Australia $65.3M 9.5% ▲ 4.6%
Asia $48M 7.0% ▼ 3.2%
Segment Geographical Group of Other Countries $13M 1.9% ▲ 2.4%

From Morningstar, Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
416
Shares held vs prior quarter
▲ 2.7%
Positions opened / closed
60 / 90

Top buyers and sellers, Q2 2026: 189 institutions bought and 261 sold ; the biggest buyer was BAMCO Inc (+2.7M shares) and the biggest seller Select Equity Group, L.P (−638K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
BAMCO Inc $546M 3.5M 14.4% ▲ 360.7%
Blackrock, Inc. $325M 2.1M 8.6% ▼ 11.0%
Wellington Management Group LLP $233M 1.5M 6.2% ▼ 10.2%
Morgan Stanley $232M 1.5M 6.1% ▼ 14.2%
AQR Capital Management LLC $204M 1.3M 5.4% ▲ 109.2%
Vanguard Portfolio Management LLC $148M 950K 3.9% ▼ 9.7%
Vanguard Capital Management LLC $140M 894K 3.7% ▼ 9.6%
State Street Corp $112M 716K 3.0% ▼ 2.6%
Geode Capital Management, LLC $90.2M 578K 2.4% ▼ 3.5%
Dimensional Fund Advisors LP $87.7M 562K 2.3% ▲ 8.5%
Los Angeles Capital Management LLC $87.1M 558K 2.3% ▼ 13.5%
Two Sigma Investments, LP $75.6M 484K 2.0% ▼ 43.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Morningstar, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $186,590 1 trade by 1 insider, last 12 months Insider sales History → $76.3M 259 trades by 4 insiders · 99% under pre-set plans
Net ▼ $76.1M net selling
Insider Date Trade Shares Price Value
Mansueto Joseph D Executive Chairman August 24, 2026 Sell pre-set plan 1,314 $220.42 $289,632
Mansueto Joseph D Executive Chairman August 24, 2026 Sell pre-set plan 978 $219.44 $214,612
Mansueto Joseph D Executive Chairman August 24, 2026 Sell pre-set plan 1,181 $217.26 $256,584
Mansueto Joseph D Executive Chairman August 24, 2026 Sell pre-set plan 220 $216.01 $47,522
Mansueto Joseph D Executive Chairman August 24, 2026 Sell pre-set plan 226 $221.12 $49,973
Mansueto Joseph D Executive Chairman August 24, 2026 Sell pre-set plan 1,740 $218.43 $380,068
Mansueto Joseph D Executive Chairman August 21, 2026 Sell pre-set plan 268 $217.57 $58,309
Mansueto Joseph D Executive Chairman August 21, 2026 Sell pre-set plan 3,827 $216.70 $829,311
Mansueto Joseph D Executive Chairman August 20, 2026 Sell pre-set plan 1,359 $214.17 $291,057
Mansueto Joseph D Executive Chairman August 20, 2026 Sell pre-set plan 3,157 $212.87 $672,031
Mansueto Joseph D Executive Chairman August 20, 2026 Sell pre-set plan 1,938 $215.18 $417,019
Mansueto Joseph D Executive Chairman August 20, 2026 Sell pre-set plan 295 $216.16 $63,767

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 13 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 9 sales of Morningstar, Inc. shares.

  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded May 6, 2026, filed June 5, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded May 4, 2026, filed June 5, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded April 30, 2026, filed May 6, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 12, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Morningstar, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Morningstar, Inc. in brief

What does Morningstar, Inc. do?
Morningstar, Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Morningstar, Inc.'s stock ticker?
Morningstar, Inc. trades under the ticker MORN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Morningstar, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Morningstar, Inc. reported revenue of $2.6B, 9.4% higher than a year earlier, according to its SEC filings.
What is Morningstar, Inc.'s free cash flow?
Morningstar, Inc.'s free-cash-flow margin is 18.8% of revenue over the trailing twelve months.
Who are Morningstar, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are BAMCO Inc, Blackrock, Inc. and Wellington Management Group LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Morningstar, Inc. buying back stock, and does it pay a dividend?
Morningstar, Inc. spent $895M on share repurchases over the trailing twelve months, and its diluted share count fell 8.7% over the year.
What is Morningstar, Inc.'s market cap?
On November 2, 2026, Morningstar, Inc.'s market capitalisation was about $9.3B, with a price-to-earnings ratio of 20.9 and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
Does Morningstar, Inc. pay a dividend?
Yes: Morningstar, Inc. paid $76.5M in dividends over the trailing twelve months, a dividend yield of 0.86% and a payout ratio of 17.2%.
Who are Morningstar, Inc.'s competitors?
In our Financial Exchanges & Data peer group, the companies closest to Morningstar, Inc. are Factset Research Systems Inc, Tradeweb Markets Inc., MSCI, Cboe Global Markets and Coinbase. The side-by-side comparison below sets their revenue, margins and growth against Morningstar, Inc.'s.
Are insiders buying or selling Morningstar, Inc. stock?
Over the last 12 months, Morningstar, Inc.'s directors and officers reported 1 open-market purchases and 259 sales on Form 4. The insider trading page charts every trade.
When is Morningstar, Inc.'s next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Morningstar, Inc. announces its own schedule.