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Provides investment research, fund ratings and indexes for retail/advisor investors, plus private-markets data via PitchBook.
Provides investment research, fund ratings and indexes for retail/advisor investors, plus private-markets data via PitchBook.
Most revenue is licence fees and subscriptions to its data, research and PitchBook platform, charged annually and usually renewed; a smaller part comes from fees on assets managed and from credit ratings through DBRS Morningstar. Founder Joe Mansueto remains the largest shareholder.
Moat: narrow (brand, switching costs, data). Trusted fund-rating brand and a leading private-markets dataset (PitchBook) with high switching costs.
Headquarters: Chicago, Illinois, US · Founded: 1984 · Employees: 10,973
Size Morningstar (MORN) is a United States Financials company (Financial Publishing/Services) with a market value of $9.06B, the 825th largest of 3,117 United States companies the cockpit tracks. Shares closed at $244.15 on 6 Nov 2026.
Performance Over six months the shares gained 38.2%, against +9.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 12 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +6.7%); the operating margin is 24.1% (peer median 31.0%).
Valuation It trades at 17.3× forward earnings against a peer median of 19.6× (3rd cheapest of 11).
Backlog Backlog (remaining performance obligations) was $1.70B at 30 Sep 2026, up 10% on a year earlier — 0.6 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.62B | $2.45B | $2.28B | $2.04B | $1.87B |
| Revenue growth | — | +7% | +12% | +9% | — |
| Gross profit | $1.45B | $1.30B | $1.19B | $1.01B | $925M |
| EBITDA | $838M | $715M | $620M | $438M | $399M |
| Net income | $446M | $374M | $370M | $141M | $70.5M |
| Free cash flow | $493M | $443M | $449M | $197M | $168M |
| Capital expenditure | $149M | $147M | $143M | $119M | $130M |
| Total debt | $1.86B | $1.26B | $904M | $1.16B | $1.32B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Morningstar MORN | $9.06B | +38% | +9% | 24% | 17.3× | n/a |
| FactSet FDS | $11.6B | +47% | +7% | 31% | 16.7× | n/a |
| MSCI MSCI | $45.8B | +10% | +12% | 56% | 29.5× | n/a |
| S&P Global SPGI | $136B | +18% | +6% | 46% | 24.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MORN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.4% | +9.9% | highest of 12 |
| 6-month return | +38.2% | +9.9% | 2nd highest of 12 |
| Distance from 52-week high | -1.9% | -7.1% | 2nd highest of 12 |
| Revenue growth (TTM) | +9.4% | +6.7% | 4th highest of 12 |
| Operating margin | 24.1% | 31.0% | 3rd lowest of 12 |
| Forward P/E | 17.3× | 19.6× | 3rd cheapest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Morningstar MORN | United States | $9.06B | +38% | +9% | 24% | 17.3× | n/a | n/a |
| FactSet FDS | United States | $11.6B | +47% | +7% | 31% | 16.7× | n/a | n/a |
| MSCI MSCI | United States | $45.8B | +10% | +12% | 56% | 29.5× | n/a | n/a |
| London Stock Exchange LSEG.L | United Kingdom | $60.9B | +1% | +6% | 26% | 19.6× | n/a | n/a |
| Moody's MCO | United States | $87.2B | +12% | +9% | 46% | 28.1× | n/a | n/a |
| NICE Information Service 030190.KS | South Korea | $754M | +17% | +9% | 18% | 11.2× | n/a | n/a |
| S&P Global SPGI | United States | $136B | +18% | +6% | 46% | 24.1× | n/a | n/a |
| CARE Ratings CARERATING.NS | India | $499M | -5% | +19% | 40% | 23.3× | n/a | n/a |
| ICRA ICRA.NS | India | $452M | -18% | +31% | 30% | 19.6× | n/a | n/a |
| Enento ENENTO.HE | Finland | $438M | +10% | +4% | 24% | 17.3× | n/a | n/a |
| Korea Ratings 034950.KS | South Korea | $330M | -5% | +1% | 31% | n/a | n/a | n/a |
| Credit Bureau Asia TCU.SI | Singapore | $179M | -20% | +1% | 47% | 18.1× | n/a | n/a |
Morningstar reported $1.70B of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and up 6% from the previous quarter. That is 0.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.15.