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MORNMorningstar, Inc.
$200.32$7.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
MORN logo

Morningstar, Inc.

MORN
NASDAQ · Financial Data & Exchanges
$200.32
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$7.51B
P/E22.6x
52W High$238.80
Volume317.19K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Fee-Driven Growth Offsets Negative Net Interest Income

Morningstar's investment thesis centers on its dominant fee-based franchise, with non-interest income comprising 99.5% of revenue in Q2 2026, driving a 9.6% YoY revenue increase to $663.2M. The company's operating margin expanded to 24.2% from 21.5% a year ear...

GrowthAccelerating
ProfitabilityModerate
ValuationAttractive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

MORN price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

-25% Peers

P/E is 25% below peer median

03

Market leadership

RS 73 · Avg

Average momentum (RS Rating: 73)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Oct 29

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MORN-4.09%
S&P 500 (^GSPC)+12.39%
1-Year Return
MORN-14.24%
S&P 500 (^GSPC)+15.77%
3-Year Return
MORN-15.03%
S&P 500 (^GSPC)+82.04%
5-Year Return
MORN-24.87%
S&P 500 (^GSPC)+74.16%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
22.6x
Forward P/EExpansion
16.3x
EV/EBITDA0th %ile
11.8x
FCF YieldCash Flow
5.9%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
22.6x
76.9x
0th· Low
EV/EBITDA
11.8x
30.6x
0th· Low
Price/FCF
17.0x
42.6x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$180.18-10.1%
Base (Fair)$201.31-1.2%
Bull$225.57+12.6%
$180.18 Bear$201.31 Base$225.57 Bull
Current Market Price: $200.32
Trades at a 0.5% discount to Base DCF ($201.31)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$2.41B+8.1% YoY
Net income
$374M+1.2% YoY
Free cash flow
$443M-1.4% YoY
Operating margin
21.5%+0.2 pts YoY
ROIC (TTM)15.3%
Avg ROIC 5Y-
ROE (TTM)26.3%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (88%)
Revenue Beat Rate4/12 (44%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 29, 2026
$3.10+9.5%
vs $2.83
$663M+2.1%
vs $650M
Q2 2026
Apr 29, 2026
$3.18+32.0%
vs $2.41
$645M+2.9%
vs $627M
Q1 2026
Feb 12, 2026
$2.71+14.8%
vs $2.36
$641M+1.1%
vs $634M
Q4 2025
Oct 29, 2025
$2.55+9.0%
vs $2.34
$617M-2.7%
vs $634M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·5d ago
Morningstar, Inc. Declares Quarterly Dividend of 50 Cents Per Share

CHICAGO--(BUSINESS WIRE)--The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today declared a quarterly dividend of 50 cents per share, consistent with the dividend paid in July. The dividend is payable Oct. 30, 2026, to shareholders of record as of Oct. 2, 2026. Please contact [email protected] with any questions. About Morningstar, Inc. Morningstar, Inc. is a leading provider of independent investment insights in North Am.

Business Wire·Sep 16, 2026
Morningstar Survey: Asset Owners Increase U.S. and Private Market Exposure as AI Risks Rise

CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today published its fifth annual Asset Owner Perspectives Survey. Lindsey Stewart, director of institutional insights at Morningstar, said: “Asset owners are navigating a market increasingly shaped by artificial intelligence. They are weighing innovation opportunities against higher valuations, sector and geographic concentration, environmental and social impacts, and governance co.

GuruFocus·Sep 15, 2026
Morningstar Says “Game On” to Helping Investors Make Sense of the Public-Private Market Reality

[url="]Morningstar, Inc.[/url] (Nasdaq: MORN), a leading provider of independent investing insights, today launched Game On, a U.S. brand campaign about a compl

Business Wire·Sep 15, 2026
Morningstar Says “Game On” to Helping Investors Make Sense of the Public-Private Market Reality

CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investing insights, today launched Game On, a U.S. brand campaign about a complex challenge facing investors: public and private markets are blurring, putting a premium on clarity across both. Private companies are taking longer to go public, with the median age increasing nearly 60% since 2014, private credit is moving into the mainstream, and semiliquid funds are growing strategies for more investors.

Filtered for Morningstar, Inc.More Headlines
04

Compare before deciding

Benchmark MORN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Morningstar, Inc. (MORN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MORN logoMORNMorningstar, Inc.Current
$200.32$7.51B22.588.1%15.3%26.35%0.91%
MSCI logoMSCIMSCI Inc.
$555.70$40.4B35.719.51%40.74%——
SPGI logoSPGIS&P Global Inc.
$406.50$119.84B27.738.18%30.53%13.43%—
MCO logoMCOMoody's Corporation
$473.93$82.08B34.679.37%34.25%76.44%—
FDS logoFDSFactSet Research Systems Inc.
$279.43$9.94B17.976%23.21%26.58%—
ICE logoICEIntercontinental Exchange, Inc.
$156.35$88.17B27.109.27%30%13.78%—

Compare MORN vs Peers

Morningstar, Inc. (MORN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MSCI

Most directly comparable listed peer for MORN.

Scale Benchmark

vs BLK

Larger-name benchmark to compare MORN against a more recognizable public peer.

Peer Set

Compare Top 5

vs MSCI, SPGI, MCO, FDS

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MORN SEC Filings & Documents

Morningstar, Inc. (MORN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 29, 2026·SEC

Material company update

Jun 25, 2026·SEC

Material company update

Jun 18, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 13, 2026·SEC

FY 2025

Feb 28, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 30, 2025·SEC

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MORN Frequently Asked Questions

Morningstar, Inc. (MORN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Morningstar, Inc. growing?

Morningstar, Inc. (MORN) grew revenue by 8.1% over the past year. This is steady growth.

Is MORN profitable?

Yes, Morningstar, Inc. (MORN) is profitable, generating $421.6M in net income for fiscal year 2025 (15.3% net margin).

Dividend & Returns
Does MORN pay dividends?

Yes, Morningstar, Inc. (MORN) pays a dividend with a yield of 0.91%. This makes it attractive for income-focused investors.

What is MORN's return on equity?

Morningstar, Inc. (MORN) has a return on equity (ROE) of 26.3%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics
What is Morningstar, Inc.'s net interest margin?

Morningstar, Inc. (MORN) has a net interest margin (NIM) of -0.8%. NIM has been under pressure due to interest rate environment.

What is Morningstar, Inc.'s efficiency ratio?

Morningstar, Inc. (MORN) has an efficiency ratio of 39.5%. This is excellent, indicating strong cost control.

What if you invested $1,000 in MORN back in 2000?

Total return calculator · dividends reinvested · 26+ years of data

See returns →