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MORNMorningstar, Inc.
$244.15$9.2B
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 · Exchanges & Financial Data
$244.15
At close - Nov 6, 4:00 PM EST - USD
Market Cap$9.16B
P/E20.7x
52W High$248.88
Volume262.53K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Fee Engine Strong, Provisions and Equity Drawdown Warrant Monitoring

Morningstar's earnings are almost entirely fee-driven, with non-interest income of $669.7M against $672.1M total revenue in 2026Q3, while net interest income remains negative in every quarter reviewed.

GrowthMixed
ProfitabilityModerate
ValuationAttractive
TechnicalsStrong
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

8/12 Beats

EPS beat 8 of last 12 quarters

02

Valuation risk

-30% Peers

P/E is 30% below peer median

03

Market leadership

RS 92 · Leader

High momentum (Outperforming 92% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Jan 28

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MORN+16.98%
S&P 500 (^GSPC)+7.63%
1-Year Return
MORN+16.31%
S&P 500 (^GSPC)+9.69%
3-Year Return
MORN-5.09%
S&P 500 (^GSPC)+67.09%
5-Year Return
MORN-19.07%
S&P 500 (^GSPC)+55.17%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
20.7x
Forward P/EExpansion
18.6x
EV/EBITDA0th %ile
11.9x
FCF YieldCash Flow
5.4%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
20.7x
76.9x
0th· Low
EV/EBITDA
11.9x
30.6x
0th· Low
Price/FCF
18.6x
42.6x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$180.18-26.2%
Base (Fair)$201.31-17.5%
Bull$225.57-7.6%
$180.18 Bear$201.31 Base$225.57 Bull
Current Market Price: $244.15
Trades at a 21.3% premium to Base DCF ($201.31)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$2.41B+8.1% YoY
Net income FY25
$374M+1.2% YoY
Free cash flow FY25
$443M-1.4% YoY
Operating margin FY25
21.9%+0.1 pts YoY
ROIC (FY25)15.3%
Avg ROIC 5Y10.5%
ROE (TTM)41.5%
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 Rate8/12 (89%)
Revenue Beat Rate5/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 28, 2026
$3.48+14.5%
vs $3.04
$672M+1.1%
vs $665M
Q3 2026
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
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·Oct 28, 2026
Morningstar, Inc. Reports Third-Quarter 2026 Financial Results

CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN) reported growth in revenue, operating and adjusted operating income, and margins in the third quarter. "We continue to put important product enhancements in the hands of our clients while delivering profitable growth," said Morningstar CEO Kunal Kapoor. "This month, we launched Direct AI, which features agentic workflows backed by our trusted data, research, and analytics. As clients increasingly engage with our data within AI-driven wo.

247 Wallst·Oct 27, 2026
Dave Ramsey’s 8% Rule vs. Morningstar’s 3.9%: Where Dividend Income Fits in Retirement

Dave Ramsey and Morningstar sit on opposite ends of retirement math, and the gap between their withdrawal rates could mean the difference between a comfortable retirement and a depleted portfolio. Where dividends land in that debate depends on a risk most retirees never see coming.

The Motley Fool·Oct 24, 2026
Vanguard Morningstar Growth ETF vs. Vanguard Information Technology ETF: Here's Which One I Believe Is the Clear Long-Term Winner.

Nvidia, Apple, and Microsoft are the leading positions in each of these ETFs. The Vanguard Information Technology ETF's trailing-10-year total return of 775% is well ahead of the Vanguard Morningstar Growth ETF's 420% total return.

247 Wallst·Oct 21, 2026
Who’s Really Making Money on Leveraged ETFs? Ripple Wants In

Leveraged ETFs charge a management fee you can see on the fact sheet, but a second party quietly collects a separate financing fee. A familiar name from the crypto world just bought its way into that hidden revenue stream.

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
$244.15$9.16B20.728.1%17.42%41.54%0.75%
MSCI logoMSCIMSCI Inc.
$641.01$46.6B33.499.51%43.87%—1.12%
SPGI logoSPGIS&P Global Inc.
$467.80$137.91B27.368.18%31.99%14.88%0.82%
MCO logoMCOMoody's Corporation
$505.67$87.58B30.409.37%36.16%82.81%0.77%
FDS logoFDSFactSet Research Systems Inc.
$327.89$11.66B21.866.89%22.28%25.61%1.37%
ICE logoICEIntercontinental Exchange, Inc.
$172.27$97.15B23.379.27%33.78%14.05%1.12%

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

Oct 28, 2026·SEC

Material company update

Jul 29, 2026·SEC

Material company update

Jun 25, 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

Oct 28, 2026·SEC

FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 29, 2026·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 8.5% over the trailing twelve months, compared with the twelve months before.

Is MORN profitable?

Yes. Morningstar, Inc. (MORN) earned $445.5M in net income over the trailing twelve months (a 17.4% net margin).

Dividend & Returns
Does MORN pay dividends?

Yes. Morningstar, Inc. (MORN) pays a dividend that yields 0.75% at the current price, a small yield.

What is MORN's return on equity?

Morningstar, Inc. (MORN) had a return on equity (ROE) of 41.5% over the trailing twelve months. That is well above the market's typical 10-15%.

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 40.2%. 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 →