Morningstar, Inc. (MORN) is a Financials stock trading at $217.56 (as of 2026-08-20), with a market capitalization of $8.27B and a trailing P/E of 20.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Morningstar, Inc. provides independent investment research services in North America, Europe, Australia, and Asia. The company offers web-based tools; investment data, fundamental equity and manager research, private capital markets research, credit and fund rating, and index, as well as environmental, social, and governance (ESG) rating services; and investment offerings, including managed investment products, publicly listed and private companies, fixed income securities, and real-time global market data for financial advisors, asset managers, retirement plan providers and sponsors, and individual and institutional investors. It also provides Morningstar Data, an investment data spanning various databases, including equity fundamentals, managed investments, ESG factors, and market data; Morningstar Direct, an investment-analysis platform; Morningstar Managed Portfolios, an advisor service consisting of model portfolio that offers services for independent financial advisors, as well as offers asset allocation services for asset managers, broker/dealers, and insurance providers; Morningstar Advisor Workstation, a web-based research, financial planning, and proposal generation platform; and Morningstar.com, a website for individual investors. In addition, the company offers Morningstar Enterprise Components; Morningstar Credit Ratings that provides issuance and surveillance services for structured finance products and instruments; corporate credit estimates and operational risk assessment rankings; Morningstar Indexes for creating investment products; Morningstar workplace solutions, such as retirement accounts, fiduciary services, allocation funds, and custom models; and PitchBook Platform, research and analysis workstation for investment and research professionals. Further, its PitchBook provides a mobile application, excel plug-in, data feeds, and data solutions. The company was incorporated in 1984 and is headquartered in Chicago, Illinois.
Morningstar provides independent investment research, data, ratings, and investment-related services, and it makes money through subscription and platform offerings like Morningstar Direct and PitchBook, plus credit and wealth and retirement services tied to client assets and advisory activity.
The business generates most of its revenue from its research and data platforms (Morningstar Direct, PitchBook) and related investment services (credit, wealth, retirement), and that mix supports a high operating margin (24.2%) through operating expense leverage on a largely recurring offerings footprint.
| Direct | $0.2B |
| PitchBook | $0.2B |
| Credit | $0.1B |
| Wealth | $0.1B |
| Retirement | $0.0B |
| Other | $0.1B |
Business quality (Strong): Strength is supported by diversified revenue across core platforms and investment services, with a high operating margin for the period. Key things to watch are whether operating drivers like retirement and wealth assets and platform demand stay resilient, since those can move with client activity and market conditions.
Valuation: At 16× earnings, MORN trades 53% below the Trading average (34×). Note: one-time items can distort reported P/E.
| Price | $217.56 |
| Market Cap | $8.27B |
| P/E Ratio | 20.0 |
| EV / EBITDA | 11.8 |
| Price / Book | 8.08 |
| Price / Sales | 3.22 |
| FCF Yield | 6.8% |
| DCF Value (model) | $138.29 |
| DCF Upside vs Price | -36.4% |
| Revenue (TTM) | $2.45B |
| Net Margin | 15.3% |
| Revenue Growth (YoY) | 7.5% |
| EPS Growth (YoY) | 3.4% |
| FCF Growth (YoY) | -1.4% |
| Altman Z-Score | 4.20 (safe) |
| Piotroski F-Score | 6/9 (moderate) |
| Stock P/E | 20.0 |
| Sector P/E (Financials) | 15.1 |
| Industry P/E (Trading) | 34.6 |
| vs Sector | 32.2% |
| vs Industry | -42.2% |
| Top Institutional Holder | VANGUARD GROUP INC ($515.97M) |
| Institutional Holders Tracked | 10 |
| Congressional Trades (recent) | 10 |
| Sector | Financials |
| Industry | Trading |
| CEO | Kunal Kapoor |
| Employees | 11,115 |
| Country | US |
| IPO Date | 2005-05-03 |
Data as of 2026-08-20.
Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.