Morningstar
Provides investment data, research, ratings, and software across public and private markets.
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Profile
Provides data, ratings, research, and software for investment decisions across public and private markets. Its reporting segments span the Morningstar Direct Platform, PitchBook, credit, wealth, and retirement.
Data, ratings, research, and software for public and private markets underpin the group’s investor-facing offerings. The Morningstar Direct Platform provides investment information and analysis, while PitchBook brings private-capital-market data and research. Morningstar Credit supplies credit ratings, research, data, and analytics.
Morningstar Wealth and Morningstar Retirement extend the portfolio to wealth and retirement users; Morningstar’s history also records sustainability research and indexes. Founded in Chicago around mutual-fund information, the business expanded through product development and acquisitions, including PitchBook, DBRS, and Sustainalytics.
Management reports operations through the Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement segments.
Company facts
Categories
Key statistics
Year to date +3.5% · Average volume (30d) 367.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 7, 2026 | UBS | Reiterate | Buy | $280 | $260 | |
| Jun 26, 2026 | BMO Capital | Reiterate | Outperform | $193 | $212 | |
| Jun 18, 2026 | Redburn Partners | Target | $340 | $210 | ||
| Feb 17, 2026 | BMO Capital | Reiterate | Outperform | $250 | $193 | |
| Feb 13, 2026 | UBS | Target | $320 | $280 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $2.83 | $3.10 | +9.5% | $649.7M | $663.2M | +2.1% | −2.79% |
| Apr 29, 2026Q1 FY26 | $2.41 | $3.18 | +32.0% | $626.9M | $644.8M | +2.9% | −10.07% |
| Feb 12, 2026Q4 FY25 | $2.36 | $2.71 | +14.8% | $634.4M | $641.1M | +1.1% | +3.91% |
| Oct 29, 2025Q3 FY25 | $2.34 | $2.55 | +9.0% | $634.4M | $617.4M | −2.7% | +2.68% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $581.9M | $605.1M | $617.4M | $641.1M | $644.8M | $663.2M | |
| Gross profit | $350.5M | $374.5M | $375.7M | $391.9M | $405.9M | $423.9M | |
| Operating income | $114.1M | $125.1M | $127.8M | $159.6M | $155.9M | $160.6M | |
| Net income | $78.5M | $89.0M | $91.6M | $115.1M | $107.1M | $107.8M | |
| Diluted EPS | $1.82 | $2.09 | $2.17 | $2.83 | $2.73 | $2.83 | |
| Gross margin | 60.2% | 61.9% | 60.9% | 61.1% | 62.9% | 63.9% | |
| Operating margin | 19.6% | 20.7% | 20.7% | 24.9% | 24.2% | 24.2% |
Fiscal years (4-quarter sums)FY21 $1.70B · FY22 $1.87B · FY23 $2.04B · FY24 $2.28B · FY25 $2.45B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $523.8M · Total debt $1.90B · Total assets $3.95B · Shareholders' equity $1.02B
Dividends
Raised for 14 straight years — most recently to $0.50 from $0.455 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 10, 2026 | Jul 10 | Jul 31 | $0.50 | |
| Apr 2, 2026 | Apr 3 | Apr 30 | $0.50 | |
| Jan 2, 2026 | Jan 2 | Jan 30 | $0.50 | raised from $0.455 |
| Oct 3, 2025 | Oct 3 | Oct 31 | $0.455 | |
| Jul 11, 2025 | Jul 11 | Jul 31 | $0.455 | |
| Apr 4, 2025 | Apr 4 | Apr 30 | $0.455 | |
| Jan 3, 2025 | Jan 3 | Jan 31 | $0.455 | raised from $0.405 |
| Oct 4, 2024 | Oct 4 | Oct 31 | $0.405 |
Ownership
Shares outstanding 37.51M · Float 19.22M · 51.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Joseph D. Mansueto · director, 10 percent owner, officer: Executive Chairman | 7.94M | 21.16% | Form 4 | Aug 24, 2026 |
| Mansueto Daniel · 10 percent owner | 3.48M | 9.29% | Form 4 | Aug 26, 2026 |
| Bamco Inc /NY/ | 3.23M | 8.50% | 13G | Aug 14, 2026 |
| BlackRock, Inc. | 2.08M | 5.55% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 1.49M | 3.98% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Joseph D. Mansueto | director, 10 percent owner, officer: Executive Chairman | −5,659 | $218.84 |
| Aug 21, 2026 | Joseph D. Mansueto | director, 10 percent owner, officer: Executive Chairman | −4,095 | $216.75 |
| Aug 20, 2026 | Joseph D. Mansueto | director, 10 percent owner, officer: Executive Chairman | −7,250 | $214.16 |
| Aug 19, 2026 | Joseph D. Mansueto | director, 10 percent owner, officer: Executive Chairman | −6,594 | $213.75 |
| Aug 18, 2026 | Joseph D. Mansueto | director, 10 percent owner, officer: Executive Chairman | −7,906 | $210.26 |
Peers
- S&P Global
Broad overlap in data, ratings, ESG, indices, and private markets
- FactSet
Market data, institutional workflows, and private-market research
- MSCI
Private markets, ESG research, and index licensing
- Moody's
Credit ratings for overlapping issuer and investor markets
- BlackRock
Private-market data and model portfolios in institutional workflows
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Morningstar | $217.65 | −0.03% | $8.16B | 20.6 | 16.9 | 3.2 | +9.6% |
| S&P Global | $442.90 | +0.00% | $130.56B | 27.0 | 23.4 | 8.1 | −2.1% |
| FactSet | $308.68 | −0.07% | $10.99B | 20.3 | 16.2 | 4.5 | +6.4% |
| MSCI | $570.77 | −0.01% | $41.49B | 31.4 | 27.1 | 12.4 | +12.2% |
| Moody's | $519.27 | +0.84% | $89.19B | 32.7 | 28.9 | 10.9 | +15.1% |
| BlackRock | $1,163.84 | −0.03% | $180.49B | 27.8 | 19.5 | 6.6 | +30.6% |
| Median | 27.8 | 23.4 | 8.1 | +12.2% |