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MORN 
Morningstar Inc (MORN)
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Upturn Advisory Summary
12/08/2025: MORN (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
3 Analysts rated it
Very few follow this stock; limited insights, higher-risk early investing.
1 Year Target Price $278.33
1 Year Target Price $278.33
| 1 | Strong Buy |
| 1 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 5.83% | Avg. Invested days 57 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/08/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 9.20B USD | Price to earnings Ratio 24.82 | 1Y Target Price 278.33 |
Price to earnings Ratio 24.82 | 1Y Target Price 278.33 | ||
Volume (30-day avg) 3 | Beta 1.11 | 52 Weeks Range 202.89 - 362.65 | Updated Date 12/8/2025 |
52 Weeks Range 202.89 - 362.65 | Updated Date 12/8/2025 | ||
Dividends yield (FY) 0.84% | Basic EPS (TTM) 8.79 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 15.7% | Operating Margin (TTM) 20.7% |
Management Effectiveness
Return on Assets (TTM) 8.27% | Return on Equity (TTM) 24.42% |
Valuation
Trailing PE 24.82 | Forward PE 19.8 | Enterprise Value 9502902295 | Price to Sales(TTM) 3.84 |
Enterprise Value 9502902295 | Price to Sales(TTM) 3.84 | ||
Enterprise Value to Revenue 3.97 | Enterprise Value to EBITDA 12.82 | Shares Outstanding 41129198 | Shares Floating 20518946 |
Shares Outstanding 41129198 | Shares Floating 20518946 | ||
Percent Insiders 45.29 | Percent Institutions 62.71 |
Upturn AI SWOT
Morningstar Inc
Company Overview
History and Background
Morningstar, Inc. was founded in 1984 by Joe Mansueto with the goal of providing independent, unbiased investment research. It started as a newsletter covering mutual funds and has since evolved into a global financial services firm. Key milestones include its expansion into international markets, the launch of its proprietary fund ratings, and its significant growth in data analytics and software solutions for financial professionals.
Core Business Areas
- Asset Management Solutions: Provides technology and services to asset managers, including portfolio management, sales and marketing tools, and data analytics.
- Data and Research: Offers a vast database of investment information, including mutual funds, stocks, ETFs, and other securities, along with independent research and analysis.
- Investment Advisory: Through subsidiaries, Morningstar provides investment advice and portfolio management services to individual and institutional investors.
- Morningstar Direct: A global portfolio analysis tool for investment professionals.
- Morningstar Advisor Workstation: A comprehensive software solution for financial advisors to manage client portfolios and provide advice.
Leadership and Structure
Morningstar, Inc. is led by its founder and Executive Chairman Joe Mansueto. The CEO is currently Kunal Kapoor. The company operates through various divisions and subsidiaries globally, serving a diverse range of clients including individual investors, financial advisors, institutions, and asset managers.
Top Products and Market Share
Key Offerings
- Morningstar Ratings (Stars): A proprietary rating system for mutual funds and ETFs, widely recognized by investors. While it doesn't directly generate revenue, it drives engagement and adoption of other Morningstar products. Competitors in the fund rating space include S&P Capital IQ, Moody's Analytics, and Lipper (a Refinitiv company).
- Morningstar Direct: A comprehensive software platform for investment professionals, offering portfolio analysis, data, and reporting. This is a significant revenue driver. Competitors include Bloomberg Terminal, Refinitiv Eikon, and FactSet.
- Morningstar Advisor Workstation: A suite of tools for financial advisors to manage client relationships, portfolios, and financial planning. It's a key product in the wealth management technology sector. Competitors include Envestnet, Orion Advisor Solutions, and Fidelity Wealthscape.
- Morningstar.com: The public-facing website offering free and premium access to investment data, research, and tools for individual investors. Competitors include Yahoo Finance, MarketWatch, and The Wall Street Journal.
Market Dynamics
Industry Overview
Morningstar operates within the financial data, analytics, and investment technology sectors. This industry is characterized by a growing demand for data-driven insights, increasing regulatory scrutiny, and a continuous push for technological innovation. The trend towards passive investing and fee compression also influences the market.
Positioning
Morningstar is a leading independent provider of investment research and data. Its key competitive advantages include its strong brand reputation for unbiased analysis, its extensive global data coverage, and its integrated suite of software solutions for both individual investors and financial professionals. The company benefits from its role as a trusted intermediary in the investment ecosystem.
Total Addressable Market (TAM)
The TAM for financial data, analytics, and investment technology is substantial and growing, encompassing wealth management platforms, asset management solutions, and data services for institutional and retail investors. While Morningstar doesn't operate in isolation, its TAM is aligned with the global spend on financial intelligence and technology, estimated to be in the tens of billions of dollars annually. Morningstar is well-positioned to capture a significant share of this market due to its diversified offerings and global reach.
Upturn SWOT Analysis
Strengths
- Strong brand recognition and reputation for independence and quality research.
- Extensive global data coverage across various asset classes.
- Diversified revenue streams from different business segments.
- Proprietary data and analytical tools that create high switching costs.
- Established relationships with financial advisors and asset managers.
- Commitment to innovation and technology adoption.
Weaknesses
- Reliance on subscription-based revenue can be sensitive to economic downturns.
- Competition from larger technology and data providers with broader offerings.
- Potential for disruption from new fintech entrants.
- Challenges in expanding market share in certain niche areas.
- Perception as primarily a mutual fund research firm, potentially limiting brand reach for other services.
Opportunities
- Growth in passive investing and the need for robust ETF/index fund data and analysis.
- Increasing demand for ESG (Environmental, Social, and Governance) data and ratings.
- Expansion of services in emerging markets.
- Further development and integration of AI and machine learning into its offerings.
- Acquisitions to broaden service capabilities or enter new markets.
- Increased adoption of digital wealth management platforms.
Threats
- Intensifying competition from financial data giants (e.g., Bloomberg, Refinitiv) and specialized fintechs.
- Changes in investment trends and client preferences.
- Data privacy regulations and cybersecurity risks.
- Economic recessions impacting investment activity and client spending.
- Pressure on fees across the investment management industry.
- Potential for regulatory changes impacting financial data and research.
Competitors and Market Share
Key Competitors
- Bloomberg L.P. (Private)
- Refinitiv (an LSEG business) (Public - LSEG)
- FactSet Research Systems Inc. (FDS)
- SS&C Technologies Holdings, Inc. (SSNC)
Competitive Landscape
Morningstar's advantages lie in its independent reputation and deep focus on investment research. However, competitors like Bloomberg and Refinitiv offer broader financial data and trading solutions that can be a one-stop shop for large institutions. FactSet excels in data analytics for portfolio managers. SS&C is strong in financial services technology for operations. Morningstar's niche is its ability to provide accessible, unbiased data and tools that cater to a wide spectrum of investors and advisors.
Major Acquisitions
ESG ratings business from Sustainalytics
- Year: 2020
- Acquisition Price (USD millions): 170
- Strategic Rationale: To significantly enhance Morningstar's capabilities and offerings in the rapidly growing field of ESG investing, providing deeper insights and ratings for sustainable investments.
Tolleson Wealth Management
- Year: 2022
- Acquisition Price (USD millions): 60
- Strategic Rationale: To expand its wealth management capabilities and acquire a respected independent registered investment advisor (RIA) firm.
Growth Trajectory and Initiatives
Historical Growth: Morningstar has experienced steady historical growth, driven by its expansion into new product lines (like advisory solutions) and geographic markets, as well as its ability to adapt to evolving investor needs. Its revenue growth has been consistent, often in the mid-to-high single digits annually.
Future Projections: Analyst estimates for Morningstar's future growth are generally positive, projecting continued revenue expansion driven by its asset management solutions, data and analytics services, and international presence. Growth is expected to be in the range of 7-10% annually.
Recent Initiatives: Recent initiatives include a focus on expanding its ESG data and analytics offerings, further developing its technology platforms for financial advisors, and investing in AI capabilities to enhance its research and product offerings. The company has also been active in strategic acquisitions to bolster its service portfolio.
Summary
Morningstar Inc. is a strong player in the financial data and analytics sector, benefiting from its respected brand and comprehensive research. Its diversified revenue streams and ongoing investment in technology position it well for future growth. However, it faces intense competition from larger financial information providers and needs to continuously innovate to maintain its edge, particularly in areas like ESG and AI.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Morningstar Inc. Investor Relations
- SEC Filings (10-K, 10-Q)
- Financial News Outlets (e.g., Wall Street Journal, Bloomberg)
- Industry Analysis Reports
Disclaimers:
This analysis is based on publicly available information and is intended for informational purposes only. It does not constitute financial advice. Past performance is not indicative of future results. Investors should conduct their own due diligence before making investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Morningstar Inc
Exchange NASDAQ | Headquaters Chicago, IL, United States | ||
IPO Launch date 2005-05-03 | CEO & Director Mr. Kunal Kapoor CFA | ||
Sector Financial Services | Industry Financial Data & Stock Exchanges | Full time employees 11154 | Website https://www.morningstar.com |
Full time employees 11154 | Website https://www.morningstar.com | ||
Morningstar, Inc. provides independent investment insights in the United States, Asia, Australia, Canada, Continental Europe, the United Kingdom, and internationally. The company operates in five segments: Morningstar Data and Analytics; PitchBook; Morningstar Wealth; Morningstar Credit; and Morningstar Retirement. The company offers managed investments, including mutual funds, ETFs, separate accounts, collective investment trusts, model portfolios, equities, and fixed income securities; Morningstar Direct is an investment-analysis and reporting application; Morningstar Advisor Workstation, a suite of tools to provide advice to clients. It also provides PitchBook that offers data and research covering the private capital markets comprising venture capital, private equity, private credit and bank loans, and merger and acquisition activities through the PitchBook platform; model portfolios and wealth platforms; Morningstar Model Portfolios, an advisor service with model portfolios for fee-based independent financial advisors; and Morningstar.com that discovers, evaluates, and monitors stocks, ETFs, and mutual funds, as well as build and monitor portfolios and markets. In addition, the company offers credit ratings, research, data, and credit analytics solutions; Morningstar DBRS which offers securitizations and other structured finance instruments, such as asset-backed securities, residential and commercial mortgage-backed securities, and collateralized loan obligations. Further, it provides managed retirement accounts, fiduciary services, Morningstar Lifetime Allocation funds, and custom models; Morningstar Sustainalytics provides environmental, social and governance data, research, and ratings; and Morningstar Indexes offers market indexes used for performance benchmarks and as the basis for investment products and other portfolio strategies. Morningstar, Inc. was incorporated in 1984 and is headquartered in Chicago, Illinois.
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