Morningstar, Inc.(MORN)— Stock Profile, AI Score & Financials
Financials · Nasdaq · AI-powered stock analysis, 32-signal quality score, SEC EDGAR financials, and institutional holdings. Updated .
Morningstar, Inc. (MORN) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores MORN at 67.6/100 on a 32-signal composite quality model, placing it at rank #355 of 2,960 stocks — the top 25% of the AI-ranked universe. MORN scores in the top quartile across balance sheet strength (87.6). Shareholder dilution risk is elevated at 37.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Morningstar, Inc. reports quarterly revenue of $663.2M, net income of $107.8M, an operating margin of 24.2%. Top institutional holders of MORN by reported 13-F value include BAMCO, BlackRock, WELLINGTON MANAGEMENT GROUP LLP, based on the most recent SEC filings. MORN trades on the Nasdaq exchange and files with the SEC under CIK 1289419. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MORN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Morningstar, Inc. directly from SEC EDGAR.
AI Quality Score
67.6/100
AI Rank
#355
Revenue
$663.2M
Net Income
$107.8M
Free Cash Flow
$122.5M
Operating Margin
24.2%
MORN key financials by period
Morningstar, Inc. reported revenue, net income and margins by fiscal period, from SEC filings.
Period
Form
Revenue
Net income
Operating margin
FY 2025
10-K
$2.4B
—
21.5%
FY 2024
10-K
$2.3B
—
21.3%
FY 2023
10-K
$2.0B
—
11.3%
FY 2022
10-K
$1.9B
—
9.0%
FY 2021
10-K
$1.7B
—
15.1%
FY 2020
10-K
$1.4B
—
15.5%
Institutions holding MORN
Institutional investors reporting a position in Morningstar, Inc. on SEC Form 13F.
AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Morningstar's Q2 FY2026 revenue rose 9.6% YoY to $663.2M with operating margin expanding 3.5pp to 24.2%, powered by 23.4% growth in Morningstar Credit and a debt-funded CRSP acquisition that pushed long-term debt up to $1,695.1M.
Biggest Revenue Drivers
Morningstar Direct Platform$222.1M+6.2% YoY
Growth driven by Morningstar Data and Morningstar Direct, with expansion among existing clients and new use cases.
PitchBook$174.7M+4.9% YoY
Growth across most investor/advisor segments, partially offset by softness in venture capital and elevated corporate-client churn.
Biggest Revenue Drivers
Total revenue: $663.2M+9.6% YoY
Morningstar Direct Platform$222.1M+6.2% YoY
Growth driven by Morningstar Data and Morningstar Direct, with expansion among existing clients and new use cases.
PitchBook$174.7M+4.9% YoY
Growth across most investor/advisor segments, partially offset by softness in venture capital and elevated corporate-client churn.
Morningstar Credit$104.9M+23.4% YoY
Robust issuance with strength in US structured finance ratings and Canadian/US corporates.
Corporate and All Other$63.3M+32.7% YoY
Includes Morningstar Indexes revenue up 85.3% on the CRSP acquisition, partially offset by a Sustainalytics decline.
Morningstar Wealth$60.3M-6.2% YoY
Decline tied to absence of prior-year AssetMark interim service fees and the sunsetting of Morningstar Office.
Largest Expense Items
Cost of revenue$239.3M+3.8% YoY
Higher technology infrastructure costs from cloud migration and AI initiatives, plus professional fees.
Sales and marketing$118.1M-1.3% YoY
Lower compensation expense and professional fees, partly offset by higher advertising and marketing costs.
General and administrative$98.5M+20.1% YoY
Higher compensation costs driven by stock-based compensation from strong performance versus targets, plus facilities expenses.
Depreciation and amortization$53.5M+10.3% YoY
Intangible amortization rose $5.6M primarily from additional amortization related to CRSP acquisition intangibles.
Margins: Operating margin expanded 3.5pp to 24.2% as revenue growth ($58.1M) and other operating income outpaced a $28.6M rise in operating expense; adjusted operating margin rose 2.8pp to 26.5%.
Watch Items from the Filing
Long-term debt rose to $1,695.1M from $1,072.6M as the company drew on its 2025 Credit Agreement to fund the $363.0M CRSP acquisition, pushing net interest expense to $17.1M from $7.4M.
Effective tax rate increased 3.4pp YoY to 26.2%, driven by deferred taxes on unremitted foreign earnings and a negative tax impact from stock-based compensation vesting below grant price.
CRSP acquisition added $139.9M goodwill and $233.0M intangible assets, with purchase price allocation still preliminary and subject to revision within one year.
Approximately 85% of cash, cash equivalents, and investments were held outside the US as of June 30, 2026, up from 81% at year-end 2025.
PitchBook growth was tempered by softness in venture capital and elevated churn in the corporate client segment, with licensed user counts roughly flat YoY.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
