Morningstar, Inc.(MORN)Stock Analysis
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Rank #280 of 2,879 stocksTOP 10%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
MORN Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Morningstar, Inc. (MORN), a Financials sector company. 13F Pro's AI-powered ranking engine scores MORN at 71.0/100 on a 32-signal composite quality model, placing it at rank #280 of 2,879 stocks — the top 10% of the AI-ranked universe. MORN scores in the top quartile across earnings quality (88.6), balance sheet strength (86.9), profitability (79.3). Shareholder dilution risk is elevated at 38.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Morningstar, Inc. reports quarterly revenue of $644.8M, net income of $107.1M, an operating margin of 24.2%. Top institutional holders of MORN by reported 13-F value include BlackRock,, MORGAN STANLEY, 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. Morningstar, Inc.'s 13F Pro composite quality score has ranged between 8 and 76 since 2021, currently 71.0 — a stable long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving MORN's Business? Latest 10-Q Breakdown
AI-extracted from Morningstar, Inc.'s 10-Q filed 2026-04-29 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Morningstar revenue grew 10.8% to $644.8M in Q1 2026, with operating income surging 36.6% to $155.9M as Morningstar Credit revenue jumped 38.4% and adjusted operating margin expanded 440 basis points.
Biggest Revenue Drivers
Total revenue: $644.8M+10.8% YoY
Growth driven by expansion with existing clients in Morningstar Data and Morningstar Direct, supported by new use cases and managed investment data products.
Growth primarily from PitchBook platform with strength in direct data business; corporate segment experienced softness.
Strong organic growth of 34.3% supported by robust issuance market with strength in Canadian and European corporates and US structured finance.
AUMA increased 11.7% to $310.0B, driven by market gains and positive net flows to traditional and Advisor Managed Accounts.
Organic revenue declined 1.6% due to sunsetting of Morningstar Office and prior-year service fees, partially offset by growth in ad sales and Investment Management.
Largest Expense Items
Higher compensation expense of $4.6M and increased technology infrastructure costs from investment in SaaS-based platforms.
Increase primarily from $4.6M additional intangible amortization related to CRSP acquisition.
Higher compensation of $3.0M from currency translation and stock-based compensation; also increased facilities-related expenses and professional fees.
Increase driven by $1.9M rise in advertising and marketing costs.
Watch Items from the Filing
- CRSP acquisition completed February 2, 2026 for $363.0M cash; goodwill of $139.6M recorded. Integration execution and realization of anticipated benefits critical to justify premium paid.
- Morningstar Wealth revenue declined 5.4% YoY; Investment Management AUMA fell 5.3% to $60.4B despite organic growth of 10.6%, reflecting market-driven headwinds and prior-year service fee comparisons.
- Long-term debt increased to $1,712.8M from $1,072.6M at year-end 2025 primarily to fund CRSP acquisition; consolidated funded indebtedness to EBITDA ratio approximately 2.0x.
- Foreign currency translation reduced equity by $11.3M in Q1 2026; approximately 81% of cash and investments held outside US creates ongoing currency exposure and volatility.
- Remaining performance obligations of $1.7B as of March 31, 2026; company expects to recognize 58% in remainder of 2026, providing revenue visibility.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$644.8M
Net Income
Q1 2026
$107.1M
Free Cash Flow
Q1 2026
$53.6M
Operating Margin
Q1 2026
24.2%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+11.6% YoYOperating Income
+110.2% YoYEPS (Diluted)
+160.8% YoYTotal Assets
+4.3% YoYTotal Debt
-32.6% YoYOp. Cash Flow
+87.0% YoY| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Revenue | $2.28B +11.6% | $2.04B +9.0% | $1.87B +10.1% | $1.70B +22.3% | $1.39B +17.9% | $1.18B |
| Operating Income | $484.8M +110.2% | $230.6M +37.4% | $167.8M -34.7% | $257.0M +19.4% | $215.2M +13.5% | $189.6M |
| EPS (Diluted) | $8.58 +160.8% | $3.29 +100.6% | $1.64 -63.1% | $4.45 -14.1% | $5.18 +47.2% | $3.52 |
| Total Assets | $3.55B +4.3% | $3.40B -2.1% | $3.47B +21.4% | $2.86B +6.2% | $2.70B +13.7% | $2.37B |
| Total Debt | $698.6M -32.6% | $1.04B -11.7% | $1.17B +226.6% | $359.4M -20.0% | $449.1M -17.8% | $546.1M |
| Operating Cash Flow | $591.6M +87.0% | $316.4M +6.2% | $297.8M -33.8% | $449.9M +17.1% | $384.3M +14.9% | $334.4M |
AI Insight: MORN Financial Trends
Morningstar's debt surged 115% to $1.7B in Q1 2026 while operating cash flow remains volatile, raising leverage concerns.
• Revenue grew steadily from $572M in Q2 2024 to $645M in Q1 2026, up 13% over eight quarters.
• Operating income increased from $108M in Q2 2024 to $156M in Q1 2026, though with quarterly volatility.
• Total debt jumped dramatically from $849M in Q3 2025 to $1,731M in Q1 2026, a 104% increase.
⚠ Operating cash flow dropped 55% from $204M in Q4 2025 to $92M in Q1 2026.
⚠ Debt-financed growth strategy needs monitoring given the massive Q1 2026 debt increase to $1.7B.
AI Insight: MORN Ratio Trends
Operating margins improved 527bp from Q2 2024 to Q1 2026, but ROIC fell sharply from Q4 2025's peak of 59.5% to 36.0%.
• Operating margin expanded from 19.0% in Q2 2024 to 24.2% in Q1 2026, showing sustained improvement.
• ROIC peaked at 96.3% in Q4 2024 before moderating to consistently elevated levels through Q4 2025.
⚠ ROIC dropped 2350bp from Q4 2025 to Q1 2026, the sharpest quarterly decline in the dataset.
⚠ Operating margin dipped from 24.9% in Q4 2025 to 24.2% in Q1 2026 despite year-over-year gains.
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Top Institutional Holders of MORN
BlackRock, Inc.
$395.3M2,338,218 shMORGAN STANLEY
$292.5M1,730,549 shWELLINGTON MANAGEMENT GROUP LLP
$281.0M1,662,405 shVANGUARD PORTFOLIO MANAGEMENT LLC
$177.8M1,051,820 shVANGUARD CAPITAL MANAGEMENT LLC
$167.3M989,467 shTWO SIGMA INVESTMENTS, LP
$145.3M859,459 shBAMCO INC /NY/
$128.4M759,515 shSTATE STREET CORP
$124.3M735,574 shLOS ANGELES CAPITAL MANAGEMENT LLC
$109.1M645,384 shSelect Equity Group, L.P.
$107.8M637,723 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $395.3M | 2,338,218 |
| MORGAN STANLEY | $292.5M | 1,730,549 |
| WELLINGTON MANAGEMENT GROUP LLP | $281.0M | 1,662,405 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $177.8M | 1,051,820 |
| VANGUARD CAPITAL MANAGEMENT LLC | $167.3M | 989,467 |
| TWO SIGMA INVESTMENTS, LP | $145.3M | 859,459 |
| BAMCO INC /NY/ | $128.4M | 759,515 |
| STATE STREET CORP | $124.3M | 735,574 |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $109.1M | 645,384 |
| Select Equity Group, L.P. | $107.8M | 637,723 |
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Is MORN a good stock to buy?
13F Pro's AI-powered analysis of Morningstar, Inc. (MORN) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MORN are available on the MORN stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own MORN?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MORN. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Morningstar, Inc.'s investment landscape.