What is the 13F Pro Quality Score for MORN?

13F Pro ranks Morningstar, Inc. (MORN) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View MORN's current score at https://13fpro.ai/company/MORN (free sign-up required for the full ranking).

Which hedge funds own the most MORN stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of MORN include BAMCO /NY/, BlackRock,, WELLINGTON MANAGEMENT GROUP LLP. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/MORN as soon as new 13F filings post.

Where does 13F Pro source MORN data?

All Morningstar, Inc. fundamentals and ownership data come directly from SEC EDGAR. Morningstar, Inc. files with the SEC under CIK 1289419. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is MORN in?

Morningstar, Inc. (MORN) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives MORN's revenue?

Per Morningstar, Inc.'s latest 10-Q filed with the SEC on 2026-07-29, the biggest revenue drivers are: Morningstar Direct Platform ($222.1M, +6.2% YoY); PitchBook ($174.7M, +4.9% YoY); Morningstar Credit ($104.9M, +23.4% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/MORN.

What are MORN's largest expenses?

Morningstar, Inc.'s latest 10-Q reports these as the largest expense items: Cost of revenue ($239.3M, +3.8% YoY); Sales and marketing ($118.1M, -1.3% YoY); General and administrative ($98.5M, +20.1% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is MORN research updated on 13F Pro?

MORN's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Morningstar, Inc.(MORN)Stock Analysis

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13F Pro Quality Score

67.6/100

Rank #354 of 2,961 stocksTOP 25%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

58.6/100

Profitability

72.7/100

Balance Sheet

87.6/100

Earnings Quality

68.5/100

Free Cash Flow

72.0/100

Institutional Flow

63.1/100

Revenue Scale

67.0/100

Dilution Risk

37.6/100

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Why MORN Scores 68/100

exact factor attribution · 2026-09-11

MORN's composite is driven by capital efficiency and profitability. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Capital efficiency

+5.0 pts

88th pct

Profitability

+4.5 pts

73th pct

Scale

+3.4 pts

67th pct

Free cash flow

+3.3 pts

72th pct

Earnings growth

+2.3 pts

85th pct

Revenue growth

+2.3 pts

59th pct

Earnings quality

+1.9 pts

69th pct

Institutional flow

+0.9 pts

63th pct

Shareholder dilution

-0.8 pts

38th pct

Latest change (2026-07-29): 71 → 68 · ↓ Revenue growth 64→49; ↓ Earnings growth 89→65; despite ↑ Free cash flow 71→79

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

MORN Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for Morningstar, Inc. (MORN), 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 #354 of 2,961 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. Morningstar, Inc.'s 13F Pro composite quality score has ranged between 51 and 76 since 2021, currently 67.6 — a declining long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about Morningstar, Inc.

Quirks, history, and lore behind MORN — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · mid-cap · listed on Nasdaq · headquartered in Chicago, Illinois.
2
The Numbers
Annual revenue in the neighborhood of $2 billion, with a business model built almost entirely on subscriptions and data licensing rather than managing money itself.
3
The History
Founded in 1984 with a simple mission: give ordinary investors the same research tools that Wall Street pros hoarded for themselves.
4
The Secret
Its famous star rating system — one to five stars — has become so influential that a single ratings change can visibly move fund flows across the entire industry.
5
The Lore
It expanded far beyond fund ratings into credit ratings, indexes, and portfolio management software, making it a quiet rival to Moody's and MSCI without most people noticing.
6
The Giveaway
Its name is literally a celestial weather forecast, and its signature product — the Morningstar Rating for mutual funds — is the first thing millions of investors check before handing over a dime.

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What's Driving MORN's Business? Latest 10-Q Breakdown

✓ 32/32 datapoints verified

AI-extracted from Morningstar, Inc.'s 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.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$663.2M

Net Income

Q2 2026

$107.8M

Free Cash Flow

Q2 2026

$122.5M

Operating Margin

Q2 2026

24.2%

ROIC

Q2 2026

23.3%

D/E Ratio

Q2 2026

1.69

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+7.5% YoY

$2.45BFY 2025

FY22 $1.87BFY23 $2.04BFY24 $2.28BFY25 $2.45B

Operating Income

+8.6% YoY

$526.6MFY 2025

FY22 $167.8MFY23 $230.6MFY24 $484.8MFY25 $526.6M

EPS (Diluted)

+3.4% YoY

$8.87FY 2025

FY22 $1.64FY23 $3.29FY24 $8.58FY25 $8.87

Total Assets

+1.2% YoY

$3.59BFY 2025

FY22 $3.47BFY23 $3.40BFY24 $3.55BFY25 $3.59B

Total Debt

+53.5% YoY

$1.07BFY 2025

FY22 $1.17BFY23 $1.04BFY24 $698.6MFY25 $1.07B

Op. Cash Flow

-0.3% YoY

$589.7MFY 2025

FY22 $297.8MFY23 $316.4MFY24 $591.6MFY25 $589.7M

Free Cash Flow

-1.4% YoY

$442.6MFY 2025

FY22 $168.3MFY23 $197.3MFY24 $448.9MFY25 $442.6M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.45B +7.5%	$2.28B +11.6%	$2.04B +9.0%	$1.87B +10.1%	$1.70B +22.3%	$1.39B
Operating Income	$526.6M +8.6%	$484.8M +110.2%	$230.6M +37.4%	$167.8M -34.7%	$257.0M +19.4%	$215.2M
EPS (Diluted)	$8.87 +3.4%	$8.58 +160.8%	$3.29 +100.6%	$1.64 -63.1%	$4.45 -14.1%	$5.18
Total Assets	$3.59B +1.2%	$3.55B +4.3%	$3.40B -2.1%	$3.47B +21.4%	$2.86B +6.2%	$2.70B
Total Debt	$1.07B +53.5%	$698.6M -32.6%	$1.04B -11.7%	$1.17B +226.6%	$359.4M -20.0%	$449.1M
Operating Cash Flow	$589.7M -0.3%	$591.6M +87.0%	$316.4M +6.2%	$297.8M -33.8%	$449.9M +17.1%	$384.3M
Free Cash Flow	$442.6M -1.4%	$448.9M +127.5%	$197.3M +17.2%	$168.3M -51.7%	$348.1M +13.2%	$307.6M

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Available Research

13F Pro tracks comprehensive data for Morningstar, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of MORN

BAMCO INC /NY/
$545.9M3,499,146 sh
BlackRock, Inc.
$324.8M2,081,736 sh
WELLINGTON MANAGEMENT GROUP LLP
$232.9M1,493,037 sh
MORGAN STANLEY
$231.6M1,484,135 sh
AQR CAPITAL MANAGEMENT LLC
$203.5M1,304,388 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$148.2M950,075 sh
VANGUARD CAPITAL MANAGEMENT LLC
$139.5M894,406 sh
STATE STREET CORP
$111.8M716,473 sh
GEODE CAPITAL MANAGEMENT, LLC
$90.2M578,315 sh
DIMENSIONAL FUND ADVISORS LP
$87.7M561,857 sh

Fund	Value	Shares
BAMCO INC /NY/	$545.9M	3,499,146
BlackRock, Inc.	$324.8M	2,081,736
WELLINGTON MANAGEMENT GROUP LLP	$232.9M	1,493,037
MORGAN STANLEY	$231.6M	1,484,135
AQR CAPITAL MANAGEMENT LLC	$203.5M	1,304,388
VANGUARD PORTFOLIO MANAGEMENT LLC	$148.2M	950,075
VANGUARD CAPITAL MANAGEMENT LLC	$139.5M	894,406
STATE STREET CORP	$111.8M	716,473
GEODE CAPITAL MANAGEMENT, LLC	$90.2M	578,315
DIMENSIONAL FUND ADVISORS LP	$87.7M	561,857

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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. MORN is classified as a mid company.

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.