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Morningstar, Inc. is a global provider of independent investment insights, focusing on delivering data, research, and design solutions to simplify complex investment information. The company offers a range of products and services that empower investment decision-making, including data analytics, private capital market research, investment management services, credit ratings, and retirement planning solutions. Operating through multiple segments, Morningstar serves a diverse clientele worldwide, leveraging its expertise to enhance investment strategies and outcomes.
- Morningstar Data and Analytics - Provides comprehensive data, research, and investment analysis tools, including Morningstar Data, Morningstar Direct, and Morningstar Advisor Workstation, to support informed investment decisions .
- PitchBook - Offers the PitchBook Platform and Leveraged Commentary & Data (LCD) for in-depth research and insights into private capital markets, including venture capital, private equity, and M&A activities .
- Morningstar Credit - Delivers independent credit ratings and research services for financial institutions, corporate and sovereign entities, and structured finance products through Morningstar DBRS .
- Morningstar Wealth - Provides investment management services and advisor tools, including managed portfolio offerings and practice management software, to help advisors deliver investor-friendly products .
- Morningstar Retirement - Assists retirement plan sponsors and advisors in creating high-quality savings programs for employees .
- Corporate and All Other - Includes Morningstar Sustainalytics and Morningstar Indexes, offering sustainability research and index solutions .
| Revenue by Segment - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Morningstar Data and Analytics | - | - | 359.4 | - | 747.2 | 196.7 | 196.9 | 198.5 | ||||||||||||||||||||||||||||||||||||||||||||||
| PitchBook | 114.8 | 121.2 | - | - | 551.9 | 147.6 | 151.7 | 156.6 | ||||||||||||||||||||||||||||||||||||||||||||||
| Morningstar Wealth | - | - | - | - | 229.9 | 59.0 | 62.6 | 61.8 | ||||||||||||||||||||||||||||||||||||||||||||||
| Morningstar Credit | - | - | 52.9 | - | 215.4 | 60.3 | 77.6 | 70.9 | ||||||||||||||||||||||||||||||||||||||||||||||
| Morningstar Retirement | - | - | - | - | 110.5 | 28.4 | 33.3 | 31.8 | ||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and All Other | - | - | - | - | 183.7 | 50.8 | 49.8 | 49.8 | ||||||||||||||||||||||||||||||||||||||||||||||
| - Morningstar Sustainalytics | 27.3 | 29.2 | - | - | - | - | 29.2 | 27.9 | ||||||||||||||||||||||||||||||||||||||||||||||
| - Morningstar Indexes | - | - | - | - | - | - | 20.6 | 21.9 | ||||||||||||||||||||||||||||||||||||||||||||||
| License-based | 364.0 | 376.0 | 384.5 | 393 | 1,517.5 | 400.2 | 401.7 | 408.8 | ||||||||||||||||||||||||||||||||||||||||||||||
| Asset-based | 65.3 | 67.3 | 71.5 | 75.5 | 279.6 | 77.0 | 84.7 | 83.8 | ||||||||||||||||||||||||||||||||||||||||||||||
| Transaction-based | 50.4 | 61.4 | 59.5 | 70.2 | 241.5 | 65.6 | 85.5 | 76.8 | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Information | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Management | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Morningstar Data | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Morningstar Advisor Workstation | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Morningstar Direct | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Advisory | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Morningstar.com | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | 479.7 | 504.7 | 515.5 | 538.7 | 2,038.6 | 542.8 | 571.9 | 569.4 | ||||||||||||||||||||||||||||||||||||||||||||||
| Revenue by Geography - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
| United States | 347.3 | 365.5 | 370.7 | 387.1 | 1470.6 | 390.9 | 410.3 | 411.3 | ||||||||||||||||||||||||||||||||||||||||||||||
| - Asia | 12.1 | 11.6 | 13.0 | 12.6 | 49.3 | 12.7 | 13.0 | 11.9 | ||||||||||||||||||||||||||||||||||||||||||||||
| - Australia | 14.4 | 14.6 | 14.5 | 14.9 | 58.4 | 15.0 | 15.7 | 16.3 | ||||||||||||||||||||||||||||||||||||||||||||||
| - Canada | 27.3 | 30.1 | 28.8 | 30.1 | 116.3 | 32.6 | 37.8 | 33.0 | ||||||||||||||||||||||||||||||||||||||||||||||
| - Continental Europe | 43.1 | 45.6 | 47.3 | 49.5 | 185.5 | 49.7 | 50.1 | 51.6 | ||||||||||||||||||||||||||||||||||||||||||||||
| - United Kingdom | 33.1 | 34.7 | 38.4 | 41.8 | 148.0 | 38.9 | 42.0 | 42.1 | ||||||||||||||||||||||||||||||||||||||||||||||
| - Other | 2.4 | 2.6 | 2.8 | 2.7 | 10.5 | 3.0 | 3.0 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total International | 132.4 | 139.2 | 144.8 | 151.6 | 568.0 | 151.9 | 161.6 | 158.1 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | 479.7 | 504.7 | 515.5 | 538.7 | 2038.6 | 542.8 | 571.9 | 569.4 |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Conan Wiersema Executive | Chief Accounting Officer and Principal Accounting Officer | None | Joined Morningstar in July 2021 as Chief Audit Executive, became CAO in February 2024, and PAO in March 2024. Previously VP of Internal Audit at Univar Solutions Inc. | |
Kunal Kapoor Executive | Chief Executive Officer | Board Member of Wealth Enhancement Group; Member of the Council on Chicago Booth; Board Member of several Chicago-based non-profits | Joined Morningstar in 1997 as a data analyst, became CEO in 2017. Led product development and innovation. | View Report → |
Bill Lyons Board | Director | Active in civic and non-profit organizations in Kansas City; Serves on three non-profit boards and four investment committees | Appointed to Morningstar's Board in September 2007. Extensive experience in mutual fund industry and corporate governance. | |
Caroline Tsay Board | Director | Board member of The Coca-Cola Company | Elected to Morningstar's Board in May 2017. Previously served on boards of Rosetta Stone Inc. and Travelzoo Inc. | |
Cheryl Francis Board | Director | Co-chair of Corporate Leadership Center; Board Chair Emeritus of United Way of Metro Chicago; Board member of HNI Corporation and Aon plc | Elected to Morningstar's Board in July 2002. Independent business and financial advisor with previous CFO experience. | |
Doniel Sutton Board | Director | Chief People Officer at Pinterest, Inc.; Board Member at Ross Stores, Inc. and Venminder, Inc.; Board Advisor to Certree | Appointed to Morningstar's Board in May 2021. Extensive experience in human capital management and supporting innovation in tech companies. | |
Gail Landis Board | Director | Investment committee member of David Rockefeller Fund and St. Mark’s School; Board member of Wood River Women’s Foundation | Elected to Morningstar's Board in May 2013. Over 30 years of experience in investment management. | |
Joe Mansueto Board | Executive Chairman and Chairman of the Board | Owner and Chairman of Chicago Fire FC; Investor in media companies and real estate | Founder of Morningstar in 1984, served as CEO until 2016, and has been Executive Chairman since 2017. Oversaw international expansion and growth into new businesses. | |
Robin Diamonte Board | Director | Chief Investment Officer of Raytheon Technologies Corp.; Board member of CIEBA; Investment committee member at Miss Porter’s School | Joined Morningstar's Board in December 2015. Extensive experience in retirement industry, overseeing $115 billion in assets. | |
Steve Joynt Board | Director | None | Appointed to Morningstar's Board in December 2019. Former CEO of DBRS, with over 40 years in the credit ratings industry. | |
Steve Kaplan Board | Director | Professor at University of Chicago Booth School of Business; Research Associate at NBER; Investment Committee Member at NextGen Growth Partners; Director of Illinois Venture Capital Association | Member of Morningstar's Board since August 1999. Expert in private equity and corporate finance. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Praemium's U.K. and International Business | 2022 | Completed on June 30, 2022, the acquisition involved a cash purchase of approximately £35 million ($44.9 million), strategically expanding Morningstar’s wealth management platform internationally by adding digital-first financial services and advanced portfolio management capabilities. |
Leveraged Commentary & Data (LCD) | 2022 | Announced on April 4, 2022 and completed on June 1, 2022, the deal was valued at up to $650 million (with $600 million at closing and a potential $50 million contingent payment), enhancing Morningstar’s capabilities in private credit and leveraged finance through integration into its PitchBook Platform and Morningstar Indexes. |
Recent developments and announcements about MORN.
8-K Filings
8-K Filing
·1 day agoFinancial ExhibitsOther EventsView full 8-K filing →Morningstar, Inc. Board approved a quarterly cash dividend of 45.5 cents per share, payable April 30, 2025, to shareholders of record as of April 4, 2025.