Earnings summaries and quarterly performance for Morningstar.
Executive leadership at Morningstar.
Board of directors at Morningstar.
Research analysts covering Morningstar.
Recent press releases and 8-K filings for MORN.
Morningstar and PitchBook Launch Quarterly Evergreen Fund Report
MORN
Product Launch
New Projects/Investments
- Morningstar and PitchBook have launched "The Evergreen Fund Landscape" report, a new quarterly research series offering comprehensive analysis of US evergreen private market funds, covering performance, fund flows, fee structures, and emerging trends.
- The inaugural report highlights that evergreen fund assets have doubled since 2022, now approaching $500 billion, reflecting rapid adoption and broadening access to private markets.
- Private credit is identified as the primary growth engine, with direct lending assets under management more than tripling since 2022, and interval and tender offer funds attracting over $40 billion in net inflows through September 2025.
- Key findings also indicate that median expense ratios for evergreen funds remain above 3%, and there is wide performance dispersion, reinforcing the importance of manager selection.
5 days ago
Morningstar Announces Quarterly Dividend Increase
MORN
Dividends
- Morningstar, Inc. has announced a 10% increase in its quarterly dividend, raising the payout to 50 cents per share from 45.5 cents, effective with the January 2026 distribution.
- This increase results in an annualized dividend of $2.00 per share and an annual yield of about 0.9%.
- Despite the dividend hike, Morningstar's stock price has declined, with a year-to-date return in the negative mid-thirties, and trades at a price-to-earnings ratio of 23.9.
- As of late 2025, Morningstar manages approximately $369 billion in assets under management.
Dec 6, 2025, 1:35 AM
Morningstar, Inc. Increases Quarterly Dividend
MORN
Dividends
- Morningstar, Inc. declared a quarterly dividend of 50 cents per share, representing an increase of approximately 10 percent from the prior rate of 45.5 cents per share.
- This increase results in an annualized dividend of $2.00 per share, compared to the previous annualized rate of $1.82 per share.
- The dividend is payable on January 30, 2026, to shareholders of record as of January 2, 2026.
Dec 5, 2025, 9:31 PM
Mini Mall Storage Properties Trust Closes C$750 Million Unsecured Debenture Offering
MORN
Debt Issuance
New Projects/Investments
- Mini Mall Storage Properties Trust closed an offering of C$750 million aggregate principal amount of senior unsecured debentures, which is the largest-ever inaugural unsecured debenture offering by a real estate issuer in the Canadian bond market.
- The offering included C$450 million Series A debentures with a fixed annual interest rate of 4.284% maturing on December 1, 2028, and C$300 million Series B debentures with a fixed annual interest rate of 4.751% maturing on December 1, 2030.
- The net proceeds from the offering will be used to refinance existing indebtedness, fund the acquisition of additional properties, and for general corporate purposes.
- Mini Mall's existing C$525 million revolving credit facility has been converted to an unsecured facility, allowing for greater financing flexibility.
- This transaction follows the assignment of an investment-grade rating from Morningstar DBRS at BBB (low) with a Stable trend.
Dec 1, 2025, 3:16 PM
Morningstar, Inc. Addresses Investor Questions on Q3 2025 Performance and Strategy
MORN
New Projects/Investments
Share Buyback
Demand Weakening
- Morningstar's AI strategy focuses on leveraging its differentiated data and intellectual property, accelerating product insights, and enhancing operational efficiency, including the launch of PitchBook Navigator and partnerships with OpenAI and Anthropic.
- The company returned to net headcount growth in Q3 2025, adding 90 FTEs to support expansion in Morningstar Credit and PitchBook.
- Morningstar repurchased 1,873,729 shares for $487.0 million year-to-date through October 28, 2025, and authorized an additional $1 billion in share repurchase authority over the next three years.
- PitchBook's licensed user count decreased by 2.5% sequentially in Q3 2025 to 113,453, primarily due to license rationalization by large enterprise customers.
Nov 25, 2025, 9:53 PM
Sea Limited Authorizes $1 Billion Share Repurchase Program
MORN
Share Buyback
- Sea Limited has authorized a $1 billion share repurchase program for its American depositary shares, reflecting confidence in its long-term prospects and an intent to enhance shareholder value.
- The buyback will be executed opportunistically based on market conditions, potentially utilizing methods such as open market purchases, block trades, and derivative transactions.
- The company demonstrates strong financial health, with a current ratio of 1.44, a debt-to-equity ratio of 0.42, and an Altman Z-Score of 4, indicating a low risk of financial distress.
- Founder Forrest Xiaodong Li controls 59.8% of the voting power, while Tencent owns 18.2% of the issued shares, highlighting significant insider and strategic investor influence.
Nov 17, 2025, 8:11 AM
Victory Capital Reports Record Third-Quarter 2025 Financial Results
MORN
Earnings
Dividends
Share Buyback
- Victory Capital reported record financial results for the third quarter ended September 30, 2025, including Adjusted net income with tax benefit per diluted share of $1.63 and revenue of $361.2 million.
- Total client assets reached $313.4 billion as of September 30, 2025, primarily driven by $14.5 billion in positive market action during the quarter.
- The company returned approximately $163 million of capital to shareholders in the third quarter of 2025 through the repurchase of 1.8 million shares of common stock and a regular quarterly cash dividend of $0.49 per share.
- Victory Capital is on track to deliver $110 million in net expense synergies from the Pioneer Investments acquisition, which closed on April 1, 2025, and contributed to a 52.7% Adjusted EBITDA margin for the quarter.
Nov 6, 2025, 9:29 PM
Morningstar Details Strategic Initiatives, Acquisitions, and Capital Allocation
MORN
M&A
Share Buyback
New Projects/Investments
- Morningstar has fortified its economic moat by expanding intangible assets (e.g., PitchBook's private company coverage, planned acquisition of CRSP), increasing switching costs (e.g., Direct Advisory Suite, Lumonic acquisition), and building network effects through public-private market convergence.
- The company is actively integrating AI technologies to deliver data and IP, accelerate insights, and improve operations, while also partnering with LLM providers like Anthropic and Perplexity to make its AI-ready data available.
- Morningstar's Board of Directors approved a new three-year $1 billion share repurchase program effective October 31, 2025.
- In the first 10 months of 2025, Morningstar acquired Lumonic and DealX, and announced the pending acquisition of CRSP, which is expected to position it as one of the largest index providers for public US equity index funds.
- License-based data constituted 71.4% of Morningstar's revenue in 2024.
Nov 5, 2025, 9:58 PM
Morningstar, Inc. Enters New $1.5 Billion Credit Agreement
MORN
Debt Issuance
- Morningstar, Inc. entered into a new Credit Agreement on October 31, 2025, establishing a multi-currency credit facility with a borrowing capacity of up to $1.5 billion.
- This facility includes a five-year $750.0 million revolving credit facility, a five-year delayed draw term facility of up to $375.0 million, and a three-year $375.0 million term facility.
- In connection with this, the company terminated its existing credit agreement, with an aggregate principal balance of $170.0 million under the Revolving Credit Facility rolled over from the previous agreement as of October 31, 2025.
- The Credit Agreement includes financial covenants, notably a Consolidated Net Leverage Ratio not greater than 3.50 to 1.00 (which can temporarily increase to 4.00 to 1.00 after a Material Acquisition) and a Consolidated Interest Coverage Ratio not less than 3.00 to 1.00.
Oct 31, 2025, 1:15 PM
AssetMark to Acquire Efficient Advisors, LLC
MORN
M&A
New Projects/Investments
- AssetMark Financial Holdings, Inc. announced its intention to acquire Efficient Advisors, LLC, an asset management platform with $3 billion in client assets.
- The acquisition is expected to close in the fourth quarter of 2025, pending regulatory approvals and other customary closing conditions.
- This transaction marks AssetMark's eighth announced acquisition since 2014, demonstrating its commitment to strategic expansion and inorganic growth within the RIA channel.
- As of September 30, 2025, AssetMark reported over $158 billion in platform assets.
Oct 31, 2025, 1:15 PM
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