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 .
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| 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. |
Research analysts covering Morningstar.
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 press releases and 8-K filings for MORN.
- Morningstar (MORN) reported Q3 2025 revenue of $617.4 million and Adjusted Operating Income of $150.6 million, reflecting a 9.0% consolidated organic revenue growth year-over-year.
- The company generated Free Cash Flow of $160.1 million in Q3 2025.
- Morningstar Credit demonstrated strong performance with $91.1 million in revenue, a 28.5% reported change and 27.0% organic change compared to Q3 2024.
- Morningstar Wealth achieved positive Adjusted Operating Income of $3.1 million in Q3 2025, an improvement from a loss of $0.7 million in Q3 2024.
- The company executed $170.1 million in share repurchases during Q3 2025.
- Morningstar, Inc. reported Q3 2025 revenue of $617.4 million, an 8.4% increase compared to the prior-year period, with organic revenue increasing 9.0%.
- Adjusted diluted net income per share increased 27.5% to $2.55 in Q3 2025, while reported diluted net income per share decreased 21.7% to $2.17, impacted by a prior-year gain from a business sale.
- The company completed its $500 million share repurchase program in October, repurchasing 1,873,729 shares for $487.0 million year-to-date through October 28. A new three-year program authorizing up to $1 billion in share repurchases was approved, effective October 31.
- Morningstar Credit revenue increased 28.5%, contributing significantly to growth alongside Morningstar Direct Platform and PitchBook. The company also announced plans to acquire the Center for Research in Security Prices (CRSP) to enhance its indexes business.
- Morningstar, Inc. reported third-quarter 2025 revenue growth of 8.4% to $617.4 million, with organic revenue increasing 9.0% compared to the prior-year period. Year-to-date, reported revenue increased 7.1% to $1.8 billion.
- Adjusted diluted net income per share increased 27.5% to $2.55 in the third quarter of 2025. Reported diluted net income per share decreased 21.7% to $2.17, primarily due to a $1.05 gain in the prior-year period from the sale of its Commodity and Energy Data business.
- The company completed its $500 million share repurchase program, having repurchased 1,873,729 shares for $487.0 million year-to-date through October 28. A new three-year program authorizing up to $1 billion in share repurchases was approved, effective October 31.
- Key segments contributing to consolidated growth included Morningstar Credit, Morningstar Direct Platform, and PitchBook. Morningstar also announced a planned acquisition of the Center for Research in Security Prices to become one of the largest index providers for public US equity index funds.
- FolioBeyond's RISR ETF has surpassed $180 million in assets under management, placing it in the top 50% of fixed income ETFs.
- The fund is ranked #6 among 235 funds in Morningstar’s Nontraditional Bond Funds category for the three years ending September 30, 2025, and has maintained a 5-star Morningstar rating since October 2024.
- RISR is an actively managed solution designed for income generation and interest rate risk mitigation, leveraging advanced algorithms, AI, and machine learning.
- Its current asset level supports larger block-sized allocations, providing liquidity for institutional investors and registered investment advisors.
- A Xiaomi SU7 electric sedan was involved in a fatal accident in Chengdu, China, where the vehicle caught fire after a severe collision, resulting in the death of the driver.
- Eyewitnesses were unable to open the electronic doors to rescue the trapped driver, raising concerns about the safety of Xiaomi's vehicle doors and driver-assistance systems.
- This incident follows a recent recall of over 116,000 SU7 cars due to software issues and a previous fatal accident where the driver-assistance system disengaged.
- Xiaomi's Hong Kong-listed shares plunged between 6% and nearly 9%, marking the biggest one-day percentage fall since early April and contributing to a three-day consecutive decline.
- James Rhodes, President of Direct Platform, departed effective September 12, 2025, with Frannie Besztery serving as interim head.
- In H1 2025, cash provided by operating activities declined 22.9% to $190.0 million, and free cash flow decreased 32.8% to $121.2 million, primarily due to increased income tax and bonus payments.
- Morningstar plans to acquire the Center for Research in Security Prices (CRSP) to scale its index capabilities. The company also completed the sale of customer assets in its US Turnkey Asset Management Platform (TAMP) in December 2024, with associated transition expenses concluding in Q2 2025, leading to positive adjusted operating income of $3.0 million for Morningstar Wealth in Q2 2025.
- Morningstar Direct revenue increased 6.0% reported and 4.5% organically in Q2 2025. However, PitchBook's organic revenue growth is slowing due to market uncertainty , and Morningstar Sustainalytics revenue declined 6.5% in H1 2025. The company is actively investing in AI across its products, including PitchBook and Direct Platform, and has launched the Morningstar model context protocol (MCP) server to integrate AI tools with its data.
- Morningstar, Inc. (MORN) has entered into an agreement to acquire the Center for Research in Security Prices (CRSP) from the University of Chicago for $375 million.
- The acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approval.
- This strategic move will position Morningstar as one of the largest index providers for public US equity index funds, acquiring CRSP Market Indexes that benchmark over $3 trillion in US equities.
- CRSP generates approximately $55 million in annual revenue.
- Morningstar, Inc. has announced an agreement to acquire the Center for Research in Security Prices (CRSP) for $375 million, with the transaction expected to close in the fourth quarter of 2025.
- This acquisition will significantly enhance Morningstar's index capabilities, positioning it as one of the largest index providers for public U.S. equity index funds.
- CRSP, a renowned provider of historical stock market data and indexes, generates approximately $55 million in annual revenue and benchmarks over $3 trillion in U.S. equities.
- Morningstar's strong financial position and robust profitability metrics support the acquisition, which aims to expand its offerings to asset owners and investors.
- Avenue Living has surpassed $8.5 billion in assets under management (AUM) and completed over $1.2 billion in acquisitions fiscal year-to-date, with nearly $600 million in annual recurring revenue (run rate) as of August 29, 2025.
- The firm's multi-family fund acquired over $730 million and more than 3,580 residential units, bringing its total to over 21,500 units. Its self-storage fund (MMSP) acquired approximately $500 million in assets, representing 1.8 million square feet, now totaling over 10 million square feet and 70,000 storage units.
- In May 2025, Avenue Living (2014) LP issued $250 million of 5-year unsecured notes after receiving an investment-grade debt rating. Mini Mall Storage Properties (MMSP) also secured an upsized $500+ million syndicated acquisition facility.
- Avenue Living's global expansion offering, initially targeting $350 million, was oversubscribed and is being extended to raise up to $550 million by December 15, 2025, or earlier.
- Xiaomi reported record financial results for the second quarter of 2025, with revenue rising 30.5% year-over-year to 116 billion yuan ($16.1 billion) and net profit growing over 75% to 134% year-on-year, reaching between 10.8 billion yuan and 11.9 billion yuan.
- The primary drivers of revenue growth were strong demand for electric vehicles, particularly the new YU7 electric SUV, and growth in AIoT and smart EV initiatives. Xiaomi delivered 81,302 electric vehicles in Q2 2025, contributing to a total of over 157,000 cars for the first half of the year.
- Xiaomi's Hong Kong-listed shares have appreciated approximately 52% so far in 2025, despite a slight dip on the day of the earnings release.
- The company continues to invest heavily in research and development to maintain its technological edge and expand its user ecosystem.