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.
- 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.
- 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.
- 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.
- 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.
- Maruti Suzuki India Ltd. reported a 7-8% year-on-year increase in net profit for Q2 2025, with revenue growing about 13% year-on-year.
- This growth was primarily driven by record exports, which rose over 42%, marking the highest-ever quarterly export performance for the company.
- Domestic wholesales declined by 5.1% due to customers postponing purchases ahead of a GST rate cut, but the GST reforms boosted demand in the small car segment, with retail sales of these vehicles growing by 30% in October.
- The company expects a strong second half of the fiscal year with industry growth projected around 6%, supported by robust festive season sales and GST-driven market revival.
- 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.