Morningstar, Inc.
morningstar.comWhat Do They Do?
Provides investment data and research, software tools, and investment management services to investors, financial advisors and financial institutions.
10-K for FY2025, filed Feb 13, 2026Through our Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, our customers can access a wide…View ↗
Through our Morningstar Wealth and Morningstar Retirement segments, we provide investment management services to individuals and advisors…View ↗
Finally, through our Morningstar Credit segment, we provide investors with credit ratings, research, data, and credit analytics solutions…View ↗
Morningstar Direct Platform provides investors comprehensive data, research and insights, and investment analysis to empower investment…View ↗
How Do They Make Money?
Customers pay for data, research and software through contracts usually lasting one to three years, billed quarterly or annually with payment generally due within 30 days. Wealth and retirement fees are tied to managed assets, while transaction work can be a one-time fee.
10-K for FY2025, filed Feb 13, 2026Our segments sell many of our research and data products and services through license agreements on either a per user or enterprise-basis.…View ↗
Our Morningstar Wealth and Morningstar Retirement segments generate most of our asset-based revenue where basis points and other fees are…View ↗
Our transaction-based revenue includes revenue that is one time in nature and related Morningstar Credit recurring revenue primarily…View ↗
Customers are generally billed quarterly or annually and typically given payment terms of zero to 30 days. When the right to payment…View ↗
$2.4B
-
10-K for FY2025, filed Feb 13, 2026
$2.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Morningstar Data and Analytics Segment
Recurring
10-K for FY2025, filed Feb 13, 2026 |
34%
FY2022: 37%
|
Morningstar Data and Analytics Segment, FY2025
$830.6M Sources
|
Recurring |
|
PitchBook Segment
Recurring
10-K for FY2025, filed Feb 13, 2026 |
27%
FY2022: 24%
|
PitchBook Segment, FY2025
$671.8M Sources
|
Recurring |
|
Morningstar Wealth Segment
Recurring
10-K for FY2025, filed Feb 13, 2026 |
10%
FY2022: 12%
|
Morningstar Wealth Segment, FY2025
$251.4M Sources
|
Recurring |
|
Morningstar Credit Segment
|
14%
FY2022: 13%
|
Morningstar Credit Segment, FY2025
$354.4M Sources
|
|
|
Morningstar Retirement Segment
Recurring
|
5.6%
FY2022: 5.6%
|
Morningstar Retirement Segment, FY2025
$137.6M Sources
|
Recurring |
|
Corporate Segment and Other Operating Segment
|
8.2%
FY2022: 8.2%
|
Corporate Segment and Other Operating Segment, FY2025
$199.7M Sources
|
Who Are Their Customers?
Asset managers, advisors and private-market investors use the company's software platforms, direct data feeds and APIs, or access products through third-party distributors; wealth and retirement services also serve individuals and advisors.
10-K for FY2025, filed Feb 13, 2026Through our Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, our customers can access a wide…View ↗
Through our Morningstar Wealth and Morningstar Retirement segments, we provide investment management services to individuals and advisors…View ↗
PitchBook serves a broad client base that includes private equity and venture capital firms, asset managers, limited partners, investment…View ↗
Advisors (also referred to as "wealth managers", including independent financial advisors and those affiliated with RIAs, broker/dealers or…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 18 cents into free cash flow.
10-K for FY2025, filed Feb 13, 2026
$526.6MView ↗
10-K for FY2025, filed Feb 13, 2026
$374.2MView ↗
10-K for FY2025, filed Feb 13, 2026
$442.6MView ↗
How Are They Changing?
-
Jul 29, 2026
Acquired the Center for Research in Security Prices
The acquisition contributed to higher intangible amortization expense in the quarter.
Sources
8-K, filed Jul 29, 2026
Operating expense increased 5.9% to $509.4 million versus the prior-year period. The largest driver was a $7.4 million increase in…View ↗
Growing. Revenue grew 44% in 4 years, from $1.7B in FY2021 to $2.4B in FY2025, about 10% a year.
Artificial intelligence access
The latest report adds artificial intelligence integrations that let clients access data, research and tools through external platforms, alongside Morningstar's software platforms, direct feeds and third-party distributors.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 13, 2026We help investors in two primary ways. First, we support asset managers, financial advisors, individuals, and institutions who make their…View ↗
Through our Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, our customers can access a wide…View ↗
Data feeds: Flexible, high-volume delivery in formats such as CSV, XML, JSON, and Excel. APIs: Robust, secure APIs that can integrate into…View ↗
Direct Web Services introduced the AI Insights API, which provides generative AI summaries of the key characteristics of funds and…View ↗
Who Do They Compete With?
Competes with FE fundinfo, LSEG (Refinitiv), Bloomberg, FactSet, S&P Global, eVestment Alliance, CapIntel, Kwanti, Nitrogen, YCharts, Pershing, Beauhurst, MSCI, and BlackRock
10-K for FY2025, filed Feb 13, 2026FE fundinfo and LSEG (Refinitiv) for mutual fund data. We also compete against smaller players that focus on local or regional information.…View ↗
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