A more retail- and advisor-focused Bloomberg or Refinitiv.

The S&P Global or Moody's for mutual funds, ETFs, and stocks.

The Consumer Reports for investments.

• Morningstar Direct: An institutional investment analysis platform providing comprehensive global data, research, and analytical tools for portfolio management and due diligence.
• Morningstar Advisor Workstation: A web-based platform offering financial advisors research, planning, and portfolio management tools to support their client relationships.
• Morningstar Data: Supplies raw investment data feeds, including information on funds, equities, and fixed income, to financial institutions and technology providers.
• Morningstar Indexes: Creates and licenses a diverse range of benchmarks for equities, fixed income, and multi-asset classes, used in investment products and performance measurement.
• Morningstar Investment Management: Provides discretionary investment management solutions, including model portfolios and asset allocation strategies, for financial advisors and institutions.
• Morningstar Credit Ratings: Delivers independent credit ratings and research across corporate, structured finance, and financial institution debt markets.

Morningstar (MORN) primarily sells its products and services to other companies and financial professionals rather than primarily to individuals. Its customer base includes a broad array of financial institutions globally.

Based on Morningstar's disclosures, it serves over 12,000 enterprise clients, including 96 of the top 100 asset managers globally. Therefore, its major customers are largely asset management firms, financial advisors, and institutional investors.

While Morningstar serves a vast number of financial institutions globally and typically does not have a small number of individually named "major customers" accounting for a disproportionate share of revenue, the following are examples of prominent public companies that are representative of Morningstar's extensive client base within the asset management and broader financial services industry:

• BlackRock (BLK)
• JPMorgan Chase & Co. (JPM) (via its asset management and wealth management divisions)
• State Street Corporation (STT) (via State Street Global Advisors)
• Invesco Ltd. (IVZ)
• T. Rowe Price Group, Inc. (TROW)

These companies, and hundreds of others like them across the financial sector, utilize Morningstar's data, research, software, and investment management services for various purposes, including portfolio management, investment analysis, client reporting, and regulatory compliance.

Kunal Kapoor Chief Executive Officer

Kunal Kapoor, CFA, is the chief executive officer of Morningstar. He joined Morningstar in 1997 as a data analyst and has held various leadership roles within the firm, including director of mutual fund research, director of business strategy for international operations, and president and chief investment officer of Morningstar Investment Services. Before becoming CEO in 2017, Kapoor served as the company's president. He also served on the board of PitchBook, a private firm that provides a comprehensive private equity and venture capital database, prior to its acquisition by Morningstar in late 2016. Kapoor is a member of the board of directors of Wealth Enhancement Group, a privately-owned independent wealth management firm.

Michael Holt Chief Financial Officer

Michael Holt, CFA, is the chief financial officer for Morningstar, a role he assumed effective January 1, 2025. He joined Morningstar in 2008 as an equity analyst and progressively took on more senior roles, including leading the global equity research team from 2014 to 2018. Before his current role, Holt served as Morningstar's chief strategy officer for seven years and, in 2023, was also named president of the Research and Investments group.

Joe Mansueto Executive Chairman

Joe Mansueto founded Morningstar in 1984 and has served as chairman of the board of directors since its inception. He was chief executive officer from 1984 to 1996 and again from 2000 to 2017, when he became executive chairman. Mansueto oversaw the company's international expansion, growth into new businesses, and the development of its intellectual property.

Daniel Needham President, Morningstar Wealth and Research & Investments

Daniel Needham, CFA, is the president of Morningstar Wealth and Research & Investments. He previously held senior positions within Morningstar, including global chief investment officer for Morningstar Investment Management, president and chief investment officer for Morningstar Investment Management Europe, and managing director for Investment Management Australia. Needham joined Morningstar in 2009 through the company's acquisition of Intech Pty Ltd., where he had served as chief investment officer and managing director since 2002.

1. Macroeconomic Headwinds: Morningstar's revenue is significantly impacted by overall market conditions, particularly market volatility, declines in asset values, and inflation. The company's asset-based products, where it is paid based on assets under management, directly suffer from market downturns. For example, in 2022, market volatility and losses created "strong headwinds" for its asset-based and credit rating products. Inflation also poses a risk by increasing operating costs for businesses and consumers.
2. Regulatory Changes: Operating in the financial services industry, Morningstar is exposed to continuous and evolving regulatory changes. New technology, complex investment vehicles, and increasing scrutiny around ESG standards contribute to a rapidly shifting regulatory landscape. The company explicitly acknowledges the challenge of "navigating regulatory changes" and provides services to help clients manage regulatory risk, indicating its own exposure to these dynamics.
3. Valuation Pressure and Competition: Morningstar faces risks related to its valuation and the competitive landscape. The company's valuation multiples have been considered high, and there is a risk that "slower revenue growth or a prolonged derating in high multiple tech and data names" could pressure its premium valuation. While Morningstar is expanding into areas like private markets, it competes with well-established players such as S&P Global, Refinitiv, and Bloomberg.

The clear emerging threat to Morningstar is the rapid advancement and adoption of **Artificial Intelligence (AI) and Machine Learning (ML) technologies** within the financial services sector.

This threat is emerging as AI/ML applications are increasingly capable of:

1. Automating Investment Research and Analysis: AI can process vast quantities of financial data, company filings, news, and market trends at speeds and scales impossible for human analysts. This includes generating investment ideas, identifying risks, and even predicting market movements with increasing sophistication, potentially commoditizing or outperforming traditional research methodologies that Morningstar provides.
2. Personalized Financial Advisory and Portfolio Management: AI-powered robo-advisors and wealth management platforms can offer hyper-personalized investment advice, dynamic portfolio rebalancing, and financial planning solutions tailored to individual investor goals and risk profiles. This could reduce the reliance on human financial advisors who utilize Morningstar's tools, or directly compete with Morningstar's own managed portfolio services and advisor platforms.
3. Data Synthesis and Insights Generation: Generative AI models are already demonstrating capabilities in summarizing complex financial reports, extracting key insights, and answering specific investment questions instantly. This could diminish the need for investors to subscribe to comprehensive, in-depth research platforms or manually sift through data to find relevant information.

Evidence of this emergence includes the proliferation of fintech startups leveraging AI for various financial applications, significant investment in AI capabilities by major financial institutions, and the increasing integration of AI tools within existing trading and advisory platforms. Should Morningstar fail to adequately integrate and innovate with these technologies, its core offerings of investment data, ratings, and research could be challenged by more agile, AI-native competitors or by existing players who effectively harness AI to deliver superior or more cost-effective solutions.

Morningstar (MORN) participates in several significant addressable markets through its diverse range of products and services. While direct addressable market sizes for each specific Morningstar product are not always explicitly stated in market research, the following identifies the market sizes for the categories in which their main products and services compete:

• Morningstar Direct and Morningstar Advisor Workstation (Investment Management Software / Portfolio Management Software):

  • The global investment management software market was valued at approximately USD 3.5 billion in 2023 and is projected to reach USD 7.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.2% during the forecast period. Another estimate for the global investment management software market places its value at USD 7.59 billion in 2024, with a projected increase to USD 25.9 billion by 2035, exhibiting a CAGR of 11.82% from 2025 to 2035. The global portfolio management software market was valued at $3.2 billion in 2022 and is projected to reach $11.8 billion by 2032, growing at a CAGR of 14.2% from 2023 to 2032. North America is a dominant region in the investment management software market, accounting for nearly 40% of the global market share in 2023.

• Sustainalytics (ESG Research, Ratings, and Data):

  • The global ESG software market was estimated at USD 1.08 billion in 2024 and is projected to reach USD 5.59 billion by 2033, growing at a CAGR of 20.7% from 2025 to 2033. The ESG rating services market reached USD 11.72 billion in 2025 and is projected to attain USD 17.83 billion by 2030, with an 8.75% CAGR over the forecast period. North America held the largest share of the global ESG software industry at 35.86% in 2024, and commanded 40.2% of the ESG rating services market share in 2024. The broader global ESG investing market size is expected to record a CAGR of 9.4% from 2023 to 2032, reaching a valuation of USD 46.5 trillion by 2032. Global ESG assets are also on track to surpass $40 trillion by 2030.

• Morningstar Data & Analytics / Investment Research:

  • The global equity research market was valued at around $9.5 billion in 2023 and is likely to reach $15.6 billion by 2030, recording a CAGR of 7.2%. This market size is global.

• Morningstar Investment Management (Managed Portfolios):

  • The broader global investments market size has grown strongly, from $4.18 trillion in 2024 to $4.47 trillion in 2025 at a compound annual growth rate (CAGR) of 6.8%. It is expected to reach $5.95 trillion in 2029 at a CAGR of 7.4%. This is a global market.

• PitchBook (Private Capital Markets Data):

  • Morningstar's PitchBook provides data, research, and technology covering the private capital markets, including venture capital, private equity, and mergers and acquisitions. By June 2024, private markets had grown to more than $15.5 trillion in assets. This is a global market.

• Morningstar Indexes:

  • Revenue from Morningstar Indexes is driven by investable products, with asset value linked to Morningstar Indexes increasing by 19.4% to $210.9 billion in 2024. This figure represents assets linked to their indexes, indicating the scale of their impact within the global indexing market, rather than a total addressable market for the indexes themselves.

1. Sustained Growth in Core Product Segments: Morningstar anticipates continued strong performance from its major growth drivers, specifically PitchBook, the Direct Platform, and Morningstar Credit. These segments have consistently contributed significantly to revenue and are expected to maintain their momentum.
2. Expansion and Enhancement of the Morningstar Wealth Platform: Morningstar is focused on expanding and innovating its Wealth Platform. This includes the recent addition of third-party Separately Managed Accounts (SMAs) to its U.S. wealth platform, providing advisors with more investment options and flexibility. The company continues to invest in platform technology and aims to empower advisors to better serve their clients.
3. Strategic Acquisitions and Data Integration: Acquisitions, such as the Center for Research in Security Prices (CRSP), are expected to enhance Morningstar's data and index offerings. These integrations expand Morningstar's comprehensive data ecosystem, which is a foundational element for many of its products and services.
4. Leveraging ESG and Climate Risk Data through Sustainalytics and DBRS Morningstar: Morningstar Sustainalytics and DBRS Morningstar are integrating robust ESG and climate risk data into their credit ratings research and services. This addresses the increasing demand from investors for comprehensive analysis related to responsible investment strategies and environmental factors, particularly in sectors like insurance and mortgage-backed securities.
5. New Product Launches and AI Integration: Morningstar highlights new product launches and collaborations involving artificial intelligence (AI) as key growth initiatives. The company is actively exploring how AI can improve its products and operations, including potential advancements in its wealth platforms and data analysis capabilities.

Share Repurchases

• Morningstar completed a $500 million share repurchase program and authorized a new $1 billion share repurchase program, effective October 31, 2025.
• A $500 million share repurchase program was authorized, effective January 1, 2023, replacing a prior program that began January 1, 2021.
• Quarterly buybacks varied, with significant repurchases including $112.01 million in June 2025, $109.61 million in March 2025, $11.57 million in December 2024, $92.50 million in June 2022, and $110.59 million in March 2022.

Share Issuance

• Morningstar's SEC filings indicate instances of shares withheld to cover taxes upon the vesting of restricted stock unit grants, reflecting share issuance related to employee compensation, though no specific dollar amounts for capital-raising issuances were provided.

Outbound Investments

• Morningstar acquired Sustainalytics on July 2, 2020, to integrate ESG data, research, and insights into its product offerings.
• In 2022, Morningstar acquired Leveraged Commentary & Data (LCD) for $625 million, a key player in leveraged finance news, research, and data.
• In March 2025, Morningstar expanded its private credit and structured finance offerings through the acquisitions of Lumonic Inc. and Dealview Technologies Limited (DealX).

Capital Expenditures

• Capital expenditures were reported as $77 million in 2020, $102 million in 2021, $130 million in 2022, $119 million in 2023, and $142.7 million in 2024.
• Expected capital expenditures for 2025 are projected to be $150 million.
• The primary focus of capital expenditures includes driving organic growth in products such as PitchBook and Morningstar Sustainalytics, as well as broader technology investments and a shift towards cloud-based strategies.