Morningstar (MORN)
Market Price (7/20/2026): $172.49 | Market Cap: $6.7 BilSector: Financials | Industry: Financial Exchanges & Data
Morningstar (MORN)
Market Price (7/20/2026): $172.49Market Cap: $6.7 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, FCF Yield is 6.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and AI in Financial Services. Themes include Wealth Management Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -81% | Key risksMORN key risks include [1] the direct negative impact of market downturns on its significant asset-based revenue streams and [2] pressure on its premium valuation due to potential slowing growth and intense competition from established players. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, FCF Yield is 6.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and AI in Financial Services. Themes include Wealth Management Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -81% |
| Key risksMORN key risks include [1] the direct negative impact of market downturns on its significant asset-based revenue streams and [2] pressure on its premium valuation due to potential slowing growth and intense competition from established players. |
Qualitative Assessment
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Updated on 7/7/2026
Morningstar (MORN) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Morningstar's fiscal Q1 2026 earnings, reported on April 29, 2026, presented a mixed signal to investors, contributing to the stock's constrained movement. The company reported adjusted diluted net income per share of $3.18, significantly beating the analyst estimate of $2.66 by 19.55%. Despite this earnings beat and a 10.8% increase in reported revenue to $644.8 million, the stock price experienced a notable decline of 10.07% on the day of the announcement, falling from $187.60 to $168.71. This initial dip set a new trading range, and while the earnings were strong, the market reaction suggested that other factors or high expectations might have offset the positive results, preventing a sustained upward trend.
2. Broader market volatility and uneven sector performance during fiscal Q2 2026 (April 1 to June 30, 2026) contributed to a lack of strong directional momentum for Morningstar. While the overall Morningstar US Market Index recovered, climbing 15.5% in fiscal Q2 2026 after a 4.2% fall in fiscal Q1 2026, this rally was unevenly distributed across sectors. The second quarter saw a significant surge in technology, particularly semiconductors, which outperformed software, the latter of which Morningstar's offerings (investment insights, data solutions, software technology) are more closely aligned with. This divergence meant that the broad market's rebound did not uniformly lift all companies, and Morningstar, operating in the financial services and software space, did not experience the same robust tailwinds seen in other areas of the technology sector, leading to relative stability in its stock price.
Show more
Morningstar (MORN) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Morningstar's fiscal Q1 2026 earnings, reported on April 29, 2026, presented a mixed signal to investors, contributing to the stock's constrained movement. The company reported adjusted diluted net income per share of $3.18, significantly beating the analyst estimate of $2.66 by 19.55%. Despite this earnings beat and a 10.8% increase in reported revenue to $644.8 million, the stock price experienced a notable decline of 10.07% on the day of the announcement, falling from $187.60 to $168.71. This initial dip set a new trading range, and while the earnings were strong, the market reaction suggested that other factors or high expectations might have offset the positive results, preventing a sustained upward trend.
2. Broader market volatility and uneven sector performance during fiscal Q2 2026 (April 1 to June 30, 2026) contributed to a lack of strong directional momentum for Morningstar. While the overall Morningstar US Market Index recovered, climbing 15.5% in fiscal Q2 2026 after a 4.2% fall in fiscal Q1 2026, this rally was unevenly distributed across sectors. The second quarter saw a significant surge in technology, particularly semiconductors, which outperformed software, the latter of which Morningstar's offerings (investment insights, data solutions, software technology) are more closely aligned with. This divergence meant that the broad market's rebound did not uniformly lift all companies, and Morningstar, operating in the financial services and software space, did not experience the same robust tailwinds seen in other areas of the technology sector, leading to relative stability in its stock price.
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Updated on 7/7/2026
Morningstar (MORN) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Morningstar's fiscal Q1 2026 earnings, reported on April 29, 2026, presented a mixed signal to investors, contributing to the stock's constrained movement. The company reported adjusted diluted net income per share of $3.18, significantly beating the analyst estimate of $2.66 by 19.55%. Despite this earnings beat and a 10.8% increase in reported revenue to $644.8 million, the stock price experienced a notable decline of 10.07% on the day of the announcement, falling from $187.60 to $168.71. This initial dip set a new trading range, and while the earnings were strong, the market reaction suggested that other factors or high expectations might have offset the positive results, preventing a sustained upward trend.
2. Broader market volatility and uneven sector performance during fiscal Q2 2026 (April 1 to June 30, 2026) contributed to a lack of strong directional momentum for Morningstar. While the overall Morningstar US Market Index recovered, climbing 15.5% in fiscal Q2 2026 after a 4.2% fall in fiscal Q1 2026, this rally was unevenly distributed across sectors. The second quarter saw a significant surge in technology, particularly semiconductors, which outperformed software, the latter of which Morningstar's offerings (investment insights, data solutions, software technology) are more closely aligned with. This divergence meant that the broad market's rebound did not uniformly lift all companies, and Morningstar, operating in the financial services and software space, did not experience the same robust tailwinds seen in other areas of the technology sector, leading to relative stability in its stock price.
3. The absence of significant new company-specific catalysts beyond the fiscal Q1 2026 earnings report likely kept the stock trading within a defined range. Following its Q1 earnings, Morningstar announced expansions in AI integrations and new index suite launches, but these were not impactful enough to generate a sustained upward or downward trend in the stock price. Without major news events like large acquisitions, divestitures, or unexpected shifts in guidance, investors had little fresh information to drive the stock significantly beyond the trading levels established post-Q1 earnings.
4. Investor anticipation for the upcoming fiscal Q2 2026 earnings report fostered a "wait and see" approach, contributing to the stock's relatively stable trading. Morningstar is scheduled to report its fiscal Q2 2026 financial results after the market closes on Wednesday, July 29, 2026. Analysts are projecting an EPS of $2.82 for fiscal Q2 2026. This impending earnings release often leads to a period of reduced volatility as investors pause to await new financial data and updated outlooks before making significant investment decisions, thus keeping the stock largely at its prevailing levels.
Show less
Morningstar (MORN) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Morningstar's fiscal Q1 2026 earnings, reported on April 29, 2026, presented a mixed signal to investors, contributing to the stock's constrained movement. The company reported adjusted diluted net income per share of $3.18, significantly beating the analyst estimate of $2.66 by 19.55%. Despite this earnings beat and a 10.8% increase in reported revenue to $644.8 million, the stock price experienced a notable decline of 10.07% on the day of the announcement, falling from $187.60 to $168.71. This initial dip set a new trading range, and while the earnings were strong, the market reaction suggested that other factors or high expectations might have offset the positive results, preventing a sustained upward trend.
2. Broader market volatility and uneven sector performance during fiscal Q2 2026 (April 1 to June 30, 2026) contributed to a lack of strong directional momentum for Morningstar. While the overall Morningstar US Market Index recovered, climbing 15.5% in fiscal Q2 2026 after a 4.2% fall in fiscal Q1 2026, this rally was unevenly distributed across sectors. The second quarter saw a significant surge in technology, particularly semiconductors, which outperformed software, the latter of which Morningstar's offerings (investment insights, data solutions, software technology) are more closely aligned with. This divergence meant that the broad market's rebound did not uniformly lift all companies, and Morningstar, operating in the financial services and software space, did not experience the same robust tailwinds seen in other areas of the technology sector, leading to relative stability in its stock price.
3. The absence of significant new company-specific catalysts beyond the fiscal Q1 2026 earnings report likely kept the stock trading within a defined range. Following its Q1 earnings, Morningstar announced expansions in AI integrations and new index suite launches, but these were not impactful enough to generate a sustained upward or downward trend in the stock price. Without major news events like large acquisitions, divestitures, or unexpected shifts in guidance, investors had little fresh information to drive the stock significantly beyond the trading levels established post-Q1 earnings.
4. Investor anticipation for the upcoming fiscal Q2 2026 earnings report fostered a "wait and see" approach, contributing to the stock's relatively stable trading. Morningstar is scheduled to report its fiscal Q2 2026 financial results after the market closes on Wednesday, July 29, 2026. Analysts are projecting an EPS of $2.82 for fiscal Q2 2026. This impending earnings release often leads to a period of reduced volatility as investors pause to await new financial data and updated outlooks before making significant investment decisions, thus keeping the stock largely at its prevailing levels.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 2.6% change in MORN stock from 3/31/2026 to 7/19/2026 was primarily driven by a 4.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 168.04 | 172.48 | 2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,446 | 2,508 | 2.6% |
| Net Income Margin (%) | 15.3% | 16.1% | 4.9% |
| P/E Multiple | 18.1 | 16.7 | -7.7% |
| Shares Outstanding (Mil) | 40 | 39 | 3.3% |
| Cumulative Contribution | 2.6% |
Market Drivers
3/31/2026 to 7/19/2026| Return | Correlation | |
|---|---|---|
| MORN | 2.6% | |
| Market (SPY) | 14.3% | -19.8% |
| Sector (XLF) | 14.0% | 32.7% |
Fundamental Drivers
The -20.0% change in MORN stock from 12/31/2025 to 7/19/2026 was primarily driven by a -30.6% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 215.52 | 172.48 | -20.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,395 | 2,508 | 4.7% |
| Net Income Margin (%) | 15.7% | 16.1% | 2.3% |
| P/E Multiple | 24.1 | 16.7 | -30.6% |
| Shares Outstanding (Mil) | 42 | 39 | 7.7% |
| Cumulative Contribution | -20.0% |
Market Drivers
12/31/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| MORN | -20.0% | |
| Market (SPY) | 9.3% | 0.3% |
| Sector (XLF) | 3.2% | 35.3% |
Fundamental Drivers
The -44.4% change in MORN stock from 6/30/2025 to 7/19/2026 was primarily driven by a -51.6% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 310.24 | 172.48 | -44.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,314 | 2,508 | 8.4% |
| Net Income Margin (%) | 16.6% | 16.1% | -3.3% |
| P/E Multiple | 34.6 | 16.7 | -51.6% |
| Shares Outstanding (Mil) | 43 | 39 | 9.5% |
| Cumulative Contribution | -44.4% |
Market Drivers
6/30/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| MORN | -44.4% | |
| Market (SPY) | 21.3% | 4.7% |
| Sector (XLF) | 8.7% | 37.2% |
Fundamental Drivers
The -9.9% change in MORN stock from 6/30/2023 to 7/19/2026 was primarily driven by a -96.5% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 191.47 | 172.48 | -9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,893 | 2,508 | 32.5% |
| Net Income Margin (%) | 0.9% | 16.1% | 1709.7% |
| P/E Multiple | 484.4 | 16.7 | -96.5% |
| Shares Outstanding (Mil) | 42 | 39 | 8.7% |
| Cumulative Contribution | -9.9% |
Market Drivers
6/30/2023 to 7/19/2026| Return | Correlation | |
|---|---|---|
| MORN | -9.9% | |
| Market (SPY) | 73.6% | 33.4% |
| Sector (XLF) | 74.4% | 47.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MORN Return | 48% | -36% | 33% | 18% | -35% | -19% | -22% |
| Peers Return | 43% | -20% | 29% | 11% | -9% | -6% | 41% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| MORN Win Rate | 50% | 33% | 67% | 67% | 33% | 43% | |
| Peers Win Rate | 70% | 40% | 60% | 48% | 48% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| MORN Max Drawdown | -13% | -39% | -33% | -10% | -38% | -35% | |
| Peers Max Drawdown | -11% | -33% | -16% | -15% | -30% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SPGI, MCO, MSCI, FDS, TRI. See MORN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/17/2026 (YTD)
How Low Can It Go
| Event | MORN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.6% | -6.7% |
| % Gain to Breakeven | 38.2% | 7.1% |
| Time to Breakeven | 131 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.4% | -24.5% |
| % Gain to Breakeven | 59.8% | 32.4% |
| Time to Breakeven | 719 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.4% | -33.7% |
| % Gain to Breakeven | 54.8% | 50.9% |
| Time to Breakeven | 132 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.0% | -19.2% |
| % Gain to Breakeven | 15.0% | 23.8% |
| Time to Breakeven | 38 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.5% | -3.7% |
| % Gain to Breakeven | 15.6% | 3.9% |
| Time to Breakeven | 100 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.5% | -12.2% |
| % Gain to Breakeven | 11.7% | 13.9% |
| Time to Breakeven | 36 days | 62 days |
In The Past
Morningstar's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MORN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.6% | -6.7% |
| % Gain to Breakeven | 38.2% | 7.1% |
| Time to Breakeven | 131 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.4% | -24.5% |
| % Gain to Breakeven | 59.8% | 32.4% |
| Time to Breakeven | 719 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.4% | -33.7% |
| % Gain to Breakeven | 54.8% | 50.9% |
| Time to Breakeven | 132 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.7% | -53.4% |
| % Gain to Breakeven | 209.7% | 114.4% |
| Time to Breakeven | 1800 days | 1085 days |
In The Past
Morningstar's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Morningstar (MORN)
Morningstar, Inc. is a leading provider of independent investment research and related services globally. The company helps financial professionals and individual investors make informed decisions by offering a wide array of data, research, and analytical tools covering various investment types, from publicly traded equities and fixed income to private capital markets. Its core mission revolves around providing transparency and insights into the investment landscape.
Morningstar's extensive product suite includes several key offerings. "Morningstar Data" provides comprehensive investment data, while "Morningstar Direct" and "Morningstar Advisor Workstation" are robust platforms for investment analysis and financial planning, respectively. They also offer "Morningstar Credit Ratings" for structured finance, "Morningstar Indexes" for product creation, and "Morningstar Managed Portfolios" for advisor services. A significant part of their business is "PitchBook Platform," a dedicated research and analysis workstation for private market data, widely used by investment professionals.
The company serves a diverse client base across North America, Europe, Australia, and Asia. Its primary customers include financial advisors, asset managers, and retirement plan providers and sponsors who rely on Morningstar for data, research, and portfolio management solutions. Additionally, Morningstar caters to individual investors through platforms like Morningstar.com, and institutional investors seeking in-depth market intelligence and ratings.
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Here are a few analogies for Morningstar (MORN):
- Morningstar is like a Bloomberg Terminal for financial advisors and individual investors.
- Morningstar is like S&P Global for investment funds and ESG data.
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- Morningstar Data: Provides comprehensive investment data spanning equity fundamentals, managed investments, ESG factors, and market data.
- Morningstar Direct: An advanced investment-analysis platform designed for financial professionals.
- Morningstar Managed Portfolios: Offers model portfolios and asset allocation services for independent financial advisors, asset managers, and other institutions.
- Morningstar Advisor Workstation: A web-based platform for financial advisors, offering research, financial planning, and proposal generation tools.
- Morningstar.com: The company's public website providing investment information and tools for individual investors.
- Morningstar Credit Ratings: Provides issuance and surveillance services for structured finance products, along with corporate credit estimates and operational risk assessment.
- Morningstar Indexes: Creates and maintains a variety of investment indexes used for benchmarking and creating investment products.
- Morningstar Workplace Solutions: Offers retirement accounts, fiduciary services, allocation funds, and custom models for workplace plans.
- PitchBook Platform: A research and analysis workstation focused on private capital markets, including data, mobile app, and Excel integration.
- Fundamental Equity and Manager Research: Provides in-depth research on publicly listed companies and investment managers.
- ESG Rating Services: Offers ratings and research focused on environmental, social, and governance factors for investments.
- Morningstar Enterprise Components: Provides modular financial components designed for integration into enterprise-level solutions.
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Major Customers of Morningstar (MORN)
Morningstar (MORN) primarily sells its services and products to other companies and institutions within the financial industry. While the provided background description does not list specific customer company names, it identifies several major categories of customers that Morningstar serves:
- Financial advisors
- Asset managers
- Retirement plan providers and sponsors
- Institutional investors
- Broker/dealers
- Insurance providers
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- Amazon.com, Inc. (AMZN)
- Microsoft Corporation (MSFT)
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Kunal Kapoor, CFA, Chief Executive Officer
Kunal Kapoor joined Morningstar in 1997 as a data analyst and has since held a variety of leadership positions, including director of mutual fund research, director of business strategy for international operations, and president and chief investment officer of Morningstar Investment Services. He also led Morningstar.com and the firm's data business, as well as its global products and client solutions group. Kapoor served on the board of PitchBook, a private firm providing a private equity and venture capital database, prior to its acquisition by Morningstar in late 2016. He also serves on the board of directors of Wealth Enhancement Group, a privately-owned independent wealth management firm.
Michael Holt, Chief Financial Officer
Michael Holt will assume the role of chief financial officer effective January 1, 2025. Prior to this, he served as Morningstar's chief strategy officer since 2018 and, in 2023, also became president of the Company's Research and Investments group. Holt joined Morningstar in 2008 and held multiple senior roles, including leading the global equity research team from 2014 to 2018. He has been instrumental in shaping the company's revenue profile and expanding its capabilities through strategic capital allocation and acquisitions.
Daniel Needham, CFA, President of Morningstar Wealth and Research & Investments
Daniel Needham leads the strategic direction and operational excellence of Morningstar Wealth and oversees the team responsible for Morningstar's independent equity and managed investment analysis and ratings. He joined Morningstar in 2009 through the company's acquisition of Intech Pty Ltd., where he served as Chief Investment Officer and Managing Director since 2002. Needham's previous roles at Morningstar include chief investment officer, Morningstar Investment Management, and managing director, Investment Management Australia.
Bevin Desmond, Head of Global Markets and Human Resources
Bevin Desmond has served as the Head of Global Markets and Human Resources at Morningstar, Inc. since 2010.
Daniel Dunn, Chief Revenue Officer
Daniel Dunn has served as the Chief Revenue Officer of Morningstar, Inc. since January 2017.
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Morningstar (MORN) faces several key risks to its business, primarily stemming from its highly regulated industry, the rapid pace of technological advancements, and intense competition.
The most significant risk to Morningstar's business is Regulatory Scrutiny and Legal Risks. As a provider of credit ratings, investment management, and ESG research services, Morningstar operates within a highly regulated environment. Changes in laws or regulations, particularly those pertaining to these areas, could negatively impact the company's operations and profitability. Furthermore, any perceived conflicts of interest or failures in maintaining independence could severely damage Morningstar's reputation and brand, which are crucial assets in the investment research industry.
Another prominent risk is Technological Disruption and Data Security, particularly concerning the rise of artificial intelligence (AI). There is a risk that AI could transform high-value proprietary data and human-driven analysis into a commodity, potentially eroding the pricing power of Morningstar's key platforms like Morningstar Direct and PitchBook. The company also faces ongoing challenges related to cybersecurity threats and the need for robust data protection to safeguard sensitive client information and maintain trust.
Finally, Morningstar operates within an intensely Competitive Landscape. The company faces significant competition from established financial data and research giants such as Bloomberg and FactSet, which possess deep-seated relationships with institutional clients. This competitive pressure, particularly in enterprise-level data platforms, can lead to pricing pressures and a continuous battle for market share, requiring Morningstar to constantly innovate and differentiate its offerings.
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Here are the addressable market sizes for Morningstar's main products and services:
- Wealth Management Technology Solutions (including web-based tools, investment-analysis platforms like Morningstar Direct, Morningstar Managed Portfolios, and Morningstar Advisor Workstation): The global wealth technology (WealthTech) solutions market size was valued at USD 8.01 billion in 2025. This market is projected to grow to USD 29.98 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 15.79% during the forecast period. Another estimate puts the global wealthtech solutions market size at over USD 7.86 billion in 2025, with a projection to reach USD 32.64 billion by 2035, growing at around a 15.3% CAGR. North America was the largest region in the wealthtech solutions market in 2025.
- Financial Data and Analytics (encompassing Morningstar Data, fundamental equity and manager research, and credit and fund rating services): The global financial analytics market size was valued at USD 12.57 billion in 2024. This market is estimated to reach USD 29.65 billion by 2033, exhibiting a CAGR of 8.96% during 2025-2033. Another report indicates the global financial analytics market was valued at USD 10.7 billion in 2025 and is projected to reach USD 27.36 billion by 2034, with a CAGR of 11.00%. North America dominated the global financial analytics market with a share of over 34.0% in 2024 and 34.70% in 2025.
- ESG Rating Services: The global ESG Rating Services Market is expected to grow from USD 11.72 billion in 2025 to USD 18.88 billion by 2031, at a CAGR of 8.28% over 2026-2031. North America commanded 39.85% of the ESG rating services market share in 2025 and holds the largest market share globally.
- Private Capital Markets Research (PitchBook Platform): The global private capital assets under management (AUM) reached approximately USD 13.7 trillion in 2023 and are projected to exceed USD 18 trillion by 2027. Separately, the global private equity market size was estimated at USD 593.28 billion in 2025 and is predicted to increase to approximately USD 1,458.17 billion by 2035, with a CAGR of 9.41% from 2026 to 2035. North America led the private equity market with the largest market share in 2025.
- Index Services (Morningstar Indexes): Global index industry revenues reached a record USD 5 billion in 2021 and USD 5.33 billion in 2022.
- Independent Investment Research Services: The global market research services market size was USD 93.37 billion in 2025 and is expected to grow to USD 116.02 billion in 2030, at a CAGR of 4.6%. North America was the largest region in the market research services market in 2025.
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Here are 3-5 expected drivers of future revenue growth for Morningstar (MORN) over the next 2-3 years:
- Continued Growth of the PitchBook Platform: Morningstar's PitchBook platform is consistently cited as a significant contributor to revenue growth. This growth is expected to be driven by increasing licensed users and expansion within its core investor and advisor client groups. Additionally, the substantial completion and integration of Leveraged Commentary & Data (LCD) into the platform should further enhance its offerings and drive revenue.
- Expansion and Innovation in Morningstar Data and Direct Platform: The Morningstar Data and Morningstar Direct platforms are foundational to the company's offerings and are anticipated to be key revenue drivers. Growth in these areas is expected from increased adoption in North America and Europe, the development of new use cases for Morningstar Data, and higher revenue generated per license for Morningstar Direct.
- Strong Performance in Morningstar Credit (DBRS): The Morningstar Credit segment, particularly its DBRS ratings, has demonstrated robust growth. Future revenue expansion is expected from continued strength in structured finance ratings, including commercial and residential mortgage-backed securities, as well as growth in financial institution ratings across the U.S. and Europe.
- Strategic Integration and Scaling with Artificial Intelligence (AI): Morningstar is actively leveraging AI to scale its research and data capabilities and to launch new products that address evolving investor needs. The integration of AI across its platforms, such as PitchBook's announced AI integration with Perplexity for private market intelligence, is a strategic focus intended to enhance existing offerings and create new revenue streams.
- Expansion into Private Markets: Morningstar has a stated ambition to become the "common language for investors navigating the convergence of public and private markets." This strategic focus, with PitchBook playing a crucial role in the private-markets ecosystem, is expected to drive significant future growth as the company deepens its presence and offerings in this expanding market.
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Share Repurchases
- Morningstar repurchased 3,276,578 shares for $787.0 million in the full year 2025.
- The company repurchased 1,873,729 shares totaling $487.0 million year-to-date through October 28, 2025.
- Morningstar's board authorized an additional $1 billion in share repurchase authority over the next three years, effective from December 2025.
Share Issuance
- Morningstar's shares outstanding decreased by 2.09% in 2025 compared to 2024, indicating a net reduction in shares rather than issuance.
Outbound Investments
- Morningstar paid $39.0 million for acquisitions, net of cash acquired, in 2025.
- The company diversified its portfolio through strategic acquisitions, including DBRS credit ratings in 2022.
Latest Trefis Analyses
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|---|---|---|
| DASHBOARDS | ||
| Morningstar Stock Rockets 13% With 5-Day Winning Streak | 04/07/2026 | |
| Morningstar Earnings Notes | 12/27/2025 | |
| How Low Can Morningstar Stock Really Go? | 10/17/2025 | |
| Morningstar vs Microsoft: Which Is A Better Investment? | 08/18/2025 | |
| Morningstar vs Visa: Which Is A Better Investment? | 08/18/2025 | |
| Morningstar vs S&P Global: Which Is A Better Investment? | 08/18/2025 | |
| Better Bet Than MORN Stock: Pay Less Than Morningstar To Get More From MU, VST | 08/12/2025 | |
| Better Bet Than MORN Stock: Pay Less Than Morningstar To Get More From FOUR | 08/12/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 10/02/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 354.46 |
| Mkt Cap | 44.1 |
| Rev LTM | 5,451 |
| Op Inc LTM | 1,926 |
| FCF LTM | 1,770 |
| FCF 3Y Avg | 1,652 |
| CFO LTM | 2,152 |
| CFO 3Y Avg | 2,009 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 9.7% |
| Rev Chg Q | 10.1% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 14.0% |
| Op Inc Chg 3Y Avg | 17.7% |
| Op Mgn LTM | 36.0% |
| Op Mgn 3Y Avg | 34.5% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 35.9% |
| CFO/Rev 3Y Avg | 35.5% |
| FCF/Rev LTM | 31.7% |
| FCF/Rev 3Y Avg | 30.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 44.1 |
| P/S | 7.0 |
| P/Op Inc | 20.6 |
| P/EBIT | 19.2 |
| P/E | 27.8 |
| P/CFO | 19.5 |
| Total Yield | 5.3% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Morningstar Direct Platform | 831 | 788 | 747 | 697 | |
| PitchBook | 672 | 618 | 552 | 451 | |
| Morningstar Credit | 354 | 291 | 215 | 237 | |
| Morningstar Wealth | 251 | 248 | 230 | 229 | |
| Corporate and All Other | 200 | 202 | 184 | 154 | |
| Morningstar Retirement | 138 | 127 | 110 | 104 | |
| Asset-based | 265 | ||||
| License-based | 1,132 | ||||
| Transaction-based | 303 | ||||
| Total | 2,446 | 2,275 | 2,039 | 1,871 | 1,699 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2012 |
|---|---|---|---|---|---|
| Morningstar Direct Platform | 369 | 355 | 340 | 313 | |
| PitchBook | 210 | 186 | 148 | 72 | |
| Morningstar Credit | 115 | 76 | 22 | 59 | |
| Morningstar Retirement | 68 | 66 | 54 | 51 | |
| Other non-recurring items | 25 | 64 | |||
| Morningstar Wealth | 10 | -9 | -40 | -14 | |
| Merger and Acquisition (M&A) - related expenses | -21 | -8 | -10 | -17 | |
| Intangible amortization expense | -60 | -64 | -70 | -67 | |
| Corporate and All Other | -189 | -180 | -197 | -182 | |
| Asset impairment costs | -3 | 0 | |||
| Merger and Acquisition (M&A) - related earn-outs | 0 | -12 | |||
| Merger and Acquisition (M&A) - related gains | 0 | ||||
| Severance and personnel expenses | -6 | -28 | |||
| Transformation costs | -7 | -8 | |||
| Corporate Items | -61 | ||||
| Investment Information | 151 | ||||
| Investment Management | 61 | ||||
| Total | 527 | 485 | 231 | 168 | 151 |
Price Behavior
Price Behavior
| Market Price | $172.48 | |
| Market Cap ($ Bil) | 6.7 | |
| First Trading Date | 05/03/2005 | |
| Distance from 52W High | -39.6% | |
| 50 Days | 200 Days | |
| DMA Price | $170.73 | $190.00 |
| DMA Trend | down | down |
| Distance from DMA | 1.0% | -9.2% |
| 3M | 1YR | |
| Volatility | 53.4% | 38.4% |
| Downside Capture | -152.99 | 34.28 |
| Upside Capture | -147.82 | -32.58 |
| Correlation (SPY) | -23.4% | 3.6% |
MORN Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.81 | -0.68 | -0.44 | 0.08 | 0.19 | 0.68 |
| Up Beta | -0.03 | -0.42 | -0.18 | -0.20 | 0.14 | 0.75 |
| Down Beta | -0.18 | 0.14 | -0.01 | 0.38 | 0.29 | 0.76 |
| Up Capture | -204% | -101% | -46% | -23% | -17% | 18% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 19 | 32 | 59 | 116 | 377 |
| Down Capture | -45% | -107% | -103% | 54% | 73% | 88% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 22 | 31 | 65 | 135 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MORN | |
|---|---|---|---|---|
| MORN | -40.0% | 38.2% | -1.25 | - |
| Sector ETF (XLF) | 9.5% | 14.6% | 0.40 | 36.6% |
| Equity (SPY) | 20.2% | 12.6% | 1.18 | 4.0% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | -11.6% |
| Commodities (DBC) | 30.0% | 19.0% | 1.25 | 1.9% |
| Real Estate (VNQ) | 15.7% | 14.0% | 0.81 | 19.3% |
| Bitcoin (BTCUSD) | -46.3% | 42.8% | -1.33 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MORN | |
|---|---|---|---|---|
| MORN | -6.7% | 31.6% | -0.18 | - |
| Sector ETF (XLF) | 10.7% | 18.5% | 0.45 | 52.5% |
| Equity (SPY) | 12.8% | 17.1% | 0.57 | 50.9% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | -0.7% |
| Commodities (DBC) | 8.7% | 19.5% | 0.34 | 5.1% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 47.1% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 23.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MORN | |
|---|---|---|---|---|
| MORN | 8.8% | 28.2% | 0.34 | - |
| Sector ETF (XLF) | 14.0% | 22.0% | 0.58 | 46.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 51.9% |
| Gold (GLD) | 11.0% | 16.1% | 0.55 | -0.9% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 10.3% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 44.4% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -10.1% | -10.6% | -3.0% |
| 2/12/2026 | 3.9% | 3.6% | 18.6% |
| 10/29/2025 | 2.7% | 1.8% | 3.6% |
| 7/30/2025 | -2.7% | -8.5% | -8.1% |
| 4/30/2025 | -0.5% | 4.6% | 8.3% |
| 2/26/2025 | -2.8% | -5.6% | -5.6% |
| 10/23/2024 | -3.1% | -3.4% | -0.5% |
| 7/25/2024 | 1.1% | -2.7% | -2.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 10 |
| # Negative | 15 | 14 | 14 |
| Median Positive | 2.2% | 2.7% | 4.2% |
| Median Negative | -1.3% | -3.6% | -4.1% |
| Max Positive | 3.9% | 7.2% | 18.6% |
| Max Negative | -10.1% | -10.6% | -11.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -10.1% | -10.6% | -3.0% |
| 2/12/2026 | 3.9% | 3.6% | 18.6% |
| 10/29/2025 | 2.7% | 1.8% | 3.6% |
| 7/30/2025 | -2.7% | -8.5% | -8.1% |
| 4/30/2025 | -0.5% | 4.6% | 8.3% |
| 2/26/2025 | -2.8% | -5.6% | -5.6% |
| 10/23/2024 | -3.1% | -3.4% | -0.5% |
| 7/25/2024 | 1.1% | -2.7% | -2.7% |
| 4/25/2024 | -0.4% | 1.2% | 3.5% |
| 2/23/2024 | -1.1% | -0.2% | 0.9% |
| 11/13/2023 | -0.3% | 1.8% | 4.5% |
| 7/28/2023 | 2.2% | -2.2% | -3.6% |
| 4/27/2023 | 3.7% | 7.2% | 16.8% |
| 2/24/2023 | 0.3% | 1.9% | -11.1% |
| 10/27/2022 | 3.5% | 1.4% | 6.7% |
| 7/28/2022 | 0.3% | -1.9% | -9.0% |
| 4/28/2022 | -5.6% | -5.8% | -2.0% |
| 2/25/2022 | -0.3% | -5.1% | -2.6% |
| 10/28/2021 | -1.3% | -2.1% | -0.6% |
| 7/29/2021 | 0.4% | 3.9% | 3.9% |
| 4/29/2021 | -0.1% | -1.5% | -11.0% |
| 2/19/2021 | -6.2% | -9.7% | -7.1% |
| 10/29/2020 | -2.7% | 5.5% | 2.2% |
| 7/30/2020 | -0.9% | -3.9% | -4.6% |
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 10 |
| # Negative | 15 | 14 | 14 |
| Median Positive | 2.2% | 2.7% | 4.2% |
| Median Negative | -1.3% | -3.6% | -4.1% |
| Max Positive | 3.9% | 7.2% | 18.6% |
| Max Negative | -10.1% | -10.6% | -11.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 07/26/2019 | 10-Q |
Insider Activity
Updated 5/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lyons, William M | Direct | Sell | 5272026 | 179.00 | 700 | 125,300 | 2,488,816 | Form | |
| 2 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5222026 | 176.72 | 2,270 | 401,145 | 1,421,413,609 | Form |
| 3 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5222026 | 172.53 | 7,250 | 1,250,840 | 1,388,132,265 | Form |
| 4 | Holt, Michael | Chief Financial Officer | Direct | Sell | 5192026 | 166.05 | 270 | 44,834 | 2,046,724 | Form |
| 5 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5152026 | 169.34 | 7,250 | 1,227,689 | 1,367,262,625 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lyons, William M | Direct | Sell | 5272026 | 179.00 | 700 | 125,300 | 2,488,816 | Form | |
| 2 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5222026 | 176.72 | 2,270 | 401,145 | 1,421,413,609 | Form |
| 3 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5222026 | 172.53 | 7,250 | 1,250,840 | 1,388,132,265 | Form |
| 4 | Holt, Michael | Chief Financial Officer | Direct | Sell | 5192026 | 166.05 | 270 | 44,834 | 2,046,724 | Form |
| 5 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5152026 | 169.34 | 7,250 | 1,227,689 | 1,367,262,625 | Form |
| 6 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5152026 | 167.99 | 7,250 | 1,217,924 | 1,357,605,672 | Form |
| 7 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5122026 | 177.23 | 7,250 | 1,284,933 | 1,433,584,751 | Form |
| 8 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5122026 | 175.96 | 7,250 | 1,275,701 | 1,424,560,541 | Form |
| 9 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5122026 | 177.08 | 4,002 | 708,675 | 1,434,922,550 | Form |
| 10 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5072026 | 172.53 | 7,250 | 1,250,829 | 1,398,727,500 | Form |
| 11 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5072026 | 166.23 | 7,250 | 1,205,166 | 1,348,870,076 | Form |
| 12 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5072026 | 167.57 | 7,250 | 1,214,863 | 1,360,938,795 | Form |
| 13 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5042026 | 169.97 | 7,250 | 1,232,315 | 1,381,720,904 | Form |
| 14 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5042026 | 171.02 | 7,250 | 1,239,902 | 1,391,468,032 | Form |
| 15 | Holt, Michael | Chief Financial Officer | Direct | Buy | 3042026 | 186.59 | 1,000 | 186,590 | 1,768,873 | Form |
| 16 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 3022026 | 182.32 | 3,122 | 569,191 | 1,483,730,719 | Form |
| 17 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2272026 | 181.60 | 7,250 | 1,316,603 | 1,478,473,251 | Form |
| 18 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2272026 | 178.00 | 7,250 | 1,290,514 | 1,450,466,829 | Form |
| 19 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2252026 | 164.90 | 7,250 | 1,195,541 | 1,344,918,507 | Form |
| 20 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2252026 | 159.47 | 7,250 | 1,156,161 | 1,301,774,410 | Form |
| 21 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2202026 | 161.34 | 6,608 | 1,066,111 | 1,318,175,847 | Form |
| 22 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2202026 | 161.87 | 7,250 | 1,173,553 | 1,323,600,071 | Form |
| 23 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2182026 | 159.09 | 6,737 | 1,071,771 | 1,302,085,913 | Form |
| 24 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2182026 | 160.63 | 7,304 | 1,173,224 | 1,314,610,039 | Form |
| 25 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2132026 | 156.21 | 7,250 | 1,132,490 | 1,280,612,484 | Form |
| 26 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2132026 | 154.74 | 6,939 | 1,073,754 | 1,269,734,563 | Form |
| 27 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2112026 | 162.84 | 3,214 | 523,356 | 1,337,283,669 | Form |
| 28 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2112026 | 165.00 | 1,653 | 272,750 | 1,355,610,038 | Form |
| 29 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2062026 | 169.57 | 6,352 | 1,077,100 | 1,393,397,720 | Form |
| 30 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2062026 | 185.21 | 6,464 | 1,197,215 | 1,523,126,921 | Form |
| 31 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2062026 | 180.80 | 7,250 | 1,310,805 | 1,488,012,596 | Form |
| 32 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 2042026 | 202.38 | 857 | 173,443 | 1,667,109,314 | Form |
| 33 | Tsay, Caroline J | Direct | Sell | 12302025 | 218.48 | 600 | 131,090 | 818,116 | Form | |
| 34 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11262025 | 213.12 | 1,286 | 274,069 | 1,832,986,487 | Form |
| 35 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11262025 | 211.99 | 316 | 66,990 | 1,823,591,219 | Form |
| 36 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11242025 | 211.22 | 7,250 | 1,531,379 | 1,817,042,329 | Form |
| 37 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11242025 | 210.89 | 7,250 | 1,528,937 | 1,815,674,069 | Form |
| 38 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11202025 | 209.26 | 7,250 | 1,517,104 | 1,803,139,434 | Form |
| 39 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11202025 | 208.29 | 7,250 | 1,510,089 | 1,796,312,224 | Form |
| 40 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11182025 | 211.12 | 1,070 | 225,902 | 1,822,293,241 | Form |
| 41 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11182025 | 213.32 | 6,969 | 1,486,610 | 1,841,460,546 | Form |
| 42 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11142025 | 215.30 | 6,848 | 1,474,390 | 1,860,094,626 | Form |
| 43 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11142025 | 215.03 | 7,250 | 1,558,990 | 1,859,241,891 | Form |
| 44 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11122025 | 215.71 | 7,250 | 1,563,895 | 1,866,655,708 | Form |
| 45 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11122025 | 215.18 | 7,250 | 1,560,064 | 1,863,642,018 | Form |
| 46 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11122025 | 211.89 | 7,250 | 1,536,191 | 1,836,660,768 | Form |
| 47 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11072025 | 211.61 | 4,093 | 866,134 | 1,835,811,443 | Form |
| 48 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11072025 | 211.03 | 7,250 | 1,530,002 | 1,831,653,918 | Form |
| 49 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11052025 | 213.72 | 6,918 | 1,478,529 | 1,856,527,636 | Form |
| 50 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 11052025 | 211.95 | 7,250 | 1,536,668 | 1,842,637,869 | Form |
| 51 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8272025 | 260.65 | 6,705 | 1,747,689 | 2,427,432,931 | Form |
| 52 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8272025 | 260.52 | 3,532 | 920,144 | 2,427,893,389 | Form |
| 53 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8272025 | 263.15 | 1,644 | 432,618 | 2,453,361,307 | Form |
| 54 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8222025 | 263.99 | 7,250 | 1,913,947 | 2,461,657,719 | Form |
| 55 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8222025 | 261.42 | 1,014 | 265,083 | 2,439,588,943 | Form |
| 56 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8222025 | 260.30 | 7,250 | 1,887,196 | 2,429,402,494 | Form |
| 57 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8192025 | 259.59 | 7,250 | 1,882,034 | 2,424,638,840 | Form |
| 58 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8192025 | 258.08 | 7,250 | 1,871,045 | 2,412,352,566 | Form |
| 59 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8192025 | 258.65 | 7,250 | 1,875,200 | 2,419,584,746 | Form |
| 60 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8142025 | 260.28 | 3,944 | 1,026,550 | 2,436,749,521 | Form |
| 61 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8142025 | 257.94 | 7,250 | 1,870,029 | 2,415,800,084 | Form |
| 62 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8142025 | 256.50 | 7,250 | 1,859,638 | 2,404,236,659 | Form |
| 63 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8112025 | 260.28 | 6,764 | 1,760,564 | 2,441,578,513 | Form |
| 64 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8112025 | 261.34 | 7,068 | 1,847,168 | 2,453,270,450 | Form |
| 65 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8112025 | 261.21 | 7,250 | 1,893,746 | 2,453,839,739 | Form |
| 66 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8062025 | 261.67 | 4,311 | 1,128,046 | 2,460,063,214 | Form |
| 67 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8062025 | 270.39 | 394 | 106,533 | 2,543,211,862 | Form |
| 68 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 8062025 | 272.77 | 6,624 | 1,806,859 | 2,565,776,068 | Form |
| 69 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5272025 | 306.52 | 1,246 | 381,926 | 2,889,837,716 | Form |
| 70 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5272025 | 305.80 | 1,296 | 396,316 | 2,883,408,561 | Form |
| 71 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5272025 | 306.43 | 7,250 | 2,221,600 | 2,889,727,641 | Form |
| 72 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5212025 | 310.08 | 5,103 | 1,582,347 | 2,926,435,871 | Form |
| 73 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5212025 | 309.86 | 7,250 | 2,246,514 | 2,925,963,012 | Form |
| 74 | Tsay, Caroline J | Direct | Sell | 5192025 | 309.84 | 200 | 61,968 | 1,346,109 | Form | |
| 75 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5162025 | 309.45 | 7,250 | 2,243,478 | 2,924,251,923 | Form |
| 76 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5162025 | 306.12 | 7,250 | 2,219,363 | 2,895,038,012 | Form |
| 77 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5152025 | 306.67 | 2,412 | 739,695 | 2,902,500,782 | Form |
| 78 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5152025 | 309.95 | 7,062 | 2,188,884 | 2,934,286,538 | Form |
| 79 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5132025 | 309.35 | 7,250 | 2,242,775 | 2,930,752,248 | Form |
| 80 | Holt, Michael | Chief Financial Officer | Direct | Sell | 5132025 | 309.01 | 353 | 109,081 | 1,413,721 | Form |
| 81 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5132025 | 304.83 | 7,250 | 2,210,018 | 2,890,156,862 | Form |
| 82 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5092025 | 304.52 | 7,250 | 2,207,781 | 2,889,438,267 | Form |
| 83 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5092025 | 297.25 | 7,250 | 2,155,091 | 2,822,635,010 | Form |
| 84 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5072025 | 294.27 | 3,211 | 944,897 | 2,796,422,214 | Form |
| 85 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5072025 | 295.15 | 7,250 | 2,139,843 | 2,805,752,167 | Form |
| 86 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5052025 | 292.01 | 7,250 | 2,117,094 | 2,778,040,746 | Form |
| 87 | Mansueto, Joseph D | Executive Chairman | Direct | Sell | 5052025 | 284.10 | 7,170 | 2,036,974 | 2,704,790,761 | Form |
Investor Activity (13F)
Updated Jul 20, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
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External Quote Links
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Core Cache Last Updated: 7/19/2026