MORN
Morningstar, Inc.Financial Services·Financial - Data & Stock Exchanges
$182.02
$6.9B market cap
Revenue
$1.3B
Free Cash Flow
$214.9M
Rev Growth
+0.0%
FCF Margin
16.7%
P/FCF
32.2x
EV/FCF
38.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Morningstar, Inc. provides independent investment research services in North America, Europe, Australia, and Asia. The company offers web-based tools; investment data, fundamental equity and manager research, private capital markets research, credit and fund rating, and index, as well as environmental, social, and governance (ESG) rating services; and investment offerings, including managed investment products, publicly listed and private companies, fixed income securities, and real-time global
2-Year Price History
$179.64-36.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 644.8 | 209.1 | 155.9 | 107.1 | 91.5 | 53.6 | -37.9 | 532.2 | 1,907 | 39.3 | 23.2% | 13.4x | -- |
| Act | 2025-Q4 | 641.1 | 209.4 | 159.6 | 115.1 | 204.0 | 161.3 | -42.7 | 528.7 | 1,408 | 40.7 | 27.3% | 18.4x | -- |
Valuation & Metrics
Market Stats
Price$182.02
Market Cap$6.9B
Enterprise Value$8.3B
P/S Ratio5.4x
P/FCF32.2x
EV/FCF38.6x
FCF Margin (TTM)16.7%
FCF Yield3.1%
Dividend Yield (TTM)1.3%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.3B
Net Income$222.2M
Free Cash Flow$214.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin32.5%
Net Margin17.3%
FCF Margin16.7%
CapEx % of Revenue6.3%
SBC % of Revenue0.8%
ROIC25.2%
WC Change % Rev-0.4%
Interest Coverage15.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.5M
Days to Cover2.9
Change (vs Prior)+1.0%
Need at least 2 settlement dates for chart
Employees
Headcount11,115
Revenue / Employee$115,691
Gross Profit / Employee$71,777
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
42.4%(-38.7% YoY)
421 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
16.9%(-16.6% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
1.1%(+0.8% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $395M | $315.35 | −$4.2M | −$61.8M | -0.2% | $5.69T |
| MORGAN STANLEY | $293M | $215.27 | −$46.5M | −$62.6M | -0.3% | $1.65T |
| WELLINGTON MANAGEMENT GROUP LLP | $281M | $235.94 | +$88.7M | +$98.5M | -0.3% | $533.98B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $178M | $168.55 | +$177M | +$178M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $167M | $168.55 | +$167M | +$167M | — | $4.04T |
| TWO SIGMA INVESTMENTS, LP | $145M | $207.94 | +$80.4M | +$126M | -0.9% | $117.03B |
| BAMCO INC /NY/ | $128M | $218.12 | −$81.3M | −$91.3M | -2.3% | $33.05B |
| STATE STREET CORPPassive | $124M | $250.63 | −$1.9M | −$19.3M | -0.2% | $2.89T |
| LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC | $109M | $168.55 | +$109M | +$109M | -0.0% | $25.38B |
| Select Equity Group, L.P. | $108M | $228.93 | −$149M | −$90.4M | -1.0% | $18.77B |
| AQR CAPITAL MANAGEMENT LLC | $105M | $251.54 | −$46.6M | +$98.9M | -0.2% | $218.19B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $101M | $277.69 | +$378K | −$2.8M | +2.3% | $1.61T |
| DIMENSIONAL FUND ADVISORS LPPassive | $87.5M | $237.21 | +$7.7M | +$33.9M | -0.4% | $480.92B |
| RENAISSANCE TECHNOLOGIES LLC | $75.9M | $227.56 | +$21.1M | +$36.1M | +1.2% | $63.91B |
| JPMORGAN CHASE & CO | $70.8M | $222.58 | +$10.9M | +$37.8M | -0.2% | $1.47T |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $66.8M | $255.26 | +$18.5M | +$39.2M | +0.1% | $184.72B |
| JANE STREET GROUP, LLCMM | $56.4M | $227.38 | −$15.2M | +$53.0M | -0.1% | $92.10B |
| MILLENNIUM MANAGEMENT LLC | $54.6M | $273.71 | −$3.5M | −$36.8M | -0.5% | $127.40B |
| Invesco Ltd. | $48.2M | $305.86 | +$2.2M | +$35.2M | -0.2% | $652.04B |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $42.9M | $244.02 | −$18.0M | −$102M | -0.4% | $297.48B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.34%
avg per quarter
Holders (ex-self)
-0.33%
excl. this stock
Buyers (this Q)
-0.13%
139 buyers · $0.86B in
Sellers (this Q)
-0.73%
184 sellers · $1.28B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-33.8%
how holders react when this stock falls
On quiet Qs
+1.4%
−10% to +10% baseline
On rallies (+10%+)
-25.3%
how they react when this stock rises
Holders' portfolio flow this Q
+4.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.2%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.4%
Holder mid (any stock)
-3.6%
Holder rally (any stock)
-5.3%
Biggest decreases this quarter
Select Equity Group, L.P.−$149Mα-1.0BAMCO INC /NY/−$81.3Mα-2.3WASATCH ADVISORS INCexited−$73.0MAQR CAPITAL MANAGEMENT LLC−$46.6Mα-0.2MORGAN STANLEY−$46.5Mα-0.3MASSACHUSETTS FINANCIAL SERVICES CO /MA/−$18.0Mα-0.4JANE STREET GROUP, LLC−$15.2Mα-0.1Premier Fund Managers Ltdexited−$12.3MSone Capital Management, LLCexited−$9.5MVerition Fund Management LLCexited−$8.1M
New buyers this quarter
Top-5 holders · 33.0%
BlackRock, Inc.--
MORGAN STANLEY--
WELLINGTON MANAGEMENT GROUP LLP--
VANGUARD PORTFOLIO MANAGEMENT LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Select Equity Group, L.P.638KMORGAN STANLEY1.7MBANK OF AMERICA CORP /DE/184KBAMCO INC /NY/760KKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC163KMASSACHUSETTS FINANCIAL SERVICES CO /MA/255KWELLINGTON MANAGEMENT GROUP LLP1.7MATLANTA CAPITAL MANAGEMENT CO L L C—FMR LLC107KWASATCH ADVISORS INC—
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (4 analysts)$260.754330.0%
Current Price$182.02
Analyst Ratings
2
4
Buy: 2Hold: 4Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$187K
1 txn · 1 insider · 1,000 sh
Sells ($, 12mo)
$176K
2 txns · 2 insiders · 870 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$81.34M
67 txns · 1 insider · 400,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-22 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 2,270 | $176.72 | $401K | $1.42B |
| 2026-05-21 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $172.53 | $1.25M | $1.39B |
| 2026-05-20 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $171.57 | $1.24M | $1.38B |
| 2026-05-19 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 6,728 | $178.33 | $1.20M | $1.44B |
| 2026-05-18 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $175.84 | $1.27M | $1.42B |
| 2026-05-15 | SELL | Holt Michael | officer: Chief Financial Officer | 270 | $166.05 | $45K | $2.05M |
| 2026-05-15 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $169.34 | $1.23M | $1.37B |
| 2026-05-14 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $167.99 | $1.22M | $1.36B |
| 2026-05-12 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $177.23 | $1.28M | $1.43B |
| 2026-05-11 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $175.96 | $1.28M | $1.42B |
| 2026-05-08 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 4,002 | $177.08 | $709K | $1.43B |
| 2026-05-07 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $172.53 | $1.25M | $1.40B |
| 2026-05-06 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $166.23 | $1.21M | $1.35B |
| 2026-05-05 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $167.57 | $1.21M | $1.36B |
| 2026-05-04 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $169.97 | $1.23M | $1.38B |
| 2026-05-01 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $171.02 | $1.24M | $1.39B |
| 2026-03-04 | BUY | Holt Michael | officer: Chief Financial Officer | 1,000 | $186.59 | $187K | $1.77M |
| 2026-03-02 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 3,122 | $182.32 | $569K | $1.48B |
| 2026-02-27 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $181.60 | $1.32M | $1.48B |
| 2026-02-26 | SELL | Mansueto Joseph D | director, 10 percent owner, officer: Executive Chairman | 7,250 | $178.00 | $1.29M | $1.45B |
Order Flow (FINRA, ~3w lag)
6.9%retail-0.2pp
33.5%dark+6.7pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Morningstar, Inc.: Leveraging the Balance Sheet to Mask Segment Underperformance
Overall Risk
4/10
Fraud
2/10
Dilution
2/10
Insolvency
3/10
Earnings Overstated
4/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
6/10
Contextually Acceptable
8/10