Morningstar, Inc. (MORN)

From the record

Morningstar, Inc.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

From the record

Morningstar, Inc.'s 10 filed years say what it did: revenue went from $799 million in fiscal 2016 to $2.4 billion in fiscal 2025, up 13.2% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 10 of 10 of those years (its annual reports).

From the record

Over the 3 fiscal years to 2025-12-31, Morningstar, Inc.'s diluted share count shrank about 0.5% a year, and dividends and buybacks returned about 67% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 270 sales (266 under scheduled 10b5-1 plans) and 1 purchase of their own stock on the open market in the year to 2026-11-12, buying about $187 thousand (their Form 4 filings).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Morningstar, Inc. earned about 31 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 42 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 66 cents per dollar of assets, and net share issuance: its share count shrank 2.1% over the year (the filed statements).

From the record

Morningstar, Inc.'s standing among 43 graded names in its industry family: revenue of $2.4 billion in fiscal 2025 ranks in the top 38% by size; a net margin of 15.3% ranks in the bottom 45%; revenue growth of 9.3% a year over the last 3 filed years ranks in the top 46% (its annual reports).

From the record

Morningstar, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Kapoor, Kunal (CEO, as filed), filing under that title since 2017-01-04, 9.9 years (top 30% of its family); the 13 officers and directors filing in the last fifteen months have been on the record a median of 9.9 years (top 23%); 10 officer or director changes were reported on Form 8-K since 2023-11-13, against the 13 people in charge now (bottom 9%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Morningstar, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $475 million against debt of $1.1 billion leaves -16.7% of its assets as net cash, bottom 19% of its family; cash from operations less capital spending is 18.1% of revenue (bottom 45%); a gross margin of 61% (top 42%) (its annual report).

From the record

Morningstar, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 9.3% a year over the last three filed years against 13.2% over all 10, slowing (bottom 38% of its family); the newest year grew 7.5% (bottom 48%); research spending grew 10.3% a year (top 25%); capital spending grew 4.3% a year (bottom 43%) (its annual reports). Morningstar, Inc. reported 5 lines of business in fiscal 2025: Morningstar Data and Analytics at $831 million, Pitch Book at $672 million, Morningstar Credit at $354 million, and 2 more. 5 of 5 grew in the latest filed year, and the largest line is 37% of revenue (its annual report).

From the record

Morningstar, Inc.'s newest year against its own record: revenue of $2.4 billion in fiscal 2025 came in 2.5% below the $2.5 billion its prior three years' pace pointed to (bottom 47% of its family); net income of $374 million against a prior three-year average of $194 million (top 21%); a net margin of 15.3% against 9% before (top 23%) (its annual reports).