Morningstar, Inc. (MORN)
Juste valeurFondamental
73
Prix
$192.68
Capitalisation boursière
$7.37B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Morningstar researches and rates investments — mutual funds, ETFs, stocks and, through its PitchBook unit, private companies — and sells that research and the data behind it to the asset managers, financial advisors and investors who use it to decide where to put money. Its best-known product is the star rating that sums up a fund's past performance in a single symbol widely used across the industry. It also runs advisory and index businesses built on top of the same underlying data.
Comment l'entreprise gagne de l'argent
Most revenue comes from licenses: customers pay recurring fees to access Morningstar's data platforms, ratings and PitchBook's private-market database, so revenue tracks the number of subscribing institutions more than any single transaction. A smaller share is asset-based, earned as a percentage of money managed through Morningstar's model portfolios and managed accounts, which rises and falls with markets and with how much money advisors route through those products.
Chiffre d'affaires par segment
Data, research and analytics tools licensed to asset managers, redistributors and wealth managers for investment analysis and reporting.
Data and research on private capital markets — venture capital, private equity and M&A — sold as a subscription database to investors and dealmakers.
Credit ratings, research and analytics for fixed-income investors, competing with the established credit rating agencies on a smaller scale.
Model portfolios, managed accounts and technology platforms sold to financial advisors, plus the Morningstar Investor product for individuals.
Mainly Sustainalytics, an ESG ratings business, and Morningstar Indexes, reported outside the five main operating segments.
Managed-account and advice services built into employer retirement plans, the smallest of the five reportable segments.
Avantage concurrentiel
Brevets et licences · ÉtroitThe star rating and decades of fund-performance history are difficult for a new entrant to replicate quickly, and PitchBook's private-market data has become a standard reference for dealmakers. But the moat is narrow rather than wide: large financial-data competitors such as Bloomberg and FactSet compete on adjacent turf, and customers can and do use more than one data provider at once.
Ce qui stimule la demande
Modérément cycliqueLicense-based data subscriptions are fairly sticky and renew year after year regardless of market direction, which cushions revenue in a downturn. The asset-based portion of revenue, tied to money managed through Morningstar's own portfolios and accounts, does rise and fall with market values, so overall growth slows somewhat when markets fall even though the business is not classically cyclical.
Principaux risques
- Competition in financial data — Larger and better-resourced competitors offer overlapping data, analytics and ratings, and customers can switch providers or use several at once, limiting Morningstar's pricing power.
- Reliance on data licensing agreements — Much of the business depends on continued access to underlying market and fund data under licensing arrangements with data providers and asset managers; losing or renegotiating those on worse terms would raise costs or limit coverage.
- Market-linked, asset-based revenue — Fees tied to assets under management or advisement move with financial market levels, so a sustained market decline reduces this portion of revenue independent of how well the underlying business performs.
Les arguments en faveur
Buyers point to five growing segments, a brand recognized well beyond its core fund-rating business, and PitchBook and Credit growing faster than the legacy Direct Platform, as evidence the company is successfully diversifying its data franchise.
Les arguments contre
Sellers worry that the core ratings and data business faces slow structural growth and fee pressure as index investing displaces the actively managed funds Morningstar historically rated, and that newer segments still have to prove they can sustain their current growth rates at scale.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users
Morningstar's 10-K names FactSet as a competitor across three of its core product lines — market and equity data, the Morningstar Direct analytics platform and Advisor Workstation — selling to the same asset managers and financial advisors.
S&P Global competes with Morningstar on every front at once: market and equity data, private-markets intelligence against PitchBook, S&P Dow Jones Indices against Morningstar Indexes and S&P Global Ratings against Morningstar DBRS.
MSCI is named as a rival both for Morningstar Indexes, where the two license benchmarks to the same fund issuers, and for PitchBook in private-markets data.
Moody's Ratings is listed in the 10-K as a direct competitor of Morningstar DBRS, bidding for the same credit rating mandates from bond and structured finance issuers.
Through Refinitiv, LSEG sells the mutual fund data, market and equity data and the Eikon terminal that compete head-on with Morningstar Data and Morningstar Direct.
Privately held Bloomberg competes with Morningstar on market and equity data, on analytics terminals against Morningstar Direct and on benchmarks through Bloomberg Indices.
Bilan & Liquidités
Chiffre d'affaires
$2.57B
12 derniers mois (au 30/06/2026)
Résultat net
$422M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$443M
Capitaux propres totaux
$1.22B
Passif total
$2.37B
Ratio de liquidité général
1.06
Couverture des intérêts
-
Dette/EBITDA
2.68
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$220.93
Prix actuel
$192.68
Marge de sécurité
+12.8%
Fourchette de juste valeur
$165.05 - $276.82
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
18.06
ROE
30.6%
Ratio P/B
6.96
P/FCF
14.33
Marge brute
62.2%
ROIC
16.1%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
16.1%
WACC
7.7%
ROIC − WACC
+8.3 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (20)
- EPS shows upward trend
- EPS CAGR 9.76%
- Price CAGR 10.54%
- ROIC 16.1%
- Gross Margin 62.2%
- P/FCF 14.33
- Debt/Equity ratio
- Operating Margin 23.5%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE 35.3%
- Revenue Growth 5Y 12.0%
- Analyst Consensus 78% Buy
- Earnings Surprise avg 10.9%
- PEG Ratio 1.56
- Earnings Quality (OCF/NI) 1.53
- Share Dilution -2.1%
- Piotroski F-Score 6/9
Échoué (6)
- P/B Ratio 6.96
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Net Margin Trend 16.4% vs 17.2%
Indisponible (2)
- Dividend Payout NaN%
- Interest Coverage
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Joseph D. Mansueto | Founder & Executive Chairman of the Board | 69 |
| Mr. Kunal Kapoor C.F.A., CFA | CEO & Director | 50 |
| Mr. Michael John Holt C.F.A. | Chief Financial Officer | 45 |
| Mr. Conan Wiersema | Chief Accounting Officer & Principal Accounting Officer | 46 |
| Sarah Bush | Director of Investor Relations | - |
| Ms. Kathleen Peacock | Chief Legal Officer | - |
| Stephanie Lerdall | Senior Manager of Media Relations | - |
| Ms. Marie Trzupek Lynch | Chief People Officer | - |
| Mr. David W. Williams | Chief Design Officer | 64 |
| Mr. Thomas Mark Idzorek | Head of Investment Methodology & Economic Research | 54 |
Risque d'audit
3
Risque du conseil
6
Risque de rémunération
7
Risque droits des actionnaires
2
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-13
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-29
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-25
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for MORN, sourced from Markets Gazette.