Morningstar, Inc. (MORN)
Fair ValueFundamental
73
मूल्य
$190.04
मार्केट कैप
$7.37B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
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.
यह पैसा कैसे कमाती है
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.
सेगमेंट के अनुसार राजस्व
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.
प्रतिस्पर्धी बढ़त (Moat)
पेटेंट और लाइसेंस · संकीर्णThe 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.
मांग को क्या चलाता है
मध्यम रूप से चक्रीयLicense-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.
प्रमुख जोखिम
- 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.
खरीदने के पक्ष में तर्क
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.
बेचने के पक्ष में तर्क
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 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 सितंबर 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.
बैलेंस शीट और तरलता
राजस्व
$2.57B
पिछले 12 महीने (30/6/2026 तक)
शुद्ध आय
$422M
पिछले 12 महीने (30/6/2026 तक)
Free Cash Flow
$443M
कुल इक्विटी
$1.22B
कुल देनदारियाँ
$2.37B
Current Ratio
1.06
Interest Coverage
-
Debt/EBITDA
2.68
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$220.93
वर्तमान मूल्य
$190.04
Margin of Safety
+14.0%
Fair Value सीमा
$165.05 - $276.82
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
18.06
ROE
30.6%
P/B Ratio
6.96
P/FCF
14.33
Gross Margin
62.2%
ROIC
16.1%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC
16.1%
WACC
7.7%
ROIC − WACC
+8.3 pp
ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।
Fundamental विश्लेषण मानदंड
पास (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
फेल (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%
अनुपलब्ध (2)
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-Score
मिश्रित संकेत: कुछ क्षेत्रों पर ध्यान देना आवश्यक
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
संस्थागत होल्डिंग
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| 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 |
Audit जोखिम
3
बोर्ड जोखिम
6
मुआवजा जोखिम
7
शेयरधारक अधिकार जोखिम
2
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
दस्तावेज़
- दस्तावेज़ देखें
वार्षिक रिपोर्ट (10-K)
कंपनी के कारोबार, वित्तीय नतीजों और जोखिमों का वार्षिक सिंहावलोकन।
दाखिल तिथि: 2026-02-13
- दस्तावेज़ देखें
तिमाही रिपोर्ट (10-Q)
पिछले तीन महीनों के वित्तीय प्रदर्शन का अपडेट।
दाखिल तिथि: 2026-07-29
- दस्तावेज़ देखें
विशेष रिपोर्ट (8-K)
किसी बड़ी घटना, जैसे नेतृत्व में बदलाव या बड़ी घोषणा, की सूचना।
दाखिल तिथि: 2026-09-25
via SEC EDGAR
आय का इतिहास
via SEC EDGAR
Latest News
Recent headlines for MORN, sourced from Markets Gazette.