Morningstar, Inc. (MORN)
適正価値ファンダメンタル
73
株価
$193.91
時価総額
$7.37B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
特許・ライセンス · 狭いThe 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.
需要を左右する要因
中程度の景気循環性License-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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 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.
貸借対照表と流動性
売上高
$2.57B
直近12か月（2026/6/30まで）
純利益
$422M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$443M
自己資本合計
$1.22B
負債合計
$2.37B
流動比率
1.06
利払い倍率
-
負債/EBITDA
2.68
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$220.93
現在株価
$193.91
安全マージン
+12.2%
適正価値レンジ
$165.05 - $276.82
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
18.06
ROE
30.6%
P/B レシオ
6.96
P/FCF
14.33
粗利益率
62.2%
ROIC
16.1%
収益性レーダー
価値創造（経済的モート）
ROIC
16.1%
WACC
7.7%
ROIC − WACC
+8.3 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（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
不合格（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%
データなし（2）
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 |
監査リスク
3
取締役会リスク
6
報酬リスク
7
株主権利リスク
2
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for MORN, sourced from Markets Gazette.