Morningstar, Inc.
Morningstar, Inc. builds investment data, research, software, indexes, and managed portfolio solutions used by investors, advisors, asset managers, and institutions. The company combines proprietary data and independent analysis with desktop, web, API, and AI-enabled delivery to help clients research securities, build portfolios, and monitor risk.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSubscription platforms and APIs that deliver investment data, research, screening, and analytics.
PitchBook tools and data for private equity, venture capital, M&A, and institutional workflows.
Sustainalytics ESG products and Morningstar Credit ratings, research, and analytics.
Morningstar Wealth and Retirement offerings, including model portfolios and asset-based services.
Morningstar Indexes, Morningstar.com, and Morningstar Investor for benchmarking and retail engagement.
Products
Reported · share of revenue- Licensed Based70.3 %
- Transaction Based15.7 %
- Asset Based14.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Morningstar sells primarily to financial professionals and institutions that need trusted data, research, and workflow tools. Its client base includes asset managers, advisors, broker-dealers, private equity firms, banks, and corporate users, plus individual investors through subscription and media products. The company also serves retirement and wealth platforms that license model portfolios and investment strategies.
Asset managers, analysts, and portfolio managers buy data, research, and software to support security selection and portfolio construction.
Financial advisors, broker-dealers, and platform providers use model portfolios, research, and workflow tools to serve clients efficiently.
Private equity firms, venture investors, and investment banks use PitchBook for company, fund, and transaction intelligence.
Banks, issuers, and investors buy credit ratings, research, and analytics to assess credit risk and market transparency.
Individual investors subscribe to Morningstar Investor and consume Morningstar.com content for research and portfolio decisions.
Strategy
Morningstar is expanding the value of its proprietary data and research by delivering it across software, APIs, and AI integrations. It is also pushing growth in PitchBook, Morningstar Wealth, and Morningstar Credit while using model portfolios and indexes to deepen client workflows and recurring revenue.
AI-ready access can increase product utility and make Morningstar data harder to replace.
PitchBook is a major growth engine in private markets, where demand for deal intelligence remains strong.
Model portfolios and asset-based services can deepen recurring revenue and raise AUMA-linked economics.
These products broaden Morningstar's institutional footprint and diversify revenue by use case and geography.
Geography
Q1/2026Morningstar is headquartered in the United States, and the U.S. remains its largest revenue market. International revenue is concentrated in Continental Europe and the United Kingdom, with additional business in Canada, Australia, and Asia; the company said international revenue was about 28% of consolidated revenue in 2025. This mix matters because subscription and asset-based products are sold globally, but demand and competitive dynamics vary by region.
Share of the revenue the company reports by geography.
Risks
Morningstar depends on trust in its independence and product quality, so reputational damage or perceived conflicts of interest could quickly affect demand. The business also faces cybersecurity, AI, and acquisition-integration risks because it handles sensitive client and market data and is embedding new technologies into its products. Revenue can be affected by market-driven asset levels, client renewal behavior, and competition from larger data vendors and in-house research teams.
- Brand and independence erosionImpact: HighLikelihood: Medium
Morningstar's value proposition is built on trust, transparency, and perceived objectivity.
Exposure - Cybersecurity and data privacy incidentsImpact: HighLikelihood: Medium
The company stores and distributes sensitive client and market data across connected platforms and APIs.
Exposure - AI-related legal and reputational riskImpact: MediumLikelihood: Medium
AI summaries and agents can introduce errors, compliance issues, or misuse of intellectual property.
Exposure - Acquisition integration riskImpact: MediumLikelihood: Low
Purchased businesses may have weaker controls or require costly integration and remediation.
Exposure - Competitive pressureImpact: MediumLikelihood: Low
Large incumbents and niche specialists can pressure pricing and renewal rates across data and analytics products.
Exposure
Accounting
Judgemental itemsMorningstar sells subscriptions, asset-based services, advertising, and managed portfolios, each with different timing patterns.
Impact: Can shift revenue between periods and affect organic growth comparisons
Investment management revenue is based on quarter-end, prior quarter-end, or average asset levels and may be reported on a lag.
Impact: Creates quarter-to-quarter volatility tied to market performance and client reporting cycles
Recent deals and sales of businesses/customer assets affect reported growth and comparability.
Impact: Impacts organic revenue calculations and may create one-time gains or charges
The company relies heavily on acquired and internally developed intangible value in data and software businesses.
Impact: Could produce non-cash impairment charges if growth or margins weaken
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Last updated: 24/09/2026