Morningstar, Inc. provides independent investment research services in North America, Europe, Australia, and Asia. The company offers web-based tools; investment data, fundamental equity and manager research, private capital markets research, credit and fund rating, and index, as well as environmental, social, and governance (ESG) rating services; and investment offerings, including managed investment products, publicly listed and private companies, fixed income securities, and real-time global market data for financial advisors, asset managers, retirement plan providers and sponsors, and individual and institutional investors. It also provides Morningstar Data, an investment data spanning various databases, including equity fundamentals, managed investments, ESG factors, and market data; Morningstar Direct, an investment-analysis platform; Morningstar Managed Portfolios, an advisor service consisting of model portfolio that offers services for independent financial advisors, as well as offers asset allocation services for asset managers, broker/dealers, and insurance providers; Morningstar Advisor Workstation, a web-based research, financial planning, and proposal generation platform; and Morningstar.com, a website for individual investors. In addition, the company offers Morningstar Enterprise Components; Morningstar Credit Ratings that provides issuance and surveillance services for structured finance products and instruments; corporate credit estimates and operational risk assessment rankings; Morningstar Indexes for creating investment products; Morningstar workplace solutions, such as retirement accounts, fiduciary services, allocation funds, and custom models; and PitchBook Platform, research and analysis workstation for investment and research professionals. Further, its PitchBook provides a mobile application, excel plug-in, data feeds, and data solutions. The company was incorporated in 1984 and is headquartered in Chicago, Illinois.

Joseph Mansueto

Morningstar, Inc.

Global Investment Institute connects institutional investors and family office investment leaders with peers and global investment experts to share knowledge and thought leadership via bespoke investment forums and digital media channels.

Global Investment Institute

The Growth Fund invests in partnership alongside the founders and management teams of successful Australian and New Zealand businesses to help realise their growth potential.

The Growth Fund

AdviserLogic provides financial planning software for financial advisers.  The software streamlines advice processes, facilitates portfolio research and building, enhances client engagement, and offers built-in compliance support.  It integrates with various third-party applications and data feeds.

AdviserLogic

Morningstar provides investment research, data, and tools to help investors make informed decisions. The company offers analysis on various financial products such as mutual funds, stocks, and ETFs.

Morningstar

Morningstar Italy

Morningstar Wealth EMEA

Morningstar Investment Management Australia

Morningstar Finland

Morningstar Spain

Morningstar Sweden

Morningstar Australia

Morningstar Norway

Morningstar Sustainalytics

Morningstar Denmark

Morningstar, Inc. is a leading provider of independent investment 
insights in North America, Europe, Australia, and Asia. The 
Company offers an extensive line of products and services for 
individual investors, financial advisors, asset managers and 
owners, retirement plan providers and sponsors, and institutional 
investors in the debt and private capital markets. Morningstar 
provides data and research insights on a wide range of investment 
offerings, including managed investment products, publicly 
listed companies, private capital markets, debt securities, and real-time global market data.  Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $286 billion in assets under advisement and management as of Dec. 31, 2023. The Company operates through wholly- or majority-owned subsidiaries in 32 countries.

Owler

PitchBook

YCharts

Sustainalytics

United Income

Gomez

HelloWallet

Bundle

SoftBank Capital

Today, we're celebrating 40 years of investors first!
From our humble beginnings in 1984 to becoming a beacon of independence, transparency, and long-term focus, our journey has been nothing short of extraordinary. To all who've been a part of this incredible Morningstar story since 1984, we say thank you!

Celebrate ERISA’s 50th anniversary with us! http://spr.ly/6043W5z8S 
Learn more about how it’s affected the defined contribution space and more in our paper, The Evolution of Retirement-Income Adequacy Under #ERISA With a Focus on Defined-Contribution Plans: A Review of the Status Quo, Counterfactual Evidence, and an Analysis of Changes for the Future. 
Important disclosures: http://spr.ly/6047W5z8v

🔓  Unlock the potential of tax-smart investing: http://spr.ly/6041m63SZ!  

The latest #MorningstarOffice pro-series on-demand webinar is now available.  Join Darryl Manuel, Business Development Executive, to discover how tax-sensitive rebalancing and tactical trading may be able to help significantly enhance investors' after-tax returns by leveraging the powerful tools within the Morningstar platform. 

#MorningstarWealth #InvestmentStrategy #FinTech

Join the conversation and discover how tax-managed SMAs can help meet your clients' unique needs on the latest episode of Big Picture in Practice: http://spr.ly/6042W5K8G

🔗 Explore the value of tax-managed SMAs in today’s market: http://spr.ly/6046WObiO  

📊 As interest rates remain high, investors are turning to separate accounts for personalized portfolios and tax efficiency. In the latest episode of Big Picture in Practice, Jason Diefenthaler, head of tax exempt strategies at Charles Schwab Asset Management, shares his expertise on maximizing client outcomes with fixed-income SMAs. 

Learn when and how these strategies can be most effective. 🎧 #WealthManagement #TaxEfficiency #InvestmentStrategies #FinancialAdvisors

Our analysts expect the first interest rate cut this month, with several more to follow before the end of the year: http://spr.ly/6048WKPtO

Metric
Company Name	Morningstar, Inc.	Global Investment Institute	The Growth Fund	AdviserLogic
Symbol	MORN
MSH ID	COM:MORNINGSTAR	AU:COM:GLOBALII	AU:COM:THEGROWTHFUND	COM:ADVISERLOGIC
Market	STOCKS	PRIVATE	PRIVATE	PRIVATE
Sector	Financial Services	Financial Services & Finance	Financial Services & Finance	Technology
Industry	Financial - Data & Stock Exchanges	Investment Services	Private Equity	Financial Technology (Fintech)
Country	US	AU	AU	AU
Stage	Private Equity Round
Employee Count	11.33K
Website	morningstar.com	globalii.com.au	thegrowthfund.com.au	adviserlogic.com
LinkedIn	morningstar		growth-fund
Founders

Metric
Market Cap	12.66B
Enterprise Value
Monthly Web Traffic	10.42M	1.45K
Web Traffic Growth	0.05	2.26
Valuation
Raised Capital	91M

Metric
Revenue	2.07B
Revenue (LTM)
Revenue (NTM)
Gross Profit	1.04B
EBITDA	465.50M
Operating Income	280.60M
Net Income	141.10M
EPS	3.31
Diluted EPS	3.29
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin	0.56
Operating Profit Margin	0.17
EBITDA Margin	0.23
Net Profit Margin	0.11
Return on Equity	0.18
Return on Assets	0.07
Return on Capital Employed	0.15

COM:MORNINGSTAR

Morningstar

Last Close

340.07

22/11 21:00

Market Cap

12.66B

Beta: -

Volume Today

117.84K

Avg: -

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio	163.36
P/B Ratio	9.48
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio	6.86
EV Multiple	29.05

Metric
Days Sales Outstanding	56.70
Days Payables Outstanding	109.84
Days Inventory Outstanding	0.00
Operating Cycle	61.57
Cash Conversion Cycle	29.42
Asset Turnover	0.64

Metric
Operating Cash Flow	316.40M
Free Cash Flow	197.30M
Cash Flow to Debt	0.55
Operating Cash Flow/Sales	0.24
Free Cash Flow Yield	0.01

Metric
Cash & Equivalents	337.90M
Accounts Receivable	-38.20M
Inventory
Goodwill	1.58B
Debt to Capitalization	0.43
Debt to Assets	0.37
Current Ratio	0.94
Quick Ratio	1.05

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue	0.03
R&D to Revenue
SG&A to Revenue	0.19