MORN · Morningstar, Inc.

Track MORN — free

$213.65 +4.92 (+2.36%) At close · Aug 19

Market Cap

$7.76B

37.51M

Up next

Next earnings call

Mar 14, 2029 Est · unconfirmed · in 134 wks

FQ3-26 quarter ends

~Sep 30, 2026 Est

Latest filing: 10-Q

filed Jul 29, 2026

Equibles Rating

blended score · not investment advice

Overall

Buy

SellHoldBuy

Technical Buy Momentum Very Strong Sentiment Neutral Fundamentals Strong Quant / Vol High

Market backdrop VIX 14.9 · calm Equity put/call 0.52

Technical

price trend

Buy

50 / 200-day cross No cross

Price vs 200-day avg +14%

above

Price vs 50-day avg +20%

above

RSI (14) 72

overbought

MACD trend Positive

52-week position 58%

mid-range

Volume (OBV) Confirms

volume backs price

Momentum

relative strength

Very Strong

1-month return +28%

trailing

6-month return +17%

trailing

YTD return −2%

this year

Relative strength +6%

vs S&P · 6-mo

Sentiment

smart money

Neutral

Trend (MA cross) No cross

50d $178 › 200d $188 — 200d above 50d

Institutional flow Distributing

-7% holders QoQ · +69 funds added

Insider flow Distributing

Net -$324.3K over 90 days · 100% sells

Short interest Falling

3.89% of float · ▼ -0.3% MoM · 3.1 days cover

Volume signal Normal

Volume near normal

Institution breadth Steady

416 holders — mid 3-yr range

Squeeze score 69

elevated · 0–100

Fundamentals

Strong

Revenue growth +7%

Y/Y

EPS growth +3%

Y/Y

Free cash flow $442.6M

Valuation P/E 19.7

below peers

Buyback $300.0M

remaining

Balance sheet $38.6M

net debt

Quant / Vol

risk profile

High

Volatility 40%

annualized · 1-yr

Max drawdown −47%

past year

ATR 3.6%

of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Technicals

trend & momentum for long-term holders Buy

1 · 3 · 3

50 / 200-day cross

No cross Neutral

Price vs 200-day avg

+14% Bullish

Price vs 50-day avg

+20% Bullish

RSI (14)

72 Bearish

MACD trend

Positive Bullish

52-week position

58% Neutral

Volume (OBV)

Confirms Neutral

Market signals — smart money & positioning

Bearish · 2 of 6

Trend (MA cross) No cross

50d $178 › 200d $188 — 200d above 50d

Institutional flow Distributing

-7% holders QoQ · +69 funds added

Insider flow Distributing

Net -$324.3K over 90 days · 100% sells

Short interest Falling

3.89% of float · ▼ -0.3% MoM · 3.1 days cover

Volume signal Normal

Volume near normal

Institution breadth Steady

416 holders — mid 3-yr range

Price context

position in its 52-week range

Range low $142 Now $214 · 58% Range high $265

vs 200-day avg +14% vs 50-day avg +20%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings

Metric	Latest	Period	YoY
Adjusted Operating Income (Quarterly) non-GAAP	$175.9M	Q2 26	—
GAAP → non-GAAP reconciliation GAAP Operating Income (Quarterly) $160.6 +$15.3 Excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items = Adjusted Operating Income (Quarterly) $175.9
Adjusted Operating Income (TTM) non-GAAP	$658.6M	Q2 26	—
GAAP → non-GAAP reconciliation GAAP Operating Income (TTM) $603.9 +$54.7 Excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items (TTM) = Adjusted Operating Income (TTM) $658.6
Adjusted operating income growth non-GAAP	22.7%	Q2 2026	—

Adjusted Operating Margin non-GAAP	26.5%	Q2 2026	—
GAAP → non-GAAP reconciliation GAAP Operating Margin 24.2% +2.3% Excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items = Adjusted Operating Margin 26.5%
assets under management and advisement (AUMA)	63.8B	Q2 2026	—
AUMA	$375B	as of June 30, 2026	—
Combined Morningstar Model Portfolio and International Wealth Platform AUMA	55.3M	Q2 2026	—
Float reduction since December 2025	5.6%	since December 2025	—
free cash flow non-GAAP	$122.5M	Q2 2026	—

GAAP → non-GAAP reconciliation GAAP Cash provided by operating activities $155.7M -$33.2M Capital expenditures = Free cash flow $122.5M
Free cash flow (TTM)	$497.5M	Q2 26	—
GAAP → non-GAAP reconciliation GAAP Cash provided by operating activities (TTM) $646.9 -$149.4 Capital expenditures (TTM) = Free cash flow (TTM) $497.5
Free cash flow conversion (TTM) non-GAAP	75.5%	Q2 2026 TTM	—
Headcount	10,825	As of June 30, 2026	—
Morningstar Credit adjusted operating income non-GAAP	$38.5M	second quarter of 2026	—
Morningstar Credit adjusted operating margin non-GAAP	36.7%	second quarter of 2026	—
Morningstar Direct Licenses	18,688	Q2 2026	—
Morningstar Direct Platform adjusted operating income non-GAAP	$100.3M	second quarter of 2026	—
Morningstar Direct Platform adjusted operating margin non-GAAP	45.2%	second quarter of 2026	—
Morningstar Retirement adjusted operating income non-GAAP	$19.4M	second quarter of 2026	—
Morningstar Retirement adjusted operating margin non-GAAP	51.2%	second quarter of 2026	—
Morningstar Retirement AUMA	$311B	second quarter of 2026	—
Morningstar Wealth adjusted operating income non-GAAP	$7.9M	second quarter of 2026	—
Morningstar Wealth adjusted operating margin non-GAAP	13.1%	second quarter of 2026	—
Organic Change in Revenue (Consolidated) non-GAAP	6.8%	Q2 26	—
Organic revenue growth non-GAAP	6.8%	Q2 2026	—

Organic Revenue Growth (Consolidated) non-GAAP	6.8%	Q2 2026	—
Organic revenue growth excluding sunsetting of certain products non-GAAP	8.2%	Q2 2026	—
PitchBook adjusted operating margin non-GAAP	30.3%	second quarter of 2026	—
PitchBook Platform Licensed Users	117,170	Q2 2026	—
Reported assets under management and advisement (AUMA)	$63.8B	second quarter of 2026	—
Share repurchases	$100M	Q2 2026	—
Year-to-date share repurchases	$400M	Q2 2026 year-to-date	—
Adjusted operating income non-GAAP	26.1%	Q4 2025	—
GAAP → non-GAAP reconciliation GAAP Consolidated operating income 159.6M +15M Intangible amortization expense +2.5M M&A-related expenses -23.6M Other non-recurring items = Adjusted operating income 153.5M
Organic revenue non-GAAP	8.1%	Q4 2025	—
GAAP → non-GAAP reconciliation GAAP Consolidated revenue 641.1M -1.1M Acquisitions -2.5M Divestitures -7.7M Effect of foreign currency translations = Organic revenue 629.8M

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Financial Data & Stock Exchanges — same industry group

Open screener →

Company	Mkt cap	YTD	Rev growth Y/Y	P/E	Short % shares
MORN Morningstar, Inc. this stock	$7.76B	-1.7%	+7.5%	19.7	3.9%
SPGI S&P Global Inc.	$124.70B	—	+7.1%	26.7	2.8%
CME Cme Group Inc.	$97.33B	-2.2%	+6.4%	23.0	1.7%
ICE Intercontinental Exchange, Inc.	$88.27B	-2.9%	-2.1%	22.2	1.4%
MCO Moodys Corp /De/	$82.65B	-2.7%	+16.6%	30.3	1.8%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section

Ownership

Institutional Holders Accumulating

Holders

416

% held: 64.7%
Net QoQ: +641.8K sh
Top holder: BAMCO INC /NY/

Held Float

View

Held by Funds

Fund positions

413

View

Short & Settlement

Short Interest Falling

Shares short

1.5M

Days to cover: 3.1d
Change: -4.6K sh

View

Short Volume

Short vol %

50%

As of: Aug 19, 2026

Short Total

View

Fails to Deliver

FTD shares

14.6K

Value: $2.8M
As of: Jul 29, 2026

View

Off-Exchange

Off-exchange %

42.3%

Week of: Jul 13, 2026

Off-exch Lit

View

Smart Money

Insider Trades Net selling

Net (90d)

-$324.3K

Buyers / Sellers: 0 / 1

Buyers Sellers

View

Congressional Trades Sell

Member

April McClain Delaney

Amount: $1.0K–$15.0K
Traded: May 6, 2026

View

Financials

Revenue (FY)

$2.4B

Net income (FY): $183.0M
EPS diluted: $8.87

View

Buybacks

Authorized

$1.0B

Remaining: $300.0M

Spent Remaining

View

Filings

SEC Filings

Latest

8-K

Filed: Jul 29, 2026
This year: 14

View

Proposed Sales

Value

$19.9M

Shares: 100.0K
Filed: Aug 3, 2026

View

Earnings & Events

Earnings Calls

Last call

Jul 29, 2026

View

Investor Relations

Performance

	5D	20D	120D	MTD	YTD
MORN	+8.2%	+28.1%	+17.2%	+11.0%	-1.7%
SPY	-0.4%	+2.9%	+11.6%	+3.0%	+12.8%
vs SPY	+8.6%	+25.2%	+5.6%	+8.0%	-14.5%

Capital returns

Latest dividend

$0.50 / share · ex Jul 10, 2026

Declared · upcoming

$0.50 / share · ex Oct 2, 2026

Raised 9.9%

Paid (TTM)

$1.955 / share · 4 payouts

Dividend yield (TTM, derived)

0.92%

Buyback program · as of Jun 30, 2026

Authorized

$1.00B

Spent (derived)

$700.00M

Remaining

$300.00M

Spent Remaining

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 1289419 CUSIP 617700109 13F (30d) 376 filings 369 filers Visit website Investor relations

MORN · Morningstar, Inc.

Price & Indicators

Up next

Equibles Rating

Technicals

Key metrics

Versus peers

At a glance

Performance

Capital returns