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Morningstar, Inc. (MORN)
NASDAQFinancialsFinancial Data & Stock ExchangesSnapshot 2026-06-16
Intact
$172.65-0.28%
Close 2026-06-16 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is strong, but earnings quality and management's track record are neutral. Risk is elevated, and the sector backdrop is a headwind, although management has a capital-friendly stance. Peer multiples imply a price about 28% below where it trades (it looks expensive on this basis); the read is fair. The valuation is contingent on guidance changes and sector trends, particularly how MORN responds to potential shifts in earnings expectations from sector bellwethers. This read is provisional.
as of 2026-06-16
Quick facts
- Exchange
- NASDAQ
- Sector
- Financials
- Industry
- Financial Data & Stock Exchanges
- Market cap
- $6.58B
- Employees
- 10,973
- IPO date
- 2004-05-06
- Next earnings
- 2026-07-29
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 7 valuation methods, at three horizons. Current price $172.65. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryfull
$134.51consensus
Range $86.05 – $151.03
vs price: +28% above
Method agreement — · 7 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearfair
$213.12consensus
Range $141.44 – $262.08
vs price: -19% below
Method agreement — · 3 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Durable premiummedium confidence
At $175 the market pays 16× p/e — above the 12× p/e peer median but in line with its own 41× history. That premium reflects a durable franchise our peer-anchored $133 fair value understates; treat the 'expensive vs peers' read with medium confidence. Not investment advice.
Multiple (P/E)
16.2x
peer 12.4x · own history 41.1x
Premium
1.3x peer
0.4x its own history
Growth the price needs
32%
our forecast 9%
Our fair value
$132.92
range $82.91 – $155.43
WhyValuation methods disagree
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
fullfair12-month view
What's priced inStretched
The market is pricing in roughly 32% near-term growth, ahead of our forecast of about 9%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
Only a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
strongOperating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Financials names rated strong grew net income 67% of the time over the next year (vs 54% for the rest of the cohort, n=3733).
80th pctl · Financials
Earnings quality
neutralOver the trailing year it converted 1.47x of net income into operating cash flow. Historically, Financials names rated neutral grew net income 58% of the time over the next year (vs 55% for the rest of the cohort, n=4725).
65th pctl · Financials
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, Fed net liquidity, long-term interest rates.
Management & capital allocation
neutralEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Strongly bullish2 analysts, 67% Buyfor period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $2.79 → $2.82 (+1.3% / 30d). 2 raised, 0 cut, 2 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 67% of analysts rate Buy.
Material events
1 positive, 0 negative / 30d. See F4 management tile for the event list.
Market and fundamentals agree. Analysts are positioned bullishly on a fundamentally strong name.
Sector context
Intermediate · WeeklySector phase: is in (~3.2 years in phase).
Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- strong
- Earnings discipline
- neutral
- Margin discipline
- neutral
- Balance sheet
- weak
- Post-call reaction
- weak
A guidance track record builds as the company issues and delivers on guidance.
as of 2026-06-16
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$148.
How much price usually moves either way.
On a bad day, this stock has moved -$387.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $5,065.
Deepest peak-to-trough drop in the last year.
elevatedas of 2026-06-16
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-16
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideHigh confidenceMonthsactive 11d
Watch for news on dividend increase.
Why it matters: An increase in the dividend would show strong cash flow and commitment to returning value to shareholders.
What confirms / what disproves
Confirms:A press release announcing an increase in the dividend per share.
Disproves:No increase in the dividend per share during the next announcement.
Management priorities
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
- 2026-06-133d agoYahoo! Finance
CME deal may affect Morningstar's index franchise.
ChallengesUnconfirmed report
This sector is also watching
- Watch for revenue growth dropping below 10% across major banks
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like SPGI, CME, and ICE keep beating earnings and guiding higher, the Financials sector momentum should keep lifting MORN and other Financials names. Worth watching these names for early signals.
- If MORN raises forward guidance on the next earnings call (currently NEW as of 2026-04-29), that's a momentum boost. Street estimates typically follow guidance up and the stock tends to re-rate higher.
Downside triggers
- If MORN cuts guidance on the next call (currently NEW as of 2026-04-29), that's a meaningful negative. The Street tends to walk down estimates and the stock usually takes a leg lower.
- If the Fed starts cutting rates from the current 3.62%, that would weigh on MORN and other Financials names, since the sector usually outperforms when rates stay high.
- If sector bellwethers like SPGI, CME, and ICE start missing or guiding lower, the Financials tailwind helping MORN and other Financials names could fade. Watch these names for early warning.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-05-2226d agoItem 7.01
Regulation FD Disclosure In accordance with Morningstar, Inc.’s (the “Company”) policy regarding public disclosure of corporate information, investor questions received by the Company through May 5, 2026, and Company responses (the “Investor Q&A”) are attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1 and incorporated herein by reference. The Investor Q&A shall be deemed furnished, not filed, for purposes of this Report. Information or documents on the Company's websi…
Capital allocationpositive
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
+2.1 vs last weeklatest as of 2026-06-16
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.