Morningstar, Inc.
Close on Oct 19, 2026
- Market cap
- $7.84B
- P/E (TTM)
- 23.2
- Dividend yield
- 0.88%
About Morningstar
Investment Advice, SIC 6282
Morningstar, Inc. provides independent investment insights, financial data, research, and portfolio tools. The company operates through five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement, alongside Corporate and All Other activities including Morningstar Sustainalytics and Morningstar Indexes. Its offerings encompass software platforms, data feeds, application programming interfaces, credit ratings, index benchmarking, managed portfolios, and retirement account services. Customers include asset managers, financial advisors, wealth managers, institutional investors, plan sponsors, private equity and venture capital firms, corporations, and individual investors.
The firm operates globally with primary markets across North America, Europe, Canada, and the Asia-Pacific region. As of December 31, 2025, the company employed 10,973 permanent, full-time staff worldwide, with approximately 43% located in India, 29% in the United States, 10% in Continental Europe, 7% in Canada, 6% in the United Kingdom, and the remainder across Australia and other Asian markets. Morningstar also maintains regional offices, including a location in Sydney, Australia.
Summary of the business section of Morningstar's latest annual report, written by StockData.
Company profile
Company
- Legal name
- Morningstar, Inc.
- Founded
- 1984
- Headquarters
- Chicago, IL
- Address
- 22 West Washington Street 60602
- Phone
- (312) 696-6000
- Website
- morningstar.com
- Employees
- 10,973, Dec 31, 2025
- Industry
- Investment Advice
- Incorporated in
- Illinois
- Fiscal year ends
- December 31
- Auditor
- KPMG LLP, Chicago, IL
Stock & identifiers
- Ticker
- MORN
- Exchange
- Nasdaq
- IPO date
- May 4, 2005
- Shares outstanding
- 38M, Jul 24, 2026
- Public float
- $8.30B, Jun 30, 2025
- Filer category
- Large accelerated filer
- SEC CIK
- 1289419
- CUSIP
- 617700109
- ISIN
- US6177001095
- LEI
- 529900YGNQPOVAXQ7F29
- EIN
- 36-3297908
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| Joseph D. Mansueto | Executive Chairman, Director | 14,216,093 |
| Kunal Kapoor | CEO, Director | 152,866 |
| Conan Wiersema | CAO & PAO | 3,068 |
| Michael Holt | Chief Financial Officer | 12,272 |
| Daniel Joseph Dunn | Chief Revenue Officer | 15,005 |
| Jason Dubinsky | Chief Financial Officer | 17,304 |
| William M. Lyons | Director | 12,904 |
| Doniel Sutton | Director | 4,970 |
| Anne L. Bramman | Director | 1,505 |
| Cheryl A. Francis | Director | 36,934 |
| Steven N. Kaplan | Director | 43,080 |
| Caroline J. Tsay | Director | 4,889 |
| Robin Diamonte | Director | 11,338 |
| Stephen Joynt | Director | 6,282 |
| Gail S. Landis | Director | 6,069 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 Kunal Kapoor | $9.07M | -$9.28M | $1.34M | $97 | $158 |
| FY2024 Kunal Kapoor | $8.64M | $14.46M | $3.65M | $149 | $162 |
| FY2023 Kunal Kapoor | $7.28M | $14.02M | $1.20M | $126 | $132 |
| FY2022 Kunal Kapoor | $6.31M | -$3.29M | $1.63M | $94 | $99 |
| FY2021 Kunal Kapoor | $5.60M | $16.98M | $1.20M | $148 | $123 |
| FY2020 Kunal Kapoor | $7.58M | $17.48M | $1.06M | $155 | $129 |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Employees
Headcount reported in annual reports
“As of December 31, 2025, we had 10,973 permanent, full-time employees around the world.”
Corporate history
Events identified from SEC filings
| Date | Event | Details |
|---|---|---|
| Jul 3, 2019 | Acquisition / sale | Completion of acquisition or disposition of assets (8-K Item 2.01) |
| Feb 28, 2011 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Oct 29, 2010 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Oct 16, 2009 | Listing notice | Notice of delisting or failure to satisfy a listing rule (8-K Item 3.01) |
| May 12, 2006 | Acquisition / sale | Completion of acquisition or disposition of assets (8-K Item 2.01) |
| Mar 29, 2006 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Mar 17, 2006 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Mar 1, 2006 | Acquisition / sale | Completion of acquisition or disposition of assets (8-K Item 2.01) |
| Nov 30, 2005 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| May 4, 2005 | IPO | Initial public offering priced (424B4 prospectus) |