{ "schemaVersion": 1, "organisationId": "O-fcfb0ca63e9e4691a9d688ae102fb116", "slug": "morningstar-inc", "name": "Morningstar, Inc.", "updatedAt": "2026-10-02T16:13:24.957622Z", "sections": [ { "type": "OVERVIEW", "text": "Morningstar, Inc. is a global provider of investment research, financial data, analytics, and related investment services. Its offerings span the Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement, alongside products such as indexes and Sustainalytics research. [P26550418][P122412827][P27001964][P73187154][P75711460][P101127755]\n\nThe company’s stated mission is “to empower investor success.” Founded in 1984, Morningstar reported FY2025 revenue of $2.45 billion and 10,973 permanent, full-time employees worldwide as of December 2025. Its global presence includes more than 40 offices across the Americas, Asia Pacific, and Europe. [https://www.morningstar.com/company][https://www.morningstar.com/company/history][T9664539][https://www.morningstar.com/company/corporate-sustainability][https://www.morningstar.com/company/location]\n[P26550418][P122412827][P27001964][P73187154][P75711460][P101127755][T9664539][https://www.morningstar.com/company][https://www.morningstar.com/company/history][https://www.morningstar.com/company/corporate-sustainability][https://www.morningstar.com/company/location]", "updatedAt": "2026-10-02T16:13:24.957622Z" }, { "type": "PRODUCTS", "text": "Morningstar’s investment-data and research products include **Morningstar Data**, **Morningstar Direct**, and **Morningstar Advisor Workstation**. Morningstar Data includes managed-investment, public-equity, fixed-income, and exchange-market data, as well as Morningstar Essentials, Direct Web Services, and research distribution. Direct provides investment analysis and portfolio-management capabilities, including portfolio construction and optimization, scenario stress testing, and attribution; Advisor Workstation supports investment planning, portfolio analysis, security research, and sales presentations. [P144432132][P27001964][P15789899][https://www.morningstar.com/business/products/direct/portfolio-management-tool][https://workstation.morningstar.com/support/help-topics?lang=en-us]\n\n**PitchBook** provides private-capital data, research, analytics, and software covering areas such as venture capital, private equity, private credit, bank loans, and mergers and acquisitions. Its platform includes AI-enabled search, summaries, and predictive tools. [P144432133][https://pitchbook.com/products] **Morningstar Credit**, including Morningstar DBRS, offers credit ratings, research, data, and analytics. Named capabilities include Bank Analytics, which applies credit-risk modeling based on DBRS bank-rating methodology, and CLO Insight Model, for quantitative CLO/CDO analysis using DBRS rating methodologies. [P144432134][https://credit.morningstar.com/products/bank-analytics/][https://credit.morningstar.com/products/clo]\n\n**Morningstar Wealth** offers investment products and investor tools, including Morningstar Investor, and advisor services such as model portfolios and separately managed accounts. **Morningstar Retirement** provides managed retirement accounts, fiduciary services, and custom models. [P144432135][P144432136]\n[P144432132][P27001964][P15789899][P144432133][P144432134][P144432135][P144432136][https://www.morningstar.com/business/products/direct/portfolio-management-tool][https://workstation.morningstar.com/support/help-topics?lang=en-us][https://pitchbook.com/products][https://credit.morningstar.com/products/bank-analytics/][https://credit.morningstar.com/products/clo]", "updatedAt": "2026-10-02T16:13:24.957622Z" }, { "type": "GEOGRAPHY", "text": "Morningstar, Inc.’s FY2025 revenue was geographically concentrated in the United States, which generated $1,754.9 million, or approximately 71.7% of consolidated revenue. International revenue was $690.6 million (28.2%), comprising Continental Europe ($219.6 million; 9.0%), the United Kingdom ($189.8 million; 7.8%), Canada ($154.9 million; 6.3%), Australia ($65.3 million; 2.7%), Asia ($48.0 million; 2.0%) and Other ($13.0 million; 0.5%). Revenue geography is based on the country where a sale was contracted. [T4619268]\n\nAt December 31, 2025, Morningstar had 10,973 permanent, full-time employees worldwide. Approximately 43% were in India, 29% in the United States, 10% in Continental Europe, 7% in Canada and 6% in the United Kingdom; the remainder were in Australia, Asia excluding India, and other regions. The company reported about 497,000 square feet of leased space for U.S. operations, roughly half for its Chicago headquarters, and about 796,000 square feet across 20 other countries. Disclosed examples include Mumbai, India (about 456,000 square feet) and Toronto, Canada (about 82,000 square feet). Morningstar DBRS opened a Sydney office in October 2025. [P47244196][P23562840][P42512208]\n[T4619268][P47244196][P23562840][P42512208]", "updatedAt": "2026-10-02T16:13:24.957622Z" }, { "type": "SEGMENTS", "text": "Morningstar’s 2025 Form 10-K identifies five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. The company also reports seven operating segments; Sustainalytics and Indexes are included in Corporate and All Other rather than being separate reportable segments. [P122412827]\n\nApproximate shares of 2025 consolidated revenue ($2,445.5 million), calculated from disclosed segment revenue: **Morningstar Direct Platform — 34.0% ($830.6 million)**, providing investor data, research, insights, and investment-analysis products, including Morningstar Data, Morningstar Direct, and Advisor Workstation. [P27001964][P15789899][T14116275][T7893209] **PitchBook — 27.5% ($671.8 million)**, supplying private-market data, research, analytics, and software covering areas such as private equity, venture capital, credit, and M&A. [P19688033][P88895017][P13469438][T14116275][T7893209] **Morningstar Credit — 14.5% ($354.4 million)**, offering credit ratings, research, data, and analytics across financial institutions, corporates, sovereigns, and structured finance. [P17502223][P70746957][T14116275][T7893209]\n\n**Morningstar Wealth — 10.3% ($251.4 million)**, offering investment products and tools for advisors and individual investors, including model portfolios, separately managed accounts, and Morningstar Investor. [P99836235][P15200616][P95493645][T14116275][T7893209] **Morningstar Retirement — 5.6% ($137.6 million)**, providing retirement-focused services including managed retirement accounts, fiduciary services, and custom models. [P6090030][P103314892][T14116275][T7893209] Corporate and All Other contributed the remaining approximately 8.2% ($199.7 million). The five reportable segments together represented about 91.8% of consolidated revenue. [T14116275][T7893209]\n[P122412827][P27001964][P15789899][T14116275][T7893209][P19688033][P88895017][P13469438][T14116275][P17502223][P70746957][T14116275][P99836235][P15200616][P95493645][T14116275][P6090030][P103314892][T14116275][T7893209][T14116275][T7893209]", "updatedAt": "2026-10-02T16:13:24.957622Z" }, { "type": "HISTORY", "text": "Joe Mansueto founded Morningstar in Chicago in 1984 to provide independent investment research to individual investors. The company introduced its fund star-rating system in 1985, an early signature product, and went public in 2005. [P47999390][https://www.morningstar.com/company/history]\n\nMorningstar broadened its research and investment-services business with the 2006 acquisition of Ibbotson Associates. In 2016, it announced the acquisition of PitchBook, extending its coverage into private companies and private markets; that year, it also announced that Kunal Kapoor would become CEO in January 2017, while Mansueto moved to executive chairman. [https://newsroom.morningstar.com/news/news-details/2006/Morningstar-Inc-Acquires-Ibbotson-Associates/default.aspx][https://newsroom.morningstar.com/news/news-details/2016/Morningstar-to-Acquire-PitchBook-Data-Agreement-Will-Combine-Leading-Providers-of-Public-and-Private-Company-Research10142016/default.aspx][P47999390]\n\nThe acquisition of DBRS, completed in 2019, expanded Morningstar into credit ratings. In 2020, it acquired the remaining approximately 60% of Sustainalytics, expanding its sustainability research and analytics business. In February 2026, Morningstar completed its acquisition of the Center for Research in Security Prices (CRSP), adding a significant index and investment-data asset. [https://newsroom.morningstar.com/news/news-details/2019/Morningstar-to-Accelerate-Credit-Ratings-Business-with-DBRS-Acquisition/default.aspx][https://newsroom.morningstar.com/news/news-details/2020/Morningstar-to-Acquire-Sustainalytics-and-Expand-Access-to-ESG-Research-Data-and-Analytics-for-Investors-Worldwide/default.aspx][https://newsroom.morningstar.com/news/news-details/2026/Morningstar-Completes-Acquisition-of-CRSP-and-Extends-Relationship-with-Vanguard/]\n[P47999390][https://www.morningstar.com/company/history][https://newsroom.morningstar.com/news/news-details/2006/Morningstar-Inc-Acquires-Ibbotson-Associates/default.aspx][https://newsroom.morningstar.com/news/news-details/2016/Morningstar-to-Acquire-PitchBook-Data-Agreement-Will-Combine-Leading-Providers-of-Public-and-Private-Company-Research10142016/default.aspx][https://newsroom.morningstar.com/news/news-details/2019/Morningstar-to-Accelerate-Credit-Ratings-Business-with-DBRS-Acquisition/default.aspx][https://newsroom.morningstar.com/news/news-details/2020/Morningstar-to-Acquire-Sustainalytics-and-Expand-Access-to-ESG-Research-Data-and-Analytics-for-Investors-Worldwide/default.aspx][https://newsroom.morningstar.com/news/news-details/2026/Morningstar-Completes-Acquisition-of-CRSP-and-Extends-Relationship-with-Vanguard/]", 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