Morningstar Inc (MORN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Morningstar Inc stock $171, price $244, that is 29.8% below the price, quality 77 out of 100. Rating: overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $141.41 – $353.53 · fair‑value band $97.26 – $266.53 · the $244.15 price screens above the $171.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Morningstar, Inc. provides independent investment insights for investors in the United States, Asia, Australia, Canada, Continental Europe, the United Kingdom, and internationally.
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It operates through five segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement.
The company offers managed investments, including mutual funds, exchanged traded funds, separate accounts, collective investment trusts, model portfolios, equities, and fixed-income securities; Morningstar Direct, an investment analysis and reporting application; and Morningstar Advisor Workstation, a suite of tools to provide advice to clients.
It also provides PitchBook that offers data and research covering the private capital markets comprising venture capital, private equity and credit, bank loans, and merger and acquisition activities through the PitchBook platform; Morningstar Model Portfolios, an advisor service with model portfolios for fee-based financial advisors; Morningstar International Wealth Platform, which offers discretionary asset management services; and Morningstar Investor/Morningstar.com, an individual investor platform and media site.
In addition, the company offers credit ratings, research, data, and credit analytics solutions through Morningstar DBRS and Morningstar Credit Analytics agencies.
Further, it provides managed retirement accounts, fiduciary services, and custom models; Morningstar Sustainalytics that provides environmental, social and governance data, research, and ratings; and Morningstar Indexes that offers market indexes used for performance benchmarks and as the basis for investment products and other portfolio strategies.
The company was incorporated in 1984 and is headquartered in Chicago, Illinois.
Stock analysis
Morningstar Inc (MORN) currently trades at $244.15, while our model-based Fair Value estimate is $171.35, 30% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of $220.41 per share, and 1 of the 11 models we run sit above the $244.15 price.
Bear case: the Dividend Discount group reads lowest at $32.12, and 10 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: $97.26 (bear) to $266.53 (bull), the price of $244.15 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 77/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Morningstar Inc reported revenue of $2.4B in FY2025 versus $1.7B in FY2021, a compound +9.5%/yr. Reported net income was $374M in FY2025, compounding +18.0%/yr from FY2021.
Key figures
Market cap $9.3B Mid · P/E ratio 23.2 · P/S ratio 3.62 · EPS (TTM) $10.51 · Dividend yield 0.8% · Net margin 16.4% · Return on equity 32.0% · Return on assets (EBIT) 9.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (medium confidence).
What moves the price
The share trades about 1% below its 52-week high and 73% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −34% fair-value upside, at −30%, MORN screens cheaper than that median.
Fair Value models
Bear$97.26Fair Value $171.35Bull$266.53
Price $244.15 · Downside -29.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($7.34 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 3 officers or directors sold shares worth $38.1M and none bought.
SaleJoseph D MansuetoExecutive Chairman, Director, 10% owner30× since Nov 10, 2025: 395,893 shares, avg. $191.20$75.7MNov 5, 202610b5-1 plan
SaleWilliam M LyonsDirector2× since May 27, 2026: 1,700 shares, avg. $190.76$324,300Aug 3, 2026
SaleMichael HoltChief Financial Officer270 shares at $166.05$44,834May 15, 2026
BuyMichael HoltChief Financial Officer1,000 shares at $186.59$186,590Mar 4, 2026
SaleCaroline J TsayDirector600 shares at $218.48$131,088Dec 29, 2025
Plus 16 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.96/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
Start year 2020 (pandemic). Over 10 years: +12.0% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+14.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.4%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.8% vs 11.5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16% → 22%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +9.2% a year for the price and +3.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Trusted insights across public and private markets form the core strength, yet thin evidence of a durable moat beyond current profitability leaves lasting advantage uncertain.
Main risk: Providers such as Seeking Alpha, FactSet, Zacks, Stock Rover and free sites like Yahoo Finance could draw away individual and institutional clients from Morningstar's paid research and data subscriptions, pressuring prices and margins.
Bull case: By embedding its curated data and analyst judgment into agentic tools like Direct AI and licensing them to third-party platforms, Morningstar could deepen client integration and defend or expand its role in AI-driven workflows.
Bear case: If named rivals and free alternatives capture more users while regulatory pressures mount on the ratings unit, Morningstar could see sustained subscription losses, higher costs and reduced relevance in core research and data offerings.
Morningstar has launched Direct AI, an agentic platform that embeds its independent research and data into specialized agents for product development, distribution, and manager research. This move leverages the company's established role supplying trusted insights across public and private markets. Our models see the stock as overvalued. Will the firm capture more lasting value by integrating its analysis into client workflows than it loses if general AI tools reduce demand for its traditional research subscriptions?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Financial Data & Stock Exchanges · 48 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score77 · Above median
Fair Value upside−29.8% · Above median
Profitability
Return on equity (12 months)32.0% · Top 25%
Return on assets10.4% · Above median
Net margin (12 months)16.4% · Bottom 25%
Operating margin (12 months)24.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)9.6% · Below median
Dividend yield (12 months)0.8% · Bottom 25%
Balance sheet
Debt / equity0.88× · Highest 25%
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (12 months)23.2× · Cheaper than median
P/B7.61× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)3.62× · Cheapest 25%
Price / free cash flow (fiscal year)21.0× · Cheaper than median
EV/EBITDA14.6× · Cheaper than median
PEG2.31× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)48· sector 68
PAST (return on equity)100· sector 82
HEALTH (low debt)56· sector 94
DIVIDEND (yield)16· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Morningstar Inc Fair Value". https://www.fairvalue-calculator.com/stock/MORN
Frequently asked questions
Is Morningstar Inc (MORN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $171.35 versus a price of $244.15, about 30% lower (overvalued).
What is the fair value of MORN?
Our model-based fair value for Morningstar Inc is $171.35 (as of Nov 8, 2026), built from audited fundamentals. The current price: $244.15.
What is the quality score of MORN?
Morningstar Inc has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Morningstar Inc (MORN)?
Our model-based price target is the fair value of $171.35 (as of Nov 8, 2026) from 11 valuation models. Cautious scenario $97.26, optimistic scenario $266.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Morningstar Inc stock forecast for 2026?
Our models put fair value at $171.35, about 30% lower versus a price of $244.15 (overvalued). Cautious scenario $97.26, optimistic scenario $266.53. The calculation is refreshed regularly with new filings.
What is the revenue of Morningstar Inc (MORN)?
Morningstar Inc reported trailing-twelve-month revenue of about $2.6B (latest available figure, as of Nov 8, 2026).
Does Morningstar Inc pay a dividend?
Morningstar Inc currently shows a dividend yield of 0.80% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Morningstar Inc (MORN) and when is the ex-dividend date?
Morningstar Inc pays a dividend of $1.96 per share a year, a dividend yield of 0.8%. The last ex-dividend date was Oct 2, 2026. A dividend has been paid every year since at least 2010. The payout ratio is 19.8% of earnings (on adjusted earnings, reported 18.6%). Free cash flow covers the dividend 6.03 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Morningstar Inc (MORN)?
For today's price to be fair in a discounted-cash-flow model, Morningstar Inc would have to grow free cash flow by +11.8 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of MORN use?
Our models discount Morningstar Inc at 9.8 %: a base by market capitalisation (mid), damped by beta 1.02, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Morningstar Inc that is +11.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Morningstar Inc (MORN) delivered so far?
Over the past 5 years revenue at Morningstar Inc grew +12.0 % a year. The price currently implies free-cash-flow growth of +11.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Morningstar Inc (MORN) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Morningstar Inc (+11.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Morningstar Inc (MORN)?
The free-cash-flow yield on the price is 4.76 %: that much free cash flow Morningstar Inc produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Morningstar Inc (MORN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Morningstar Inc it is $171.35 per share (as of Nov 8, 2026), against a price of $244.15. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit).
Is Morningstar Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, MORN trades above its calculated fair value: price $244.15, fair value $171.35, a gap of about −30% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MORN?
No. The price is what the market pays today ($244.15); the fair value is what the company's own numbers justify ($171.35). For Morningstar Inc the two are $72.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Morningstar Inc worth?
The market values Morningstar Inc at about $9.3B (market capitalisation, as of Nov 8, 2026). Per share that is $244.15; our models calculate a fair value of $171.35 per share.
What do the bullish and bearish scenarios say about MORN?
Our models span a range for Morningstar Inc: cautious scenario $97.26, base $171.35, optimistic $266.53 per share (as of Nov 8, 2026, price $244.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MORN?
Morningstar Inc trades at a price-to-earnings ratio of 23.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $171.35 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 29.3 (reported for FY2025: 27.5). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 8 of the years ex one-offs: 37.4. Other multiples: PEG 2.3, P/B 7.6, P/S 3.6, EV/EBITDA 14.6.
What is the PEG ratio of MORN?
The PEG ratio of Morningstar Inc is 2.31 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Morningstar Inc (MORN)?
Balance-sheet figures for Morningstar Inc (as of Nov 8, 2026): return on equity 32.0%, debt of 0.88 per unit of equity. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is MORN from its 52-week high?
Morningstar Inc trades at $244.15, about 1% below its 52-week high of $247.17 and 73% above the low of $141.41 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $171.35 is for.
Which stocks are comparable to Morningstar Inc?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Morningstar Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $244.15, calculated fair value $171.35 (−30%), Quality Score 77/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MORN calculated?
We run Morningstar Inc through 11 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $171.35 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Morningstar Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Morningstar Inc (MORN)?
The closing price on Nov 6, 2026 was $244.15. Our model-based fair value is $171.35, about 30% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Morningstar Inc right now?
A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The model range is unusually wide ($97.26 to $266.53). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Morningstar Inc (MORN) come from?
Earnings per share at Morningstar Inc grew +10.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.9 %, EBIT margin −1.1 %, tax rate +1.2 %, residual (interest, one-offs) −2.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Morningstar Inc
How large is the market capitalisation of Morningstar Inc (MORN)?
The market capitalisation of Morningstar Inc is $9.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Morningstar Inc (MORN)?
The price-to-sales ratio of Morningstar Inc is 3.62 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Morningstar Inc (MORN)?
Earnings per share at Morningstar Inc are $10.51 (price ÷ EPS = P/E 23.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Morningstar Inc (MORN)?
The dividend yield of Morningstar Inc is 0.8% (payout 19.8%, on adjusted earnings, reported 18.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Morningstar Inc (MORN)?
The net margin of Morningstar Inc is 16.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Morningstar Inc (MORN)?
The return on equity (ROE) of Morningstar Inc is 32.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Morningstar Inc (MORN)?
On an EBIT basis the return on assets of Morningstar Inc is 9.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Morningstar Inc (MORN)?
The operating margin of Morningstar Inc is 24.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Morningstar Inc (MORN)?
Revenue at Morningstar Inc is growing +9.6% versus a year earlier (3y avg +9.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Morningstar Inc (MORN)?
Earnings per share at Morningstar Inc are growing +35.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Morningstar Inc (MORN) carry?
The net debt of Morningstar Inc is $933M (fiscal year 2025, ≈ 2.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026