The U.S. brand campaign brings Morningstar’s “Nothing in your way” message to life through a playful, game-inspired world designed to connect investor barriers to the company’s Data, Credit Ratings, Indexes, and Investments solutions
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investing insights, today launched Game On, a U.S. brand campaign about a complex challenge facing investors: public and private markets are blurring, putting a premium on clarity across both. Private companies are taking longer to go public, with the median age increasing nearly 60% since 2014, private credit is moving into the mainstream, and semiliquid funds are growing strategies for more investors. Each shift matters on its own. Together, they mean public and private assets land in the same portfolios, even as investors still face big differences in pricing, disclosure, liquidity, fees, benchmarks, and risk measures.
“Public and private markets increasingly belong in the same conversation, yet investors are still asked to evaluate them with different information, benchmarks, and standards,” said Kunal Kapoor, chief executive officer of Morningstar. “Morningstar has grown by focusing on making complex markets more transparent and useful. Game On reflects that ambition: to build a common language across markets, to address long-standing inefficiencies, and to help investors make better decisions.”
Built around real investor hurdles, Game On, developed with Substance Collective, brings Morningstar’s “Nothing in Your Way” brand to life by turning market pain points into a playful, 8-bit world.
“The game metaphor gives us a simple way to visualize the friction investors may face every day,” said Nicolette Konkol, senior vice president of corporate marketing at Morningstar. “The campaign starts with identifying barriers in investors’ way, then shows how Morningstar helps them clear the path to move forward across four connected areas: Data, Credit Ratings, Indexes, and Investments. The creative is designed to make otherwise intangible barriers tangible, and the substance is supported by the Morningstar data, research, ratings, benchmarks, and tools investors and advisors already rely on.”
Seeing private markets more clearly
The first barrier is visibility. Private companies generally disclose less than public companies, and the information that exists can be scattered across sources that do not always connect. That makes it harder to see the full picture of a company, transaction, fund, or strategy. Morningstar helps address that gap by pairing private-market intelligence with independent investment research, while PitchBook adds data on more than 13 million privately held companies globally, and nearly 300,000 debt financed companies.
That need for transparency also shows up in semiliquid funds, which can vary widely in liquidity, leverage, valuation practices, fees, investment process, and risk. Assets in the category approached $600 billion as of March 2026, more than double their year-end 2022 level, while average expense ratios remained around 3%, often before the full impact of incentive fees, according to Morningstar’s The State of Semiliquid Funds 2026 report. Morningstar Medalist Ratings for Semiliquid Funds applies a consistent, forward-looking framework to help investors compare strategies in a market that has not always had comparable analysis.
Building benchmarks for a market that no longer divides neatly
The second obstacle is measurement. Traditional public-market benchmarks can leave out companies that stay private through later stages of growth, making it harder for investors to compare the full opportunity set. Morningstar Indexes helps narrow that divide with rules-based benchmarks that bring more of that opportunity set into view. The Morningstar PitchBook Unicorn 30 Index tracks 30 large, venture-backed companies valued at more than $1 billion, while the Morningstar PitchBook US Modern Market 100 Index brings public companies and late-stage private companies into one benchmark. Together, they give investors a clearer way to track and compare opportunities that no longer fit neatly on one side of the public-private divide.
Applying the same rigor to credit ratings, public or private
The third obstacle is assessing credit risk when private-market disclosure is not standardized. Morningstar DBRS provides independent public and private credit ratings grounded in established methodologies and a structured process designed to promote consistency and transparency. In middle-market private credit, that analysis brings greater visibility to leverage, cash flow durability, and downside risk.
Helping investors put it all together in portfolios
The fourth obstacle comes when investors try to act on all of this. Portfolios that blend public and private assets raise practical questions around manager selection, liquidity, due diligence, and ongoing oversight. Morningstar Wealth is working with Apollo, Franklin Templeton, and J.P. Morgan Asset Management to build public/private model portfolios that combine Morningstar’s asset allocation framework, manager research, and due diligence with alternative investment capabilities.
Game On launches today across paid, earned, shared, and owned channels in the U.S., including digital, video, social, email, industry media, out-of-home, and Morningstar-owned channels. Experience the campaign and explore what’s possible when there’s Nothing in your way.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $375 billion in AUMA as of June 30, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “ consider, “is designed to,” “plan,” “future,” “maintain,” “may,” “expect,” “potential,” “anticipate,” “believe,” “continue,” “will,” or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among other things, failing to achieve the anticipated benefits of the Game On campaign or other brand and marketing efforts on a timely basis or at all. A more complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission (SEC), including our most recent Reports on Forms 10-K and 10-Q. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information or future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our filings with the SEC on Forms 10-K, 10-Q and 8-K.
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Morningstar (MORN -2.49%) is a stock that hasn't been on my radar very much, but perhaps it should be -- because it seems undervalued, and it's growing. It recently sported a market value of $7.5 billion, and I think it could be worth $13.2 billion within five years. Permit me to show you why, via a little math.
Meet Morningstar Like The Motley Fool, Morningstar offers data, information, and insights on gobs of companies and funds -- for individual investors as well as financial professionals. It also boasts about $375 billion in clients' assets under management, as of midyear.
Image source: Getty Images.
There's plenty to like about Morningstar -- such as its ongoing growth. Its net income in 2020 was $223.6 million, and that has risen to $421.6 million on a trailing-12-month basis. Its beta was recently 1, suggesting that its volatility roughly matches that of the overall stock market. So if the market swoons or surges by, say, 10%, Morningstar shares are likely to behave similarly.
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In the company's last quarter, its earnings per share of $2.40 exceeded analysts' estimates. Its flagship platform grew by 6% year over year, while its newer PitchBook platform, offering data to venture capital and private equity businesses, saw revenue grow by nearly 10%.
Morningstar is a dividend-paying stock, with a recent dividend yield of 0.96%. More impressive is its total shareholder yield, which factors share buybacks into the picture. Per Morningstar itself, its total yield was recently a fat 13.2%.
So why do I think the stock could be worth more than $13 billion in five years? Well, because it's been growing at a respectable clip, averaging annual gains of 12% over the past five years. (Specifically, its revenue grew from $1.39 billion in 2020 to $2.45 billion in 2025.)
If we apply that 12% growth rate to its recent market value of $7.5 billion (as of Sept. 8), it should grow to be worth around $13.2 billion in five years.
We can't just assume a stock will perform in the future as it did in the past. But in Morningstar's case, that seems reasonable to me, because the stock currently strikes me as undervalued.
For example, its current forward-looking price-to-earnings (P/E) ratio is 16.3, well below the 20.3 from three quarters ago and 31.9 from a year ago. Its price-to-sales ratio, meanwhile, was recently 3.3, down from 4.3 three quarters ago and 5.9 a year ago.
So if we wanted to estimate its future value more aggressively, we might assume a more fair value for it today of $10 billion -- which would reflect a forward P/E of around 22. And if that $10 billion grew by 12% for five years, Morningstar would end up valued closer to $18 billion.
Should you invest in Morningstar? I wouldn't want to assume a future value of $18 billion, as things don't always happen as expected, at least not on our preferred timelines. But expecting the stock to be worth considerably more in five years does seem reasonable. Even that is not guaranteed, though, which is why rational investors will spread their hard-earned dollars across multiple stocks, for diversification.
SEATTLE--(BUSINESS WIRE)--PitchBook, the leading private capital market intelligence platform and a business unit of Morningstar (NASDAQ: MORN), today announced it is now a data partner for ChatGPT for Financial Services. ChatGPT for Financial Services is a tailored ChatGPT experience that combines built-in financial data with GPT-6 Astra's reasoning to help teams develop research, financial models, and client materials in their firm's formats. Through PitchBook's expanded Essential dataset, te.
Launched on June 28, 2004, the iShares Morningstar Small-Cap Value ETF (ISCV - Free Report) is a passively managed exchange traded fund designed to provide a broad exposure to the Small Cap Value segment of the US equity market.
The fund is sponsored by Blackrock. It has amassed assets over $702.09 million, making it one of the average sized ETFs attempting to match the Small Cap Value segment of the US equity market.
Why Small Cap ValueWith more potential comes more risk, and small cap companies, with market capitalization below $2 billion, epitomizes this way of thinking.
Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.
CostsInvestors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.8%.
Sector Exposure and Top HoldingsETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector -- about 24.6% of the portfolio. Consumer Discretionary and Industrials round out the top three.
Looking at individual holdings, Jones Lang Lasalle (JLL) accounts for about 0.54% of total assets, followed by Best Buy (BBY) and Aramark (ARMK).
The top 10 holdings account for about 4.87% of total assets under management.
Performance and RiskISCV seeks to match the performance of the MORNINGSTAR US SML CP BRD VLUE EXTD INDX before fees and expenses. The Morningstar US Small Cap Broad Value Extended Index comprises of small-capitalization U.S. equities that exhibit value characteristics.
The ETF return is roughly 18.64% so far this year and is up about 21.56% in the last one year (as of 09/08/2026). In the past 52-week period, it has traded between $63.71 and $81.79.
The ETF has a beta of 0.99 and standard deviation of 18.91% for the trailing three-year period. With about 1054 holdings, it effectively diversifies company-specific risk.
AlternativesiShares Morningstar Small-Cap Value ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, ISCV is an outstanding option for investors seeking exposure to the Style Box - Small Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares Russell 2000 Value ETF (IWN) and the Vanguard Morningstar Small-Cap Value ETF (VBR) track a similar index. While iShares Russell 2000 Value ETF has $14.58 billion in assets, Vanguard Morningstar Small-Cap Value ETF has $37.54 billion. IWN has an expense ratio of 0.24% and VBR charges 0.05%.
Bottom-LineRetail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investing insights, today announced that its AI Academy has received three Brandon Hall Group™ HCM Excellence Awards®: a Gold Award for Best Custom Content and Silver Awards for Best Learning Strategy and Best Use of AI for Learning. The Brandon Hall Group™ HCM Excellence Awards® recognize organizations that successfully develop and deploy programs, strategies, technologies, and solutions that deliver.
Callan Family Office LLC purchased a new position in Morningstar, Inc. (NASDAQ:MORN – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,421 shares of the business services provider’s stock, valued at approximately $846,000.
A number of other large investors have also modified their holdings of the stock. Grove Bank & Trust acquired a new stake in shares of Morningstar in the second quarter valued at $25,000. Cassaday & Co Wealth Management LLC acquired a new position in Morningstar during the 1st quarter worth $26,000. Measured Wealth Private Client Group LLC purchased a new stake in Morningstar during the 3rd quarter worth about $26,000. Osterweis Capital Management Inc. purchased a new stake in Morningstar during the 2nd quarter worth about $29,000. Finally, Quarry LP raised its position in Morningstar by 51.2% in the 4th quarter. Quarry LP now owns 189 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 57.02% of the company’s stock.
Insiders Place Their Bets In other Morningstar news, Chairman Joseph D. Mansueto sold 5,659 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $218.84, for a total value of $1,238,415.56. Following the transaction, the chairman directly owned 7,938,192 shares in the company, valued at $1,737,193,937.28. This represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 87,200 shares of company stock worth $17,949,751 in the last three months. 38.80% of the stock is owned by insiders.
Morningstar Stock Up 0.7% Shares of NASDAQ MORN opened at $217.50 on Tuesday. The business has a 50-day moving average of $179.83 and a two-hundred day moving average of $176.78. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of 20.60 and a beta of 0.99. Morningstar, Inc. has a 1 year low of $141.49 and a 1 year high of $265.73. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.06 and a quick ratio of 1.06. Morningstar (NASDAQ:MORN – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The business services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.27. Morningstar had a return on equity of 38.57% and a net margin of 16.43%.The business had revenue of $663.20 million for the quarter, compared to the consensus estimate of $649.72 million.
Analysts Set New Price Targets MORN has been the subject of several recent research reports. Wall Street Zen upgraded Morningstar from a “hold” rating to a “buy” rating in a research note on Sunday, June 21st. Weiss Ratings upgraded shares of Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, August 14th. Rothschild & Co Redburn set a $210.00 target price on shares of Morningstar in a report on Thursday, June 18th. BMO Capital Markets reiterated an “outperform” rating and issued a $212.00 price target on shares of Morningstar in a research note on Friday, June 26th. Finally, UBS Group lowered their price target on shares of Morningstar from $280.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $227.33.
Read Our Latest Stock Report on Morningstar
About Morningstar (Free Report)
Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.
Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.
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Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, and PitchBook, a Morningstar company and a leading private capital markets intelligence platform, today announced upcoming Model Context Protocol (MCP) integrations with Google Cloud’s Gemini Enterprise for Financial Services. Together, Morningstar and PitchBook provide a comprehensive view across public and private markets, helping investors securely access intelligence spanning investment research, fund analysis, company data, transactions, and private capital activity directly within Gemini Enterprise.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260825674797/en/
The MCP integrations coincide with Morningstar and PitchBook joining Google Cloud as launch partners for the preview of Gemini Enterprise for Financial Services, part of a series of industry offerings spotlighting AI-powered solutions across verticals. The integrations are expected to be available imminently.
When evaluating investment opportunities, conducting due diligence, monitoring portfolios, researching managers, or analyzing private market activity, professionals increasingly expect trusted intelligence to be available directly within their AI workflows. Through these integrations Morningstar and PitchBook will serve as trusted grounding sources within Gemini Enterprise, helping users access source-attributed investment intelligence while maintaining visibility into the data, research, and analysis behind AI-generated responses.
Learn more about Morningstar’s AI Solutions and PitchBook’s AI capabilities and partnerships.
At a Glance
Who: Morningstar, PitchBook, Google Cloud
What: MCP integrations with Gemini Enterprise for Financial Services
Intended Users: Investors and financial professionals
Availability: Upcoming; expected to be available imminently
Key Differentiator: Grounding in trusted Morningstar and PitchBook content
What Is Being Announced?
Morningstar and PitchBook are weaving investment intelligence within Google Gemini so eligible subscribers can access trusted information directly within AI-powered workflows. Morningstar provides independent data, research, ratings, and intelligence across public and private markets, helping investors make confident decisions. PitchBook, a Morningstar company, delivers comprehensive private capital markets data and research powered by its AI + HI (Artificial Intelligence + Human Insight) methodology, which combines advanced technology with human oversight to source, structure, and validate information at scale. Together, the integrations can help professionals move from questions to analysis more efficiently while maintaining transparency in the sources behind AI-generated answers.
What Users Can Do with Morningstar and PitchBook in Gemini
Eligible subscribers will be able to:
Access Morningstar public market investment data, research, analysis, and intelligence directly within Gemini EnterpriseDraw upon PitchBook's private market intelligence on companies, investors, funds, transactions, and market activityGenerate source-attributed research and analysis grounded in Morningstar and PitchBook contentAsk targeted questions about investments, markets, companies, and private capital activityIncorporate trusted investment intelligence into AI-powered workflows and agentic experiencesConduct research without switching between multiple applicationsQuotes
Seth Sprinkle, global head of AI platforms strategy and partnerships for Morningstar, said:
"Artificial intelligence is transforming how investors and financial professionals discover, evaluate, and act on information. But the value of AI depends on the quality of the information behind it. By bringing independent research and investment intelligence from Morningstar and PitchBook into Gemini Enterprise for Financial Services, we want to help investors access our insights more efficiently, while preserving transparency in the sources behind those answers."
Tom Van Buskirk, executive vice president of Technology and Engineering at PitchBook, said:
"The quality of the data grounding AI has never mattered more. We believe our AI + HI methodology, combining advanced AI with human insight, makes PitchBook a trusted grounding source for enterprise AI. Working with Google to bring that intelligence into Gemini Enterprise lets users ask harder questions and receive answers backed by intelligence from Morningstar and PitchBook."
Satish Thomas, Vice President, Google Cloud, said:
"To deliver real business impact from agentic AI, organizations need seamless access to trusted, domain-specific data. By integrating Morningstar and PitchBook into Gemini Enterprise for Financial Services, we are enabling financial professionals to accelerate investment research and make decisions with confidence."
Why This Matters
Artificial intelligence is rapidly becoming part of the investment research process, yet AI systems are only as useful as the information they can access.
For investors and financial professionals, that can create a growing need for:
Verifiable investment data and informationIndependent research and analysisSource attribution and transparencySeamless integration into daily workflowsThese Morningstar and PitchBook integrations aim to help address those needs by providing independent investment intelligence and proprietary public and private market data directly into Gemini.
Expanding Access to Trusted Intelligence Across AI Ecosystems
This announcement builds on broader efforts across Morningstar and PitchBook to make trusted investment intelligence available across leading AI platforms. The Gemini Enterprise integrations extend access to Morningstar and PitchBook connectors for public and private investment data, research, and market intelligence within one of the industry's leading enterprise AI ecosystems. The launch reinforces its strategy to pair proprietary data and human judgment with the AI platforms increasingly used by investors, dealmakers, and financial professionals.
Frequently Asked Questions
What is being announced?
Morningstar and PitchBook are launching integrations with Gemini Enterprise for Financial Services that will allow eligible subscribers to access public and private market data and investing intelligence directly within Gemini Enterprise.
What is Gemini Enterprise for Financial Services?
Gemini Enterprise for Financial Services is a solution designed to support financial services workflows.
What Morningstar content will be available in Gemini?
Eligible subscribers can access Morningstar investment data, research, ratings, and market insights within Gemini.
What PitchBook content will be available in Gemini?
Eligible subscribers can access PitchBook private market intelligence, including information about companies, investors, funds, deals, and market activity.
Why is source attribution important?
Source attribution can help users understand where information originates, helping to support greater transparency and confidence in AI-assisted research.
Who can use the integrations?
The integrations will be available for use by eligible Morningstar and PitchBook subscribers. This includes subscriptions for software products that provide individual MCP integration access, as well as enterprise licensing for clients for MCP use.
When will the integrations be available?
The integrations are expected to become available imminently.
Why does this matter for investors and financial professionals?
The integrations are designed to help bring investment intelligence directly into AI workflows, and make it easier to access information, conduct research, and make informed decisions.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $375 billion in AUMA as of June 30, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
About PitchBook, a Morningstar company
As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “aim,” “designed to,” “will,” "future," "goal," "expect," "intend," "plan," "seek," "anticipate," "believe," "prospects," "continue," "strategy," "strive," "would," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, risks relating to future plans, innovation, growth, capabilities, product enhancements, strategies and vision.
A more complete description of these risks and uncertainties, among others, can be found in our filings with the Securities and Exchange Commission (SEC), including our most recent Report on Forms 10-K and 10-Q. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q and 8-K.
American Capital Management Inc. purchased a new position in shares of Morningstar, Inc. (NASDAQ:MORN – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 114,947 shares of the business services provider’s stock, valued at approximately $17,934,000. American Capital Management Inc. owned 0.31% of Morningstar as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of MORN. Grove Bank & Trust purchased a new position in shares of Morningstar in the 2nd quarter valued at about $25,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Morningstar during the first quarter worth approximately $26,000. Measured Wealth Private Client Group LLC acquired a new stake in Morningstar in the third quarter valued at approximately $26,000. Osterweis Capital Management Inc. acquired a new stake in Morningstar in the second quarter valued at approximately $29,000. Finally, Quarry LP lifted its stake in Morningstar by 51.2% in the fourth quarter. Quarry LP now owns 189 shares of the business services provider’s stock worth $41,000 after acquiring an additional 64 shares during the last quarter. 57.02% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Morningstar In other Morningstar news, Chairman Joseph D. Mansueto sold 5,659 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $218.84, for a total transaction of $1,238,415.56. Following the sale, the chairman owned 7,938,192 shares in the company, valued at approximately $1,737,193,937.28. This represents a 0.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 86,500 shares of company stock valued at $17,824,451 in the last quarter. 38.80% of the stock is owned by corporate insiders.
Morningstar Stock Performance Shares of MORN opened at $212.44 on Thursday. The stock has a market capitalization of $7.97 billion, a P/E ratio of 20.12 and a beta of 0.99. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.06 and a current ratio of 1.06. Morningstar, Inc. has a 1 year low of $141.49 and a 1 year high of $265.73. The company’s fifty day moving average is $181.64 and its two-hundred day moving average is $177.33. Morningstar (NASDAQ:MORN – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The business services provider reported $3.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.27. Morningstar had a return on equity of 38.57% and a net margin of 16.43%.The firm had revenue of $663.20 million for the quarter, compared to the consensus estimate of $649.72 million.
Wall Street Analyst Weigh In MORN has been the topic of a number of analyst reports. UBS Group cut their price target on Morningstar from $280.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Wall Street Zen raised Morningstar from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. BMO Capital Markets reiterated an “outperform” rating and issued a $212.00 price objective on shares of Morningstar in a report on Friday, June 26th. Rothschild & Co Redburn set a $210.00 target price on Morningstar in a research report on Thursday, June 18th. Finally, Weiss Ratings upgraded Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, August 14th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $227.33.
Check Out Our Latest Stock Report on Morningstar
Morningstar Profile (Free Report)
Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.
Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.
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Launched on June 28, 2004, the iShares Morningstar Small-Cap Growth ETF (ISCG - Free Report) is a passively managed exchange traded fund designed to provide a broad exposure to the Small Cap Growth segment of the US equity market.
The fund is sponsored by Blackrock. It has amassed assets over $1.01 billion, making it one of the average sized ETFs attempting to match the Small Cap Growth segment of the US equity market.
Why Small Cap GrowthSitting at a market capitalization below $2 billion, small cap companies tend to be high-potential stocks compared to its large and mid cap counterparts, but come with higher risk.
While growth stocks do boast higher than average sales and earnings growth rates, and they are expected to grow faster than the wider market, investors should note these kinds of stocks have higher valuations. Something to keep in mind is the higher level of volatility that is affiliated with growth stocks. They are likely to outperform value stocks in strong bull markets but over the longer-term, value stocks have delivered better returns than growth stocks in almost all markets.
CostsExpense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 0.57%.
Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Industrials sector -- about 23.7% of the portfolio. Information Technology and Healthcare round out the top three.
Looking at individual holdings, Okta Inc Class A (OKTA) accounts for about 0.74% of total assets, followed by Sterling Infrastructure Inc (STRL) and Guardant Health Inc (GH).
The top 10 holdings account for about 5.54% of total assets under management.
Performance and RiskISCG seeks to match the performance of the MORNINGSTAR US SML CP BRD GRWTH EXTD ID before fees and expenses. The Morningstar US Small Cap Broad Growth Extended Index comprises of small-capitalization U.S. equities that exhibit growth characteristics.
The ETF has added about 17.72% so far this year and was up about 27.21% in the last one year (as of 08/24/2026). In the past 52-week period, it has traded between $51.70 and $66.36.
The ETF has a beta of 1.12 and standard deviation of 20.18% for the trailing three-year period. With about 937 holdings, it effectively diversifies company-specific risk.
AlternativesiShares Morningstar Small-Cap Growth ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, ISCG is an excellent option for investors seeking exposure to the Style Box - Small Cap Growth segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares Russell 2000 Growth ETF (IWO) and the Vanguard Morningstar Small-Cap Growth ETF (VBK) track a similar index. While iShares Russell 2000 Growth ETF has $14.85 billion in assets, Vanguard Morningstar Small-Cap Growth ETF has $24.47 billion. IWO has an expense ratio of 0.24% and VBK charges 0.05%.
Bottom-LineAn increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
The iShares Morningstar Mid-Cap Growth ETF (IMCG - Free Report) was launched on June 28, 2004, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Growth segment of the US equity market.
The fund is sponsored by Blackrock. It has amassed assets over $4.11 billion, making it one of the larger ETFs attempting to match the Mid Cap Growth segment of the US equity market.
Why Mid Cap GrowthCompared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. Thus they have a nice balance of growth potential and stability.
Growth stocks have higher than average sales and earnings growth rates. While these are expected to grow faster than the broader market, they also have higher valuations. Further, growth stocks have a higher level of volatility associated with them. Even though growth stocks are more likely to outperform their value counterparts in strong bull markets, value stocks have a record of delivering better returns in almost all markets than growth stocks.
CostsSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.
Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 0.61%.
Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Industrials sector -- about 24.1% of the portfolio. Information Technology and Financials round out the top three.
Looking at individual holdings, Fortinet Inc (FTNT) accounts for about 1.31% of total assets, followed by Cummins Inc (CMI) and Freeport Mcmoran Inc (FCX).
The top 10 holdings account for about 11.65% of total assets under management.
Performance and RiskIMCG seeks to match the performance of the MORNINGSTAR US MID CAP BROAD GROWTH INDX before fees and expenses. The Morningstar US Mid Cap Broad Growth Index comprises of mid-capitalization U.S. equities that exhibit growth characteristics.
The ETF return is roughly 23.23% so far this year and was up about 22.16% in the last one year (as of 08/20/2026). In the past 52-week period, it has traded between $76.01 and $100.54.
The ETF has a beta of 1.13 and standard deviation of 17.34% for the trailing three-year period. With about 265 holdings, it effectively diversifies company-specific risk.
AlternativesiShares Morningstar Mid-Cap Growth ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IMCG is an outstanding option for investors seeking exposure to the Style Box - Mid Cap Growth segment of the market. There are other additional ETFs in the space that investors could consider as well.
The Vanguard Morningstar Mid-Cap Growth ETF (VOT) and the iShares Russell Mid-Cap Growth ETF (IWP) track a similar index. While Vanguard Morningstar Mid-Cap Growth ETF has $19.77 billion in assets, iShares Russell Mid-Cap Growth ETF has $20.66 billion. VOT has an expense ratio of 0.05% and IWP charges 0.23%.
Bottom-LinePassively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Aurora Investment Counsel acquired a new position in shares of Morningstar, Inc. (NASDAQ:MORN – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 9,515 shares of the business services provider’s stock, valued at approximately $1,485,000.
Several other large investors also recently added to or reduced their stakes in MORN. Osterweis Capital Management Inc. acquired a new position in Morningstar during the second quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new position in Morningstar in the 3rd quarter valued at approximately $26,000. Cassaday & Co Wealth Management LLC acquired a new position in Morningstar in the 1st quarter valued at approximately $26,000. Grove Bank & Trust purchased a new stake in Morningstar in the 2nd quarter worth approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Morningstar by 23.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 178 shares of the business services provider’s stock worth $53,000 after buying an additional 34 shares in the last quarter. 57.02% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling In other Morningstar news, Chairman Joseph D. Mansueto sold 7,906 shares of Morningstar stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $210.26, for a total value of $1,662,315.56. Following the transaction, the chairman directly owned 7,960,570 shares of the company’s stock, valued at $1,673,789,448.20. The trade was a 0.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 72,466 shares of company stock valued at $14,672,238. Insiders own 38.80% of the company’s stock.
Analyst Upgrades and Downgrades Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Morningstar from a “hold” rating to a “buy” rating in a report on Sunday, June 21st. Rothschild & Co Redburn set a $210.00 price objective on Morningstar in a report on Thursday, June 18th. Weiss Ratings raised Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, August 14th. UBS Group lowered their target price on Morningstar from $280.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $212.00 target price on shares of Morningstar in a research report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Morningstar presently has a consensus rating of “Moderate Buy” and a consensus price target of $227.33. View Our Latest Stock Analysis on Morningstar
Morningstar Stock Up 2.4% MORN stock opened at $213.65 on Thursday. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.06 and a quick ratio of 1.06. Morningstar, Inc. has a 52-week low of $141.49 and a 52-week high of $266.05. The company has a 50-day moving average of $177.32 and a two-hundred day moving average of $176.29. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 20.23 and a beta of 0.99.
Morningstar (NASDAQ:MORN – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The business services provider reported $3.10 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.27. Morningstar had a return on equity of 38.57% and a net margin of 16.43%.The business had revenue of $663.20 million for the quarter, compared to analyst estimates of $649.72 million.
Morningstar Profile (Free Report)
Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.
Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.
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Bank of America Corp DE increased its stake in Morningstar, Inc. (NASDAQ: MORN) by 11.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,575 shares of the business services provider's stock after buying an additional
Morningstar (MORN) is a global financial services firm with a 15-year dividend growth streak, strong cash flow, and a conservative payout ratio. MORN delivered solid Q2 2026 results, beating revenue and EPS estimates, with 9.6% revenue growth and 29.2% non-GAAP EPS growth year-over-year. The stock trades at ~15.6x 2026E EPS, well below its historical 35–40x range, and is currently viewed as undervalued with a fair value estimate of $246.40.
WILMINGTON, Del.--(BUSINESS WIRE)--Morningstar DBRS confirmed its credit ratings of WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS” or “the Company”) with a Long-Term Issuer Rating of "A (low)" and “A” to WSFS Bank. The trends on all credit ratings are Stable. The Intrinsic Assessment (IA) for the Bank is “a,” while its Support Assessment is SA1. The Company's Support Assessment is SA3, and the Long-Term Issuer Rating is positioned one notch below the Bank's IA. Morningstar DBRS' debt ratings.
A $1.2 million retirement and a $4 million retirement do not look nearly as different as the balances suggest. Across the Federal Reserve Survey of Consumer Finances, JPMorgan (NYSE:JPM | JPM Price Prediction)’s 2026 Guide to Retirement, and Boldin’s planning data, households with seven-figure net worth cluster in the same annual spending band whether their portfolio sits near $1 million or well past $3 million.
The convergence figure is $70,000 to $120,000 a year in retirement spending for $1 million-plus households. That range holds across three very different measurement approaches: the Fed’s household balance-sheet survey, JPMorgan’s actuarial spending analysis, and Boldin’s user-level planning platform. Context matters here. Roughly three out of four $1 million-plus households sit between $1 million and $3 million in net worth. Millionaire retirees, as a group, are mostly ordinary savers, with net worth well below the $10 million-plus ultra-wealthy tier.
Why Spending Refuses to Scale Core costs stay roughly fixed. Housing, food, and healthcare cost about the same whether your portfolio is $1.5 million or $4 million. Time and energy run out before money does, and wealthier retirees typically change how they spend (better quality, more health-focused choices) before they change how much.
Consider the hypothetical couple Boldin uses to illustrate the pattern. Grant and Priya retire at 67 and 65 with $1.5 million invested and a combined $45,000 in Social Security. They arrive at about $105,000 a year in spending without ever targeting that figure. The arithmetic underneath is straightforward. Married couples in this wealth tier often collect a combined $40,000 to $70,000 in Social Security, well above the roughly $25,000 an average single retired worker collects. A $1.5 million portfolio at a 4% withdrawal rate produces about $60,000 a year, which combined with Social Security lands many households at $100,000 to $110,000 annually before any deliberate lifestyle decisions. The 2.8% Social Security COLA for 2026 reinforces that benefit as an inflation-adjusted floor.
Boldin’s User Data Confirms the Ceiling Inside Boldin’s platform, users with $1 million-plus investable assets who built a recurring income stream show a strikingly flat curve. Median non-Social Security retirement income runs $36,000 a year for the $1M to $3M tier, $40,600 for $3M to $5M, and $51,600 for $5M-plus. Layering typical Social Security onto the largest band produces a combined $76,000 to $106,000 a year. Boldin’s Monte Carlo Chance of Success median across all three tiers is 99%, with averages of 91% to 94%. The caveat is real: only about 50% to 54% of $1M-plus users have built a recurring income stream into a baseline plan, which likely skews the sample toward better-prepared planners.
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The Spending Smile The pattern is reinforced by the retirement spending smile popularized by David Blanchett at Morningstar (NASDAQ:MORN). Real, inflation-adjusted spending tends to decline through a retiree’s 60s and 70s, with a possible late uptick tied to healthcare. A 2026 Financial Planning Review study found mixed results on whether that late uptick holds once major late-life medical events are excluded. The practical takeaway: households starting at $110,000 to $120,000 a year rarely sustain that pace for two decades. It is usually a year-two-or-three snapshot rather than a permanent baseline.
Where the Pattern Breaks Early retirees on bridge years, before Social Security kicks in, lean entirely on portfolio withdrawals and often spend more temporarily. High-cost-of-living metros start higher. Some retirees deliberately target $150,000, $250,000, or more. And the 2026 EBRI Retirement Confidence Survey found about two in five retirees reporting costs higher than expected, driven mostly by healthcare.
Tax mechanics matter too. Crossing the first IRMAA threshold near Medicare age adds roughly $80 a month to Part B premiums for a full year, based on income from two years earlier. The 2026 standard Part B premium is $202.90, rising to $284.10 at the first IRMAA tier. ACA subsidies phase out at $84,600 for a two-person household in 2026 before Medicare eligibility applies. These cliffs push households to manage taxable income, which quietly compresses spending toward the same cluster.
The takeaway is population-level. If your plan calls for $180,000 a year, model your own numbers. But the data across three independent sources says most millionaire retirees, whether they hold $1.2 million or $4 million, end up spending in roughly the same lane.
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CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported growth in revenue, operating and adjusted operating income, and margins in the second quarter. “We are continuing to deliver profitable growth with meaningful increases in operating and free cash flows," said Kunal Kapoor, Morningstar's CEO. "Morningstar is accelerating an ambitious strategy, unlocking speed to insights by building agentic workflows and tools atop our data.
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, today announced the completion of the rebrand of the CRSP Market Indexes to the Morningstar Market Indexes, marking an important milestone in the company's strategy to expand its global indexes business to help better serve global investors. "We are excited to bring the highly respected CRSP Market Indexes, now with the added power of the Morningstar brand, to investors worldwide,".
Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, today announced the completion of the rebrand of the CRSP Market Indexe
American Capital Management Inc. decreased its position in shares of Morningstar, Inc. (NASDAQ:MORN – Free Report) by 4.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 108,340 shares of the business services provider’s stock after selling 4,724 shares during the quarter. American Capital Management Inc. owned approximately 0.28% of Morningstar worth $18,315,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. Morgan Stanley lifted its holdings in Morningstar by 2.4% during the fourth quarter. Morgan Stanley now owns 2,006,325 shares of the business services provider’s stock valued at $435,995,000 after purchasing an additional 47,360 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Morningstar by 85.4% in the fourth quarter. Wellington Management Group LLP now owns 1,136,213 shares of the business services provider’s stock worth $246,910,000 after purchasing an additional 523,387 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Morningstar by 48.0% in the fourth quarter. AQR Capital Management LLC now owns 900,297 shares of the business services provider’s stock worth $195,644,000 after purchasing an additional 292,053 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Morningstar by 9.7% in the first quarter. Dimensional Fund Advisors LP now owns 517,769 shares of the business services provider’s stock valued at $87,514,000 after purchasing an additional 45,798 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Morningstar by 38.6% in the first quarter. Renaissance Technologies LLC now owns 448,870 shares of the business services provider’s stock valued at $75,881,000 after purchasing an additional 125,100 shares during the period. Hedge funds and other institutional investors own 57.02% of the company’s stock.
Analyst Ratings Changes Several research firms recently commented on MORN. BMO Capital Markets reaffirmed an “outperform” rating and issued a $212.00 price objective on shares of Morningstar in a report on Friday, June 26th. UBS Group lowered their target price on shares of Morningstar from $280.00 to $260.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Wall Street Zen upgraded Morningstar from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Rothschild & Co Redburn set a $210.00 price target on Morningstar in a report on Thursday, June 18th. Finally, Weiss Ratings upgraded Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Morningstar has a consensus rating of “Moderate Buy” and a consensus price target of $227.33.
Check Out Our Latest Stock Analysis on Morningstar
Insider Activity at Morningstar In other news, Chairman Joseph D. Mansueto sold 7,250 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $166.23, for a total value of $1,205,167.50. Following the transaction, the chairman owned 8,114,492 shares of the company’s stock, valued at approximately $1,348,872,005.16. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 64,720 shares of company stock worth $11,169,471. 38.80% of the stock is owned by insiders.
Morningstar Price Performance Shares of NASDAQ:MORN opened at $182.43 on Tuesday. The company has a 50 day moving average of $170.64 and a 200 day moving average of $177.63. The stock has a market cap of $6.94 billion, a P/E ratio of 18.58 and a beta of 1.01. Morningstar, Inc. has a 12 month low of $141.49 and a 12 month high of $289.63. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66.
Morningstar (NASDAQ:MORN – Get Free Report) last posted its earnings results on Wednesday, April 29th. The business services provider reported $3.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.77. Morningstar had a net margin of 16.06% and a return on equity of 33.14%. The business had revenue of $644.80 million for the quarter, compared to analyst estimates of $626.91 million.
Morningstar Profile (Free Report)
Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.
Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.
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Epoch Investment Partners Inc. lowered its position in shares of Morningstar, Inc. (NASDAQ:MORN – Free Report) by 40.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,547 shares of the business services provider’s stock after selling 3,084 shares during the period. Epoch Investment Partners Inc.’s holdings in Morningstar were worth $769,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of MORN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Morningstar by 23.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 178 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 34 shares in the last quarter. Focus Partners Wealth raised its holdings in Morningstar by 3.4% during the first quarter. Focus Partners Wealth now owns 3,838 shares of the business services provider’s stock worth $1,151,000 after purchasing an additional 126 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Morningstar by 278.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 208 shares of the business services provider’s stock worth $62,000 after buying an additional 153 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Morningstar by 2,450.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 561 shares of the business services provider’s stock worth $176,000 after buying an additional 539 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of Morningstar by 58.8% in the 2nd quarter. Qube Research & Technologies Ltd now owns 138,932 shares of the business services provider’s stock valued at $43,615,000 after buying an additional 51,449 shares in the last quarter. Hedge funds and other institutional investors own 57.02% of the company’s stock.
Insider Activity at Morningstar In other news, CFO Michael Holt sold 270 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $166.05, for a total value of $44,833.50. Following the sale, the chief financial officer owned 12,326 shares in the company, valued at approximately $2,046,732.30. This represents a 2.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Joseph D. Mansueto sold 2,270 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $176.72, for a total value of $401,154.40. Following the transaction, the chairman owned 8,043,492 shares in the company, valued at $1,421,445,906.24. This trade represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 64,720 shares of company stock valued at $11,169,471 over the last ninety days. Corporate insiders own 38.80% of the company’s stock.
Wall Street Analysts Forecast Growth A number of research firms recently commented on MORN. Rothschild & Co Redburn set a $210.00 target price on shares of Morningstar in a research report on Thursday, June 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $212.00 price objective on shares of Morningstar in a report on Friday, June 26th. UBS Group cut their target price on Morningstar from $280.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Wall Street Zen upgraded shares of Morningstar from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Finally, Weiss Ratings upgraded Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $227.33.
Check Out Our Latest Stock Report on Morningstar
Morningstar Stock Performance Morningstar stock opened at $172.61 on Monday. The stock has a fifty day moving average price of $170.53 and a 200 day moving average price of $177.87. Morningstar, Inc. has a 52 week low of $141.49 and a 52 week high of $289.63. The firm has a market capitalization of $6.56 billion, a P/E ratio of 17.58 and a beta of 1.01. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66.
Morningstar (NASDAQ:MORN – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The business services provider reported $3.18 EPS for the quarter, topping the consensus estimate of $2.41 by $0.77. The firm had revenue of $644.80 million during the quarter, compared to analyst estimates of $626.91 million. Morningstar had a net margin of 16.06% and a return on equity of 33.14%.
About Morningstar (Free Report)
Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.
Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.
Read More Five stocks we like better than Morningstar RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Want to see what other hedge funds are holding MORN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Morningstar, Inc. (NASDAQ:MORN – Free Report).
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CI Investments Inc. decreased its holdings in Morningstar, Inc. (NASDAQ:MORN – Free Report) by 93.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,292 shares of the business services provider’s stock after selling 32,836 shares during the quarter. CI Investments Inc.’s holdings in Morningstar were worth $387,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Osterweis Capital Management Inc. bought a new stake in shares of Morningstar during the 2nd quarter worth $29,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Morningstar during the third quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Morningstar in the 4th quarter valued at $25,000. Cassaday & Co Wealth Management LLC purchased a new position in Morningstar in the 1st quarter worth about $26,000. Finally, V Square Quantitative Management LLC purchased a new position in Morningstar in the 4th quarter worth about $35,000. Institutional investors and hedge funds own 57.02% of the company’s stock.
Analyst Upgrades and Downgrades Several research firms have issued reports on MORN. Wall Street Zen upgraded Morningstar from a “hold” rating to a “buy” rating in a report on Sunday, June 21st. UBS Group decreased their target price on shares of Morningstar from $280.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. Rothschild & Co Redburn set a $210.00 target price on shares of Morningstar in a research report on Thursday, June 18th. BMO Capital Markets restated an “outperform” rating and set a $212.00 price target on shares of Morningstar in a report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Morningstar has a consensus rating of “Moderate Buy” and an average price target of $227.33.
Get Our Latest Analysis on Morningstar
Morningstar Stock Up 3.0% NASDAQ:MORN opened at $172.61 on Friday. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 17.58 and a beta of 1.01. Morningstar, Inc. has a 1-year low of $141.49 and a 1-year high of $289.63. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66. The business’s fifty day moving average price is $170.53 and its 200 day moving average price is $178.12.
Morningstar (NASDAQ:MORN – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The business services provider reported $3.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.77. Morningstar had a return on equity of 33.14% and a net margin of 16.06%.The firm had revenue of $644.80 million during the quarter, compared to the consensus estimate of $626.91 million.
Insider Buying and Selling at Morningstar In other news, Chairman Joseph D. Mansueto sold 7,250 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $166.23, for a total value of $1,205,167.50. Following the completion of the sale, the chairman directly owned 8,114,492 shares of the company’s stock, valued at $1,348,872,005.16. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 64,720 shares of company stock valued at $11,169,471. 38.80% of the stock is owned by corporate insiders.
Morningstar Profile (Free Report)
Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.
Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.
Read More Five stocks we like better than Morningstar Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding MORN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Morningstar, Inc. (NASDAQ:MORN – Free Report).
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CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights and market data, today introduced the Morningstar US Capital Allocation Leaders Index, a research-driven index designed to identify companies whose management teams have been assessed by Morningstar's equity research team as having an established a track record of shareholder-friendly capital allocation decisions. The new index combines Morningstar's independent, forward-looking equ.
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Nike (NYSE:NKE | NKE Price Prediction) currently trades at $42.96, well below Wall Street’s average analyst price target of $51.12. That leaves a gap of roughly 19% between current levels and where the sell side sees fair value.
Nike has long served as a barometer for global consumer discretionary sentiment. A new CEO, a mid-turnaround portfolio, and one loud outlier from Morningstar have put the stock back on investor watch lists.
Morningstar’s discounted cash flow model pegs fair value at $94, implying the stock could roughly double if the firm’s long-term assumptions play out.
A Punishing 2026 Has Pushed Nike Near Multi-Year Lows Nike has shed 31.51% year to date and 40.36% over the past 12 months. The stock printed a 52-week low of $40.00 and now sits below both its 50-day and 200-day moving averages.
The damage is operational. Greater China revenue fell 12% reported and 17% currency-neutral, Converse slid 32%, and Nike Direct dropped 7% as management rebalances toward wholesale. The Q1 FY27 EPS beat of $0.72 versus $0.13 was inflated by a $986 million one-time IEEPA tariff recovery, which added roughly $0.52 to EPS. Strip that out, and revenue still slipped 1.1% year over year.
Morningstar Sees Value Where the Market Sees Trouble Morningstar’s $94 fair value implies upside of roughly 119% from current levels. The firm maintains a Wide Economic Moat rating on Nike based on global brand intangibles and pricing power, arguing that direct-to-consumer missteps and slowing lifestyle trends have not eroded the underlying franchise.
The DCF builds in a recovery trajectory to mid-single-digit sales growth and mid-teens operating margins over a three-year horizon as sport-led innovation rolls out and inventory discounting normalizes. Analyst Swartz frames the current $43 to $44 trading zone as heavily overdiscounting cyclical problems.
Sell-side consensus is far more cautious. The 38-analyst panel breaks down as 1 Strong Buy, 11 Buy, 24 Hold, 1 Sell, and 1 Strong Sell, a Hold-heavy stance reflecting skepticism on the pace of the “Win Now” turnaround. CEO Elliott Hill has called it the “middle innings of our comeback,” and recently bought roughly $1 million of stock on the open market. Nike has beaten EPS estimates for seven consecutive quarters, though recent beats have leaned heavily on cost management and one-time items rather than top-line strength.
How Athletic Footwear Peers Stack Up Against Nike Nike fell alone. Across the athletic and premium footwear space, the drawdowns look nothing alike.
On Holding (NYSE:ONON) trades at $37.24, off 19.88% year to date, against a consensus target of $51.99 for implied upside near 40%. The 26 analysts skew clearly bullish, with 5 Strong Buys and 17 Buys versus only three Holds.
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Deckers Outdoor (NYSE:DECK) is nearly flat on the year at $103.31, with a target of $127.81 and roughly 24% implied upside. The 26-analyst panel leans constructive with 11 Buy-equivalents against 13 Holds.
Lululemon Athletica (NASDAQ:LULU) sits at $116.63, down 43.88% year to date. Its $127.92 target implies just 10% upside, and the panel is overwhelmingly Hold, with 30 of 33 analysts parked on the sideline.
Nike sits between these extremes. Consensus upside is more modest than ONON’s, but Morningstar’s outlier target is by far the largest implied return in the group.
The Data Points That Define the Dislocation Nike trades at $42.96, against a consensus target of $51.12 from 38 covering analysts and Morningstar’s $94. Trailing P/E is 21, forward P/E is 25, and the dividend yield sits at 3.75% after a 24th consecutive annual raise.
Nike has cratered 31.51% year to date, while the S&P 500 has advanced 9.73% over the same window. That is roughly 41 percentage points of relative underperformance for a Dow component.
Retail sentiment is fractured. Reddit chatter spiked bearish on a “Nike Shoes are a Dying Brand” thread in r/stocks before recovering to a bullish 76 sentiment score in mid-July.
Where I Land on Nike at $43 The bull path requires Elliott Hill’s “Sport Offense” framework to translate into North America product wins in the back half of fiscal 2027, Greater China to stop accelerating downward, and gross margin to hold above 44% ex-tariff noise. That is the specific path back toward the $51 consensus, with Morningstar’s $94 requiring several more years of mid-single-digit growth and mid-teens operating margins.
The bear path plays out if Converse keeps falling at a 30%-plus clip, if Nike Direct/Digital declines widen rather than narrow, and if China moves from bad quarter to broken franchise. Any of those turns the current setup into a classic value trap.
The CEO’s open-market purchase, the moat, and the multi-year Morningstar math tilt the risk/reward in favor of patient buyers, though the setup rewards discipline rather than momentum chasing. Patient buyers may prefer to build exposure gradually as the turnaround proves itself, quarter by quarter.
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On July 21, 2026, Morningstar Inc (MORN) shares fell 3.5% today, closing at $165.57. The stock has experienced a 52-week range between $141.49 and $289.63, high
SEATTLE--(BUSINESS WIRE)--PitchBook, a leading private capital market intelligence platform, today announced it has been named “Best Alternative Data Provider” in the Waters Technology Rankings 2026. The award, presented by Waters Technology, a leading publication covering financial technology and data for global capital markets, was decided by crowd-sourced votes from industry professionals across the capital markets technology sector. The Waters Technology Rankings recognize service providers.
LONDON--(BUSINESS WIRE)--Morningstar (Nasdaq: MORN) today announced it will relocate its London operations to One Millennium Bridge, bringing colleagues from across Morningstar and PitchBook, a Morningstar company, together in one location. Following a rigorous evaluation process conducted with CBRE, Morningstar plans to occupy approximately 75,000 square feet in the building, with plans to move in June 2027. The new office has been selected to support the way colleagues work today, providing a.
On July 13, 2026, Morningstar Inc (MORN) shares rose 5.0% to a current price of $173.44. Despite today's positive movement, the stock has experienced a decline
Looking for broad exposure to the Small Cap Value segment of the US equity market? You should consider the iShares Morningstar Small-Cap Value ETF (ISCV - Free Report) , a passively managed exchange traded fund launched on June 28, 2004.
The fund is sponsored by Blackrock. It has amassed assets over $681.12 million, making it one of the average sized ETFs attempting to match the Small Cap Value segment of the US equity market.
Why Small Cap ValueWith more potential comes more risk, and small cap companies, with market capitalization below $2 billion, epitomizes this way of thinking.
Value stocks have lower than average price-to-earnings and price-to-book ratios. They also have lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.
CostsWhen considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.84%.
Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector -- about 24.2% of the portfolio. Industrials and Consumer Discretionary round out the top three.
Looking at individual holdings, Cf Industries Holdings Inc (CF) accounts for about 0.72% of total assets, followed by Alcoa Corp (AA) and Ovintiv Inc (OVV).
The top 10 holdings account for about 5.68% of total assets under management.
Performance and RiskISCV seeks to match the performance of the MORNINGSTAR US SML CP BRD VLUE EXTD INDX before fees and expenses. The Morningstar US Small Cap Broad Value Extended Index comprises of small-capitalization U.S. equities that exhibit value characteristics.
The ETF has added roughly 15.91% so far this year and was up about 25.42% in the last one year (as of 07/06/2026). In the past 52-week period, it has traded between $61.33 and $78.79.
The ETF has a beta of 0.99 and standard deviation of 19.1% for the trailing three-year period. With about 1079 holdings, it effectively diversifies company-specific risk.
AlternativesiShares Morningstar Small-Cap Value ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, ISCV is an excellent option for investors seeking exposure to the Style Box - Small Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares Russell 2000 Value ETF (IWN) and the Vanguard Small-Cap Value Index Fund ETF Shares (VBR) track a similar index. While iShares Russell 2000 Value ETF has $14.37 billion in assets, Vanguard Small-Cap Value Index Fund ETF Shares has $36.74 billion. IWN has an expense ratio of 0.24% and VBR charges 0.05%.
Bottom-LineWhile an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), plans to report its second-quarter 2026 financial results after the market closes on Wednesday, July 29, 2026. The company does not hold analyst conference calls; however, investors may submit written questions to Morningstar at [email protected].
About Morningstar
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today announced a suite of integrations with Microsoft technologies designed to bring Morningstar's trusted investment intelligence directly into AI-powered workflows used by financial services firms. The integrations span Microsoft 365 Copilot, Copilot Studio, and Microsoft 365 ecosystems, enabling investment professionals to access Morningstar's analyst-driven insights and invest.
SEATTLE--(BUSINESS WIRE)--PitchBook, a leading private capital market intelligence platform, today announced a new federated Copilot connector with Microsoft, bringing trusted private capital market data into Microsoft 365 Copilot — including Copilot in Excel, Copilot Chat, and Researcher. The connector brings trusted private capital market data into secure enterprise AI environments and enables licensed users to interact with PitchBook intelligence directly within the Microsoft 365 Suite. Thro.
One of the most anticipated public offerings in recent memory is drawing skepticism. SpaceX (NASDAQ:SPCX) currently has a valuation of roughly $2.44 trillion, up nearly 40% from its $1.75 trillion IPO. Morningstar analysts have signaled the stock could be worth less than half that figure on a fundamentals basis. That gap was the centerpiece of a recent segment on the Retire SMART Podcast (Ep. 432), where the host walked through why his firm is sitting this one out.
IPOs Historically Underperform in the Near Term The host’s framing was direct. He described “a company that only does $20 billion or so in revenue, that’s gonna trade at almost $2 trillion in market cap when there’s no profitability.” He noted SpaceX is arriving without profitability, EBITDA, margins, or dividends to anchor the valuation, and pointed to a broader historical pattern in which most IPOs “go down in their first year as much as 55%.” He presented that figure as his characterization of IPO history rather than a precise statistic.
His bottom line for clients: “I’m not buying the IPO, full disclosure, and we’ve told our clients, we don’t recommend they buy this when it comes out.” He reminded listeners that companies typically go public so early investors can “cash out,” framing the decision as “risk-reward” under capitalism rather than a recommendation either way.
What SpaceX Actually Is The Morningstar caution lands against a business that is operationally dominant. SpaceX has launched more than 80% of the world’s mass into orbit each year since 2023, and its Falcon rockets have maintained an over-99% mission success rate. Starlink, the broadband arm, operates a constellation of roughly 9,600 satellites in Low-Earth Orbit, serving customers across 164 countries, territories, and other markets as of March 31, 2026.
In early 2026, SpaceX acquired xAI, folding the Grok frontier model and its X-platform distribution into the company alongside launch and connectivity. On the revenue side, the host cited reporting that Google is set to pay “approximately a billion a month to SpaceX to use their compute power,” which he said could meaningfully bolster future financials.
For perspective on what live trading has looked like in the very early window, SPCX changed hands at $185 as of June 18, 2026, with only 5 trading days of history available.
How Profitable, Mature Aerospace Peers Stack Up It is worth contrasting that valuation debate with how the market prices a profitable, established aerospace and defense name. RTX (NYSE:RTX | RTX Price Prediction) carries a market capitalization of roughly $249.9 billion, trades at a forward P/E of 27, and supports a 1.41% dividend yield.
RTX delivered Q1 2026 adjusted EPS of $1.78 on revenue of $22.08 billion, with a backlog of $271 billion across commercial and defense. CEO Chris Calio said, “RTX delivered a very strong start to 2026 with organic sales and adjusted operating profit growth across all three segments.” Shares have advanced 29.27% over the past year.
The takeaway from the comparison: investors are being asked to pay a multiple of SpaceX’s IPO that has no historical parallel in aerospace, in the hope that the company will reach heights none of its peers have ever reached.
What To Watch Next The debate over SpaceX ultimately comes down to execution. Bulls see a company that dominates launches, owns the world’s largest satellite internet network, and is expanding into AI infrastructure. Bears see a stock already priced for years of success in industries that hardly exist today.
Over the coming quarters, investors will be watching for evidence that SpaceX can grow into its valuation through higher revenue, improving profitability, and continued growth at Starlink. Whether the stock justifies its premium valuation or moves closer to Morningstar’s estimate will depend on those fundamentals rather than the excitement surrounding the IPO itself.
Designed to provide broad exposure to the Small Cap Growth segment of the US equity market, the iShares Morningstar Small-Cap Growth ETF (ISCG - Free Report) is a passively managed exchange traded fund launched on June 28, 2004.
The fund is sponsored by Blackrock. It has amassed assets over $1.03 billion, making it one of the average sized ETFs attempting to match the Small Cap Growth segment of the US equity market.
Why Small Cap GrowthSitting at a market capitalization below $2 billion, small cap companies tend to be high-potential stocks compared to its large and mid cap counterparts, but come with higher risk.
Qualities of growth stocks include faster growth rates compared to the broader market, as well as higher valuations and higher than average sales and earnings growth rates. Something to keep in mind is the higher level of volatility that is affiliated with growth stocks. Compared to value stocks, growth stocks are a safer bet in a strong bull market, but don't perform as strongly in almost all other financial environments.
CostsSince cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.
Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 0.58%.
Sector Exposure and Top HoldingsIt is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Industrials sector -- about 26.4% of the portfolio. Information Technology and Healthcare round out the top three.
Looking at individual holdings, Lumentum Holdings Inc (LITE) accounts for about 2.09% of total assets, followed by Ati Inc (ATI) and Rbc Bearings Inc (RBC).
Performance and RiskISCG seeks to match the performance of the MORNINGSTAR US SML CP BRD GRWTH EXTD ID before fees and expenses. The Morningstar US Small Cap Broad Growth Extended Index comprises of small-capitalization U.S. equities that exhibit growth characteristics.
The ETF has gained about 15.3% so far this year and is up about 33.27% in the last one year (as of 06/23/2026). In the past 52-week period, it has traded between $48.76 and $63.77.
The ETF has a beta of 1.13 and standard deviation of 20.22% for the trailing three-year period. With about 962 holdings, it effectively diversifies company-specific risk.
AlternativesiShares Morningstar Small-Cap Growth ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, ISCG is a great option for investors seeking exposure to the Style Box - Small Cap Growth segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares Russell 2000 Growth ETF (IWO) and the Vanguard Small-Cap Growth Index Fund ETF Shares (VBK) track a similar index. While iShares Russell 2000 Growth ETF has $15.23 billion in assets, Vanguard Small-Cap Growth Index Fund ETF Shares has $24.08 billion. IWO has an expense ratio of 0.24% and VBK charges 0.05%.
Bottom-LineAn increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Dataset is designed to translate asset-level climate hazards into risk metrics for investors
CHICAGO--(BUSINESS WIRE)--Morningstar Sustainalytics, a leading provider of sustainable investing research, ratings, and data, today announced it is collaborating with XDI (Cross Dependency Initiative), physical climate risk specialists, and Veridion, an AI-powered business data platform to further develop its physical climate risk product for asset managers and asset owners.
This development intends to address a key gap in existing climate risk tools by seeking to translate physical hazard exposure into financially relevant insights. While the industry has made progress in identifying which assets face exposure to floods, wildfires, heat stress and other climate hazards, converting that exposure into metrics that support real investment decisions remains an evolving challenge.
A group of asset managers and asset owners will act as partners, providing ongoing input on use cases, data needs, and integration into existing investment workflows. This will build on Morningstar Sustainalytics’ broader climate offering, including its Low Carbon Transition Ratings and existing Physical Climate Risk Metrics.
David Pagliaro, president, Morningstar Sustainalytics, commented: “Working with XDI and Veridion reflects an important evolution in how physical climate risk is assessed and applied in investments. Physical asset-level hazard data has become more available, but investors have lacked a consistent framework to determine financial relevance at the portfolio level. By connecting exposure, asset materiality and financial impact through business interruption, this approach aims to help institutional investors identify where physical risks are most likely to affect long-term value and inform the integration of those insights into portfolio construction and risk management.”
This development brings together three complementary capabilities from each organization to create a more integrated view of physical climate risk.
XDI will provide asset-level hazard impact analysis through its engineering-based Climate Risk Engines, combining sub-asset data, hazard modeling and forward-looking climate scenarios to estimate how climate hazards translate into operational disruption. These are designed to be consistent with key industry frameworks such as the Task Force on Climate-Related Financial Disclosures (TCFD) and the International Sustainability Standards Board (ISSB).
Veridion will supply the geolocation and business intelligence layer needed to help map companies to their physical assets and operations globally. Veridion’s AI-enabled company intelligence platform supports the mapping of corporate entities to their physical assets and operations at global scale. Veridion's business and asset intelligence will connect directly to XDI's physical asset models.
Morningstar Sustainalytics will integrate each component of the product through its proprietary investment research framework. Central to this is a new Asset Materiality Assessment. This is a structured methodology for determining which physical assets are likely to be material to a company's core business activities. Not all assets exposed to climate hazards are equally consequential for investors. The Asset Materiality Assessment will seek to make that distinction clearer, with the aim of ensuring that physical risk signals are weighted by their estimated relevance to operations, revenue generation and long-term earnings capacity.
The output is expected to combine asset-level physical risk data with company-level financial signals, giving investors a view that is intended to span granular exposure detail to portfolio-level financial implications.
Dr. Karl Mallon, founder and head of science and technology, XDI commented: "For nearly two decades, the XDI team has been pioneering physical climate risk analysis. The XDI Climate Risk Engines have always been designed to utilize detailed information on asset design, construction, and materiality. Until now, however, acquiring that level of intelligence at scale has been extremely difficult. Veridion helps make this rich business and asset data accessible. XDI translates it into sophisticated climate risk metrics. Morningstar Sustainalytics then seeks to transform those insights into a new generation of decision-ready intelligence for investors and the broader financial sector."
Florin Tufan, CEO of Veridion, commented: "Physical climate risk hinges on a deceptively simple question: which company owns what, and where? Veridion's live company graph answers it at global scale, mapping which assets belong to which companies, where they operate, and what activity is occurring at each location, so when investors act on an exposure number, they're acting on the world as it is."
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.
About Morningstar Sustainalytics
Morningstar Sustainalytics is a leading sustainable investment data, research, and ratings firm that supports investors around the world with the development and implementation of responsible investment strategies. For more than 30 years, the firm has been at the forefront of developing high-quality, innovative solutions to meet the evolving needs of global investors. Today, Morningstar Sustainalytics works with hundreds of the world’s leading asset managers and pension funds who incorporate sustainability information and assessments into their investment processes. The firm also works with hundreds of companies and their financial intermediaries to help them consider material sustainability factors in policies, practices, and capital projects. Morningstar Sustainalytics has analysts around the world with varied multidisciplinary expertise across more than 40 industry groups. For more information, visit www.sustainalytics.com.
About Veridion
Veridion is a global company-intelligence data provider that maintains a living knowledge graph of the world's businesses, fusing legal identity with operating reality across roughly 600 million companies and updating continuously as the world changes. Each company profile spans firmographics, locations and operational footprint, products and services, ownership and corporate linkage, ESG, and technographics. Organizations build on Veridion to automate decisions about companies at scale across risk, underwriting, and market intelligence. Data is delivered through APIs, batch, and warehouse-native feeds, with source provenance and a confidence score on every attribute. Learn more at veridion.com.
About XDI (Cross Dependency Initiative)
XDI is a global specialist in physical climate risk and adaptation analysis. Since 2007, the XDI team has helped governments, investors, insurers, banks and corporations understand the impacts of climate change and extreme weather on physical assets, infrastructure and operations. Combining climate science, engineering and financial analysis, XDI delivers asset-level physical climate risk analysis that support resilience planning, investment decision-making and climate adaptation. XDI is part of The Climate Risk Group. In 2025, XDI was recognised as market leader in both the Forrester Wave™: Climate Risk Analytics Software and Verdantix Smart Innovators: Physical Climate Risk Solutions assessments.
Launching later this year, the models are designed to expand access to private markets while addressing implementation challenges through multi-manager selection, transparent pricing, and disciplined portfolio construction
CHICAGO--(BUSINESS WIRE)--Morningstar (Nasdaq: MORN) today announced that its Morningstar Wealth division is working with Apollo, Franklin Templeton and J.P. Morgan Asset Management to launch a suite of public/private model portfolios that give financial advisors a single, research-driven way to access private markets.
Objective Portfolio Construction Meets Institutional Capabilities
Morningstar Public/Private Select Series will bring together:
Morningstar Wealth’s asset allocation, manager research, and due diligence rigor Public market strategies from Franklin Templeton and J.P. Morgan Asset Management Private market strategies from Apollo and Franklin Templeton, spanning private credit and real estate Unlike many public/private offerings built around a single firm’s strategies, Morningstar Wealth draws on its experience in asset allocation, investment selection, and portfolio construction, with a research-led focus on investor outcomes. Morningstar Wealth is a group within Morningstar Investment Management LLC, a registered investment adviser, which works with advisors to provide investment strategies such as model portfolios and separately managed accounts (SMAs) with $370 billion in assets under management.
Kunal Kapoor, chief executive officer, Morningstar: “Morningstar is bringing independent research, disciplined asset allocation, and transparent pricing together in a single framework, so advisors can help navigate complex private markets and democratize access to them for even more investors.”
Designed for Advisors, Built for Clients
The portfolios will be constructed with ETFs and interval funds to make private markets usable in individual investor portfolios, offering:
Six risk-based portfolios, ranging from capital preservation to aggressive growth Public and private exposures integrated into a single asset allocation Transparent, competitive pricing, including no overlay fees Accessible minimums, expanding access beyond traditional institutional investors By packaging private market exposure within a diversified model, Morningstar Wealth aims to remove the burden of sourcing, sizing, and managing liquidity, allowing advisors to focus on client needs rather than portfolio construction. The initial models will include exposure to private credit and real estate through interval funds ranging approximately between 12–20% of the models’ allocation, depending on risk profile and current market opportunity.
Expanding Access with Discipline
Private markets have historically been limited to institutional investors and ultra-high-net-worth individuals. At the same time, industry demand continues to grow, with advisors increasingly seeking to incorporate private markets into mainstream portfolios.
Jenny Johnson, chief executive officer of Franklin Templeton: “When I think about why private markets matter now more than ever, it’s not just access but also focus on the long-term in a short-term world. We are living in an environment of persistent inflation and structural uncertainty. We’re excited to bring greater access to these types of solutions.”
George Gatch, chief executive officer of J.P. Morgan Asset Management: “As markets continue to test traditional investment approaches and the 60/40 portfolio evolves, advisors need access to a much broader set of investment opportunities and strong oversight. Together this group can help deliver diversified portfolios that lean on the expertise of skilled active managers to integrate public and private markets prudently.”
Jim Zelter, president of Apollo: “The next generation of model portfolios will blend public and private markets, and offer investors greater diversification, more yield, and better reflect the full breadth of the economy. These models reflect what clients are seeking, private markets as a core portfolio building block, rather than an allocation to the side.”
Addressing Implementation Challenges and Providing Transparency
The portfolios seek to help address liquidity constraints, valuation timing, and complexity. Morningstar’s approach emphasizes:
Research-driven allocations between liquid and illiquid assets Rigorous due diligence and ongoing oversight Clear disclosure of liquidity and portfolio characteristics Morningstar Public/Private Select Series is expected to be made available to financial advisors through leading wealth and technology platforms. All four organizations are fully committed to working as one to support shared clients, platforms, and advisors, ensuring comprehensive pre- and post-purchase support, reporting, and education.
Additional details, including final structure, specific pricing, availability, and implementation, will be announced in the coming months.
About Morningstar Wealth
Morningstar Wealth is a global organization dedicated to empowering both advisor and investor success. Our extensive range of offerings includes the Morningstar International Wealth Platform (TAMP), model portfolios managed by the Morningstar Investment Management team ($370 billion in assets under management and advisement*), Morningstar Investor (individual investor platform) and Morningstar.com.
*Includes AUMA for advisory services offered by certain Morningstar subsidiaries that are authorized in the jurisdictions in which they operate to provide investment management and advisory services.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.
CHICAGO--(BUSINESS WIRE)--The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today declared a quarterly dividend of 50 cents per share, consistent with the dividend paid in April. The dividend is payable July 31, 2026, to shareholders of record as of July 10, 2026. Please contact [email protected] with any questions.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, failing to achieve the anticipated benefits of the CRSP acquisition; failing to maintain and protect our brand, independence, and reputation; failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses; compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies on our business and reputation, as well as legal and reputational risks as they are incorporated into our products and tools; failing to detect errors in our products or methodology of our products performing improperly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; inadequacy of our operational risk management and business continuity programs to address materially disruptive events; our strategic transactions, acquisitions, divestitures and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; triggering events for impairment of goodwill or assets; failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; failing to recognize deferred revenue; liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; the potential adverse effect of our indebtedness (and rising interest rates) on our cash flow and financial and operational flexibility; liability, regulatory scrutiny, costs and reputational risks relating to environmental, social, and governance considerations; our dependence on third-party service providers in our operations; inadequacy of our insurance coverage; challenges in accounting for tax complexities in the global jurisdictions we operate in could materially affect our tax obligations and tax rates; the potential impact of vendor consolidation and clients' strategic decisions to replace our products and services with in-house products and services; our ability to build and maintain short-term and long-term shareholder value and pay dividends to our shareholders; our ability to repurchase shares of our common stock; our ability to maintain existing business and renewal rates and to gain new business; the impact of recently issued accounting pronouncements on our consolidated financial statements and related disclosure; volatility in our stock price due to market conditions; any future sales of common stock and fluctuations in our operating results; and failing to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties, among others, can be found in our filings with the SEC, including our most recent Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Morningstar in any jurisdiction.
On June 18, 2026, Morningstar Inc MORN shares fell 6.5% to a current price of $153.61. This decline extends the stock's downward trajectory, as it has dropped 28.9% year-to-date and 48.8% over the past year, with a 52-week range of $149.08 to $316.71.
GF Value™ verdict indicates that MORN is significantly undervalued, with a current price of $153.61 compared to a GF Value™ estimate of $350.65, representing a potential upside of 56.2%.GF Score™ stands at 77/100, which is classified as above average, suggesting a solid overall financial profile.Insider activity shows that insiders sold $17.4 million worth of shares in the last three months, indicating a lack of confidence in the stock from those closest to the company. Is MORN Overvalued or Undervalued? With the current price of Morningstar Inc MORN at $153.61 and a GF Value™ of $350.65, the stock appears to be undervalued by 56.2%. This significant margin of safety presents a potential opportunity for investors, as the stock trades well below its intrinsic value. The GF Valuation label indicates that MORN is significantly undervalued, which suggests that the market may not be fully recognizing the company's underlying strengths and growth potential.
However, the recent decline in share price and the insider selling of $17.4 million could indicate some underlying concerns regarding the company's future performance. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the current valuation presents an opportunity, potential investors should consider the risks associated with the recent negative price momentum and insider activity.
How Does MORN's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 15.7x 57.4x Forward P/E 12.9x - The current P/E (TTM) of 15.7x is significantly below its 5-year median P/E of 57.4x, indicating that MORN is trading at a much lower valuation compared to its historical standards. This analysis aligns with the GF Value™ verdict of being significantly undervalued, supporting the notion that MORN's current price may offer a compelling opportunity for long-term investors.
What Does MORN's GF Score™ Tell Us? Metric Rating GF Score™ 77 Financial Strength 5/10 Profitability 9/10 Growth 10/10 Valuation 2/10 Momentum 2/10 The GF Score™ of 77/100 suggests that Morningstar Inc is positioned well overall, particularly in terms of profitability (9/10) and growth (10/10), which are the strongest aspects of the company. However, the valuation (2/10) and momentum (2/10) scores are concerning, indicating that the stock may be undervalued but also facing some significant headwinds in terms of price performance and market sentiment.
What Are Insiders Doing with MORN Stock? In the past three months, insiders of Morningstar Inc have sold a total of $17.4 million in shares, with no reported buying activity. This trend may suggest a lack of confidence from those with the most insight into the company’s operations and future prospects. The selling could raise concerns among external investors about the company's current performance and outlook.
Overall, the absence of insider buying combined with substantial selling activity is a red flag that potential investors should weigh carefully against the stock's valuation and growth potential.
What This Means for Investors Based on the GF Value™ assessment, Morningstar Inc MORN is currently undervalued, presenting a potential opportunity for investors. However, the recent negative price momentum and insider selling activity suggest that caution may be warranted. These factors should be considered alongside the stock's valuation metrics and overall financial health.
For the complete analysis, visit the Morningstar Inc MORN stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is MORN's GF Score™?
MORN's GF Score™ is 77/100, which indicates an above-average ranking based on key financial metrics and historical performance.
Is MORN overvalued or undervalued?
MORN is currently undervalued according to the GF Value™, with a significant upside potential of 56.2% based on its intrinsic value assessment.
What is MORN's P/E ratio?
MORN's P/E (TTM) ratio is 15.7x, which is substantially below its 5-year median P/E of 57.4x, indicating a notable decline in its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
The iShares Morningstar Mid-Cap Growth ETF (IMCG - Free Report) was launched on June 28, 2004, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Growth segment of the US equity market.
The fund is sponsored by Blackrock. It has amassed assets over $3.93 billion, making it one of the larger ETFs attempting to match the Mid Cap Growth segment of the US equity market.
Why Mid Cap GrowthCompared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. Thus, companies that fall under this category provide a stable and growth-heavy investment.
Qualities of growth stocks include faster growth rates compared to the broader market, as well as higher valuations and higher than average sales and earnings growth rates. Additionally, growth stocks have a greater level of risk associated with them. Even though growth stocks are more likely to outperform their value counterparts in strong bull markets, value stocks have a record of delivering better returns in almost all markets than growth stocks.
CostsExpense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 0.61%.
Sector Exposure and Top HoldingsETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Information Technology sector -- about 33.8% of the portfolio. Industrials and Financials round out the top three.
Looking at individual holdings, Corning Inc (GLW) accounts for about 1.75% of total assets, followed by Seagate Technology Holdings Plc (STX) and Sandisk Corp (SNDK).
The top 10 holdings account for about 14.22% of total assets under management.
Performance and RiskIMCG seeks to match the performance of the MORNINGSTAR US MID CAP BROAD GROWTH INDX before fees and expenses. The Morningstar US Mid Cap Broad Growth Index comprises of mid-capitalization U.S. equities that exhibit growth characteristics.
The ETF return is roughly 21.79% so far this year and is up about 25.91% in the last one year (as of 06/19/2026). In the past 52-week period, it has traded between $76.01 and $97.01.
The ETF has a beta of 1.14 and standard deviation of 17.3% for the trailing three-year period. With about 273 holdings, it effectively diversifies company-specific risk.
AlternativesiShares Morningstar Mid-Cap Growth ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IMCG is an excellent option for investors seeking exposure to the Style Box - Mid Cap Growth segment of the market. There are other additional ETFs in the space that investors could consider as well.
The Vanguard Mid-Cap Growth Index Fund ETF Shares (VOT) and the iShares Russell Mid-Cap Growth ETF (IWP) track a similar index. While Vanguard Mid-Cap Growth Index Fund ETF Shares has $19.69 billion in assets, iShares Russell Mid-Cap Growth ETF has $20.51 billion. VOT has an expense ratio of 0.05% and IWP charges 0.23%.
Bottom-LineAn increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Latest State of Semiliquid Funds points to signs of a maturing market and highlights the importance of investor understanding as private market access expands.
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today released “The State of Semiliquid Funds 2026,” highlighting a rapidly evolving market approaching $600 billion in assets that is entering a new phase as investor demand shifts and key risks become more apparent.
The report finds that semiliquid, or “evergreen,” fund assets have more than doubled since 2022, following several years of growth fueled by private credit. More recently, however, demand for credit strategies has cooled sharply, redemptions are rising, and capital is rotating into private equity and venture capital funds. At the same time, early signs of fee competition are emerging as asset managers respond to increased scrutiny around costs.
“The semiliquid market has scaled rapidly on the back of investor enthusiasm, but over the past year it has begun to collide with questions about how these structures actually behave in practice,” said Jason Kephart, senior principal at Morningstar. “To effectively use private markets, we believe the focus should be on fundamentals, with investors taking a holistic view of how fees, leverage, and liquidity shape outcomes. Our independent research helps improve transparency and bring those trade-offs into focus.”
Key Findings
Semiliquid fund assets approached $600 billion as of March 2026.
Venture capital and private equity emerged as key growth drivers, with investors seeking exposure to high-profile AI and technology companies. Venture capital funds recorded approximately $8 billion in net inflows over the 12 months ended March 2026, while private equity inflows reached $14.5 billion. Private credit—previously the main growth engine—is losing momentum.
Concerns over software exposure and credit quality have dampened investor appetite, contributing to a roughly $1 billion dip in net assets for the category during the first quarter of 2026. High fees remain a core challenge for outperformance.
The average expense ratio for semiliquid funds is around 3%, significantly higher than traditional funds, and often excludes the full impact of incentive fees. Investors should also be aware that many complex fee structures continue to favor managers. Liquidity pressure is coming into focus.
Demand for redemptions has been rising, exposing the gap between limited withdrawal windows and hard-to-sell private assets. Most funds allow quarterly withdrawals, capped at 5%, which for some funds may not hold up when many investors try to exit at once. New pricing models could reshape how investors access private markets.
Blackstone, who dominates market share by assets, recently introduced a structure that gives 401(k) plans a choice between an incentive fee or a flat fee that may lead to lower expenses over time—an early indication that fee competition may be emerging, particularly in retirement channels. Few semiliquid funds earn strong ratings.
Morningstar rated 19 semiliquid funds last year, but only four received a forward-looking Medalist Rating of Bronze or Silver, reflecting Morningstar’s view that few funds are likely to outperform peers and public market equivalents after fees. The trends in the report underscore the view that access to private markets is only valuable if investors understand the management of funds in their portfolio. Yet a significant knowledge gap remains, with just 16% of financial advisors saying they are “very familiar” with semiliquid fund structures1. Morningstar’s research and semiliquid fund ratings aim to promote greater transparency and a more consistent language for investors and advisors to compare fees, liquidity, leverage, and potential outcomes.
Read the full State of Semiliquid Funds 2026 report here.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
Morningstar’s Manager Research Group
Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar Manager Research provides independent, fundamental analysis on managed investment strategies. Morningstar views are expressed in the form of Morningstar Medalist Ratings, which are derived through research of three key pillars—People, Process, and Parent. The Morningstar Medalist Rating is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. A global research team issues detailed research reports on strategies that span vehicle, asset class, and geography.
Medalist Ratings are not statements of fact, nor are they credit or risk ratings, and should not be used as the sole basis for investment decisions. A Medalist Rating is not intended to be nor is a guarantee of future performance. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities.
PitchBook's data powers Samaya AI's Expert AI Agent Platform — delivering accurate, auditable private market insights into a single workflow
SEATTLE--(BUSINESS WIRE)--PitchBook, the leading private capital market intelligence platform, today announced a premium partnership with Samaya AI, the Expert AI Agent Platform for financial services. PitchBook's trusted data is now natively integrated into Samaya AI through Q&A prompts and agent workflows, so investment professionals can access private market intelligence where they already work, with no platform-switching required.
The integration pairs the breadth of PitchBook's data on private companies, investors, deals, and funds with Samaya AI's leading system of large language models and purpose-built small models. PitchBook’s intelligence is synthesized alongside broker research and filings — enabling long-context analysis at scale and giving customers comprehensive coverage of private markets with full traceability back to the source.
With this integration, investment professionals can:
Surface private company profiles including funding history, ownership, and key investors. Run deal comparisons and transaction searches for benchmarking and due diligence. Prepare for management meetings by combining PitchBook's structured data with internal notes and research. Source transaction multiples with full auditability back to primary deal-level sources. "The data grounding AI has never mattered more, and neither has knowing where it comes from. This partnership closes the gap between speed and defensibility, bringing full traceability back to primary sources," said Tom Van Buskirk, Executive Vice President of Technology and Engineering at PitchBook. "By combining PitchBook's trusted data and insights with Samaya's expert-quality outputs, professionals get answers they can act on and defend, without leaving the workflow they're already in."
"One of the core advantages of Samaya is our ability to retrieve the right data an agent needs, across both our customers' proprietary sources and the third-party datasets their work depends on. That's what unlocks high-quality, end-to-end agentic workflows. PitchBook sets the standard for private markets data and insights, and this integration brings that depth directly into our customers' work in Samaya," said Suharsh Sivakumar, Head of Engineering at Samaya AI.
The Samaya AI integration marks the latest milestone in PitchBook's expanding network of AI partnerships, which include Anthropic, Hebbia, Model ML, OpenAI, Perplexity and Rogo. Together, these collaborations extend PitchBook's intentional approach to working across the AI ecosystem, bringing trusted private market intelligence to professionals wherever they choose to work.
To learn more about PitchBook's AI partnerships, click here.
About PitchBook, a Morningstar company
As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc.
For more information, visit www.pitchbook.com.
About Samaya AI
Samaya AI builds AI Agents for financial professionals, supporting high stakes investment workflows across leading financial institutions. By training a custom AI Architecture for state of the art financial reasoning, Samaya helps experts go from global information to investment conviction.
The rebrand of the CRSP indexes, with over $3 trillion in AUM benchmarked, solidifies Morningstar’s position as one of the top tier index providers and is an important new milestone in the CRSP integration.
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, has reached a new milestone in its previously completed acquisition of the Center for Research in Security Prices (CRSP) from the University of Chicago, announcing the rebrand of the CRSP Market Indexes to reflect the Morningstar brand.
The CRSP Market Indexes, which underpin a range of popular mutual funds and ETFs including the Vanguard Total Stock Market Index Fund (VTSAX and VTI) and Vanguard Mid-Cap Index Fund (VIMAX and VO), will be renamed to be consistent with Morningstar’s broad range of global public and private market indexes. For example, the CRSP US Total Market Index, which underpins the Vanguard Total Stock Market Index Fund and Vanguard Total Stock Market ETF, will become the Morningstar US Total Market Index.
A full list of CRSP Market Indexes changing names can be found here. Name changes are expected to become effective in late July. The indexes will continue to follow their current methodology, and there will be no disruption to clients.
The recent acquisition of CRSP by Morningstar brought the CRSP Market Indexes, benchmarks for over $3 trillion in U.S. equities spanning market capitalizations, investment styles, and sectors, into the Morningstar Indexes family, making Morningstar the leading provider of broad US-equity benchmarks that cover the entire market and are the mainstay of retirement plans in the US. Long favored and popularized by the late Jack Bogle for their comprehensive coverage of the “total market,” their unique methodology has been shown to help lower transaction costs for investors.
“The addition of CRSP has furthered our efforts to disrupt the costly, entrenched index industry with indexes that deliver more value at global scale to help benefit investors. We are proud to put our name on these highly respected benchmarks,” said Morningstar CEO Kunal Kapoor. “We are excited to continue building on our collaboration with the team at Vanguard, who share our mission of providing efficient, low-cost, high-quality index-based investment strategies, and to offer the highly respected CRSP market indexes and data sets to an even broader set of clients.”
Added Amelia Furr, president of Morningstar Indexes, “Now with over $4.2 trillion in assets linked to our benchmarks, including over 370 investment products, Morningstar offers an expansive alternative to legacy index providers. Adding the Morningstar brand to the CRSP indexes is another step in growing global visibility for this high-quality methodology. We are committed to scaling our U.S. index capabilities and extending our reach to more clients across the market and investing ecosystem.”
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $369 billion in AUMA as of Sept. 30, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.
About Morningstar Indexes
Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP’s Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar’s equity benchmark and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "will," "aim," "committed," "consider," "future," "goal," "is designed to," "maintain," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. More information about factors that could affect Morningstar's business and financial results, including, among others, failing to complete the rebranding effort described in this press release on a timely basis or at all, are in our filings with the SEC, including our most recent reports on Forms 8-K, 10-K and 10-Q. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law.
CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported increased revenues in the first quarter of 2026 with sustained momentum in profitability growth.
“In the first quarter, we created significant value, growing operating and adjusted operating income by more than 30%, while reducing shares outstanding by roughly 4% for a total of more than 10% over the past 12 months,” said Kunal Kapoor, Morningstar’s CEO. “On the product front, we introduced new proprietary intellectual property, including PitchBook's daily valuation estimates for venture capital-backed companies and public-market-style research on leading private firms.”
The Company's quarterly shareholder letter provides more context on its quarterly results and business performance and can be found at shareholders.morningstar.com.
First-Quarter 2026 Financial Highlights
Reported revenue increased 10.8% to $644.8 million compared to the prior-year period; organic revenue increased 7.6%. Reported operating income increased 36.6% to $155.9 million; adjusted operating income increased 31.9%. Diluted net income per share increased 50.0% to $2.73; adjusted diluted net income per share increased 42.6% to $3.18. Cash provided by operating activities was roughly flat at $91.5 million; free cash flow decreased 8.8% to $53.6 million. Share repurchases totaled 1,723,412 shares for $300.0 million. First-Quarter 2026 Results
Revenue increased 10.8% to $644.8 million on a reported basis and 7.6% on an organic basis versus the prior-year period. Morningstar Credit, Morningstar Direct Platform, and PitchBook were the largest contributors to organic revenue growth.
Operating expense increased 4.7% to $489.8 million versus the prior-year period. The largest contributor to higher operating expense was a $7.6 million increase in compensation costs, primarily driven by unfavorable currency translation related to US dollar weakness. Higher amortization costs, primarily due to the acquisition of the Center for Research in Security Prices (CRSP), which closed in the quarter, and increased technology infrastructure costs also contributed.
First-quarter operating income increased 36.6% to $155.9 million. Adjusted operating income was $178.6 million, an increase of 31.9%. First-quarter operating margin was 24.2%, compared with 19.6% in the prior-year period. Adjusted operating margin was 27.7% in the first quarter of 2026, versus 23.3% in the prior-year period. The acquisition of CRSP was accretive to adjusted operating margin in the quarter.
Net income in the first quarter of 2026 was $107.1 million, or $2.73 per diluted share, compared with net income of $78.5 million, or $1.82 per diluted share, in the prior-year period, an increase of 50.0% on a per diluted share basis. Adjusted diluted net income per share increased 42.6% to $3.18 in the first quarter of 2026, compared with $2.23 in the prior-year period.
The Company's effective tax rate was 24.4% in the first quarter of 2026 compared to 25.9% in the prior-year period.
Segment Highlights
Morningstar Direct Platform
Morningstar Direct Platform contributed $215.2 million to consolidated revenue and $16.0 million to consolidated revenue growth, with revenue increasing 8.0% compared to the prior-year period, or 5.0% on an organic basis. Higher revenue was primarily driven by Morningstar Data and Morningstar Direct. The increase in Morningstar Data was driven in part by expansion with existing clients supported by new use cases, with continued strength in managed investment data and Morningstar Essentials products. Morningstar Direct growth reflected increased revenue per license and expansion with existing clients in reporting solutions, despite a decline of 1.8% in Direct licenses compared with the prior-year period as some client workflows shifted.
Morningstar Direct Platform adjusted operating income increased 4.5% to $91.0 million, and adjusted operating margin decreased 1.4 percentage points to 42.3%, due in part to a shift of additional research and sales resources to support Direct Platform growth priorities, partially offset by targeted reorganizations in the fourth quarter of 2025.
PitchBook
PitchBook contributed $172.4 million to consolidated revenue and $8.7 million to consolidated revenue growth, with revenue increasing 5.3% compared to the prior-year period, or 4.8% on an organic basis. Revenue growth was primarily driven by the PitchBook platform with strength in the direct data business, which continued to expand from a smaller base. The increase in PitchBook revenue reflected contributions from its core investor and advisor client segments, although growth slowed, especially in venture capital, while the corporate client segment continued to experience softness. Licensed user counts were relatively flat compared to the prior-year period, reflecting the addition of new logos offset by churn within the corporate segment.
PitchBook adjusted operating income decreased 1.3% to $51.6 million, and adjusted operating margin decreased 2.0 percentage points to 29.9%. The decline in adjusted operating margin was due in part to higher advertising expenses and an increase in compensation costs, which included the impact of additional headcount to support new growth initiatives.
Morningstar Credit
Morningstar Credit contributed $101.0 million to consolidated revenue and $28.0 million to consolidated revenue growth, with revenue increasing 38.4% compared to the prior-year period, or 34.3% on an organic basis, supported by a robust issuance market. Revenue grew across geographies and asset classes, with particular strength in Canadian and European corporates and US structured finance ratings revenue. Organic revenue growth excludes revenue associated with DealX for the first two months of the quarter, and foreign currency impact.
Morningstar Credit adjusted operating income increased 92.5% to $41.2 million, and adjusted operating margin increased 11.5 percentage points to 40.8%. The increase in adjusted operating income and margin reflected higher revenue, partially offset by higher compensation costs. The increase in compensation was primarily driven by higher salaries and benefits due to increases in headcount to support growth.
Morningstar Wealth
Morningstar Wealth contributed $58.0 million to consolidated revenue and negative $3.3 million to consolidated revenue growth, with revenue decreasing 5.4% compared to the prior-year period, or 1.6% on an organic basis. Organic revenue excluded interim services fees received from AssetMark associated with the Company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Reported and organic revenue included a $5.5 million negative impact from the sunsetting of Morningstar Office, which was partially offset by growth in ad sales and Investment Management, which grew on an organic basis.
Reported assets under management and advisement (AUMA) decreased 5.3% to $60.4 billion compared with the prior-year period. Excluding the impact of the loss of an Asset Allocation Services client, which accounted for a negligible share of Investment Management revenue, AUMA increased compared to the prior-year period, supported by market appreciation and positive net flows to Morningstar Model Portfolios offered on third-party platforms and the International Wealth Platform.
Morningstar Wealth adjusted operating income was $5.6 million compared to a $0.8 million loss in the prior-year period, and adjusted operating margin was 9.7% compared with negative 1.3% in the prior-year period.
Morningstar Retirement
Morningstar Retirement contributed $38.8 million to consolidated revenue and $5.9 million to consolidated revenue growth. Revenue increased 17.9% on a reported and organic basis. AUMA increased 11.7% to $310.0 billion compared with the prior-year period, primarily due to market gains and supported by positive net flows to traditional and Advisor Managed Accounts.
Morningstar Retirement adjusted operating income increased 35.6% to $19.8 million, and adjusted operating margin increased 6.6 percentage points to 51.0%. Adjusted operating income included the impact of a discrete expense related to a correction of a client's participant accounts.
Corporate and All Other
Revenue attributable to Corporate and All Other contributed $59.4 million to consolidated revenue and $7.6 million to consolidated revenue growth, with reported revenue increasing 14.7%, or decreasing 8.1% on an organic basis, compared to the prior-year period. Organic revenue growth excludes revenue associated with CRSP and foreign currency impact.
Morningstar Sustainalytics revenue declined on a reported and organic basis primarily due to the retirement of the second party opinions product. Morningstar Indexes revenue was roughly flat on an organic basis.
The impact of Corporate and All Other on consolidated adjusted operating income was negative $30.6 million compared with negative $39.2 million in the prior-year period, primarily due to improved profitability for Morningstar Indexes, including the impact of the CRSP acquisition.
Balance Sheet and Capital Allocation
As of March 31, 2026, the Company had cash, cash equivalents, and investments totaling $532.2 million and $1,712.8 million of debt, compared with $528.7 million and $1,072.6 million, respectively, as of Dec. 31, 2025.
Cash provided by operating activities was roughly flat at $91.5 million, as higher cash earnings were offset by increases in working capital and higher cash taxes paid. Free cash flow decreased 8.8% to $53.6 million in the first quarter of 2026 reflecting an increase in capital expenditures compared to the prior-year period due in part to spending related to office refreshes across geographies.
During the quarter, the Company increased its debt by $640.0 million, net, spent $359.6 million on the CRSP acquisition, net of cash acquired, repurchased $300.0 million of its shares, and paid $19.9 million in dividends.
2026 Annual Meeting of Shareholders
The Company's 2026 Annual Meeting of Shareholders will be held at 9 a.m. Central Time on Thursday, May 7, at Morningstar's corporate headquarters at 22 W. Washington St. in Chicago. Registration details are available at shareholders.morningstar.com. The meeting will cover the official business described in Morningstar's 2026 proxy statement and include presentations from members of Morningstar's management team, along with a live question and answer session open to participants both in-person and online. New at this year's meeting, the Company has expanded the time available for product demonstrations, which will be available to in-person attendees before and after the formal meeting.
Use of Non-GAAP Financial Measures
Organic revenue, adjusted operating income (loss), adjusted operating margin, adjusted diluted net income per share, and free cash flow are non-GAAP financial measures. The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the Company to comparable GAAP measures and an explanation of why the Company uses them.
Investor Communication
Morningstar encourages all interested parties — including securities analysts, current shareholders, potential shareholders, and others — to submit questions in writing. Investors and others may send questions about Morningstar’s business to [email protected]. Morningstar will make written responses to selected inquiries available to all investors at the same time in Form 8-Ks furnished to the Securities and Exchange Commission (the SEC), on a monthly basis, with the exception of months when it releases earnings.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, failing to achieve the anticipated benefits of the CRSP acquisition; failing to maintain and protect our brand, independence, and reputation; failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses; compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies on our business and reputation, as well as legal and reputational risks as they are incorporated into our products and tools; failing to detect errors in our products or methodology of our products performing improperly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; inadequacy of our operational risk management and business continuity programs to address materially disruptive events; our strategic transactions, acquisitions, divestitures and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; triggering events for impairment of goodwill or assets; failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; failing to recognize deferred revenue; liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; the potential adverse effect of our indebtedness (and rising interest rates) on our cash flow and financial and operational flexibility; liability, regulatory scrutiny, costs and reputational risks relating to environmental, social, and governance considerations; our dependence on third-party service providers in our operations; inadequacy of our insurance coverage; challenges in accounting for tax complexities in the global jurisdictions we operate in could materially affect our tax obligations and tax rates; the potential impact of vendor consolidation and clients' strategic decisions to replace our products and services with in-house products and services; our ability to build and maintain short-term and long-term shareholder value and pay dividends to our shareholders; our ability to repurchase shares of our common stock; our ability to maintain existing business and renewal rates and to gain new business; the impact of recently issued accounting pronouncements on our consolidated financial statements and related disclosure; volatility in our stock price due to market conditions; any future sales of common stock and fluctuations in our operating results; and failing to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties, among others, can be found in our filings with the SEC, including our most recent Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Morningstar in any jurisdiction.
Unaudited Condensed Consolidated Statements of Income
Three months ended March 31,
(in millions, except per share amounts)
2026
2025
Change
Revenue
$
644.8
$
581.9
10.8
%
Operating expense:
Cost of revenue
238.9
231.4
3.2
%
Sales and marketing
115.2
112.6
2.3
%
General and administrative
84.0
76.5
9.8
%
Depreciation and amortization
51.7
47.3
9.3
%
Total operating expense
489.8
467.8
4.7
%
Other operating income
0.9
—
NMF
Operating income
155.9
114.1
36.6
%
Operating margin
24.2
%
19.6
%
4.6 pp
Non-operating income (expense), net:
Interest expense, net
(13.7
)
(5.4
)
NMF
Other income (expense), net
(0.4
)
(0.2
)
NMF
Non-operating income (expense), net
(14.1
)
(5.6
)
NMF
Income before income taxes and equity in investments of unconsolidated entities
141.8
108.5
30.7
%
Equity in investments of unconsolidated entities
(0.1
)
(2.6
)
NMF
Income tax expense
34.6
27.4
26.3
%
Consolidated net income
$
107.1
$
78.5
36.4
%
Net income per share:
Basic
$
2.74
$
1.83
49.7
%
Diluted
$
2.73
$
1.82
50.0
%
Weighted average shares outstanding:
Basic
39.1
42.8
Diluted
39.3
43.1
NMF - Not meaningful, pp - percentage points
Morningstar, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions)
As of March 31, 2026
(unaudited)
As of December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$
492.8
$
474.5
Investments
39.4
54.2
Accounts receivable, net
402.6
390.4
Income tax receivable
15.4
16.2
Other current assets
113.1
102.7
Total current assets
1,063.3
1,038.0
Goodwill
1,747.2
1,610.8
Intangible assets, net
591.4
379.3
Property, equipment, and capitalized software, net
234.8
231.9
Operating lease assets
166.0
159.0
Investments in unconsolidated entities
50.3
50.3
Deferred tax assets
86.0
78.7
Other assets
47.3
42.2
Total assets
$
3,986.3
$
3,590.2
Liabilities and equity
Current liabilities:
Deferred revenue
$
669.3
$
586.1
Accrued compensation
144.9
294.2
Accounts payable and accrued liabilities
104.6
97.9
Operating lease liabilities
42.7
41.8
Current portion of long-term debt
18.2
—
Income tax payable
43.1
24.0
Other current liabilities
7.9
9.3
Total current liabilities
1,030.7
1,053.3
Operating lease liabilities
151.0
146.7
Accrued compensation
20.3
20.1
Deferred tax liabilities
21.5
27.2
Long-term debt
1,694.6
1,072.6
Income tax payable
13.8
13.1
Other long-term liabilities
35.7
35.3
Total liabilities
2,967.6
2,368.3
Total equity
1,018.7
1,221.9
Total liabilities and equity
$
3,986.3
$
3,590.2
Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
Three months ended March 31,
(in millions)
2026
2025
Operating activities
Consolidated net income
$
107.1
$
78.5
Adjustments to reconcile consolidated net income to net cash flows from operating activities
51.8
53.5
Changes in operating assets and liabilities, net
(67.4
)
(41.0
)
Cash provided by operating activities
91.5
91.0
Investing activities
Capital expenditures
(37.9
)
(32.2
)
Acquisitions, net of cash acquired
(359.6
)
(38.5
)
Purchases of investments in unconsolidated entities
(0.1
)
(1.2
)
Other, net
13.2
1.2
Cash used for investing activities
(384.4
)
(70.7
)
Financing activities
Common shares repurchased
(300.0
)
(109.6
)
Dividends paid
(19.9
)
(19.5
)
Repayments of debt
(30.0
)
(40.0
)
Proceeds from debt
670.0
145.0
Other, net
(3.2
)
—
Cash provided by (used for) financing activities
316.9
(24.1
)
Effect of exchange rate changes on cash and cash equivalents
(5.7
)
12.6
Net increase in cash and cash equivalents
18.3
8.8
Cash and cash equivalents-beginning of period
474.5
502.7
Cash and cash equivalents-end of period
$
492.8
$
511.5
Morningstar, Inc. and Subsidiaries
Supplemental Data (Unaudited)
Three months ended March 31,
(in millions)
2026
2025
Change
Organic
Morningstar Direct Platform
Revenue
$
215.2
$
199.2
8.0
%
5.0
%
Adjusted Operating Income
$
91.0
$
87.1
4.5
%
Adjusted Operating Margin
42.3
%
43.7
%
(1.4) pp
PitchBook
Revenue
$
172.4
$
163.7
5.3
%
4.8
%
Adjusted Operating Income
$
51.6
$
52.3
(1.3)
%
Adjusted Operating Margin
29.9
%
31.9
%
(2.0) pp
Morningstar Credit
Revenue
$
101.0
$
73.0
38.4
%
34.3
%
Adjusted Operating Income
$
41.2
$
21.4
92.5
%
Adjusted Operating Margin
40.8
%
29.3
%
11.5 pp
Morningstar Wealth
Revenue
$
58.0
$
61.3
(5.4)
%
(1.6)
%
Adjusted Operating Income (Loss)
$
5.6
$
(0.8
)
NMF
Adjusted Operating Margin
9.7
%
(1.3)
%
11.0 pp
Morningstar Retirement
Revenue
$
38.8
$
32.9
17.9
%
17.9
%
Adjusted Operating Income
$
19.8
$
14.6
35.6
%
Adjusted Operating Margin
51.0
%
44.4
%
6.6 pp
Consolidated Revenue
Total Reportable Segments
$
585.4
$
530.1
10.4
%
Corporate and All Other (1)
59.4
51.8
14.7
%
Total Revenue
$
644.8
$
581.9
10.8
%
7.6
%
Consolidated Adjusted Operating Income
Total Reportable Segments
$
209.2
$
174.6
19.8
%
Less: Corporate and All Other (2)
(30.6
)
(39.2
)
NMF
Adjusted Operating Income
$
178.6
$
135.4
31.9
%
Adjusted Operating Margin
27.7
%
23.3
%
4.4 pp
(1) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $26.6 million and $28.8 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $32.8 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively.
(2) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the first quarters of 2026 and 2025, unallocated corporate expenses were $41.8 million in each period. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.
Morningstar, Inc. and Subsidiaries
Supplemental Data (Unaudited)
As of March 31,
AUMA (approximate) ($bil)
2026
2025
Change
Morningstar Retirement
Managed Accounts
$
191.7
$
162.8
17.8
%
Fiduciary Services
73.5
65.6
12.0
%
Custom Models/CIT
44.8
49.2
(8.9)
%
Morningstar Retirement (total)
$
310.0
$
277.6
11.7
%
Investment Management
Morningstar Model Portfolios (1)
$
51.9
$
44.5
16.6
%
Institutional Asset Management
5.9
6.9
(14.5)
%
Asset Allocation Services
2.6
12.4
(79.0)
%
Investment Management (total)
$
60.4
$
63.8
(5.3)
%
Asset value linked to Morningstar Indexes ($bil) (2)
$
3,170.1
$
208.7
NMF
Three months ended March 31,
2026
2025
Change
Average AUMA ($bil)
$
374.2
$
339.8
10.1
%
(1) Includes AUMA in Morningstar Model Portfolios and assets on the International Wealth Platform invested in third-party model portfolios.
(2) Includes $2.9 trillion of assets linked to CRSP indexes as of March 31, 2026.
Morningstar, Inc. and Subsidiaries
Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited)
To supplement Morningstar’s condensed consolidated financial statements presented in accordance with US Generally Accepted Accounting Principles (GAAP), Morningstar uses the following measures considered as non-GAAP by the SEC, including:
"Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations. "Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisition, and divestiture-related activity which, when applicable, may include certain non-recurring expenses such as pre-deal due diligence, transaction costs, contingent consideration, severance, and post-close integration costs (M&A-related expenses), and (3) certain other one-time, non-recurring items which management does not consider when evaluating ongoing performance (other non-recurring items). "Adjusted Operating Margin" is operating margin excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. "Adjusted Diluted Net Income Per Share" is consolidated diluted net income per share excluding (1) intangible amortization expense, (2) M&A-related expenses, (3) other non-recurring items, and (4) non-operating gains and losses. "Free Cash Flow" is cash provided by or used for operating activities less capital expenditures. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should not be considered an alternative to any measure of performance promulgated under GAAP.
Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. Morningstar excludes revenue from acquired businesses from its organic revenue growth calculation for a period of 12 months after it completes the acquisition. For divestitures (including sale of assets), Morningstar excludes revenue in the prior-year period for which there is no comparable revenue in the current period.
Morningstar presents adjusted operating income (loss), adjusted operating margin, and adjusted diluted net income per share to better reflect period-over-period comparisons, and improve overall understanding of the underlying performance of the business absent the impact of intangible amortization expense, M&A-related expenses, and certain other one-time, non-recurring items.
In addition, Morningstar presents free cash flow as a supplemental disclosure to help investors better understand how much cash is available after making capital expenditures. Morningstar's management team uses free cash flow to evaluate the health of its business.
Three months ended March 31,
(in millions)
2026
2025
Change
Reconciliation from consolidated revenue to organic revenue:
Consolidated revenue
$
644.8
$
581.9
10.8
%
Acquisitions
(10.5
)
—
NMF
Divestitures
(3.0
)
(7.6
)
NMF
Effect of foreign currency translations
(13.5
)
—
NMF
Organic revenue
$
617.8
$
574.3
7.6
%
Reconciliation from consolidated operating income to adjusted operating income:
Consolidated operating income
$
155.9
$
114.1
36.6
%
Intangible amortization expense
19.0
14.4
31.9
%
M&A-related expenses
4.6
6.9
(33.3
)%
Other non-recurring items
(0.9
)
—
NMF
Adjusted operating income
$
178.6
$
135.4
31.9
%
Reconciliation from consolidated operating margin to adjusted operating margin:
Consolidated operating margin
24.2
%
19.6
%
4.6 pp
Intangible amortization expense
2.9
%
2.5
%
0.4 pp
M&A-related expenses
0.7
%
1.2
%
(0.5) pp
Other non-recurring items
(0.1
)%
—
%
(0.1) pp
Adjusted operating margin
27.7
%
23.3
%
4.4 pp
Reconciliation from consolidated diluted net income per share to adjusted diluted net income per share:
Consolidated diluted net income per share
$
2.73
$
1.82
50.0
%
Intangible amortization expense
0.36
0.25
44.0
%
M&A-related expenses
0.09
0.12
(25.0
)%
Other non-recurring items
(0.02
)
—
NMF
Non-operating (gains) losses
0.02
0.04
(50.0
)%
Adjusted diluted net income per share
$
3.18
$
2.23
42.6
%
Reconciliation from cash provided by operating activities to free cash flow:
The iShares Morningstar Small-Cap Value ETF (ISCV - Free Report) was launched on June 28, 2004, and is a passively managed exchange traded fund designed to offer broad exposure to the Small Cap Value segment of the US equity market.
The fund is sponsored by Blackrock. It has amassed assets over $637.54 million, making it one of the average sized ETFs attempting to match the Small Cap Value segment of the US equity market.
Why Small Cap ValueThere's a lot of potential to investing in small cap companies, but with market capitalization below $2 billion, that high potential comes with even higher risk.
Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.
CostsInvestors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.93%.
Sector Exposure and Top HoldingsIt is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector -- about 24% of the portfolio. Industrials and Consumer Discretionary round out the top three.
Looking at individual holdings, Cf Industries Holdings Inc (CF) accounts for about 0.72% of total assets, followed by Alcoa Corp (AA) and Ovintiv Inc (OVV).
The top 10 holdings account for about 5.68% of total assets under management.
Performance and RiskISCV seeks to match the performance of the MORNINGSTAR US SML CP BRD VLUE EXTD INDX before fees and expenses. The Morningstar US Small Cap Broad Value Extended Index comprises of small-capitalization U.S. equities that exhibit value characteristics.
The ETF has added roughly 7.43% so far this year and is up about 31.02% in the last one year (as of 04/30/2026). In the past 52-week period, it has traded between $56.87 and $74.68.
The ETF has a beta of 1.02 and standard deviation of 19.57% for the trailing three-year period. With about 1079 holdings, it effectively diversifies company-specific risk.
AlternativesiShares Morningstar Small-Cap Value ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, ISCV is an excellent option for investors seeking exposure to the Style Box - Small Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares Russell 2000 Value ETF (IWN) and the Vanguard Small-Cap Value Index Fund ETF Shares (VBR) track a similar index. While iShares Russell 2000 Value ETF has $13.20 billion in assets, Vanguard Small-Cap Value Index Fund ETF Shares has $34.30 billion. IWN has an expense ratio of 0.24% and VBR charges 0.05%.
Bottom-LinePassively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Integration advances Morningstar and PitchBook’s vision of trusted, analyst‑backed intelligence in AI‑powered research workflows
CHICAGO & SEATTLE--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, and PitchBook, a Morningstar company and a leading private capital market intelligence provider, today announced a new integration with Perplexity that broadens access to Morningstar and PitchBook data, research, and intelligence through Perplexity’s AI platform.
Through these Model Context Protocol (MCP) integrations, eligible users can incorporate Morningstar- and PitchBook-backed intelligence directly into their research workflows within Perplexity and Perplexity Computer, where they can move from questions to carrying out multi-step research tasks with trusted context. The experience pairs natural-language search with citation-based responses, drawing on the breadth of Morningstar and PitchBook’s analyst-driven investment research across public and private markets. This supports more efficient research by helping investors and financial advisors swiftly find and use trusted information in AI-enabled workflows.
“Our focus is on delivering independent, analyst‑backed intelligence in ways that align with how investors and financial professionals work today,” said Adam Wheat, head of Data & Research Solutions, chief technology officer for Direct Platform at Morningstar. “By making Morningstar and PitchBook content available in Perplexity, we’re extending the reach of our data and research while maintaining the rigor investors require to act with confidence when it matters most.”
Perplexity’s focus is accurate AI, bringing users citation-based answers and, through Perplexity Computer, the ability to complete more complex research workflows with relevant context. This aligns closely with Morningstar’s longstanding commitment to investor trust and informed decision-making. Integrating Morningstar and PitchBook intelligence into this environment helps users answer questions about investment vehicles and develop perspectives that are grounded in Morningstar’s independent research and professional-grade data they can defend and trust.
The collaboration reflects Morningstar and PitchBook’s broader AI strategy designed to reshape how investment intelligence is delivered and consumed. Key areas of focus include scaling AI alongside human expertise, embedding AI into workflows where investment decisions get made, and delivering proprietary data and intellectual property through channels clients use. Together, these efforts position Morningstar and PitchBook as the grounding source that investors and financial professionals use, supporting better-informed investment decisions while maintaining the independence and governance standards central to their approach.
“The way investment research is conducted is evolving, and the data powering it has never mattered more,” said Tom Van Buskirk, executive vice president of technology and engineering at PitchBook. “When financial professionals need a source of truth in private and public markets, they come to us. By integrating with platforms like Perplexity, we’re bringing Morningstar and PitchBook intelligence to the center of the AI tools investors already rely on.”
To learn more about PitchBook’s Premium Connector, click here. To learn more about Morningstar Direct AI Solutions, click here.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
About PitchBook, a Morningstar company
As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. For more information, visit www.pitchbook.com.
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Industry-first collaboration between two experienced managed accounts providers aims to bring enhanced personalization to retirement plan participants May 11, 2026 10:00 ET | Source: Stadion Money Management
WATKINSVILLE, Ga., May 11, 2026 (GLOBE NEWSWIRE) -- Stadion Money Management (“Stadion”), a pioneer in retirement managed account services and technology, today announced a strategic collaboration with Morningstar Retirement to offer Stadion Managed Accounts powered by Morningstar Retirement through Lincoln Financial’s Retirement Plan Services.
The offering combines Stadion’s professional portfolio management capabilities with Morningstar Retirement’s personalization technology to help deliver more tailored investment offerings for plan participants. The offering is available to plans on Lincoln Financial’s Alliance platform.
“We’re combining our decades of professional money management experience with Morningstar Retirement’s personalization engine to deliver a new retirement managed account service,” said Duane Bernt, CEO at Stadion Money Management. “Lincoln Financial’s commitment to innovation makes them the ideal platform for this innovative collaboration.”
“We're excited to bring together two industry leaders to create something new for the retirement market,” said Brock Johnson, President at Morningstar Retirement.
“This launch reflects Lincoln Financial’s continued commitment to delivering innovative solutions that help drive better retirement outcomes for plan participants,” said Jason Crane, President of Lincoln Retirement Plan Services. “This service brings together strong, complementary capabilities from respected industry leaders to support more tailored retirement outcomes for participants.”
Stadion Managed Accounts powered by Morningstar Retirement is now available to eligible retirement plans on the Lincoln Financial Alliance platform. Plan sponsors interested in learning more should contact their Lincoln Financial representative.
About Stadion Money Management
Founded in 1993 and headquartered near Athens, Georgia, Stadion is a wholly owned subsidiary of Smart USA. Stadion partners with financial professionals, asset managers, and recordkeepers to deliver retirement plan and participant-level investment solutions. Stadion Money Management, LLC ("Stadion") is a registered investment adviser under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. More information about Stadion, including fees, can be found in Stadion's ADV Part 2, which is available free of charge. Please visit stadionmoney.com.
About Morningstar Retirement
Morningstar Retirement empowers investor success by providing research- and technology-driven products and services that help individuals reach their retirement goals. With advisory services provided by Morningstar Investment Management LLC, Morningstar Retirement supports and collaborates with workplace retirement plans and other industry players to differentiate their services, stay competitive, and reach new markets, all in service of building a better retirement system.
Morningstar Retirement not only helps people save for the retirement they want but helps them make their money last once they get there. For more information, visit https://www.morningstar.com/business/brands/retirement.
About Lincoln Financial
Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of December 31, 2025, the company had $349 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
SMM-2605-11
Contact Data Media Contact for Stadion: Gordon Lamb
On May 18, 2026, Morningstar Inc (MORN) shares rose 4.0% today to a current price of $177.07. The stock has experienced significant volatility over the past yea
CHICAGO--(BUSINESS WIRE)--Morningstar Credit Analytics, a wholly owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today launched Corporate Credit Analytics, a new set of tools designed to bring greater transparency and consistency to private credit analysis.
“Private credit decisions are still shaped by incomplete and inconsistent information. That distortion makes it harder to compare risk and defend decisions,” said Brian Grow, president of Morningstar Credit Analytics. “Corporate Credit Analytics replaces public-market comparisons with aggregated private‑company data. Credit teams can now have a common, data-driven, and defensible framework to help evaluate and benchmark borrower performance, from initial underwriting and portfolio surveillance through investment committee and fund investor reporting.”
According to PitchBook’s 2025 Annual Global Private Debt Report, private credit has grown to more than $2.5 trillion in assets, yet it remains structurally opaque. As reliance on issuer‑specific assumptions grows, institutional investors and regulators have raised concerns about how risk is measured, compared, and communicated.
A Standardized Framework for Private Credit Analysis
Corporate Credit Analytics is built to address a growing challenge in private credit analysis: fragmented, non-comparable data, a gap the Financial Stability Board identified in its 2026 private credit report. The platform brings three tools together designed to create consistent, comparable credit analysis:
Data Explorer surfaces aggregates of real company financial statements and loan-level data sourced from private company disclosures, rather than public comparables. The data set includes approximately 80 metrics spanning financial statements, debt schedules, covenant thresholds, credit estimates, and key credit ratios including EBITDA to interest expense, debt to EBITDA, cash flow to debt, leverage, and liquidity. Data Overview provides configurable visualizations of trends, ratio distributions, and key performance metrics across private credit rating categories and industries, supporting portfolio insights and effective communication with investment committees and stakeholders. The Credit Estimate Tool generates ratings-aligned credit risk scores for private and limited-disclosure borrowers using methodologies consistent with Morningstar DBRS frameworks. Outputs are mapped to familiar rating categories and benchmarked against aggregated segment statistics by industry, region, and credit quality. “With real financials, loan-level information, and credit estimate scoring in one place, users can now evaluate risk at a level that hasn’t been possible before,” Grow said.
Built for Institutional Credit Market Participants
Corporate Credit Analytics is designed for institutional users across the private credit ecosystem, including direct lenders, portfolio managers, CLO managers and structurers, bank credit teams, debt capital markets professionals, and ratings advisory functions. Use cases span underwriting, portfolio construction, fund investor communications, securitization, rating agency engagement, and ongoing surveillance—intended to help credit teams move faster and maintain consistency across investment committees, fund investors, and regulators. Users can access data and insights through the Morningstar Credit Analytics platform or via APIs, with upcoming Model Context Protocol (MCP)-enabled connectivity for AI-driven and agentic workflows.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.
About Morningstar Credit
Morningstar Credit provides credit ratings, research, data, and analytics solutions that support transparency in global credit markets. Morningstar Credit includes Morningstar DBRS and Morningstar Credit Analytics. For more information, visit credit.morningstar.com.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “ consider,” “future,” “maintain,” “may,” “expect,” “potential,” “anticipate,” “believe,” “continue,” “will,” “intend”, “aim” or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among other things, failing to innovate our product and service offerings or anticipate our clients’ changing needs. A more complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission (SEC), including our most recent Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information or future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our filings with the SEC on Forms 10-K, 10-Q and 8-K.
