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Morningstar MORN

Morningstar scores good on business quality (7.4 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$204.45Oct 10, 2026
Business qualityGood
Next earningsOct 28, 2026
Insiders, 90 daysSelling

Why it matters

  1. What Morningstar does

    Morningstar sells independent investment research and data to individual investors, advisors, and institutional asset managers via software subscriptions and license fees. The business expands its platform reach through ongoing digital product rollouts and data acquisitions.

  2. What it does best

    Morningstar locks in financial advisors and asset managers through deep workflow integration and proprietary fund ratings that take decades to replicate. Its return on equity hits 35.3%, crushing peer Coinbase's -6.9%.

  3. The main risk

    Integration friction or data security failures in its core software platforms could disrupt recurring subscription revenue streams. With $1.1B in total debt against $529M in cash, any top-line stumble strains debt service capacity.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Operating margins sit at 23.5% with a net margin of 16.5%, driven by high-margin software subscriptions. The business scales efficiently as operating income expands alongside revenue gains.

MoatStrong

Morningstar commands a high-switching-cost moat locking in enterprise financial advisors and asset managers. Its return on equity lands in the top decile of its sector at 93rd percentile, protecting pricing power against new entrants.

GrowthSteady

Revenue grew 7.5% to $2.5B, showing steady expansion built on historical gains from $1.4B in 2020. This growth rate sits in the middle of the pack compared to peers like CBOE at 15.1%.

Financial healthStrong

Total debt sits at $1.1B with interest coverage of 10.9x, making debt service manageable. Free cash flow reached $498M, supporting steady buybacks of $965M and dividends of $77M. The balance sheet is getting stronger.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

1 sold $199K outside pre-planned sales.

Our sealed record on MORN

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is MORN a good business?

Morningstar scores good on the Cluenex quality check (7.4 of 10), measured against its own industry. Profitability is strong, moat strong, growth steady and financial health strong.

Are insiders buying MORN?

In the last 90 days of SEC Form 4 filings: 1 sold $199K outside pre-planned sales.

When does MORN report earnings?

Oct 28, 2026.

For members

See MORN today

  • Today's verdict on MORN, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “Morningstar (MORN)”, https://cluenex.com/stocks/morn/, data as of Oct 10, 2026.