Morningstar Due Diligence

Run due diligence on Morningstar: check compliance and get alerts when suppliers change.

United States · www.morningstar.com · 10 vendors

Morningstar, Inc. is an American financial services firm that provides independent investment research, data, and analytics. It offers a wide array of products and services, including investment management, credit ratings, and software platforms, to individual investors, financial advisors, asset managers, and institutional investors globally.

Resilience scores

Technology vendors

Services catalogue

1 service in catalogue across 1 category; runs on 10 sub-vendors.

Insights

Last updated 2026-09-13 · revision 2

10 direct vendors, 116 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

11 in-scope frameworks identified; showing 3.

NIS2 (source) — No public evidence

Evidence: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2555, https://www.enisa.europa.eu/topics/cybersecurity-policy/nis-directive-new, https://shareholders.morningstar.com/investor-relations/financials/sec-filings

SFDR — Evidence found

Evidence: https://www.sustainalytics.com/esg-research/sfdr, https://www.esma.europa.eu/regulation/sustainable-finance/sustainable-finance-disclosure-regulation-sfdr, https://www.morningstar.com/company/esg

DORA (source) — No public evidence

Evidence: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R2554, https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/dora, https://www.eba.europa.eu/regulation-and-policy/digital-operational-resilience-act-dora

Financials

Three-year financials

Financial Resilience Score: 8/10

Morningstar exhibits strong financial resilience underpinned by a predominantly subscription- and license-based revenue model spanning Morningstar Data, Direct, Advisor Workstation, PitchBook, and DBRS Morningstar credit ratings. This recurring revenue base delivers high visibility and stability, while a diversified portfolio across Data & Analytics, PitchBook, Wealth, Credit, Retirement, Sustainalytics, and Indexes reduces single-product concentration risk. The company's deep integration into advisor and institutional workflows creates meaningful switching costs and brand equity. Financial performance has been robust, with revenue growing from ~$1.87B in 2022 to ~$2.28B in 2024 and operating income expanding dramatically from ~$111M to ~$415M over the same period, reflecting significant operating leverage after 2023 restructuring. Historical cash generation has been strong, enabling debt paydown from the DBRS acquisition and steady dividend growth since 2010. Founder Joe Mansueto's continued large ownership stake aligns long-term interests. Key risks include market sensitivity of asset-based fees, concentration risk in PitchBook as private capital markets slow, elevated leverage from prior acquisitions (peaked above $1B), regulatory scrutiny of NRSRO credit ratings and ESG/sustainability ratings, FX exposure with ~1/3 of revenue international, and competitive pressure from S&P Global, MSCI, Moody's, FactSet, Bloomberg, and Preqin.

Key strengths: High recurring/subscription revenue base with strong visibility, Diversified product portfolio across five reportable segments, Deep customer switching costs and strong brand embedded in workflows, Strong historical free cash flow generation, Founder/insider ownership aligns long-term interests, Dramatic 2024 margin expansion (operating margin from 5.9% to 18.2% over 3 years), 20-year revenue CAGR of ~12% (10x growth since 2005 IPO)

Risk factors: Market sensitivity of asset-based fees in Investment Management, Indexes, and Wealth, PitchBook concentration risk if private capital markets slow, Elevated leverage from DBRS Morningstar and Sustainalytics acquisitions, Regulatory scrutiny of NRSRO credit ratings and ESG/sustainability ratings in US and EU, FX exposure with ~1/3 of revenue international, Intense competition from S&P Global, MSCI, Moody's, FactSet, Bloomberg, Preqin

Revenue by geography

Revenue by product/service

Workforce by country

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