Morningstar Inc.

Morningstar Inc.

What Morningstar does

Morningstar is a Chicago-based investment research and financial services firm that provides data, analysis, ratings, and software to individual investors, financial advisors, and institutional clients worldwide. Its offerings include free web content, subscription research, professional data terminals, portfolio tools, managed investment products, indexes, and advisory services.

Key facts
* Founded in 1984 by Joe Mansueto.
* Publicly traded on Nasdaq under the ticker MORN.
* Operates in multiple countries and covers hundreds of thousands of investments.
* Provides both free and subscription-based services for retail and professional users.

History and growth

Joe Mansueto launched Morningstar to close the information gap for investors at a time when mutual funds were becoming central to retirement savings. The firm grew from covering a few hundred investments to covering hundreds of thousands across markets worldwide. Morningstar went public in 2005 using an OpenIPO approach and continues to expand its product suite and global footprint. In 2022 the company formed a Wealth Management Solutions group to integrate and broaden its wealth-management offerings.

Core products and services

Morningstar’s offerings fall into several categories:

Research and data
* Independent analysis of mutual funds, ETFs, stocks, and markets.
* One-page fund and ETF reports widely used by investors and professionals.
* Real-time and historical market data distributed through its own platforms and partner terminals.

Ratings and analytics
* The Morningstar Rating for Funds (Star Rating) assesses past performance relative to peers and assigns 1–5 stars.
* Risk and volatility are factored into ratings.
* A separate Sustainability Rating evaluates funds’ exposure to environmental, social, and governance (ESG) risks.

Professional and institutional solutions
* Data feeds and software for advisors, asset managers, and enterprises.
* Index design and benchmarking through Morningstar Indexes.
* Reporting, marketing, and portfolio-construction tools.
* PitchBook and DBRS Morningstar are part of its revenue-driving businesses.

Managed investment products and advisory
* Morningstar-managed portfolios and advisor-managed account solutions.
* Investment advisory services via subsidiary firms.
* Over $200+ billion in assets under management across advisory and managed products (figures vary by reporting period).

Morningstar Ratings explained

Star Rating (1–5)
* Compares a fund’s historical risk-adjusted performance against other funds in the same category.
* Requires a minimum three-year track record for rating.
* Accounts for volatility so more-consistent funds often score higher.

Sustainability Rating
* Measures how well a fund’s holdings are positioned on ESG factors relative to peers.
* Designed to give investors a quick view of ESG alignment across funds.

Pricing and access

• Free content is available on Morningstar’s website.
• Morningstar Premium (retail subscription) unlocks expanded research, tools, and model portfolios. Typical subscription options include monthly and multi-year plans (retail pricing varies by region and over time).

Professional products, data feeds, and enterprise services are sold under commercial contracts and are priced according to scope and usage.

Competitors and market position

Morningstar competes with major financial-data and media firms such as Bloomberg, Refinitiv (formerly Thomson Reuters), and web-based financial platforms that deliver market news and data. Morningstar’s differentiators include its long-standing fund research, star-rating framework, index products, and integrated solutions for advisors.

Financial snapshot and business drivers

Morningstar generates revenue from subscriptions, data and analytics, indexing, managed products, and business services. Recent years have shown growth in revenue driven by units such as DBRS Morningstar, Morningstar Data, Workplace Solutions, Morningstar Indexes, and acquisitions (for example, PitchBook).

Bottom line

Morningstar is a leading provider of independent investment research, ratings, and financial data. Its services help investors and financial professionals evaluate funds, construct portfolios, and access market insights—through both free resources and paid, professional-grade products.