Morningstar is more than just stars and numbers - it is a data-driven platform that influences investment decisions worldwide.
Morningstar is known to almost every stock market player, but surprisingly the share still flies largely under the radar. This is probably partly due to the fact that, despite a market capitalization of USD 9.95 billion, the company is not part of the S&P 500 or any other index
The pillars of success
The growth extends across almost all business areas. Morningstar Direct recorded a 6.2 % increase in turnover to USD 209.2 million and the operating result improved by 10.3 % to USD 96.3 million - the margins are extraordinarily high.
If the bears' AI thesis is correct, this segment should actually suffer the most.
Pitchbook once again lived up to its reputation as a growth driver and achieved a 9.8 % increase in sales to USD 166.5 million and an 11.6 % jump in profits to USD 52.8 million.
Morningstar Credit was only just behind with a 9.5 % increase in turnover to USD 85 million, while operating profit improved by 9.3 % to USD 30.5 million. Morningstar Wealth grew by 2.7 % to USD 64.3 million, with organic growth of 7.2 %.
The operating result improved from USD -2.2 million to USD +3.0 million.
The only problem child in the Group is the smallest division. Morningstar Retirement recorded a 2.7 % drop in sales to USD 32.4 million and an 11 % decline in the operating result to USD 15.4 million.
Despite the relatively low growth rates, Morningstar succeeded in increasing its profit significantly.
This is primarily due to continued cost discipline and falling interest costs.
Operating levers
While Morningstar's sales increased by 5.8 % to USD 605.1 million, operating costs rose by only 3.8 % to USD 480.8 million. This in turn led to a 15.3% increase in the operating result to USD 125.1 million.
Furthermore, interest costs fell from USD 10.3 million to USD 7.4 million.
No significant business problems are discernible, even if the share price performance suggests otherwise.
Morningstar has therefore decided to buy back its own shares at a significant pace.
Over the course of the year, the company canceled 766,641 shares, reducing the number of outstanding shares from 42.9 to 42.2 million.
In total, all these factors led to an increase in earnings (non-GAAP) of 19.4%, and an increase of 30.6% according to GAAP.
According to current consensus estimates, earnings are expected to rise by 15% to USD 9.10 per share this year.
Morningstar thus arrives at a forward P/E of 25.9, which is appropriate in view of the current growth rates and the characteristics of the business model. The long-term average P/E is 39.9 and almost always above 30.
Morningstar share: Chart from 24.09.2025, price: USD 235.87 - symbol: MORN | Source: TWS
From a technical perspective, the share has returned to an interesting area. At USD 232, 222 and 212 there are three central UnterstĂźtzungen. Furthermore, several long-term upward trends offer additional support here.
It is quite possible that the share could form its final low in this area. If it manages to rise above USD 251, a procyclical upward trend Kaufsignal with possible price targets at USD 270 and USD 282 - 290.
From the bulls' point of view, the share should not fall below USD 212.
