MORNINGSTAR, INC.
In the published model solve dated 2026-Q2, anchored at $199.48, MORNINGSTAR, INC. (MORN) is priced for today's economics sustained for ~5.7 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
At $153.68 Morningstar trades around 30x earnings, which inverts into roughly 16% annual fee-earnings growth held for years. That sits at the very top of the fee-financial peer group, and the model reads the priced-in assumption as elevated rather than comfortable. The business earns its premium on returns, not assets. Trailing return on equity runs near 39.5% on a thin book, and Q1 2026 grew operating and adjusted operating income more than 30% while shrinking the share count about 4%. This is
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428 institutional managers reported holding MORN in 13F filings for the quarter ended 2026-03-31. Together they hold about 59% of the company; the top 10 hold 31%. 59 opened new positions that quarter. Held by BlackRock, Vanguard Group, Morgan Stanley, among others. On the short side, 1.9M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (4.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
MORN has cut its share count 9.1% over the past five years, spending $1.34B on repurchases. It pays a dividend, and has for 15 years running, raised 12 years straight; the current rate is $1.87 a share annually. Cash returned over the past three years: $198.10M in dividends and $1.11B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at MORN over the trailing three years: 2026: 1 buy totaling $187k. 14 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
MORN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-29 | +2.0% | -0.6% |
| 2023-11-10 | +9.7% | +2.9% |
| 2024-03-01 | -0.2% | -1.3% |
| 2024-04-27 | -5.0% | +3.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
MORN's latest 8-K filings: 2026-07-29 (items 2.02, 7.01, 9.01); 2026-06-25 (items 7.01, 9.01); 2026-06-18 (items 8.01, 9.01); 2026-05-22 (items 7.01, 9.01); 2026-05-08 (items 5.02, 5.07).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.