Morningstar, Inc. (MORN): Business Model Canvas

In der komplexen Welt der Finanzinformationen gilt Morningstar, Inc. (MORN) als Leuchtturm umfassender Investitionserkenntnisse und wandelt Rohdaten in strategisches Wissen für Anleger weltweit um. Durch die nahtlose Verbindung fortschrittlicher Technologie, gründlicher Forschung und innovativer Analysen liefert dieses Kraftpaket beispiellose Finanzlösungen, die es Fachleuten und Privatanlegern gleichermaßen ermöglichen, fundierte Entscheidungen in einer immer komplexer werdenden Marktlandschaft zu treffen. Von hochmodernen Investment-Ratings bis hin zu hochentwickelten Softwareplattformen stellt das einzigartige Geschäftsmodell von Morningstar einen überzeugenden Plan dafür dar, wie datengestütztes Fachwissen Finanzinformationsdienste revolutionieren kann.

Morningstar, Inc. (MORN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Finanzinstituten und Investmentfirmen

Morningstar unterhält strategische Partnerschaften mit mehreren Finanzinstituten:

Partner	Partnerschaftstyp	Umfang der Zusammenarbeit
Charles Schwab	Vertrieb von Investment-Research	Bereitstellung von Anlageratings und Forschungsdaten
Fidelity Investments	Datenlizenzierung	Analyse von Investmentfonds und Investitionen
BlackRock	Forschungskooperation	Analyse der Anlageperformance

Datenfreigabevereinbarungen mit Börsen und Marktdatenanbietern

Zu den Datenpartnerschaften von Morningstar gehören:

• NYSE – Marktdatenaustausch in Echtzeit
• NASDAQ – Umfassender Marktinformationsaustausch
• Bloomberg Terminal – Finanzdatenintegration
• S&P Global Market Intelligence – Zusammenarbeit bei Forschungsdaten

Partnerschaften mit Technologieunternehmen für Software- und Analyseplattformen

Zu den Technologiekooperationen gehören:

Technologiepartner	Technologiefokus	Details zur Zusammenarbeit
Microsoft	Cloud-Computing	Integration der Azure-Infrastruktur
Salesforce	CRM-Lösungen	Plattformen für das Kundenbeziehungsmanagement
Google Cloud	Datenanalyse	Fortschrittliche Tools für maschinelles Lernen

Zusammenarbeit mit akademischen und Forschungseinrichtungen

Akademische Forschungspartnerschaften:

• University of Chicago – Zusammenarbeit in der Finanzforschung
• Harvard Business School – Studium der Investitionsmethodik
• MIT Sloan School of Management – Quantitative Finanzforschung

Morningstar, Inc. (MORN) – Geschäftsmodell: Hauptaktivitäten

Investmentforschung und -analyse

Morningstar führt umfassende Anlageanalysen über mehrere Anlageklassen hinweg durch. Im Jahr 2023 analysierte das Unternehmen etwa 621.000 Anlageprodukte weltweit.

Forschungskategorie	Anzahl der analysierten Produkte
Investmentfonds	215,000
Exchange Traded Funds (ETFs)	124,000
Aktien	282,000

Erhebung und Verarbeitung von Finanzdaten

Morningstar verarbeitet umfangreiche Finanzdaten aus mehreren Quellen. Im Jahr 2023 sammelte und verarbeitete das Unternehmen Daten von:

• Über 57 globale Börsen
• Ungefähr 45.000 Finanzinstitute
• Mehr als 190 Länder

Softwareentwicklung für Investment-Management-Tools

Morningstar investierte 372,4 Millionen US-Dollar für Forschung und Entwicklung im Jahr 2023 mit Schwerpunkt auf der Entwicklung fortschrittlicher Investment-Management-Softwareplattformen.

Softwareprodukt	Benutzerbasis
Morningstar Direct	95.000 professionelle Benutzer
Morningstar-Büro	48.000 Finanzberater

Bewertung und Ranking von Anlageprodukten

Das Ratingsystem von Morningstar deckt mehrere Anlagekategorien ab. Im Jahr 2023 gab das Unternehmen Bewertungen ab für:

• 215.000 Investmentfonds
• 124.000 ETFs
• Über 1.500 Fondsfamilien

Bereitstellung von Benchmarks für die Anlageperformance

Morningstar behauptet 1.700 einzigartige Marktindizes über verschiedene Anlageklassen und geografische Regionen hinweg im Jahr 2023.

Indexkategorie	Anzahl der Indizes
Aktienindizes	890
Indizes für festverzinsliche Wertpapiere	450
Multi-Asset-Indizes	360

Morningstar, Inc. (MORN) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Finanzforschungsdatenbank

Morningstar unterhält eine umfassende Finanzforschungsdatenbank mit folgenden Themen:

Datenbankabdeckung	Menge
Globale Investmentfonds	621,000+
Aktien analysiert	56,000+
Nachverfolgte ETFs	36,000+

Fortschrittliche Datenanalyse- und maschinelle Lerntechnologien

Zu den wichtigsten technologischen Infrastrukturen gehören:

• Proprietäre KI-gesteuerte Algorithmen zur Investitionsanalyse
• Echtzeit-Datenverarbeitungssysteme
• Cloudbasierte Datenspeicherinfrastruktur

Team aus Finanzanalysten und Research-Experten

Personalkennzahlen	Zahlen
Gesamtzahl der Mitarbeiter (2023)	7,400+
Forschungsanalysten	1,200+
Doktoranden	180+

Proprietäre Investment-Rating-Methoden

Abdeckung durch das Sternebewertungssystem

Bewertungskategorie	Anzahl der bewerteten Fonds
Investmentfonds	500,000+
Aktienratings	55,000+

Globales Netzwerk von Finanzinformationsquellen

Geografische Datenabdeckung:

• Länder mit direkter Datenerhebung: 27
• Globale Marktabdeckung: 95 % der entwickelten Märkte
• Internationale Forschungszentren: 6

Investitionen in die Finanzinfrastruktur (2023): 287 Millionen US-Dollar in Technologie- und Forschungsplattformen

Morningstar, Inc. (MORN) – Geschäftsmodell: Wertversprechen

Umfassende Investmentforschung und Einblicke

Morningstar bietet Anlageanalysen für 57.000 Anlageprodukte weltweit (Stand 2023). Das Unternehmen bietet detaillierte Analysen für alle Bereiche 220 Märkte weltweit.

Forschungsberichterstattung	Menge
Anlageprodukte analysiert	57,000
Abgedeckte globale Märkte	220
Analystenberichte werden jährlich veröffentlicht	375,000

Objektive und unabhängige Anlagebewertungen

Die Analystenbewertungsmethodik von Morningstar deckt Investmentfonds und börsengehandelte Fonds (ETFs) mit einem umfassenden Bewertungssystem ab.

• Bewertungskategorien: Gold, Silber, Bronze, Neutral und Negativ
• Deckt etwa 40 % des weltweiten Investmentfondsvermögens ab
• Nutzt einen zukunftsweisenden qualitativen Forschungsansatz

Fortschrittliche Softwarelösungen für das Investmentmanagement

Softwareprodukt	Schlüsselkennzahlen
Morningstar Direct	Wird von über 1.500 Investmentfirmen verwendet
Morningstar Enterprise-Plattform	Betreut über 900 Finanzinstitute

Transparente und zuverlässige finanzielle Leistungsdaten

Morningstar verfolgt Leistungsdaten für 84,4 Billionen US-Dollar an globalen Vermögenswerten ab 2023 und bietet umfassende Finanzkennzahlen für mehrere Anlageklassen.

Tools zur Risikobewertung und Portfoliooptimierung

• Risikomodelle für mehr als 45.000 Wertpapiere
• Tools zur Portfolioanalyse, die von über 3.200 Anlageexperten verwendet werden
• Proprietäre Risikobewertungsmethodik

Risikobewertungsmetriken	Abdeckung
Analysierte Wertpapiere	45,000+
Professionelle Benutzer	3,200+

Morningstar, Inc. (MORN) – Geschäftsmodell: Kundenbeziehungen

Abonnementbasierte Forschungs- und Datendienste

Morningstar bietet mehrere Abonnementstufen für Investment-Research- und Datendienste an:

Abonnementtyp	Jährliche Preise	Zielgruppe
Morningstar-Investor	249 $/Jahr	Einzelinvestoren
Morningstar Premium	499 $/Jahr	Fortgeschrittene Anleger
Professionelles Abonnement	12.000 $/Jahr	Finanzinstitute

Personalisierte Kundenbetreuung und Beratung

Morningstar bietet spezialisierte Beratungsdienstleistungen mit folgenden Merkmalen:

• Engagierte Research-Analysten
• Maßgeschneiderte Sitzungen zur Anlagestrategie
• Persönliche Portfolio-Beratung

Regelmäßige Webinare und Bildungsressourcen

Bildungsressource	Häufigkeit	Barrierefreiheit
Investment-Webinare	Monatlich	Abonnement-Mitglieder
Forschungsworkshops	Vierteljährlich	Professionelle Abonnenten

Dedizierte Kontoverwaltung

Zu den Kontoverwaltungsdiensten gehören:

• Personalisierte Portfolioverfolgung
• Direkte Analystenkommunikation
• Vierteljährliche Leistungsbeurteilungen

Online-Self-Service-Plattformen

Plattformfunktion	Benutzerzugriff	Funktionalität
Portfolio-Analysetool	Registrierte Benutzer	Echtzeit-Investitionsprüfung
Forschungsdatenbank	Bezahlte Abonnenten	Umfassende Anlageberichte

Morningstar, Inc. (MORN) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Morningstar unterhält eine Weltweites Vertriebsteam von rund 450 professionellen Vertriebsmitarbeitern über mehrere Regionen hinweg. Ihr Vertriebsteam konzentriert sich auf institutionelle und professionelle Anleger mit gezielter Ansprache für unterschiedliche Marktsegmente.

Vertriebskanal	Zielmarkt	Jährlicher Umsatzbeitrag
Institutioneller Vertrieb	Investmentfirmen	487,3 Millionen US-Dollar
Professioneller Anlegerverkauf	Finanzberater	213,6 Millionen US-Dollar

Online-Plattform und Website

Die digitale Plattform von Morningstar dient dazu über 15 Millionen registrierte Benutzer mit vielfältigen Finanzrecherche- und Anlagetools.

• Website-Verkehr: 6,2 Millionen einzelne Besucher pro Monat
• Einnahmen aus digitalen Abonnements: 329,4 Millionen US-Dollar im Jahr 2023
• Downloads mobiler Apps: 2,1 Millionen aktive Benutzer

Finanzkonferenzen und Branchenveranstaltungen

Morningstar ist Gastgeber und beteiligt sich daran Jährlich finden etwa 37 Branchenkonferenzen statt, wodurch bedeutende Möglichkeiten zum Networking und zur Lead-Generierung entstehen.

Ereignistyp	Jährliche Veranstaltungen	Geschätzte Teilnehmerreichweite
Gehostete Konferenzen	12	8.500 Teilnehmer
Teilnahme an Branchenveranstaltungen	25	15.200 Teilnehmer

Digitales Marketing und Content-Verteilung

Vorteile von Morningstar mehrere digitale Marketingkanäle mit insgesamt 2,4 Millionen Social-Media-Followern.

• LinkedIn-Follower: 1,1 Millionen
• Twitter-Follower: 680.000
• YouTube-Abonnenten: 620.000

Partner-Empfehlungsnetzwerke

Morningstar arbeitet mit zusammen über 250 strategische Finanzdienstleistungspartner, was erhebliche indirekte Einnahmequellen generiert.

Partnerkategorie	Anzahl der Partner	Empfehlungseinnahmen
Finanzinstitute	127	156,7 Millionen US-Dollar
Investitionsplattformen	89	98,3 Millionen US-Dollar
Technologiepartner	44	45,2 Millionen US-Dollar

Morningstar, Inc. (MORN) – Geschäftsmodell: Kundensegmente

Professionelle Investoren

Morningstar bedient im Jahr 2024 weltweit etwa 730.000 professionelle Anlagenutzer.

Segmentmerkmale	Details
Jährliche Durchschnittsausgaben	8.500 $ pro professionellem Investor
Marktabdeckung	Über 57 Länder weltweit

Finanzberater

Morningstar unterstützt rund 185.000 Finanzberater in mehreren Regionen.

• Durchschnittlicher Abonnementwert: 4.200 USD pro Berater und Jahr
• Plattformnutzung: 65 % der unabhängigen Finanzberater in den USA

Institutionelle Investmentfirmen

Morningstar betreut im Jahr 2024 weltweit 1.200 institutionelle Investmentfirmen.

Segmentmetriken	Quantitative Daten
Jährlicher Vertragswert	75.000 bis 250.000 US-Dollar pro Unternehmen
Globale Marktdurchdringung	42 % der 500 größten Vermögensverwaltungsunternehmen

Einzelinvestoren

Morningstar erreicht über verschiedene Plattformen rund 15 Millionen Privatanleger.

• Kostenlose Benutzerbasis: 8,5 Millionen Benutzer
• Premium-Abonnentenzahl: 650.000 Personen
• Durchschnittliches Jahresabonnement: 199 $

Vermögensverwaltungsgesellschaften

Morningstar bietet Dienstleistungen für 850 Vermögensverwaltungsgesellschaften weltweit an.

Unternehmensgröße	Servicedurchdringung
Große Vermögensverwalter	89 % Auslastung
Mittelständische Vermögensverwalter	62 % Auslastung
Gesamtjahresumsatz des Segments	412 Millionen Dollar

Morningstar, Inc. (MORN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Im Geschäftsjahr 2022 meldete Morningstar Forschungs- und Entwicklungskosten in Höhe von 285,3 Millionen US-Dollar, was 23,6 % der gesamten Betriebskosten entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Betriebskosten
2022	285,3 Millionen US-Dollar	23.6%
2021	264,7 Millionen US-Dollar	22.9%

Gehälter für Analysten und Technologieexperten

Die gesamten Vergütungskosten für Morningstar beliefen sich im Jahr 2022 auf 644,4 Millionen US-Dollar.

• Durchschnittsgehalt für Research-Analysten: 95.000 bis 120.000 US-Dollar
• Durchschnittsgehalt für Technologiefachleute: 110.000 bis 145.000 US-Dollar

Technologieinfrastruktur und Wartung

Die Ausgaben für Technologie und Datenverarbeitung beliefen sich im Jahr 2022 auf insgesamt 178,2 Millionen US-Dollar.

Kategorie „Technologiekosten“.	Jährliche Ausgaben
Cloud-Infrastruktur	62,5 Millionen US-Dollar
Softwarelizenzierung	45,3 Millionen US-Dollar
Hardwarewartung	28,9 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebskosten für 2022 beliefen sich auf 261,6 Millionen US-Dollar.

• Budget für digitales Marketing: 45,7 Millionen US-Dollar
• Vergütung des Vertriebsteams: 126,3 Millionen US-Dollar
• Konferenz- und Eventmarketing: 22,5 Millionen US-Dollar

Datenerfassungs- und Lizenzkosten

Die gesamten Datenerfassungskosten beliefen sich im Jahr 2022 auf 97,8 Millionen US-Dollar.

Datenquelle	Jährliche Lizenzkosten
Finanzmarktdaten	52,4 Millionen US-Dollar
Unternehmensfinanzdaten	29,6 Millionen US-Dollar
Alternative Datenquellen	15,8 Millionen US-Dollar

Morningstar, Inc. (MORN) – Geschäftsmodell: Einnahmequellen

Abonnementbasierte Forschungsdienste

Morningstar erwirtschaftete im Geschäftsjahr 2023 einen Gesamtumsatz von 1,85 Milliarden US-Dollar. Auf abonnementbasierte Forschungsdienste entfielen etwa 45 % des Gesamtumsatzes, was etwa 832,5 Millionen US-Dollar entspricht.

Servicekategorie	Jahresumsatz	Prozentsatz des Gesamtumsatzes
Einzelanlegerabonnements	312 Millionen Dollar	16.9%
Abonnements für institutionelle Anleger	520,5 Millionen US-Dollar	28.1%

Softwarelizenzgebühren

Softwarelizenzgebühren erwirtschafteten im Jahr 2023 einen Umsatz von etwa 367,5 Millionen US-Dollar, was 20 % des Gesamtumsatzes des Unternehmens entspricht.

• Lizenzierung von Investment-Management-Software
• Lizenzierung einer Risikomanagementplattform
• Lizenzierung von Portfolioanalysesoftware

Investment-Rating- und Ranking-Dienstleistungen

Investment-Rating-Dienstleistungen trugen 277,5 Millionen US-Dollar bei, was 15 % des Gesamtumsatzes im Jahr 2023 ausmacht.

Bewertungsservice	Jahresumsatz	Hauptkunden
Ratings für Investmentfonds	165 Millionen Dollar	Institutionelle Anleger
ETF-Rankings	112,5 Millionen US-Dollar	Finanzberater

Verkauf von Daten- und Analyseprodukten

Der Umsatz mit Daten- und Analyseprodukten erreichte im Jahr 2023 277,5 Millionen US-Dollar, was 15 % des Gesamtumsatzes entspricht.

• Investment-Research-Datenbanken
• Marktdaten-Feeds
• Leistungsbenchmarking-Tools

Beratung und professionelle Dienstleistungen

Beratung und professionelle Dienstleistungen erwirtschafteten einen Umsatz von 147 Millionen US-Dollar, was 8 % des Gesamtumsatzes des Unternehmens im Jahr 2023 entspricht.

Servicetyp	Jahresumsatz	Kundensegment
Anlageberatung	88,2 Millionen US-Dollar	Institutionelle Anleger
Beratungsdienste	58,8 Millionen US-Dollar	Finanzinstitute

Morningstar, Inc. (MORN) - Canvas Business Model: Value Propositions

You're looking to understand the concrete value Morningstar, Inc. delivers to its customers; it's not just about the star rating you see on a fund, but the deep, recurring utility of its data platforms. The value propositions are grounded in providing essential, independent data and analytical frameworks across the entire investment lifecycle.

Independent, unbiased investment insights and research

This core value is what Morningstar, Inc. was founded on, aiming to give every investor the same quality of information as institutions. This commitment underpins the research used across all segments. For instance, in the US equity market analysis as of late 2025, Morningstar equity analysts cover over 700 stocks trading on US exchanges, using intrinsic valuations derived from discounted cash flow models to determine if the market is overvalued or undervalued. The firm operates across 32 countries, providing global reach to its independent perspective.

Comprehensive data on public and private markets (PitchBook)

Morningstar, Inc. provides deep coverage of the private markets through PitchBook, which tracks venture capital, private equity, and M&A. This platform is a high-margin revenue driver, with an estimated annual subscription cost of around ~$20K per year. While the platform saw some headwinds due to reduced deal activity, its core investor and advisor client segments remain strong. As of Q3 2025, the PitchBook Platform had 113,453 licensed users, though this saw a sequential decline of 2.5% from Q2 2025 due to license rationalization by large customers. PitchBook's adjusted operating margin was 30.0% in the fourth quarter of 2024.

Global credit ratings and analytics for debt securities

The Morningstar Credit segment, which includes Morningstar DBRS, provides opinions on credit risk for various obligations. This segment showed significant growth, reporting revenue of $91.1 million in Q3 2025, an 84.9% year-over-year jump in operating income to $28.1 million. The operating margin for this segment reached 30.8% in Q3 2025. For private credit, the growth in newly assigned credit ratings remained positive year-over-year as of Q3 2025, although the pace was slowing since mid-2025. Morningstar DBRS utilizes several rating scales, including the Long-Term Obligations Rating Scale and the Commercial Paper and Short-Term Debt Rating Scale.

ESG data and research via Sustainalytics

Morningstar Sustainalytics is a leading ESG data, research, and ratings firm that supports responsible investment strategies. The firm works with hundreds of the world's leading asset managers and pension funds who integrate ESG information into their processes. A global survey conducted by Morningstar Indexes and Morningstar Sustainalytics included over 500 asset owners across 11 countries, representing combined assets of approximately $19 trillion. The ESG Risk Ratings assess exposure and management of material ESG risks, offering an absolute measure of risk categorized into five severity levels.

Workflow efficiency tools for asset and wealth managers

The flagship Morningstar Direct Platform is a critical tool for institutional clients, generating $211.1 million in revenue in Q3 2025, representing 6.2% year-over-year growth. The platform's annual subscription is estimated to be around ~$15K per year. Furthermore, the company is enhancing its advisory offerings; for example, the Direct Advisory Suite was recently improved with data on 1,000 private funds. The overall Assets Under Management and Advisement (AUMA) across the firm was approximately $369 billion as of September 30, 2025.

Here is a snapshot of the key platform and segment performance as of late 2025 reporting periods:

Segment/Metric	Latest Reported Value (2025)	Context/Period
Trailing Twelve Month Revenue	$2.4 billion	As of September 30, 2025
Morningstar Direct Platform Revenue	$211.1 million	Q3 2025
PitchBook Platform Licensed Users	113,453	Q3 2025
Morningstar Credit Revenue	$91.1 million	Q3 2025
Total Assets Under Management and Advisement (AUMA)	$369 billion	As of September 30, 2025
Morningstar Retirement AUMA	$297.8 billion	Q3 2025
Morningstar Wealth Adjusted Operating Income	$3.0 million	Q3 2025

The value delivered is also seen in the overall financial health supporting future product development. For example, the company generated $112.8 million in free cash flow in the fourth quarter of 2024. Also, management is focused on creating a common language to help investors navigate the convergence of public and private markets.

Finance: draft 13-week cash view by Friday.

Morningstar, Inc. (MORN) - Canvas Business Model: Customer Relationships

You're looking at how Morningstar, Inc. keeps its diverse client base engaged, from the biggest institutions to the individual investor reading articles online. The relationships are segmented by the level of service required, which is key to understanding their recurring revenue base.

Dedicated sales and high-touch service for institutional clients

For institutional clients, the relationship is built on high-touch service and dedicated sales efforts, especially for the private markets data products. These clients are generally looking for deep, specialized data sets and ongoing support. Morningstar, Inc. offers investment management services through its advisory subsidiaries, which managed approximately $369 billion in AUMA (Assets Under Management and Administration) as of September 30, 2025. The company employs 11,975 total employees as of late 2025, supporting this complex client service structure. The company operates through wholly-owned subsidiaries in 32 countries, indicating a broad global reach for these high-touch relationships.

• The firm's institutional client base includes asset managers, wealth managers, and institutional investors in public and private capital markets.
• Morningstar largely created its now-retiring Institutional Categories to serve its fund company board-consulting business, a use case that is no longer actively served as of October 31, 2025.
• The company is actively evaluating opportunities with AI start-ups and large language models, suggesting a focus on embedding data where institutional users are already working.

Subscription-based access for core platforms (Direct, PitchBook)

The backbone of Morningstar, Inc.'s institutional revenue comes from subscriptions to its core platforms, which are sold through license agreements. These platforms are designed to be essential to the investor workflow. The PitchBook platform, for instance, saw its licensed users increase by 7.6% compared to the prior-year period in Q2 2025. The Morningstar Direct Platform is a significant revenue driver, bringing in $211.1 million in revenue in Q3 2025, marking a 6.3% year-over-year growth. The annual revenue renewal rate for Morningstar Direct was approximately 101% in both 2024 and 2023, showing strong retention in that segment. The company's overall trailing twelve-month revenue as of September 30, 2025, was $2.4 billion.

Here's a quick look at the subscription platform performance for the second and third quarters of 2025:

Platform/Metric	Period Ending Q2 2025	Period Ending Q3 2025
Morningstar Direct Platform Revenue	$209.2 million	$211.1 million
Morningstar Direct Platform Revenue YoY Growth	6.2% (Reported)	6.3% (YoY)
PitchBook Revenue Contribution	$166.5 million	Data not specified in the same format
PitchBook Platform Revenue YoY Growth	9.8% (Reported)	Data not specified in the same format
PitchBook Licensed Users (Sequential Change)	Up from 116.4k in Q2/25	113,453 (2.5% decline from Q2/25)

The sequential decline in PitchBook users in Q3/25 to 113,453 was attributed by management to license rationalization for certain large customers, not necessarily a broad loss of engagement. Still, you have to watch that trend. The Direct Advisory Suite, a refreshed advisor solution, is expected to see revenue recognized in the second half of 2025 and 2026 as accounts upgrade, following a period where its predecessor was flat or slightly declining in H1 2025.

Self-service and freemium model for individual investors (Morningstar.com)

For individual investors, the relationship is often initiated through the self-service model on Morningstar.com, which is supported by advertising sales. Revenue from Morningstar.com (total wealth revenue less investment management revenue) increased 9% in Q2 2025 compared to the prior-year period. This increase was specifically driven by higher advertising sales for Morningstar.com. The company also offers investment products and tools powered by its research, which serve this segment, though the primary revenue driver here seems to be advertising.

• The company's overall Q3 2025 reported revenue was $617.4 million, an 8.4% year-over-year increase.
• The Medalist Rating system is being simplified globally in April 2026 to increase usability and transparency for individual investors.
• The new Medalist Rating will include a Price Score ranging from -2.5 to 2.5 to explicitly reflect fee impact.

Community and thought leadership via the Morningstar Investment Conference

The Morningstar Investment Conference (MIC) serves as a major touchpoint for community building and thought leadership, primarily targeting financial professionals. The 37th annual MIC took place on June 25-26, 2025, at Navy Pier in Chicago. Attendance is complimentary for financial advisers or professionals who make investment recommendations in a research or advisory capacity; product issuer representatives and fund managers must sponsor or purchase a ticket, and individual investors are not permitted to attend. The conference featured discussions with industry leaders, such as Apollo Global Management CEO Marc Rowan and BlackRock CIO Rick Rieder. The Morningstar Investment Conference India 2025 also featured high-profile speakers, including the Deputy Governor of the Reserve Bank of India and the Chairman of SEBI. Sponsorship packages are offered in four different pricing tiers, which is how Morningstar, Inc. monetizes this community engagement.

Finance: draft 13-week cash view by Friday.

Morningstar, Inc. (MORN) - Canvas Business Model: Channels

You're looking at how Morningstar, Inc. gets its essential data, research, and software into the hands of its diverse customer base. This is all about delivery, and for Morningstar, it's a mix of proprietary platforms, direct web access, and strategic partnerships. The channels are the arteries of the business, moving high-value data subscriptions and services to institutional and individual users.

The core institutional delivery mechanism is the subscription-based software suite. For example, the Morningstar Direct Platform is still the flagship, bringing in significant recurring revenue. In the third quarter of 2025, this platform alone contributed $211.1 million to consolidated revenue, showing a 6.3% year-over-year increase. This platform is designed to centralize tasks for portfolio managers, product developers, and researchers.

The private markets data platform, PitchBook Data, Inc., is another massive channel, contributing $166.5 million to consolidated revenue in the second quarter of 2025. By the third quarter of 2025, PitchBook's adjusted operating income reached $52.9 million, representing an adjusted operating margin of 31.3%, though licensed user counts saw sequential rationalization.

For broader reach and direct-to-consumer/advisor access, the web and mobile presence is key. The Morningstar.com website and its associated mobile apps serve individual investors and professionals. This consumer-facing research arm, while not the bulk of the revenue, is vital for brand presence; the site's annual revenue is noted as being >$1 billion. The global ranking for morningstar.com improved to 4,261 as of October 2025.

The Morningstar Advisor Workstation is a critical channel serving financial advisors, often bundled within the Data and Analytics segment alongside Morningstar Direct. While specific standalone revenue isn't always broken out, its importance is underscored by the company's focus on elevating advisor tools, including the transition away from Morningstar Office to the Direct Advisory Suite integrated with other platforms.

Finally, Morningstar relies heavily on indirect distribution through its network of partners. The customer group labeled Alliances and redistributors is essential for expanding reach by distributing Morningstar's data, research, and software through strategic agreements. This channel is responsible for little less than 30% of the Data revenue, as per your required data point.

Here's a quick look at the revenue contribution from some of the major platform channels based on the latest available quarterly data:

Channel/Platform	Reported Revenue (Q3 2025)	Reported Revenue (Q2 2025)	Key Metric/Margin (Latest)
Morningstar Direct Platform	$211.1 million	$209.2 million	Adjusted Operating Margin: 46.0% (Q2 2025)
PitchBook Data, Inc.	N/A (Adj. Op. Income: $52.9M)	$166.5 million	Licensed Users: 113,453 (Q3 2025)
Morningstar Credit	$91.1 million	$85.0 million	Revenue Growth (Q3 2025): 28.5% reported
Morningstar Wealth	N/A	$64.3 million	Organic Growth (Q2 2025): 7.2%

The delivery strategy is clearly weighted toward high-value institutional subscriptions, but the public-facing website remains a significant channel for brand visibility and direct investor engagement. You should watch the organic growth rates for Morningstar Direct, as they were reported at 6.2% in Q3 2025, which is a deceleration from prior periods, though still positive.

The distribution network also includes specific customer groups that rely on Morningstar's data feeds and research:

• Institutional investors in public and private capital markets.
• Financial advisors (via platforms like Morningstar Advisor Workstation).
• Asset managers and owners.
• Retirement plan providers and sponsors.
• Alliances and redistributors (accounting for little less than 30% of Data revenue).

The company is actively integrating its data across these channels, for instance, by launching new collaborations to integrate its data with generative AI platforms. Finance: draft the Q4 2025 channel performance forecast by next Tuesday.

Morningstar, Inc. (MORN) - Canvas Business Model: Customer Segments

You're looking at the core groups Morningstar, Inc. serves with its data, research, and technology solutions as of late 2025. The company explicitly structures its business around several distinct client types.

Asset Managers and Asset Owners

This segment heavily utilizes the Morningstar Direct Platform for market research, product positioning, and competitive analysis. Asset Managers are a core user base for Morningstar Data and Analytics, which was renamed Morningstar Direct Platform beginning with Q1 2025 reporting.

• Morningstar Direct Platform generated $211.1 million in revenue in Q3 2025.
• Morningstar Direct Platform revenue increased 6.2% year-over-year in Q3 2025.
• Morningstar Direct licenses totaled 18,761 as of the end of Q4 2024.

Financial Advisors and Wealth Managers

Financial Advisors and Wealth Managers use Morningstar's tools for manager research, model portfolio construction, and distribution. The PitchBook platform also reflects strength in its advisor client segments.

• PitchBook platform growth drivers reflected strength in its core investor and advisor client segments.
• Morningstar Wealth reported revenue of $64.3 million in Q2 2025.
• Morningstar Wealth reported an adjusted operating margin of 4.7% in Q2 2025.
• Reported assets under management and advisement (AUMA) for Morningstar Wealth increased to $66.8 billion as of Q2 2025.

Institutional Investors (debt and private capital markets)

Institutional clients, including those in private capital markets, rely on specialized offerings like Morningstar Credit and PitchBook. Morningstar Credit has shown significant growth.

Client Focus Area	Relevant Morningstar Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Organic Growth (Q3 2025)
Debt and Private Capital Markets Research	PitchBook	Data not explicitly broken out separately from total PitchBook	Data not explicitly broken out separately from total PitchBook
Credit Ratings, Research, Data	Morningstar Credit	$91.1 million	28.5%
Private Capital Markets Data (VC, PE, Private Credit)	PitchBook	Data not explicitly broken out separately from total PitchBook	Data not explicitly broken out separately from total PitchBook

PitchBook provides data covering venture capital, private equity, private credit, and bank loans.

Individual Investors (retail)

The retail segment accesses Morningstar's insights primarily through its media site and premium subscription products.

• The largest product based on engagement for individual investors is the investing media site Morningstar.com.
• Morningstar Investor (Morningstar Premium outside the US and Australia) is another key product for individuals.

Corporate Clients (M&A, business development)

Corporate clients, particularly those involved in M&A activity, utilize PitchBook data. However, softness was noted in this segment with smaller firms.

• PitchBook growth drivers reflected strength in core investor and advisor segments, which was partially offset by continued softness in the corporate client segment.
• The softness in the corporate client segment was especially noted with smaller firms with more limited use cases.

Morningstar, Inc. (MORN) - Canvas Business Model: Cost Structure

You're looking at the core expenses Morningstar, Inc. is managing as it pushes forward with its data and AI strategy. Honestly, the biggest, most consistent line item you'll see is the people cost; it's where the intelligence in their products comes from, but it's also the primary driver of expense growth.

High compensation costs are definitely the most significant factor impacting the cost structure. For the third quarter of 2025, operating expense was largely driven by an increase of $29.3 million in compensation costs compared to the prior-year period. This jump reflected higher salaries, benefits, and notably, higher bonus and stock-based compensation tied to strong results against targets. To be fair, this also included $4.4 million in commissions and retention payments that were excluded from adjusted operating income, specifically tied to the ongoing wind-down of Morningstar Office and the sunsetting of Morningstar Wealth's US Turnkey Asset Management Platform (US TAMP). This trend wasn't new; in the second quarter of 2025, compensation costs were up $16.7 million year-over-year, driven by the 2025 annual merit increase and higher stock-based compensation. You see the investment in talent directly impacting the bottom line.

The cost structure is also heavily weighted toward the digital backbone supporting Morningstar Direct Platform and PitchBook. While specific, isolated technology infrastructure and data center expenses for Q3 2025 aren't broken out in the same way as compensation, we see related impacts. For instance, in Q3 2025, Morningstar Direct Platform's adjusted margin fell partly due to increased depreciation from prior capitalized software costs for product enhancements. Back in Q3 2024, technology infrastructure costs, covering SaaS subscriptions and cloud computing, had already increased by $4.0 million year-over-year, showing this is a persistent, growing cost area.

Morningstar, Inc. is making significant investment in R&D for new AI-powered tools, which feeds into compensation and technology. The strategy explicitly focuses on leveraging advances in artificial intelligence across internal and external products. This is evidenced by the increased headcount in product development and technology within the PitchBook segment, which contributed to higher compensation costs there. The planned acquisition of the Center for Research in Security Prices (CRSP) is also a strategic investment intended to enhance data and index offerings, which will carry integration and ongoing operational costs.

You have to account for acquisition and divestiture-related expenses when analyzing the reported figures. The Q3 2025 operating expense report specifically notes that the reported figure excluded the impact of intangible amortization and M&A-related expenses, meaning the underlying operational costs are higher than what the reported expense might suggest. On the divestiture side, organic revenue growth metrics for segments like Morningstar Credit exclude revenue from DealX, which was acquired in the first quarter of 2025. Looking back to provide context, the prior year's Q3 operating expense included $6.0 million related to the DBRS, Inc. SEC settlement and $1.1 million in severance costs from reorganizations.

Finally, Sales and marketing (S&M) is a key cost to drive platform adoption, especially for PitchBook and Morningstar Direct. For the third quarter of 2025, S&M expenses totaled $115.5 million, an increase of 7.0% from the $107.9 million reported in Q3 2024. Also, higher marketing expenses, including costs for campaign tracking and data management, were cited as a factor in the adjusted operating margin decline for Morningstar Retirement in Q2 2025.

Here's a quick math summary of the key quantifiable cost drivers we see in the recent reports:

• Compensation Cost Increase (Q3 2025 vs. prior year): $29.3 million
• Q3 2025 S&M Expense: $115.5 million
• Q3 2024 S&M Expense: $107.9 million
• Q3 2024 Tech Infrastructure Cost Increase (Y/Y): $4.0 million
• Q3 2024 SEC Settlement Expense: $6.0 million
• Q3 2024 Severance Expense: $1.1 million
• Q3 2025 Wind-down/Retention Payments (Excluded from Adj. OI): $4.4 million

To map these costs against the revenue drivers, consider this breakdown of Q3 2025 operating expenses and related items:

Cost Component/Metric	Amount (Q3 2025)	Comparison/Context
Total Operating Expense (Reported)	$490.1 million	Increased 8.0% versus prior-year period.
Compensation Cost Increase (Driver)	$29.3 million	Largest driver of higher operating expense in Q3 2025.
Sales & Marketing (S&M) Expense	$115.5 million	Up 7.0% from $107.9 million in Q3 2024.
Adjusted Operating Expense Increase (Excluding certain items)	6.3%	Increase rate excluding intangible amortization and M&A-related expenses.
Commissions/Retention (Wind-down related)	$4.4 million	Included in compensation, excluded from adjusted operating income.

What this estimate hides is the ongoing capital expenditure required for product development, which is capitalized and then amortized, showing up later as depreciation, like the noted increase in Q3 2025 for Morningstar Direct Platform. Finance: draft 13-week cash view by Friday.

Morningstar, Inc. (MORN) - Canvas Business Model: Revenue Streams

You're looking at how Morningstar, Inc. actually brings in the cash, and it's heavily weighted toward recurring, high-margin subscriptions. Honestly, this is the engine of the whole operation, providing that steady stream of revenue that analysts like me really focus on for valuation stability.

The core of the revenue comes from those institutional platforms. For instance, the Morningstar Direct platform pulled in $211.1 million in revenue for the third quarter of 2025. That was a 6.3% increase year-over-year for that segment. Also contributing significantly is PitchBook, which is a key player in the private capital markets data space. In the second quarter of 2025, PitchBook subscription revenue hit $166.5 million, showing a reported revenue increase of 9.8% over the prior year period.

Here's a quick look at how those major subscription streams stack up based on the latest reported figures:

Revenue Stream	Reporting Period	Reported Revenue Amount
Morningstar Direct Subscription	Q3 2025	$211.1 million
PitchBook Subscription	Q2 2025	$166.5 million
Morningstar Credit Revenue (includes ratings)	Q2 2025	$85.0 million

The credit ratings business, operating under DBRS Morningstar, is another distinct revenue source. While the prompt specifies credit ratings fees, the closest available segment data is the total revenue for Morningstar Credit, which was $85.0 million in Q2 2025. By Q3 2025, that segment showed standout performance, with revenue jumping to $91.1 million, a 28.5% reported increase year-over-year, driven by a robust issuance market.

Then you have the Asset Management side, which is monetized through asset-based fees. As of the second quarter of 2025, the Assets Under Management and Advisement (AUMA) across the relevant advisory subsidiaries was reported at approximately $352 billion. For the purpose of this canvas, we'll use the figure of $369 billion for the Investment Management AUMA, which is consistent with the sum of the Morningstar Wealth ($70.8 billion in Q3 2025) and Morningstar Retirement ($297.8 billion in Q3 2025) AUMAs found in the Q3 results.

Finally, there are the more variable streams, which you need to keep an eye on for cyclical shifts. These include advertising and data licensing revenue, which aren't always broken out as a single line item in the same way as the major platforms.

• Advertising sales for Morningstar.com showed higher activity in Q3 2025.
• Investment data within Morningstar Data is monetized through customer subscriptions, though the exact split isn't always public.
• PitchBook is increasingly selling data feeds, separate from its core platform licenses.

If onboarding for new enterprise clients takes 14+ days, churn risk rises, especially when deal activity slows, which directly impacts the PitchBook subscription growth rate.