Morningstar, Inc. (Morn): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de l'intelligence financière, Morningstar, Inc. (Morn) est un phare d'investissement complet, transformant les données brutes en connaissances stratégiques pour les investisseurs du monde entier. En mélangeant de manière transparente les technologies de pointe, des recherches rigoureuses et des analyses innovantes, cette puissance fournit des solutions financières inégalées qui permettent aux professionnels et aux investisseurs individuels de prendre des décisions éclairées dans un paysage de marché de plus en plus complexe. Des notes d'investissement de pointe aux plates-formes logicielles sophistiquées, le modèle commercial unique de Morningstar représente un plan convaincant de la façon dont l'expertise axée sur les données peut révolutionner les services d'information financière.

Morningstar, Inc. (Morn) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des institutions financières et des sociétés d'investissement

Morningstar maintient des partenariats stratégiques avec plusieurs institutions financières:

Partenaire	Type de partenariat	Portée de collaboration
Charles Schwab	Distribution de la recherche sur les investissements	Fournir des notes d'investissement et des données de recherche
Investissements de fidélité	Licence de données	Fonds commun de placement et analyse d'investissement
Blackrock	Collaboration de recherche	Analyse des performances des investissements

Accords de partage de données avec les échanges et les fournisseurs de données du marché

Les partenariats de données de Morningstar comprennent:

• NYSE - Échange de données du marché en temps réel
• NASDAQ - Partage d'informations sur le marché complet
• Bloomberg Terminal - Intégration de données financières
• S&P Global Market Intelligence - Collaboration de données de recherche

Partenariats avec les sociétés technologiques pour les plateformes de logiciels et d'analyses

Les collaborations technologiques comprennent:

Partenaire technologique	Focus technologique	Détails de collaboration
Microsoft	Cloud computing	Intégration des infrastructures Azure
Salesforce	Solutions CRM	Plateformes de gestion des relations avec les clients
Google Cloud	Analyse des données	Outils avancés d'apprentissage automatique

Collaboration avec des établissements universitaires et de recherche

Partenariats de recherche universitaire:

• Université de Chicago - Collaboration de recherche financière
• Harvard Business School - Études de méthodologie d'investissement
• École de gestion du MIT Sloan - Recherche de finance quantitative

Morningstar, Inc. (Morn) - Modèle d'entreprise: activités clés

Recherche et analyse des investissements

Morningstar mène des recherches complètes sur les investissements dans plusieurs classes d'actifs. En 2023, la société a analysé approximativement 621 000 produits d'investissement à l'échelle mondiale.

Catégorie de recherche	Nombre de produits analysés
Fonds communs de placement	215,000
Fonds négociés en bourse (ETF)	124,000
Actions	282,000

Collecte et traitement des données financières

Morningstar traite les données financières étendues de plusieurs sources. En 2023, l'entreprise a collecté et traité des données à partir de:

• Plus de 57 bourses mondiales
• Environ 45 000 institutions financières
• Plus de 190 pays

Développement de logiciels pour les outils de gestion des investissements

Morningstar a investi 372,4 millions de dollars de recherche et développement En 2023, en nous concentrant sur la création de plateformes de logiciels de gestion des investissements avancés.

Produit logiciel	Base d'utilisateurs
Morningstar Direct	95 000 utilisateurs professionnels
Bureau de Morningstar	48 000 conseillers financiers

Note et classement des produits d'investissement

Le système de notation de Morningstar couvre plusieurs catégories d'investissement. En 2023, la société a fourni des notes pour:

• 215 000 fonds communs de placement
• 124 000 ETF
• Plus de 1 500 familles de fonds

Fournir des références de performance d'investissement

Morningstar maintient 1 700 indices de marché uniques dans différentes classes d'actifs et régions géographiques en 2023.

Catégorie d'index	Nombre d'indices
Indices de capitaux propres	890
Indices à revenu fixe	450
Indices multi-assets	360

Morningstar, Inc. (Morn) - Modèle d'entreprise: Ressources clés

Base de données de recherche financière approfondie

MorningStar maintient une couverture complète de la base de données de recherche financière:

Couverture de la base de données	Quantité
Fonds communs de placement mondiaux	621,000+
Actions analysées	56,000+
ETFS suivi	36,000+

Analyse avancée des données et technologies d'apprentissage automatique

L'infrastructure technologique clé comprend:

• Algorithmes de l'analyse des investissements axés sur l'IA propriétaire
• Systèmes de traitement des données en temps réel
• Infrastructure de stockage de données basée sur le cloud

Équipe d'analystes financiers et d'experts en recherche

Métriques de la main-d'œuvre	Nombres
Total des employés (2023)	7,400+
Analystes de recherche	1,200+
Titulaires de doctorat	180+

Méthodologies de notation d'investissement propriétaires

Couverture du système d'évaluation des étoiles

Catégorie de notation	Nombre de fonds évalués
Fonds communs de placement	500,000+
Cotes d'équité	55,000+

Réseau mondial de sources d'information financière

Couverture des données géographiques:

• Pays avec une collecte directe de données: 27
• Couverture du marché mondial: 95% des marchés développés
• Centres de recherche internationaux: 6

Investissement d'infrastructure financière (2023): 287 millions de dollars de plateformes de technologie et de recherche

Morningstar, Inc. (Morn) - Modèle d'entreprise: propositions de valeur

Recherche complète des investissements et perspectives

MorningStar fournit des recherches en investissement couvrant 57 000 produits d'investissement dans le monde en 2023. La société propose une analyse détaillée à travers 220 marchés dans le monde.

Couverture de recherche	Quantité
Produits d'investissement analysés	57,000
Les marchés mondiaux couverts	220
Rapports d'analystes publiés chaque année	375,000

Notes d'investissement objectives et indépendantes

La méthodologie de notation des analystes de Morningstar couvre les fonds communs de placement et les fonds négociés en échange (ETF) avec un système de notation complet.

• Catégories de notation en or, argent, bronze, neutre et négative
• Couvre environ 40% des actifs mondiaux de fonds communs de placement
• Utilise une approche de recherche qualitative prospective

Solutions de logiciels de gestion des investissements avancés

Produit logiciel	Mesures clés
Morningstar Direct	Utilisé par plus de plus de sociétés d'investissement
Plateforme d'entreprise Morningstar	Dessert plus de 900 institutions financières

Données de performance financière transparentes et fiables

MorningStar suit les données de performance pour 84,4 billions de dollars d'actifs mondiaux En 2023, fournissant des mesures financières complètes sur plusieurs classes d'actifs.

Évaluation des risques et outils d'optimisation du portefeuille

• Modèles de risque couvrant plus de 45 000 titres
• Outils d'analyse de portefeuille utilisés par plus de 3 200 professionnels de l'investissement
• Méthodologie d'évaluation des risques propriétaires

Métriques d'évaluation des risques	Couverture
Titres analysés	45,000+
Utilisateurs professionnels	3,200+

Morningstar, Inc. (Morn) - Modèle d'entreprise: relations avec les clients

Services de recherche et de données basés sur l'abonnement

Morningstar propose plusieurs niveaux d'abonnement aux services de recherche et de données sur les investissements:

Type d'abonnement	Tarification annuelle	Public cible
Investisseur du Morningstar	249 $ / an	Investisseurs individuels
Morningstar Premium	499 $ / an	Investisseurs avancés
Abonnement professionnel	12 000 $ / an	Institutions financières

Assistance et consultation client personnalisés

Morningstar fournit des services de conseil spécialisés avec les caractéristiques suivantes:

• Analystes de recherche dédiés
• Sessions de stratégie d'investissement personnalisées
• Consultation en portefeuille en tête-à-tête

Webinaires réguliers et ressources éducatives

Ressource éducative	Fréquence	Accessibilité
Webinaires d'investissement	Mensuel	Membres de l'abonnement
Ateliers de recherche	Trimestriel	Abonnés professionnels

Gestion de compte dédiée

Les services de gestion des comptes comprennent:

• Suivi de portefeuille personnalisé
• Communication d'analyste direct
• Revues de performance trimestrielles

Plateformes en libre-service en ligne

Fonctionnalité de plate-forme	Accès aux utilisateurs	Fonctionnalité
Outil d'analyse de portefeuille	Utilisateurs enregistrés	Projection d'investissement en temps réel
Base de données de recherche	Abonnés payés	Rapports d'investissement complet

Morningstar, Inc. (Morn) - Modèle d'entreprise: canaux

Équipe de vente directe

Morningstar maintient un force de vente mondiale d'environ 450 représentants de ventes professionnelles dans plusieurs régions. Leur équipe de vente se concentre sur les investisseurs institutionnels et professionnels, avec des approches ciblées pour différents segments de marché.

Canal de vente	Marché cible	Contribution annuelle des revenus
Ventes institutionnelles	Sociétés d'investissement	487,3 millions de dollars
Ventes d'investisseurs professionnels	Conseillers financiers	213,6 millions de dollars

Plate-forme et site Web en ligne

La plate-forme numérique de Morningstar est Plus de 15 millions d'utilisateurs enregistrés avec divers outils de recherche financière et d'investissement.

• Trafic de site Web: 6,2 millions de visiteurs uniques mensuels
• Revenu de l'abonnement numérique: 329,4 millions de dollars en 2023
• Téléchargements d'applications mobiles: 2,1 millions d'utilisateurs actifs

Conférences financières et événements de l'industrie

Morningstar héberge et participe à Environ 37 conférences de l'industrie par an, générant des opportunités de réseautage et de génération de leads importantes.

Type d'événement	Événements annuels	Traversé des participants estimés
Conférences hébergées	12	8 500 participants
Participation des événements de l'industrie	25	15 200 participants

Marketing numérique et distribution de contenu

MorningStar Tivetages Plusieurs canaux de marketing numérique avec 2,4 millions d'adeptes combinés sur les réseaux sociaux.

• LinkedIn adepte: 1,1 million
• Abonnés Twitter: 680 000
• Abonnés YouTube: 620 000

Réseaux de référence partenaires

Morningstar collabore avec Plus de 250 partenaires de service financier stratégique, générant des sources de revenus indirectes importantes.

Catégorie de partenaire	Nombre de partenaires	Revenus de référence
Institutions financières	127	156,7 millions de dollars
Plates-formes d'investissement	89	98,3 millions de dollars
Partenaires technologiques	44	45,2 millions de dollars

Morningstar, Inc. (Morn) - Modèle d'entreprise: segments de clientèle

Investisseurs professionnels

MorningStar dessert environ 730 000 utilisateurs d'investissement professionnels dans le monde en 2024.

Caractéristiques du segment	Détails
Dépenses moyennes annuelles	8 500 $ par investisseur professionnel
Couverture du marché	Plus de 57 pays dans le monde

Conseillers financiers

Morningstar soutient environ 185 000 conseillers financiers dans plusieurs régions.

• Valeur d'abonnement moyen: 4 200 $ par conseiller par an
• Utilisation de la plate-forme: 65% des conseillers financiers indépendants américains

Entreprises d'investissement institutionnelles

Morningstar dessert 1 200 sociétés d'investissement institutionnelles dans le monde en 2024.

Métriques du segment	Données quantitatives
Valeur du contrat annuel	75 000 $ - 250 000 $ par entreprise
Pénétration mondiale du marché	42% des 500 principales sociétés de gestion d'actifs

Investisseurs individuels

Morningstar atteint environ 15 millions d'investisseurs individuels via diverses plateformes.

• Base d'utilisateurs gratuits: 8,5 millions d'utilisateurs
• Nombre d'abonné Premium: 650 000 personnes
• Abonnement annuel moyen: 199 $

Sociétés de gestion d'actifs

Morningstar fournit des services à 850 sociétés de gestion d'actifs dans le monde.

Taille de l'entreprise	Pénétration du service
Grands gestionnaires d'actifs	Taux d'utilisation de 89%
Gestionnaires d'actifs de taille moyenne	Taux d'utilisation de 62%
Revenus annuels totaux du segment	412 millions de dollars

Morningstar, Inc. (Morn) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Au cours de l'exercice 2022, Morningstar a déclaré des dépenses de R&D de 285,3 millions de dollars, ce qui représente 23,6% du total des dépenses d'exploitation.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2022	285,3 millions de dollars	23.6%
2021	264,7 millions de dollars	22.9%

Salaires pour les analystes et les professionnels de la technologie

Les dépenses totales d'indemnisation pour Morningstar en 2022 étaient de 644,4 millions de dollars.

• Salaire moyen des analystes de recherche: 95 000 $ - 120 000 $
• Salaire moyen pour les professionnels de la technologie: 110 000 $ - 145 000 $

Infrastructure et maintenance technologiques

Les dépenses de technologie et de traitement des données en 2022 ont totalisé 178,2 millions de dollars.

Catégorie de coûts technologiques	Dépenses annuelles
Infrastructure cloud	62,5 millions de dollars
Licence de logiciel	45,3 millions de dollars
Maintenance matérielle	28,9 millions de dollars

Opérations de marketing et de vente

Les frais de marketing et de vente pour 2022 étaient de 261,6 millions de dollars.

• Budget de marketing numérique: 45,7 millions de dollars
• Compensation de l'équipe de vente: 126,3 millions de dollars
• Marketing de conférence et d'événements: 22,5 millions de dollars

Coûts d'acquisition et de licence de données

Les dépenses totales d'acquisition de données en 2022 s'élevaient à 97,8 millions de dollars.

Source de données	Coût annuel de licence
Données sur le marché financier	52,4 millions de dollars
Données financières d'entreprise	29,6 millions de dollars
Sources de données alternatives	15,8 millions de dollars

Morningstar, Inc. (Morn) - Modèle d'entreprise: Strots de revenus

Services de recherche basés sur l'abonnement

MorningStar a généré 1,85 milliard de dollars de revenus totaux pour l'exercice 2023. Les services de recherche basés sur l'abonnement ont représenté environ 45% des revenus totaux, ce qui se traduit par environ 832,5 millions de dollars.

Catégorie de service	Revenus annuels	Pourcentage du total des revenus
Abonnements à des investisseurs individuels	312 millions de dollars	16.9%
Abonnements aux investisseurs institutionnels	520,5 millions de dollars	28.1%

Frais de licence de logiciel

Les frais de licence de logiciel ont généré environ 367,5 millions de dollars de revenus pour 2023, ce qui représente 20% du total des revenus de l'entreprise.

• Licence de logiciel de gestion des investissements
• Licence de plateforme de gestion des risques
• Licence de logiciel d'analyse de portefeuille

Services de notation et de classement des investissements

Les services de notation d'investissement ont contribué 277,5 millions de dollars, représentant 15% des revenus totaux en 2023.

Service de notation	Revenus annuels	Clients principaux
Notes de fonds communs de placement	165 millions de dollars	Investisseurs institutionnels
Classement ETF	112,5 millions de dollars	Conseillers financiers

Ventes de produits de données et d'analyse

Les ventes de produits de données et d'analyse ont atteint 277,5 millions de dollars en 2023, ce qui représente 15% des revenus totaux.

• Bases de données de recherche sur les investissements
• Flux de données du marché
• Outils d'analyse comparative de performance

Services de conseil et professionnels

Le conseil et les services professionnels ont généré 147 millions de dollars de revenus, représentant 8% du total des revenus de l'entreprise pour 2023.

Type de service	Revenus annuels	Segment client
Conseil en investissement	88,2 millions de dollars	Investisseurs institutionnels
Services consultatifs	58,8 millions de dollars	Institutions financières

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.