Company profile
Morningstar
Fund ratings grew into a research, data and credit-ratings group
Morningstar started out rating mutual funds. Through acquisitions it added PitchBook (private-markets data), DBRS (credit ratings), Sustainalytics (ESG research) and adviser software, so it now sells data and tools to both wealth and asset managers.
Founded
1984
Headquarters
Chicago
Ownership
Public (NASDAQ: MORN); founder Joe Mansueto holds about 40%
Revenue
$2.28B
FY 2024
Employees
~11,100
2024
Official websiteWhat Morningstar sells
Data first: research and ratings, with adviser tools on top
Rows are what they sell, columns are who buys it. Darker cells cover more capabilities, weighted toward flagship strengths. Tap an offering for detail.
Asset management
Wealth
Banking
Product by product
What each of Morningstar's products actually does
Most of Morningstar's products sell its research and data; the software mostly packages that data for researchers and advisers. The bar shows where each product is strongest: front, middle or back office. Darker means stronger.
Acquisitions
$1.9B in disclosed deals: $1.0B for software and data, $866M for business lines
Colour shows what was bought; size shows the price in 2026 dollars (US consumer prices). Small hollow dots: price not disclosed. Dashed: deal abandoned. Tap a deal to see what it added.
Competitors and peers
Who Morningstar is up against, and where
Grouped by how they compete. A firm can be a software rival without being a business rival.
Head-to-head in software and data