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Morningstar

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Morningstar, Inc. is a provider of independent investment research. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The Company also offers investment management services through its investment advisory subsidiaries.

Revenue(Q1, 2017)
$209.5 M
Market capitalization(2017-08-22)
$3.5 B
Assets Under Management(FY, 2016)
$192.6 B
Company Growth (employees)
Type
Public
HQ
Chicago, US
Founded
1984
Size (employees)
4,675 (est)+2%
Website
morningstar.com
Morningstar was founded in 1984 and is headquartered in Chicago, US

Key People at Morningstar

Jason Dubinsky

Jason Dubinsky

Chief Financial Officer
Kunal Kapoor

Kunal Kapoor

President
Haywood Kelly

Haywood Kelly

Head of Global Research
Thomas Idzorek

Thomas Idzorek

President - Morningstar Investment Management
Bevin Desmond

Bevin Desmond

Head of Global Information Products and Service

Morningstar Office Locations

Morningstar has an office in Chicago
Chicago, US (HQ)
22 West Washington Street

Morningstar Data and Metrics

Morningstar Financial Metrics

Morningstar's revenue was reported to be $209.5 m in Q1, 2017
USD

Revenue (Q1, 2017)

209.5 m

Gross profit (Q1, 2017)

112.5 m

Gross profit margin (Q1, 2017), %

54%

Net income (Q1, 2017)

18 m

EBIT (Q1, 2017)

28.4 m

Market capitalization (22-Aug-2017)

3.5 b

Cash (31-Mar-2017)

265.8 m
Morningstar's current market capitalization is $3.5 b.
USDFY, 2014FY, 2015FY, 2016

Revenue

760.1 m788.8 m798.6 m

Revenue growth, %

9%4%1%

Cost of goods sold

318.6 m330.1 m344.3 m

Gross profit

441.4 m458.7 m454.3 m

Gross profit Margin, %

58%58%57%

Sales and marketing expense

97.6 m

General and administrative expense

105.2 m

Operating expense total

202.8 m

EBIT

105.6 m190.6 m180.8 m

EBIT margin, %

14%24%23%

Pre tax profit

114 m193.7 m224.9 m

Income tax expense

35.7 m62.7 m63.7 m

Net Income

78.3 m132.8 m161 m
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Revenue

189.4 m193.1 m189.8 m202.1 m195.3 m192.1 m198.2 m196.1 m209.5 m

Cost of goods sold

81.4 m80.1 m78.7 m83.2 m83.4 m85.3 m86.1 m84.9 m97 m

Gross profit

108 m113 m111.1 m118.9 m111.9 m106.8 m112.1 m111.2 m112.5 m

Gross profit Margin, %

57%58%59%59%57%56%57%57%54%

Sales and marketing expense

27.9 m26.8 m25.4 m25.1 m23.3 m22.3 m25.7 m23.1 m32.4 m

General and administrative expense

30.4 m26.4 m26.1 m27.8 m26 m25.6 m24.7 m25.8 m30.2 m

Operating expense total

58.4 m53.1 m51.5 m52.9 m49.3 m47.9 m50.4 m48.9 m62.6 m

EBIT

(24.8 m)45.3 m44.5 m49.7 m46.2 m42.3 m44.4 m44.2 m28.4 m

EBIT margin, %

(13%)23%23%25%24%22%22%23%14%

Interest expense

634 k515 k200 k100 k200 k900 k

Interest income

634 k515 k200 k100 k200 k900 k

Income tax expense

(8.6 m)15.1 m14.8 m18.7 m14.6 m14.6 m15.4 m16.5 m8.3 m

Net Income

(9.8 m)30.2 m29.8 m32.2 m33.5 m28.7 m31.8 m30.2 m18 m
USDFY, 2014FY, 2015FY, 2016

Cash

185.2 m207.1 m259.1 m

Accounts Receivable

136.7 m139.3 m145.8 m

Current Assets

399.8 m409.9 m472 m

PP&E

117.6 m134.5 m152.1 m

Goodwill

370.1 m364.2 m556.8 m

Total Assets

1 b1 b1.4 b

Accounts Payable

34.3 m39.2 m44.6 m

Total Debt

30 m35 m250 m

Current Liabilities

293.8 m304.4 m294.9 m

Total Liabilities

364.9 m388.4 m654.1 m

Additional Paid-in Capital

561.1 m575.5 m584 m

Retained Earnings

641.5 m739.2 m861.9 m

Total Equity

654.4 m640.6 m696.8 m

Debt to Equity Ratio

0 x0.1 x0.4 x

Debt to Assets Ratio

0 x0 x0.2 x

Financial Leverage

1.6 x1.6 x1.9 x
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Cash

176.3 m189.3 m204.6 m225.6 m223.7 m185.2 m202.4 m219.4 m265.8 m

Current Assets

402.6 m388.3 m418.5 m435.4 m420.1 m400.4 m409 m413.1 m486.1 m

Goodwill

388.8 m379 m359.8 m364.2 m359.9 m367.9 m371.5 m370.7 m558.3 m

Total Assets

1.1 b1 b1 b1 b1 b1 b1.1 b1.1 b1.4 b

Accounts Payable

97.3 m38.5 m35.8 m36 m34.4 m41.3 m40.1 m35 m47.1 m

Current Liabilities

322.2 m290.9 m293.2 m305 m273 m323.8 m328.6 m314.2 m299.9 m

Additional Paid-in Capital

545.6 m553.2 m568.3 m569 m571.7 m579.9 m578 m580.8 m589.3 m

Retained Earnings

595.9 m618.5 m662.8 m686.4 m711.4 m758.4 m780.8 m801.5 m870 m

Total Equity

668.7 m670.5 m661 m669.9 m680.1 m630.5 m639.4 m662 m718.7 m

Financial Leverage

1.6 x1.5 x1.6 x1.6 x1.5 x1.6 x1.6 x1.6 x1.9 x
USDFY, 2014FY, 2015FY, 2016

Net Income

78.3 m132.8 m161 m

Depreciation and Amortization

70.7 m

Cash From Operating Activities

136.6 m241.5 m213.7 m

Capital Expenditures

(58.3 m)(57.3 m)(62.8 m)

Cash From Investing Activities

(31.2 m)(79.5 m)(274.2 m)

Cash From Financing Activities

(76.1 m)(127.5 m)123.7 m

Free Cash Flow

78.3 m184.2 m150.9 m
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Net Income

(9.8 m)30.2 m29.8 m32.2 m33.5 m28.7 m31.8 m30.2 m18 m

Depreciation and Amortization

13.4 m14.6 m15.1 m16.3 m16.4 m16.6 m17.3 m18.1 m21.5 m
USDY, 2017

Revenue/Employee

45.6 k

Financial Leverage

1.9 x

Morningstar Operating Metrics

Morningstar's Assets Under Management was reported to be $192.6 b in FY, 2016, which is a 7% increase from the previous period
FY, 2014FY, 2015FY, 2016

Assets Under Management

167.3 b$179.7 b$192.6 b

Countries

272727

Subscriptions (US)

123.27 k120.56 k118.34 k

Registered Users (US)

8.19 m8.53 m8.89 m

Morningstar Acquisitions / Subsidiaries

Acquired CompanyDateDeal Size
PitchBook DataOctober 14, 2016$180 m
HelloWalletMay 29, 2014$5.3 m

Morningstar Market Value History

Morningstar Revenue Breakdown

Morningstar Median Salaries

Source: 100 public H-1B filings from Morningstar

Market Position of Morningstar

Competitors

Lazard
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Cowen Group, Inc.
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Associated Capital Group
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The Colony Group
Financial Services - Private
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Traffic Overview of Morningstar

Morningstar Online and Social Media Presence

Morningstar News and Updates

December 17, 2016

Kellogg Pivots To Boost Sales of Morningstar Farms

More meatless options are hitting retail shelves.
September 15, 2016

Morningstar Loses Challenge to Thomson Reuters Coding Settlement

Deal with EU antitrust authorities gave customers what they need to switch, court rules.
July 18, 2016

BRIEF-Morningstar says active U.S.-equity funds posted an estimated $21.7 bln in outflows in June

* Reported estimated U.S. Mutual fund and Exchange-Traded Fund (ETF) asset flows for June 2016

Morningstar Company Life and Culture

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