Morningstar MORN Business Segments
| FY'25 | FY'24 | FY'23 | FY'22 | ||
|---|---|---|---|---|---|
| Consolidated revenue by Business | |||||
| Morningstar Credit Segment | $293M+0.7% | $291.1M+35.1% | $215.4M-9.1% | $236.9M-12.6% | |
| Morningstar Data and Analytics Segment | $830.6M+5.4% | $788.1M+5.5% | $747.2M+7.3% | $696.6M+4.4% | |
| Morningstar Retirement Segment | $137.6M+8.3% | $127.1M+15.0% | $110.5M+6.3% | $104M-0.6% | |
| Morningstar Wealth Segment | $312.8M+25.9% | $248.4M+8.0% | $229.9M+0.4% | $228.9M-4.0% | |
| PitchBook Segment | $671.8M+8.6% | $618.4M+12.0% | $551.9M+22.5% | $450.7M+49.4% | |
| Reportable Segment Profitability by Business | |||||
| Corporate and Other | -$188.7M-4.9% | -$179.9M+8.6% | -$196.8M— | —— | |
| Morningstar Credit Segment | $114.8M+51.9% | $75.6M+248% | $21.7M-63.3% | $59.1M-20.7% | |
| Morningstar Data and Analytics Segment | $369.4M+3.9% | $355.4M+4.6% | $339.8M+8.5% | $313.3M+6.7% | |
| Morningstar Retirement Segment | $67.7M+3.2% | $65.6M+21.3% | $54.1M+5.3% | $51.4M-7.2% | |
| PitchBook Segment | $210.1M+12.7% | $186.4M+25.9% | $148.1M+107% | $71.5M+29.1% | |
| Segment Reporting, Other Segment Item, Amount by Business | |||||
| Morningstar Data and Analytics Segment | $225.2M+4.0% | $216.6M-7.3% | $233.6M+5.5% | $221.4M— | |
| Morningstar Retirement Segment | $24.2M+37.5% | $17.6M+14.3% | $15.4M-1.3% | $15.6M— | |
| Morningstar Wealth Segment | $129.3M-2.9% | $133.1M+12.0% | $118.8M+4.2% | $114M— | |
| PitchBook Segment | $152.3M+6.9% | $142.5M+16.0% | $122.8M+6.0% | $115.9M— | |
| Compensation Expense, Excluding Cost of Good and Service Sold by Business | |||||
| Morningstar Credit Segment | $181.2M+11.5% | $162.5M+26.8% | $128.2M+3.2% | $124.2M— | |
| Morningstar Data and Analytics Segment | $236M+9.2% | $216.1M+24.3% | $173.8M+7.4% | $161.9M— | |
| Morningstar Retirement Segment | $45.7M+4.1% | $43.9M+7.1% | $41M+10.8% | $37M— | |
| PitchBook Segment | $309.4M+6.9% | $289.5M+3.0% | $281M+6.7% | $263.3M— | |
| Foreign currency translation and other by Business | |||||
| Morningstar Retirement Segment | $0— | $0— | $0— | $0— | |
| Morningstar Wealth Segment | -$2.4M-260% | $1.5M+225% | -$1.2M-340% | $500K— | |
| PitchBook Segment | $0— | $0— | $0— | $0— | |
| Goodwill, Acquired During Period by Business | |||||
| Corporate and Other | $0— | —— | —— | $0— | |
| Morningstar Data and Analytics Segment | $0— | —— | —— | $0— | |
| Morningstar Retirement Segment | $0— | —— | —— | $0— | |
| Morningstar Wealth Segment | $0— | —— | —— | $21.9M— | |
| Depreciation by Business | |||||
| Corporate and Other | $18.3M0.0% | $18.3M-6.2% | $19.5M+24.2% | $15.7M+241% | |
| Morningstar Data and Analytics Segment | $44.7M+17.9% | $37.9M+22.3% | $31M+32.5% | $23.4M-20.7% | |
| Morningstar Retirement Segment | $10.4M+4.0% | $10M-9.1% | $11M+39.2% | $7.9M-17.7% | |
| Morningstar Wealth Segment | $14.9M-19.5% | $18.5M+17.1% | $15.8M-12.7% | $18.1M+36.1% | |
| PitchBook Segment | $33.6M+5.7% | $31.8M+18.7% | $26.8M+12.6% | $23.8M+16.7% | |
| Goodwill by Business | |||||
| Corporate and Other | $279.7M+0.7% | $277.8M— | —— | —— | |
| Morningstar Credit Segment | $475.2M+10.9% | $428.5M— | —— | —— | |
| Morningstar Data and Analytics Segment | $2.43B+1.1% | $2.4B— | —— | —— | |
| Morningstar Retirement Segment | $374M0.0% | $374M— | —— | —— | |
| Morningstar Wealth Segment | $372.1M-0.8% | $375M— | —— | —— | |
| PitchBook Segment | $2.52B+3.6% | $2.43B— | —— | —— | |
| Consolidated revenue by Product | |||||
| Asset-based | $343M+2.9% | $333.2M+19.2% | $279.6M+3.8% | $269.4M+1.7% | |
| License-based | $1.72B+5.8% | $1.63B+7.1% | $1.52B+14.0% | $1.33B+17.7% | |
| Transaction-based | $383.3M+21.0% | $316.8M+31.2% | $241.5M-10.4% | $269.5M-11.0% | |
| Revenue by Product | |||||
| Morningstar Indexes | $87.7M+3.5% | $84.7M+29.1% | $65.6M+30.7% | $50.2M— | |
| Sustainalytics | $112M-4.5% | $117.3M-0.7% | $118.1M+14.3% | $103.3M— | |
| Revenue by Geography | |||||
| Australia | $65.3M+4.6% | $62.4M+6.8% | $58.4M+4.7% | $55.8M-1.9% | |
| Canada | $154.9M+10.3% | $140.4M+20.7% | $116.3M+5.9% | $109.8M-2.7% | |
| Continental Europe | $219.6M+7.8% | $203.8M+9.9% | $185.5M+13.9% | $162.9M+2.4% | |
| GB | $189.8M+13.4% | $167.4M+13.1% | $148M+10.8% | $133.6M-1.5% | |
| Other | $13M+2.4% | $12.7M+21.0% | $10.5M+7.1% | $9.8M+5.4% | |
| United Kingdom | $48M-3.2% | $49.6M+0.6% | $49.3M+10.0% | $44.8M+9.0% | |
| United States | $1.75B+7.1% | $1.64B+11.4% | $1.47B+8.6% | $1.35B+14.3% | |
| Property, equipment, and capitalized software, less accumulated depreciation and amortization of $930.2 million and $899.9 million, respectively by Geography | |||||
| Australia | $5.4M-18.2% | $6.6M-15.4% | $7.8M-23.5% | $10.2M-19.0% | |
| Canada | $65.1M+362% | $14.1M-15.6% | $16.7M+3.7% | $16.1M+29.8% | |
| Continental Europe | $24.8M+11.7% | $22.2M-22.9% | $28.8M-18.6% | $35.4M-1.7% | |
| Other | $1M+66.7% | $600K-14.3% | $700K-41.7% | $1.2M-20.0% | |
| United Kingdom | $54M+49.2% | $36.2M-16.8% | $43.5M-6.0% | $46.3M+54.8% | |
| United States | $733.4M-1.8% | $746.5M+7.6% | $693.9M+12.7% | $615.8M+16.0% | |
| Operating lease assets by Geography | |||||
| Australia | $7.4M-31.5% | $10.8M-21.7% | $13.8M-16.9% | $16.6M-13.5% | |
| Canada | $28.3M-23.9% | $37.2M+82.4% | $20.4M-16.7% | $24.5M-10.9% | |
| Continental Europe | $67.9M-4.9% | $71.4M+7.2% | $66.6M-2.3% | $68.2M+7.4% | |
| Other | $1.4M+75.0% | $800K-42.9% | $1.4M-30.0% | $2M-13.0% | |
| United Kingdom | $182.7M+119% | $83.4M+7.8% | $77.4M-21.5% | $98.6M+118% | |
| United States | $327.6M-13.3% | $378M-12.6% | $432.6M+12.2% | $385.5M+13.2% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Morningstar break its business down?
- Morningstar (MORN) reports consolidated revenue by business across 5 parts — Morningstar Credit Segment, Morningstar Data and Analytics Segment, Morningstar Retirement Segment, Morningstar Wealth Segment and PitchBook Segment. Each is extracted from the segment footnotes and tracked over time.
- Where does Morningstar's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Morningstar's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
