Morningstar Management

Management criteria checks 4/4

Morningstar's CEO is Kunal Kapoor, appointed in Jan 2017, has a tenure of 7.25 years. total yearly compensation is $7.28M, comprised of 7.2% salary and 92.8% bonuses, including company stock and options. directly owns 0.25% of the company’s shares, worth $30.70M. The average tenure of the management team and the board of directors is 6.3 years and 9.6 years respectively.

Key information

Kunal Kapoor

Chief executive officer

US$7.3m

Total compensation

CEO salary percentage	7.2%
CEO tenure	7.3yrs
CEO ownership	0.3%
Management average tenure	6.3yrs
Board average tenure	9.6yrs

Recent management updates

Recent updates

Morningstar, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Mar 03

CEO Compensation Analysis

How has Kunal Kapoor's remuneration changed compared to Morningstar's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	US$213m
Dec 31 2023	US$7m	US$525k	US$141m
Sep 30 2023	n/a	n/a	US$71m
Jun 30 2023	n/a	n/a	US$23m
Mar 31 2023	n/a	n/a	US$17m
Dec 31 2022	US$6m	US$500k	US$71m
Sep 30 2022	n/a	n/a	US$124m
Jun 30 2022	n/a	n/a	US$182m
Mar 31 2022	n/a	n/a	US$185m
Dec 31 2021	US$6m	US$500k	US$193m
Sep 30 2021	n/a	n/a	US$212m
Jun 30 2021	n/a	n/a	US$239m
Mar 31 2021	n/a	n/a	US$255m
Dec 31 2020	US$8m	US$400k	US$224m
Sep 30 2020	n/a	n/a	US$176m
Jun 30 2020	n/a	n/a	US$149m
Mar 31 2020	n/a	n/a	US$143m
Dec 31 2019	US$4m	US$400k	US$152m
Sep 30 2019	n/a	n/a	US$167m
Jun 30 2019	n/a	n/a	US$175m
Mar 31 2019	n/a	n/a	US$174m
Dec 31 2018	US$3m	US$388k	US$183m
Sep 30 2018	n/a	n/a	US$180m
Jun 30 2018	n/a	n/a	US$157m
Mar 31 2018	n/a	n/a	US$161m
Dec 31 2017	US$5m	US$350k	US$137m

Compensation vs Market: Kunal's total compensation ($USD7.28M) is below average for companies of similar size in the US market ($USD13.53M).

Compensation vs Earnings: Kunal's compensation has been consistent with company performance over the past year.

CEO

Kunal Kapoor (48 yo)

7.3yrs

Tenure

US$7,277,421

Compensation

Mr. Kunal Kapoor, CFA has been Chief Executive Officer of Morningstar, Inc. since January 1, 2017 and served as its President since October 2015. Mr. Kapoor is responsible for product development and innov...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Joseph Mansueto	Founder & Executive Chairman of the Board	39.9yrs	US$105.25k	36.67% $ 4.5b
Kunal Kapoor	CEO & Director	7.3yrs	US$7.28m	0.25% $ 30.7m
Jason Dubinsky	Chief Financial Officer	6.8yrs	US$2.69m	0.041% $ 5.0m
Daniel Dunn	Chief Revenue Officer	7.3yrs	US$1.98m	0.023% $ 2.8m
Conan Wiersema	Principal Accounting Officer	less than a year	no data	0.00023% $ 28.1k
James Rhodes	President of Data	5.8yrs	no data	no data
Barbara Noverini	Analyst	no data	no data	no data
Kathleen Peacock	Chief Legal Officer	no data	no data	no data
Stephanie Lerdall	Senior Manager of Media Relations	no data	no data	no data
Steve Bendt	Chief Marketing Officer	no data	no data	no data
Julie Willoughby	Head of Global Sales	no data	no data	no data
Marie Lynch	Chief People Officer	1.3yrs	no data	no data

6.3yrs

Average Tenure

48yo

Average Age

Experienced Management: MORN's management team is seasoned and experienced (6.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Joseph Mansueto	Founder & Executive Chairman of the Board	39.9yrs	US$105.25k	36.67% $ 4.5b
Kunal Kapoor	CEO & Director	7.3yrs	US$7.28m	0.25% $ 30.7m
Stephen Joynt	Director	4.3yrs	US$224.87k	0.0055% $ 674.0k
William Lyons	Independent Director	16.6yrs	US$239.87k	0.051% $ 6.3m
Cheryl Francis	Independent Director	21.8yrs	US$249.87k	0.077% $ 9.4m
Steven Kaplan	Independent Director	24.7yrs	US$239.87k	0.10% $ 12.3m
Gail Landis	Independent Director	10.9yrs	US$229.87k	0.0085% $ 1.0m
Robin Diamonte	Independent Director	8.3yrs	US$224.87k	0.017% $ 2.1m
Caroline Tsay	Independent Director	6.9yrs	US$224.87k	0.0048% $ 587.2k
Doniel Sutton	Independent Director	2.9yrs	US$224.87k	0.0021% $ 259.3k

9.6yrs

Average Tenure

65yo

Average Age

Experienced Board: MORN's board of directors are considered experienced (9.6 years average tenure).

Morningstar Management

Management criteria checks 4/4

Key information

Recent management updates

Morningstar, Inc., Annual General Meeting, May 10, 2024

Morningstar Appoints Shihan Abeyguna as Managing Director, South-East Asia

Key Executive notifies of intention to sell stock

Kimberly McGarry, Chief Accounting Officer (Principal Accounting Officer) of Morningstar, Inc. to Depart, Effective January 19, 2024

Key Executive notifies of intention to sell stock

Key Executive notifies of intention to sell stock

Recent updates

First quarter 2024 earnings released: EPS: US$1.50 (vs US$0.18 loss in 1Q 2023)

Morningstar, Inc., Annual General Meeting, May 10, 2024

Morningstar, Inc. to Report Q1, 2024 Results on Apr 24, 2024

Fourth quarter dividend of US$0.41 announced

Morningstar, Inc. Declares Quarterly Dividend, Payable on April 30, 2024

Morningstar, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Full year 2023 earnings: EPS exceeds analyst expectations

Morningstar: Watching Out For Q4 Earnings

Morningstar Appoints Shihan Abeyguna as Managing Director, South-East Asia

Key Executive notifies of intention to sell stock

Morningstar, Inc. to Report Q4, 2023 Results on Feb 22, 2024

The Price Is Right For Morningstar, Inc. (NASDAQ:MORN)

Kimberly McGarry, Chief Accounting Officer (Principal Accounting Officer) of Morningstar, Inc. to Depart, Effective January 19, 2024

Upcoming dividend of US$0.41 per share at 0.5% yield

Morningstar, Inc. Announces Launch of Direct Web Service

Morningstar, Inc. Declares Quarterly Dividend Payable on Jan. 31, 2024

Key Executive notifies of intention to sell stock

Consensus EPS estimates increase by 20%

Price target increased by 42% to US$320

Third quarter 2023 earnings released: EPS: US$0.92 (vs US$0.21 loss in 3Q 2022)

New major risk - Revenue and earnings growth

Upcoming dividend of US$0.38 per share at 0.6% yield

Morningstar, Inc. to Report Q3, 2023 Results on Oct 25, 2023

Morningstar, Inc. Declares Quarterly Dividend, Payable on October 31, 2023

New minor risk - Insider selling

Consensus EPS estimates fall by 21%

Price target increased by 9.8% to US$225

Upcoming dividend of US$0.38 per share at 0.8% yield

Morningstar, Inc. to Report Q2, 2023 Results on Jul 26, 2023

Morningstar, Inc.(NasdaqGS:MORN) dropped from Russell 1000 Value-Defensive Index

Morningstar, Inc. Declares Quarterly Dividend, Payable on April 28, 2023

Key Executive notifies of intention to sell stock

Independent Director recently sold US$125k worth of stock

Independent Director notifies of intention to sell stock

Mo, an AI Chatbot Powered by Morningstar Intelligence Engine, Debuts in Morningstar Platforms

First quarter 2023 earnings released: US$0.18 loss per share (vs US$1.07 profit in 1Q 2022)

Upcoming dividend of US$0.38 per share at 0.8% yield

Full year 2022 earnings: EPS misses analyst expectations

Key Executive notifies of intention to sell stock

Sbi Global Asset Management Co., Ltd. agreed to acquire 11.15% stake in Morningstar Japan K.K. (TSE:4765) from Morningstar, Inc. (NasdaqGS:MORN) for ¥439 yen per share.

Morningstar, Inc. to Report Q4, 2022 Results on Feb 23, 2023

Insufficient new directors

Upcoming dividend of US$0.38 per share

Morningstar, Inc. Launches New Research Portal for Financial Advisors, with Independent Research and Insights At Center

Morningstar, Inc. Declares Quarterly Dividend

Insider recently sold US$2.4m worth of stock

Key Executive notifies of intention to sell stock

Morningstar, Inc. Introduces Morningstar PitchBook Global Unicorn Indexes

Morningstar, Inc. Launches Direct Indexing Combining Market-Leading Technology and Investment Management

Third quarter 2022 earnings released: US$0.21 loss per share (vs US$1.14 profit in 3Q 2021)

Morningstar, Inc. Declares Quarterly Dividend, Payable on October 31, 2022

Morningstar declares $0.36 dividend

Morningstar, Inc. to Report Q3, 2022 Results on Oct 26, 2022

Morningstar: Wait For A Pullback

Morningstar, Inc. Launches Investable World

Independent Director recently sold US$56k worth of stock

Key Executive notifies of intention to sell stock

Second quarter 2022 earnings released: EPS: US$0.71 (vs US$0.77 in 2Q 2021)

Morningstar: The Problem Is Still The Valuation

Morningstar, Inc. (NasdaqGS:MORN) acquired Praemium's International business from Praemium Limited (ASX:PPS).

Morningstar, Inc. to Report Q2, 2022 Results on Jul 27, 2022

Upcoming dividend of US$0.36 per share

Morningstar Investor Connects Individual Investors' Portfolio Management to Morningstar Research

Morningstar, Inc. (NasdaqGS:MORN) completed the acquisition of Leveraged Commentary and Data (LCD) Business and Related Family of Leveraged Loan Indices from S&P Global Inc. (NYSE:SPGI).

Independent Director notifies of intention to sell stock

Morningstar Inc. Launches Analytics Lab, A Data Science Platform for Finance Professionals

Morningstar Inc. Launches Analytics Lab, A Data Science Platform for Finance Professionals

Independent Director recently sold US$145k worth of stock

Morningstar, Inc. Declares Quarterly Dividend, Payable on July 29, 2022