Morningstar, Inc.

NasdaqGS:MORN Stock Report

Market Cap: US$14.2b

Morningstar Valuation

Is MORN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MORN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
US$122.01
Fair Value
169.4% overvalued intrinsic discount
3
Number of Analysts

Below Fair Value: MORN ($328.64) is trading above our estimate of fair value ($122.01)

Significantly Below Fair Value: MORN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MORN?

Key metric: As MORN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MORN. This is calculated by dividing MORN's market cap by their current earnings.
What is MORN's PE Ratio?
PE Ratio43.2x
EarningsUS$326.50m
Market CapUS$14.18b

Price to Earnings Ratio vs Peers

How does MORN's PE Ratio compare to its peers?

The above table shows the PE ratio for MORN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.8x
FDS FactSet Research Systems
33.5x8.7%US$18.0b
CBOE Cboe Global Markets
27.6x6.6%US$21.4b
MKTX MarketAxess Holdings
29.9x10.2%US$8.2b
TW Tradeweb Markets
60.3x18.0%US$30.2b
MORN Morningstar
43.2x9.8%US$14.2b

Price-To-Earnings vs Peers: MORN is expensive based on its Price-To-Earnings Ratio (43.2x) compared to the peer average (37.8x).

Price to Earnings Ratio vs Industry

How does MORN's PE Ratio compare vs other companies in the US Capital Markets Industry?

23 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ADX Adams Diversified Equity Fund
3.7xn/aUS$2.29b
CET Central Securities
4.6xn/aUS$1.35b
GAM General American Investors Company
4.3xn/aUS$1.23b
ASA ASA Gold and Precious Metals
3.9xn/aUS$450.46m
MORN 43.2xIndustry Avg. 23.0xNo. of Companies71PE020406080100+
23 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MORN is expensive based on its Price-To-Earnings Ratio (43.2x) compared to the US Capital Markets industry average (23x).

Price to Earnings Ratio vs Fair Ratio

What is MORN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MORN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio43.2x
Fair PE Ratio17x

Price-To-Earnings vs Fair Ratio: MORN is expensive based on its Price-To-Earnings Ratio (43.2x) compared to the estimated Fair Price-To-Earnings Ratio (17x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MORN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$328.64
US$377.33
+14.8%
4.2%US$390.00US$355.00n/a3
Jan ’26US$336.76
US$375.00
+11.4%
3.9%US$390.00US$355.00n/a3
Dec ’25US$354.15
US$375.00
+5.9%
3.9%US$390.00US$355.00n/a3
Nov ’25US$328.41
US$375.00
+14.2%
3.9%US$390.00US$355.00n/a3
Oct ’25US$316.50
US$343.50
+8.5%
2.5%US$352.00US$335.00n/a2
Sep ’25US$313.77
US$343.50
+9.5%
2.5%US$352.00US$335.00n/a2
Analyst Price Target
Consensus Narrative from 3 Analysts
US$377.33
Fair Value
12.9% undervalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/31 12:13
End of Day Share Price 2025/01/31 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Morningstar, Inc. is covered by 4 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jeffrey SilberBMO Capital Markets Equity Research
Niamh AlexanderKeefe, Bruyette, & Woods
Russell QuelchRedburn Atlantic