Morningstar, Inc.’s share price is at $216.38 with trailing and forward P/E of 24.62 and 19.19 respectively. The company gets most of its revenue from premium data subscriptions to financial institutions. Despite a 35% stock decline in 2024, Morningstar has strong fundamentals with $400 million in annual free cash flow and a recent CRSP acquisition.

Q4 2024 earnings saw a 10% rise in operating expenses outpacing revenue growth, leading to margin squeeze. Q1 2025 showed margin recovery but revenue growth slowed to 7.2% due to macroeconomic concerns. Industry headwinds have impacted PitchBook’s performance, but Morningstar’s disciplined cost controls and strong cash flow position it well for long-term success.

A previous bullish thesis on Morningstar in May 2025 highlighted the company’s strong moat and proprietary data platforms. The stock has declined by 28.85% since then due to margin pressures. The recurring subscription model remains resilient, with potential for a valuation re-rating, offering upside for long-term investors.

Read more at Yahoo Finance: Morningstar, Inc. (MORN): A Bull Case Theory