News about Morningstar

The article compares CME Group, a derivatives exchange operator, with Morningstar, an investment research and data provider, on their finances and risks. CME's 2025 revenue reached $6.5 billion, up 6.4%, with net income of about $4.1 billion and a net margin of roughly 62%, while its second-quarter 2026 revenue rose 0.8% to $1.71 billion. Morningstar's 2025 revenue was $2.45 billion, up 7.5%, with net income of $374.2 million, and its second-quarter 2026 revenue rose 9.6% to $663.2 million. Morningstar completed its $363.0 million cash acquisition of CRSP in February 2026, and its debt-to-equity ratio of about 0.9x at end-2025 was higher than CME's roughly 0.12x. The piece also highlights concentration risk: one firm made up 12% of CME's clearing and transaction fees revenue, while Morningstar's largest customer accounted for less than 3% of its 2025 revenue.

Morningstar has launched Morningstar Direct AI, a browser-based upgrade to its flagship platform with three task-specific AI agents for product development, distribution support and manager research, built on its proprietary data, analytics and ratings. It is also making its investment intelligence available through Claude, Microsoft Copilot and ChatGPT, extending its research into investment professionals' daily workflows. The article says the short-term impact on adoption and on sentiment around insider share sales is not yet clear, and client uptake remains the key risk. The Simply Wall St narrative projects $3.0 billion revenue and $534.0 million earnings by 2029, yielding a $236.67 fair value, about 16% above the current price, while five community members see fair values between US$162.54 and US$329.06.

Morningstar (MORN), with a market value of about $7.7b, plans to relocate its global headquarters to Chicago's Thompson Center alongside Google, becoming a co-anchor tenant in the renovated complex. Management describes the new base as a hub for collaboration, sustainability and a refreshed workplace, and the article suggests its design around collaboration space and transport links could support faster product development. It links the move to Morningstar's strategy of turning data, AI tools and indexes into products clients pay for, including Direct AI and PitchBook integrations. The article says the clearest early test is whether clients adopt Morningstar Direct AI and agents such as the Product Development Agent and Manager Research Agent over the next 12 to 24 months, as reflected in subscription trends and usage of Morningstar data in tools like Claude, Microsoft Copilot and ChatGPT.