Morningstar, Inc. (MORN)

Investment Advice

Latest Price

$201.64

TTM P/E

19.17

Normalized P/E

33.21

Div Yield

0.94%

Book Value

26.59

P/B Ratio

7.58

Valuation metrics

EPS: $8.87

Book value / share: $30.75

Formula: √(22.5 × EPS × BVPS)

Graham Number

$78.33

61% downside

Norm. op. income: $231M (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$31.01

85% downside

Base FCF: $348M (median of recent 5yr)

Growth: 15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$304.76

+51% upside

EPS: $8.87

Target P/E: 33×

Formula: EPS × P/E

P/E Fair Value

$292.71

+45% upside

64.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BAMCO INC /NY/	3.50M	$545.0M	9.33%	+2.74M	2026-06-30
BlackRock, Inc.	2.08M	$324.0M	5.55%	-256.5K	2026-06-30
WELLINGTON MANAGEMENT GROUP LLP	1.49M	$232.0M	3.98%	-169.4K	2026-06-30
MORGAN STANLEY	1.48M	$231.0M	3.96%	-246.4K	2026-06-30
AQR CAPITAL MANAGEMENT LLC	1.30M	$203.0M	3.48%	+680.8K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	950.1K	$148.0M	2.53%	-101.7K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	894.4K	$139.0M	2.38%	-95.1K	2026-06-30
STATE STREET CORP	716.5K	$111.0M	1.91%	-19.1K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	578.3K	$90.0M	1.54%	-20.9K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	561.9K	$87.0M	1.50%	+44.1K	2026-06-30