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Morningstar, Inc. (MORN)
Investment Advice
Latest Price
$222.54
TTM P/E
19.50
Normalized P/E
34.46
TTM Div Yield
0.87%
Fwd Div Yield
0.90%
Book Value
27.34
P/B Ratio
8.14
Valuation metrics
adjust assumptions →EPS: $8.87
Book value / share: $30.75
Formula: √(22.5 × EPS × BVPS)
Graham Number
$78.33
64% 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
86% 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
+41% upside
EPS: $8.87
Target P/E: 35×
Formula: EPS × P/E
P/E Fair Value
$310.45
+44% upside
Institutional Ownership
64.1% held by institutions| Institution | Shares | Value | Ownership % | Change | Filing Date |
|---|---|---|---|---|---|
| Bamco Inc | 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 |