8-K filing — Morningstar, Inc. (MORN)
Filed: 2026-09-25 AccNo: 0001289419-26-000048 Size: 589 KB Item 7.01: Regulation FD Disclosure Item 9.01: Financial Statements and Exhibits
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Filed: 2026-09-25 AccNo: 0001289419-26-000048 Size: 589 KB Item 7.01: Regulation FD Disclosure Item 9.01: Financial Statements and Exhibits
CME Group and Morningstar are compared as financial infrastructure plays. CME dominates derivatives trading with an impressive 62% net margin and $6.5B revenue, but trades at a premium valuation (forward P/E 22.5). Morningstar offers investment research with lower margins (15.3%) but more attractive valuation (forward P/E 15.5). The author leans toward CME despite valuation concerns due to its superior profitability and dividend, though both stocks have underperformed the S&P 500 over longer periods.
Morningstar is projected to reach a market value of $13.2 billion within five years, representing a 73% increase from its recent $7.5 billion valuation. The company has demonstrated consistent 12% annual revenue growth, currently trades at undervalued P/E and price-to-sales ratios, and offers an attractive 13.2% total shareholder yield including dividends and buybacks.
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