{"schema":"rootz.ai/filing-signals/v1","query":{"ticker":"MORN","limit":50},"count":50,"signals":[{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":71,"context":"to reputational damage, operational challenges, loss of customers, regulatory actions, sanctions, or other penalties, litigation, financial losses, and increased mitigation costs, which could have a material adverse effect on our business, operating results, and financial condition. AI technologies may present business, legal, compliance, and reputational risks as they are incorporated into our products and tools.  We","filed_date":"2026-02-13","accession":"0001289419-26-000013","full_text":"https://origin.rootz.global/static/filing/0001289419-26-000013.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":44,"context":"107 | | |  5.02 |  Authorization; No Contravention |  107 | | |  5.03 |  Governmental Authorization; Other Consents |  107 | | |  5.04 |  Binding Effect |  108 | | |  5.05 |  Financial Statements; No Material Adverse Effect |  108 | | |  5.06 |  Litigation |  108 | | |  5.07 |  No Default |  108 | | |  5.08 |  Ownership of Property |  109 | | |  5.09 |  Environmental Compliance |  109 | | |  5.10 |  Taxes |  109 | | |","filed_date":"2025-10-31","accession":"0001104659-25-104692","full_text":"https://origin.rootz.global/static/filing/0001104659-25-104692.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":100,"match_count":14,"context":"$ | 490.1 | $ | 453.9 | 8.0 | % | $ | 1,438.7 | $ | 1,367.5 | 5.2 | % | | | % of consolidated revenue | 79.3 | % | 79.7 | % | (0.4) | pp | 79.7 | % | 81.2 | % | (1.5) | pp | | Cost of Revenue Cost of revenue increased $19.0 million in the third quarter of 2025 and $40.2 million in the first nine months of 2025. Higher compensation expense of $15.8 million and $32.9 million in the third quarter and the first nine months of 2025,","filed_date":"2025-10-30","accession":"0001289419-25-000168","full_text":"https://origin.rootz.global/static/filing/0001289419-25-000168.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":79,"context":"nalties, litigation, or financial losses and increased expenses related to addressing or mitigating the risks associated with any such material cybersecurity failures or incidents, which could have a material adverse effect on our operating results and financial condition. AI technologies may present business, legal, and reputational risks as they are incorporated into our products and tools. We use, and may continue to","filed_date":"2025-02-28","accession":"0001289419-25-000041","full_text":"https://origin.rootz.global/static/filing/0001289419-25-000041.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":100,"match_count":18,"context":"he third quarter of 2024, consolidated revenue increased 10.5% to $569.4 million. Foreign currency translations had a positive impact in the quarter, increasing revenue by $1.6 million. License-based revenue grew $24.3 million, or 6.3%, during the third quarter of 2024. On an organic basis, license-based revenue increased 6.4%. Reported and organic revenue growth was primarily driven by strong demand for PitchBook and Morn","filed_date":"2024-10-25","accession":"0001289419-24-000111","full_text":"https://origin.rootz.global/static/filing/0001289419-24-000111.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":100,"match_count":18,"context":"e second quarter of 2024, consolidated revenue increased 13.3% to $571.9 million. Foreign currency translations had a negative impact in the quarter, decreasing revenue by $1.4 million. License-based revenue grew $25.7 million, or 6.8%, during the second quarter of 2024. On an organic basis, license-based revenue increased 7.5%. Reported and organic revenue growth was primarily driven by strong demand for PitchBook and Mor","filed_date":"2024-07-26","accession":"0001289419-24-000059","full_text":"https://origin.rootz.global/static/filing/0001289419-24-000059.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":12,"context":"is proxy statement disclosure. }Review Morningstars compensation policies and practices and assess whether such policies and practices are reasonably likely to encourage risk taking that would have a material adverse effect on the Company. | | [Table of Contents](#toc) |  | |  |  |  2024 Proxy Statement |  |  31 | | Nominating and Corporate Governance Committee  |  | |  Members: Bill Lyons(Chair) Robin Diamonte Steve Jo","filed_date":"2024-03-28","accession":"0001193125-24-080640","full_text":"https://origin.rootz.global/static/filing/0001193125-24-080640.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":82,"context":"y recover data or information lost during a database or network facility outage impacting the provider of our backup facilities. Any losses, service disruption, or damages incurred by us could have a material adverse effect on our business, operating results, or financial condition. Although we maintain insurance, at levels we believe to be appropriate, this insurance may not provide adequate protection in the event of","filed_date":"2024-02-29","accession":"0001289419-24-000010","full_text":"https://origin.rootz.global/static/filing/0001289419-24-000010.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":100,"match_count":60,"context":"this proxy statement |  |  Page7 | | |  |  |  | | |  Proposal 2: Advisory Vote to Approve Executive Compensation |  |  FOR the approval of the resolution relating to the executive compensation of our named executive officers as disclosed in this proxy statement |  |  Page58 | | |  |  |  | | |  Proposal 3: Advisory Vote to Approve Frequency of Votes on Executive Compensation |  |  FOR the option of ONE YEAR as the prefer","filed_date":"2023-03-31","accession":"0001193125-23-086796","full_text":"https://origin.rootz.global/static/filing/0001193125-23-086796.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":50,"context":"torage area networks. We may not be able to fully recover data or information lost during a database or network facility outage. Any losses, service disruption, or damages incurred by us could have a material adverse effect on our business, operating results, or financial condition. We could face liability for the information and data we collect, store, use, create, and distribute or the reports and other documents we p","filed_date":"2023-02-24","accession":"0001289419-23-000005","full_text":"https://origin.rootz.global/static/filing/0001289419-23-000005.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":100,"match_count":47,"context":"Morningstar Indexes also expanded significantly with the acquisition of Moorgate Benchmarks in the third quarter. During the year we focused our wealth management offerings and announced that we had signed a definitive agreement in the fourth quarter to acquire Praemiums U.K. and international businesses. This transaction will allow us to gain a valuable platform outside the U.S. and bring scale to our operations faster than","filed_date":"2022-04-01","accession":"0001193125-22-092675","full_text":"https://origin.rootz.global/static/filing/0001193125-22-092675.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":50,"context":"onnel of the acquired business, which would make it difficult to follow through on our operating goals for the business. If an acquisition does not generate the results we anticipate, it could have a material adverse effect on our business, financial condition, and results of operations. 34 [Table of Contents](#i9548b1f336d3487d86f223400b885219_4) We also have, and intend to continue to make, various investments in comp","filed_date":"2022-02-25","accession":"0001289419-22-000005","full_text":"https://origin.rootz.global/static/filing/0001289419-22-000005.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"ai_adoption","strength":100,"match_count":14,"context":"ngs, Inc. |  |  | | The above peer group was the same peer group that was used to evaluate 2019 compensation decisions except for the removal of Financial Engines, Inc. due to its being acquired by Hellman & Friedman and the additions of AssetMark Financial Holdings, Inc, MarketAxess Holdings, Inc., Moodys Corporation, and Verisk Analytics, Inc. These companies were added with consideration of the fo","filed_date":"2021-04-01","accession":"0001104659-21-045571","full_text":"https://origin.rootz.global/static/filing/0001104659-21-045571.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":100,"match_count":54,"context":"tated 2011 Stock Incentive Plan |  |  Page 31 | | |  Proposal 3: Advisory Vote to Approve Executive Compensation |  |  FOR the approval of the resolution relating to the executive compensation of our named executive officers as disclosed in this proxy statement |  |  Page 42 | | |  Proposal 4: Ratification of the Appointment of Independent Registered Public Accounting Firm |  |  FOR the ratification of the appointment o","filed_date":"2021-04-01","accession":"0001104659-21-045571","full_text":"https://origin.rootz.global/static/filing/0001104659-21-045571.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":47,"context":"onnel of the acquired business, which would make it difficult to follow through on our operating goals for the business. If an acquisition does not generate the results we anticipate, it could have a material adverse effect on our business, financial condition, and results of operations. We also have, and intend to continue to make, various investments in companies where we do not have or obtain a controlling interest.","filed_date":"2021-02-26","accession":"0001289419-21-000039","full_text":"https://origin.rootz.global/static/filing/0001289419-21-000039.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":25,"context":"ication is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Note Party has the power and authority to own or hold under lease the Material properties it purports to own or hold under lease , to transact the business it transacts and proposes to transact","filed_date":"2020-10-26","accession":"0001104659-20-118214","full_text":"https://origin.rootz.global/static/filing/0001104659-20-118214.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":100,"match_count":53,"context":"s listed in this proxy statement |  |  Page 3 | | |  Proposal 2: Advisory Vote to Approve Executive Compensation |  |  FOR the approval of the resolution relating to the executive compensation of our named executive officers as disclosed in this proxy statement. |  |  Page 30 | | |  Proposal 3: Ratification of the Appointment of Independent Registered Public Accounting Firm |  |  FOR the ratification of the appointment","filed_date":"2020-04-03","accession":"0001104659-20-042830","full_text":"https://origin.rootz.global/static/filing/0001104659-20-042830.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":31,"context":". If the Morningstar Funds Trust seeks to lower the fees that we receive or terminate its contract with us, we would experience a decline in fees earned from the Morningstar Funds, which could have a material adverse effect on the revenues and net income of our investment advisory services. With our acquisition of DBRS, the portion of our revenues that is transaction-based increased to approximately  13.1% for 2019. The","filed_date":"2020-03-02","accession":"0001289419-20-000041","full_text":"https://origin.rootz.global/static/filing/0001289419-20-000041.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":100,"match_count":30,"context":"|  6.2 |  Compliance with Agreements and Covenants |  64 | | |  6.3 |  Required Regulatory Approvals |  64 | | |  6.4 |  No Prohibition |  64 | | |  6.5 |  Shareholder Approval |  64 | | |  6.6 |  No Material Adverse Effect |  64 | | |  6.7 |  Preferred Share Redemption/Purchase |  64 | | |  6.8 |  Other Deliveries |  64 | | |  |  |  | | |  ARTICLE VII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY |  65 | | |  7.1","filed_date":"2019-06-03","accession":"0001104659-19-033436","full_text":"https://origin.rootz.global/static/filing/0001104659-19-033436.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":100,"match_count":13,"context":"e | $ | 509.4 | $ | 480.8 | 5.9 | % | $ | 999.2 | $ | 948.6 | 5.3 | % | | | % of consolidated revenue | 76.8 | % | 79.3 | % | (2.5) | pp | 76.4 | % | 79.8 | % | (3.4) | pp | | Cost of Revenue Cost of revenue increased $8.7 million in the second quarter and $16.2 million in the first six months of 2026. An increase in certain technology infrastructure costs of $6.1 million and $9.0 million in the second quarter and first six mo","filed_date":"2026-07-29","accession":"0001289419-26-000041","full_text":"https://origin.rootz.global/static/filing/0001289419-26-000041.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":96,"match_count":12,"context":"n the third quarter of 2023, consolidated revenue increased 10.1% to $515.5 million. Foreign currency movements had a positive impact in the quarter, increasing revenue by $3.8 million. License-based revenue grew $41.9 million, or 12.2%, during the third quarter of 2023. On an organic basis, license-based revenue increased 10.6%. Reported and organic revenue growth was primarily driven by strong demand for multiple Data an","filed_date":"2023-11-09","accession":"0001289419-23-000020","full_text":"https://origin.rootz.global/static/filing/0001289419-23-000020.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":93,"match_count":11,"context":"panys annual proxy statement. } Review the Companys compensation policies and practices and assess whether such policies and practices are reasonably likely to encourage risk taking that could have a material adverse effect on the Company. } Annually review and reassess the adequacy of the Compensation Committee Charter and recommend changes to the Board. } Prepare and review with the Board an annual performance evaluat","filed_date":"2026-03-27","accession":"0001193125-26-129081","full_text":"https://origin.rootz.global/static/filing/0001193125-26-129081.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"ai_adoption","strength":88,"match_count":11,"context":"source non-public, hard-to- access information directly from market participants through rigorous primary research and self-reported processes. - Many of the leading large language models (LLMs) and AI-powered tools recognize the strength of our data and are working with us to provide this data to their users. For example, Morningstar Direct Platform has entered into a relationship with Anthropic that enables e","filed_date":"2025-11-05","accession":"0001289419-25-000171","full_text":"https://origin.rootz.global/static/filing/0001289419-25-000171.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":88,"match_count":11,"context":"e | $ | 480.8 | $ | 463.4 | 3.8 | % | $ | 948.6 | $ | 913.6 | 3.8 | % | | | % of consolidated revenue | 79.3 | % | 81.0 | % | (1.7) | pp | 79.8 | % | 82.0 | % | (2.2) | pp | | Cost of Revenue Cost of revenue increased $7.9 million in the second quarter of 2025 and $21.2 million in the first six months of 2025. Higher compensation expense of $10.9 million and $17.1 million in the second quarter and the first six months of 2025,","filed_date":"2025-07-31","accession":"0001289419-25-000145","full_text":"https://origin.rootz.global/static/filing/0001289419-25-000145.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_concentration","strength":88,"match_count":1,"context":"de additional information about our cash equivalents and investments that are subject to FASB ASC 820 in Note 7. Concentration of Credit Risk. For the years ended December31, 2020, 2019, and 2018, no single customer represented 5% or more of our consolidated revenue. If receivables from our customers become delinquent, we begin a collections process. We maintain an allowance for credit losses based on our estimate of the proba","filed_date":"2021-02-26","accession":"0001289419-21-000039","full_text":"https://origin.rootz.global/static/filing/0001289419-21-000039.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"margin_pressure","strength":85,"match_count":10,"context":"efficiently manage cash flow, pace commitments, and hit allocation targets directly within the PitchBook Platform.  PitchBook adjusted operating income increased $16.1million, or 29.1%, and adjusted operating margin decreased 2.5 percentage points in 2022, as expense growth outpaced revenue growth. Expense growth was primarily driven by higher compensation costs and increases in stock-based compensation expense due to the","filed_date":"2024-02-29","accession":"0001289419-24-000010","full_text":"https://origin.rootz.global/static/filing/0001289419-24-000010.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":80,"match_count":10,"context":"es listed in this proxy statement |  |  Page 9 | | |  | |  Proposal 2:Advisory Vote to Approve ExecutiveCompensation |  |  FORthe approval, on a non-binding advisory basis, of the compensation of our named executive officers as disclosed in this proxy statement |  |  Page 64 | | |  | |  Proposal 3:Ratification of the Appointment of Independent Registered Public Accounting Firm |  |  FORthe ratification of the appointmen","filed_date":"2026-03-27","accession":"0001193125-26-129081","full_text":"https://origin.rootz.global/static/filing/0001193125-26-129081.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"ai_adoption","strength":80,"match_count":10,"context":"improving coverage, reliability, and processing speed while maintaining methodological consistency and data quality. Embedding AI in workflows to accelerate insight generation and decision making: We integrated AI into tools such as PitchBook Navigator, Profile and Investor Summaries, Transcript Summaries, the VC Exit Predictor and most recently, PitchBooks Valuation Estimates, a first of its kind, machine-learning","filed_date":"2026-02-13","accession":"0001289419-26-000013","full_text":"https://origin.rootz.global/static/filing/0001289419-26-000013.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"ai_adoption","strength":80,"match_count":10,"context":"aid, together with any additional amounts required pursuant to Section3.05. Each prepayment of the outstanding Term Loans pursuant to this Section2.05 shall be applied to the principal repayment installments thereof in direct order of maturity. Subject to Section2.15, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the rel","filed_date":"2025-10-31","accession":"0001104659-25-104692","full_text":"https://origin.rootz.global/static/filing/0001104659-25-104692.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":80,"match_count":10,"context":"s listed in this proxy statement |  |  Page 8 | | |  | |  Proposal 2:Advisory Vote to Approve Executive Compensation |  |  FORthe approval, on a non-binding advisory basis, of the compensation of our named executive officers as disclosed in this proxy statement |  |  Page 57 | | |  | |  Proposal 3:Ratification of the Appointment of Independent Registered Public Accounting Firm |  |  FORthe ratification of the appointmen","filed_date":"2025-03-28","accession":"0001193125-25-067151","full_text":"https://origin.rootz.global/static/filing/0001193125-25-067151.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":80,"match_count":10,"context":"ted in this proxy statement |  |  Page11 | | |  | |  Proposal 2: Advisory Vote to Approve Executive Compensation |  |  FOR the approval of the resolution relating to the executive compensation of our named executive officers as disclosed in this proxy statement |  |  Page64 | | |  | |  Proposal 3: Ratification of the Appointment of Independent Registered Public Accounting Firm |  |  FOR the ratification of the appointme","filed_date":"2024-03-28","accession":"0001193125-24-080640","full_text":"https://origin.rootz.global/static/filing/0001193125-24-080640.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":80,"match_count":10,"context":"antly from what we expect. For us, these risks and uncertainties include, among others, |  | | failing to maintain and protect our brand, independence, and reputation; | | |  | | liability related to cybersecurity and the protection of confidential information, including personal information about individuals; | | |  | | compliance failures, regulatory action, or changes in laws applicable to our credi","filed_date":"2023-12-19","accession":"0001104659-23-127324","full_text":"https://origin.rootz.global/static/filing/0001104659-23-127324.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"ai_adoption","strength":80,"match_count":10,"context":"ach of their respective cash bonus awards. Also, Kunal recommended, and the Compensation Committee approved, an additional grant for Danny of restricted stock units that vest in two equal annual installments commencing on the first anniversary of the grant date as part of the Companys program to deliver outsized awards to top performers. We describe the factors affecting the individual performance ad","filed_date":"2022-04-01","accession":"0001193125-22-092675","full_text":"https://origin.rootz.global/static/filing/0001193125-22-092675.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":78,"match_count":6,"context":", we generally are not able to reasonably estimate a possible loss, or range of losses for these matters. While we cannot predict the outcome of these processes, we do not anticipate they will have a material adverse effect on our business, operating results, or financial position.  Credit Ratings Matter In April 2020, the staff of the SEC provided an oral Wells Notice to Morningstar Credit Ratings, LLC (MCR) recommendi","filed_date":"2020-10-30","accession":"0001289419-20-000218","full_text":"https://origin.rootz.global/static/filing/0001289419-20-000218.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":78,"match_count":6,"context":", we generally are not able to reasonably estimate a possible loss, or range of losses for these matters. While we cannot predict the outcome of these processes, we do not anticipate they will have a material adverse effect on our business, operating results, or financial position.  22 [Table of Contents](#i688a85f9e79a46de9669a5a73b5b2b80_4) Credit Ratings Matters In April 2020, the staff of the SEC notified Morningsta","filed_date":"2020-07-31","accession":"0001289419-20-000161","full_text":"https://origin.rootz.global/static/filing/0001289419-20-000161.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_concentration","strength":76,"match_count":2,"context":"formation about our cash equivalents and investments that are subject to valuation under FASB ASC 820 in Note 7. Concentration of Credit Risk. 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Foreign currency movements increased revenue by $1.3 million in 2024.  License-based revenue, which represents subscription services available to customers, increased 7.1%, or 7.6% on an o","filed_date":"2025-02-28","accession":"0001289419-25-000041","full_text":"https://origin.rootz.global/static/filing/0001289419-25-000041.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":72,"match_count":9,"context":"ur reportable segments and consolidated revenue. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. 2023 versus 2022 In 2023, our consolidated revenue rose $168.0 million, or 9.0%. Foreign currency movements decreased revenue by $3.2 million in 2023.  License-based revenue, which represents subscription services available to customers, increased 14.0%, or 11.8% on an","filed_date":"2024-02-29","accession":"0001289419-24-000010","full_text":"https://origin.rootz.global/static/filing/0001289419-24-000010.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"ai_adoption","strength":72,"match_count":9,"context":"ibe these awards in more detail below.  Restricted Stock Units:  In 2022, the Compensation Committee granted restricted stock units to our named executive officers that vest in four equal annual installments commencing on the first anniversary of the grant date. 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Review Morningstars compensation policies and practices and assess whether such policies and practices are reasonably likely to encourage risk taking that would have a material adverse effect on the Company. | | **24 2022 Proxy Statement** [Table of Contents](#toc) |  |  |  |  |  |  |  |  |  |  |  |  |  | | |  |  |  |  |  |  |  |  |  |  |  |  |  Board of Directors and Corporate Governance","filed_date":"2022-04-01","accession":"0001193125-22-092675","full_text":"https://origin.rootz.global/static/filing/0001193125-22-092675.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"growth_inflection","strength":64,"match_count":8,"context":". Revenue from Morningstar Sustainalytics was $112.0 million in 2025 and $117.3 million in 2024. Revenue from Morningstar Indexes was $87.7 million in 2025 and $84.7 million in 2024. 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Reported and organic revenue growth was primarily driven by strong demand for PitchBook and Morn","filed_date":"2024-04-26","accession":"0001289419-24-000028","full_text":"https://origin.rootz.global/static/filing/0001289419-24-000028.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"strategic_event","strength":64,"match_count":3,"context":"and liabilities that were classified as Level 3 within the fair value hierarchy included a contingent consideration liability of $17.3million and a convertible note recorded as an available-for-sale investment of $6.8million. 96 [Table of Contents](#i0754ad845509423aace73339592b7614_4) As of December31, 2021, the contingent consideration liability reflected potential future payments that were contingent upon the achievem","filed_date":"2023-02-24","accession":"0001289419-23-000005","full_text":"https://origin.rootz.global/static/filing/0001289419-23-000005.html","verify":"Read the filing at the full_text URL and search for the context string to verify this signal."},{"ticker":"MORN","company":"Morningstar, Inc.","exchange":"Nasdaq","sector":"Investment Advice","signal_type":"risk_factor","strength":63,"match_count":6,"context":"or specific areas subject to audit are available, we may be able to estimate a potential range of losses. 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