Morningstar, Inc.

Morningstar, Inc. is a global provider of independent investment insights. The company's core competencies are data, research, design, and technology, which are used to create products that convey complex investment information. Morningstar serves a wide range of market participants through products and solutions structured around three key areas. Through its Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, customers can access investment data, research, ratings, and tools. These are available on proprietary desktop or web-based software platforms, via direct data feeds and application programming interfaces (APIs), and through artificial intelligence (AI) integrations offering AI-ready access via Model Context Protocol (MCP) and intelligent agents. Access is also provided through third parties in the alliances and redistributors customer segment. Through its Morningstar Wealth and Morningstar Retirement segments, Morningstar provides investment management services to individuals and advisors. As of December 31, 2025, these segments had approximately $378.0 billion in assets under management and advisement (AUMA). Additionally, Morningstar offers a broad range of indexes through its Morningstar Indexes products, which can be used as performance benchmarks and as the basis for investment products and other portfolio strategies. Finally, through its Morningstar Credit segment, the company provides investors with credit ratings, research, data, and credit analytics solutions for international and domestic credit markets.