Morningstar, Inc. (MORN)

Investment Advice

Latest Price

$190.04

TTM P/E

18.06

Normalized P/E

30.88

Div Yield

1.00%

Book Value

26.92

P/B Ratio

7.06

Valuation metrics

EPS: $8.87

Book value / share: $30.75

Formula: √(22.5 × EPS × BVPS)

Graham Number

$78.33

59% 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

84% 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

+60% upside

EPS: $8.87

Target P/E: 31×

Formula: EPS × P/E

P/E Fair Value

$274.97

+45% upside

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