Morningstar, Inc. (MORN)
Investment Advice
Latest Price
$192.57
TTM P/E
19.69
Normalized P/E
33.23
Div Yield
0.97%
Book Value
26.05
P/B Ratio
7.39
Valuation metrics
adjust assumptions →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
+58% upside
EPS: $8.87
Target P/E: 33×
Formula: EPS × P/E
P/E Fair Value
$292.71
+52% upside
Institutional Ownership
57.5% held by institutions| Institution | Shares | Value | Ownership % | Change | Filing Date |
|---|---|---|---|---|---|
| BlackRock, Inc. | 2.34M | $395.0M | 6.15% | -25.0K | 2026-03-31 |
| MORGAN STANLEY | 1.73M | $292.0M | 4.55% | -275.8K | 2026-03-31 |
| WELLINGTON MANAGEMENT GROUP LLP | 1.66M | $281.0M | 4.37% | +526.2K | 2026-03-31 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 1.05M | $177.0M | 2.77% | -- | 2026-03-31 |
| VANGUARD CAPITAL MANAGEMENT LLC | 989.5K | $167.0M | 2.60% | -- | 2026-03-31 |
| BAMCO INC /NY/ | 759.5K | $128.0M | 2.00% | -482.3K | 2026-03-31 |
| STATE STREET CORP | 735.6K | $124.0M | 1.93% | -11.3K | 2026-03-31 |
| LOS ANGELES CAPITAL MANAGEMENT LLC | 645.4K | $109.0M | 1.70% | +645.3K | 2026-03-31 |
| Select Equity Group, L.P. | 637.7K | $107.0M | 1.68% | -884.8K | 2026-03-31 |
| AQR CAPITAL MANAGEMENT LLC | 623.6K | $105.0M | 1.64% | -276.7K | 2026-03-31 |