4 models fit Morningstar Inc. Common Stock and they disagree: 1 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
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Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionMorningstar Inc. Common Stock (MORN)
Fair value (4 models)
$161
ACCE price target
$205
Rating
Overvalued
Horizon
12 months
Fair value published on 18 Oct 2026, 16:04 CEST; previously $264 since 14 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 16:04 CEST.
Price used: $225 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
39.3% above
-28.2% to fair value
ACCE score
78
out of 100
Analysts
67% buy
3 covering
P/E
20.5x
forward 16.1x
1-year return
+3.1%
Dividend yield
0.90%
Morningstar Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Morningstar sells investment research, ratings and data, including its Morningstar Direct analytics platform, fund and stock ratings, and the PitchBook private-markets database, to asset managers, advisors and wealth platforms. Its moat rests on proprietary data and ratings that clients embed in their workflows and rarely rip out, which shows up in a 62% gross margin and a 32% return on equity. Revenue growth of 9.6% is coming from subscription and data-licensing contracts rather than one-off transactions, and the PitchBook acquisition is the main lever for expanding into private-market data. At a 19.4x trailing P/E and 19.8x forward, the multiple is close to flat, so the question for a deeper look is whether recurring revenue growth holds near 10% while margins stay around 24%. The company carries no index membership at this size, so flows will not be a tailwind, and the case depends on fundamentals alone.