WAVEMAN · COMPANY

MORN · Morningstar, Inc.

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TEAM-0.32% 13F +439META+3.01% 13F +2,694RCG-2.04% CLUSTERUTHR-4.03% 13F +425CRWV+4.49% 13F +693CRM+2.92% 13F +1,018CVNA-0.98% 13F +794TPL-0.71% 13F +444NET+4.32% 13F +710MSTR+17.56% 13F +526DELL+4.91% 13F +1,203CRWD+5.68% 13F +1,382ANET+1.22% 13F +1,323COIN+10.14% 13F +475TEAM-0.32% 13F +439META+3.01% 13F +2,694RCG-2.04% CLUSTERUTHR-4.03% 13F +425CRWV+4.49% 13F +693CRM+2.92% 13F +1,018CVNA-0.98% 13F +794TPL-0.71% 13F +444NET+4.32% 13F +710MSTR+17.56% 13F +526DELL+4.91% 13F +1,203CRWD+5.68% 13F +1,382ANET+1.22% 13F +1,323COIN+10.14% 13F +475

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MORN

Name: Morningstar, Inc. (MORN) insider trading and ownership data
Creator: WaveMan
License: https://wave-man.com/terms

Morningstar, Inc.

FINANCIAL SERVICES · INVESTMENT ADVICE · CIK 0001289419

FORM 144 · 2☆ WATCH

INSIDER NET · 180D

-$38.1M

open-market buys minus sells, Form 4 codes P and S

INSIDER BUYERS · 180D

CONGRESS BUYERS · 1Y

FUNDS ADDED · QTR

203

13F, latest reported quarter

REVENUE GROWTH

+7.5%

XBRL, annual

NET MARGIN

15.3%

CONVERSIONS · 180D

codes C/M, not in net · $0 priced

SEVEN FACTS, RANKED AGAINST THE SECTOR · RANK IS NOT A FORECAST

INSIDERS

net -$38.1M over 180 days

-$20.7M over 90 days · -$37.7M of it by a 10%+ holder

below 93% of Financial Services

CONGRESS

no member of Congress has reported trading it

FUNDS

203 funds added or opened last quarter

more than 76% of Financial Services

REVENUE

+7.5% year over year

below 54% of Financial Services

MARGIN

15.3% net margin

more than 65% of Financial Services

BUYBACKS

$400.0M repurchased, FY to 2026-06-30

more than 83% of Financial Services

SHORT

3.9% of shares outstanding short · 3.1 days to cover · settled 2026-07-31

more than 70% of Financial Services

THE SITUATION · EVERY LINE IS ONE RULE OVER ONE DATASET

Insiders are net sellers: -$38.1M across 3 people in 180 days.

203 funds added or opened positions in the latest 13F quarter, of 420 holders.

The year, with the filings on it

Total return indexed to 100 over the last 12 months · every marker is a federal filing, placed at its date — hover any marker for the detail

TOTAL 12M RETURN -14.8%

-14.8%12M

INSIDER SELLFORM 144

INDEXED RETURN, DIVIDEND-ADJUSTED — NOT A PRICE CHART · LARGE TRADES DRAWN FIRST WHEN A NAME FILES HEAVILY

Live price

Daily candles from TradingView, on their licence — no filings are marked on this one

WHY THIS NAME IS ON THE DESK

Insiders have filed to sell — before selling.

The record shows a net $38.1M sold by insiders over 180 days, 203 funds added last quarter, $20.1M in planned Form 144 sales. Every figure is a federal filing, dated the day it became public.

Backtest this pattern Open the screener

Same sector, ranked by filing activity

Sector from the SEC's own SIC classification

MSTR COIN UPST IBKR CACC ARES HOOD RKT SCHW DAVE GS LDI

Insider transactions

Form 4 purchases and sales (codes P and S) — grants, option exercises and preferred conversions excluded

Over the last 180 days, Morningstar, Inc. insiders sold a net $38.1M of stock across 2,298 Form 4 purchases and sales, with 0 insider(s) buying. Source: SEC Form 4 filings, as of 2026-09-05.

INSIDER

FILED

VALUE

Mansueto Joseph D

Executive Chairman

SELL

2026-08-24

220.0

$47.5K

Mansueto Joseph D

Executive Chairman

SELL

2026-08-24

1,181.0

$256.6K

Mansueto Joseph D

Executive Chairman

SELL

2026-08-24

1,740.0

$380.1K

Mansueto Joseph D

Executive Chairman

SELL

2026-08-24

978.0

$214.6K

Mansueto Joseph D

Executive Chairman

SELL

2026-08-24

1,314.0

$289.6K

2,298 TRANSACTIONS ON RECORD

Showing the most recent few. Create a free account to see 2,293 more transactions on record, the cross-source screener and CSV export. We store only your email address, and there is no password to create.

Institutional holders

13F · holdings as of the latest quarter funds have reported

BAMCO INC /NY/

3,499,146.0 sh

$545.9M

BlackRock, Inc.

2,081,736.0 sh

$324.8M

WELLINGTON MANAGEMENT GROUP LLP

1,493,037.0 sh

$232.9M

MORGAN STANLEY

1,484,135.0 sh

$231.6M

AQR CAPITAL MANAGEMENT LLC

1,304,388.0 sh

$203.5M

SCHEDULE 13D/G

No 5%+ ownership filings

Nobody has crossed 5% with a filing obligation. Absence is a fact here, not missing data.

Planned sales · Form 144

Filed before the sale — intent, not a trade

Lyons William M

FILED 2026-08-03

$199.0K

Mansueto Joseph D

FILED 2026-08-03

$19.9M

Fund concentration

N-PORT · funds ranked by how much of THEMSELVES they put in this stock — the conviction number 13F cannot show

BARON GROWTH FUND

$90.4M POSITION · AS OF 2026-03-31

3.5%

Harbor Active Small Cap ETF

$441.5K POSITION · AS OF 2026-04-30

3.2%

Leadershares Alphafactor Tactical Focused ETF

$1.9M POSITION · AS OF 2026-04-30

3.1%

Eaton Vance Atlanta Capital SMID-Cap Fund

$185.9M POSITION · AS OF 2026-03-31

1.9%

Virtus KAR Small-Cap Growth Series

$835.4K POSITION · AS OF 2026-03-31

1.9%

Virtus KAR Small-Cap Growth Fund

$14.5M POSITION · AS OF 2026-03-31

1.8%

SEC N-PORT, MONTHLY WITH A ~60-DAY PUBLIC LAG · FUNDS ≥ $10M · % = SHARE OF THE FUND'S OWN BOOK

Executive pay vs shareholder return · Kunal Kapoor

DEF 14A pay-versus-performance disclosure · both the headline pay and the SEC's mark-to-market figure, beside the return the company delivered and the return of the peer group it chose itself

CEO TOTAL

ACTUALLY PAID

OTHER NEOs AVG

TSR

PEER TSR

2025

$9.1M

-$9.3M

$1.3M

-3%

+58%

2024

$8.6M

$14.5M

$3.7M

+49%

+62%

2023

$7.3M

$14.0M

$1.2M

+26%

+32%

2022

$6.3M

-$3.3M

$1.6M

-6%

-1%

2021

$5.6M

$17.0M

$1.2M

+48%

+23%

TAGGED BY THE COMPANY UNDER SEC ITEM 402(v) · RETURN IS CUMULATIVE FROM THE START OF THE DISCLOSURE PERIOD · GREEN WHERE THE COMPANY BEAT ITS OWN PEER GROUP

Fundamentals

Annual figures from XBRL filings · pick a past date to see them exactly as the market knew them then — restatements and all

	2025-12	2024-12	2023-12	2022-12
REVENUE	$2.4B	$2.3B	$2.0B	$1.9B
OPERATING INCOME	$526.6M	$484.8M	$230.6M	$167.8M
NET INCOME	$374.2M	$369.9M	$141.1M	$70.5M
EPS (DILUTED)	8.87	8.58	3.29	1.64
OPERATING CASH FLOW	$589.7M	$591.6M	$316.4M	$297.8M
CASH	$474.5M	$502.7M	$337.9M	$376.6M
LONG-TERM DEBT	$1.1B	$698.6M	$972.4M	$1.1B
BUYBACKS	$787.0M	$11.6M	$1.4M	$226.0M
DIVIDENDS PAID	$76.9M	$69.3M	$63.9M	$61.5M

SEC XBRL · FISCAL-YEAR PERIODS · AS KNOWN ON 2026-09-05 · NOBODY ELSE SHOWS FUNDAMENTALS AS OF A PAST DATE