Morningstar is a financial data, research, and investment services firm that sells data, research, and analytical tools to asset managers, financial advisors, institutional investors, PE and VC firms, and individual investors. Its two largest businesses are the Morningstar Direct Platform — a suite of data feeds, APIs, and software applications for investment professionals, covering mutual funds, ETFs, equities, and fixed income — and PitchBook, a private market data platform covering PE, VC, M&A, private credit, and public equities, with roughly 10,200 client accounts and 113,000+ licensed users. Beyond these two, Morningstar operates Morningstar Credit (credit ratings through its DBRS agency, one of the top four globally, plus credit research and analytics), Morningstar Wealth (model portfolios and a UK wealth platform), Morningstar Retirement (managed accounts and fiduciary services for defined contribution plans), Sustainalytics (ESG data and ratings), and Morningstar Indexes (market benchmarks used as the basis for ETFs). About 70% of revenue is license-based subscriptions, with the remainder split between asset-based fees (tied to AUMA) and transaction-based fees (primarily credit ratings tied to debt issuance volumes). The subscription model produces a highly recurring revenue base, with renewal rates above 100% for most core products. Morningstar's growth strategy focuses on embedding AI into its products and expanding into private credit and index capabilities, the latter supported by its 2026 acquisition of CRSP from the University of Chicago.