Years in business
Offices worldwide
Employees worldwide
Public companies covered
Private companies covered
ETFs and mutual fund share classes covered
Our history
For four decades, Morningstar has sought to empower investor success with clear, trustworthy information. Today we continue to put investors first through transparency, independence, and long-term focus.
2020–Now
2023: Elevating research and data through technology
Artificial intelligence steps out from behind the curtain with AI assistant Mo. Instead of sifting through pages of search results, users can ask Mo questions directly and get concise responses from our vast databases in seconds.
2021: Personalizing risk
The Portfolio Risk Score helps investors see in a simple, visual way how their portfolios align with their personal appetite for risk.
2020: A new lens on investment portfolios
We acquire Sustainalytics, whose team brings new evidence-based metrics and nonfundamental indicators that uncover how companies are preparing for tomorrow’s economy.
2010–2019
2019: Demystifying credit ratings
We acquire DBRS, the world’s fourth-largest credit ratings agency. DBRS analysts clarify the credit ratings process by publicly releasing our methodologies.
2017: A stand against high fees
A Morningstar study gives India a below-average rating for its high fund expense ratios and reliance on ongoing trailing commissions to pay for advice.
In response, the industry boycotts our annual conference in Mumbai, but the Securities and Exchange Board of India takes notice and reduces total expense ratios.
2016: Where public meets private
We acquire PitchBook Data, Inc., a leading resource for insights on global capital markets. As public and private markets converge, the PitchBook team brings needed clarity to a less transparent, less liquid corner of the market.
2013: Retirement with confidence
As more investors must fund their own retirement through defined-contribution plans like 401(k)s, we overhaul our advice and managed account service, bringing more personal recommendations for both risk capacity and life stage.
2000–2009
2005: Morningstar goes public
Instead of a traditional IPO, we use an auction-based process that allows investors large and small equal access to shares, pricing, and information.
2003: A force for transparency
When the mutual fund scandal uncovers illegal trading practices, we speak out in favor of investors.
Morningstar’s Don Phillips testifies before Congress to advocate for reforms, saying, “The message to every fund executive is clear: If you violate the public’s trust, you can lose your reputation, your fortune, and your freedom.”
2002: Independent benchmarks
Our research team builds a family of real-time stock indexes. The benchmarks are based on a revamped Style Box for a clear, building-block approach to portfolio assembly.
2001: New tools for investing professionals
Financial advisors can boost power and efficiency by bringing investment planning online with Advisor Workstation, one connected home for insights and analysis. Advisors can now also tap into managed portfolios built on our fundamentals-backed approach.
1990–1999
1999: Worldwide insights on local markets
To reach an ever-expanding world of investors, we begin growing our footprint in 1999 with offices in Australia, New Zealand, and Canada. We establish our presence in Europe and Asia the following year.
1997: Going online
Morningstar.net launches with information on thousands of stocks and mutual funds. It becomes a safe haven from market hype where investors can see inside their portfolios and find answers to their questions.
1992: Style matters
We create the nine-square Morningstar Style Box to quickly show how a fund might fit in a portfolio. Investors can analyze and compare funds based on what securities they hold, instead of relying on a fund name or prospectus.
1991: Vital information at a glance
“The Page,” our iconic typographic organization of the detailed and dense information essential to investor decisions, first appears in our flagship Morningstar Mutual Funds biweekly publication. Today these reports live on digitally in our tools for investors.
1991: A rising brand
Our founder, Joe Mansueto, convinces legendary designer Paul Rand to create a new logo. The shape of the “O” suggests a rising sun, a reference to the company’s name.
1984–1989
1985: Illuminating investing
We debut the iconic Morningstar Rating for funds as a simple starting point for evaluating funds. Often called the “star rating,” it helps investors look beyond short-term gains and losses.
1984: Bold beginnings
At the time, mutual funds are soaring in popularity. The average mutual-fund investor is paying a 0.8% annual management fee, often on top of a front load, and knows little about what’s in their portfolios.
Joe Mansueto establishes Morningstar in his Chicago apartment. His new firm aims to transform raw data into words and visuals that are clear to anyone.
He decides to name the company after the last line of Thoreau’s Walden: “The sun is but a morning star.”
And our story is still being written by our great people
All statistics and data points above are sourced from Morningstar’s Annual Report 2024 as of December 2024.