Institutional Equity Research

Illuminating company- and industry-level insights.

Access trustworthy research

Without trading or banking revenues, we are wholly dependent on adding value through our research. Our independence ensures that our analysts remain conflict-free and can express both positive and negative opinions. Every investment conclusion we make has only the end investor’s interests in mind.


Gain a competitive advantage

Our research team analyzes industries and businesses, seeking sources of economic moats. Then uses those insights to forecast future cash flows and allow fluctuations in market pricing and sentiment to provide investment opportunities. The wider the moat, the higher our conviction.


Give insights a global scale

Our global coverage uses the same consistent research framework in every region. When looking across geographies, we help expand insights into a new territories and countries.

Put our research to work

Company Reports

Validate your thesis and discover new opportunities. Each report contains our investment thesis and information on corporate management, economic moat, trends, valuation, growth and profitability.

Interactive Models

Use our interactive models to easily compare data to your existing models. Each model includes more than five years of explicit earnings forecasts.

Moat Frameworks

Economic moat framework reports explain moat and trend ratings for companies within our coverage universe.

Thematic Research

Obtain a long-term view of your investment strategy. Our thematic research delves into industries, companies, and emerging trends that directly affect the companies we cover.

Research and analyst access packages

Proprietary Research Package

Access global equity research.

  • 1,500 global reports
  • Interactive models
  • Moat frameworks
  • Thematic research

Proprietary Research + Analyst Access

Access global equity research and the analysts behind it.

  • Phone calls
  • The Management Behind the Moat Conference
  • In-person meetings
Consumer Observer

The restaurant industry is hardly immune to the digital disruption of the past two decades, and as the space transforms, investors must change accordingly.

Morningstar and PitchBook collaborated to produce a summary of key findings from our full-length, in-depth report on the topic. The analysis draws on public and private markets data, plus conversations with public and private company executives, investors and others. The summary includes 10 predictions for how the industry needs to evolve. The full 148-page report is available to Morningstar Institutional Equity Research clients.