Morningstar, Inc.

Visibility is high due to multi‑year subscriptions, recurring data feeds, and sticky platforms. Contract liabilities disclosure shows meaningful future revenue to be recognized, supporting forward predictability.

Asset‑ and transaction‑driven components, such as index licensing and ratings issuance, do add cyclical exposure to markets and issuance volumes, but are balanced by subscriptions.

The past decade shows steady growth from roughly 760 million revenue in 2014 to 2.275 billion in 2024. The business is globally diversified across North America, Europe, and APAC with limited direct exposure to problematic jurisdictions.