Morningstar, Inc.

Founder Joe Mansueto remains a significant owner and executive chairman. Kunal Kapoor has led steady expansion into private markets, credit, and indexes. New CFO Michael Holt, formerly chief strategy officer and head of Research & Investments, has a track record in capital allocation and operating discipline.

Governance practices include written investor Q&A in lieu of calls, transparent capital allocation commentary, and a conservative leverage posture. Mansueto has a disclosed share pledge of 1 million shares that is shrinking and monitored by the board.