[Form 4] Morningstar, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) reported insider equity awards and related share activity for an officer serving as CAO & PAO. On November 15, 2025, the officer received 471 restricted stock units, each representing one share of common stock, which will vest in four equal annual installments beginning November 15, 2026. The filing also shows 12 market stock units converted into common stock earned from a prior grant, and a sale of 28 common shares at $211.95 per share, typically used to cover taxes. In addition, the officer was granted 294 new market stock units tied to total shareholder return over a three-year performance period ending November 14, 2028, leaving 1,871 common shares and 294 market stock units beneficially owned directly after these transactions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wiersema Conan

(Last) (First) (Middle)

C/O MORNINGSTAR, INC.

22 W. WASHINGTON STREET

(Street)

CHICAGO IL 60602

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CAO & PAO

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Conmon Stock (Restricted Units)(1)	11/15/2025		A		471	A	$0	1,887	D
Common Stock	11/15/2025		M		12	A	$0(2)	1,899	D
Common Stock	11/15/2025		F		28	D	$211.95	1,871	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Market Stock Units	(2)	11/15/2025		M			12	(2)	11/15/2025	Common Stock	12	(2)	0	D
Market Stock Units	(3)	11/15/2025		A		294		(3)	11/14/2028	Common Stock	294	$0	294	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in four equal annual installments beginning November 15, 2026.

2. Represents common stock earned from the vesting of a market stock unit grant on November 15, 2022.

3. The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending November 14, 2028.

Remarks:

	/s/ Kathleen Peacock, by power of attorney	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Morningstar (MORN) report in this Form 4?

The Form 4 shows an officer received 471 restricted stock units, had 12 market stock units convert into common stock, sold 28 shares at $211.95, and received a new grant of 294 market stock units.

Who is the reporting person in Morningstar (MORN)'s latest Form 4 and what is their role?

The reporting person is an officer of Morningstar, Inc. serving as Chief Accounting Officer (CAO) and Principal Accounting Officer (PAO).

How do the 471 restricted stock units reported by Morningstar (MORN) vest?

Each of the 471 restricted stock units represents one share of common stock and vests in four equal annual installments beginning on November 15, 2026.

What are the terms of the 294 market stock units granted to the Morningstar (MORN) officer?

The 294 market stock units are tied to the company’s cumulative total shareholder return over a three-year performance period ending on November 14, 2028, with settlement in Morningstar common stock.

Why did the Morningstar (MORN) officer sell 28 shares of common stock?

The officer sold 28 shares of common stock at $211.95 per share in a transaction coded “F,” which typically reflects shares sold to cover tax withholding upon vesting.

How many Morningstar (MORN) shares and units does the officer own after these transactions?

Following the reported transactions, the officer beneficially owns 1,871 shares of common stock and 294 market stock units, all held directly.