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Morningstar vs Affiliated Managers Group: MORN and AMG compared
Morningstar is the larger company: $672M of revenue in its latest quarter (Q3 2026) against $641M for Affiliated Managers Group (Q2 2026). Affiliated Managers Group is growing faster (+30% against +9% a year earlier). Affiliated Managers Group is more profitable, with an operating margin of 48.0% against 24.9%.
Where the money goes: MORN and AMG
Morningstar (MORN) · Q3 2026
Morningstar, Q3 2026: revenue $672M (+9% year over year), operating margin 24.9%, net earnings $116M, operating cash flow $191M. The chart follows the revenue to costs, profit and cash.
Affiliated Managers Group (AMG) · Q2 2026
Affiliated Managers Group, Q2 2026: revenue $641M (+30% year over year), operating margin 48.0%, net earnings $186M, operating cash flow $239M. The chart follows the revenue to costs, profit and cash.
| Morningstar (MORN) | Affiliated Managers Group (AMG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $672M | $641M |
| Revenue growth, Y/Y | +9% | +30% |
| Operating margin | 24.9% | 48.0% |
| Net earnings | $116M | $186M |
| Net margin | 17.2% | 29.0% |
| Operating cash flow | $191M | $239M |
| Free cash flow | $155M | — |
| Market value | $9.2B | $9.8B |
| P/E | 21.4× | 9.3× |
| Analysts’ mean target | $246.00 | $445.71 |
Where the revenue comes from
Morningstar
- License-based: $459M (68%)
- Transaction-based: $110M (16%)
- Asset-based: $103M (15%)
Questions
Which is bigger, Morningstar or Affiliated Managers Group?
Morningstar is the larger company: $672M of revenue in its latest quarter (Q3 2026) against $641M for Affiliated Managers Group (Q2 2026).
Is Morningstar or Affiliated Managers Group growing faster?
Affiliated Managers Group is growing faster (+30% against +9% a year earlier).
Which is more profitable, Morningstar or Affiliated Managers Group?
Affiliated Managers Group is more profitable, with an operating margin of 48.0% against 24.9%.
More: Morningstar earnings · how Morningstar makes money · Affiliated Managers Group earnings · how Affiliated Managers Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Aug 7, 2026). Fiscal quarters can end on different dates. Not investment advice.