Morningstar
Independent investment research and data provider
Assistant Vice President / Vice President
Four days in-office each week are required in most locations.
About the job
- Strong knowledge of structured finance concepts, securitization structures, and cash flow waterfall mechanics.
- Demonstrated hands-on experience building and analyzing cash flow models for structured finance transactions.
- Ability to independently work through complex or unfamiliar transactions, interpret legal documentation, and translate structural provisions into cash flow logic.
- Experience across one or more structured finance asset classes, such as asset-backed securities, commercial mortgage-backed securities, residential mortgage-backed securities, structured credit, or other securitized products.
- Strong Python skills, with experience using Python for financial modeling, analytical tooling, workflow automation, or software development.
- Strong quantitative and analytical abilities with attention to detail.
- Ability to manage complex deliverables and transaction deadlines while maintaining analytical accuracy.
- Strong written and verbal communication skills and the ability to explain complex analytical or technical issues to technical and non-technical stakeholders.
- Ability to work independently while contributing effectively within a global, collaborative team.
- Bachelor's degree in Finance, Engineering, Mathematics, Computer Science, or another quantitative or technical discipline.
- Develop, maintain, and run cash flow models for structured finance transactions using Intex Dealmaker, Python, and proprietary platforms.
- Independently interpret transaction documents and translate waterfall mechanics, triggers, shortfalls, loss allocations, and structural features into accurate cash flow models.
- Model bespoke and complex new-issue, amendment, and surveillance transactions, including structures or asset classes where standardized approaches may not apply.
- Perform cash flow tie-outs and reconcile issuer-provided assumptions and model outputs to Morningstar DBRS methodologies and analytical expectations.
- Work closely with Ratings Analysts and senior team members to analyze transaction results, identify key structural considerations, and communicate findings.
- Contribute to the development, testing, and enhancement of the team's Python-based cash flow platform.
- Support the development and industrialization of tools that automate Intex-supported cash flow workflows, including surveillance processes and multi-transaction analysis.
- Improve the quality, reliability, and scalability of analytical tooling through testing, documentation, version control, and collaborative development practices.
- Use Python and other technologies to improve workflows, integrate data sources, and streamline repetitive or manual analytical processes.
- Participate in AI and automation initiatives by identifying opportunities to incorporate AI-assisted development and workflow improvements.
- Partner with colleagues across the global Cash Flow Analytics and Structured Finance teams to support evolving business needs and expansion into new asset classes.
- Provide review, guidance, and informal training to junior team members and contribute to consistent analytical and technical practices across the team.
- Experience within a credit rating agency, trustee, financial institution, accounting or advisory firm, or other structured finance environment.
- Experience with Intex products, particularly Dealmaker or other Intex cash flow tools.
- Experience developing applications or wrappers around Intex or other analytical platforms.
- Familiarity with GitHub or other version-control and collaborative development environments.
- Understanding of testing, documentation, and software-development practices used to create reliable analytical tools.
- Experience working with databases and integrating data through Python.
- Familiarity with application programming interfaces, Amazon Web Services/S3, front-end development, NumPy, parallel processing, or other performance-focused development techniques.
- Experience using GitHub Copilot or comparable AI-assisted development tools, with an interest in applying AI to analytical and development workflows.
- Knowledge of Excel, Visual Basic for Applications, Confluence, and Jira.
- Master's degree or other advanced qualification.
- For consideration at the Vice President level, greater depth of experience and a proven ability to independently lead highly complex transactions, provide technical or team leadership, or develop and implement scalable analytical solutions.
About the company
Morningstar provides independent investment research and data to individual investors, financial advisors, and asset managers. It offers subscription-based access to a broad database of investment information, analytics, and tools through platforms like Morningstar Advisor Workstation, Morningstar Office Cloud, and Morningstar Cloud, plus managed portfolios and retirement services. The company differentiates itself with a wide breadth of data across retail and professional channels, strong ESG offerings through Sustainalytics, and an ecosystem that combines research, portfolio management, and retirement services. Its goal is to help users make informed investment decisions by delivering reliable data, analytics, and ESG insights while growing its subscription business.
Company Size
10,001+
Company Stage
IPO
Headquarters
Chicago, Illinois
Founded
1984
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Simplify's Take
What believers are saying
- Q2 2026 revenue rose 9.6%, and organic revenue would have reached 8.2%.
- Morningstar bought back $400 million in 2026, shrinking float 5.6% since December.
- Microsoft 365 Copilot and Gemini Enterprise integrations widen distribution inside advisor workflows.
What critics are saying
- AI-native rivals like Anthropic, OpenAI, Perplexity, and Rogo attack Morningstar pricing.
- Morningstar Office and second-party opinions were retired in Q1 2026, signaling product churn.
- If financial professionals move research into copilots, Morningstar’s standalone platforms lose seat demand.
What makes Morningstar unique
- Morningstar’s curated data, research, and software create high switching costs across workflows.
- PitchBook spans private markets, giving Morningstar rare coverage from venture to credit.
- CRSP’s February 2026 integration strengthens Morningstar Indexes with deeper market infrastructure.
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Benefits
Health Insurance
Dental Insurance
Vision Insurance
Life Insurance
Disability Insurance
Unlimited Paid Time Off
Sabbatical Leave
401(k) Retirement Plan
401(k) Company Match
Paid Sick Leave
Parental Leave
Adoption Assistance
Hybrid Work Options
Stock Options
Professional Development Budget
Tuition Reimbursement
Mentorship Program
Employee Referral Bonus
Company Social Events
Company News
Morningstar stock, recently valued at $7.5 billion, could reach $13.2 billion within five years, according to market analysis based on the company's growth trajectory. The financial services firm has demonstrated consistent expansion, with net income rising from $223.6 million in 2020 to $421.6 million on a trailing-12-month basis. The projection assumes a continuation of Morningstar's 12% average annual growth rate over the past five years. Revenue grew from $1.39 billion in 2020 to $2.45 billion in 2025. The company's flagship platform increased 6% year-over-year, whilst its PitchBook platform serving venture capital and private equity businesses saw nearly 10% revenue growth. Morningstar manages approximately $375 billion in client assets. Current valuation metrics suggest the stock may be undervalued, with its forward price-to-earnings ratio at 16.3, down from 31.9 a year ago.
Morningstar and PitchBook announced integrations with Google Cloud's Gemini Enterprise for Financial Services through the Model Context Protocol. The integrations are expected to be available imminently. The partnerships allow eligible subscribers to access investment data, research, and market intelligence directly within Gemini Enterprise. Morningstar provides public market insights, whilst PitchBook delivers private capital markets intelligence covering companies, investors, funds, and transactions. The integrations aim to help financial professionals access source-attributed investment information within AI workflows. Users can conduct research without switching between multiple applications whilst maintaining visibility into data sources behind AI-generated responses. Morningstar and PitchBook join Google Cloud as launch partners for the preview of Gemini Enterprise for Financial Services. The move forms part of broader efforts to make investment intelligence available across leading AI platforms.
Morningstar shares fell 9.79% in Q2 2026 despite solid financial performance, as investors worried about generative AI disrupting its data and research businesses. The company reported 8% organic revenue growth and 18% adjusted EBIT growth over 12 months. Baron Partners Fund, which holds Morningstar, noted the company maintains high-quality, hard-to-replicate data businesses. Management accelerated share buybacks, repurchasing $300 million in the most recent quarter and $1.1 billion since 2024. The stock traded at $207.41 on 14 August 2026, with a market capitalisation of $7.78 billion. Shares fell 19.78% over the past 52 weeks but gained 20.76% in the preceding month. Baron Partners Fund believes Morningstar's trusted, structured data remains valuable for AI applications, with the stock trading at a 63% discount to its three-year average multiple.
Morningstar reported second-quarter 2026 revenue of $663.2 million, up 9.6% year-over-year, with organic revenue growing 6.8%. Operating income increased 28.4% to $160.6 million, whilst adjusted operating income rose 22.7%. Diluted earnings per share climbed 35.4% to $2.83, with adjusted diluted earnings per share up 29.2% to $3.10. Free cash flow surged 96.3% to $122.5 million. CEO Kunal Kapoor highlighted the company's focus on building agentic workflows atop its data and research, plus helping investors navigate converging public and private markets. Morningstar Credit, Morningstar Direct Platform, and PitchBook were key organic revenue contributors. The investment insights provider repurchased 567,844 shares for $100 million during the quarter.
Morningstar introduced Time to Exit, a machine learning tool from its PitchBook segment that estimates when venture-backed companies may exit over one, three, or five-year periods. The product launch comes as Morningstar's share price has declined. The stock fell 11.22% over 30 days to US$165.18, with one-year total shareholder returns down 43.21%. Morningstar currently trades at a price-to-earnings ratio of 15.6x. This sits below the US Capital Markets peer average of 21.2x and the broader US market at 19.1x. However, it represents a slight premium to an estimated fair P/E of 15.2x. Analyst price targets for the stock stand near US$227, suggesting potential upside from current levels.