Peak NRR of 127% in FY-2021. Latest is 101% - that's -26pp from peak.
Morningstar is below the Fintech SaaS Public median by -4.5pp (cell median: 106%)
Morningstar (MORN) is a fintech saas company at the public stage. As of its most recent disclosure (FY-2025), Morningstar reported a Net Revenue Retention rate of 101% - a mid-pack result for B2B SaaS at this segment.
Morningstar's NRR peaked at 127% in FY-2021, 26pp above today's level. The most recent quarter lost 26pp QoQ.
Within its peer set (fintech saas companies at public stage in the $25k-$100k acv band), Morningstar's NRR is below the cell median of 106%. Compare against the full peer cell aggregate for distribution and top performers.
Contract shape and forward-booked revenue.
Health scores, usage, and time-to-value when disclosed.
Logo flow per period (count-side complement to dollar-based NRR).
Revenue, ARR, and team-size denominators for the productivity ratios.
Forward-booked revenue by maturity. Renewal pipeline visibility.
CS team segments: Strategic · Enterprise · Mid-Market · SMB
CSM model: hybrid
Education programs: Wealth Tech Showcase
Top customer exec: Danny Dunn - Chief Revenue Officer · reports to CEO
CCO comp tied to retention: Yes - 75% of stock-based compensation based on TSR performance
Computed from the data above. Shows where value comes from and where leakage hides.
Named CS initiatives across recent disclosures (newest first).
System designed to reinforce shared values resulting in over 29,000 individual and team recognitions.
"In 2025, we rolled out a peer-to-peer rewards and recognition system designed to reinforce our shared values"
Shift of additional research and sales resources to support Direct Platform growth priorities.
"shift of additional research and sales resources to support Direct Platform growth priorities"
Newest advisor experience launched with an updated modern interface built for the advisor workflow.
"Direct Advisory Suite, the newest advisor experience, which was launched in January 2025"
Turnkey AI-connectivity of Morningstar data, research, and functionality.
"We launched the Morningstar MCP server, providing turnkey AI-connectivity of Morningstar data"
Conversational AI search tool to remove friction from question to answer.
"Our core investment in this space in our software is what we call Navigator, which is our conversational AI search tool"
AI assistant inside Morningstar Direct that summarizes methodologies and streamlines list creation.
"In March, we launched an AI assistant inside Morningstar Direct that summarizes methodologies"
Launched AI profile summaries, AI-based screener construction, and AI earnings call transcripts.
"In the last quarter alone, we've launched several AI-driven improvements"
Launched Mo, a generative AI service using Morningstar research and data to remove friction from investor workflows.
"Our team has been having some fun loading up the OpenAI service with Morningstar's signature research... Mo was born."
Challenges acknowledged by management. Useful peer signals - your team is probably not alone.
Negative discretion applied to annual bonus plan due to a small number of delayed product deliveries.
"we exercised negative discretion to reduce formulaic payouts... due to a small number of delayed product deliveries"
The corporate client segment continued to experience softness and churn.
"corporate client segment continued to experience softness. ... churn within the corporate segment"
Negative impact from the sunsetting of Morningstar Office.
"reported and organic revenue growth included a $5.5 million negative impact from the sunsetting of Morningstar Office"
Higher churn and lower expansion activity in the corporate client segment.
"The decline primarily reflected softness in our corporate client segment, including higher churn"
Plans to retire Morningstar Office practice and portfolio management software.
"In February 2025, we announced plans to retire Morningstar Office"
Exit timelines extending and fund net asset values getting compressed in non-AI venture vintages.
"In venture... non-AI companies in the most recent vintages, they're seeing their fund net asset values get compressed"
Curated quotes about customer outcomes, retention, renewals.
"Our first core value is customers are king, which aligns really nicely with Morningstar putting investors first."
"Our goal is to really help them with both risk and impact tools as well as reporting tools that connected together."
"Morningstar sits at the center of the value chain and our ability to connect experiences, data, and insights."
"In the U.S. market is making sure that we are all over the existing client base... maniacal focus on onboarding."
"Our strategy is to deliver insights and experiences that make us essential to the investor workflow."
"The best teams are looking at cohorts of users... are they using the capabilities that they should be using?"
Side-by-side NRR, customer cohorts, commercial structure, and CS motion.
Morningstar appears on 2 of our retention leaderboards.
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