MORN
Morningstar, Inc.
Is MORN Halal?
Investment information is generally permissible, but debt/assets is above the examined limits and Morningstar's credit-ratings and managed-portfolio activities remain a qualitative concern.
What You Should Know
Morningstar's March 31, 2026 Form 10-Q reports $3,986.3M of assets, $1,712.8M of debt, $492.8M of cash, $39.4M of investments, $402.6M of receivables and $644.8M of quarterly revenue. Debt/assets is 42.97%, above the examined FTSE, MSCI and Malaysia limits; disclosed interest income is $1.9M. The research and data business remains generally permissible, but DBRS credit ratings and managed portfolios that include conventional fixed-income products create a material school- and board-dependent concern.
⚠️ Concerns
- •Debt/assets is 42.97%, above the examined FTSE, MSCI and Malaysia limits
- •DBRS rates interest-bearing debt instruments
- •Managed portfolios can include conventional fixed-income products
- •Customers are concentrated in conventional asset management, banking and insurance
- •The filing does not provide a universal prohibited-revenue numerator
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
1,712.8 / 3,986.3
532.2 / 3,986.3
895.4 / 3,986.3
1.9 / 644.8
- Financial
- Fails
- Overall
- Fails
Debt/assets is 42.97%, above the 33.333% limit; liquidity/assets is 13.35%, receivables plus cash/assets is 22.46% and interest income/revenue is 0.29%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 42.97%, above the examined MSCI limit; liquidity, receivables plus cash and income ratios are below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 42.97%, above the examined Malaysia SAC limit; liquidity/assets is below its limit.
- Financial
- Not calculated
- Overall
- Fails
No licensed historical market-cap series is stored; the asset-based screens fail on debt/assets.
Business-activity disclosure
Morningstar provides investment research, data, index licensing, credit ratings, sustainability data, private-market information and managed-portfolio services. The information-services activity is generally permissible, but DBRS credit ratings and managed portfolios that include conventional fixed-income products create a material school- and board-dependent concern.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator for credit ratings, managed portfolios or downstream customer use.
Purification
The filing discloses $1.9 million of interest income; ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Morningstar's March 31, 2026 Form 10-Q.
- Debt includes the current portion and long-term debt; investments are included as interest-bearing securities.
- Accounts receivable was $402.6 million, quarterly consolidated revenue was $644.8 million and disclosed interest income was $1.9 million.
- Morningstar provides investment research, data, ratings and managed-portfolio services; the filing does not provide a universal prohibited-revenue numerator.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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