The Short Answer
MORN is doubtful under the current filing-backed screen. Debt/assets is 42.97%, above the examined asset-based limits, and the qualitative question is material because Morningstar DBRS rates interest-bearing debt and its managed portfolios can include conventional fixed income.
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.
Business activity
Morningstar sells investment research and data through products such as Morningstar Direct and Advisor Workstation, licenses indexes, operates Morningstar Sustainalytics, provides PitchBook private-market data, runs Morningstar Investment Management and retirement advice, and owns Morningstar DBRS credit ratings.
Qualitative context
The information and analytics activity can be viewed as general-purpose services, but strict boards may treat credit ratings as direct support for conventional fixed-income markets. Customers are concentrated in conventional asset managers, broker-dealers, banks and insurers, so the final qualitative judgment is school- and board-dependent.
What the filing changes
The March 31, 2026 filing reports $1.71 billion of debt against $3.99 billion of assets. Cash and investments are $532.2 million, receivables are $402.6 million, quarterly revenue is $644.8 million and disclosed interest income is $1.9 million.
Bottom line
MORN remains doubtful. Investors should apply the school or advisory-board standard they follow and revisit the next filing.