Originally Posted on April 21, 2026

At Morningstar, we’re committed to continuously enhancing our methodologies to deliver the most accurate and insightful tools for our clients. As part of this commitment, we’re introducing a significant update to our Equity Comparables methodology. Starting April 23, 2026, we will transition from our existing model to a cutting-edge Large Language Model (LLM)-based approach.

Why the Change?

Our new LLM-based peer analysis goes beyond the traditional limitations of sector-based classifications by directly analyzing a company’s business description. This advanced approach enables more precise peer comparisons, capturing nuances that traditional methods may overlook. The result? Peer analysis that is better aligned with business focus, cross-sector comparability, and dynamic peer selection.

What’s Changing?

Previously, our Equity Comparables system used Natural Language Processing (NLP) to measure business similarity based on text sources like annual reports, Wikipedia, and analyst reports. While innovative at the time, advancements in technology have surpassed the scalability and effectiveness of this approach.

The new methodology leverages a Retrieval Augmented Generation (RAG) framework, which enhances accuracy when using LLMs. Here’s how it works:

• Annual Report documents are broken down into components such as text, images, and charts.
• A multi-step LLM system analyzes these components, assigns peers, and validates results.
• Peer assignments are now agnostic of IPO status, enabling comparisons across both public and private companies.

What Does This Mean for You?

After April 23, 2026, you may notice changes in assigned peers within our products and data feeds. These updates will occur automatically, but we recommend reviewing any saved items to ensure they align with the updated peer assignments. Please note, this change will not affect comparable companies assigned by our Equity Analyst team.

Please contact Morningstar Support with any additional questions or needs.

Originally posted Jul. 11, 2025

Updated Dec. 11, 2025

At Morningstar, we are committed to providing our clients with the highest quality data to support their business needs - empowering them to derive actionable insights, power their workflows and deliver successful outcomes.

We are excited to announce significant upgrades to our equity data access and enhancements to data quality and coverage.

Key benefits of this upgrade include:

We have revamped our equity data, enhancing content, speed, and quality. Undertaking a fundamental review of core methodologies we significantly enhanced the depth and global consistency of financial statement data. Our processing speeds are just hours now for large and mid-cap companies. Moreover, clients can access consistent financial history dating back to 2012.

Upgraded delivery systems include a universal API and restructured feeds and make integrating and utilizing Morningstar's data more seamless than ever. All that and so much more.

Timing

Completion by October 2026: All clients who are consuming equity data are expected to upgrade by September 2026 as current data deliveries will not be available from October 1, 2026.

Transition Process and Resources

Clients will need to reconfigure how you receive our data. And to help clients do that, we have created detailed and easy-to-use documentation:

• Equity Data Upgrade Hub: Access detailed documentation, change summaries, product specifications, technical integrations, and FAQs.
• Equity Data Upgrade Video: In this short video our Product Managers provide an overview of the data enhancements we are making as well as the upgrade to our delivery systems.
• Webinar series and ‘Ask Me Anything’ sessions: Clients consuming equity data can join webinars for an in-depth walkthrough of the upgrade and participate in 'Ask Me Anything' sessions to have their transition questions answered by our expert teams.

If clients have any additional questions or needs after reviewing the above documentation, please contact Morningstar Support.

Updated with new release date April 27, 2026

Effective April 30, 2026, Morningstar will implement updates to the NACE and NAICS codes. These updates involve data revisions only (no structural changes) and the creation of new tables to preserve historical versions.

Why is Morningstar making this update?

This update is necessary due to government-initiated changes, which include the introduction of new codes, concepts, and the restructuring of several existing classifications.

What are the specific changes?

The attached document provides detailed information about these changes.

What actions do clients need to take?

The updates will automatically apply to Morningstar Equity products where NACE and NAICS codes are available.

• Global Equity Data Feeds: Within the following feeds the attached data points will be adjusted to reflect the new codes:
  • Asset Classification
  • Asset Classification History
  • Third Party Industry Classification
    • We recommend reviewing any saved items or processes that rely on this data to ensure they remain unaffected.
• Equity API Center: Within the Company Insight API under the Company Profile data set the attached Company General Info data point will be adjusted to reflect the new codes.
  • We recommend reviewing any saved items or processes that rely on this data to ensure they remain unaffected.

Please contact Morningstar Support with any additional questions or needs.

Originally posted April 27, 2026

Morningstar will be conducting a disaster recovery test for Morningstar Equity API on Saturday, May 9, 2026, from 7:00am to 11:00am CT.

This test may cause intermittent outages during this time frame and some feeds scheduled during this window may experience a delay.

If you have any questions, please contact Morningstar Licensed Equity Data Support.

Originally posted April 27, 2026

Morningstar will be conducting a disaster recovery test for Morningstar Equity Data Services on Sunday, May 10, 2026, from 7:00am to 11:00am CT.

This test may cause intermittent outages during this time frame and some feeds scheduled during this window may experience a delay.

If you have any questions, please contact Morningstar Licensed Equity Data Support.