To: Fundamental Data Services subscribers

As we informed you at the beginning of April regarding the upcoming Fundamental Equity Data upgrade, Morningstar, one of our primary providers of fundamental equity data, is currently undergoing a comprehensive overhaul of its data feed, which includes extensive changes to field names, feed structure, and updates to the methodology used for calculating certain fields. These changes will affect fundamental data for the majority of stocks.

With this announcement, we would like to share the latest updates about this topic.

Details

First of all, Morningstar is postponing the deadline. Accordingly, we are moving the release of this new data format to the beginning of November. We will announce the particular date later. This extended timeframe will give our clients and us more time to review the changes and prepare for them.

Secondly, we would like to emphasize the importance of checking the Methodology Updates file. It is necessary to be prepared for some deliberate methodological changes on Morningstar’s side that might otherwise look like a data issue.

Here is an example: enterpriseValue field in the Instrument Daily Summary dataset will no longer be provided for banking companies.

Another example: Morningstar has updated the reporting methodology for a number of fields within Operation Ratios. These ratios are now provided only on a trailing twelve months (TTM) basis, with report_subtype=TTM. They are no longer delivered with the report_subtype=R (Restated). This is an intentional methodology update, as these ratios should not be compared year over year in the R format, and the TTM version should be used instead. If your data selection logic includes only R and P subtypes, you will see no data in the new format. To avoid that, please switch to selecting the TTM variant instead of, or in addition to, R. The TTM variant is also available in the current API version, and we recommend starting to use it already.

Please refer to the Changes in methodology section for more examples.

Endpoints most affected by changes in methodology are OperationRatio, ValuationRatio, AlphaBeta, EarningReport, and BalanceStatement.

Finally, please review the latest changes on our dedicated page and make adjustments on your end if necessary. Here is a short overview of what has changed since the previous announcement:

A new section has been added: What happens if I choose to do nothing? It lists typical issues that may occur if you don’t review these changes and don’t update your systems in advance.

Instrument Reference:

  • Added clarification for the advisor and advisorType fields: Previously, when there was no information about a company’s advisor, auditor name was copied into the field “advisor”. Now we don’t do that and leave the field “advisor” empty or populate it with actual advisor wherever we have information.
  • A note added that the tradingStatus field may be absent in the API response when no status is available.
  • shareClassDescription: Morningstar reverted the change of this field. Therefore, nothing will change for you.
  • delistingReason: Morningstar returned this field instead of retiring it. Therefore, nothing will change for you.

Changes in methodology:

  • Added 3 changes for the Income Statement fields: netIncome, ebit, and ebitda.

We are currently continuing the testing phase, comparing the data in the new format vs the old format and introducing improvements to ensure that the data stays as close to the current format as possible. Nonetheless, some adjustments on your end might be necessary. During the upcoming months, we expect to identify some additional changes relevant to you and post them on our dedicated page. Please check it for updates from time to time. Additionally, we will periodically inform you about these updates via email.

Effective date

This upgrade will take place at the beginning of November 2026. We will announce the particular date later. Please be sure to update your systems accordingly.

If you have any questions or concerns, do not hesitate to reach out to dxFeed Help Desk.