ALGN Align Technology, Inc. - Common Stock
$171.35
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$122–$200
63% of range
Analyst Rating
BUY
24 analysts
Price Target
$209
+22% upside
P/E (TTM)
30.3
ROE
10.3%
Net Profit Margin
10.2%
About Align Technology, Inc. - Common Stock Company overview from Wikipedia
Align Technology, Inc. is an American manufacturer of 3D digital scanners and Invisalign clear aligners used in orthodontics and restorative workflow. It was founded in 1997 and is headquartered in Tempe, Arizona. The company manufactures the aligners in Juarez, Mexico, and its scanners in Israel and China. The company is best known for its Invisalign system, which is a clear aligner treatment used to straighten teeth.
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Align Technology, Inc. is an American manufacturer of 3D digital scanners and Invisalign clear aligners used in orthodontics and restorative workflow. It was founded in 1997 and is headquartered in Tempe, Arizona. The company manufactures the aligners in Juarez, Mexico, and its scanners in Israel and China. The company is best known for its Invisalign system, which is a clear aligner treatment used to straighten teeth.
Invisalign
Invisalign is a brand of clear aligners manufactured by Align Technology. The clear align system had been used to treat more than 18 million patients by 2017, and 22 million patients by 2026.
Align Technology founder Zia Chishti conceived of the basic design of Invisalign while an adult orthodontics patient. During his treatment with a retainer intended to complete his treatment, he posited that a series of such devices could effect a large final placement in a series of small movements. He partnered with Kelsey Wirth to seek developers.
Invisalign was approved by the Food and Drug Administration in 1998, and sales began in the U.S. in 1999. Orthodontists were resistant to adopting Invisalign at first, in particular because the founders had no orthodontic credentials or expertise, but the product became popular among consumers. The company raised about $140 million in funding over four rounds from 1997 to 2000. In 2000 Align Technology planned a $31 million television advertising campaign that The New York Times said would be "the most aggressive consumer advertising plan the dental profession has ever seen". In 2001, $130 million in additional funding was raised through an initial public offering on NASDAQ. By 2001, 75 percent of the 8,500 orthodontists in North America had been trained on the Invisalign system. That same year, Align Technology made Invisalign available to general dentists following a class-action lawsuit that alleged making the system available only to orthodontists resulted in unfair competition for dentists.
In the early 2000s, Align Technology was spending nearly all of its revenues on marketing and advertising, and losing about $18 million per year. Cofounders Wirth and Chishti resigned from Align Technology in 2001 and 2003 respectively, with Thomas Prescott replacing Chishti as CEO in March 2002. Prescott re-focused the company on North America and cut the marketing budget to about one-third its original size.
The Invisalign system grew from 80,000 patients in 2002 to 175,000 in 2004. It won several awards for stereolithography, medical design and fast growth. Align Technology was profitable for the first time in 2003. In 2005 the company expanded into Japan, and acquired General Orthodontic, an orthodontics firm that supported doctors prescribing the Invisalign system. Later that year, the Harvard School of Dental Medicine began requiring that its orthodontic graduate students complete Invisalign certification before they graduate.
The Invisalign Express 10, which uses 10 aligners, was introduced in 2005. Invisalign 1.5 was released in 2009. It was followed by Invisalign G3 in 2010 and G4 in 2011. Invisalign G3 and G4 were designed for more complex treatments. An Invisalign Express 5 version, which uses 5 aligners, was introduced in 2012. In February 2014, Align Technology released a G5 product designed to treat deep bites.
Support, software engineering, pre-production and administrative functions are done from Align Technology's headquarters in California. The manufacturing of Invisalign aligners is performed in Mexico, and treatment plans are created in Costa Rica. Align Technology also operates separate subsidiaries in Hong Kong and Australia that sell Invisalign in their respective markets. Align Technology provides training and certification to doctors.
In 2007 the Academy of General Dentistry approved Align Technology's Program Approval for Continuing Education (PACE) program. The company also created the AlignTech Institute, which provides educational resources to doctors. In March 2011 Align Technology acquired Cadent System, Inc., a dentist firm, for $190 million.
A major revision to the manufacturing process was started in 2026, a switch from mold-based appliance manufacture to 3D-printing, aimed at reducing the cost and complexity of the manufacturing process through disintermediation.
History
Align Technology was founded in 1997 by Zia Chishti and Kelsey Wirth, classmates at Stanford Graduate School of Business, and began working on the development of a clear aligner. Align received FDA clearance to market the Invisalign system in 1998, and it was first marketed in 2000. Align Technology went public on January 26, 2001, on the Nasdaq Stock Market.
In March 2011 Align acquired the Israeli company Cadent for $190 million; Cadent manufactured intraoral scanners that included 3D imaging, as well as software to display the acquired images and to plan treatment.
Joseph M. Hogan joined Align in June 2015, and is CEO and president.
The company's sales reached $1 billion for the first time in 2016 and its products were being used in about 8% of people who got braces. In 2017 the company was faced with the challenge of the expiration of its patents on its Invisalign system starting in October 2017 and the beginning of generic competition.
In March 2020, Align Technology announced that it has signed a definitive agreement to acquire exocad Global Holdings for approximately $418.7 million.
As of February 2023, Align Technology has assisted over 234,000 doctors and over 14.5 million patients worldwide.
In September 2023, it was announced Align Technology had acquired the Vienna-headquartered 3D printing technology and materials company, Cubicure GmbH.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ALGN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$171.35
Market Cap
$12.23B
P/E (TTM)
30.3
EPS (TTM)
$5.65
Revenue (TTM)
$4.03B
Div Yield
—
ROE
10.3%
Debt/Equity
—
52W Range
$122 – $200
ALGN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$4.03B
2016-12-31
→
2025-12-31
EPS
$5.65
2016-12-31
→
2025-12-31
Free Cash Flow
$491M
2016-12-31
→
2025-12-31
Margins
10.2%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ALGN
Peer Median
P/E (TTM)
30.3
34.5
P/S (TTM)
3.0
3.0
P/B
3.0
3.0
Price / FCF
24.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ALGN
Peer Median
Gross Margin
67.2%
49.2%
Operating Margin
13.5%
—
Net Profit Margin
10.2%
4.7%
ROA
6.6%
2.6%
ROE
10.3%
5.6%
ROIC
9.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ALGN
Peer Median
Current Ratio
1.4
2.9
Quick Ratio
1.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ALGN
Peer Median
Revenue YoY
0.90%
—
Revenue CAGR 3Y
2.6%
—
Revenue CAGR 5Y
10.3%
—
EPS YoY
0.53%
—
Net Income YoY
-2.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ALGN
Peer Median
ALGN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
24 analysts
- Strong Buy 7 29.2%
- Buy 10 41.7%
- Hold 6 25.0%
- Sell 1 4.2%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-14
Median
$209.00
Now
$171.35
Low
$170.00
High
$240.00
Median target
$209.00
+22.0%
Mean target
$208.60
+21.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.10%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.64 | $2.66 | -0.02% |
| March 31, 2026 | $2.58 | $2.33 | 0.25% |
| Dec. 31, 2025 | $3.29 | $3.03 | 0.26% |
| Sept. 30, 2025 | $2.61 | $2.45 | 0.16% |
| June 30, 2025 | $2.49 | $2.62 | -0.13% |
| March 31, 2025 | $2.13 | $2.02 | 0.11% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ALGN | $11.14B | 27.6 | 0.90% | 10.2% | 10.3% | 67.2% |
| MDLN | — | -4200.0 | 11.5% | 4.1% | 21.6% | 26.4% |
| SOLV | $13.75B | 8.9 | 0.86% | 18.7% | 35.8% | 53.5% |
| COO | $13.70B | 37.4 | 5.1% | 9.2% | 4.6% | 65.5% |
| LNTH | $4.30B | 19.5 | 0.50% | 15.2% | 20.7% | 61.1% |
| MMED | $3.71B | -10.2 | 14.2% | -10.7% | -9.3% | 54.2% |
| MMSI | $5.24B | 41.4 | 11.8% | 8.5% | 8.4% | 48.7% |
| ICUI | $3.52B | 4755.7 | -6.3% | 0.03% | 0.03% | 36.8% |
| HAE | $2.45B | 26.4 | -2.0% | 7.3% | 11.8% | 59.0% |
| QDEL | $1.99B | -1.8 | -1.9% | -41.4% | -48.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.03B | $4.00B | $3.86B | $3.73B | $3.95B | $2.47B | $2.41B | $1.97B | $1.47B | $1.08B | $845M | $762M | |
| Cost of Revenue | $1.32B | $1.20B | $1.16B | $1.10B | $1.02B | $709M | $663M | $519M | $356M | $265M | $205M | $183M | |
| Gross Profit | $2.71B | $2.80B | $2.71B | $2.63B | $2.94B | $1.76B | $1.74B | $1.45B | $1.12B | $815M | $640M | $578M | |
| R&D Expense | $370M | $364M | $347M | $305M | $250M | $175M | $157M | $129M | $98M | $76M | $61M | $53M | |
| SG&A Expense | $1.76B | $1.76B | $1.70B | $1.67B | $1.71B | $1.20B | $1.07B | $852M | · | · | $390M | $332M | |
| Operating Expenses | $2.17B | $2.19B | $2.06B | $1.99B | $1.96B | $1.38B | $1.20B | $981M | $763M | $566M | $451M | $385M | |
| Operating Income | $546M | $608M | $643M | $643M | $976M | $387M | $542M | $467M | $354M | $249M | $189M | $194M | |
| Interest Income | · | · | · | · | · | · | $12M | $9M | $7M | $4M | · | · | |
| Other Non-op | $23M | $-19M | $-19M | $-49M | $33M | $-11M | $8M | $-8M | $4M | $-11M | $-3M | $-3M | |
| Pretax Income | $585M | $609M | $641M | $599M | $1.01B | $379M | $563M | $467M | $365M | $243M | $186M | $190M | |
| Income Tax | $175M | $188M | $196M | $237M | $240M | $-1.40B | $112M | $58M | $130M | $51M | $42M | $45M | |
| Net Income | $410M | $421M | $445M | $362M | $772M | $1.78B | $443M | $400M | $231M | $190M | $144M | $146M | |
| EPS (Basic) | $5.66 | $5.63 | $5.82 | $4.62 | $9.78 | $22.55 | $5.57 | $5.00 | $2.89 | $2.38 | $1.80 | $1.81 | |
| EPS (Diluted) | $5.65 | $5.62 | $5.81 | $4.61 | $9.69 | $22.41 | $5.53 | $4.92 | $2.83 | $2.33 | $1.77 | $1.77 | |
| Shares (Basic) | 72,542,000 | 74,877,000 | 76,426,000 | 78,190,000 | 78,917,000 | 78,760,000 | 79,424,000 | 80,064,000 | 80,085,000 | 79,856,000 | 79,998,000 | 80,754,000 | |
| Shares (Diluted) | 72,588,000 | 74,993,000 | 76,568,000 | 78,420,000 | 79,670,000 | 79,230,000 | 80,100,000 | 81,357,000 | 81,832,000 | 81,484,000 | 81,521,000 | 82,283,000 | |
| EBITDA | $783M | $753M | $786M | $768M | $1.09B | $481M | $621M | $521M | $391M | $273M | $207M | $211M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.09B | $1.04B | $937M | $942M | $1.10B | $961M | $550M | $637M | $450M | $389M | $168M | $200M | |
| Short-term Investments | · | · | · | · | · | · | $318M | $98M | $272M | $251M | $360M | $255M | |
| Receivables | $1.10B | $996M | $903M | $860M | $897M | $658M | $550M | $439M | $324M | $247M | $159M | $130M | |
| Inventory | $226M | $254M | $297M | $339M | $230M | $139M | $112M | $56M | $32M | $27M | $19M | $16M | |
| Prepaid Expense | $166M | $199M | $274M | $226M | $195M | $92M | $102M | $72M | $81M | $38M | $27M | $20M | |
| Other Current Assets | $47M | $82M | $77M | $17M | $31M | $62M | $24M | $7M | · | · | · | · | |
| Current Assets | $2.62B | $2.49B | $2.45B | $2.42B | $2.49B | $1.85B | $1.63B | $1.30B | $1.16B | $953M | $732M | $657M | |
| PP&E (Net) | $1.13B | $1.27B | $1.29B | $1.23B | $1.08B | $735M | $632M | $521M | $349M | $175M | $136M | $90M | |
| PP&E (Gross) | $1.90B | $1.93B | $1.84B | $1.68B | $1.44B | $1.04B | $861M | $693M | $485M | $311M | $255M | $198M | |
| Accum. Depreciation | $767M | $662M | $551M | $450M | $359M | $301M | $230M | $172M | $136M | $136M | $118M | $108M | |
| Goodwill | $492M | $443M | $420M | $408M | $419M | $445M | $64M | $64M | $65M | $61M | $61M | $61M | |
| Intangibles | $94M | $103M | $82M | $96M | $110M | $130M | $12M | $18M | $24M | $21M | $18M | $21M | |
| Other Non-current Assets | $278M | $234M | $129M | $56M | $58M | $35M | $40M | $27M | $44M | $13M | $8M | $8M | |
| Total Assets | $6.23B | $6.21B | $6.08B | $5.95B | $5.94B | $4.83B | $2.50B | $2.05B | $1.78B | $1.40B | $1.16B | $988M | |
| Accounts Payable | $121M | $109M | $113M | $128M | $164M | $142M | $87M | $64M | $37M | $29M | $34M | $23M | |
| Accrued Liabilities | $537M | $598M | $526M | $454M | $607M | $406M | $320M | $235M | $196M | $134M | $108M | $88M | |
| Current Liabilities | $1.92B | $2.04B | $2.07B | $1.93B | $1.92B | $1.33B | $971M | $692M | $500M | $354M | $272M | $202M | |
| Capital Leases | $83M | $88M | $97M | $100M | $103M | $64M | $43M | $0 | · | · | · | · | |
| Other Non-current Liabilities | $114M | $140M | $173M | $196M | $175M | $100M | $37M | $29M | $16M | $1M | $2M | $3M | |
| Total Liabilities | $2.18B | $2.36B | $2.45B | $2.35B | $2.32B | $1.60B | $1.15B | $800M | $630M | $401M | $311M | $235M | |
| Common Stock | $7.0K | $7.0K | $7.0K | $8.0K | $8.0K | $8.0K | $8.0K | $8.0K | $8.0K | $8.0K | $8.0K | $8.0K | |
| Paid-in Capital | $1.51B | $1.36B | $1.16B | $1.04B | $999M | $975M | $907M | $878M | $886M | $865M | $822M | $783M | |
| Retained Earnings | $2.46B | $2.48B | $2.45B | $2.57B | $2.62B | $2.22B | $440M | $378M | $267M | $131M | $27M | $-31M | |
| AOCI | $75M | $6M | $21M | $-10M | $4M | $44M | $-688.0K | $-3M | $571.0K | $-938.0K | $-980.0K | $-140.0K | |
| Stockholders' Equity | $4.05B | $3.85B | $3.63B | $3.60B | $3.62B | $3.23B | $1.35B | $1.25B | $1.15B | $999M | $848M | $753M | |
| Liabilities + Equity | $6.23B | $6.21B | $6.08B | $5.95B | $5.94B | $4.83B | $2.50B | $2.05B | $1.78B | $1.40B | $1.16B | $988M | |
| Shares Outstanding | 71,364,000 | 73,849,000 | 75,075,000 | 77,267,000 | 78,710,000 | 78,860,000 | 78,433,000 | 79,778,000 | 80,040,000 | 79,553,000 | 79,500,000 | 80,205,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $237M | $145M | $142M | $126M | $109M | $94M | $79M | $55M | $38M | $24M | $18M | $18M | |
| Stock-based Comp | $186M | $174M | $154M | $133M | $114M | $98M | $88M | $71M | $59M | $54M | $53M | $40M | |
| Deferred Tax | $33M | $26M | $-19M | $-39M | $15M | $-1.49B | $307.0K | $-16M | $18M | $-16M | $-11M | $4M | |
| Amort. of Intangibles | $19M | $19M | $16M | $16M | $17M | $13M | $6M | $6M | $6M | $3M | · | · | |
| Restructuring | · | $37M | $14M | $10M | · | · | · | · | · | · | · | · | |
| Other Non-cash | $-274M | $-28M | $63M | $-13M | $162M | $186M | $137M | $45M | $93M | $-4M | $34M | $-2M | |
| Operating Cash Flow | $593M | $738M | $786M | $569M | $1.17B | $662M | $747M | $555M | $439M | $248M | $238M | $227M | |
| CapEx | $102M | $116M | $178M | $292M | $401M | $155M | $150M | $223M | $196M | $71M | $53M | $24M | |
| Investing Cash Flow | $-112M | $-255M | $-196M | $-213M | $-563M | $-232M | $-350M | $7M | $-251M | $73M | $-166M | $-202M | |
| Stock Issued | $22M | $25M | $27M | $26M | $26M | $20M | $18M | $17M | $14M | $14M | $11M | $18M | |
| Stock Repurchased | $466M | $353M | $592M | $435M | $375M | $0 | $400M | $300M | $104M | $96M | $102M | $98M | |
| Net Stock Activity | $-444M | $-328M | $-566M | $-409M | $-349M | $20M | $-382M | $-283M | $-89M | $-82M | $-90M | $-80M | |
| Financing Cash Flow | $-465M | $-356M | $-598M | $-502M | $-458M | $-31M | $-486M | $-369M | $-136M | $-96M | $-101M | $-66M | |
| Net Change in Cash | $51M | $106M | $-4M | $-158M | $139M | $410M | $-86M | $187M | $57M | $222M | $-32M | $-43M | |
| Taxes Paid | $135M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $491M | $623M | $608M | $277M | $771M | $507M | $598M | $331M | $243M | $177M | $185M | $203M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.2% | 70.0% | 70.1% | 70.5% | 74.3% | 71.3% | 72.5% | 73.6% | 75.8% | 75.5% | 75.7% | 75.9% | |
| Operating Margin | 13.5% | 15.2% | 16.7% | 17.2% | 24.7% | 15.7% | 22.5% | 23.7% | 24.0% | 23.1% | 22.3% | 25.4% | |
| Net Margin | 10.2% | 10.5% | 11.5% | 9.7% | 19.5% | 71.8% | 18.4% | 20.3% | 15.7% | 17.6% | 17.0% | 19.1% | |
| Pretax Margin | 14.5% | 15.2% | 16.6% | 16.0% | 25.6% | 15.3% | 23.4% | 23.7% | 24.8% | 22.5% | 22.0% | 25.0% | |
| EBITDA Margin | 19.4% | 18.8% | 20.3% | 20.6% | 27.5% | 19.4% | 25.8% | 26.5% | 26.6% | 25.3% | 24.4% | 27.8% | |
| ROA | 6.6% | 6.9% | 7.4% | 6.1% | 14.3% | 48.4% | 19.4% | 20.9% | 14.6% | 14.8% | 13.4% | 16.0% | |
| ROE | 10.3% | 10.8% | 12.0% | 9.9% | 21.6% | 56.7% | 33.4% | 32.7% | 21.5% | 20.6% | 18.0% | 21.0% | |
| ROIC | 9.4% | 10.9% | 12.3% | 10.8% | 20.5% | 56.1% | 32.2% | 32.6% | 19.8% | 19.7% | 17.2% | 19.7% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.2 | 1.2 | 1.3 | 1.3 | 1.4 | 1.7 | 1.9 | 2.3 | 2.7 | 2.7 | 3.3 | |
| Quick Ratio | 1.1 | 1.0 | 0.9 | 0.9 | 1.0 | 1.2 | 1.5 | 1.7 | 2.1 | 2.5 | 2.5 | 2.9 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.7 | 0.6 | 0.6 | 0.7 | 0.7 | 1.1 | 1.0 | 0.9 | 0.8 | 0.8 | 0.8 | |
| Inventory Turnover | 5.5 | 4.4 | 3.6 | 3.9 | 5.5 | 5.6 | 7.9 | 11.9 | 12.1 | 11.4 | 11.6 | 12.3 | |
| Receivables Turnover | 3.8 | 4.2 | 4.4 | 4.3 | 5.1 | 4.1 | 4.9 | 5.2 | 5.2 | 5.3 | 5.9 | 6.3 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 0.90% | 3.5% | 3.4% | -5.5% | 59.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.6% | 0.39% | 16.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.3% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 0.53% | -3.3% | 26.0% | -52.4% | -56.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 7.0% | -16.6% | -36.2% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -24.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -2.6% | -5.3% | 23.1% | -53.2% | -56.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 4.3% | -18.3% | -37.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -25.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.03B | $4.00B | $3.86B | $3.73B | $3.95B | $2.47B | $2.41B | $1.97B | $1.47B | $1.08B | $845M | $762M | |
| Net Income TTM | $410M | $421M | $445M | $362M | $772M | $1.78B | $443M | $400M | $231M | $190M | $144M | $146M | |
| Market Cap | $11.14B | $15.40B | $20.57B | $16.30B | $51.73B | $42.14B | $21.89B | $16.71B | $17.78B | $7.65B | $5.24B | $4.48B | |
| P/E | 27.6 | 37.1 | 47.2 | 45.7 | 67.8 | 23.8 | 50.5 | 42.6 | 78.5 | 41.3 | 37.2 | 31.6 | |
| P/S | 2.8 | 3.9 | 5.3 | 4.4 | 13.1 | 17.0 | 9.1 | 8.5 | 12.1 | 7.1 | 6.2 | 5.9 | |
| P/B | 2.8 | 4.0 | 5.7 | 4.5 | 14.3 | 13.0 | 16.3 | 13.3 | 15.5 | 7.7 | 6.2 | 6.0 | |
| P / Tangible Book | 3.2 | 4.7 | 6.6 | 5.3 | 16.7 | 15.8 | · | · | · | · | · | · | |
| P / Cash Flow | 18.8 | 20.9 | 26.2 | 28.7 | 44.1 | 63.6 | 29.3 | 30.1 | 40.6 | 30.9 | 22.0 | 19.8 | |
| P / FCF | 22.7 | 24.7 | 33.8 | 58.9 | 67.1 | 83.1 | 36.6 | 50.4 | 73.2 | 43.2 | 28.4 | 22.1 | |
| Earnings Yield | 3.6% | 2.7% | 2.1% | 2.2% | 1.5% | 4.2% | 2.0% | 2.4% | 1.3% | 2.4% | 2.7% | 3.2% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.06B | $1.04B | $1.05B | $996M | $1.01B | $979M | $995M | $978M | $1.03B | $997M | $957M | $960M | $1.00B | $943M | $902M | $890M | |
| Cost of Revenue | $299M | $304M | $364M | $356M | $304M | $299M | $298M | $296M | $306M | $300M | $287M | $297M | $289M | $282M | $284M | $271M | |
| Gross Profit | $757M | $737M | $684M | $639M | $708M | $680M | $697M | $682M | $723M | $698M | $670M | $663M | $714M | $661M | $618M | $619M | |
| R&D Expense | $102M | $99M | $83M | $93M | $96M | $97M | $95M | $85M | $92M | $92M | $82M | $89M | $88M | $87M | $84M | $77M | |
| SG&A Expense | $463M | $465M | $442M | $418M | $449M | $448M | $425M | $434M | $452M | $452M | $403M | $408M | $453M | $440M | $410M | $399M | |
| Operating Expenses | $603M | $595M | $528M | $543M | $545M | $549M | $553M | $519M | $576M | $544M | $498M | $497M | $542M | $527M | $505M | $476M | |
| Operating Income | $154M | $142M | $155M | $96M | $163M | $131M | $144M | $162M | $147M | $154M | $172M | $166M | $172M | $134M | $113M | $144M | |
| Other Non-op | $-10M | $3M | $17M | $-5M | $8M | $4M | $-12M | $-371.0K | $-6M | $-141.0K | $-4M | $-10M | $-5M | $-1M | $-100.0K | $-23M | |
| Pretax Income | $149M | $149M | $177M | $95M | $174M | $140M | $141M | $166M | $144M | $158M | $173M | $162M | $172M | $135M | $115M | $123M | |
| Income Tax | $40M | $36M | $41M | $38M | $49M | $47M | $37M | $50M | $47M | $53M | $49M | $41M | $60M | $47M | $74M | $50M | |
| Net Income | $108M | $113M | $136M | $57M | $125M | $93M | $104M | $116M | $97M | $105M | $124M | $121M | $112M | $88M | $42M | $73M | |
| EPS (Basic) | $1.51 | $1.58 | $1.89 | $0.78 | $1.72 | $1.27 | $1.40 | $1.55 | $1.28 | $1.40 | $1.63 | $1.59 | $1.46 | $1.14 | $0.54 | $0.93 | |
| EPS (Diluted) | $1.51 | $1.57 | $1.88 | $0.78 | $1.72 | $1.27 | $1.40 | $1.55 | $1.28 | $1.39 | $1.63 | $1.58 | $1.46 | $1.14 | $0.54 | $0.93 | |
| Shares (Basic) | 71,495,000 | 71,425,000 | -145,962,000 | 72,377,000 | 72,565,000 | 73,562,000 | -150,218,000 | 74,736,000 | 75,184,000 | 75,175,000 | -153,588,000 | 76,569,000 | 76,524,000 | 76,921,000 | -157,040,000 | 78,093,000 | |
| Shares (Diluted) | 71,520,000 | 71,614,000 | -146,039,000 | 72,419,000 | 72,593,000 | 73,615,000 | -150,309,000 | 74,757,000 | 75,223,000 | 75,322,000 | -154,058,000 | 76,826,000 | 76,689,000 | 77,111,000 | -157,555,000 | 78,237,000 | |
| EBITDA | $194M | $199M | · | $152M | $204M | $170M | · | $200M | $183M | $187M | · | $203M | $208M | $169M | · | $176M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.10B | $1.06B | $1.09B | $1.00B | $901M | $873M | $1.04B | $1.04B | $761M | $866M | · | $1.24B | $952M | $832M | · | $1.04B | |
| Receivables | $1.15B | $1.13B | $1.10B | $1.10B | $1.12B | $1.06B | $996M | $1.01B | $1.02B | $951M | · | $904M | $908M | $884M | · | $860M | |
| Inventory | $212M | $215M | $226M | $228M | $244M | $247M | $254M | $254M | $259M | $280M | · | $296M | $313M | $312M | · | $321M | |
| Prepaid Expense | $200M | $216M | $166M | $174M | $187M | $220M | $199M | $291M | $351M | $350M | · | $218M | $237M | $252M | · | $229M | |
| Other Current Assets | $52M | $57M | $47M | $57M | $57M | $83M | $82M | $69M | $71M | $70M | · | $34M | $23M | $23M | · | $47M | |
| Current Assets | $2.66B | $2.66B | $2.62B | $2.53B | $2.45B | $2.40B | $2.49B | $2.60B | $2.41B | $2.48B | · | $2.70B | $2.47B | $2.33B | · | $2.50B | |
| PP&E (Net) | $1.11B | $1.11B | $1.13B | $1.18B | $1.26B | $1.26B | $1.27B | $1.29B | $1.28B | $1.28B | · | $1.27B | $1.28B | $1.26B | · | $1.20B | |
| PP&E (Gross) | · | · | $1.90B | · | · | · | $1.93B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $767M | · | · | · | $662M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $497M | $503M | $492M | $492M | $491M | $458M | $443M | $472M | $454M | $458M | $420M | $404M | $415M | $414M | $408M | $378M | |
| Intangibles | $95M | $101M | $94M | $99M | $103M | $103M | $103M | $116M | $116M | $121M | · | $83M | $89M | $93M | · | $92M | |
| Other Non-current Assets | $453M | $365M | $278M | $254M | $251M | $239M | $234M | $200M | $198M | $122M | · | $132M | $138M | $54M | · | $52M | |
| Total Assets | $6.42B | $6.31B | $6.23B | $6.23B | $6.22B | $6.10B | $6.21B | $6.37B | $6.16B | $6.16B | · | $6.32B | $6.14B | $5.90B | · | $5.91B | |
| Accounts Payable | $110M | $124M | $121M | $126M | $114M | $125M | $109M | $109M | $106M | $117M | · | $100M | $110M | $131M | · | $139M | |
| Accrued Liabilities | $612M | $547M | $537M | $546M | $563M | $546M | $598M | $575M | $555M | $497M | · | $614M | $600M | $497M | · | $384M | |
| Current Liabilities | $1.91B | $1.91B | $1.92B | $1.97B | $2.00B | $1.99B | $2.04B | $2.06B | $2.04B | $2.02B | · | $2.12B | $2.11B | $2.00B | · | $1.81B | |
| Capital Leases | $87M | $83M | $83M | $87M | $90M | $86M | $88M | $96M | $98M | $95M | · | $99M | $105M | $99M | · | $97M | |
| Other Non-current Liabilities | $120M | $108M | $114M | $112M | $117M | $131M | $140M | $150M | $158M | $156M | · | $179M | $181M | $191M | · | $185M | |
| Total Liabilities | $2.19B | $2.16B | $2.18B | $2.28B | $2.31B | $2.31B | $2.36B | $2.42B | $2.40B | $2.40B | · | $2.52B | $2.51B | $2.42B | · | $2.22B | |
| Common Stock | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | · | $8.0K | $8.0K | $8.0K | · | $8.0K | |
| Paid-in Capital | $1.57B | $1.53B | $1.51B | $1.48B | $1.43B | $1.39B | $1.36B | $1.34B | $1.28B | $1.24B | · | $1.19B | $1.14B | $1.10B | · | $1.06B | |
| Retained Earnings | $2.60B | $2.55B | $2.46B | $2.42B | $2.43B | $2.39B | $2.48B | $2.57B | $2.46B | $2.50B | · | $2.61B | $2.49B | $2.37B | · | $2.67B | |
| AOCI | $67M | $70M | $75M | $65M | $61M | $18M | $6M | $36M | $25M | $18M | · | $2M | $11M | $2M | · | $-41M | |
| Stockholders' Equity | $4.23B | $4.15B | $4.05B | $3.96B | $3.91B | $3.79B | $3.85B | $3.94B | $3.76B | $3.76B | $3.63B | $3.80B | $3.64B | $3.48B | $3.60B | $3.69B | |
| Liabilities + Equity | $6.42B | $6.31B | $6.23B | $6.23B | $6.22B | $6.10B | $6.21B | $6.37B | $6.16B | $6.16B | · | $6.32B | $6.14B | $5.90B | · | $5.91B | |
| Shares Outstanding | 71,245,000 | 71,617,000 | 71,364,000 | 72,040,000 | 72,486,000 | 73,057,000 | 73,849,000 | 74,757,000 | 74,696,000 | 75,281,000 | · | 76,588,000 | 76,532,000 | 76,516,000 | · | 78,111,000 |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $40M | $57M | $102M | $56M | $41M | $39M | $38M | $38M | $36M | $33M | $34M | $37M | $36M | $36M | $34M | $32M | |
| Stock-based Comp | $46M | $41M | $44M | $48M | $48M | $45M | $39M | $49M | $47M | $39M | $39M | $40M | $38M | $38M | $35M | $33M | |
| Deferred Tax | $-9M | $41M | $42M | $-9M | $-34M | $34M | $8M | $8M | $-9M | $18M | $4M | $14M | $-18M | $-18M | $-46M | $-8M | |
| Amort. of Intangibles | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Restructuring | · | · | · | $32M | $-100.0K | $2M | $37M | $0 | $-357.0K | $14M | $14M | · | $100.0K | $10M | $10M | · | |
| Other Non-cash | · | $-100M | · | · | · | $-158M | · | · | · | $-166M | · | · | · | $57M | · | · | |
| Operating Cash Flow | $193M | $151M | $223M | $189M | $129M | $53M | $286M | $264M | $160M | $29M | $47M | $287M | $252M | $200M | $145M | $266M | |
| CapEx | $36M | $31M | $36M | $20M | $21M | $25M | $23M | $30M | $53M | $9M | $33M | $22M | $59M | $64M | $53M | $75M | |
| Investing Cash Flow | $-82M | $-132M | $-36M | $-20M | $-31M | $-25M | $-54M | $-9M | $-112M | $-80M | $-13M | $-4M | $-125M | $-53M | $-56M | $-85M | |
| Stock Issued | $0 | $12M | $0 | $8M | $0 | $14M | $0 | $11M | $0 | $14M | $0 | $12M | $0 | $14M | $0 | $11M | |
| Stock Repurchased | $67M | $31M | $97M | $72M | $96M | $201M | $203M | $0 | $150M | $0 | $300M | $0 | $0 | $292M | $160M | $0 | |
| Net Stock Activity | · | $-19M | · | · | · | $-187M | · | · | · | $14M | · | · | · | $-278M | · | · | |
| Financing Cash Flow | $-67M | $-48M | $-97M | $-64M | $-96M | $-207M | $-203M | $11M | $-152M | $-12M | $-350M | $12M | $-931.0K | $-259M | $-200M | $11M | |
| Net Change in Cash | $43M | $-35M | $90M | $103M | $28M | $-171M | $2M | $281M | $-104M | $-72M | $-301M | $287M | $120M | $-110M | $-102M | $167M | |
| Free Cash Flow | · | $120M | · | · | · | $27M | · | · | · | $19M | · | · | · | $136M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.7% | 70.8% | · | 64.2% | 69.9% | 69.5% | · | 69.7% | 70.3% | 70.0% | · | 69.1% | 71.2% | 70.0% | · | 69.5% | |
| Operating Margin | 14.6% | 13.7% | · | 9.7% | 16.1% | 13.4% | · | 16.6% | 14.3% | 15.4% | · | 17.3% | 17.2% | 14.2% | · | 16.1% | |
| Net Margin | 10.2% | 10.8% | · | 5.7% | 12.3% | 9.5% | · | 11.9% | 9.4% | 10.5% | · | 12.7% | 11.2% | 9.3% | · | 8.2% | |
| Pretax Margin | 14.1% | 14.3% | · | 9.5% | 17.1% | 14.3% | · | 17.0% | 14.0% | 15.9% | · | 16.9% | 17.1% | 14.3% | · | 13.8% | |
| EBITDA Margin | 18.4% | 19.1% | · | 15.3% | 20.1% | 17.4% | · | 20.5% | 17.8% | 18.8% | · | 21.2% | 20.7% | 17.9% | · | 19.8% | |
| ROA | 1.7% | 1.8% | · | 0.90% | 2.0% | 1.5% | · | 1.8% | 1.6% | 1.7% | · | 2.0% | 1.9% | 1.5% | · | 1.3% | |
| ROE | 2.7% | 2.8% | · | 1.4% | 3.2% | 2.5% | · | 3.0% | 2.6% | 2.9% | · | 3.2% | 3.1% | 2.5% | · | 2.0% | |
| ROIC | 2.6% | 2.6% | · | 1.5% | 3.0% | 2.3% | · | 2.9% | 2.6% | 2.7% | · | 3.3% | 3.1% | 2.5% | · | 2.3% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.4 | · | 1.3 | 1.2 | 1.2 | · | 1.3 | 1.2 | 1.2 | · | 1.3 | 1.2 | 1.2 | · | 1.4 | |
| Quick Ratio | 1.2 | 1.1 | · | 1.1 | 1.0 | 1.0 | · | 1.0 | 0.9 | 0.9 | · | 1.0 | 0.9 | 0.9 | · | 1.1 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 1.3 | 1.3 | · | 1.5 | 1.2 | 1.1 | · | 1.1 | 1.1 | 1.0 | · | 1.0 | 0.9 | 1.0 | · | 1.0 | |
| Receivables Turnover | 0.9 | 1.0 | · | 0.9 | 0.9 | 1.0 | · | 1.0 | 1.1 | 1.1 | · | 1.1 | 1.1 | 1.0 | · | 1.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.10B | $4.03B | · | $3.97B | $4.00B | $3.98B | · | $3.96B | $3.99B | $3.90B | · | $3.80B | $3.81B | $3.78B | · | $3.85B | |
| Net Income TTM | $402M | $387M | · | $391M | $430M | $411M | · | $439M | $435M | $426M | · | $394M | $385M | $408M | · | $501M | |
| Market Cap | $12.02B | $12.28B | · | $9.02B | $13.72B | $11.61B | · | $19.01B | $18.03B | $24.69B | · | $23.38B | $27.06B | $25.57B | · | $16.18B | |
| P/E | 30.2 | 32.1 | · | 23.5 | 32.5 | 28.9 | · | 43.8 | 42.3 | 58.9 | · | 59.7 | 71.2 | 64.1 | · | 32.6 | |
| P/S | 2.9 | 3.0 | · | 2.3 | 3.4 | 2.9 | · | 4.8 | 4.5 | 6.3 | · | 6.2 | 7.1 | 6.8 | · | 4.2 | |
| P/B | 2.8 | 3.0 | · | 2.3 | 3.5 | 3.1 | · | 4.8 | 4.8 | 6.6 | · | 6.2 | 7.4 | 7.3 | · | 4.4 | |
| P / Tangible Book | 3.3 | 3.5 | · | 2.7 | 4.1 | 3.6 | · | 5.7 | 5.7 | 7.8 | · | 7.1 | 8.6 | 8.6 | · | 5.0 | |
| P / Cash Flow | · | 81.3 | · | · | · | 220.3 | · | · | · | 861.2 | · | · | · | 127.9 | · | · | |
| P / FCF | · | 102.1 | · | · | · | 423.8 | · | · | · | 1279.4 | · | · | · | 188.3 | · | · | |
| Earnings Yield | 3.3% | 3.1% | · | 4.2% | 3.1% | 3.5% | · | 2.3% | 2.4% | 1.7% | · | 1.7% | 1.4% | 1.6% | · | 3.1% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $4.03B | $4.00B | $3.86B | $3.73B | $3.95B |
| Gross Margin % | 67.2% | 70.0% | 70.1% | 70.5% | 74.3% |
| Operating Margin % | 13.5% | 15.2% | 16.7% | 17.2% | 24.7% |
| Net Income | $410M | $421M | $445M | $362M | $772M |
| Diluted EPS | $5.65 | $5.62 | $5.81 | $4.61 | $9.69 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.2 | 1.2 | 1.3 | 1.3 |
| Quick Ratio | 1.1 | 1.0 | 0.9 | 0.9 | 1.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $491M | $623M | $608M | $277M | $771M |
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Institutional owners (13F) 761 filers · $8.6B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 78 (-58 vs prior Q) | 79 (-2 vs prior Q) | 212 (-32 vs prior Q) | 274 (+43 vs prior Q) | +8.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $742,325,451 | 4,401,313 | 8.60% | Shares |
| Capital International Investors | $682,324,318 | 4,045,561 | 7.91% | Shares |
| Capital World Investors | $577,219,454 | 3,422,385 | 6.69% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $528,203,316 | 3,131,764 | 6.12% | Shares |
| FMR LLC | $507,171,414 | 3,007,064 | 5.88% | Shares |
| STATE STREET CORP | $431,518,634 | 2,558,512 | 5.00% | Shares |
| Ninety One UK Ltd | $372,703,280 | 2,209,791 | 4.32% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $341,313,135 | 2,026,888 | 3.96% | Shares |
| GOLDMAN SACHS GROUP INC | $277,319,312 | 1,644,251 | 3.21% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $216,602,941 | 1,284,258 | 2.51% | Shares |
| Ruane, Cunniff & Goldfarb L.P. | $197,577,600 | 1,171,455 | 2.29% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $180,736,225 | 1,071,601 | 2.09% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $180,291,468 | 1,068,964 | 2.09% | Shares |
| NORGES BANK | $152,573,715 | 904,623 | 1.77% | Shares |
| DISCIPLINED GROWTH INVESTORS INC /MN | $132,090,801 | 783,178 | 1.53% | Shares |
| Senvest Management, LLC | $125,709,888 | 745,345 | 1.46% | Shares |
| Swedbank AB | $111,012,012 | 658,200 | 1.29% | Shares |
| Assenagon Asset Management S.A. | $106,450,265 | 631,153 | 1.23% | Shares |
| BARCLAYS PLC | $96,557,344 | 572,497 | 1.12% | Shares |
| Bares Capital Management, Inc. | $76,349,389 | 609,722 | 0.88% | Shares |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $76,310,048 | 452,449 | 0.88% | Shares |
| DAVENPORT & Co LLC | $64,891,092 | 384,745 | 0.75% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $63,304,170 | 375,336 | 0.73% | Shares |
| JENNISON ASSOCIATES LLC | $59,641,380 | 353,619 | 0.69% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $59,357,000 | 351,934 | 0.69% | Shares |
| Carmignac Gestion | $53,495,676 | 316,832 | 0.62% | Shares |
| Resona Asset Management Co.,Ltd. | $49,583,874 | 291,177 | 0.57% | Shares |
| KEYBANK NATIONAL ASSOCIATION/OH | $47,572,414 | 282,061 | 0.55% | Shares |
| CITADEL ADVISORS LLC | $47,290,577 | 280,390 | 0.55% | Shares |
| Nearwater Capital Markets, Ltd | $45,200,880 | 268,000 | 0.52% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $44,553,900 | 264,164 | 0.52% | Shares |
| ING GROEP NV | $39,329,657 | 233,189 | 0.46% | Shares |
| NOMURA HOLDINGS INC | $38,158,482 | 226,245 | 0.44% | Shares |
| Woodline Partners LP | $38,112,269 | 225,971 | 0.44% | Shares |
| ALLIANCEBERNSTEIN L.P. | $36,031,329 | 210,181 | 0.42% | Shares |
| FACTORY MUTUAL INSURANCE CO | $35,574,273 | 210,923 | 0.41% | Shares |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | $32,761,024 | 194,243 | 0.38% | Shares |
| Gotham Asset Management, LLC | $31,363,002 | 185,954 | 0.36% | Shares |
| ARMISTICE CAPITAL, LLC | $30,407,037 | 180,286 | 0.35% | Shares |
| Allianz Asset Management GmbH | $28,912,541 | 171,425 | 0.34% | Shares |
| D. E. Shaw & Co., Inc. | $28,865,147 | 171,144 | 0.33% | Shares |
| Ninety One North America, Inc. | $28,008,189 | 166,063 | 0.32% | Shares |
| BANK OF AMERICA CORP /DE/ | $27,510,976 | 163,115 | 0.32% | Shares |
| BlackRock, Inc. | $27,337,087 | 162,084 | 0.32% | Shares |
| Quantinno Capital Management LP | $27,329,164 | 162,037 | 0.32% | Shares |
| Marathon Asset Management Ltd | $26,471,781 | 156,954 | 0.31% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $24,467,169 | 145,068 | 0.28% | Shares |
| RAYMOND JAMES FINANCIAL INC | $23,836,043 | 141,326 | 0.28% | Shares |
| Vanguard Global Advisers, LLC | $23,785,614 | 141,027 | 0.28% | Shares |
| OFI INVEST ASSET MANAGEMENT | $23,739,563 | 160,924 | 0.28% | Shares |
| Bellevue Group AG | $23,558,429 | 139,680 | 0.27% | Shares |
| Artisan Partners Limited Partnership | $23,499,904 | 139,333 | 0.27% | Shares |
| Swiss National Bank | $23,022,090 | 136,500 | 0.27% | Shares |
| VANGUARD GROUP INC | $22,911,421 | 146,727 | 0.27% | Shares |
| RHUMBLINE ADVISERS | $21,840,522 | 129,495 | 0.25% | Shares |
| Baird Financial Group, Inc. | $21,646,162 | 128,342 | 0.25% | Shares |
| Caisse de depot et placement du Quebec | $21,621,706 | 128,197 | 0.25% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $21,579,467 | 127,586 | 0.25% | Shares |
| CITADEL ADVISORS LLC | $21,369,222 | 126,700 | 0.25% | Put option |
| COUNTRY TRUST BANK | $21,198,538 | 125,688 | 0.25% | Shares |
| CIBC WORLD MARKETS CORP | $20,921,914 | 133,986 | 0.24% | Shares |
| California Public Employees Retirement System | $20,264,330 | 120,149 | 0.23% | Shares |
| ALGERT GLOBAL LLC | $19,808,442 | 117,446 | 0.23% | Shares |
| Driehaus Capital Management LLC | $19,438,908 | 115,255 | 0.23% | Shares |
| Engineers Gate Manager LP | $19,054,026 | 112,973 | 0.22% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $18,372,640 | 108,933 | 0.21% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $18,321,474 | 108,632 | 0.21% | Shares |
| Vident Advisory, LLC | $18,313,609 | 108,583 | 0.21% | Shares |
| CAPITAL INTERNATIONAL SARL | $18,190,824 | 107,855 | 0.21% | Shares |
| CWM, LLC | $17,742,314 | 103,496 | 0.21% | Shares |
| MACQUARIE GROUP LTD | $17,312,949 | 102,650 | 0.20% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $15,744,242 | 93,349 | 0.18% | Shares |
| CITADEL ADVISORS LLC | $14,825,214 | 87,900 | 0.17% | Call option |
| Mitsubishi UFJ Asset Management Co., Ltd. | $14,364,098 | 85,166 | 0.17% | Shares |
| WOLVERINE TRADING, LLC | $14,153,440 | 112,000 | 0.16% | Put option |
| Bridgewater Associates, LP | $13,897,584 | 82,400 | 0.16% | Shares |
| INVESTMENT HOUSE LLC | $13,628,065 | 80,802 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $13,593,199 | 79,293 | 0.16% | Shares |
| Distillate Capital Partners LLC | $13,418,084 | 79,557 | 0.16% | Shares |
| UBS Group AG | $13,294,625 | 78,825 | 0.15% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $13,007,228 | 77,121 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $12,769,417 | 75,711 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $11,553,210 | 68,500 | 0.13% | Put option |
| Simplify Asset Management Inc. | $11,274,415 | 66,847 | 0.13% | Shares |
| Burgundy Asset Management Ltd. | $11,161,605 | 78,625 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,118,911 | 65,925 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $10,975,044 | 65,072 | 0.13% | Shares |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA | $10,830,337 | 64,214 | 0.13% | Shares |
| CAMBIAR INVESTORS LLC | $10,799,637 | 64,032 | 0.13% | Shares |
| AMERICAN CENTURY COMPANIES INC | $10,755,111 | 63,768 | 0.12% | Shares |
| Rhenman & Partners Asset Management AB | $10,625,580 | 63,000 | 0.12% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $10,594,378 | 62,815 | 0.12% | Shares |
| FIRST TRUST ADVISORS LP | $10,397,932 | 61,651 | 0.12% | Shares |
| WOLVERINE TRADING, LLC | $10,374,977 | 82,100 | 0.12% | Call option |
| OSSIAM | $10,309,511 | 61,126 | 0.12% | Shares |
| AMERIPRISE FINANCIAL INC | $9,970,168 | 59,114 | 0.12% | Shares |
| SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI | $9,773,004 | 57,945 | 0.11% | Shares |
| Applied Fundamental Research, LLC | $9,765,920 | 57,903 | 0.11% | Shares |
| CAPITAL INTERNATIONAL LTD /CA/ | $9,385,760 | 55,649 | 0.11% | Shares |
| Capital International, Inc./CA/ | $9,360,967 | 55,502 | 0.11% | Shares |
Company insiders 63 insiders · 22 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joseph M Hogan | President and CEO | Feb. 20, 2026 M | 209,270 | 0 | 0 | $0 |
| John Morici | EVP, CHIEF FINANCIAL OFFICER | Feb. 20, 2026 M | 13,536 | 0 | 1 | $-1,508,611 |
| Kenneth Arola | VP, Finance and CFO | Feb. 20, 2013 C | 31,682 | 0 | 0 | $0 |
| Julie Ann Coletti | EVP, CHIEF LEGAL & REGULATORY | Feb. 20, 2026 M | 11,445 | 0 | 0 | $0 |
| Stuart A Hockridge | EVP, GLOBAL HR | Feb. 20, 2026 M | 14,892 | 0 | 0 | $0 |
| Emory Wright | EVP, Global Operations | Feb. 20, 2023 A | 6,516 | 0 | 0 | $0 |
| Jennifer Olson | SVP & Mng Dir Cust Service | Nov. 6, 2020 G | 2,277 | 0 | 0 | $0 |
| Yuval Shaked | SVP & Mng Dir. Itero | Nov. 4, 2020 S | 636 | 0 | 0 | $0 |
| Zelko Relic | SVp, R&D and CTO | Nov. 4, 2020 S | 13,716 | 0 | 0 | $0 |
| Markus Christof Sebstian | SVP & Mng Dir EMEA | Oct. 20, 2020 M | 613 | 0 | 0 | $0 |
| Simon Beard | SVP and Mgng Director, EMEA | Aug. 27, 2020 S | 17,670 | 0 | 0 | $0 |
| Vamsi Mohan Raj Pudipeddi | SVP, Chief Marketing Officer | May 18, 2020 S | 0 | 0 | 0 | $0 |
| Sreelakshmi Kolli | SVP & Mng Dir Info Tech | Feb. 20, 2020 M | 13,409 | 0 | 0 | $0 |
| Julie Tay | SVP & Mng Dir. Asia Pacific | May 8, 2019 S | 17,746 | 0 | 0 | $0 |
| Raphael Pascaud | CMO & Bus. Dev | Feb. 20, 2019 A | 39,092 | 0 | 0 | $0 |
| Christopher C. Puco | VP, No. American Sales | Nov. 30, 2018 S | 0 | 0 | 0 | $0 |
| Timothy A Mack | VP, Bus Dev | Feb. 20, 2016 M | 0 | 0 | 0 | $0 |
| Jennifer Erfurth | VP, Global HR | Feb. 20, 2016 A | 10,760 | 0 | 0 | $0 |
| John Patrick Graham | VP, Mktg & CMO | Feb. 20, 2015 A | 1,139 | 0 | 0 | $0 |
| Richard M.L. Twomey | VP International | Oct. 30, 2013 M | 4,272 | 0 | 0 | $0 |
| Dana Cambra | VP, R&D | Feb. 20, 2012 A | 10,845 | 0 | 0 | $0 |
| Sheila K Tan | VP, Marketing & CMO | Feb. 20, 2011 C | 17,940 | 0 | 0 | $0 |
| Anne Myong | Director | May 20, 2026 A | 9,830 | 0 | 0 | $0 |
| Mojdeh Poul | Director | May 20, 2026 A | 3,553 | 0 | 0 | $0 |
| Kevin J Dallas | Director | May 20, 2026 A | 16,168 | 0 | 0 | $0 |
| Britt J. Vitalone | Director | May 20, 2026 A | 1,443 | 0 | 0 | $0 |
| Andrea Lynn Saia | Director | May 20, 2026 A | 17,318 | 0 | 0 | $0 |
| Kevin T Conroy | Director | May 20, 2026 A | 3,553 | 0 | 0 | $0 |
| Susan E Siegel | Director | May 20, 2026 A | 10,723 | 0 | 0 | $0 |
| Joseph Lacob | Director | May 20, 2026 A | 135,916 | 0 | 0 | $0 |
| MORROW GEORGE J | Director | May 20, 2026 M | 5,036 | 0 | 0 | $0 |
| Raymond C Larkin JR | Director | May 20, 2026 A | 27,454 | 0 | 0 | $0 |
| Warren S Thaler | Director | May 17, 2023 M | 31,780 | 0 | 0 | $0 |
| Greg J Santora | Director | May 17, 2023 M | 11,987 | 0 | 0 | $0 |
| Thomas M Prescott | Director | May 19, 2021 M | 54,129 | 0 | 0 | $0 |
| David E Collins | Director | May 15, 2014 C | 25,900 | 0 | 0 | $0 |
| Brian H Dovey | Director | May 19, 2004 A | 0 | 0 | 0 | $0 |
| DANAHER CORP /DE/ | 10% owner | Nov. 13, 2013 S | 3,837,132 | 0 | 0 | $0 |
| KLEINER PERKINS CAUFIELD & BYERS VIII LP | 10% owner | Nov. 10, 2004 J | 1,492,421 | 0 | 0 | $0 |
| Roger E George | — | May 14, 2019 S | 11,773 | 0 | 0 | $0 |
| David L White | — | Nov. 18, 2016 G | 5,913 | 0 | 0 | $0 |
| David C Nagel | — | May 13, 2016 M | 30,200 | 0 | 0 | $0 |
| Len Hedge | — | Feb. 20, 2013 C | 55,861 | 0 | 0 | $0 |
| Dan Scott Ellis | — | Nov. 19, 2012 M | 3,552 | 0 | 0 | $0 |
| Gil Laks | — | Feb. 24, 2010 C | 9,773 | 0 | 0 | $0 |
| Sonia Clark | — | Sept. 25, 2008 C | 1,806 | 0 | 0 | $0 |
| Darrell Zoromski | — | Aug. 20, 2008 C | 1,647 | 0 | 0 | $0 |
| Kent H Bowen | — | May 15, 2008 C | 84,500 | 0 | 0 | $0 |
| Hossein Arjomand | — | Nov. 26, 2007 C | 617 | 0 | 0 | $0 |
| Eldon M Bullington | — | Nov. 26, 2007 C | 4,967 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Danaher Corporation ×3 filings | Nov. 14, 2013 | — | Initial filing | — | SEC |
| 1. Danaher Corporation | Feb. 22, 2011 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 125 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| KMID · Virtus ETF Trust II | 3.51% | 8,765 NS | April 30, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.54% | 69,598 SH | Aug. 8, 2026 | Daily |
| PRNT · ARK ETF Trust | 1.54% | 5,264 NS | April 30, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 1.15% | 184,164 NS | May 31, 2026 | N-PORT |
| MMID · MFS Active Exchange Traded Funds Tr… | 0.97% | 1,896 NS | May 31, 2026 | N-PORT |
| DTEC · ALPS ETF Trust | 0.94% | 3,983 NS | May 31, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 0.89% | 44,152 NS | April 30, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.88% | 47,810 SH | Aug. 8, 2026 | Daily |
| FMED · Fidelity Covington Trust | 0.80% | 1,863 NS | May 31, 2026 | N-PORT |
| FLCV · Federated Hermes ETF Trust | 0.70% | 3,836 NS | May 31, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 0.69% | 437 NS | April 30, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 0.64% | 555 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.61% | 1,118 NS | May 31, 2026 | N-PORT |
| TOLL · Tema ETF Trust | 0.53% | 1,490 NS | May 31, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.51% | 4,715 NS | May 31, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.49% | 641 SH | Aug. 8, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.41% | 1,857 NS | April 30, 2026 | N-PORT |
| FLCC · Federated Hermes ETF Trust | 0.33% | 2,284 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.31% | 11,052 NS | April 30, 2026 | N-PORT |
| FLCG · Federated Hermes ETF Trust | 0.28% | 9,165 NS | May 31, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.27% | 1,357 NS | May 29, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.25% | 28,776 NS | April 30, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.25% | 3,013 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.24% | 990,688 SH | Aug. 8, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.22% | 180,299 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.21% | 8,553 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.21% | 160,183 NS | April 30, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.19% | 31,438 NS | April 30, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.19% | 1,088,545 SH | Aug. 8, 2026 | Daily |
| IYH · iShares Trust | 0.18% | 40,050 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.18% | 3,096 SH | Aug. 8, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.17% | 2,817 NS | April 30, 2026 | N-PORT |
| TMFE · RBB Fund, Inc. | 0.17% | 843 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.17% | 204,512 SH | Aug. 8, 2026 | Daily |
| CURE · Direxion Shares ETF Trust | 0.17% | 1,330 NS | April 30, 2026 | N-PORT |
| RXL · ProShares Trust | 0.17% | 696 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.16% | 9,581 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.15% | 25,641 SH | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.15% | 3,453 NS | May 31, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.14% | 1,770 NS | April 30, 2026 | N-PORT |
| IXJ · iShares Trust | 0.14% | 34,914 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.14% | 1,560,504 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.14% | 4,009 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.11% | 90,473 NS | April 30, 2026 | N-PORT |
| VALQ · AMERICAN CENTURY ETF TRUST | 0.11% | 2,202 NS | May 31, 2026 | N-PORT |
| SFGV · EA Series Trust | 0.11% | 7,134 NS | May 29, 2026 | N-PORT |
| IWS · iShares Trust | 0.11% | 100,554 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.11% | 4,162 SH | Aug. 8, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.09% | 28,130 NS | April 30, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.09% | 4,336 SH | Aug. 8, 2026 | Daily |