APPN Appian Corporation - Class A Common Stock
$37.30
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$19–$46
68% of range
Analyst Rating
HOLD
13 analysts
Price Target
$34
P/E (TTM)
1852.7
ROE
-2.5%
Net Profit Margin
0.17%
About Appian Corporation - Class A Common Stock Company overview from Wikipedia
Appian Corporation is an enterprise software company that specializes in process automation and AI agent orchestrations. It is headquartered in McLean, Virginia, part of Dulles Technology Corridor. The company sells software to automate complex processes in large enterprises and governments in North America, Europe, the Middle East, South America, Oceania and Southeast Asia.
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Appian Corporation is an enterprise software company that specializes in process automation and AI agent orchestrations. It is headquartered in McLean, Virginia, part of Dulles Technology Corridor. The company sells software to automate complex processes in large enterprises and governments in North America, Europe, the Middle East, South America, Oceania and Southeast Asia.
History
Founding and early growth: 1999–2013
Appian was founded in 1999 by Michael Beckley, Robert Kramer, Marc Wilson and Matthew Calkins, who is CEO.
In 2001, the company developed Army Knowledge Online, regarded at the time as "the world's largest intranet."
In 2008, the company completed a $10,000,000 Series A funding by Novak Biddle Venture Partners. In 2010, Appian Cloud was accredited with Federal Information Security Management Act (FISMA) low-level security by the U.S. Education Department. In 2013, it received FISMA Moderate Authorization and Accreditation from the General Services Administration (GSA).
Secondary investments and Nasdaq: 2014–2017
In 2014, the company received $37.5 million in secondary investments from New Enterprise Associates, which was paid out to shareholders.
On May 25, 2017, Appian became a publicly traded company, trading as APPN on the NASDAQ Global Exchange.
Process mining and artificial intelligence: 2018–present
In May 2019, Appian released Appian AI. In March 2020, the company updated the platform's artificial intelligence and robotic process automation capabilities.
In 2020, Appian Cloud was certified as compliant with the Payment Card Industry (PCI) Data Security Standards (SS) maintained by the Payment Card Industry Security Standards Council. Also in 2020, Appian RPA achieved authorization from the Federal Risk and Authorization Management Program (FedRAMP) as part of Appian Cloud. In 2025, Appian Government Cloud (AGC) obtained Federal Risk and Authorization management Program (FedRAMP) High authorization and renewed its Impact Level 5 (IL5) Provisional Authority to Operate (PA) from the Defense Information Systems Agency (DISA) for a three-year period.
In April 2022, process mining was integrated into all Appian products, including its automation, artificial intelligence, and low-code capabilities.
In May 2022, Appian was awarded $2.04 billion in damages against Pegasystems Inc. Pegasystems was found to have violated the Virginia Computer Crimes Act when it hired a developer to spy on Appian, stealing trade secrets in an operation Pegasystems referred to as "Project Crush". In January 2026, following the decision from the Supreme Court of Virginia remanding the case for retrial and rejecting Pega's arguments seeking to dismiss the case entirely. Appian announced that it would press its trade secret claims against Pegasystems Inc.
In 2025, Appian released AI Document Center (renamed DocCenter in December 2025), which extended the company's intelligent document processing (IDP) capabilities with AI.
Products and services
Appian develops software for business process automation, application development, and process orchestration. Its platform is used to build applications and automate workflows that involved human users, software systems, and robotic process automation tools.
The company has expanded the platform over time to include artificial intelligence features, document processing, and tools for building and managing AI agents. In 2025, Appian introduced Agent Studio, a product for development AI agents for us in business processes.
Appian also offers a data fabric intended to connect data from source systems without requiring full migration into a single database. The company says this capability supports both reading from and writing to connected systems.
Following its 2021 acquisition of process mining company Lana Labs, Appian added process mining to its platform. In 2024, it introduced Process HQ, a product that combines process mining, AI, and data integration tools.
Acquisitions
On January 7, 2020, Appian announced acquisition of Novayre Solutions SL, developer of the Jidoka robotic process automation (RPA) platform. In August 2021, Appian acquired the process mining company Lana Labs. The company's applications help companies discover the work patterns being used within their organization by looking through system logs for common actions and sequences.
Analyst recognition
Appian has been recognized by industry analyst firms including Gartner, Forrester, IDC, and Everest Group across categories such as business process automation, digital process automation, and low-code application platforms.
Appian was named a Leader in the 2025 Gartner Magic Quadrant for Business Orchestration and Automation Technologies (BOAT)
Appian was named a Leader in the 2025 Forrester Wave: Digital Process Automation Software, Q3 2025, Q3 2023, and Q3 2021
Appian was named a Leader in the Everest Group PEAK Matrix Assessment for Process Orchestration consecutively from 2022 through 2025
Appian was named a Leader in the Gartner Magic Quadrant for Enterprise Low-Code Application Platforms in 2023, 2024, and 2025
Appian has received the Voice of the Customer for Enterprise Low-Code Application Platforms recognition from Gartner Peer Insights in 2025, 2022
Appian is ranked #1 in Automated Processing Use Cases for IDP by Gartner in the 2025 Gartner Critical Capabilities for Intelligent Document Processing Solutions
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
APPN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$37.30
Market Cap
$2.74B
P/E (TTM)
1852.7
EPS (TTM)
$0.02
Revenue (TTM)
$727M
Div Yield
—
ROE
-2.5%
Debt/Equity
-5.1
52W Range
$19 – $46
APPN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$727M
2016-12-31
→
2025-12-31
EPS
$0.02
2019-12-31
→
2025-12-31
Free Cash Flow
$60M
2017-12-31
→
2025-12-31
Margins
0.17%
2017-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
APPN
Peer Median
P/E (TTM)
1852.7
34.5
P/S (TTM)
3.8
2.2
P/B
-58.4
5.0
EV / EBITDA
4590.5
—
Price / FCF
46.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
APPN
Peer Median
Gross Margin
72.5%
72.7%
Operating Margin
0.08%
—
Net Profit Margin
0.17%
1.4%
ROA
0.19%
0.73%
ROE
-2.5%
7.5%
ROIC
0.06%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
APPN
Peer Median
Debt / Equity
-5.1
26.9
Current Ratio
1.1
1.3
Quick Ratio
1.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
APPN
Peer Median
Revenue YoY
17.8%
—
Revenue CAGR 3Y
15.8%
—
Revenue CAGR 5Y
19.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
APPN
Peer Median
APPN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
13 analysts
- Strong Buy 1 7.7%
- Buy 0 0.0%
- Hold 8 61.5%
- Sell 2 15.4%
- Strong Sell 2 15.4%
12-Month Price Target
5 analysts · 2026-08-19
Median
$32.00
Mean
$34.00
Now
$37.30
Low
$26.00
High
$42.00
Median target
$32.00
-14.2%
Mean target
$34.00
-8.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.13%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.13 | $0.00 | 0.13% |
| March 31, 2026 | $0.27 | $0.19 | 0.08% |
| Dec. 31, 2025 | $0.15 | $0.09 | 0.06% |
| Sept. 30, 2025 | $0.32 | $0.05 | 0.27% |
| June 30, 2025 | $0.00 | $-0.13 | 0.13% |
| March 31, 2025 | $0.13 | $0.03 | 0.10% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| APPN | $2.62B | 1771.0 | 17.8% | 0.17% | -2.5% | 72.5% |
| CVLT | $3.21B | 49.3 | 18.9% | 6.0% | 64.8% | 81.2% |
| VRNS | $3.86B | -29.0 | 13.2% | -20.7% | -27.5% | 78.8% |
| TENB | — | -78.4 | 11.0% | -3.6% | -10.7% | 78.1% |
| ADEA | $1.88B | 17.4 | 17.9% | 25.1% | 25.3% | — |
| TDC | $2.82B | 22.5 | -5.0% | 7.8% | 64.0% | 59.4% |
| ATEN | $1.26B | 31.0 | 11.0% | 14.5% | 20.3% | 79.3% |
| PRGS | $1.75B | 24.9 | 29.8% | 7.5% | 15.7% | 80.8% |
| AIP | $686M | -18.9 | 22.3% | -49.2% | 313.6% | 90.2% |
| RPD | — | 42.2 | 1.9% | — | — | — |
| MSFT | $2.77T | 20.8 | 17.8% | 40.3% | 34.0% | 67.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $727M | $617M | $545M | $468M | $369M | $305M | $260M | $227M | $177M | $133M | |
| Cost of Revenue | $200M | $168M | $160M | $133M | $104M | $89M | $94M | $85M | $65M | $50M | |
| Gross Profit | $527M | $449M | $385M | $335M | $265M | $216M | $167M | $142M | $112M | $83M | |
| R&D Expense | $172M | $163M | $160M | $139M | $98M | $70M | $58M | $45M | $35M | $23M | |
| SG&A Expense | $113M | $108M | $83M | $120M | $84M | $53M | $41M | $38M | $27M | $17M | |
| Operating Expenses | $527M | $510M | $493M | $480M | $349M | $254M | $217M | $189M | $144M | $94M | |
| Operating Income | $609.0K | $-61M | $-108M | $-145M | $-84M | $-38M | $-50M | $-47M | $-32M | $-11M | |
| Interest Income | $7M | $7M | $9M | $900.0K | $0 | · | · | · | · | · | |
| Other Non-op | $27M | $-7M | $18M | $-4M | $-4M | $6M | $941.0K | $-2M | $2M | $-2M | |
| Pretax Income | $6M | $-91M | $-108M | $-150M | $-88M | $-33M | $-50M | $-49M | $-30M | $-14M | |
| Income Tax | $5M | $1M | $3M | $692.0K | $778.0K | $883.0K | $820.0K | $239.0K | $761.0K | $-2M | |
| Net Income | $1M | $-92M | $-111M | $-151M | $-89M | $-33M | $-51M | $-49M | $-31M | $-12M | |
| EPS (Basic) | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 | $-0.48 | $-0.77 | · | · | · | |
| EPS (Diluted) | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 | $-0.48 | $-0.77 | · | · | · | |
| Shares (Basic) | 74,049,000 | 72,988,000 | 73,102,000 | 72,455,000 | 71,036,000 | 69,050,565 | 65,479,327 | · | · | · | |
| Shares (Diluted) | 74,649,000 | 72,988,000 | 73,102,000 | 72,455,000 | 71,036,000 | 69,050,565 | 65,479,327 | · | · | · | |
| EBITDA | $609.0K | $-61M | $-100M | $-139M | $-79M | $-33M | $-46M | $-45M | $-31M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $136M | $119M | $149M | $148M | $101M | $112M | $160M | $95M | $74M | $31M | |
| Short-term Investments | $51M | $41M | $10M | $48M | $55M | $110M | $0 | · | · | · | |
| Receivables | $255M | $195M | $172M | $166M | $130M | $97M | $70M | $79M | $55M | $47M | |
| Prepaid Expense | $42M | $44M | $50M | $28M | $27M | $28M | $33M | $21M | $7M | $3M | |
| Current Assets | $519M | $436M | $414M | $422M | $338M | $365M | $278M | $210M | $145M | $88M | |
| PP&E (Net) | · | · | · | · | · | · | $40M | $8M | $3M | $3M | |
| PP&E (Gross) | · | · | · | · | · | · | $47M | $15M | $8M | $8M | |
| Accum. Depreciation | · | · | · | · | · | · | $7M | $7M | $6M | $5M | |
| Goodwill | $29M | $26M | $27M | $26M | $28M | $5M | $0 | · | · | · | |
| Intangibles | $1M | $2M | $4M | $5M | $7M | $2M | $0 | · | · | · | |
| Other Non-current Assets | $12M | $25M | $36M | $3M | $2M | $4M | $592.0K | $601.0K | $510.0K | $381.0K | |
| Total Assets | $691M | $621M | $628M | $594M | $505M | $513M | $371M | $233M | $161M | $103M | |
| Accounts Payable | $7M | $4M | $6M | $8M | $6M | $3M | $5M | $9M | $5M | $5M | |
| Accrued Liabilities | $18M | $11M | $11M | $12M | $15M | $6M | $7M | $7M | $6M | $3M | |
| Current Liabilities | $452M | $355M | $371M | $270M | $216M | $156M | $112M | $128M | $95M | $76M | |
| Capital Leases | $46M | $52M | $59M | $57M | $49M | $51M | $44M | $0 | · | · | |
| Deferred Tax | · | $0 | $2.0K | $102.0K | $209.0K | $70.0K | $38.0K | $42.0K | $87.0K | $32.0K | |
| Other Non-current Liabilities | $398.0K | $431.0K | $0 | $0 | $3M | $5M | $0 | $15M | $1M | $2M | |
| Total Liabilities | $738M | $654M | $575M | $449M | $271M | $216M | $166M | $160M | $116M | $111M | |
| Long-term Debt | $241M | $250M | $207M | $118M | $0 | · | · | · | $0 | $20M | |
| Total Debt | $241M | $250M | $207M | $118M | · | · | · | · | $0 | · | |
| Common Stock | · | · | · | · | · | · | · | · | $0 | $3.0K | |
| Retained Earnings | $-611M | $-612M | $-520M | $-408M | $-258M | $-169M | $-135M | $-146M | $-96M | $-65M | |
| Treasury Stock | $17M | $0 | $0 | · | · | · | · | · | · | · | |
| AOCI | $-36M | $-12M | $-24M | $-7M | $-6M | $-5M | $-285.0K | $542.0K | $439.0K | $1M | |
| Stockholders' Equity | $-47M | $-33M | $52M | $146M | $234M | $297M | $205M | $73M | $46M | $-63M | |
| Liabilities + Equity | $691M | $621M | $628M | $594M | $505M | $513M | $371M | $233M | $161M | $103M | |
| Shares Outstanding | 73,954,625 | 74,028,786 | 73,366,766 | 72,817,887 | 71,462,094 | 70,679,190 | 67,468,022 | · | 0 | 34,274,718 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $10M | $8M | $6M | $5M | $5M | $5M | $2M | $900.0K | $800.0K | |
| Stock-based Comp | $42M | $39M | $43M | $39M | $24M | $15M | $16M | $16M | $13M | $0 | |
| Deferred Tax | $-342.0K | $-949.0K | $-2M | $-908.0K | $-472.0K | $-184.0K | $-334.0K | $-218.0K | $-251.0K | $-1M | |
| Amort. of Intangibles | $1M | $2M | $2M | $2M | $800.0K | $400.0K | · | · | · | · | |
| Other Non-cash | · | · | $-49M | $647.0K | $6M | $5M | $21M | $294.0K | $8M | · | |
| Operating Cash Flow | $63M | $7M | $-110M | $-107M | $-54M | $-8M | $-9M | $-31M | $-9M | $-8M | |
| CapEx | $3M | $4M | $10M | $9M | $6M | $1M | $32M | $7M | $433.0K | $984.0K | |
| Investing Cash Flow | $-13M | $-35M | $29M | $10M | $42M | $-153M | $-32M | $-7M | $-433.0K | $-984.0K | |
| Net Debt Issued | · | · | · | · | · | · | $0 | $0 | $-40M | · | |
| Stock Issued | · | · | · | · | · | · | $102M | $58M | $0 | $0 | |
| Stock Repurchased | $20M | $50M | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | $-20M | $-50M | · | · | · | · | $102M | $58M | · | · | |
| Financing Cash Flow | $-36M | $-258.0K | $79M | $143M | $3M | $110M | $106M | $61M | $51M | $10M | |
| Net Change in Cash | $17M | $-31M | $-1M | $46M | $-9M | $-47M | $65M | $21M | $43M | $-250.0K | |
| Taxes Paid | $5M | $3M | $4M | · | · | · | · | · | · | · | |
| Free Cash Flow | $60M | $3M | $-120M | $-116M | $-60M | $-9M | $-41M | $-38M | $-10M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.5% | 75.7% | 73.7% | 71.5% | 71.8% | 70.9% | 64.0% | 62.5% | 63.4% | · | |
| Operating Margin | 0.08% | -9.9% | -19.8% | -31.0% | -22.7% | -12.4% | -19.4% | -20.6% | -18.0% | · | |
| Net Margin | 0.17% | -14.9% | -20.4% | -32.2% | -24.0% | -11.0% | -19.5% | -21.8% | -17.5% | · | |
| Pretax Margin | 0.89% | -14.8% | -19.9% | -32.1% | -23.8% | -10.7% | -19.2% | -21.7% | -17.1% | · | |
| EBITDA Margin | 0.08% | -9.9% | -18.3% | -29.8% | -21.4% | -10.7% | -17.6% | -19.7% | -17.5% | · | |
| ROA | 0.19% | -14.8% | -18.2% | -27.5% | -17.4% | -7.6% | -16.8% | -25.1% | -23.5% | · | |
| ROE | -2.5% | 223.8% | -185.1% | -94.7% | -36.1% | -11.3% | -24.2% | -63.8% | 345.1% | · | |
| ROIC | 0.06% | -28.3% | -42.9% | -55.2% | -36.2% | -13.1% | -25.0% | -64.1% | -71.6% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.2 | 1.1 | 1.6 | 1.6 | 2.3 | 2.5 | 1.6 | 1.5 | · | |
| Quick Ratio | 1.0 | 1.0 | 0.9 | 1.3 | 1.3 | 2.0 | 2.0 | 1.4 | 1.4 | · | |
| Debt / Equity | -5.1 | -7.7 | 3.9 | 0.8 | · | · | · | · | 0.0 | · | |
| LT Debt / Equity | -4.9 | -7.4 | 2.7 | 0.8 | · | · | · | · | 0.0 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.0 | 0.9 | 0.9 | 0.7 | 0.7 | 0.9 | 1.2 | 1.3 | · | |
| Receivables Turnover | 3.2 | 3.4 | 3.2 | 3.2 | 3.2 | 3.6 | 3.5 | 3.4 | 3.5 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 17.8% | 13.1% | 16.5% | 26.7% | 21.2% | · | · | · | · | · | |
| Revenue CAGR 3Y | 15.8% | 18.7% | 21.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 19.0% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $727M | $617M | $545M | $468M | $369M | $305M | $260M | $227M | $177M | · | |
| Net Income TTM | $1M | $-92M | $-111M | $-151M | $-89M | $-33M | $-51M | $-49M | $-31M | · | |
| Market Cap | $2.62B | $2.44B | $2.76B | $2.37B | · | · | · | · | $0 | · | |
| Enterprise Value | $2.67B | $2.53B | $2.81B | $2.29B | · | · | · | · | $-74M | · | |
| P/E | 1771.0 | -26.2 | -24.8 | -15.7 | -52.2 | -337.7 | -49.6 | · | · | · | |
| P/S | 3.6 | 4.0 | 5.1 | 5.1 | · | · | · | · | 0.0 | · | |
| P/B | -55.8 | -74.8 | 52.8 | 16.3 | · | · | · | · | · | · | |
| P / Tangible Book | · | · | 129.4 | 20.8 | · | · | · | · | · | · | |
| P / Cash Flow | 41.7 | 354.8 | -25.0 | -22.3 | · | · | · | · | 0.0 | · | |
| P / FCF | 44.0 | 792.4 | -23.0 | -20.5 | · | · | · | · | 0.0 | · | |
| EV / EBITDA | 4391.9 | -41.6 | -28.1 | -16.5 | · | · | · | · | 2.4 | · | |
| EV / FCF | 44.9 | 821.8 | -23.4 | -19.8 | · | · | · | · | 7.7 | · | |
| EV / Revenue | 3.7 | 4.1 | 5.2 | 4.9 | · | · | · | · | -0.4 | · | |
| Earnings Yield | 0.06% | -3.8% | -4.0% | -6.4% | -1.9% | -0.30% | -2.0% | · | · | · |
Income Statement 17
| 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 | $203M | $202M | $203M | $187M | $171M | $166M | $167M | $154M | $146M | $150M | $145M | $137M | $128M | $135M | $126M | $118M | |
| Cost of Revenue | $59M | $54M | $71M | $45M | $49M | $44M | $54M | $37M | $39M | $38M | $51M | $36M | $37M | $36M | $35M | $34M | |
| Gross Profit | $145M | $148M | $131M | $142M | $122M | $122M | $113M | $117M | $107M | $112M | $94M | $101M | $91M | $99M | $90M | $84M | |
| R&D Expense | $47M | $46M | $52M | $40M | $43M | $42M | $46M | $39M | $39M | $40M | $42M | $37M | $40M | $42M | $38M | $38M | |
| SG&A Expense | $33M | $34M | $6M | $36M | $28M | $25M | $-546.0K | $35M | $40M | $33M | $264.0K | $23M | $29M | $30M | $30M | $29M | |
| Operating Expenses | $150M | $145M | $132M | $129M | $133M | $123M | $108M | $124M | $146M | $131M | $111M | $116M | $132M | $134M | $131M | $122M | |
| Operating Income | $-5M | $3M | $-687.0K | $13M | $-11M | $-834.0K | $5M | $-7M | $-39M | $-20M | $-17M | $-15M | $-41M | $-35M | $-41M | $-38M | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $500.0K | $200.0K | |
| Other Non-op | $-827.0K | $84.0K | $2M | $1M | $18M | $6M | $-13M | $13M | $2M | $-8M | $13M | $-2M | $4M | $3M | $9M | $-6M | |
| Pretax Income | $-10M | $-932.0K | $-4M | $9M | $1M | $-436.0K | $-13M | $-781.0K | $-44M | $-33M | $-9M | $-22M | $-42M | $-36M | $-33M | $-44M | |
| Income Tax | $2M | $593.0K | $2M | $1M | $2M | $741.0K | $364.0K | $1M | $-164.0K | $-465.0K | $1M | $178.0K | $824.0K | $1M | $2M | $255.0K | |
| Net Income | $-12M | $-2M | $-5M | $8M | $-312.0K | $-1M | $-14M | $-2M | $-44M | $-33M | $-10M | $-22M | $-42M | $-37M | $-34M | $-44M | |
| EPS (Basic) | $-0.16 | $-0.02 | $-0.07 | $0.11 | $0.00 | $-0.02 | $-0.18 | $-0.03 | $-0.60 | $-0.45 | $-0.13 | $-0.30 | $-0.58 | $-0.51 | $-0.47 | $-0.61 | |
| EPS (Diluted) | $-0.16 | $-0.02 | $-0.06 | $0.10 | $0.00 | $-0.02 | $-0.18 | $-0.03 | $-0.60 | $-0.45 | $-0.13 | $-0.30 | $-0.58 | $-0.51 | $-0.47 | $-0.61 | |
| Shares (Basic) | 72,896,000 | 73,820,000 | -148,255,000 | 74,008,000 | 74,202,000 | 74,094,000 | -145,008,000 | 72,396,000 | 72,300,000 | 73,300,000 | -145,986,000 | 73,178,000 | 73,041,000 | 72,869,000 | -144,655,000 | 72,503,000 | |
| Shares (Diluted) | 72,896,000 | 73,820,000 | -148,222,000 | 74,575,000 | 74,202,000 | 74,094,000 | -145,008,000 | 72,396,000 | 72,300,000 | 73,300,000 | -145,986,000 | 73,178,000 | 73,041,000 | 72,869,000 | -144,655,000 | 72,503,000 | |
| EBITDA | $-5M | $3M | · | $13M | $-11M | $-834.0K | · | $-5M | $-37M | $-18M | · | $-13M | $-39M | $-33M | · | $-36M |
Balance Sheet 24
| 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 | $121M | $150M | $136M | $125M | $112M | $135M | $119M | $99M | $121M | $170M | · | $131M | $172M | $199M | $148M | $52M | |
| Short-term Investments | $47M | $56M | $51M | $66M | $73M | $65M | $41M | · | · | $0 | · | $39M | $65M | $56M | · | $41M | |
| Receivables | $171M | $174M | $255M | $173M | $151M | $136M | $195M | $140M | $132M | $129M | · | $134M | $134M | $148M | · | $143M | |
| Prepaid Expense | $33M | $39M | $42M | $41M | $41M | $41M | $44M | $45M | $48M | $56M | · | $51M | $33M | $37M | · | $32M | |
| Current Assets | $410M | $454M | $519M | $439M | $412M | $412M | $436M | $360M | $364M | $390M | · | $385M | $436M | $472M | · | $298M | |
| Goodwill | $28M | $28M | $29M | $29M | $29M | $27M | $26M | $27M | $26M | $27M | $27M | $26M | $27M | $27M | $26M | $24M | |
| Intangibles | $588.0K | $904.0K | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | · | $4M | $5M | $5M | · | $5M | |
| Other Non-current Assets | $14M | $14M | $12M | $15M | $18M | $22M | $25M | $28M | $27M | $32M | · | $41M | $3M | $3M | · | $3M | |
| Total Assets | $586M | $623M | $691M | $612M | $591M | $593M | $621M | $550M | $555M | $595M | · | $597M | $612M | $645M | · | $455M | |
| Accounts Payable | $8M | $4M | $7M | $9M | $9M | $7M | $4M | $7M | $6M | $10M | · | $6M | $7M | $4M | · | $5M | |
| Accrued Liabilities | $22M | $22M | $18M | $20M | $15M | $14M | $11M | $11M | $14M | $12M | · | $11M | $12M | $15M | · | $13M | |
| Current Liabilities | $412M | $403M | $452M | $370M | $347M | $330M | $355M | $298M | $294M | $294M | · | $323M | $325M | $324M | · | $224M | |
| Capital Leases | $45M | $44M | $46M | $48M | $50M | $52M | $52M | $54M | $56M | $57M | · | $60M | $60M | $56M | · | $53M | |
| Deferred Tax | · | · | · | · | · | · | · | $0 | $0 | $2.0K | · | $87.0K | $86.0K | $103.0K | · | $153.0K | |
| Other Non-current Liabilities | $311.0K | $341.0K | $398.0K | $435.0K | $493.0K | $374.0K | $431.0K | $375.0K | $435.0K | $493.0K | · | · | · | · | · | $956.0K | |
| Total Liabilities | $691M | $682M | $738M | $660M | $644M | $625M | $654M | $600M | $600M | $605M | · | $529M | $532M | $528M | · | $282M | |
| Long-term Debt | $236M | $238M | $241M | $246M | $246M | $248M | $250M | $253M | $254M | $255M | · | $207M | $208M | $209M | · | · | |
| Total Debt | $236M | $238M | · | $246M | $246M | $248M | · | $253M | $254M | $255M | · | $207M | $208M | $209M | · | · | |
| Retained Earnings | $-624M | $-612M | $-611M | $-606M | $-614M | $-613M | $-612M | $-599M | $-596M | $-553M | · | $-510M | $-488M | $-445M | · | $-374M | |
| Treasury Stock | $70M | $29M | $17M | $20M | $10M | · | $0 | $43M | $46M | $50M | · | · | · | · | · | · | |
| AOCI | $-34M | $-36M | $-36M | $-35M | $-35M | $-16M | $-12M | $-23M | $-12M | $-11M | · | $-10M | $-11M | $-8M | · | $-3M | |
| Stockholders' Equity | $-105M | $-59M | $-47M | $-49M | $-54M | $-32M | $-33M | $-50M | $-46M | $-10M | $52M | $68M | $81M | $116M | $146M | $173M | |
| Liabilities + Equity | $586M | $623M | $691M | $612M | $591M | $593M | $621M | $550M | $555M | $595M | · | $597M | $612M | $645M | · | $455M | |
| Shares Outstanding | 71,800,000 | 73,500,000 | 74,000,000 | 73,800,000 | 74,000,000 | 74,220,200 | 74,028,786 | 72,400,000 | 72,300,000 | 72,200,000 | 73,366,766 | 73,224,030 | 73,113,333 | 72,955,379 | 72,817,887 | · |
Cash Flow 12
| 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 | $3M | $2M | $2M | $2M | $3M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | |
| Stock-based Comp | $11M | $12M | $11M | $10M | $11M | $10M | $9M | $10M | $10M | $11M | $10M | $11M | $11M | $11M | $11M | $11M | |
| Amort. of Intangibles | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $400.0K | $400.0K | $400.0K | $300.0K | $400.0K | $400.0K | $400.0K | $300.0K | $400.0K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $39M | · | · | · | $-1M | · | · | |
| Operating Cash Flow | $12M | $49M | $1M | $19M | $-2M | $45M | $14M | $-8M | $-18M | $19M | $-8M | $-65M | $-12M | $-25M | $-13M | $-44M | |
| CapEx | $2M | $188.0K | $867.0K | $654.0K | $1M | $651.0K | $511.0K | $355.0K | $734.0K | $2M | $1M | $473.0K | $3M | $4M | $3M | $1M | |
| Investing Cash Flow | $7M | $-5M | $15M | $6M | $-9M | $-24M | $-1M | $-13M | $-29M | $7M | $28M | $26M | $-13M | $-12M | $-10M | $20M | |
| Stock Repurchased | $44M | $22M | $0 | $10M | $10M | $0 | $0 | $0 | $0 | $50M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-22M | · | · | · | $0 | · | · | · | $-50M | · | · | · | · | · | · | |
| Financing Cash Flow | $-47M | $-29M | $-6M | $-11M | $-13M | $-6M | $8M | $-2M | $-2M | $-4M | $-3M | $-3M | $-2M | $88M | $118M | $175.0K | |
| Net Change in Cash | $-29M | $14M | $11M | $13M | $-23M | $16M | $19M | $-22M | $-49M | $21M | $19M | $-43M | $-27M | $51M | $97M | $-25M | |
| Free Cash Flow | · | $49M | · | · | · | $44M | · | · | · | $17M | · | · | · | $-30M | · | · |
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 | 71.2% | 73.1% | · | 75.8% | 74.3% | 76.6% | · | 75.9% | 73.1% | 74.6% | · | 73.7% | 71.2% | 73.3% | · | 71.4% | |
| Operating Margin | -2.7% | 1.6% | · | 7.0% | -6.4% | -0.50% | · | -4.7% | -26.8% | -13.0% | · | -11.1% | -31.8% | -26.1% | · | -32.0% | |
| Net Margin | -5.8% | -0.75% | · | 4.2% | -0.18% | -0.71% | · | -1.4% | -29.8% | -22.0% | · | -16.2% | -33.2% | -27.2% | · | -37.3% | |
| Pretax Margin | -4.9% | -0.46% | · | 4.9% | 0.74% | -0.26% | · | -0.51% | -29.9% | -22.3% | · | -16.1% | -32.5% | -26.4% | · | -37.1% | |
| EBITDA Margin | -2.7% | 1.6% | · | 7.0% | -6.4% | -0.50% | · | -3.2% | -25.3% | -11.7% | · | -9.6% | -30.3% | -24.6% | · | -30.9% | |
| ROA | -2.0% | -0.25% | · | 1.4% | -0.05% | -0.20% | · | -0.37% | -7.5% | -5.3% | · | -4.2% | -7.8% | -6.4% | · | -9.3% | |
| ROE | 14.9% | 3.4% | · | -15.9% | 0.63% | 5.7% | · | -22.9% | -249.3% | -61.7% | · | -18.5% | -29.6% | -20.5% | · | -20.5% | |
| ROIC | -4.9% | 2.9% | · | 5.7% | 1.4% | -1.0% | · | -9.5% | -18.7% | -7.8% | · | -5.6% | -14.3% | -11.2% | · | -22.0% |
Liquidity & Solvency 4
| 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 | 1.0 | 1.1 | · | 1.2 | 1.2 | 1.2 | · | 1.2 | 1.2 | 1.3 | · | 1.2 | 1.3 | 1.5 | · | 1.3 | |
| Quick Ratio | 0.8 | 0.9 | · | 1.0 | 1.0 | 1.0 | · | 0.8 | 0.9 | 1.0 | · | 0.9 | 1.1 | 1.2 | · | 1.1 | |
| Debt / Equity | -2.2 | -4.0 | · | -5.1 | -4.6 | -7.8 | · | -5.1 | -5.6 | -26.4 | · | 3.0 | 2.6 | 1.8 | · | · | |
| LT Debt / Equity | -2.2 | -3.9 | · | -4.8 | -4.4 | -7.5 | · | -4.9 | -5.4 | -25.7 | · | 2.1 | 1.8 | 1.2 | · | · |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 1.3 | 1.3 | · | 1.2 | 1.2 | 1.3 | · | 1.1 | 1.1 | 1.1 | · | 1.0 | 1.0 | 1.0 | · | 0.9 |
Valuation (TTM) 14
| 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 | $763M | $726M | · | $678M | $638M | $617M | · | $587M | $561M | $550M | · | $518M | $491M | $477M | · | $435M | |
| Net Income TTM | $-6M | $5M | · | $4M | $-47M | $-80M | · | $-101M | $-141M | $-134M | · | $-145M | $-173M | $-153M | · | $-142M | |
| Market Cap | $1.64B | $1.77B | · | $2.26B | $2.21B | $2.14B | · | $2.47B | $2.23B | $2.88B | · | $3.34B | $3.48B | $3.24B | · | · | |
| Enterprise Value | $1.71B | $1.80B | · | $2.31B | $2.27B | $2.19B | · | $2.63B | $2.36B | $2.97B | · | $3.38B | $3.45B | $3.19B | · | · | |
| P/E | -286.2 | 401.8 | · | 611.4 | -45.9 | -26.2 | · | -24.7 | -16.0 | -21.7 | · | -22.8 | -20.0 | -20.9 | · | -20.7 | |
| P/S | 2.2 | 2.4 | · | 3.3 | 3.5 | 3.5 | · | 4.2 | 4.0 | 5.2 | · | 6.4 | 7.1 | 6.8 | · | · | |
| P/B | -15.6 | -30.1 | · | -46.5 | -41.1 | -67.4 | · | -49.6 | -48.9 | -298.4 | · | 49.0 | 43.2 | 27.8 | · | · | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | 87.8 | 70.4 | 38.2 | · | · | |
| P / Cash Flow | · | 36.3 | · | · | · | 47.6 | · | · | · | 152.9 | · | · | · | -128.2 | · | · | |
| P / FCF | · | 36.4 | · | · | · | 48.3 | · | · | · | 173.0 | · | · | · | -109.1 | · | · | |
| EV / EBITDA | -314.8 | 571.8 | · | 176.2 | -206.7 | -2621.8 | · | -529.6 | -63.9 | -169.3 | · | -255.6 | -89.3 | -96.0 | · | · | |
| EV / FCF | · | 37.1 | · | · | · | 49.3 | · | · | · | 178.2 | · | · | · | -107.5 | · | · | |
| EV / Revenue | 2.2 | 2.5 | · | 3.4 | 3.6 | 3.5 | · | 4.5 | 4.2 | 5.4 | · | 6.5 | 7.0 | 6.7 | · | · | |
| Earnings Yield | -0.35% | 0.25% | · | 0.16% | -2.2% | -3.8% | · | -4.0% | -6.2% | -4.6% | · | -4.4% | -5.0% | -4.8% | · | -4.8% |
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 | $727M | $617M | $545M | $468M | $369M |
| Gross Margin % | 72.5% | 75.7% | 73.7% | 71.5% | 71.8% |
| Operating Margin % | 0.08% | -9.9% | -19.8% | -31.0% | -22.7% |
| Net Income | $1M | $-92M | $-111M | $-151M | $-89M |
| Diluted EPS | $0.02 | $-1.26 | $-1.52 | $-2.08 | $-1.25 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -5.1 | -7.7 | 3.9 | 0.8 | — |
| Current Ratio | 1.1 | 1.2 | 1.1 | 1.6 | 1.6 |
| Quick Ratio | 1.0 | 1.0 | 0.9 | 1.3 | 1.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $60M | $3M | $-120M | $-116M | $-60M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 241 filers · $690.0M 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 |
|---|---|---|---|---|
| 42 (+2 vs prior Q) | 27 (-43 vs prior Q) | 76 (+1 vs prior Q) | 56 (-12 vs prior Q) | +7.4M |
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 PORTFOLIO MANAGEMENT LLC | $95,854,499 | 4,185,786 | 13.89% | Shares |
| Fivespan Partners, LP | $80,399,770 | 3,510,907 | 11.65% | Shares |
| Lead Edge Capital Management, LLC | $65,918,658 | 2,878,544 | 9.55% | Shares |
| RPD Fund Management LLC | $42,524,865 | 1,856,981 | 6.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $38,354,775 | 1,674,881 | 5.56% | Shares |
| FIRST TRUST ADVISORS LP | $32,084,709 | 1,401,079 | 4.65% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $31,708,829 | 1,384,665 | 4.60% | Shares |
| STATE STREET CORP | $24,852,660 | 1,085,269 | 3.60% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $20,881,823 | 911,681 | 3.03% | Shares |
| Mudita Advisors LLP | $19,222,260 | 839,400 | 2.79% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $15,796,992 | 689,825 | 2.29% | Shares |
| CITADEL ADVISORS LLC | $14,175,673 | 619,025 | 2.05% | Shares |
| Qube Research & Technologies Ltd | $12,334,535 | 538,626 | 1.79% | Shares |
| VANGUARD GROUP INC | $9,688,291 | 273,526 | 1.40% | Shares |
| FMR LLC | $9,542,819 | 416,717 | 1.38% | Shares |
| Trexquant Investment LP | $9,083,995 | 396,681 | 1.32% | Shares |
| Squarepoint Ops LLC | $8,752,632 | 382,211 | 1.27% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,971,513 | 348,101 | 1.16% | Shares |
| TWO SIGMA INVESTMENTS, LP | $7,685,927 | 335,630 | 1.11% | Shares |
| ARMISTICE CAPITAL, LLC | $6,870,000 | 300,000 | 1.00% | Shares |
| National Philanthropic Trust | $6,859,283 | 299,532 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,442,640 | 281,338 | 0.93% | Shares |
| Cubist Systematic Strategies, LLC | $6,158,609 | 201,459 | 0.89% | Shares |
| GOLDMAN SACHS GROUP INC | $5,330,754 | 232,784 | 0.77% | Shares |
| Holocene Advisors, LP | $4,718,339 | 206,041 | 0.68% | Shares |
| TWO SIGMA ADVISERS, LP | $4,280,578 | 120,852 | 0.62% | Shares |
| BAILLIE GIFFORD & CO | $4,226,653 | 184,570 | 0.61% | Shares |
| JANE STREET GROUP, LLC | $4,044,140 | 176,600 | 0.59% | Call option |
| Point72 Asset Management, L.P. | $4,021,881 | 175,628 | 0.58% | Shares |
| Harber Asset Management LLC | $3,853,978 | 168,296 | 0.56% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $3,629,650 | 158,500 | 0.53% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,543,935 | 154,757 | 0.51% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,489,388 | 152,375 | 0.51% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $2,942,971 | 128,514 | 0.43% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,897,148 | 126,513 | 0.42% | Shares |
| Gotham Asset Management, LLC | $2,509,016 | 109,564 | 0.36% | Shares |
| BARCLAYS PLC | $2,112,296 | 92,240 | 0.31% | Shares |
| Nebula Research & Development LLC | $2,022,448 | 67,731 | 0.29% | Shares |
| SEI INVESTMENTS CO | $2,017,147 | 88,085 | 0.29% | Shares |
| ALGERT GLOBAL LLC | $1,913,845 | 83,574 | 0.28% | Shares |
| Schonfeld Strategic Advisors LLC | $1,907,111 | 83,280 | 0.28% | Shares |
| IEQ CAPITAL, LLC | $1,760,987 | 76,899 | 0.26% | Shares |
| Engineers Gate Manager LP | $1,723,889 | 75,279 | 0.25% | Shares |
| Swiss National Bank | $1,527,430 | 66,700 | 0.22% | Shares |
| CWM, LLC | $1,297,600 | 53,820 | 0.19% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $1,267,836 | 55,364 | 0.18% | Shares |
| RHUMBLINE ADVISERS | $1,239,703 | 54,136 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $1,181,640 | 51,600 | 0.17% | Put option |
| FRANKLIN RESOURCES INC | $1,161,671 | 50,728 | 0.17% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $1,139,036 | 32,158 | 0.17% | Shares |
| Man Group plc | $1,110,490 | 48,493 | 0.16% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,107,651 | 48,369 | 0.16% | Shares |
| Balyasny Asset Management L.P. | $1,091,964 | 47,684 | 0.16% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,089,147 | 47,561 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,069,857 | 44,374 | 0.16% | Shares |
| PDT Partners, LLC | $1,046,278 | 45,689 | 0.15% | Shares |
| Bank of New York Mellon Corp | $1,037,095 | 45,288 | 0.15% | Shares |
| Mariner, LLC | $971,503 | 42,426 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $964,748 | 31,600 | 0.14% | Put option |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $954,747 | 41,692 | 0.14% | Shares |
| BlackRock, Inc. | $942,587 | 41,161 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $900,635 | 29,500 | 0.13% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $876,808 | 36,367 | 0.13% | Shares |
| Brevan Howard Capital Management LP | $869,971 | 37,990 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $863,811 | 37,721 | 0.13% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $854,373 | 33,690 | 0.12% | Shares |
| Polymer Capital Management (US) LLC | $829,301 | 36,214 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $828,980 | 36,200 | 0.12% | Call option |
| Y-Intercept (Hong Kong) Ltd | $826,163 | 36,077 | 0.12% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $822,683 | 35,925 | 0.12% | Shares |
| Quantinno Capital Management LP | $806,836 | 35,233 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $801,500 | 35,000 | 0.12% | Call option |
| VANGUARD ASSET MANAGEMENT, Ltd | $768,410 | 33,555 | 0.11% | Shares |
| Amundi | $754,143 | 32,932 | 0.11% | Shares |
| Creative Planning | $698,175 | 30,488 | 0.10% | Shares |
| MARSHALL WACE, LLP | $687,618 | 30,027 | 0.10% | Shares |
| MILLENNIUM MANAGEMENT LLC | $614,796 | 26,847 | 0.09% | Shares |
| Walleye Capital LLC | $592,492 | 25,873 | 0.09% | Shares |
| Cerity Partners LLC | $592,125 | 25,857 | 0.09% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $571,561 | 24,959 | 0.08% | Shares |
| MetLife Investment Management, LLC | $547,470 | 23,907 | 0.08% | Shares |
| Atom Investors LP | $517,334 | 22,591 | 0.07% | Shares |
| MORGAN STANLEY | $516,555 | 22,557 | 0.07% | Shares |
| Fonville Wealth Management LLC | $510,052 | 22,273 | 0.07% | Shares |
| Tejara Capital Ltd | $508,380 | 22,200 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $496,930 | 21,700 | 0.07% | Put option |
| CITIGROUP INC | $489,488 | 21,375 | 0.07% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $454,061 | 19,828 | 0.07% | Shares |
| D. E. Shaw & Co., Inc. | $451,932 | 19,735 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $451,130 | 19,700 | 0.07% | Put option |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $431,138 | 18,827 | 0.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $424,131 | 18,521 | 0.06% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $408,719 | 17,848 | 0.06% | Shares |
| GWN SECURITIES INC. | $402,055 | 17,557 | 0.06% | Shares |
| BLAIR WILLIAM & CO/IL | $382,087 | 16,685 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $374,530 | 16,355 | 0.05% | Shares |
| Point72 (DIFC) Ltd | $367,906 | 12,035 | 0.05% | Shares |
| JANUS HENDERSON GROUP PLC | $365,477 | 15,165 | 0.05% | Shares |
| AXQ CAPITAL, LP | $359,874 | 15,715 | 0.05% | Shares |
| AlphaQuest LLC | $359,867 | 10,160 | 0.05% | Shares |
Company insiders 25 insiders · 3 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David Leon Mitchell | Senior VP, Worldwide Sales | Aug. 26, 2019 S | 10,337 | 0 | 0 | $0 |
| Edward L Hughes | Senior VP, Worldwide Sales | Nov. 1, 2018 C | 112,359 | 0 | 0 | $0 |
| Robert Charles Kramer | General Manager | Oct. 1, 2018 C | 4,000 | 0 | 0 | $0 |
| David Forrest Link | Director | July 1, 2026 A | 3,431 | 0 | 0 | $0 |
| Carl Joseph Hartman II | Director | July 1, 2026 A | 8,556 | 0 | 0 | $0 |
| Shirley Ann Edwards | Director | July 1, 2026 A | 14,183 | 0 | 0 | $0 |
| Mark Steven Lynch | Director | July 1, 2026 A | 46,628 | 0 | 0 | $0 |
| Bobbie G Kilberg | Director | July 1, 2026 A | 1,364 | 0 | 0 | $0 |
| Michael J. Mulligan | Director | Oct. 1, 2018 A | 75,681 | 0 | 0 | $0 |
| Prashanth Boccassam | Director | Oct. 1, 2018 A | 107,451 | 0 | 0 | $0 |
| Michael G Devine | Director | Oct. 1, 2018 A | 5,632 | 0 | 0 | $0 |
| Albert G.W. Biddle III | Director | Sept. 28, 2018 C | 4,925 | 0 | 0 | $0 |
| Anthony A. Florence, Jr. | 10% owner | Feb. 13, 2018 C | 1,924 | 0 | 0 | $0 |
| Peter W. Sonsini | 10% owner | Feb. 13, 2018 C | 339 | 0 | 0 | $0 |
| New Enterprise Associates 14, L.P. | 10% owner | Feb. 13, 2018 C | 0 | 0 | 0 | $0 |
| Ravi Viswanathan | 10% owner | Feb. 13, 2018 C | 509 | 0 | 0 | $0 |
| Forest Baskett | 10% owner | Feb. 13, 2018 C | 2,031 | 0 | 0 | $0 |
| Scott D. Sandell | 10% owner | Feb. 13, 2018 C | 679 | 0 | 0 | $0 |
| Patrick J. Kerins | 10% owner | Feb. 13, 2018 C | 1,523 | 0 | 0 | $0 |
| David M Mott | 10% owner | Feb. 13, 2018 C | 2,031 | 0 | 0 | $0 |
| James M Barrett | 10% owner | Feb. 13, 2018 C | 1,015 | 0 | 0 | $0 |
| Peter J Barris | 10% owner | Feb. 13, 2018 C | 1,167 | 0 | 0 | $0 |
| Matthew W Calkins | — | Aug. 7, 2026 S | 1,674,144 | 0 | 7 | $-3,993,314 |
| Srdjan Tanjga | — | Aug. 5, 2026 M | 39,799 | 0 | 0 | $0 |
| Mark Dorsey | — | Aug. 5, 2026 M | 17,174 | 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 |
|---|---|---|---|---|---|
| Fivespan Partners, LP, Dylan Haggart ×2 filings | Feb. 5, 2026 | 7.90% | Amendment | — | SEC |
| Abdiel Qualified Master Fund, LP, Abdiel Capital, LP, Abdiel Partners, LLC, Abdiel Capital Management, LLC, Abdiel Capital Advisors, LP, Colin T. Moran ×55 filings | Aug. 27, 2025 | 4.90% | Amendment | — | 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 45 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 |
|---|---|---|---|---|
| ABLS · Abacus FCF ETF Trust | 1.07% | 632 NS | April 30, 2026 | N-PORT |
| SKYU · ProShares Trust | 0.30% | 458 NS | May 31, 2026 | N-PORT |
| BOTZ · Global X Funds | 0.20% | 323,325 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.12% | 162,290 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 48,725 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.09% | 47,522 NS | April 30, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.09% | 9,629 NS | May 31, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.08% | 1,160 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.08% | 365,852 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.05% | 42,807 SH | Aug. 8, 2026 | Daily |
| IGV · iShares Trust | 0.04% | 194,217 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.04% | 1,019,985 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.03% | 11,351 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.03% | 11,880 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.03% | 1,197 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 229,836 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 24,700 SH | Aug. 8, 2026 | Daily |
| TMFE · RBB Fund, Inc. | 0.03% | 971 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 17,082 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 1,855 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.02% | 484,163 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 193,568 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.02% | 4,431 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.02% | 1,614 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 1,451 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 1,060 SH | Aug. 8, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.01% | 102,847 NS | April 30, 2026 | N-PORT |
| TECB · iShares Trust | 0.01% | 1,641 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 457,401 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 822,793 SH | Aug. 8, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.01% | 813,947 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 1,468 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,078 SH | Aug. 8, 2026 | Daily |
| IGM · iShares Trust | 0.01% | 17,859 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,469 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 37 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 52,624 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 10,477 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 164 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 23,706 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 924 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,144,415 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 35,458 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,313 SH | Aug. 8, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.00% | 8,661 SH | Aug. 8, 2026 | Daily |