AVPT AvePoint, Inc. - Class A Common Stock
$13.32
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$9–$17
56% of range
Analyst Rating
BUY
20 analysts
Price Target
$17
+26% upside
P/E (TTM)
88.8
ROE
7.5%
Net Profit Margin
8.3%
About AvePoint, Inc. - Class A Common Stock Company overview from Wikipedia
AvePoint is a public company headquartered in Jersey City, New Jersey, United States. It develops software products intended to add features or security to other major platforms, like Microsoft 365, Google, or Salesforce. AvePoint was founded in 2001 and went public on NASDAQ in 2020.
Read more
AvePoint is a public company headquartered in Jersey City, New Jersey, United States. It develops software products intended to add features or security to other major platforms, like Microsoft 365, Google, or Salesforce. AvePoint was founded in 2001 and went public on NASDAQ in 2020.
## History
The company was backed by investors Goldman Sachs and Summit Partners, which acquired minority stakes in AvePoint in 2014 and 2007, respectively.
In January, 2020 the company announced a $200 million Series C investment led by TPG Sixth Street Partners, with additional participation from prior investor Goldman Sachs and other unnamed investors. The round brought the total raised to $294 million to date.
In November 2020, AvePoint reached a deal to go public through a merger with blank-check company Apex Technology Acquisition Corp.(APXT). The transaction valued AvePoint at $2 billion and kept AvePoint co-founders Tianyi Jiang and Kai Gong as CEO and Executive Chairman respectively.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
AVPT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$13.31
Market Cap
$2.86B
P/E (TTM)
88.8
EPS (TTM)
$0.15
Revenue (TTM)
$419M
Div Yield
—
ROE
7.5%
Debt/Equity
—
52W Range
$9 – $17
AVPT 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
$419M
2019-12-31
→
2025-12-31
EPS
$0.15
2019-12-31
→
2025-12-31
Free Cash Flow
$82M
2021-12-31
→
2025-12-31
Margins
8.3%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AVPT
Peer Median
P/E (TTM)
88.8
36.3
P/S (TTM)
6.8
5.1
P/B
6.0
6.3
Price / FCF
35.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AVPT
Peer Median
Gross Margin
74.1%
67.8%
Operating Margin
7.9%
—
Net Profit Margin
8.3%
6.8%
ROA
5.3%
4.3%
ROE
7.5%
7.3%
ROIC
6.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AVPT
Peer Median
Current Ratio
2.3
3.6
Quick Ratio
2.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AVPT
Peer Median
Revenue YoY
26.9%
—
Revenue CAGR 3Y
21.8%
—
Revenue CAGR 5Y
22.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AVPT
Peer Median
AVPT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 4 20.0%
- Buy 11 55.0%
- Hold 5 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-13
Median
$15.62
Mean
$16.78
← Below all targets
$13.31
Low
$14.00
High
$26.00
Median target
$15.62
+17.3%
Mean target
$16.78
+26.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.17 | $0.08 | 0.09% |
| March 31, 2026 | $0.10 | $0.08 | 0.02% |
| Dec. 31, 2025 | $0.10 | $0.09 | 0.01% |
| Sept. 30, 2025 | $0.12 | $0.07 | 0.05% |
| June 30, 2025 | $0.07 | $0.06 | 0.01% |
| March 31, 2025 | $0.06 | $0.06 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AVPT | $2.99B | 92.6 | 26.9% | 8.3% | 7.5% | 74.1% |
| SOUN | — | — | — | — | — | — |
| NN | — | — | — | — | — | — |
| CLSK | — | — | — | — | — | — |
| INTA | $1.93B | -48.5 | 14.6% | -7.1% | -11.3% | 75.8% |
| SPSC | $3.34B | 36.2 | 17.8% | 12.4% | 9.7% | 69.2% |
| ALRM | $2.53B | 20.7 | 7.6% | 13.0% | 16.0% | — |
| FIVN | $1.55B | 44.6 | 10.3% | 3.4% | 5.6% | 55.1% |
| NCNO | $2.43B | 427.2 | 10.0% | 0.87% | 0.49% | 60.6% |
| RAMP | — | 11.8 | 9.0% | 17.9% | 15.2% | 70.7% |
| ASAN | $2.44B | -12.8 | 9.2% | -23.9% | -99.8% | 89.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $419M | $330M | $272M | $232M | $192M | $152M | $116M | |
| Cost of Revenue | $109M | $83M | $77M | $66M | $53M | $40M | $36M | |
| Gross Profit | $311M | $248M | $194M | $166M | $139M | $111M | $80M | |
| R&D Expense | $53M | $49M | $36M | $31M | $32M | $12M | $11M | |
| SG&A Expense | $81M | $69M | $61M | $65M | $59M | $37M | $25M | |
| Operating Expenses | $278M | $241M | $210M | $207M | $192M | $127M | $99M | |
| Operating Income | $33M | $7M | $-15M | $-41M | $-53M | $-15M | $-19M | |
| Other Non-op | $7M | $-32M | $-3M | $7M | $21M | $-511.0K | $-604.0K | |
| Pretax Income | $41M | $-24M | $-19M | $-34M | $-33M | $-16M | $-20M | |
| Income Tax | $5M | $5M | $3M | $5M | $457.0K | $1M | $614.0K | |
| Net Income | $35M | $-29M | $-22M | $-39M | $-35M | $-17M | $-20M | |
| EPS (Basic) | $0.17 | $-0.16 | $-0.12 | $-0.23 | $-0.48 | $-0.57 | $-1.72 | |
| EPS (Diluted) | $0.15 | $-0.16 | $-0.12 | · | $-0.48 | $-0.57 | $-1.72 | |
| Shares (Basic) | 207,587,000 | 183,721,000 | 182,257,000 | 181,957,000 | 141,596,000 | 89,638,000 | 74,006,000 | |
| Shares (Diluted) | 229,293,000 | 183,721,000 | 182,257,000 | 181,957,000 | 141,596,000 | 89,638,000 | 74,006,000 | |
| EBITDA | $36M | $10M | $-13M | · | $-52M | $-6M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $481M | $291M | $223M | $227M | $268M | $69M | $994.8K | |
| Short-term Investments | · | $167.0K | $4M | $3M | $2M | $992.0K | · | |
| Receivables | $125M | $87M | $86M | $66M | $55M | $48M | · | |
| Prepaid Expense | $20M | $17M | $13M | $10M | $8M | $2M | · | |
| Current Assets | $625M | $395M | $326M | $306M | $334M | $121M | $1M | |
| PP&E (Net) | $6M | $5M | $5M | $6M | $4M | $3M | · | |
| PP&E (Gross) | $19M | $16M | $14M | $13M | $11M | $9M | · | |
| Accum. Depreciation | $13M | $11M | $8M | $7M | $7M | $6M | · | |
| Goodwill | $38M | $18M | $19M | $19M | $0 | · | · | |
| Intangibles | $12M | $9M | $11M | $11M | $0 | · | · | |
| Other Non-current Assets | $20M | $17M | $14M | $9M | $12M | $8M | · | |
| Total Assets | $789M | $519M | $443M | $416M | $389M | $169M | $353M | |
| Accounts Payable | $4M | $2M | $1M | $2M | $2M | $774.0K | $5.0K | |
| Current Liabilities | $274M | $223M | $177M | $143M | $111M | $92M | $618.2K | |
| Capital Leases | $10M | $10M | $9M | · | · | · | · | |
| Other Non-current Liabilities | $12M | $6M | $6M | $4M | $4M | $4M | · | |
| Total Liabilities | $310M | $248M | $218M | $172M | $133M | $149M | $35M | |
| Common Stock | $22.0K | $19.0K | $18.0K | $19.0K | $18.0K | $12.0K | · | |
| Paid-in Capital | $980M | $779M | $668M | $666M | $625M | $105M | $2M | |
| Retained Earnings | $-510M | $-510M | $-460M | $-417M | $-375M | $-300M | $3M | |
| Treasury Stock | · | · | $0 | $22M | $2M | $0 | · | |
| AOCI | $8M | $576.0K | $3M | $2M | $2M | $2M | · | |
| Stockholders' Equity | $479M | $271M | $219M | $229M | $250M | $-193M | $-199M | |
| Liabilities + Equity | $789M | $519M | $443M | $416M | $389M | $169M | $353M | |
| Shares Outstanding | 215,076,000 | 194,071,000 | 184,652,000 | 185,278,000 | 181,822,000 | 100,068,000 | · |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $3M | $2M | $1M | $1M | $1M | |
| Stock-based Comp | $39M | $39M | $36M | $37M | $60M | $34M | $14M | |
| Deferred Tax | $-3M | $397.0K | $-871.0K | $4M | $-246.0K | $-445.0K | $-1M | |
| Amort. of Intangibles | $3M | $2M | $2M | $1M | $0 | · | · | |
| Other Non-cash | $11M | $76M | $19M | · | $-20M | · | · | |
| Operating Cash Flow | $85M | $89M | $35M | $-774.0K | $5M | $19M | $-2M | |
| CapEx | $4M | $3M | $2M | $4M | $2M | $1M | $1M | |
| Investing Cash Flow | $-20M | $-3M | $-6M | $-21M | $-3M | $1M | $-1M | |
| Stock Repurchased | $50M | $33M | $39M | $20M | $2M | $0 | $0 | |
| Net Stock Activity | $-50M | $-33M | $-39M | · | $-2M | · | · | |
| Financing Cash Flow | $124M | $-16M | $-34M | $-17M | $199M | $36M | $-94.0K | |
| Net Change in Cash | $190M | $68M | $-4M | $-41M | $199M | $57M | $-4M | |
| Taxes Paid | $6M | · | · | · | $4M | $1M | $247.0K | |
| Free Cash Flow | $82M | $86M | $33M | · | $3M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.1% | 75.0% | 71.5% | · | 72.6% | · | · | |
| Operating Margin | 7.9% | 2.2% | -5.7% | · | -27.9% | · | · | |
| Net Margin | 8.3% | -8.8% | -8.0% | · | -18.4% | · | · | |
| Pretax Margin | 9.7% | -7.4% | -6.9% | · | -17.1% | · | · | |
| EBITDA Margin | 8.6% | 3.0% | -4.7% | · | -27.2% | · | · | |
| ROA | 5.3% | -6.1% | -5.1% | · | -12.6% | -17.2% | · | |
| ROE | 7.5% | · | -10.4% | · | -14.1% | 72.6% | · | |
| ROIC | 6.0% | · | -8.1% | · | -21.7% | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 1.8 | 1.8 | · | 3.0 | 0.2 | 1.9 | |
| Quick Ratio | 2.2 | 1.7 | 1.8 | · | 2.9 | 0.0 | 1.6 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.7 | 0.6 | · | 0.7 | · | · | |
| Receivables Turnover | 4.0 | 3.8 | 3.6 | · | 3.7 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 26.9% | 21.6% | 17.0% | 21.1% | 26.7% | · | · | |
| Revenue CAGR 3Y | 21.8% | 19.9% | 21.5% | · | · | · | · | |
| Revenue CAGR 5Y | 22.6% | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $419M | $330M | $272M | $232M | $192M | $152M | $116M | |
| Net Income TTM | $35M | $-29M | $-22M | $-39M | $-35M | $-17M | $-20M | |
| Market Cap | $2.99B | $3.20B | $1.52B | · | $1.14B | · | · | |
| P/E | 92.6 | -103.2 | -68.4 | · | -13.1 | -26.3 | -5.7 | |
| P/S | 7.1 | 9.7 | 5.6 | · | 6.0 | · | · | |
| P/B | 6.2 | · | 6.9 | · | 4.6 | · | · | |
| P / Tangible Book | 7.0 | 13.1 | 8.0 | 3.8 | 4.6 | · | · | |
| P / Cash Flow | 35.0 | 36.0 | 43.7 | · | 227.4 | · | · | |
| P / FCF | 36.6 | 37.3 | 46.5 | · | 445.2 | · | · | |
| Earnings Yield | 1.1% | -0.97% | -1.5% | · | -7.6% | -3.8% | -17.4% |
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 | $124M | $117M | $115M | $110M | $102M | $93M | $89M | $89M | $78M | $75M | $75M | $73M | $65M | $60M | $64M | $63M | |
| Cost of Revenue | $33M | $32M | $30M | $28M | $26M | $24M | $22M | $21M | $19M | $20M | $20M | $20M | $20M | $18M | $19M | $17M | |
| Gross Profit | $91M | $85M | $84M | $82M | $76M | $69M | $67M | $68M | $59M | $54M | $55M | $53M | $45M | $42M | $45M | $46M | |
| R&D Expense | $17M | $14M | $13M | $14M | $13M | $13M | $13M | $13M | $13M | $10M | $9M | $9M | $9M | $9M | $8M | $9M | |
| SG&A Expense | $19M | $17M | $19M | $24M | $20M | $19M | $17M | $17M | $18M | $17M | $16M | $16M | $15M | $15M | $17M | $16M | |
| Operating Expenses | $81M | $73M | $70M | $73M | $68M | $66M | $62M | $60M | $61M | $57M | $54M | $53M | $52M | $51M | $53M | $53M | |
| Operating Income | $10M | $13M | $15M | $8M | $7M | $3M | $5M | $8M | $-2M | $-3M | $878.0K | $-313.0K | $-7M | $-9M | $-8M | $-7M | |
| Other Non-op | $2M | $4M | $1M | $5M | $-240.0K | $2M | $-23M | $-5M | $-7M | $3M | $-2M | $-1M | $-2M | $2M | $8M | $48.0K | |
| Pretax Income | $12M | $17M | $16M | $13M | $7M | $5M | $-19M | $3M | $-9M | $203.0K | $-809.0K | $-1M | $-9M | $-7M | $-7M | $-6M | |
| Income Tax | $-16M | $1M | $323.0K | $-210.0K | $4M | $1M | $-1M | $183.0K | $4M | $2M | $-5M | $3M | $3M | $2M | $5M | $336.0K | |
| Net Income | $28M | $15M | $15M | $13M | $3M | $3M | $-17M | $3M | $-13M | $-2M | $4M | $-4M | $-13M | $-9M | $-10M | $-7M | |
| EPS (Basic) | $0.13 | $0.07 | $0.08 | $0.06 | $0.01 | $0.02 | $-0.09 | $0.01 | $-0.07 | $-0.01 | $0.02 | $-0.02 | $-0.07 | $-0.05 | $-0.08 | $-0.04 | |
| EPS (Diluted) | $0.12 | $0.07 | $0.06 | $0.06 | $0.01 | $0.02 | $-0.09 | $0.01 | $-0.07 | $-0.01 | $0.02 | $-0.02 | · | · | · | · | |
| Shares (Basic) | 210,204,000 | 213,266,000 | -407,406,000 | 212,001,000 | 205,068,000 | 197,924,000 | -364,524,000 | 183,946,000 | 182,804,000 | 181,495,000 | -365,645,000 | 181,769,000 | 183,315,000 | 182,818,000 | -364,099,000 | 180,732,000 | |
| Shares (Diluted) | 220,856,000 | 226,107,000 | -457,356,000 | 232,897,000 | 229,179,000 | 224,573,000 | -384,437,000 | 203,859,000 | 182,804,000 | 181,495,000 | -365,645,000 | 181,769,000 | 183,315,000 | 182,818,000 | -364,099,000 | 180,732,000 | |
| EBITDA | $10M | $13M | · | $8M | $7M | $3M | · | $8M | $-2M | $-3M | · | $-313.0K | $-7M | $-9M | · | $-7M |
Balance Sheet 25
| 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 | $417M | $444M | $481M | $472M | $430M | $351M | $291M | $250M | $227M | $215M | · | $206M | $220M | $229M | · | $218M | |
| Short-term Investments | · | · | · | · | $325.0K | $317.0K | · | $173.0K | $4M | $4M | · | $3M | $3M | $3M | · | $2M | |
| Receivables | $117M | $100M | $125M | $91M | $93M | $80M | $87M | $80M | $78M | $73M | · | $69M | $62M | $57M | · | $57M | |
| Prepaid Expense | $23M | $18M | $20M | $18M | $16M | $15M | $17M | $11M | $8M | $11M | · | $8M | $6M | $6M | · | $9M | |
| Current Assets | $557M | $562M | $625M | $581M | $540M | $447M | $395M | $341M | $317M | $304M | · | $287M | $290M | $295M | · | $286M | |
| PP&E (Net) | $7M | $7M | $6M | $6M | $6M | $6M | $5M | $5M | $5M | $5M | · | $5M | $5M | $5M | · | $6M | |
| PP&E (Gross) | · | · | $19M | · | · | · | $16M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $13M | · | · | · | $11M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $37M | $37M | $38M | $38M | $39M | $37M | $18M | $19M | $18M | $19M | $19M | $19M | $19M | $19M | $19M | $18M | |
| Intangibles | $11M | $12M | $12M | $12M | $12M | $12M | $9M | $10M | $10M | $10M | · | $10M | $11M | $11M | · | $11M | |
| Other Non-current Assets | $44M | $23M | $20M | $23M | $22M | $20M | $17M | $18M | $12M | $11M | · | $13M | $9M | $7M | · | $15M | |
| Total Assets | $757M | $734M | $789M | $744M | $700M | $599M | $519M | $463M | $427M | $414M | · | $398M | $399M | $402M | · | $395M | |
| Accounts Payable | $3M | $4M | $4M | $3M | $2M | $2M | $2M | $4M | $7M | $7M | · | $2M | $1M | $1M | · | $2M | |
| Current Liabilities | $279M | $260M | $274M | $245M | $228M | $208M | $223M | $195M | $173M | $163M | · | $149M | $139M | $128M | · | $119M | |
| Capital Leases | $16M | $13M | $10M | $11M | $12M | $12M | $10M | $9M | $8M | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $10M | $7M | $12M | $5M | $5M | $7M | $6M | $5M | $5M | $5M | · | $5M | $6M | $6M | · | $6M | |
| Total Liabilities | $320M | $295M | $310M | $277M | $257M | $237M | $248M | $247M | $220M | $201M | · | $184M | $173M | $160M | · | $149M | |
| Common Stock | $21.0K | $21.0K | $22.0K | $21.0K | $21.0K | $20.0K | $19.0K | $19.0K | $19.0K | $19.0K | · | $18.0K | $19.0K | $19.0K | · | $19.0K | |
| Paid-in Capital | $963M | $964M | $980M | $971M | $953M | $873M | $779M | $694M | $688M | $678M | · | $660M | $660M | $675M | · | $656M | |
| Retained Earnings | $-532M | $-531M | $-510M | $-511M | $-518M | $-515M | $-510M | $-484M | $-485M | $-470M | · | $-462M | $-451M | $-426M | · | $-404M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $23M | · | $21M | |
| AOCI | $6M | $6M | $8M | $7M | $8M | $2M | $576.0K | $4M | $3M | $3M | · | $2M | $2M | $2M | · | $2M | |
| Stockholders' Equity | $437M | $439M | $479M | $467M | $443M | $361M | $271M | $216M | $207M | $213M | $219M | $200M | $211M | $227M | $229M | $233M | |
| Liabilities + Equity | $757M | $734M | $789M | $744M | $700M | $599M | $519M | $463M | $427M | $414M | · | $398M | $399M | $402M | · | $395M | |
| Shares Outstanding | 211,431,000 | 211,854,000 | 215,076,000 | 212,588,000 | 211,139,000 | 203,031,000 | 194,071,000 | 187,431,000 | 186,657,000 | 185,216,000 | · | 183,996,000 | 185,723,000 | 186,788,000 | · | 184,455,000 |
Cash Flow 11
| 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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-155.0K | $922.0K | |
| Stock-based Comp | $10M | $7M | $8M | $11M | $11M | $10M | $9M | $10M | $11M | $9M | $9M | $9M | $10M | $8M | $9M | $10M | |
| Amort. of Intangibles | $800.0K | $800.0K | $700.0K | $800.0K | $900.0K | $800.0K | $600.0K | $700.0K | $600.0K | $600.0K | $500.0K | $600.0K | $500.0K | $500.0K | $1M | $200.0K | |
| Operating Cash Flow | $16M | $24M | $30M | $35M | $20M | $495.0K | $33M | $32M | $16M | $8M | $21M | $4M | $8M | $1M | $6M | $-297.0K | |
| CapEx | $1M | $1M | $697.0K | $507.0K | $965.0K | $2M | $741.0K | $1M | $394.0K | $502.0K | $609.0K | $689.0K | $564.0K | $225.0K | $433.0K | $1M | |
| Investing Cash Flow | $-2M | $-2M | $11M | $-857.0K | $-13M | $-17M | $-1M | $1M | $-1M | $-2M | $-1M | $-2M | $-3M | $862.0K | $1M | $162M | |
| Stock Repurchased | $51M | $60M | $22M | $8M | $7M | $12M | $11M | $3M | $5M | $14M | $5M | $17M | $15M | $2M | $373.0K | $10M | |
| Net Stock Activity | · | $-60M | · | · | · | $-12M | · | · | · | $-14M | · | · | · | $-2M | · | · | |
| Financing Cash Flow | $-41M | $-59M | $-31M | $9M | $71M | $76M | $13M | $-12M | $-3M | $-13M | $-4M | $-16M | $-13M | $-690.0K | $612.0K | $-9M | |
| Net Change in Cash | $-27M | $-37M | $9M | $42M | $78M | $61M | $41M | $23M | $12M | $-8M | $17M | $-14M | $-9M | $2M | $9M | $153M | |
| Free Cash Flow | · | $23M | · | · | · | $-1M | · | · | · | $7M | · | · | · | $1M | · | · |
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 | 73.1% | 72.8% | · | 74.4% | 74.0% | 74.3% | · | 76.1% | 75.7% | 72.6% | · | 72.3% | 69.5% | 70.0% | · | 73.2% | |
| Operating Margin | 8.2% | 10.9% | · | 7.4% | 7.0% | 3.5% | · | 8.6% | -2.7% | -4.3% | · | -0.43% | -10.9% | -14.8% | · | -11.8% | |
| Net Margin | 22.1% | 13.0% | · | 11.9% | 2.8% | 3.8% | · | 3.3% | -16.6% | -2.6% | · | -5.8% | -19.4% | -15.4% | · | -11.8% | |
| Pretax Margin | 9.7% | 14.1% | · | 11.7% | 6.7% | 5.2% | · | 3.5% | -11.7% | 0.27% | · | -1.9% | -14.2% | -12.1% | · | -10.3% | |
| EBITDA Margin | 8.2% | 10.9% | · | 7.4% | 7.0% | 3.5% | · | 8.6% | -2.7% | -4.3% | · | -0.43% | -10.9% | -14.8% | · | -11.8% | |
| ROA | 3.8% | 2.3% | · | 2.2% | 0.51% | 0.70% | · | 0.68% | -3.1% | -0.48% | · | -1.1% | -3.2% | -2.3% | · | -1.9% | |
| ROE | 6.3% | 3.8% | · | 3.8% | 0.89% | 1.2% | · | 1.4% | -6.2% | -0.89% | · | -1.9% | -5.6% | -3.9% | · | -3.1% | |
| ROIC | 5.4% | 2.7% | · | 1.8% | 0.68% | 0.67% | · | 3.3% | -1.5% | 14.5% | · | -0.48% | -4.6% | -5.0% | · | -3.4% |
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 | 2.0 | 2.2 | · | 2.4 | 2.4 | 2.1 | · | 1.8 | 1.8 | 1.9 | · | 1.9 | 2.1 | 2.3 | · | 2.4 | |
| Quick Ratio | 1.9 | 2.1 | · | 2.3 | 2.3 | 2.1 | · | 1.7 | 1.8 | 1.8 | · | 1.9 | 2.0 | 2.3 | · | 2.3 |
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 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 1.2 | 1.3 | · | 1.3 | 1.2 | 1.2 | · | 1.2 | 1.1 | 1.1 | · | 1.2 | 1.1 | 1.1 | · | 1.1 |
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 | $453M | $422M | · | $394M | $362M | $334M | · | $314M | $290M | $272M | · | $260M | $243M | $228M | · | $223M | |
| Net Income TTM | $59M | $35M | · | $22M | $-4M | $-9M | · | $-17M | $-32M | $-28M | · | $-33M | $-39M | $-38M | · | $-39M | |
| Market Cap | $2.37B | $2.01B | · | $3.19B | $4.08B | $2.93B | · | $2.21B | $1.94B | $1.47B | · | $1.24B | $1.07B | $770M | · | $740M | |
| P/E | 43.1 | 59.4 | · | 150.1 | -643.7 | -288.8 | · | -130.8 | · | · | · | · | · | · | · | · | |
| P/S | 5.2 | 4.8 | · | 8.1 | 11.3 | 8.8 | · | 7.0 | 6.7 | 5.4 | · | 4.8 | 4.4 | 3.4 | · | 3.3 | |
| P/B | 5.4 | 4.6 | · | 6.8 | 9.2 | 8.1 | · | 10.2 | 9.4 | 6.9 | · | 6.2 | 5.1 | 3.4 | · | 3.2 | |
| P / Tangible Book | 6.1 | 5.2 | · | 7.7 | 10.4 | 9.4 | · | 11.8 | 10.9 | 8.0 | · | 7.2 | 5.9 | 3.9 | · | 3.6 | |
| P / Cash Flow | · | 83.0 | · | · | · | 5922.8 | · | · | · | 189.1 | · | · | · | 615.7 | · | · | |
| P / FCF | · | 87.7 | · | · | · | -2877.1 | · | · | · | 202.2 | · | · | · | 750.8 | · | · | |
| Earnings Yield | 2.3% | 1.7% | · | 0.67% | -0.16% | -0.35% | · | -0.76% | · | · | · | · | · | · | · | · |
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 | $419M | $330M | $272M | $232M | $192M |
| Gross Margin % | 74.1% | 75.0% | 71.5% | — | 72.6% |
| Operating Margin % | 7.9% | 2.2% | -5.7% | — | -27.9% |
| Net Income | $35M | $-29M | $-22M | $-39M | $-35M |
| Diluted EPS | $0.15 | $-0.16 | $-0.12 | — | $-0.48 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.3 | 1.8 | 1.8 | — | 3.0 |
| Quick Ratio | 2.2 | 1.7 | 1.8 | — | 2.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $82M | $86M | $33M | — | $3M |
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Institutional owners (13F) 276 filers · $1.2B 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 |
|---|---|---|---|---|
| 46 (-7 vs prior Q) | 41 (+2 vs prior Q) | 102 (-1 vs prior Q) | 78 (+4 vs prior Q) | +22.1M |
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 |
|---|---|---|---|---|
| Anchor @ 65 Pte. Ltd. | $223,196,817 | 19,910,510 | 19.35% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $120,606,753 | 10,758,854 | 10.46% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $72,500,271 | 6,467,464 | 6.29% | Shares |
| STATE STREET CORP | $43,906,756 | 3,916,749 | 3.81% | Shares |
| Parsifal Capital Management, LP | $42,908,764 | 3,827,722 | 3.72% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $39,895,918 | 3,558,366 | 3.46% | Shares |
| TWO SIGMA INVESTMENTS, LP | $37,273,441 | 3,325,017 | 3.23% | Shares |
| D. E. Shaw & Co., Inc. | $36,101,020 | 3,220,430 | 3.13% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $35,643,462 | 3,179,613 | 3.09% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $34,537,405 | 3,080,946 | 2.99% | Shares |
| GOLDMAN SACHS GROUP INC | $32,421,035 | 2,892,153 | 2.81% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $23,584,259 | 2,103,859 | 2.04% | Shares |
| JENNISON ASSOCIATES LLC | $22,746,304 | 2,029,108 | 1.97% | Shares |
| NORGES BANK | $20,006,487 | 1,784,700 | 1.73% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,173,125 | 1,621,153 | 1.58% | Shares |
| Qube Research & Technologies Ltd | $17,458,420 | 1,557,397 | 1.51% | Shares |
| PRUDENTIAL PLC | $15,184,989 | 1,374,810 | 1.32% | Shares |
| CITADEL ADVISORS LLC | $14,700,402 | 1,311,365 | 1.27% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13,966,674 | 1,245,912 | 1.21% | Shares |
| EDBI Pte Ltd | $11,557,000 | 700,000 | 1.00% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $11,449,771 | 1,021,389 | 0.99% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $10,508,523 | 937,424 | 0.91% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $9,302,518 | 829,841 | 0.81% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $8,749,540 | 780,512 | 0.76% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $8,475,959 | 756,107 | 0.73% | Shares |
| TWO SIGMA ADVISERS, LP | $7,835,349 | 564,100 | 0.68% | Shares |
| Gotham Asset Management, LLC | $7,733,936 | 689,914 | 0.67% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $7,629,257 | 680,576 | 0.66% | Shares |
| Trexquant Investment LP | $7,369,118 | 657,370 | 0.64% | Shares |
| ROYCE & ASSOCIATES LP | $6,703,580 | 598,000 | 0.58% | Shares |
| HERALD INVESTMENT MANAGEMENT Ltd | $6,448,553 | 575,250 | 0.56% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $6,406,975 | 571,541 | 0.56% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,404,038 | 571,279 | 0.56% | Shares |
| Stoic Point Capital Management LLC | $6,087,288 | 543,023 | 0.53% | Shares |
| Nearwater Capital Markets, Ltd | $5,605,000 | 500,000 | 0.49% | Shares |
| Bank of New York Mellon Corp | $5,436,166 | 484,939 | 0.47% | Shares |
| SCALAR GAUGE MANAGEMENT, LLC | $5,268,700 | 470,000 | 0.46% | Shares |
| Squarepoint Ops LLC | $5,039,512 | 449,555 | 0.44% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,254,957 | 379,568 | 0.37% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $3,912,212 | 348,993 | 0.34% | Shares |
| EFG International AG | $3,609,996 | 321,890 | 0.31% | Shares |
| NorthCoast Asset Management LLC | $3,587,200 | 320,000 | 0.31% | Shares |
| MUFG Securities EMEA plc | $3,553,570 | 317,000 | 0.31% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $3,521,061 | 314,100 | 0.31% | Shares |
| Swiss National Bank | $3,156,736 | 281,600 | 0.27% | Shares |
| EFG Asset Management (North America) Corp. | $3,100,706 | 206,576 | 0.27% | Shares |
| Odyssean, LLC | $3,065,800 | 273,488 | 0.27% | Shares |
| Point72 Asset Management, L.P. | $3,052,640 | 272,314 | 0.26% | Shares |
| Cubist Systematic Strategies, LLC | $2,989,780 | 199,186 | 0.26% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,899,007 | 258,609 | 0.25% | Shares |
| ALGERT GLOBAL LLC | $2,812,488 | 250,891 | 0.24% | Shares |
| ExodusPoint Capital Management, LP | $2,786,279 | 248,553 | 0.24% | Shares |
| Balyasny Asset Management L.P. | $2,663,530 | 237,603 | 0.23% | Shares |
| SEI INVESTMENTS CO | $2,605,630 | 232,438 | 0.23% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $2,481,000 | 221,317 | 0.22% | Shares |
| RHUMBLINE ADVISERS | $2,359,871 | 210,516 | 0.20% | Shares |
| BROWN CAPITAL MANAGEMENT LLC | $2,312,533 | 206,292 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,159,265 | 227,052 | 0.19% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,109,810 | 188,208 | 0.18% | Shares |
| ANGELES WEALTH MANAGEMENT, LLC | $2,101,797 | 187,493 | 0.18% | Shares |
| CenterBook Partners LP | $2,004,673 | 178,829 | 0.17% | Shares |
| SCHOLTZ & COMPANY, LLC | $1,974,922 | 176,175 | 0.17% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,766,473 | 185,749 | 0.15% | Shares |
| BARCLAYS PLC | $1,709,278 | 152,478 | 0.15% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,707,261 | 152,298 | 0.15% | Shares |
| Brevan Howard Capital Management LP | $1,693,932 | 151,109 | 0.15% | Shares |
| IEQ CAPITAL, LLC | $1,592,538 | 142,064 | 0.14% | Shares |
| Register Financial Advisors LLC | $1,581,731 | 141,100 | 0.14% | Shares |
| XTX Topco Ltd | $1,573,223 | 140,341 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $1,546,980 | 138,000 | 0.13% | Call option |
| Nebula Research & Development LLC | $1,476,172 | 76,446 | 0.13% | Shares |
| Voleon Capital Management LP | $1,421,137 | 126,774 | 0.12% | Shares |
| HighTower Advisors, LLC | $1,368,539 | 122,082 | 0.12% | Shares |
| Legato Capital Management LLC | $1,342,465 | 119,756 | 0.12% | Shares |
| BlackRock, Inc. | $1,316,547 | 117,444 | 0.11% | Shares |
| Moran Wealth Management, LLC | $1,278,332 | 114,035 | 0.11% | Shares |
| Quantinno Capital Management LP | $1,249,803 | 111,490 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,235,342 | 110,200 | 0.11% | Call option |
| Manatuck Hill Partners, LLC | $1,233,100 | 110,000 | 0.11% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,226,542 | 109,415 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $1,196,107 | 106,700 | 0.10% | Call option |
| VANGUARD GROUP INC | $1,195,804 | 86,091 | 0.10% | Shares |
| MetLife Investment Management, LLC | $1,116,449 | 99,594 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,110,238 | 99,040 | 0.10% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $1,012,443 | 90,316 | 0.09% | Shares |
| AMERICAN CENTURY COMPANIES INC | $993,778 | 88,651 | 0.09% | Shares |
| CITIGROUP INC | $987,792 | 88,117 | 0.09% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $976,593 | 87,118 | 0.08% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $929,892 | 82,952 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $875,905 | 78,136 | 0.08% | Shares |
| FRANKLIN RESOURCES INC | $868,999 | 77,520 | 0.08% | Shares |
| Potomac Capital Management, Inc. | $846,355 | 75,500 | 0.07% | Shares |
| Mariner, LLC | $807,326 | 72,018 | 0.07% | Shares |
| MIRABELLA FINANCIAL SERVICES LLP | $801,605 | 71,508 | 0.07% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $799,964 | 72,004 | 0.07% | Shares |
| ALLSTATE CORP | $773,266 | 68,980 | 0.07% | Shares |
| Invesco Ltd. | $756,126 | 67,451 | 0.07% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $751,765 | 67,062 | 0.07% | Shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | $732,069 | 65,305 | 0.06% | Shares |
| Cerity Partners LLC | $717,340 | 63,991 | 0.06% | Shares |
Company insiders 13 insiders · 6 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tianyi Jiang | Chief Executive Officer | June 12, 2026 F | 2,287,615 | 0 | 0 | $0 |
| James Caci | Chief Financial Officer | June 12, 2026 F | 697,857 | 0 | 0 | $0 |
| Sophia Wu | Chief Financial Officer | July 1, 2021 A | 168,117 | 0 | 0 | $0 |
| Brian Michael Brown | Chief Legal Officer | July 29, 2026 S | 809,664 | 0 | 4 | $-656,391 |
| Xunkai Gong | Executive Chairman | June 22, 2026 M | 1,869,032 | 0 | 0 | $0 |
| Andy Yong | Chief Investment Officer | July 1, 2021 A | 4,759 | 0 | 0 | $0 |
| John Chi On Ho | Director | June 1, 2026 A | 3,749,172 | 0 | 0 | $0 |
| Jeff Teper | Director | June 1, 2026 A | 335,798 | 0 | 0 | $0 |
| Janet Schijns | Director | June 1, 2026 A | 106,294 | 0 | 0 | $0 |
| Jeff Epstein | Director | June 1, 2026 A | 1,184,128 | 0 | 0 | $0 |
| Stephen Cuunjieng | Director | July 1, 2021 A | — | 0 | 0 | $0 |
| Lu Zhijian | 10% owner | July 1, 2021 A | 18,552,065 | 0 | 0 | $0 |
| Apex Technology Sponsor LLC | 10% owner | Sept. 19, 2019 J | 657,500 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 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 |
|---|---|---|---|---|---|
| Lu Zhijian | Oct. 28, 2025 | 5.50% | Amendment | Capital structure | SEC |
| SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P., ALAN WAXMAN ×3 filings | Sept. 18, 2023 | — | Initial filing | — | SEC |
| Zhijian Lu | Aug. 2, 2021 | — | Initial filing | Passive investment | SEC |
| James Zhijian Zhu | Aug. 2, 2021 | — | Initial filing | Passive investment | SEC |
| Tianyi Jiang | July 12, 2021 | — | Initial filing | Passive investment | SEC |
| Xunkai Gong | July 12, 2021 | — | Initial filing | Passive investment | SEC |
| Apex Technology Sponsor LLC | Sept. 30, 2019 | — | 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 44 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 |
|---|---|---|---|---|
| DAT · ProShares Trust | 2.65% | 13,518 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.20% | 50,199 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.14% | 1,552,035 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.12% | 3,292 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.11% | 181,919 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 52,633 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.07% | 4,303,979 SH | Aug. 8, 2026 | Daily |
| IGV · iShares Trust | 0.06% | 672,565 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 975,680 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.06% | 4,864 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.06% | 45,655 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.05% | 1,952,408 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.05% | 690,947 NS | April 30, 2026 | N-PORT |
| TRFK · Pacer Funds Trust | 0.05% | 28,617 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 37,610 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.04% | 7,044 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 677,375 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 6,409 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.03% | 69,670 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.02% | 5,509 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.02% | 379,677 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 46,524 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,582,438 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 3,394,239 SH | Aug. 8, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.02% | 3,071,152 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 4,424 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 9,287 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 5,577 NS | May 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.01% | 5,468 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 6,674 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 84,013 NS | May 31, 2026 | N-PORT |
| IGM · iShares Trust | 0.01% | 64,675 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.01% | 140 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 11,676 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 182,802 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 39,900 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 172,552 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 89,154 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 25,138 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 6,064 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 3,850 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 18,646 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,728,463 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 14,220 SH | Aug. 8, 2026 | Daily |