BFH Bread Financial Holdings, Inc. Common Stock
$111.80
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026
52W Range
$54–$115
95% of range
Analyst Rating
HOLD
22 analysts
Price Target
$114
+2% upside
P/E (TTM)
9.6
ROE
16.0%
Net Profit Margin
12.8%
About Bread Financial Holdings, Inc. Common Stock Company overview from Wikipedia
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
Read more
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
A significant portion of Bread Financial's revenue is generated through late fees charged to the subprime consumers it primarily serves. In October 2024 the Wall Street Journal reported that Bread Financial would raise its soft interest rate of 29.99% and add additional fees to customer accounts in anticipation of a Consumer Financial Protection Bureau ruling that would reduce its $41.00 late payment fee to $8.00.
History
Alliance Data was formed from the December 1996 merger of two entities: J.C. Penney's credit card processing unit and The Limited's credit card bank operation, named World Financial Network National Bank.
In August 1998, Alliance Data acquired LoyaltyOne, then-branded The Loyalty Group Canada, for $250 million. The deal gave Alliance Data two business enhancements, Canada's Air Miles Rewards Program and the company behind the Air Miles program, LoyaltyOne.
In 2001, Alliance Data went public.
In May 2007, The Blackstone Group, a private equity firm, announced plans to acquire Alliance Data. In April 2008, Alliance Data terminated the merger agreement with Blackstone Affiliates.
Ed Heffernan was promoted to president and CEO of Alliance Data in February 2009, after being with the company since 1998. In 2019 he resigned as CEO of Alliance Data and was replaced by Melisa Miller, who previously ran Alliance Data's Card Services division. This change in leadership effectively moved Alliance Data's Headquarters from Plano, Texas, to Columbus, Ohio. Melisa Miller held the role for about 6 months before being replaced by former CITI executive Ralph Andretta.
In 2019, Alliance Data opened its first international office in Bangalore, India.
In November 2021, Alliance Data completed the separation of its LoyaltyOne segment, consisting of the Canadian AIR MILES Reward Program and Netherlands-based BrandLoyalty businesses, into an independent, publicly traded company, Loyalty Ventures Inc. In March 2022, Alliance Data rebranded as Bread Financial.
Former businesses
Alliance Data Card Services
Card Services is a provider of integrated credit and marketing services including private label, co-branded and commercial credit card programs. Alliance Data Card Services manages over 135 card programs for retail brands such as Victoria's Secret, J.Crew, Eddie Bauer, Buckle, HSN, Pottery Barn, Pier 1 Imports, Lexus, Toyota, Williams Sonoma and Wayfair among many others.
Alliance Data Card Services maintains two banks to manage the funding and receivables for its clients' credit programs. In September 2012, the banks rebranded their names from WFNNB (World Financial Network [National] Bank) and WFCB (World Financial Capital Bank) to both operate under the Comenity name, as Comenity Bank and Comenity Capital Bank, respectively.
LoyaltyOne
LoyaltyOne, located in Canada, provides loyalty marketing programs for North American brands in the retail, financial services, grocery, petroleum, travel, and hospitality industries.
Five businesses make up the LoyaltyOne: Air Miles national reward program, in which approximately two-thirds of Canadian households participate; Colloquy; LoyaltyOne Consulting; Precima; and Squareknot.
Epsilon (aka Epsilon Data Management)
Epsilon provides a broad range of loyalty marketing services spanning database marketing, direct mail, email marketing, web development, loyalty programs, analytics, data services, strategic consulting, and creative services, among others. It sends billions of permission-based emails every year. Acquired by Epsilon in 2011, Aspen Marketing Services is a marketing services agency headquartered in Chicago, Illinois. In 2012, Epsilon reached an agreement to acquire the Hyper Marketing ("HMI") group of companies, the largest privately held digital marketing services agencies in the United States, for about $460 million.
In late February 2013, Facebook announced partnerships with four companies, including Epsilon, to help reshape its targeted advertising strategy.
The company relocated its headquarters to the former Nokia regional headquarters space in Las Colinas, Texas, near Dallas.
In April 2019, Publicis Groupe announced it would be acquiring Epsilon for $4.4 billion. This was the second biggest deal in the history of advertising, behind only Dentsu's $5 billion acquisition of Aegis Group in 2012.
On January 27, 2021, the U.S. Department of Justice entered a Deferred Prosecution Agreement with Epsilon Data Management, which set up a $127.5 million fund to compensate victims.
Controversy
In 2010, Epsilon failed to heed warnings to secure data. In March 2011 it was discovered that email addresses from customers of at least 50 client companies were stolen. A phishing tactic that uses personalized emails to trick people into disclosing personal information, including passwords and financial details, it was reported that the breach was related to Epsilon itself being phished. The company quickly notified the public about the breach. In June 2011, company executives were called before Congress to answer questions about the security breach. Interviewed for a 60 Minutes segment titled "The Data Brokers: Selling your personal information", then-CEO and chairman Bryan Kennedy called the hearings "political theater" and stated that "consumers ought to understand that the Internet is an advertising medium."
Products and Technology
In October 2020, Alliance Data launched Enhanced Digital Suite.
In October 2020, Alliance Data selected Fiserv for Credit Processing Services.
In 2021, Alliance Data invested $100M in digital technologies.
In April 2022, Bread Financial partnered with American Express and launched the Bread Cashback American Express Credit Card.
Company acquisitions and divestitures
1998: LoyaltyOne was acquired by Alliance Data.
2002: Colloquy/Frequency Marketing was acquired by Alliance Data.
2004: Epsilon was acquired by Alliance Data.
2005: Bigfoot Interactive was acquired by Alliance Data.
2006: Abacus was acquired by Alliance Data's Epsilon from DoubleClick.
2008: Heartland Payment Systems acquired Alliance Data's Network Services business.
2008: Vertex acquired Alliance Data’s Utility Services business.
2011: Aspen Marketing Services was acquired by Alliance Data (to be a part of Epsilon).
2012: Alliance Data acquired the $475 million private label credit card portfolio of The Bon-Ton Stores, Inc.
2012: Epsilon acquires Hyper Marketing and agencies Ryan Partnership & Catapult.
2014: AD acquired Conversant Formerly known as ValueClick; Conversant specialized in the affiliate marketing business, which revolved around video and mobile channels.
2014: Alliance Data acquires BrandLoyalty.
2014: Epsilon acquires Conversant, formerly ValueClick.
2019: Alliance Data sells off Epsilon to Publicis for $4.4B.
2019: Alliance Data acquired Lon Operations Inc., a digital payments company operating under the trademark Bread.
2020: Alliance Data closes Bread deal in December.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
BFH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$111.80
Market Cap
$4.62B
P/E (TTM)
9.6
EPS (TTM)
$10.89
Revenue (TTM)
—
Div Yield
0.87%
ROE
16.0%
Debt/Equity
—
52W Range
$54 – $115
BFH 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
—
2017-12-31
→
2020-12-31
EPS
$10.89
2017-12-31
→
2025-12-31
Free Cash Flow
—
2017-12-31
→
2022-12-31
Margins
12.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BFH
Peer Median
P/E (TTM)
9.6
12.8
P/S (TTM)
1.1
2.5
P/B
1.4
2.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BFH
Peer Median
Net Profit Margin
12.8%
17.7%
ROA
2.3%
4.5%
ROE
16.0%
24.9%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BFH
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BFH
Peer Median
EPS YoY
98.4%
—
Net Income YoY
87.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BFH
Peer Median
Payout Ratio
7.7%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.87%
Payout Ratio
7.7%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 29, 2026 | $0.2300 |
| Feb. 27, 2026 | $0.2300 |
| Nov. 7, 2025 | $0.2300 |
| Aug. 8, 2025 | $0.2100 |
| May 9, 2025 | $0.2100 |
| Feb. 14, 2025 | $0.2100 |
| Nov. 8, 2024 | $0.2100 |
| Aug. 9, 2024 | $0.2100 |
| May 9, 2024 | $0.2100 |
| Feb. 8, 2024 | $0.2100 |
| Nov. 10, 2023 | $0.2100 |
| Aug. 10, 2023 | $0.2100 |
| May 11, 2023 | $0.2100 |
| Feb. 9, 2023 | $0.2100 |
| Nov. 10, 2022 | $0.2100 |
| Aug. 11, 2022 | $0.2100 |
| May 12, 2022 | $0.2100 |
| Feb. 10, 2022 | $0.2100 |
| Nov. 10, 2021 | $0.2100 |
| Aug. 12, 2021 | $0.1676 |
BFH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 4 18.2%
- Buy 7 31.8%
- Hold 11 50.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-19
Median
$115.00
Now
$111.80
Low
$79.00
High
$132.00
Median target
$115.00
+2.9%
Mean target
$114.47
+2.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
1.0%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.55 | $2.74 | 0.81% |
| March 31, 2026 | $4.17 | $3.12 | 1.0% |
| Dec. 31, 2025 | $1.16 | $0.36 | 0.80% |
| Sept. 30, 2025 | $3.96 | $2.10 | 1.9% |
| June 30, 2025 | $2.93 | $1.89 | 1.0% |
| March 31, 2025 | $2.78 | $2.27 | 0.51% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BFH | $3.26B | 6.8 | — | 12.8% | 16.0% | — |
| FIGR | $0 | 92.8 | 48.7% | 26.4% | 16.9% | — |
| ENVA | $3.89B | 13.6 | 18.6% | 9.8% | 24.3% | 58.1% |
| CACC | $4.74B | 12.2 | 7.2% | 18.3% | 27.5% | — |
| SLM | $5.39B | 7.8 | 7.3% | 37.5% | 30.9% | — |
| NNI | — | 11.3 | 21.1% | 120.9% | 12.2% | — |
| DAVE | — | — | — | — | — | — |
| UPST | $4.29B | 97.2 | 64.0% | 5.1% | 7.0% | — |
| HAPN | — | — | — | — | — | — |
| ECPG | $1.18B | 5.0 | 34.4% | 14.5% | 27.4% | — |
| EZPW | $1.16B | 13.4 | 9.7% | 8.6% | 11.7% | 58.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | $4.52B | $5.58B | $5.67B | $5.47B | $7.14B | $6.44B | $5.30B | |
| Cost of Revenue | · | · | · | · | · | $2.08B | $2.69B | $2.54B | $2.47B | $4.28B | $3.81B | $3.22B | |
| SG&A Expense | · | · | · | · | · | $106M | $151M | $162M | $159M | $143M | $138M | $142M | |
| Operating Expenses | · | · | · | · | · | $3.63B | $4.27B | $3.91B | $3.96B | $5.87B | $5.18B | $4.20B | |
| Operating Income | · | · | · | · | · | $301M | $662M | $1.76B | $1.52B | $1.27B | $1.26B | $1.10B | |
| Interest Expense | · | · | $879M | $503M | $383M | $499M | $638M | $542M | $455M | $428M | $330M | $260M | |
| Interest Income | $4.91B | $5.02B | $5.14B | $4.68B | $3.87B | $3.95B | $4.83B | $12M | · | · | · | · | |
| Pretax Income | $615M | $381M | $968M | $300M | $1.04B | $301M | $662M | $1.22B | $1.06B | $837M | $932M | $838M | |
| Income Tax | $94M | $102M | $231M | $76M | $247M | $93M | $156M | $270M | $293M | $319M | $326M | $322M | |
| Net Income | $518M | $277M | $718M | $223M | $801M | $214M | $278M | $963M | $789M | $518M | $605M | $516M | |
| EPS (Basic) | $11.07 | $5.58 | $14.39 | $4.47 | $16.09 | $4.47 | $5.38 | $17.56 | $14.17 | $7.37 | $8.91 | $8.72 | |
| EPS (Diluted) | $10.89 | $5.49 | $14.34 | $4.46 | $16.02 | $4.46 | $5.46 | $17.49 | $14.10 | $7.34 | $8.85 | $7.87 | |
| Shares (Basic) | 46,800,000 | 49,600,000 | 49,800,000 | 49,900,000 | 49,700,000 | 47,800,000 | 50,000,000 | 54,900,000 | 55,700,000 | 58,600,000 | 61,900,000 | 56,400,000 | |
| Shares (Diluted) | 47,600,000 | 50,400,000 | 50,000,000 | 50,000,000 | 50,000,000 | 47,900,000 | 50,900,000 | 55,100,000 | 55,900,000 | 58,900,000 | 62,300,000 | 62,400,000 | |
| EBITDA | $80M | $90M | $116M | $113M | $123M | $1.07B | $1.56B | $2.38B | $2.14B | $1.78B | $1.75B | $1.41B |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.60B | $3.68B | $3.59B | $3.89B | $3.05B | $2.80B | $3.87B | $3.82B | $4.19B | $1.86B | $1.17B | $1.08B | |
| Short-term Investments | $26M | $272M | $250M | $130M | $80M | $29M | · | · | · | · | · | · | |
| Receivables | · | · | · | · | · | $384M | $451M | $404M | $822M | $797M | $706M | $743M | |
| Inventory | · | · | · | · | · | $164M | $218M | $248M | $234M | $271M | $228M | $220M | |
| Other Current Assets | · | · | · | · | · | $535M | $268M | $293M | $349M | $324M | $250M | $456M | |
| Current Assets | · | · | · | · | · | $19.63B | $24.11B | $24.71B | $24.71B | $19.59B | $16.25B | $13.81B | |
| PP&E (Net) | $117M | $142M | $167M | $195M | $215M | $213M | $282M | $288M | $614M | $586M | $577M | $560M | |
| PP&E (Gross) | · | · | · | $482M | $471M | $484M | $664M | $649M | $1.48B | $1.30B | $1.16B | $1.02B | |
| Accum. Depreciation | · | · | $343M | $287M | $256M | $271M | $381M | $361M | $864M | $718M | $582M | $457M | |
| Goodwill | $634M | $634M | $634M | $634M | $634M | $634M | $955M | $955M | $993M | $3.80B | $3.81B | $3.87B | |
| Intangibles | $82M | $112M | $128M | $165M | $53M | $77M | $153M | $217M | $801M | $1.00B | $1.20B | $1.52B | |
| Other Non-current Assets | · | · | · | · | · | $558M | $682M | $636M | $656M | $515M | $504M | $508M | |
| Total Assets | $22.66B | $22.89B | $23.14B | $25.41B | $21.75B | $22.55B | $26.49B | $30.39B | $30.68B | $25.51B | $22.35B | $20.19B | |
| Accounts Payable | · | · | · | · | · | $328M | $301M | $486M | $651M | $568M | $442M | $456M | |
| Accrued Liabilities | · | · | · | · | · | $445M | $328M | $322M | $443M | $347M | $566M | $457M | |
| Current Liabilities | · | · | · | · | · | $10.42B | $11.87B | $11.48B | $10.15B | $9.23B | $6.40B | $6.31B | |
| Capital Leases | · | · | · | · | · | $276M | $292M | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $80M | $256M | $211M | $335M | $632M | $690M | |
| Other Non-current Liabilities | · | · | · | · | · | $420M | $338M | $392M | $371M | $326M | $285M | $208M | |
| Total Liabilities | $19.34B | $19.84B | $20.22B | $23.14B | $19.66B | $21.02B | $24.91B | $28.06B | $28.83B | $23.86B | $20.17B | $17.63B | |
| Long-term Debt | $4.31B | $5.56B | $5.29B | $8.01B | $7.44B | $2.81B | $2.85B | $5.74B | $6.08B | $5.60B | $5.06B | $4.77B | |
| Common Stock | $0 | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Paid-in Capital | · | · | $2.17B | $2.19B | $2.17B | · | · | · | · | · | · | · | |
| Retained Earnings | $1.48B | $999M | $767M | $93M | $-87M | $4.83B | $5.16B | $5.01B | $4.17B | $3.49B | $3.09B | $2.54B | |
| Treasury Stock | · | · | · | · | · | $6.73B | $6.73B | $5.72B | $5.27B | $4.73B | $3.93B | $2.98B | |
| AOCI | $-16M | $-22M | $-19M | $-21M | $-2M | $-5M | $-100M | $-138M | $-140M | $-151M | $-137M | $-75M | |
| Stockholders' Equity | $3.33B | $3.05B | $2.92B | $2.27B | $2.09B | $1.52B | $1.59B | $2.33B | $1.86B | $1.66B | $2.01B | $2.40B | |
| Liabilities + Equity | $22.66B | $22.89B | $23.14B | $25.41B | $21.75B | $22.55B | $26.49B | $30.39B | $30.68B | $25.51B | $22.35B | $20.26B | |
| Shares Outstanding | 44,100,000 | 49,100,000 | 49,300,000 | 49,900,000 | 49,800,000 | 117,100,000 | 115,000,000 | · | · | · | · | · |
Cash Flow 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $80M | $90M | $116M | $113M | $123M | $184M | $249M | $487M | $498M | $512M | $492M | $313M | |
| Stock-based Comp | $56M | $54M | $44M | $33M | $29M | $21M | $55M | $81M | $75M | $76M | $91M | $72M | |
| Deferred Tax | $90M | $-85M | $-68M | $-245M | $-20M | $-171M | $-186M | $16M | $-114M | $-31M | $-121M | $-13M | |
| Amort. of Intangibles | $30M | $35M | $37M | $26M | $29M | $34M | $48M | $113M | $114M | $310M | $311M | $198M | |
| Restructuring | · | · | · | · | · | $-8M | $118M | · | · | · | · | · | |
| Other Non-cash | $1.35B | $1.52B | $1.18B | $1.72B | $605M | $1.69B | $822M | $1.21B | $1.36B | $1.01B | $638M | $456M | |
| Operating Cash Flow | $2.09B | $1.86B | $1.99B | $1.85B | $1.54B | $1.88B | $1.22B | $2.75B | $2.60B | $2.13B | $1.76B | $1.34B | |
| CapEx | · | · | · | $68M | $84M | $54M | $142M | $200M | $225M | $207M | $192M | $159M | |
| Investing Cash Flow | $-1.37B | $-1.17B | $788M | $-5.11B | $-1.69B | $1.77B | $2.86B | $-1.87B | $-4.27B | $-4.29B | $-3.36B | · | |
| Debt Issued | · | · | · | · | · | · | · | $4.58B | $7.70B | $3.82B | $3.09B | $3.43B | |
| Net Debt Issued | · | · | · | · | · | · | · | $-318M | $355M | $601M | $859M | $1.60B | |
| Stock Issued | · | · | · | · | $4M | $3M | $12M | $18M | $18M | $18M | $18M | $17M | |
| Stock Repurchased | $313M | $55M | $35M | $12M | $0 | · | $976M | $443M | $554M | $799M | $952M | $287M | |
| Net Stock Activity | $-313M | $-55M | $-35M | · | $4M | $3M | $-964M | $-426M | $-535M | $-780M | $-934M | $-270M | |
| Dividends Paid | $40M | $43M | $42M | $43M | $42M | $61M | $127M | $125M | $116M | $30M | · | · | |
| Financing Cash Flow | $-807M | $-592M | $-3.09B | $3.27B | $608M | $-4.17B | $-4.09B | $-1.22B | $4.00B | $2.64B | $1.72B | · | |
| Net Change in Cash | $-86M | $98M | $-311M | $4M | $460M | $-495M | $-10M | $-347M | $2.35B | $487M | $91M | $107M | |
| Taxes Paid | $53M | $227M | $292M | $338M | $325M | $268M | $1.07B | $234M | $344M | $467M | $304M | $256M | |
| Free Cash Flow | · | · | · | $1.78B | $1.46B | $1.83B | $1.08B | $2.56B | $2.38B | $1.88B | $1.51B | $1.19B | |
| Levered FCF | · | · | · | $1.40B | $1.17B | $1.46B | $634M | $2.03B | $1.97B | $1.62B | $1.30B | $1.02B |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | 19.7% | 23.4% | 24.3% | 21.3% | 17.7% | 19.6% | 20.7% | |
| Net Margin | 12.8% | 6.8% | 16.8% | 5.8% | 24.5% | 4.7% | 5.0% | 12.4% | 10.2% | 7.2% | 9.4% | 9.7% | |
| Pretax Margin | 15.2% | 9.4% | 22.7% | 7.8% | 31.9% | 8.7% | 13.2% | 15.7% | 14.0% | 11.7% | 14.5% | 15.8% | |
| EBITDA Margin | 2.0% | 2.2% | 2.7% | 2.9% | 3.8% | 23.7% | 27.9% | 30.6% | 27.8% | 24.9% | 27.2% | 26.6% | |
| ROA | 2.3% | 1.2% | 3.0% | 0.95% | 3.6% | 0.87% | 0.98% | 6.0% | 2.8% | 2.2% | 2.8% | 3.1% | |
| ROE | 16.0% | 9.0% | 24.8% | 9.6% | 37.0% | 15.0% | 18.0% | 41.7% | 44.9% | 28.2% | 27.5% | 31.7% | |
| ROIC | · | · | · | · | · | 43.7% | 63.8% | 63.9% | 64.7% | 47.2% | 40.8% | 28.2% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | · | · | · | 1.9 | 2.0 | 2.2 | 2.4 | 2.1 | 2.5 | 2.2 | |
| Quick Ratio | · | · | · | · | · | 0.3 | 0.4 | 0.4 | 0.5 | 0.3 | 0.3 | 0.3 | |
| Interest Coverage | · | · | · | · | · | 1.8 | 2.3 | 2.8 | 2.9 | 3.0 | 3.8 | 4.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.5 | 0.3 | 0.3 | 0.3 | 0.3 | |
| Inventory Turnover | · | · | · | · | · | 10.9 | 11.5 | 17.4 | 16.9 | 17.1 | 17.0 | 27.4 | |
| Receivables Turnover | · | · | · | · | · | 10.8 | 13.1 | 8.8 | 9.5 | 9.5 | 8.9 | 9.3 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPS YoY | 98.4% | -61.7% | 221.5% | -72.2% | 259.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 34.7% | -30.0% | 47.6% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 19.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 87.0% | -61.4% | 222.0% | -72.2% | 274.3% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 32.4% | -29.8% | 49.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 19.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -8.1% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.31B | $4.31B | $4.31B | $4.31B | $4.31B | $4.52B | $5.58B | $5.67B | $5.47B | $7.14B | $6.44B | $5.30B | |
| Net Income TTM | $518M | $277M | $718M | $223M | $801M | $214M | $278M | $963M | $789M | $518M | $605M | $516M | |
| Market Cap | $3.26B | $3.00B | $1.62B | $1.88B | · | · | · | · | · | · | · | · | |
| P/E | 6.8 | 11.1 | 2.3 | 8.4 | 4.2 | 13.3 | 16.4 | 6.8 | 14.3 | 24.8 | 24.9 | 29.0 | |
| P/S | 0.8 | 0.7 | 0.4 | 0.4 | · | · | · | · | · | · | · | · | |
| P/B | 1.0 | 1.0 | 0.6 | 0.8 | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.3 | 1.3 | 0.8 | 1.3 | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 1.6 | 1.6 | 0.8 | 1.0 | · | · | · | · | · | · | · | · | |
| P / FCF | · | · | · | 1.1 | · | · | · | · | · | · | · | · | |
| Dividend Yield | 1.2% | 1.4% | 2.6% | 2.3% | · | · | · | · | · | · | · | · | |
| Earnings Yield | 14.7% | 9.0% | 43.5% | 11.8% | 24.1% | 7.5% | 6.1% | 14.6% | 7.0% | 4.0% | 4.0% | 3.5% | |
| Payout Ratio | 7.7% | 15.5% | 5.9% | 19.3% | 5.2% | 28.4% | 45.8% | 13.0% | 14.6% | 5.8% | · | · | |
| Annual Payout | $40M | $43M | $42M | $43M | $42M | $61M | $127M | $125M | $116M | $30M | · | · |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | · | · | · | · | · | · | · | $248M | · | $219M | $205M | $218M | · | $133M | |
| Interest Income | $1.23B | $1.26B | $1.25B | $1.24B | $1.19B | $1.23B | $1.22B | $1.28B | $1.23B | $1.30B | $1.31B | $1.30B | $1.20B | $1.33B | $1.32B | $1.22B | |
| Pretax Income | $197M | $243M | $48M | $196M | $174M | $197M | $-27M | $40M | $180M | $188M | $19M | $225M | $86M | $638M | $-207M | $189M | |
| Income Tax | $51M | $62M | $-4M | $8M | $35M | $55M | $-35M | $37M | $47M | $53M | $-26M | $52M | $22M | $183M | $-74M | $55M | |
| Net Income | $146M | $181M | $53M | $188M | $139M | $138M | $8M | $2M | $133M | $134M | $44M | $171M | $48M | $455M | $-133M | $134M | |
| EPS (Basic) | $3.62 | $4.19 | $1.25 | $4.04 | $2.97 | $2.81 | $0.13 | $0.05 | $2.69 | $2.71 | $0.90 | $3.44 | $0.95 | $9.10 | $-2.69 | $2.69 | |
| EPS (Diluted) | $3.55 | $4.15 | $1.21 | $3.96 | $2.94 | $2.78 | $0.08 | $0.05 | $2.66 | $2.70 | $0.89 | $3.42 | $0.95 | $9.08 | $-2.68 | $2.69 | |
| Shares (Basic) | 39,900,000 | 42,800,000 | -95,400,000 | 46,500,000 | 46,700,000 | 49,000,000 | -99,200,000 | 49,700,000 | 49,600,000 | 49,500,000 | -100,200,000 | 49,900,000 | 50,100,000 | 50,000,000 | -99,600,000 | 49,800,000 | |
| Shares (Diluted) | 40,700,000 | 43,200,000 | -96,700,000 | 47,500,000 | 47,200,000 | 49,600,000 | -100,500,000 | 51,000,000 | 50,200,000 | 49,700,000 | -100,500,000 | 50,100,000 | 50,300,000 | 50,100,000 | -99,800,000 | 49,900,000 | |
| EBITDA | · | $19M | · | · | · | $21M | · | · | · | $23M | · | · | · | $34M | · | · |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.68B | $3.64B | $3.60B | $3.76B | $3.80B | $4.21B | $3.68B | $3.45B | $4.05B | $3.79B | $3.59B | $3.38B | $3.33B | $3.61B | $3.89B | $3.58B | |
| Short-term Investments | · | · | $26M | · | · | · | $272M | · | · | · | · | · | · | · | · | · | |
| PP&E (Net) | $104M | $112M | $117M | $122M | $127M | $133M | $142M | $148M | $157M | $166M | · | $160M | $162M | $180M | · | $204M | |
| Goodwill | · | · | $634M | · | · | · | $634M | · | · | · | $634M | · | · | · | $634M | · | |
| Intangibles | · | · | $82M | · | · | · | $112M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $22.45B | $22.31B | $22.66B | $21.71B | $21.82B | $22.38B | $22.89B | $21.74B | $22.14B | $22.30B | · | $21.61B | $21.61B | $21.97B | · | $21.96B | |
| Total Liabilities | $19.09B | $18.98B | $19.34B | $18.40B | $18.66B | $19.31B | $19.84B | $18.62B | $18.97B | $19.27B | · | $18.74B | $18.87B | $19.25B | · | $19.56B | |
| Long-term Debt | · | · | $4.31B | $3.79B | $4.23B | $5.12B | $5.56B | $4.58B | · | · | · | $4.22B | $4.70B | · | · | · | |
| Common Stock | $0 | $0 | $0 | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Retained Earnings | $1.78B | $1.64B | $1.48B | $1.43B | $1.25B | $1.13B | $999M | $1.00B | $1.01B | $890M | · | $735M | $574M | $537M | · | $238M | |
| AOCI | $-17M | $-17M | $-16M | $-16M | $-19M | $-19M | $-22M | $-16M | $-22M | $-22M | · | $-27M | $-20M | $-19M | · | $-21M | |
| Stockholders' Equity | $3.37B | $3.33B | $3.33B | $3.32B | $3.17B | $3.07B | $3.05B | $3.11B | $3.17B | $3.03B | $2.92B | $2.86B | $2.74B | $2.72B | $2.27B | $2.40B | |
| Liabilities + Equity | $22.45B | $22.31B | $22.66B | $21.71B | $21.82B | $22.38B | $22.89B | $21.74B | $22.14B | $22.30B | · | $21.61B | $21.61B | $21.97B | · | $21.96B | |
| Shares Outstanding | 38,700,000 | 41,300,000 | 44,100,000 | 46,000,000 | 46,600,000 | 47,600,000 | 49,100,000 | 49,700,000 | 49,700,000 | 49,600,000 | 49,300,000 | 49,300,000 | 50,100,000 | 50,100,000 | 49,900,000 | · |
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 | $18M | $19M | $19M | $19M | $21M | $21M | $22M | $22M | $23M | $23M | $24M | $23M | $35M | $34M | $33M | $29M | |
| Stock-based Comp | $16M | $15M | $15M | $13M | $15M | $13M | $13M | $13M | $13M | $15M | $12M | $10M | $13M | $9M | $9M | $8M | |
| Deferred Tax | $-4M | $12M | $-5M | $78M | $-6M | $23M | $-21M | $-19M | $11M | $-56M | $-33M | $-5M | $-11M | $-19M | $-108M | $-35M | |
| Other Non-cash | · | $260M | · | · | · | $198M | · | · | · | $331M | · | · | · | $-81M | · | · | |
| Operating Cash Flow | $533M | $487M | $568M | $605M | $526M | $393M | $479M | $456M | $477M | $447M | $617M | $629M | $343M | $398M | $497M | $608M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $10M | |
| Investing Cash Flow | $-672M | $317M | $-1.50B | $-338M | $-221M | $691M | $-1.35B | $-569M | $31M | $720M | $-1.79B | $-281M | $-281M | $3.14B | $-3.62B | $-591M | |
| Stock Repurchased | $243M | $153M | $123M | $40M | $47M | $103M | $44M | $0 | $0 | $11M | $0 | $35M | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $-153M | · | · | · | $-103M | · | · | · | $-11M | · | · | · | · | · | · | |
| Dividends Paid | $9M | $10M | $10M | $10M | $10M | $10M | · | $10M | $11M | $11M | · | $11M | $11M | $11M | $12M | $10M | |
| Financing Cash Flow | $-59M | $-475M | $784M | $-306M | $-723M | $-562M | $1.11B | $-488M | $-244M | $-975M | $1.40B | $-304M | $-343M | $-3.83B | $3.44B | $-106M | |
| Net Change in Cash | $-198M | $329M | $-151M | $-39M | $-418M | $522M | $243M | $-601M | $264M | $192M | $221M | $44M | $-281M | $-295M | $319M | $-89M |
Profitability 5
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 14.1% | 17.0% | · | 18.2% | 14.3% | 13.7% | · | 0.19% | 13.5% | 12.7% | · | 15.8% | 4.8% | 40.7% | · | 13.7% | |
| Pretax Margin | 19.0% | 22.8% | · | 19.0% | 17.9% | 19.6% | · | 3.9% | 18.2% | 17.9% | · | 20.8% | 8.7% | 57.1% | · | 19.3% | |
| EBITDA Margin | · | 1.8% | · | · | · | 2.1% | · | · | · | 2.2% | · | · | · | 3.0% | · | · | |
| ROA | 0.66% | 0.81% | · | 0.87% | 0.63% | 0.62% | · | 0.01% | 0.61% | 0.61% | · | 0.78% | 0.22% | 2.1% | · | 0.61% | |
| ROE | 4.5% | 5.7% | · | 5.9% | 4.4% | 4.5% | · | 0.07% | 4.5% | 4.7% | · | 6.5% | 1.9% | 18.3% | · | 5.8% |
Efficiency 1
| 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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.1 | · | 0.0 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.31B | $4.31B | · | $4.31B | $4.31B | $4.31B | · | $4.31B | $4.31B | $4.31B | · | $4.31B | $4.31B | $4.31B | · | $4.31B | |
| Net Income TTM | $654M | $646M | · | $467M | $412M | $407M | · | $440M | $486M | $808M | · | $808M | $649M | $811M | · | $580M | |
| Market Cap | $4.19B | $3.09B | · | $2.57B | $2.66B | $2.38B | · | $2.36B | $2.21B | $1.85B | · | $1.69B | $1.57B | $1.52B | · | · | |
| P/E | 7.4 | 5.4 | · | 5.7 | 6.8 | 6.1 | · | 5.4 | 4.6 | 2.3 | · | 2.1 | 2.4 | 1.9 | · | 2.7 | |
| P/S | 1.0 | 0.7 | · | 0.6 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | · | |
| P/B | 1.2 | 0.9 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | 0.7 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | · | |
| P / Tangible Book | 1.2 | 0.9 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | 0.7 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | · | |
| P / Cash Flow | · | 6.4 | · | · | · | 6.1 | · | · | · | 4.1 | · | · | · | 3.8 | · | · | |
| Dividend Yield | 0.93% | 1.3% | · | 1.6% | 1.5% | 1.8% | · | 1.8% | 2.0% | 2.4% | · | 2.5% | 2.7% | 2.8% | · | · | |
| Earnings Yield | 13.5% | 18.5% | · | 17.4% | 14.8% | 16.4% | · | 18.6% | 21.8% | 43.4% | · | 47.2% | 41.3% | 53.5% | · | 36.9% | |
| Payout Ratio | 6.2% | 5.5% | · | 4.8% | 7.2% | 8.7% | · | 500.0% | 8.3% | 8.2% | · | 6.4% | 22.9% | 2.4% | · | 7.5% | |
| Annual Payout | $39M | $40M | · | $40M | $41M | $42M | · | $43M | $44M | $44M | · | $43M | $43M | $42M | · | · |
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 | |
|---|---|---|---|---|---|
| Net Income | $518M | $277M | $718M | $223M | $801M |
| Diluted EPS | $10.89 | $5.49 | $14.34 | $4.46 | $16.02 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | $1.78B | $1.46B |
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Institutional owners (13F) 448 filers · $3.1B 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 |
|---|---|---|---|---|
| 84 (+23 vs prior Q) | 39 (+1 vs prior Q) | 129 (-1 vs prior Q) | 136 (+14 vs prior Q) | +2.5M |
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 |
|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LP | $321,293,831 | 2,965,333 | 10.50% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $284,073,764 | 2,621,816 | 9.28% | Shares |
| AMERICAN CENTURY COMPANIES INC | $194,075,456 | 1,791,190 | 6.34% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $190,439,969 | 1,757,637 | 6.22% | Shares |
| STATE STREET CORP | $182,212,628 | 1,681,704 | 5.95% | Shares |
| TURTLE CREEK ASSET MANAGEMENT INC. | $141,975,231 | 1,310,339 | 4.64% | Shares |
| Allianz Asset Management GmbH | $131,846,673 | 1,216,859 | 4.31% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $113,247,095 | 1,045,197 | 3.70% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $106,282,316 | 980,752 | 3.47% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $83,410,647 | 769,826 | 2.72% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $66,366,000 | 612,515 | 2.17% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $63,199,000 | 583,288 | 2.06% | Shares |
| GOLDMAN SACHS GROUP INC | $50,468,460 | 465,791 | 1.65% | Shares |
| NEUBERGER BERMAN GROUP LLC | $49,237,948 | 454,272 | 1.61% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $43,632,437 | 402,699 | 1.43% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $42,782,865 | 394,858 | 1.40% | Shares |
| PZENA INVESTMENT MANAGEMENT LLC | $35,478,991 | 327,448 | 1.16% | Shares |
| MILLENNIUM MANAGEMENT LLC | $33,078,930 | 305,297 | 1.08% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $32,871,873 | 303,386 | 1.07% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $28,928,041 | 266,987 | 0.94% | Shares |
| Public Sector Pension Investment Board | $27,996,448 | 258,389 | 0.91% | Shares |
| BANK OF AMERICA CORP /DE/ | $27,116,863 | 250,271 | 0.89% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $24,223,918 | 223,571 | 0.79% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $23,447,698 | 216,407 | 0.77% | Shares |
| VANGUARD GROUP INC | $21,360,098 | 288,533 | 0.70% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $19,791,964 | 182,667 | 0.65% | Shares |
| PRUDENTIAL FINANCIAL INC | $18,520,591 | 170,933 | 0.61% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $17,286,809 | 159,546 | 0.56% | Shares |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. | $17,194,387 | 158,693 | 0.56% | Shares |
| ASSETMARK, INC | $17,087,144 | 157,703 | 0.56% | Shares |
| AMERIPRISE FINANCIAL INC | $16,566,174 | 152,895 | 0.54% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $15,417,447 | 142,293 | 0.50% | Shares |
| Hudson Bay Capital Management LP | $14,808,411 | 136,672 | 0.48% | Shares |
| Hillsdale Investment Management Inc. | $14,800,610 | 136,600 | 0.48% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $14,720,973 | 135,865 | 0.48% | Shares |
| Miller Value Partners, LLC | $14,388,663 | 132,798 | 0.47% | Shares |
| JANE STREET GROUP, LLC | $13,901,305 | 128,300 | 0.45% | Call option |
| FRANKLIN RESOURCES INC | $12,866,563 | 118,750 | 0.42% | Shares |
| Edgestream Partners, L.P. | $12,024,683 | 110,980 | 0.39% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $11,934,211 | 110,145 | 0.39% | Shares |
| RHUMBLINE ADVISERS | $11,660,059 | 107,615 | 0.38% | Shares |
| TWO SIGMA INVESTMENTS, LP | $11,565,279 | 106,740 | 0.38% | Shares |
| Cambria Investment Management, L.P. | $10,923,955 | 100,821 | 0.36% | Shares |
| PEAK6 LLC | $10,835,000 | 100,000 | 0.35% | Put option |
| Brevan Howard Capital Management LP | $10,835,000 | 100,000 | 0.35% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $10,807,047 | 99,742 | 0.35% | Shares |
| Jefferies Financial Group Inc. | $10,569,109 | 97,546 | 0.35% | Shares |
| BROOKTREE CAPITAL MANAGEMENT | $10,566,942 | 97,526 | 0.35% | Shares |
| Walleye Capital LLC | $9,902,540 | 91,394 | 0.32% | Shares |
| Robeco Institutional Asset Management B.V. | $9,765,802 | 90,132 | 0.32% | Shares |
| CITADEL ADVISORS LLC | $9,112,235 | 84,100 | 0.30% | Put option |
| Swiss National Bank | $9,006,377 | 83,123 | 0.29% | Shares |
| Brandywine Global Investment Management, LLC | $8,462,369 | 114,310 | 0.28% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $8,313,696 | 76,730 | 0.27% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $7,982,361 | 73,672 | 0.26% | Shares |
| MACKENZIE FINANCIAL CORP | $7,905,974 | 72,967 | 0.26% | Shares |
| Balyasny Asset Management L.P. | $7,861,118 | 72,553 | 0.26% | Shares |
| FIRST TRUST ADVISORS LP | $7,747,675 | 71,506 | 0.25% | Shares |
| Moran Wealth Management, LLC | $7,483,626 | 69,069 | 0.24% | Shares |
| Legal & General Group Plc | $6,716,833 | 61,992 | 0.22% | Shares |
| Convergence Investment Partners, LLC | $6,649,981 | 61,375 | 0.22% | Shares |
| JANE STREET GROUP, LLC | $6,490,165 | 59,900 | 0.21% | Put option |
| XTX Topco Ltd | $6,102,164 | 56,319 | 0.20% | Shares |
| NORGES BANK | $6,060,557 | 55,935 | 0.20% | Shares |
| GREAT LAKES ADVISORS, LLC | $5,645,286 | 52,102 | 0.18% | Shares |
| D. E. Shaw & Co., Inc. | $5,618,814 | 51,858 | 0.18% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $5,182,248 | 47,829 | 0.17% | Shares |
| SEI INVESTMENTS CO | $5,107,840 | 47,142 | 0.17% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,833,494 | 44,610 | 0.16% | Shares |
| NOMURA HOLDINGS INC | $4,563,052 | 42,114 | 0.15% | Shares |
| ROYCE & ASSOCIATES LP | $4,530,330 | 41,812 | 0.15% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $4,425,637 | 40,845 | 0.14% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $4,292,935 | 39,621 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,194,337 | 38,711 | 0.14% | Shares |
| Walleye Trading LLC | $4,095,630 | 37,800 | 0.13% | Put option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,057,166 | 54,175 | 0.13% | Shares |
| Vanguard Global Advisers, LLC | $3,911,218 | 36,098 | 0.13% | Shares |
| CREDIT AGRICOLE S A | $3,900,600 | 36,000 | 0.13% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $3,800,593 | 35,077 | 0.12% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $3,756,820 | 34,673 | 0.12% | Shares |
| Quantinno Capital Management LP | $3,712,505 | 34,264 | 0.12% | Shares |
| CAXTON ASSOCIATES LLP | $3,553,555 | 32,797 | 0.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,502,980 | 46,775 | 0.11% | Shares |
| Integrated Quantitative Investments LLC | $3,446,288 | 31,807 | 0.11% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,343,898 | 30,862 | 0.11% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $3,167,829 | 29,237 | 0.10% | Shares |
| Kodai Capital Management LP | $3,132,554 | 62,551 | 0.10% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $3,127,523 | 28,865 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,075,840 | 28,388 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,044,635 | 28,100 | 0.10% | Call option |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,978,767 | 27,396 | 0.10% | Shares |
| TWO SIGMA ADVISERS, LP | $2,968,603 | 40,100 | 0.10% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $2,957,955 | 27,300 | 0.10% | Shares |
| LPL Financial LLC | $2,903,724 | 26,799 | 0.09% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $2,889,695 | 26,670 | 0.09% | Shares |
| Engineers Gate Manager LP | $2,759,675 | 25,470 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $2,730,420 | 25,200 | 0.09% | Call option |
| Kiker Wealth Management, LLC | $2,711,058 | 25,021 | 0.09% | Shares |
| HENNESSY ADVISORS INC | $2,708,750 | 25,000 | 0.09% | Shares |
| AEGON ASSET MANAGEMENT UK Plc | $2,665,410 | 24,600 | 0.09% | Shares |
Company insiders 63 insiders · 21 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ralph J Andretta | President and CEO | May 29, 2026 S | 582,241 | 0 | 3 | $-1,336,540 |
| Edward J Heffernan | President and CEO | Feb. 19, 2019 F | 251,893 | 0 | 0 | $0 |
| Perry S Beberman | EVP, Chief Financial Officer | Feb. 18, 2025 F | 134,721 | 0 | 0 | $0 |
| Timothy P King | EVP & Chief Financial Officer | Feb. 18, 2021 F | 33,308 | 0 | 0 | $0 |
| Allegra S Driscoll | EVP, Chief Technology Officer | Feb. 18, 2026 F | 59,968 | 0 | 0 | $0 |
| Jonathan Bryan Campbell | SVP, Chief Accounting Officer | Feb. 18, 2026 F | 37,149 | 0 | 0 | $0 |
| Joseph L Motes III | EVP, CAO, Gen Counsel & Secy | Feb. 18, 2026 F | 129,617 | 0 | 0 | $0 |
| Valerie E Greer | EVP, Chief Commercial Officer | Dec. 11, 2025 F | 151,951 | 0 | 0 | $0 |
| Tammy M Mcconnaughey | EVP, Operations & Credit Risk | Feb. 18, 2025 F | 119,058 | 0 | 0 | $0 |
| John Jeffrey Chesnut | SVP and Treasurer | Oct. 22, 2021 F | 19,141 | 0 | 0 | $0 |
| Laura Santillan | SVP, Chief Acctg. Officer | Oct. 22, 2021 F | 38,249 | 0 | 0 | $0 |
| Charles L Horn | EVP & Senior Advisor | Feb. 16, 2021 F | 6,300 | 0 | 0 | $0 |
| Melisa A Miller | EVP & Pres, Card Services | Feb. 19, 2019 F | 42,453 | 0 | 0 | $0 |
| Bryan J Kennedy | EVP & President, Epsilon | Feb. 19, 2019 F | 130,693 | 0 | 0 | $0 |
| Bryan A Pearson | EVP & President, LoyaltyOne | Feb. 19, 2019 F | 25,282 | 0 | 0 | $0 |
| Leigh Ann K Epperson | SVP, General Counsel & Secy | April 20, 2015 S | 14,301 | 0 | 0 | $0 |
| Ivan M Szeftel | EVP & Pres, Retail Credit Svcs | March 21, 2011 A | 95,683 | 0 | 0 | $0 |
| Alan M Utay | EVP, CAO, Gen. Counsel, Secy | April 26, 2010 M | 83,428 | 0 | 0 | $0 |
| Dwayne H Tucker | EVP, HR & Corp. Communications | Aug. 14, 2009 M | 99,676 | 0 | 0 | $0 |
| Transient C Taylor | EVP, Human Resources | Feb. 21, 2007 M | 26,495 | 0 | 0 | $0 |
| James E Brown | Chief Information Officer | Feb. 2, 2004 A | 5,000 | 0 | 0 | $0 |
| Praniti Lakhwara | Director | July 28, 2026 S | 4,458 | 0 | 1 | $-297,348 |
| John C Gerspach | Director | July 15, 2026 A | 49,574 | 0 | 0 | $0 |
| Rajesh Natarajan | Director | June 15, 2026 A | 21,442 | 0 | 0 | $0 |
| John J. Fawcett | Director | June 15, 2026 A | 12,638 | 0 | 0 | $0 |
| Joyce St Clair | Director | June 15, 2026 A | 11,307 | 0 | 0 | $0 |
| Laurie Anne Tucker | Director | June 15, 2026 A | 35,459 | 0 | 0 | $0 |
| Sharen J Turney | Director | June 15, 2026 A | 23,174 | 0 | 0 | $0 |
| Timothy J Theriault | Director | June 15, 2026 A | 27,384 | 0 | 0 | $0 |
| Roger H Ballou | Director | April 24, 2026 S | 30,079 | 0 | 1 | $-874,930 |
| Karin Kimbrough | Director | April 17, 2023 A | 4,889 | 0 | 0 | $0 |
| ALLIANCE DATA SYSTEMS CORP | Director | Nov. 5, 2021 J | 4,671,194 | 0 | 0 | $0 |
| Robert A Minicucci | Director | March 20, 2020 P | 135,190 | 0 | 0 | $0 |
| Bruce K Anderson | Director | March 20, 2020 P | 748,554 | 0 | 0 | $0 |
| Kenneth R Jensen | Director | March 20, 2020 P | 78,260 | 0 | 0 | $0 |
| Linn E Draper JR | Director | June 25, 2018 A | 26,990 | 0 | 0 | $0 |
| Keith D Cobb | Director | June 26, 2017 A | 9,237 | 0 | 0 | $0 |
| Lawrence M Benveniste | Director | July 1, 2014 A | 11,426 | 0 | 0 | $0 |
| Michael J Parks | Director | March 17, 2010 S | 216,111 | 0 | 0 | $0 |
| Turtle Creek Asset Management Inc. | 10% owner | Jan. 29, 2024 S | 293,092 | 0 | 0 | $0 |
| James R Matthews | 10% owner | April 27, 2006 J | 415 | 0 | 0 | $0 |
| Scott D Mackesy | 10% owner | April 27, 2006 J | 2,549 | 0 | 0 | $0 |
| Sanjay Swani | 10% owner | April 27, 2006 J | 290 | 0 | 0 | $0 |
| John D Clark | 10% owner | April 27, 2006 J | 616 | 0 | 0 | $0 |
| Jonathan M Rather | 10% owner | April 27, 2006 J | 647 | 0 | 0 | $0 |
| Paul B. Queally | 10% owner | April 27, 2006 J | 25,415 | 0 | 0 | $0 |
| Anthony J Denicola | 10% owner | April 27, 2006 J | 78,972 | 0 | 0 | $0 |
| Thomas E Mcinerney | 10% owner | April 27, 2006 J | 200,342 | 0 | 0 | $0 |
| Russell L Carson | 10% owner | April 27, 2006 J | 257,189 | 0 | 0 | $0 |
| Patrick J Welsh | 10% owner | April 27, 2006 J | 322,820 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 20 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 |
|---|---|---|---|---|---|
| Undisclosed reporting person, Undisclosed reporting person | Oct. 30, 2019 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Oct. 25, 2019 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | April 29, 2019 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | June 9, 2017 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | March 20, 2017 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Jan. 25, 2017 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Aug. 25, 2016 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Aug. 24, 2016 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | July 11, 2016 | — | Initial filing | — | SEC |
| Alliance Data Systems Corporation | Sept. 22, 2014 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Dec. 29, 2009 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | April 24, 2009 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | July 21, 2008 | — | Initial filing | — | SEC |
| Noonday Asset Management, L.P., Noonday G.P. (U.S.), L.L.C., Noonday Capital, L.L.C., David I. Cohen, Saurabh K. Mittal, Noonday Capital Partners, L.L.C., Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P., Farallon Capital Institutional Partners II, L.P., Farallon Capital Institutional Partners III, L.P., Tinicum Partners, L.P., Farallon Capital Offshore Investors II, L.P., Farallon Capital Management, L.L.C., Farallon Partners, L.L.C., William F. Duhamel, Richard B. Fried, Monica R. Landry, Douglas M. MacMahon, William F. Mellin, Stephen L. Millham, Jason E. Moment, Ashish H. Pant, Rajiv A. Patel, Derek C. Schrier, Andrew J. M. Spokes, Thomas F. Steyer, Mark C. Wehrly ×6 filings | March 31, 2008 | — | Initial filing | — | SEC |
| CR Intrinsic Investors, LLC, CR Intrinsic Investments, LLC, Sigma Capital Management, LLC, S.A.C. Capital Advisors, LLC, S.A.C. Capital Management, LLC, Steven A. Cohen ×2 filings | March 7, 2008 | — | Initial filing | — | 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 94 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 |
|---|---|---|---|---|
| SCOW · Pacer Funds Trust | 2.87% | 523 NS | April 30, 2026 | N-PORT |
| PFI · Invesco Exchange-Traded Fund Trust | 2.44% | 13,331 SH | Aug. 8, 2026 | Daily |
| ALIL · EA Series Trust | 2.10% | 6,025 NS | May 29, 2026 | N-PORT |
| SAWS · ETF Series Solutions | 1.26% | 1,050 NS | April 30, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 1.06% | 119,517 NS | April 30, 2026 | N-PORT |
| XSVM · Invesco Exchange-Traded Fund Trust | 1.00% | 61,285 SH | Aug. 8, 2026 | Daily |
| MYLD · Cambria ETF Trust | 1.00% | 3,477 NS | April 30, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.95% | 9,323 NS | April 30, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.95% | 2,391 SH | Aug. 8, 2026 | Daily |
| COPY · RBB Fund Trust | 0.90% | 34,742 NS | May 31, 2026 | N-PORT |
| CLSE · Trust for Professional Managers | 0.82% | 56,467 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.77% | 14,308 NS | April 30, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.68% | 6,437 NS | May 31, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.67% | 14,589 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.58% | 3,772 NS | April 30, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.54% | 15,587 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.52% | 696 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.48% | 1,450,342 NS | May 31, 2026 | N-PORT |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.47% | 85,741 SH | Aug. 8, 2026 | Daily |
| RZV · Invesco Exchange-Traded Fund Trust | 0.44% | 12,482 SH | Aug. 8, 2026 | Daily |
| IJS · iShares Trust | 0.44% | 332,214 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.42% | 6,148 NS | April 30, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.40% | 16,724 SH | Aug. 8, 2026 | Daily |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.39% | 4,287 NS | May 31, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.33% | 63,247 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.32% | 46,350 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.32% | 100,541 NS | May 31, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.31% | 24,342 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.29% | 258,740 NS | April 30, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.28% | 35,723 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.27% | 6,501 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.24% | 323,128 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.24% | 141,280 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.21% | 337,233 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.20% | 5,438 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.20% | 8,922 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 16,700 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.19% | 689 NS | May 31, 2026 | N-PORT |
| GMOV · GMO ETF Trust | 0.19% | 1,930 NS | May 31, 2026 | N-PORT |
| SAA · ProShares Trust | 0.17% | 528 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.17% | 1,654 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.16% | 17,410 NS | May 31, 2026 | N-PORT |
| XJR · iShares Trust | 0.16% | 2,674 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.15% | 1,549,341 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.15% | 40,693 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.14% | 2,255 NS | April 30, 2026 | N-PORT |
| PGX · Invesco Exchange-Traded Fund Trust … | 0.13% | 195,899 | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.13% | 235,351 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.13% | 10,679 NS | May 31, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.12% | 20,256 SH | Aug. 8, 2026 | Daily |