BILL BILL Holdings, Inc. Common Stock
$49.32
Price · Aug 19, 2026
Fundamentals as of May 8, 2026
52W Range
$31–$57
69% of range
Analyst Rating
BUY
30 analysts
Price Target
$55
+11% upside
P/E (TTM)
-683.7
ROE
0.62%
Net Profit Margin
1.6%
About BILL Holdings, Inc. Common Stock Company overview from Wikipedia
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
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BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
History
2004–2010
René Lacerte, who co-founded and led an online payroll software startup PayCycle, stepped down as its CEO in November 2004 per the decision of the Board. Lacerte soon started working on his next company, which eventually became Bill.com. Founded in April 2006 as Cashboard, Inc., the company enables small businesses to pay their bills and keep their books in the cloud. Its early investors included August Capital and DCM Ventures.
2019–2025
In October 2019, Bill.com started offering new capabilities to help companies automate their AP/AR functions.
Bill.com completed its initial public offering (IPO) on the New York Stock Exchange in December 2019. In early 2020, Bill.com moved its headquarters from Palo Alto to San Jose, California.
In June 2021, Bill.com paid $2.5 billion to acquire Divvy, an expense-management company that modernizes small business finances by combining software and corporate smart cards into a single platform. Later that September, the company closed the acquisition of Invoice2go for $625 million, an AR mobile-first company, extending the company's reach to serve sole proprietors.
In 2025, the Financial Times reported that the hedge fund Elliott Management had acquired a large stake in Bill Holdings. Reuters then reported that Elliott owned roughly 5% of Bill Holdings. Activist investor Starboard Value had also acquired an 8.5% stake in BILL Holdings, with reports it intended to push for changes. In early 2025, Starboard and the company Autodesk reached a settlement to add two independent directors to the BILL board, while in March, Kenvue agreed to add three directors to the board. Starboard nominated four to the BILL Holdings board in September 2025, with four of BILL's 12 directors standing for election at the upcoming annual meeting. In September 2025, BILL Holdings had a market value of around $5 billion.
In November 2025, Bloomberg reported that BILL Holdings was exploring strategic options including a potential sale, amid pressure from activist investors Starboard Value and Elliott Management. In December 2025, activist investor Barington Capital also disclosed a stake and urged the board to consider a sale. By February 2026, Hellman & Friedman was reported to be in talks for a potential buyout.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
BILL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$49.31
Market Cap
$4.93B
P/E (TTM)
-683.7
EPS (TTM)
$-0.07
Revenue (TTM)
$1.46B
Div Yield
—
ROE
0.62%
Debt/Equity
—
52W Range
$31 – $57
BILL 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
$1.46B
2018-06-30
→
2025-06-30
EPS
$-0.07
2020-06-30
→
2025-06-30
Free Cash Flow
$346M
2020-06-30
→
2025-06-30
Margins
1.6%
2020-06-30
→
2025-06-30
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BILL
Peer Median
P/E (TTM)
-683.7
38.6
P/S (TTM)
3.4
3.4
P/B
1.3
8.7
Price / FCF
14.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BILL
Peer Median
Gross Margin
81.4%
74.4%
Operating Margin
-5.5%
—
Net Profit Margin
1.6%
9.4%
ROA
0.25%
6.9%
ROE
0.62%
13.0%
ROIC
-1.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BILL
Peer Median
Current Ratio
1.6
1.6
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BILL
Peer Median
Revenue YoY
13.4%
—
Revenue CAGR 3Y
31.6%
—
Revenue CAGR 5Y
56.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BILL
Peer Median
BILL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
30 analysts
- Strong Buy 7 23.3%
- Buy 12 40.0%
- Hold 11 36.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-18
Median
$55.00
Now
$49.31
Low
$42.00
High
$77.00
Median target
$55.00
+11.5%
Mean target
$54.57
+10.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.10%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $0.68 | $0.57 | 0.11% |
| Dec. 31, 2025 | $0.64 | $0.57 | 0.07% |
| Sept. 30, 2025 | $0.61 | $0.52 | 0.09% |
| June 30, 2025 | $0.53 | $0.41 | 0.12% |
| March 31, 2025 | $0.50 | $0.38 | 0.12% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BILL | $4.77B | -660.9 | 13.4% | 1.6% | 0.62% | 81.4% |
| RNG | — | 60.2 | 4.8% | — | — | — |
| ZETA | — | -145.4 | 29.7% | -2.4% | -4.3% | — |
| ACIW | $4.91B | 22.1 | 10.4% | 12.9% | 15.6% | — |
| KVYO | — | -295.2 | 31.6% | -2.6% | -2.8% | 74.7% |
| OCTV | — | — | — | — | — | — |
| BOX | $3.57B | 43.7 | 8.0% | 9.8% | -40.6% | 79.2% |
| CCC | $4.81B | — | 11.9% | 0.16% | 0.09% | 73.5% |
| QTWO | $4.53B | 90.2 | 14.1% | 6.5% | 8.3% | 54.1% |
| MARA | $3.41B | -2.4 | 38.2% | -144.6% | -34.5% | — |
| LIF | $5.09B | 36.2 | 31.8% | 30.8% | 33.0% | 77.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.46B | $1.29B | $1.06B | $642M | $238M | $158M | $108M | $65M | |
| Cost of Revenue | $272M | $235M | $194M | $145M | $62M | $39M | $30M | $19M | |
| Gross Profit | $1.19B | $1.06B | $864M | $497M | $176M | $118M | $78M | $45M | |
| R&D Expense | $340M | $337M | $315M | $220M | $90M | $53M | $29M | $18M | |
| SG&A Expense | $282M | $278M | $249M | $221M | $128M | $53M | $29M | $16M | |
| Operating Expenses | $1.27B | $1.23B | $1.16B | $814M | $290M | $153M | $88M | $53M | |
| Operating Income | $-81M | $-174M | $-296M | $-317M | $-114M | $-34M | $-10M | $-8M | |
| Interest Expense | · | · | $15M | $9M | $28M | $229.0K | $825.0K | $427.0K | |
| Interest Income | · | $122M | $91M | $7M | $3M | $4M | $3M | $1M | |
| Other Non-op | $111M | $148M | $73M | $-14M | $-25M | $3M | $2M | $1.0K | |
| Pretax Income | $30M | $-26M | $-223M | $-331M | $-139M | $-31M | $-7M | $-7M | |
| Income Tax | $7M | $3M | $808.0K | $-4M | $-41M | $53.0K | $-156.0K | $10.0K | |
| Net Income | $24M | $-29M | $-224M | $-326M | $-99M | $-31M | $-7M | $-7M | |
| EPS (Basic) | $0.23 | $-0.27 | $-2.11 | $-3.21 | $-1.19 | $-0.70 | · | · | |
| EPS (Diluted) | $-0.07 | $-0.27 | $-2.11 | $-3.21 | $-1.19 | $-0.70 | · | · | |
| Shares (Basic) | 103,568,000 | 106,102,000 | 105,976,000 | 101,753,000 | 82,813,000 | 44,106,000 | · | · | |
| Shares (Diluted) | 103,912,000 | 106,102,000 | 105,976,000 | 101,753,000 | 82,813,000 | 44,106,000 | · | · | |
| EBITDA | $-53M | $-151M | $-296M | $-317M | $-114M | $-34M | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.04B | $986M | $1.62B | $1.60B | $510M | $574M | $90M | $22M | |
| Receivables | $32M | $28M | $28M | $24M | $18M | $4M | $4M | · | |
| Prepaid Expense | $258M | $297M | $170M | $151M | $67M | $27M | $12M | · | |
| Current Assets | $7.24B | $6.31B | $6.67B | $6.28B | $3.61B | $2.38B | $1.51B | · | |
| PP&E (Net) | $117M | $88M | $82M | $57M | $49M | $14M | $7M | · | |
| PP&E (Gross) | $207M | $155M | $127M | $87M | $68M | $28M | $18M | · | |
| Accum. Depreciation | $90M | $67M | $45M | $30M | $19M | $14M | $11M | · | |
| Goodwill | $2.40B | $2.40B | $2.40B | $2.36B | $1.77B | $0 | · | · | |
| Intangibles | $223M | $281M | $361M | $433M | $417M | · | · | · | |
| Other Non-current Assets | $33M | $39M | $54M | $48M | $53M | $11M | $7M | · | |
| Total Assets | $10.06B | $9.18B | $9.64B | $9.26B | $5.97B | $2.40B | $1.53B | · | |
| Accounts Payable | $16M | $7M | $9M | $10M | $12M | $3M | $5M | · | |
| Accrued Liabilities | $252M | $300M | $195M | $120M | $72M | $11M | $7M | · | |
| Current Liabilities | $4.59B | $4.06B | $3.75B | $3.41B | $2.33B | $1.68B | $1.35B | · | |
| Capital Leases | $58M | $63M | $72M | $83M | $87M | · | · | · | |
| Deferred Tax | · | · | · | · | $9M | · | · | · | |
| Other Non-current Liabilities | $2M | $574.0K | $19M | $21M | $35M | $14M | $1M | · | |
| Total Liabilities | $6.15B | $5.04B | $5.55B | $5.21B | $3.44B | $1.69B | $1.35B | · | |
| Long-term Debt | $1.71B | $914M | $1.84B | $1.77B | $989M | · | · | · | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | · | |
| Paid-in Capital | $5.41B | $5.23B | $4.95B | $4.60B | $2.78B | $857M | $15M | · | |
| Retained Earnings | $-1.51B | $-1.10B | $-856M | $-545M | $-247M | $-149M | $-118M | · | |
| AOCI | $10M | $-2M | $-4M | $-10M | $-100.0K | $2M | $326.0K | · | |
| Stockholders' Equity | $3.91B | $4.13B | $4.09B | $4.04B | $2.53B | $711M | $-103M | $-102M | |
| Liabilities + Equity | $10.06B | $9.18B | $9.64B | $9.26B | $5.97B | $2.40B | $1.53B | · | |
| Shares Outstanding | 103,012,000 | 106,646,000 | 106,550,000 | 104,731,000 | 94,504,000 | 79,635,000 | 8,154,000 | 7,345,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $28M | $23M | $16M | $12M | $5M | $1M | $3M | $2M | |
| Stock-based Comp | $243M | $248M | $314M | $197M | $68M | $18M | $4M | $2M | |
| Deferred Tax | $-77.0K | $-361.0K | $-1M | $-4M | $-41M | $0 | $-176.0K | · | |
| Amort. of Intangibles | $62M | $80M | $80M | $76M | $6M | $0 | · | · | |
| Restructuring | $7.0K | $24M | · | · | · | · | · | · | |
| Other Non-cash | $57M | $36M | · | · | · | · | · | · | |
| Operating Cash Flow | $351M | $279M | $188M | $-18M | $5M | $-4M | $-4M | $-8M | |
| CapEx | $4M | $976.0K | $8M | $5M | $19M | $11M | $3M | $1M | |
| Investing Cash Flow | $-817M | $-409M | $259M | $-1.13B | $-1.43B | $-249M | $-96M | $-418M | |
| Stock Issued | $12M | $16M | $18M | $13M | $9M | $0 | · | · | |
| Stock Repurchased | $430M | $212M | $88M | $0 | $0 | · | · | · | |
| Net Stock Activity | $-418M | $-195M | $-70M | $13M | $9M | $308M | · | · | |
| Financing Cash Flow | $667M | $-743M | $235M | $2.88B | $1.64B | $863M | $492M | $326M | |
| Net Change in Cash | $199M | $-873M | $682M | $1.73B | $217M | $609M | · | · | |
| Free Cash Flow | $346M | $278M | $180M | $-23M | $-14M | $-16M | · | · | |
| Levered FCF | · | · | $165M | $-33M | $-34M | $-16M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.4% | 81.8% | 81.7% | 77.4% | 74.1% | 75.2% | · | · | |
| Operating Margin | -5.5% | -13.5% | -27.9% | -49.4% | -47.8% | -21.7% | · | · | |
| Net Margin | 1.6% | -2.2% | -21.1% | -50.8% | -41.4% | -19.7% | · | · | |
| Pretax Margin | 2.1% | -2.0% | -21.1% | -51.5% | -58.5% | -19.7% | · | · | |
| EBITDA Margin | -3.6% | -11.7% | -27.9% | -49.4% | -47.8% | -21.7% | · | · | |
| ROA | 0.25% | -0.31% | -2.4% | -4.3% | -2.4% | -1.6% | · | · | |
| ROE | 0.62% | -0.70% | -5.5% | -8.1% | -5.8% | -5.7% | · | · | |
| ROIC | -1.6% | -4.6% | -7.3% | -7.7% | -3.2% | -4.8% | · | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.6 | 1.8 | 1.8 | 1.6 | 1.4 | · | · | |
| Quick Ratio | 0.2 | 0.2 | 0.4 | 0.5 | 0.2 | 0.3 | · | · | |
| Interest Coverage | · | · | -19.5 | -33.6 | -4.0 | -149.3 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · | |
| Receivables Turnover | 48.4 | 45.8 | 40.5 | 30.4 | 21.2 | 36.4 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 13.4% | 21.9% | 64.9% | 169.4% | 51.2% | · | · | · | |
| Revenue CAGR 3Y | 31.6% | 75.6% | 88.7% | · | · | · | · | · | |
| Revenue CAGR 5Y | 56.1% | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.46B | $1.29B | $1.06B | $642M | $238M | $158M | · | · | |
| Net Income TTM | $24M | $-29M | $-224M | $-326M | $-99M | $-31M | · | · | |
| Market Cap | $4.77B | $5.61B | $12.45B | $11.51B | $17.31B | $7.18B | · | · | |
| P/E | -660.9 | -194.9 | -55.4 | -34.2 | -153.9 | -128.9 | · | · | |
| P/S | 3.3 | 4.3 | 11.8 | 17.9 | 72.7 | 45.6 | · | · | |
| P/B | 1.2 | 1.4 | 3.0 | 2.8 | 6.8 | 10.1 | · | · | |
| P / Tangible Book | 3.7 | 3.9 | 9.4 | 9.2 | 50.9 | 10.1 | · | · | |
| P / Cash Flow | 13.6 | 20.1 | 66.3 | -636.4 | 3744.6 | -1621.6 | · | · | |
| P / FCF | 13.8 | 20.2 | 69.1 | -490.6 | -1212.4 | -452.8 | · | · | |
| Earnings Yield | -0.15% | -0.51% | -1.8% | -2.9% | -0.65% | -0.78% | · | · |
Income Statement 16
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $407M | $415M | $396M | $383M | $358M | $363M | $358M | $344M | $323M | $318M | $305M | $296M | $273M | $260M | $230M | $200M | |
| Cost of Revenue | $75M | $84M | $77M | $74M | $67M | $67M | $65M | $65M | $55M | $58M | $56M | $53M | $49M | $47M | $45M | $43M | |
| Gross Profit | $332M | $331M | $319M | $310M | $291M | $296M | $294M | $278M | $268M | $260M | $249M | $243M | $224M | $213M | $185M | $157M | |
| R&D Expense | $74M | $83M | $80M | $90M | $87M | $85M | $79M | $80M | $82M | $86M | $89M | $82M | $79M | $79M | $75M | $67M | |
| SG&A Expense | $72M | $79M | $77M | $70M | $74M | $71M | $67M | $70M | $64M | $70M | $73M | $41M | $72M | $69M | $67M | $39M | |
| Operating Expenses | $332M | $349M | $339M | $332M | $320M | $318M | $301M | $301M | $296M | $328M | $306M | $285M | $278M | $325M | $273M | $240M | |
| Operating Income | $-399.0K | $-18M | $-21M | $-22M | $-29M | $-22M | $-8M | $-22M | $-28M | $-68M | $-57M | $-41M | $-54M | $-112M | $-88M | $-83M | |
| Other Non-op | $15M | $16M | $18M | $19M | $19M | $55M | $18M | $30M | $60M | $29M | $29M | $26M | $24M | $17M | $6M | $-970.0K | |
| Pretax Income | $15M | $-2M | $-3M | $-3M | $-10M | $34M | $10M | $8M | $32M | $-39M | $-27M | $-15M | $-31M | $-95M | $-82M | $-84M | |
| Income Tax | $2M | $522.0K | $149.0K | $4M | $1M | $45.0K | $1M | $1.0K | $370.0K | $2M | $522.0K | $738.0K | $542.0K | $-365.0K | $-107.0K | $617.0K | |
| Net Income | $13M | $-3M | $-3M | $-7M | $-12M | $34M | $9M | $8M | $32M | $-40M | $-28M | $-16M | $-31M | $-95M | $-82M | $-85M | |
| EPS (Basic) | $0.13 | $-0.03 | $-0.03 | $-0.07 | $-0.11 | $0.33 | $0.08 | $0.07 | $0.30 | $-0.38 | $-0.26 | $-0.14 | $-0.29 | $-0.90 | $-0.78 | $-0.81 | |
| EPS (Diluted) | $0.12 | $-0.03 | $-0.03 | $0.02 | $-0.11 | $-0.06 | $0.08 | $0.37 | $0.00 | $-0.38 | $-0.26 | $-0.14 | $-0.29 | $-0.90 | $-0.78 | $-0.81 | |
| Shares (Basic) | 99,285,000 | 100,532,000 | 101,922,000 | -207,425,000 | 102,219,000 | 103,102,000 | 105,672,000 | -212,065,000 | 105,436,000 | 105,914,000 | 106,817,000 | -211,613,000 | 106,597,000 | 105,906,000 | 105,086,000 | -200,879,000 | |
| Shares (Diluted) | 112,677,000 | 100,532,000 | 101,922,000 | -210,109,000 | 102,219,000 | 104,480,000 | 107,322,000 | -217,805,000 | 111,176,000 | 105,914,000 | 106,817,000 | -211,613,000 | 106,597,000 | 105,906,000 | 105,086,000 | -200,879,000 | |
| EBITDA | $-399.0K | $-18M | $-21M | · | $-29M | $-22M | $-8M | · | $-28M | $-68M | $-57M | · | $-54M | · | · | · |
Balance Sheet 25
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $995M | $1.09B | $1.10B | $1.04B | $1.05B | $1.57B | $853M | $986M | $952M | $1.58B | $1.53B | $1.62B | $1.59B | $1.62B | $1.61B | $1.60B | |
| Receivables | $32M | $41M | $32M | $32M | $27M | $29M | $32M | $28M | $30M | $27M | $24M | · | $34M | $31M | $29M | · | |
| Prepaid Expense | $260M | $278M | $269M | $258M | $241M | $252M | $284M | $297M | $256M | $205M | $195M | · | $170M | $179M | $140M | · | |
| Current Assets | $7.28B | $7.33B | $7.33B | $7.24B | $6.80B | $6.84B | $6.20B | $6.31B | $6.23B | $6.96B | $6.68B | · | $6.41B | $6.75B | $6.29B | · | |
| PP&E (Net) | $139M | $127M | $129M | $117M | $105M | $94M | $90M | $88M | $87M | $87M | $85M | · | $77M | $69M | $62M | · | |
| PP&E (Gross) | · | · | · | $207M | · | · | · | $155M | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | · | $90M | · | · | · | $67M | · | · | · | · | · | · | · | · | |
| Goodwill | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | · | $2.40B | $2.40B | $2.36B | $2.36B | |
| Intangibles | $177M | $192M | $208M | $223M | $238M | $253M | $265M | $281M | $301M | $321M | $341M | · | $382M | $402M | $413M | · | |
| Other Non-current Assets | $33M | $33M | $34M | $33M | $31M | $30M | $32M | $39M | $48M | $49M | $49M | · | $50M | $50M | $49M | · | |
| Total Assets | $10.08B | $10.13B | $10.15B | $10.06B | $9.63B | $9.67B | $9.05B | $9.18B | $9.12B | $9.87B | $9.62B | · | $9.38B | $9.74B | $9.25B | · | |
| Accounts Payable | $7M | $5M | $7M | $16M | $9M | $6M | $11M | $7M | $7M | $9M | $6M | · | $9M | $14M | $12M | · | |
| Accrued Liabilities | $326M | $339M | $306M | $252M | $263M | $266M | $212M | $300M | $264M | $268M | $253M | · | $171M | $182M | $142M | · | |
| Current Liabilities | $4.39B | $4.43B | $4.38B | $4.59B | $4.02B | $4.12B | $4.06B | $4.06B | $3.83B | $4.12B | $3.70B | · | $3.34B | $3.73B | $3.33B | · | |
| Capital Leases | $51M | $53M | $56M | $58M | $61M | $63M | $61M | $63M | $65M | $68M | $70M | · | $76M | $78M | $80M | · | |
| Other Non-current Liabilities | $4M | $2M | $2M | $2M | $4M | $504.0K | $609.0K | $574.0K | $22M | $22M | $21M | · | $26M | $29M | $22M | · | |
| Total Liabilities | $6.28B | $6.32B | $6.27B | $6.15B | $5.76B | $5.86B | $5.03B | $5.04B | $5.06B | $5.92B | $5.50B | · | $5.28B | $5.65B | $5.21B | · | |
| Long-term Debt | $1.83B | $1.83B | $1.87B | $1.71B | $1.68B | $1.68B | $915M | $914M | $1.15B | $1.84B | $1.84B | · | $1.84B | $1.81B | $1.77B | · | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | · | $2.0K | $2.0K | $2.0K | · | |
| Paid-in Capital | · | · | · | $5.41B | · | · | · | $5.23B | · | · | · | · | · | · | · | · | |
| Retained Earnings | $-1.77B | $-1.73B | $-1.60B | $-1.51B | $-1.47B | $-1.46B | $-1.29B | $-1.10B | $-1.10B | $-1.14B | $-900M | · | $-780M | $-722M | $-626M | · | |
| AOCI | $2M | $14M | $13M | $10M | $7M | $-239.0K | $9M | $-2M | $-2M | $237.0K | $-4M | · | $-3M | $-6M | $-10M | · | |
| Stockholders' Equity | $3.80B | $3.81B | $3.88B | $3.91B | $3.87B | $3.81B | $4.01B | $4.13B | $4.06B | $3.95B | $4.12B | $4.09B | $4.10B | $4.08B | $4.05B | $4.04B | |
| Liabilities + Equity | $10.08B | $10.13B | $10.15B | $10.06B | $9.63B | $9.67B | $9.05B | $9.18B | $9.12B | $9.87B | $9.62B | · | $9.38B | $9.74B | $9.25B | · | |
| Shares Outstanding | 99,581,000 | 99,967,000 | 101,815,000 | 103,012,000 | 102,710,000 | 101,945,000 | 103,489,000 | 106,646,000 | 105,942,000 | 105,081,000 | 107,115,000 | 106,550,000 | 106,688,000 | 106,336,000 | 105,633,000 | 104,731,000 |
Cash Flow 13
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $12M | $12M | $12M | $13M | $12M | $12M | $12M | $12M | $12M | |
| Stock-based Comp | $54M | $64M | $59M | $60M | $62M | $66M | $55M | $58M | $59M | $66M | $65M | $58M | $64M | $119M | $73M | $57M | |
| Amort. of Intangibles | $15M | $15M | $15M | $15M | $15M | $15M | $17M | $19M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | |
| Restructuring | · | · | · | · | · | · | · | $382.0K | $2M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $103M | $105M | $97M | $84M | $100M | $79M | $89M | $79M | $67M | $80M | $54M | $80M | $34M | $55M | $18M | $-10M | |
| CapEx | $168.0K | $1M | $1M | $3M | $1M | $382.0K | $17.0K | $205.0K | $16.0K | $352.0K | $403.0K | $1M | $3M | $2M | $1M | $2M | |
| Investing Cash Flow | $-301M | $137M | $-109M | $-44M | $-644M | $10M | $-140M | $-43M | $-618M | $-50M | $302M | $379M | $-25M | $39M | $-133M | $-51M | |
| Stock Issued | $0 | $5M | $0 | $6M | $0 | $0 | $5M | $0 | $9M | $0 | $8M | $0 | $9M | $0 | $8M | $0 | |
| Stock Repurchased | $57M | $133M | $83M | $30M | $0 | $200M | $200M | $0 | $0 | $200M | $12M | $64M | $24M | $0 | $0 | $0 | |
| Net Stock Activity | · | · | $-83M | · | · | · | $-195M | · | · | · | $-4M | · | · | · | · | · | |
| Financing Cash Flow | $-110M | $-113M | $1M | $340M | $-106M | $538M | $-105M | $-20M | $-801M | $191M | $-112M | $195M | $-347M | $389M | $-2M | $139M | |
| Net Change in Cash | $-308M | $129M | $-11M | $380M | $-650M | $626M | $-156M | $16M | $-1.35B | $220M | $243M | $655M | $-339M | $483M | $-118M | $77M | |
| Free Cash Flow | · | · | $96M | · | · | · | · | · | · | · | $53M | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.6% | 79.8% | 80.5% | · | 81.2% | 81.6% | 82.0% | · | 83.0% | 81.7% | 81.6% | · | 82.1% | · | · | · | |
| Operating Margin | -0.10% | -4.4% | -5.2% | · | -8.1% | -6.0% | -2.1% | · | -8.6% | -21.2% | -18.6% | · | -19.9% | · | · | · | |
| Net Margin | 3.1% | -0.62% | -0.75% | · | -3.2% | 9.2% | 2.5% | · | 9.8% | -12.7% | -9.1% | · | -11.4% | · | · | · | |
| Pretax Margin | 3.6% | -0.50% | -0.71% | · | -2.9% | 9.3% | 2.8% | · | 10.0% | -12.2% | -9.0% | · | -11.2% | · | · | · | |
| EBITDA Margin | -0.10% | -4.4% | -5.2% | · | -8.1% | -6.0% | -2.1% | · | -8.6% | -21.2% | -18.6% | · | -19.9% | · | · | · | |
| ROA | 0.13% | -0.03% | -0.03% | · | -0.12% | 0.34% | 0.10% | · | 0.34% | -0.41% | -0.30% | · | -0.34% | · | · | · | |
| ROE | 0.33% | -0.07% | -0.08% | · | -0.29% | 0.86% | 0.22% | · | 0.78% | -1.0% | -0.68% | · | -0.76% | · | · | · | |
| ROIC | -0.01% | -0.59% | -0.56% | · | -0.84% | -0.57% | -0.17% | · | -0.67% | -1.8% | -1.4% | · | -1.3% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.5 | · | 1.6 | 1.7 | 1.8 | · | 1.9 | · | · | · | |
| Quick Ratio | 0.2 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.2 | · | 0.3 | 0.4 | 0.4 | · | 0.5 | · | · | · |
Efficiency 2
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | · | · | · | |
| Receivables Turnover | 13.8 | 11.8 | 12.4 | · | 12.7 | 13.1 | 12.8 | · | 10.1 | 11.0 | 11.5 | · | 8.9 | · | · | · |
Valuation (TTM) 10
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.58B | $1.53B | $1.47B | · | $1.40B | $1.36B | $1.30B | · | $1.22B | $1.16B | $1.07B | · | $929M | $813M | $672M | · | |
| Net Income TTM | $-4M | $16M | $28M | · | $63M | $34M | $-28M | · | $-68M | $-194M | $-236M | · | $-295M | $-344M | $-323M | · | |
| Market Cap | $3.81B | $5.45B | $5.39B | · | $4.71B | $8.64B | $5.46B | · | $7.28B | $8.57B | $11.63B | · | $8.66B | · | · | · | |
| P/E | -766.0 | -237.1 | -441.4 | · | -509.9 | -235.3 | -94.2 | · | -73.9 | -44.6 | -48.7 | · | -28.9 | -33.0 | -41.6 | · | |
| P/S | 2.4 | 3.6 | 3.7 | · | 3.4 | 6.3 | 4.2 | · | 6.0 | 7.4 | 10.9 | · | 9.3 | · | · | · | |
| P/B | 1.0 | 1.4 | 1.4 | · | 1.2 | 2.3 | 1.4 | · | 1.8 | 2.2 | 2.8 | · | 2.1 | · | · | · | |
| P / Tangible Book | 3.1 | 4.5 | 4.2 | · | 3.8 | 7.4 | 4.0 | · | 5.3 | 6.9 | 8.4 | · | 6.5 | 9.0 | 11.0 | · | |
| P / Cash Flow | · | · | 55.7 | · | · | · | 61.6 | · | · | · | 216.7 | · | · | · | · | · | |
| P / FCF | · | · | 56.4 | · | · | · | · | · | · | · | 218.4 | · | · | · | · | · | |
| Earnings Yield | -0.13% | -0.42% | -0.23% | · | -0.20% | -0.42% | -1.1% | · | -1.4% | -2.2% | -2.1% | · | -3.5% | -3.0% | -2.4% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Revenue | $1.46B | $1.29B | $1.06B | $642M | $238M |
| Gross Margin % | 81.4% | 81.8% | 81.7% | 77.4% | 74.1% |
| Operating Margin % | -5.5% | -13.5% | -27.9% | -49.4% | -47.8% |
| Net Income | $24M | $-29M | $-224M | $-326M | $-99M |
| Diluted EPS | $-0.07 | $-0.27 | $-2.11 | $-3.21 | $-1.19 |
Balance Sheet
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.6 | 1.8 | 1.8 | 1.6 |
| Quick Ratio | 0.2 | 0.2 | 0.4 | 0.5 | 0.2 |
Cash Flow
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $346M | $278M | $180M | $-23M | $-14M |
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Institutional owners (13F) 397 filers · $3.4B 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 |
|---|---|---|---|---|
| 70 (-10 vs prior Q) | 54 (-32 vs prior Q) | 113 (-10 vs prior Q) | 123 (-2 vs prior Q) | -3.5M |
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 |
|---|---|---|---|---|
| VANGUARD GROUP INC | $518,314,782 | 9,503,388 | 15.14% | Shares |
| ER Collective Holdings, LLC | $308,021,728 | 8,518,300 | 9.00% | Shares |
| Starboard Value LP | $254,051,048 | 7,025,748 | 7.42% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $205,699,053 | 5,688,580 | 6.01% | Shares |
| AMERIPRISE FINANCIAL INC | $188,858,826 | 5,220,415 | 5.52% | Shares |
| Senvest Management, LLC | $148,352,475 | 4,102,668 | 4.33% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $142,231,455 | 3,933,392 | 4.16% | Shares |
| STATE STREET CORP | $113,569,231 | 3,140,742 | 3.32% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $102,318,047 | 2,829,593 | 2.99% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $96,736,751 | 2,675,242 | 2.83% | Shares |
| Greenhouse Funds LLLP | $96,643,747 | 2,672,670 | 2.82% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $74,250,954 | 2,053,400 | 2.17% | Shares |
| UBS Group AG | $73,597,135 | 2,035,319 | 2.15% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $46,580,812 | 1,287,793 | 1.36% | Shares |
| BANK OF AMERICA CORP /DE/ | $38,249,903 | 1,057,796 | 1.12% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $34,306,366 | 948,738 | 1.00% | Shares |
| Invenomic Capital Management LP | $32,861,304 | 908,775 | 0.96% | Shares |
| GOLDMAN SACHS GROUP INC | $32,855,048 | 908,602 | 0.96% | Shares |
| LPL Financial LLC | $32,232,988 | 891,399 | 0.94% | Shares |
| MANGROVE PARTNERS IM, LLC | $30,338,023 | 838,994 | 0.89% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $29,977,760 | 829,031 | 0.88% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $29,926,197 | 827,605 | 0.87% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $27,954,536 | 773,079 | 0.82% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $27,684,096 | 765,600 | 0.81% | Put option |
| FMR LLC | $24,205,902 | 669,411 | 0.71% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $20,273,104 | 560,650 | 0.59% | Shares |
| JANE STREET GROUP, LLC | $19,331,751 | 534,617 | 0.56% | Shares |
| Balyasny Asset Management L.P. | $18,080,000 | 500,000 | 0.53% | Call option |
| Retirement Systems of Alabama | $17,180,014 | 475,111 | 0.50% | Shares |
| Clearline Capital LP | $16,982,074 | 469,637 | 0.50% | Shares |
| Qube Research & Technologies Ltd | $16,800,370 | 464,612 | 0.49% | Shares |
| NOMURA HOLDINGS INC | $16,505,774 | 456,465 | 0.48% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $14,894,304 | 411,900 | 0.44% | Shares |
| Balyasny Asset Management L.P. | $14,464,000 | 400,000 | 0.42% | Put option |
| NORGES BANK | $14,111,512 | 390,252 | 0.41% | Shares |
| ALGERT GLOBAL LLC | $13,931,146 | 385,264 | 0.41% | Shares |
| WOLVERINE TRADING, LLC | $12,007,506 | 220,200 | 0.35% | Call option |
| JANE STREET GROUP, LLC | $11,744,768 | 324,800 | 0.34% | Call option |
| Quantinno Capital Management LP | $10,857,709 | 300,268 | 0.32% | Shares |
| BARCLAYS PLC | $10,814,010 | 299,060 | 0.32% | Shares |
| Verition Fund Management LLC | $10,656,352 | 294,700 | 0.31% | Call option |
| LOOMIS SAYLES & CO L P | $10,390,106 | 287,337 | 0.30% | Shares |
| Pelion, Inc. | $10,128,870 | 191,219 | 0.30% | Shares |
| CITADEL ADVISORS LLC | $10,128,416 | 280,100 | 0.30% | Call option |
| Walleye Trading LLC | $9,419,680 | 260,500 | 0.28% | Call option |
| Assenagon Asset Management S.A. | $8,582,251 | 237,341 | 0.25% | Shares |
| Verition Fund Management LLC | $8,443,866 | 233,514 | 0.25% | Shares |
| ALLIANCEBERNSTEIN L.P. | $8,101,025 | 211,515 | 0.24% | Shares |
| Yiheng Capital Management, L.P. | $8,057,171 | 222,820 | 0.24% | Shares |
| RHUMBLINE ADVISERS | $7,961,983 | 220,189 | 0.23% | Shares |
| MONIMUS CAPITAL MANAGEMENT, LP | $7,954,296 | 219,975 | 0.23% | Shares |
| Tejara Capital Ltd | $7,933,504 | 219,400 | 0.23% | Shares |
| XTX Topco Ltd | $7,438,510 | 205,711 | 0.22% | Shares |
| CIBC WORLD MARKET INC. | $7,327,426 | 202,639 | 0.21% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $7,242,739 | 200,297 | 0.21% | Shares |
| PAR CAPITAL MANAGEMENT INC | $7,232,000 | 200,000 | 0.21% | Shares |
| BARINGTON COMPANIES MANAGEMENT, LLC | $7,123,520 | 197,000 | 0.21% | Shares |
| IRIDIAN ASSET MANAGEMENT LLC/CT | $6,791,969 | 187,831 | 0.20% | Shares |
| Quinn Opportunity Partners LLC | $6,766,042 | 187,114 | 0.20% | Shares |
| ExodusPoint Capital Management, LP | $6,715,635 | 185,720 | 0.20% | Shares |
| ARMISTICE CAPITAL, LLC | $6,567,271 | 181,617 | 0.19% | Shares |
| California Public Employees Retirement System | $6,554,362 | 181,260 | 0.19% | Shares |
| Caption Management, LLC | $6,508,800 | 180,000 | 0.19% | Call option |
| IMMERSION CORP | $6,508,800 | 180,000 | 0.19% | Shares |
| TWO SIGMA INVESTMENTS, LP | $6,072,783 | 167,942 | 0.18% | Shares |
| Swiss National Bank | $5,745,824 | 158,900 | 0.17% | Shares |
| CIBC Private Wealth Group LLC | $5,594,374 | 105,614 | 0.16% | Shares |
| BlackRock, Inc. | $5,555,876 | 153,647 | 0.16% | Shares |
| JPMORGAN CHASE & CO | $5,518,812 | 153,599 | 0.16% | Shares |
| Hudson Bay Capital Management LP | $5,475,528 | 151,425 | 0.16% | Shares |
| Nuveen Asset Management, LLC | $5,474,723 | 64,629 | 0.16% | Shares |
| WOLVERINE TRADING, LLC | $4,858,623 | 89,100 | 0.14% | Put option |
| AQR CAPITAL MANAGEMENT LLC | $4,675,575 | 130,112 | 0.14% | Shares |
| WINTON GROUP Ltd | $4,471,943 | 123,671 | 0.13% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $4,456,720 | 123,250 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $4,407,904 | 121,900 | 0.13% | Put option |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $4,397,201 | 121,604 | 0.13% | Shares |
| Potrero Capital Research LLC | $4,256,285 | 117,707 | 0.12% | Shares |
| Cubist Systematic Strategies, LLC | $4,221,709 | 79,700 | 0.12% | Put option |
| JANE STREET GROUP, LLC | $4,017,376 | 111,100 | 0.12% | Put option |
| MILLENNIUM MANAGEMENT LLC | $3,940,211 | 108,966 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,841,337 | 100,296 | 0.11% | Shares |
| Cohen Capital Management, Inc. | $3,790,617 | 104,829 | 0.11% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,738,944 | 103,400 | 0.11% | Call option |
| Cubist Systematic Strategies, LLC | $3,601,960 | 68,000 | 0.11% | Call option |
| Sepio Capital, LP | $3,489,368 | 96,498 | 0.10% | Shares |
| Edgestream Partners, L.P. | $3,466,442 | 95,864 | 0.10% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,357,709 | 92,857 | 0.10% | Shares |
| Sciencast Management LP | $3,293,489 | 91,081 | 0.10% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $3,291,032 | 90,319 | 0.10% | Shares |
| AMERICAN CENTURY COMPANIES INC | $3,233,644 | 89,426 | 0.09% | Shares |
| Walleye Trading LLC | $3,116,992 | 86,200 | 0.09% | Put option |
| PEAK6 LLC | $3,077,216 | 85,100 | 0.09% | Call option |
| PICTON MAHONEY ASSET MANAGEMENT | $3,050,133 | 84,351 | 0.09% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $3,032,848 | 83,873 | 0.09% | Shares |
| UBS Group AG | $3,020,553 | 83,533 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $3,004,245 | 83,082 | 0.09% | Shares |
| Point72 Asset Management, L.P. | $2,955,212 | 81,726 | 0.09% | Shares |
| M&G PLC | $2,840,544 | 78,904 | 0.08% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,831,328 | 78,300 | 0.08% | Put option |
Company insiders 26 insiders · 9 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Rene A. Lacerte | CEO | Nov. 28, 2023 M | 88,517 | 0 | 0 | $0 |
| John R. Rettig | CFO | Nov. 28, 2023 M | 36,751 | 0 | 0 | $0 |
| Mark Lenhard | COO | Nov. 24, 2021 M | 4,027 | 0 | 0 | $0 |
| Rajesh A. Aji | CLO & CCO | Nov. 30, 2023 S | 8,178 | 0 | 0 | $0 |
| Loren Padelford | CCO | Nov. 28, 2023 M | 10,573 | 0 | 0 | $0 |
| Germaine Cota | SVP, Finance & Accounting | Nov. 28, 2023 M | 4,214 | 0 | 0 | $0 |
| Bora Chung | Chief Experience Officer | Oct. 17, 2022 M | 616 | 0 | 0 | $0 |
| Blake Thomas Murray | CRO | Aug. 28, 2022 M | 116,124 | 0 | 0 | $0 |
| Thomas J. Clayton | Chief Revenue Officer | Sept. 8, 2021 S | 0 | 0 | 0 | $0 |
| Peter A. Feld | Director | Oct. 17, 2025 A | — | 0 | 0 | $0 |
| Alison Wagonfeld | Director | Dec. 7, 2023 A | 519 | 0 | 0 | $0 |
| Tina Reich | Director | Dec. 7, 2023 A | 2,079 | 0 | 0 | $0 |
| Katherine M. A. Kline | Director | Dec. 7, 2023 A | 6,049 | 0 | 0 | $0 |
| Allison Mnookin | Director | Dec. 7, 2023 A | 3,559 | 0 | 0 | $0 |
| Stephen Fisher | Director | Dec. 7, 2023 A | 3,877 | 0 | 0 | $0 |
| David Hornik | Director | Dec. 7, 2023 A | 21,008 | 0 | 0 | $0 |
| Scott Wagner | Director | Dec. 7, 2023 A | 11,382 | 0 | 0 | $0 |
| Peter J Kight | Director | Dec. 7, 2023 A | 31,198 | 0 | 0 | $0 |
| Rory O'Driscoll | Director | Dec. 8, 2022 A | 6,826 | 0 | 0 | $0 |
| Colleen Taylor | Director | March 9, 2022 A | 1,148 | 0 | 0 | $0 |
| Steven F Piaker | Director | Dec. 22, 2021 J | 108,567 | 0 | 0 | $0 |
| Thomas Mawhinney | Director | Nov. 6, 2020 J | 20,772 | 0 | 0 | $0 |
| David K Chao | Director | Oct. 1, 2020 M | 3,750 | 0 | 0 | $0 |
| Aida Alvarez | — | Dec. 11, 2025 A | 10,207 | 0 | 0 | $0 |
| Brian Jacobs | — | Dec. 5, 2025 M | 9,537 | 0 | 0 | $0 |
| Steven Cakebread | — | Dec. 5, 2025 M | 8,537 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Starboard Value LP, STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD, STARBOARD VALUE & OPPORTUNITY S LLC, Starboard Value & Opportunity Master Fund L LP, Starboard Value L LP, Starboard Value R GP LLC, Starboard X Master Fund Ltd, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Smith Jeffrey C, Feld Peter A ×3 filings | Oct. 16, 2025 | 8.60% | Amendment | Board campaign | 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 89 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 |
|---|---|---|---|---|
| RNIN · EA Series Trust | 1.14% | 45,942 NS | April 30, 2026 | N-PORT |
| FDFF · Fidelity Covington Trust | 0.48% | 5,385 NS | May 31, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.36% | 326,453 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.24% | 10,688 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.17% | 3,522 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.14% | 979 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.12% | 242,202 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.11% | 2,874 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.10% | 72,392 NS | May 31, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.10% | 9,924 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.09% | 330,068 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.07% | 3,044 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.07% | 424,356 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.07% | 1,459 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 33,870 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.06% | 238,018 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.06% | 263,330 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.05% | 425 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.03% | 3,388 NS | April 30, 2026 | N-PORT |
| FBUF · Fidelity Greenwood Street Trust | 0.03% | 158 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.02% | 638 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 220,015 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.02% | 9,562 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 3,338 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 12,475 NS | April 30, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.01% | 1,027 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 54,534 NS | May 31, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.00% | 7,014 NS | May 31, 2026 | N-PORT |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 3,738 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 1,540 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 7,801 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 13,258 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 7,075 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 158 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | — | — | July 15, 2026 | Daily |
| VGK · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VSS · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | — | — | July 15, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |