BKH Black Hills Corporation Common Stock
About Black Hills Corporation Common Stock Company overview from Wikipedia
Black Hills Corporation is an American diversified energy company that is an electric and gas utility in South Dakota, Montana, Wyoming, Colorado, Arkansas, Kansas, Nebraska, and Iowa. The company sells power throughout the American West. The company is based in Rapid City, South Dakota. It derives its name from its home in the Black Hills of South Dakota.
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Black Hills Corporation is an American diversified energy company that is an electric and gas utility in South Dakota, Montana, Wyoming, Colorado, Arkansas, Kansas, Nebraska, and Iowa. The company sells power throughout the American West. The company is based in Rapid City, South Dakota. It derives its name from its home in the Black Hills of South Dakota.
History
The company traces its roots to 1883 and the organization of the Black Hills Electric Light Company of Deadwood. Merged with the Belt Light and Power Company of Lead in 1905, the company became Consolidated Power and Light Company of South Dakota. Meanwhile, to the south, the Dakota Power Company began serving Rapid City in 1910. Both of these companies were purchased by holding companies in the 1920s. With Roosevelt-era legislation to break up big national utility holding companies, Black Hills Power & Light Company was formed in 1941 by combining the assets of General Public Utilities, Inc. and Dakota Power Company which provided power for most of western South Dakota.
In 1956, the company completed its acquisition of the Wyodak Coal Company (now Wyodak Resources Development Corporation), from the Homestake Mining Company, setting the stage for the company's significant investments in mining, oil and gas.
In July 2002, Black Hills Corporation announced that a settlement was reached with the U.S. Commodity Futures Trading Commission (CFTC) relating to its marketing subsidiary, Enserco Energy, Inc. Based in Golden, Colorado, Enserco engages in natural gas marketing on the wholesale market and on behalf of independent producers. On November 25, 2002, Black Hills Corporation announced that its new independent public accountants, Deloitte & Touche LLP, had completed the audit of Black Hills Corporation's 2001, 2000 and 1999 financial statements that were originally audited by Arthur Andersen LLP.
In 2004, Black Hills acquired Cheyenne Light from Xcel Energy. Cheyenne Light continues to operate as a separate subsidiary.
In 2007, it announced an agreement to buy the natural gas utility in Colorado, Kansas, Nebraska and Iowa and its Colorado electric utility from Aquila, Inc. Completed in July 2008, the deal increased the company's customer base from 137,000 to 753,000 and increased its employee base from 916 to 2,000.
In July 2015, Black Hills announced it was purchasing SourceGas for $1.89 billion. The deal covers approximately 425,000 customers in Arkansas, Colorado, Nebraska and Wyoming and a 512-mile regulated intrastate natural gas transmission pipeline in Colorado.
In late 2016, Black Hills announced plans to invest $700 million to build a 1 million square foot drilling and pipe production plant in Norfolk, Nebraska. The facility was expected to employ 400 people. Black Hills said it would use 500,000 tons of steel per year from Nucor Steel.
In March 2018, Black Hills received, and turned down, an unsolicited $1.1 billion purchase offer from the San Isabel Electric Association in Colorado; it responded to the offer with a full-page newspaper ad in the Pueblo Chieftain.
In August 2025, Black Hills and NorthWestern Energy agreed to a merger in an all-stock deal valuing the combined entity at $15.4 billion. On completion, Black Hills shareholders will own about 54% of the combined company and will be run by NorthWestern's CEO, Brian Bird.
Pueblo, Colorado pushback
Since 2008, Black Hills Energy's operation in Pueblo has been challenged by various constituencies on numerous policies, most notably the four rate hikes between 2010 and 2018, in some cases amounting to 50% rate increases. Voters in 2010 approved a 20-year franchise agreement with the company.
Describing the company's vision for the future, Julie Rodriguez, program manager for community affairs and economic development for Black Hills Energy's Colorado electric operations, said, "Our primary goals are to identify an energy resource that is cost effective for our customers, while also generating sufficient renewable energy to comply with the Colorado… requirements." To achieve its goals, in June 2017, the company issued a request for proposals for up to 60 megawatts of renewable energy, including wind energy and other sources, along with those that are greenhouse gas-neutral or recycled energy. The Colorado Public Utilities Commission approved the request as part of the company's 2016 Electric Resource Plan and 2018-2021 Renewable Energy Standard Compliance Plan.
As of June 2017, Black Hills Energy in Colorado obtains 19 percent of its electricity from renewable resources, with the rest coming from natural gas. In attempts to meet customer demand and requirements set by the state, Black Hills Energy has established new natural gas facilities, wind farms, and solar energy systems. By 2020, in order to comply with Colorado state laws, the company must generate at least 30 percent of its electricity from renewable resources. Rodriguez, asserting her company's dedication to meeting this goal, said, "Developing renewable energy at a reasonable cost is important to the communities we serve and allows us to continue providing customers with the safe, reliable energy they've come to expect."
In August 2018, Pueblo city council unanimously voted to spend $122,000 on a consulting firm, selected by the Electric Utility Commission from eight proposals, to explore its options to prematurely exit the Black Hills franchise agreement by 2020, perhaps forming its own municipal energy operation. While study results are due in nine months, a draft could be delivered in November, and a final study as early as January.
Components
As of June 2026, the top-level, wholly owned subsidiaries of Black Hills Corp. are: Black Hills Power; Cheyenne Light, Fuel & Power; Black Hills Non-Regulated Holdings; Black Hills Electric Parent Holdings; Black Hills Utility Holdings; and Black Hills Service Company.[2] Most of these subsidiaries (and their subsidiaries' subsidiaries) do business under the common name of Black Hills Energy.
The company is the electric utility for 64,200 customers between Rapid City, South Dakota and Newcastle, Wyoming as well as southeastern Montana via its Black Hills Power subsidiary. Its Cheyenne Light, Fuel & Power Company subsidiary serves another 80,000 in Cheyenne, Wyoming and southeastern Wyoming. Via its Black Hills Energy component it has 1,000 Megawatts of generating capacity in Colorado, Nevada, Wyoming and California including two plants serving Las Vegas, Nevada. The company's bigger component is its wholesale energy wing.
The centerpiece of the operation is the Wyodak Mine near Gillette, Wyoming in the Powder River Basin, which is the oldest operating surface mine for coal in the United States. The mine has permitted reserves of 286 million tons. In addition it claims 169 billion cubic feet (4.8×109 m3) in oil and gas reserves (76% of which is natural gas) principally in New Mexico, Colorado and Wyoming.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
BKH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
BKH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 17, 2026 | $0.7030 |
| May 15, 2026 | $0.7030 |
| Feb. 17, 2026 | $0.7030 |
| Nov. 17, 2025 | $0.6760 |
| Aug. 18, 2025 | $0.6760 |
| May 16, 2025 | $0.6760 |
| Feb. 18, 2025 | $0.6760 |
| Nov. 18, 2024 | $0.6500 |
| Aug. 19, 2024 | $0.6500 |
| May 16, 2024 | $0.6500 |
| Feb. 15, 2024 | $0.6500 |
| Nov. 16, 2023 | $0.6250 |
| Aug. 17, 2023 | $0.6250 |
| May 17, 2023 | $0.6250 |
| Feb. 13, 2023 | $0.6250 |
| Nov. 16, 2022 | $0.6250 |
| Aug. 17, 2022 | $0.5950 |
| May 17, 2022 | $0.5950 |
| Feb. 11, 2022 | $0.5950 |
| Nov. 16, 2021 | $0.5950 |
BKH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 4 44.4%
- Buy 4 44.4%
- Hold 1 11.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-24Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.54 | $0.40 | 0.14% |
| March 31, 2026 | $1.79 | $1.86 | -0.07% |
| Dec. 31, 2025 | $1.41 | $1.42 | -0.01% |
| Sept. 30, 2025 | $0.34 | $0.40 | -0.06% |
| June 30, 2025 | $0.38 | $0.36 | 0.02% |
| March 31, 2025 | $1.87 | $1.96 | -0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BKH | $5.24B | 17.4 | 8.6% | 12.6% | 8.0% | — |
| AEE | $27.60B | 18.7 | 15.4% | 16.6% | 11.5% | — |
| DTE | — | — | — | — | — | — |
| CNP | $25.03B | 24.0 | 8.3% | 11.2% | 9.5% | — |
| CMS | $21.43B | 19.8 | 13.6% | 12.5% | 12.3% | — |
| NI | $19.98B | 21.4 | 23.5% | 14.2% | 10.2% | — |
| NWE | $3.96B | 22.0 | 6.4% | 11.2% | 6.3% | — |
| AVA | $3.17B | 16.2 | 1.3% | 9.8% | 7.3% | — |
| NWE | $3.96B | 22.0 | 6.4% | 11.2% | 6.3% | — |
| UTL | $868M | 16.3 | 8.3% | 9.4% | 8.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.13B | $2.33B | $2.55B | $1.95B | $1.70B | $1.73B | $1.75B | $1.68B | $1.54B | |
| Operating Expenses | $1.77B | $1.62B | $1.86B | $2.10B | $1.54B | $1.27B | $1.33B | $1.36B | $1.26B | $1.20B | |
| Operating Income | $538M | $503M | $473M | $455M | $409M | $428M | $406M | $397M | $417M | $336M | |
| Interest Expense | $200M | $182M | $168M | $161M | $152M | $143M | $138M | $140M | $137M | $136M | |
| Interest Income | $7M | $14M | $12M | $2M | $2M | $1M | $2M | $2M | $1M | $1M | |
| Other Non-op | $6M | $-1M | $-3M | $2M | $1M | $-2M | $-6M | $-1M | $-213.0K | $1M | |
| Pretax Income | $344M | $320M | $302M | $296M | $258M | $276M | $243M | $256M | $282M | $206M | |
| Income Tax | $44M | $36M | $26M | $25M | $7M | $33M | $30M | $-24M | $73M | $59M | |
| Net Income | $292M | $273M | $262M | $258M | $237M | $228M | $199M | $258M | $177M | $73M | |
| EPS (Basic) | $3.99 | $3.91 | $3.91 | $3.98 | $3.74 | $3.65 | $3.29 | $4.75 | $3.33 | $1.41 | |
| EPS (Diluted) | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 | $3.65 | $3.28 | $4.66 | $3.21 | $1.37 | |
| Shares (Basic) | 73,000,000 | 69,800,000 | 67,000,000 | 64,900,000 | 63,200,000 | 62,378,000 | 60,662,000 | 54,420,000 | 53,221,000 | 51,922,000 | |
| Shares (Diluted) | 73,200,000 | 69,900,000 | 67,100,000 | 73,200,000 | 63,300,000 | 62,439,000 | 60,798,000 | 55,486,000 | 55,120,000 | 53,271,000 | |
| EBITDA | $821M | $773M | $730M | $706M | $645M | $653M | $615M | $593M | $605M | $412M |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $183M | $16M | $87M | $21M | $9M | $6M | $10M | $21M | $15M | $14M | |
| Receivables | $389M | $351M | $350M | $508M | $322M | $266M | $256M | $269M | $248M | $259M | |
| Inventory | $172M | $154M | $161M | $207M | $151M | $117M | $117M | $117M | $113M | $104M | |
| Other Current Assets | $81M | $39M | $28M | $51M | $29M | $26M | $26M | $30M | $25M | $24M | |
| Current Assets | $996M | $742M | $827M | $1.07B | $808M | $493M | $473M | $504M | $571M | $467M | |
| PP&E (Net) | $8.23B | $7.63B | $7.12B | $6.80B | $6.45B | $6.02B | $5.50B | $4.85B | $4.54B | $4.39B | |
| PP&E (Gross) | $10.34B | $9.57B | $8.92B | $8.37B | $7.86B | $7.31B | $6.78B | $6.00B | $5.57B | $5.32B | |
| Accum. Depreciation | $2.11B | $1.94B | $1.80B | $1.58B | $1.41B | $1.29B | $1.28B | $1.15B | $1.03B | $929M | |
| Goodwill | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | |
| Intangibles | $6M | $8M | $8M | $10M | $11M | $12M | $13M | $14M | $8M | $8M | |
| Other Non-current Assets | $79M | $70M | $62M | $47M | $38M | $38M | $41M | $14M | $10M | $12M | |
| Total Assets | $10.87B | $10.02B | $9.62B | $9.62B | $9.13B | $8.09B | $7.56B | $6.96B | $6.66B | $6.54B | |
| Accounts Payable | $312M | $229M | $186M | $310M | $218M | $183M | $194M | $211M | $161M | $152M | |
| Accrued Liabilities | $323M | $302M | $293M | $244M | $245M | $244M | $227M | $216M | $219M | $236M | |
| Short-term Debt | $0 | $134M | $0 | $536M | $420M | $234M | $350M | $186M | $211M | $97M | |
| Current Liabilities | $740M | $763M | $1.19B | $1.67B | $902M | $697M | $811M | $648M | $649M | $528M | |
| Deferred Tax | $698M | $625M | $548M | $509M | $465M | $409M | $361M | $311M | $337M | $562M | |
| Other Non-current Liabilities | $213M | $201M | $189M | $156M | $141M | $135M | $125M | $109M | $106M | $116M | |
| Long-term Debt | $4.70B | $4.25B | $4.40B | $4.13B | $4.13B | $3.54B | $3.15B | $2.96B | $3.12B | $3.22B | |
| Total Debt | $4.70B | $4.38B | $4.40B | $4.67B | $4.55B | $3.77B | $3.50B | $3.14B | $3.33B | $3.31B | |
| Common Stock | $76M | $72M | $68M | $66M | $65M | $63M | $61M | $60M | $54M | $53M | |
| Paid-in Capital | $2.42B | $2.19B | $2.01B | $1.88B | $1.78B | $1.66B | $1.55B | $1.45B | $1.15B | $1.14B | |
| Retained Earnings | $1.34B | $1.25B | $1.16B | $1.06B | $962M | $871M | $779M | $700M | $549M | $458M | |
| Treasury Stock | $3M | $3M | $4M | $2M | $4M | $2M | $267.0K | $3M | $2M | $791.0K | |
| AOCI | $-10M | $-9M | $-15M | $-16M | $-20M | $-27M | $-31M | $-27M | $-41M | $-35M | |
| Stockholders' Equity | $3.82B | $3.50B | $3.22B | $2.99B | $2.79B | $2.56B | $2.36B | $2.18B | $1.71B | $1.61B | |
| Liabilities + Equity | $10.87B | $10.02B | $9.62B | $9.62B | $9.13B | $8.09B | $7.56B | $6.96B | $6.66B | $6.54B | |
| Shares Outstanding | 75,520,234 | 71,676,756 | 68,265,042 | 66,140,396 | 64,793,095 | 62,827,179 | 61,480,658 | 60,048,567 | 53,579,986 | 53,397,467 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $284M | $270M | $257M | $251M | $236M | $224M | $209M | $196M | $188M | $176M | |
| Stock-based Comp | $12M | $11M | $7M | $9M | $10M | $5M | $12M | $12M | $8M | $11M | |
| Deferred Tax | $54M | $52M | $25M | $26M | $7M | $38M | $38M | $-24M | $81M | $83M | |
| Amort. of Intangibles | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $824.0K | $833.0K | $510.0K | |
| Other Non-cash | $32M | $114M | $393M | $41M | $-554M | $46M | $47M | $46M | $-26M | $2M | |
| Operating Cash Flow | $673M | $719M | $944M | $585M | $-65M | $542M | $506M | $489M | $428M | $320M | |
| CapEx | $820M | $744M | $556M | $604M | $678M | $767M | $818M | $458M | $326M | $455M | |
| Investing Cash Flow | $-828M | $-746M | $-537M | $-604M | $-664M | $-762M | $-816M | $-466M | $-317M | $-1.59B | |
| Debt Issued | $450M | $450M | $800M | $0 | $600M | $400M | $1.10B | $700M | $0 | $1.77B | |
| Net Debt Issued | $450M | $-150M | $275M | $0 | $592M | $391M | $194M | $-155M | $-106M | $603M | |
| Stock Issued | $219M | $181M | $118M | $90M | $119M | $99M | $101M | $301M | $4M | $122M | |
| Net Stock Activity | $219M | $181M | $118M | $90M | $119M | $99M | $101M | $301M | $4M | $122M | |
| Dividends Paid | $198M | $182M | $168M | $157M | $145M | $135M | $125M | $107M | $97M | $88M | |
| Financing Cash Flow | $322M | $-43M | $-342M | $32M | $732M | $217M | $300M | $-17M | $-109M | $841M | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $2M | $-427M | |
| Taxes Paid | $-9M | $-14M | $1M | $-800.0K | $-2M | $-2M | $-5M | $15M | $-2M | $1M | |
| Free Cash Flow | $-146M | $-25M | $389M | $-20M | $-742M | $-226M | $-313M | $31M | $102M | $-154M | |
| Levered FCF | $-321M | $-186M | $235M | $-167M | $-890M | $-352M | $-434M | $-123M | $99.6K | $-274M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | 25.2% | 23.4% | 22.6% | 24.8% | 14.1% | |
| Net Margin | 12.6% | 12.8% | 11.2% | 10.1% | 12.2% | 13.4% | 11.5% | 14.7% | 10.5% | 5.2% | |
| Pretax Margin | 14.9% | 15.0% | 12.9% | 11.6% | 13.3% | 16.2% | 14.0% | 14.6% | 16.8% | 5.9% | |
| EBITDA Margin | 35.5% | 36.3% | 31.3% | 27.7% | 33.1% | 38.5% | 35.5% | 33.8% | 36.0% | 26.2% | |
| ROA | 2.8% | 2.8% | 2.7% | 2.8% | 2.8% | 2.9% | 2.7% | 3.8% | 2.7% | 1.3% | |
| ROE | 8.0% | 8.1% | 8.4% | 8.9% | 8.8% | 9.2% | 8.8% | 12.9% | 10.4% | 5.1% | |
| ROIC | 5.5% | 5.7% | 5.7% | 5.4% | 5.4% | 6.0% | 6.1% | 8.2% | 6.1% | 4.0% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.0 | 0.7 | 0.6 | 0.9 | 0.7 | 0.6 | 0.8 | 0.9 | 0.9 | |
| Quick Ratio | 0.8 | 0.5 | 0.4 | 0.3 | 0.4 | 0.4 | 0.3 | 0.4 | 0.4 | 0.5 | |
| Debt / Equity | 1.2 | 1.3 | 1.4 | 1.6 | 1.6 | 1.5 | 1.5 | 1.4 | 1.9 | 2.1 | |
| LT Debt / Equity | 1.2 | 1.2 | 1.2 | 1.2 | 1.5 | 1.4 | 1.3 | 1.4 | 1.8 | 2.0 | |
| Interest Coverage | 2.7 | 2.8 | 2.8 | 2.8 | 2.7 | 3.0 | 2.9 | 2.8 | 3.0 | 1.6 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | |
| Receivables Turnover | 6.2 | 6.1 | 5.4 | 6.2 | 6.6 | 6.5 | 6.6 | 6.7 | 8.4 | 7.5 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.6% | -8.7% | -8.6% | 30.9% | 14.9% | · | · | · | · | · | |
| Revenue CAGR 3Y | -3.3% | 3.0% | 11.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.4% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 1.8% | 0.00% | -1.5% | 6.2% | 2.5% | · | · | · | · | · | |
| EPS CAGR 3Y | 0.08% | 1.5% | 2.3% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 1.8% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 6.8% | 4.2% | 1.5% | 9.2% | 4.0% | · | · | · | · | · | |
| Net Income CAGR 3Y | 4.1% | 4.9% | 4.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 5.1% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 7.9% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.31B | $2.13B | $2.33B | $2.55B | $1.95B | $1.70B | $1.73B | $1.75B | $1.68B | $1.54B | |
| Net Income TTM | $292M | $273M | $262M | $258M | $237M | $228M | $199M | $258M | $177M | $73M | |
| Market Cap | $5.24B | $4.20B | $3.67B | $4.65B | $4.57B | $3.86B | $4.83B | $3.77B | $3.22B | $3.28B | |
| Enterprise Value | $9.76B | $8.56B | $7.98B | $9.30B | $9.11B | $7.62B | $8.31B | $6.89B | $6.53B | $6.58B | |
| P/E | 17.4 | 15.0 | 13.8 | 17.7 | 18.9 | 16.8 | 23.9 | 13.5 | 18.7 | 44.8 | |
| P/S | 2.3 | 2.0 | 1.6 | 1.8 | 2.3 | 2.3 | 2.8 | 2.1 | 1.9 | 2.1 | |
| P/B | 1.4 | 1.2 | 1.1 | 1.6 | 1.6 | 1.5 | 2.0 | 1.7 | 1.9 | 2.0 | |
| P / Tangible Book | 2.1 | 1.9 | 1.9 | 2.8 | 3.1 | 3.1 | · | · | · | · | |
| P / Cash Flow | 7.8 | 5.8 | 3.9 | 8.0 | -70.8 | 7.1 | 9.6 | 7.7 | 7.5 | 10.2 | |
| P / FCF | -35.8 | -168.5 | 9.4 | -237.8 | -6.2 | -17.1 | -15.4 | 120.5 | 31.5 | -21.2 | |
| EV / EBITDA | 11.9 | 11.1 | 10.9 | 13.2 | 14.1 | 11.7 | 13.5 | 11.6 | 10.8 | 16.0 | |
| EV / FCF | -66.7 | -343.9 | 20.5 | -475.3 | -12.3 | -33.8 | -26.6 | 220.3 | 63.9 | -42.6 | |
| EV / Revenue | 4.2 | 4.0 | 3.4 | 3.6 | 4.7 | 4.5 | 4.8 | 3.9 | 3.9 | 4.3 | |
| Dividend Yield | 3.8% | 4.3% | 4.6% | 3.4% | 3.2% | 3.5% | 2.6% | 2.8% | 3.0% | 2.7% | |
| Earnings Yield | 5.7% | 6.7% | 7.2% | 5.6% | 5.3% | 5.9% | 4.2% | 7.4% | 5.3% | 2.2% | |
| Payout Ratio | 67.9% | 66.8% | 64.1% | 60.7% | 61.3% | 59.5% | 62.5% | 41.2% | 54.6% | 106.0% | |
| Annual Payout | $198M | $182M | $168M | $157M | $145M | $135M | $125M | $107M | $97M | $88M |
Income Statement 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $453M | $781M | $636M | $430M | $439M | $805M | $597M | $402M | $403M | $726M | $592M | $407M | $411M | $921M | $463M | $474M | |
| Operating Expenses | $356M | $579M | $464M | $352M | $356M | $600M | $434M | $326M | $332M | $533M | $455M | $309M | $348M | $746M | $383M | $402M | |
| Operating Income | $97M | $202M | $171M | $79M | $82M | $205M | $163M | $76M | $71M | $193M | $136M | $98M | $64M | $175M | $79M | $72M | |
| Interest Expense | $52M | $52M | $50M | $49M | $49M | $51M | $50M | $45M | $43M | $44M | · | · | · | · | · | · | |
| Interest Income | $1M | $1M | $4M | $1M | $900.0K | $400.0K | $500.0K | $5M | $6M | $2M | $6M | $4M | $2M | $600.0K | $561.0K | $289.0K | |
| Other Non-op | $200.0K | $700.0K | $5M | $600.0K | $-400.0K | $800.0K | $300.0K | $-1M | $400.0K | $-800.0K | $-2M | $-600.0K | $-2M | $700.0K | $464.0K | $2M | |
| Pretax Income | $46M | $151M | $126M | $30M | $33M | $154M | $114M | $29M | $28M | $148M | $93M | $56M | $20M | $132M | $40M | $35M | |
| Income Tax | $5M | $18M | $17M | $4M | $4M | $18M | $13M | $3M | $4M | $17M | $10M | $7M | $-6M | $15M | $2M | $-658.0K | |
| Net Income | $38M | $131M | $105M | $25M | $28M | $134M | $98M | $24M | $23M | $128M | $80M | $45M | $23M | $114M | $35M | $33M | |
| EPS (Basic) | $0.50 | $1.74 | $1.40 | $0.34 | $0.38 | $1.87 | $1.35 | $0.35 | $0.33 | $1.88 | $1.16 | $0.67 | $0.35 | $1.73 | $0.54 | $0.52 | |
| EPS (Diluted) | $0.50 | $1.73 | $1.39 | $0.34 | $0.38 | $1.87 | $1.36 | $0.35 | $0.33 | $1.87 | $1.16 | $0.67 | $0.35 | $1.73 | $0.54 | $0.52 | |
| Shares (Basic) | 75,900,000 | 75,400,000 | -143,800,000 | 72,800,000 | 72,400,000 | 71,600,000 | -137,900,000 | 70,500,000 | 69,000,000 | 68,200,000 | -132,900,000 | 67,300,000 | 66,600,000 | 66,000,000 | 64,876,000 | 64,721,000 | |
| Shares (Diluted) | 76,100,000 | 75,600,000 | -143,900,000 | 72,900,000 | 72,400,000 | 71,800,000 | -138,000,000 | 70,600,000 | 69,000,000 | 68,300,000 | -133,100,000 | 67,400,000 | 66,700,000 | 66,100,000 | 65,061,000 | 64,883,000 | |
| EBITDA | $97M | $202M | · | $79M | $82M | $205M | · | $76M | $71M | $193M | · | $163M | $128M | $237M | $143M | $137M |
Balance Sheet 28
| 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $72M | $24M | $183M | $21M | $8M | $7M | $16M | $12M | $625M | $123M | · | $594M | $153M | $39M | $12M | $10M | |
| Receivables | $282M | $383M | $389M | $251M | $261M | $378M | $351M | $205M | $222M | $334M | · | $229M | $260M | $477M | $250M | $267M | |
| Inventory | $158M | $147M | $172M | $173M | $145M | $128M | $154M | $155M | $135M | $131M | · | $168M | $137M | $130M | $223M | $153M | |
| Other Current Assets | $80M | $81M | $81M | $55M | $34M | $39M | $39M | $43M | $23M | $37M | · | $33M | $30M | $33M | $48M | $39M | |
| Current Assets | $745M | $788M | $996M | $668M | $608M | $708M | $742M | $600M | $1.17B | $798M | · | $1.24B | $802M | $918M | $849M | $760M | |
| PP&E (Net) | $8.64B | $8.39B | $8.23B | $8.03B | $7.86B | $7.72B | $7.63B | $7.47B | $7.36B | $7.22B | · | $7.01B | $6.92B | $6.84B | $6.70B | $6.59B | |
| PP&E (Gross) | $10.85B | $10.56B | $10.34B | $10.10B | $9.89B | $9.71B | $9.57B | $9.38B | $9.24B | $9.07B | · | $8.77B | $8.59B | $8.47B | $8.24B | $8.09B | |
| Accum. Depreciation | $2.21B | $2.16B | $2.11B | $2.08B | $2.03B | $1.99B | $1.94B | $1.91B | $1.88B | $1.85B | · | $1.76B | $1.67B | $1.63B | $1.54B | $1.50B | |
| Goodwill | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | · | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | |
| Intangibles | $6M | $6M | $6M | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $10M | $10M | |
| Other Non-current Assets | $91M | $81M | $79M | $74M | $68M | $72M | $70M | $66M | $67M | $64M | · | $59M | $54M | $49M | $50M | $43M | |
| Total Assets | $11.04B | $10.82B | $10.87B | $10.33B | $10.09B | $10.06B | $10.02B | $9.72B | $10.19B | $9.68B | · | $9.93B | $9.41B | $9.46B | $9.32B | $9.13B | |
| Accounts Payable | $275M | $211M | $312M | $219M | $181M | $217M | $229M | $136M | $155M | $133M | · | $124M | $133M | $173M | $187M | $186M | |
| Accrued Liabilities | $269M | $260M | $323M | $292M | $251M | $253M | $302M | $292M | $260M | $264M | · | $257M | $217M | $229M | $251M | $226M | |
| Short-term Debt | $90M | $252M | $0 | $126M | $124M | $60M | $134M | $18M | $0 | $0 | · | $0 | $0 | $0 | $501M | $335M | |
| Current Liabilities | $1.43B | $1.22B | $740M | $735M | $954M | $929M | $763M | $536M | $1.11B | $1.09B | · | $1.60B | $978M | $1.04B | $970M | $785M | |
| Deferred Tax | $742M | $737M | $698M | $680M | $674M | $666M | $625M | $603M | $598M | $576M | · | $531M | $529M | $536M | $492M | $490M | |
| Other Non-current Liabilities | $237M | $232M | $213M | $206M | $192M | $200M | $201M | $204M | $201M | $199M | · | $152M | $156M | $155M | $155M | $143M | |
| Long-term Debt | $4.40B | $4.40B | $4.70B | · | $4.25B | $4.25B | $4.25B | $4.25B | $4.85B | $4.40B | · | $4.92B | $4.48B | $4.48B | · | · | |
| Total Debt | $4.49B | $4.65B | · | $4.38B | $4.38B | $4.31B | · | $4.27B | $4.85B | $4.40B | · | $4.92B | $4.48B | $4.48B | $4.63B | $4.46B | |
| Common Stock | $76M | $76M | $76M | $76M | $73M | $72M | $72M | $72M | $70M | $69M | · | $68M | $67M | $67M | $65M | $65M | |
| Paid-in Capital | $2.47B | $2.46B | $2.42B | $2.42B | $2.26B | $2.24B | $2.19B | $2.19B | $2.08B | $2.04B | · | $1.99B | $1.94B | $1.91B | $1.81B | $1.81B | |
| Retained Earnings | $1.41B | $1.42B | $1.34B | $1.29B | $1.31B | $1.33B | $1.25B | $1.20B | $1.22B | $1.24B | · | $1.12B | $1.12B | $1.14B | $1.03B | $1.04B | |
| Treasury Stock | $4M | $4M | $3M | $3M | $3M | $2M | $3M | $6M | $5M | $5M | · | $3M | $3M | $3M | $2M | $2M | |
| AOCI | $-7M | $-8M | $-10M | $-9M | $-8M | $-8M | $-9M | $-11M | $-11M | $-12M | · | $-13M | $-13M | $-14M | $-20M | $-23M | |
| Stockholders' Equity | $3.94B | $3.95B | $3.82B | $3.77B | $3.64B | $3.64B | $3.50B | $3.45B | $3.36B | $3.33B | · | $3.17B | $3.11B | $3.10B | $2.89B | $2.89B | |
| Liabilities + Equity | $11.04B | $10.82B | $10.87B | $10.33B | $10.09B | $10.06B | $10.02B | $9.72B | $10.19B | $9.68B | · | $9.93B | $9.41B | $9.46B | $9.32B | $9.13B | |
| Shares Outstanding | 76,317,445 | 76,174,264 | 75,500,000 | 75,520,225 | 72,902,676 | 72,544,232 | 71,676,756 | 71,676,746 | 69,747,220 | 68,969,578 | 68,265,042 | 68,046,262 | 67,115,403 | 66,670,709 | 65,105,205 | 65,105,178 |
Cash Flow 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $75M | $75M | $73M | $72M | $70M | $69M | $68M | $69M | $67M | $66M | $66M | $65M | $65M | $62M | $64M | $64M | |
| Stock-based Comp | $3M | $3M | $4M | $2M | $3M | $3M | $2M | $3M | $3M | $2M | $2M | $289.0K | $3M | $2M | $3M | $196.0K | |
| Deferred Tax | $3M | $32M | $14M | $3M | $4M | $33M | $12M | $3M | $20M | $17M | $9M | $7M | $-6M | $15M | $2M | $-602.0K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | · | · | · | · | $136M | · | · | |
| Operating Cash Flow | $195M | $176M | $168M | $89M | $189M | $228M | $153M | $102M | $231M | $233M | $188M | $151M | $276M | $329M | $52M | $178M | |
| CapEx | $218M | $267M | $270M | $178M | $219M | $153M | $214M | $188M | $166M | $176M | $134M | $160M | $143M | $119M | $172M | $157M | |
| Investing Cash Flow | $-222M | $-270M | $-272M | $-180M | $-221M | $-155M | $-214M | $-191M | $-164M | $-177M | $-133M | $-158M | $-144M | $-102M | $-175M | $-154M | |
| Debt Issued | · | · | $450M | $0 | · | · | $0 | $0 | $450M | $0 | $0 | $450M | $0 | $350M | $0 | $0 | |
| Net Debt Issued | · | $-300M | · | · | · | · | · | · | · | $0 | · | · | · | $350M | · | · | |
| Stock Issued | $9M | $41M | $0 | $154M | $19M | $46M | $-200.0K | $109M | $42M | $31M | $11M | $53M | $27M | $27M | $-68.0K | $16M | |
| Net Stock Activity | · | $41M | · | · | · | $46M | · | · | · | $31M | · | · | · | $27M | · | · | |
| Dividends Paid | $54M | $53M | $51M | $49M | $49M | $49M | $46M | $46M | $45M | $44M | $43M | $42M | $42M | $41M | $39M | $39M | |
| Financing Cash Flow | $75M | $-65M | $265M | $105M | $34M | $-82M | $65M | $-523M | $435M | $-20M | $-563M | $449M | $-19M | $-209M | $124M | $-30M | |
| Taxes Paid | $3M | $-15M | $4M | $1M | $1M | $-15M | $200.0K | $100.0K | $-15M | $0 | $1M | $-66.0K | $49.0K | $-49.0K | $6.0K | $-752.0K | |
| Free Cash Flow | · | $-91M | · | · | · | $75M | · | · | · | $57M | · | · | · | $210M | · | · | |
| Levered FCF | · | $-137M | · | · | · | $30M | · | · | · | · | · | · | · | · | · | · |
Profitability 7
| 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 21.4% | 25.9% | · | 18.3% | 18.8% | 25.5% | · | 18.9% | 17.5% | 26.6% | · | 24.0% | 15.4% | 19.0% | 17.2% | 15.3% | |
| Net Margin | 8.4% | 16.8% | · | 5.8% | 6.3% | 16.7% | · | 6.1% | 5.7% | 17.6% | · | 11.2% | 5.6% | 12.4% | 8.2% | 7.6% | |
| Pretax Margin | 10.1% | 19.3% | · | 7.0% | 7.6% | 19.2% | · | 7.3% | 7.0% | 20.4% | · | 13.8% | 5.0% | 14.3% | 8.6% | 7.4% | |
| EBITDA Margin | 21.4% | 25.9% | · | 18.3% | 18.8% | 25.5% | · | 18.9% | 17.5% | 26.6% | · | 40.0% | 31.2% | 25.7% | 31.0% | 28.8% | |
| ROA | 0.36% | 1.2% | · | 0.25% | 0.27% | 1.4% | · | 0.25% | 0.23% | 1.3% | · | 0.47% | 0.25% | 1.2% | 0.42% | 0.40% | |
| ROE | 1.0% | 3.5% | · | 0.69% | 0.79% | 3.9% | · | 0.74% | 0.71% | 4.0% | · | 1.5% | 0.77% | 3.8% | 1.4% | 1.3% | |
| ROIC | 1.0% | 2.1% | · | 0.84% | 0.89% | 2.3% | · | 0.89% | 0.75% | 2.2% | · | 1.1% | 1.1% | 2.1% | 1.0% | 1.0% |
Liquidity & Solvency 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 0.6 | · | 0.9 | 0.6 | 0.8 | · | 1.1 | 1.1 | 0.7 | · | 0.8 | 0.8 | 0.9 | 0.9 | 1.0 | |
| Quick Ratio | 0.2 | 0.3 | · | 0.4 | 0.3 | 0.4 | · | 0.4 | 0.8 | 0.4 | · | 0.5 | 0.4 | 0.5 | 0.3 | 0.4 | |
| Debt / Equity | 1.1 | 1.2 | · | 1.2 | 1.2 | 1.2 | · | 1.2 | 1.4 | 1.3 | · | 1.6 | 1.4 | 1.4 | 1.6 | 1.5 | |
| LT Debt / Equity | 1.0 | 1.0 | · | 1.1 | 1.1 | 1.1 | · | 1.2 | 1.3 | 1.1 | · | 1.2 | 1.3 | 1.3 | 1.4 | 1.4 | |
| Interest Coverage | 1.9 | 3.9 | · | 1.6 | 1.7 | 4.0 | · | · | · | · | · | · | · | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | · | 0.0 | 0.0 | 0.1 | · | 0.0 | 0.0 | 0.1 | · | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | 1.7 | 2.1 | · | 1.9 | 1.8 | 2.3 | · | 1.8 | 1.7 | 1.8 | · | 1.7 | 1.6 | 2.1 | 2.1 | 2.1 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.10B | $2.46B | · | $2.08B | $2.05B | $2.34B | · | $1.94B | $1.95B | $2.47B | · | $2.20B | $2.27B | $2.68B | $2.14B | $2.05B | |
| Net Income TTM | $222M | $318M | · | $211M | $209M | $309M | · | $220M | $219M | $310M | · | $218M | $206M | $300M | $234M | $227M | |
| Market Cap | $5.68B | $5.29B | · | $4.65B | $4.09B | $4.40B | · | $4.38B | $3.79B | $3.77B | · | $3.44B | $4.04B | $4.21B | $4.41B | $4.74B | |
| Enterprise Value | $10.10B | $9.92B | · | $9.01B | $8.46B | $8.70B | · | $8.63B | $8.02B | $8.05B | · | $7.77B | $8.37B | $8.65B | $9.03B | $9.19B | |
| P/E | 25.2 | 16.1 | · | 20.9 | 19.1 | 13.7 | · | 19.0 | 16.9 | 11.8 | · | 15.4 | 19.2 | 13.7 | 18.9 | 21.2 | |
| P/S | 2.7 | 2.2 | · | 2.2 | 2.0 | 1.9 | · | 2.3 | 1.9 | 1.5 | · | 1.6 | 1.8 | 1.6 | 2.1 | 2.3 | |
| P/B | 1.4 | 1.3 | · | 1.2 | 1.1 | 1.2 | · | 1.3 | 1.1 | 1.1 | · | 1.1 | 1.3 | 1.4 | 1.5 | 1.6 | |
| P / Tangible Book | 2.2 | 2.0 | · | 1.9 | 1.8 | 1.9 | · | 2.0 | 1.9 | 1.9 | · | 1.9 | 2.2 | 2.4 | 2.8 | 3.0 | |
| P / Cash Flow | · | 30.0 | · | · | · | 19.3 | · | · | · | 16.1 | · | · | · | 12.8 | · | · | |
| P / FCF | · | -58.0 | · | · | · | 58.7 | · | · | · | 65.8 | · | · | · | 20.1 | · | · | |
| EV / EBITDA | 104.1 | 49.1 | · | 114.5 | 102.5 | 42.5 | · | 113.9 | 113.5 | 41.6 | · | 47.8 | 65.3 | 36.6 | 62.9 | 67.3 | |
| EV / FCF | · | -108.8 | · | · | · | 116.2 | · | · | · | 140.7 | · | · | · | 41.2 | · | · | |
| EV / Revenue | 4.8 | 4.0 | · | 4.3 | 4.1 | 3.7 | · | 4.5 | 4.1 | 3.3 | · | 3.5 | 3.7 | 3.2 | 4.2 | 4.5 | |
| Earnings Yield | 4.0% | 6.2% | · | 4.8% | 5.2% | 7.3% | · | 5.3% | 5.9% | 8.5% | · | 6.5% | 5.2% | 7.3% | 5.3% | 4.7% | |
| Payout Ratio | · | 40.5% | · | · | · | 36.2% | · | · | · | 34.7% | · | · | · | 36.3% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $2.31B | $2.13B | $2.33B | $2.55B | $1.95B |
| Operating Margin % | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% |
| Net Income | $292M | $273M | $262M | $258M | $237M |
| Diluted EPS | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.2 | 1.3 | 1.4 | 1.6 | 1.6 |
| Current Ratio | 1.3 | 1.0 | 0.7 | 0.6 | 0.9 |
| Quick Ratio | 0.8 | 0.5 | 0.4 | 0.3 | 0.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-146M | $-25M | $389M | $-20M | $-742M |
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Institutional owners (13F) 511 filers · $3.9B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 60 (-12 vs prior Q) | 49 (+7 vs prior Q) | 189 (+6 vs prior Q) | 131 (0 vs prior Q) | +321K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $382,498,063 | 5,141,103 | 9.90% | Shares |
| STATE STREET CORP | $284,171,544 | 3,819,510 | 7.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $255,076,085 | 3,428,442 | 6.60% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $185,774,000 | 2,496,967 | 4.81% | Shares |
| Point72 Asset Management, L.P. | $160,793,057 | 2,161,197 | 4.16% | Shares |
| Capital Research Global Investors | $135,851,498 | 1,825,961 | 3.51% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $130,301,825 | 1,750,896 | 3.37% | Shares |
| TWO SIGMA INVESTMENTS, LP | $123,740,443 | 1,663,178 | 3.20% | Shares |
| Covalis Capital LLP | $110,216,458 | 1,481,404 | 2.85% | Shares |
| Engineers Gate Manager LP | $107,289,562 | 1,442,064 | 2.78% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $90,309,770 | 1,213,841 | 2.34% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $88,165,786 | 1,185,024 | 2.28% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $80,153,873 | 1,077,337 | 2.07% | Shares |
| GOLDMAN SACHS GROUP INC | $78,396,991 | 1,053,723 | 2.03% | Shares |
| CITADEL ADVISORS LLC | $74,058,206 | 995,406 | 1.92% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $69,879,382 | 939,239 | 1.81% | Shares |
| TWO SIGMA ADVISERS, LP | $67,906,644 | 978,200 | 1.76% | Shares |
| Pictet Asset Management Holding SA | $62,142,749 | 835,252 | 1.61% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $55,636,896 | 747,808 | 1.44% | Shares |
| GABELLI FUNDS LLC | $38,611,740 | 518,975 | 1.00% | Shares |
| CRAWFORD INVESTMENT COUNSEL INC | $38,434,241 | 516,589 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $37,554,739 | 504,768 | 0.97% | Shares |
| MORGAN STANLEY | $36,383,260 | 489,022 | 0.94% | Shares |
| ProShare Advisors LLC | $34,534,472 | 464,173 | 0.89% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $34,189,776 | 459,540 | 0.88% | Shares |
| Yaupon Capital Management LP | $34,107,192 | 458,430 | 0.88% | Shares |
| Merewether Investment Management, LP | $33,876,329 | 455,327 | 0.88% | Shares |
| Bank of New York Mellon Corp | $33,108,000 | 445,000 | 0.86% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $29,412,626 | 395,331 | 0.76% | Shares |
| HighTower Advisors, LLC | $29,356,191 | 394,572 | 0.76% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $26,392,879 | 354,743 | 0.68% | Shares |
| JANUS HENDERSON GROUP PLC | $25,701,135 | 370,280 | 0.66% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $25,097,501 | 337,332 | 0.65% | Shares |
| D. E. Shaw & Co., Inc. | $24,963,804 | 335,535 | 0.65% | Shares |
| Nuveen, LLC | $24,012,972 | 322,755 | 0.62% | Shares |
| Freestone Grove Partners LP | $22,493,278 | 302,329 | 0.58% | Shares |
| Resolution Capital Ltd | $19,193,935 | 257,983 | 0.50% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,436,320 | 247,800 | 0.48% | Shares |
| RHUMBLINE ADVISERS | $17,998,385 | 241,914 | 0.47% | Shares |
| FRANKLIN RESOURCES INC | $17,425,745 | 234,217 | 0.45% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $17,160,224 | 230,351 | 0.44% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $16,347,019 | 219,718 | 0.42% | Shares |
| Paradiem, LLC | $16,323,732 | 219,405 | 0.42% | Shares |
| Brandywine Global Investment Management, LLC | $16,037,200 | 231,017 | 0.41% | Shares |
| BW Gestao de Investimentos Ltda. | $16,025,834 | 215,401 | 0.41% | Shares |
| GAMCO INVESTORS, INC. ET AL | $15,362,707 | 206,488 | 0.40% | Shares |
| Zimmer Partners, LP | $14,398,930 | 193,534 | 0.37% | Shares |
| Squarepoint Ops LLC | $14,180,491 | 190,598 | 0.37% | Shares |
| Verbena Value LP | $13,302,720 | 178,800 | 0.34% | Shares |
| BlackRock, Inc. | $12,389,534 | 166,526 | 0.32% | Shares |
| Glenmede Investment Management, LP | $12,180,777 | 197,772 | 0.32% | Shares |
| GLENMEDE TRUST CO NA | $11,719,190 | 157,516 | 0.30% | Shares |
| Swiss National Bank | $11,351,878 | 152,579 | 0.29% | Shares |
| California Public Employees Retirement System | $11,071,241 | 148,807 | 0.29% | Shares |
| ALLIANCEBERNSTEIN L.P. | $10,807,901 | 155,711 | 0.28% | Shares |
| Leeward Investments, LLC - MA | $10,073,016 | 135,390 | 0.26% | Shares |
| Martin Capital Partners, LLC | $9,158,912 | 123,104 | 0.24% | Shares |
| BANK OF AMERICA CORP /DE/ | $8,551,536 | 114,940 | 0.22% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $8,540,450 | 114,791 | 0.22% | Shares |
| Phocas Financial Corp. | $8,472,970 | 113,884 | 0.22% | Shares |
| HITE Hedge Asset Management LLC | $8,072,400 | 108,500 | 0.21% | Shares |
| Verition Fund Management LLC | $7,812,000 | 105,000 | 0.20% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $7,793,846 | 104,756 | 0.20% | Shares |
| Nuveen Asset Management, LLC | $7,700,881 | 131,594 | 0.20% | Shares |
| AMERIPRISE FINANCIAL INC | $7,336,287 | 98,606 | 0.19% | Shares |
| MAIRS & POWER INC | $7,312,404 | 98,285 | 0.19% | Shares |
| TUDOR INVESTMENT CORP ET AL | $7,081,690 | 95,184 | 0.18% | Shares |
| Legal & General Group Plc | $6,932,964 | 93,185 | 0.18% | Shares |
| IEQ CAPITAL, LLC | $6,870,916 | 92,351 | 0.18% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $6,581,201 | 88,457 | 0.17% | Shares |
| UBS Group AG | $6,562,601 | 88,207 | 0.17% | Shares |
| Magellan Asset Management Ltd | $6,346,841 | 85,307 | 0.16% | Shares |
| Hudson Bay Capital Management LP | $6,331,514 | 85,101 | 0.16% | Shares |
| Mariner, LLC | $6,310,279 | 84,814 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,210,113 | 89,470 | 0.16% | Shares |
| Lighthouse Investment Partners, LLC | $6,100,576 | 81,997 | 0.16% | Shares |
| Keeley-Teton Advisors, LLC | $6,058,389 | 99,891 | 0.16% | Shares |
| MetLife Investment Management, LLC | $5,999,095 | 80,633 | 0.16% | Shares |
| Retirement Systems of Alabama | $5,858,182 | 78,739 | 0.15% | Shares |
| ALTA CAPITAL MANAGEMENT LLC/ | $5,530,598 | 74,336 | 0.14% | Shares |
| Sagefield Capital LP | $5,455,008 | 73,320 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,453,520 | 73,300 | 0.14% | Call option |
| Quantinno Capital Management LP | $5,357,212 | 72,005 | 0.14% | Shares |
| BARCLAYS PLC | $5,258,741 | 70,682 | 0.14% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $5,194,102 | 69,813 | 0.13% | Shares |
| MACKENZIE FINANCIAL CORP | $5,164,030 | 69,409 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,646,503 | 62,453 | 0.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $4,449,790 | 59,809 | 0.12% | Shares |
| Waverly Advisors, LLC | $4,381,094 | 58,886 | 0.11% | Shares |
| Vanguard Investments Australia, Ltd. | $4,374,869 | 58,802 | 0.11% | Shares |
| LPL Financial LLC | $4,267,551 | 57,360 | 0.11% | Shares |
| Susquehanna Portfolio Strategies, LLC | $4,183,735 | 56,233 | 0.11% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $4,134,197 | 55,567 | 0.11% | Shares |
| Ceredex Value Advisors LLC | $4,106,880 | 55,200 | 0.11% | Shares |
| Cubist Systematic Strategies, LLC | $4,059,935 | 65,919 | 0.11% | Shares |
| ALPS ADVISORS INC | $4,010,309 | 53,902 | 0.10% | Shares |
| Qube Research & Technologies Ltd | $3,991,560 | 53,650 | 0.10% | Shares |
| BURNEY CO/ | $3,975,341 | 53,432 | 0.10% | Shares |
| MACQUARIE GROUP LTD | $3,817,538 | 51,311 | 0.10% | Shares |
| COZAD ASSET MANAGEMENT INC | $3,776,502 | 50,759 | 0.10% | Shares |
Company insiders 54 insiders · 26 officers · 29 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Linden R Evans | President and CEO | Dec. 1, 2025 J | 168,781 | 0 | 0 | $0 |
| David R Emery | CHAIRMAN, PRESIDENT & CEO | Feb. 10, 2015 F | 181,354 | 0 | 0 | $0 |
| Kimberly F Nooney | SVP & CFO | Feb. 12, 2026 F | 38,691 | 0 | 1 | $-1,025,150 |
| Richard Kinzley | Sr VP & CFO | March 6, 2015 P | 2,159 | 0 | 0 | $0 |
| Mark T Thies | Executive Vice President & CFO | Jan. 18, 2008 D | 34,954 | 0 | 0 | $0 |
| Thomas M Ohlmacher | PRES & COO NONREG ENERGY GROUP | Feb. 1, 2011 F | 45,150 | 0 | 0 | $0 |
| Marne M Jones | SVP - Utilities | Feb. 12, 2026 F | 38,667 | 0 | 0 | $0 |
| Sarah Wiltse | SVP and CHRO | Feb. 7, 2026 F | 7,532 | 0 | 0 | $0 |
| Darren T. Nakata | Chief Legal Officer | Feb. 6, 2026 A | 7,495 | 0 | 0 | $0 |
| Donald Lee Redden JR | CITO | Feb. 6, 2026 A | 6,910 | 0 | 0 | $0 |
| Jennifer C Landis | Sr VP Human Resources | March 9, 2018 A | 8,188 | 0 | 0 | $0 |
| Brian Iverson | Sr VP Regulatory & Govt Affair | Feb. 27, 2015 A | 17,919 | 0 | 0 | $0 |
| Scott Buchholz | SR VP CHIEF INFO OFFICER | Feb. 10, 2015 F | 28,765 | 0 | 0 | $0 |
| Steven J Helmers | SENIOR VP & GENERAL COUNSEL | Feb. 10, 2015 F | 62,374 | 0 | 0 | $0 |
| Anthony S Cleberg | Executive Vice President | Feb. 6, 2015 F | 48,680 | 0 | 0 | $0 |
| Lynn Wilson | SR VP-COMM & INVESTOR RELATION | March 2, 2012 A | 10,793 | 0 | 0 | $0 |
| Jeffrey B. Berzina | VP & CORP CONTROLLER | Feb. 1, 2011 F | 5,833 | 0 | 0 | $0 |
| Perry S Krush | VICE PRESIDENT - SUPPLY CHAIN | Feb. 1, 2011 F | 9,771 | 0 | 0 | $0 |
| Garner M Anderson | VP TREASR & CHIEF RISK OFFCR | Feb. 1, 2011 F | 15,277 | 0 | 0 | $0 |
| Kyle D White | VP REGULATORY & GOVT AFFAIRS | Feb. 1, 2011 F | 13,406 | 0 | 0 | $0 |
| Roxann R Basham | VP-GOVERNANCE & CORP SEC | Feb. 1, 2011 F | 15,832 | 0 | 0 | $0 |
| James M Mattern | VP - Administration | Jan. 6, 2009 F | 26,745 | 0 | 0 | $0 |
| Maurice Klefeker | Sr VP Strategic Plan & Dev | Feb. 12, 2008 A | 20,373 | 0 | 0 | $0 |
| RUSSELL COHEN /BH/ | Vice President - Risk | Feb. 28, 2006 A | 15,287 | 0 | 0 | $0 |
| LANDGUTH DANIEL P | Chairman | June 16, 2005 J | 0 | 0 | 0 | $0 |
| John W Salyer JR | Exec VP-Strat Plan and Develop | Feb. 19, 2004 D | 11,126 | 0 | 0 | $0 |
| Barry M Granger | Director | May 1, 2026 A | 11,716 | 0 | 0 | $0 |
| Robert P Otto | Director | May 1, 2026 A | 14,995 | 0 | 0 | $0 |
| Kathleen S Mcallister | Director | May 1, 2026 A | 16,529 | 0 | 0 | $0 |
| Robert F. Beard | Director | May 1, 2026 A | 4,237 | 0 | 0 | $0 |
| Scott M Prochazka | Director | May 1, 2026 A | 11,716 | 0 | 0 | $0 |
| Anne G Waleski | Director | May 1, 2026 A | 4,237 | 0 | 0 | $0 |
| Teresa Taylor | Director | May 1, 2026 A | 13,646 | 0 | 0 | $0 |
| Tony A Jensen | Director | May 1, 2026 A | 18,118 | 0 | 0 | $0 |
| Steven Richard Mills | Director | May 1, 2026 A | 29,622 | 0 | 0 | $0 |
| Mark A Schober | Director | May 5, 2021 I | 4,534 | 0 | 0 | $0 |
| Linda K Massman | Director | March 2, 2015 A | 61 | 0 | 0 | $0 |
| Rebecca B Roberts | Director | March 2, 2015 A | 4,793 | 0 | 0 | $0 |
| John B Vering | Director | March 2, 2015 A | 10,884 | 0 | 0 | $0 |
| Michael Madison | Director | March 2, 2015 A | 8,704 | 0 | 0 | $0 |
| Stephen D Newlin | Director | March 2, 2015 A | 2,400 | 0 | 0 | $0 |
| Warren L Robinson | Director | March 2, 2015 A | 7,108 | 0 | 0 | $0 |
| Thomas J Zeller | Director | March 2, 2015 A | 8,904 | 0 | 0 | $0 |
| Gary L Pechota | Director | March 2, 2015 A | 7,018 | 0 | 0 | $0 |
| EUGSTER JACK W | Director | March 2, 2015 A | 17,000 | 0 | 0 | $0 |
| John R Howard | Director | June 1, 2012 A | — | 0 | 0 | $0 |
| David C Ebertz | Director | June 1, 2012 A | 6,596 | 0 | 0 | $0 |
| Kay S Jorgensen | Director | June 1, 2011 A | 7,795 | 0 | 0 | $0 |
| Richard Korpan | Director | June 1, 2007 A | — | 0 | 0 | $0 |
| William G Van Dyke | Director | June 21, 2006 M | 965 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 100 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 |
|---|---|---|---|---|
| TMDV · ProShares Trust | 1.56% | 945 NS | May 31, 2026 | N-PORT |
| REGL · ProShares Trust | 1.56% | 358,432 NS | May 31, 2026 | N-PORT |
| PEY · Invesco Exchange-Traded Fund Trust | 1.41% | 223,056 SH | Aug. 21, 2026 | Daily |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.23% | 123,171 SH | Aug. 21, 2026 | Daily |
| XMVM · Invesco Exchange-Traded Fund Trust | 0.96% | 66,407 SH | Aug. 21, 2026 | Daily |
| SMDV · ProShares Trust | 0.94% | 84,962 NS | May 31, 2026 | N-PORT |
| FTRI · First Trust Exchange-Traded Fund II | 0.90% | 14,696 NS | June 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.57% | 11,876 NS | April 30, 2026 | N-PORT |
| XMMO · Invesco Exchange-Traded Fund Trust | 0.56% | 557,652 SH | Aug. 21, 2026 | Daily |
| ESSC · Strategy Shares | 0.55% | 1,885 NS | April 30, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.53% | 165,096 NS | June 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.46% | 13,174 NS | April 30, 2026 | N-PORT |
| DVY · iShares Trust | 0.45% | 1,451,428 SH | Aug. 21, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 0.43% | 1,718 NS | April 30, 2026 | N-PORT |
| RDIV · Invesco Exchange-Traded Fund Trust … | 0.42% | 79,755 SH | Aug. 21, 2026 | Daily |
| FVD · First Trust Exchange-Traded Fund | 0.40% | 429,824 NS | June 30, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 0.37% | 138 NS | June 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.37% | 737,076 SH | Aug. 21, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.37% | 67,812 SH | Aug. 19, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | 0.36% | 520,678 SH | Aug. 19, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 0.35% | 115,778 NS | April 30, 2026 | N-PORT |
| MDIV · First Trust Exchange-Traded Fund VI | 0.33% | 18,649 NS | June 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.33% | 65,366 SH | Aug. 19, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.30% | 52,432 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 22,316 NS | April 30, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.28% | 2,379 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.28% | 428 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.25% | 2,695 NS | April 30, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 0.24% | 28,330 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.22% | 272,002 NS | May 31, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.22% | 101 NS | May 29, 2026 | N-PORT |
| IWM · iShares Trust | 0.18% | 1,999,250 SH | Aug. 21, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.18% | 447,827 SH | Aug. 19, 2026 | Daily |
| ISCV · iShares Trust | 0.18% | 16,855 SH | Aug. 21, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.17% | 10,199 SH | Aug. 21, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.17% | 8,661 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.15% | 47,946 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.15% | 122,828 SH | Aug. 19, 2026 | Daily |
| RB · ProShares Trust | 0.14% | 23 NS | May 31, 2026 | N-PORT |
| FDL · First Trust Exchange-Traded Fund | 0.14% | 139,227 NS | June 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.14% | 19,110 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.14% | 3,583 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.14% | 2,531 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.13% | 233,860 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.12% | 1,108,548 SH | Aug. 19, 2026 | Daily |
| MVV · ProShares Trust | 0.12% | 2,607 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.12% | 362,522 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.11% | 1,250 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 29,211 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.10% | 203,909 NS | May 31, 2026 | N-PORT |