CCOI Cogent Communications Holdings, Inc. - Common Stock
About Cogent Communications Holdings, Inc. - Common Stock Company overview from Wikipedia
Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.
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Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.
Acquisition history
Cogent was founded in 1999 at the peak of the industry's growth and was funded by angel investors including members of Keiretsu Forum. In three years, Cogent acquired 13 other failing carriers, purchasing $14 billion in capital for $60 million, including $4 billion worth of Property, Plant and Equipment.
September 2001 – Acquires the assets of NetRail
February 2002 – Acquires Allied Riser
April 2002 – Acquires Building Access Agreements from OnSite Access
April 2002 – Acquires Major US Assets of PSINet
September 2002 – Acquires Major Assets of FiberCity Networks
February 2003 – Acquires Fiber Network Solutions
May 2003 – Acquires Assets of Applied Theory
January 2004 – Acquires LambdaNet France & Spain
March 2004 – Acquires Fiber Network and Equipment in Germany Out of Former Carrier1 Assets
September 2004 – Acquires Global Access
October 2004 – Acquires Aleron Broadband
December 2004 – Acquires NTT/Verio Dedicated Access Business in U.S.
In September, 2022, it was announced that Cogent was buying the Sprint Corporation wireline business from T-Mobile for $1.00, assuming some liabilities.
Peering disputes
Cogent has been controversial in the ISP market for low bandwidth pricing and its public disputes over peering with AOL (2003), Level 3 Communications (2005), France Telecom (2006), Limelight Networks (2007), Telia Carrier (March 2008), and Sprint Nextel (October 2008).
On March 14, 2008, after Cogent stopped routing packets from European network provider Telia (AS 1299), their two networks lost mutual connectivity. The connection was reestablished March 28, 2008 with interconnection points in both the United States and Europe.
On June 6, 2011, Cogent automatically stopped peering with the US Department of Energy's Energy Sciences Network (ESnet) causing a disruption for three days.
In November 2015, CenturyLink signed a new long-term bilateral interconnection agreement with Cogent Communications.
In December 2015, Cogent sued Deutsche Telekom. Cogent claimed that DTAG failed to increase interconnection capacity between the two networks. According to a statement released by Cogent, "Deutsche Telekom has interfered with the free flow of Internet traffic between Cogent customers and Deutsche Telekom customers by refusing to increase the capacity of the interconnection ports that allow the exchange of traffic".
There is a long-running dispute between Cogent and Hurricane Electric. Cogent has been refusing to peer settlement-free with Hurricane Electric, the largest IPv6 network, since 2009. Due to this, IPv6 traffic cannot be interchanged between both networks. IPv4 traffic can still be interchanged since Hurricane Electric is only a Tier 1 operator for IPv6 but not for IPv4. IPv4 traffic between both networks is routed via Arelion.
Cogent and Google have also stopped IPv6 peering in 2016. This is rumored to be closely tied to Cogent leveraging Google's IPv4 traffic via a paid customer or to maintain settlement-free interconnect with another network. As of November 2023, the two networks appear to be reachable over IPv6 via Tata Communications.
In February 2017, Cogent blocked many piracy and streaming sites including The Pirate Bay. This was unintentional due to a poorly crafted Spanish court order.
In February 2024, Cogent withdrew peering with NTT in Europe, forcing all their peering traffic to go through their common remaining interconnections in USA, increasing latency and traffic loss between both networks, to complain against refusal of peering settlements in Asia from NTT.
In May 2024, Cogent withdrew peering with Tata Communications completely. As a result, networks that are single homed behind AS6453 (in APAC) or AS174 will not be able to reach each other. This is similar, but more serious, to the previous regional NTT-Cogent depeerings (since the NTT ones "just" increased latency by routing via the US instead). Despite what Cogent reported, Cogent has not de-peered, but rather blocked routes to TATA single-homed transit. However, in June 2024 this peering dispute was resolved. Connectivity between Cogent and TATA has been restored and is operating normally.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CCOI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
CCOI 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 |
|---|---|
| May 18, 2026 | $0.0200 |
| March 6, 2026 | $0.0200 |
| Nov. 21, 2025 | $0.0200 |
| Aug. 21, 2025 | $1.0150 |
| May 22, 2025 | $1.0100 |
| March 13, 2025 | $1.0050 |
| Nov. 22, 2024 | $0.9950 |
| Aug. 22, 2024 | $0.9850 |
| May 22, 2024 | $0.9750 |
| March 14, 2024 | $0.9650 |
| Nov. 22, 2023 | $0.9550 |
| Aug. 23, 2023 | $0.9450 |
| May 17, 2023 | $0.9350 |
| March 9, 2023 | $0.9250 |
| Nov. 17, 2022 | $0.9150 |
| Aug. 17, 2022 | $0.9050 |
| May 12, 2022 | $0.8800 |
| March 8, 2022 | $0.8550 |
| Nov. 18, 2021 | $0.8300 |
| Aug. 19, 2021 | $0.8050 |
CCOI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 3 16.7%
- Buy 6 33.3%
- Hold 8 44.4%
- Sell 1 5.6%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.38 | $-0.99 | -0.39% |
| March 31, 2026 | $-0.83 | $-1.02 | 0.19% |
| Dec. 31, 2025 | $-0.64 | $-1.00 | 0.36% |
| Sept. 30, 2025 | $-0.87 | $-1.04 | 0.17% |
| June 30, 2025 | $-1.21 | $-0.95 | -0.26% |
| March 31, 2025 | $-1.09 | $-1.09 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CCOI | $1.08B | -5.7 | -5.8% | -18.7% | 2120.8% | — |
| LUMN | $7.97B | -4.4 | -5.4% | -14.0% | 532.6% | — |
| IRDM | $1.82B | 16.4 | 4.9% | 13.1% | 24.4% | — |
| ATEX | $722M | 7.9 | 7.8% | 1394.2% | 36.1% | — |
| BAND | — | -35.9 | 0.71% | -1.7% | -3.3% | 39.1% |
| LILA | — | -2.4 | -0.10% | -13.8% | -74.4% | — |
| ELWT | — | -6.3 | 154.5% | -19.6% | 608.8% | 18.5% |
| NXPL | — | — | — | — | — | — |
| IQST | — | -1.0 | 11.9% | — | — | — |
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 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $976M | $1.04B | $941M | $600M | $590M | $568M | $546M | $520M | $485M | $447M | $404M | $380M | |
| Cost of Revenue | $535M | $642M | $544M | $228M | $226M | $219M | $220M | $220M | $209M | $194M | $175M | $160M | |
| SG&A Expense | $274M | $276M | $275M | $163M | $162M | $158M | $147M | $134M | $128M | $121M | $113M | $108M | |
| Operating Expenses | $1.08B | $1.24B | $1.07B | $486M | $478M | $461M | $447M | $435M | $413M | $390M | $358M | $337M | |
| Operating Income | $-101M | $-198M | $-129M | $114M | $119M | $107M | $100M | $87M | $76M | $64M | $53M | $54M | |
| Interest Expense | · | $123M | $93M | $111M | $58M | $62M | $57M | $51M | $48M | $41M | $41M | $50M | |
| Pretax Income | $-245M | $-260M | $1.22B | $26M | $71M | $10M | $53M | $41M | $31M | $24M | $13M | $4M | |
| Income Tax | $-63M | $-56M | $-54M | $21M | $23M | $4M | $15M | $13M | $25M | $9M | $8M | $4M | |
| Net Income | $-182M | $-204M | $1.27B | $5M | $48M | $6M | $38M | $29M | $6M | $15M | · | · | |
| EPS (Basic) | $-3.80 | $-4.28 | $26.88 | $0.11 | $1.04 | $0.14 | $0.82 | $0.63 | $0.13 | $0.33 | $0.11 | $0.02 | |
| EPS (Diluted) | $-3.80 | $-4.28 | $26.62 | $0.11 | $1.03 | $0.13 | $0.81 | $0.63 | $0.13 | $0.33 | $0.11 | $0.02 | |
| Shares (Basic) | 47,928,826 | 47,627,873 | 47,373,361 | 46,875,992 | 46,419,180 | 45,947,772 | 45,542,315 | 45,280,161 | 44,855,263 | 44,641,805 | 44,888,723 | 45,960,720 | |
| Shares (Diluted) | 47,928,826 | 47,627,873 | 47,837,512 | 47,207,298 | 46,963,920 | 46,668,198 | 46,080,395 | 45,780,954 | 45,184,203 | 44,873,030 | 45,159,489 | 46,349,670 | |
| EBITDA | $169M | $-198M | $-129M | $206M | $208M | $190M | $181M | $168M | $152M | $139M | $124M | $123M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $149M | $198M | $75M | $224M | $320M | $371M | $399M | $276M | $247M | $274M | $204M | $288M | |
| Receivables | $88M | $97M | $135M | $44M | $42M | $44M | $40M | $42M | $39M | $34M | $31M | $33M | |
| Prepaid Expense | $68M | $74M | $81M | $46M | $39M | $41M | $36M | $33M | $20M | $20M | $17M | $15M | |
| Current Assets | $451M | $482M | $514M | $366M | $410M | $456M | $476M | $350M | $306M | $328M | $251M | $336M | |
| PP&E (Net) | $1.72B | $1.66B | $1.54B | $544M | $458M | $430M | $369M | $375M | $381M | $362M | $360M | $361M | |
| PP&E (Gross) | $3.64B | $3.32B | $2.95B | $1.71B | $1.62B | $1.52B | $1.37B | $1.30B | $1.23B | $1.14B | $1.07B | $1.05B | |
| Accum. Depreciation | $1.92B | $1.66B | $1.41B | $1.17B | $1.16B | $1.09B | $998M | $925M | $852M | $775M | $710M | $687M | |
| Intangibles | · | · | $473M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $3.10B | $3.17B | $3.21B | $1.01B | $985M | $1.00B | $932M | $740M | $711M | $738M | $663M | $755M | |
| Accounts Payable | $31M | $40M | $48M | $27M | $12M | $10M | $11M | $9M | $12M | $12M | $12M | $13M | |
| Accrued Liabilities | $110M | $135M | $121M | $64M | $39M | $51M | $51M | $51M | $48M | $47M | $38M | $32M | |
| Current Liabilities | $221M | $253M | $373M | $120M | $81M | $94M | $90M | $75M | $75M | $68M | $69M | $60M | |
| Capital Leases | $270M | $302M | $330M | $95M | $112M | $111M | $87M | $157M | $150M | $135M | $130M | $152M | |
| Deferred Tax | $333M | $398M | $471M | $48M | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $29M | $40M | $62M | $35M | $45M | $15M | $15M | $25M | $28M | $28M | $31M | $22M | |
| Total Liabilities | $3.16B | $2.95B | $2.60B | $1.53B | $1.36B | $1.29B | $1.14B | $889M | $813M | $791M | $675M | $671M | |
| Long-term Debt | $1.73B | $1.46B | $950M | $950M | $898M | $882M | $798M | $645M | $575M | $570M | $471M | $440M | |
| Common Stock | $50.0K | $49.0K | $49.0K | $48.0K | $48.0K | $47.0K | $47.0K | $46.0K | $46.0K | $45.0K | $45.0K | $46.0K | |
| Retained Earnings | $-709M | $-376M | $17M | $-1.07B | $-910M | $-808M | $-685M | $-609M | $-555M | $-479M | $-432M | $-370M | |
| AOCI | · | · | · | · | · | · | · | $-11M | $-5M | $-17M | $-15M | $-6M | |
| Stockholders' Equity | $-64M | $223M | $610M | $-519M | $-373M | $-293M | $-204M | $-149M | $-103M | $-53M | $-12M | $84M | |
| Liabilities + Equity | $3.10B | $3.17B | $3.21B | $1.01B | $985M | $1.00B | $932M | $740M | $711M | $738M | $663M | $755M | |
| Shares Outstanding | 50,062,158 | 49,034,925 | 48,608,569 | 48,013,330 | 47,674,189 | 47,214,077 | 46,840,434 | 46,336,499 | 45,960,799 | 45,478,787 | 45,198,718 | 46,398,729 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $270M | $298M | $232M | $92M | $89M | $83M | $80M | $81M | $76M | $75M | $71M | $69M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | $13M | $11M | $12M | $10M | |
| Deferred Tax | $-65M | $-52M | $-70M | $17M | $18M | $282.0K | $12M | $11M | $25M | $9M | $8M | $3M | |
| Other Non-cash | $-34M | · | · | $60M | $15M | $50M | $19M | $13M | · | · | · | · | |
| Operating Cash Flow | $-11M | $-9M | $17M | $174M | $170M | $140M | $149M | $134M | $112M | $108M | $84M | $73M | |
| CapEx | $188M | $195M | $130M | $79M | $70M | $56M | $47M | $50M | $46M | $45M | $36M | $60M | |
| Investing Cash Flow | $-88M | $21M | $77M | $-79M | $-70M | $-56M | $-47M | $-50M | $-46M | $-45M | $-35M | · | |
| Net Debt Issued | · | · | · | $-790.0K | $-7M | $-11M | $-10M | $-9M | $-4M | $-21M | $-670.0K | · | |
| Stock Repurchased | $17M | $8M | · | · | · | $4M | · | $7M | $2M | $4M | $39M | $59M | |
| Net Stock Activity | $-17M | $-8M | · | · | · | $-4M | · | $-7M | $-2M | $-4M | $-39M | $-59M | |
| Dividends Paid | $150M | $189M | $182M | $170M | $150M | $129M | $113M | $98M | $82M | $68M | $66M | $54M | |
| Financing Cash Flow | $63M | $106M | $-258M | $-145M | $-141M | $-116M | $22M | $-53M | $-97M | $8M | $-129M | · | |
| Net Change in Cash | $-23M | $114M | $-162M | $-53M | $-43M | $-28M | $123M | $29M | $-27M | $71M | $-84M | $-17M | |
| Taxes Paid | $-659.0K | $3M | $35M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-198M | $-204M | $-112M | $95M | $100M | $84M | $102M | $84M | $66M | $63M | $48M | $13M | |
| Levered FCF | · | $-301M | $-224M | $82M | $55M | $47M | $61M | $49M | $57M | $38M | $32M | $4M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -10.4% | -19.1% | -13.7% | 19.0% | 20.2% | 18.8% | 18.4% | 16.6% | 15.7% | 14.3% | 13.1% | · | |
| Net Margin | -18.7% | -19.7% | 135.3% | 0.86% | 8.2% | 1.1% | 6.9% | 5.5% | · | · | · | · | |
| Pretax Margin | -25.1% | -25.1% | 129.6% | 4.4% | 12.1% | 1.8% | 9.6% | 8.0% | 6.4% | 5.4% | 3.1% | · | |
| EBITDA Margin | 17.3% | -19.1% | -13.7% | 34.4% | 35.4% | 33.5% | 33.1% | 32.3% | 31.3% | 31.2% | 30.6% | · | |
| ROA | -5.8% | -6.4% | 60.3% | 0.52% | 4.9% | 0.64% | 4.5% | 4.0% | · | · | · | · | |
| ROE | 2120.8% | -74.7% | 242.2% | -1.0% | -13.2% | -2.2% | -19.0% | -20.9% | · | · | · | · | |
| ROIC | 117.7% | -69.7% | -22.2% | -4.3% | -21.6% | -22.0% | -35.1% | -40.2% | -14.0% | -74.0% | -166.5% | 11.4% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | 1.9 | 1.4 | 3.0 | 5.1 | 4.8 | 5.3 | 4.7 | 4.1 | 4.8 | 3.6 | 5.7 | |
| Quick Ratio | 1.1 | 1.2 | 0.6 | 2.2 | 4.5 | 4.4 | 4.9 | 4.2 | 3.8 | 4.5 | 3.4 | 5.3 | |
| Interest Coverage | · | -1.6 | -1.2 | 1.7 | 1.8 | 1.7 | 1.7 | 1.7 | 1.6 | 1.6 | 1.3 | 1.1 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.4 | 0.6 | 0.6 | 0.6 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | · | |
| Receivables Turnover | 10.5 | 8.9 | 10.5 | 13.9 | 13.7 | 13.4 | 13.3 | 12.9 | 13.3 | 13.9 | 12.7 | · |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -5.8% | 10.1% | 56.9% | 1.7% | 3.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 17.6% | 20.7% | 18.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | 24100.0% | -89.3% | 692.3% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | · | 489.4% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | 24646.2% | -89.3% | 675.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | · | 489.5% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 3.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $976M | $1.04B | $941M | $600M | $590M | $568M | $546M | $520M | $485M | $447M | $404M | $380M | |
| Net Income TTM | $-182M | $-204M | $1.27B | $5M | $48M | $6M | $38M | $29M | $6M | $15M | · | · | |
| Market Cap | $1.08B | $3.78B | $3.70B | $2.74B | $3.49B | $2.83B | $3.08B | $2.09B | $2.08B | $1.88B | $1.57B | $1.64B | |
| P/E | -5.7 | -18.0 | 2.9 | 518.9 | 71.0 | 460.5 | 81.2 | 71.8 | 348.5 | 125.3 | 315.4 | 1769.5 | |
| P/S | 1.1 | 3.6 | 3.9 | 4.6 | 5.9 | 5.0 | 5.6 | 4.0 | 4.3 | 4.2 | 3.9 | 4.3 | |
| P/B | -16.9 | 17.0 | 6.1 | -5.3 | -9.4 | -9.6 | -15.1 | -14.1 | -20.3 | -35.3 | -127.8 | 19.6 | |
| P / Tangible Book | · | 17.0 | 27.0 | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | -102.0 | -437.1 | 213.2 | 15.8 | 20.5 | 20.1 | 20.7 | 15.6 | 18.6 | 17.4 | 18.7 | 22.5 | |
| P / FCF | -5.4 | -18.6 | -32.9 | 28.9 | 34.8 | 33.5 | 30.3 | 24.9 | 31.6 | 30.0 | 32.5 | 126.2 | |
| Dividend Yield | 13.9% | 5.0% | 4.9% | 6.2% | 4.3% | 4.6% | 3.6% | 4.7% | 3.9% | 3.6% | 4.2% | 3.3% | |
| Earnings Yield | -17.6% | -5.5% | 35.0% | 0.19% | 1.4% | 0.22% | 1.2% | 1.4% | 0.29% | 0.80% | 0.32% | 0.06% | |
| Payout Ratio | -82.4% | -92.8% | 14.3% | 3300.8% | 311.9% | 2081.9% | 300.2% | 341.5% | · | · | · | · | |
| Annual Payout | $150M | $189M | $182M | $170M | $150M | $129M | $113M | $98M | $82M | $68M | $66M | $54M |
Income Statement 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $236M | $239M | $241M | $242M | $246M | $247M | $252M | $257M | $260M | $266M | $272M | $275M | $240M | $154M | $152M | $150M | |
| Cost of Revenue | $125M | $129M | $128M | $132M | $137M | $137M | $155M | $162M | $156M | $169M | $174M | $174M | $138M | $59M | $57M | $57M | |
| SG&A Expense | $72M | $72M | $65M | $70M | $65M | $74M | $63M | $68M | $68M | $77M | $81M | $65M | $84M | $45M | $44M | $39M | |
| Operating Expenses | $250M | $256M | $252M | $263M | $278M | $287M | $286M | $315M | $311M | $326M | $341M | $326M | $274M | $129M | $125M | $121M | |
| Operating Income | $119M | $-14M | $-11M | $-18M | $-31M | $-40M | $-33M | $-58M | $-47M | $-59M | $-68M | $-51M | $-35M | $24M | $28M | $28M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $23M | · | $24M | $29M | $19M | $65M | $18M | |
| Other Non-op | $3M | $3M | · | $5M | $-2M | $-865.0K | · | $-1M | $2M | $3M | · | $2M | $200.0K | $3M | · | $-262.0K | |
| Pretax Income | $83M | $-51M | $-48M | $-53M | $-75M | $-70M | $-55M | $-80M | $-40M | $-84M | $180M | $-70M | $1.10B | $11M | $12M | $-7M | |
| Income Tax | $16M | $-11M | $-17M | $-11M | $-17M | $-18M | $-12M | $-17M | $-8M | $-19M | $-21M | $-14M | $-24M | $5M | $11M | $969.0K | |
| Net Income | $67M | $-40M | $-31M | $-42M | $-58M | $-52M | $-43M | $-63M | $-32M | $-65M | $200M | $-57M | $1.12B | $6M | $852.0K | $-8M | |
| EPS (Basic) | $1.39 | $-0.83 | $-0.63 | $-0.87 | $-1.21 | $-1.09 | $-0.89 | $-1.33 | $-0.68 | $-1.38 | $4.11 | $-1.20 | $23.84 | $0.13 | $0.02 | $-0.17 | |
| EPS (Diluted) | $1.38 | $-0.83 | $-0.63 | $-0.87 | $-1.21 | $-1.09 | $-0.89 | $-1.33 | $-0.68 | $-1.38 | $4.04 | $-1.20 | $23.65 | $0.13 | $0.02 | $-0.17 | |
| Shares (Basic) | 47,921,120 | 47,774,617 | -94,944,032 | 47,603,287 | 47,592,836 | 47,676,735 | -94,726,139 | 47,426,131 | 47,511,613 | 47,416,268 | -94,028,890 | 47,227,338 | 47,137,822 | 47,037,091 | -93,127,740 | 46,736,742 | |
| Shares (Diluted) | 48,429,166 | 47,774,617 | -94,944,032 | 47,603,287 | 47,592,836 | 47,676,735 | -94,726,139 | 47,426,131 | 47,511,613 | 47,416,268 | -94,297,259 | 47,227,338 | 47,526,207 | 47,381,226 | -93,488,081 | 46,736,742 | |
| EBITDA | $172M | $41M | · | $42M | $44M | $36M | · | $28M | $27M | $12M | · | $36M | $18M | $49M | · | $51M |
Balance Sheet 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $184M | $140M | $149M | $147M | $214M | $154M | $198M | $279M | $384M | $118M | · | $110M | $192M | $184M | · | $269M | |
| Receivables | $86M | $91M | $88M | $96M | $95M | $88M | $97M | $100M | $112M | $107M | · | $87M | $89M | $45M | · | $43M | |
| Prepaid Expense | $65M | $69M | $68M | $69M | $73M | $66M | $74M | $72M | $68M | $80M | · | $74M | $82M | $49M | · | $46M | |
| Current Assets | $606M | $430M | $451M | $480M | $561M | $423M | $482M | $569M | $689M | $473M | · | $581M | $713M | $329M | · | $414M | |
| PP&E (Net) | $1.64B | $1.73B | $1.72B | $1.71B | $1.73B | $1.69B | $1.66B | $1.62B | $1.58B | $1.56B | · | $1.62B | $1.61B | $572M | · | $504M | |
| PP&E (Gross) | $3.58B | $3.70B | $3.64B | $3.58B | $3.55B | $3.43B | $3.32B | $3.23B | $3.10B | $3.05B | · | $2.95B | $2.86B | $1.77B | · | · | |
| Accum. Depreciation | $1.94B | $1.96B | $1.92B | $1.87B | $1.82B | $1.74B | $1.66B | $1.61B | $1.52B | $1.48B | · | $1.33B | $1.25B | $1.20B | · | · | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | $54M | $56M | · | · | · | |
| Total Assets | $3.10B | $3.06B | $3.10B | $3.15B | $3.27B | $3.12B | $3.17B | $3.20B | $3.34B | $3.15B | · | $2.96B | $3.16B | $998M | · | $1.02B | |
| Accounts Payable | $36M | $36M | $31M | $28M | $49M | $56M | $40M | $53M | $39M | $46M | · | $29M | $30M | $19M | · | $18M | |
| Accrued Liabilities | $103M | $112M | $110M | $129M | $117M | $147M | $135M | $148M | $189M | $187M | · | $120M | $118M | $77M | · | $67M | |
| Current Liabilities | $960M | $226M | $221M | $238M | $243M | $283M | $253M | $281M | $313M | $421M | · | $356M | $416M | $127M | · | $122M | |
| Capital Leases | $256M | $264M | $270M | $279M | $299M | $296M | $302M | $271M | $309M | $321M | · | $331M | $456M | $92M | · | $99M | |
| Deferred Tax | $334M | $322M | $333M | $352M | $362M | $380M | $398M | $383M | $406M | $437M | · | $388M | $425M | · | · | · | |
| Other Non-current Liabilities | $29M | $29M | $29M | $30M | $30M | $34M | $40M | $47M | $58M | $67M | · | $79M | $71M | $82M | · | $84M | |
| Total Liabilities | $3.14B | $3.16B | $3.16B | $3.19B | $3.22B | $2.98B | $2.95B | $2.88B | $2.93B | $2.64B | · | $2.52B | $2.62B | $1.55B | · | $1.51B | |
| Long-term Debt | · | · | $1.73B | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $51.0K | $50.0K | $50.0K | $49.0K | $49.0K | $49.0K | $49.0K | $49.0K | $49.0K | $49.0K | · | $49.0K | $49.0K | $48.0K | · | $48.0K | |
| Retained Earnings | $-685M | $-749M | $-709M | $-675M | $-585M | $-478M | $-376M | $-285M | $-174M | $-95M | · | $-137M | $-35M | $-1.11B | · | $-1.03B | |
| Stockholders' Equity | $-34M | $-104M | $-64M | $-39M | $47M | $143M | $223M | $324M | $416M | $501M | $610M | $442M | $539M | $-549M | $-519M | $-492M | |
| Liabilities + Equity | $3.10B | $3.06B | $3.10B | $3.15B | $3.27B | $3.12B | $3.17B | $3.20B | $3.34B | $3.15B | · | $2.96B | $3.16B | $998M | · | $1.02B | |
| Shares Outstanding | 51,215,736 | 50,077,663 | 50,062,158 | 49,121,159 | 49,246,196 | 49,337,310 | 49,034,925 | 49,012,688 | 48,990,760 | 49,013,487 | · | 48,612,382 | 48,617,162 | 48,296,882 | · | 48,002,135 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $53M | $54M | $58M | $60M | $75M | $76M | $67M | $86M | $74M | $71M | $68M | $87M | $53M | $25M | $24M | $23M | |
| Deferred Tax | $12M | $-12M | $-18M | $-11M | $-17M | $-19M | $15M | $-23M | $-10M | $-33M | $-6M | $-36M | $-28M | $890.0K | $12M | $2M | |
| Other Non-cash | · | $12M | · | · | · | $31M | · | · | · | $47M | · | · | · | $4M | · | · | |
| Operating Cash Flow | $3M | $15M | $-6M | $3M | $-44M | $36M | $15M | $-20M | $-22M | $19M | $-49M | $-52M | $83M | $36M | $36M | $54M | |
| CapEx | $39M | $46M | $37M | $36M | $56M | $58M | $46M | $59M | $49M | $41M | $44M | $25M | $37M | $23M | $20M | $24M | |
| Investing Cash Flow | $219M | $-21M | $-12M | $-11M | $-31M | $-33M | $-21M | $-34M | $26M | $51M | $60M | $62M | $-22M | $-23M | $-20M | $-24M | |
| Stock Repurchased | · | $106M | $0 | $5M | $12M | · | $0 | $0 | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-106M | · | $-5M | $-12M | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $2M | $1M | $2M | $49M | $50M | $49M | $48M | $47M | $93M | $478.0K | $46M | $45M | $45M | $45M | $44M | $43M | |
| Financing Cash Flow | $-31M | $-15M | $-11M | $-63M | $194M | $-57M | $-75M | $-51M | $256M | $-24M | $-65M | $-86M | $-52M | $-55M | $-68M | $-52M | |
| Net Change in Cash | $190M | $-26M | $-21M | $-80M | $123M | $-44M | $-88M | $-110M | $263M | $49M | $-52M | $-78M | $10M | $-41M | $-48M | $-26M | |
| Free Cash Flow | · | $-31M | · | · | · | $-22M | · | · | · | $-22M | · | · | · | $13M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-39M | · | · | · | $2M | · | · |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 50.5% | -5.7% | · | -7.5% | -12.8% | -16.3% | · | -22.5% | -18.1% | -22.3% | · | -18.4% | -14.4% | 15.8% | · | 18.7% | |
| Net Margin | 28.3% | -16.5% | · | -17.2% | -23.5% | -21.1% | · | · | · | -24.5% | · | · | · | 4.0% | · | · | |
| Pretax Margin | 35.3% | -21.3% | · | -21.7% | -30.3% | -28.4% | · | -31.1% | -15.4% | -31.7% | · | -25.5% | 458.5% | 6.9% | · | -4.7% | |
| EBITDA Margin | 73.0% | 17.0% | · | 17.5% | 17.8% | 14.5% | · | 10.9% | 10.3% | 4.3% | · | 13.1% | 7.5% | 32.2% | · | 34.0% | |
| ROA | 2.1% | -1.3% | · | -1.3% | -1.8% | -1.7% | · | · | · | -3.1% | · | · | · | 0.62% | · | · | |
| ROE | 1062.9% | -204.5% | · | -29.2% | -25.0% | -16.2% | · | · | · | 272.7% | · | · | · | -1.3% | · | · | |
| ROIC | -279.4% | 10.1% | · | 36.6% | -52.3% | -20.9% | · | -14.1% | -9.1% | -9.2% | · | -9.2% | -6.6% | -2.6% | · | -6.5% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 1.9 | · | 2.0 | 2.3 | 1.5 | · | 2.0 | 2.2 | 1.1 | · | 1.6 | 1.7 | 2.6 | · | 3.4 | |
| Quick Ratio | 0.3 | 1.0 | · | 1.0 | 1.3 | 0.9 | · | 1.3 | 1.6 | 0.5 | · | 0.6 | 0.7 | 1.8 | · | 2.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -2.6 | · | -2.1 | -1.2 | 1.3 | · | 1.6 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | |
| Receivables Turnover | 2.6 | 2.7 | · | 2.5 | 2.4 | 2.5 | · | 2.8 | 2.6 | 3.5 | · | 4.2 | 3.6 | 3.5 | · | 3.4 |
Valuation (TTM) 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $963M | $974M | · | $992M | $1.01B | $1.03B | · | $1.06B | $1.04B | $935M | · | $819M | $692M | $601M | · | $596M | |
| Net Income TTM | $-72M | $-191M | · | $-215M | $-205M | $-213M | · | · | · | · | · | · | · | · | · | · | |
| Market Cap | $711M | $943M | · | $1.88B | $2.37B | $3.02B | · | $3.72B | $2.77B | $3.20B | · | $3.01B | $3.27B | $3.08B | · | $2.50B | |
| P/E | -9.1 | -4.7 | · | -8.5 | -11.2 | -13.7 | · | -16.5 | 2.8 | 3.1 | · | 2.8 | 2.8 | 289.6 | · | 141.0 | |
| P/S | 0.7 | 1.0 | · | 1.9 | 2.3 | 2.9 | · | 3.5 | 2.7 | 3.4 | · | 3.7 | 4.7 | 5.1 | · | 4.2 | |
| P/B | -20.8 | -9.1 | · | -48.1 | 50.9 | 21.2 | · | 11.5 | 6.7 | 6.4 | · | 6.8 | 6.1 | -5.6 | · | -5.1 | |
| P / Tangible Book | · | · | · | · | 50.9 | 21.2 | · | 11.5 | 6.7 | 6.4 | · | 7.8 | 6.8 | · | · | · | |
| P / Cash Flow | · | 63.6 | · | · | · | 83.2 | · | · | · | 166.6 | · | · | · | 85.9 | · | · | |
| P / FCF | · | -30.0 | · | · | · | -139.2 | · | · | · | -147.8 | · | · | · | 243.9 | · | · | |
| Earnings Yield | -11.0% | -21.2% | · | -11.7% | -8.9% | -7.3% | · | -6.0% | 36.1% | 32.5% | · | 36.2% | 35.4% | 0.35% | · | 0.71% | |
| Payout Ratio | · | -3.3% | · | · | · | -94.4% | · | · | · | -0.73% | · | · | · | 737.0% | · | · |
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 | $976M | $1.04B | $941M | $600M | $590M |
| Operating Margin % | -10.4% | -19.1% | -13.7% | 19.0% | 20.2% |
| Net Income | $-182M | $-204M | $1.27B | $5M | $48M |
| Diluted EPS | $-3.80 | $-4.28 | $26.62 | $0.11 | $1.03 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.0 | 1.9 | 1.4 | 3.0 | 5.1 |
| Quick Ratio | 1.1 | 1.2 | 0.6 | 2.2 | 4.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-198M | $-204M | $-112M | $95M | $100M |
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Institutional owners (13F) 263 filers · $579.9M 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 |
|---|---|---|---|---|
| 52 (+1 vs prior Q) | 45 (-1 vs prior Q) | 69 (-18 vs prior Q) | 79 (+1 vs prior Q) | -6.2M |
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 |
|---|---|---|---|---|
| TURTLE CREEK ASSET MANAGEMENT INC. | $58,344,955 | 4,203,527 | 10.06% | Shares |
| BOSTON FINANCIAL MANGEMENT LLC | $45,996,962 | 596,821 | 7.93% | Shares |
| Park West Asset Management LLC | $43,115,985 | 3,106,339 | 7.43% | Shares |
| STATE STREET CORP | $38,577,614 | 2,779,367 | 6.65% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $33,102,815 | 2,384,929 | 5.71% | Shares |
| EdgePoint Investment Group Inc. | $31,693,287 | 2,283,378 | 5.46% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,283,498 | 2,037,716 | 4.88% | Shares |
| Newtyn Management, LLC | $22,983,823 | 1,655,895 | 3.96% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $14,822,883 | 1,067,654 | 2.56% | Shares |
| Advisors Asset Management, Inc. | $14,753,279 | 191,427 | 2.54% | Shares |
| MAGNOLIA GROUP, LLC | $13,598,042 | 979,686 | 2.34% | Shares |
| Oakum Bay Capital LLC | $13,006,646 | 690,374 | 2.24% | Shares |
| MIG Capital, LLC | $12,272,383 | 569,220 | 2.12% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11,176,787 | 805,244 | 1.93% | Shares |
| GILDER GAGNON HOWE & CO LLC | $10,878,908 | 783,783 | 1.88% | Shares |
| Broad Run Investment Management, LLC | $9,162,604 | 660,130 | 1.58% | Shares |
| Harspring Capital Management, LLC | $8,319,922 | 599,418 | 1.43% | Shares |
| CenterBook Partners LP | $6,987,983 | 503,457 | 1.20% | Shares |
| Madison Investment Advisors, LLC | $6,332,302 | 82,163 | 1.09% | Shares |
| AYAL Capital Advisors Ltd | $5,552,000 | 400,000 | 0.96% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $5,310,595 | 382,608 | 0.92% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,776,219 | 344,108 | 0.82% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,554,403 | 328,127 | 0.79% | Shares |
| Granahan Investment Management, LLC | $4,200,824 | 302,653 | 0.72% | Shares |
| PDT Partners, LLC | $4,114,573 | 296,439 | 0.71% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,996,052 | 287,900 | 0.69% | Put option |
| CIBC Private Wealth Group LLC | $3,977,460 | 103,715 | 0.69% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,897,365 | 280,790 | 0.67% | Shares |
| FourWorld Capital Management LLC | $3,685,140 | 265,500 | 0.64% | Shares |
| 14B Captial Management LP | $3,665,200 | 170,000 | 0.63% | Shares |
| CITADEL ADVISORS LLC | $3,629,523 | 261,493 | 0.63% | Shares |
| CITADEL ADVISORS LLC | $3,607,412 | 259,900 | 0.62% | Call option |
| BlackBarn Capital Partners LP | $3,470,000 | 250,000 | 0.60% | Shares |
| HERALD INVESTMENT MANAGEMENT Ltd | $3,364,862 | 242,600 | 0.58% | Shares |
| MYDA Advisors LLC | $3,331,200 | 240,000 | 0.57% | Shares |
| Palliser Capital (UK) Ltd | $3,281,135 | 236,393 | 0.57% | Shares |
| Squarepoint Ops LLC | $3,137,366 | 226,035 | 0.54% | Shares |
| XTX Topco Ltd | $3,057,625 | 220,290 | 0.53% | Shares |
| CITADEL ADVISORS LLC | $2,720,480 | 196,000 | 0.47% | Put option |
| Advantage Alpha Capital Partners LP | $2,639,477 | 68,826 | 0.46% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,467,892 | 177,802 | 0.43% | Shares |
| Public Sector Pension Investment Board | $2,277,833 | 164,109 | 0.39% | Shares |
| FMR LLC | $2,268,547 | 163,440 | 0.39% | Shares |
| Global Endowment Management, LP | $2,201,000 | 158,582 | 0.38% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,137,784 | 154,019 | 0.37% | Shares |
| CAXTON ASSOCIATES LLP | $2,014,071 | 145,106 | 0.35% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,933,054 | 139,269 | 0.33% | Shares |
| BLAIR WILLIAM & CO/IL | $1,865,209 | 134,381 | 0.32% | Shares |
| ALGERT GLOBAL LLC | $1,838,684 | 132,470 | 0.32% | Shares |
| Bank of New York Mellon Corp | $1,793,671 | 129,227 | 0.31% | Shares |
| D. E. Shaw & Co., Inc. | $1,782,109 | 128,394 | 0.31% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,705,852 | 122,900 | 0.29% | Call option |
| LPL Financial LLC | $1,697,746 | 122,316 | 0.29% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,653,635 | 119,138 | 0.29% | Shares |
| RHUMBLINE ADVISERS | $1,650,520 | 118,915 | 0.28% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,643,434 | 118,403 | 0.28% | Shares |
| Skopos Labs, Inc. | $1,540,929 | 81,791 | 0.27% | Shares |
| Skylands Capital, LLC | $1,366,139 | 98,425 | 0.24% | Shares |
| Swiss National Bank | $1,360,240 | 98,000 | 0.23% | Shares |
| BlackRock, Inc. | $1,273,754 | 91,769 | 0.22% | Shares |
| WINTON GROUP Ltd | $1,235,445 | 89,009 | 0.21% | Shares |
| Schonfeld Strategic Advisors LLC | $1,202,547 | 86,639 | 0.21% | Shares |
| WOLVERINE TRADING, LLC | $1,084,880 | 28,400 | 0.19% | Put option |
| AMERIPRISE FINANCIAL INC | $1,073,091 | 77,312 | 0.19% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,050,411 | 75,678 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $1,035,448 | 74,600 | 0.18% | Call option |
| Legal & General Group Plc | $1,012,962 | 72,980 | 0.17% | Shares |
| GOLDMAN SACHS GROUP INC | $981,122 | 70,686 | 0.17% | Shares |
| JANE STREET GROUP, LLC | $966,312 | 69,619 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $948,048 | 50,321 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $861,252 | 45,714 | 0.15% | Shares |
| WOLVERINE TRADING, LLC | $851,860 | 22,300 | 0.15% | Call option |
| VANGUARD GROUP INC | $844,980 | 39,192 | 0.15% | Shares |
| BROWN ADVISORY INC | $797,764 | 57,476 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $770,340 | 55,500 | 0.13% | Put option |
| Salvus Wealth Management, LLC | $714,639 | 37,932 | 0.12% | Shares |
| IMC-Chicago, LLC | $701,426 | 50,535 | 0.12% | Shares |
| PRUDENTIAL FINANCIAL INC | $696,429 | 50,175 | 0.12% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $683,326 | 49,231 | 0.12% | Shares |
| Caption Management, LLC | $659,300 | 47,500 | 0.11% | Call option |
| VICTORY CAPITAL MANAGEMENT INC | $643,949 | 46,394 | 0.11% | Shares |
| Quantinno Capital Management LP | $627,658 | 45,220 | 0.11% | Shares |
| Walleye Capital LLC | $601,004 | 43,300 | 0.10% | Put option |
| Engineers Gate Manager LP | $582,405 | 41,960 | 0.10% | Shares |
| OPPENHEIMER & CO INC | $576,034 | 41,501 | 0.10% | Shares |
| Crawford Fund Management, LLC | $527,440 | 38,000 | 0.09% | Put option |
| New Age Alpha Advisors, LLC | $523,443 | 37,712 | 0.09% | Shares |
| Numerai GP LLC | $504,816 | 36,370 | 0.09% | Shares |
| ExodusPoint Capital Management, LP | $485,550 | 34,982 | 0.08% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $466,909 | 33,639 | 0.08% | Shares |
| GROUP ONE TRADING LLC | $441,953 | 31,841 | 0.08% | Shares |
| PNC Financial Services Group, Inc. | $428,559 | 30,876 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $424,936 | 30,615 | 0.07% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $399,369 | 28,773 | 0.07% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $398,356 | 28,700 | 0.07% | Put option |
| JANUS HENDERSON GROUP PLC | $397,942 | 21,111 | 0.07% | Shares |
| MetLife Investment Management, LLC | $396,288 | 28,551 | 0.07% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $368,958 | 26,582 | 0.06% | Shares |
| PRAIRIEVIEW WEALTH PARTNERS, LLC | $357,299 | 25,742 | 0.06% | Shares |
| SHRIER WEALTH MANAGEMENT, LLC | $325,531 | 23,453 | 0.06% | Shares |
Company insiders 27 insiders · 14 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dave Schaeffer | CHAIRMAN, CEO, AND PRESIDENT | May 4, 2026 G | 1,258,990 | 0 | 0 | $0 |
| Thaddeus Gerard Weed | VICE PRESIDENT, CFO | June 16, 2026 S | 197,900 | 0 | 3 | $-366,315 |
| Helen Heyoung Lee | CFO | Oct. 10, 2003 J | 0 | 0 | 0 | $0 |
| Reed R Harrison | President & COO | Sept. 10, 2009 M | 45,000 | 0 | 0 | $0 |
| Henry W Kilmer | VP OF NETWORK STRATEGY | June 15, 2026 S | 38,600 | 0 | 1 | $-40,824 |
| Timothy G Oneill | VP Field Engineering | Aug. 1, 2018 S | 40,652 | 0 | 0 | $0 |
| Raymond B Kummer | CTO; VP Optical Transport | June 19, 2018 S | 49,640 | 0 | 0 | $0 |
| Robert N Beury JR | VP & Chief Legal Officer | June 1, 2018 S | 50,840 | 0 | 0 | $0 |
| James Bubeck | Chief Revenue Officer | May 11, 2018 S | 33,542 | 0 | 0 | $0 |
| Ernest Ortega | Chief Revenue Officer | Sept. 16, 2015 S | 38,800 | 0 | 0 | $0 |
| Jeffrey Karnes | VP Sales & CRO | May 1, 2013 S | 72,218 | 0 | 0 | $0 |
| Mark A Schleifer | VP of IP Engineering | Dec. 2, 2011 M | 0 | 0 | 0 | $0 |
| Warren Thrasher | VP Global Customer Net Ops | Oct. 26, 2005 A | — | 0 | 0 | $0 |
| Bruce Thomas Wagner | VP of Sales | Feb. 12, 2004 D | 259,999 | 0 | 0 | $0 |
| Eve N Howard | Director | June 30, 2026 A | 27,306 | 0 | 0 | $0 |
| Deneen C Howell | Director | June 30, 2026 A | 32,330 | 0 | 0 | $0 |
| de Sa Paul | Director | June 30, 2026 A | 33,792 | 0 | 0 | $0 |
| Sheryl Lynn Kennedy | Director | June 30, 2026 A | 13,690 | 0 | 0 | $0 |
| Marc Montagner | Director | June 30, 2026 A | 99,842 | 0 | 0 | $0 |
| Lewis H Ferguson | Director | June 30, 2026 A | 24,539 | 0 | 3 | $-189,172 |
| Steven D Brooks | Director | June 30, 2026 A | 58,693 | 0 | 0 | $0 |
| Blake Bath | Director | April 1, 2023 A | 25,452 | 0 | 0 | $0 |
| Tim Weingarten | Director | July 1, 2018 A | 21,861 | 0 | 0 | $0 |
| Richard Liebhaber | Director | July 1, 2018 A | 70,295 | 0 | 0 | $0 |
| Erel N Margalit | Director | July 1, 2013 A | 2,500 | 0 | 0 | $0 |
| Edward F Glassmeyer | Director | Jan. 8, 2007 A | 11,250 | 0 | 0 | $0 |
| Kenneth D Peterson JR | — | March 23, 2007 D | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 15 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Undisclosed reporting person | June 27, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Nov. 29, 2006 | — | Initial filing | — | SEC |
| Worldview Technology Partners IV, L.P. (“WVTP IV”), Worldview Technology International IV, L.P. (“WVTI IV”), Worldview Strategic Partners IV, L.P. (“WVSP IV”), Worldview Capital IV, L.P.(“WVC IV”), Worldview Technology Partners III, L.P. (“WVTP III”), Worldview Technology International III, L.P. (“WVTI III”), Worldview Strategic Partners III, L.P. (“WVSP III”), Worldview III Carrier Fund, L.P. (“WVCF III”), Worldview Capital III, L.P. (“WVC III”), Worldview Equity I, L.L.C. (“WVE I”), James Wei (“Wei”), Michael Orsak (“Orsak”), Susumu Tanaka (“Tanaka”), Tim Weingarten (“Weingarten”) ×3 filings | Nov. 20, 2006 | — | Initial filing | — | SEC |
| Jerusalem Venture Partners IV, L.P. (“JVP IV”), Jerusalem Venture Partners IV-A, L.P. (“JVP IV-A”), Jerusalem Venture Partners IV (Israel), L.P. (“JVP IV (Israel)”), Jerusalem Venture Partners Entrepreneurs Fund IV, L.P. (“JVP E-Fund IV”), Jerusalem Venture Partners III, L.P. (“JVP III”), Jerusalem Venture Partners Entrepreneur Fund III, L.P. (“JVP E-Fund III”), Jerusalem Venture Partners III (Israel), L.P. (“JVP III (Israel)”), Jerusalem Partners IV, L.P.(“JP IV”), Jerusalem Partners IV – Venture Capital, L.P.(“JP IV VC”), Jerusalem Partners III, L.P.(“JP III”), Jerusalem Venture Partners III (Israel) Management Company Ltd. (“JVP III (Israel) Mgmt”), Jerusalem Venture Partners Corporation (“JVPC”), JVP Corp. IV (“JVPCIV”), Erel Margalit (“Margalit”) ×4 filings | Nov. 20, 2006 | — | Initial filing | — | SEC |
| Undisclosed reporting person | June 16, 2006 | — | Initial filing | — | SEC |
| Cisco Systems Capital Corporation, Cisco Systems, Inc. ×2 filings | June 27, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person | April 14, 2005 | — | Initial filing | M&A / sale | SEC |
| BCP Capital, L.P. (formerly Broadview Capital Partners L.P.), BCP Capital QPF, L.P. (formerly Broadview Capital Partners Qualified Purchaser Fund L.P.), BCP Affiliates Fund LLC (formerly Broadview Capital Partners Affiliates Fund LLC), Broadview BCPSBS Fund L.P., BCP General LLC (formerly Broadview Capital Partners Management LLC), BCI Holdings L.P., BV Holdings LLP (formerly Broadview Holdings LLP), Steven D. Brooks, Stephen J. Bachmann, Paul F. Deninger | March 16, 2005 | — | Initial filing | — | SEC |
| Oak Investment Partners IX, Limited Partnership, Oak Associates IX, LLC, Oak IX Affiliates Fund - A, Limited Partnership, Oak IX Affiliates Fund, Limited Partnership, Oak IX Affiliates, LLC, Oak Management Corporation, Bandel L. Carano, Gerald R. Gallagher, Edward F. Glassmeyer, Fredric W. Harman, Ann H. Lamont ×3 filings | Feb. 23, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Dec. 17, 2004 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | Aug. 5, 2004 | — | Initial filing | — | SEC |
| Broadview Capital Partners L.P., Broadview Capital Partners Qualified Purchaser Fund L.P., Broadview Capital Partners Affiliates Fund LLC, Broadview BCPSBS Fund L.P., Broadview Capital Partners Management LLC, BCI Holdings LP, Broadview Holdings LLP, Steven D. Brooks, Stephen J. Bachmann, Paul F. Deninger ×2 filings | April 21, 2004 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | April 14, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 9, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 9, 2004 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 47 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 |
|---|---|---|---|---|
| EBIT · Harbor ETF Trust | 0.19% | 979 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.15% | 1,691 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.09% | 51,859 NS | April 30, 2026 | N-PORT |
| FCOM · FIDELITY COVINGTON TRUST | 0.07% | 52,208 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 17,174 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.05% | 227,640 NS | May 31, 2026 | N-PORT |
| SAA · ProShares Trust | 0.04% | 567 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 21,140 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 2,295 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 226,933 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 1,795 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,817 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,861 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 46 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 19,371 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.00% | 2,331 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 795 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 30,899 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 924 NS | April 30, 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 |
| VIOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | — | — | July 30, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IJR · iShares Trust | — | — | Aug. 3, 2026 | Daily |
| IJT · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IJS · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| XJR · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 20, 2026 | Daily |
| NEAR · iShares U.S. ETF Trust | — | — | Aug. 18, 2026 | Daily |
| BSJR · Invesco Exchange-Traded Self-Indexe… | — | — | Aug. 18, 2026 | Daily |
| VOX · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | July 20, 2026 | Daily |
| ISCV · iShares Trust | — | — | July 20, 2026 | Daily |
| ESML · iShares Trust | — | — | Aug. 14, 2026 | Daily |
| WSML · iShares Trust | — | — | July 20, 2026 | Daily |
| PSCU · Invesco Exchange-Traded Fund Trust … | — | — | July 20, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | — | — | July 23, 2026 | Daily |