CF CF Industries Holdings, Inc. Common Stock
$122.53
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$75–$142
71% of range
Analyst Rating
HOLD
30 analysts
Price Target
$125
+2% upside
P/E (TTM)
13.7
ROE
36.6%
Net Profit Margin
25.4%
About CF Industries Holdings, Inc. Common Stock Company overview from Wikipedia
CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products. The company is based in Northbrook, Illinois, a suburb of Chicago, and was founded in 1946 as the Central Farmers Fertilizer Company. For its first 56 years, it was a federation of regional agricultural supply cooperatives. CF then demutualized, and became a publicly traded company.
Read more
CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products. The company is based in Northbrook, Illinois, a suburb of Chicago, and was founded in 1946 as the Central Farmers Fertilizer Company. For its first 56 years, it was a federation of regional agricultural supply cooperatives. CF then demutualized, and became a publicly traded company.
Operations
CF Industries operates nine manufacturing complexes worldwide comprising 17 ammonia plants, the largest of which is in Donaldsonville, Louisiana. The primary operating subsidiary is CF Industries, Inc.
History
The company was founded in 1946 as the Central Farmers Fertilizer Company, a federation of regional agricultural supply cooperatives. The company became CF Industries in 1971.
CF demutualized in 2002 and made an initial public offering of shares of equity stock in 2005. Since 2008, the shares of CF Industries have been included in the S&P 500 index of large-cap stock prices.
In April 2010, CF Industries acquired Terra Industries, Inc., following protracted negotiations that included an attempt by rival fertilizer manufacturer Agrium to purchase CF and efforts by Yara International to purchase Terra. acquiring five production complexes in North America, a 50% interest in a joint venture in Point Lisas, Trinidad, and a 50% interest in the GrowHow joint venture in the United Kingdom.
In 2013, Mosaic Company agreed to buy CF Industries' phosphate business for $1.4 billion in cash.
On July 1, 2015, CF Industries announced an agreement to acquire remaining 50% interest in GrowHow from Yara International for $580 million.
On August 6, 2015, CF Industries announced that it will combine with OCI N.V.'s European, North American and Global Distribution businesses for $8 billion. The combined company will be domiciled in the UK and it will use the CF Industries name. On May 31, 2016, CF Industries announced the termination of the proposed combination with the European, North American and Global Distribution businesses of OCI.
On September 15, 2021, CF Industries announced that it was halting operations at its two UK production complexes due to high natural gas prices. The halt in operations created a potential for a shortage in the UK of food grade CO2; a byproduct of ammonia production that is critical to sectors from beer and soft drinks to food packaging and meat. CF Industries' UK facilities had been the source of 60% of the country's food grade CO2. On September 21, the UK government announced a short-term arrangement whereby the government would provide limited financial support to CF Industries for three weeks in order to support the immediate restart of operations and CO2 production at its Billingham, Teesside, plant. In June 2022, CF Industries permanently shut their fertiliser factory in Ince, Cheshire, due to continuing high gas prices and environmental taxes.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CF Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$122.53
Market Cap
$18.81B
P/E (TTM)
13.7
EPS (TTM)
$8.97
Revenue (TTM)
$7.08B
Div Yield
1.7%
ROE
36.6%
Debt/Equity
0.7
52W Range
$75 – $142
CF Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$7.08B
2016-12-31
→
2025-12-31
EPS
$8.97
2016-12-31
→
2025-12-31
Free Cash Flow
$1.80B
2016-12-31
→
2025-12-31
Margins
25.4%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CF
Peer Median
P/E (TTM)
13.7
36.4
P/S (TTM)
2.7
1.3
P/B
3.9
1.4
EV / EBITDA
6.7
—
Price / FCF
10.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CF
Peer Median
Gross Margin
38.5%
33.4%
Operating Margin
32.5%
—
Net Profit Margin
25.4%
3.7%
ROA
13.1%
2.3%
ROE
36.6%
1.6%
ROIC
22.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CF
Peer Median
Debt / Equity
0.7
—
Current Ratio
3.4
1.9
Quick Ratio
1.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CF
Peer Median
Revenue YoY
19.3%
—
Revenue CAGR 3Y
-14.1%
—
Revenue CAGR 5Y
11.4%
—
EPS YoY
33.1%
—
Net Income YoY
21.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CF
Peer Median
Payout Ratio
18.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.7%
Payout Ratio
18.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 14, 2026 | $0.6000 |
| May 15, 2026 | $0.5000 |
| Feb. 13, 2026 | $0.5000 |
| Nov. 14, 2025 | $0.5000 |
| Aug. 15, 2025 | $0.5000 |
| May 15, 2025 | $0.5000 |
| Feb. 14, 2025 | $0.5000 |
| Nov. 15, 2024 | $0.5000 |
| Aug. 15, 2024 | $0.5000 |
| May 14, 2024 | $0.5000 |
| Feb. 14, 2024 | $0.5000 |
| Nov. 14, 2023 | $0.4000 |
| Aug. 14, 2023 | $0.4000 |
| May 12, 2023 | $0.4000 |
| Feb. 14, 2023 | $0.4000 |
| Nov. 14, 2022 | $0.4000 |
| Aug. 12, 2022 | $0.4000 |
| May 13, 2022 | $0.4000 |
| Feb. 14, 2022 | $0.3000 |
| Nov. 12, 2021 | $0.3000 |
CF Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
30 analysts
- Strong Buy 4 13.3%
- Buy 9 30.0%
- Hold 14 46.7%
- Sell 3 10.0%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-17
Median
$123.00
Now
$122.53
Low
$98.00
High
$195.72
Median target
$123.00
+0.4%
Mean target
$125.25
+2.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $4.51 | $5.67 | -1.2% |
| March 31, 2026 | $2.89 | $2.67 | 0.22% |
| Dec. 31, 2025 | $3.20 | $2.56 | 0.64% |
| Sept. 30, 2025 | $2.22 | $2.20 | 0.02% |
| June 30, 2025 | $2.35 | $2.62 | -0.27% |
| March 31, 2025 | $1.98 | $1.54 | 0.44% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CF | $11.88B | 8.6 | 19.3% | 25.4% | 36.6% | 38.5% |
| CTVA | $45.06B | 41.9 | 2.9% | 6.3% | 4.6% | — |
| MOS | — | 14.2 | 8.4% | — | — | — |
| SMG | $3.29B | 23.1 | -3.9% | 4.2% | -44.8% | 30.6% |
| FMC | — | -0.8 | -18.3% | -64.6% | -68.3% | 37.0% |
| UAN | — | 11.0 | 15.4% | 16.3% | — | — |
| IPI | $364M | 32.6 | 17.1% | 3.8% | 2.3% | 18.4% |
| AVD | — | -2.2 | -5.9% | -9.7% | -23.6% | 28.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.08B | $5.94B | $6.63B | $11.19B | $6.54B | $4.12B | $4.59B | $4.43B | $4.13B | $3.69B | $4.31B | $4.74B | |
| Cost of Revenue | $4.36B | $3.88B | $4.09B | $5.33B | $4.15B | $3.32B | $3.42B | $3.51B | $3.70B | $2.84B | $2.76B | $2.96B | |
| Gross Profit | $2.72B | $2.06B | $2.54B | $5.86B | $2.39B | $801M | $1.17B | $917M | $434M | $843M | $1.55B | $1.78B | |
| SG&A Expense | $364M | $320M | $289M | $290M | $223M | $206M | $239M | $214M | $191M | $173M | $170M | $152M | |
| Operating Income | $2.30B | $1.75B | $2.23B | $5.40B | $1.73B | $623M | $1.00B | $766M | $234M | $138M | $1.19B | $2.37B | |
| Interest Expense | $155M | $121M | $150M | $344M | $184M | $179M | $237M | $241M | $315M | $200M | $133M | $178M | |
| Other Non-op | $19M | $14M | $10M | $-15M | $16M | $1M | $7M | $9M | $3M | $-2M | $-4M | $-2M | |
| Pretax Income | $2.24B | $1.76B | $2.25B | $5.09B | $1.54B | $463M | $772M | $547M | $-125M | $-226M | $1.06B | $2.19B | |
| Income Tax | $441M | $285M | $410M | $1.16B | $283M | $31M | $126M | $119M | $-575M | $-68M | $396M | $773M | |
| Net Income | $1.80B | $1.48B | $1.84B | $3.94B | $1.26B | $432M | $646M | $428M | $450M | $-158M | $734M | $1.44B | |
| EPS (Basic) | $8.98 | $6.75 | $7.89 | $16.45 | $4.27 | $1.48 | $2.24 | $1.25 | $1.53 | $-1.19 | $2.97 | $5.43 | |
| EPS (Diluted) | $8.97 | $6.74 | $7.87 | $16.38 | $4.24 | $1.47 | $2.23 | $1.24 | $1.53 | $-1.19 | $2.96 | $5.42 | |
| Shares (Basic) | 162,100,000 | 180,400,000 | 193,300,000 | 203,300,000 | 215,000,000 | 214,900,000 | 220,200,000 | 232,600,000 | 233,500,000 | 233,100,000 | 235,300,000 | 255,900,000 | |
| Shares (Diluted) | 162,200,000 | 180,700,000 | 193,800,000 | 204,200,000 | 216,200,000 | 215,200,000 | 221,600,000 | 233,800,000 | 233,900,000 | 233,100,000 | 236,100,000 | 256,700,000 | |
| EBITDA | $3.20B | $2.67B | $3.10B | $6.25B | $2.62B | $1.51B | $1.88B | $1.65B | $1.11B | $812M | $1.67B | $2.76B |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $629M | $168M | $208M | $153M | $121M | $108M | $59M | $682M | $835M | $1.17B | $309M | $2.00B | |
| Receivables | $488M | $404M | $505M | $582M | $497M | $265M | $242M | $235M | $307M | $236M | $267M | $192M | |
| Inventory | $383M | $314M | $299M | $474M | $408M | $287M | $351M | $309M | $275M | $339M | $321M | $203M | |
| Prepaid Expense | · | · | · | · | · | · | · | · | · | · | · | $17M | |
| Other Current Assets | $27M | $43M | $47M | $79M | $56M | $35M | $23M | $20M | $15M | $70M | $45M | $19M | |
| Current Assets | $2.98B | $2.52B | $3.05B | $3.67B | $2.59B | $1.37B | $974M | $1.27B | $1.47B | $2.65B | $1.13B | $2.53B | |
| PP&E (Net) | $6.71B | $6.74B | $7.14B | $6.44B | $7.08B | $7.63B | $8.17B | $8.62B | $9.18B | $9.65B | $8.54B | $5.53B | |
| PP&E (Gross) | $15.82B | $15.41B | $15.24B | $13.86B | $13.89B | $13.78B | $13.54B | $13.31B | $13.25B | $12.89B | $11.31B | $8.04B | |
| Accum. Depreciation | $9.10B | $8.67B | $8.10B | $7.43B | $6.81B | $6.14B | $5.37B | $4.68B | $4.07B | $3.24B | $2.77B | $2.51B | |
| Goodwill | $2.49B | $2.49B | $2.50B | $2.09B | $2.09B | $2.37B | $2.37B | $2.35B | $2.37B | $2.35B | $2.39B | $2.09B | |
| Intangibles | $473M | $507M | $538M | $15M | $45M | $104M | $110M | $115M | $129M | $128M | $156M | $42M | |
| Other Non-current Assets | $980M | $917M | $867M | $771M | $285M | $311M | $295M | $318M | $344M | $340M | $329M | $244M | |
| Total Assets | $14.09B | $13.47B | $14.38B | $13.31B | $12.38B | $12.02B | $12.17B | $12.66B | $13.46B | $15.13B | $12.68B | $11.25B | |
| Accounts Payable | $681M | $125M | $114M | $63M | $110M | $85M | $78M | $101M | $99M | $81M | $97M | $66M | |
| Short-term Debt | · | · | · | · | · | · | $0 | · | · | · | · | · | |
| Current Liabilities | $887M | $818M | $800M | $995M | $1.43B | $906M | $665M | $705M | $580M | $686M | $1.22B | $980M | |
| Capital Leases | $311M | $189M | $168M | $167M | $162M | $174M | $193M | $0 | · | · | · | · | |
| Deferred Tax | $869M | $871M | $999M | $958M | $1.03B | $1.18B | $1.25B | $1.12B | $1.05B | $1.63B | $916M | $735M | |
| Other Non-current Liabilities | $337M | $301M | $314M | $375M | $251M | $444M | $474M | $410M | $460M | $545M | $628M | $375M | |
| Long-term Debt | $3.21B | $2.97B | $2.97B | $2.96B | $3.46B | $3.96B | $3.96B | $4.70B | $4.69B | $5.78B | $5.54B | $4.59B | |
| Total Debt | $3.21B | $2.97B | $2.97B | $2.96B | $3.46B | $3.96B | $3.96B | · | · | · | $5.59B | $4.59B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Paid-in Capital | $1.20B | $1.28B | $1.39B | $1.41B | $1.38B | $1.32B | $1.30B | $1.37B | $1.40B | $1.38B | $1.38B | $1.41B | |
| Retained Earnings | $3.87B | $4.01B | $4.54B | $3.87B | $2.09B | $1.93B | $1.96B | $2.46B | $2.44B | $2.37B | $3.06B | $3.18B | |
| Treasury Stock | $0 | $30M | $0 | $0 | $2M | $4M | $0 | $504M | $0 | $1M | $153M | $222M | |
| AOCI | $-235M | $-280M | $-209M | $-230M | $-257M | $-320M | $-366M | $-371M | $-263M | $-398M | $-250M | $-160M | |
| Stockholders' Equity | $4.84B | $4.99B | $5.72B | $5.05B | $3.21B | $2.92B | $2.90B | $2.96B | $3.58B | $3.35B | $4.04B | $4.21B | |
| Liabilities + Equity | $14.09B | $13.47B | $14.38B | $13.31B | $12.38B | $12.02B | $12.17B | $12.66B | $13.46B | $15.13B | $12.68B | $11.25B | |
| Shares Outstanding | 153,552,162 | 169,882,990 | 188,188,401 | 195,604,404 | 207,575,978 | 213,954,858 | 216,023,826 | 222,818,495 | 233,287,089 | 233,114,169 | 233,081,556 | 241,673,050 |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $898M | $925M | $869M | $850M | $888M | $892M | $875M | $888M | $883M | $678M | $480M | $393M | |
| Stock-based Comp | $45M | $36M | $37M | $41M | $30M | $25M | $28M | $22M | $17M | $19M | $17M | $17M | |
| Deferred Tax | $6M | $-115M | $81M | $-107M | $-196M | $-74M | $149M | $78M | $-54M | $739M | $79M | $19M | |
| Amort. of Intangibles | · | · | · | $3M | $8M | $8M | $8M | $7M | $9M | $7M | $10M | $4M | |
| Restructuring | $23M | $0 | $10M | $19M | $0 | $0 | · | · | · | · | · | · | |
| Other Non-cash | $5M | $-52M | $-68M | $-866M | $891M | $-44M | $-193M | $81M | $335M | $-661M | $-106M | $-456M | |
| Operating Cash Flow | $2.75B | $2.27B | $2.76B | $3.85B | $2.87B | $1.23B | $1.50B | $1.50B | $1.63B | $617M | $1.21B | $1.42B | |
| CapEx | $950M | $518M | $499M | $453M | $514M | $309M | $404M | $422M | $473M | $2.21B | $2.47B | $1.81B | |
| Investing Cash Flow | $-933M | $-469M | $-1.68B | $-440M | $-466M | $-299M | $-319M | $-375M | $-413M | $-2.19B | $-2.98B | $-344M | |
| Debt Issued | $999M | $0 | $0 | · | · | · | · | $0 | $0 | $1.24B | $1.00B | $1.49B | |
| Net Debt Issued | $999M | $0 | $0 | $-507M | $-518M | $0 | $-769M | $0 | $-1.15B | $74M | $1.00B | $1.49B | |
| Stock Repurchased | $1.36B | $1.51B | $580M | $1.35B | $539M | $100M | $370M | $467M | $0 | $0 | $556M | $1.94B | |
| Net Stock Activity | $-1.36B | $-1.51B | $-580M | $-1.35B | $-539M | $-100M | $-370M | $-467M | $0 | $0 | $-556M | $-1.93B | |
| Dividends Paid | $326M | $364M | $311M | $306M | $260M | $258M | $265M | $280M | $280M | $280M | $282M | $256M | |
| Financing Cash Flow | $-1.48B | $-2.21B | $-1.37B | $-2.70B | $-1.46B | $-542M | $-1.58B | $-1.27B | $-1.56B | $2.44B | $77M | $-787M | |
| Net Change in Cash | $368M | $-418M | $-291M | $695M | $945M | $396M | $-395M | $-153M | $-334M | $860M | $-1.71B | $286M | |
| Taxes Paid | $321M | $410M | $373M | $1.78B | $430M | $111M | $-41M | $7M | $-807M | $-110M | $435M | $781M | |
| Free Cash Flow | $1.80B | $1.75B | $2.26B | $3.40B | $2.36B | $922M | $1.10B | $1.07B | $1.16B | $-1.59B | $-1.27B | $-400M | |
| Levered FCF | $1.68B | $1.65B | $2.14B | $3.14B | $2.21B | $755M | $903M | $886M | $2.29B | $-1.73B | $-1.35B | $-515M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.5% | 34.6% | 38.4% | 52.4% | 36.5% | 19.4% | 25.6% | 20.7% | 10.4% | 22.8% | 35.9% | 37.5% | |
| Operating Margin | 32.5% | 29.4% | 33.6% | 48.2% | 26.5% | 15.1% | 21.9% | 17.3% | 5.5% | 3.6% | 27.7% | 49.9% | |
| Net Margin | 25.4% | 24.9% | 27.7% | 35.2% | 19.3% | 10.5% | 14.1% | 9.7% | 10.9% | -4.3% | 17.0% | 30.3% | |
| Pretax Margin | 31.6% | 29.7% | 33.9% | 45.6% | 23.6% | 11.2% | 16.8% | 12.3% | -3.0% | -6.1% | 24.6% | 46.1% | |
| EBITDA Margin | 45.1% | 45.0% | 46.7% | 55.9% | 40.0% | 36.7% | 40.9% | 37.3% | 26.9% | 22.0% | 38.8% | 58.2% | |
| ROA | 13.1% | 10.6% | 13.3% | 30.6% | 10.3% | 3.6% | 5.2% | · | · | · | 6.1% | 13.1% | |
| ROE | 36.6% | 27.6% | 34.1% | 95.4% | 41.1% | 14.8% | 22.1% | · | · | · | 17.8% | 30.9% | |
| ROIC | 22.9% | 18.4% | 21.0% | 52.0% | 21.2% | 8.5% | 12.2% | · | · | · | 7.8% | 17.4% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.4 | 3.1 | 3.8 | 3.7 | 1.8 | 1.5 | 1.5 | · | · | · | 0.9 | 2.7 | |
| Quick Ratio | 1.3 | 0.7 | 0.9 | 0.7 | 0.4 | 0.4 | 0.8 | · | · | · | 0.5 | 2.2 | |
| Debt / Equity | 0.7 | 0.6 | 0.5 | 0.6 | 1.1 | 1.4 | 1.4 | · | · | · | 1.4 | 1.1 | |
| LT Debt / Equity | 0.7 | 0.6 | 0.5 | 0.6 | 1.1 | 1.3 | 1.4 | · | · | · | 1.4 | 1.1 | |
| Interest Coverage | 14.8 | 14.4 | 14.9 | 15.7 | 9.4 | 3.5 | 4.2 | 3.2 | 0.7 | 0.7 | 9.0 | 13.3 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.5 | 0.9 | 0.5 | 0.3 | 0.4 | · | · | · | 0.4 | 0.4 | |
| Inventory Turnover | 12.5 | 12.7 | 10.6 | 12.1 | 11.9 | 10.4 | 10.4 | · | · | · | 10.5 | 12.4 | |
| Receivables Turnover | 15.9 | 13.1 | 12.2 | 20.7 | 17.2 | 16.3 | 19.2 | · | · | · | 18.8 | 22.5 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 19.3% | -10.5% | -40.7% | 71.1% | 58.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -14.1% | -3.2% | 17.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 33.1% | -14.4% | -51.9% | 286.3% | 188.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -18.2% | 16.7% | 74.9% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 43.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 21.7% | -19.6% | -53.3% | 212.5% | 191.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -23.0% | 5.4% | 62.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 33.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.08B | $5.94B | $6.63B | $11.19B | $6.54B | $4.12B | $4.59B | $4.43B | $4.13B | $3.69B | $4.31B | $4.74B | |
| Net Income TTM | $1.80B | $1.48B | $1.84B | $3.94B | $1.26B | $432M | $646M | $428M | $450M | $-158M | $734M | $1.44B | |
| Market Cap | $11.88B | $14.49B | $14.96B | $16.67B | $14.69B | $8.28B | $10.31B | · | · | · | $9.51B | $2.63B | |
| Enterprise Value | $14.46B | $17.30B | $17.72B | $19.48B | $18.04B | $12.14B | $13.98B | · | · | · | $14.82B | $5.23B | |
| P/E | 8.6 | 12.7 | 10.1 | 5.2 | 16.7 | 26.3 | 21.4 | 35.1 | 27.8 | -26.5 | 13.8 | 10.1 | |
| P/S | 1.7 | 2.4 | 2.3 | 1.5 | 2.2 | 2.0 | 2.2 | · | · | · | 2.2 | 0.6 | |
| P/B | 2.5 | 2.9 | 2.6 | 3.3 | 4.6 | 2.8 | 3.6 | · | · | · | 2.4 | 0.6 | |
| P / Tangible Book | 6.3 | 7.3 | 5.6 | 5.7 | 13.7 | 18.7 | · | · | · | · | · | · | |
| P / Cash Flow | 4.3 | 6.4 | 5.4 | 4.3 | 5.1 | 6.7 | 6.9 | · | · | · | 7.9 | 1.9 | |
| P / FCF | 6.6 | 8.3 | 6.6 | 4.9 | 6.2 | 9.0 | 9.4 | · | · | · | -7.5 | -6.6 | |
| EV / EBITDA | 4.5 | 6.5 | 5.7 | 3.1 | 6.9 | 8.0 | 7.4 | · | · | · | 8.9 | 1.9 | |
| EV / FCF | 8.0 | 9.9 | 7.8 | 5.7 | 7.6 | 13.2 | 12.7 | · | · | · | -11.7 | -13.1 | |
| EV / Revenue | 2.0 | 2.9 | 2.7 | 1.7 | 2.8 | 2.9 | 3.0 | · | · | · | 3.4 | 1.1 | |
| Dividend Yield | 2.8% | 2.5% | 2.1% | 1.8% | 1.8% | 3.1% | 2.6% | · | · | · | 3.0% | 9.7% | |
| Earnings Yield | 11.6% | 7.9% | 9.9% | 19.2% | 6.0% | 3.8% | 4.7% | 2.9% | 3.6% | -3.8% | 7.2% | 9.9% | |
| Payout Ratio | 18.1% | 24.6% | 16.9% | 7.8% | 20.6% | 59.7% | 41.0% | 65.4% | 62.2% | -177.2% | 38.5% | 17.8% | |
| Annual Payout | $326M | $364M | $311M | $306M | $260M | $258M | $265M | $280M | $280M | $280M | $282M | $256M |
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 | $2.22B | $1.99B | $1.87B | $1.66B | $1.89B | $1.66B | $1.52B | $1.37B | $1.57B | $1.47B | $1.57B | $1.27B | $1.77B | $2.01B | $2.61B | $2.32B | |
| Cost of Revenue | $1.08B | $1.24B | $1.11B | $1.03B | $1.14B | $1.09B | $1.00B | $926M | $893M | $1.06B | $1.07B | $896M | $971M | $1.15B | $1.35B | $1.41B | |
| Gross Profit | $1.15B | $746M | $765M | $632M | $755M | $572M | $524M | $444M | $679M | $409M | $501M | $377M | $804M | $863M | $1.26B | $916M | |
| SG&A Expense | $89M | $103M | $91M | $88M | $101M | $84M | $78M | $78M | $76M | $88M | $76M | $68M | $71M | $74M | $87M | $66M | |
| Operating Income | $1.12B | $863M | $617M | $580M | $648M | $455M | $441M | $364M | $638M | $303M | $426M | $244M | $734M | $826M | $1.21B | $750M | |
| Interest Expense | $50M | $39M | $41M | $41M | $36M | $37M | $47M | $0 | $37M | $37M | $35M | $39M | $36M | $40M | $-25M | $46M | |
| Other Non-op | $-4M | $0 | $8M | $3M | $6M | $2M | $6M | $4M | $0 | $4M | $2M | $3M | $2M | $3M | $9M | $-23M | |
| Pretax Income | $1.09B | $844M | $602M | $565M | $635M | $437M | $433M | $400M | $629M | $300M | $436M | $253M | $740M | $819M | $1.25B | $693M | |
| Income Tax | $224M | $168M | $107M | $105M | $143M | $86M | $41M | $59M | $123M | $62M | $84M | $23M | $134M | $169M | $245M | $155M | |
| Net Income | $869M | $676M | $495M | $460M | $492M | $351M | $392M | $341M | $506M | $238M | $352M | $230M | $606M | $650M | $1.01B | $538M | |
| EPS (Basic) | $4.74 | $3.99 | $2.57 | $2.19 | $2.37 | $1.85 | $1.87 | $1.55 | $2.30 | $1.03 | $1.47 | $0.85 | $2.71 | $2.86 | $4.44 | $2.19 | |
| EPS (Diluted) | $4.73 | $3.98 | $2.56 | $2.19 | $2.37 | $1.85 | $1.86 | $1.55 | $2.30 | $1.03 | $1.47 | $0.85 | $2.70 | $2.85 | $4.41 | $2.18 | |
| Shares (Basic) | 153,600,000 | 154,200,000 | -330,400,000 | 161,000,000 | 162,900,000 | 168,600,000 | -368,300,000 | 178,400,000 | 182,700,000 | 187,600,000 | -389,900,000 | 192,400,000 | 194,600,000 | 196,200,000 | -413,700,000 | 200,200,000 | |
| Shares (Diluted) | 153,900,000 | 154,500,000 | -330,900,000 | 161,200,000 | 163,100,000 | 168,800,000 | -368,800,000 | 178,600,000 | 182,800,000 | 188,100,000 | -391,000,000 | 192,900,000 | 195,000,000 | 196,900,000 | -415,500,000 | 200,900,000 | |
| EBITDA | $1.12B | $1.09B | · | $580M | $648M | $676M | · | $364M | $638M | $556M | · | $244M | $734M | $1.03B | · | $750M |
Balance Sheet 27
| 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 | $662M | $445M | $629M | $439M | $444M | $206M | $168M | $331M | $225M | $190M | · | $193M | $183M | $217M | · | $157M | |
| Receivables | $718M | $726M | $488M | $602M | $586M | $582M | $404M | $482M | $531M | $535M | · | $417M | $388M | $482M | · | $721M | |
| Inventory | $415M | $371M | $383M | $367M | $316M | $351M | $314M | $301M | $302M | $271M | · | $318M | $319M | $430M | · | $500M | |
| Other Current Assets | $40M | $229M | $27M | $46M | $37M | $40M | $43M | $57M | $64M | $38M | · | $54M | $65M | $42M | · | $88M | |
| Current Assets | $3.75B | $3.39B | $2.98B | $2.98B | $2.68B | $2.43B | $2.52B | $2.85B | $2.80B | $2.72B | · | $4.19B | $4.07B | $3.85B | · | $3.68B | |
| PP&E (Net) | $6.76B | $6.72B | $6.71B | $6.83B | $6.74B | $6.60B | $6.74B | $6.82B | $6.83B | $6.98B | $7.14B | $6.16B | $6.22B | $6.29B | $6.44B | $6.50B | |
| PP&E (Gross) | $16.14B | $15.97B | $15.82B | $15.84B | $15.65B | $15.28B | $15.41B | $15.44B | $15.27B | $15.22B | · | $14.09B | $14.08B | $13.93B | · | $13.71B | |
| Accum. Depreciation | $9.38B | $9.25B | $9.10B | $9.01B | $8.91B | $8.68B | $8.67B | $8.63B | $8.44B | $8.24B | · | $7.94B | $7.86B | $7.64B | · | $7.21B | |
| Goodwill | $2.49B | $2.49B | $2.49B | $2.49B | $2.49B | $2.49B | $2.49B | $2.49B | $2.49B | $2.50B | · | $2.09B | $2.09B | $2.09B | · | $2.09B | |
| Intangibles | $460M | $470M | $473M | $480M | $488M | $499M | $507M | $515M | $522M | $532M | · | · | · | · | · | $15M | |
| Other Non-current Assets | $1.22B | $1.10B | $980M | $973M | $974M | $933M | $917M | $869M | $863M | $864M | · | $799M | $808M | $798M | · | $652M | |
| Total Assets | $15.10B | $14.61B | $14.09B | $14.20B | $13.75B | $13.31B | $13.47B | $13.84B | $13.78B | $13.86B | · | $13.54B | $13.54B | $13.40B | · | $13.28B | |
| Accounts Payable | $642M | $613M | $148M | $716M | $671M | $597M | $125M | $562M | $501M | $501M | · | $497M | $451M | $452M | · | $711M | |
| Current Liabilities | $772M | $958M | $887M | $1.31B | $830M | $939M | $818M | $1.01B | $596M | $690M | · | $926M | $622M | $862M | · | $1.38B | |
| Capital Leases | $293M | $297M | $311M | $314M | $255M | $232M | $189M | $194M | $171M | $171M | · | $179M | $177M | $182M | · | $185M | |
| Deferred Tax | $841M | $855M | $869M | $887M | $839M | $845M | $871M | $927M | $926M | $985M | · | $882M | $910M | $933M | · | $1.01B | |
| Other Non-current Liabilities | $378M | $340M | $337M | $322M | $323M | $306M | $301M | $270M | $271M | $303M | · | $288M | $341M | $365M | · | $642M | |
| Long-term Debt | $3.22B | $3.22B | $3.21B | $2.97B | $2.97B | $2.97B | $2.97B | $2.97B | $2.97B | $2.97B | · | $2.97B | $2.97B | $2.97B | · | $2.96B | |
| Total Debt | $3.22B | $3.22B | · | $2.97B | $2.97B | $2.97B | · | $2.97B | $2.97B | $2.97B | · | $2.97B | $2.97B | $2.97B | · | $2.96B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Paid-in Capital | $1.20B | $1.21B | $1.20B | $1.25B | $1.24B | $1.29B | $1.28B | $1.35B | $1.34B | $1.40B | · | $1.42B | $1.43B | $1.42B | · | $1.49B | |
| Retained Earnings | $4.83B | $4.41B | $3.87B | $4.20B | $3.92B | $4.21B | $4.01B | $4.53B | $4.36B | $4.63B | · | $4.68B | $4.80B | $4.35B | · | $4.09B | |
| Treasury Stock | $5M | $25M | $0 | $369M | $0 | $451M | $30M | $483M | $15M | $374M | · | $151M | $226M | $97M | · | $863M | |
| AOCI | $-277M | $-256M | $-235M | $-231M | $-202M | $-271M | $-280M | $-209M | $-232M | $-225M | · | $-225M | $-199M | $-224M | · | $-270M | |
| Stockholders' Equity | $5.75B | $5.34B | $4.84B | $4.85B | $4.96B | $4.78B | $4.99B | $5.19B | $5.46B | $5.44B | · | $5.72B | $5.80B | $5.45B | · | $4.44B | |
| Liabilities + Equity | $15.10B | $14.61B | $14.09B | $14.20B | $13.75B | $13.31B | $13.47B | $13.84B | $13.78B | $13.86B | · | $13.54B | $13.54B | $13.40B | · | $13.28B | |
| Shares Outstanding | · | · | 153,552,162 | · | · | · | 169,882,990 | · | · | · | 188,188,401 | · | · | · | 195,604,404 | · |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $215M | $228M | $228M | $217M | $232M | $221M | $221M | $229M | $222M | $253M | $229M | $213M | $221M | $206M | $198M | $221M | |
| Stock-based Comp | $9M | $11M | $10M | $13M | $12M | $10M | $10M | $7M | $6M | $13M | $8M | $10M | $7M | $12M | $9M | $10M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1M | |
| Restructuring | $0 | $0 | $0 | $0 | $0 | $23M | $0 | $0 | $0 | $0 | $3M | $5M | $0 | $2M | $1M | $8M | |
| Other Non-cash | · | $-419M | · | · | · | $4M | · | · | · | $-59M | · | · | · | $79M | · | · | |
| Operating Cash Flow | $878M | $496M | $539M | $1.06B | $563M | $586M | $420M | $931M | $475M | $445M | $480M | $618M | $712M | $947M | $585M | $990M | |
| CapEx | $271M | $223M | $226M | $347M | $245M | $132M | $197M | $139M | $84M | $98M | $188M | $147M | $95M | $69M | $134M | $190M | |
| Investing Cash Flow | $-249M | $-225M | $-226M | $-339M | $-242M | $-126M | $-196M | $-139M | $-34M | $-100M | $-1.41B | $-144M | $-93M | $-34M | $-132M | $-187M | |
| Stock Repurchased | $225M | $28M | $345M | $360M | $216M | $444M | $375M | $490M | $305M | $339M | $225M | $150M | $151M | $54M | $251M | $519M | |
| Net Stock Activity | · | $-28M | · | · | · | $-444M | · | · | · | $-339M | · | · | · | $-54M | · | · | |
| Dividends Paid | $77M | $78M | $78M | $81M | $81M | $86M | $86M | $90M | $91M | $97M | $76M | $77M | $79M | $79M | $79M | $80M | |
| Financing Cash Flow | $-186M | $-199M | $-189M | $-562M | $-62M | $-671M | $-462M | $-745M | $-396M | $-602M | $-302M | $-431M | $-229M | $-410M | $-330M | $-966M | |
| Net Change in Cash | $438M | $60M | $144M | $152M | $280M | $-208M | $-263M | $58M | $46M | $-259M | $-1.22B | $35M | $394M | $502M | $131M | $-178M | |
| Free Cash Flow | · | $273M | · | · | · | $454M | · | · | · | $347M | · | · | · | $878M | · | · | |
| Levered FCF | · | $242M | · | · | · | $424M | · | · | · | $318M | · | · | · | $846M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.5% | 37.6% | · | 38.1% | 40.0% | 34.4% | · | 32.4% | 43.2% | 27.8% | · | 29.6% | 45.3% | 42.9% | · | 39.5% | |
| Operating Margin | 50.4% | 43.5% | · | 35.0% | 34.3% | 27.4% | · | 26.6% | 40.6% | 20.6% | · | 19.2% | 41.3% | 41.0% | · | 32.3% | |
| Net Margin | 39.1% | 34.0% | · | 27.7% | 26.0% | 21.1% | · | 24.9% | 32.2% | 16.2% | · | 18.1% | 34.1% | 32.3% | · | 23.2% | |
| Pretax Margin | 49.2% | 42.5% | · | 34.1% | 33.6% | 26.3% | · | 29.2% | 40.0% | 20.4% | · | 19.9% | 41.7% | 40.7% | · | 29.9% | |
| EBITDA Margin | 50.4% | 54.9% | · | 35.0% | 34.3% | 40.6% | · | 26.6% | 40.6% | 37.8% | · | 19.2% | 41.3% | 51.3% | · | 32.3% | |
| ROA | 6.0% | 4.8% | · | 3.3% | 3.6% | 2.6% | · | 2.5% | 3.7% | 1.8% | · | 1.7% | 4.5% | 4.8% | · | 4.3% | |
| ROE | 16.2% | 13.4% | · | 9.2% | 9.4% | 6.9% | · | 6.2% | 9.0% | 4.4% | · | 4.5% | 11.7% | 13.8% | · | 14.6% | |
| ROIC | 9.9% | 8.1% | · | 6.0% | 6.3% | 4.7% | · | 3.8% | 6.1% | 2.9% | · | 2.5% | 6.9% | 7.8% | · | 7.9% |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.9 | 3.5 | · | 2.3 | 3.2 | 2.6 | · | 2.8 | 4.7 | 3.9 | · | 4.5 | 6.5 | 4.5 | · | 2.7 | |
| Quick Ratio | 1.8 | 1.2 | · | 0.8 | 1.2 | 0.8 | · | 0.8 | 1.3 | 1.1 | · | 0.7 | 0.9 | 0.8 | · | 0.6 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.7 | |
| LT Debt / Equity | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.7 | |
| Interest Coverage | 22.4 | 22.1 | · | 14.1 | 18.0 | 12.3 | · | · | 17.2 | 8.2 | · | 6.3 | 20.4 | 20.6 | · | 16.3 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | |
| Inventory Turnover | 2.9 | 3.4 | · | 3.1 | 3.7 | 3.5 | · | 3.0 | 2.9 | 3.0 | · | 2.2 | 2.4 | 2.5 | · | 3.1 | |
| Receivables Turnover | 3.4 | 3.0 | · | 3.1 | 3.4 | 3.0 | · | 3.0 | 3.4 | 2.9 | · | 2.2 | 3.2 | 3.5 | · | 4.2 |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.76B | $7.20B | · | $6.58B | $6.50B | $6.08B | · | $5.68B | $6.09B | $6.53B | · | $7.38B | $9.50B | $10.59B | · | $9.94B | |
| Net Income TTM | $2.50B | $1.98B | · | $1.64B | $1.69B | $1.44B | · | $1.31B | $1.58B | $1.72B | · | $2.02B | $3.13B | $3.58B | · | $2.84B | |
| P/E | 8.2 | 12.5 | · | 11.3 | 11.4 | 11.6 | · | 15.0 | 10.8 | 11.2 | · | 10.0 | 5.2 | 4.9 | · | 8.7 | |
| Earnings Yield | 12.3% | 8.0% | · | 8.9% | 8.8% | 8.6% | · | 6.7% | 9.3% | 8.9% | · | 10.0% | 19.2% | 20.4% | · | 11.5% | |
| Payout Ratio | · | 11.5% | · | · | · | 24.5% | · | · | · | 40.8% | · | · | · | 12.2% | · | · |
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 | $7.08B | $5.94B | $6.63B | $11.19B | $6.54B |
| Gross Margin % | 38.5% | 34.6% | 38.4% | 52.4% | 36.5% |
| Operating Margin % | 32.5% | 29.4% | 33.6% | 48.2% | 26.5% |
| Net Income | $1.80B | $1.48B | $1.84B | $3.94B | $1.26B |
| Diluted EPS | $8.97 | $6.74 | $7.87 | $16.38 | $4.24 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.7 | 0.6 | 0.5 | 0.6 | 1.1 |
| Current Ratio | 3.4 | 3.1 | 3.8 | 3.7 | 1.8 |
| Quick Ratio | 1.3 | 0.7 | 0.9 | 0.7 | 0.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.80B | $1.75B | $2.26B | $3.40B | $2.36B |
Latest News Recent headlines mentioning this company
- Vertex Pharmaceuticals Just Made a $10 Billion Move. Is the Stock a Buy?
- Trump Congratulates Incoming Iraqi Leader, Who Moves To Disarm Pro-Iran Militias
- CF Industries Holdings Inc. Reveals Advance In Q1 Bottom Line
- Morgan Stanley Lifts CF Industries (CF) Target, RBC Capital Follows with Increase on Strong Fertilizer Prices
- CF Industries' Shares Fell Nearly 10%. Is the Stock a Buy Now?
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 1,057 filers · $11.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 178 (-65 vs prior Q) | 111 (+29 vs prior Q) | 362 (+41 vs prior Q) | 315 (+12 vs prior Q) | +12.3M |
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 CAPITAL MANAGEMENT LLC | $1,086,935,272 | 10,040,045 | 9.83% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $923,769,047 | 8,532,875 | 8.36% | Shares |
| STATE STREET CORP | $923,601,678 | 8,531,329 | 8.36% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $575,483,393 | 4,883,392 | 5.21% | Shares |
| Capital World Investors | $359,627,054 | 3,321,883 | 3.25% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $351,278,227 | 3,244,763 | 3.18% | Shares |
| NORGES BANK | $325,301,813 | 3,004,820 | 2.94% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $251,465,896 | 2,322,796 | 2.27% | Shares |
| AMERIPRISE FINANCIAL INC | $236,721,445 | 2,186,602 | 2.14% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $197,670,527 | 1,825,887 | 1.79% | Shares |
| FMR LLC | $183,966,942 | 1,699,306 | 1.66% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $176,630,520 | 1,631,540 | 1.60% | Shares |
| EARNEST PARTNERS LLC | $175,392,026 | 1,620,100 | 1.59% | Shares |
| Qube Research & Technologies Ltd | $142,565,754 | 1,316,883 | 1.29% | Shares |
| AMERICAN CENTURY COMPANIES INC | $136,549,486 | 1,261,308 | 1.24% | Shares |
| GOLDMAN SACHS GROUP INC | $128,125,856 | 1,183,501 | 1.16% | Shares |
| UBS Group AG | $120,523,693 | 1,113,280 | 1.09% | Call option |
| ASSETMARK, INC | $115,973,984 | 1,071,254 | 1.05% | Shares |
| AustralianSuper Pty Ltd | $112,352,769 | 1,037,805 | 1.02% | Shares |
| Quantinno Capital Management LP | $106,766,878 | 986,208 | 0.97% | Shares |
| Caisse de depot et placement du Quebec | $99,909,148 | 922,863 | 0.90% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $93,400,882 | 862,746 | 0.84% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $86,185,786 | 796,100 | 0.78% | Call option |
| JANE STREET GROUP, LLC | $79,246,320 | 732,000 | 0.72% | Call option |
| AQR CAPITAL MANAGEMENT LLC | $78,109,625 | 721,500 | 0.71% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $77,490,330 | 596,814 | 0.70% | Shares |
| TWO SIGMA ADVISERS, LP | $75,677,190 | 978,500 | 0.68% | Shares |
| Gotham Asset Management, LLC | $74,647,543 | 689,521 | 0.68% | Shares |
| VAN ECK ASSOCIATES CORP | $70,915,713 | 655,050 | 0.64% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $69,871,004 | 645,400 | 0.63% | Put option |
| Clearbridge Investments, LLC | $68,488,862 | 632,633 | 0.62% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $64,669,435 | 613,562 | 0.59% | Shares |
| Ninety One UK Ltd | $62,063,836 | 573,285 | 0.56% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $55,907,131 | 516,714 | 0.51% | Shares |
| JANE STREET GROUP, LLC | $51,975,626 | 480,100 | 0.47% | Put option |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $51,950,510 | 479,868 | 0.47% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $51,347,610 | 474,299 | 0.46% | Shares |
| BANK OF AMERICA CORP /DE/ | $50,088,870 | 462,672 | 0.45% | Shares |
| BlackRock, Inc. | $49,354,760 | 455,891 | 0.45% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $48,809,995 | 450,859 | 0.44% | Shares |
| Swiss National Bank | $46,909,058 | 433,300 | 0.42% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $44,393,420 | 410,063 | 0.40% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $43,676,306 | 403,439 | 0.40% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $42,352,776 | 547,618 | 0.38% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $42,074,708 | 388,645 | 0.38% | Shares |
| BARCLAYS PLC | $41,587,106 | 384,141 | 0.38% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $40,745,571 | 376,368 | 0.37% | Shares |
| California Public Employees Retirement System | $39,656,937 | 366,312 | 0.36% | Shares |
| PFA Pension, Forsikringsaktieselskab | $37,917,239 | 350,242 | 0.34% | Shares |
| Vanguard Global Advisers, LLC | $35,724,393 | 329,987 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $34,805,262 | 321,498 | 0.31% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $34,751,785 | 321,003 | 0.31% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $33,258,219 | 307,207 | 0.30% | Shares |
| ALLIANCEBERNSTEIN L.P. | $32,658,785 | 251,531 | 0.30% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $31,837,533 | 294,084 | 0.29% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $31,549,077 | 298,478 | 0.29% | Shares |
| Susquehanna Portfolio Strategies, LLC | $31,098,443 | 287,257 | 0.28% | Shares |
| FIRST TRUST ADVISORS LP | $30,751,738 | 284,054 | 0.28% | Shares |
| Walleye Trading LLC | $30,605,102 | 282,700 | 0.28% | Put option |
| DANSKE BANK A/S | $29,852,587 | 275,749 | 0.27% | Shares |
| Assenagon Asset Management S.A. | $28,840,572 | 266,401 | 0.26% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $28,684,894 | 264,963 | 0.26% | Shares |
| SPROTT INC. | $27,849,261 | 257,244 | 0.25% | Shares |
| D. E. Shaw & Co., Inc. | $27,681,974 | 255,699 | 0.25% | Shares |
| Brandywine Global Investment Management, LLC | $27,074,955 | 350,077 | 0.24% | Shares |
| Bridgewater Associates, LP | $27,033,388 | 249,708 | 0.24% | Shares |
| GOLDMAN SACHS GROUP INC | $26,794,350 | 247,500 | 0.24% | Put option |
| VANGUARD GROUP INC | $26,557,628 | 343,388 | 0.24% | Shares |
| Summit Street Capital Management, LLC | $25,853,786 | 238,812 | 0.23% | Shares |
| TWO SIGMA INVESTMENTS, LP | $25,667,363 | 237,090 | 0.23% | Shares |
| CITADEL ADVISORS LLC | $25,067,386 | 231,548 | 0.23% | Shares |
| WELLS FARGO & COMPANY/MN | $23,782,990 | 219,684 | 0.22% | Shares |
| NewEdge Wealth, LLC | $23,642,579 | 218,387 | 0.21% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $23,422,097 | 180,392 | 0.21% | Shares |
| Aware Super Pty Ltd as trustee of Aware Super | $23,112,103 | 213,487 | 0.21% | Shares |
| MORGAN STANLEY | $21,533,759 | 198,907 | 0.19% | Shares |
| Powszechne Towarzystwo Emerytalne Allianz Polska S.A. | $21,141,013 | 195,280 | 0.19% | Shares |
| SEB Asset Management AB | $19,457,333 | 179,728 | 0.18% | Shares |
| TUDOR INVESTMENT CORP ET AL | $19,162,670 | 177,006 | 0.17% | Shares |
| UBS Group AG | $18,663,916 | 172,399 | 0.17% | Shares |
| Pictet Asset Management Holding SA | $18,128,368 | 167,472 | 0.16% | Shares |
| Robeco Institutional Asset Management B.V. | $18,024,316 | 166,491 | 0.16% | Shares |
| RAYMOND JAMES FINANCIAL INC | $17,822,581 | 164,628 | 0.16% | Shares |
| UBS Group AG | $17,776,292 | 164,200 | 0.16% | Put option |
| PineBridge Investments, L.P. | $17,241,058 | 192,208 | 0.16% | Shares |
| Walleye Trading LLC | $16,769,474 | 154,900 | 0.15% | Call option |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $16,659,374 | 153,883 | 0.15% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $16,405,717 | 150,153 | 0.15% | Shares |
| Railway Pension Investments Ltd | $16,087,436 | 148,600 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $16,071,630 | 148,454 | 0.15% | Shares |
| KLP KAPITALFORVALTNING AS | $16,005,158 | 147,840 | 0.14% | Shares |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. | $15,779,391 | 145,755 | 0.14% | Shares |
| Nitor Capital Management LLC | $15,766,471 | 125,225 | 0.14% | Shares |
| Ensign Peak Advisors, Inc | $15,526,324 | 143,417 | 0.14% | Shares |
| Baird Financial Group, Inc. | $15,003,418 | 138,586 | 0.14% | Shares |
| AVIVA PLC | $14,927,430 | 137,885 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,918,120 | 137,799 | 0.13% | Shares |
| Capital International Investors | $14,656,022 | 135,378 | 0.13% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $14,452,927 | 133,502 | 0.13% | Shares |
| HATCH COVE CAPITAL, LLC | $14,333,624 | 132,400 | 0.13% | Shares |
Company insiders 48 insiders · 25 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Christopher D Bohn | President & CEO | Feb. 27, 2026 F | 207,419 | 0 | 0 | $0 |
| Gregory D Cameron | EVP and CFO | Jan. 5, 2026 F | 29,082 | 0 | 0 | $0 |
| Dennis P. Kelleher | Sr VP and CFO | Aug. 29, 2019 M | 40,874 | 0 | 0 | $0 |
| Anthony J Nocchiero | Senior V.P. & CFO | Aug. 10, 2010 A | 25,556 | 0 | 0 | $0 |
| Ernest T Thomas | Senior VP & CFO | Aug. 10, 2006 A | 14,200 | 0 | 0 | $0 |
| Trevor Leigh Williams | SVP, Manufacturing & Dist'n | April 28, 2026 A | 4,184 | 0 | 0 | $0 |
| Erik M. Mayer | VP, Clean Energy & BusDevelop | March 17, 2026 S | 6,341 | 0 | 2 | $-442,785 |
| Bert A Frost | EVP, Chief Commercial Officer | March 17, 2026 S | 69,472 | 0 | 5 | $-3,984,279 |
| Richard A Hoker | VP and Corporate Controller | March 17, 2026 S | 31,036 | 0 | 3 | $-1,668,372 |
| Susan L Menzel | EVP and Chief Admin. Officer | March 12, 2026 S | 55,762 | 0 | 5 | $-4,694,181 |
| McGrane Michael Patrick | SVP, Gen. Counsel & Secretary | March 6, 2026 S | 19,161 | 0 | 2 | $-718,515 |
| Linda M Dempsey | VP, Public Affairs | March 5, 2026 S | 17,547 | 0 | 4 | $-313,000 |
| Ashraf K Malik | Sr. VP, Manufacturing & D'istn | March 5, 2026 S | 4,299 | 0 | 2 | $-1,160,412 |
| Douglas C Barnard | EVP, Corp. Dev.& Legal Advisor | Jan. 4, 2024 F | 10,852 | 0 | 0 | $0 |
| David P Hopkins | Managing Director, CF Fert. UK | March 15, 2021 M | 23,514 | 0 | 0 | $0 |
| Rosemary L O'Brien | VP, Public Affairs | March 3, 2020 F | 36,015 | 0 | 0 | $0 |
| Adam L Hall | VP, Corporate Development | March 4, 2019 F | 29,371 | 0 | 0 | $0 |
| Wendy S Jablow | Sr. VP, Human Resources | March 3, 2017 A | 44,699 | 0 | 0 | $0 |
| Philipp P Koch | Sr. VP, Manufacturing | Nov. 11, 2015 P | 72,567 | 0 | 0 | $0 |
| Lynn F White | VP, Corporate Development | Sept. 5, 2012 S | 3,129 | 0 | 0 | $0 |
| Stephen G Chase | VP, Corporate Planning | Sept. 11, 2008 M | 10,613 | 0 | 0 | $0 |
| David J Pruett | Senior VP, Operations | Aug. 26, 2008 M | 19,010 | 0 | 0 | $0 |
| Monty R Summa | VP, Sales | Aug. 15, 2008 M | 7,320 | 0 | 0 | $0 |
| Robert D Webb | VP & Corporate Controller | May 14, 2007 M | 6,400 | 0 | 0 | $0 |
| William G Eppel | VP, Human Resources | Feb. 20, 2007 M | 4,300 | 0 | 0 | $0 |
| Yris Jesus Madrazo | Director | April 28, 2026 A | 12,473 | 0 | 0 | $0 |
| Deborah L Dehaas | Director | April 28, 2026 A | 12,233 | 0 | 0 | $0 |
| Javed Ahmed | Director | April 28, 2026 A | 23,165 | 0 | 0 | $0 |
| Susan A Ellerbusch | Director | April 28, 2026 A | 7,323 | 0 | 0 | $0 |
| Anne P Noonan | Director | April 28, 2026 A | 34,870 | 0 | 0 | $0 |
| Celso L. White | Director | April 28, 2026 A | 23,429 | 0 | 0 | $0 |
| Theresa E Wagler | Director | April 28, 2026 A | 36,464 | 0 | 0 | $0 |
| Michael Toelle | Director | April 28, 2026 A | 27,336 | 0 | 0 | $0 |
| Robert C Arzbaecher | Director | April 28, 2026 A | 54,304 | 0 | 0 | $0 |
| EAVES JOHN W | Director | April 28, 2026 A | 27,336 | 0 | 0 | $0 |
| Anthony W Will | Director | March 17, 2026 G | 101,044 | 0 | 13 | $-59,198,415 |
| Stephen J Hagge | Director | May 6, 2025 A | 59,890 | 0 | 0 | $0 |
| Stephen A Furbacher | Director | March 2, 2022 S | 44,123 | 0 | 0 | $0 |
| William Davisson | Director | March 8, 2021 S | 36,191 | 0 | 0 | $0 |
| John D Johnson | Director | May 8, 2019 A | 82,825 | 0 | 0 | $0 |
| Edward A Schmitt | Director | May 12, 2017 A | 58,704 | 0 | 0 | $0 |
| Robert G Kuhbach | Director | May 12, 2017 A | 30,184 | 0 | 0 | $0 |
| Stephen R Wilson | Director | March 18, 2014 M | 99,327 | 0 | 0 | $0 |
| David R Harvey | Director | Feb. 21, 2012 S | 3,706 | 0 | 0 | $0 |
| Wallace W Creek | Director | Aug. 12, 2011 S | 13,906 | 0 | 0 | $0 |
| John E Gherty | Director | Nov. 14, 2005 P | 9,824 | 0 | 0 | $0 |
| CF Industries Holdings, Inc. | 10% owner | Feb. 8, 2018 J | 18,501,576 | 0 | 0 | $0 |
| Fernando A Mugica | — | Feb. 29, 2008 S | 3,700 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| Terra Nitrogen GP Inc. 2), Terra LP Holdings LLC 2), CF Industries Sales, LLC 2), CF Industries Enterprises, Inc. 2), CF Industries, Inc. 2), CF Industries Holdings, Inc. 2) | Feb. 8, 2018 | — | Initial filing | — | SEC |
| TERRA LP HOLDINGS LLC, TERRA NITROGEN CORPORATION (Solely due to an indirect ownership of 13,889,014 Common Units through its wholly owned subsidiary, Terra LP Holdings LLC), TERRA CAPITAL, INC. (Solely due to an indirect ownership of 13,889,014 Common Units through its wholly owned subsidiary, Terra Nitrogen Corporation), TERRA CAPITAL HOLDINGS, INC. (Solely due to indirect ownership through its wholly owned subsidiary, Terra Capital, Inc.), TERRA INDUSTRIES INC. (Solely due to indirect ownership through its wholly owned subsidiary, Terra Capital Holdings, Inc.), CF INDUSTRIES, INC. (Solely due to an indirect ownership through its wholly owned subsidiary, Terra Industries Inc.), CF INDUSTRIES HOLDINGS, INC. (Solely due to an indirect ownership through its wholly owned subsidiary, CF Industries, Inc.) ×3 filings | July 1, 2011 | — | Initial filing | — | SEC |
| CF Industries Holdings, Inc., CF Industries, Inc., CF Composite, Inc. ×6 filings | Dec. 16, 2009 | — | Initial filing | — | SEC |
| GROWMARK, Inc. ×4 filings | Dec. 11, 2007 | — | Initial filing | — | SEC |
| I .R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) GROWMARK, Inc. | Jan. 18, 2007 | — | 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 204 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 |
|---|---|---|---|---|
| FXZ · First Trust Exchange-Traded AlphaDE… | 4.34% | 134,116 NS | April 30, 2026 | N-PORT |
| BRNY · EA Series Trust | 4.17% | 185,568 NS | April 30, 2026 | N-PORT |
| FMTM · EA Series Trust | 3.23% | 30,258 NS | April 30, 2026 | N-PORT |
| ZIG · ETF Series Solutions | 3.10% | 8,161 NS | April 30, 2026 | N-PORT |
| QDIV · Global X Funds | 2.63% | 7,653 NS | May 31, 2026 | N-PORT |
| MVFD · Northern Lights Fund Trust IV | 2.58% | 24,909 NS | May 31, 2026 | N-PORT |
| EPSB · Harbor ETF Trust | 2.50% | 938 NS | April 30, 2026 | N-PORT |
| SPDV · ETF Series Solutions | 2.46% | 17,827 NS | April 30, 2026 | N-PORT |
| LYLD · Cambria ETF Trust | 2.34% | 1,132 NS | April 30, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 2.10% | 84,152 NS | April 30, 2026 | N-PORT |
| FDIV · EA Series Trust | 1.97% | 11,521 NS | April 30, 2026 | N-PORT |
| GUNR · FlexShares Trust | 1.65% | 996,815 NS | April 30, 2026 | N-PORT |
| EPMV · Harbor ETF Trust | 1.56% | 557 NS | April 30, 2026 | N-PORT |
| UYM · ProShares Trust | 1.55% | 5,533 NS | May 31, 2026 | N-PORT |
| OASC · Unified Series Trust | 1.52% | 11,405 NS | May 31, 2026 | N-PORT |
| FLOW · Global X Funds | 1.37% | 3,481 NS | May 31, 2026 | N-PORT |
| FLRG · FIDELITY COVINGTON TRUST | 1.35% | 30,668 NS | April 30, 2026 | N-PORT |
| FMAT · FIDELITY COVINGTON TRUST | 1.24% | 60,285 NS | April 30, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 1.20% | 210,801 NS | April 30, 2026 | N-PORT |
| NRES · DBX ETF Trust | 1.20% | 3,963 NS | May 31, 2026 | N-PORT |
| RNIN · EA Series Trust | 1.20% | 14,834 NS | April 30, 2026 | N-PORT |
| LENS · EA Series Trust | 1.09% | 5,131 NS | May 29, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 1.05% | 1,137 NS | April 30, 2026 | N-PORT |
| HGRO · ETF Opportunities Trust | 0.99% | 7,747 NS | April 30, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.91% | 70,131 NS | April 30, 2026 | N-PORT |
| BRIF · FIS Trust | 0.87% | 11,364 NS | May 31, 2026 | N-PORT |
| CCNR · Financial Investors Trust | 0.86% | 27,427 NS | April 30, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.82% | 5,516 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.82% | 902,773 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.75% | 10,853 NS | May 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 0.71% | 874 NS | April 30, 2026 | N-PORT |
| AFLG · First Trust Exchange-Traded Fund VI… | 0.67% | 38,924 NS | May 31, 2026 | N-PORT |
| QLC · FlexShares Trust | 0.67% | 48,720 NS | April 30, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 0.64% | 938,604 NS | April 30, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.64% | 2,399 NS | April 30, 2026 | N-PORT |
| QDEF · FlexShares Trust | 0.62% | 26,643 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.60% | 35,294 NS | May 31, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.55% | 30,593 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.50% | 25,041 NS | April 30, 2026 | N-PORT |
| VLLU · Harbor ETF Trust | 0.50% | 175 NS | April 30, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.48% | 435 NS | May 31, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.44% | 7,364 NS | May 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.41% | 14,686 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.41% | 14,409 NS | April 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.40% | 7,012 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.39% | 63,516 NS | April 30, 2026 | N-PORT |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.35% | 403,125 NS | May 31, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.32% | 421,765 NS | May 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.31% | 7,580 NS | May 29, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.31% | 14,746 NS | April 30, 2026 | N-PORT |