CMS CMS Energy Corporation Common Stock
About CMS Energy Corporation Common Stock Company overview from Wikipedia
CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.
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CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.
NorthStar Clean Energy's primary businesses are independent power production and natural gas transmission.
History
CMS Energy was formed in 1987 as a holding company with its principal subsidiaries as Consumers Energy and NorthStar Clean Energy. On October 23, 1987, CMS Energy became a publicly owned company and was listed at the New York Stock Exchange. The company's history dates back to 1886, when William Augustine Foote and Samuel Jarvis initially approached Jackson, Michigan officials and asked them to support efforts to illuminate Jackson's downtown with electric arc lights. They formed a company, Jackson Electric Light Works in 1888. In 1889, they built a hydro plant project at the Trowbridge Dam on the Kalamazoo River in Allegan. Foote, after seeing some early success, began consolidating his small power companies and formed Commonwealth Power Company.
In 1907, Foote and Jarvis built Croton Hydro project on the Muskegon River, the first project in the world that could transmit 110,000 volts of electricity. In 1920, Foote and Jarvis offered preferred shares of their company to the public to secure sufficient financing to enter other energy and power generation sectors. Over the next decades the company built several coal-fired, natural gas, nuclear and electric facilities. In 1946, the company formed a strategic partnership with Panhandle Company to convert former natural gas fields to underground natural gas storage areas. CMS Energy's primary subsidiary, Consumers Energy, announced Michigan's first nuclear power plant in 1961, Big Rock Point in Charlevoix, Michigan.
The company announced another nuclear plant, Palisades Nuclear Generating Station on Lake Michigan, which first produced electricity in December, 1971 to serve 400,000 people a day. CMS Energy owned the plant until 2006, when it was sold to Entergy. It then announced a gas reforming plant to furnish heat for Michigan homes in 1971. This plant was the first of its kind in North America to produce synthetic gas, converting impure liquid petroleum into pipeline-quality natural gas.
In 1987, CMS Energy, a holding company with its principal subsidiaries as Consumers Power and CMS Enterprises was formed. Consumers Power was rebranded Consumers Energy in 1997. The firm was one of the first companies to introduce an online billing system in the late 1990s.
In 2001, the firm entered into an exploration agreement with Eritrea for oil exploration in the Dismin Block of the Red Sea.
In 2002, CMS Energy founded EnerBank USA.
In 2003, the firm moved its headquarters to One Energy Plaza in Jackson, Michigan. In 2007, the company announced plans to invest $6 billion in Michigan's energy future to support new power plant technology and identify new energy sources. In 2014, Consumers Energy opened Cross Winds Energy Park in Michigan's Tuscola County and signed a contract with General Electric to supply 621.79-kilowatt wind turbine engines for the project which has a total generating capacity of 105 megawatts.
Oct 1, 2021, CMS Energy Completes Sale of EnerBank USA to Regions Bank.
On Nov 1st 2022, CMS Enterprises changes name to NorthStar Clean Energy as it begins to serve more corporate clients.
Sustainability and Environment
In 2015, 9 percent of CMS Energy's power comes from renewable energy sources. Primary CMS Energy subsidiary Consumers Energy joined the Wildlife Habitat Council as an active member. By 2007, all power facilities received the Clean Corporate Citizen award from the Michigan Department of Environmental Quality.
Awards
Consumers Energy, CMS Energy's primary subsidiary, was named Energy Star Partner of the Year in 2014 and 2015 for excellence in sustainable energy efficiency programs. In 2014, Consumers Energy was ranked among the top 15 most sustainable energy providers. Later that year, CMS Energy received Edison Electric Institute's Index Award for top cumulative shareholder return in the small cap category. The firm received the 2015 Emergency Recovery Award for its electricity restoration efforts during the December 2013 North American storm complex.
Criticism
In December 2011, the non-partisan organization Public Campaign criticized CMS Energy for spending $3.48 million on lobbying and not paying any taxes during 2008-2010, instead getting $29 million in tax rebates, despite making a profit of $415 million, and increasing executive pay by 79% to $900.4 million in 2010 for its top 5 executives.
Philanthropy
CMS Energy has helped establish and finance numerous research, educational and cultural institutes in the United States. Consumers Energy was given the William Booth Award in 2013 by The Salvation Army in recognition of its long history of philanthropic activities and leadership for the PeopleCare assistance program.
CMS Energy participates in internship and cooperative education programs to build career opportunities in Michigan. Consumers Energy has also worked on early childhood development and education in Michigan and has also received Wildlife Habitat Council (WHC) compliant certificates for its efforts to promote environmental education.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CMS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
CMS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 7, 2026 | $0.5700 |
| May 8, 2026 | $0.5700 |
| Feb. 17, 2026 | $0.5700 |
| Nov. 7, 2025 | $0.5430 |
| Aug. 8, 2025 | $0.5430 |
| May 9, 2025 | $0.5430 |
| Feb. 14, 2025 | $0.5430 |
| Nov. 13, 2024 | $0.5150 |
| Aug. 2, 2024 | $0.5150 |
| May 14, 2024 | $0.5150 |
| Feb. 9, 2024 | $0.5150 |
| Nov. 2, 2023 | $0.4880 |
| Aug. 3, 2023 | $0.4880 |
| May 4, 2023 | $0.4880 |
| Feb. 10, 2023 | $0.4880 |
| Nov. 3, 2022 | $0.4600 |
| Aug. 4, 2022 | $0.4600 |
| May 5, 2022 | $0.4600 |
| Feb. 10, 2022 | $0.4600 |
| Nov. 4, 2021 | $0.4350 |
CMS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 3 13.6%
- Buy 9 40.9%
- Hold 10 45.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-24Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.37 | $0.36 | 0.01% |
| March 31, 2026 | $1.13 | $1.11 | 0.02% |
| Dec. 31, 2025 | $0.94 | $0.95 | -0.01% |
| Sept. 30, 2025 | $0.93 | $0.85 | 0.08% |
| June 30, 2025 | $0.71 | $0.70 | 0.01% |
| March 31, 2025 | $1.02 | $1.02 | -0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CMS | $21.43B | 19.8 | 13.6% | 12.5% | 12.3% | — |
| PEG | $39.99B | 19.0 | 18.2% | 17.3% | 12.6% | — |
| WEC | $34.32B | 21.9 | 14.0% | 15.9% | 11.2% | — |
| AEE | $27.60B | 18.7 | 15.4% | 16.6% | 11.5% | — |
| DTE | — | — | — | — | — | — |
| CNP | $25.03B | 24.0 | 8.3% | 11.2% | 9.5% | — |
| NI | $19.98B | 21.4 | 23.5% | 14.2% | 10.2% | — |
| BKH | $5.24B | 17.4 | 8.6% | 12.6% | 8.0% | — |
| NWE | $3.96B | 22.0 | 6.4% | 11.2% | 6.3% | — |
| AVA | $3.17B | 16.2 | 1.3% | 9.8% | 7.3% | — |
| NWE | $3.96B | 22.0 | 6.4% | 11.2% | 6.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.54B | $7.51B | $7.46B | $8.60B | $7.33B | $6.42B | $6.62B | $6.87B | $6.58B | $6.40B | $6.46B | $7.18B | |
| Operating Expenses | $6.81B | $6.03B | $6.23B | $7.37B | $6.18B | $5.19B | $5.51B | $5.71B | $5.25B | $5.14B | $5.28B | $6.03B | |
| Operating Income | $1.73B | $1.49B | $1.24B | $1.22B | $1.15B | $1.23B | $1.11B | $1.16B | $1.34B | $1.26B | $1.18B | $1.15B | |
| Interest Expense | · | · | $643M | $519M | $500M | $505M | $460M | $458M | $438M | $435M | $396M | $407M | |
| Other Non-op | $310M | $344M | $362M | $197M | $177M | $84M | $109M | $70M | $-14M | $5M | $14M | $-16M | |
| Pretax Income | $1.25B | $1.12B | $954M | $902M | $823M | $809M | $764M | $774M | $886M | $826M | $796M | $729M | |
| Income Tax | $246M | $176M | $147M | $93M | $95M | $115M | $131M | $115M | $424M | $273M | $271M | $250M | |
| Net Income | $1.07B | $1.00B | $887M | $837M | $1.35B | $755M | $680M | $657M | $460M | $551M | $523M | $477M | |
| EPS (Basic) | $3.53 | $3.34 | $3.01 | $2.85 | $4.66 | $2.65 | $2.40 | $2.33 | $1.64 | $1.99 | $1.90 | $1.76 | |
| EPS (Diluted) | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 | $2.64 | $2.39 | $2.32 | $1.64 | $1.98 | $1.89 | $1.74 | |
| Shares (Basic) | 300,400,000 | 297,600,000 | 291,200,000 | 289,500,000 | 289,000,000 | 285,000,000 | 283,000,000 | · | · | · | · | · | |
| Shares (Diluted) | 301,000,000 | 298,300,000 | 291,700,000 | 290,000,000 | 289,500,000 | 286,300,000 | 284,300,000 | 282,900,000 | 280,800,000 | 278,900,000 | 276,500,000 | 274,600,000 | |
| EBITDA | $3.03B | $2.73B | $2.42B | $2.35B | $2.26B | $2.41B | $2.23B | $2.10B | $2.22B | $2.11B | $1.91B | $1.84B |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $509M | $103M | $227M | $164M | $452M | $32M | $140M | $153M | $182M | $235M | $266M | $207M | |
| Receivables | · | · | · | $1.56B | $931M | $853M | $886M | $964M | $1.03B | $821M | $774M | $881M | |
| Other Current Assets | $160M | $103M | $80M | $113M | $139M | $104M | $86M | $101M | $83M | $81M | $77M | $72M | |
| Current Assets | $3.47B | $2.79B | $2.84B | $3.43B | $2.63B | $2.40B | $2.33B | $2.47B | $2.48B | $2.28B | $2.32B | $2.60B | |
| PP&E (Net) | $30.68B | $27.46B | $25.07B | $22.71B | $22.35B | $21.02B | $18.93B | $18.13B | $16.76B | $15.71B | $14.71B | $13.41B | |
| Accum. Depreciation | $10.13B | $9.57B | $9.01B | $8.96B | $8.50B | $7.94B | $7.36B | $7.04B | $6.51B | $6.06B | $5.75B | $5.42B | |
| Other Non-current Assets | $398M | $384M | $357M | $310M | $264M | $823M | $739M | $478M | $799M | $353M | $343M | $352M | |
| Total Assets | $39.94B | $35.92B | $33.52B | $31.35B | $28.75B | $29.67B | $26.84B | $24.53B | $23.05B | $21.62B | $20.30B | $19.14B | |
| Accounts Payable | · | · | · | $928M | $875M | $661M | $622M | $723M | $725M | $598M | $633M | $678M | |
| Short-term Debt | $0 | $65M | $93M | $20M | $0 | $0 | $90M | $97M | $170M | $398M | $249M | $60M | |
| Current Liabilities | $3.55B | $3.52B | $2.90B | $2.98B | $2.20B | $3.07B | $2.70B | $2.62B | $2.78B | $2.65B | $2.30B | $1.95B | |
| Capital Leases | $19M | $21M | $22M | $27M | $25M | $25M | $37M | $40M | $91M | $110M | $118M | $123M | |
| Deferred Tax | $3.25B | $2.92B | $2.62B | $2.41B | $2.21B | $1.86B | $1.66B | $1.49B | $1.27B | $2.29B | $2.02B | $1.75B | |
| Other Non-current Liabilities | $392M | $407M | $415M | $397M | $375M | $394M | $383M | $294M | $307M | $290M | $313M | $299M | |
| Long-term Debt | $18.76B | $16.39B | $15.48B | $14.21B | $12.42B | $12.31B | $13.06B | $11.59B | $10.20B | $9.50B | $9.08B | $8.54B | |
| Total Debt | $18.76B | $16.45B | $15.58B | $14.23B | $12.42B | $15.12B | $13.15B | $11.69B | $10.37B | $9.90B | $9.37B | $8.60B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Retained Earnings | $2.44B | $2.04B | $1.66B | $1.35B | $1.06B | $214M | $-25M | $-271M | $-531M | $-616M | $-855M | $-1.06B | |
| AOCI | $-36M | $-41M | $-46M | $-52M | $-59M | $-86M | $-73M | $-65M | $-50M | $-50M | $-47M | $-49M | |
| Stockholders' Equity | $9.14B | $8.23B | $7.54B | $7.01B | $6.63B | $5.50B | $5.02B | $4.75B | $4.44B | $4.25B | $3.94B | $3.67B | |
| Liabilities + Equity | $39.94B | $35.92B | $33.52B | $31.35B | $28.75B | $29.67B | $26.84B | $24.53B | $23.05B | $21.62B | $20.30B | $19.18B | |
| Shares Outstanding | 306,400,000 | 298,800,000 | 294,440,000 | 291,268,000 | 289,758,000 | 288,940,000 | 283,864,000 | 283,374,000 | 281,647,000 | 279,206,000 | 277,163,000 | 275,184,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.31B | $1.24B | $1.18B | $1.13B | $1.11B | $1.04B | $989M | $933M | $881M | $811M | $750M | $685M | |
| Deferred Tax | $207M | $146M | $145M | $69M | $98M | $157M | $113M | $170M | $404M | $247M | $228M | $229M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | $59M | |
| Other Non-cash | $-349M | $-19M | $97M | $-1.18B | $-746M | $-702M | $-11M | $-57M | $-40M | $20M | $139M | $56M | |
| Operating Cash Flow | $2.23B | $2.37B | $2.31B | $855M | $1.82B | $1.28B | $1.79B | $1.70B | $1.71B | $1.63B | $1.64B | $1.48B | |
| CapEx | · | · | · | $2.37B | $2.08B | $2.31B | $2.10B | $2.07B | $1.67B | $1.67B | $1.56B | $1.58B | |
| Investing Cash Flow | $-4.04B | $-3.05B | $-3.39B | $-2.48B | $-1.23B | $-2.87B | $-2.82B | $-2.61B | $-1.87B | $-1.92B | $-2.06B | · | |
| Debt Issued | $3.61B | $1.96B | $3.55B | $1.90B | $335M | $3.18B | $2.15B | $2.77B | $1.63B | $1.05B | $599M | $1.43B | |
| Net Debt Issued | $2.46B | $1.01B | $1.42B | $1.79B | $100M | $1.17B | $866M | $897M | $653M | $321M | $375M | $678M | |
| Stock Issued | $525M | $286M | $192M | $69M | $26M | $253M | $12M | $41M | $83M | $72M | $43M | $43M | |
| Net Stock Activity | $525M | $286M | $192M | $69M | $26M | $253M | $12M | $41M | $83M | $72M | $43M | $43M | |
| Financing Cash Flow | $2.24B | $614M | $1.14B | $1.33B | $-295M | $1.62B | $1.01B | $874M | $110M | $255M | $463M | · | |
| Net Change in Cash | $437M | $-70M | $66M | $-294M | $291M | $28M | $-18M | $-29M | $-53M | · | $59M | $35M | |
| Taxes Paid | $-20M | $-69M | $15M | $1M | $16M | $-58M | $-58M | $-123M | $5M | $32M | $10M | $22M | |
| Free Cash Flow | · | · | · | $-1.52B | $-257M | $-1.04B | $-314M | $-371M | $40M | $-43M | $76M | $-130M | |
| Levered FCF | · | · | · | $-1.98B | $-699M | $-1.52B | $-741M | $-761M | $-188M | $-334M | $-185M | $-397M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% | 20.4% | 18.1% | 16.9% | 20.3% | 20.3% | 18.0% | 16.1% | |
| Net Margin | 12.5% | 13.4% | 11.9% | 9.7% | 18.5% | 11.3% | 9.9% | 9.6% | 7.0% | 8.6% | 8.1% | 6.6% | |
| Pretax Margin | 14.6% | 14.9% | 12.8% | 10.5% | 11.2% | 13.2% | 12.1% | 11.3% | 13.5% | 12.9% | 12.3% | 10.2% | |
| EBITDA Margin | 35.5% | 36.3% | 32.4% | 27.3% | 30.8% | 36.1% | 32.6% | 30.5% | 33.7% | 32.9% | 29.6% | 25.6% | |
| ROA | 2.8% | 2.8% | 2.7% | 2.8% | 4.6% | 2.7% | 2.6% | 2.8% | 2.1% | 2.6% | 2.6% | 2.6% | |
| ROE | 12.3% | 12.7% | 12.2% | 12.3% | 22.3% | 14.4% | 13.9% | 14.3% | 10.6% | 13.5% | 13.8% | 13.4% | |
| ROIC | 5.0% | 5.1% | 4.5% | 5.2% | 5.3% | 5.6% | 5.6% | 6.0% | 4.7% | 6.1% | 5.8% | 6.2% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 0.8 | 1.0 | 1.2 | 1.2 | 0.8 | 0.9 | 0.9 | 0.9 | 0.9 | 1.0 | 1.3 | |
| Quick Ratio | 0.1 | 0.0 | 0.1 | 0.6 | 0.6 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | |
| Debt / Equity | 2.1 | 2.0 | 2.1 | 2.0 | 1.9 | 2.8 | 2.6 | 2.5 | 2.3 | 2.3 | 2.4 | 2.3 | |
| LT Debt / Equity | 1.9 | 1.8 | 1.9 | 1.9 | 1.8 | 2.5 | 2.4 | 2.2 | 2.1 | 2.0 | 2.1 | 2.2 | |
| Interest Coverage | · | · | 1.9 | 2.4 | 2.3 | 2.4 | 2.4 | 2.5 | 3.1 | 3.0 | 2.9 | 2.8 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | |
| Receivables Turnover | · | · | · | 6.9 | 8.2 | 7.6 | 7.4 | 6.9 | 7.1 | 8.0 | 7.8 | 8.0 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 13.6% | 0.71% | -13.2% | 17.3% | 14.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -0.22% | 0.84% | 5.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 6.0% | 10.6% | 5.6% | -38.8% | 76.5% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 7.4% | -10.6% | 4.5% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 6.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 6.8% | 13.1% | 6.0% | -38.1% | 79.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 8.6% | -9.5% | 5.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 7.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.54B | $7.51B | $7.46B | $8.60B | $7.33B | $6.42B | $6.62B | $6.87B | $6.58B | $6.40B | $6.46B | $7.18B | |
| Net Income TTM | $1.07B | $1.00B | $887M | $837M | $1.35B | $755M | $680M | $657M | $460M | $551M | $523M | $477M | |
| Market Cap | $21.43B | $19.92B | $17.10B | $18.45B | $18.85B | $17.63B | $17.84B | $14.07B | $13.32B | $11.62B | $10.00B | $9.56B | |
| Enterprise Value | $39.67B | $36.26B | $32.44B | $32.52B | $30.82B | $32.58B | $30.85B | $25.60B | $23.51B | $21.29B | $19.11B | $17.95B | |
| P/E | 19.8 | 20.0 | 19.3 | 22.2 | 14.0 | 23.1 | 26.3 | 21.4 | 28.8 | 21.0 | 19.1 | 20.0 | |
| P/S | 2.5 | 2.6 | 2.3 | 2.1 | 2.6 | 2.7 | 2.7 | 2.0 | 2.0 | 1.8 | 1.5 | 1.3 | |
| P/B | 2.3 | 2.4 | 2.3 | 2.6 | 2.8 | 3.2 | 3.6 | 3.0 | 3.0 | 2.7 | 2.5 | 2.6 | |
| P / Tangible Book | 2.3 | 2.4 | 2.3 | 2.6 | 2.8 | 3.2 | · | · | · | · | · | · | |
| P / Cash Flow | 9.6 | 8.4 | 7.4 | 21.6 | 10.4 | 13.8 | 10.0 | 8.3 | 7.8 | 7.1 | 6.1 | 6.6 | |
| P / FCF | · | · | · | -12.1 | -73.4 | -16.9 | -56.8 | -37.9 | 333.0 | -270.2 | 131.6 | -73.6 | |
| EV / EBITDA | 13.1 | 13.3 | 13.4 | 13.8 | 13.6 | 13.5 | 13.8 | 12.2 | 10.6 | 10.1 | 10.0 | 9.8 | |
| EV / FCF | · | · | · | -21.4 | -119.9 | -31.3 | -98.3 | -69.0 | 587.8 | -495.1 | 251.4 | -138.1 | |
| EV / Revenue | 4.6 | 4.8 | 4.3 | 3.8 | 4.2 | 5.1 | 4.7 | 3.7 | 3.6 | 3.3 | 3.0 | 2.5 | |
| Earnings Yield | 5.1% | 5.0% | 5.2% | 4.5% | 7.2% | 4.3% | 3.8% | 4.7% | 3.5% | 4.8% | 5.2% | 5.0% |
Income Statement 13
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.23B | $2.02B | $1.84B | $2.45B | $1.99B | $1.74B | $1.61B | $2.18B | $1.95B | $1.67B | $1.55B | $2.28B | $2.28B | $2.02B | $1.92B | $2.37B | |
| Operating Expenses | $1.80B | $1.54B | $1.52B | $1.95B | $1.56B | $1.38B | $1.32B | $1.76B | $1.54B | $1.40B | $1.31B | $1.97B | $2.01B | $1.77B | $1.68B | $1.92B | |
| Operating Income | $435M | $481M | $317M | $494M | $425M | $367M | $283M | $412M | $406M | $271M | $244M | $314M | $271M | $258M | $239M | $456M | |
| Interest Expense | · | · | · | · | · | · | · | $177M | · | $164M | $160M | $147M | · | $130M | $126M | $124M | |
| Other Non-op | $61M | $62M | $137M | $50M | $61M | $84M | $113M | $86M | $83M | $77M | $146M | $56M | $52M | $54M | $43M | $48M | |
| Pretax Income | $295M | $340M | $255M | $358M | $306M | $273M | $223M | $321M | $317M | $184M | $230M | $223M | $184M | $182M | $156M | $380M | |
| Income Tax | $53M | $68M | $62M | $63M | $51M | $26M | $41M | $58M | $66M | $11M | $41M | $29M | $21M | $19M | $14M | $39M | |
| Net Income | $289M | $277M | $201M | $304M | $265M | $253M | $198M | $287M | $309M | $176M | $198M | $204M | $171M | $165M | $148M | $353M | |
| EPS (Basic) | $0.93 | $0.92 | $0.67 | $1.01 | $0.89 | $0.84 | $0.65 | $0.96 | $1.05 | $0.60 | $0.67 | $0.69 | $0.58 | $0.56 | $0.50 | $1.21 | |
| EPS (Diluted) | $0.94 | $0.92 | $0.66 | $1.01 | $0.88 | $0.84 | $0.65 | $0.96 | $1.05 | $0.60 | $0.67 | $0.69 | $0.58 | $0.56 | $0.50 | $1.21 | |
| Shares (Basic) | -596,000,000 | 299,700,000 | 298,500,000 | 298,200,000 | -594,800,000 | 298,000,000 | 297,900,000 | 296,500,000 | -581,400,000 | 291,000,000 | 290,900,000 | 290,700,000 | -578,900,000 | 289,600,000 | 289,500,000 | 289,300,000 | |
| Shares (Diluted) | -597,600,000 | 300,400,000 | 299,100,000 | 299,100,000 | -596,200,000 | 298,800,000 | 298,500,000 | 297,200,000 | -582,200,000 | 291,400,000 | 291,300,000 | 291,200,000 | -580,100,000 | 290,100,000 | 290,100,000 | 289,900,000 | |
| EBITDA | · | $769M | $605M | $882M | · | $640M | $556M | $780M | · | $533M | $499M | $667M | · | $501M | $481M | $801M |
Balance Sheet 22
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $509M | $362M | $844M | $465M | $103M | $412M | $699M | $802M | · | $157M | $389M | $571M | · | $168M | $77M | $446M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | $1.01B | · | $1.16B | $991M | $1.04B | |
| Other Current Assets | $160M | $98M | $140M | $115M | $103M | $92M | $100M | $110M | · | $91M | $125M | $130M | · | $103M | $167M | $158M | |
| Current Assets | $3.47B | $2.75B | $3.19B | $2.78B | $2.79B | $2.70B | $2.98B | $3.09B | · | $2.45B | $2.60B | $2.99B | · | $3.03B | $2.39B | $2.46B | |
| PP&E (Net) | $30.68B | $29.69B | $28.85B | $27.90B | $27.46B | $26.67B | $25.88B | $25.28B | · | $24.69B | $24.26B | $23.00B | · | $22.34B | $21.63B | $22.54B | |
| Accum. Depreciation | $10.13B | $10.05B | $9.87B | $9.80B | $9.57B | $9.31B | $9.16B | $9.01B | · | $8.93B | $8.74B | $9.13B | · | $8.86B | $8.71B | $8.54B | |
| Other Non-current Assets | $398M | $202M | $254M | $310M | $384M | $198M | $263M | $318M | · | $166M | $221M | $254M | · | $1.48B | $1.55B | $1.50B | |
| Total Assets | $39.94B | $38.01B | $37.70B | $36.30B | $35.92B | $34.82B | $34.35B | $33.90B | · | $32.51B | $32.27B | $31.39B | · | $30.37B | $29.04B | $28.74B | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | · | $679M | · | $949M | $906M | $687M | |
| Short-term Debt | $0 | $0 | $0 | $0 | $65M | $0 | $0 | $0 | · | $247M | $0 | $0 | · | · | $45M | · | |
| Current Liabilities | $3.55B | $3.05B | $3.20B | $2.63B | $3.52B | $2.19B | $2.53B | $2.29B | · | $2.72B | $2.74B | $2.94B | · | $2.49B | $2.39B | $1.81B | |
| Capital Leases | $19M | · | · | · | $21M | · | · | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $3.25B | $3.17B | $3.08B | $3.00B | $2.92B | $2.84B | $2.79B | $2.68B | · | $2.54B | $2.50B | $2.45B | · | $2.37B | $2.33B | $2.31B | |
| Other Non-current Liabilities | $392M | $396M | $409M | $370M | $407M | $427M | $429M | $413M | · | $429M | $415M | $407M | · | $383M | $382M | $371M | |
| Long-term Debt | $18.76B | $17.97B | $17.88B | $16.85B | $16.39B | $16.05B | $15.68B | $15.74B | · | $15.15B | $15.05B | $14.41B | · | $13.68B | $12.33B | $12.42B | |
| Total Debt | · | $17.97B | $17.88B | $16.85B | · | $16.05B | $15.68B | $15.74B | · | $15.40B | $15.05B | $14.41B | · | $13.68B | $12.38B | $12.42B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | $3M | $3M | |
| Retained Earnings | $2.44B | $2.32B | $2.21B | $2.17B | $2.04B | $1.93B | $1.83B | $1.79B | · | $1.50B | $1.46B | $1.41B | · | $1.31B | $1.29B | $1.27B | |
| AOCI | $-36M | $-41M | $-41M | $-41M | $-41M | $-45M | $-45M | $-45M | · | $-51M | $-51M | $-51M | · | $-52M | $-52M | $-54M | |
| Stockholders' Equity | $9.14B | $8.86B | $8.39B | $8.34B | $8.23B | $8.11B | $8.00B | $7.95B | · | $7.19B | $7.14B | $7.08B | · | $6.91B | $6.88B | $6.85B | |
| Liabilities + Equity | $39.94B | $38.01B | $37.70B | $36.30B | $35.92B | $34.82B | $34.35B | $33.90B | · | $32.51B | $32.27B | $31.39B | · | $30.37B | $29.04B | $28.74B | |
| Shares Outstanding | 306,400,000 | 304,300,000 | 299,300,000 | 299,100,000 | 298,800,000 | 298,800,000 | 298,700,000 | 298,600,000 | 294,440,000 | 291,800,000 | 291,700,000 | 291,700,000 | 291,268,000 | 290,300,000 | 290,200,000 | 290,100,000 |
Cash Flow 13
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $342M | $288M | $288M | $388M | $326M | $273M | $273M | $368M | $310M | $262M | $255M | $353M | $296M | $243M | $242M | $345M | |
| Other Non-cash | · | · | · | $308M | · | · | · | $301M | · | · | · | $483M | · | · | · | $9M | |
| Operating Cash Flow | $478M | $343M | $414M | $1.00B | $403M | $304M | $707M | $956M | $405M | $199M | $665M | $1.04B | $188M | $-392M | $352M | $707M | |
| CapEx | · | $978M | $884M | $888M | · | $806M | $681M | $613M | · | · | · | $617M | · | $650M | $568M | $520M | |
| Investing Cash Flow | $-1.11B | $-1.05B | $-962M | $-918M | $-953M | $-855M | $-609M | $-637M | $-649M | $-658M | $-1.43B | $-651M | $-668M | $-669M | $-600M | $-539M | |
| Debt Issued | $1.10B | $62M | $1.25B | $1.20B | $515M | $743M | $105M | $599M | $646M | $500M | $1.20B | $1.21B | $550M | $1.35B | $0 | $0 | |
| Net Debt Issued | · | · | · | $483M | · | · | · | $280M | · | · | · | $205M | · | · | · | $-3M | |
| Stock Issued | $152M | $356M | $14M | $3M | $3M | $4M | $7M | $272M | $182M | $3M | $3M | $4M | $59M | $3M | $3M | $4M | |
| Net Stock Activity | · | · | · | $3M | · | · | · | $272M | · | · | · | $4M | · | · | · | $4M | |
| Financing Cash Flow | $817M | $210M | $947M | $266M | $261M | $229M | $-170M | $294M | $308M | $237M | $571M | $27M | $467M | $1.16B | $-130M | $-170M | |
| Net Change in Cash | $183M | $-493M | $399M | $348M | $-289M | $-322M | $-72M | $613M | $64M | $-222M | $-192M | $416M | $-13M | $99M | $-378M | $-2M | |
| Free Cash Flow | · | · | · | $112M | · | · | · | · | · | · | · | $423M | · | · | · | $187M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | $295M | · | · | · | $76M |
Profitability 7
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | 23.8% | 17.2% | 20.2% | · | 21.1% | 17.6% | 18.9% | · | 16.2% | 15.7% | 13.8% | · | 12.8% | 12.4% | 19.2% | |
| Net Margin | · | 13.7% | 10.9% | 12.4% | · | 14.5% | 12.3% | 13.2% | · | 10.5% | 12.7% | 8.9% | · | 8.2% | 7.7% | 14.9% | |
| Pretax Margin | · | 16.8% | 13.9% | 14.6% | · | 15.7% | 13.9% | 14.8% | · | 11.0% | 14.8% | 9.8% | · | 9.0% | 8.1% | 16.0% | |
| EBITDA Margin | · | 38.0% | 32.9% | 36.0% | · | 36.7% | 34.6% | 35.9% | · | 31.9% | 32.1% | 29.2% | · | 24.8% | 25.1% | 33.7% | |
| ROA | · | 0.76% | 0.56% | 0.87% | · | 0.75% | 0.59% | 0.88% | · | 0.56% | 0.65% | 0.68% | · | 0.54% | 0.50% | 1.2% | |
| ROE | · | 3.3% | 2.5% | 3.7% | · | 3.3% | 2.6% | 3.8% | · | 2.5% | 2.8% | 2.9% | · | 2.5% | 2.3% | 5.6% | |
| ROIC | · | 1.4% | 0.91% | 1.6% | · | 1.4% | 0.98% | 1.4% | · | 1.1% | 0.90% | 1.3% | · | 1.1% | 1.1% | 2.1% |
Liquidity & Solvency 5
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 0.9 | 1.0 | 1.1 | · | 1.2 | 1.2 | 1.3 | · | 0.9 | 1.0 | 1.0 | · | 1.2 | 1.0 | 1.4 | |
| Quick Ratio | · | 0.1 | 0.3 | 0.2 | · | 0.2 | 0.3 | 0.3 | · | 0.1 | 0.1 | 0.5 | · | 0.5 | 0.4 | 0.8 | |
| Debt / Equity | · | 2.0 | 2.1 | 2.0 | · | 2.0 | 2.0 | 2.0 | · | 2.1 | 2.1 | 2.0 | · | 2.0 | 1.8 | 1.8 | |
| LT Debt / Equity | · | 1.9 | 2.0 | 1.9 | · | 1.9 | 1.9 | 1.9 | · | 2.0 | 1.9 | 1.8 | · | 1.8 | 1.7 | 1.8 | |
| Interest Coverage | · | · | · | · | · | · | · | 2.3 | · | 1.7 | 1.5 | 2.1 | · | 2.0 | 1.9 | 3.7 |
Efficiency 2
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | 2.2 | · | 2.2 | 2.2 | 2.5 |
Valuation (TTM) 14
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $8.05B | $7.63B | $7.97B | · | $7.20B | $7.01B | $7.69B | · | $7.54B | $7.78B | $8.60B | · | $8.35B | $8.05B | $7.69B | |
| Net Income TTM | · | $1.03B | $956M | $1.04B | · | $914M | $859M | $865M | · | $743M | $715M | $870M | · | $1.30B | $1.33B | $1.36B | |
| Market Cap | · | $22.29B | $20.74B | $22.47B | · | $21.10B | $17.78B | $18.02B | · | $15.50B | $17.14B | $17.90B | · | $16.91B | $19.59B | $20.29B | |
| Enterprise Value | · | $39.91B | $37.77B | $38.85B | · | $36.74B | $32.77B | $32.96B | · | $30.74B | $31.80B | $31.74B | · | $30.41B | $31.89B | $32.26B | |
| P/E | · | 21.4 | 21.9 | 21.7 | · | 23.2 | 20.7 | 20.7 | · | 21.1 | 24.3 | 20.7 | · | 13.0 | 14.8 | 15.0 | |
| P/S | · | 2.8 | 2.7 | 2.8 | · | 2.9 | 2.5 | 2.3 | · | 2.1 | 2.2 | 2.1 | · | 2.0 | 2.4 | 2.6 | |
| P/B | · | 2.5 | 2.5 | 2.7 | · | 2.6 | 2.2 | 2.3 | · | 2.2 | 2.4 | 2.5 | · | 2.4 | 2.8 | 3.0 | |
| P / Tangible Book | · | 2.5 | 2.5 | 2.7 | · | 2.6 | 2.2 | 2.3 | · | 2.2 | 2.4 | 2.5 | · | 2.4 | 2.8 | 3.0 | |
| P / Cash Flow | · | · | · | 22.5 | · | · | · | 18.8 | · | · | · | 17.2 | · | · | · | 28.7 | |
| P / FCF | · | · | · | 200.6 | · | · | · | · | · | · | · | 42.3 | · | · | · | 108.5 | |
| EV / EBITDA | · | 51.9 | 62.4 | 44.1 | · | 57.4 | 58.9 | 42.3 | · | 57.7 | 63.7 | 47.6 | · | 60.7 | 66.3 | 40.3 | |
| EV / FCF | · | · | · | 346.9 | · | · | · | · | · | · | · | 75.0 | · | · | · | 172.5 | |
| EV / Revenue | · | 5.0 | 4.9 | 4.9 | · | 5.1 | 4.7 | 4.3 | · | 4.1 | 4.1 | 3.7 | · | 3.6 | 4.0 | 4.2 | |
| Earnings Yield | · | 4.7% | 4.6% | 4.6% | · | 4.3% | 4.8% | 4.8% | · | 4.7% | 4.1% | 4.8% | · | 7.7% | 6.7% | 6.7% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | |
|---|---|---|---|---|---|
| Revenue | $8.54B | $7.51B | — | — | — |
| Operating Margin % | 20.2% | 19.8% | — | — | — |
| Net Income | $1.07B | $1.00B | — | — | — |
| Diluted EPS | $3.53 | $3.33 | — | — | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 2.1 | 2.0 | — | — | — |
| Current Ratio | 1.0 | 0.8 | — | — | — |
| Quick Ratio | 0.1 | 0.0 | — | — | — |
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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 866 filers · $14.1B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 99 (-19 vs prior Q) | 75 (-14 vs prior Q) | 316 (+25 vs prior Q) | 243 (0 vs prior Q) | +23.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $1,542,771,522 | 20,166,948 | 10.94% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,457,393,315 | 19,050,893 | 10.34% | Shares |
| STATE STREET CORP | $1,354,504,869 | 17,705,946 | 9.61% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $783,437,495 | 10,241,013 | 5.56% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $603,015,075 | 7,882,550 | 4.28% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $587,758,028 | 7,715,853 | 4.17% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $482,788,795 | 6,310,965 | 3.42% | Shares |
| Capital International Investors | $405,653,268 | 5,302,655 | 2.88% | Shares |
| NORGES BANK | $370,039,910 | 4,837,123 | 2.62% | Shares |
| GQG Partners LLC | $363,387,746 | 4,750,161 | 2.58% | Shares |
| Pictet Asset Management Holding SA | $326,542,851 | 4,268,534 | 2.32% | Shares |
| AMERIPRISE FINANCIAL INC | $269,797,402 | 3,526,722 | 1.91% | Shares |
| FIL Ltd | $194,457,569 | 2,541,929 | 1.38% | Shares |
| Magellan Asset Management Ltd | $194,237,325 | 2,539,050 | 1.38% | Shares |
| PARNASSUS INVESTMENTS, LLC | $169,809,728 | 2,219,735 | 1.20% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $161,440,934 | 2,110,339 | 1.15% | Shares |
| BARCLAYS PLC | $157,565,446 | 2,059,679 | 1.12% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $132,715,490 | 1,734,843 | 0.94% | Shares |
| JENNISON ASSOCIATES LLC | $116,091,275 | 1,517,533 | 0.82% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $111,205,526 | 1,453,667 | 0.79% | Shares |
| Balyasny Asset Management L.P. | $109,163,664 | 1,426,976 | 0.77% | Shares |
| GOLDMAN SACHS GROUP INC | $100,450,547 | 1,313,079 | 0.71% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $100,344,857 | 1,311,698 | 0.71% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $99,930,000 | 1,306,273 | 0.71% | Shares |
| REAVES W H & CO INC | $95,674,419 | 1,250,646 | 0.68% | Shares |
| PFA Pension, Forsikringsaktieselskab | $94,979,073 | 1,241,557 | 0.67% | Shares |
| Bahl & Gaynor LLC | $81,726,633 | 1,068,322 | 0.58% | Shares |
| Soroban Capital Partners LP | $80,996,747 | 1,058,781 | 0.57% | Shares |
| SOROS FUND MANAGEMENT LLC | $74,232,693 | 970,362 | 0.53% | Shares |
| AVIVA PLC | $72,057,263 | 941,925 | 0.51% | Shares |
| BlackRock, Inc. | $69,105,893 | 903,345 | 0.49% | Shares |
| UniSuper Management Pty Ltd | $69,049,053 | 902,602 | 0.49% | Shares |
| HSBC HOLDINGS PLC | $68,180,243 | 891,245 | 0.48% | Shares |
| Swiss National Bank | $66,509,100 | 869,400 | 0.47% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $58,830,413 | 769,025 | 0.42% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $54,728,559 | 715,406 | 0.39% | Shares |
| Quantinno Capital Management LP | $54,438,061 | 711,608 | 0.39% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $52,610,044 | 687,713 | 0.37% | Shares |
| RAYMOND JAMES FINANCIAL INC | $51,708,784 | 675,932 | 0.37% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $51,580,584 | 674,256 | 0.37% | Shares |
| Legal & General Group Plc | $51,232,360 | 669,704 | 0.36% | Shares |
| Vanguard Global Advisers, LLC | $50,893,997 | 665,281 | 0.36% | Shares |
| RHUMBLINE ADVISERS | $50,139,038 | 655,413 | 0.36% | Shares |
| BANK OF NOVA SCOTIA | $49,276,098 | 644,132 | 0.35% | Shares |
| TD Asset Management Inc | $46,673,109 | 610,106 | 0.33% | Shares |
| ING GROEP NV | $44,383,923 | 580,182 | 0.31% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $43,693,685 | 571,159 | 0.31% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $43,626,191 | 570,277 | 0.31% | Shares |
| 1832 Asset Management L.P. | $43,079,063 | 563,125 | 0.31% | Shares |
| California Public Employees Retirement System | $42,922,008 | 561,072 | 0.30% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $42,259,671 | 552,414 | 0.30% | Shares |
| BANK OF AMERICA CORP /DE/ | $41,165,032 | 538,105 | 0.29% | Shares |
| Energy Income Partners, LLC | $40,469,571 | 529,014 | 0.29% | Shares |
| Assenagon Asset Management S.A. | $39,645,131 | 518,237 | 0.28% | Shares |
| Qube Research & Technologies Ltd | $39,584,543 | 517,445 | 0.28% | Shares |
| Thiel Macro LLC | $39,559,986 | 517,124 | 0.28% | Shares |
| LPL Financial LLC | $38,572,917 | 504,221 | 0.27% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $37,450,575 | 489,550 | 0.27% | Shares |
| Retirement Systems of Alabama | $37,132,718 | 485,395 | 0.26% | Shares |
| Partners Group Holding AG | $37,008,405 | 483,770 | 0.26% | Shares |
| Rockefeller Capital Management L.P. | $36,820,238 | 481,310 | 0.26% | Shares |
| Tredje AP-fonden | $35,606,619 | 465,446 | 0.25% | Shares |
| Nuveen Asset Management, LLC | $33,971,105 | 509,694 | 0.24% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $33,743,139 | 441,087 | 0.24% | Shares |
| RWC Asset Management LLP | $33,115,626 | 432,884 | 0.23% | Shares |
| Fisher Funds Management LTD | $32,833,265 | 429,193 | 0.23% | Shares |
| STRS OHIO | $31,981,131 | 418,054 | 0.23% | Shares |
| CIDEL ASSET MANAGEMENT INC | $31,032,680 | 405,656 | 0.22% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $30,582,338 | 399,769 | 0.22% | Shares |
| NEUBERGER BERMAN GROUP LLC | $30,356,479 | 396,817 | 0.22% | Shares |
| CIBC Bancorp USA Inc. | $28,536,183 | 373,037 | 0.20% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $28,228,653 | 369,002 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $27,320,806 | 352,163 | 0.19% | Shares |
| BANK OF MONTREAL /CAN/ | $26,706,839 | 349,109 | 0.19% | Shares |
| ALLIANCEBERNSTEIN L.P. | $26,576,348 | 342,567 | 0.19% | Shares |
| Vanguard Investments Australia, Ltd. | $23,855,148 | 311,832 | 0.17% | Shares |
| Covea Finance | $22,731,975 | 297,150 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $22,567,500 | 295,000 | 0.16% | Call option |
| Avalon Trust Co | $22,397,211 | 292,774 | 0.16% | Shares |
| TRUIST FINANCIAL CORP | $21,713,225 | 283,833 | 0.15% | Shares |
| US BANCORP \DE\ | $21,141,847 | 276,364 | 0.15% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $21,065,117 | 275,361 | 0.15% | Shares |
| APG Asset Management N.V. | $20,476,881 | 306,029 | 0.15% | Shares |
| CIBC Asset Management Inc | $20,242,293 | 264,948 | 0.14% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $20,237,386 | 264,541 | 0.14% | Shares |
| Ensign Peak Advisors, Inc | $20,183,990 | 263,843 | 0.14% | Shares |
| VANGUARD GROUP INC | $19,624,106 | 280,625 | 0.14% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $19,575,529 | 252,327 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $19,376,073 | 253,282 | 0.14% | Shares |
| TRILLIUM ASSET MANAGEMENT, LLC | $17,343,492 | 226,709 | 0.12% | Shares |
| JANUS HENDERSON GROUP PLC | $17,297,809 | 222,953 | 0.12% | Shares |
| MACQUARIE GROUP LTD | $16,269,102 | 212,668 | 0.12% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $15,612,120 | 204,080 | 0.11% | Shares |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $15,405,111 | 201,374 | 0.11% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $15,214,703 | 198,885 | 0.11% | Shares |
| GABELLI FUNDS LLC | $14,492,313 | 189,442 | 0.10% | Shares |
| KEYBANK NATIONAL ASSOCIATION/OH | $14,413,047 | 188,404 | 0.10% | Shares |
| JANE STREET GROUP, LLC | $14,198,400 | 185,600 | 0.10% | Call option |
| Artemis Investment Management LLP | $14,121,441 | 184,594 | 0.10% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $13,889,187 | 181,558 | 0.10% | Shares |
Company insiders 52 insiders · 12 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Garrick J Rochow | President and CEO | Jan. 30, 2025 A | 538,114 | 0 | 0 | $0 |
| Rejji P Hayes | EVP/CFO | Jan. 30, 2025 A | 242,278 | 0 | 0 | $0 |
| Brandon J. Hofmeister | Senior Vice President | May 6, 2025 S | 69,571 | 0 | 0 | $0 |
| Scott B Mcintosh | VP, Controller, CAO | Feb. 13, 2025 S | 21,643 | 0 | 0 | $0 |
| Tonya L Berry | Senior Vice President | Jan. 30, 2025 A | 51,653 | 0 | 0 | $0 |
| Leeroy Wells Jr | Senior Vice President | Jan. 30, 2025 A | 83,895 | 0 | 0 | $0 |
| Shaun M Johnson | SVP and General Counsel | Jan. 30, 2025 A | 93,712 | 0 | 0 | $0 |
| Catherine A Hendrian | Senior Vice President | Jan. 29, 2025 F | 55,811 | 0 | 0 | $0 |
| Dhenuvakonda Rao Venkat | Senior Vice President | March 22, 2024 F | 42,818 | 0 | 0 | $0 |
| Brian F Rich | Senior Vice President | March 22, 2024 F | 99,682 | 0 | 0 | $0 |
| Jean-Francois Brossoit | Senior Vice President | Jan. 27, 2022 A | 65,528 | 0 | 0 | $0 |
| BARBA GLENN P | Vice President, CAO | Aug. 9, 2021 S | 27,104 | 0 | 0 | $0 |
| Deborah H Butler | Director | May 8, 2026 A | 39,850 | 0 | 0 | $0 |
| Ronald J Tanski | Director | May 8, 2026 A | 20,903 | 0 | 0 | $0 |
| John G Russell | Director | May 8, 2026 A | 134,068 | 0 | 1 | $-1,129,885 |
| Suzanne F. Shank | Director | May 2, 2025 A | 20,701 | 0 | 0 | $0 |
| Myrna Soto | Director | May 2, 2025 A | 37,560 | 0 | 0 | $0 |
| Kurt L Darrow | Director | May 2, 2025 A | 42,098 | 0 | 0 | $0 |
| Jon E Barfield | Director | June 7, 2024 S | 14,556 | 0 | 0 | $0 |
| William D Harvey | Director | May 5, 2023 A | 48,100 | 0 | 0 | $0 |
| Kathleen R Flaherty | Director | May 28, 2004 A | 11,985 | 0 | 0 | $0 |
| James J Duderstadt | Director | May 28, 2004 A | 10,405 | 0 | 0 | $0 |
| PARFET WILLIAM U / | Director | May 28, 2004 A | 19,281 | 0 | 0 | $0 |
| John G Sznewajs | — | May 8, 2026 A | 37,594 | 0 | 0 | $0 |
| Laura Wright | — | May 8, 2026 A | 43,623 | 0 | 0 | $0 |
| Ralph Izzo | — | May 8, 2026 A | 10,779 | 0 | 0 | $0 |
| Patricia K Poppe | — | March 20, 2020 F | 456,320 | 0 | 0 | $0 |
| Catherine M Reynolds | — | May 8, 2019 S | 121,211 | 0 | 0 | $0 |
| Stephen E Ewing | — | May 3, 2019 A | 44,394 | 0 | 0 | $0 |
| David G Mengebier | — | Nov. 20, 2017 S | 117,523 | 0 | 0 | $0 |
| Daniel J Malone | — | May 30, 2017 S | 148,622 | 0 | 0 | $0 |
| Thomas J Webb | — | May 25, 2017 S | 187,773 | 0 | 0 | $0 |
| Philip R Lochner | — | May 5, 2017 A | 53,973 | 0 | 0 | $0 |
| John M Butler | — | March 21, 2017 F | 121,532 | 0 | 0 | $0 |
| Richard Marcel Gabrys | — | May 6, 2016 A | 49,607 | 0 | 0 | $0 |
| David W Joos | — | May 1, 2015 A | 353,243 | 0 | 0 | $0 |
| John B Yasinsky | — | Feb. 25, 2015 S | 27,008 | 0 | 0 | $0 |
| Ronn J Rasmussen | — | Jan. 26, 2015 F | 72,990 | 0 | 0 | $0 |
| James E Brunner | — | July 1, 2014 D | 102,241 | 0 | 0 | $0 |
| Kenneth L Way | — | May 16, 2014 A | 52,321 | 0 | 0 | $0 |
| Michael T Monahan | — | May 17, 2013 A | 44,975 | 0 | 0 | $0 |
| Merribel S Ayres | — | March 19, 2013 S | 29,741 | 0 | 0 | $0 |
| Joseph Farnand Paquette JR | — | Aug. 13, 2010 S | 10,472 | 0 | 0 | $0 |
| PIERRE PERCY A | — | Aug. 11, 2010 S | 0 | 0 | 0 | $0 |
| Kenneth Whipple | — | May 22, 2009 A | 17,530 | 0 | 0 | $0 |
| Thomas W Elward | — | June 1, 2008 F | 121,745 | 0 | 0 | $0 |
| Earl D Holton | — | April 1, 2006 J | 16,450 | 0 | 0 | $0 |
| John F Drake | — | Aug. 22, 2005 F | 44,643 | 0 | 0 | $0 |
| Kinnie S Smith JR | — | Aug. 22, 2005 F | 228,263 | 0 | 0 | $0 |
| Joseph F Paquette | — | May 20, 2005 A | 14,780 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 182 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 |
|---|---|---|---|---|
| UTES · ETFis Series Trust I | 3.51% | 727,808 NS | April 30, 2026 | N-PORT |
| RSPU · Invesco Exchange-Traded Fund Trust | 3.10% | 235,644 SH | Aug. 21, 2026 | Daily |
| PUI · Invesco Exchange-Traded Fund Trust | 2.78% | 21,410 SH | Aug. 21, 2026 | Daily |
| PJFM · PGIM ETF Trust | 2.68% | 6,148 NS | May 29, 2026 | N-PORT |
| PRVS · Parnassus Funds II | 2.29% | 7,566 NS | June 30, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 2.18% | 7,617 NS | April 30, 2026 | N-PORT |
| FXU · First Trust Exchange-Traded AlphaDE… | 1.64% | 192,160 NS | April 30, 2026 | N-PORT |
| VPU · VANGUARD WORLD FUND | 1.50% | 2,108,524 SH | Aug. 19, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 1.46% | 466,259 NS | April 30, 2026 | N-PORT |
| IDU · iShares Trust | 1.34% | 256,839 SH | Aug. 21, 2026 | Daily |
| ALTL · Pacer Funds Trust | 1.28% | 16,094 NS | April 30, 2026 | N-PORT |
| SMCO · Tidal Trust II | 1.28% | 21,551 NS | April 30, 2026 | N-PORT |
| UPW · ProShares Trust | 1.20% | 3,186 NS | May 31, 2026 | N-PORT |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.11% | 1,117,889 SH | Aug. 21, 2026 | Daily |
| RGEF · Tidal Trust III | 1.11% | 114,762 NS | April 30, 2026 | N-PORT |
| PGX · Invesco Exchange-Traded Fund Trust … | 1.06% | 1,941,469 | Aug. 21, 2026 | Daily |
| VRAI · ETFis Series Trust I | 1.05% | 2,523 NS | April 30, 2026 | N-PORT |
| MFSV · MFS Active Exchange Traded Funds Tr… | 1.04% | 67,954 NS | May 31, 2026 | N-PORT |
| UTSL · Direxion Shares ETF Trust | 1.00% | 5,686 NS | April 30, 2026 | N-PORT |
| JXI · iShares Trust | 0.97% | 42,500 SH | Aug. 21, 2026 | Daily |
| HUSV · First Trust Exchange-Traded Fund III | 0.94% | 8,862 NS | April 30, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 0.92% | 485,916 NS | April 30, 2026 | N-PORT |
| RBLD · First Trust Exchange-Traded Fund II | 0.91% | 4,813 NS | June 30, 2026 | N-PORT |
| DVY · iShares Trust | 0.88% | 3,002,428 SH | Aug. 21, 2026 | Daily |
| POWR · iShares, Inc. | 0.84% | 55,737 SH | Aug. 21, 2026 | Daily |
| LSEQ · Harbor ETF Trust | 0.76% | 1,533 NS | April 30, 2026 | N-PORT |
| EIPI · First Trust Exchange-Traded Fund VI… | 0.75% | 108,274 NS | May 31, 2026 | N-PORT |
| SPVM · Invesco Exchange-Traded Fund Trust | 0.66% | 12,920 SH | Aug. 21, 2026 | Daily |
| VRP · Invesco Exchange-Traded Fund Trust … | 0.65% | 19,687,000 | Aug. 21, 2026 | Daily |
| ESMV · iShares Trust | 0.56% | 637 SH | Aug. 21, 2026 | Daily |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0.56% | 6,269 NS | April 30, 2026 | N-PORT |
| PFF · iShares Trust | 0.51% | 3,313,270 SH | Aug. 21, 2026 | Daily |
| SMLL · Harbor ETF Trust | 0.51% | 912 NS | April 30, 2026 | N-PORT |
| BTAL · AGF Investments Trust | 0.44% | 16,192 NS | June 30, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.41% | 1,984,402 SH | Aug. 19, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.41% | 10,567 NS | May 31, 2026 | N-PORT |
| FVD · First Trust Exchange-Traded Fund | 0.40% | 424,701 NS | June 30, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.34% | 58,177 NS | April 30, 2026 | N-PORT |
| HDV · iShares Trust | 0.30% | 659,958 SH | Aug. 21, 2026 | Daily |
| VFMV · VANGUARD WELLINGTON FUND | 0.30% | 16,676 SH | Aug. 19, 2026 | Daily |
| IQRA · New York Life Investments Active ET… | 0.29% | 258 NS | April 30, 2026 | N-PORT |
| PHEQ · Morgan Stanley ETF Trust | 0.27% | 5,028 NS | June 30, 2026 | N-PORT |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.26% | 7,733,000 | Aug. 21, 2026 | Daily |
| PEPS · Morgan Stanley ETF Trust | 0.25% | 950 NS | June 30, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.24% | 47,506 NS | April 30, 2026 | N-PORT |
| CVMC · Morgan Stanley ETF Trust | 0.24% | 3,199 NS | June 30, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.23% | 6,694,484 SH | Aug. 19, 2026 | Daily |
| DFVE · DoubleLine ETF Trust | 0.22% | 915 NS | June 30, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 0.21% | 14,642 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.20% | 461,240 SH | Aug. 21, 2026 | Daily |