CNC Centene Corporation Common Stock
$65.06
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026
52W Range
$28–$69
90% of range
Analyst Rating
HOLD
27 analysts
Price Target
$72
+10% upside
P/E (TTM)
-6.1
ROE
-28.8%
Net Profit Margin
-3.4%
About Centene Corporation Common Stock Company overview from Wikipedia
Centene Corporation is an American for-profit healthcare company that serves as an intermediary for government-sponsored and privately insured healthcare programs. Based in Clayton, Missouri, Centene ranked No. 23 on the 2025 Fortune 500.
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Centene Corporation is an American for-profit healthcare company that serves as an intermediary for government-sponsored and privately insured healthcare programs. Based in Clayton, Missouri, Centene ranked No. 23 on the 2025 Fortune 500.
History
Centene was founded by Elizabeth Brinn as Managed Health Services in Milwaukee, Wisconsin, in 1984. After the death of Brinn, the non-profit organization was sold to investors. The proceeds went to the Betty Brinn Foundation, which became a major shareholder in Centene. In 1996, Michael Neidorff joined the company as chief executive.
Centene went public in December 2001. In 2006, the firm acquired US Script, a pharmacy benefits manager. The company later merged US Script with subsidiaries to form its Envolve divisions. In 2011, the firm formed Centurion, a provider of correctional health care services, as a joint venture with MHM Services. In 2018, it acquired MHM Services, including its stake in Centurion. Centene began offering state-run Medicaid programs through Affordable Care Act exchanges in 2014.
In July 2015, Centene announced it would acquire Health Net and Trillium Community Health Plan (serving Oregon). In March 2016, it finalized its acquisition. In September 2017, it announced that it would acquire Fidelis Care, a nonprofit insurer in New York, for US$3.75 billion. In March 2019, it announced plans to acquire WellCare for US$17.3 billion. In January 2021, it was announced that it would acquire Magellan Health for $2.2 billion. In January 2022, the acquisition was completed.
In the United Kingdom, Centene began to acquire local healthcare services in 2017. In 2019, Centene, through its subsidiary MH Services, took a 40% stake in Circle Health, as part of a deal which created a national network of over 50 private hospitals. Centene gained full control of Circle Health in July 2021, and sold the business to PureHealth in August 2023.
In early 2021, Operose Health, a UK subsidiary of Centene, took over a group of London practices, AT Medics.
In May 2022, Centene sold off its pharmacy benefit management businesses, Magellan Rx and PANTHERx Rare, for a total of $2.8 billion.
Business segments
The main lines of Centene include:
Medicaid
Arizona Complete Health
Arkansas Total Care
Health Net (California)
Delaware First Health
Sunshine Health (Florida)
Peach State Health Plan (Georgia)
'Ohana Health Plan (Hawaii)
Meridian (Illinois and Michigan)
Managed Health Care Services (Indiana)
Iowa Total Care
Sunflower Health Plan (Kansas)
WellCare of Kentucky
Louisiana Healthcare Connections
Magnolia Health (Mississippi)
Home State Health Plan (Missouri)
Nebraska Total Care
SilverSummit Healthplan (Nevada)
NH Healthy Families (New Hampshire)
Fidelis Care (New Jersey, New York)
Carolina Complete Health (North Carolina)
WellCare of North Carolina
Buckeye Health Plan (Ohio)
Oklahoma Complete Health
Trillium Community Health Plan (Oregon)
PA Health & Wellness (Pennsylvania)
Absolute Total Care (South Carolina)
Superior HealthPlan (Texas)
Coordinated Care (Washington)
MHS Health Wisconsin
ACA health insurance marketplace - Ambetter
Arkansas Health & Wellness
Celtic Insurance Company
WellCare of New Jersey
Medicare
WellCare
Allwell
Correctional healthcare - Centurion
Commercial insurance
QualChoice (Arkansas)
Health Net (California, Oregon)
Behavioral health - Magellan Health
Leaders
In 2020, CEO Michael Neidorff's compensation of nearly $25 million made him the highest-paid healthcare executive in the United States.
In December 2021, Politan Capital Management took a $900 million stake in Centene. Weeks later, Neidorff announced plans to retire within a year. He actually stepped down in March 2022.
He was replaced by Sarah London.
Controversies
In 2014, Fox News alleged that Superior HealthPlan of Texas denied coverage of an infant's surgery for brain cancer at Texas Children's Hospital. Superior HealthPlan is a joint venture of Centene and Community Health Centers Network LP, which provides services for Medicaid recipients. The article reported that Superior HealthPlan had previously paid healthcare claims for the infant at the hospital, although Superior HealthPlan stated that it did not cover procedures at the facility. Three days after the article was published, Superior HealthPlan reversed its decision and covered the surgery.
In January 2018, a class action lawsuit accused Centene's Ambetter marketplace healthcare plans of misleading enrollees about plan benefits. According to the lawsuit, people who bought Centene's plans had difficulty finding medical providers that accepted patients covered under Centene's policies.
In December 2018, Centene was sued by two pension funds alleging that Centene's acquisition of Health Net resulted in damages to Centene and exposed the company to potential liability. The suit also alleged that Centene concealed that Health Net owed approximately $1B in past tax liabilities to California and was under investigation for Medicare fraud at the time of the acquisition.
In 2022, Operose Health had almost 600,000 NHS patients and was the largest supplier of GP services to the NHS. It was accused of putting patients at risk by prioritising profit, specifically by hiring physician associates, because they were cheaper than GPs. At Operose practices the average number of full time equivalent GPs per patients is about half the average in English practices. Sir Sam Everington said he was worried to see physician associates saying they were not receiving the supervision they needed. The practice had a backlog of thousands of medical test results and hospital letters on their computer systems. Operose said 97% of its practices were rated "good" or "outstanding" by the Care Quality Commission.
In April of 2026, Centene Corporation reportedly ended coverage of hormone replacement therapy for transgender patients in its Ambetter Insurance medicare and medicaid plans across 19 states without informing customers.
Settlements
In April 2021, Health Net Federal Services, a subsidiary of Centene, agreed to pay $97M to settle allegations that it had duplicated or inflated claims submitted to the Department of Veterans Affairs.
Between June 2021 and January 2022, Centene agreed to settlements with several states on behalf of their subsidiary, Envolve, a pharmacy benefit manager, including Ohio, Mississippi, Illinois, Arkansas, and New Hampshire to resolve allegations of overpayments to the PBM from the states' Medicaid programs. The settlements have totaled over $191 million.
In December 2021, Centene agreed to pay $27.6M to Kansas to settle allegations that it had failed to disclose discounts and used other strategies to obtain more profit from Kansas' Medicaid program.
In September 2022, Centene will pay more than $14 million to Massachusetts's to resolve claims that it overcharged the state Medicaid program, MassHealth, millions of dollars for pharmacy benefits and services provided by subsidiary companies.
Centene overbilled Florida $67 million in 2021 and proactively notified the state. Their discussions with Agency for Health Care Administration (AHCA) ended in 2024 and Centene agreed to return the $67 million. $10 million of that was sent to Hope Florida Foundation, rather than the state directly.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CNC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$65.06
Market Cap
$40.69B
P/E (TTM)
-6.1
EPS (TTM)
$-13.53
Revenue (TTM)
$194.78B
Div Yield
—
ROE
-28.8%
Debt/Equity
0.9
52W Range
$28 – $69
CNC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$194.78B
2016-12-31
→
2025-12-31
EPS
$-13.53
2016-12-31
→
2025-12-31
Free Cash Flow
$4.32B
2016-12-31
→
2025-12-31
Margins
-3.4%
2023-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CNC
Peer Median
P/E (TTM)
-6.1
35.0
P/S (TTM)
0.2
0.9
P/B
2.0
3.5
EV / EBITDA
-5.0
—
Price / FCF
9.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CNC
Peer Median
Gross Margin
7.3%
12.9%
Operating Margin
-3.9%
—
Net Profit Margin
-3.4%
0.89%
ROA
-8.4%
3.5%
ROE
-28.8%
10.1%
ROIC
-20.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CNC
Peer Median
Debt / Equity
0.9
—
Current Ratio
1.1
1.6
Quick Ratio
0.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CNC
Peer Median
Revenue YoY
19.4%
—
Revenue CAGR 3Y
10.4%
—
Revenue CAGR 5Y
11.9%
—
EPS YoY
27.5%
—
Net Income YoY
22.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CNC
Peer Median
CNC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
27 analysts
- Strong Buy 4 14.8%
- Buy 7 25.9%
- Hold 15 55.6%
- Sell 1 3.7%
- Strong Sell 0 0.0%
12-Month Price Target
18 analysts · 2026-08-13
Median
$70.50
Now
$65.06
Low
$56.00
High
$85.00
Median target
$70.50
+8.4%
Mean target
$71.67
+10.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.44%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.51 | $1.10 | 1.4% |
| March 31, 2026 | $3.37 | $2.15 | 1.2% |
| Dec. 31, 2025 | $-1.19 | $-1.24 | 0.05% |
| Sept. 30, 2025 | $0.50 | $-0.14 | 0.64% |
| June 30, 2025 | $-0.16 | $0.87 | -1.0% |
| March 31, 2025 | $2.90 | $2.57 | 0.33% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CNC | $20.24B | -3.0 | 19.4% | -3.4% | -28.8% | 7.3% |
| UNH | $299.08B | 25.0 | 11.8% | 2.7% | 12.0% | — |
| ELV | $77.37B | 13.9 | 12.5% | 2.8% | 13.3% | — |
| HUM | $50.90B | 26.0 | 10.1% | 0.92% | 7.0% | — |
| MOH | $8.85B | 19.5 | 11.8% | 1.0% | 10.9% | — |
| HQY | $7.12B | 34.0 | 9.5% | 16.4% | 10.1% | 69.5% |
| ALHC | $4.03B | — | 46.1% | -0.02% | -0.52% | — |
| CLOV | — | -5.1 | 40.3% | -4.5% | -26.2% | — |
| PGNY | $2.14B | 39.5 | 10.4% | 4.5% | 11.3% | 23.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $194.78B | $163.07B | $154.00B | $144.55B | $125.98B | $111.11B | $74.64B | $60.12B | $48.38B | $40.61B | $22.76B | $16.56B | |
| Cost of Revenue | $2.67B | $2.73B | $3.56B | $7.03B | $4.89B | $3.30B | $2.46B | $2.39B | $1.85B | $1.86B | $1.62B | $1.28B | |
| Gross Profit | $14.21B | $17.07B | $17.64B | $16.92B | $14.49B | · | · | · | · | · | · | · | |
| SG&A Expense | $12.90B | $12.40B | $12.56B | $11.59B | $9.60B | $9.38B | $6.53B | $6.04B | $4.45B | $3.67B | $1.80B | $1.30B | |
| Operating Expenses | $202.40B | $159.90B | $151.07B | $143.23B | $124.20B | $108.03B | $72.86B | $58.66B | $47.18B | $39.34B | $22.05B | $16.10B | |
| Operating Income | $-7.62B | $3.17B | $2.93B | $1.32B | $1.78B | $3.08B | $1.78B | $1.46B | $1.20B | $1.26B | $705M | $464M | |
| Interest Expense | · | · | $725M | $665M | $665M | $728M | $412M | $343M | $255M | $217M | $43M | $35M | |
| Other Non-op | $895M | $1.08B | $668M | $644M | · | · | · | · | · | · | · | · | |
| Pretax Income | $-6.73B | $4.26B | $3.60B | $1.96B | $1.81B | $2.77B | $1.78B | $1.37B | $1.13B | $1.16B | $697M | $457M | |
| Income Tax | $-51M | $963M | $899M | $760M | $477M | $979M | $473M | $474M | $326M | $599M | $339M | $196M | |
| Net Income | $-6.67B | $3.31B | $2.70B | $1.20B | $1.35B | $1.81B | $1.32B | $900M | $828M | $562M | $355M | $271M | |
| EPS (Basic) | $-13.53 | $6.33 | $4.97 | $2.09 | $2.31 | $3.17 | $3.19 | $2.31 | $2.40 | $1.76 | $2.98 | $2.33 | |
| EPS (Diluted) | $-13.53 | $6.31 | $4.95 | $2.07 | $2.28 | $3.12 | $3.14 | $2.26 | $2.34 | $1.71 | $2.88 | $2.25 | |
| Shares (Basic) | 493,116,000 | 521,790,000 | 543,319,000 | 575,191,000 | 582,832,000 | 570,722,000 | 413,487,000 | 390,248,000 | 344,853,000 | 319,135,000 | 119,101,000 | 116,345,764 | |
| Shares (Diluted) | 493,116,000 | 523,744,000 | 545,704,000 | 582,040,000 | 590,516,000 | 579,135,000 | 420,409,000 | 398,506,000 | 353,404,000 | 327,951,000 | 123,066,000 | 120,360,212 | |
| EBITDA | $-7.62B | $3.17B | $2.93B | $1.32B | $1.78B | $3.08B | $1.78B | $1.46B | $1.20B | $1.26B | $705M | $464M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.89B | $14.06B | $17.19B | $12.07B | $13.12B | $10.80B | $12.12B | $5.34B | $4.07B | $3.93B | $1.76B | $1.61B | |
| Short-term Investments | $2.43B | $2.62B | $2.46B | $2.32B | $1.54B | $1.58B | $863M | $722M | $531M | $505M | $176M | $177M | |
| Other Current Assets | $1.95B | $1.60B | $5.57B | $2.46B | $1.60B | $1.32B | $1.09B | $784M | $687M | $715M | $390M | $252M | |
| Current Assets | $40.37B | $38.00B | $40.76B | $30.13B | $28.50B | $23.39B | $20.32B | $12.00B | $8.70B | $8.37B | $3.60B | $2.95B | |
| PP&E (Net) | $2.04B | $2.07B | $2.02B | $2.43B | $3.39B | $2.77B | $2.12B | $1.71B | $1.10B | $797M | $518M | $445M | |
| PP&E (Gross) | $4.27B | $4.87B | $4.42B | $4.50B | $5.29B | $4.25B | $3.22B | $2.51B | $1.69B | $1.24B | $869M | $733M | |
| Accum. Depreciation | $2.23B | $2.80B | $2.40B | $2.07B | $1.90B | $1.48B | $1.10B | $800M | $590M | $442M | $351M | $288M | |
| Goodwill | $10.84B | $17.56B | $17.56B | $18.81B | $19.77B | $18.65B | $6.86B | $7.01B | $4.75B | $4.71B | $842M | $754M | |
| Intangibles | $4.53B | $5.41B | $6.10B | $6.91B | $7.82B | $8.39B | $2.06B | $2.24B | $1.40B | $1.54B | $155M | $120M | |
| Other Non-current Assets | $528M | $593M | $535M | $2.69B | $3.78B | $1.60B | $1.25B | $527M | $454M | $95M | $177M | $174M | |
| Total Assets | $76.75B | $82.44B | $84.64B | $76.87B | $78.38B | $68.72B | $40.99B | $30.90B | $21.86B | $20.20B | $7.34B | $5.82B | |
| Accounts Payable | $13.80B | $13.17B | $16.42B | $9.53B | $8.49B | $7.07B | $4.16B | $4.05B | $4.17B | $3.76B | $976M | $768M | |
| Current Liabilities | $36.72B | $34.26B | $36.72B | $28.46B | $25.77B | $21.59B | $12.93B | $11.97B | $9.33B | $8.62B | $3.63B | $2.90B | |
| Capital Leases | $615M | $738M | $880M | $3.13B | $3.62B | $1.33B | $622M | · | · | · | · | · | |
| Deferred Tax | $833M | $684M | $641M | $615M | $1.41B | $1.53B | $189M | · | · | · | · | · | |
| Other Non-current Liabilities | $1.79B | $2.57B | $3.62B | $5.62B | $5.61B | $2.96B | $1.54B | $1.26B | $952M | $869M | $170M | $159M | |
| Total Liabilities | $56.69B | $55.94B | $58.69B | $52.63B | $51.35B | $42.76B | $28.30B | $19.88B | $14.98B | $14.14B | $5.01B | $3.93B | |
| Long-term Debt | $17.49B | $18.64B | $17.96B | $18.18B | $19.03B | $16.88B | $13.86B | $6.85B | $4.83B | $4.78B | $1.22B | $878M | |
| Total Debt | $17.40B | $18.53B | $17.83B | $18.02B | $18.84B | $16.78B | $13.73B | $6.69B | $4.70B | $4.66B | $1.22B | $893M | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $8.67B | $15.35B | $12.04B | $9.34B | $8.14B | $6.79B | $4.98B | $3.66B | $2.75B | $1.92B | $1.36B | $1.00B | |
| Treasury Stock | $9.44B | $9.00B | $5.86B | $4.21B | $1.09B | $816M | $214M | $139M | $244M | $179M | $147M | $98M | |
| AOCI | $-58M | $-504M | $-652M | $-1.13B | $77M | $337M | $134M | $-56M | $-3M | $-36M | $-10M | $-1M | |
| Stockholders' Equity | $19.95B | $26.41B | $25.84B | $24.06B | $26.80B | $25.77B | $12.55B | $10.92B | $6.85B | $5.89B | $2.16B | $1.74B | |
| Liabilities + Equity | $76.75B | $82.44B | $84.64B | $76.87B | $78.38B | $68.72B | $40.99B | $30.90B | $21.86B | $20.20B | $7.34B | $5.82B | |
| Shares Outstanding | 491,757,000 | 620,195,000 | 615,291,000 | 607,847,000 | 602,704,000 | 598,249,000 | 421,508,000 | 417,695,000 | 360,758,000 | 356,268,000 | 253,710,000 | 124,275,000 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.27B | $1.24B | $1.29B | $1.43B | $1.33B | $1.26B | $643M | $495M | $361M | $278M | $111M | $89M | |
| Stock-based Comp | $204M | $212M | $216M | $234M | $203M | $281M | $177M | $145M | $135M | $148M | $71M | $48M | |
| Deferred Tax | $-60M | $13M | $-78M | $-631M | $-132M | $-51M | $55M | $-129M | $-108M | $92M | $-17M | $-42M | |
| Amort. of Intangibles | $685M | $692M | $718M | $817M | $770M | $719M | $258M | $211M | $156M | $147M | $24M | $16M | |
| Operating Cash Flow | $5.09B | $154M | $8.05B | $6.26B | $4.21B | $5.50B | $1.48B | $1.23B | $1.49B | $1.85B | $658M | $1.22B | |
| CapEx | $767M | $644M | $799M | $1.00B | $910M | $869M | $730M | $675M | $422M | $306M | $150M | $103M | |
| Investing Cash Flow | $472M | $-1.05B | $-1.19B | $-2.92B | $-3.30B | $-6.96B | $-1.53B | $-4.58B | $-1.25B | $-2.47B | $-813M | $-848M | |
| Debt Issued | $750M | $1.30B | $2.33B | $360M | $9.27B | $5.11B | $24.72B | $6.08B | $1.40B | $8.95B | $1.93B | $1.88B | |
| Net Debt Issued | $-1.15B | $678M | $19M | $-1.13B | $1.83B | $1.04B | $6.92B | $1.99B | $47M | $2.87B | $342M | $201M | |
| Stock Issued | $37M | $46M | $44M | $70M | $35M | $28M | $0 | $2.78B | $0 | $0 | · | · | |
| Stock Repurchased | $475M | $3.12B | $1.63B | $3.10B | $297M | $626M | $75M | $71M | $65M | $63M | $53M | $29M | |
| Net Stock Activity | $-438M | $-3.08B | $-1.59B | $-3.03B | $-297M | $-626M | $-75M | $2.71B | $-65M | $-63M | $-53M | $-29M | |
| Financing Cash Flow | $-1.62B | $-2.41B | $-1.66B | $-4.20B | $1.36B | $260M | $6.83B | $4.61B | $-82M | $2.72B | $305M | $198M | |
| Net Change in Cash | $3.94B | $-3.30B | $5.17B | $-868M | $2.26B | $-1.17B | $6.78B | $1.26B | $153M | $2.10B | $150M | $572M | |
| Taxes Paid | $448M | $1.00B | $887M | $1.20B | $678M | $1.19B | $612M | $448M | $496M | $556M | $328M | $237M | |
| Free Cash Flow | $4.32B | $-490M | $7.25B | $5.26B | $3.29B | $4.63B | $753M | $559M | $1.07B | $1.54B | $508M | $1.12B | |
| Levered FCF | · | · | $6.71B | $4.85B | $2.80B | $4.16B | $450M | $335M | $885M | $1.44B | $486M | $1.10B |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.3% | 10.5% | 11.5% | · | · | · | · | · | · | · | · | · | |
| Operating Margin | -3.9% | 1.9% | 1.9% | 0.91% | 1.4% | 2.8% | 2.4% | 2.4% | 2.5% | 3.1% | 3.1% | 2.8% | |
| Net Margin | -3.4% | 2.0% | 1.8% | 0.83% | 1.1% | 1.6% | 1.8% | 1.5% | 1.7% | 1.4% | 1.6% | 1.6% | |
| Pretax Margin | -3.5% | 2.6% | 2.3% | 1.4% | 1.4% | 2.5% | 2.4% | 2.3% | 2.3% | 2.9% | 3.1% | 2.8% | |
| EBITDA Margin | -3.9% | 1.9% | 1.9% | 0.91% | 1.4% | 2.8% | 2.4% | 2.4% | 2.5% | 3.1% | 3.1% | 2.8% | |
| ROA | -8.4% | 4.0% | 3.4% | 1.6% | 1.8% | 3.3% | 3.7% | 3.4% | 3.9% | 4.1% | 5.4% | 5.8% | |
| ROE | -28.8% | 12.7% | 10.8% | 4.7% | 5.1% | 9.4% | 11.3% | 10.1% | 13.0% | 14.0% | 18.2% | 18.2% | |
| ROIC | -20.2% | 5.5% | 5.0% | 1.9% | 2.9% | 4.7% | 5.0% | 5.4% | 7.4% | 5.8% | 10.7% | 10.1% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.6 | 1.0 | 0.9 | 1.0 | 1.0 | 1.0 | |
| Quick Ratio | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 | 0.6 | 1.0 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | |
| Debt / Equity | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 1.1 | 0.6 | 0.7 | 0.8 | 0.6 | 0.5 | |
| LT Debt / Equity | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 1.1 | 0.6 | 0.7 | 0.8 | 0.6 | 0.5 | |
| Interest Coverage | · | · | 4.0 | 2.0 | 2.7 | 4.2 | 4.3 | 4.3 | 4.7 | 5.8 | 16.4 | 13.3 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 2.4 | 2.0 | 1.9 | 1.9 | 1.7 | 2.0 | 2.1 | 2.3 | 2.3 | 2.9 | 3.5 | 3.5 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 19.4% | 5.9% | 6.5% | 14.7% | 13.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 10.4% | 9.0% | 11.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | 27.5% | 139.1% | -9.2% | -26.9% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 40.4% | 16.6% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | 22.3% | 124.8% | -10.8% | -25.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 34.9% | 14.3% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $194.78B | $163.07B | $154.00B | $144.55B | $125.98B | $111.11B | $74.64B | $60.12B | $48.38B | $40.61B | $22.76B | $16.56B | |
| Net Income TTM | $-6.67B | $3.31B | $2.70B | $1.20B | $1.35B | $1.81B | $1.32B | $900M | $828M | $562M | $355M | $271M | |
| Market Cap | $20.24B | $30.04B | $39.66B | $45.17B | $48.00B | $34.91B | $26.09B | $23.78B | $8.75B | $4.86B | $3.96B | $3.07B | |
| Enterprise Value | $17.32B | $31.89B | $37.84B | $48.79B | $52.18B | $39.31B | $26.83B | $24.40B | $8.84B | $5.08B | $3.24B | $2.24B | |
| P/E | -3.0 | 9.6 | 15.0 | 39.6 | 36.1 | 19.2 | 20.0 | 25.5 | 21.6 | 16.5 | 11.4 | 11.5 | |
| P/S | 0.1 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.3 | 0.4 | 0.2 | 0.1 | 0.2 | 0.2 | |
| P/B | 1.0 | 1.1 | 1.5 | 1.9 | 1.8 | 1.4 | 2.1 | 2.2 | 1.3 | 0.8 | 1.8 | 1.8 | |
| P / Tangible Book | 4.4 | 8.7 | 18.2 | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 4.0 | 195.1 | 4.9 | 7.2 | 11.4 | 6.3 | 17.6 | 19.3 | 5.9 | 2.6 | 6.0 | 2.5 | |
| P / FCF | 4.7 | -61.3 | 5.5 | 8.6 | 14.6 | 7.5 | 34.7 | 42.5 | 8.2 | 3.1 | 7.8 | 2.7 | |
| EV / EBITDA | -2.3 | 10.0 | 12.9 | 37.0 | 29.2 | 12.8 | 15.1 | 16.7 | 7.4 | 4.0 | 4.6 | 4.8 | |
| EV / FCF | 4.0 | -65.1 | 5.2 | 9.3 | 15.8 | 8.5 | 35.6 | 43.7 | 8.3 | 3.3 | 6.4 | 2.0 | |
| EV / Revenue | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.2 | 0.1 | 0.1 | 0.1 | |
| Earnings Yield | -32.9% | 10.4% | 6.7% | 2.5% | 2.8% | 5.2% | 5.0% | 3.9% | 4.6% | 6.0% | 8.8% | 8.7% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $53.58B | $49.94B | $49.73B | $49.69B | $48.74B | $46.62B | $40.80B | $42.02B | $39.84B | $40.41B | $39.46B | $38.04B | $37.61B | $38.89B | $35.56B | $35.87B | |
| Cost of Revenue | $729M | $702M | $680M | $651M | $641M | $698M | $688M | $692M | $680M | $669M | $961M | $856M | $877M | $870M | $1.37B | $1.57B | |
| Gross Profit | $4.62B | $5.65B | $2.56B | $3.35B | $3.02B | $5.29B | $3.80B | $4.01B | $4.53B | $4.74B | $3.74B | $4.63B | $4.61B | $4.65B | $3.91B | $4.04B | |
| SG&A Expense | $3.10B | $3.40B | $3.37B | $3.15B | $3.04B | $3.35B | $3.23B | $3.06B | $2.89B | $3.22B | $3.49B | $3.05B | $3.02B | $3.01B | $3.20B | $2.85B | |
| Operating Expenses | $52.38B | $48.08B | $51.47B | $56.64B | $49.20B | $45.09B | $40.63B | $41.36B | $38.61B | $39.30B | $39.65B | $37.31B | $36.44B | $37.67B | $35.84B | $35.39B | |
| Operating Income | $1.20B | $1.86B | $-1.75B | $-6.95B | $-458M | $1.53B | $175M | $665M | $1.23B | $1.11B | $-194M | $735M | $1.17B | $1.22B | $-282M | $476M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $178M | · | $181M | $181M | $180M | · | $169M | |
| Other Non-op | $288M | $238M | $202M | $280M | $201M | $212M | $172M | $256M | $287M | $367M | · | · | · | · | · | · | |
| Pretax Income | $1.49B | $2.10B | $-1.54B | $-6.67B | $-257M | $1.75B | $347M | $921M | $1.52B | $1.47B | $24M | $768M | $1.42B | $1.39B | $41M | $1.01B | |
| Income Tax | $399M | $560M | $-443M | $-42M | $2M | $432M | $67M | $211M | $370M | $315M | $-15M | $293M | $360M | $261M | $260M | $269M | |
| Net Income | $1.09B | $1.54B | $-1.10B | $-6.63B | $-253M | $1.31B | $283M | $713M | $1.15B | $1.16B | $45M | $469M | $1.06B | $1.13B | $-213M | $738M | |
| EPS (Basic) | $2.21 | $3.13 | $-2.16 | $-13.50 | $-0.51 | $2.64 | $0.63 | $1.37 | $2.16 | $2.17 | $0.12 | $0.87 | $1.93 | $2.05 | $-0.37 | $1.29 | |
| EPS (Diluted) | $2.19 | $3.11 | $-2.15 | $-13.50 | $-0.51 | $2.63 | $0.63 | $1.36 | $2.16 | $2.16 | $0.12 | $0.87 | $1.92 | $2.04 | $-0.35 | $1.27 | |
| Shares (Basic) | 493,819,000 | 492,069,000 | -987,787,000 | 491,141,000 | 493,548,000 | 496,214,000 | -1,064,886,000 | 521,965,000 | 529,602,000 | 535,109,000 | -1,095,927,000 | 539,535,000 | 548,932,000 | 550,779,000 | -1,165,644,000 | 573,961,000 | |
| Shares (Diluted) | 497,637,000 | 495,591,000 | -989,753,000 | 491,141,000 | 493,548,000 | 498,180,000 | -1,068,613,000 | 523,542,000 | 530,755,000 | 538,060,000 | -1,099,719,000 | 541,270,000 | 550,308,000 | 553,845,000 | -1,172,869,000 | 580,607,000 | |
| EBITDA | $1.20B | $1.86B | · | $-6.95B | $-458M | $1.53B | · | $665M | $1.23B | $1.11B | · | $735M | $1.17B | $1.22B | · | $476M |
Balance Sheet 26
| 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 | $24.15B | $21.26B | $17.89B | $17.06B | $14.51B | $14.81B | $14.06B | $14.58B | $17.61B | $17.59B | $17.19B | $18.19B | $17.17B | $15.85B | $12.07B | $14.99B | |
| Short-term Investments | $2.91B | $2.48B | $2.43B | $2.18B | $2.77B | $2.47B | $2.62B | $2.99B | $2.61B | $2.08B | · | $2.24B | $2.21B | $2.13B | · | $2.19B | |
| Other Current Assets | $1.55B | $1.82B | $1.95B | $1.72B | $1.56B | $1.56B | $1.60B | $1.56B | $1.60B | $1.96B | · | $5.47B | $1.88B | $1.81B | · | $2.33B | |
| Current Assets | $46.69B | $44.99B | $40.37B | $44.06B | $40.39B | $41.29B | $38.00B | $37.41B | $38.41B | $38.45B | · | $41.41B | $34.87B | $35.01B | · | $33.27B | |
| PP&E (Net) | $2.13B | $2.09B | $2.04B | $2.16B | $2.12B | $2.04B | $2.07B | $2.04B | $2.04B | $1.99B | · | $2.00B | $2.42B | $2.48B | · | $2.48B | |
| PP&E (Gross) | · | · | $4.27B | · | · | · | $4.87B | · | · | · | · | · | · | · | · | $4.54B | |
| Accum. Depreciation | · | · | $2.23B | · | · | · | $2.80B | · | · | · | · | · | · | · | · | $2.06B | |
| Goodwill | $10.84B | $10.84B | $10.84B | $10.84B | $17.56B | $17.56B | $17.56B | $17.56B | $17.56B | $17.56B | $17.56B | $17.56B | $18.72B | $18.84B | $18.81B | $20.04B | |
| Intangibles | $4.20B | $4.36B | $4.53B | $4.84B | $5.01B | $5.24B | $5.41B | $5.58B | $5.75B | $5.93B | · | $6.28B | $6.52B | $6.73B | · | $7.52B | |
| Other Non-current Assets | $1.37B | $866M | $528M | $593M | $1.11B | $1.24B | $593M | $617M | $1.09B | $823M | · | $560M | $2.87B | $2.78B | · | $2.60B | |
| Total Assets | $83.01B | $81.17B | $76.75B | $82.09B | $86.39B | $87.04B | $82.44B | $82.35B | $83.14B | $82.62B | · | $84.38B | $82.85B | $82.98B | · | $81.17B | |
| Accounts Payable | $17.96B | $16.83B | $13.77B | $16.88B | $13.52B | $13.95B | $13.17B | $13.34B | $12.23B | $12.13B | · | $15.08B | $9.87B | $10.78B | · | $9.99B | |
| Current Liabilities | $40.76B | $40.05B | $36.70B | $40.63B | $36.79B | $37.14B | $34.26B | $34.06B | $32.73B | $32.78B | · | $36.85B | $31.31B | $32.86B | · | $31.33B | |
| Capital Leases | · | · | $615M | · | · | · | $738M | · | · | · | · | $936M | $3.17B | $3.14B | · | $3.04B | |
| Deferred Tax | $756M | $744M | $833M | $810M | $651M | $708M | $684M | $769M | $665M | $734M | · | $577M | $495M | $522M | · | $480M | |
| Other Non-current Liabilities | $2.81B | $2.55B | $1.81B | $2.05B | $3.90B | $2.87B | $2.57B | $2.62B | $4.77B | $4.16B | · | $3.65B | $7.37B | $6.19B | · | $5.68B | |
| Total Liabilities | $60.35B | $59.65B | $56.69B | $61.03B | $58.89B | $59.02B | $55.94B | $54.94B | $55.68B | $55.56B | · | $58.97B | $57.07B | $57.80B | · | $55.57B | |
| Long-term Debt | $16.11B | $16.37B | $17.49B | $17.58B | $17.58B | $18.32B | $18.53B | $17.61B | $17.63B | $18.00B | · | $18.00B | $18.01B | $18.32B | · | $18.33B | |
| Total Debt | $16.11B | $16.37B | · | $17.58B | $17.58B | $18.32B | · | $17.61B | $17.63B | $18.00B | · | $18.00B | $18.01B | $18.32B | · | $18.33B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Retained Earnings | $11.31B | $10.21B | $8.67B | $9.78B | $16.41B | $16.66B | $15.35B | $15.06B | $14.35B | $13.21B | · | $12.00B | $11.53B | $10.47B | · | $9.55B | |
| Treasury Stock | $9.44B | $9.44B | $9.44B | $9.44B | $9.44B | $9.04B | $9.00B | $8.05B | $6.82B | $6.01B | · | $5.83B | $5.04B | $4.64B | · | $2.56B | |
| AOCI | $-194M | $-171M | $-58M | $-100M | $-231M | $-337M | $-504M | $-226M | $-646M | $-630M | · | $-1.12B | $-998M | $-915M | · | $-1.39B | |
| Stockholders' Equity | $22.56B | $21.43B | $19.95B | $20.95B | $27.41B | $27.92B | $26.41B | $27.31B | $27.35B | $26.96B | · | $25.30B | $25.67B | $25.04B | · | $25.38B | |
| Liabilities + Equity | $83.01B | $81.17B | $76.75B | $82.09B | $86.39B | $87.04B | $82.44B | $82.35B | $83.14B | $82.62B | · | $84.38B | $82.85B | $82.98B | · | $81.17B | |
| Shares Outstanding | 493,987,000 | 493,771,000 | 491,757,000 | 491,414,000 | 491,128,000 | 497,518,000 | 495,907,000 | 510,078,000 | 526,001,000 | 536,383,000 | 615,291,000 | 534,596,000 | 546,003,000 | 551,714,000 | 607,847,000 | 570,091,000 |
Cash Flow 17
| 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 | $300M | $300M | $329M | $317M | $315M | $314M | $314M | $313M | $306M | $308M | $315M | $328M | $304M | $325M | $351M | $292M | |
| Stock-based Comp | $59M | $67M | $58M | $52M | $35M | $59M | $31M | $49M | $62M | $70M | $49M | $50M | $56M | $61M | $54M | $51M | |
| Deferred Tax | $19M | $-53M | $-73M | $129M | $-89M | $-27M | $-1M | $-26M | $-64M | $104M | $-92M | $174M | $-1M | $-159M | $51M | $-265M | |
| Amort. of Intangibles | $161M | $166M | $169M | $170M | $173M | $173M | $173M | $173M | $173M | $173M | $176M | $180M | $179M | $183M | $208M | $211M | |
| Operating Cash Flow | $3.59B | $4.37B | $437M | $1.36B | $1.78B | $1.51B | $-587M | $-978M | $2.17B | $-456M | $217M | $1.02B | $2.55B | $4.27B | $-1.58B | $3.33B | |
| CapEx | $174M | $200M | $213M | $211M | $208M | $135M | $154M | $153M | $186M | $151M | $223M | $136M | $215M | $225M | $233M | $247M | |
| Investing Cash Flow | $-353M | $89M | $660M | $1.24B | $-899M | $-529M | $102M | $-839M | $-1.17B | $852M | $-949M | $435M | $-424M | $-253M | $221M | $3M | |
| Debt Issued | $0 | $0 | $0 | $0 | $0 | $750M | $950M | $0 | $0 | $350M | $165M | $889M | $994M | $287M | $3M | $26M | |
| Net Debt Issued | · | $-1.05B | · | · | · | $-208M | · | · | · | $163M | · | · | · | $287M | · | · | |
| Stock Issued | $8M | $10M | $8M | $11M | $8M | $10M | $9M | $12M | $11M | $14M | $12M | $11M | $21M | $12M | $8M | $24M | |
| Stock Repurchased | $4M | $29M | $2M | $0 | $432M | $41M | $943M | $1.23B | $803M | $151M | $31M | $774M | $405M | $423M | $1.43B | $1.24B | |
| Net Stock Activity | · | $-19M | · | · | · | $-31M | · | · | · | $-137M | · | · | · | $-423M | · | · | |
| Financing Cash Flow | $-259M | $-1.06B | $-187M | $-10M | $-1.17B | $-250M | $-13M | $-1.25B | $-1.17B | $23M | $-201M | $-524M | $-750M | $-183M | $-1.73B | $-1.48B | |
| Net Change in Cash | $2.98B | $3.39B | $910M | $2.59B | $-288M | $731M | $-497M | $-3.06B | $-162M | $425M | $-984M | $958M | $1.36B | $3.83B | $-3.06B | $1.83B | |
| Taxes Paid | $-206M | $-19M | $-92M | $36M | $497M | $7M | $181M | $211M | $538M | $13M | $128M | $167M | $581M | $11M | $750M | $37M | |
| Free Cash Flow | · | $4.17B | · | · | · | $1.38B | · | · | · | $-607M | · | · | · | $4.04B | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-747M | · | · | · | $3.90B | · | · |
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 | 8.6% | 11.3% | · | 6.7% | 6.2% | 11.3% | · | 9.5% | 11.4% | 11.7% | · | 12.2% | 12.3% | 11.9% | · | · | |
| Operating Margin | 2.2% | 3.7% | · | -14.0% | -0.94% | 3.3% | · | 1.6% | 3.1% | 2.7% | · | 1.9% | 3.1% | 3.1% | · | 1.3% | |
| Net Margin | 2.0% | 3.1% | · | -13.3% | -0.52% | 2.8% | · | 1.7% | 2.9% | 2.9% | · | 1.2% | 2.8% | 2.9% | · | 2.1% | |
| Pretax Margin | 2.8% | 4.2% | · | -13.4% | -0.53% | 3.8% | · | 2.2% | 3.8% | 3.6% | · | 2.0% | 3.8% | 3.6% | · | 2.8% | |
| EBITDA Margin | 2.2% | 3.7% | · | -14.0% | -0.94% | 3.3% | · | 1.6% | 3.1% | 2.7% | · | 1.9% | 3.1% | 3.1% | · | 1.3% | |
| ROA | 1.3% | 1.8% | · | -8.1% | -0.30% | 1.6% | · | 0.86% | 1.4% | 1.4% | · | 0.57% | 1.3% | 1.4% | · | 0.93% | |
| ROE | 4.4% | 6.2% | · | -27.5% | -0.92% | 4.8% | · | 2.7% | 4.3% | 4.5% | · | 1.8% | 4.1% | 4.3% | · | 2.9% | |
| ROIC | 2.3% | 3.6% | · | -17.9% | -1.0% | 2.5% | · | 1.1% | 2.1% | 1.9% | · | 1.1% | 2.0% | 2.3% | · | 0.80% |
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 | 1.1 | 1.1 | · | 1.1 | 1.1 | 1.1 | · | 1.1 | 1.2 | 1.2 | · | 1.1 | 1.1 | 1.1 | · | 1.1 | |
| Quick Ratio | 0.7 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | |
| Debt / Equity | 0.7 | 0.8 | · | 0.8 | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.7 | · | 0.7 | 0.7 | 0.7 | · | 0.7 | |
| LT Debt / Equity | 0.7 | 0.8 | · | 0.8 | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.7 | · | 0.7 | 0.7 | 0.7 | · | 0.7 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 6.2 | · | 4.1 | 6.5 | 6.8 | · | 2.8 |
Efficiency 1
| 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 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $201.96B | $195.00B | · | $187.07B | $177.22B | $168.89B | · | $160.31B | $155.89B | $154.95B | · | $150.40B | $148.30B | $147.88B | · | $141.39B | |
| Net Income TTM | $-4.25B | $-4.03B | · | $-4.86B | $2.92B | $4.33B | · | $3.49B | $3.84B | $3.82B | · | $3.40B | $2.75B | $2.54B | · | $2.00B | |
| Market Cap | $31.71B | $16.17B | · | $17.53B | $26.66B | $30.20B | · | $38.40B | $34.87B | $42.10B | · | $36.82B | $36.83B | $34.87B | · | $44.36B | |
| Enterprise Value | $20.76B | $8.80B | · | $15.88B | $26.95B | $31.24B | · | $38.43B | $32.29B | $40.43B | · | $34.39B | $35.45B | $35.21B | · | $45.51B | |
| P/E | -7.4 | -4.0 | · | -3.6 | 9.6 | 7.3 | · | 11.5 | 9.3 | 11.2 | · | 11.3 | 13.7 | 14.2 | · | 22.8 | |
| P/S | 0.2 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| P/B | 1.4 | 0.8 | · | 0.8 | 1.0 | 1.1 | · | 1.4 | 1.3 | 1.6 | · | 1.5 | 1.4 | 1.4 | · | 1.7 | |
| P / Tangible Book | 4.2 | 2.6 | · | 3.3 | 5.5 | 5.9 | · | 9.2 | 8.6 | 12.1 | · | 25.2 | 84.7 | · | · | · | |
| P / Cash Flow | · | 3.7 | · | · | · | 20.0 | · | · | · | -92.3 | · | · | · | 8.2 | · | · | |
| P / FCF | · | 3.9 | · | · | · | 22.0 | · | · | · | -69.3 | · | · | · | 8.6 | · | · | |
| EV / EBITDA | 17.3 | 4.7 | · | -2.3 | -58.9 | 20.4 | · | 57.8 | 26.3 | 36.6 | · | 46.8 | 30.3 | 28.9 | · | 95.6 | |
| EV / FCF | · | 2.1 | · | · | · | 22.7 | · | · | · | -66.6 | · | · | · | 8.7 | · | · | |
| EV / Revenue | 0.1 | 0.0 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Earnings Yield | -13.6% | -25.3% | · | -28.1% | 10.4% | 13.7% | · | 8.7% | 10.7% | 8.9% | · | 8.9% | 7.3% | 7.1% | · | 4.4% |
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 | $194.78B | $163.07B | $154.00B | $144.55B | $125.98B |
| Gross Margin % | 7.3% | 10.5% | 11.5% | — | — |
| Operating Margin % | -3.9% | 1.9% | 1.9% | 0.91% | 1.4% |
| Net Income | $-6.67B | $3.31B | $2.70B | $1.20B | $1.35B |
| Diluted EPS | $-13.53 | $6.31 | $4.95 | $2.07 | $2.28 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 |
| Current Ratio | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| Quick Ratio | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $4.32B | $-490M | $7.25B | $5.26B | $3.29B |
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Institutional owners (13F) 1,120 filers · $20.6B 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 |
|---|---|---|---|---|
| 235 (+120 vs prior Q) | 74 (-55 vs prior Q) | 345 (+50 vs prior Q) | 323 (-35 vs prior Q) | +79.5M |
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 | $2,020,581,807 | 31,478,140 | 9.81% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,434,820,070 | 22,352,704 | 6.96% | Shares |
| STATE STREET CORP | $1,409,957,100 | 21,965,370 | 6.84% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $836,741,748 | 13,035,391 | 4.06% | Shares |
| AMERIPRISE FINANCIAL INC | $788,928,731 | 12,277,112 | 3.83% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $754,901,345 | 11,765,825 | 3.66% | Shares |
| HARRIS ASSOCIATES L P | $714,090,642 | 11,124,640 | 3.47% | Shares |
| NORGES BANK | $491,166,346 | 7,651,758 | 2.38% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $478,360,377 | 7,452,257 | 2.32% | Shares |
| TWO SIGMA INVESTMENTS, LP | $407,480,559 | 6,348,038 | 1.98% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $366,680,625 | 5,712,426 | 1.78% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $314,595,190 | 4,901,000 | 1.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $290,158,057 | 4,520,300 | 1.41% | Call option |
| Assenagon Asset Management S.A. | $238,531,902 | 3,716,029 | 1.16% | Shares |
| EARNEST PARTNERS LLC | $227,030,787 | 3,536,856 | 1.10% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $219,279,973 | 3,416,108 | 1.06% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $197,821,063 | 3,081,805 | 0.96% | Shares |
| 8 KNOTS MANAGEMENT, LLC | $193,662,188 | 4,706,250 | 0.94% | Shares |
| Robeco Institutional Asset Management B.V. | $176,439,634 | 2,748,709 | 0.86% | Shares |
| AMERICAN CENTURY COMPANIES INC | $170,815,325 | 2,661,089 | 0.83% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $170,810,874 | 2,661,020 | 0.83% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $164,395,918 | 2,561,083 | 0.80% | Shares |
| JANE STREET GROUP, LLC | $161,149,958 | 2,510,515 | 0.78% | Shares |
| LYRICAL ASSET MANAGEMENT LP | $157,262,740 | 2,449,957 | 0.76% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $156,896,112 | 2,444,246 | 0.76% | Shares |
| JANE STREET GROUP, LLC | $150,243,114 | 2,340,600 | 0.73% | Call option |
| RENAISSANCE TECHNOLOGIES LLC | $140,730,926 | 2,192,412 | 0.68% | Shares |
| Politan Capital Management LP | $137,059,130 | 2,135,210 | 0.67% | Shares |
| CITADEL ADVISORS LLC | $135,787,526 | 2,115,400 | 0.66% | Call option |
| Qube Research & Technologies Ltd | $131,408,741 | 2,047,184 | 0.64% | Shares |
| Quantinno Capital Management LP | $126,343,727 | 1,968,277 | 0.61% | Shares |
| GLENVIEW CAPITAL MANAGEMENT, LLC | $121,065,870 | 1,886,055 | 0.59% | Shares |
| Scharf Investments, LLC | $105,948,709 | 1,650,542 | 0.51% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $104,240,580 | 1,623,938 | 0.51% | Shares |
| MILLENNIUM MANAGEMENT LLC | $102,119,807 | 1,590,899 | 0.50% | Shares |
| Ninety One UK Ltd | $97,040,208 | 1,511,766 | 0.47% | Shares |
| BlackRock, Inc. | $96,995,070 | 1,511,062 | 0.47% | Shares |
| IEQ CAPITAL, LLC | $94,667,113 | 1,474,796 | 0.46% | Shares |
| Long Focus Capital Management, LLC | $93,075,500 | 1,450,000 | 0.45% | Shares |
| Caisse de depot et placement du Quebec | $90,440,436 | 1,408,949 | 0.44% | Shares |
| TWO SIGMA ADVISERS, LP | $90,393,876 | 2,196,692 | 0.44% | Shares |
| Walleye Trading LLC | $89,769,715 | 1,398,500 | 0.44% | Call option |
| Swiss National Bank | $89,039,490 | 1,387,124 | 0.43% | Shares |
| Maple Rock Capital Partners Inc. | $88,702,813 | 1,381,879 | 0.43% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $88,037,805 | 1,371,519 | 0.43% | Shares |
| Capital World Investors | $85,968,319 | 1,339,279 | 0.42% | Shares |
| ROYAL BANK OF CANADA | $83,731,000 | 1,304,424 | 0.41% | Shares |
| FMR LLC | $82,642,699 | 1,287,470 | 0.40% | Shares |
| Legal & General Group Plc | $82,580,180 | 1,286,496 | 0.40% | Shares |
| GOLDMAN SACHS GROUP INC | $81,658,346 | 1,272,135 | 0.40% | Shares |
| Swedbank AB | $81,278,855 | 1,266,223 | 0.39% | Shares |
| BANK OF AMERICA CORP /DE/ | $81,231,546 | 1,265,486 | 0.39% | Shares |
| BANK OF MONTREAL /CAN/ | $75,731,362 | 1,179,800 | 0.37% | Put option |
| Mitsubishi UFJ Asset Management Co., Ltd. | $74,883,027 | 1,166,584 | 0.36% | Shares |
| Focused Investors LLC | $71,748,372 | 1,117,750 | 0.35% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $69,539,402 | 1,083,337 | 0.34% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $69,328,795 | 1,080,056 | 0.34% | Shares |
| Vanguard Global Advisers, LLC | $67,731,876 | 1,055,178 | 0.33% | Shares |
| CAXTON ASSOCIATES LP | $66,708,455 | 1,101,163 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $65,768,946 | 1,024,598 | 0.32% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $65,005,213 | 1,012,700 | 0.32% | Put option |
| RHUMBLINE ADVISERS | $64,689,517 | 1,007,784 | 0.31% | Shares |
| Korea Investment CORP | $64,394,509 | 1,003,186 | 0.31% | Shares |
| Walleye Trading LLC | $63,084,520 | 982,778 | 0.31% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $61,600,511 | 959,659 | 0.30% | Shares |
| National Pension Service | $60,317,674 | 939,674 | 0.29% | Shares |
| JANE STREET GROUP, LLC | $58,470,671 | 910,900 | 0.28% | Put option |
| CITADEL ADVISORS LLC | $57,584,849 | 897,100 | 0.28% | Put option |
| Vinva Investment Management Ltd | $57,411,190 | 885,450 | 0.28% | Shares |
| Susquehanna Portfolio Strategies, LLC | $54,527,351 | 849,468 | 0.26% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $53,459,229 | 832,828 | 0.26% | Shares |
| BANK OF NOVA SCOTIA | $53,046,262 | 826,395 | 0.26% | Shares |
| California Public Employees Retirement System | $52,789,535 | 822,395 | 0.26% | Shares |
| Gotham Asset Management, LLC | $51,174,579 | 797,236 | 0.25% | Shares |
| Pine Valley Investments Ltd Liability Co | $49,047,579 | 764,100 | 0.24% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $48,416,284 | 754,265 | 0.23% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $46,947,683 | 730,827 | 0.23% | Shares |
| Cresset Asset Management, LLC | $46,069,740 | 717,709 | 0.22% | Shares |
| Walleye Trading LLC | $45,581,319 | 710,100 | 0.22% | Put option |
| PRUDENTIAL FINANCIAL INC | $44,480,846 | 692,956 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $44,054,239 | 686,310 | 0.21% | Shares |
| Point72 Asset Management, L.P. | $43,807,685 | 682,469 | 0.21% | Shares |
| CAMBIAR INVESTORS LLC | $43,472,742 | 677,251 | 0.21% | Shares |
| Kopernik Global Investors, LLC | $41,512,700 | 646,716 | 0.20% | Shares |
| D. E. Shaw & Co., Inc. | $41,248,494 | 642,600 | 0.20% | Put option |
| BARCLAYS PLC | $40,106,039 | 624,802 | 0.19% | Shares |
| Alberta Investment Management Corp | $38,514,000 | 600,000 | 0.19% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $37,494,278 | 584,114 | 0.18% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $37,459,914 | 618,349 | 0.18% | Shares |
| MILLENNIUM MANAGEMENT LLC | $36,941,345 | 575,500 | 0.18% | Call option |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $36,392,328 | 566,947 | 0.18% | Shares |
| Pictet Asset Management Holding SA | $35,261,300 | 549,327 | 0.17% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $33,902,270 | 528,155 | 0.16% | Shares |
| VANGUARD GROUP INC | $33,224,057 | 807,389 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $30,879,877 | 943,185 | 0.15% | Shares |
| MACKENZIE FINANCIAL CORP | $30,726,084 | 478,674 | 0.15% | Shares |
| IMC-Chicago, LLC | $30,548,920 | 475,914 | 0.15% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $30,455,395 | 474,457 | 0.15% | Shares |
| Polar Capital Holdings Plc | $30,274,251 | 471,635 | 0.15% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $29,598,153 | 450,299 | 0.14% | Shares |
Company insiders 77 insiders · 48 officers · 30 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Sarah London | Chief Executive Officer | March 15, 2026 F | 1,188,831 | 0 | 0 | $0 |
| David P Thomas | CEO, Markets and Medicaid | Dec. 15, 2023 F | 132,941 | 0 | 0 | $0 |
| NEIDORFF MICHAEL F | Chairman & CEO | Dec. 15, 2021 A | 6,517,610 | 0 | 0 | $0 |
| Andrew Lynn Asher | Chief Financial Officer | March 15, 2026 F | 747,989 | 0 | 0 | $0 |
| William Scheffel | Exec VP, CFO & Treasurer | March 1, 2016 F | 138,362 | 0 | 0 | $0 |
| Michael A Carson | Group President, Medicare&Spec | May 29, 2026 I | — | 0 | 0 | $0 |
| Kenneth J Fasola | President | July 4, 2024 F | 286,066 | 0 | 0 | $0 |
| Susan Raye Smith | Chief Operating Officer | June 15, 2026 F | 212,237 | 0 | 0 | $0 |
| James E Murray | EVP, Chief Operating Officer | June 23, 2023 A | 202,853 | 0 | 0 | $0 |
| Tanya M Mcnally | Chief People Officer | April 15, 2026 F | 127,258 | 0 | 0 | $0 |
| Katie Casso | Corporate Controller & CAO | March 15, 2026 F | 109,776 | 0 | 0 | $0 |
| Christopher Koster | Secretary & General Counsel | March 15, 2026 F | 352,836 | 0 | 0 | $0 |
| Colin A Toney | EVP, Mergers & Acquisitions | Sept. 16, 2022 A | 52,123 | 0 | 0 | $0 |
| Mark J Brooks | EVP, Chief Information Officer | Sept. 16, 2022 A | 153,755 | 0 | 0 | $0 |
| Shannon Bagley | EVP, Chief Admin. Officer | Aug. 16, 2022 F | 116,705 | 0 | 0 | $0 |
| Brandy Burkhalter | EVP | March 24, 2022 F | 350,475 | 0 | 0 | $0 |
| Jesse N Hunter | EVP, M&A & Chief Strategy Ofcr | June 11, 2021 S | 411,792 | 0 | 0 | $0 |
| Jeffrey A. Schwaneke | EVP, HealthCare Enterprises | May 7, 2021 S | 454,549 | 0 | 0 | $0 |
| Christopher R Isaak | SVP, Corporate Controller, CAO | Dec. 15, 2020 F | 13,630 | 0 | 0 | $0 |
| Keith H Williamson | EVP, Secr. & General Counsel | Feb. 4, 2020 F | 174,049 | 0 | 0 | $0 |
| Christopher D Bowers | EVP, Markets | July 22, 2019 A | 131,492 | 0 | 0 | $0 |
| Cynthia J Brinkley | EVP, Chief Admin/Markets Offcr | Feb. 5, 2019 F | 300,582 | 0 | 0 | $0 |
| Kenneth Rone Baldwin | EVP, Markets | Dec. 15, 2016 F | 92,712 | 0 | 0 | $0 |
| Carol Goldman | Exec VP Chief Admin Officer | Dec. 15, 2016 F | 70,876 | 0 | 0 | $0 |
| Donald G Imholz | EVP, Operations and CIO | Dec. 11, 2015 G | 151,599 | 0 | 0 | $0 |
| David C Minifie | CMO, EVP Corporate Strategy | Feb. 3, 2015 F | 24,031 | 0 | 0 | $0 |
| Robert T Hitchcock | EVP Health Plans | Feb. 3, 2015 F | 26,415 | 0 | 0 | $0 |
| Edmund E Kroll | SVP Fin & Investor Relations | Feb. 3, 2015 F | 46,279 | 0 | 0 | $0 |
| HARROLD JASON M | EVP, Specialty Comp. Bus. Unit | Feb. 3, 2015 F | 44,329 | 0 | 0 | $0 |
| Karen Bedell | SVP Business Liaison | Dec. 14, 2012 F | 46,819 | 0 | 0 | $0 |
| Mary V Mason | SVP & Chief Medical Officer | Dec. 14, 2012 F | 38,974 | 0 | 0 | $0 |
| Mark W Eggert | Executive VP, Health Plans | Feb. 14, 2012 M | 103,712 | 0 | 0 | $0 |
| Antonette Simonetti | SVP, Public Affairs | Dec. 14, 2010 F | 13,377 | 0 | 0 | $0 |
| Frederick J Manning | Executive Vice President | Dec. 14, 2010 F | 20,579 | 0 | 0 | $0 |
| Cary Hobbs | SVP, Bus Mgmt & Integration | Dec. 16, 2009 M | 20,768 | 0 | 0 | $0 |
| Eric Slusser | Executive VP of Internat'l Dev | Oct. 16, 2009 A | 51,754 | 0 | 0 | $0 |
| Patti Darnley | Sr. VP of Operations | Dec. 14, 2007 A | 14,188 | 0 | 0 | $0 |
| Marie J Glancy | SVP, Oper Svcs & Reg Affairs | Dec. 14, 2007 A | 12,362 | 0 | 0 | $0 |
| Per J Brodin | SVP, Chief Acctg Officer | Dec. 12, 2007 A | 13,337 | 0 | 0 | $0 |
| Glendon A Schuster | Senior VP and CIO | Dec. 12, 2006 A | — | 0 | 0 | $0 |
| Lisa M Wilson | Sr. VP Investor Relations | Dec. 12, 2006 A | 18,400 | 0 | 0 | $0 |
| Karey L Witty | SVP, Health Plan Business Unit | Dec. 12, 2006 A | 57,500 | 0 | 0 | $0 |
| Joseph P Drozda JR | Sr. VP & Chief Medical Officer | Dec. 12, 2006 A | 32,181 | 0 | 0 | $0 |
| James D Donovan JR | Senior VP Health Plans | Dec. 13, 2005 A | 3,219 | 0 | 0 | $0 |
| Brian G Spanel | Sr Vice President, Development | June 24, 2005 M | 186,446 | 0 | 0 | $0 |
| Dan Paquin | Sr. VP New Plan Implementation | Feb. 10, 2005 M | 0 | 0 | 0 | $0 |
| John Tadich | Senior VP, Specialty Companies | Dec. 1, 2004 M | 0 | 0 | 0 | $0 |
| Catherine M Halverson | Senior VP Business Development | Jan. 16, 2004 | 0 | 0 | 0 | $0 |
| Paul J Diaz | Director | July 28, 2026 A | 2,771 | 0 | 0 | $0 |
| Lauren M Tyler | Director | July 17, 2026 A | 3,216 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 186 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 |
|---|---|---|---|---|
| IHF · iShares Trust | 4.19% | 807,594 SH | Aug. 8, 2026 | Daily |
| CAMX · ADVISORS' INNER CIRCLE FUND | 3.57% | 44,000 NS | April 30, 2026 | N-PORT |
| SMRI · EA Series Trust | 3.05% | 307,327 NS | April 30, 2026 | N-PORT |
| RPV · Invesco Exchange-Traded Fund Trust | 2.65% | 686,794 SH | Aug. 8, 2026 | Daily |
| SRHQ · Elevation Series Trust | 1.96% | 70,588 NS | April 30, 2026 | N-PORT |
| GKAT · Advisors Series Trust | 1.93% | 87,905 NS | March 31, 2026 | N-PORT |
| RUNN · Strategic Trust | 1.87% | 108,380 NS | May 31, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.82% | 68,233 SH | Aug. 8, 2026 | Daily |
| KAT · Advisors Series Trust | 1.68% | 345,595 NS | March 31, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.52% | 181,368 SH | Aug. 8, 2026 | Daily |
| EPMB · Harbor ETF Trust | 1.51% | 1,264 NS | April 30, 2026 | N-PORT |
| EPMV · Harbor ETF Trust | 1.40% | 1,157 NS | April 30, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 1.32% | 2,739 NS | April 30, 2026 | N-PORT |
| EPSB · Harbor ETF Trust | 1.29% | 1,122 NS | April 30, 2026 | N-PORT |
| ABCS · EA Series Trust | 1.12% | 2,127 NS | May 29, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 1.04% | 30,046,000 | Aug. 8, 2026 | Daily |
| AVMV · AMERICAN CENTURY ETF TRUST | 1.01% | 105,126 NS | May 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.97% | 1,475,110 SH | Aug. 8, 2026 | Daily |
| RILA · Spinnaker ETF Series | 0.92% | 7,203 NS | April 30, 2026 | N-PORT |
| SPXD · DBX ETF Trust | 0.75% | 856 NS | May 31, 2026 | N-PORT |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.75% | 22,285,000 | Aug. 8, 2026 | Daily |
| WLDR · Two Roads Shared Trust | 0.74% | 9,894 NS | April 30, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.66% | 9,949 NS | May 29, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 0.65% | 149,910 SH | Aug. 8, 2026 | Daily |
| CLSE · Trust for Professional Managers | 0.64% | 66,218 NS | May 31, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.63% | 90,872 NS | April 30, 2026 | N-PORT |
| FVAL · FIDELITY COVINGTON TRUST | 0.62% | 139,637 NS | April 30, 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 0.53% | 3,779 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.52% | 1,263,251 NS | May 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.51% | 295,112 SH | Aug. 8, 2026 | Daily |
| VLUE · iShares Trust | 0.51% | 742,494 SH | Aug. 8, 2026 | Daily |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.48% | 18,134,000 | Aug. 8, 2026 | Daily |
| VGHY · VANGUARD FIXED INCOME SECURITIES FU… | 0.48% | 1,515,000 PA | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.48% | 819 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.47% | 1,478,248 SH | Aug. 8, 2026 | Daily |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.44% | 942,740 NS | May 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.43% | 62,007 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.43% | 226,652 NS | April 30, 2026 | N-PORT |
| FNDX · SCHWAB STRATEGIC TRUST | 0.43% | 1,819,403 NS | May 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.41% | 173,542 NS | April 30, 2026 | N-PORT |
| RXL · ProShares Trust | 0.40% | 4,871 NS | May 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.40% | 611,391 SH | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.40% | 27,252 NS | May 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.40% | 21,013 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.39% | 85,952 NS | May 31, 2026 | N-PORT |
| ESMV · iShares Trust | 0.38% | 471 SH | Aug. 8, 2026 | Daily |
| CGGO · Capital Group Global Growth Equity … | 0.38% | 728,871 NS | May 31, 2026 | N-PORT |
| IXJ · iShares Trust | 0.38% | 246,114 SH | Aug. 8, 2026 | Daily |
| COPY · RBB Fund Trust | 0.36% | 21,043 NS | May 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 0.36% | 9,315 NS | April 30, 2026 | N-PORT |