CNM Core & Main, Inc. Class A Common Stock
$45.15
Price · Aug 18, 2026
Fundamentals as of Jun 10, 2026
52W Range
$42–$67
13% of range
Analyst Rating
BUY
19 analysts
Price Target
$60
+34% upside
P/E (TTM)
23.1
ROE
23.9%
Net Profit Margin
5.8%
About Core & Main, Inc. Class A Common Stock Company overview from Wikipedia
Core & Main, headquartered in St. Louis, Missouri, distributes products used for water, wastewater, storm drainage, and fire protection in the United States. Customers include municipalities, private water companies, and professional contractors. The company has 370 branch locations in 49 U.S. states, 60,000 customers, and sells 225,000 products.
Read more
Core & Main, headquartered in St. Louis, Missouri, distributes products used for water, wastewater, storm drainage, and fire protection in the United States. Customers include municipalities, private water companies, and professional contractors. The company has 370 branch locations in 49 U.S. states, 60,000 customers, and sells 225,000 products.
In fiscal 2024, 67% of the company's sales were pipes, valves, and piping and plumbing fittings, 16% of the company's sales were products for storm drainage, 8% of the company's sales were products for fire protection, and 9% of the company's sales were products for water metering. In fiscal 2024, 42% of sales were from the municipal construction sector, 38% of sales were from the non-residential construction sector, and 20% of sales were from the residential construction sector.
The company is ranked 497th on the Fortune 500.
History
In 2005, Home Depot acquired National Waterworks Holdings. It was merged with Hughes Supply and became HD Supply Waterworks.
In August 2017, Clayton, Dubilier & Rice acquired HD Supply Waterworks and changed its name to Core & Main.
In July 2021, the company became a public company via an initial public offering.
Acquisitions
== Financials ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CNM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$45.15
Market Cap
—
P/E (TTM)
23.1
EPS (TTM)
$2.31
Revenue (TTM)
$7.65B
Div Yield
—
ROE
23.9%
Debt/Equity
1.1
52W Range
$42 – $67
CNM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$7.65B
2020-02-02
→
2026-02-01
EPS
$2.31
2022-01-30
→
2026-02-01
Free Cash Flow
$604M
2022-01-30
→
2026-02-01
Margins
5.8%
2022-01-30
→
2026-02-01
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CNM
Peer Median
P/E (TTM)
23.1
25.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CNM
Peer Median
Gross Margin
26.9%
28.0%
Operating Margin
9.4%
—
Net Profit Margin
5.8%
6.8%
ROA
7.4%
8.4%
ROE
23.9%
21.6%
ROIC
13.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CNM
Peer Median
Debt / Equity
1.1
—
Current Ratio
2.6
2.4
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CNM
Peer Median
Revenue YoY
2.8%
—
Revenue CAGR 3Y
4.8%
—
Revenue CAGR 5Y
16.0%
—
EPS YoY
8.5%
—
Net Income YoY
7.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CNM
Peer Median
CNM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
19 analysts
- Strong Buy 4 21.1%
- Buy 8 42.1%
- Hold 6 31.6%
- Sell 1 5.3%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-19
Median
$62.00
Now
$45.15
Low
$40.00
High
$75.00
Median target
$62.00
+37.3%
Mean target
$60.40
+33.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2027 | $0.72 | $0.68 | — |
| June 30, 2026 | $0.72 | $0.68 | 0.04% |
| March 31, 2026 | $0.52 | $0.42 | 0.10% |
| Dec. 31, 2025 | $0.89 | $0.77 | 0.12% |
| Sept. 30, 2025 | $0.87 | $0.80 | 0.07% |
| June 30, 2025 | $0.56 | $0.53 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CNM | — | 23.1 | 2.8% | 5.8% | 23.9% | 26.9% |
| SUNB | $31.40B | 24.3 | 3.4% | 11.9% | 17.7% | 38.5% |
| WCC | $11.90B | 18.7 | 7.8% | 2.7% | 12.8% | — |
| QXO | $13.01B | -30.6 | 11925.0% | -4.1% | -2.9% | 23.0% |
| AIT | $12.44B | 30.9 | 8.8% | 8.3% | 22.4% | 30.3% |
| WSO | $13.14B | 27.5 | -5.0% | 6.9% | 18.3% | 28.1% |
| MSM | — | 25.3 | -1.4% | 5.3% | 14.3% | 40.8% |
| GATX | $6.00B | 18.6 | 9.8% | 19.1% | 12.8% | — |
| RUSHA | — | 16.5 | -4.8% | 3.5% | 12.1% | 19.7% |
| HRI | $4.94B | 4946.0 | 22.7% | 0.02% | 0.05% | — |
| URI | $51.06B | 21.0 | 4.9% | 15.5% | 28.4% | 38.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue | $7.65B | $7.44B | $6.70B | $6.65B | $5.00B | $3.64B | |
| Cost of Revenue | $5.59B | $5.46B | $4.88B | $4.86B | $3.72B | $2.76B | |
| Gross Profit | $2.06B | $1.98B | $1.82B | $1.79B | $1.28B | $878M | |
| SG&A Expense | $1.15B | $1.08B | $931M | $880M | $717M | $556M | |
| Operating Expenses | $1.34B | $1.26B | $1.08B | $1.02B | $855M | $693M | |
| Operating Income | $722M | $719M | $740M | $775M | $425M | $185M | |
| Interest Expense | · | · | $81M | $66M | $98M | $139M | |
| Pretax Income | $607M | $577M | $659M | $709M | $276M | $46M | |
| Income Tax | $145M | $143M | $128M | $128M | $51M | $9M | |
| Net Income | $441M | $411M | $371M | $366M | $166M | $37M | |
| EPS (Basic) | $2.32 | $2.14 | $2.15 | $2.16 | $0.57 | · | |
| EPS (Diluted) | $2.31 | $2.13 | $2.15 | $2.13 | $0.55 | · | |
| Shares (Basic) | 189,723,857 | 191,617,275 | 172,839,836 | 169,482,199 | 159,188,391 | · | |
| Shares (Diluted) | 197,861,786 | 201,442,750 | 227,818,077 | 246,217,004 | 244,451,678 | · | |
| EBITDA | $914M | $913M | $894M | $923M | $575M | · |
Balance Sheet 25
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $220M | $8M | $1M | $177M | $1M | $381M | |
| Receivables | $981M | $986M | $888M | $851M | $784M | $495M | |
| Inventory | $986M | $908M | $766M | $1.05B | $856M | $384M | |
| Prepaid Expense | $48M | $43M | $33M | $32M | $26M | $15M | |
| Current Assets | $2.30B | $2.02B | $1.77B | $2.21B | $1.77B | $1.34B | |
| PP&E (Net) | $178M | $168M | $151M | $105M | $94M | $86M | |
| PP&E (Gross) | $379M | $336M | $285M | $212M | $186M | $158M | |
| Accum. Depreciation | $201M | $168M | $134M | $107M | $92M | $72M | |
| Goodwill | $1.92B | $1.90B | $1.56B | $1.53B | $1.51B | $1.45B | |
| Intangibles | $823M | $935M | $784M | $795M | $871M | $919M | |
| Other Non-current Assets | $10M | $42M | $66M | $88M | $35M | $0 | |
| Total Assets | $6.08B | $5.87B | $5.07B | $4.91B | $4.43B | $3.92B | |
| Accounts Payable | $512M | $562M | $504M | $479M | $608M | $326M | |
| Current Liabilities | $874M | $866M | $774M | $726M | $839M | $522M | |
| Capital Leases | $214M | $178M | $138M | $121M | $103M | $86M | |
| Deferred Tax | $89M | $87M | $48M | $9M | $35M | $232M | |
| Other Non-current Liabilities | $30M | $22M | $16M | $19M | $17M | $31M | |
| Total Liabilities | $4.01B | $4.10B | $3.54B | $2.50B | $2.60B | $3.12B | |
| Long-term Debt | $2.15B | $2.26B | $1.88B | $1.46B | $1.47B | $2.27B | |
| Total Debt | $2.15B | $2.26B | $1.88B | $1.46B | $1.47B | · | |
| Paid-in Capital | $1.25B | $1.22B | $1.21B | $1.24B | $1.21B | · | |
| Retained Earnings | $755M | $449M | $189M | $458M | $92M | · | |
| AOCI | $-6M | $27M | $46M | $45M | $16M | · | |
| Stockholders' Equity | $2.00B | $1.70B | $1.45B | $1.75B | $1.32B | · | |
| Liabilities + Equity | $6.08B | $5.87B | $5.07B | $4.91B | $4.43B | $3.92B |
Cash Flow 16
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| D&A | $192M | $194M | $154M | $148M | $150M | $153M | |
| Stock-based Comp | $17M | $14M | $10M | $11M | $25M | $4M | |
| Deferred Tax | $28M | $13M | $2M | $-7M | $-17M | $-6M | |
| Amort. of Intangibles | $149M | $151M | $122M | $120M | $120M | $118M | |
| Other Non-cash | $-28M | $-11M | $532M | $-117M | $-355M | · | |
| Operating Cash Flow | $650M | $621M | $1.07B | $401M | $-31M | $214M | |
| CapEx | $46M | $35M | $39M | $25M | $20M | $12M | |
| Investing Cash Flow | $-145M | $-788M | $-270M | $-152M | $-203M | $-229M | |
| Stock Issued | · | · | $0 | $0 | $100M | $0 | |
| Stock Repurchased | $155M | $176M | $1.34B | $0 | $0 | · | |
| Net Stock Activity | $-155M | $-176M | $-1.34B | $0 | $100M | · | |
| Financing Cash Flow | $-293M | $174M | $-975M | $-73M | $-146M | $215M | |
| Net Change in Cash | $212M | $7M | $-176M | $176M | $-380M | $200M | |
| Taxes Paid | $79M | $143M | $116M | · | · | · | |
| Free Cash Flow | $604M | $586M | $1.03B | $376M | $-51M | · | |
| Levered FCF | · | · | $965M | $322M | $-131M | · |
Profitability 8
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9% | 26.6% | 27.1% | 27.0% | 25.6% | · | |
| Operating Margin | 9.4% | 9.7% | 11.0% | 11.7% | 8.5% | · | |
| Net Margin | 5.8% | 5.5% | 5.5% | 5.5% | 3.3% | · | |
| Pretax Margin | 7.9% | 7.8% | 9.8% | 10.7% | 5.5% | · | |
| EBITDA Margin | 11.9% | 12.3% | 13.3% | 13.9% | 11.5% | · | |
| ROA | 7.4% | 7.5% | 7.4% | 7.8% | 4.0% | · | |
| ROE | 23.9% | 26.1% | 23.2% | 23.8% | 25.1% | · | |
| ROIC | 13.3% | 13.7% | 17.9% | 19.8% | 12.4% | · |
Liquidity & Solvency 5
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.6 | 2.3 | 2.3 | 3.0 | 2.1 | · | |
| Quick Ratio | 1.4 | 1.1 | 1.1 | 1.4 | 0.9 | · | |
| Debt / Equity | 1.1 | 1.3 | 1.3 | 0.8 | 1.1 | · | |
| LT Debt / Equity | 1.1 | 1.3 | 1.3 | 0.8 | 1.1 | · | |
| Interest Coverage | · | · | 9.1 | 11.7 | 4.3 | · |
Efficiency 3
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.3 | 1.4 | 1.3 | 1.4 | 1.2 | · | |
| Inventory Turnover | 5.9 | 6.5 | 5.4 | 5.1 | 6.0 | · | |
| Receivables Turnover | 7.8 | 7.9 | 7.7 | 8.1 | 7.8 | · |
Growth Rates 8
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 2.8% | 11.0% | 0.77% | 32.9% | 37.4% | · | |
| Revenue CAGR 3Y | 4.8% | 14.1% | 22.5% | · | · | · | |
| Revenue CAGR 5Y | 16.0% | · | · | · | · | · | |
| EPS YoY | 8.5% | -0.93% | 0.94% | 287.3% | · | · | |
| EPS CAGR 3Y | 2.7% | 57.0% | · | · | · | · | |
| Net Income YoY | 7.3% | 10.8% | 1.4% | 120.5% | 348.6% | · | |
| Net Income CAGR 3Y | 6.4% | 35.3% | 115.6% | · | · | · | |
| Net Income CAGR 5Y | 64.1% | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.65B | $7.44B | $6.70B | $6.65B | $5.00B | · | |
| Net Income TTM | $441M | $411M | $371M | $366M | $166M | · | |
| P/E | 23.1 | 26.5 | 18.9 | 10.2 | 42.6 | · | |
| Earnings Yield | 4.3% | 3.8% | 5.3% | 9.8% | 2.4% | · |
Income Statement 15
| Metric | Trend | Q2 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.91B | $1.58B | $2.06B | $2.09B | $1.91B | $1.70B | $2.04B | $1.96B | $1.74B | $1.44B | $1.83B | $1.86B | $1.57B | $1.37B | $1.82B | $1.86B | |
| Cost of Revenue | $1.39B | $1.15B | $1.50B | $1.53B | $1.40B | $1.25B | $1.50B | $1.45B | $1.27B | $1.06B | $1.33B | $1.36B | $1.14B | $1.00B | $1.32B | $1.36B | |
| Gross Profit | $520M | $428M | $561M | $560M | $510M | $451M | $543M | $518M | $468M | $384M | $494M | $501M | $439M | $373M | $500M | $501M | |
| SG&A Expense | $299M | $264M | $295M | $302M | $293M | $279M | $274M | $268M | $257M | $230M | $240M | $238M | $223M | $213M | $231M | $230M | |
| Operating Expenses | $343M | $310M | $341M | $347M | $339M | $327M | $320M | $314M | $300M | $268M | $277M | $275M | $258M | $249M | $266M | $264M | |
| Operating Income | $177M | $118M | $220M | $213M | $171M | $124M | $223M | $204M | $168M | $116M | $217M | $226M | $181M | $124M | $234M | $237M | |
| Interest Expense | $27M | · | $30M | $31M | $30M | · | $36M | $36M | $34M | · | $20M | $22M | $17M | · | $16M | $17M | |
| Pretax Income | $150M | $94M | $190M | $182M | $141M | $88M | $187M | $168M | $134M | $94M | $197M | $204M | $164M | $104M | $218M | $220M | |
| Income Tax | $37M | $21M | $47M | $41M | $36M | $21M | $47M | $42M | $33M | $18M | $39M | $40M | $31M | $20M | $40M | $38M | |
| Net Income | $108M | $70M | $137M | $134M | $100M | $64M | $133M | $119M | $95M | $63M | $112M | $110M | $86M | $54M | $111M | $115M | |
| EPS (Basic) | $0.57 | $0.36 | $0.72 | $0.71 | $0.53 | $0.34 | $0.69 | $0.62 | $0.49 | $0.34 | $0.65 | $0.66 | $0.50 | · | $0.65 | $0.69 | |
| EPS (Diluted) | $0.57 | $0.37 | $0.72 | $0.70 | $0.52 | $0.34 | $0.69 | $0.61 | $0.49 | $0.34 | $0.65 | $0.66 | $0.50 | · | $0.65 | $0.67 | |
| Shares (Basic) | 188,379,992 | -380,196,824 | 190,214,298 | 189,904,002 | 189,802,381 | -384,913,419 | 191,538,672 | 192,797,961 | 192,194,061 | -337,069,064 | 170,999,291 | 167,312,292 | 171,597,317 | · | 170,027,629 | 167,876,179 | |
| Shares (Diluted) | 195,682,551 | -397,046,784 | 197,905,484 | 198,302,610 | 198,700,476 | -405,005,981 | 201,165,553 | 202,667,354 | 202,615,824 | -469,568,381 | 224,686,413 | 228,983,281 | 243,716,764 | · | 246,262,224 | 246,175,878 | |
| EBITDA | $224M | · | $220M | $213M | $219M | · | $223M | $204M | $214M | · | $217M | $226M | $218M | · | $234M | $237M |
Balance Sheet 25
| Metric | Trend | Q2 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $150M | $220M | $89M | $25M | $8M | $8M | $10M | $13M | $30M | · | $101M | $20M | $1M | · | $0 | $0 | |
| Receivables | $1.20B | $981M | $1.24B | $1.28B | $1.23B | $986M | $1.26B | $1.21B | $1.12B | · | $1.13B | $1.16B | $1.03B | · | $1.16B | $1.18B | |
| Inventory | $1.10B | $986M | $1.02B | $1.06B | $1.07B | $908M | $950M | $959M | $945M | · | $824M | $896M | $1.03B | · | $1.15B | $1.17B | |
| Prepaid Expense | $45M | $48M | $60M | $72M | $48M | $43M | $43M | $52M | $48M | · | $31M | $35M | $37M | · | $34M | $31M | |
| Current Assets | $2.56B | $2.30B | $2.51B | $2.51B | $2.44B | $2.02B | $2.38B | $2.32B | $2.22B | · | $2.17B | $2.18B | $2.17B | · | $2.46B | $2.46B | |
| PP&E (Net) | $184M | $178M | $175M | $175M | $174M | $168M | $167M | $163M | $160M | · | $142M | $130M | $121M | · | $105M | $101M | |
| PP&E (Gross) | · | $379M | · | · | · | $336M | · | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | $201M | · | · | · | $168M | · | · | · | · | · | · | · | · | · | · | |
| Goodwill | $1.92B | $1.92B | $1.92B | $1.90B | $1.90B | $1.90B | $1.88B | $1.84B | $1.84B | $1.56B | $1.55B | $1.55B | $1.54B | $1.53B | $1.54B | $1.53B | |
| Intangibles | $791M | $823M | $847M | $867M | $901M | $935M | $964M | $954M | $971M | · | $782M | $811M | $798M | · | $822M | $824M | |
| Other Non-current Assets | $13M | $10M | $2M | $2M | $29M | $42M | $44M | $55M | $90M | · | $85M | $89M | $81M | · | $108M | $69M | |
| Total Assets | $6.32B | $6.08B | $6.30B | $6.31B | $6.28B | $5.87B | $6.21B | $6.10B | $6.04B | · | $5.07B | $5.04B | $4.93B | · | $5.19B | $5.15B | |
| Accounts Payable | $814M | $512M | $734M | $758M | $923M | $562M | $782M | $738M | $777M | · | $646M | $601M | $581M | · | $701M | $826M | |
| Current Liabilities | $1.11B | $874M | $1.11B | $1.12B | $1.25B | $866M | $1.11B | $1.01B | $1.04B | · | $921M | $842M | $798M | · | $987M | $1.08B | |
| Capital Leases | $223M | $214M | $207M | $203M | $196M | $178M | $158M | $146M | $145M | · | $130M | $129M | $123M | · | $110M | $114M | |
| Deferred Tax | $89M | $89M | $89M | $88M | $87M | $87M | $85M | $84M | $92M | · | $48M | $48M | $40M | · | $6M | $31M | |
| Other Non-current Liabilities | $30M | $30M | $31M | $22M | $20M | $22M | $22M | $31M | $24M | · | $18M | $22M | $22M | · | $19M | $19M | |
| Total Liabilities | $4.21B | $4.01B | $4.25B | $4.34B | $4.46B | $4.10B | $4.46B | $4.38B | $4.40B | · | $2.85B | $2.83B | $2.74B | · | $2.84B | $2.98B | |
| Long-term Debt | $2.14B | $2.15B | $2.15B | $2.26B | $2.26B | $2.26B | $2.41B | $2.43B | $2.42B | · | $1.45B | $1.57B | $1.59B | · | $1.55B | $1.61B | |
| Total Debt | · | · | $2.15B | $2.26B | $2.26B | · | $2.41B | $2.43B | $2.42B | · | $1.45B | $1.57B | $1.59B | · | $1.55B | $1.61B | |
| Paid-in Capital | $1.25B | $1.25B | $1.25B | $1.24B | $1.22B | $1.22B | $1.21B | $1.23B | $1.22B | · | $1.23B | $1.20B | $1.18B | · | $1.24B | $1.22B | |
| Retained Earnings | $786M | $755M | $736M | $642M | $515M | $449M | $433M | $385M | $284M | · | $491M | $447M | $403M | · | $404M | $298M | |
| AOCI | $-1M | $-6M | $-6M | $-1M | $7M | $27M | $23M | $32M | $63M | · | $49M | $49M | $41M | · | $55M | $33M | |
| Stockholders' Equity | $2.04B | $2.00B | $1.98B | $1.89B | $1.74B | $1.70B | $1.67B | $1.64B | $1.57B | · | $1.77B | $1.70B | $1.63B | · | $1.70B | $1.55B | |
| Liabilities + Equity | $6.32B | $6.08B | $6.30B | $6.31B | $6.28B | $5.87B | $6.21B | $6.10B | $6.04B | · | $5.07B | $5.04B | $4.93B | · | $5.19B | $5.15B |
Cash Flow 13
| Metric | Trend | Q2 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $47M | $48M | $48M | $48M | $48M | $50M | $49M | $49M | $46M | $40M | $39M | $38M | $37M | $38M | $37M | $34M | |
| Stock-based Comp | $3M | $3M | $4M | $5M | $5M | $3M | $4M | $4M | $3M | $2M | $3M | $3M | $2M | $2M | $2M | · | |
| Amort. of Intangibles | $36M | $37M | $38M | $37M | $37M | $39M | $39M | $38M | $35M | $31M | $31M | $31M | $29M | $31M | $30M | $29M | |
| Other Non-cash | $-76M | · | · | · | $-76M | · | · | · | $-66M | · | · | · | $-5M | · | · | · | |
| Operating Cash Flow | $82M | $268M | $271M | $34M | $77M | $235M | $260M | $48M | $78M | $294M | $373M | $282M | $120M | $307M | $154M | · | |
| CapEx | $14M | $15M | $8M | $10M | $13M | $11M | $8M | $9M | $7M | $5M | $19M | $5M | $10M | $5M | $5M | · | |
| Investing Cash Flow | $-21M | $-74M | $-43M | $-12M | $-16M | $-31M | $-139M | $-44M | $-574M | $-88M | $-18M | $-90M | $-74M | $-19M | $-77M | · | |
| Stock Repurchased | $88M | $58M | $50M | $8M | $39M | $55M | $100M | $21M | $0 | $726M | $145M | $141M | $332M | $0 | $0 | · | |
| Net Stock Activity | $-88M | · | · | · | $-39M | · | · | · | $0 | · | · | · | $-332M | · | · | · | |
| Financing Cash Flow | $-131M | $-63M | $-164M | $-5M | $-61M | $-206M | $-124M | $-21M | $525M | $-306M | $-274M | $-173M | $-222M | $-111M | $-77M | · | |
| Net Change in Cash | $-70M | $131M | $64M | $17M | $0 | $-2M | $-3M | $-17M | $29M | $-100M | $81M | $19M | $-176M | $177M | $0 | · | |
| Free Cash Flow | $68M | · | · | · | $64M | · | · | · | $71M | · | · | · | $110M | · | · | · | |
| Levered FCF | $48M | · | · | · | $42M | · | · | · | $45M | · | · | · | $96M | · | · | · |
Profitability 8
| Metric | Trend | Q2 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.2% | · | 27.2% | 26.8% | 26.7% | · | 26.6% | 26.4% | 26.9% | · | 27.0% | 26.9% | 27.9% | · | 27.5% | 26.9% | |
| Operating Margin | 9.3% | · | 10.7% | 10.2% | 8.9% | · | 10.9% | 10.4% | 9.7% | · | 11.9% | 12.1% | 11.5% | · | 12.9% | 12.7% | |
| Net Margin | 5.7% | · | 6.6% | 6.4% | 5.2% | · | 6.5% | 6.1% | 5.5% | · | 6.1% | 5.9% | 5.5% | · | 6.1% | 6.2% | |
| Pretax Margin | 7.8% | · | 9.2% | 8.7% | 7.4% | · | 9.2% | 8.6% | 7.7% | · | 10.8% | 11.0% | 10.4% | · | 12.0% | 11.8% | |
| EBITDA Margin | 11.7% | · | 10.7% | 10.2% | 11.5% | · | 10.9% | 10.4% | 12.3% | · | 11.9% | 12.1% | 13.9% | · | 12.9% | 12.7% | |
| ROA | · | · | 2.2% | 2.2% | 1.6% | · | 2.4% | 2.1% | 1.7% | · | 2.2% | 2.2% | 1.8% | · | 2.3% | 2.5% | |
| ROE | · | · | 7.5% | 7.6% | 6.0% | · | 7.7% | 7.1% | 5.9% | · | 6.5% | 6.8% | 5.6% | · | 7.6% | 8.8% | |
| ROIC | · | · | 4.0% | 4.0% | 3.2% | · | 4.1% | 3.8% | 3.2% | · | 5.4% | 5.6% | 4.6% | · | 5.9% | 6.2% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | 2.3 | 2.2 | 2.0 | · | 2.1 | 2.3 | 2.1 | · | 2.4 | 2.6 | 2.7 | · | 2.5 | 2.3 | |
| Quick Ratio | · | · | 1.2 | 1.2 | 1.0 | · | 1.1 | 1.2 | 1.1 | · | 1.3 | 1.4 | 1.3 | · | 1.2 | 1.1 | |
| Debt / Equity | · | · | 1.1 | 1.2 | 1.3 | · | 1.4 | 1.5 | 1.5 | · | 0.8 | 0.9 | 1.0 | · | 0.9 | 1.0 | |
| LT Debt / Equity | · | · | 1.1 | 1.2 | 1.3 | · | 1.4 | 1.5 | 1.5 | · | 0.8 | 0.9 | 1.0 | · | 0.9 | 1.0 | |
| Interest Coverage | 6.6 | · | 7.3 | 6.9 | 5.7 | · | 6.2 | 5.7 | 4.9 | · | 10.8 | 10.3 | 10.6 | · | 14.6 | 13.9 |
Efficiency 3
| Metric | Trend | Q2 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.3 | · | 0.4 | 0.4 | 0.3 | · | 0.4 | 0.4 | |
| Inventory Turnover | · | · | 1.5 | 1.5 | 1.4 | · | 1.7 | 1.6 | 1.3 | · | 1.4 | 1.3 | 1.1 | · | 1.4 | 1.5 | |
| Receivables Turnover | · | · | 1.6 | 1.7 | 1.6 | · | 1.7 | 1.7 | 1.6 | · | 1.6 | 1.6 | 1.5 | · | 1.8 | 1.9 |
Valuation (TTM) 4
| Metric | Trend | Q2 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.98B | · | $8.10B | $8.01B | $7.65B | · | $7.57B | $7.39B | $7.00B | · | $7.08B | $7.11B | $6.85B | · | $6.68B | $6.16B | |
| Net Income TTM | $479M | · | $504M | $486M | $447M | · | $459M | $436M | $403M | · | $419M | $422M | $398M | · | $376M | $292M | |
| P/E | 19.5 | · | 19.8 | 24.9 | 23.3 | · | 18.5 | 22.2 | 24.9 | · | 12.0 | 13.0 | 11.2 | · | 10.2 | 8.5 | |
| Earnings Yield | 5.1% | · | 5.0% | 4.0% | 4.3% | · | 5.4% | 4.5% | 4.0% | · | 8.4% | 7.7% | 8.9% | · | 9.8% | 11.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2026-02-01 | 2025-02-02 | 2024-01-28 | 2023-01-29 | 2022-01-30 | |
|---|---|---|---|---|---|
| Revenue | $7.65B | $7.44B | $6.70B | $6.65B | $5.00B |
| Gross Margin % | 26.9% | 26.6% | 27.1% | 27.0% | 25.6% |
| Operating Margin % | 9.4% | 9.7% | 11.0% | 11.7% | 8.5% |
| Net Income | $441M | $411M | $371M | $366M | $166M |
| Diluted EPS | $2.31 | $2.13 | $2.15 | $2.13 | $0.55 |
Balance Sheet
| 2026-02-01 | 2025-02-02 | 2024-01-28 | 2023-01-29 | 2022-01-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.1 | 1.3 | 1.3 | 0.8 | 1.1 |
| Current Ratio | 2.6 | 2.3 | 2.3 | 3.0 | 2.1 |
| Quick Ratio | 1.4 | 1.1 | 1.1 | 1.4 | 0.9 |
Cash Flow
| 2026-02-01 | 2025-02-02 | 2024-01-28 | 2023-01-29 | 2022-01-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $604M | $586M | $1.03B | $376M | $-51M |
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Institutional owners (13F) 493 filers · $6.8B 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 |
|---|---|---|---|---|
| 70 (-16 vs prior Q) | 71 (+28 vs prior Q) | 155 (-7 vs prior Q) | 167 (+23 vs prior Q) | +20.4M |
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 |
|---|---|---|---|---|
| Capital World Investors | $553,574,807 | 11,473,053 | 8.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $410,974,104 | 8,517,598 | 6.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $398,145,538 | 8,251,721 | 5.87% | Shares |
| FIRST TRUST ADVISORS LP | $301,507,084 | 6,248,855 | 4.44% | Shares |
| STATE STREET CORP | $285,063,557 | 5,908,053 | 4.20% | Shares |
| Select Equity Group, L.P. | $281,792,497 | 5,840,259 | 4.15% | Shares |
| FMR LLC | $276,615,706 | 5,732,968 | 4.08% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $264,828,473 | 5,488,673 | 3.90% | Shares |
| Pictet Asset Management Holding SA | $239,455,636 | 4,962,910 | 3.53% | Shares |
| Impax Asset Management Group plc | $202,824,569 | 4,203,618 | 2.99% | Shares |
| D. E. Shaw & Co., Inc. | $176,991,905 | 3,668,226 | 2.61% | Shares |
| Point72 Asset Management, L.P. | $148,564,790 | 3,079,063 | 2.19% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $136,608,585 | 2,830,375 | 2.01% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $121,346,289 | 2,514,950 | 1.79% | Shares |
| Camrose Capital Investment Partners LLP | $120,828,181 | 2,504,211 | 1.78% | Shares |
| NORGES BANK | $115,782,871 | 2,399,645 | 1.71% | Shares |
| Findlay Park Partners LLP | $115,599,956 | 2,395,854 | 1.70% | Shares |
| NEUBERGER BERMAN GROUP LLC | $113,139,399 | 2,344,858 | 1.67% | Shares |
| FIDUCIARY MANAGEMENT INC /WI/ | $111,389,419 | 2,308,589 | 1.64% | Shares |
| SPRUCE HOUSE INVESTMENT MANAGEMENT LLC | $103,737,500 | 2,150,000 | 1.53% | Shares |
| Amundi | $93,381,092 | 1,935,560 | 1.38% | Shares |
| Liontrust Investment Partners LLP | $89,949,520 | 1,730,797 | 1.33% | Shares |
| Forest Avenue Capital Management LP | $86,538,353 | 1,793,541 | 1.27% | Shares |
| ALLIANCEBERNSTEIN L.P. | $80,913,989 | 1,637,935 | 1.19% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $67,960,125 | 1,408,500 | 1.00% | Shares |
| FERNBRIDGE CAPITAL MANAGEMENT LP | $64,899,193 | 1,345,061 | 0.96% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $57,484,471 | 1,191,388 | 0.85% | Shares |
| ACK Asset Management LLC | $52,592,500 | 1,090,000 | 0.77% | Shares |
| Hill City Capital, LP | $49,632,363 | 1,028,650 | 0.73% | Shares |
| CDAM (UK) Ltd | $49,107,499 | 1,017,772 | 0.72% | Shares |
| Zimmer Partners, LP | $45,034,475 | 933,357 | 0.66% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $41,599,027 | 862,156 | 0.61% | Shares |
| CITADEL ADVISORS LLC | $40,146,220 | 832,046 | 0.59% | Shares |
| Bornite Capital Management LP | $36,621,750 | 759,000 | 0.54% | Shares |
| Robeco Schweiz AG | $34,343,578 | 711,784 | 0.51% | Shares |
| Sunriver Management LLC | $29,915,820 | 620,017 | 0.44% | Shares |
| Qube Research & Technologies Ltd | $29,615,850 | 613,800 | 0.44% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $28,302,328 | 586,576 | 0.42% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $28,162,319 | 583,675 | 0.41% | Shares |
| GOODNOW INVESTMENT GROUP, LLC | $28,120,727 | 582,813 | 0.41% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $27,440,741 | 568,720 | 0.40% | Shares |
| Daiwa Securities Group Inc. | $26,730,886 | 554,008 | 0.39% | Shares |
| MACKENZIE FINANCIAL CORP | $26,282,499 | 544,715 | 0.39% | Shares |
| CANYON CAPITAL ADVISORS LLC | $24,607,500 | 510,000 | 0.36% | Shares |
| Thomasville National Bank | $24,068,354 | 498,826 | 0.35% | Shares |
| SAMLYN CAPITAL, LLC | $23,798,444 | 493,232 | 0.35% | Shares |
| Swedbank AB | $23,497,750 | 487,000 | 0.35% | Shares |
| RHUMBLINE ADVISERS | $23,242,319 | 481,707 | 0.34% | Shares |
| Thematics Asset Management | $22,500,940 | 418,000 | 0.33% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $21,951,965 | 454,963 | 0.32% | Shares |
| Pembroke Management, LTD | $21,105,226 | 437,414 | 0.31% | Shares |
| Trigran Investments, Inc. | $21,053,936 | 436,351 | 0.31% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $19,881,772 | 417,246 | 0.29% | Shares |
| GOLDMAN SACHS GROUP INC | $19,826,890 | 410,920 | 0.29% | Shares |
| California Public Employees Retirement System | $19,804,985 | 410,466 | 0.29% | Shares |
| Local Pensions Partnership Investment Ltd | $19,446,765 | 403,000 | 0.29% | Shares |
| MIROVA | $19,262,992 | 399,233 | 0.28% | Shares |
| Freestone Grove Partners LP | $18,902,710 | 391,766 | 0.28% | Shares |
| Swiss National Bank | $18,209,550 | 377,400 | 0.27% | Shares |
| CITADEL ADVISORS LLC | $18,113,050 | 375,400 | 0.27% | Put option |
| Polar Capital Holdings Plc | $18,031,508 | 373,710 | 0.27% | Shares |
| FIL Ltd | $17,657,232 | 365,953 | 0.26% | Shares |
| Assenagon Asset Management S.A. | $17,557,258 | 363,881 | 0.26% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $16,417,545 | 340,260 | 0.24% | Shares |
| CI INVESTMENTS INC. | $15,491,386 | 321,065 | 0.23% | Shares |
| E. Ohman J:or Asset Management AB | $15,340,182 | 310,530 | 0.23% | Shares |
| BANK OF AMERICA CORP /DE/ | $14,968,259 | 310,223 | 0.22% | Shares |
| HITE Hedge Asset Management LLC | $13,055,919 | 270,589 | 0.19% | Shares |
| Gotham Asset Management, LLC | $13,003,423 | 269,501 | 0.19% | Shares |
| DNB Asset Management AS | $12,785,430 | 264,983 | 0.19% | Shares |
| Medina Value Partners, LLC | $12,219,747 | 253,259 | 0.18% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $12,145,683 | 251,724 | 0.18% | Shares |
| AMERIPRISE FINANCIAL INC | $12,102,694 | 250,833 | 0.18% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $11,887,690 | 246,377 | 0.18% | Shares |
| Toroso Investments, LLC | $11,464,634 | 220,601 | 0.17% | Shares |
| SOROS FUND MANAGEMENT LLC | $11,407,796 | 236,431 | 0.17% | Shares |
| Perpetual Ltd | $11,388,689 | 236,035 | 0.17% | Shares |
| BlackRock, Inc. | $11,262,370 | 233,417 | 0.17% | Shares |
| Engineers Gate Manager LP | $11,142,131 | 230,925 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $10,864,740 | 219,934 | 0.16% | Shares |
| Verition Fund Management LLC | $10,856,250 | 225,000 | 0.16% | Shares |
| South Street Advisors LLC | $10,764,286 | 223,094 | 0.16% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $10,579,356 | 214,157 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $10,465,425 | 216,900 | 0.15% | Call option |
| Squarepoint Ops LLC | $10,386,922 | 215,273 | 0.15% | Shares |
| Clear Harbor Asset Management, LLC | $10,268,372 | 212,816 | 0.15% | Shares |
| ALGERT GLOBAL LLC | $10,066,301 | 208,628 | 0.15% | Shares |
| ExodusPoint Capital Management, LP | $9,718,418 | 201,418 | 0.14% | Shares |
| RAYMOND JAMES FINANCIAL INC | $9,636,973 | 199,730 | 0.14% | Shares |
| Balyasny Asset Management L.P. | $9,635,477 | 199,699 | 0.14% | Shares |
| Retirement Systems of Alabama | $9,389,112 | 194,593 | 0.14% | Shares |
| BLI - Banque de Luxembourg Investments | $9,155,190 | 190,370 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $8,637,763 | 179,021 | 0.13% | Shares |
| XTX Topco Ltd | $8,499,382 | 176,153 | 0.13% | Shares |
| Madison Investment Advisors, LLC | $8,149,571 | 160,078 | 0.12% | Shares |
| MONTRUSCO BOLTON INVESTMENTS INC. | $8,116,374 | 168,215 | 0.12% | Shares |
| Leith Wheeler Investment Counsel Ltd. | $8,083,610 | 167,536 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $8,057,750 | 167,000 | 0.12% | Call option |
| AXA Investment Managers S.A. | $7,619,421 | 141,546 | 0.11% | Shares |
| Brandywine Global Investment Management, LLC | $6,840,551 | 131,625 | 0.10% | Shares |
Company insiders 20 insiders · 9 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Stephen O Leclair | Chief Executive Officer | Feb. 12, 2024 C | 73,692 | 0 | 0 | $0 |
| Mark R Witkowski | Chief Financial Officer | Nov. 15, 2023 C | 19,221 | 0 | 0 | $0 |
| Michael G. Huebert | President | July 22, 2026 F | 24,036 | 0 | 0 | $0 |
| John R Schaller | President | Jan. 16, 2024 C | 0 | 0 | 0 | $0 |
| Bradford A Cowles | President | Nov. 15, 2023 C | 14,679 | 0 | 0 | $0 |
| Laura K Schneider | Chief Human Resources Officer | Feb. 12, 2024 C | 9,672 | 0 | 0 | $0 |
| Jeffrey D Giles | VP, Corporate Department | Feb. 12, 2024 C | 8,217 | 0 | 0 | $0 |
| John Weldon Stephens | VP, Corp. Controller | Dec. 1, 2023 C | 3,468 | 0 | 0 | $0 |
| Mark G Whittenburg | General Counsel and Secretary | April 13, 2023 C | 10,512 | 0 | 0 | $0 |
| James D Hope | Director | July 6, 2026 P | 11,805 | 2 | 0 | $195,083 |
| Orvin T Kimbrough | Director | June 23, 2026 A | 16,757 | 0 | 0 | $0 |
| James G Castellano | Director | June 23, 2026 A | 7,437 | 0 | 0 | $0 |
| Dennis G Gipson | Director | June 23, 2026 A | 16,757 | 0 | 0 | $0 |
| Bhavani Amirthalingam | Director | June 23, 2026 A | 17,955 | 0 | 0 | $0 |
| Robert M Buck | Director | June 23, 2026 A | 15,849 | 0 | 0 | $0 |
| Susan M Hardwick | Director | June 23, 2026 A | 3,379 | 0 | 0 | $0 |
| Margaret Newman | Director | June 23, 2026 A | 16,757 | 0 | 0 | $0 |
| Kathleen M Mazzarella | Director | June 23, 2026 A | 16,757 | 0 | 0 | $0 |
| Nathan K Sleeper | Director | Jan. 10, 2024 G | 0 | 0 | 0 | $0 |
| Carla D Harper | — | Aug. 4, 2026 F | 13,064 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 100 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| AQWA · Global X Funds | 4.20% | 20,220 NS | May 31, 2026 | N-PORT |
| PHO · Invesco Exchange-Traded Fund Trust | 2.44% | 1,097,085 SH | Aug. 8, 2026 | Daily |
| EFRA · iShares Trust | 2.22% | 2,845 SH | Aug. 8, 2026 | Daily |
| CGW · Invesco Exchange-Traded Fund Trust … | 2.16% | 499,572 SH | Aug. 8, 2026 | Daily |
| NBSM · Neuberger Berman ETF Trust | 1.67% | 76,321 NS | May 31, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 1.55% | 5,623 NS | April 30, 2026 | N-PORT |
| TBLU · Tortoise Capital Series Trust | 1.49% | 15,922 NS | May 31, 2026 | N-PORT |
| RSMC · Tidal Trust III | 1.35% | 202,412 NS | April 30, 2026 | N-PORT |
| SMLL · Harbor ETF Trust | 1.14% | 3,141 NS | April 30, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 1.09% | 211,876 NS | April 30, 2026 | N-PORT |
| PBD · Invesco Exchange-Traded Fund Trust … | 1.05% | 43,130 SH | Aug. 8, 2026 | Daily |
| CGMM · Capital Group Equity ETF Trust I | 0.71% | 403,050 NS | May 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.64% | 162,202 NS | April 30, 2026 | N-PORT |
| CGGO · Capital Group Global Growth Equity … | 0.58% | 1,313,228 NS | May 31, 2026 | N-PORT |
| FXR · First Trust Exchange-Traded AlphaDE… | 0.44% | 60,321 NS | April 30, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.43% | 109,735 NS | April 30, 2026 | N-PORT |
| SMLF · iShares Trust | 0.33% | 308,372 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.29% | 90,485 SH | Aug. 8, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.28% | 82,086 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.28% | 21,692 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 23,911 NS | April 30, 2026 | N-PORT |
| IJJ · iShares Trust | 0.27% | 536,173 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.27% | 25,435 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.26% | 25,110 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.25% | 2,492,892 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.25% | 304,155 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.24% | 10,302 NS | May 31, 2026 | N-PORT |
| IJH · iShares Trust | 0.24% | 6,491,710 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.21% | 81,683 SH | Aug. 8, 2026 | Daily |
| DFVE · DoubleLine ETF Trust | 0.21% | 1,145 NS | March 31, 2026 | N-PORT |
| MVV · ProShares Trust | 0.20% | 6,525 NS | May 31, 2026 | N-PORT |
| IJK · iShares Trust | 0.20% | 483,820 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.20% | 360,965 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.20% | 30,537 NS | May 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.20% | 17,479 NS | April 30, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.19% | 3,127 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.17% | 81,329 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.17% | 509,887 NS | May 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 68,107 NS | April 30, 2026 | N-PORT |
| LRGF · iShares Trust | 0.16% | 130,670 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.16% | 15,372 SH | Aug. 8, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 68,756 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.15% | 3,757 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.14% | 31,311 SH | Aug. 8, 2026 | Daily |
| UMDD · ProShares Trust | 0.14% | 911 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.14% | 87,377 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.14% | 16,869 NS | April 30, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.14% | 56,141 NS | April 30, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.13% | 58,683 NS | April 30, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.12% | 228,290 SH | Aug. 8, 2026 | Daily |