DLB Dolby Laboratories Common Stock
About Dolby Laboratories Common Stock Company overview from Wikipedia
Dolby Laboratories, Inc. is an American technology corporation specializing in audio noise reduction, audio encoding/compression, spatial audio, and high-dynamic-range television (HDR) imaging. Dolby licenses its technologies to consumer electronics manufacturers. Dolby is best known for their audio encoding format, Dolby Digital, which popularized the use of surround sound in media.
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Dolby Laboratories, Inc. (Dolby Labs or simply Dolby) is an American technology corporation specializing in audio noise reduction, audio encoding/compression, spatial audio, and high-dynamic-range television (HDR) imaging. Dolby licenses its technologies to consumer electronics manufacturers. Dolby is best known for their audio encoding format, Dolby Digital, which popularized the use of surround sound in media.
History
Dolby Labs was founded by Ray Dolby (1933–2013) in London, England, in 1965. In the same year, he invented the Dolby Noise Reduction system, a form of audio signal processing for reducing the background hissing sound on cassette tape recordings. His first U.S. patent on the technology was filed in 1969, four years later. The method was first used by Decca Records in the UK. After this, other companies began purchasing Dolby's A301 technology, which was the professional noise reduction system used in recording, motion picture, broadcasting stations and communications networks. These companies include BBC, Pye, IBC, CBS Studios, RCA, and Granada.
He moved the company headquarters to the United States (San Francisco, California) in 1976. The first product Dolby Labs produced was the Dolby 301 unit which incorporated Type A Dolby Noise Reduction, a compander-based noise reduction system. These units were intended for use in professional recording studios.
Dolby was persuaded by Henry Kloss of KLH to manufacture a consumer version of his noise reduction. Dolby continued to work on companding systems and introduced Type B in 1968.
Dolby also sought to improve film sound. As the corporation's history explains:
Upon investigation, Dolby found that many of the limitations in optical sound stemmed directly from its significantly high background noise. To filter this noise, the high-frequency response of theatre playback systems was deliberately curtailed… To make matters worse, to increase dialogue intelligibility over such systems, sound mixers were recording soundtracks with so much high-frequency pre-emphasis that high distortion resulted.
The first film with Dolby sound was A Clockwork Orange (1971). The company was approached by Stanley Kubrick, who wanted to use Dolby's noise reduction system to facilitate the film's extensive mixing. The film went on to use Dolby noise reduction on all pre-mixes and masters, but a conventional optical soundtrack on release prints. Callan (1974) was the first film with a Dolby-encoded optical soundtrack. In 1975, Dolby released Dolby Stereo, which included a noise reduction system in addition to more audio channels (Dolby Stereo could actually contain additional center and surround channels matrixed from the left and right). The first film with a Dolby-encoded stereo optical soundtrack was Lisztomania (1975), although this only used an LCR (Left-Center-Right) encoding technique. The first true LCRS (Left-Center-Right-Surround) soundtrack was encoded on the movie A Star Is Born in 1976. In less than ten years, 6,000 cinemas worldwide were equipped to use Dolby Stereo sound. Dolby reworked the system slightly for home use and introduced Dolby Surround, which only extracted a surround channel, and the more impressive Dolby Pro Logic, which was the domestic equivalent of the theatrical Dolby Stereo. In 2005, Dolby's stereo 4-channel optical theater surround was inducted into the TECnology Hall of Fame, an honor given to "products and innovations that have had an enduring impact on the development of audio technology."
Dolby developed a digital surround sound compression scheme for the cinema. Dolby Stereo Digital (now called Dolby Digital) was first featured on the 1992 film Batman Returns. Introduced to the home theater market as Dolby AC-3 with the 1995 LaserDisc release of Clear and Present Danger, the format did not become widespread in the consumer market, partly because extra hardware was needed to make use of it, until it was adopted as part of the DVD specification. Dolby Digital is now found in the HDTV (ATSC) standard of the United States, DVD players, and many satellite-TV and cable-TV receivers. Dolby developed a digital surround sound compression scheme for the TV series The Simpsons.
On February 17, 2005, the company became public, offering its shares on the New York Stock Exchange, under the symbol DLB. On March 15, 2005, Dolby celebrated its 40th anniversary at the ShoWest 2005 Festival in San Francisco.
On January 8, 2007, Dolby announced the arrival of Dolby Volume at the International Consumer Electronics Show.
On June 18, 2010, Dolby introduced Dolby Surround 7.1, which added two rear surround channels to the 5.1 format. The first film to be released in this format was Pixar's Toy Story 3.
In April 2012, Dolby introduced Dolby Atmos, a new cinema technology adding overhead sound, first applied in Pixar's motion picture Brave. In the same year, Dolby bought the naming rights of Hollywood's Dolby Theatre, the venue of the annual Academy Awards ceremony. In July 2014, Dolby Laboratories announced plans to bring Atmos to home theater. The first television show to use the technology on disc was Game of Thrones.
On February 24, 2014, Dolby acquired Doremi Labs for $92.5 million in cash plus an additional $20 million in contingent consideration that may be earned over a four-year period.
In May 2015, Dolby reopened the Vine Theatre, Hollywood as a 70-seat showcase theater, known as Dolby @ Vine or Dolby Screening Room Hollywood Vine.
In May 2019, Dolby added Dolby Atmos to hundreds of newer songs in the music industry.
In May 2020, Dolby launched a developer platform, Dolby.io, aimed at providing developers self-service access to Dolby technologies through public APIs. It allows any person, organization, small and big, to integrate in their websites, apps, games, etc. features such as media enhancements and transcoding, spatial audio, high-quality video communication and low-latency streaming.
In May 2025, BBC Radio 4 broadcast Surrounded by Sound: Ray Dolby and the Art of Noise Reduction to mark Dolby Laboratories' 60th anniversary. This included interviews with his widow Dagmar and two of the first Dolby sound engineers, David Robinson and Ioan Allen (who still worked at the company), and Crimson Tide and Armageddon sound designer Midge Costin. A version of the programme was made in binaural sound.
Technologies
Analog audio noise reduction
Dolby A: professional noise reduction systems for analog reel-to-reel tape and cassettes.
Dolby NR/B/C/S: consumer noise reduction systems for tapes and analog cassettes.
Dolby SR (Spectral Recording): professional four-channel noise reduction system in use since 1986, which improves the dynamic range of analog recordings and transmissions by as much as 25 dB. Dolby SR is utilized by recording and post-production engineers, broadcasters, and other audio professionals. It is also the benchmark in analog film sound, being included today on nearly all 35 mm film prints. On films with digital soundtracks, the SR track is used in cinemas not equipped for digital playback, and it serves as a backup in case of problems with the digital track.
Dolby FM: noise reduction system for FM broadcast radio. Dolby FM was tried by a few radio stations starting with WFMT in 1971. It used Dolby B, combined with 25 microsecond pre-emphasis. A small number of models of tuners and receivers were offered with the necessary decoder built in. In addition, a few cassette deck models appeared that allowed the deck's internal Dolby B decoder to be put in the line level pass-through path, permitting its use with Dolby FM broadcasts. The system was not successful and was on the decline by 1974.
Dolby HX Pro: single-ended system used on high-end tape recorders to increase headroom. The recording bias is lowered as the high-frequency component of the signal being recorded increases, and vice versa. It does nothing to the actual audio that is being recorded, and it does not require a special decoder. Any HX Pro recorded tape will have, in theory, better sound on any deck.
Dolby Advanced Audio: Dolby surround sound, locking preferred volume level, optimizes audio performance for specific PC models and lets turning up the volume to the built-in speakers without distorting the sound.
Audio encoding/compression
Dolby Surround
Dolby Digital (also known as AC-3) is a lossy audio compression format. It supports channel configurations from mono up to six discrete channels (referred to as "5.1"). This format first allowed and popularized surround sound. It was first developed for movie theater sound and spread to LaserDisc and DVD. It has been adopted in many broadcast formats including all North American digital television (ATSC), DVB-T, direct broadcast satellite, cable television, DTMB, IPTV, and surround sound radio services. It is also part of both the Blu-ray and the now-defunct HD DVD standards. Dolby Digital is used to enable surround sound output by most video game consoles. Several personal computers support converting all audio to Dolby Digital for output.
Dolby Digital EX: introduces a matrix-encoded center rear surround channel to Dolby Digital for 6.1 channel output. This center-rear channel is often split to two rear back speakers for 7.1 channel output.
Dolby Digital Plus (also known as E-AC-3) is a lossy audio codec based on Dolby Digital that is backward compatible, but more advanced. The DVD Forum has selected Dolby Digital Plus as a standard audio format for HD DVD video. It supports data rates up to 6 Mbit/s, an increase from Dolby Digital's 640 kbit/s maximum. On Blu-ray, Dolby Digital Plus is implemented differently, as a legacy 640 kbit/s Dolby Digital stream plus an additional stream to expand the surround sound, with a total bandwidth of approximately 1.7 Mbit/s. Dolby Digital Plus is also optimized for limited data-rate environments such as Digital broadcasting.
Dolby Digital Live is a real-time hardware encoding technology for interactive media such as video games. It converts any audio signals on a PC or game console into the 5.1-channel Dolby Digital format and transports it via a single S/PDIF cable. A similar technology known as DTS Connect is available from competitor DTS.
Dolby E: professional coding system optimized for the distribution of surround and multichannel audio through digital two-channel post-production and broadcasting infrastructures, or for recording surround audio on two audio tracks of conventional digital video tapes, video servers, communication links, switchers, and routers. The Dolby E signal does not reach viewers at home. It is transcoded to Dolby Digital at a lower data rate for final DTV transmission.
Dolby Stereo (also known as Stereo A): original analog optical technology developed for 35 mm prints and is encoded with four sound channels: Left/Center/Right (which are located behind the screen) and Surround (which is heard over speakers on the sides and rear of the theatre) for ambient sound and special effects. This technology also employs A-type or SR-type noise reduction, listed above with regards to analog cassette tapes. See also Dolby Surround
Dolby TrueHD: Offers bit-for-bit sound reproduction identical to the studio master. Over seven full-range 24-bit/96 kHz discrete channels are supported (plus an LFE channel, making it 7.1 surround) along with the HDMI interface. Theoretically, Dolby TrueHD can support more channels, but this number has been limited to 8 for HD DVD and Blu-ray Disc.
Dolby Pulse: released in 2009, it is identical to the HE-AAC v2 codec except for the addition of Dolby metadata, which is common for Dolby's other digital audio codecs. This metadata "ensures consistency of broadcast quality."
Dolby AC-4 is a lossy audio compression format that can contain audio channels and/or audio objects.
Dolby Atmos is a suite of technologies for immersive audio having both horizontal and vertical sound placement, using a combination of channel and object-based mixing and delivery. It was first introduced in cinemas with Brave. The first game released with Dolby Atmos audio was Star Wars Battlefront. The means of delivering the channels and objects differ given the technical limitations across different media, and the target platform. Dolby Atmos is not a codec; on the consumer market, pre-recorded Dolby Atmos is delivered as an extension to a Dolby TrueHD, Dolby Digital Plus, or Dolby AC-4 stream.
Audio processing
Dolby Headphone: an implementation of virtual surround, simulating 5.1 surround sound in a standard pair of stereo headphones.
Dolby Virtual Speaker: simulates 5.1 surround sound in a setup of two standard stereo speakers.
Dolby Surround, Dolby Pro Logic, Dolby Pro Logic II, Dolby Pro Logic IIx, and Dolby Pro Logic IIz: these decoders expand sound to a greater number of channels. All can decode surround sound that has been matrixed into two channels; some can expand surround sound to a greater number of speakers than the original source material. See the referenced articles for more details on each decoder.
Audistry: sound enhancement technologies.
Dolby Volume: reduces volume level changes.
Dolby Mobile: A version of Dolby's surround sound technology specifically designed for mobile phones, notably the HTC Desire HD, LG Arena and LG Renoir.
Dolby Audio Plug-in for Android: An API packaged as a Java Library that allows Android Developers to take advantage of Dolby Digital Plus Technology embedded into mobile and tablet devices, notably the Fire HD, Fire HDX, and Samsung Galaxy Tab 3 series.
Dolby Voice: Hardware and software products for enterprise-level web conferencing.
Video processing
Dolby Contrast provides enhanced image contrast to LCD screens with LED backlight units by means of local dimming.
Perceptual Quantizer (PQ), published by SMPTE as SMPTE ST 2084, is a transfer function that allows for the display of high dynamic range (HDR) video with a luminance level of up to 10,000 cd/m2 and can be used with the Rec. 2020 color space. On August 27, 2015, the Consumer Electronics Association announced the HDR10 Media Profile which uses the Rec. 2020 color space, SMPTE ST 2084, and a bit depth of 10-bits. On August 2, 2016, Microsoft released the Windows 10 Anniversary Update, which supports the HDR10 format with PQ (ST 2084) transfer function and Rec.2020 color space.
Dolby Vision is a content mastering and delivery format similar to the HDR10 media profile. It supports both high dynamic range (HDR) and wide color gamut (ITU-R Rec. 2020 and 2100) at all stages from content creation and production to transmission and playback. Dolby Vision includes the Perceptual Quantizier (SMPTE ST-2084) electro-optical transfer function and supports displays with up to 10,000-nit maximum brightness (4,000-nit in practice). It also provides up to 8K resolution and color depth of up to 12-bits (backwards compatible with current 8-bit and 10-bit displays). Dolby Vision can encode mastering display colorimetry information using static metadata (SMPTE ST 2086) and dynamic metadata (SMPTE ST 2094–10, Dolby format) for each scene or frame of a video. Examples of Ultra HD (UHD) Dolby Vision are available in TV, monitor, mobile devices and theater. Dolby Vision content can be delivered on Ultra HD Blu-ray discs, over conventional broadcasting, OTT, and online streaming media services. Dolby Vision metadata can be carried via HDMI interface versions 1.4b and above. It also supports IPTPQc2 color space, that is similar to ICtCp. Dolby Vision IQ is an update designed to optimize Dolby Vision content according to the brightness of the room.
ICtCp provides an improved color representation that is designed for high dynamic range (HDR) and wide color gamut (WCG). An improved constant luminance is an advantage for color processing operations such as chroma subsampling and gamut mapping where only color information is changed. ICtCp is based on a modification of IPT called ICaCb.
Digital cinema
Dolby Digital Cinema
Dolby Surround 7.1, first introduced theatrically with Toy Story 3, in 2010.
Dolby 3D
Dolby Atmos
Dolby Cinema, a premium cinema concept developed by Dolby Laboratories as a direct competitor to IMAX.
Live sound
Dolby Lake Processor - as of 2009, all Lake products are owned by Lab Gruppen.
Over the years Dolby has introduced several surround sound systems. Their differences are explained below.
Dolby matrix surround systems
Dolby discrete surround systems
ATSC controversy
Dolby Digital AC-3 is used as the audio codec for the ATSC standards, though it was standardized as A/52 by the ATSC. It allows the transport of up to five channels of sound with a sixth channel for low-frequency effects (the so-called "5.1" configuration). In contrast, Japanese ISDB HDTV broadcasts use MPEG's Advanced Audio Coding (AAC) as the audio codec, which also allows 5.1 audio output. DVB allows both.
MPEG-2 audio was a contender for the ATSC standard during the "Grand Alliance" shootout, but lost out to Dolby AC-3. The Grand Alliance issued a statement finding the MPEG-2 system to be "essentially equivalent" to Dolby, but only after the Dolby selection had been made. Later, a story emerged that MIT had entered into an agreement with Dolby whereupon the university would be awarded a large sum of money if the MPEG-2 system was rejected. Dolby also offered an incentive for Zenith to switch their vote (which they did); however, it is unknown whether they accepted the offer.
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DLB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 11, 2026 | $0.3600 |
| May 12, 2026 | $0.3600 |
| Feb. 10, 2026 | $0.3600 |
| Dec. 2, 2025 | $0.3600 |
| Aug. 12, 2025 | $0.3300 |
| May 13, 2025 | $0.3300 |
| Feb. 11, 2025 | $0.3300 |
| Dec. 3, 2024 | $0.3300 |
| Aug. 19, 2024 | $0.3000 |
| May 13, 2024 | $0.3000 |
| Feb. 12, 2024 | $0.3000 |
| Nov. 27, 2023 | $0.3000 |
| Aug. 11, 2023 | $0.2700 |
| May 15, 2023 | $0.2700 |
| Feb. 13, 2023 | $0.2700 |
| Nov. 29, 2022 | $0.2700 |
| Aug. 22, 2022 | $0.2500 |
| May 16, 2022 | $0.2500 |
| Feb. 15, 2022 | $0.2500 |
| Nov. 29, 2021 | $0.2500 |
DLB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 4 40.0%
- Buy 3 30.0%
- Hold 3 30.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-14Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.69 | $0.68 | 0.01% |
| March 31, 2026 | $1.37 | $1.35 | 0.02% |
| Dec. 31, 2025 | $1.06 | $1.35 | -0.29% |
| Sept. 30, 2025 | $0.99 | $0.71 | 0.28% |
| June 30, 2025 | $0.78 | $0.72 | 0.06% |
| March 31, 2025 | $1.34 | $1.28 | 0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DLB | — | 27.6 | 5.9% | 18.9% | 10.0% | 88.1% |
| GTLB | — | -103.1 | 25.8% | -5.9% | -6.3% | 87.4% |
| QLYS | $4.75B | 24.4 | 10.1% | 29.6% | 37.1% | 82.8% |
| NTSK | $0 | -4.7 | 31.7% | -95.8% | 325.4% | 68.1% |
| CVLT | $3.21B | 49.3 | 18.9% | 6.0% | 64.8% | 81.2% |
| VRNS | $3.86B | -29.0 | 13.2% | -20.7% | -27.5% | 78.8% |
| TENB | — | -78.4 | 11.0% | -3.6% | -10.7% | 78.1% |
| ADEA | $1.88B | 17.4 | 17.9% | 25.1% | 25.3% | — |
| TDC | $2.82B | 22.5 | -5.0% | 7.8% | 64.0% | 59.4% |
| APPN | $2.62B | 1771.0 | 17.8% | 0.17% | -2.5% | 72.5% |
| MSFT | $2.77T | 20.8 | 17.8% | 40.3% | 34.0% | 67.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.27B | $1.30B | $1.25B | $1.28B | $1.16B | $1.24B | $1.05B | $1.08B | $1.03B | $971M | · | |
| Cost of Revenue | $160M | $140M | $153M | $141M | $130M | $146M | $161M | $128M | $119M | $109M | $95M | · | |
| Gross Profit | $1.19B | $1.13B | $1.15B | $1.11B | $1.15B | $1.02B | $1.08B | $927M | $962M | $917M | $876M | · | |
| R&D Expense | $262M | $264M | $272M | $261M | $254M | $239M | $238M | $237M | $233M | $220M | $201M | · | |
| SG&A Expense | $287M | $270M | $258M | $275M | $224M | $220M | $205M | $197M | $172M | $169M | $182M | · | |
| Operating Expenses | $924M | $875M | $931M | $906M | $807M | $797M | $824M | $744M | $715M | $685M | $663M | · | |
| Operating Income | $265M | $258M | $216M | $207M | $344M | $219M | $257M | $184M | $247M | $232M | $213M | · | |
| Interest Expense | · | · | · | $394.0K | $479.0K | $186.0K | $170.0K | $198.0K | $127.0K | $125.0K | $183.0K | · | |
| Interest Income | · | · | · | $7M | $3M | $13M | $25M | $19M | $10M | $6M | $5M | · | |
| Other Non-op | $23M | $20M | $6M | $2M | $7M | $8M | $481.0K | $-6M | $-1M | $-1M | $28M | · | |
| Pretax Income | $303M | $312M | $250M | $215M | $355M | $240M | $282M | $196M | $255M | $236M | $246M | · | |
| Income Tax | $47M | $48M | $48M | $31M | $37M | $8M | $27M | $154M | $48M | $50M | $63M | · | |
| Net Income | $255M | $262M | $201M | $184M | $310M | $231M | $255M | $42M | $206M | $186M | $181M | · | |
| EPS (Basic) | $2.66 | $2.74 | $2.10 | $1.84 | $3.07 | $2.30 | $2.51 | $0.40 | $2.03 | $1.85 | $1.77 | · | |
| EPS (Diluted) | $2.62 | $2.69 | $2.05 | $1.81 | $2.97 | $2.25 | $2.44 | $0.39 | $2.00 | $1.81 | $1.75 | · | |
| Shares (Basic) | 95,868,000 | 95,544,000 | 95,771,000 | 99,990,000 | 101,190,000 | 100,564,000 | 101,629,000 | 103,377,000 | 101,784,000 | 100,717,000 | 102,354,000 | · | |
| Shares (Diluted) | 97,479,000 | 97,325,000 | 97,733,000 | 101,983,000 | 104,622,000 | 102,944,000 | 104,572,000 | 106,978,000 | 103,286,000 | 102,424,000 | 103,862,000 | · | |
| EBITDA | $265M | $258M | $216M | $207M | $344M | $219M | $257M | · | $249M | $232M | $213M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $702M | $482M | $745M | $620M | $1.23B | $1.07B | $797M | $918M | $634M | $520M | $532M | · | |
| Short-term Investments | $703.0K | $0 | $139M | $189M | $39M | $47M | $119M | $178M | $248M | $122M | $139M | · | |
| Receivables | $331M | $315M | $262M | $244M | $233M | $180M | $189M | $166M | $74M | $76M | $102M | · | |
| Inventory | $30M | $34M | $36M | $24M | $11M | $26M | $32M | $26M | $25M | $16M | $14M | · | |
| Prepaid Expense | $52M | $70M | $51M | $50M | $63M | $53M | $40M | $35M | $31M | $26M | $32M | · | |
| Other Current Assets | $24M | $40M | $26M | $23M | $33M | $35M | $22M | $14M | $11M | $12M | $8M | · | |
| Current Assets | $1.39B | $1.19B | $1.49B | $1.31B | $1.76B | $1.55B | $1.38B | $1.50B | $1.01B | $760M | $821M | · | |
| PP&E (Net) | $471M | $479M | $482M | $513M | $534M | $542M | $537M | $514M | $485M | $444M | $403M | · | |
| PP&E (Gross) | $1.08B | $1.10B | $1.06B | $1.07B | $1.07B | $1.02B | $955M | $876M | $791M | $694M | $605M | · | |
| Accum. Depreciation | $608M | $619M | $577M | $558M | $538M | $476M | $417M | $362M | $305M | $251M | $202M | · | |
| Goodwill | $530M | $533M | $408M | $365M | $341M | $337M | $335M | $328M | $311M | $310M | $308M | · | |
| Intangibles | $397M | $435M | $167M | $112M | $123M | $152M | $181M | $184M | $190M | $215M | $128M | · | |
| Other Non-current Assets | $114M | $121M | $95M | $55M | $61M | $91M | $93M | $80M | $31M | $21M | $9M | · | |
| Total Assets | $3.23B | $3.11B | $2.98B | $2.69B | $3.11B | $2.92B | $2.82B | $2.87B | $2.53B | $2.31B | $2.13B | · | |
| Accounts Payable | $18M | $17M | $21M | $14M | $18M | $13M | $15M | $22M | $14M | $18M | $21M | · | |
| Accrued Liabilities | $369M | $348M | $351M | $230M | $263M | $220M | $268M | $243M | $207M | $169M | $169M | · | |
| Current Liabilities | $438M | $418M | $422M | $278M | $316M | $267M | $307M | $285M | $246M | $213M | $210M | · | |
| Capital Leases | $28M | $35M | $37M | $38M | $57M | $65M | $0 | · | · | · | · | · | |
| Other Non-current Liabilities | $100M | $136M | $108M | $100M | $105M | $122M | $177M | $184M | $108M | $83M | $77M | · | |
| Total Liabilities | $596M | $623M | $608M | $439M | $501M | $479M | $509M | $495M | $390M | $331M | $317M | · | |
| Retained Earnings | $2.63B | $2.50B | $2.39B | $2.30B | $2.61B | $2.44B | $2.33B | $2.31B | $2.08B | $1.94B | $1.80B | · | |
| AOCI | $-13M | $-19M | $-37M | $-52M | $-10M | $-11M | $-21M | $-16M | $-8M | $-10M | $-11M | · | |
| Stockholders' Equity | $2.62B | $2.48B | $2.36B | $2.25B | $2.60B | $2.43B | $2.31B | $2.36B | $2.14B | $1.97B | $1.81B | · | |
| Liabilities + Equity | $3.23B | $3.11B | $2.98B | $2.69B | $3.11B | $2.92B | $2.82B | $2.87B | $2.53B | $2.31B | $2.13B | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $88M | $76M | $83M | $88M | $96M | $91M | $85M | $81M | $84M | $85M | $69M | · | |
| Stock-based Comp | $129M | $120M | $118M | $115M | $100M | $87M | $77M | $71M | $65M | $67M | $67M | · | |
| Deferred Tax | $5M | $-22M | $-18M | $-29M | $-37M | $-5M | $-40M | $61M | $-35M | $-23M | $-14M | · | |
| Amort. of Intangibles | $45M | $33M | $29M | $29M | $30M | $30M | $30M | $26M | $31M | $33M | $21M | · | |
| Restructuring | $15M | $6M | $47M | $11M | $10M | $2M | $37M | $-446.0K | $13M | $1M | $-80.0K | · | |
| Operating Cash Flow | $472M | $327M | $367M | $319M | $448M | $344M | $328M | $352M | $378M | $360M | $309M | · | |
| CapEx | $36M | $30M | $30M | $48M | $54M | $66M | $96M | $73M | $100M | $101M | $158M | · | |
| Investing Cash Flow | $-11M | $-286M | $54M | $-296M | $-45M | $134M | $-56M | $78M | $-158M | $-282M | $-204M | · | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | $0 | · | |
| Stock Repurchased | $125M | $160M | $149M | $530M | $246M | $174M | $341M | $150M | $100M | $101M | $107M | · | |
| Net Stock Activity | $-125M | $-160M | $-149M | $-530M | $-246M | $-174M | $-341M | · | $-100M | $-101M | $-107M | · | |
| Dividends Paid | $127M | $115M | $103M | $100M | $89M | $89M | $77M | $66M | $57M | $48M | $41M | · | |
| Financing Cash Flow | $-247M | $-288M | $-237M | $-611M | $-253M | $-208M | $-385M | $-134M | $-107M | $-92M | $-139M | · | |
| Net Change in Cash | $216M | $-240M | $190M | $-605M | $153M | $274M | $-120M | $291M | $111M | $-16M | $-37M | · | |
| Free Cash Flow | $436M | $297M | $337M | $271M | $393M | $278M | $231M | · | $271M | $256M | $152M | · | |
| Levered FCF | · | · | · | $270M | $393M | $277M | $231M | · | $271M | $256M | $152M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.1% | 89.0% | 88.3% | 88.7% | 89.8% | 87.4% | 87.0% | · | 89.1% | 89.4% | 90.2% | · | |
| Operating Margin | 19.6% | 20.3% | 16.6% | 16.5% | 26.9% | 18.8% | 20.7% | · | 23.0% | 22.6% | 22.0% | · | |
| Net Margin | 18.9% | 20.6% | 15.4% | 14.7% | 24.2% | 19.9% | 20.5% | · | 18.7% | 18.1% | 18.7% | · | |
| Pretax Margin | 22.5% | 24.5% | 19.2% | 17.2% | 27.7% | 20.6% | 22.7% | · | 23.7% | 23.0% | 25.3% | · | |
| EBITDA Margin | 19.6% | 20.3% | 16.6% | 16.5% | 26.9% | 18.8% | 20.7% | · | 23.0% | 22.6% | 22.0% | · | |
| ROA | 8.1% | 8.6% | 7.1% | 6.3% | 10.3% | 8.1% | 9.0% | · | 8.3% | 8.4% | 8.8% | · | |
| ROE | 10.0% | 10.8% | 8.7% | 7.6% | 12.3% | 9.8% | 10.9% | · | 9.8% | 9.8% | 10.3% | · | |
| ROIC | 8.5% | 8.8% | 7.4% | 7.9% | 11.9% | 8.7% | 10.1% | · | 9.2% | 9.3% | 8.8% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 2.9 | 3.5 | 4.7 | 5.6 | 5.8 | 4.5 | · | 4.1 | 3.6 | 4.4 | · | |
| Quick Ratio | 2.4 | 1.9 | 2.7 | 3.8 | 4.7 | 4.9 | 3.6 | · | 3.9 | 3.3 | 3.7 | · | |
| Interest Coverage | · | · | · | 524.4 | 719.0 | 1176.0 | 1512.2 | · | 1957.7 | 1854.4 | 1165.2 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.5 | 0.5 | · | |
| Inventory Turnover | 5.0 | 4.1 | 5.2 | 8.2 | 7.1 | 5.1 | 5.5 | · | 5.7 | 7.2 | 8.5 | · | |
| Receivables Turnover | 4.2 | 4.4 | 5.1 | 5.3 | 6.2 | 6.3 | 7.0 | · | 14.5 | 11.6 | 10.3 | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.9% | -2.0% | 3.7% | -2.1% | 10.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.5% | -0.20% | 3.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 3.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -2.6% | 31.2% | 13.3% | -39.1% | 32.0% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 13.1% | -3.2% | -3.1% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 3.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -2.6% | 30.5% | 9.0% | -40.7% | 34.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 11.5% | -5.5% | -4.6% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 2.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 7.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.35B | $1.27B | $1.30B | $1.25B | $1.28B | $1.16B | $1.24B | $1.05B | $1.08B | $1.03B | $971M | $960M | |
| Net Income TTM | $255M | $262M | $201M | $184M | $310M | $231M | $255M | $42M | $206M | $186M | $181M | $206M | |
| P/E | 27.6 | 28.1 | 38.7 | 36.0 | 31.1 | 28.9 | 26.1 | 179.4 | 28.8 | 30.0 | 17.9 | 21.9 | |
| Earnings Yield | 3.6% | 3.6% | 2.6% | 2.8% | 3.2% | 3.5% | 3.8% | 0.56% | 3.5% | 3.3% | 5.6% | 4.6% | |
| Payout Ratio | 49.6% | 43.8% | 51.5% | 54.4% | 28.7% | 38.3% | 30.4% | · | 28.3% | 26.0% | 22.6% | · | |
| Annual Payout | $127M | $115M | $103M | $100M | $89M | $89M | $77M | $66M | $57M | $48M | $41M | · |
Income Statement 18
| Metric | Trend | 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 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $305M | $396M | $347M | $307M | $316M | $370M | $357M | $305M | $289M | $365M | $316M | $291M | $298M | $376M | $335M | $278M | |
| Cost of Revenue | $40M | $45M | $43M | $40M | $44M | $36M | $41M | $34M | $36M | $39M | $32M | $36M | $42M | $41M | $34M | $37M | |
| Gross Profit | $265M | $351M | $303M | $268M | $272M | $334M | $316M | $271M | $253M | $326M | $284M | $255M | $257M | $335M | $300M | $241M | |
| R&D Expense | $66M | $64M | $69M | $67M | $66M | $62M | $67M | $69M | $66M | $62M | $67M | $70M | $69M | $68M | $64M | $62M | |
| SG&A Expense | $76M | $76M | $70M | $74M | $72M | $70M | $70M | $69M | $69M | $67M | $65M | $67M | $70M | $62M | $60M | $57M | |
| Operating Expenses | $230M | $238M | $241M | $238M | $224M | $226M | $236M | $224M | $216M | $217M | $217M | $259M | $241M | $226M | $206M | $214M | |
| Operating Income | $34M | $113M | $62M | $30M | $48M | $108M | $80M | $46M | $37M | $109M | $66M | $-3M | $16M | $109M | $94M | $27M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | $114.0K | $-34.0K | $81.0K | · | |
| Interest Income | $3M | $5M | $4M | · | $4M | $4M | $3M | · | $9M | $9M | $9M | · | $7M | $7M | $5M | · | |
| Other Non-op | $6M | $2M | $5M | $7M | $4M | $9M | $4M | $7M | $4M | $4M | $5M | $3M | $620.0K | $1M | $1M | $667.0K | |
| Pretax Income | $44M | $120M | $72M | $42M | $56M | $120M | $86M | $60M | $50M | $122M | $81M | $9M | $24M | $117M | $100M | $31M | |
| Income Tax | $15M | $24M | $18M | $-8M | $9M | $28M | $18M | $868.0K | $11M | $24M | $13M | $-875.0K | $7M | $21M | $21M | $3M | |
| Net Income | $29M | $95M | $53M | $49M | $46M | $92M | $68M | $59M | $38M | $98M | $67M | $9M | $16M | $96M | $79M | $28M | |
| EPS (Basic) | $0.30 | $1.00 | $0.56 | $0.52 | $0.48 | $0.95 | $0.71 | $0.62 | $0.40 | $1.02 | $0.70 | $0.10 | $0.17 | $1.00 | $0.83 | $0.29 | |
| EPS (Diluted) | $0.30 | $0.99 | $0.55 | $0.50 | $0.48 | $0.94 | $0.70 | $0.59 | $0.40 | $1.01 | $0.69 | $0.08 | $0.17 | $0.98 | $0.82 | $0.29 | |
| Shares (Basic) | 94,242,000 | 95,218,000 | 95,466,000 | -191,973,000 | 95,897,000 | 96,329,000 | 95,615,000 | -191,236,000 | 95,686,000 | 95,718,000 | 95,376,000 | -191,612,000 | 95,658,000 | 95,820,000 | 95,905,000 | -946,000 | |
| Shares (Diluted) | 94,518,000 | 95,515,000 | 96,518,000 | -194,039,000 | 96,900,000 | 97,471,000 | 97,147,000 | -193,929,000 | 96,959,000 | 96,856,000 | 97,439,000 | -194,071,000 | 97,459,000 | 97,298,000 | 97,047,000 | -1,010,000 | |
| EBITDA | $34M | $113M | $62M | · | $48M | $108M | $80M | · | $37M | $109M | $66M | · | $16M | $109M | $94M | · |
Balance Sheet 24
| Metric | Trend | 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 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $669M | $594M | $644M | $702M | $699M | $627M | $521M | $482M | $742M | $710M | $657M | · | $765M | $688M | $626M | · | |
| Short-term Investments | $652.0K | $460.0K | $739.0K | $703.0K | $763.0K | · | · | $0 | $127M | $116M | $141M | · | $124M | $126M | $133M | · | |
| Receivables | $285M | $391M | $373M | $331M | $298M | $314M | $339M | $315M | $286M | $282M | $293M | · | $267M | $283M | $290M | · | |
| Inventory | $31M | $32M | $31M | $30M | $32M | $35M | $32M | $34M | $35M | $36M | $38M | · | $32M | $30M | $26M | · | |
| Prepaid Expense | $64M | $78M | $77M | $52M | $46M | $60M | $82M | $70M | $51M | $50M | $54M | · | $54M | $54M | $53M | · | |
| Other Current Assets | $39M | $51M | $47M | $24M | $20M | $28M | $50M | $40M | $22M | $22M | $26M | · | $29M | $28M | $25M | · | |
| Current Assets | $1.33B | $1.41B | $1.41B | $1.39B | $1.34B | $1.39B | $1.29B | $1.19B | $1.47B | $1.55B | $1.45B | · | $1.47B | $1.46B | $1.35B | · | |
| PP&E (Net) | $459M | $462M | $467M | $471M | $478M | $473M | $476M | $479M | $478M | $481M | $479M | · | $502M | $508M | $512M | · | |
| PP&E (Gross) | $1.07B | $1.07B | $1.08B | $1.08B | $1.08B | $1.11B | $1.10B | $1.10B | $1.08B | $1.08B | $1.07B | · | $1.08B | $1.08B | $1.07B | · | |
| Accum. Depreciation | $611M | $609M | $613M | $608M | $598M | $634M | $624M | $619M | $605M | $597M | $592M | · | $577M | $569M | $554M | · | |
| Goodwill | $528M | $530M | $530M | $530M | $529M | $525M | $520M | $533M | $408M | $409M | $410M | $408M | $426M | $370M | $369M | $365M | |
| Intangibles | $382M | $390M | $364M | $397M | $408M | $412M | $421M | $435M | $145M | $152M | $160M | · | $177M | $99M | $106M | · | |
| Other Non-current Assets | $119M | $118M | $88M | $114M | $103M | $99M | $105M | $121M | $97M | $71M | $97M | · | $86M | $47M | $52M | · | |
| Total Assets | $3.16B | $3.25B | $3.19B | $3.23B | $3.20B | $3.23B | $3.16B | $3.11B | $2.97B | $3.04B | $2.94B | · | $3.01B | $2.84B | $2.75B | · | |
| Accounts Payable | $12M | $21M | $9M | $18M | $17M | $17M | $12M | $17M | $16M | $20M | $14M | · | $15M | $17M | $17M | · | |
| Accrued Liabilities | $360M | $405M | $376M | $369M | $317M | $376M | $361M | $348M | $281M | $363M | $327M | · | $347M | $247M | $230M | · | |
| Current Liabilities | $416M | $475M | $444M | $438M | $389M | $457M | $442M | $418M | $355M | $443M | $394M | · | $423M | $314M | $290M | · | |
| Capital Leases | $38M | $40M | $30M | $28M | $28M | $30M | $33M | $35M | $36M | $38M | $34M | · | $37M | $35M | $34M | · | |
| Other Non-current Liabilities | $87M | $84M | $90M | $100M | $136M | $129M | $134M | $136M | $100M | $90M | $108M | · | $124M | $108M | $109M | · | |
| Total Liabilities | $564M | $622M | $589M | $596M | $582M | $646M | $642M | $623M | $526M | $607M | $573M | · | $625M | $480M | $456M | · | |
| Retained Earnings | $2.60B | $2.63B | $2.60B | $2.63B | $2.62B | $2.60B | $2.54B | $2.50B | $2.46B | $2.45B | $2.37B | · | $2.40B | $2.38B | $2.32B | · | |
| AOCI | $-15M | $-12M | $-11M | $-13M | $-14M | $-28M | $-36M | $-19M | $-30M | $-29M | $-21M | · | $-31M | $-27M | $-32M | $-52M | |
| Stockholders' Equity | $2.58B | $2.62B | $2.59B | $2.62B | $2.60B | $2.57B | $2.51B | $2.48B | $2.43B | $2.42B | $2.35B | · | $2.37B | $2.35B | $2.29B | · | |
| Liabilities + Equity | $3.16B | $3.25B | $3.19B | $3.23B | $3.20B | $3.23B | $3.16B | $3.11B | $2.97B | $3.04B | $2.94B | · | $3.01B | $2.84B | $2.75B | · |
Cash Flow 15
| Metric | Trend | 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 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $23M | $24M | $24M | $22M | $22M | $22M | $22M | $21M | $18M | $18M | $18M | $21M | $21M | $21M | $19M | $19M | |
| Stock-based Comp | $31M | $31M | $37M | $31M | $31M | $31M | $36M | $30M | $29M | $29M | $32M | $28M | $29M | $30M | $31M | $27M | |
| Deferred Tax | $-4M | $5M | $16.0K | $14M | $-5M | $4M | $-7M | $-4M | $-11M | $-1M | $-5M | $3M | $-2M | $-11M | $-8M | $-322.0K | |
| Amort. of Intangibles | $12M | $11M | $11M | $11M | $11M | $11M | $12M | $11M | $8M | $7M | $8M | $8M | $8M | $7M | $6M | $7M | |
| Restructuring | $4M | $2M | $10M | $6M | $-547.0K | $4M | $5M | $-1M | $4M | $-2M | $6M | $31M | $17M | $33.0K | $-244.0K | $5M | |
| Operating Cash Flow | $167M | $93M | $55M | $123M | $68M | $175M | $107M | $116M | $21M | $181M | $8M | $85M | $121M | $105M | $56M | $51M | |
| CapEx | $15M | $9M | $5M | $16M | $6M | $7M | $7M | $7M | $8M | $9M | $6M | $8M | $7M | $8M | $7M | $11M | |
| Investing Cash Flow | $-10M | $-46M | $1M | $-22M | $-6M | $26M | $-8M | $-261M | $-8M | $-18M | $633.0K | $-20M | $22M | $24M | $28M | $-41M | |
| Stock Repurchased | $65M | $65M | $70M | $35M | $70M | $35M | $15M | $20M | $35M | $25M | $80M | $25M | $25M | $50M | $49M | $424M | |
| Net Stock Activity | $-65M | $-65M | $-70M | · | $-40M | $-35M | $-15M | · | $-35M | $-25M | $-80M | · | $-25M | $-50M | $-49M | · | |
| Dividends Paid | $34M | $34M | $34M | $32M | $32M | $32M | $32M | $29M | $29M | $29M | $29M | $26M | $26M | $26M | $26M | $24M | |
| Financing Cash Flow | $-91M | $-100M | $-122M | $-64M | $-61M | $-65M | $-58M | $-60M | $-58M | $-44M | $-125M | $-43M | $-37M | $-67M | $-90M | $-242M | |
| Net Change in Cash | $65M | $-54M | $-66M | $37M | $6M | $139M | $34M | $-201M | $-46M | $116M | $-109M | $19M | $106M | $62M | $3M | $-239M | |
| Free Cash Flow | · | · | $50M | · | · | · | $100M | · | · | · | $2M | · | · | · | $49M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $49M | · |
Profitability 8
| Metric | Trend | 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 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8% | 88.7% | 87.5% | · | 86.1% | 90.3% | 88.6% | · | 87.6% | 89.4% | 89.8% | · | 86.1% | 89.1% | 89.7% | · | |
| Operating Margin | 11.2% | 28.5% | 17.9% | · | 15.1% | 29.2% | 22.4% | · | 12.7% | 29.9% | 21.0% | · | 5.3% | 29.1% | 28.1% | · | |
| Net Margin | 9.4% | 24.0% | 15.4% | · | 14.6% | 24.8% | 19.0% | · | 13.3% | 26.8% | 21.2% | · | 5.5% | 25.5% | 23.7% | · | |
| Pretax Margin | 14.4% | 30.3% | 20.6% | · | 17.6% | 32.5% | 24.1% | · | 17.4% | 33.4% | 25.6% | · | 8.0% | 31.2% | 29.8% | · | |
| EBITDA Margin | 11.2% | 28.5% | 17.9% | · | 15.1% | 29.2% | 22.4% | · | 12.7% | 29.9% | 21.0% | · | 5.3% | 29.1% | 28.1% | · | |
| ROA | 0.90% | 2.9% | 1.7% | · | 1.5% | 2.9% | 2.2% | · | 1.3% | 3.3% | 2.4% | · | 0.55% | 3.2% | 2.7% | · | |
| ROE | 1.1% | 3.7% | 2.1% | · | 1.8% | 3.7% | 2.8% | · | 1.6% | 4.1% | 2.9% | · | 0.68% | 3.9% | 3.2% | · | |
| ROIC | 0.89% | 3.4% | 1.8% | · | 1.5% | 3.2% | 2.5% | · | 1.2% | 3.6% | 2.4% | · | 0.47% | 3.8% | 3.3% | · |
Liquidity & Solvency 3
| Metric | Trend | 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 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.0 | 3.2 | · | 3.4 | 3.0 | 2.9 | · | 4.1 | 3.5 | 3.7 | · | 3.5 | 4.7 | 4.6 | · | |
| Quick Ratio | 2.3 | 2.1 | 2.3 | · | 2.6 | 2.1 | 1.9 | · | 3.3 | 2.5 | 2.8 | · | 2.7 | 3.5 | 3.6 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | · | 139.8 | -3212.5 | 1161.6 | · |
Efficiency 3
| Metric | Trend | 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 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | |
| Inventory Turnover | 1.3 | 1.3 | 1.4 | · | 1.3 | 1.0 | 1.2 | · | 1.1 | 1.2 | 1.0 | · | 1.5 | 1.7 | 1.8 | · | |
| Receivables Turnover | 1.0 | 1.1 | 1.0 | · | 1.1 | 1.2 | 1.1 | · | 1.0 | 1.3 | 1.1 | · | 1.2 | 1.5 | 1.3 | · |
Valuation (TTM) 5
| Metric | Trend | 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 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.36B | $1.43B | $1.39B | · | $1.33B | $1.38B | $1.33B | · | $1.27B | $1.35B | $1.32B | · | $1.30B | $1.33B | $1.31B | · | |
| Net Income TTM | $223M | $286M | $259M | · | $244M | $296M | $271M | · | $220M | $277M | $258M | · | $231M | $251M | $236M | · | |
| P/E | 23.1 | 19.6 | 24.6 | · | 29.4 | 26.2 | 28.0 | · | 34.9 | 29.4 | 32.4 | · | 35.5 | 33.5 | 30.1 | · | |
| Earnings Yield | 4.3% | 5.1% | 4.1% | · | 3.4% | 3.8% | 3.6% | · | 2.9% | 3.4% | 3.1% | · | 2.8% | 3.0% | 3.3% | · | |
| Payout Ratio | · | · | 64.4% | · | · | · | 46.5% | · | · | · | 42.6% | · | · | · | 32.6% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-09-26 | 2024-09-27 | 2023-09-29 | 2022-09-30 | 2021-09-24 | |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.27B | $1.30B | $1.25B | $1.28B |
| Gross Margin % | 88.1% | 89.0% | 88.3% | 88.7% | 89.8% |
| Operating Margin % | 19.6% | 20.3% | 16.6% | 16.5% | 26.9% |
| Net Income | $255M | $262M | $201M | $184M | $310M |
| Diluted EPS | $2.62 | $2.69 | $2.05 | $1.81 | $2.97 |
Balance Sheet
| 2025-09-26 | 2024-09-27 | 2023-09-29 | 2022-09-30 | 2021-09-24 | |
|---|---|---|---|---|---|
| Current Ratio | 3.2 | 2.9 | 3.5 | 4.7 | 5.6 |
| Quick Ratio | 2.4 | 1.9 | 2.7 | 3.8 | 4.7 |
Cash Flow
| 2025-09-26 | 2024-09-27 | 2023-09-29 | 2022-09-30 | 2021-09-24 | |
|---|---|---|---|---|---|
| Free Cash Flow | $436M | $297M | $337M | $271M | $393M |
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Institutional owners (13F) 419 filers · $2.3B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 54 (-20 vs prior Q) | 71 (+28 vs prior Q) | 129 (-23 vs prior Q) | 146 (+22 vs prior Q) | +8.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $465,641,367 | 7,250,722 | 20.63% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $260,307,911 | 4,950,702 | 11.53% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $143,116,240 | 2,721,876 | 6.34% | Shares |
| STATE STREET CORP | $121,848,997 | 2,317,402 | 5.40% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $84,360,725 | 1,604,137 | 3.74% | Shares |
| FMR LLC | $83,186,039 | 1,582,085 | 3.69% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $75,115,319 | 1,428,591 | 3.33% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $69,650,833 | 1,324,664 | 3.09% | Shares |
| DISCIPLINED GROWTH INVESTORS INC /MN | $65,608,877 | 1,247,791 | 2.91% | Shares |
| NORGES BANK | $44,743,582 | 850,962 | 1.98% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $42,496,471 | 808,225 | 1.88% | Shares |
| AMERIPRISE FINANCIAL INC | $34,650,904 | 659,013 | 1.54% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $27,717,968 | 527,158 | 1.23% | Shares |
| Fiera Capital Corp | $24,494,288 | 465,848 | 1.09% | Shares |
| Robeco Institutional Asset Management B.V. | $22,487,992 | 427,691 | 1.00% | Shares |
| MILLENNIUM MANAGEMENT LLC | $22,087,123 | 420,067 | 0.98% | Shares |
| D. E. Shaw & Co., Inc. | $21,820,963 | 415,005 | 0.97% | Shares |
| MACKENZIE FINANCIAL CORP | $21,737,413 | 413,416 | 0.96% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $21,679,522 | 412,315 | 0.96% | Shares |
| SHAPIRO CAPITAL MANAGEMENT LLC | $20,383,426 | 387,665 | 0.90% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $20,062,845 | 381,568 | 0.89% | Shares |
| Gotham Asset Management, LLC | $17,665,671 | 335,977 | 0.78% | Shares |
| Squarepoint Ops LLC | $17,612,880 | 334,973 | 0.78% | Shares |
| Ninety One UK Ltd | $17,382,836 | 330,598 | 0.77% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $16,675,694 | 317,149 | 0.74% | Shares |
| Boston Partners | $16,133,950 | 309,992 | 0.71% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $15,349,942 | 291,935 | 0.68% | Shares |
| RHUMBLINE ADVISERS | $14,281,671 | 271,619 | 0.63% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $14,135,187 | 268,832 | 0.63% | Shares |
| ALPS ADVISORS INC | $13,696,775 | 260,494 | 0.61% | Shares |
| Boston Trust Walden Corp | $12,637,813 | 240,354 | 0.56% | Shares |
| MARSHALL WACE, LLP | $12,393,422 | 235,706 | 0.55% | Shares |
| Qube Research & Technologies Ltd | $10,830,744 | 205,986 | 0.48% | Shares |
| CITADEL ADVISORS LLC | $10,819,860 | 205,779 | 0.48% | Shares |
| Bank of New York Mellon Corp | $10,384,971 | 197,508 | 0.46% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $10,361,204 | 197,056 | 0.46% | Shares |
| Trexquant Investment LP | $9,995,616 | 190,103 | 0.44% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $9,677,349 | 184,050 | 0.43% | Shares |
| SEI INVESTMENTS CO | $9,541,850 | 181,473 | 0.42% | Shares |
| GOLDMAN SACHS GROUP INC | $9,433,167 | 179,406 | 0.42% | Shares |
| Aristotle Capital Boston, LLC | $8,719,465 | 165,832 | 0.39% | Shares |
| UBS Group AG | $6,962,486 | 132,417 | 0.31% | Shares |
| Vest Financial, LLC | $6,518,816 | 123,979 | 0.29% | Shares |
| Swiss National Bank | $6,425,276 | 122,200 | 0.28% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,397,777 | 121,677 | 0.28% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $6,100,489 | 116,023 | 0.27% | Shares |
| California Public Employees Retirement System | $5,956,420 | 113,283 | 0.26% | Shares |
| BlackRock, Inc. | $5,903,420 | 112,275 | 0.26% | Shares |
| ProShare Advisors LLC | $5,687,631 | 108,171 | 0.25% | Shares |
| Campbell & CO Investment Adviser LLC | $5,666,967 | 107,778 | 0.25% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $5,579,685 | 106,118 | 0.25% | Shares |
| Assenagon Asset Management S.A. | $5,478,941 | 104,202 | 0.24% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $5,268,689 | 100,203 | 0.23% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $4,811,333 | 91,505 | 0.21% | Shares |
| Keeley-Teton Advisors, LLC | $4,660,871 | 58,036 | 0.21% | Shares |
| ALLIANCEBERNSTEIN L.P. | $4,440,176 | 73,929 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,355,431 | 72,518 | 0.19% | Shares |
| Holocene Advisors, LP | $4,317,291 | 82,109 | 0.19% | Shares |
| Brevan Howard Capital Management LP | $4,041,194 | 76,858 | 0.18% | Shares |
| Summit Trail Advisors, LLC | $4,033,254 | 76,707 | 0.18% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $3,976,178 | 75,621 | 0.18% | Shares |
| Balyasny Asset Management L.P. | $3,930,092 | 74,745 | 0.17% | Shares |
| TD Asset Management Inc | $3,796,276 | 72,200 | 0.17% | Shares |
| Graham Capital Management, L.P. | $3,585,535 | 68,192 | 0.16% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $3,453,454 | 65,680 | 0.15% | Shares |
| Retirement Systems of Alabama | $3,281,781 | 62,415 | 0.15% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,202,069 | 60,899 | 0.14% | Shares |
| Bridgewater Associates, LP | $3,169,259 | 60,275 | 0.14% | Shares |
| Engineers Gate Manager LP | $3,106,321 | 59,078 | 0.14% | Shares |
| Diversified Investment Strategies, LLC | $3,087,498 | 58,720 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,064,993 | 58,292 | 0.14% | Shares |
| BARCLAYS PLC | $3,054,898 | 58,100 | 0.14% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $3,034,231 | 50,520 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $2,938,696 | 55,890 | 0.13% | Shares |
| Cardinal Capital Management | $2,871,552 | 54,613 | 0.13% | Shares |
| Illinois Municipal Retirement Fund | $2,713,549 | 51,608 | 0.12% | Shares |
| AlphaQuest LLC | $2,636,809 | 41,059 | 0.12% | Shares |
| Aquatic Capital Management LLC | $2,552,075 | 48,537 | 0.11% | Shares |
| Vanguard Global Advisers, LLC | $2,547,816 | 48,456 | 0.11% | Shares |
| GABELLI FUNDS LLC | $2,488,138 | 47,321 | 0.11% | Shares |
| CAMBIAR INVESTORS LLC | $2,455,591 | 46,702 | 0.11% | Shares |
| Schonfeld Strategic Advisors LLC | $2,390,443 | 45,463 | 0.11% | Shares |
| Baird Financial Group, Inc. | $2,324,089 | 44,201 | 0.10% | Shares |
| Partners Group Holding AG | $2,305,686 | 43,851 | 0.10% | Shares |
| MORGAN STANLEY | $2,304,954 | 43,837 | 0.10% | Shares |
| Quantinno Capital Management LP | $2,263,606 | 43,050 | 0.10% | Shares |
| Willis Investment Counsel | $2,095,523 | 39,854 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,065,973 | 39,292 | 0.09% | Shares |
| FIFTH THIRD BANCORP | $1,977,221 | 37,604 | 0.09% | Shares |
| BLAIR WILLIAM & CO/IL | $1,898,854 | 36,114 | 0.08% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,892,880 | 360 | 0.08% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $1,892,880 | 360 | 0.08% | Put option |
| Legal & General Group Plc | $1,890,777 | 35,960 | 0.08% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,879,157 | 31,288 | 0.08% | Shares |
| KLP KAPITALFORVALTNING AS | $1,808,752 | 34,400 | 0.08% | Shares |
| Henshaw Capital LLC | $1,800,287 | 34,239 | 0.08% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,797,551 | 34,187 | 0.08% | Shares |
| Orion Portfolio Solutions, LLC | $1,768,434 | 22,020 | 0.08% | Shares |
| Elo Mutual Pension Insurance Co | $1,739,504 | 33,083 | 0.08% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,734,036 | 32,979 | 0.08% | Shares |
Company insiders 36 insiders · 18 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kevin J Yeaman | President and CEO | Feb. 5, 2026 G | 98,377 | 0 | 10 | $-10,514,591 |
| Robert J Park | SVP & Chief Financial Officer | May 12, 2026 S | 81,490 | 0 | 2 | $-277,440 |
| Lewis Chew | EVP & Chief Financial Officer | Aug. 17, 2021 M | 105,598 | 0 | 0 | $0 |
| Murray J Demo | EVP & Chief Financial Officer | May 25, 2012 M | 0 | 0 | 0 | $0 |
| Janet L Daly | V.P. & Chief Financial Officer | June 16, 2005 A | — | 0 | 0 | $0 |
| Shriram Revankar | SVP, Advanced Technology Group | Aug. 14, 2026 S | 73,274 | 0 | 5 | $-1,272,340 |
| Todd Pendleton | SVP, Chief Marketing Officer | May 22, 2026 S | 41,480 | 0 | 1 | $-647,836 |
| Mark Andrew Sherman | EVP, Gen. Counsel & Secretary | Dec. 15, 2025 M | 70,563 | 0 | 4 | $-1,079,441 |
| Steven E Forshay | SVP, Advanced Technology Group | Dec. 15, 2021 F | 55,022 | 0 | 0 | $0 |
| Giles Baker | SVP, Consumer Entertainment | Dec. 23, 2020 M | 32,376 | 0 | 0 | $0 |
| Bob Borchers | SVP & Chief Marketing Officer | Dec. 15, 2017 F | 45,032 | 0 | 0 | $0 |
| Michael Bergeron | SVP, WW Sales and Field Oper. | Aug. 16, 2016 M | 12,556 | 0 | 0 | $0 |
| Michael J Rockwell | EVP, Advanced Technology Group | Jan. 26, 2015 S | 99,697 | 0 | 0 | $0 |
| Ramzi Haidamus | EVP, Marketing and Bus. Dev. | March 19, 2013 S | 113,477 | 0 | 0 | $0 |
| Mark S Anderson | EVP, Gen. Coun. & Secrty. | Dec. 16, 2010 M | 18,900 | 0 | 0 | $0 |
| Timothy A Partridge | EVP, Products and Technologies | March 3, 2009 C | 15,463 | 0 | 0 | $0 |
| Martin A Jaffe | Exec. V.P., Bus. Affairs | Feb. 23, 2009 C | 15,463 | 0 | 0 | $0 |
| Eduard A Schummer | Sr. V.P. & GM, Consumer Div. | Feb. 1, 2006 C | 791 | 0 | 0 | $0 |
| Emily Rollins | Director | April 1, 2026 S | 12,541 | 0 | 1 | $-60,080 |
| Anjali Sud | Director | Feb. 3, 2026 A | 16,079 | 0 | 0 | $0 |
| Simon Segars | Director | Feb. 3, 2026 A | 47,150 | 0 | 0 | $0 |
| Tony A Prophet | Director | Feb. 3, 2026 A | 13,015 | 0 | 1 | $-223,905 |
| David E. Dolby | Director | Feb. 3, 2026 A | 92,718 | 0 | 0 | $0 |
| Avadis Tevanian | Director | Feb. 3, 2026 A | 3,908 | 0 | 0 | $0 |
| Peter C Gotcher | Director | Feb. 3, 2026 A | 44,641 | 0 | 0 | $0 |
| Micheline Chau | Director | Feb. 7, 2023 A | 66,882 | 0 | 0 | $0 |
| SIBONI ROGER S | Director | Feb. 8, 2022 A | 37,554 | 0 | 0 | $0 |
| William N Jasper JR | Director | Feb. 2, 2021 S | 7,000 | 0 | 0 | $0 |
| Nicholas Donatiello JR | Director | May 17, 2018 G | 18,411 | 0 | 0 | $0 |
| Sanford Robertson | Director | July 31, 2014 M | 4,324 | 0 | 0 | $0 |
| Ted W Hall | Director | Feb. 7, 2012 A | 17,901 | 0 | 0 | $0 |
| Dagmar Dolby | 10% owner | May 31, 2018 C | 0 | 0 | 0 | $0 |
| Ray Dolby | 10% owner | June 10, 2013 C | 0 | 0 | 0 | $0 |
| Ryan Nicholson | — | Aug. 10, 2026 S | 35,636 | 0 | 3 | $-282,310 |
| John D Couling | — | Aug. 3, 2026 M | 118,727 | 0 | 11 | $-3,349,815 |
| David K Watts | — | Nov. 14, 2006 A | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Dagmar Dolby, Dagmar Dolby, as Trustee of the Marital Trust under the Dolby Family Trust Instrument dated May 7, 1999, Dagmar Dolby, as Trustee of the Dagmar Dolby Trust under the Dolby Family Trust Instrument dated May 7, 1999, Dagmar Dolby, as Trustee of the Ray Dolby 2002 Trust A dated April 19, 2002, Dagmar Dolby, as Trustee of the Ray Dolby 2002 Trust B dated April 19, 2002, Dolby Holdings II LLC, Dolby Holdings III LLC, Dagmar Dolby, as Trustee of the Dagmar Dolby 2016 Trust B dated March 23, 2016, Thomas E. Dolby, David E. Dolby ×51 filings | Feb. 13, 2026 | 36.00% | Amendment | — | SEC |
| Ray Dolby, Dagmar Dolby, Ray and Dagmar Dolby, as Trustees of the Ray Dolby Trust under the Dolby Family Trust Instrument dated May 7, 1999, Ray and Dagmar Dolby, as Trustees of the Ray Dolby 2002 Trust A dated April 19, 2002, Ray and Dagmar Dolby, as Trustees of the Ray Dolby 2002 Trust B dated April 19, 2002, Ray and Dagmar Dolby, as Trustees of the Ray Dolby 2011 Trust A dated December 14, 2011, Ray and Dagmar Dolby, as Trustees of the Ray Dolby 2011 Trust B dated December 14, 2011, Thomas E. Dolby, David E. Dolby, Dolby Holdings II LLC ×5 filings | March 5, 2013 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 120 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 |
|---|---|---|---|---|
| TDV · ProShares Trust | 2.07% | 107,523 NS | May 31, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 1.56% | 245,360 NS | May 31, 2026 | N-PORT |
| RNIN · EA Series Trust | 1.26% | 30,041 NS | April 30, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.18% | 143,670 SH | Aug. 8, 2026 | Daily |
| FXL · First Trust Exchange-Traded AlphaDE… | 1.17% | 270,132 NS | April 30, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 1.04% | 4,926 NS | April 30, 2026 | N-PORT |
| QLV · FlexShares Trust | 0.75% | 19,838 NS | April 30, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.75% | 252,765 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.73% | 95,584 NS | April 30, 2026 | N-PORT |
| MUSQ · EXCHANGE TRADED CONCEPTS TRUST | 0.71% | 2,435 NS | April 30, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.71% | 56,424 SH | Aug. 8, 2026 | Daily |
| BKDV · BNY Mellon ETF Trust II | 0.69% | 149,541 NS | April 30, 2026 | N-PORT |
| MCOW · Pacer Funds Trust | 0.66% | 102 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.56% | 26,625 SH | Aug. 8, 2026 | Daily |
| HAPS · Harbor ETF Trust | 0.49% | 12,041 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.47% | 13,651 NS | May 31, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.46% | 245,236 NS | April 30, 2026 | N-PORT |
| XMHQ · Invesco Exchange-Traded Fund Trust | 0.43% | 389,534 SH | Aug. 8, 2026 | Daily |
| ROSC · Lattice Strategies Trust | 0.20% | 1,748 NS | April 30, 2026 | N-PORT |
| GGME · Invesco Exchange-Traded Fund Trust | 0.20% | 1,518 SH | Aug. 8, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 22,118 NS | April 30, 2026 | N-PORT |
| FLOW · Global X Funds | 0.19% | 981 NS | May 31, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.16% | 7,784 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 10,714 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.15% | 30,851 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.14% | 83 NS | May 29, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 156,686 NS | April 30, 2026 | N-PORT |
| IGV · iShares Trust | 0.13% | 294,503 SH | Aug. 8, 2026 | Daily |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.12% | 3,545 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.12% | 23,056 NS | April 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.12% | 8,529 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.12% | 8,197 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.12% | 169,117 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.11% | 6,983 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.11% | 179,398 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.11% | 40,880 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.10% | 2,081,951 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.10% | 28,556 SH | Aug. 8, 2026 | Daily |
| TDVI · First Trust Exchange-Traded Fund IV | 0.10% | 6,505 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.10% | 4,733 NS | May 29, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.09% | 8,891 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.09% | 97,363 SH | Aug. 8, 2026 | Daily |
| IJK · iShares Trust | 0.09% | 158,117 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.09% | 187,726 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.08% | 24,729 NS | April 30, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.08% | 1,009 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.07% | 2,105 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.07% | 293,231 NS | May 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 9,701 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.07% | 26,795 SH | Aug. 8, 2026 | Daily |