DRS Leonardo DRS, Inc. - Common Stock
$43.43
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$33–$51
60% of range
Analyst Rating
BUY
15 analysts
Price Target
$54
+25% upside
P/E (TTM)
42.2
ROE
10.4%
Net Profit Margin
7.6%
DRS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$43.43
Market Cap
$11.55B
P/E (TTM)
42.2
EPS (TTM)
$1.03
Revenue (TTM)
$3.65B
Div Yield
—
ROE
10.4%
Debt/Equity
0.0
52W Range
$33 – $51
DRS 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
$3.65B
2019-12-31
→
2025-12-31
EPS
$1.03
2019-12-31
→
2025-12-31
Free Cash Flow
$227M
2021-12-31
→
2025-12-31
Margins
7.6%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
DRS
Peer Median
P/E (TTM)
42.2
54.1
P/S (TTM)
3.2
7.1
P/B
4.2
4.8
EV / EBITDA
24.7
—
Price / FCF
50.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
DRS
Peer Median
Gross Margin
23.8%
25.4%
Operating Margin
9.5%
—
Net Profit Margin
7.6%
5.4%
ROA
6.4%
3.8%
ROE
10.4%
8.1%
ROIC
10.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
DRS
Peer Median
Debt / Equity
0.0
16.4
Current Ratio
1.9
3.0
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
DRS
Peer Median
Revenue YoY
12.8%
—
Revenue CAGR 3Y
10.7%
—
Revenue CAGR 5Y
5.6%
—
EPS YoY
28.7%
—
Net Income YoY
30.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
DRS
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 13, 2026 | $0.0900 |
| May 19, 2026 | $0.0900 |
| March 10, 2026 | $0.0900 |
| Nov. 18, 2025 | $0.0900 |
| Aug. 20, 2025 | $0.0900 |
| May 22, 2025 | $0.0900 |
| March 13, 2025 | $0.0900 |
DRS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 5 33.3%
- Buy 7 46.7%
- Hold 3 20.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-16
Median
$55.00
← Below all targets
$43.43
Low
$47.00
High
$59.00
Median target
$55.00
+26.6%
Mean target
$54.10
+24.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.35 | $0.28 | 0.07% |
| March 31, 2026 | $0.26 | $0.21 | 0.05% |
| Dec. 31, 2025 | $0.42 | $0.37 | 0.05% |
| Sept. 30, 2025 | $0.29 | $0.28 | 0.01% |
| June 30, 2025 | $0.23 | $0.22 | 0.01% |
| March 31, 2025 | $0.20 | $0.17 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DRS | $9.06B | 33.1 | 12.8% | 7.6% | 10.4% | 23.8% |
| TXT | $15.17B | 17.0 | 8.0% | 6.2% | 12.0% | — |
| BWXT | — | 48.3 | 18.3% | 10.3% | 28.4% | — |
| HII | $13.34B | 22.1 | 8.2% | 4.9% | 12.2% | — |
| KTOS | $13.12B | 597.7 | 18.5% | 1.6% | 1.1% | 22.9% |
| SARO | $9.59B | 34.6 | 15.8% | 4.6% | 10.7% | — |
| AVAV | $9.87B | -36.1 | 140.9% | -13.4% | -6.0% | 25.3% |
| KRMN | $9.68B | 562.8 | 36.6% | 3.7% | 4.7% | 40.3% |
| HXL | $5.59B | 194.5 | -0.48% | 5.8% | 7.8% | 23.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $3.65B | $3.23B | $2.83B | $2.69B | $2.88B | $2.78B | |
| Cost of Revenue | $2.78B | $2.50B | $2.18B | $2.12B | $2.33B | $2.28B | |
| Gross Profit | $869M | $736M | $648M | $575M | $547M | $494M | |
| R&D Expense | $129M | $92M | $82M | $58M | $48M | $41M | |
| SG&A Expense | $497M | $414M | $384M | $357M | $293M | $283M | |
| Operating Income | $348M | $293M | $231M | $561M | $236M | $181M | |
| Interest Expense | · | · | $36M | $34M | $35M | $64M | |
| Other Non-op | $-4M | $-8M | $-3M | $-2M | $-1M | $-5M | |
| Pretax Income | $336M | $264M | $192M | $525M | $200M | $112M | |
| Income Tax | $58M | $51M | $24M | $120M | $46M | $27M | |
| Net Income | $278M | $213M | $168M | $405M | $154M | $85M | |
| EPS (Basic) | $1.05 | $0.81 | $0.64 | $1.88 | $0.73 | $0.40 | |
| EPS (Diluted) | $1.03 | $0.80 | $0.64 | $1.88 | $0.73 | $0.40 | |
| Shares (Basic) | 265,900,000 | 263,700,000 | 261,500,000 | 214,900,000 | 210,000,000 | 210,000,000 | |
| Shares (Diluted) | 268,700,000 | 267,700,000 | 264,200,000 | 215,100,000 | 210,000,000 | 210,000,000 | |
| EBITDA | $441M | $384M | $316M | $626M | $294M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $647M | $598M | $467M | $306M | $240M | $61M | |
| Receivables | $334M | $253M | $151M | $166M | $156M | $102M | |
| Inventory | $352M | $358M | $329M | $319M | $205M | $247M | |
| Prepaid Expense | $26M | $27M | $21M | $20M | $23M | $33M | |
| Other Current Assets | $36M | $55M | $42M | $24M | $22M | $33M | |
| Current Assets | $2.33B | $2.16B | $1.92B | $1.71B | $1.39B | $1.26B | |
| Goodwill | $1.24B | $1.24B | $1.24B | $1.24B | $1.07B | $1.06B | |
| Intangibles | $112M | $132M | $151M | $172M | $52M | $60M | |
| Other Non-current Assets | $210M | $91M | $89M | $92M | $137M | $134M | |
| Total Assets | $4.49B | $4.18B | $3.92B | $3.68B | $3.07B | $2.96B | |
| Accounts Payable | $351M | $426M | $398M | $457M | $479M | $478M | |
| Short-term Debt | $5M | $4M | $35M | $10M | $15M | $27M | |
| Current Liabilities | $1.23B | $1.12B | $1.08B | $1.04B | $989M | $975M | |
| Capital Leases | $95M | $66M | $68M | $68M | $73M | $81M | |
| Deferred Tax | $3M | $7M | $4M | $0 | · | · | |
| Other Non-current Liabilities | $166M | $130M | $129M | $98M | $74M | $92M | |
| Long-term Debt | $348M | $366M | $407M | $396M | $393M | · | |
| Total Debt | $5M | $4M | $35M | $10M | $15M | · | |
| Common Stock | $3M | $3M | $3M | $3M | $2M | $1M | |
| Paid-in Capital | $5.08B | $5.19B | $5.17B | $5.15B | $4.63B | $4.63B | |
| Retained Earnings | $-2.31B | $-2.59B | $-2.81B | $-2.97B | $-2.98B | $-3.14B | |
| AOCI | $-41M | $-47M | $-47M | $-49M | $-58M | $-70M | |
| Stockholders' Equity | $2.73B | $2.56B | $2.33B | $2.13B | $1.59B | $1.43B | |
| Liabilities + Equity | $4.49B | $4.18B | $3.92B | $3.68B | $3.07B | $2.96B | |
| Shares Outstanding | 265,822,404 | 265,000,000 | 262,525,390 | 260,234,033 | 260,234,033 | 145,000,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $93M | $91M | $85M | $65M | $58M | $53M | |
| Stock-based Comp | $32M | $22M | $17M | $5M | $0 | · | |
| Deferred Tax | $28M | $23M | $-52M | $3M | $46M | $22M | |
| Amort. of Intangibles | $22M | $22M | $22M | $10M | $9M | $9M | |
| Restructuring | $2M | $8M | $11M | $3M | $5M | $12M | |
| Other Non-cash | $-65M | $-78M | $-13M | $-440M | $-80M | · | |
| Operating Cash Flow | $366M | $271M | $205M | $33M | $178M | $125M | |
| CapEx | $139M | $85M | $60M | $65M | $60M | $56M | |
| Investing Cash Flow | $-154M | $-84M | $-59M | $436M | $39M | $-70M | |
| Stock Issued | $9M | $16M | $12M | $0 | $0 | · | |
| Stock Repurchased | $35M | $0 | $0 | · | · | · | |
| Net Stock Activity | $-26M | $16M | $12M | · | · | · | |
| Dividends Paid | · | $0 | $0 | $396M | $0 | $0 | |
| Financing Cash Flow | $-163M | $-56M | $15M | $-403M | $-38M | $-80M | |
| Net Change in Cash | $49M | $131M | $161M | $66M | $179M | $-24M | |
| Taxes Paid | $24M | $71M | $45M | $89M | $16M | · | |
| Free Cash Flow | $227M | $186M | $145M | $-32M | $118M | · | |
| Levered FCF | · | · | $114M | $-58M | $91M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 23.8% | 22.8% | 22.9% | 21.3% | 19.0% | · | |
| Operating Margin | 9.5% | 9.1% | 8.2% | 20.8% | 8.2% | · | |
| Net Margin | 7.6% | 6.6% | 5.9% | 15.0% | 5.3% | · | |
| Pretax Margin | 9.2% | 8.2% | 6.8% | 19.5% | 7.0% | · | |
| EBITDA Margin | 12.1% | 11.9% | 11.2% | 23.2% | 10.2% | · | |
| ROA | 6.4% | 5.3% | 4.4% | 12.0% | 5.1% | · | |
| ROE | 10.4% | 8.5% | 7.4% | 22.1% | 9.9% | · | |
| ROIC | 10.5% | 9.2% | 8.6% | 20.2% | 11.3% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 1.9 | 1.8 | 1.6 | 1.4 | · | |
| Quick Ratio | 0.8 | 0.8 | 0.6 | 0.5 | 0.4 | · | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | |
| Interest Coverage | · | · | 6.4 | 16.5 | 6.7 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.7 | 0.8 | 1.0 | · | |
| Inventory Turnover | 7.8 | 7.3 | 6.7 | 8.1 | 10.3 | · | |
| Receivables Turnover | 12.4 | 16.0 | 17.8 | 16.7 | 22.3 | · |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 12.8% | 14.4% | 4.9% | -6.5% | 3.6% | · | |
| Revenue CAGR 3Y | 10.7% | 4.0% | 0.57% | · | · | · | |
| Revenue CAGR 5Y | 5.6% | · | · | · | · | · | |
| EPS YoY | 28.7% | 25.0% | -66.0% | 157.5% | 82.5% | · | |
| EPS CAGR 3Y | -18.2% | 3.1% | 17.0% | · | · | · | |
| EPS CAGR 5Y | 20.8% | · | · | · | · | · | |
| Net Income YoY | 30.5% | 26.8% | -58.5% | 163.0% | 81.2% | · | |
| Net Income CAGR 3Y | -11.8% | 11.4% | 25.5% | · | · | · | |
| Net Income CAGR 5Y | 26.7% | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.65B | $3.23B | $2.83B | $2.69B | $2.88B | · | |
| Net Income TTM | $278M | $213M | $168M | $405M | $154M | · | |
| Market Cap | $9.06B | $8.56B | $5.26B | $3.33B | $1.37B | · | |
| Enterprise Value | $8.42B | $7.97B | $4.83B | $3.03B | $1.14B | · | |
| P/E | 33.1 | 40.4 | 31.3 | 6.8 | 12.9 | · | |
| P/S | 2.5 | 2.6 | 1.9 | 1.2 | 0.5 | · | |
| P/B | 3.3 | 3.3 | 2.3 | 1.6 | 0.9 | · | |
| P / Tangible Book | 6.6 | 7.2 | 5.6 | 4.6 | 2.9 | · | |
| P / Cash Flow | 24.8 | 31.6 | 25.7 | 100.8 | 7.7 | · | |
| P / FCF | 39.9 | 46.0 | 36.3 | -103.9 | 11.6 | · | |
| EV / EBITDA | 19.1 | 20.8 | 15.3 | 4.8 | 3.9 | · | |
| EV / FCF | 37.1 | 42.9 | 33.3 | -94.7 | 9.7 | · | |
| EV / Revenue | 2.3 | 2.5 | 1.7 | 1.1 | 0.4 | · | |
| Dividend Yield | · | 0.00% | 0.00% | 11.9% | 0.00% | · | |
| Earnings Yield | 3.0% | 2.5% | 3.2% | 14.7% | 7.8% | · | |
| Payout Ratio | · | 0.00% | 0.00% | 97.8% | · | · | |
| Annual Payout | · | $0 | $0 | $396M | $0 | · |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $913M | $846M | $1.06B | $960M | $829M | $799M | $981M | $812M | $753M | $688M | $926M | $703M | $628M | $569M | $820M | $634M | |
| Cost of Revenue | $676M | $634M | $791M | $738M | $632M | $618M | $746M | $633M | $584M | $535M | $716M | $541M | $483M | $438M | $636M | $504M | |
| Gross Profit | $237M | $212M | $269M | $222M | $197M | $181M | $235M | $179M | $169M | $153M | $210M | $162M | $145M | $131M | $184M | $130M | |
| R&D Expense | $36M | $31M | $35M | $36M | $30M | $28M | $28M | $23M | $21M | $20M | · | · | · | · | · | · | |
| SG&A Expense | $129M | $130M | $136M | $123M | $121M | $117M | $108M | $98M | $107M | $101M | $98M | $96M | $90M | $100M | $96M | $101M | |
| Operating Income | $102M | $77M | $126M | $93M | $70M | $59M | $120M | $75M | $55M | $43M | $105M | $59M | $42M | $25M | $87M | $376M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $5M | · | $10M | $9M | $8M | · | $9M | |
| Other Non-op | $-4M | · | $-1M | $-2M | $-1M | $0 | $-5M | $-1M | $-1M | $-1M | $-1M | $-1M | $0 | $-1M | $-2M | $0 | |
| Pretax Income | $100M | $77M | $124M | $87M | $67M | $58M | $111M | $69M | $47M | $37M | $95M | $48M | $33M | $16M | $78M | $367M | |
| Income Tax | $14M | $15M | $22M | $15M | $13M | $8M | $22M | $12M | $9M | $8M | $21M | $1M | $-2M | $4M | $13M | $88M | |
| Net Income | $86M | $62M | $102M | $72M | $54M | $50M | $89M | $57M | $38M | $29M | $74M | $47M | $35M | $12M | $65M | $279M | |
| EPS (Basic) | $0.33 | $0.23 | $0.39 | $0.27 | $0.20 | $0.19 | $0.34 | $0.22 | $0.14 | $0.11 | $0.27 | $0.18 | $0.14 | $0.05 | $0.26 | $1.33 | |
| EPS (Diluted) | $0.32 | $0.23 | $0.38 | $0.26 | $0.20 | $0.19 | $0.34 | $0.21 | $0.14 | $0.11 | $0.28 | $0.18 | $0.13 | $0.05 | $0.26 | $1.33 | |
| Shares (Basic) | 266,800,000 | 265,900,000 | -531,800,000 | 266,200,000 | 266,200,000 | 265,300,000 | -526,300,000 | 264,000,000 | 263,300,000 | 262,700,000 | -521,500,000 | 262,000,000 | 261,000,000 | 260,000,000 | -415,100,000 | 210,000,000 | |
| Shares (Diluted) | 268,900,000 | 268,700,000 | -537,500,000 | 268,400,000 | 269,000,000 | 268,800,000 | -534,500,000 | 268,300,000 | 267,500,000 | 266,400,000 | -526,800,000 | 265,000,000 | 264,000,000 | 262,000,000 | -414,900,000 | 210,000,000 | |
| EBITDA | $102M | $101M | · | · | $70M | $82M | · | $75M | $55M | $65M | · | $59M | $42M | $47M | · | $376M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $270M | $328M | $647M | $309M | $278M | $380M | $598M | $198M | $149M | $160M | · | $47M | $35M | $174M | · | $63M | |
| Receivables | $319M | $324M | $334M | $327M | $265M | $254M | $253M | $237M | $188M | $194M | · | $200M | $198M | $158M | · | $170M | |
| Inventory | $383M | $371M | $352M | $404M | $400M | $385M | $358M | $363M | $367M | $342M | · | $383M | $378M | $364M | · | $246M | |
| Prepaid Expense | $29M | $27M | $26M | $32M | $26M | $28M | $27M | $29M | $31M | $23M | · | $17M | $17M | $19M | · | · | |
| Other Current Assets | $37M | $31M | $36M | $40M | $40M | $41M | $55M | $36M | $33M | $47M | · | $32M | $51M | $29M | · | $39M | |
| Current Assets | $2.04B | $2.06B | $2.33B | $2.17B | $2.02B | $2.07B | $2.16B | $1.86B | $1.80B | $1.77B | · | $1.74B | $1.70B | $1.71B | · | $1.43B | |
| Goodwill | $1.24B | $1.24B | $1.24B | $1.24B | $1.24B | $1.24B | $1.24B | $1.24B | $1.24B | $1.24B | · | $1.24B | $1.24B | $1.24B | $1.24B | $952M | |
| Intangibles | $100M | $106M | $112M | $114M | $120M | $126M | $132M | $138M | $144M | $146M | · | $156M | $161M | $167M | · | $45M | |
| Other Non-current Assets | $212M | $210M | $210M | $132M | $115M | $88M | $91M | $86M | $91M | $95M | · | $95M | $98M | $92M | · | $92M | |
| Total Assets | $4.20B | $4.21B | $4.49B | $4.25B | $4.08B | $4.10B | $4.18B | $3.86B | $3.82B | $3.78B | · | $3.71B | $3.66B | $3.68B | · | $2.93B | |
| Accounts Payable | $182M | $187M | $351M | $342M | $265M | $299M | $426M | $292M | $263M | $220M | · | $328M | $290M | $258M | · | $285M | |
| Short-term Debt | $0 | $1M | $5M | $3M | $1M | $5M | $4M | $1M | $1M | $9M | · | $1M | $6M | $15M | · | $3M | |
| Current Liabilities | $1.06B | $1.10B | $1.23B | $1.08B | $958M | $1.03B | $1.12B | $880M | $896M | $902M | · | $951M | $943M | $1.02B | · | $912M | |
| Capital Leases | $88M | $91M | $95M | $93M | $92M | $63M | $66M | $66M | $70M | $74M | · | $72M | $74M | $68M | · | $61M | |
| Deferred Tax | $3M | $4M | $3M | $5M | $6M | $7M | $7M | $6M | $4M | $4M | · | $8M | $8M | $6M | · | · | |
| Other Non-current Liabilities | $156M | $160M | $166M | $156M | $155M | $127M | $130M | $122M | $126M | $129M | · | $126M | $124M | $111M | · | $75M | |
| Long-term Debt | · | · | $348M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Debt | $0 | $1M | · | · | $1M | $5M | · | $1M | $1M | $9M | · | $1M | $6M | $15M | · | $3M | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $1M | |
| Paid-in Capital | $5.01B | $5.06B | $5.08B | $5.11B | $5.13B | $5.16B | $5.19B | $5.20B | $5.19B | $5.18B | · | $5.17B | $5.16B | $5.15B | · | $4.63B | |
| Retained Earnings | $-2.17B | $-2.25B | $-2.31B | $-2.42B | $-2.49B | $-2.54B | $-2.59B | $-2.68B | $-2.74B | $-2.78B | · | $-2.88B | $-2.93B | $-2.96B | · | $-3.04B | |
| AOCI | $-43M | $-42M | $-41M | $-43M | $-42M | $-47M | $-47M | $-47M | $-47M | $-47M | · | $-47M | $-47M | $-49M | · | $-57M | |
| Stockholders' Equity | $2.80B | $2.77B | $2.73B | $2.65B | $2.60B | $2.57B | $2.56B | $2.47B | $2.41B | $2.35B | $2.33B | $2.24B | $2.19B | $2.14B | $2.13B | $1.54B | |
| Liabilities + Equity | $4.20B | $4.21B | $4.49B | $4.25B | $4.08B | $4.10B | $4.18B | $3.86B | $3.82B | $3.78B | · | $3.71B | $3.66B | $3.68B | · | $2.93B | |
| Shares Outstanding | 266,832,196 | 265,965,593 | 265,822,404 | 266,098,028 | 266,185,454 | 265,853,439 | 265,064,755 | 264,308,455 | 263,660,716 | 262,966,873 | · | · | · | · | · | 145,000,000 |
Cash Flow 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $24M | $24M | $23M | $23M | $23M | $23M | $23M | $23M | $22M | $22M | $21M | $20M | $22M | $17M | $17M | |
| Stock-based Comp | $7M | $4M | $13M | $5M | $6M | $8M | $6M | $5M | $10M | $1M | $5M | $4M | $4M | $4M | · | · | |
| Deferred Tax | $0 | $0 | $28M | $-1M | $0 | $1M | $22M | $0 | $1M | $0 | $-39M | $-19M | $6M | $0 | $-7M | $-4M | |
| Amort. of Intangibles | $6M | $5M | $6M | $5M | $6M | $5M | $5M | $6M | $6M | $5M | $6M | $5M | $5M | $6M | $3M | $3M | |
| Restructuring | · | · | · | · | · | · | $3M | $0 | $1M | $4M | $1M | $2M | $8M | $0 | $3M | $0 | |
| Other Non-cash | · | $-156M | · | · | · | $-220M | · | · | · | $-317M | · | · | · | $-368M | · | · | |
| Operating Cash Flow | $35M | $-66M | $425M | $107M | $-28M | $-138M | $443M | $59M | $34M | $-265M | $515M | $36M | $-12M | $-334M | $279M | $-4M | |
| CapEx | $29M | $30M | $49M | $30M | $28M | $32M | $29M | $12M | $34M | $10M | $18M | $15M | $12M | $15M | $30M | $13M | |
| Investing Cash Flow | $-29M | $-29M | $-49M | $-45M | $-28M | $-32M | $-29M | $-11M | $-34M | $-10M | $-17M | $-16M | $-12M | $-14M | $-12M | $470M | |
| Stock Issued | $2M | $3M | $0 | $6M | $3M | $0 | $3M | $6M | $5M | $2M | $4M | $2M | $5M | $1M | $0 | $0 | |
| Stock Repurchased | $12M | $4M | $11M | $10M | $11M | $3M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | · | $-1M | · | · | · | $-3M | · | · | · | $2M | · | · | · | $1M | · | · | |
| Dividends Paid | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | |
| Financing Cash Flow | $-64M | $-224M | $-38M | $-31M | $-46M | $-48M | $-14M | $1M | $-11M | $-32M | $-78M | $-8M | $-115M | $216M | $-24M | $-472M | |
| Net Change in Cash | $-58M | $-319M | $338M | $31M | $-102M | $-218M | $400M | $49M | $-11M | $-307M | $420M | $12M | $-139M | $-132M | $243M | $-6M | |
| Free Cash Flow | · | $-96M | · | · | · | $-170M | · | · | · | $-275M | · | · | · | $-349M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-279M | · | · | · | $-355M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.0% | 25.1% | · | · | 23.8% | 22.7% | · | 22.0% | 22.4% | 22.2% | · | 23.0% | 23.1% | 23.0% | · | 20.5% | |
| Operating Margin | 11.2% | 9.1% | · | · | 8.4% | 7.4% | · | 9.2% | 7.3% | 6.2% | · | 8.4% | 6.7% | 4.4% | · | 59.3% | |
| Net Margin | 9.4% | 7.3% | · | · | 6.5% | 6.3% | · | 7.0% | 5.1% | 4.2% | · | 6.7% | 5.6% | 2.1% | · | 44.0% | |
| Pretax Margin | 10.9% | 9.1% | · | · | 8.1% | 7.3% | · | 8.5% | 6.2% | 5.4% | · | 6.8% | 5.2% | 2.8% | · | 57.9% | |
| EBITDA Margin | 11.2% | 11.9% | · | · | 8.4% | 10.3% | · | 9.2% | 7.3% | 9.4% | · | 8.4% | 6.7% | 8.3% | · | 59.3% | |
| ROA | 2.1% | 1.5% | · | · | 1.4% | 1.3% | · | 1.5% | 1.0% | 0.78% | · | 1.4% | 1.0% | 0.36% | · | 9.6% | |
| ROE | 3.2% | 2.3% | · | · | 2.2% | 2.0% | · | 2.4% | 1.7% | 1.3% | · | 2.5% | 1.8% | 0.64% | · | 18.2% | |
| ROIC | 3.1% | 2.2% | · | · | 2.2% | 2.0% | · | 2.5% | 1.8% | 1.4% | · | 2.6% | 2.0% | 0.87% | · | 18.6% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 1.9 | · | · | 2.1 | 2.0 | · | 2.1 | 2.0 | 2.0 | · | 1.8 | 1.8 | 1.7 | · | 1.6 | |
| Quick Ratio | 0.6 | 0.6 | · | · | 0.6 | 0.6 | · | 0.5 | 0.4 | 0.4 | · | 0.3 | 0.2 | 0.3 | · | 0.3 | |
| Debt / Equity | 0.0 | 0.0 | · | · | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 8.6 | · | 5.9 | 4.7 | 3.1 | · | 41.8 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | · | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 1.7 | 1.7 | · | · | 1.6 | 1.7 | · | 1.7 | 1.6 | 1.5 | · | 1.7 | 1.5 | 1.5 | · | 2.2 | |
| Receivables Turnover | 3.1 | 2.9 | · | · | 3.7 | 3.6 | · | 3.7 | 3.9 | 3.9 | · | 3.8 | 3.9 | 4.0 | · | 4.8 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.55B | $3.43B | · | $3.40B | $3.19B | $3.05B | · | $2.96B | $2.77B | $2.59B | · | $2.53B | $2.46B | $2.44B | · | $2.59B | |
| Net Income TTM | $274M | $238M | · | $233M | $199M | $174M | · | $171M | $149M | $123M | · | $373M | $351M | $352M | · | $375M | |
| Market Cap | $11.39B | $11.84B | · | · | $12.37B | $8.74B | · | $7.46B | $6.73B | $5.81B | · | · | · | · | · | $1.40B | |
| Enterprise Value | $11.12B | $11.51B | · | · | $12.10B | $8.37B | · | $7.26B | $6.58B | $5.66B | · | · | · | · | · | $1.34B | |
| P/E | 42.2 | 50.6 | · | 52.8 | 62.8 | 50.6 | · | 44.1 | 45.6 | 47.0 | · | 9.9 | 10.6 | 7.8 | · | 5.2 | |
| P/S | 3.2 | 3.4 | · | · | 3.9 | 2.9 | · | 2.5 | 2.4 | 2.2 | · | · | · | · | · | 0.5 | |
| P/B | 4.1 | 4.3 | · | · | 4.8 | 3.4 | · | 3.0 | 2.8 | 2.5 | · | · | · | · | · | 0.9 | |
| P / Tangible Book | 7.8 | 8.3 | · | 9.3 | 10.0 | 7.2 | · | 6.8 | 6.6 | 6.0 | · | · | · | · | · | 2.6 | |
| P / Cash Flow | · | -179.4 | · | · | · | -63.3 | · | · | · | -21.9 | · | · | · | · | · | · | |
| P / FCF | · | -123.3 | · | · | · | -51.4 | · | · | · | -21.1 | · | · | · | · | · | · | |
| EV / EBITDA | 109.0 | 114.0 | · | · | 172.8 | 102.0 | · | 96.8 | 119.6 | 87.0 | · | · | · | · | · | 3.6 | |
| EV / FCF | · | -119.9 | · | · | · | -49.2 | · | · | · | -20.6 | · | · | · | · | · | · | |
| EV / Revenue | 3.1 | 3.4 | · | · | 3.8 | 2.7 | · | 2.5 | 2.4 | 2.2 | · | · | · | · | · | 0.5 | |
| Earnings Yield | 2.4% | 2.0% | · | 1.9% | 1.6% | 2.0% | · | 2.3% | 2.2% | 2.1% | · | 10.1% | 9.4% | 12.9% | · | 19.3% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $3.65B | $3.23B | $2.83B | $2.69B | $2.88B |
| Gross Margin % | 23.8% | 22.8% | 22.9% | 21.3% | 19.0% |
| Operating Margin % | 9.5% | 9.1% | 8.2% | 20.8% | 8.2% |
| Net Income | $278M | $213M | $168M | $405M | $154M |
| Diluted EPS | $1.03 | $0.80 | $0.64 | $1.88 | $0.73 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 1.9 | 1.9 | 1.8 | 1.6 | 1.4 |
| Quick Ratio | 0.8 | 0.8 | 0.6 | 0.5 | 0.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $227M | $186M | $145M | $-32M | $118M |
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Institutional owners (13F) 409 filers · $1.9B 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 |
|---|---|---|---|---|
| 88 (+3 vs prior Q) | 45 (+4 vs prior Q) | 144 (+28 vs prior Q) | 97 (-2 vs prior Q) | +3.8M |
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 |
|---|---|---|---|---|
| STATE STREET CORP | $192,615,282 | 4,514,068 | 10.24% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $153,827,142 | 3,605,042 | 8.17% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $152,316,283 | 3,569,634 | 8.09% | Shares |
| FMR LLC | $145,085,723 | 3,400,181 | 7.71% | Shares |
| FIRST TRUST ADVISORS LP | $114,433,526 | 2,681,836 | 6.08% | Shares |
| Stephens Investment Management Group LLC | $102,489,116 | 2,401,901 | 5.45% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $78,489,524 | 1,839,455 | 4.17% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $71,200,000 | 1,668,631 | 3.78% | Shares |
| VAN ECK ASSOCIATES CORP | $63,968,474 | 1,499,144 | 3.40% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $57,411,076 | 1,345,102 | 3.05% | Shares |
| MILLENNIUM MANAGEMENT LLC | $50,515,136 | 1,183,856 | 2.68% | Shares |
| Capital International Investors | $48,053,930 | 1,126,176 | 2.55% | Shares |
| NORGES BANK | $42,342,166 | 992,317 | 2.25% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $26,817,498 | 628,486 | 1.43% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $24,500,986 | 574,197 | 1.30% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $22,311,972 | 522,896 | 1.19% | Shares |
| Munro Partners | $21,615,342 | 506,570 | 1.15% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $21,093,658 | 494,344 | 1.12% | Shares |
| Cubist Systematic Strategies, LLC | $18,703,817 | 411,979 | 0.99% | Shares |
| BANK OF AMERICA CORP /DE/ | $15,392,178 | 360,726 | 0.82% | Shares |
| Qube Research & Technologies Ltd | $15,145,375 | 354,942 | 0.80% | Shares |
| Clearbridge Investments, LLC | $14,516,480 | 340,203 | 0.77% | Shares |
| ROYCE & ASSOCIATES LP | $13,765,811 | 322,611 | 0.73% | Shares |
| GOLDMAN SACHS GROUP INC | $12,209,252 | 286,132 | 0.65% | Shares |
| LOOMIS SAYLES & CO L P | $11,192,085 | 262,294 | 0.59% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $10,676,674 | 250,215 | 0.57% | Shares |
| PEAK6 LLC | $10,667,500 | 250,000 | 0.57% | Call option |
| HERALD INVESTMENT MANAGEMENT Ltd | $9,370,455 | 219,500 | 0.50% | Shares |
| IEQ CAPITAL, LLC | $8,704,679 | 204,000 | 0.46% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $7,691,737 | 180,261 | 0.41% | Shares |
| Mariner, LLC | $7,678,254 | 179,974 | 0.41% | Shares |
| Gotham Asset Management, LLC | $7,400,898 | 173,445 | 0.39% | Shares |
| Swiss National Bank | $6,831,467 | 160,100 | 0.36% | Shares |
| Russell Investments Group, Ltd. | $6,596,355 | 154,590 | 0.35% | Shares |
| Aptus Capital Advisors, LLC | $6,557,697 | 153,684 | 0.35% | Shares |
| Y.D. More Investments Ltd | $6,400,500 | 150,000 | 0.34% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $5,977,214 | 140,080 | 0.32% | Shares |
| Erste Asset Management GmbH | $5,845,613 | 142,750 | 0.31% | Shares |
| LPL Financial LLC | $5,685,086 | 133,234 | 0.30% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $5,603,296 | 131,317 | 0.30% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $5,263,345 | 123,350 | 0.28% | Shares |
| Swedbank AB | $5,101,113 | 119,548 | 0.27% | Shares |
| Trexquant Investment LP | $5,053,792 | 118,439 | 0.27% | Shares |
| BARCLAYS PLC | $4,747,337 | 111,257 | 0.25% | Shares |
| D. E. Shaw & Co., Inc. | $4,715,334 | 110,507 | 0.25% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $4,631,998 | 108,554 | 0.25% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $4,470,067 | 104,759 | 0.24% | Shares |
| ALGERT GLOBAL LLC | $4,442,075 | 104,103 | 0.24% | Shares |
| ALLIANCEBERNSTEIN L.P. | $4,346,933 | 97,640 | 0.23% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,345,063 | 97,598 | 0.23% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,215,284 | 98,788 | 0.22% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $4,138,990 | 97,000 | 0.22% | Shares |
| BlackRock, Inc. | $3,997,710 | 93,689 | 0.21% | Shares |
| GLOBEFLEX CAPITAL L P | $3,991,650 | 93,547 | 0.21% | Shares |
| Tower View Wealth Management LLC | $3,922,852 | 91,935 | 0.21% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $3,873,540 | 90,779 | 0.21% | Shares |
| Madison Asset Management, LLC | $3,847,341 | 90,165 | 0.20% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,827,499 | 89,700 | 0.20% | Call option |
| Squarepoint Ops LLC | $3,820,373 | 89,533 | 0.20% | Shares |
| Madison Investment Advisors, LLC | $3,790,545 | 117,318 | 0.20% | Shares |
| Huntleigh Advisors, Inc. | $3,677,348 | 86,181 | 0.20% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,668,127 | 85,965 | 0.19% | Shares |
| MARSHALL WACE, LLP | $3,654,088 | 85,636 | 0.19% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,601,092 | 84,394 | 0.19% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $3,530,986 | 82,751 | 0.19% | Shares |
| Edgestream Partners, L.P. | $3,175,757 | 74,426 | 0.17% | Shares |
| PDT Partners, LLC | $3,152,716 | 73,886 | 0.17% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $3,093,198 | 77,288 | 0.16% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $3,049,214 | 71,460 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,971,837 | 69,647 | 0.16% | Shares |
| Holocene Advisors, LP | $2,894,562 | 67,836 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,872,672 | 67,323 | 0.15% | Shares |
| MORGAN STANLEY | $2,606,676 | 61,089 | 0.14% | Shares |
| RHUMBLINE ADVISERS | $2,522,497 | 59,117 | 0.13% | Shares |
| CWM, LLC | $2,515,736 | 56,508 | 0.13% | Shares |
| Baird Financial Group, Inc. | $2,507,887 | 58,774 | 0.13% | Shares |
| BANK OF NOVA SCOTIA | $2,402,321 | 56,300 | 0.13% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $2,393,323 | 56,340 | 0.13% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $2,376,719 | 55,700 | 0.13% | Shares |
| Illumine Investment Management, LLC | $2,359,865 | 0 | 0.13% | Shares |
| AlphaQuest LLC | $2,357,698 | 69,161 | 0.13% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $2,342,626 | 54,901 | 0.12% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $2,284,082 | 53,529 | 0.12% | Shares |
| Militia Capital Management LLC | $2,231,641 | 52,300 | 0.12% | Shares |
| XTX Topco Ltd | $2,147,368 | 50,325 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,107,898 | 49,400 | 0.11% | Put option |
| Cerity Partners LLC | $2,047,442 | 47,984 | 0.11% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $2,045,088 | 47,928 | 0.11% | Shares |
| Quantinno Capital Management LP | $2,029,099 | 47,553 | 0.11% | Shares |
| Aubrey Capital Management Ltd | $1,989,280 | 46,600 | 0.11% | Shares |
| ING GROEP NV | $1,886,014 | 44,200 | 0.10% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,874,025 | 42,094 | 0.10% | Shares |
| SEB Asset Management AB | $1,744,487 | 40,883 | 0.09% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $1,700,842 | 39,860 | 0.09% | Shares |
| Motley Fool Asset Management LLC | $1,670,018 | 39,138 | 0.09% | Shares |
| WOLVERINE TRADING, LLC | $1,662,880 | 38,000 | 0.09% | Call option |
| Penn Capital Management Company, LLC | $1,572,249 | 36,428 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $1,544,654 | 36,200 | 0.08% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,541,368 | 36,123 | 0.08% | Shares |
| JANUS HENDERSON GROUP PLC | $1,484,640 | 33,329 | 0.08% | Shares |
Company insiders 16 insiders · 6 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John Baylouny | President and CEO | June 18, 2026 S | 122,435 | 0 | 4 | $-2,981,603 |
| William Lynn III | Chief Executive Officer | May 15, 2025 S | 322,382 | 0 | 0 | $0 |
| Michael Dippold | EVP and CFO | June 8, 2026 S | 55,460 | 0 | 1 | $-386,621 |
| Sally Wallace | EVP, Chief Operating Officer | June 11, 2026 S | 57,053 | 0 | 1 | $-65,000 |
| Mark Dorfman | EVP, GC and Secretary | June 4, 2026 S | 36,742 | 0 | 1 | $-253,272 |
| Pamela Morrow | SVP and Controller | May 27, 2026 S | 10,551 | 0 | 1 | $-521,026 |
| Frances F Townsend | Director | June 30, 2026 M | 35,888 | 0 | 0 | $0 |
| Louis R Brothers Jr | Director | June 4, 2026 M | 24,316 | 0 | 0 | $0 |
| Gail Baker | Director | June 4, 2026 M | 33,876 | 0 | 0 | $0 |
| George Casey | Director | June 4, 2026 M | 32,376 | 0 | 0 | $0 |
| Eric Salzman | Director | June 4, 2026 M | 15,376 | 0 | 1 | $-181,272 |
| Reuben Jeffery III | Director | June 4, 2026 M | 25,649 | 0 | 0 | $0 |
| Kenneth J Krieg | Director | June 4, 2026 M | 31,276 | 0 | 0 | $0 |
| Mary E Gallagher | Director | June 4, 2026 M | 33,876 | 0 | 0 | $0 |
| David W Carey | Director | June 13, 2025 S | 23,882 | 0 | 0 | $0 |
| Jason Rinsky | — | Aug. 4, 2026 S | 23,581 | 0 | 3 | $-533,518 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 65 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 |
|---|---|---|---|---|
| TMFS · RBB Fund, Inc. | 3.42% | 41,510 NS | May 31, 2026 | N-PORT |
| ARMY · Tema ETF Trust | 1.34% | 1,332 NS | May 31, 2026 | N-PORT |
| FXR · First Trust Exchange-Traded AlphaDE… | 0.98% | 167,824 NS | April 30, 2026 | N-PORT |
| OSCV · ETF Series Solutions | 0.91% | 152,535 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.82% | 8,823 NS | May 31, 2026 | N-PORT |
| ILDR · First Trust Exchange-Traded Fund VI… | 0.62% | 36,552 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.50% | 28,327 NS | May 31, 2026 | N-PORT |
| DFEN · Direxion Shares ETF Trust | 0.19% | 16,810 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.11% | 390,422 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.07% | 208,451 NS | May 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.06% | 646 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 29,898 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.06% | 8,770 NS | April 30, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.05% | 23,296 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.03% | 68,005 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.03% | 103,865 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.03% | 317,215 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.03% | 2,279 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.02% | 10,729 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 3,072 NS | May 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.02% | 907 NS | May 29, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.02% | 42,847 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 10,168 NS | April 30, 2026 | N-PORT |
| SCHV · SCHWAB STRATEGIC TRUST | 0.01% | 38,676 NS | May 31, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.01% | 553 NS | May 31, 2026 | N-PORT |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.01% | 1,502 NS | May 31, 2026 | N-PORT |
| SCHX · SCHWAB STRATEGIC TRUST | 0.01% | 86,657 NS | May 31, 2026 | N-PORT |
| GGUS · Goldman Sachs ETF Trust | 0.01% | 525 NS | May 31, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.01% | 6,294 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 25,583 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 665 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 43,820 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 2,156 NS | April 30, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.00% | 1,784 NS | May 31, 2026 | N-PORT |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,772 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 7,288 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 88 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWS · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWR · iShares Trust | — | — | Aug. 6, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWD · iShares Trust | — | — | Aug. 14, 2026 | Daily |