EW Edwards Lifesciences Corporation Common Stock
$92.49
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$72–$96
84% of range
Analyst Rating
BUY
40 analysts
Price Target
$101
+9% upside
P/E (TTM)
57.4
ROE
10.6%
Net Profit Margin
17.7%
About Edwards Lifesciences Corporation Common Stock Company overview from Wikipedia
Edwards Lifesciences Corporation is an American medical technology company headquartered in Irvine, California, specializing in tissue heart valves and transcatheter technologies for the treatment of structural heart disease. The company has manufacturing facilities at the Irvine headquarters, as well as in Draper, Utah; Costa Rica; Singapore; and Limerick, Ireland. The company is also constructing a manufacturing plant in Moncada, near Valencia, Spain, with a €150 million investment. Production is scheduled to begin in 2027.
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Edwards Lifesciences Corporation is an American medical technology company headquartered in Irvine, California, specializing in tissue heart valves and transcatheter technologies for the treatment of structural heart disease. The company has manufacturing facilities at the Irvine headquarters, as well as in Draper, Utah; Costa Rica; Singapore; and Limerick, Ireland. The company is also constructing a manufacturing plant in Moncada, near Valencia, Spain, with a €150 million investment. Production is scheduled to begin in 2027.
History
Edwards Lifesciences was originally founded by electrical engineer Miles "Lowell" Edwards in 1958, a graduate of Oregon State University. Edwards invented the first medically proven and adopted artificial heart valve. Dr. Albert Starr, a surgeon at the Oregon Health and Sciences University, is credited as the first to successfully implant the Starr-Edwards mitral valve in a patient in 1960. As a result of the successful heart implant, Edwards established manufacturing in Santa Ana, California the same year to continue his research in pulmonary devices.
Edwards' valves are still in operation today. An early patient lived a record 48 years with the implant before requiring a replacement.
Edwards was acquired by Baxter in 1985. It was spun off from Baxter in 2000.
In 2017, Edwards completed the acquisition of Valtech Cardio for $340 million. Also in 2017, Edwards acquired Harpoon Medical of Baltimore, Maryland for $100 million. Harpoon, founded in 2013, developed a minimally invasive heart surgery product for mitral valve repair to treat degenerative mitral regurgitation. At the time of the acquisition, the product was not available on any market.
On April 18, 2019, Edwards completed the acquisition of CAS Medical Systems of Branford, Connecticut for ~$100 million.
Edwards Sapien 3 and Sapien 3 Ultra Transcatheter Heart Valve systems were FDA-approved for the treatment of patients at low risk for death or major complications associated with open-heart surgery on August 16, 2019. These products are used to treat patients with severe aortic stenosis without utilizing open-heart surgery.
In 2020, Edwards co-sponsored the Virtual ISPOR-FDA Summit centered on patient preference information in medical device regulatory decisions.
In December 2021, the FDA approved the SAPIEN 3 transcatheter valve in combination with the Alterra adaptive prestent for the treatment of severe pulmonary regurgitation.
In February 2024, the FDA approved Edwards' EVOQUE tricuspid valve replacement system, the first transcatheter therapy approved in the United States for the treatment of tricuspid regurgitation. In May 2024, Edwards launched the SAPIEN 3 Ultra RESILIA valve in Europe.
In June 2024, the company received FDA approval for a new implant designed to manage heart failure issues, called the Cordella pulmonary artery sensor.
In July 2024, Edwards made agreements with Affluent Medical for an equity stake, IP licensing and an exclusive option to acquire its Kephalios subsidiary. The same month, Edwards announced it would acquire Innovalve Bio Medical for approximately $300 million, and JenaValve Technology and Endotronix for $1.2 billion.
In August 2024, Edwards acquired JC Medical from Genesis MedTech, gaining its J-Valve transcatheter aortic valve replacement system for the treatment of aortic regurgitation.
In 2023, Edwards announced that its critical care business unit would be spun off into a separate entity. In June 2024 Edwards instead agreed to sell the unit to BD for $4.2 billion. The sale closed on September 3, 2024.
In May 2025, the FDA approved the SAPIEN 3 platform, including the SAPIEN 3, SAPIEN 3 Ultra, and SAPIEN 3 Ultra RESILIA valves, for the treatment of severe aortic stenosis in asymptomatic patients, marking the first FDA approval of TAVR therapy for this patient population.
In September 2025, Edwards completed the full acquisition of heart failure monitoring company Vectorious Medical Technologies.
In January 2026, the FDA approved the SAPIEN M3 mitral valve replacement system, the first transcatheter mitral valve replacement therapy using a transseptal approach to receive FDA approval for the treatment of mitral regurgitation.
Business segments
Prior to September 2024, its products were categorized into four areas: surgical valve technologies, transcatheter heart valves, transcatheter mitral and tricuspid therapies, and critical care. In September 2024, Edwards completed the sale of its Critical Care product group to BD. Since September 2024, its products are categorized into four areas: surgical valve technologies, transcatheter heart valves, transcatheter mitral and tricuspid therapies, and implantable heart failure management (IHFM).
Transcatheter Heart Valve
The company's SAPIEN family of transcatheter aortic heart valves is made of bovine pericardial tissue mounted within a balloon-expandable, cobalt-chromium frame and is deployed via catheter. Edwards introduced the transcatheter heart valve replacement procedure to U.S. patients unable to undergo open-heart surgery with FDA approval of the SAPIEN transcatheter valve in 2011. The indication was expanded in November 2012 to include patients at a high risk for death or serious complications associated with open-heart surgery. In 2021, the FDA cleared Edwards’ SAPIEN 3 transcatheter valve with the Alterra adaptive prestent for pulmonic heart valve replacement. In May 2024, Edwards launched the SAPIEN 3 Ultra RESILIA valve in Europe.
Transcatheter Mitral and Tricuspid Therapies
The Transcatheter Mitral and Tricuspid Therapies business segment develops transcatheter heart valve repair and replacement technologies to treat mitral and tricuspid valve diseases. In September 2022, the FDA approved Edwards' PASCAL Precision transcatheter valve repair system for the treatment of degenerative mitral regurgitation.
Surgical
The Surgical business segment involves the use of Edwards' RESILIA tissue technology, developed to help limit valve calcification. Edwards estimates that more than 450,000 patients around the world have either undergone SAVR or TAVR with an Edwards RESILIA valve.
Critical Care
Before its sale, the Critical Care business segment included pulmonary artery catheters, disposable pressure transducers and advanced hemodynamic monitoring systems. The portfolio also included a line of balloon catheter-based vascular products, surgical clips and inserts. In 2023, it was announced that the critical care business unit was to be spun off into its own entity, however in 2024 the critical care department was purchased by BD for $4.2 billion.
Organizational culture
Edwards Lifesciences Foundation
The Edwards Lifesciences Foundation launched in 2014 and supports programs designed to treat underserved people to reduce heart valve disease.
Since the initiative launched in 2014, Edwards and its foundation have contributed more than $100 million in financial and technology donations through "Every Heartbeat Matters" (EHM), reaching over 4 million underserved structural heart patients globally.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
EW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$92.49
Market Cap
$61.04B
P/E (TTM)
57.4
EPS (TTM)
$1.83
Revenue (TTM)
$6.07B
Div Yield
—
ROE
10.6%
Debt/Equity
0.1
52W Range
$72 – $96
EW 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
$6.07B
2016-12-31
→
2025-12-31
EPS
$1.83
2016-12-31
→
2025-12-31
Free Cash Flow
$1.33B
2016-12-31
→
2025-12-31
Margins
17.7%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
EW
Peer Median
P/E (TTM)
57.4
26.3
P/S (TTM)
10.1
4.4
P/B
5.9
5.3
EV / EBITDA
40.4
—
Price / FCF
45.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
EW
Peer Median
Gross Margin
78.0%
63.1%
Operating Margin
20.8%
—
Net Profit Margin
17.7%
15.6%
ROA
8.0%
7.6%
ROE
10.6%
15.0%
ROIC
9.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
EW
Peer Median
Debt / Equity
0.1
—
Current Ratio
3.7
1.7
Quick Ratio
2.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
EW
Peer Median
Revenue YoY
11.6%
—
Revenue CAGR 3Y
10.8%
—
Revenue CAGR 5Y
6.7%
—
EPS YoY
-73.7%
—
Net Income YoY
-74.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
EW
Peer Median
EW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
40 analysts
- Strong Buy 13 32.5%
- Buy 17 42.5%
- Hold 10 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
26 analysts · 2026-08-19
Median
$101.50
Now
$92.49
Low
$84.00
High
$110.00
Median target
$101.50
+9.7%
Mean target
$100.96
+9.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.78 | $0.76 | 0.02% |
| March 31, 2026 | $0.78 | $0.75 | 0.03% |
| Dec. 31, 2025 | $0.58 | $0.64 | -0.06% |
| Sept. 30, 2025 | $0.67 | $0.61 | 0.06% |
| June 30, 2025 | $0.67 | $0.64 | 0.03% |
| March 31, 2025 | $0.64 | $0.61 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EW | $49.50B | 46.6 | 11.6% | 17.7% | 10.6% | 78.0% |
| ABT | $250.18B | 33.7 | 5.7% | 14.7% | 13.1% | — |
| ISRG | $201.11B | 72.0 | 20.5% | 28.4% | 16.7% | 66.0% |
| SYK | $134.44B | 41.8 | 11.2% | 12.9% | 15.1% | 64.0% |
| BSX | — | 49.1 | 19.9% | 14.4% | 12.6% | 69.0% |
| BDX | — | 25.3 | 8.2% | 7.7% | 6.5% | — |
| IDXX | $53.93B | 51.7 | 10.4% | 24.6% | 69.2% | 61.8% |
| DXCM | $25.54B | 31.8 | 15.6% | 17.9% | 31.4% | 60.1% |
| GEHC | — | 18.0 | 4.8% | 10.1% | 22.1% | 40.0% |
| RMD | $28.11B | 18.7 | 9.8% | 26.9% | 23.6% | 61.1% |
| ZBH | $28.66B | 25.3 | 7.2% | 8.6% | 5.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.07B | $5.44B | $5.01B | $4.46B | $5.23B | $4.39B | $4.35B | $3.72B | $3.44B | $2.96B | $2.49B | $2.32B | |
| Cost of Revenue | $1.33B | $1.12B | $978M | $724M | $1.25B | $1.08B | $1.11B | $939M | $875M | $797M | $617M | $626M | |
| Gross Profit | $4.73B | $4.32B | $4.03B | $3.74B | $3.98B | $3.31B | $3.23B | $2.78B | $2.56B | $2.17B | $1.88B | $1.70B | |
| R&D Expense | $1.08B | $1.05B | $963M | $844M | $903M | $761M | $753M | $622M | $553M | $442M | $383M | $346M | |
| SG&A Expense | $2.09B | $1.79B | $1.58B | $1.36B | $1.49B | $1.23B | $1.24B | $1.09B | $991M | $905M | $851M | $858M | |
| Operating Income | $1.26B | $1.38B | $1.31B | $1.50B | $1.69B | $898M | $1.15B | $748M | $1.09B | $751M | · | · | |
| Interest Expense | · | · | $18M | $19M | $18M | $16M | $21M | $30M | $23M | $19M | $17M | $17M | |
| Interest Income | $169M | $120M | $67M | $36M | $17M | $23M | $32M | $32M | $20M | $11M | $8M | $6M | |
| Other Non-op | $7M | $69M | $14M | $5M | $13M | $12M | $8M | $4M | $-1M | $-5M | $-4M | $-8M | |
| Pretax Income | $1.27B | $1.55B | $1.37B | $1.52B | $1.70B | $917M | $1.17B | $761M | $1.03B | $738M | $622M | $1.14B | |
| Income Tax | $217M | $152M | $152M | $196M | $199M | $93M | $120M | $39M | $451M | $168M | $128M | $333M | |
| Net Income | $1.07B | $4.17B | $1.40B | $1.52B | $1.50B | · | · | · | · | · | · | · | |
| EPS (Basic) | $1.84 | $6.98 | $2.31 | $2.46 | $2.41 | $1.32 | $1.68 | $1.15 | $2.77 | $2.67 | $2.30 | $3.81 | |
| EPS (Diluted) | $1.83 | $6.97 | $2.30 | $2.44 | $2.38 | $1.30 | $1.64 | $1.13 | $2.70 | $2.61 | $2.25 | $3.74 | |
| Shares (Basic) | 584,800,000 | 597,700,000 | 606,700,000 | 619,000,000 | 623,300,000 | 622,600,000 | 624,800,000 | 627,600,000 | 210,900,000 | 213,000,000 | 215,500,000 | 213,000,000 | |
| Shares (Diluted) | 585,800,000 | 599,300,000 | 609,400,000 | 624,200,000 | 631,200,000 | 631,900,000 | 636,700,000 | 640,900,000 | 215,900,000 | 217,800,000 | 220,300,000 | 217,000,000 | |
| EBITDA | $1.42B | $1.53B | $1.68B | $1.89B | $1.83B | $1.00B | $1.24B | $826M | $82M | $71M | $66M | $69M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.94B | $3.05B | $1.13B | $769M | $863M | $1.18B | $1.18B | $714M | $818M | $930M | $718M | $654M | |
| Short-term Investments | $1.29B | $931M | $500M | $446M | $604M | $219M | $338M | $242M | $519M | $341M | $506M | $785M | |
| Receivables | $660M | $609M | $772M | $643M | $582M | $515M | $544M | $457M | $439M | $366M | $315M | $288M | |
| Inventory | $1.13B | $1.09B | $904M | $876M | $727M | $802M | $641M | $607M | $555M | $397M | $340M | $297M | |
| Prepaid Expense | $135M | $121M | $129M | $110M | $85M | $75M | $59M | $54M | $61M | $46M | $45M | $49M | |
| Other Current Assets | $339M | $348M | $225M | $196M | $237M | $208M | $168M | $132M | $117M | $112M | $66M | $122M | |
| Current Assets | $6.74B | $6.29B | $4.04B | $3.10B | $3.18B | $3.09B | $2.98B | $2.29B | $2.55B | $2.24B | $2.05B | $2.23B | |
| PP&E (Net) | $1.81B | $1.69B | $1.59B | $1.63B | $1.55B | $1.40B | $1.06B | $868M | $680M | $580M | $482M | $443M | |
| PP&E (Gross) | $2.66B | $2.48B | $2.29B | $2.38B | $2.20B | $1.99B | $1.57B | $1.32B | $1.09B | $961M | $854M | $808M | |
| Accum. Depreciation | $850M | $794M | $699M | $750M | $655M | $598M | $512M | $455M | $412M | $381M | $372M | $365M | |
| Goodwill | $1.77B | $1.78B | $1.15B | $1.06B | $1.17B | $1.17B | $1.17B | $1.11B | $1.13B | $626M | $628M | $376M | |
| Intangibles | $1.13B | $1.18B | $399M | $285M | $324M | $331M | $336M | $343M | $468M | $205M | $205M | $23M | |
| Other Non-current Assets | $730M | $722M | $463M | $299M | $111M | $120M | $102M | $34M | $109M | $123M | $132M | $49M | |
| Total Assets | $13.70B | $13.06B | $9.36B | $8.29B | $8.50B | $7.24B | $6.49B | $5.32B | $5.67B | $4.51B | $4.06B | $3.52B | |
| Accounts Payable | $228M | $197M | $187M | $202M | $204M | $196M | $180M | $134M | $117M | $97M | $64M | $58M | |
| Current Liabilities | $1.81B | $1.51B | $1.20B | $1.02B | $1.03B | $894M | $902M | $877M | $1.42B | $532M | $476M | $426M | |
| Capital Leases | $83M | $79M | $65M | $70M | $69M | $73M | $59M | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $37M | · | · | · | · | · | |
| Other Non-current Liabilities | $362M | $373M | $251M | $218M | $267M | $252M | $203M | $150M | $147M | $115M | $285M | $113M | |
| Total Liabilities | $3.36B | $2.99B | $2.64B | $2.49B | $2.67B | $2.66B | · | · | · | · | · | · | |
| Long-term Debt | · | · | · | · | · | · | · | $594M | $1.04B | $822M | · | · | |
| Total Debt | $598M | $598M | $597M | $596M | $596M | $595M | $594M | $594M | $1.04B | $822M | $600M | $598M | |
| Common Stock | $659M | $655M | $650M | $646M | $642M | $636M | $218M | $215M | $212M | $243M | $239M | $129M | |
| Retained Earnings | $14.24B | $13.17B | $8.99B | $7.59B | $6.07B | $4.57B | $3.74B | $2.69B | $1.96B | $3.91B | $3.34B | $2.84B | |
| Treasury Stock | $7.09B | $6.19B | $5.02B | $4.14B | $2.42B | $1.90B | $1.28B | $1.02B | $252M | $2.50B | $1.84B | $1.56B | |
| AOCI | $-238M | $-244M | $-243M | $-255M | $-158M | $-161M | $-156M | $-138M | $-133M | $-198M | $-183M | $-101M | |
| Stockholders' Equity | $10.34B | $10.00B | $6.65B | $5.81B | $5.84B | $4.57B | $4.15B | $3.14B | $2.96B | $2.62B | $2.50B | $2.19B | |
| Liabilities + Equity | $13.70B | $13.06B | $9.36B | $8.29B | $8.50B | $7.24B | $6.49B | $5.32B | $5.67B | $4.51B | $4.06B | $3.52B | |
| Shares Outstanding | 580,700,000 | 654,800,000 | 650,500,000 | 646,300,000 | 642,000,000 | 636,400,000 | 218,100,000 | 207,700,000 | 209,700,000 | 211,600,000 | 215,400,000 | 107,800,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $157M | $155M | $145M | $140M | $135M | $107M | $89M | $77M | $82M | $71M | $66M | $69M | |
| Stock-based Comp | $158M | $162M | $139M | $127M | $109M | $93M | $81M | $71M | $62M | $57M | $50M | $48M | |
| Deferred Tax | $-66M | $-163M | $-242M | $-262M | $-44M | $-52M | $10M | $-21M | $27M | $-24M | $-16M | $-67M | |
| Amort. of Intangibles | $8M | $6M | $2M | $2M | $8M | $5M | $5M | $2M | $8M | $8M | $7M | $8M | |
| Restructuring | $13M | $33M | · | · | · | · | · | · | · | · | $0 | $0 | |
| Other Non-cash | $273M | $-3.79B | $-529M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $1.60B | $542M | $896M | $1.22B | $1.73B | $1.05B | $1.18B | $927M | $1.00B | $704M | $550M | $1.02B | |
| CapEx | $260M | $252M | $253M | $245M | $326M | $407M | $254M | $239M | $168M | $176M | $103M | $83M | |
| Investing Cash Flow | $-713M | $2.31B | $174M | $252M | $-1.72B | $-531M | $-596M | $77M | $-647M | $-212M | $-316M | · | |
| Debt Issued | · | · | $0 | $0 | $5M | $16M | $19M | $688M | $995M | $254M | $31M | $226M | |
| Net Debt Issued | · | · | $0 | $0 | $5M | $16M | $19M | $688M | $995M | $254M | $31M | $226M | |
| Stock Repurchased | $893M | $1.16B | $880M | $1.73B | $513M | $625M | $263M | $796M | $763M | $662M | $280M | $301M | |
| Net Stock Activity | $-893M | $-1.16B | $-880M | $-1.73B | $-513M | $-625M | $-263M | $-796M | $-763M | $-662M | $-280M | $-301M | |
| Financing Cash Flow | $-957M | $-983M | $-711M | $-1.58B | $-356M | $-487M | $-116M | $-1.10B | $-473M | $-268M | $-159M | · | |
| Net Change in Cash | $-119M | $1.91B | $375M | $-95M | $-333M | $16M | $468M | $-104M | $-112M | $212M | $65M | $233M | |
| Taxes Paid | $490M | $1.20B | $470M | · | · | · | · | · | · | · | · | $275M | |
| Free Cash Flow | $1.33B | $290M | $643M | $974M | $1.41B | $647M | $925M | $688M | $833M | $528M | $447M | $939M | |
| Levered FCF | · | · | $627M | $957M | $1.39B | $633M | $906M | $660M | $820M | $513M | $433M | $927M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.0% | 79.5% | 77.0% | 79.9% | 76.1% | 75.4% | 74.4% | 74.8% | 74.5% | 73.1% | 75.2% | 73.1% | |
| Operating Margin | 20.8% | 25.4% | 25.6% | 32.5% | 32.3% | 20.5% | 26.4% | 20.1% | · | · | · | · | |
| Net Margin | 17.7% | 76.8% | 23.4% | · | · | · | · | · | · | · | · | · | |
| Pretax Margin | 21.0% | 28.5% | 26.6% | 32.8% | 32.5% | 20.9% | 26.8% | 20.4% | 30.1% | 24.9% | 25.0% | 49.2% | |
| EBITDA Margin | 23.4% | 28.2% | 28.0% | 35.1% | 34.9% | 22.9% | 28.4% | 22.2% | 2.4% | 2.4% | 2.6% | 2.9% | |
| ROA | 8.0% | 37.2% | 15.9% | · | · | · | · | · | · | · | · | · | |
| ROE | 10.6% | 50.1% | 22.5% | · | · | · | · | · | · | · | · | · | |
| ROIC | 9.6% | 11.7% | 18.5% | 23.5% | 23.2% | 15.6% | 21.7% | 19.0% | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.7 | 4.2 | 3.4 | 3.0 | 3.1 | 3.5 | 3.3 | 2.6 | 1.8 | 4.2 | 4.3 | 5.3 | |
| Quick Ratio | 2.7 | 3.0 | 2.0 | 1.8 | 2.0 | 2.1 | 2.3 | 1.6 | 1.3 | 3.1 | 3.2 | 4.0 | |
| Debt / Equity | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.4 | 0.3 | 0.2 | 0.3 | |
| LT Debt / Equity | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.3 | 0.2 | 0.3 | |
| Interest Coverage | · | · | 87.2 | 91.1 | 91.9 | 56.8 | 55.4 | 25.0 | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.7 | 0.6 | 0.7 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |
| Inventory Turnover | 1.2 | 1.1 | 1.4 | 1.3 | 1.6 | 1.5 | 1.8 | 1.6 | 1.8 | 2.2 | 1.9 | 2.1 | |
| Receivables Turnover | 9.6 | 7.9 | 8.5 | 8.8 | 9.5 | 8.3 | 8.7 | 8.3 | 8.7 | 8.7 | 8.3 | 7.9 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 11.6% | 8.6% | 12.2% | -14.7% | 19.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 10.8% | 1.3% | 4.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -73.7% | 203.0% | -5.7% | 2.5% | 83.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -9.1% | 43.1% | 20.9% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 7.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -74.3% | 197.7% | -7.8% | 1.2% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -11.0% | 40.6% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.07B | $5.44B | $5.01B | $4.46B | $5.23B | $4.39B | $4.35B | $3.72B | $3.44B | $2.96B | $2.49B | $2.32B | |
| Net Income TTM | $1.07B | $4.17B | $1.40B | $1.52B | $1.50B | $235M | $235M | $235M | $235M | $235M | $235M | $235M | |
| Market Cap | $49.50B | $43.57B | $45.83B | $45.39B | $80.85B | $56.95B | $16.26B | $10.60B | $7.88B | $6.61B | $5.67B | $2.29B | |
| Enterprise Value | $45.88B | $40.20B | $44.79B | $44.77B | $79.98B | $56.15B | $15.34B | $10.24B | $7.58B | $6.16B | $5.05B | $1.45B | |
| P/E | 46.6 | 10.6 | 33.2 | 30.6 | 54.4 | 70.2 | 47.4 | 45.2 | 13.9 | 12.0 | 11.7 | 5.7 | |
| P/S | 8.2 | 8.0 | 9.1 | 10.2 | 15.5 | 13.0 | 3.7 | 2.8 | 2.3 | 2.2 | 2.3 | 1.0 | |
| P/B | 4.8 | 4.4 | 6.9 | 7.8 | 13.9 | 12.5 | 3.9 | 3.4 | 2.7 | 2.5 | 2.3 | 1.0 | |
| P / Tangible Book | 6.7 | 6.2 | 9.0 | 10.2 | 18.6 | 18.6 | · | · | · | · | · | · | |
| P / Cash Flow | 31.0 | 80.4 | 51.2 | 37.3 | 46.7 | 54.0 | 13.8 | 11.4 | 7.9 | 9.4 | 10.3 | 2.2 | |
| P / FCF | 37.1 | 150.3 | 71.3 | 46.6 | 57.5 | 88.0 | 17.6 | 15.4 | 9.5 | 12.5 | 12.7 | 2.4 | |
| EV / EBITDA | 32.3 | 26.2 | 26.7 | 23.7 | 43.8 | 55.9 | 12.4 | 12.4 | 92.5 | 86.5 | 76.7 | 21.1 | |
| EV / FCF | 34.4 | 138.7 | 69.7 | 46.0 | 56.9 | 86.7 | 16.6 | 14.9 | 9.1 | 11.7 | 11.3 | 1.5 | |
| EV / Revenue | 7.6 | 7.4 | 8.9 | 10.0 | 15.3 | 12.8 | 3.5 | 2.8 | 2.2 | 2.1 | 2.0 | 0.6 | |
| Earnings Yield | 2.1% | 9.4% | 3.0% | 3.3% | 1.8% | 1.4% | 2.1% | 2.2% | 7.2% | 8.4% | 8.6% | 17.6% |
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 | $1.74B | $1.65B | $1.57B | $1.55B | $1.53B | $1.41B | $1.39B | $1.35B | $1.37B | $1.33B | $1.01B | $1.24B | $1.28B | $1.22B | $430M | $1.32B | |
| Cost of Revenue | $392M | $363M | $343M | $345M | $344M | $302M | $292M | $263M | $276M | $287M | $141M | $251M | $257M | $330M | $-99M | $254M | |
| Gross Profit | $1.35B | $1.29B | $1.23B | $1.21B | $1.19B | $1.11B | $1.09B | $1.09B | $1.09B | $1.04B | $870M | $993M | $1.03B | $992M | $529M | $1.07B | |
| R&D Expense | $279M | $263M | $268M | $281M | $276M | $255M | $271M | $253M | $272M | $257M | $215M | $243M | $244M | $261M | $131M | $234M | |
| SG&A Expense | $561M | $522M | $603M | $515M | $502M | $466M | $492M | $421M | $448M | $428M | $354M | $382M | $410M | $436M | $201M | $377M | |
| Operating Income | $513M | $478M | $151M | $307M | $411M | $395M | $313M | $351M | $366M | $349M | $291M | $366M | $264M | $388M | $198M | $402M | |
| Interest Income | $30M | $34M | · | · | $37M | $36M | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $17M | $72M | $3M | $3M | $-1M | $3M | $33M | $28M | $2M | $6M | $3M | $7M | $2M | $2M | $6M | $-2M | |
| Pretax Income | $520M | $459M | $90M | $348M | $400M | $434M | $390M | $403M | $384M | $371M | $311M | $388M | $275M | $399M | $211M | $407M | |
| Income Tax | $278M | $78M | $26M | $56M | $64M | $70M | $45M | $41M | $20M | $46M | $21M | $53M | $21M | $58M | $11M | $64M | |
| Net Income | $242M | $381M | $91M | $291M | $333M | $358M | $386M | $3.07B | $366M | $352M | $370M | $385M | $307M | $340M | $398M | $344M | |
| EPS (Basic) | $0.42 | $0.66 | $0.16 | $0.50 | $0.57 | $0.61 | $0.65 | $5.14 | $0.61 | $0.58 | $0.61 | $0.63 | $0.51 | $0.56 | $0.66 | $0.55 | |
| EPS (Diluted) | $0.42 | $0.66 | $0.16 | $0.50 | $0.56 | $0.61 | $0.65 | $5.13 | $0.61 | $0.58 | $0.61 | $0.63 | $0.50 | $0.56 | $0.65 | $0.55 | |
| Shares (Basic) | 576,400,000 | 579,200,000 | -1,173,800,000 | 584,700,000 | 587,000,000 | 586,900,000 | -1,203,200,000 | 597,200,000 | 602,100,000 | 601,600,000 | -1,214,700,000 | 607,000,000 | 606,900,000 | 607,500,000 | -1,243,800,000 | 619,800,000 | |
| Shares (Diluted) | 577,600,000 | 580,700,000 | -1,175,600,000 | 585,700,000 | 587,900,000 | 587,800,000 | -1,207,200,000 | 598,100,000 | 604,300,000 | 604,100,000 | -1,221,300,000 | 609,500,000 | 610,300,000 | 610,900,000 | -1,256,400,000 | 624,500,000 | |
| EBITDA | $513M | $518M | · | $307M | $411M | $431M | · | $351M | $369M | $426M | · | $418M | $327M | $424M | · | $402M |
Balance Sheet 27
| 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 | $2.91B | $2.45B | $2.94B | $2.69B | $3.27B | $3.14B | $3.05B | $3.68B | $1.64B | $1.22B | · | $1.41B | $1.04B | $872M | · | $1.25B | |
| Short-term Investments | $1.35B | $1.23B | $1.29B | $1.16B | $789M | $758M | $931M | $770M | $345M | $473M | · | $454M | $467M | $382M | · | $491M | |
| Receivables | $770M | $776M | $660M | $693M | $697M | $669M | $609M | $716M | $778M | $818M | · | $740M | $754M | $718M | · | $618M | |
| Inventory | $1.13B | $1.12B | $1.13B | $1.14B | $1.14B | $1.11B | $1.09B | $1.10B | $1.02B | $1.21B | · | $1.03B | $980M | $914M | · | $758M | |
| Prepaid Expense | $119M | $136M | $135M | $125M | $110M | $111M | $121M | $115M | $110M | $138M | · | $133M | $123M | $119M | · | $88M | |
| Other Current Assets | $360M | $330M | $339M | $323M | $314M | $304M | $348M | $231M | $252M | $251M | · | $236M | $217M | $190M | · | $268M | |
| Current Assets | $6.82B | $6.23B | $6.74B | $6.36B | $6.58B | $6.21B | $6.29B | $6.73B | $4.52B | $4.17B | · | $4.07B | $3.65B | $3.26B | · | $3.51B | |
| PP&E (Net) | $1.84B | $1.82B | $1.81B | $1.74B | $1.73B | $1.70B | $1.69B | $1.68B | $1.64B | $1.77B | · | $1.68B | $1.66B | $1.65B | · | $1.57B | |
| PP&E (Gross) | · | · | $2.66B | · | · | · | $2.48B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $850M | · | · | · | $794M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $1.95B | $1.82B | $1.77B | $1.77B | $1.78B | $1.78B | $1.78B | $1.61B | $1.15B | $1.25B | $1.15B | $1.30B | $1.30B | $1.31B | $1.06B | $1.16B | |
| Intangibles | $1.38B | $1.23B | $1.13B | $1.13B | $1.17B | $1.17B | $1.18B | $956M | $417M | $447M | · | $430M | $431M | $447M | · | $266M | |
| Other Non-current Assets | $616M | $739M | $730M | $785M | $743M | $743M | $722M | $684M | $790M | $768M | · | $447M | $412M | $294M | · | $316M | |
| Total Assets | $13.87B | $13.32B | $13.70B | $13.27B | $13.49B | $13.02B | $13.06B | $12.97B | $10.10B | $9.74B | · | $9.37B | $9.00B | $8.65B | · | $8.64B | |
| Accounts Payable | $210M | $181M | $228M | $165M | $162M | $172M | $197M | $173M | $186M | $212M | · | $191M | $193M | $181M | · | $155M | |
| Current Liabilities | $1.51B | $1.41B | $1.81B | $1.59B | $1.40B | $1.39B | $1.51B | $1.94B | $1.22B | $1.11B | · | $1.24B | $1.16B | $1.08B | · | $918M | |
| Capital Leases | $82M | $80M | $83M | $75M | $79M | $78M | $79M | $85M | $74M | $77M | · | $70M | $64M | $66M | · | $67M | |
| Other Non-current Liabilities | $382M | $351M | $362M | $363M | $379M | $358M | $373M | $323M | $257M | $266M | · | $240M | $243M | $260M | · | $221M | |
| Total Liabilities | $3.14B | $2.99B | $3.36B | $3.07B | $2.88B | $2.83B | $2.99B | $3.36B | $2.59B | $2.55B | · | $2.64B | $2.56B | $2.59B | · | $2.42B | |
| Total Debt | $599M | $598M | · | $598M | $598M | $598M | · | $598M | $597M | $597M | · | $597M | $597M | $596M | · | $596M | |
| Common Stock | $662M | $660M | $659M | $658M | $658M | $656M | $655M | $654M | $654M | $652M | · | $650M | $649M | $647M | · | $646M | |
| Retained Earnings | $14.86B | $14.62B | $14.24B | $14.15B | $13.86B | $13.53B | $13.17B | $12.78B | $9.71B | $9.34B | · | $8.62B | $8.24B | $7.93B | · | $7.19B | |
| Treasury Stock | $7.67B | $7.51B | $7.09B | $7.05B | $6.46B | $6.45B | $6.19B | $6.09B | $5.18B | $5.02B | · | $4.58B | $4.40B | $4.39B | · | $3.28B | |
| AOCI | $-215M | $-221M | $-238M | $-250M | $-264M | $-254M | $-244M | $-252M | $-220M | $-233M | · | $-250M | $-256M | $-255M | · | $-256M | |
| Stockholders' Equity | $10.62B | $10.33B | $10.34B | $10.21B | $10.55B | $10.13B | $10.00B | $9.55B | $7.44B | $7.12B | · | $6.66B | $6.38B | $5.98B | · | $6.22B | |
| Liabilities + Equity | $13.87B | $13.32B | $13.70B | $13.27B | $13.49B | $13.02B | $13.06B | $12.97B | $10.10B | $9.74B | · | $9.37B | $9.00B | $8.65B | · | $8.64B | |
| Shares Outstanding | 576,600,000 | 577,000,000 | 580,700,000 | 580,700,000 | 587,900,000 | 586,200,000 | 588,600,000 | 589,800,000 | 602,300,000 | 602,400,000 | 650,500,000 | 606,500,000 | 607,900,000 | 606,000,000 | 646,300,000 | 619,400,000 |
Cash Flow 13
| 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 | $43M | $41M | $43M | $39M | $38M | $37M | $43M | $34M | $40M | $38M | $37M | $37M | $36M | $35M | $35M | $35M | |
| Stock-based Comp | $42M | $45M | $39M | $41M | $38M | $40M | $32M | $42M | $44M | $45M | $30M | $33M | $37M | $39M | $28M | $30M | |
| Restructuring | · | · | $5M | $100.0K | · | · | $0 | $33M | · | · | · | $0 | · | · | · | · | |
| Other Non-cash | · | $-423M | · | · | · | $-154M | · | · | · | $-488M | · | · | · | · | · | · | |
| Operating Cash Flow | $652M | $44M | $451M | $574M | $290M | $280M | $-128M | $352M | $372M | $-54M | $137M | $412M | $34M | $314M | $283M | $310M | |
| CapEx | $67M | $65M | $97M | $58M | $49M | $56M | $50M | $52M | $85M | $65M | $88M | $55M | $48M | $62M | $69M | $60M | |
| Investing Cash Flow | $-193M | $-93M | $-198M | $-428M | $-172M | $85M | $-577M | $2.70B | $125M | $63M | $14M | $89M | $70M | $500.0K | $95M | $-202M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $153M | $422M | $41M | $589M | $6M | $259M | $100M | $901M | $158M | $200.0K | $448M | $174M | $8M | $249M | $866M | $100M | |
| Net Stock Activity | · | $-422M | · | · | · | $-259M | · | · | · | $-200.0K | · | · | · | $-249M | · | · | |
| Financing Cash Flow | $-300.0K | $-451M | $-11M | $-740M | $53M | $-258M | $29M | $-977M | $-97M | $62M | $-413M | $-143M | $52M | $-207M | $-838M | $-70M | |
| Net Change in Cash | $462M | $-492M | $245M | $-595M | $141M | $90M | $-625M | $2.03B | $429M | $81M | $-266M | $366M | $171M | $104M | $-479M | $49M | |
| Free Cash Flow | · | $-21M | · | · | · | $224M | · | · | · | $-119M | · | · | · | $253M | · | · |
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 | 77.5% | 78.0% | · | 77.8% | 77.5% | 78.6% | · | 80.6% | 79.4% | 75.9% | · | 76.3% | 77.6% | 77.4% | · | 80.8% | |
| Operating Margin | 29.5% | 29.0% | · | 19.8% | 26.8% | 28.0% | · | 25.9% | 26.6% | 24.2% | · | 28.2% | 21.4% | 26.6% | · | 30.5% | |
| Net Margin | 13.9% | 23.1% | · | 18.7% | 21.8% | 25.3% | · | 226.7% | 26.4% | 22.0% | · | 26.0% | 20.1% | · | · | · | |
| Pretax Margin | 29.9% | 27.8% | · | 22.4% | 26.1% | 30.7% | · | 29.7% | 27.9% | 25.6% | · | 29.7% | 22.1% | 27.3% | · | 30.9% | |
| EBITDA Margin | 29.5% | 31.4% | · | 19.8% | 26.8% | 30.5% | · | 25.9% | 26.6% | 26.7% | · | 28.2% | 21.4% | 29.0% | · | 30.5% | |
| ROA | 1.8% | 2.9% | · | 2.2% | 2.8% | 3.1% | · | 27.5% | 3.8% | 3.8% | · | 4.3% | 3.5% | · | · | · | |
| ROE | 2.3% | 3.7% | · | 2.9% | 3.7% | 4.2% | · | 37.9% | 5.3% | 5.4% | · | 6.0% | 5.0% | · | · | · | |
| ROIC | 2.1% | 3.6% | · | 2.4% | 3.1% | 3.1% | · | 3.1% | 4.3% | 4.3% | · | 5.0% | 4.2% | 5.1% | · | 5.0% |
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 | 4.5 | 4.4 | · | 4.0 | 4.7 | 4.5 | · | 3.5 | 3.7 | 3.8 | · | 3.3 | 3.2 | 3.0 | · | 3.8 | |
| Quick Ratio | 3.3 | 3.2 | · | 2.9 | 3.4 | 3.3 | · | 2.7 | 2.3 | 2.3 | · | 2.1 | 2.0 | 1.8 | · | 2.6 | |
| Debt / Equity | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| LT Debt / Equity | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.2 | 0.3 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | |
| Receivables Turnover | 2.4 | 2.3 | · | 2.2 | 2.1 | 1.9 | · | 1.9 | 1.8 | 2.1 | · | 2.2 | 2.2 | 2.2 | · | 2.2 |
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 | $6.47B | $6.15B | · | $5.88B | $5.69B | $5.52B | · | $5.32B | $5.21B | $5.12B | · | $5.06B | $5.19B | $5.26B | · | $5.34B | |
| Net Income TTM | $1.25B | $1.36B | · | $1.37B | $4.15B | $4.18B | · | $4.16B | $1.47B | $1.41B | · | $1.38B | $1.40B | · | · | · | |
| Market Cap | $52.16B | $46.21B | · | $45.16B | $45.98B | $42.49B | · | $38.92B | $55.63B | $57.57B | · | $42.02B | $57.34B | $50.13B | · | $51.18B | |
| Enterprise Value | $48.51B | $43.13B | · | $41.92B | $42.52B | $39.19B | · | $35.07B | $54.24B | $56.46B | · | $40.75B | $56.43B | $49.48B | · | $50.04B | |
| P/E | 42.3 | 34.4 | · | 33.5 | 11.3 | 10.4 | · | 9.5 | 38.0 | 41.2 | · | 30.9 | 41.7 | 35.2 | · | 35.5 | |
| P/S | 8.1 | 7.5 | · | 7.7 | 8.1 | 7.7 | · | 7.3 | 10.7 | 11.2 | · | 8.3 | 11.0 | 9.5 | · | 9.6 | |
| P/B | 4.9 | 4.5 | · | 4.4 | 4.4 | 4.2 | · | 4.1 | 7.5 | 8.1 | · | 6.3 | 9.0 | 8.4 | · | 8.2 | |
| P / Tangible Book | 7.2 | 6.3 | · | 6.2 | 6.1 | 5.9 | · | 5.6 | 9.5 | 10.6 | · | 8.5 | 12.3 | 11.9 | · | 10.7 | |
| P / Cash Flow | · | 1054.9 | · | · | · | 151.5 | · | · | · | -1076.0 | · | · | · | 159.6 | · | · | |
| P / FCF | · | -2189.9 | · | · | · | 189.3 | · | · | · | -484.6 | · | · | · | 198.5 | · | · | |
| EV / EBITDA | 94.5 | 83.2 | · | 136.5 | 103.4 | 90.8 | · | 100.0 | 147.0 | 132.5 | · | 97.4 | 172.5 | 116.8 | · | 124.4 | |
| EV / FCF | · | -2044.2 | · | · | · | 174.6 | · | · | · | -475.3 | · | · | · | 195.9 | · | · | |
| EV / Revenue | 7.5 | 7.0 | · | 7.1 | 7.5 | 7.1 | · | 6.6 | 10.4 | 11.0 | · | 8.0 | 10.9 | 9.4 | · | 9.4 | |
| Earnings Yield | 2.4% | 2.9% | · | 3.0% | 8.9% | 9.7% | · | 10.5% | 2.6% | 2.4% | · | 3.2% | 2.4% | 2.8% | · | 2.8% |
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 | $6.07B | $5.44B | $5.01B | $4.46B | $5.23B |
| Gross Margin % | 78.0% | 79.5% | 77.0% | 79.9% | 76.1% |
| Operating Margin % | 20.8% | 25.4% | 25.6% | 32.5% | 32.3% |
| Net Income | $1.07B | $4.17B | $1.40B | $1.52B | $1.50B |
| Diluted EPS | $1.83 | $6.97 | $2.30 | $2.44 | $2.38 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Current Ratio | 3.7 | 4.2 | 3.4 | 3.0 | 3.1 |
| Quick Ratio | 2.7 | 3.0 | 2.0 | 1.8 | 2.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.33B | $290M | $643M | $974M | $1.41B |
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Institutional owners (13F) 1,450 filers · $30.4B 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 |
|---|---|---|---|---|
| 152 (+6 vs prior Q) | 97 (-10 vs prior Q) | 459 (+11 vs prior Q) | 452 (+4 vs prior Q) | +26.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $3,402,739,018 | 37,615,952 | 11.20% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,389,175,425 | 26,411,402 | 7.86% | Shares |
| STATE STREET CORP | $2,381,082,692 | 26,321,940 | 7.84% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,430,999,585 | 15,819,142 | 4.71% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,219,437,867 | 13,541,730 | 4.01% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $1,135,640,991 | 12,554,068 | 3.74% | Shares |
| Ninety One UK Ltd | $1,116,050,276 | 12,337,502 | 3.67% | Shares |
| Aristotle Capital Management, LLC | $783,906,442 | 8,665,712 | 2.58% | Shares |
| NORGES BANK | $757,492,410 | 8,373,783 | 2.49% | Shares |
| ALLIANCEBERNSTEIN L.P. | $693,526,113 | 8,660,416 | 2.28% | Shares |
| FMR LLC | $607,177,379 | 6,712,109 | 2.00% | Shares |
| Artisan Partners Limited Partnership | $599,361,052 | 6,625,703 | 1.97% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $513,572,538 | 5,677,344 | 1.69% | Shares |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $434,208,000 | 4,800,000 | 1.43% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $334,052,859 | 3,692,824 | 1.10% | Shares |
| MILLENNIUM MANAGEMENT LLC | $324,280,556 | 3,584,795 | 1.07% | Shares |
| CITADEL ADVISORS LLC | $308,338,066 | 3,408,557 | 1.01% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $308,314,004 | 3,408,291 | 1.01% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $298,865,427 | 3,303,843 | 0.98% | Shares |
| BROWN ADVISORY INC | $295,062,880 | 3,261,805 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $292,399,738 | 3,232,365 | 0.96% | Shares |
| Holocene Advisors, LP | $283,979,721 | 3,139,285 | 0.93% | Shares |
| NEUBERGER BERMAN GROUP LLC | $255,069,412 | 2,818,763 | 0.84% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $250,776,107 | 2,772,232 | 0.83% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $238,277,000 | 2,634,054 | 0.78% | Shares |
| Mirova US LLC | $229,802,865 | 2,540,381 | 0.76% | Shares |
| BANK OF AMERICA CORP /DE/ | $170,884,489 | 1,889,061 | 0.56% | Shares |
| BlackRock, Inc. | $168,018,323 | 1,857,377 | 0.55% | Shares |
| Assenagon Asset Management S.A. | $163,997,286 | 1,812,926 | 0.54% | Shares |
| Point72 Asset Management, L.P. | $160,486,895 | 1,774,120 | 0.53% | Shares |
| RAYMOND JAMES FINANCIAL INC | $152,806,000 | 1,689,211 | 0.50% | Shares |
| Swiss National Bank | $147,097,006 | 1,626,100 | 0.48% | Shares |
| Woodline Partners LP | $141,123,209 | 1,560,062 | 0.46% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $140,351,128 | 1,551,434 | 0.46% | Shares |
| TWO SIGMA INVESTMENTS, LP | $137,670,984 | 1,521,899 | 0.45% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $131,472,173 | 1,453,357 | 0.43% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $126,120,870 | 1,394,217 | 0.42% | Shares |
| Legal & General Group Plc | $121,108,845 | 1,338,811 | 0.40% | Shares |
| ROYAL BANK OF CANADA | $119,193,000 | 1,317,637 | 0.39% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $113,885,341 | 1,258,958 | 0.37% | Shares |
| Quantinno Capital Management LP | $113,292,795 | 1,252,407 | 0.37% | Shares |
| Vanguard Global Advisers, LLC | $112,247,472 | 1,240,852 | 0.37% | Shares |
| Liontrust Investment Partners LLP | $110,033,644 | 1,216,379 | 0.36% | Shares |
| VANGUARD GROUP INC | $107,656,172 | 1,262,829 | 0.35% | Shares |
| SEB Asset Management AB | $106,981,085 | 1,182,636 | 0.35% | Shares |
| Liontrust Investment Partners LLP | $106,083,480 | 1,244,381 | 0.35% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $100,522,409 | 1,111,236 | 0.33% | Shares |
| Polar Capital Holdings Plc | $99,945,636 | 1,104,860 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $99,213,696 | 1,096,770 | 0.33% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $92,822,996 | 1,026,122 | 0.31% | Shares |
| PARNASSUS INVESTMENTS, LLC | $91,873,890 | 1,015,630 | 0.30% | Shares |
| Bank of New York Mellon Corp | $91,654,072 | 1,013,200 | 0.30% | Shares |
| National Pension Service | $90,349,187 | 998,775 | 0.30% | Shares |
| California Public Employees Retirement System | $89,091,250 | 984,869 | 0.29% | Shares |
| Caisse de depot et placement du Quebec | $87,523,397 | 967,537 | 0.29% | Shares |
| ABN AMRO Bank N.V. | $83,573,385 | 924,314 | 0.28% | Shares |
| GOLDMAN SACHS GROUP INC | $82,454,109 | 911,498 | 0.27% | Shares |
| Empower Advisory Group, LLC | $80,384,543 | 888,620 | 0.26% | Shares |
| Meridiem Capital Partners LP | $77,697,994 | 858,921 | 0.26% | Shares |
| Man Group plc | $76,372,212 | 844,265 | 0.25% | Shares |
| ORBIMED ADVISORS LLC | $75,525,054 | 834,900 | 0.25% | Shares |
| Alyeska Investment Group, L.P. | $73,531,316 | 812,860 | 0.24% | Shares |
| Nantahala Capital Management, LLC | $72,368,000 | 800,000 | 0.24% | Put option |
| CANADA PENSION PLAN INVESTMENT BOARD | $72,254,020 | 798,740 | 0.24% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $69,805,736 | 871,700 | 0.23% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $66,940,606 | 740,002 | 0.22% | Shares |
| Bellevue Group AG | $66,871,108 | 739,234 | 0.22% | Shares |
| Birch Hill Investment Advisors LLC | $66,522,203 | 735,377 | 0.22% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $64,772,074 | 716,030 | 0.21% | Shares |
| TD Asset Management Inc | $61,560,472 | 680,527 | 0.20% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $61,491,904 | 679,769 | 0.20% | Shares |
| UBS Group AG | $60,908,889 | 673,324 | 0.20% | Shares |
| Candriam S.C.A. | $59,988,129 | 663,784 | 0.20% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $57,604,363 | 675,711 | 0.19% | Shares |
| Integral Health Asset Management, LLC | $56,537,500 | 625,000 | 0.19% | Shares |
| Ninety One North America, Inc. | $55,768,413 | 616,498 | 0.18% | Shares |
| Robeco Institutional Asset Management B.V. | $55,270,246 | 610,991 | 0.18% | Shares |
| Seilern Investment Management Ltd | $54,296,896 | 600,231 | 0.18% | Shares |
| Nan Shan Life Insurance Co., Ltd. | $49,953,912 | 552,221 | 0.16% | Shares |
| PFA Pension, Forsikringsaktieselskab | $49,175,025 | 543,611 | 0.16% | Shares |
| BARCLAYS PLC | $49,135,520 | 543,174 | 0.16% | Shares |
| Triodos Investment Management BV | $44,629,165 | 493,358 | 0.15% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $44,266,149 | 489,345 | 0.15% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $43,182,890 | 477,370 | 0.14% | Shares |
| APG Asset Management N.V. | $42,840,046 | 541,444 | 0.14% | Shares |
| United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund | $42,480,287 | 469,603 | 0.14% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $42,097,461 | 465,371 | 0.14% | Shares |
| AVIVA PLC | $41,577,497 | 459,623 | 0.14% | Shares |
| Balyasny Asset Management L.P. | $41,248,584 | 455,987 | 0.14% | Shares |
| Korea Investment CORP | $40,486,097 | 447,558 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $39,585,296 | 437,600 | 0.13% | Call option |
| NORDEA INVESTMENT MANAGEMENT AB | $37,761,927 | 418,322 | 0.12% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $37,671,343 | 416,442 | 0.12% | Shares |
| Qube Research & Technologies Ltd | $37,490,061 | 414,438 | 0.12% | Shares |
| OFI INVEST ASSET MANAGEMENT | $36,480,086 | 458,427 | 0.12% | Shares |
| Fisher Funds Management LTD | $35,971,057 | 397,646 | 0.12% | Shares |
| LPL Financial LLC | $34,985,891 | 386,755 | 0.12% | Shares |
| ABN AMRO INVESTMENT SOLUTIONS | $33,668,217 | 372,189 | 0.11% | Shares |
| AMERIPRISE FINANCIAL INC | $32,517,021 | 359,463 | 0.11% | Shares |
| BLAIR WILLIAM & CO/IL | $32,206,687 | 356,032 | 0.11% | Shares |
Company insiders 48 insiders · 18 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Bernard J Zovighian | CEO | July 27, 2026 S | 8,916 | 0 | 8 | $-6,996,971 |
| Theodora Mistras | CVP, Chief Financial Officer | July 9, 2026 A | 99,920 | 0 | 0 | $0 |
| Thomas M Abate | CVP, CFO | May 14, 2013 A | 43,047 | 0 | 0 | $0 |
| Wayne Markowitz | CVP, JAPAC | July 30, 2026 S | 21,534 | 0 | 4 | $-928,942 |
| Annette Bruls | CVP, EMEACLA | July 11, 2026 F | 20,628 | 0 | 0 | $0 |
| Andrew M. Dahl | SVP, Corporate Controller | May 29, 2026 S | 15,334 | 0 | 1 | $-48,893 |
| Carlyn D Solomon | CVP, Critical Care & Vascular | Oct. 28, 2014 M | 31,154 | 0 | 0 | $0 |
| Christine Z Mccauley | CVP, Human Resources | May 13, 2013 F | 4,035 | 0 | 0 | $0 |
| Paul C Redmond | CVP, Global Operations | May 13, 2013 S | 12,534 | 0 | 0 | $0 |
| Bruce P Garren | CVP, Public Affairs/Special Co | May 13, 2013 F | 56,071 | 0 | 0 | $0 |
| John H Kehl JR | CVP, Strategy & Corp Dev | May 7, 2013 F | 101,767 | 0 | 0 | $0 |
| Robert C Reindl | CVP, H.R. and Communications | July 27, 2012 M | 1,124 | 0 | 0 | $0 |
| Aimee S Weisner | CVP, General Counsel | May 9, 2012 A | 1,675 | 0 | 0 | $0 |
| Corinne H Nevinny | CVP & Pres., Global Ops | May 13, 2010 A | 16,687 | 0 | 0 | $0 |
| Anita Bessler | CVP | Aug. 31, 2007 S | 29,410 | 0 | 0 | $0 |
| John Alexander Martin | CVP, North America | May 10, 2007 A | 15,300 | 0 | 0 | $0 |
| Stuart L Foster | CVP, Critical Care / Vascular | May 10, 2007 A | 24,604 | 0 | 0 | $0 |
| Randel William Woodgrift | Corp VP, Manufacturing Ops | Aug. 4, 2005 M | 3,349 | 0 | 0 | $0 |
| John T Cardis | Director | Aug. 10, 2016 S | 91,458 | 0 | 0 | $0 |
| Barbara J Mcneil | Director | Feb. 4, 2016 S | 46,454 | 0 | 0 | $0 |
| Robert Alexander Ingram | Director | May 15, 2015 A | 32,367 | 0 | 0 | $0 |
| Michael R Bowlin | Director | Nov. 14, 2014 M | 81,751 | 0 | 0 | $0 |
| David E I Pyott | Director | May 9, 2014 A | 53,582 | 0 | 0 | $0 |
| NEAL PHILIP M | Director | Aug. 12, 2008 M | 27,333 | 0 | 0 | $0 |
| Vernon R Loucks JR | Director | May 9, 2008 A | 24,133 | 0 | 0 | $0 |
| Daniel J. Lippis | — | Aug. 11, 2026 M | 40,034 | 0 | 12 | $-817,452 |
| Donald E Bobo JR | — | May 27, 2026 S | 98,611 | 0 | 12 | $-11,153,294 |
| Daveen Chopra | — | May 22, 2026 S | 44,324 | 0 | 3 | $-500,535 |
| Scott B. Ullem | — | May 11, 2026 M | 46,740 | 0 | 7 | $-3,875,008 |
| Leslie C. Davis | — | May 8, 2026 A | 9,834 | 0 | 0 | $0 |
| Ramona Sequeira | — | May 8, 2026 A | 6,779 | 0 | 0 | $0 |
| David T Feinberg | — | May 8, 2026 A | 9,087 | 0 | 0 | $0 |
| Kieran Gallahue | — | May 8, 2026 A | 4,315 | 0 | 0 | $0 |
| Nicholas J Valeriani | — | May 8, 2026 A | 84,423 | 0 | 0 | $0 |
| Heisz Leslie Stone | — | May 8, 2026 A | 34,199 | 0 | 1 | $-218,117 |
| Steven R Loranger | — | May 8, 2026 A | 8,997 | 0 | 0 | $0 |
| Paul A Laviolette | — | May 8, 2026 A | 17,552 | 0 | 0 | $0 |
| Larry L Wood | — | Aug. 18, 2025 M | 206,900 | 0 | 0 | $0 |
| Catherine M. Szyman | — | Sept. 3, 2024 F | 81,287 | 0 | 0 | $0 |
| Jean-Luc M Lemercier | — | July 7, 2024 F | 184,686 | 0 | 0 | $0 |
| Robert W.A. Sellers | — | May 11, 2024 F | 17,081 | 0 | 0 | $0 |
| Michael A Mussallem | — | May 2, 2024 M | 4,486 | 0 | 0 | $0 |
| Martha H. Marsh | — | May 12, 2023 A | 31,880 | 0 | 0 | $0 |
| Huimin Wang | — | July 8, 2022 M | 99,381 | 0 | 0 | $0 |
| William J Link PHD | — | May 8, 2020 A | 11,349 | 0 | 0 | $0 |
| Wesley W Von Schack | — | Aug. 1, 2019 S | 8,000 | 0 | 0 | $0 |
| Patrick B Verguet | — | May 31, 2017 M | 129,137 | 0 | 0 | $0 |
| Randall J Nelson | — | Sept. 30, 2003 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Undisclosed reporting person | April 5, 2001 | — | Initial filing | Board campaign | 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 180 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 |
|---|---|---|---|---|
| IHI · iShares Trust | 4.29% | 1,607,851 SH | Aug. 8, 2026 | Daily |
| GDOC · Goldman Sachs ETF Trust | 2.98% | 6,939 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 2.11% | 10,000 NS | May 31, 2026 | N-PORT |
| ANEW · ProShares Trust | 2.02% | 1,801 NS | May 31, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 1.83% | 2,435 NS | April 30, 2026 | N-PORT |
| PJBF · PGIM ETF Trust | 1.75% | 2,374 NS | May 29, 2026 | N-PORT |
| HRTS · Tema ETF Trust | 1.75% | 10,488 NS | May 31, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.58% | 137,940 SH | Aug. 8, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 1.14% | 4,411,246 SH | Aug. 8, 2026 | Daily |
| ALTL · Pacer Funds Trust | 0.94% | 10,780 NS | April 30, 2026 | N-PORT |
| CVAR · ETF Opportunities Trust | 0.93% | 4,325 NS | April 30, 2026 | N-PORT |
| SDG · iShares Trust | 0.90% | 17,447 SH | Aug. 8, 2026 | Daily |
| FFND · Northern Lights Fund Trust II | 0.88% | 10,459 NS | May 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.83% | 341,366 SH | Aug. 8, 2026 | Daily |
| BKDV · BNY Mellon ETF Trust II | 0.81% | 134,666 NS | April 30, 2026 | N-PORT |
| NULV · Nushares ETF Trust | 0.79% | 197,378 NS | April 30, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.79% | 22,410 NS | April 30, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.78% | 267,514 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.77% | 1,733,147 SH | Aug. 8, 2026 | Daily |
| NULC · Nushares ETF Trust | 0.75% | 5,090 NS | April 30, 2026 | N-PORT |
| RXL · ProShares Trust | 0.73% | 6,052 NS | May 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 0.70% | 11,571 NS | April 30, 2026 | N-PORT |
| IMCG · iShares Trust | 0.66% | 301,692 SH | Aug. 8, 2026 | Daily |
| IXJ · iShares Trust | 0.65% | 302,050 SH | Aug. 8, 2026 | Daily |
| TEC · Harbor ETF Trust | 0.61% | 491 NS | April 30, 2026 | N-PORT |
| FWD · AB Active ETFs, Inc. | 0.56% | 187,544 NS | May 31, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 0.56% | 4,857 NS | April 30, 2026 | N-PORT |
| BRNY · EA Series Trust | 0.54% | 35,555 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.53% | 24,654 NS | May 31, 2026 | N-PORT |
| SUSA · iShares Trust | 0.51% | 237,552 SH | Aug. 8, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.50% | 12,477,902 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.49% | 860,071 SH | Aug. 8, 2026 | Daily |
| FXH · First Trust Exchange-Traded AlphaDE… | 0.42% | 44,305 NS | April 30, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.40% | 193,493 NS | April 30, 2026 | N-PORT |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0.37% | 3,768 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.36% | 2,320,860 SH | Aug. 8, 2026 | Daily |
| IMCB · iShares Trust | 0.34% | 63,843 SH | Aug. 8, 2026 | Daily |
| JGLO · J.P. Morgan Exchange-Traded Fund Tr… | 0.34% | 286,558 NS | April 30, 2026 | N-PORT |
| EVUS · iShares Trust | 0.31% | 12,935 SH | Aug. 8, 2026 | Daily |
| NBCR · Neuberger Berman ETF Trust | 0.30% | 30,404 NS | May 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.29% | 156,342 SH | Aug. 8, 2026 | Daily |
| XOEF · iShares Trust | 0.28% | 720 SH | Aug. 8, 2026 | Daily |
| ESUM · Strategy Shares | 0.27% | 5,033 NS | April 30, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.27% | 189,108 NS | April 30, 2026 | N-PORT |
| WINN · Harbor ETF Trust | 0.24% | 31,226 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.24% | 7,428 NS | May 29, 2026 | N-PORT |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 887 NS | April 30, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.22% | 15,544 NS | April 30, 2026 | N-PORT |
| CAPE · DoubleLine ETF Trust | 0.22% | 7,122 NS | March 31, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.21% | 42,168 NS | May 31, 2026 | N-PORT |