EXPO Exponent, Inc. - Common Stock

NASDAQ · Professional Services · View on SEC EDGAR ↗
$68.34
Price · Aug 18, 2026
Fundamentals as of Aug 7, 2026

About Exponent, Inc. - Common Stock Company overview from Wikipedia

Exponent, Inc. is an American engineering and scientific consulting firm. Exponent has a team of scientists, physicians, engineers, and business consultants which performs research and analysis in more than 90 technical disciplines. The company operates 20 offices in the United States and five offices overseas.

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Exponent, Inc. is an American engineering and scientific consulting firm. Exponent has a team of scientists, physicians, engineers, and business consultants which performs research and analysis in more than 90 technical disciplines. The company operates 20 offices in the United States and five offices overseas.

History

Founding and leadership

Failure Analysis Associates (FaAA) was founded in April 1967 by then Stanford University professor Alan Stephen Tetelman along with his colleagues Bernard Ross, Marsh Pound, John Shyne and Sathya V. Hanagud with $500 in capital.

At the time of FaAA's founding, Ross was also an engineering program manager at SRI International (then the Stanford Research Institute) (1965–1970). While en route to the site of a Navy jet crash investigation, Tetelman was killed on September 25, 1978, in the PSA Flight 182 air crash over San Diego between a PSA jet liner and a private Cessna airplane that claimed the lives of 144 people. He was forty-two years old.

Ross assumed the presidency of Failure Analysis Associates after the accident. Ross and the late Tetelman were featured in a documentary film about the company titled "What Went Wrong" made by the United States Information Service and distributed worldwide. Tetelman was a world-renowned expert in fracture mechanics and co-authored a textbook titled "The Principles of Engineering Materials" with Craig R. Barrett (former CEO of Intel) and Stanford professor, William D. Nix, published by Prentice-Hall in 1973.

In 1982, Roger McCarthy assumed the leadership of FaAA, becoming chief executive officer in 1982 until 1996, and chairman of the board in 1986 until 2005. McCarthy joined FaAA in 1978 and became a director and vice-president in 1980.

In 2004, McCarthy was elected to the National Academy of Engineering.

Michael R. Gaulke served as the chief executive officer of Exponent Inc. from June 1996 to May 28, 2009. He is currently chairman of the board of directors. Mr. Gaulke served as president of Exponent Inc. from March 1993 to May 22, 2007. Mr. Gaulke first joined Exponent Inc. in September 1992 and served as its executive vice president and chief financial officer.

In 2008, Oregon State University inducted Mr. Gaulke into its Engineering Hall of Fame.

Paul R. Johnston was the chief executive officer at Exponent Inc. from May 28, 2009 – May 31, 2018. Johnston was president of Exponent Inc. from May 2007 until July 2016. Johnston joined Exponent in 1981 and served as its Principal Engineer since 1987 and vice president since 1996. Johnston has co-authored a book titled "Structural Dynamics by Finite Elements" published by Prentice-Hall in 1987. On May 31, 2018, Johnston stepped down from the position of chief executive officer to be an executive chairman.

Catherine F. Corrigan was named president of Exponent, Inc. on July 29, 2016. Corrigan joined Exponent's Philadelphia office in 1996, was promoted to principal in 2002 and to corporate vice president in 2005. Corrigan was promoted to group vice president to lead the Transportation Group and joined the company's operating committee in 2012.

On May 31, 2018, Corrigan was appointed to chief executive officer.

Incorporation

Failure Analysis Associates was founded as a partnership, incorporated in 1968 in California and reincorporated in Delaware as Failure Analysis Associates, Inc. in 1988.

In 1989, McCarthy reincorporated Failure Analysis Associates, Inc. in Delaware under a holding company, The Failure Group, Inc. and took The Failure Group, Inc. public in 1990. The company changed its name to Exponent, Inc. in 1998.

Company activities

Exponent has been involved in the investigations of many well known incidents including the now debunked report aired on Dateline in 1993 about fires and explosions involving sidesaddle fuel tanks on Chevrolet C/K trucks, the disputed Consumer Reports finding on Suzuki roll-over safety, the 2009–2010 Toyota vehicle recalls, the crash of American Airlines Flight 587 among many other aviation accidents, and the Exxon Valdez oil spill. The Federal Emergency Management Agency also hired Exponent to examine the Oklahoma City bombing damage aftermath, specifically the damage to the Alfred P. Murrah Federal Building. NASA hired Exponent in 1986 to determine the causes of the Space Shuttle Challenger disaster.

In 2003, Exponent was hired by the U.S. government to investigate the Space Shuttle Columbia disaster. In 2017, Samsung hired Exponent to determine cause of thermal runaway of the Note 7 Phone batteries.

Exponent has ISO 9001 accreditation, indicating independently audited and certified quality management practices. The company also is certified for battery, energy storage and compliance testing.

Neutrality

Exponent has been criticized for the quality and neutrality of their reports pertaining to various controversial topics. Common points of critique include corporate denialism and the disproportionate production of favorable reports for industrial clients. Examples include a 2001 report suggesting that dioxins do not cause cancer.

According to the Los Angeles Times, "Exponent's research has come under fire from critics, including engineers, attorneys and academics who say the company tends to deliver to clients the reports they need to mount a public defense." Exponent's executive chairman responded that such criticism is a "cheap shot", responding "Do we tell our clients a lot of what they don't want to hear? Absolutely." In 2009, the Amazon Defense Coalition criticized an Exponent study commissioned by the energy company Chevron which suggested that exposure to oil waste increase cancer risks. Chevron's largest shareholder at the time was a director on Exponent's board. The firm was also criticized for assisting industry efforts to reduce chromium regulation.

Notable projects

Partial listing of notable projects:

Research areas

Exponent's services are concentrated on multiple practices and centers, including:

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

EXPO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$68.34
Market Cap
P/E (TTM)
33.9
EPS (TTM)
$2.07
Revenue (TTM)
$582M
Div Yield
ROE
25.9%
Debt/Equity
52W Range
$52 – $82

EXPO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $582M
10-point trend, +84.7%
2016-12-30 2026-01-02
EPS $2.07
10-point trend, +137.9%
2016-12-30 2026-01-02
Free Cash Flow $122M
8-point trend, +132.8%
2016-12-30 2026-01-02
Margins 18.2%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
EXPO
Peer Median
P/E (TTM)
5-point trend, -44.8%
33.9
23.3

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
EXPO
Peer Median
Operating Margin
5-point trend, +0.9%
20.6%
Net Profit Margin
5-point trend, -7.9%
18.2%
5.9%
ROA
5-point trend, -14.6%
13.6%
4.1%
ROE
5-point trend, +11.2%
25.9%
15.1%
ROIC
5-point trend, +14.9%
22.1%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
EXPO
Peer Median
Current Ratio
5-point trend, -18.2%
2.4
2.3
Quick Ratio
5-point trend, -20.1%
2.3

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
EXPO
Peer Median
Revenue YoY
5-point trend, +24.8%
4.2%
Revenue CAGR 3Y
5-point trend, +24.8%
4.3%
Revenue CAGR 5Y
5-point trend, +24.8%
7.8%
EPS YoY
5-point trend, +8.9%
-1.9%
Net Income YoY
5-point trend, +4.7%
-2.8%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
EXPO
Peer Median
EPS (Diluted)
5-point trend, +8.9%
$2.07

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
EXPO
Peer Median
Payout Ratio
5-point trend, +42.9%
58.1%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
58.1%
5Y Div CAGR
Ex-dateAmount
June 5, 2026$0.3100
March 6, 2026$0.3100
Dec. 5, 2025$0.3000
Sept. 5, 2025$0.3000
June 6, 2025$0.3000
March 7, 2025$0.3000
Dec. 6, 2024$0.2800
Sept. 6, 2024$0.2800
June 7, 2024$0.2800
March 7, 2024$0.2800
Dec. 7, 2023$0.2600
Sept. 7, 2023$0.2600
June 8, 2023$0.2600
March 9, 2023$0.2600
Dec. 8, 2022$0.2400
Sept. 8, 2022$0.2400
June 9, 2022$0.2400
March 10, 2022$0.2400
Dec. 2, 2021$0.2000
Sept. 9, 2021$0.2000

EXPO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 10 analysts
  • Strong Buy 3 30.0%
  • Buy 5 50.0%
  • Hold 2 20.0%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

3 analysts · 2026-08-17
Median target $90.00 +31.7%
Mean target $84.00 +22.9%

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 $0.60 $0.56 0.04%
March 31, 2026 $0.59 $0.58 0.01%
Dec. 31, 2025 $0.59 $0.58 0.01%
Sept. 30, 2025 $0.55 $0.52 0.03%
June 30, 2025 $0.52 $0.50 0.02%
March 31, 2025 $0.52 $0.49 0.03%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
EXPO 33.9 4.2% 18.2% 25.9%
PSN $3.47B 28.1 -5.7% 3.8% 9.5%
KBR $5.12B 12.6 0.99% 5.3% 28.1% 14.8%
AMTM $6.32B 96.1 71.6% 0.46% 1.5%
FCN $5.27B 20.7 2.4% 7.1% 14.9% 32.1%
CBZ $2.74B 27.6 52.1% 4.2% 12.9%
HURN 29.6 11.7% 6.2% 20.9%
INOD $1.65B 55.4 47.6% 12.8% 37.7% 39.5%
TIC
ICFI $1.56B 17.2 -7.3% 4.9% 9.0%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 13
Annual Income Statement data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +91.0% $582M $559M $537M $513M $466M $400M $417M $380M $348M $315M $313M $305M
SG&A Expense 12-point trend, +61.1% $26M $23M $24M $24M $15M $13M $21M $18M $18M $15M $15M $16M
Operating Expenses 12-point trend, +91.7% $462M $439M $425M $372M $357M $317M $332M $288M $276M $253M $244M $241M
Operating Income 12-point trend, +88.5% $120M $120M $111M $141M $109M $83M $85M $91M $72M $62M $69M $64M
Other Non-op 12-point trend, +326.7% $18M $18M $17M $-11M $17M $12M $15M $-890.0K $9M $8.0K $48.0K $4M
Pretax Income 12-point trend, +116.7% $147M $147M $136M $132M $126M $97M $104M $93M $83M $69M $71M $68M
Income Tax 12-point trend, +51.4% $41M $38M $36M $30M $25M $14M $22M $21M $41M $22M $28M $27M
Net Income 12-point trend, +160.5% $106M $109M $100M $102M $101M $83M $82M $72M $41M $47M $44M $41M
EPS (Basic) 12-point trend, +37.7% $2.08 $2.13 $1.96 $1.98 $1.92 $1.58 $1.56 $1.37 $0.78 $0.90 $1.64 $1.51
EPS (Diluted) 12-point trend, +40.8% $2.07 $2.11 $1.94 $1.96 $1.90 $1.55 $1.53 $1.33 $0.77 $0.87 $1.60 $1.47
Shares (Basic) 12-point trend, +89.2% 50,904,000 51,129,000 51,152,000 51,727,000 52,610,000 52,388,000 52,691,000 52,906,000 52,724,000 52,976,000 26,606,000 26,910,000
Shares (Diluted) 12-point trend, +85.2% 51,244,000 51,569,000 51,635,000 52,280,000 53,331,000 53,323,000 53,884,000 54,168,000 53,972,000 54,332,000 27,298,000 27,666,000
EBITDA 10-point trend, +88.5% $120M · · $141M $109M $83M $85M $91M $72M $62M $69M $64M
Balance Sheet 23
Annual Balance Sheet data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +71.4% $222M $259M $187M $161M $298M $198M $176M $127M $125M $115M $126M $129M
Short-term Investments 7-point trend, +80.6% · · · · · $45M $55M $81M $72M $59M $46M $25M
Receivables 12-point trend, +110.2% $182M $161M $167M $170M $140M $112M $120M $106M $110M $87M $89M $86M
Prepaid Expense 12-point trend, +63.9% $24M $27M $25M $18M $15M $13M $12M $12M $9M $13M $13M $15M
Current Assets 12-point trend, +67.4% $428M $447M $380M $349M $453M $367M $364M $327M $316M $274M $273M $255M
PP&E (Net) 12-point trend, +154.7% $72M $73M $75M $66M $60M $60M $62M $46M $35M $37M $28M $28M
PP&E (Gross) 12-point trend, +102.0% $194M $185M $179M $169M $158M $154M $152M $135M $119M $114M $101M $96M
Accum. Depreciation 12-point trend, +80.1% $122M $112M $104M $103M $98M $94M $90M $89M $84M $78M $72M $68M
Goodwill Flat — no change across 12 periods $9M $9M $9M $9M $9M $9M $9M $9M $9M $9M $9M $9M
Other Non-current Assets 12-point trend, +385.8% $5M $6M $4M $2M $2M $1M $949.0K $1M $1M $1M $2M $1M
Total Assets 12-point trend, +112.8% $778M $777M $647M $587M $684M $580M $563M $469M $440M $404M $388M $365M
Accounts Payable 12-point trend, +1287.5% $31M $5M $4M $9M $3M $3M $5M $3M $3M $3M $4M $2M
Accrued Liabilities 12-point trend, +259.0% $24M $17M $18M $20M $21M $13M $14M $10M $12M $7M $7M $7M
Current Liabilities 12-point trend, +124.3% $178M $163M $162M $159M $153M $117M $124M $98M $93M $80M $80M $79M
Capital Leases 8-point trend, +75944000.00 $76M $76M $22M $13M $10M $14M $18M $0 · · · ·
Other Non-current Liabilities 12-point trend, +146.3% $5M $4M $3M $2M $3M $3M $3M $3M $3M $2M $2M $2M
Total Liabilities 12-point trend, +220.0% $387M $356M $291M $266M $267M $219M $213M $155M $151M $130M $125M $121M
Common Stock 12-point trend, +100.0% $66.0K $66.0K $66.0K $66.0K $66.0K $66.0K $66.0K $66.0K $66.0K $33.0K $33.0K $33.0K
Retained Earnings 12-point trend, +170.7% $668M $624M $574M $529M $478M $422M $385M $342M $304M $291M $269M $247M
Treasury Stock 12-point trend, +298.5% $646M $545M $537M $506M $341M $324M $278M $253M $223M $209M $184M $162M
AOCI 8-point trend, -119.4% · · · · $-2M $-2M $-2M $-3M $-2M $-3M $-2M $-904.0K
Stockholders' Equity 12-point trend, +59.8% $390M $421M $356M $321M $417M $361M $350M $314M $289M $273M $263M $244M
Liabilities + Equity 12-point trend, +112.8% $778M $777M $647M $587M $684M $580M $563M $469M $440M $404M $388M $365M
Cash Flow 13
Annual Cash Flow data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +86.6% $10M $10M $9M $7M $6M $7M $7M $6M $6M $6M $5M $5M
Stock-based Comp 12-point trend, +81.9% $24M $23M $20M $20M $19M $17M $17M $17M $16M $13M $13M $13M
Deferred Tax 12-point trend, -63.7% $-10M $-3M $85.0K $-7M $-6M $-4M $-3M $-4M $12M $-3M $-4M $-6M
Operating Cash Flow 12-point trend, +173.0% $132M $145M $127M $94M $125M $103M $108M $91M $68M $67M $60M $48M
CapEx 12-point trend, +89.8% $9M $7M $16M $12M $7M $5M $23M $16M $5M $14M $5M $5M
Investing Cash Flow 11-point trend, +65.3% $-9M $-7M $-16M $-12M $38M $5M $4M $-26M $-18M $-27M $-27M ·
Stock Repurchased 12-point trend, +214.0% $97M $6M $24M $156M $7M $40M $22M $28M $12M $24M $23M $31M
Net Stock Activity 10-point trend, -214.0% $-97M · · $-156M $-7M $-40M $-22M $-28M $-12M $-24M $-23M $-31M
Dividends Paid 12-point trend, +371.3% $62M $58M $54M $49M $43M $40M $34M $27M $22M $19M $16M $13M
Financing Cash Flow 11-point trend, -334.6% $-160M $-65M $-86M $-216M $-63M $-88M $-63M $-62M $-41M $-49M $-37M ·
Net Change in Cash 12-point trend, -665.1% $-37M $72M $26M $-136M $100M $21M $49M $2M $10M $-11M $-4M $7M
Taxes Paid 3-point trend, +23.2% $48M $40M $39M · · · · · · · · ·
Free Cash Flow 10-point trend, +182.5% $122M · · $82M $118M $98M $85M $75M $63M $53M $55M $43M
Profitability 7
Annual Profitability data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 10-point trend, -1.3% 20.6% · · 27.4% 23.4% 20.8% 20.4% 24.1% 20.7% 19.7% 22.0% 20.9%
Net Margin 10-point trend, +36.3% 18.2% · · 19.9% 21.7% 20.6% 19.8% 19.0% 11.9% 15.1% 13.9% 13.4%
Pretax Margin 10-point trend, +13.4% 25.3% · · 25.8% 27.0% 24.2% 25.0% 24.6% 23.7% 21.9% 22.7% 22.3%
EBITDA Margin 10-point trend, -1.3% 20.6% · · 27.4% 23.4% 20.8% 20.4% 24.1% 20.7% 19.7% 22.0% 20.9%
ROA 10-point trend, +18.9% 13.6% · · 16.1% 16.0% 14.4% 16.0% 15.9% 9.8% 12.0% 11.6% 11.5%
ROE 10-point trend, +52.7% 25.9% · · 31.9% 24.6% 23.4% 23.3% 22.4% 14.7% 17.7% 17.2% 17.0%
ROIC 10-point trend, +41.8% 22.1% · · 34.0% 21.0% 19.6% 19.2% 22.6% 12.5% 15.6% 16.1% 15.6%
Liquidity & Solvency 2
Annual Liquidity & Solvency data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 10-point trend, -28.5% 2.4 · · 2.2 3.0 3.1 2.9 3.3 3.4 3.4 3.4 3.4
Quick Ratio 10-point trend, -25.3% 2.3 · · 2.1 2.9 3.0 2.8 3.2 3.3 3.3 3.2 3.0
Efficiency 2
Annual Efficiency data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 10-point trend, -12.8% 0.7 · · 0.8 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9
Receivables Turnover 10-point trend, -9.0% 3.4 · · 3.3 3.7 3.5 6.6 3.5 3.5 3.6 3.6 3.7
Per Share 5
Annual Per Share data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Revenue / Share 10-point trend, -48.4% $11.36 · · $9.82 $8.74 $7.50 $7.74 $7.01 $12.89 $11.60 $11.46 $22.03
Cash Flow / Share 10-point trend, -26.3% $2.57 · · $1.79 $2.34 $1.94 $2.01 $1.68 $2.51 $2.46 $2.22 $3.49
Dividend / Share 12-point trend, +140.0% $1 $1 $1 $1 $1 $1 $1 $1 $0 $0 $1 $0
Dividend Paid / Share 4-point trend, -13.3% · · · · · · · $1 $0 $1 $1 ·
EPS (TTM) 12-point trend, +40.8% $2.07 $2.11 $1.94 $1.96 $1.90 $1.55 $1.53 $1.33 $0.77 $0.87 $1.60 $1.47
Growth Rates 10
Annual Growth Rates data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -74.6% 4.2% 4.0% 4.6% 10.1% 16.6% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -58.5% 4.3% 6.2% 10.3% · · · · · · · · ·
Revenue CAGR 5Y 7.8% · · · · · · · · · · ·
EPS YoY 5-point trend, -108.4% -1.9% 8.8% -1.0% 3.2% 22.6% · · · · · · ·
EPS CAGR 3Y 3-point trend, -76.3% 1.8% 3.6% 7.8% · · · · · · · · ·
EPS CAGR 5Y 6.0% · · · · · · · · · · ·
Net Income YoY 5-point trend, -112.2% -2.8% 8.6% -1.9% 1.1% 22.6% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -82.4% 1.2% 2.5% 6.7% · · · · · · · · ·
Net Income CAGR 5Y 5.1% · · · · · · · · · · ·
Dividend CAGR 5Y 9.1% · · · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for EXPO
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +91.0% $582M $559M $537M $513M $466M $400M $417M $380M $348M $315M $313M $305M
Net Income TTM 12-point trend, +160.5% $106M $109M $100M $102M $101M $83M $82M $72M $41M $47M $44M $41M
P/E 12-point trend, +145.7% 33.9 42.1 45.4 50.6 61.4 58.1 46.1 37.5 46.2 34.7 15.6 13.8
Earnings Yield 12-point trend, -59.3% 2.9% 2.4% 2.2% 2.0% 1.6% 1.7% 2.2% 2.7% 2.2% 2.9% 6.4% 7.2%
Payout Ratio 10-point trend, +81.0% 58.1% · · 48.1% 42.7% 48.2% 40.6% 37.7% 52.9% 39.6% 35.9% 32.1%
Annual Payout 12-point trend, +371.3% $62M $58M $54M $49M $43M $40M $34M $27M $22M $19M $16M $13M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2026-01-022025-01-032023-12-292022-12-302021-12-31
Revenue $582M$559M$537M$513M$466M
Operating Margin % 20.6%27.4%23.4%
Net Income $106M$109M$100M$102M$101M
Diluted EPS $2.07$2.11$1.94$1.96$1.90
Balance Sheet
2026-01-022025-01-032023-12-292022-12-302021-12-31
Current Ratio 2.42.23.0
Quick Ratio 2.32.12.9
Cash Flow
2026-01-022025-01-032023-12-292022-12-302021-12-31
Free Cash Flow $122M$82M$118M

Latest News Recent headlines mentioning this company

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Institutional owners (13F) 362 filers · $2.1B 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
42 (-11 vs prior Q) 52 (+11 vs prior Q) 106 (-36 vs prior Q) 147 (+28 vs prior Q) +5.9M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $328,643,322 4,731,404 15.52% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $184,719,346 3,143,624 8.72% Shares
VANGUARD CAPITAL MANAGEMENT LLC $128,109,257 2,180,212 6.05% Shares
STATE STREET CORP $114,208,639 1,943,646 5.39% Shares
GEODE CAPITAL MANAGEMENT, LLC $88,652,928 1,508,520 4.19% Shares
ROYCE & ASSOCIATES LP $77,745,180 1,323,097 3.67% Shares
Conestoga Capital Advisors, LLC $74,372,741 1,265,704 3.51% Shares
AQR CAPITAL MANAGEMENT LLC $67,076,395 1,141,532 3.17% Shares
FIRST TRUST ADVISORS LP $63,658,823 1,083,370 3.01% Shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC $62,623,411 1,065,749 2.96% Shares
TWO SIGMA INVESTMENTS, LP $60,724,112 1,033,426 2.87% Shares
GENEVA CAPITAL MANAGEMENT LLC $58,015,034 987,322 2.74% Shares
NORGES BANK $51,934,615 883,843 2.45% Shares
DIMENSIONAL FUND ADVISORS LP $50,907,417 866,362 2.40% Shares
Resona Asset Management Co.,Ltd. $44,525,119 754,256 2.10% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $30,967,695 527,020 1.46% Shares
TWO SIGMA ADVISERS, LP $26,221,150 377,500 1.24% Shares
Point72 Asset Management, L.P. $23,180,938 394,502 1.09% Shares
MILLENNIUM MANAGEMENT LLC $22,977,922 391,047 1.08% Shares
BAMCO INC /NY/ $21,406,092 364,297 1.01% Shares
GOLDMAN SACHS GROUP INC $20,546,868 349,674 0.97% Shares
VANGUARD FIDUCIARY TRUST CO $20,435,788 347,784 0.96% Shares
RAYMOND JAMES FINANCIAL INC $18,715,639 318,510 0.88% Shares
ROFFMAN MILLER ASSOCIATES INC /PA/ $16,468,515 280,267 0.78% Shares
ENVESTNET ASSET MANAGEMENT INC $15,666,283 266,615 0.74% Shares
Fenimore Asset Management Inc $15,546,545 264,577 0.73% Shares
UBS Group AG $13,974,009 237,815 0.66% Shares
Qube Research & Technologies Ltd $13,806,661 234,967 0.65% Shares
Bank of New York Mellon Corp $12,894,529 219,444 0.61% Shares
Trexquant Investment LP $12,467,638 212,179 0.59% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $12,426,741 211,483 0.59% Shares
Balyasny Asset Management L.P. $12,113,609 206,154 0.57% Shares
FIFTH THIRD BANCORP $11,604,994 197,498 0.55% Shares
MACKENZIE FINANCIAL CORP $11,233,443 191,175 0.53% Shares
Montanaro Asset Management Ltd $10,523,270 179,089 0.50% Shares
PRINCIPAL FINANCIAL GROUP INC $10,510,165 178,866 0.50% Shares
CAPITAL FUND MANAGEMENT S.A. $10,331,653 175,828 0.49% Shares
BLI - Banque de Luxembourg Investments $9,716,719 162,300 0.46% Shares
RHUMBLINE ADVISERS $9,638,201 164,027 0.46% Shares
D. E. Shaw & Co., Inc. $9,630,294 163,892 0.45% Shares
BANK OF AMERICA CORP /DE/ $7,600,724 129,352 0.36% Shares
ProShare Advisors LLC $7,409,929 126,105 0.35% Shares
PEAK6 LLC $7,051,200 120,000 0.33% Put option
TEACHER RETIREMENT SYSTEM OF TEXAS $6,526,297 111,067 0.31% Shares
ALPS ADVISORS INC $6,519,892 110,958 0.31% Shares
BNP PARIBAS FINANCIAL MARKETS $6,367,469 108,364 0.30% Shares
AMERIPRISE FINANCIAL INC $6,213,987 105,752 0.29% Shares
ALLIANCEBERNSTEIN L.P. $6,137,937 94,068 0.29% Shares
CANADA PENSION PLAN INVESTMENT BOARD $5,987,644 101,900 0.28% Shares
Swiss National Bank $5,793,736 98,600 0.27% Shares
AMERICAN CENTURY COMPANIES INC $5,484,130 93,331 0.26% Shares
NICHOLAS COMPANY, INC. $5,336,583 90,820 0.25% Shares
California Public Employees Retirement System $5,104,540 86,871 0.24% Shares
STIFEL FINANCIAL CORP $4,977,338 84,705 0.23% Shares
Granite Investment Partners, LLC $4,970,626 84,592 0.23% Shares
Vest Financial, LLC $4,742,520 80,710 0.22% Shares
Retirement Systems of Alabama $4,687,579 79,775 0.22% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $4,447,779 75,694 0.21% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $3,943,188 60,432 0.19% Shares
Jefferies Financial Group Inc. $3,927,636 66,842 0.19% Shares
Holocene Advisors, LP $3,811,232 64,861 0.18% Shares
BARCLAYS PLC $3,740,662 63,660 0.18% Shares
Cubist Systematic Strategies, LLC $3,539,944 50,949 0.17% Shares
LPL Financial LLC $3,244,773 55,221 0.15% Shares
Longaeva Partners L.P. $3,187,965 54,254 0.15% Shares
LOS ANGELES CAPITAL MANAGEMENT LLC $3,124,505 53,174 0.15% Shares
CAPSTONE INVESTMENT ADVISORS, LLC $3,064,863 52,159 0.14% Shares
MetLife Investment Management, LLC $3,014,447 51,301 0.14% Shares
BlackRock, Inc. $2,874,480 48,919 0.14% Shares
VICTORY CAPITAL MANAGEMENT INC $2,846,158 48,437 0.13% Shares
EFG Asset Management (Americas) Corp. $2,828,739 40,713 0.13% Shares
Numerai GP LLC $2,697,672 45,910 0.13% Shares
Y-Intercept (Hong Kong) Ltd $2,681,748 45,639 0.13% Shares
ALGERT GLOBAL LLC $2,651,251 45,120 0.13% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $2,571,573 43,764 0.12% Shares
Bridge City Capital, LLC $2,379,898 40,502 0.11% Shares
VANGUARD ASSET MANAGEMENT, Ltd $2,333,301 39,709 0.11% Shares
Assenagon Asset Management S.A. $2,311,736 39,342 0.11% Shares
MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC $2,229,942 37,950 0.11% Shares
Freestone Grove Partners LP $2,076,931 35,346 0.10% Shares
LMR Partners LLP $2,061,360 35,081 0.10% Shares
ALLSTATE CORP $1,857,580 31,613 0.09% Shares
SCHRODER INVESTMENT MANAGEMENT GROUP $1,845,566 30,914 0.09% Shares
NEW YORK STATE COMMON RETIREMENT FUND $1,763,740 30,016 0.08% Shares
CAPTRUST FINANCIAL ADVISORS $1,735,128 29,529 0.08% Shares
Cetera Investment Advisers $1,697,865 28,895 0.08% Shares
Legal & General Group Plc $1,663,319 28,307 0.08% Shares
MIROVA $1,649,041 28,064 0.08% Shares
SEI INVESTMENTS CO $1,626,150 27,657 0.08% Shares
CITADEL ADVISORS LLC $1,575,179 26,807 0.07% Shares
AlphaQuest LLC $1,536,247 22,117 0.07% Shares
PEAK6 LLC $1,529,111 26,023 0.07% Shares
H D Vest Advisory Services $1,508,676 20,194 0.07% Shares
State of New Jersey Common Pension Fund D $1,454,192 24,748 0.07% Shares
JANUS HENDERSON GROUP PLC $1,447,949 22,201 0.07% Shares
Campbell & CO Investment Adviser LLC $1,419,583 24,159 0.07% Shares
State of Tennessee, Department of Treasury $1,406,950 23,944 0.07% Shares
KLP KAPITALFORVALTNING AS $1,392,612 23,700 0.07% Shares
MORGAN STANLEY $1,368,198 23,284 0.06% Shares
WINTON GROUP Ltd $1,357,650 23,105 0.06% Shares

Company insiders 41 insiders · 27 officers · 15 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Catherine Corrigan Chief Executive Officer Aug. 17, 2026 M 129,108 0 20 $-2,842,096
Richard L Schlenker JR EVP & Chief Financial Officer March 13, 2026 A 230,351 0 0 $0
Bradley A James Group Vice President May 26, 2026 S 1,105 0 1 $-114,920
Richard Reiss Group Vice President May 19, 2026 S 2,288 0 1 $-98,063
Joseph Sala Group Vice President May 13, 2026 S 0 0 1 $-117,060
Joseph Rakow Group Vice President May 13, 2026 S 0 0 1 $-160,974
John Pye VP Global Offices & Innovation April 6, 2026 A 29,131 0 2 $-303,907
Brian Kundert Chief Human Resources Officer March 13, 2026 A 0 0 $0
Maureen T. F. Reitman Group Vice President March 13, 2026 A 39,226 0 0 $0
Eric Guyer Group Vice Presient May 20, 2024 S 0 0 0 $0
Sally Shepard Chief Human Resources Officer March 15, 2024 A 23,745 0 0 $0
Steven J Murray Group Vice President Aug. 21, 2023 S 27,412 0 0 $0
Harri Kytomaa Group Vice President March 15, 2023 M 14,656 0 0 $0
John Joseph Doyle Group Vice President March 10, 2023 A 0 0 $0
Robert Haddad Group Vice President March 12, 2021 A 5,227 0 0 $0
John Osteraas Group Vice President March 15, 2019 A 24,577 0 0 $0
Paul Boehm Group Vice President Aug. 16, 2016 S 24,045 0 0 $0
Robert D Caligiuri Group Vice President Aug. 12, 2016 S 129,512 0 0 $0
Elizabeth L Anderson Chief Science Officer March 9, 2016 M 12,701 0 0 $0
Subbaiah V Malladi Chief Technical Officer March 9, 2016 M 45,711 0 0 $0
John E Moalli Group Vice President April 22, 2013 S 945 0 0 $0
Robert C Lange Group Vice President March 9, 2012 A 0 0 $0
Roger L Mccarthy Chairman Emeritus March 9, 2007 A 0 0 0 $0
Larry W Anderson Group Vice President March 10, 2006 A 33,058 0 0 $0
Charles A Rau JR Corporate Vice President Feb. 26, 2004 S 215,100 0 0 $0
Piotr D Moncarz Corporate Vice President Feb. 12, 2004 S 50,843 0 0 $0
Angela A Meyer Vice President Client Services Aug. 28, 2003 M 0 0 0 $0
George H. Brown Director June 4, 2026 A 10,730 0 0 $0
Carol Lindstrom Director June 4, 2026 A 9,405 0 0 $0
Debra Zumwalt Director June 4, 2026 A 31,830 0 0 $0
Karen A Richardson Director June 4, 2026 A 2,009 0 0 $0
Paul R Johnston Director June 3, 2026 M 62,940 0 0 $0
John B Shoven Director June 7, 2023 M 72,791 0 0 $0
Michael R Gaulke Director May 30, 2018 M 70,671 0 0 $0
Stephen C Riggins Director May 31, 2017 M 3,324 0 0 $0
Samuel H Armacost Director May 28, 2014 M 95,867 0 0 $0
Mary B Cranston Director May 28, 2014 M 4,156 0 0 $0
DENEND LESLIE G Director July 26, 2013 S 0 0 0 $0
Jon R Katzenbach Director June 3, 2010 M 13,419 0 0 $0
Edward J Keith Director June 2, 2004 A 0 0 $0
Barbara M Barrett May 1, 2008 M 45,628 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 79 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
ABLS · Abacus FCF ETF Trust 1.85% 339 NS April 30, 2026 N-PORT
SMDV · ProShares Trust 0.77% 86,865 NS May 31, 2026 N-PORT
MCOW · Pacer Funds Trust 0.76% 112 NS April 30, 2026 N-PORT
OUSM · ALPS ETF Trust 0.70% 104,492 NS May 31, 2026 N-PORT
SDVD · First Trust Exchange-Traded Fund IV 0.53% 66,040 NS April 30, 2026 N-PORT
XMHQ · Invesco Exchange-Traded Fund Trust 0.49% 410,720 SH Aug. 8, 2026 Daily
OMFS · Invesco Exchange-Traded Self-Indexe… 0.28% 11,994 SH Aug. 8, 2026 Daily
SMMV · iShares Trust 0.24% 10,527 SH Aug. 8, 2026 Daily
PAVE · Global X Funds 0.21% 493,837 NS May 31, 2026 N-PORT
IWO · iShares Trust 0.20% 450,393 SH Aug. 8, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.17% 52,642 SH Aug. 8, 2026 Daily
BKSE · BNY Mellon ETF Trust 0.15% 1,773 NS April 30, 2026 N-PORT
EBIT · Harbor ETF Trust 0.12% 210 NS April 30, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.12% 57,637 NS May 31, 2026 N-PORT
FYC · First Trust Exchange-Traded AlphaDE… 0.11% 17,558 NS April 30, 2026 N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust 0.11% 46,825 SH Aug. 8, 2026 Daily
QVMM · Invesco Exchange-Traded Fund Trust … 0.11% 6,976 SH Aug. 8, 2026 Daily
IWM · iShares Trust 0.10% 1,247,524 SH Aug. 8, 2026 Daily
XJH · iShares Trust 0.10% 6,600 SH Aug. 8, 2026 Daily
RSSL · Global X Funds 0.10% 21,625 NS April 30, 2026 N-PORT
ISCG · iShares Trust 0.10% 15,051 SH Aug. 8, 2026 Daily
PTMC · Pacer Funds Trust 0.09% 5,570 NS April 30, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.09% 283,660 SH Aug. 8, 2026 Daily
IJK · iShares Trust 0.09% 146,950 SH Aug. 8, 2026 Daily
IJH · iShares Trust 0.09% 1,673,531 SH Aug. 8, 2026 Daily
IJJ · iShares Trust 0.09% 118,174 SH Aug. 8, 2026 Daily
VBK · VANGUARD INDEX FUNDS 0.08% 638,155 SH Aug. 8, 2026 Daily
IVOO · VANGUARD ADMIRAL FUNDS 0.08% 78,280 SH Aug. 8, 2026 Daily
IVOV · VANGUARD ADMIRAL FUNDS 0.08% 20,013 SH Aug. 8, 2026 Daily
IVOG · VANGUARD ADMIRAL FUNDS 0.08% 24,891 SH Aug. 8, 2026 Daily
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.08% 7,011 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.08% 157,890 NS April 30, 2026 N-PORT
ITWO · ProShares Trust 0.07% 2,352 NS May 31, 2026 N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.07% 20,493 NS April 30, 2026 N-PORT
MIDU · Direxion Shares ETF Trust 0.07% 826 NS April 30, 2026 N-PORT
MVV · ProShares Trust 0.06% 1,723 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.06% 240,677 NS May 31, 2026 N-PORT
FNDA · SCHWAB STRATEGIC TRUST 0.05% 77,661 NS May 31, 2026 N-PORT
FIDU · FIDELITY COVINGTON TRUST 0.05% 14,888 NS April 30, 2026 N-PORT
ISCB · iShares Trust 0.05% 2,085 SH Aug. 8, 2026 Daily
UMDD · ProShares Trust 0.04% 241 NS May 31, 2026 N-PORT
UWM · ProShares Trust 0.04% 1,840 NS May 31, 2026 N-PORT
VIS · VANGUARD WORLD FUND 0.04% 59,844 SH Aug. 8, 2026 Daily
URTY · ProShares Trust 0.03% 1,862 NS May 31, 2026 N-PORT
WSML · iShares Trust 0.03% 3,101 SH Aug. 8, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.03% 556,365 SH Aug. 8, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.03% 1,107,134 SH Aug. 8, 2026 Daily
SFGV · EA Series Trust 0.03% 5,056 NS May 29, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.03% 4,979 NS May 31, 2026 N-PORT
RWK · Invesco Exchange-Traded Fund Trust … 0.03% 5,688 SH Aug. 8, 2026 Daily