FRSH Freshworks Inc. - Class A Common Stock
$12.94
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$7–$14
85% of range
Analyst Rating
HOLD
23 analysts
Price Target
$14
+11% upside
P/E (TTM)
20.2
ROE
18.2%
Net Profit Margin
21.9%
FRSH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$12.94
Market Cap
$3.61B
P/E (TTM)
20.2
EPS (TTM)
$0.63
Revenue (TTM)
$839M
Div Yield
—
ROE
18.2%
Debt/Equity
—
52W Range
$7 – $14
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$839M
2019-12-31
→
2025-12-31
EPS
$0.63
2019-12-31
→
2025-12-31
Free Cash Flow
$237M
2021-12-31
→
2025-12-31
Margins
21.9%
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
FRSH
Peer Median
P/E (TTM)
20.2
34.3
P/S (TTM)
4.3
3.7
P/B
3.5
3.5
Price / FCF
15.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FRSH
Peer Median
Gross Margin
85.0%
70.4%
Operating Margin
1.6%
—
Net Profit Margin
21.9%
10.5%
ROA
11.4%
6.4%
ROE
18.2%
10.2%
ROIC
4.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FRSH
Peer Median
Current Ratio
2.2
2.5
Quick Ratio
1.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FRSH
Peer Median
Revenue YoY
16.4%
—
Revenue CAGR 3Y
19.0%
—
Revenue CAGR 5Y
27.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FRSH
Peer Median
FRSH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
23 analysts
- Strong Buy 4 17.4%
- Buy 9 39.1%
- Hold 10 43.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-19
Median
$14.00
Now
$12.94
Low
$10.00
High
$25.00
Median target
$14.00
+8.2%
Mean target
$14.38
+11.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.17 | $0.13 | 0.04% |
| March 31, 2026 | $0.11 | $0.12 | -0.01% |
| Dec. 31, 2025 | $0.14 | $0.12 | 0.02% |
| Sept. 30, 2025 | $0.16 | $0.13 | 0.03% |
| June 30, 2025 | $0.18 | $0.12 | 0.06% |
| March 31, 2025 | $0.18 | $0.13 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FRSH | $3.47B | 19.4 | 16.4% | 21.9% | 18.2% | 85.0% |
| MARA | $3.41B | -2.4 | 38.2% | -144.6% | -34.5% | — |
| LIF | $5.09B | 36.2 | 31.8% | 30.8% | 33.0% | 77.8% |
| BRZE | — | -17.7 | 24.4% | -17.8% | -21.5% | 67.2% |
| WK | — | -183.5 | 19.8% | -3.0% | 72.7% | 78.5% |
| AGYS | $2.00B | 51.9 | 15.8% | 12.2% | 12.4% | 62.6% |
| SOUN | — | — | — | — | — | — |
| NN | — | — | — | — | — | — |
| CLSK | — | — | — | — | — | — |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $839M | $720M | $596M | $498M | $371M | $250M | $172M | |
| Cost of Revenue | $126M | $113M | $103M | $96M | $78M | $52M | $36M | |
| Gross Profit | $713M | $607M | $493M | $402M | $293M | $197M | $136M | |
| R&D Expense | $163M | $165M | $138M | $136M | $120M | $69M | $39M | |
| SG&A Expense | $141M | $181M | $168M | $157M | $117M | $51M | $16M | |
| Operating Expenses | $699M | $746M | $663M | $636M | $498M | $253M | $166M | |
| Operating Income | $13M | $-139M | $-170M | $-233M | $-205M | $-56M | $-30M | |
| Other Non-op | $40M | $48M | $46M | $13M | $23M | $3M | $2M | |
| Pretax Income | $53M | $-91M | $-124M | $-221M | $-181M | $-53M | $-27M | |
| Income Tax | $-130M | $5M | $14M | $11M | $11M | $4M | $4M | |
| Net Income | $184M | $-95M | $-137M | $-232M | $-192M | $-57M | $-31M | |
| EPS (Basic) | $0.63 | $-0.32 | $-0.47 | $-0.82 | $-21.73 | $-21.03 | $-8.21 | |
| EPS (Diluted) | $0.63 | $-0.32 | $-0.47 | $-0.82 | $-21.73 | $-21.03 | $-8.21 | |
| Shares (Basic) | 291,079,000 | 300,843,000 | 293,087,000 | 284,587,000 | 130,652,000 | 76,945,000 | 76,029,000 | |
| Shares (Diluted) | 293,769,000 | 300,843,000 | 293,087,000 | 284,587,000 | 130,652,000 | 76,945,000 | 76,029,000 | |
| EBITDA | $39M | $-119M | $-158M | $-222M | $-191M | · | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $570M | $620M | $488M | $304M | $748M | $95M | $75M | |
| Short-term Investments | $212M | $450M | $700M | $843M | $576M | $143M | · | |
| Receivables | $151M | $123M | $97M | $70M | $52M | $34M | · | |
| Prepaid Expense | $73M | $46M | $48M | $39M | $31M | $31M | · | |
| Current Assets | $1.10B | $1.27B | $1.36B | $1.28B | $1.42B | $312M | · | |
| PP&E (Net) | $39M | $26M | $23M | $24M | $21M | $21M | · | |
| PP&E (Gross) | $99M | $79M | $66M | $56M | $45M | $39M | · | |
| Accum. Depreciation | $60M | $53M | $43M | $32M | $23M | $18M | · | |
| Goodwill | $147M | $147M | $6M | $6M | $6M | $6M | · | |
| Intangibles | $77M | $91M | $0 | $303.0K | $2M | $6M | · | |
| Other Non-current Assets | $19M | $15M | $10M | $12M | $11M | $8M | · | |
| Total Assets | $1.60B | $1.61B | $1.46B | $1.38B | $1.48B | $367M | · | |
| Accounts Payable | $12M | $2M | $3M | $6M | $6M | $4M | · | |
| Accrued Liabilities | $101M | $82M | $57M | $59M | $56M | $36M | · | |
| Current Liabilities | $498M | $408M | $327M | $272M | $223M | $152M | · | |
| Capital Leases | $33M | $30M | $27M | $28M | · | · | · | |
| Other Non-current Liabilities | $39M | $36M | $31M | $29M | $21M | $17M | · | |
| Total Liabilities | $570M | $474M | $385M | $328M | $245M | $169M | · | |
| Common Stock | · | · | · | · | $0 | $1.0K | · | |
| Paid-in Capital | $4.59B | $4.87B | $4.71B | $4.56B | $4.51B | $0 | · | |
| Retained Earnings | $-3.55B | $-3.74B | $-3.64B | $-3.50B | $-3.27B | $-2.70B | · | |
| AOCI | $-2M | $-338.0K | $-754.0K | $-7M | $-747.0K | $411.0K | · | |
| Stockholders' Equity | $1.03B | $1.14B | $1.07B | $1.05B | $1.24B | $-2.70B | $-1.12B | |
| Liabilities + Equity | $1.60B | $1.61B | $1.46B | $1.38B | $1.48B | $367M | · | |
| Shares Outstanding | 283,427,000 | 303,382,000 | 296,695,000 | 289,093,000 | 273,294,000 | 77,619,000 | 76,821,000 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $19M | $12M | $12M | $13M | $11M | $6M | |
| Stock-based Comp | $147M | $217M | $211M | $208M | $173M | $43M | $273.0K | |
| Deferred Tax | $3M | $-13M | $-1M | $-2M | $-2M | $-2M | $-939.0K | |
| Amort. of Intangibles | $14M | $8M | $303.0K | $2M | $4M | $4M | $1M | |
| Restructuring | $405.0K | $10M | $0 | $0 | · | · | · | |
| Other Non-cash | $-117M | $33M | $2M | $13M | $19M | · | · | |
| Operating Cash Flow | $242M | $161M | $86M | $-3M | $11M | $33M | $-8M | |
| CapEx | $6M | $9M | $2M | $7M | $6M | $4M | $12M | |
| Investing Cash Flow | $206M | $39M | $158M | $-285M | $-420M | $-11M | $-149M | |
| Stock Repurchased | $386M | $14M | $0 | $0 | · | · | · | |
| Net Stock Activity | $-386M | $-14M | · | · | · | · | · | |
| Financing Cash Flow | $-437M | $-67M | $-61M | $-156M | $1.06B | $-2M | $150M | |
| Net Change in Cash | $12M | $132M | $184M | $-444M | $650M | $19M | $-7M | |
| Taxes Paid | $14M | $12M | $12M | $13M | $10M | $5M | $3M | |
| Free Cash Flow | $237M | $151M | $84M | $-10M | $6M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.0% | 84.3% | 82.7% | 80.8% | 79.0% | · | · | |
| Operating Margin | 1.6% | -19.2% | -28.5% | -46.9% | -55.2% | · | · | |
| Net Margin | 21.9% | -13.2% | -23.0% | -46.6% | -51.7% | · | · | |
| Pretax Margin | 6.3% | -12.6% | -20.8% | -44.3% | -48.9% | · | · | |
| EBITDA Margin | 4.7% | -16.6% | -26.5% | -44.5% | -51.6% | · | · | |
| ROA | 11.4% | -6.2% | -9.7% | -16.2% | -20.8% | · | · | |
| ROE | 18.2% | -8.4% | -12.9% | -22.0% | -15.3% | · | · | |
| ROIC | 4.4% | -12.8% | -17.6% | -23.3% | -17.5% | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 3.1 | 4.1 | 4.7 | 6.4 | · | · | |
| Quick Ratio | 1.9 | 2.9 | 3.9 | 4.5 | 6.2 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.4 | 0.3 | 0.4 | · | · | |
| Receivables Turnover | 6.1 | 6.5 | 7.1 | 8.1 | 8.6 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 16.4% | 20.8% | 19.8% | 34.2% | 48.6% | · | · | |
| Revenue CAGR 3Y | 19.0% | 24.8% | 33.7% | · | · | · | · | |
| Revenue CAGR 5Y | 27.4% | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $839M | $720M | $596M | $498M | $371M | · | · | |
| Net Income TTM | $184M | $-95M | $-137M | $-232M | $-192M | · | · | |
| Market Cap | $3.47B | $4.91B | $6.97B | $4.25B | $0 | · | · | |
| P/E | 19.4 | -50.5 | -50.0 | -17.9 | -1.2 | · | · | |
| P/S | 4.1 | 6.8 | 11.7 | 8.5 | 0.0 | · | · | |
| P/B | 3.4 | 4.3 | 6.5 | 4.0 | · | · | · | |
| P / Tangible Book | 4.3 | 5.5 | 6.5 | 4.1 | 0.0 | · | · | |
| P / Cash Flow | 14.3 | 30.5 | 80.9 | -1684.2 | 0.0 | · | · | |
| P / FCF | 14.7 | 32.4 | 82.9 | -440.5 | 0.0 | · | · | |
| Earnings Yield | 5.1% | -2.0% | -2.0% | -5.6% | -82.8% | · | · |
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 | $237M | $229M | $223M | $215M | $205M | $196M | $195M | $187M | $174M | $165M | $160M | $154M | $145M | $138M | $133M | $129M | |
| Cost of Revenue | $36M | $35M | $32M | $33M | $31M | $30M | $29M | $30M | $28M | $26M | $27M | $26M | $25M | $25M | $25M | $24M | |
| Gross Profit | $201M | $194M | $191M | $182M | $174M | $166M | $165M | $157M | $146M | $139M | $133M | $127M | $120M | $112M | $108M | $105M | |
| R&D Expense | $44M | $49M | $42M | $41M | $40M | $40M | $41M | $48M | $41M | $35M | $36M | $35M | $34M | $33M | $35M | $36M | |
| SG&A Expense | $38M | $40M | $-329.0K | $47M | $47M | $47M | $48M | $46M | $45M | $42M | $45M | $40M | $41M | $41M | $39M | $40M | |
| Operating Expenses | $195M | $202M | $151M | $190M | $182M | $177M | $189M | $196M | $190M | $171M | $173M | $166M | $164M | $161M | $169M | $163M | |
| Operating Income | $6M | $-8M | $40M | $-7M | $-9M | $-10M | $-24M | $-39M | $-44M | $-32M | $-40M | $-39M | $-43M | $-48M | $-61M | $-58M | |
| Other Non-op | $4M | $1M | $7M | $7M | $13M | $13M | $8M | $14M | $13M | $13M | $15M | $11M | $11M | $9M | $10M | $2M | |
| Pretax Income | $10M | $-7M | $47M | $-52.0K | $4M | $3M | $-16M | $-25M | $-31M | $-19M | $-25M | $-28M | $-32M | $-39M | $-51M | $-56M | |
| Income Tax | $7M | $-2M | $-145M | $5M | $6M | $4M | $6M | $5M | $-10M | $4M | $3M | $3M | $4M | $4M | $5M | $2M | |
| Net Income | $3M | $-5M | $191M | $-5M | $-2M | $-1M | $-22M | $-30M | $-20M | $-23M | $-28M | $-31M | $-36M | $-43M | $-55M | $-58M | |
| EPS (Basic) | $0.01 | $-0.02 | $0.66 | $-0.02 | $-0.01 | $0.00 | $-0.07 | $-0.10 | $-0.07 | $-0.08 | $-0.09 | $-0.11 | $-0.12 | $-0.15 | $-0.20 | $-0.20 | |
| EPS (Diluted) | $0.01 | $-0.02 | $0.66 | $-0.02 | $-0.01 | $0.00 | $-0.07 | $-0.10 | $-0.07 | $-0.08 | $-0.09 | $-0.11 | $-0.12 | $-0.15 | $-0.20 | $-0.20 | |
| Shares (Basic) | 271,951,000 | 283,336,000 | -590,797,000 | 286,161,000 | 294,435,000 | 301,280,000 | -598,928,000 | 302,096,000 | 299,805,000 | 297,870,000 | -583,187,000 | 294,146,000 | 291,995,000 | 290,133,000 | -565,057,000 | 286,697,000 | |
| Shares (Diluted) | 272,988,000 | 283,336,000 | -588,107,000 | 286,161,000 | 294,435,000 | 301,280,000 | -598,928,000 | 302,096,000 | 299,805,000 | 297,870,000 | -583,187,000 | 294,146,000 | 291,995,000 | 290,133,000 | -565,057,000 | 286,697,000 | |
| EBITDA | $6M | $-197.0K | · | $-7M | $-9M | $-4M | · | $-39M | $-44M | $-29M | · | $-39M | $-43M | $-45M | · | $-58M |
Balance Sheet 24
| 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 | $495M | $548M | $570M | $421M | $486M | $594M | $620M | $391M | $310M | $468M | $488M | $458M | $356M | $344M | $304M | $432M | |
| Short-term Investments | $169M | $231M | $212M | $392M | $440M | $401M | $450M | $664M | $709M | $739M | · | $706M | $805M | $806M | · | $719M | |
| Receivables | $138M | $127M | $151M | $120M | $116M | $112M | $123M | $99M | $101M | $84M | · | $80M | $74M | $73M | · | $57M | |
| Prepaid Expense | $67M | $68M | $73M | $60M | $67M | $62M | $46M | $54M | $52M | $52M | · | $52M | $47M | $46M | · | $42M | |
| Current Assets | $902M | $1.01B | $1.10B | $1.02B | $1.14B | $1.20B | $1.27B | $1.23B | $1.20B | $1.37B | · | $1.32B | $1.30B | $1.29B | · | $1.27B | |
| PP&E (Net) | $46M | $44M | $39M | $35M | $31M | $27M | $26M | $26M | $23M | $22M | · | $23M | $23M | $24M | · | $23M | |
| PP&E (Gross) | $114M | $108M | $99M | $93M | $89M | $83M | $79M | $77M | $72M | $68M | · | $63M | $61M | $59M | · | $53M | |
| Accum. Depreciation | $68M | $64M | $60M | $57M | $58M | $55M | $53M | $51M | $48M | $46M | · | $40M | $38M | $35M | · | $30M | |
| Goodwill | $198M | $199M | $147M | $147M | $147M | $147M | $147M | $147M | $147M | $6M | · | $6M | $6M | $6M | · | $6M | |
| Intangibles | $92M | $97M | $77M | $80M | $84M | $87M | $91M | $94M | $98M | · | · | · | · | · | · | $579.0K | |
| Other Non-current Assets | $17M | $18M | $19M | $17M | $17M | $15M | $15M | $14M | $14M | $12M | · | $10M | $10M | $11M | · | $12M | |
| Total Assets | $1.49B | $1.61B | $1.60B | $1.37B | $1.48B | $1.54B | $1.61B | $1.58B | $1.54B | $1.47B | · | $1.42B | $1.40B | $1.39B | · | $1.36B | |
| Accounts Payable | $27M | $19M | $12M | $8M | $5M | $2M | $2M | $7M | $10M | $2M | · | $3M | $2M | $4M | · | $4M | |
| Accrued Liabilities | $105M | $109M | $98M | $91M | $87M | $80M | $82M | $74M | $69M | $58M | · | $55M | $54M | $58M | · | $57M | |
| Current Liabilities | $533M | $520M | $498M | $451M | $433M | $413M | $408M | $378M | $368M | $336M | · | $306M | $292M | $285M | · | $252M | |
| Capital Leases | $26M | $29M | $33M | $31M | $27M | $31M | $30M | $26M | $28M | $25M | · | $27M | $24M | $26M | · | $25M | |
| Other Non-current Liabilities | $36M | $37M | $39M | $38M | $37M | $35M | $36M | $37M | $33M | $28M | · | $27M | $27M | $29M | · | $26M | |
| Total Liabilities | $595M | $586M | $570M | $520M | $496M | $479M | $474M | $440M | $428M | $389M | · | $360M | $343M | $340M | · | $303M | |
| Paid-in Capital | $4.45B | $4.58B | $4.59B | $4.60B | $4.72B | $4.80B | $4.87B | $4.85B | $4.80B | $4.74B | · | $4.68B | $4.64B | $4.60B | · | $4.52B | |
| Retained Earnings | $-3.55B | $-3.56B | $-3.55B | $-3.74B | $-3.74B | $-3.74B | $-3.74B | $-3.71B | $-3.68B | $-3.66B | · | $-3.61B | $-3.58B | $-3.55B | · | $-3.45B | |
| AOCI | $-2M | $-4M | $-2M | $-2M | $102.0K | $608.0K | $-338.0K | $2M | $-1M | $-1M | · | $-5M | $-6M | $-5M | · | $-9M | |
| Stockholders' Equity | $896M | $1.02B | $1.03B | $851M | $985M | $1.06B | $1.14B | $1.14B | $1.12B | $1.08B | $1.07B | $1.06B | $1.06B | $1.05B | $1.05B | $1.06B | |
| Liabilities + Equity | $1.49B | $1.61B | $1.60B | $1.37B | $1.48B | $1.54B | $1.61B | $1.58B | $1.54B | $1.47B | · | $1.42B | $1.40B | $1.39B | · | $1.36B | |
| Shares Outstanding | 262,810,000 | 278,982,000 | 283,427,000 | 281,744,000 | 292,042,000 | 298,380,000 | 303,382,000 | 302,578,000 | 300,961,000 | 298,500,000 | 296,695,000 | 294,861,000 | 292,839,000 | 290,535,000 | 289,093,000 | 287,082,000 |
Cash Flow 15
| 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 | $8M | $8M | $7M | $7M | $6M | $6M | $6M | $6M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $38M | $44M | $-3M | $49M | $49M | $52M | $50M | $59M | $55M | $52M | $51M | $55M | $54M | $51M | $57M | $54M | |
| Deferred Tax | $3M | $-6M | $3M | $0 | $0 | $-459.0K | $1M | $0 | $-14M | $477.0K | $-1M | $0 | $0 | $113.0K | $-3M | $0 | |
| Amort. of Intangibles | $4M | $4M | $3M | $3M | $4M | $4M | $4M | $4M | $976.0K | $0 | $0 | $0 | $46.0K | · | $276.0K | $276.0K | |
| Restructuring | $7M | $0 | $0 | $0 | $0 | $405.0K | $10M | $0 | $0 | $0 | · | · | · | · | · | · | |
| Other Non-cash | · | $21M | · | · | · | $2M | · | · | · | $8M | · | · | · | $249.0K | · | · | |
| Operating Cash Flow | $59M | $62M | $62M | $63M | $59M | $58M | $41M | $42M | $36M | $41M | $31M | $24M | $20M | $12M | $7M | $-4M | |
| CapEx | $5M | $4M | $2M | $2M | $380.0K | $1M | $5M | $1M | $2M | $739.0K | $1M | $278.0K | $329.0K | $383.0K | $2M | $2M | |
| Investing Cash Flow | $55M | $-82M | $157M | $46M | $-43M | $46M | $209M | $50M | $-183M | $-38M | $12M | $102M | $3M | $41M | $-124M | $-140M | |
| Stock Repurchased | $159M | $48M | $0 | $159M | $114M | $114M | $14M | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | · | $-48M | · | · | · | $-114M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-166M | $-56M | $-8M | $-174M | $-124M | $-130M | $-21M | $-12M | $-11M | $-23M | $-13M | $-24M | $-11M | $-12M | $-12M | $-13M | |
| Net Change in Cash | $-54M | $-83M | $211M | $-65M | $-108M | $-26M | $229M | $81M | $-158M | $-20M | $30M | $102M | $12M | $40M | $-128M | $-158M | |
| Taxes Paid | $3M | $3M | $4M | $3M | $4M | $3M | $4M | $4M | $3M | $2M | $2M | $3M | $4M | $2M | $4M | $4M | |
| Free Cash Flow | · | $58M | · | · | · | $57M | · | · | · | $40M | · | · | · | $11M | · | · |
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 | 84.8% | 84.8% | · | 84.7% | 84.8% | 84.8% | · | 84.0% | 83.8% | 84.3% | · | 82.9% | 82.9% | 81.7% | · | 81.2% | |
| Operating Margin | 2.5% | -3.5% | · | -3.5% | -4.2% | -5.3% | · | -20.8% | -25.1% | -19.5% | · | -25.2% | -29.8% | -34.9% | · | -45.3% | |
| Net Margin | 1.4% | -2.1% | · | -2.2% | -0.85% | -0.66% | · | -16.1% | -11.6% | -14.1% | · | -20.2% | -24.6% | -31.0% | · | -44.9% | |
| Pretax Margin | 4.3% | -2.9% | · | -0.02% | 1.9% | 1.3% | · | -13.4% | -17.5% | -11.7% | · | -18.1% | -22.1% | -28.1% | · | -43.5% | |
| EBITDA Margin | 2.5% | -0.09% | · | -3.5% | -4.2% | -2.1% | · | -20.8% | -25.1% | -17.7% | · | -25.2% | -29.8% | -32.7% | · | -45.3% | |
| ROA | 0.22% | -0.31% | · | -0.32% | -0.11% | -0.09% | · | -2.0% | -1.4% | -1.6% | · | -2.2% | -2.6% | -3.1% | · | -4.1% | |
| ROE | 0.34% | -0.46% | · | -0.47% | -0.17% | -0.12% | · | -2.7% | -1.9% | -2.2% | · | -2.9% | -3.3% | -4.0% | · | -5.0% | |
| ROIC | 0.21% | -0.57% | · | -78.8% | 0.39% | 0.50% | · | -4.1% | -2.6% | -3.6% | · | -4.1% | -4.5% | -5.1% | · | -5.7% |
Liquidity & Solvency 2
| 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 | 1.7 | 1.9 | · | 2.3 | 2.6 | 2.9 | · | 3.3 | 3.3 | 4.1 | · | 4.3 | 4.5 | 4.5 | · | 5.0 | |
| Quick Ratio | 1.5 | 1.7 | · | 2.1 | 2.4 | 2.7 | · | 3.1 | 3.0 | 3.8 | · | 4.1 | 4.2 | 4.3 | · | 4.8 |
Efficiency 2
| 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 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.9 | 1.9 | · | 2.0 | 1.9 | 2.0 | · | 2.1 | 2.0 | 2.1 | · | 2.2 | 2.2 | 2.3 | · | 2.5 |
Valuation (TTM) 10
| 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 | $886M | $845M | · | $803M | $762M | $722M | · | $679M | $638M | $601M | · | $565M | $533M | $503M | · | $461M | |
| Net Income TTM | $-8M | $-13M | · | $-38M | $-53M | $-75M | · | $-105M | $-110M | $-133M | · | $-167M | $-206M | $-219M | · | $-284M | |
| Market Cap | $2.66B | $2.24B | · | $3.32B | $4.35B | $4.21B | · | $3.47B | $3.82B | $5.44B | · | $5.87B | $5.15B | $4.46B | · | $3.72B | |
| P/E | -253.0 | -160.6 | · | -90.5 | -82.8 | -56.4 | · | -31.9 | -33.4 | -39.6 | · | -34.3 | -24.8 | -19.9 | · | -0.5 | |
| P/S | 3.0 | 2.7 | · | 4.1 | 5.7 | 5.8 | · | 5.1 | 6.0 | 9.0 | · | 10.4 | 9.7 | 8.9 | · | 8.1 | |
| P/B | 3.0 | 2.2 | · | 3.9 | 4.4 | 4.0 | · | 3.1 | 3.4 | 5.0 | · | 5.5 | 4.9 | 4.2 | · | 3.5 | |
| P / Tangible Book | 4.4 | 3.1 | · | 5.3 | 5.8 | 5.1 | · | 3.9 | 4.4 | 5.1 | · | 5.6 | 4.9 | 4.3 | · | 3.5 | |
| P / Cash Flow | · | 35.9 | · | · | · | 72.6 | · | · | · | 133.8 | · | · | · | 387.9 | · | · | |
| P / FCF | · | 38.3 | · | · | · | 74.3 | · | · | · | 136.3 | · | · | · | 401.3 | · | · | |
| Earnings Yield | -0.40% | -0.62% | · | -1.1% | -1.2% | -1.8% | · | -3.1% | -3.0% | -2.5% | · | -2.9% | -4.0% | -5.0% | · | -195.4% |
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 | $839M | $720M | $596M | $498M | $371M |
| Gross Margin % | 85.0% | 84.3% | 82.7% | 80.8% | 79.0% |
| Operating Margin % | 1.6% | -19.2% | -28.5% | -46.9% | -55.2% |
| Net Income | $184M | $-95M | $-137M | $-232M | $-192M |
| Diluted EPS | $0.63 | $-0.32 | $-0.47 | $-0.82 | $-21.73 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.2 | 3.1 | 4.1 | 4.7 | 6.4 |
| Quick Ratio | 1.9 | 2.9 | 3.9 | 4.5 | 6.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $237M | $151M | $84M | $-10M | $6M |
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Institutional owners (13F) 375 filers · $1.5B 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 |
|---|---|---|---|---|
| 77 (-10 vs prior Q) | 54 (-16 vs prior Q) | 137 (+18 vs prior Q) | 80 (-16 vs prior Q) | -8.2M |
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 PORTFOLIO MANAGEMENT LLC | $161,011,932 | 15,910,270 | 11.05% | Shares |
| Alphabet Inc. | $144,992,003 | 14,327,273 | 9.95% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $105,754,263 | 10,450,026 | 7.26% | Shares |
| Haveli Investment Management LLC | $83,025,411 | 8,204,092 | 5.70% | Shares |
| WestBridge Capital Management, LLC | $79,509,399 | 7,856,660 | 5.46% | Shares |
| CITADEL ADVISORS LLC | $64,493,485 | 6,372,874 | 4.43% | Shares |
| STATE STREET CORP | $57,245,490 | 5,656,669 | 3.93% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $52,162,012 | 5,154,349 | 3.58% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $49,004,761 | 4,841,304 | 3.36% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $32,741,236 | 3,235,300 | 2.25% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $30,284,151 | 2,992,505 | 2.08% | Shares |
| GOLDMAN SACHS GROUP INC | $29,877,256 | 2,952,298 | 2.05% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $25,421,916 | 2,512,047 | 1.74% | Shares |
| CYPRESS POINT INVESTMENT MANAGEMENT LP | $25,111,647 | 2,481,388 | 1.72% | Shares |
| MILLENNIUM MANAGEMENT LLC | $18,923,914 | 1,869,952 | 1.30% | Shares |
| Point72 Asset Management, L.P. | $18,913,035 | 1,868,877 | 1.30% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $18,206,902 | 1,799,101 | 1.25% | Shares |
| GAGNON SECURITIES LLC | $15,826,324 | 1,563,866 | 1.09% | Shares |
| Balyasny Asset Management L.P. | $15,564,914 | 1,538,035 | 1.07% | Shares |
| ALGERT GLOBAL LLC | $15,518,979 | 1,533,496 | 1.07% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $14,835,809 | 1,465,989 | 1.02% | Shares |
| Cubist Systematic Strategies, LLC | $13,932,896 | 1,183,763 | 0.96% | Shares |
| Optimus Prime Fund Management Co., Ltd. | $11,334,400 | 1,120,000 | 0.78% | Shares |
| Trexquant Investment LP | $10,250,771 | 1,012,922 | 0.70% | Shares |
| FMR LLC | $9,895,559 | 977,822 | 0.68% | Shares |
| Quantinno Capital Management LP | $9,196,034 | 908,699 | 0.63% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $8,490,660 | 838,998 | 0.58% | Shares |
| Voleon Capital Management LP | $8,480,520 | 837,996 | 0.58% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $8,330,036 | 823,126 | 0.57% | Shares |
| WESTERLY CAPITAL MANAGEMENT, LLC | $8,096,000 | 800,000 | 0.56% | Shares |
| Gagnon Advisors, LLC | $7,855,265 | 776,212 | 0.54% | Shares |
| Edgestream Partners, L.P. | $7,458,906 | 737,046 | 0.51% | Shares |
| IEQ CAPITAL, LLC | $7,290,246 | 720,380 | 0.50% | Shares |
| D. E. Shaw & Co., Inc. | $6,822,165 | 674,127 | 0.47% | Shares |
| GENERATION INVESTMENT MANAGEMENT LLP | $6,391,772 | 631,598 | 0.44% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $6,205,533 | 613,195 | 0.43% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,182,308 | 610,900 | 0.42% | Call option |
| ALLIANCEBERNSTEIN L.P. | $6,047,160 | 753,071 | 0.41% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,985,181 | 591,421 | 0.41% | Shares |
| Dorsey & Whitney Trust CO LLC | $5,965,942 | 589,520 | 0.41% | Shares |
| Mariner, LLC | $5,732,824 | 566,469 | 0.39% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,546,357 | 548,059 | 0.38% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $5,476,306 | 541,137 | 0.38% | Shares |
| Brevan Howard Capital Management LP | $5,318,900 | 525,583 | 0.37% | Shares |
| PRUDENTIAL FINANCIAL INC | $5,229,004 | 516,700 | 0.36% | Shares |
| CIBC Private Wealth Group LLC | $5,163,393 | 438,691 | 0.35% | Shares |
| TWO SIGMA ADVISERS, LP | $4,626,825 | 377,700 | 0.32% | Shares |
| BW Gestao de Investimentos Ltda. | $4,272,846 | 422,218 | 0.29% | Shares |
| Corient Private Wealth LP | $4,183,297 | 413,369 | 0.29% | Shares |
| Cinctive Capital Management LP | $4,140,649 | 409,155 | 0.28% | Shares |
| MORGAN STANLEY | $4,099,936 | 405,132 | 0.28% | Shares |
| CIBC Bancorp USA Inc. | $4,052,099 | 400,405 | 0.28% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $4,019,765 | 397,210 | 0.28% | Shares |
| Swiss National Bank | $3,838,516 | 379,300 | 0.26% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,610,371 | 356,756 | 0.25% | Shares |
| BlackRock, Inc. | $3,515,637 | 347,395 | 0.24% | Shares |
| Cerity Partners LLC | $3,430,750 | 339,007 | 0.24% | Shares |
| Holocene Advisors, LP | $3,416,046 | 337,554 | 0.23% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $3,404,184 | 336,381 | 0.23% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $3,318,373 | 364,640 | 0.23% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $3,287,715 | 324,873 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $3,187,456 | 314,966 | 0.22% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,062,312 | 302,600 | 0.21% | Call option |
| Allianz Asset Management GmbH | $3,007,942 | 374,588 | 0.21% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $3,001,541 | 296,595 | 0.21% | Shares |
| RHUMBLINE ADVISERS | $2,803,959 | 277,072 | 0.19% | Shares |
| CastleKnight Management LP | $2,717,220 | 268,500 | 0.19% | Shares |
| BARCLAYS PLC | $2,581,096 | 255,049 | 0.18% | Shares |
| Assenagon Asset Management S.A. | $2,564,934 | 253,452 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,515,923 | 248,609 | 0.17% | Shares |
| AMERIPRISE FINANCIAL INC | $2,484,894 | 245,543 | 0.17% | Shares |
| CWM, LLC | $2,442,051 | 304,116 | 0.17% | Shares |
| Inlight Wealth Management, LLC | $2,396,871 | 236,845 | 0.16% | Shares |
| Headlands Technologies LLC | $2,220,196 | 219,387 | 0.15% | Shares |
| WOLVERINE TRADING, LLC | $2,154,348 | 174,300 | 0.15% | Call option |
| Schonfeld Strategic Advisors LLC | $2,119,168 | 209,404 | 0.15% | Shares |
| LAVELLE CAPITAL LP | $2,066,251 | 204,175 | 0.14% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,978,030 | 246,330 | 0.14% | Shares |
| WELLS FARGO & COMPANY/MN | $1,963,826 | 194,054 | 0.13% | Shares |
| HERALD INVESTMENT MANAGEMENT Ltd | $1,922,800 | 190,000 | 0.13% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $1,884,051 | 186,171 | 0.13% | Shares |
| FIRST TRUST ADVISORS LP | $1,842,902 | 182,105 | 0.13% | Shares |
| Vanguard Global Advisers, LLC | $1,842,538 | 182,069 | 0.13% | Shares |
| Arax Advisory Partners | $1,794,712 | 177,343 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,791,786 | 177,054 | 0.12% | Shares |
| VARCOV Co. | $1,670,711 | 165,090 | 0.11% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,665,499 | 164,575 | 0.11% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $1,664,469 | 135,875 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $1,572,648 | 155,400 | 0.11% | Call option |
| CAPTRUST FINANCIAL ADVISORS | $1,572,093 | 155,345 | 0.11% | Shares |
| Verition Fund Management LLC | $1,520,024 | 150,200 | 0.10% | Call option |
| CANADA PENSION PLAN INVESTMENT BOARD | $1,518,000 | 150,000 | 0.10% | Shares |
| Nuveen, LLC | $1,508,821 | 149,093 | 0.10% | Shares |
| JANE STREET GROUP, LLC | $1,409,716 | 139,300 | 0.10% | Call option |
| Russell Investments Group, Ltd. | $1,407,803 | 139,111 | 0.10% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $1,403,000 | 138,600 | 0.10% | Shares |
| Dalton Investments, Inc. | $1,361,332 | 134,519 | 0.09% | Shares |
| Hillsdale Investment Management Inc. | $1,331,792 | 131,600 | 0.09% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,316,895 | 130,128 | 0.09% | Shares |
| FRANKLIN RESOURCES INC | $1,294,469 | 127,912 | 0.09% | Shares |
Company insiders 19 insiders · 10 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dennis Woodside | CEO & President | July 2, 2026 F | 2,854,611 | 0 | 0 | $0 |
| Tyler Sloat | Chief Financial & Oper Officer | Aug. 1, 2026 F | 1,746,218 | 0 | 0 | $0 |
| Philippa Lawrence | Chief Accounting Officer | July 6, 2026 S | 456,144 | 0 | 2 | $-131,816 |
| Ian Tickle | Chief Revenue Officer | July 2, 2026 F | 933,110 | 0 | 0 | $0 |
| Mika Yamamoto | CHIEF CUST & MARKETING OFFICER | Aug. 4, 2025 S | 566,198 | 0 | 0 | $0 |
| Rathnagirish Mathrubootham | EXECUTIVE CHAIRMAN | June 1, 2025 F | 738,305 | 0 | 0 | $0 |
| Srinivasagopalan Ramamurthy | Chief Product Officer | Feb. 1, 2024 F | 564,559 | 0 | 0 | $0 |
| Pradeep Rathinam | Chief Revenue Officer | Nov. 1, 2023 F | 798,843 | 0 | 0 | $0 |
| Stacey Epstein | Chief Marketing Officer | May 1, 2023 F | 317,139 | 0 | 0 | $0 |
| Jose Morales | Chief Revenue Officer | Nov. 1, 2022 F | 208,515 | 0 | 0 | $0 |
| Jennifer H Taylor | Director | July 2, 2026 S | 62,673 | 0 | 1 | $-69,092 |
| Johanna Flower | Director | July 1, 2026 A | 74,065 | 0 | 0 | $0 |
| Barry L. Padgett | Director | July 1, 2026 S | 47,270 | 0 | 1 | $-69,423 |
| Francis J. Pelzer | Director | July 1, 2026 A | 64,627 | 0 | 0 | $0 |
| Randy Gottfried | Director | July 1, 2026 A | 75,173 | 0 | 0 | $0 |
| Sameer K Gandhi | Director | July 1, 2026 A | 88,786 | 0 | 0 | $0 |
| Roxanne S Austin | Director | July 1, 2026 A | 212,149 | 0 | 0 | $0 |
| NELSON ZACHARY | Director | Aug. 4, 2025 C | 38,870 | 0 | 0 | $0 |
| Accel India III (Mauritius) Ltd. | 10% owner | Sept. 12, 2023 C | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| SEQUOIA CAPITAL GLOBAL GROWTH FUND III - ENDURANCE PARTNERS, L.P. ("SC GGF III"), SEQUOIA CAPITAL GLOBAL GROWTH FUND III - ENDURANCE PARTNERS MANAGEMENT, L.P. ("SC GGF III MGMT"), SC US (TTGP), LTD. ("SC US TTGP"), DOUGLAS LEONE ("DL"), ROELOF BOTHA ("RB") | July 24, 2025 | 2.90% | Amendment | — | SEC |
| Peak XV Partners V Ltd., Peak XV Partners Investments V, Peak XV Partners Principals Fund V LTD, Peak XV Partners Management V Ltd., Peak XV Partners Growth Investments III-1, Peak XV Partners Growth Fund III Ltd., Peak XV Partners Principals Growth Fund III Ltd., Peak XV Partners GF Management III Ltd. ×2 filings | Feb. 24, 2025 | 4.00% | Amendment | — | SEC |
| SEQUOIA CAPITAL GLOBAL GROWTH FUND III – ENDURANCE PARTNERS, L.P. (“SC GGF III”), SEQUOIA CAPITAL GLOBAL GROWTH FUND III – ENDURANCE PARTNERS MANAGEMENT, L.P. (“SC GGF III MGMT”), SC US (TTGP), LTD. (“SC US TTGP”), DOUGLAS LEONE (“DL”), ROELOF BOTHA (“RB”) ×4 filings | Nov. 7, 2023 | — | Initial filing | — | SEC |
| SCI INVESTMENTS V (“SCI INVESTMENTS V”), SEQUOIA CAPITAL INDIA V LTD. (“SEQUOIA CAPITAL INDIA V”), SC INDIA PRINCIPALS FUND V LTD. (“SC INDIA PRINCIPALS FUND V”), SCI GROWTH INVESTMENTS III-1 (“SCI GROWTH III-1”), SEQUOIA CAPITAL INDIA GROWTH FUND III LTD. (“SEQUOIA CAPITAL INDIA GROWTH III”), SC INDIA PRINCIPALS GROWTH FUND III LTD. (“SC INDIA PRINCIPALS GROWTH III”) | July 27, 2023 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 55 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 |
|---|---|---|---|---|
| SMLL · Harbor ETF Trust | 2.55% | 43,143 NS | April 30, 2026 | N-PORT |
| CLOU · Global X Funds | 1.69% | 467,716 NS | May 31, 2026 | N-PORT |
| RNIN · EA Series Trust | 1.18% | 220,608 NS | April 30, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.44% | 117,324 NS | May 31, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.36% | 829,517 NS | June 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.25% | 1,062,114 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.25% | 70,488 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.11% | 142,679 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.09% | 2,936 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.08% | 75,906 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.07% | 7,313 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.05% | 90,396 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.05% | 9,819 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.05% | 794,128 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 996,193 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.04% | 106,381 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 30,847 NS | May 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.03% | 1,609 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 7,679 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.03% | 590,246 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.02% | 13,302 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 7,770 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 6,897 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 8,127 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 195 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 85,159 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 8,162 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 127,795 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 |
| VFVA · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IGM · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IGV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | — | — | Aug. 4, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 23, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | — | — | July 13, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | — | — | July 30, 2026 | Daily |