FSLR First Solar, Inc. - Common Stock
About First Solar, Inc. - Common Stock Company overview from Wikipedia
First Solar, Inc. is an American publicly traded manufacturer of solar panels. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as a semiconductor. The predecessor company, Solar Cells, Inc., was founded in 1990 by inventor Harold McMaster. In 1999, Solar Cells, Inc., was purchased by True North Partners, LLC, led by Michael Ahearn, and rebranded as First Solar, Inc.
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First Solar, Inc. is an American publicly traded manufacturer of solar panels. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as a semiconductor.
The predecessor company, Solar Cells, Inc., was founded in 1990 by inventor Harold McMaster. In 1999, Solar Cells, Inc., was purchased by True North Partners, LLC, led by Michael Ahearn, and rebranded as First Solar, Inc.
The company went public in 2006, trading on the NASDAQ as FSLR. It has been listed on the Photovoltaik Global 30 Index since the beginning of this stock index in 2009. Its current chief executive is Mark Widmar, who succeeded the previous CEO, James Hughes, on July 1, 2016.
First Solar operates three manufacturing facilities in Ohio, one in Alabama, and one in Louisiana. As of March 2026, the company had approximately 14 GW of annual domestic nameplate capacity.
Technology
First Solar manufactures cadmium telluride (CdTe)-based photovoltaic (PV) modules, which produce electricity with a thin film CdTe semiconductor. This technology provides superior performance in degradation rate, temperature coefficient, spectral response, and shading response. At each First Solar manufacturing facility, a vertically integrated, continuous process enables full quality control under one roof, converting a sheet of glass into a fully functional solar panel in approximately four hours. First Solar’s manufacturing process uses 98 percent less semiconductor material than traditional crystalline silicon solar panels and yields the lowest carbon footprint, lowest water footprint, and fastest energy payback time in the industry.
In 2013, the company produced CdTe-panels with an efficiency of about 14 percent at a reported cost of 59 cents per watt. In August 2019, researchers from NREL and First Solar published a Nature Energy article demonstrating a way to achieve 20.8% solar cell efficiency. Currently, Series 7 TR1 modules, with an efficiency rating of up to 19.7%, represent topline efficiency among First Solar's module lineup.
History
In 1984, inventor and entrepreneur Harold McMaster founded Glasstech Solar. After conducting research on amorphous silicon, he shifted to CdTe and founded Solar Cells, Inc. (SCI) in 1990. In February 1999, SCI was acquired by True North Partners, which then formed First Solar, LLC.
The company is headquartered in Phoenix, Arizona, and has manufacturing facilities in Perrysburg, Ohio; Trinity, Alabama; New Iberia, Louisiana; Kulim, Malaysia; Ho Chi Minh City, Vietnam; and Chennai, India.
At the end of 2009, First Solar had surpassed an energy power production rate of 1 GW and was the largest producer of PV cells in the world. That same year, First Solar became the first solar panel manufacturing company to lower its manufacturing cost to $1 per watt.
In July 2010, First Solar formed a utility systems business group to address the large-scale PV systems solutions market. Utility systems are now the company's core business focus, with a strategy to focus on markets that do not require subsidies to support the solar generation business.
On April 17, 2012, First Solar announced it would restructure operations worldwide. This restructuring process included phasing out operations in Frankfurt (Oder), Germany and idling four production lines in Kulim, Malaysia. Approximately 30% of First Solar's workforce was laid off as a result of these actions, which were blamed on market volatility and reduced demand. Mark Widmar, then the CFO of First Solar, said, "We need to resize our business to a level of demand that is highly reliable and predictable."
On July 1, 2016, Mark Widmar was appointed CEO of First Solar. Previously he had been chief financial officer. Former CEO Mike Ahearn remains chairman of the board.
In 2022, under the Inflation Reduction Act, First Solar became perhaps the biggest beneficiary of an estimated $1 trillion in environmental spending. First Solar executives and lobbyists met at least four times in late 2022 and 2023 with administration officials who oversaw the measure’s environmental provisions. Democratic donors had invested heavily in the company prior to the act being signed into law.
In May 2023, First Solar acquired Evolar, a European company that provided perovskite technology. The deal was valued at $38M USD.
In 2024, First Solar communicated an audit had discovered use of forced labor in a Malaysian factory that produces parts for the company.
Market history
Historically, First Solar sold its products to solar project developers, system integrators, and independent power producers. Early sales were primarily in Germany because of strong incentives for solar enacted in the German Renewable Energy Sources Act (EEG) of 2000 (cp. Solar power in Germany). Declines and uncertainty in feed-in-tariff subsidies for solar power in European markets, including Germany, France, Italy and Spain, prompted major PV manufacturers, such as First Solar, to accelerate their expansion into other markets, including the U.S., India and China.
Beginning in December 2011, First Solar shifted away from existing markets that are heavily dependent on government subsidies and toward providing utility-scale PV systems in sustainable markets with immediate need. As a result, it began competing against conventional power generators, and reduced its focus on the rooftop market.
On February 24, 2009, First Solar's cost per watt broke $1 reaching $0.98. In 2023, the company sold 11.4 GW of solar modules. Production costs of 18.8 cents/watt were forecast in February 2024, with average sales prices of 18.2 cent/kWh for sales of around 16 GW in 2024. In 2024, the company sold a record 14.1 GW of solar modules.
First Solar sold $857 million in Inflation Reduction Act transferable tax credits generated from its U.S.-based manufacturing facilities in February 2025. The tax credits were from the sale of solar modules produced in 2024 at First Solar’s U.S. manufacturing facilities, including three factories in Ohio and a new Alabama facility.
Production history
Commercial production started in Perrysburg, Ohio, in 2002. Between 2007 and 2012, production grew with additional plants in Frankfurt (Oder) in Germany; and Kulim Hi-Tech Park in Malaysia. The German factories are no longer in operation. Other locations considered for expansions before 2012 included Mesa, Arizona. International expansion has also included new factories in Ho Chim Minh City, Vietnam (commissioned in 2018) and Tamil Nadu, India (2024). Two new manufacturing facilities were commissioned in Ohio (in 2019 and 2023). A new manufacturing facility was commission in Trinity, Alabama, in 2024, followed by a new facility in New Iberia, Louisiana, in 2025. A new finishing facility is expected to open in Gaffney, South Carolina, in the second half of 2026.
Market performance
While First Solar witnessed record sales of over $3.37 billion in 2012, its restructuring efforts impacted the bottom line, leading to a net loss of $96.3 million – or $1.11 per share – for the year.
Historically, the low cost of First Solar's modules has been the key to its market performance. The use of cadmium telluride instead of silicon allowed it to achieve a significantly lower module cost ($0.67 per watt), compared to crystalline-silicon PV, which averaged $1.85 per watt in 2010.
As the company shifts its focus away from module sales to utility-scale projects, it will need to become price competitive with non-solar power sources, a move which its executives say will require the company to reduce manufacturing costs and optimize efficiency.
Installations
First Solar had installed 1,505 megawatt (1.5 gigawatt) of solar capacity as of 2012. As of 2019, First Solar has over 17 gigawatt deployed globally. Below are some of First Solar's solar installations and development projects:
North America
802 MW Copper Mountain Solar Facility near Boulder City, NV, constructed in 5 phases for Sempra Energy and Consolidated Edison.
550 MW Topaz Solar Farm in San Luis Obispo County, CA, acquired by MidAmerican Energy Holdings.
550 MW Desert Sunlight Solar Farm in Riverside County, CA, acquired by NextEra Energy and GE Energy Financial Services.
290 MW Agua Caliente Solar Project in Yuma County, AZ, constructed for NRG Energy and MidAmerican Renewables.
230 MW Antelope Valley Solar Ranch in Los Angeles, CA, completed 2014 and acquired by Exelon Corp.
80 MW Sarnia Solar Farm in Ontario, Canada, completed, owned by Enbridge.
50 MW Silver State North Solar Project, in Boulder County, NV, completed, acquired by Enbridge.
Europe, Middle East, and North Africa
Mohammed bin Rashid Al Maktoum Solar Park in Saih Al-Dahal, UAE, includes a 13 MWDC solar power plant built by First Solar for the Dubai Electricity & Water Authority (DEWA).
Stadtwerke Trier (SWT) in Trier, Germany, is one of the world's largest thin-film solar plants. As of February 2009, it was estimated the facility would produce over 9 GWh per year, which would supply power to more than 2,400 homes each year. Additionally, it is estimated the facility will conserve 100,000 tons of CO2 over 20 years.
The Ramat Hovav solar field is the largest PV power plant built so far in Israel's solar power sector. Constructed by Belectric over a previous evaporation pond, it has a nominal capacity of 37.5 MW. The facility became fully operational in December 2014.
Waldpolenz Solar Park near Leipzig, Germany, was built and developed by Juwi Group, and has a capacity of 40 MW. The facility became fully operational in 2008.
In December 2009, the Lieberose Photovoltaic Park, Germany's biggest conversion land project (126 hectares) on a former military training area, was opened with an output of 53 MW. The solar park uses 700,000 solar modules.
For the Sports Stadium Bentegodi in Verona, Italy, First Solar supplied more than 13,000 thin film modules for a rooftop installation.
Asia and Australia
10 MW Greenough River Solar Farm in Western Australia, completed for Verve Energy and GE Energy Financial Services.
159 MW AGL Energy projects, to be constructed in Nyngan and Broken Hill, New South Wales. The 53 MW Broken Hill project was completed in 2015.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
FSLR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
FSLR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
FSLR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 6 12.2%
- Buy 26 53.1%
- Hold 14 28.6%
- Sell 1 2.0%
- Strong Sell 2 4.1%
12-Month Price Target
30 analysts · 2026-08-18Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.92 | $2.89 | 1.0% |
| March 31, 2026 | $3.22 | $2.93 | 0.29% |
| Dec. 31, 2025 | $3.22 | $2.93 | 0.29% |
| Sept. 30, 2025 | $4.24 | $4.34 | -0.10% |
| June 30, 2025 | $3.18 | $2.71 | 0.47% |
| March 31, 2025 | $1.95 | $2.55 | -0.60% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FSLR | $28.03B | 18.4 | 24.1% | 29.3% | 16.9% | 40.6% |
| MRVL | $68.75B | 26.4 | 42.1% | 32.6% | 19.3% | 51.0% |
| MCHP | $35.02B | 293.7 | 7.1% | 4.9% | 3.5% | 57.7% |
| ON | $21.48B | 186.7 | -15.3% | 2.0% | 1.5% | 33.1% |
| GFS | — | — | — | — | — | — |
| MTSI | $9.49B | -174.5 | 32.6% | -5.6% | -4.3% | 54.7% |
| SITM | $9.29B | -205.3 | 61.2% | -13.1% | -3.8% | 53.6% |
| LSCC | $10.76B | 3932.5 | 2.7% | 0.59% | 0.44% | 68.2% |
| SMTC | $7.51B | -176.1 | 15.5% | -3.9% | -7.3% | 51.6% |
| RMBS | $9.90B | 43.5 | 27.1% | 32.6% | 17.8% | 79.6% |
| SWKS | — | 25.0 | -2.2% | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.22B | $4.21B | $3.32B | $2.62B | $2.92B | $2.71B | $3.06B | $2.24B | $2.94B | $2.90B | $4.11B | $3.39B | |
| Cost of Revenue | $3.10B | $2.35B | $2.02B | $2.55B | $2.19B | $2.03B | $2.51B | $1.85B | $2.39B | $2.27B | $2.98B | $2.57B | |
| Gross Profit | $2.12B | $1.86B | $1.30B | $70M | $730M | $681M | $549M | $392M | $549M | $638M | $1.13B | $825M | |
| R&D Expense | $233M | $191M | $152M | $113M | $99M | $94M | $97M | $84M | $89M | $125M | $131M | $144M | |
| SG&A Expense | $204M | $188M | $198M | $165M | $170M | $223M | $205M | $177M | $203M | $262M | $255M | $254M | |
| Operating Expenses | $523M | $465M | $450M | $351M | $290M | $363M | $711M | $352M | $371M | $1.21B | $403M | $403M | |
| Operating Income | $1.60B | $1.39B | $857M | $-27M | $587M | $317M | $-162M | $40M | $178M | $-568M | $730M | $422M | |
| Interest Expense | · | · | $13M | $12M | $13M | $24M | $27M | $26M | $26M | $21M | $7M | $2M | |
| Interest Income | · | · | · | $33M | $6M | $17M | $49M | $60M | $36M | $25M | $23M | $18M | |
| Other Non-op | $-15M | $-13M | $-29M | $31M | $314.0K | $-12M | $18M | $40M | $24M | $40M | $-6M | $-4M | |
| Pretax Income | $1.58B | $1.41B | $891M | $9M | $572M | $293M | $-120M | $113M | $202M | $-537M | $733M | $432M | |
| Income Tax | $53M | $114M | $61M | $53M | $103M | $-107M | $-5M | $3M | $372M | $23M | $32M | $31M | |
| Net Income | $1.53B | $1.29B | $831M | $-44M | $469M | $398M | $-115M | $144M | $-166M | $-416M | $593M | $396M | |
| EPS (Basic) | $14.25 | $12.07 | $7.78 | $-0.41 | $4.41 | $3.76 | $-1.09 | $1.38 | $-1.59 | $-4.05 | $5.88 | $3.96 | |
| EPS (Diluted) | $14.21 | $12.02 | $7.74 | $-0.41 | $4.38 | $3.73 | $-1.09 | $1.36 | $-1.59 | $-4.05 | $5.83 | $3.90 | |
| Shares (Basic) | 107,235,000 | 107,015,000 | 106,795,000 | 106,551,000 | 106,263,000 | 105,867,000 | 105,310,000 | 104,745,000 | 104,328,000 | 102,866,000 | 100,886,000 | 100,048,000 | |
| Shares (Diluted) | 107,537,000 | 107,525,000 | 107,372,000 | 106,551,000 | 106,924,000 | 106,686,000 | 105,310,000 | 106,113,000 | 104,328,000 | 102,866,000 | 101,815,000 | 101,643,000 | |
| EBITDA | $2.13B | $1.82B | $1.17B | $242M | $847M | $550M | $44M | $171M | $270M | $-298M | $775M | $671M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.80B | $1.62B | $1.95B | $1.48B | $1.45B | $1.23B | $1.35B | $1.40B | $2.27B | $1.35B | $1.13B | $1.48B | |
| Short-term Investments | · | · | · | · | · | · | · | · | $720M | $608M | $703M | $509M | |
| Receivables | $1.29B | $1.26B | $661M | $324M | $429M | $266M | $475M | $128M | $212M | $267M | $501M | $135M | |
| Inventory | $737M | $1.08B | $820M | $621M | $666M | $568M | $444M | $388M | $172M | $363M | $380M | $505M | |
| Prepaid Expense | $99M | $75M | $62M | $43M | $28M | $26M | $276M | $243M | $158M | $217M | $249M | $202M | |
| Other Current Assets | $643M | $547M | $392M | $268M | $244M | $252M | $22M | $39M | $43M | $75M | $47M | $75M | |
| Current Assets | $6.03B | $5.09B | $4.63B | $3.79B | $3.19B | $3.01B | $3.60B | $3.86B | $3.83B | $3.79B | $3.35B | $3.08B | |
| PP&E (Net) | $5.68B | $5.41B | $4.40B | $3.54B | $2.65B | $2.40B | $2.18B | $1.76B | $1.15B | $629M | $1.28B | $1.42B | |
| PP&E (Gross) | $8.23B | $7.50B | $6.09B | $5.00B | $3.88B | $3.50B | $3.57B | $3.04B | $2.34B | $2.14B | $2.62B | $2.55B | |
| Accum. Depreciation | $2.56B | $2.09B | $1.69B | $1.46B | $1.23B | $1.10B | $1.39B | $1.28B | $1.18B | $1.51B | $1.34B | $1.13B | |
| Goodwill | $31M | $28M | $30M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $85M | $85M | |
| Intangibles | $51M | $55M | $65M | $31M | $46M | $56M | $65M | $74M | $80M | $88M | $110M | $119M | |
| Other Non-current Assets | $760M | $698M | $479M | $356M | $439M | $434M | $330M | $99M | $86M | $78M | $70M | $62M | |
| Total Assets | $13.32B | $12.12B | $10.37B | $8.25B | $7.41B | $7.11B | $7.52B | $7.12B | $6.86B | $6.82B | $7.32B | $6.72B | |
| Accounts Payable | $406M | $482M | $207M | $341M | $193M | $183M | $218M | $233M | $120M | $149M | $338M | $215M | |
| Accrued Liabilities | $519M | $509M | $525M | $383M | $288M | $310M | $351M | $442M | $367M | $263M | $409M | $388M | |
| Current Liabilities | $2.25B | $2.08B | $1.31B | $1.04B | $727M | $847M | $1.32B | $845M | $650M | $908M | $961M | $1.00B | |
| Capital Leases | $104M | $66M | $37M | $41M | $146M | $189M | $113M | $0 | · | $207.0K | $691.0K | $1M | |
| Deferred Tax | $70M | $55M | $43M | $29M | $28M | $24M | $6M | · | · | · | · | · | |
| Other Non-current Liabilities | $296M | $234M | $181M | $120M | $256M | $372M | $509M | $468M | $568M | $371M | $392M | $321M | |
| Total Liabilities | $3.78B | $4.15B | $3.68B | $2.42B | $1.45B | $1.59B | $2.42B | $1.91B | $1.77B | $1.61B | $1.77B | $1.73B | |
| Long-term Debt | · | · | · | $185M | $247M | $287M | $483M | $479M | $406M | $197M | $299M | $224M | |
| Total Debt | $283M | $373M | $464M | $184M | $240M | $279M | · | · | · | · | · | · | |
| Common Stock | $107.0K | $107.0K | $107.0K | $107.0K | $106.0K | $106.0K | $105.0K | $105.0K | $104.0K | $104.0K | $102.0K | $100.0K | |
| Retained Earnings | $6.79B | $5.26B | $3.97B | $3.14B | $3.18B | $2.72B | $2.33B | $2.44B | $2.30B | $2.46B | $2.79B | $2.24B | |
| AOCI | $-155M | $-184M | $-174M | $-192M | $-96M | $-62M | $-79M | $-54M | $2M | $-10M | $15M | $50M | |
| Stockholders' Equity | $9.54B | $7.98B | $6.69B | $5.84B | $5.96B | $5.52B | $5.10B | $5.21B | $5.10B | $5.22B | $5.62B | $4.99B | |
| Liabilities + Equity | $13.32B | $12.12B | $10.37B | $8.25B | $7.41B | $7.11B | $7.52B | $7.12B | $6.86B | $6.82B | $7.32B | $6.72B | |
| Shares Outstanding | 107,309,794 | 107,060,000 | 106,847,000 | 106,609,000 | 106,332,000 | 105,980,000 | 105,449,000 | 104,885,000 | 104,468,000 | 104,035,000 | 101,767,000 | 100,288,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $529M | $423M | $308M | $270M | $260M | $233M | $205M | $131M | $115M | $231M | $225M | $217M | |
| Stock-based Comp | $19M | $28M | $34M | $29M | $21M | $29M | $37M | $34M | $35M | $29M | $45M | $44M | |
| Deferred Tax | $38M | $-20M | $-13M | $-6M | $80M | $12M | $-60M | $52M | $241M | $65M | $-30M | $6M | |
| Amort. of Intangibles | $4M | $10M | $10M | $11M | $11M | $11M | $10M | $10M | $8M | $10M | $9M | $1M | |
| Restructuring | · | · | · | · | · | · | $0 | $0 | $37M | $744M | $0 | $0 | |
| Other Non-cash | $-58M | $-506M | $-557M | $625M | $-592M | $-635M | $107M | $-689M | $1.14B | $239M | $-1.16B | $-12M | |
| Operating Cash Flow | $2.06B | $1.22B | $602M | $873M | $238M | $37M | $174M | $-327M | $1.34B | $207M | $-325M | $736M | |
| CapEx | $870M | $1.53B | $1.39B | $904M | $540M | $417M | $669M | $740M | $514M | $229M | $166M | $258M | |
| Investing Cash Flow | $-765M | $-1.56B | $-473M | $-1.19B | $-99M | $-131M | $-362M | $-683M | $-627M | $145M | $-156M | $-388M | |
| Debt Issued | · | · | · | $397M | $129M | $157M | $120M | $291M | $215M | $27M | $146M | $66M | |
| Net Debt Issued | · | · | · | $321M | $57M | $-69M | $120M | $291M | $215M | $27M | $99M | $6M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Financing Cash Flow | $-119M | $25M | $337M | $309M | $41M | $-83M | $75M | $255M | $192M | $-136M | $101M | $-47M | |
| Net Change in Cash | · | $-327M | $472M | $38M | $182M | $-173M | $-116M | $-768M | $915M | $209M | $-399M | $157M | |
| Taxes Paid | $43M | $94M | $91M | · | $38M | $22M | $35M | $59M | $1M | $2M | $31M | $17M | |
| Free Cash Flow | $1.19B | $-308M | $-785M | $-30M | $-303M | $-380M | $-495M | $-1.07B | $826M | $-23M | $-527M | $423M | |
| Levered FCF | · | · | $-797M | $33M | $-313M | $-412M | $-520M | $-1.09B | $848M | $-46M | $-534M | $422M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% | 25.1% | 17.9% | 17.5% | 18.7% | 23.8% | 25.7% | 24.4% | |
| Operating Margin | 30.6% | 33.1% | 25.8% | -1.0% | 20.1% | 11.7% | -5.3% | 1.8% | 6.0% | -17.0% | 14.4% | 12.5% | |
| Net Margin | 29.3% | 30.7% | 25.0% | -1.7% | 16.0% | 14.7% | -3.8% | 6.4% | -5.6% | -12.1% | 15.3% | 11.7% | |
| Pretax Margin | 30.3% | 33.4% | 26.9% | 0.33% | 19.6% | 10.8% | -3.9% | 5.0% | 6.9% | -16.0% | 14.5% | 12.7% | |
| EBITDA Margin | 40.7% | 43.2% | 35.1% | 9.3% | 29.0% | 20.3% | 1.4% | 7.6% | 9.2% | -10.1% | 21.6% | 19.8% | |
| ROA | 12.0% | 11.5% | 8.9% | -0.56% | 6.5% | 5.5% | -1.6% | 2.1% | -2.4% | -5.1% | 7.8% | 5.9% | |
| ROE | 16.9% | 16.6% | 12.8% | -0.76% | 8.0% | 7.3% | -2.2% | 2.8% | -3.2% | -6.6% | 10.4% | 8.4% | |
| ROIC | 15.7% | 15.3% | 11.2% | 2.3% | 7.8% | 7.5% | -3.0% | 0.75% | -2.9% | -10.8% | 9.4% | 7.8% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 2.4 | 3.5 | 3.7 | 4.4 | 3.6 | 2.7 | 4.6 | 5.9 | 4.2 | 3.5 | 3.2 | |
| Quick Ratio | 1.8 | 1.4 | 2.0 | 1.7 | 2.6 | 1.8 | 1.4 | 1.8 | 4.9 | 2.5 | 2.4 | 2.1 | |
| Debt / Equity | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | · | · | · | · | · | · | |
| LT Debt / Equity | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · | |
| Interest Coverage | · | · | 66.1 | -2.2 | 44.8 | 13.2 | -6.0 | 1.5 | 6.9 | -24.5 | 74.1 | 214.0 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.4 | 0.3 | 0.4 | 0.4 | 0.4 | 0.3 | 0.4 | 0.4 | 0.5 | 0.5 | |
| Inventory Turnover | 3.4 | 2.5 | 2.8 | 4.0 | 3.6 | 4.0 | 6.0 | 6.6 | 8.9 | 6.0 | 6.0 | 5.7 | |
| Receivables Turnover | 4.1 | 4.4 | 6.7 | 6.9 | 8.4 | 7.3 | 10.2 | 13.2 | 12.3 | 7.7 | 11.3 | 25.0 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 24.1% | 26.8% | 26.7% | -10.4% | 7.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 25.8% | 12.9% | 7.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 18.2% | 55.3% | · | · | 17.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 40.0% | 27.6% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 30.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 18.3% | 55.5% | · | · | 17.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 40.2% | 27.8% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 30.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.22B | $4.21B | $3.32B | $2.62B | $2.92B | $2.71B | $3.06B | $2.24B | $2.94B | $2.90B | $4.11B | $3.39B | |
| Net Income TTM | $1.53B | $1.29B | $831M | $-44M | $469M | $398M | $-115M | $144M | $-166M | $-416M | $593M | $396M | |
| Market Cap | $28.03B | $18.87B | $18.41B | $15.97B | $9.27B | $10.48B | $5.90B | $4.45B | $7.05B | $3.34B | $6.72B | $4.47B | |
| Enterprise Value | $25.51B | $17.62B | $16.92B | $14.67B | $8.06B | $9.54B | · | · | · | · | · | · | |
| P/E | 18.4 | 14.7 | 22.3 | -365.3 | 19.9 | 26.5 | -51.3 | 31.2 | -42.5 | -7.9 | 11.3 | 11.4 | |
| P/S | 5.4 | 4.5 | 5.5 | 6.1 | 3.2 | 3.9 | 1.9 | 2.0 | 2.4 | 1.1 | 1.6 | 1.3 | |
| P/B | 2.9 | 2.4 | 2.8 | 2.7 | 1.6 | 1.9 | 1.2 | 0.9 | 1.4 | 0.6 | 1.2 | 0.9 | |
| P / Tangible Book | 3.0 | 2.4 | 2.8 | 2.8 | 1.6 | 1.9 | · | · | · | · | · | · | |
| P / Cash Flow | 13.6 | 15.5 | 30.6 | 18.3 | 39.0 | 282.4 | 33.9 | -13.6 | 5.3 | 16.1 | -18.6 | 6.6 | |
| P / FCF | 23.6 | -61.2 | -23.5 | -528.1 | -30.6 | -27.6 | -11.9 | -4.2 | 8.5 | -147.1 | -12.7 | 10.6 | |
| EV / EBITDA | 12.0 | 9.7 | 14.5 | 60.5 | 9.5 | 17.3 | · | · | · | · | · | · | |
| EV / FCF | 21.5 | -57.2 | -21.6 | -485.3 | -26.6 | -25.1 | · | · | · | · | · | · | |
| EV / Revenue | 4.9 | 4.2 | 5.1 | 5.6 | 2.8 | 3.5 | · | · | · | · | · | · | |
| Earnings Yield | 5.4% | 6.8% | 4.5% | -0.27% | 5.0% | 3.8% | -1.9% | 3.2% | -2.4% | -12.6% | 8.8% | 8.7% |
Income Statement 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.06B | $1.04B | $1.68B | $1.59B | $1.10B | $1.51B | $888M | $1.01B | $794M | $1.16B | $801M | $811M | $548M | $1.00B | $629M | |
| Cost of Revenue | $451M | $558M | $1.02B | $984M | $597M | $946M | $442M | $512M | $448M | $657M | $425M | $500M | $436M | $942M | $608M | |
| Gross Profit | $605M | $486M | $665M | $611M | $500M | $568M | $445M | $499M | $346M | $502M | $376M | $310M | $112M | $61M | $21M | |
| R&D Expense | $76M | $67M | $66M | $61M | $54M | $46M | $50M | $52M | $43M | $44M | $41M | $37M | $31M | $31M | $29M | |
| SG&A Expense | $52M | $65M | $51M | $47M | $53M | $50M | $46M | $47M | $46M | $57M | $50M | $46M | $44M | $43M | $46M | |
| Operating Expenses | $155M | $141M | $117M | $145M | $138M | $111M | $123M | $126M | $104M | $111M | $103M | $142M | $94M | $107M | $95M | |
| Operating Income | $450M | $345M | $548M | $466M | $362M | $457M | $322M | $373M | $243M | $398M | $273M | $169M | $18M | $-46M | $-68M | |
| Interest Expense | · | · | · | · | · | · | · | · | $9M | · | $4M | $1M | $748.0K | · | $3M | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | $26M | · | $10M | |
| Other Non-op | $-1M | $-3M | $-4M | $-6M | $-3M | $-7M | $-3M | $-565.0K | $-3M | $-28M | $-1M | $997.0K | $-1M | $29M | $5M | |
| Pretax Income | $459M | $354M | $551M | $460M | $352M | $446M | $327M | $377M | $256M | $377M | $290M | $188M | $36M | $-7M | $-62M | |
| Income Tax | $37M | $8M | $30M | $4M | $10M | $53M | $14M | $28M | $19M | $27M | $22M | $18M | $-7M | $976.0K | $-13M | |
| Net Income | $423M | $347M | $521M | $456M | $342M | $393M | $313M | $349M | $237M | $349M | $268M | $171M | $43M | $-8M | $-49M | |
| EPS (Basic) | $3.93 | $3.23 | $4.85 | $4.25 | $3.19 | $3.68 | $2.92 | $3.26 | $2.21 | $3.27 | $2.51 | $1.60 | $0.40 | $-0.06 | $-0.46 | |
| EPS (Diluted) | $3.92 | $3.22 | $4.84 | $4.24 | $3.18 | $3.66 | $2.91 | $3.25 | $2.20 | $3.25 | $2.50 | $1.59 | $0.40 | $-0.06 | $-0.46 | |
| Shares (Basic) | 107,462,000 | 107,355,000 | 24,000 | 107,264,000 | 107,245,000 | -213,986,000 | 107,049,000 | 107,042,000 | 106,910,000 | -213,541,000 | 106,834,000 | 106,827,000 | 106,675,000 | -213,043,000 | 106,596,000 | |
| Shares (Diluted) | 107,732,000 | 107,623,000 | 45,000 | 107,538,000 | 107,518,000 | -214,969,000 | 107,562,000 | 107,525,000 | 107,407,000 | -214,558,000 | 107,498,000 | 107,278,000 | 107,154,000 | -213,513,000 | 106,596,000 | |
| EBITDA | $450M | $493M | · | $466M | $362M | · | $322M | $373M | $334M | · | $273M | $169M | $87M | · | $-68M |
Balance Sheet 28
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.69B | $2.36B | $2.80B | $1.99B | $1.12B | $1.62B | $1.01B | $1.70B | $1.68B | · | $1.49B | $830M | $907M | · | $1.15B | |
| Receivables | $1.48B | $1.37B | $1.29B | $1.44B | $1.73B | $1.26B | $762M | $648M | $670M | · | $754M | $631M | $299M | · | $325M | |
| Inventory | $1.09B | $894M | $737M | $1.10B | $1.41B | $1.08B | $1.25B | $1.03B | $971M | · | $883M | $756M | $751M | · | $811M | |
| Prepaid Expense | $112M | $113M | $99M | $86M | $95M | $75M | $75M | $79M | $64M | · | $52M | $53M | $45M | · | $47M | |
| Other Current Assets | $741M | $666M | $643M | $635M | $642M | $547M | $529M | $527M | $426M | · | $332M | $352M | $273M | · | $240M | |
| Current Assets | $5.32B | $5.65B | $6.03B | $5.90B | $5.42B | $5.09B | $3.82B | $3.95B | $4.24B | · | $3.82B | $3.66B | $3.62B | · | $3.34B | |
| PP&E (Net) | $5.64B | $5.67B | $5.68B | $5.76B | $5.72B | $5.41B | $5.33B | $5.14B | $4.92B | · | $4.07B | $4.02B | $3.86B | · | $3.12B | |
| PP&E (Gross) | $8.48B | $8.36B | $8.23B | $8.19B | $8.02B | $7.50B | $7.30B | $7.01B | $6.69B | · | $5.76B | $5.63B | $5.39B | · | $4.52B | |
| Accum. Depreciation | $2.83B | $2.69B | $2.56B | $2.43B | $2.30B | $2.09B | $1.98B | $1.87B | $1.78B | · | $1.68B | $1.61B | $1.53B | · | $1.40B | |
| Goodwill | $30M | $31M | $31M | $31M | $31M | $28M | $30M | $29M | $29M | $30M | $28M | $29M | $14M | $14M | $14M | |
| Intangibles | $63M | $65M | $51M | $51M | $52M | $55M | $57M | $59M | $62M | · | $66M | $70M | $28M | · | $37M | |
| Other Non-current Assets | $757M | $767M | $760M | $766M | $702M | $698M | $616M | $555M | $536M | · | $430M | $414M | $387M | · | $311M | |
| Total Assets | $13.39B | $13.35B | $13.32B | $13.46B | $12.86B | $12.12B | $11.44B | $11.01B | $10.76B | · | $9.58B | $9.00B | $8.56B | · | $7.49B | |
| Accounts Payable | $346M | $307M | $406M | $285M | $368M | $482M | $265M | $231M | $239M | · | $111M | $246M | $286M | · | $188M | |
| Accrued Liabilities | $410M | $437M | $519M | $588M | $593M | $509M | $521M | $540M | $528M | · | $600M | $303M | $392M | · | $333M | |
| Current Liabilities | $2.11B | $2.21B | $2.25B | $3.09B | $2.85B | $2.08B | $1.78B | $1.77B | $1.76B | · | $1.20B | $1.09B | $1.17B | · | $816M | |
| Capital Leases | $108M | $105M | $104M | $92M | $49M | $66M | $69M | $32M | $34M | · | $34M | $36M | $38M | · | $45M | |
| Deferred Tax | $62M | $67M | $70M | $56M | $57M | $55M | $53M | $44M | $41M | · | $48M | $44M | $32M | · | $25M | |
| Other Non-current Liabilities | $292M | $300M | $296M | $263M | $222M | $234M | $228M | $174M | $171M | · | $137M | $140M | $121M | · | $474M | |
| Total Liabilities | $3.07B | $3.47B | $3.78B | $4.44B | $4.31B | $4.15B | $3.84B | $3.76B | $3.86B | · | $3.28B | $2.96B | $2.70B | · | $1.66B | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | $499M | $438M | $321M | · | $266M | |
| Total Debt | $0 | $237M | · | $283M | $328M | · | $373M | $419M | $419M | · | $499M | $437M | $320M | · | $260M | |
| Common Stock | $107.0K | $107.0K | $107.0K | $107.0K | $107.0K | $107.0K | $107.0K | $107.0K | $107.0K | · | $107.0K | $107.0K | $107.0K | · | $107.0K | |
| Retained Earnings | $7.56B | $7.14B | $6.79B | $6.27B | $5.81B | $5.26B | $4.87B | $4.56B | $4.21B | · | $3.62B | $3.35B | $3.18B | · | $3.15B | |
| AOCI | $-156M | $-168M | $-155M | $-155M | $-161M | $-184M | $-169M | $-188M | $-184M | · | $-199M | $-186M | $-180M | · | $-200M | |
| Stockholders' Equity | $10.32B | $9.88B | $9.54B | $9.02B | $8.55B | $7.98B | $7.59B | $7.26B | $6.90B | $6.69B | $6.30B | $6.04B | $5.87B | $5.84B | $5.83B | |
| Liabilities + Equity | $13.39B | $13.35B | $13.32B | $13.46B | $12.86B | $12.12B | $11.44B | $11.01B | $10.76B | · | $9.58B | $9.00B | $8.56B | · | $7.49B | |
| Shares Outstanding | 107,469,302 | 107,453,003 | 107,309,794 | 107,307,994 | 107,247,360 | 107,060,281 | 107,057,732 | 107,045,972 | 107,041,246 | 106,847,000 | 106,844,040 | 106,830,548 | 106,825,067 | 106,609,000 | 106,605,913 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $148M | $147M | $141M | $138M | $126M | $124M | $111M | $97M | $91M | $90M | $78M | $72M | $69M | $71M | $67M | |
| Stock-based Comp | $7M | $7M | $3M | $7M | $7M | $6M | $7M | $8M | $7M | $11M | $8M | $8M | $7M | $8M | $12M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | · | $3M | · | · | |
| Other Non-cash | · | $-716M | · | · | · | · | · | · | $-66M | · | · | · | $-153M | · | · | |
| Operating Cash Flow | $-145M | $-215M | $1.24B | $1.27B | $150M | $811M | $-54M | $193M | $268M | $561M | $165M | $-90M | $-35M | $795M | $129M | |
| CapEx | $161M | $119M | $172M | $204M | $288M | $314M | $434M | $365M | $413M | $347M | $286M | $383M | $371M | $327M | $223M | |
| Investing Cash Flow | $-143M | $-149M | $-187M | $-228M | $-262M | $-221M | $-666M | $-107M | $-569M | $-173M | $444M | $-98M | $-645M | $-570M | $-761M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | $60M | $111M | $136M | · | $84M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | $136M | · | · | |
| Financing Cash Flow | $-392M | $-72M | $-244M | $-223M | $447M | $31M | $22M | $-68M | $41M | $61M | $60M | $109M | $108M | $100M | $84M | |
| Net Change in Cash | · | · | · | · | · | · | $-695M | $14M | $-262M | · | $666M | $-78M | $-571M | $333M | $-548M | |
| Free Cash Flow | · | $-333M | · | · | · | · | · | · | $-146M | · | · | · | $-406M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | $-154M | · | · | · | $-406M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.3% | 46.6% | · | 38.3% | 45.6% | · | 50.2% | 49.4% | 43.6% | · | 47.0% | 38.3% | 20.4% | · | 3.3% | |
| Operating Margin | 42.6% | 33.1% | · | 29.2% | 33.0% | · | 36.3% | 36.9% | 30.6% | · | 34.1% | 20.8% | 3.3% | · | -10.9% | |
| Net Margin | 40.0% | 33.2% | · | 28.6% | 31.2% | · | 35.3% | 34.6% | 29.8% | · | 33.5% | 21.0% | 7.8% | · | -7.8% | |
| Pretax Margin | 43.5% | 33.9% | · | 28.9% | 32.1% | · | 36.9% | 37.3% | 32.2% | · | 36.3% | 23.2% | 6.5% | · | -9.8% | |
| EBITDA Margin | 42.6% | 47.2% | · | 29.2% | 33.0% | · | 36.3% | 36.9% | 42.0% | · | 34.1% | 20.8% | 15.8% | · | -10.9% | |
| ROA | 3.2% | 2.7% | · | 3.7% | 2.9% | · | 3.0% | 3.5% | 2.5% | · | 3.1% | 2.1% | 0.53% | · | -0.67% | |
| ROE | 4.5% | 3.8% | · | 5.5% | 4.3% | · | 4.5% | 5.3% | 3.7% | · | 4.4% | 2.9% | 0.72% | · | -0.84% | |
| ROIC | 4.0% | 3.3% | · | 5.0% | 4.0% | · | 3.9% | 4.5% | 3.1% | · | 3.7% | 2.4% | 0.35% | · | -0.89% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.6 | · | 1.9 | 1.9 | · | 2.1 | 2.2 | 2.4 | · | 3.2 | 3.4 | 3.1 | · | 4.1 | |
| Quick Ratio | 1.5 | 1.7 | · | 1.1 | 1.0 | · | 1.0 | 1.3 | 1.3 | · | 1.9 | 1.3 | 1.0 | · | 1.8 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | |
| LT Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 26.4 | · | 73.1 | 119.1 | 24.1 | · | -22.9 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 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 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.4 | 0.5 | · | 0.8 | 0.5 | · | 0.4 | 0.6 | 0.5 | · | 0.5 | 0.6 | 0.5 | · | 0.8 | |
| Receivables Turnover | 0.7 | 0.7 | · | 1.4 | 0.9 | · | 1.2 | 1.6 | 1.6 | · | 1.5 | 1.5 | 1.9 | · | 2.2 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.79B | $4.58B | · | $4.42B | $3.84B | · | · | $3.40B | $3.20B | · | $2.79B | $2.61B | $2.17B | · | $2.20B | |
| Net Income TTM | $1.57B | $1.35B | · | $1.32B | $1.21B | · | · | $1.09B | $912M | · | $432M | $220M | $6M | · | $9M | |
| Market Cap | $25.36B | $21.20B | · | $23.66B | $17.75B | · | $26.70B | $24.13B | $18.07B | · | $17.26B | $20.31B | $23.23B | · | $14.10B | |
| Enterprise Value | $23.67B | $19.07B | · | $21.96B | $16.96B | · | $26.07B | $22.85B | $16.81B | · | $16.27B | $19.91B | $22.65B | · | $13.21B | |
| P/E | 16.2 | 15.7 | · | 18.0 | 14.7 | · | · | 22.2 | 19.9 | · | 40.1 | 92.7 | 4350.0 | · | 1889.6 | |
| P/S | 5.3 | 4.6 | · | 5.3 | 4.6 | · | · | 7.1 | 5.6 | · | 6.2 | 7.8 | 10.7 | · | 6.4 | |
| P/B | 2.5 | 2.1 | · | 2.6 | 2.1 | · | 3.5 | 3.3 | 2.6 | · | 2.7 | 3.4 | 4.0 | · | 2.4 | |
| P / Tangible Book | 2.5 | 2.2 | · | 2.6 | 2.1 | · | 3.6 | 3.4 | 2.7 | · | 2.8 | 3.4 | 4.0 | · | 2.4 | |
| P / Cash Flow | · | -98.6 | · | · | · | · | · | · | 67.5 | · | · | · | -671.6 | · | · | |
| P / FCF | · | -63.6 | · | · | · | · | · | · | -124.0 | · | · | · | -57.3 | · | · | |
| EV / EBITDA | 52.6 | 38.7 | · | 47.1 | 46.9 | · | 81.0 | 61.3 | 50.4 | · | 59.6 | 118.2 | 260.8 | · | -193.3 | |
| EV / FCF | · | -57.2 | · | · | · | · | · | · | -115.3 | · | · | · | -55.8 | · | · | |
| EV / Revenue | 4.9 | 4.2 | · | 5.0 | 4.4 | · | · | 6.7 | 5.3 | · | 5.8 | 7.6 | 10.5 | · | 6.0 | |
| Earnings Yield | 6.2% | 6.4% | · | 5.6% | 6.8% | · | · | 4.5% | 5.0% | · | 2.5% | 1.1% | 0.02% | · | 0.05% |
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 | $5.22B | $4.21B | $3.32B | $2.62B | $2.92B |
| Gross Margin % | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% |
| Operating Margin % | 30.6% | 33.1% | 25.8% | -1.0% | 20.1% |
| Net Income | $1.53B | $1.29B | $831M | $-44M | $469M |
| Diluted EPS | $14.21 | $12.02 | $7.74 | $-0.41 | $4.38 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 |
| Current Ratio | 2.7 | 2.4 | 3.5 | 3.7 | 4.4 |
| Quick Ratio | 1.8 | 1.4 | 2.0 | 1.7 | 2.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.19B | $-308M | $-785M | $-30M | $-303M |
Latest News Recent headlines mentioning this company
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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 1,151 filers · $21.3B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 168 (+19 vs prior Q) | 102 (-88 vs prior Q) | 352 (+14 vs prior Q) | 354 (-14 vs prior Q) | +23.6M |
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 | $1,613,244,598 | 6,836,941 | 7.56% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,330,447,718 | 5,638,446 | 6.23% | Shares |
| STATE STREET CORP | $1,315,719,095 | 5,576,026 | 6.16% | Shares |
| JANE STREET GROUP, LLC | $1,294,028,236 | 5,484,100 | 6.06% | Call option |
| JANE STREET GROUP, LLC | $1,122,910,044 | 4,758,900 | 5.26% | Put option |
| CITADEL ADVISORS LLC | $1,046,576,984 | 4,435,400 | 4.90% | Call option |
| Capital World Investors | $970,890,218 | 4,114,639 | 4.55% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $649,813,714 | 2,756,820 | 3.04% | Shares |
| Hill City Capital, LP | $620,133,555 | 2,628,130 | 2.90% | Shares |
| CITADEL ADVISORS LLC | $544,076,568 | 2,305,800 | 2.55% | Put option |
| Walleye Trading LLC | $400,471,312 | 1,697,200 | 1.88% | Call option |
| NORGES BANK | $377,192,206 | 1,598,543 | 1.77% | Shares |
| WOLVERINE TRADING, LLC | $322,956,144 | 1,444,800 | 1.51% | Call option |
| D. E. Shaw & Co., Inc. | $302,945,741 | 1,283,886 | 1.42% | Shares |
| Clean Energy Transition LLP | $301,612,803 | 1,278,237 | 1.41% | Shares |
| Pictet Asset Management Holding SA | $269,948,858 | 1,144,045 | 1.26% | Shares |
| WOLVERINE TRADING, LLC | $269,286,591 | 1,204,700 | 1.26% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $262,386,088 | 1,111,995 | 1.23% | Shares |
| FMR LLC | $254,923,487 | 1,080,367 | 1.19% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $248,799,527 | 1,054,414 | 1.17% | Shares |
| Walleye Trading LLC | $224,846,284 | 952,900 | 1.05% | Put option |
| PEAK6 LLC | $212,505,576 | 900,600 | 1.00% | Call option |
| HSBC HOLDINGS PLC | $163,777,476 | 694,090 | 0.77% | Shares |
| D. E. Shaw & Co., Inc. | $156,583,056 | 663,600 | 0.73% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $156,357,478 | 662,644 | 0.73% | Shares |
| Mirova US LLC | $154,700,331 | 655,621 | 0.72% | Shares |
| Robeco Schweiz AG | $153,827,751 | 651,923 | 0.72% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $141,378,030 | 599,161 | 0.66% | Shares |
| D. E. Shaw & Co., Inc. | $135,016,312 | 572,200 | 0.63% | Put option |
| Two Seas Capital LP | $111,255,140 | 471,500 | 0.52% | Call option |
| MILLENNIUM MANAGEMENT LLC | $107,196,628 | 454,300 | 0.50% | Call option |
| UBS Group AG | $99,745,483 | 422,722 | 0.47% | Shares |
| LMR Partners LLP | $96,082,912 | 407,200 | 0.45% | Call option |
| FIRST TRUST ADVISORS LP | $93,152,380 | 394,780 | 0.44% | Shares |
| SAMLYN CAPITAL, LLC | $87,938,753 | 372,685 | 0.41% | Shares |
| Yaupon Capital Management LP | $86,125,400 | 365,000 | 0.40% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $80,462,832 | 341,002 | 0.38% | Shares |
| ASSETMARK, INC | $78,647,726 | 333,310 | 0.37% | Shares |
| Balyasny Asset Management L.P. | $76,191,484 | 322,900 | 0.36% | Call option |
| Triodos Investment Management BV | $75,737,900 | 321,250 | 0.35% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $73,700,218 | 312,342 | 0.35% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $72,817,492 | 308,601 | 0.34% | Shares |
| Swiss National Bank | $67,932,884 | 287,900 | 0.32% | Shares |
| Yaupon Capital Management LP | $64,270,549 | 272,379 | 0.30% | Shares |
| GOLDMAN SACHS GROUP INC | $63,255,574 | 268,078 | 0.30% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $62,340,396 | 264,199 | 0.29% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $61,721,945 | 261,578 | 0.29% | Shares |
| MILLENNIUM MANAGEMENT LLC | $60,592,168 | 256,790 | 0.28% | Shares |
| National Pension Service | $60,113,877 | 254,763 | 0.28% | Shares |
| Irenic Capital Management LP | $59,013,596 | 250,100 | 0.28% | Call option |
| BARCLAYS PLC | $58,123,791 | 246,329 | 0.27% | Shares |
| ARIEL INVESTMENTS, LLC | $57,208,502 | 242,450 | 0.27% | Shares |
| AMERICAN CENTURY COMPANIES INC | $57,202,839 | 242,426 | 0.27% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $57,108,218 | 242,025 | 0.27% | Shares |
| UBS Group AG | $55,607,513 | 235,665 | 0.26% | Call option |
| BlackRock, Inc. | $55,389,250 | 234,740 | 0.26% | Shares |
| Cubist Systematic Strategies, LLC | $55,330,977 | 250,900 | 0.26% | Put option |
| Vanguard Global Advisers, LLC | $54,602,088 | 231,404 | 0.26% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $54,513,403 | 231,256 | 0.26% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $53,861,173 | 228,264 | 0.25% | Shares |
| BARCLAYS PLC | $51,981,988 | 220,300 | 0.24% | Call option |
| IMC-Chicago, LLC | $51,744,848 | 219,295 | 0.24% | Shares |
| Erste Asset Management GmbH | $49,888,922 | 213,653 | 0.23% | Shares |
| ABN AMRO Bank N.V. | $48,045,182 | 203,504 | 0.23% | Shares |
| BANK OF AMERICA CORP /DE/ | $47,668,167 | 202,018 | 0.22% | Shares |
| RHUMBLINE ADVISERS | $46,699,887 | 197,915 | 0.22% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $46,395,871 | 196,626 | 0.22% | Shares |
| CIBC Private Wealth Group LLC | $45,769,458 | 207,543 | 0.21% | Shares |
| CITIGROUP INC | $45,304,320 | 192,000 | 0.21% | Put option |
| WELLS FARGO & COMPANY/MN | $45,140,800 | 191,307 | 0.21% | Shares |
| WELLS FARGO & COMPANY/MN | $45,115,552 | 191,200 | 0.21% | Put option |
| Assenagon Asset Management S.A. | $44,507,955 | 188,625 | 0.21% | Shares |
| Employees Provident Fund Board | $42,189,648 | 178,800 | 0.20% | Shares |
| Bank of New York Mellon Corp | $42,091,725 | 178,385 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $41,888,950 | 212,354 | 0.20% | Shares |
| California Public Employees Retirement System | $40,559,400 | 171,891 | 0.19% | Shares |
| SEB Asset Management AB | $37,656,136 | 159,587 | 0.18% | Shares |
| Caisse de depot et placement du Quebec | $36,252,187 | 153,637 | 0.17% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $35,730,951 | 151,428 | 0.17% | Shares |
| Cubist Systematic Strategies, LLC | $33,851,355 | 153,500 | 0.16% | Call option |
| TRILLIUM ASSET MANAGEMENT, LLC | $32,426,576 | 137,423 | 0.15% | Shares |
| AMERIPRISE FINANCIAL INC | $32,344,031 | 137,074 | 0.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $31,099,528 | 131,800 | 0.15% | Put option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $30,697,798 | 155,621 | 0.14% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $30,530,948 | 129,501 | 0.14% | Shares |
| Eurizon Capital SGR S.p.A. | $30,365,351 | 128,765 | 0.14% | Shares |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. | $30,357,670 | 128,656 | 0.14% | Shares |
| Two Seas Capital LP | $30,199,105 | 127,984 | 0.14% | Shares |
| TUDOR INVESTMENT CORP ET AL | $28,857,908 | 122,300 | 0.14% | Put option |
| Point72 Asset Management, L.P. | $28,787,120 | 122,000 | 0.13% | Put option |
| Legal & General Group Plc | $27,735,918 | 117,545 | 0.13% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $27,591,275 | 116,932 | 0.13% | Shares |
| NOMURA HOLDINGS INC | $27,135,400 | 115,000 | 0.13% | Call option |
| E. Ohman J:or Asset Management AB | $27,059,338 | 137,176 | 0.13% | Shares |
| Robeco Institutional Asset Management B.V. | $26,915,249 | 114,067 | 0.13% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $26,779,572 | 113,492 | 0.13% | Shares |
| Altshuler Shaham Ltd | $25,955,600 | 110,000 | 0.12% | Shares |
| PFA Pension, Forsikringsaktieselskab | $25,157,520 | 106,618 | 0.12% | Shares |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. | $25,143,448 | 106,558 | 0.12% | Shares |
| Squarepoint Ops LLC | $24,657,820 | 104,500 | 0.12% | Call option |
Company insiders 59 insiders · 25 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Robert J Gillette | CEO | Oct. 25, 2011 M | 62,541 | 0 | 0 | $0 |
| Joseph Kishkill | President, International | June 30, 2016 M | 38,202 | 0 | 0 | $0 |
| T.L. Kallenbach | President, Components Bus Grp | Dec. 31, 2011 M | 11,281 | 0 | 0 | $0 |
| Jens Meyerhoff | President, Util. Sys. Bus. | Sept. 30, 2011 M | 29,768 | 0 | 0 | $0 |
| Bruce Sohn | President, Operations | April 30, 2011 M | 41,645 | 0 | 0 | $0 |
| Samantha L. Sloan | EVP, Corporate Affairs | Aug. 14, 2026 M | 2,018 | 0 | 9 | $-162,321 |
| Patrick James Buehler | Chief Product Officer | June 2, 2026 S | 4,406 | 0 | 8 | $-1,392,158 |
| Caroline Stockdale | Chief People and Comm. Officer | May 28, 2026 S | 23,792 | 0 | 8 | $-3,574,288 |
| Byron Michael Jeffers | VP - Global Controller and CAO | Aug. 12, 2024 S | 0 | 0 | 0 | $0 |
| Raffi Garabedian | Chief Technology Officer | March 7, 2021 M | 17,603 | 0 | 0 | $0 |
| Paul J Kaleta | EVP, Genl Counsel & Secretary | March 31, 2020 M | 27,879 | 0 | 0 | $0 |
| Christopher Bueter | EVP, Human Resources | June 17, 2019 S | 0 | 0 | 0 | $0 |
| Bryan Robert Schumaker | Chief Accounting Officer | March 8, 2019 M | 4,090 | 0 | 0 | $0 |
| Timothy Brian Rebhorn | EVP, Corp Dev & Strategic Mktg | June 30, 2016 M | 19,210 | 0 | 0 | $0 |
| Carol Campbell | EVP, Human Resources | Jan. 21, 2014 S | 0 | 0 | 0 | $0 |
| Mary Elizabeth Gustafsson | EVP, General Counsel, Secty. | Sept. 30, 2013 M | 41,510 | 0 | 0 | $0 |
| James G. Brown Jr. | EVP, Global Business Dev | April 4, 2013 M | 15,616 | 0 | 0 | $0 |
| Maja Wessels | EVP, Global Public Affairs | April 4, 2013 M | 23,283 | 0 | 0 | $0 |
| David J Eaglesham | Chief Technology Officer | April 28, 2012 M | 9,070 | 0 | 0 | $0 |
| James Zhu | Chief Accounting Officer | July 30, 2011 M | 8,414 | 0 | 0 | $0 |
| John T Gaffney | Executive VP | Dec. 1, 2009 M | 18,722 | 0 | 0 | $0 |
| John Eugene Carrington | Executive Vice President | Aug. 24, 2009 M | 13,196 | 0 | 0 | $0 |
| Kenneth M Schultz | Executive Vice President | Aug. 16, 2008 M | 3,127 | 0 | 0 | $0 |
| James R. Miller | Executive Vice President | March 31, 2008 A | — | 0 | 0 | $0 |
| Paul I Kacir | VP and Corporate Secretary | Nov. 26, 2007 M | 1,500 | 0 | 0 | $0 |
| Norman L. Wright | Director | June 30, 2026 A | 5,009 | 0 | 0 | $0 |
| Anita M. George | Director | June 30, 2026 F | 5,171 | 0 | 0 | $0 |
| Venkata S M Renduchintala | Director | June 30, 2026 A | 2,133 | 0 | 0 | $0 |
| Lisa A Kro | Director | June 30, 2026 A | 4,599 | 0 | 0 | $0 |
| Michael T Sweeney | Director | June 30, 2026 A | 14,325 | 0 | 1 | $-1,219,995 |
| Curtis A Morgan | Director | June 30, 2026 A | 223 | 0 | 0 | $0 |
| Paul H Stebbins | Director | June 30, 2026 A | 15,950 | 0 | 3 | $-1,836,804 |
| POST WILLIAM J | Director | June 30, 2026 A | 27,385 | 0 | 0 | $0 |
| Molly Joseph | Director | June 30, 2025 A | 16,195 | 0 | 0 | $0 |
| Richard D Chapman | Director | June 28, 2024 A | 1,245 | 0 | 0 | $0 |
| George A Hambro | Director | June 28, 2024 A | 25,599 | 0 | 0 | $0 |
| Craig R Kennedy | Director | June 28, 2024 A | 14,108 | 0 | 0 | $0 |
| Kathryn A Hollister | Director | June 30, 2022 A | 2,846 | 0 | 0 | $0 |
| Sharon L. Allen | Director | June 30, 2022 A | 24,813 | 0 | 0 | $0 |
| James F Nolan | Director | March 30, 2018 A | 44,826 | 0 | 0 | $0 |
| Thomas J Presby | Director | March 30, 2018 A | 20,991 | 0 | 0 | $0 |
| James Alton Hughes | Director | Sept. 1, 2016 M | 113,304 | 0 | 0 | $0 |
| Jose H Villarreal | Director | June 30, 2012 A | 6,036 | 0 | 0 | $0 |
| Lukas T Walton | 10% owner | Oct. 30, 2020 S | 8,841,358 | 0 | 0 | $0 |
| John T. Walton Residuary Trust | 10% owner | Oct. 26, 2016 J | 0 | 0 | 0 | $0 |
| JCL Holdings LLC | 10% owner | Oct. 26, 2016 J | 0 | 0 | 0 | $0 |
| Estate of John T. Walton | 10% owner | March 26, 2012 W | 0 | 0 | 0 | $0 |
| Jason E. Dymbort | — | Aug. 11, 2026 S | 5,624 | 0 | 11 | $-4,215,958 |
| Markus Gloeckler | — | Aug. 4, 2026 S | 6,642 | 0 | 11 | $-2,760,138 |
| Michael J Ahearn | — | Aug. 4, 2026 G | 66,057 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Farhad Fred Ebrahimi, Mary Wilkie Ebrahimi ×10 filings | March 25, 2025 | 4.95% | Amendment | — | SEC |
| Lukas T. Walton ×5 filings | Dec. 21, 2020 | — | 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 207 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 |
|---|---|---|---|---|
| TAN · Invesco Exchange-Traded Fund Trust … | 11.04% | 594,644 SH | Aug. 8, 2026 | Daily |
| ICLN · iShares Trust | 9.04% | 769,328 SH | Aug. 8, 2026 | Daily |
| CTEC · Global X Funds | 7.06% | 7,786 NS | May 31, 2026 | N-PORT |
| VCLN · Virtus ETF Trust II | 6.26% | 1,979 NS | April 30, 2026 | N-PORT |
| ACES · ALPS ETF Trust | 6.24% | 29,573 NS | May 31, 2026 | N-PORT |
| SDG · iShares Trust | 4.30% | 30,457 SH | Aug. 8, 2026 | Daily |
| ETEC · iShares Trust | 3.94% | 701 SH | Aug. 8, 2026 | Daily |
| FXN · First Trust Exchange-Traded AlphaDE… | 3.89% | 233,549 NS | April 30, 2026 | N-PORT |
| ERTH · Invesco Exchange-Traded Fund Trust | 3.66% | 20,118 SH | Aug. 8, 2026 | Daily |
| POWR · iShares, Inc. | 3.39% | 63,219 SH | Aug. 8, 2026 | Daily |
| UPGR · DBX ETF Trust | 2.93% | 625 NS | May 29, 2026 | N-PORT |
| BUL · Pacer Funds Trust | 2.72% | 17,139 NS | April 30, 2026 | N-PORT |
| CTEX · ProShares Trust | 2.71% | 651 NS | May 31, 2026 | N-PORT |
| SPGP · Invesco Exchange-Traded Fund Trust | 2.01% | 187,004 SH | Aug. 8, 2026 | Daily |
| NUMG · Nushares ETF Trust | 1.78% | 31,212 NS | April 30, 2026 | N-PORT |
| CCSO · Tidal Trust II | 1.71% | 3,960 NS | April 30, 2026 | N-PORT |
| PBW · Invesco Exchange-Traded Fund Trust | 1.71% | 31,337 SH | Aug. 8, 2026 | Daily |
| TMFX · RBB Fund, Inc. | 1.64% | 1,721 NS | May 31, 2026 | N-PORT |
| RPG · Invesco Exchange-Traded Fund Trust | 1.54% | 124,263 SH | Aug. 8, 2026 | Daily |
| DTEC · ALPS ETF Trust | 1.39% | 3,370 NS | May 31, 2026 | N-PORT |
| ROE · EA Series Trust | 1.32% | 11,223 NS | May 29, 2026 | N-PORT |
| TAX · EA Series Trust | 1.31% | 1,086 NS | May 29, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 1.30% | 61,284 SH | Aug. 8, 2026 | Daily |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.30% | 303,687 SH | Aug. 8, 2026 | Daily |
| NUMV · Nushares ETF Trust | 1.22% | 26,103 NS | April 30, 2026 | N-PORT |
| PBD · Invesco Exchange-Traded Fund Trust … | 1.17% | 8,944 SH | Aug. 8, 2026 | Daily |
| IYE · iShares Trust | 1.11% | 77,896 SH | Aug. 8, 2026 | Daily |
| BOBP · EXCHANGE TRADED CONCEPTS TRUST | 1.09% | 97 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 0.92% | 2,668 NS | April 30, 2026 | N-PORT |
| PWRD · TCW ETF Trust | 0.91% | 66,413 NS | April 30, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.84% | 31,891 SH | Aug. 8, 2026 | Daily |
| MADE · iShares Trust | 0.83% | 2,176 SH | Aug. 8, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.81% | 9,471 NS | April 30, 2026 | N-PORT |
| CCNR · Financial Investors Trust | 0.81% | 15,716 NS | April 30, 2026 | N-PORT |
| ICAP · Series Portfolios Trust | 0.80% | 2,819 NS | May 31, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 0.79% | 1,054 NS | April 30, 2026 | N-PORT |
| KRMA · Global X Funds | 0.77% | 3,012 NS | May 31, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.76% | 15,483 NS | May 31, 2026 | N-PORT |
| PABU · iShares Trust | 0.75% | 77,458 SH | Aug. 8, 2026 | Daily |
| CHPS · DBX ETF Trust | 0.58% | 1,692 NS | May 29, 2026 | N-PORT |
| FVAL · FIDELITY COVINGTON TRUST | 0.58% | 34,722 NS | April 30, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.52% | 9,278 SH | Aug. 8, 2026 | Daily |
| RCGE · EA Series Trust | 0.49% | 2,294 NS | April 30, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.48% | 29,894 NS | April 30, 2026 | N-PORT |
| VLUE · iShares Trust | 0.46% | 178,596 SH | Aug. 8, 2026 | Daily |
| NULG · Nushares ETF Trust | 0.44% | 56,393 NS | April 30, 2026 | N-PORT |
| USMV · iShares Trust | 0.43% | 431,170 SH | Aug. 8, 2026 | Daily |
| QQWZ · Pacer Funds Trust | 0.42% | 980 NS | April 30, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 0.42% | 376,920 NS | April 30, 2026 | N-PORT |
| ESMV · iShares Trust | 0.42% | 134 SH | Aug. 8, 2026 | Daily |