FWRD Forward Air Corporation - Common Stock

NASDAQ · Logistics & Transportation · View on SEC EDGAR ↗
$18.96
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$8–$32
46% of range
Analyst Rating
BUY
11 analysts
Price Target
$28
+48% upside
P/E (TTM)
-5.4
ROE
-68.4%
Net Profit Margin
-4.3%

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

Price
$18.96
Market Cap
$599M
P/E (TTM)
-5.4
EPS (TTM)
$-3.51
Revenue (TTM)
$2.50B
Div Yield
0.00%
ROE
-68.4%
Debt/Equity
14.9
52W Range
$8 – $32

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

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

Revenue & Net Income $2.50B
8-point trend, +119.3%
2018-12-31 → 2025-12-31
EPS $-3.51
8-point trend, -212.5%
2018-12-31 → 2025-12-31
Free Cash Flow $15M
6-point trend, -86.2%
2018-12-31 → 2025-12-31
Margins -4.3%

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

Metric
5Y trend
FWRD
Peer Median
P/E (TTM)
5-point trend, -122.6%
-5.4
21.6
P/S (TTM)
5-point trend, -80.4%
0.2
0.5
P/B
5-point trend, +104.7%
5.3
2.0
EV / EBITDA
5-point trend, +2.9%
11.5
—
Price / FCF
5-point trend, +244.4%
39.2
—

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

Metric
5Y trend
FWRD
Peer Median
Operating Margin
5-point trend, -82.7%
1.5%
—
Net Profit Margin
5-point trend, -169.9%
-4.3%
0.98%
ROA
5-point trend, -142.0%
-3.9%
-1.1%
ROE
5-point trend, -547.3%
-68.4%
-27.6%
ROIC
5-point trend, -85.8%
1.9%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
FWRD
Peer Median
Debt / Equity
5-point trend, +11723.7%
14.9
15.0
Current Ratio
5-point trend, -29.4%
1.2
1.2
Quick Ratio
5-point trend, -33.0%
1.0
—

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

Metric
5Y trend
FWRD
Peer Median
Revenue YoY
5-point trend, +79.9%
0.84%
—
Revenue CAGR 3Y
5-point trend, +79.9%
14.1%
—
Revenue CAGR 5Y
5-point trend, +79.9%
14.5%
—
EPS YoY
5-point trend, -191.2%
-10.4%
—
Net Income YoY
5-point trend, -201.8%
-13.4%
—

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

Metric
5Y trend
FWRD
Peer Median
EPS (Diluted)
5-point trend, -191.2%
$-3.51
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
FWRD
Peer Median
Payout Ratio
5-point trend, -100.0%
0.00%
—

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

Dividend Yield
0.00%
Payout Ratio
0.00%
5Y Div CAGR
—
Ex-dateAmount
Nov. 21, 2023$0.2400
Aug. 16, 2023$0.2400
May 24, 2023$0.2400
March 1, 2023$0.2400
Nov. 22, 2022$0.2400
Aug. 17, 2022$0.2400
May 25, 2022$0.2400
March 2, 2022$0.2400
Nov. 23, 2021$0.2100
Aug. 19, 2021$0.2100
May 26, 2021$0.2100
March 3, 2021$0.2100
Nov. 24, 2020$0.2100
Aug. 19, 2020$0.1800
May 21, 2020$0.1800
March 4, 2020$0.1800
Nov. 20, 2019$0.1800
Aug. 21, 2019$0.1800
May 23, 2019$0.1800
March 6, 2019$0.1800

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

BUY 11 analysts
  • Strong Buy 3 27.3%
  • Buy 4 36.4%
  • Hold 4 36.4%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

2 analysts · 2026-08-16
Median target $28.00 +47.7%
Mean target $28.00 +47.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.08%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.36 $-0.16 1.5%
March 31, 2026 $-0.45 $-0.38 -0.07%
Dec. 31, 2025 $-0.79 $-0.26 -0.53%
Sept. 30, 2025 $-0.41 $-0.17 -0.24%
June 30, 2025 $0.06 $-0.28 0.34%
March 31, 2025 $-1.12 $-0.57 -0.55%

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

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
FWRD $783M -7.1 0.84% -4.3% -68.4% —
EXPD $19.95B 25.0 4.4% 7.3% 35.4% —
CHRW $19.04B 33.3 -8.4% 3.6% 32.4% —
GXO $6.03B 188.0 12.6% 0.24% 1.1% —
HUBG — 26.2 -6.1% 2.6% 6.3% —
AIRTP $52M 0.7 12.1% 23.8% 203.6% —
AIRT $46M -7.6 1.8% -2.1% -790.2% —
CJMB $5M -0.6 -12.8% -139.2% -195.4% 36.8%
ARAI $90M -6.6 — -11325.7% -368.3% —

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

Income Statement 15
Annual Income Statement data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +219.5% $2.50B $2.47B $1.37B $1.68B $1.39B $1.27B $1.22B $1.14B $1.17B $1.03B $959M $781M
Cost of Revenue 5-point trend, +41.2% · · · · · $651M $586M $564M $545M $461M · ·
Operating Expenses 12-point trend, +259.2% $2.46B $3.54B $1.28B $1.43B $1.24B $1.20B $1.10B $1.02B $1.06B $971M $877M $685M
Operating Income 12-point trend, -62.2% $36M $-1.06B $88M $248M $147M $74M $112M $117M $109M $60M $82M $96M
Interest Expense 10-point trend, +5075.6% · · $32M $5M $4M $5M $3M $2M $1M $2M $2M $610.0K
Interest Income 2-point trend, +212.5% · · · · · · · · · · $25.0K $8.0K
Other Non-op 12-point trend, +944.3% $3M $1M $0 $0 $-4M $-3.0K $-1.0K $-2.0K $-11.0K $4.0K $-58.0K $289.0K
Pretax Income 12-point trend, -253.2% $-147M $-1.25B $57M $242M $143M $69M $110M $115M $108M $58M $80M $96M
Income Tax 12-point trend, -115.7% $-5M $-125M $14M $63M $36M $17M $27M $27M $20M $31M $24M $35M
Net Income 12-point trend, -276.2% $-108M $-817M $167M $193M $106M $24M $87M $92M $87M $28M $56M $61M
EPS (Basic) 12-point trend, -276.4% $-3.51 $-30.63 $6.42 $7.17 $3.87 $0.84 $3.06 $3.14 $2.90 $0.90 $1.80 $1.99
EPS (Diluted) 12-point trend, -279.1% $-3.51 $-30.63 $6.40 $7.14 $3.85 $0.84 $3.04 $3.12 $2.89 $0.90 $1.78 $1.96
Shares (Basic) 12-point trend, +0.4% 30,718,000 27,540,000 25,913,000 26,783,000 27,155,000 27,631,000 28,195,000 29,076,000 29,867,000 30,283,000 30,728,000 30,599,000
Shares (Diluted) 12-point trend, -1.1% 30,718,000 27,540,000 26,003,000 26,926,000 27,292,000 27,697,000 28,308,000 29,190,000 29,964,000 30,444,000 31,040,000 31,072,000
EBITDA 10-point trend, +48.2% $189M · · $313M $199M $111M $161M $164M $150M $98M $119M $128M
Balance Sheet 29
Annual Balance Sheet data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +155.8% $106M $105M $122M $46M $37M $40M $65M $26M $4M $9M $33M $41M
Receivables 12-point trend, +260.4% $344M $322M $153M $188M $208M $156M $136M $156M $148M $117M $109M $95M
Inventory 6-point trend, +101.9% · · · · · · $2M $2M $1M $1M $1M $1M
Prepaid Expense 12-point trend, +190.7% $28M $29M $26M $25M $22M $21M $14M $12M $10M $10M $11M $10M
Other Current Assets 12-point trend, +182.2% $37M $16M $1M $11M $7M $7M $6M $19M $16M $11M $31M $13M
Current Assets 12-point trend, +253.3% $521M $472M $347M $304M $283M $246M $236M $201M $168M $136M $173M $147M
PP&E (Net) 9-point trend, +44.4% · · · $249M $219M $190M $193M $210M $206M $200M $187M $172M
PP&E (Gross) 9-point trend, +53.9% · · · $470M $420M $381M $374M $414M $399M $379M $343M $305M
Accum. Depreciation 9-point trend, +66.3% · · · $221M $201M $191M $181M $204M $193M $179M $156M $133M
Goodwill 12-point trend, +262.0% $523M $523M $279M $258M $219M $245M $216M $194M $192M $185M $206M $144M
Intangibles 12-point trend, +1147.2% $907M $999M $135M $116M $155M $145M $125M $114M $111M $107M $128M $73M
Other Non-current Assets 2-point trend, -19.3% $58M $72M · · · · · · · · · ·
Total Assets 12-point trend, +404.2% $2.72B $2.80B $2.98B $1.21B $1.12B $1.05B $991M $760M $693M $644M $700M $539M
Accounts Payable 12-point trend, +491.8% $122M $106M $45M $50M $45M $38M $25M $35M $31M $18M $23M $21M
Accrued Liabilities 12-point trend, +406.7% $114M $120M $63M $50M $62M $51M $44M $40M $35M $32M $30M $23M
Current Liabilities 12-point trend, +886.2% $428M $384M $237M $169M $165M $172M $137M $75M $66M $78M $109M $43M
Capital Leases 12-point trend, +25547.9% $327M $326M $72M $93M $101M $80M $5M $54.0K $365.0K $725.0K $1M $1M
Deferred Tax 12-point trend, +20.0% $27M $38M $42M $51M $43M $42M $41M $37M $29M $42M $40M $23M
Other Non-current Liabilities 12-point trend, +540.7% $54M $49M $47M $59M $50M $54M $56M $48M $24M $22M $12M $8M
Total Liabilities $2.56B · · · · · · · · · · ·
Long-term Debt 11-point trend, +1687248000.00 $1.69B · $0 $108M $157M $112M $73M $47M $40M $28M $83M $0
Total Debt 9-point trend, +1924.6% $1.69B · · $108M $157M $112M $73M $47M $40M $28M $83M ·
Common Stock 12-point trend, +3.3% $313.0K $298.0K $257.0K $265.0K $270.0K $273.0K $279.0K $285.0K $295.0K $301.0K $305.0K $303.0K
Paid-in Capital 12-point trend, +330.1% $560M $542M $284M $271M $258M $243M $227M $210M $195M $180M $161M $130M
Retained Earnings 12-point trend, -234.2% $-447M $-338M $480M $436M $335M $304M $350M $343M $337M $319M $349M $333M
AOCI 3-point trend, +580000.00 $580.0K $-3M $0 · · · · · · · · ·
Stockholders' Equity 12-point trend, -75.5% $113M $202M $764M $707M $594M $547M $577M $553M $533M $498M $509M $464M
Liabilities + Equity 12-point trend, +404.2% $2.72B $2.80B $2.98B $1.21B $1.12B $1.05B $991M $760M $693M $641M $700M $539M
Shares Outstanding 12-point trend, +3.5% 31,327,000 29,761,000 25,671,000 26,462,000 26,969,000 27,316,000 27,850,000 28,535,000 29,454,000 30,090,000 30,544,000 30,255,000
Cash Flow 19
Annual Cash Flow data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +390.3% $153M $144M $57M $43M $35M $37M $36M $36M $41M $38M $37M $31M
Stock-based Comp 12-point trend, +101.0% $13M $10M $11M $11M $10M $11M $12M $10M $8M $8M $7M $7M
Deferred Tax 12-point trend, -262.4% $-11M $-134M $-9M $8M $1M $772.0K $7M $8M $-12M $3M $15M $-3M
Amort. of Intangibles 12-point trend, +985.2% $92M $86M $16M $12M $11M $13M $10M $8M $10M $10M $11M $9M
Other Non-cash 10-point trend, +31.7% $-3M · · $-549.0K $-33M $23M $11M $-293.0K $-21M $53M $-29M $-4M
Operating Cash Flow 12-point trend, -51.6% $44M $-69M $199M $250M $121M $96M $146M $142M $103M $130M $86M $92M
CapEx 12-point trend, -26.3% $29M $37M $31M $39M $38M $20M $22M $40M $38M $42M $40M $39M
Investing Cash Flow 6-point trend, +50.0% · · · · · · $-64M $-55M $-59M $-52M $-101M $-128M
Debt Issued 4-point trend, +0.00 · · · · · · · · $0 $0 $125M $0
Net Debt Issued 3-point trend, -100.0% · · · · · · · · $0 $0 $125M ·
Stock Issued 7-point trend, +37.8% $846.0K $753.0K $800.0K $783.0K $911.0K $664.0K $614.0K · · · · ·
Stock Repurchased 12-point trend, -100.0% $0 $0 $94M $63M $49M $45M $56M $66M $49M $40M $20M $40M
Net Stock Activity 10-point trend, +102.1% $846.0K · · $-62M $-48M $-45M $-56M $-66M $-49M $-40M $-20M $-40M
Dividends Paid 12-point trend, -100.0% $0 $0 $25M $26M $23M $21M $20M $18M $18M $16M $15M $15M
Financing Cash Flow 6-point trend, -12.3% · · · · · · $-56M $-75M $-49M $-103M $7M $-50M
Net Change in Cash 12-point trend, +100.8% $730.0K $-1.85B $1.91B $9M $-3M $-24M $39M $22M $-5M $-25M $-8M $-86M
Taxes Paid $872.0K · · · · · · · · · · ·
Free Cash Flow 10-point trend, -70.7% $15M · · $218M $86M $76M $131M $110M $65M $88M $45M $52M
Levered FCF 7-point trend, +39.7% · · · · · $72M $129M $109M $64M $87M $44M $52M
Profitability 7
Annual Profitability data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 10-point trend, -88.2% 1.5% · · 13.5% 9.6% 5.8% 8.4% 9.2% 9.9% 6.1% 8.5% 12.3%
Net Margin 10-point trend, -155.2% -4.3% · · 9.8% 6.4% 1.9% 6.2% 7.0% 7.9% 2.8% 5.8% 7.8%
Pretax Margin 10-point trend, -148.0% -5.9% · · 13.2% 9.3% 5.5% 8.2% 9.1% 9.8% 5.9% 8.3% 12.3%
EBITDA Margin 10-point trend, -53.6% 7.6% · · 15.9% 12.0% 8.8% 11.4% 12.4% 13.6% 10.0% 12.4% 16.3%
ROA 10-point trend, -134.2% -3.9% · · 16.6% 9.8% 2.3% 9.3% 12.2% 12.8% 4.3% 8.0% 11.4%
ROE 10-point trend, -603.2% -68.4% · · 27.8% 18.4% 4.3% 15.3% 16.7% 16.9% 5.5% 11.4% 13.6%
ROIC 10-point trend, -85.3% 1.9% · · 24.2% 15.9% 8.5% 13.7% 15.6% 15.4% 5.4% 9.6% 13.2%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 10-point trend, -64.8% 1.2 · · 1.8 1.7 1.4 1.7 2.7 2.7 1.7 1.6 3.5
Quick Ratio 10-point trend, -66.7% 1.0 · · 1.6 1.5 1.1 1.6 2.4 2.4 1.6 1.3 3.1
Debt / Equity 9-point trend, +9010.2% 14.9 · · 0.2 0.3 0.2 0.1 0.1 0.1 0.1 0.2 ·
LT Debt / Equity 9-point trend, +27213.9% 14.9 · · 0.2 0.3 0.2 0.1 0.1 0.1 0.0 0.1 ·
Interest Coverage 7-point trend, -89.7% · · · · · 16.2 43.8 68.4 89.9 37.6 39.9 158.0
Efficiency 3
Annual Efficiency data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 10-point trend, -38.0% 0.9 · · 1.7 1.5 1.2 1.5 1.8 1.6 1.5 1.4 1.5
Inventory Turnover 2-point trend, -12.7% · · · · · · 292.3 334.9 · · · ·
Receivables Turnover 10-point trend, -17.6% 7.5 · · 9.2 9.1 8.7 9.2 8.7 8.5 8.7 9.4 9.1
Per Share 6
Annual Per Share data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 10-point trend, -76.4% $3.62 · · $26.73 $22.01 $20.04 $20.72 $19.39 $18.11 $16.59 $16.70 $15.32
Revenue / Share 10-point trend, +223.2% $81.23 · · $73.29 $60.91 $45.84 $49.82 $45.25 $36.74 $32.27 $30.90 $25.13
Cash Flow / Share 10-point trend, -51.0% $1.44 · · $9.62 $4.58 $3.47 $5.62 $5.23 $3.45 $4.28 $2.76 $2.95
Cash / Share 10-point trend, +147.1% $3.38 · · $1.73 $1.38 $1.47 $2.32 $0.90 $0.13 $0.28 $1.09 $1.37
Dividend / Share 12-point trend, -100.0% $0 $0 $1 $1 $1 $1 $1 $1 $1 $1 $0 $0
EPS (TTM) 12-point trend, -279.1% $-3.51 $-30.63 $6.40 $7.14 $3.85 $0.84 $3.04 $3.12 $2.89 $0.90 $1.78 $1.96
Growth Rates 7
Annual Growth Rates data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -90.9% 0.84% 80.5% -18.4% 21.1% 9.3% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +444.4% 14.1% 21.3% 2.6% · · · · · · · · ·
Revenue CAGR 5Y 14.5% · · · · · · · · · · ·
EPS YoY 3-point trend, -102.9% · · -10.4% 85.5% 358.3% · · · · · · ·
EPS CAGR 3Y · · 96.8% · · · · · · · · ·
Net Income YoY 3-point trend, -103.9% · · -13.4% 82.5% 346.0% · · · · · · ·
Net Income CAGR 3Y · · 91.8% · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for FWRD
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +219.5% $2.50B $2.47B $1.37B $1.68B $1.39B $1.27B $1.22B $1.14B $1.17B $1.03B $959M $781M
Net Income TTM 12-point trend, -276.2% $-108M $-817M $167M $193M $106M $24M $87M $92M $87M $28M $56M $61M
Market Cap 10-point trend, -48.6% $783M · · $2.78B $3.27B $2.10B $1.95B $1.57B $1.69B $1.43B $1.31B $1.52B
Enterprise Value 9-point trend, +73.4% $2.36B · · $2.84B $3.39B $2.17B $1.96B $1.59B $1.73B $1.44B $1.36B ·
P/E 12-point trend, -127.7% -7.1 -1.1 9.8 14.7 31.5 91.5 23.0 17.6 19.9 52.6 24.2 25.7
P/S 10-point trend, -83.9% 0.3 · · 1.7 2.4 1.7 1.6 1.4 1.4 1.4 1.4 2.0
P/B 10-point trend, +110.2% 6.9 · · 3.9 5.5 3.8 3.4 2.8 3.2 2.9 2.6 3.3
P / Tangible Book 4-point trend, -65.5% · · 4.6 8.3 14.8 13.3 · · · · · ·
P / Cash Flow 10-point trend, +6.1% 17.6 · · 10.7 26.1 21.8 12.3 10.3 16.4 10.9 15.3 16.6
P / FCF 10-point trend, +75.6% 51.3 · · 12.7 38.1 27.7 14.9 14.2 26.0 16.2 29.0 29.2
EV / EBITDA 9-point trend, +9.1% 12.5 · · 9.1 17.0 19.6 12.2 9.7 11.5 14.7 11.5 ·
EV / FCF 9-point trend, +413.6% 154.9 · · 13.0 39.5 28.6 15.0 14.4 26.5 16.4 30.2 ·
EV / Revenue 9-point trend, -33.4% 0.9 · · 1.7 2.4 1.7 1.6 1.4 1.5 1.4 1.4 ·
Dividend Yield 10-point trend, -100.0% 0.00% · · 0.93% 0.70% 0.99% 1.1% 1.2% 1.1% 1.1% 1.1% 0.97%
Earnings Yield 12-point trend, -460.9% -14.0% -95.0% 10.2% 6.8% 3.2% 1.1% 4.3% 5.7% 5.0% 1.9% 4.1% 3.9%
Payout Ratio 10-point trend, -100.0% 0.00% · · 13.4% 21.7% 87.9% 23.5% 20.0% 20.7% 56.1% 26.7% 24.2%
Annual Payout 12-point trend, -100.0% $0 $0 $25M $26M $23M $21M $20M $18M $18M $16M $15M $15M

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

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $2.50B$2.47B$1.37B$1.68B$1.39B
Operating Margin % 1.5%——13.5%9.6%
Net Income $-108M$-817M$167M$193M$106M
Diluted EPS $-3.51$-30.63$6.40$7.14$3.85
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 14.9——0.20.3
Current Ratio 1.2——1.81.7
Quick Ratio 1.0——1.61.5
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $15M——$218M$86M

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Institutional owners (13F) 219 filers · $378.4M 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
59 (+30 vs prior Q) 45 (+11 vs prior Q) 63 (-4 vs prior Q) 51 (-12 vs prior Q) +2.5M

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
CLEARLAKE CAPITAL GROUP, L.P. $51,675,750 3,825,000 13.66% Shares
Ridgemont Partners Management, LLC $49,675,064 1,937,405 13.13% Shares
FMR LLC $26,569,928 1,966,686 7.02% Shares
Bracebridge Capital, LLC $18,980,375 1,404,913 5.02% Shares
VANGUARD CAPITAL MANAGEMENT LLC $15,797,459 1,169,316 4.17% Shares
PRIVATE MANAGEMENT GROUP INC $15,479,218 1,145,760 4.09% Shares
CIBC WORLD MARKET INC. $14,484,584 1,072,138 3.83% Shares
BNP PARIBAS FINANCIAL MARKETS $8,063,633 596,864 2.13% Shares
STATE STREET CORP $7,833,476 579,828 2.07% Shares
Qube Research & Technologies Ltd $7,633,812 565,049 2.02% Shares
GEODE CAPITAL MANAGEMENT, LLC $6,726,788 497,805 1.78% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $5,745,627 425,287 1.52% Shares
MILLENNIUM MANAGEMENT LLC $5,703,827 422,193 1.51% Shares
TIMUCUAN ASSET MANAGEMENT INC/FL $5,384,424 398,551 1.42% Shares
GOLDMAN SACHS GROUP INC $4,900,077 362,700 1.29% Call option
Diameter Capital Partners LP $4,728,500 350,000 1.25% Shares
TUDOR INVESTMENT CORP ET AL $4,635,686 343,130 1.23% Shares
JANE STREET GROUP, LLC $4,254,299 314,900 1.12% Call option
Mill Road Capital Management LLC $3,948,298 292,250 1.04% Shares
DIMENSIONAL FUND ADVISORS LP $3,768,235 278,922 1.00% Shares
D. E. Shaw & Co., Inc. $3,716,669 275,105 0.98% Shares
CITADEL ADVISORS LLC $3,170,797 234,700 0.84% Call option
MARSHALL WACE, LLP $2,853,406 211,207 0.75% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $2,808,729 207,900 0.74% Call option
XTX Topco Ltd $2,645,488 195,817 0.70% Shares
Squarepoint Ops LLC $2,631,289 194,766 0.70% Shares
LMR Partners LLP $2,602,877 192,663 0.69% Shares
RENAISSANCE TECHNOLOGIES LLC $2,576,884 190,739 0.68% Shares
Diametric Capital, LP $2,559,847 189,478 0.68% Shares
Monarch Alternative Capital LP $2,553,390 189,000 0.67% Shares
JANE STREET GROUP, LLC $2,542,447 188,190 0.67% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,509,564 185,756 0.66% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $2,502,376 185,224 0.66% Shares
BlackRock, Inc. $2,413,386 178,637 0.64% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $2,392,202 177,069 0.63% Shares
Allianz Asset Management GmbH $2,380,800 176,225 0.63% Shares
VANGUARD FIDUCIARY TRUST CO $2,231,906 165,204 0.59% Shares
WOLVERINE TRADING, LLC $2,128,875 81,100 0.56% Call option
Balyasny Asset Management L.P. $2,113,923 156,471 0.56% Shares
GOLDMAN SACHS GROUP INC $2,029,148 150,196 0.54% Shares
Point72 Asset Management, L.P. $2,026,500 150,000 0.54% Call option
PDT Partners, LLC $1,973,906 146,107 0.52% Shares
NORGES BANK $1,963,003 145,300 0.52% Shares
Prescott Group Capital Management, L.L.C. $1,673,848 123,897 0.44% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $1,657,718 122,703 0.44% Shares
Carlyle Group Inc. $1,448,461 107,214 0.38% Shares
AlpInvest Partners B.V. $1,395,975 103,330 0.37% Shares
Trexquant Investment LP $1,388,504 102,776 0.37% Shares
Verition Fund Management LLC $1,351,000 100,000 0.36% Call option
Quantbot Technologies LP $1,295,244 95,873 0.34% Shares
Y-Intercept (Hong Kong) Ltd $1,176,721 87,100 0.31% Shares
Caption Management, LLC $1,148,350 85,000 0.30% Call option
Aquatic Capital Management LLC $1,137,880 84,225 0.30% Shares
Jain Global LLC $1,090,689 80,732 0.29% Shares
D. E. Shaw & Co., Inc. $1,074,045 79,500 0.28% Call option
Walleye Trading LLC $1,037,568 76,800 0.27% Call option
Engineers Gate Manager LP $1,035,487 76,646 0.27% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $1,017,303 75,300 0.27% Put option
Advisory Services Network, LLC $983,501 72,798 0.26% Shares
Voleon Capital Management LP $933,649 69,108 0.25% Shares
Hudson Bay Capital Management LP $913,154 67,591 0.24% Shares
Quantinno Capital Management LP $903,198 66,854 0.24% Shares
Nuveen, LLC $893,430 66,131 0.24% Shares
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. $882,217 65,301 0.23% Shares
GROUP ONE TRADING LLC $867,261 64,194 0.23% Shares
New Age Alpha Advisors, LLC $852,481 63,100 0.23% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $845,929 62,615 0.22% Shares
BANK OF AMERICA CORP /DE/ $830,919 61,504 0.22% Shares
ExodusPoint Capital Management, LP $811,965 60,101 0.21% Shares
Shay Capital LLC $810,600 60,000 0.21% Shares
WOLVERINE TRADING, LLC $790,283 30,106 0.21% Shares
Freestone Grove Partners LP $767,179 56,786 0.20% Shares
Schonfeld Strategic Advisors LLC $751,289 55,610 0.20% Shares
Rangeley Capital, LLC $743,050 55,000 0.20% Shares
TWO SIGMA INVESTMENTS, LP $723,285 53,537 0.19% Shares
WOLVERINE TRADING, LLC $687,750 26,200 0.18% Put option
Cubist Systematic Strategies, LLC $686,716 26,783 0.18% Shares
Walleye Capital LLC $686,335 50,802 0.18% Shares
ADAR1 Capital Management, LLC $651,736 48,241 0.17% Shares
Marble Bar Asset Management LLP $631,174 46,719 0.17% Shares
Integrity Financial Corp /WA $621,568 46,008 0.16% Shares
EntryPoint Capital, LLC $609,031 45,080 0.16% Shares
Swiss National Bank $598,493 44,300 0.16% Shares
Steward Partners Investment Advisory, LLC $589,857 43,661 0.16% Shares
Verition Fund Management LLC $587,523 43,488 0.16% Shares
LPL Financial LLC $573,972 42,485 0.15% Shares
Toroso Investments, LLC $519,450 20,778 0.14% Shares
INDEPENDENT FINANCIAL GROUP, LLC $473,323 35,035 0.13% Shares
ALLIANCEBERNSTEIN L.P. $469,718 28,110 0.12% Shares
Counterpoint Mutual Funds LLC $453,261 33,550 0.12% Shares
CITADEL ADVISORS LLC $450,991 33,382 0.12% Shares
Entropy Technologies, LP $406,867 30,116 0.11% Shares
WINTON GROUP Ltd $406,205 30,067 0.11% Shares
RHUMBLINE ADVISERS $402,394 29,786 0.11% Shares
Brevan Howard Capital Management LP $400,369 29,635 0.11% Shares
Caption Management, LLC $399,504 29,571 0.11% Shares
Bank of New York Mellon Corp $395,816 29,298 0.10% Shares
Nebula Research & Development LLC $388,296 15,823 0.10% Shares
HSBC HOLDINGS PLC $380,684 28,473 0.10% Shares
FIRST CITIZENS BANK & TRUST CO $363,729 26,923 0.10% Shares

Company insiders 46 insiders · 11 officers · 29 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Thomas Schmitt President & CEO Sept. 1, 2021 F 34,035 0 0 $0
Michael Joseph Morris CFO and Treasurer March 15, 2021 F 27,245 0 0 $0
Andrew C Clarke CFO & Senior VP Feb. 27, 2006 M 15,167 0 0 $0
Chris C Ruble Chief Operating Officer May 4, 2021 M 27,225 0 0 $0
Rebecca J Garbrick CAO, VP and Controller Nov. 16, 2021 F 1,590 0 0 $0
Michael L Hance CLO and Secretary Nov. 2, 2021 M 38,722 0 0 $0
Joseph Michael Tomasello Chief Information Officer June 17, 2021 F 6,320 0 0 $0
Kyle R Mitchin Chief People Officer May 7, 2021 M 13,458 0 0 $0
Scott E Schara Chief Commercial Officer Feb. 2, 2021 A 5,561 0 0 $0
Christina Bottomley CAO, VP & Controller Aug. 1, 2020 F 3,033 0 0 $0
Bruce A Campbell Chairman March 15, 2019 F 83,212 0 0 $0
Paul C. Svindland Director June 18, 2026 A 15,977 0 0 $0
Dale W Boyles Director June 18, 2026 A 22,940 0 0 $0
Christine Marie Gorjanc Director June 18, 2026 A 22,940 0 0 $0
Michael B Hodge Director Jan. 25, 2024 A — 0 0 $0
Javier Polit Director Nov. 30, 2021 P 1,777 0 0 $0
Valerie A Bonebrake Director Sept. 9, 2021 A 7,825 0 0 $0
Robert C Campbell Director Sept. 9, 2021 A 21,415 0 0 $0
Ronald W Allen Director Sept. 9, 2021 A 19,884 0 0 $0
George S Mayes JR Director June 14, 2021 P 2,177 0 0 $0
Ana B Amicarella Director May 20, 2021 A 9,168 0 0 $0
Craig Carlock Director May 20, 2021 A 12,371 0 0 $0
Laurie Anne Tucker Director May 20, 2021 A 4,994 0 0 $0
George M Lynch Director May 20, 2021 A 10,685 0 0 $0
Richard H Roberts Director May 20, 2021 A 1,777 0 0 $0
Scott M Niswonger Director May 20, 2021 A 11,677 0 0 $0
Gilbert W West Director May 13, 2020 A 5,701 0 0 $0
John C Langley JR Director May 13, 2020 A 31,078 0 0 $0
Javier Alberto Palomarez Director July 24, 2017 A 1,405 0 0 $0
Doug Madden Director May 10, 2017 A 4,745 0 0 $0
Tracy A Leinbach Director March 24, 2017 A 24,809 0 0 $0
Larry D Leinweber Director May 11, 2016 A 13,518 0 0 $0
Gary L Paxton Director May 13, 2015 A 18,024 0 0 $0
Ray A Mundy Director March 27, 2015 A 44,444 0 0 $0
Richard W Hanselman Director April 24, 2012 S 4,821 0 0 $0
Clyde B Preslar Director May 13, 2008 A 7,309 0 0 $0
James A Cronin III Director Nov. 5, 2003 S 18,700 0 0 $0
Cetus Capital VI, L.P. 10% owner Nov. 12, 2025 S 3,116,546 2 7 $-2,547,763
Chitra Nayak — May 20, 2021 A 1,677 0 0 $0
Matthew J Jewell — Sept. 1, 2020 M 49,461 0 0 $0
Glenn A Adelaar — Aug. 29, 2019 M 39,093 0 0 $0
McLean Michael P — Sept. 22, 2017 S 13,401 0 0 $0
Thomas S Albrecht — July 24, 2017 A 1,405 0 0 $0
Craig A Drum — May 2, 2017 S 1,601 0 0 $0
Rodney L Bell — Dec. 15, 2016 M 47,885 0 0 $0
GRAY ROBERT/TN — Aug. 31, 2005 S 54,825 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
Clearlake Capital Group, L.P., Jose Enrique Feliciano, Behdad Eghbali ×2 filings July 3, 2025 12.60% Amendment — SEC
REP Omni Holdings, L.P., REP Coinvest III-A Omni, L.P., REP Coinvest III-B Omni, L.P., REP FAOM III-S, LP, Ridgemont Equity Partners Affiliates III, L.P., REP Omni Holdings GP, LLC, REP Coinvest III Omni GP, LLC, Ridgemont Equity Management III, L.P., Ridgemont Equity Management III, LLC, Charles Leonard Anderson, Robert Leon Edwards, Jr. ×2 filings Aug. 12, 2024 — Initial filing — SEC
Ancora Merlin, LP, Ancora Merlin Institutional, LP, Ancora Catalyst, LP, Ancora Catalyst Institutional, LP, Ancora Catalyst SPV I LP – Series I*, Ancora Catalyst SPV I LP – Series J*, Ancora Catalyst SPV I LP – Series K*, Ancora Catalyst SPV I LP – Series L*, Ancora Catalyst SPV I SPC Ltd. – Segregated Portfolio E, Ancora Advisors, LLC, Ancora Alternatives LLC, Ancora Family Wealth Advisors, LLC, The Ancora Group LLC, Inverness Holdings, LLC, Ancora Holdings Group, LLC, Frederick DiSanto ×5 filings Feb. 16, 2022 — Initial filing — SEC
Scott M. Niswonger (2) ×2 filings Nov. 19, 2003 — Initial filing Passive investment 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 35 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
PRFZ · Invesco Exchange-Traded Fund Trust 0.06% 88,877 SH Aug. 8, 2026 Daily
TPOR · Direxion Shares ETF Trust 0.05% 408 NS April 30, 2026 N-PORT
NUSC · Nushares ETF Trust 0.03% 20,110 NS April 30, 2026 N-PORT
IWO · iShares Trust 0.03% 211,693 SH Aug. 8, 2026 Daily
FNDA · SCHWAB STRATEGIC TRUST 0.02% 208,054 NS May 31, 2026 N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS 0.02% 24,665 SH Aug. 8, 2026 Daily
DFAS · Dimensional ETF Trust 0.01% 97,196 NS April 30, 2026 N-PORT
SMDX · Tidal Trust III 0.01% 845 NS April 30, 2026 N-PORT
RSSL · Global X Funds 0.01% 9,460 NS April 30, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.01% 35,079 NS May 31, 2026 N-PORT
IWM · iShares Trust 0.01% 587,997 SH Aug. 8, 2026 Daily
SAA · ProShares Trust 0.01% 265 NS May 31, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.01% 132,673 SH Aug. 8, 2026 Daily
FIDU · FIDELITY COVINGTON TRUST 0.01% 6,235 NS April 30, 2026 N-PORT
ITWO · ProShares Trust 0.01% 1,025 NS May 31, 2026 N-PORT
WSML · iShares Trust 0.01% 1,892 SH Aug. 8, 2026 Daily
SCHA · SCHWAB STRATEGIC TRUST 0.01% 108,315 NS May 31, 2026 N-PORT
EBI · RBB Fund Trust 0.00% 2,268 NS May 31, 2026 N-PORT
UWM · ProShares Trust 0.00% 802 NS May 31, 2026 N-PORT
URTY · ProShares Trust 0.00% 809 NS May 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.00% 2,509 NS April 30, 2026 N-PORT
FNDB · SCHWAB STRATEGIC TRUST 0.00% 2,267 NS May 31, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.00% 889 NS May 31, 2026 N-PORT
HDG · ProShares Trust 0.00% 20 NS May 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.00% 21,202 NS April 30, 2026 N-PORT
IWV · iShares Trust 0.00% 7,453 SH Aug. 8, 2026 Daily
ITOT · iShares Trust 0.00% 26,402 SH Aug. 8, 2026 Daily
DFUS · Dimensional ETF Trust 0.00% 4,193 NS April 30, 2026 N-PORT
SCHB · SCHWAB STRATEGIC TRUST 0.00% 11,351 NS May 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.00% 1,120 NS April 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.00% 254,307 SH Aug. 8, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 888,368 SH Aug. 8, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 1,571 SH Aug. 8, 2026 Daily
AVSU · AMERICAN CENTURY ETF TRUST 0.00% 15 NS May 31, 2026 N-PORT
VIS · VANGUARD WORLD FUND 0.00% 26,847 SH Aug. 8, 2026 Daily