HAYW Hayward Holdings, Inc. Common Stock
$14.63
Price · Aug 18, 2026
Fundamentals as of Jul 29, 2026
52W Range
$13–$18
35% of range
Analyst Rating
HOLD
15 analysts
Price Target
$18
+23% upside
P/E (TTM)
21.5
ROE
9.8%
Net Profit Margin
13.5%
HAYW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$14.63
Market Cap
$3.18B
P/E (TTM)
21.5
EPS (TTM)
$0.68
Revenue (TTM)
$1.12B
Div Yield
—
ROE
9.8%
Debt/Equity
—
52W Range
$13 – $18
HAYW Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.12B
2019-12-31
→
2025-12-31
EPS
$0.68
2019-12-31
→
2025-12-31
Free Cash Flow
$227M
2021-12-31
→
2025-12-31
Margins
13.5%
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
HAYW
Peer Median
P/E (TTM)
21.5
26.0
P/S (TTM)
2.8
2.1
P/B
2.0
2.4
Price / FCF
14.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HAYW
Peer Median
Gross Margin
48.0%
29.2%
Operating Margin
20.8%
—
Net Profit Margin
13.5%
5.2%
ROA
4.9%
4.3%
ROE
9.8%
8.9%
ROIC
12.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HAYW
Peer Median
Current Ratio
2.9
2.1
Quick Ratio
2.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HAYW
Peer Median
Revenue YoY
6.7%
—
Revenue CAGR 3Y
-5.1%
—
Revenue CAGR 5Y
5.1%
—
EPS YoY
25.9%
—
Net Income YoY
27.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HAYW
Peer Median
HAYW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 5 33.3%
- Buy 3 20.0%
- Hold 7 46.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-19
Median
$18.00
← Below all targets
$14.63
Low
$15.00
High
$19.50
Median target
$18.00
+23.0%
Mean target
$17.93
+22.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.26 | $0.24 | 0.02% |
| March 31, 2026 | $0.13 | $0.11 | 0.02% |
| Dec. 31, 2025 | $0.29 | $0.29 | 0.00% |
| Sept. 30, 2025 | $0.14 | $0.12 | 0.02% |
| June 30, 2025 | $0.24 | $0.23 | 0.01% |
| March 31, 2025 | $0.10 | $0.09 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HAYW | $3.36B | 22.7 | 6.7% | 13.5% | 9.8% | 48.0% |
| TREX | $3.71B | 19.7 | 2.0% | 16.2% | 18.8% | 39.2% |
| UFPI | $5.25B | 18.6 | -5.0% | 4.7% | 9.4% | 16.8% |
| GFF | $3.53B | 69.9 | -4.0% | 2.0% | 35.4% | 42.0% |
| AZZ | $4.06B | 13.0 | 4.6% | 19.2% | 24.0% | 23.9% |
| REZI | $5.27B | -9.3 | 10.5% | -7.0% | -19.1% | 29.4% |
| MBC | $1.43B | 53.7 | 1.3% | 0.98% | 2.0% | 30.3% |
| ROCK | $1.70B | -33.4 | 11.0% | -3.9% | -4.5% | 26.9% |
| NX | $649M | -2.6 | 43.8% | -13.7% | -29.0% | — |
| APOG | $845M | 15.8 | 3.2% | 3.9% | 10.7% | 22.7% |
| JBI | $923M | 17.5 | -8.3% | 6.1% | 9.6% | 38.8% |
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 | $1.12B | $1.05B | $992M | $1.31B | $1.40B | $875M | $733M | |
| Cost of Revenue | $583M | $565M | $563M | $717M | $746M | $478M | $410M | |
| Gross Profit | $539M | $487M | $429M | $597M | $656M | $397M | $324M | |
| R&D Expense | $27M | $26M | $25M | $22M | $23M | $20M | $20M | |
| SG&A Expense | $247M | $217M | $186M | $249M | $267M | $195M | $179M | |
| Operating Income | $233M | $209M | $175M | $286M | $318M | $125M | $99M | |
| Interest Expense | · | · | $-7M | $-356.0K | $-38.0K | $-253.0K | $-121.0K | |
| Other Non-op | $2M | $2M | $-551.0K | $51.0K | $2M | $7M | $-2M | |
| Pretax Income | $185M | $144M | $101M | $234M | $260M | $58M | $12M | |
| Income Tax | $33M | $26M | $20M | $55M | $56M | $14M | $4M | |
| Net Income | $152M | $119M | $81M | $179M | $204M | $43M | $9M | |
| EPS (Basic) | $0.70 | $0.55 | $0.38 | $0.82 | $0.52 | $0.25 | $0.05 | |
| EPS (Diluted) | $0.68 | $0.54 | $0.37 | $0.78 | $0.49 | $0.25 | $0.05 | |
| Shares (Basic) | 216,593,972 | 215,028,683 | 213,144,063 | 219,945,024 | 187,688,087 | 1,331,850 | 924,690 | |
| Shares (Diluted) | 222,225,777 | 221,370,188 | 220,688,616 | 229,726,497 | 200,574,232 | 2,468,895 | 2,436,135 | |
| EBITDA | $233M | $209M | $175M | $286M | $318M | · | · |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $330M | $197M | $178M | $56M | $266M | $115M | · | |
| Short-term Investments | $69M | $0 | $25M | $0 | · | · | · | |
| Receivables | $280M | $279M | $271M | $209M | $208M | $140M | · | |
| Inventory | $211M | $216M | $215M | $284M | $233M | $145M | · | |
| Prepaid Expense | $20M | $20M | $14M | $15M | $12M | $10M | · | |
| Other Current Assets | $41M | $49M | $11M | $21M | $31M | $14M | · | |
| Current Assets | $951M | $767M | $725M | $612M | $751M | $424M | · | |
| PP&E (Net) | $165M | $160M | · | · | · | $142M | · | |
| Accum. Depreciation | · | · | · | · | · | $52M | · | |
| Goodwill | $951M | $944M | $935M | $932M | $924M | $920M | $915M | |
| Intangibles | $1.00B | $1.03B | $1.04B | $1.07B | $1.08B | $1.11B | $1.15B | |
| Other Non-current Assets | $81M | $89M | $91M | $107M | $75M | $6M | · | |
| Total Assets | $3.15B | $2.99B | $2.95B | $2.88B | $2.98B | $2.61B | · | |
| Accounts Payable | $77M | $81M | $69M | $54M | $87M | $70M | · | |
| Short-term Debt | · | $2M | $2M | $3M | $0 | · | · | |
| Current Liabilities | $323M | $313M | $240M | $232M | $304M | $219M | · | |
| Capital Leases | $51M | $55M | $59M | $65M | $62M | · | · | |
| Deferred Tax | $227M | $239M | $249M | $264M | $262M | $274M | · | |
| Other Non-current Liabilities | $64M | $64M | $67M | $70M | $70M | $11M | · | |
| Total Liabilities | $1.56B | $1.57B | $1.63B | $1.65B | $1.61B | $1.80B | · | |
| Long-term Debt | $960M | $971M | $1.11B | $1.11B | $995M | · | · | |
| Total Debt | · | $2M | $2M | $3M | · | · | · | |
| Common Stock | $247.0K | $245.0K | $243.0K | $241.0K | $238.0K | $3.0K | · | |
| Paid-in Capital | $1.11B | $1.09B | $1.08B | $1.07B | $1.06B | $10M | · | |
| Retained Earnings | $851M | $700M | $581M | $500M | $321M | $203M | · | |
| Treasury Stock | $363M | $358M | $358M | $357M | $14M | $4M | · | |
| AOCI | $-5M | $-11M | $7M | $10M | $4M | $-350.0K | · | |
| Stockholders' Equity | $1.59B | $1.42B | $1.31B | $1.22B | $1.37B | $209M | $164M | |
| Liabilities + Equity | $3.15B | $2.99B | $2.95B | $2.88B | $2.98B | $2.61B | · | |
| Shares Outstanding | 217,356,414 | 215,778,520 | 214,165,676 | 211,862,781 | 233,056,799 | 2,772,900 | 3,114,150 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $13M | $11M | $9M | $8M | $15M | $2M | $2M | |
| Deferred Tax | $-8M | $-11M | $-13M | $-5M | $-15M | $-315.0K | $-17M | |
| Amort. of Intangibles | $34M | $36M | $37M | $38M | $39M | $44M | $47M | |
| Operating Cash Flow | $256M | $212M | $185M | $116M | $189M | $214M | $94M | |
| CapEx | $29M | $22M | $29M | $30M | $26M | $14M | $25M | |
| Investing Cash Flow | $-104M | $-54M | $-55M | $-93M | $-49M | $-13M | $4M | |
| Debt Issued | $0 | $3M | $5M | $130M | $52M | $150M | $0 | |
| Net Debt Issued | $-13M | $-136M | $-7M | $119M | $-318M | · | · | |
| Stock Issued | · | · | · | · | $221.0K | $54.0K | $1M | |
| Stock Repurchased | $5M | $378.0K | $0 | $343M | $10M | $2M | $1M | |
| Net Stock Activity | $-5M | $-378.0K | $-340.0K | $-343M | $-9M | · | · | |
| Dividends Paid | · | · | · | $0 | $0 | $275M | $211.0K | |
| Financing Cash Flow | $-21M | $-137M | $-8M | $-229M | $11M | $-135M | $-65M | |
| Net Change in Cash | $133M | $18M | $122M | $-210M | $151M | $68M | $33M | |
| Taxes Paid | $26M | $36M | $16M | $99M | $62M | $12M | $13M | |
| Free Cash Flow | $227M | $188M | $154M | $86M | $163M | · | · | |
| Levered FCF | · | · | $159M | $87M | $163M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.0% | 50.5% | 48.1% | 45.4% | 46.8% | · | · | |
| Operating Margin | 20.8% | 19.9% | 17.7% | 21.7% | 22.7% | · | · | |
| Net Margin | 13.5% | 11.3% | 8.1% | 13.7% | 14.5% | · | · | |
| Pretax Margin | 16.4% | 13.7% | 10.2% | 17.8% | 18.6% | · | · | |
| EBITDA Margin | 20.8% | 19.9% | 17.7% | 21.7% | 22.7% | · | · | |
| ROA | 4.9% | 4.0% | 2.8% | 6.1% | 7.3% | · | · | |
| ROE | 9.8% | 8.5% | 6.2% | 14.8% | 15.2% | · | · | |
| ROIC | 12.0% | 12.0% | 10.7% | 17.8% | 18.2% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.9 | 2.5 | 3.0 | 2.6 | 2.5 | · | · | |
| Quick Ratio | 2.1 | 1.5 | 2.0 | 1.1 | 1.6 | · | · | |
| Debt / Equity | · | 0.0 | 0.0 | 0.0 | · | · | · | |
| Interest Coverage | · | · | -24.7 | -802.2 | -8367.7 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | 0.4 | 0.5 | · | · | |
| Inventory Turnover | 2.7 | 2.4 | 2.1 | 2.8 | 3.9 | · | · | |
| Receivables Turnover | 4.0 | 3.8 | 4.1 | 6.3 | 8.0 | · | · |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.7% | 6.0% | -24.5% | -6.2% | 60.1% | · | · | |
| Revenue CAGR 3Y | -5.1% | -9.1% | 4.3% | · | · | · | · | |
| Revenue CAGR 5Y | 5.1% | · | · | · | · | · | · | |
| EPS YoY | 25.9% | 46.0% | -52.6% | 59.2% | 96.0% | · | · | |
| EPS CAGR 3Y | -4.5% | 3.3% | 14.0% | · | · | · | · | |
| EPS CAGR 5Y | 22.2% | · | · | · | · | · | · | |
| Net Income YoY | 27.7% | 47.1% | -55.0% | -12.0% | 370.5% | · | · | |
| Net Income CAGR 3Y | -5.5% | -16.5% | 23.1% | · | · | · | · | |
| Net Income CAGR 5Y | 28.5% | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.12B | $1.05B | $992M | $1.31B | $1.40B | · | · | |
| Net Income TTM | $152M | $119M | $81M | $179M | $204M | · | · | |
| Market Cap | $3.36B | $3.30B | $2.91B | $1.99B | $6.11B | · | · | |
| Enterprise Value | · | $3.10B | $2.71B | $1.94B | · | · | · | |
| P/E | 22.7 | 28.3 | 36.8 | 12.1 | 53.5 | · | · | |
| P/S | 3.0 | 3.1 | 2.9 | 1.5 | 4.4 | · | · | |
| P/B | 2.1 | 2.3 | 2.2 | 1.6 | 4.5 | · | · | |
| P / Cash Flow | 13.1 | 15.6 | 15.8 | 17.2 | 32.3 | · | · | |
| P / FCF | 14.8 | 17.6 | 19.0 | 23.1 | 37.5 | · | · | |
| EV / EBITDA | · | 14.9 | 15.5 | 6.8 | · | · | · | |
| EV / FCF | · | 16.5 | 17.7 | 22.5 | · | · | · | |
| EV / Revenue | · | 3.0 | 2.7 | 1.5 | · | · | · | |
| Dividend Yield | · | · | · | 0.00% | 0.00% | · | · | |
| Earnings Yield | 4.4% | 3.5% | 2.7% | 8.3% | 1.9% | · | · | |
| Payout Ratio | · | · | · | 0.00% | 0.00% | · | · | |
| Annual Payout | · | · | · | $0 | $0 | · | · |
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 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $318M | $255M | $349M | $244M | $300M | $229M | $327M | $228M | $284M | $213M | $278M | $220M | $210M | $259M | |
| Cost of Revenue | $163M | $137M | $207M | $128M | $152M | $124M | $174M | $124M | $151M | $116M | $189M | $115M | $112M | $149M | |
| Gross Profit | $155M | $119M | $142M | $117M | $147M | $105M | $153M | $104M | $133M | $96M | $90M | $105M | $98M | $109M | |
| R&D Expense | $8M | $7M | $8M | $7M | $6M | $6M | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | |
| SG&A Expense | $64M | $63M | $40M | $61M | $62M | $57M | $59M | $55M | $51M | $52M | $14M | $59M | $55M | $61M | |
| Operating Expenses | · | · | · | $0 | $2M | $-900.0K | · | · | · | · | · | · | · | · | |
| Operating Income | $76M | $42M | $87M | $41M | $71M | $34M | $76M | $33M | $68M | $31M | $55M | $29M | $28M | $36M | |
| Other Non-op | $2M | $-666.0K | $-327.0K | $1M | $2M | $-1M | $495.0K | $705.0K | $646.0K | $638.0K | $1M | $-2M | $759.0K | $3M | |
| Pretax Income | $59M | $30M | $75M | $31M | $59M | $19M | $63M | $21M | $47M | $13M | $39M | $10M | $9M | $23M | |
| Income Tax | $14M | $7M | $7M | $7M | $15M | $4M | $9M | $4M | $9M | $3M | $8M | $-2M | $835.0K | $7M | |
| Net Income | $46M | $23M | $68M | $24M | $45M | $14M | $55M | $17M | $38M | $10M | $31M | $12M | $8M | $16M | |
| EPS (Basic) | $0.21 | $0.11 | $0.31 | $0.11 | $0.21 | $0.07 | $0.25 | $0.08 | $0.17 | $0.05 | $0.15 | $0.06 | $0.04 | $0.08 | |
| EPS (Diluted) | $0.21 | $0.11 | $0.31 | $0.11 | $0.20 | $0.06 | $0.26 | $0.07 | $0.17 | $0.04 | $0.14 | $0.05 | $0.04 | $0.08 | |
| Shares (Basic) | 216,352,470 | 217,359,824 | -432,576,849 | 216,826,626 | 216,382,177 | 215,962,018 | -429,475,980 | 215,231,886 | 214,915,338 | 214,357,439 | 210,300 | 213,416,502 | 212,523,221 | -2,064,800 | |
| Shares (Diluted) | 220,806,675 | 222,423,409 | -443,880,691 | 222,420,881 | 221,834,188 | 221,851,399 | -442,401,693 | 221,436,206 | 221,259,232 | 221,076,443 | 54,384 | 220,863,228 | 220,501,177 | -2,404,898 | |
| EBITDA | $76M | $42M | · | $41M | $71M | $34M | · | $33M | $68M | $31M | · | $29M | $28M | · |
Balance Sheet 29
| 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 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $304M | $136M | $330M | $429M | $365M | $181M | $197M | $274M | $215M | $116M | · | $244M | $41M | · | |
| Short-term Investments | $179M | $95M | $69M | $20M | · | · | $0 | $0 | $0 | $0 | · | · | · | · | |
| Receivables | $159M | $431M | $280M | $116M | $170M | $294M | $279M | $100M | $148M | $351M | · | $125M | $308M | · | |
| Inventory | $235M | $229M | $211M | $230M | $228M | $233M | $216M | $229M | $214M | $221M | · | $221M | $275M | · | |
| Prepaid Expense | $19M | $15M | $20M | $18M | $19M | $14M | $20M | $16M | $16M | $11M | · | $13M | $9M | · | |
| Other Current Assets | $37M | $43M | $41M | $21M | $49M | $50M | $49M | $19M | $18M | $16M | · | $16M | $18M | · | |
| Current Assets | $933M | $948M | $951M | $836M | $831M | $773M | $767M | $650M | $610M | $721M | · | $643M | $678M | · | |
| PP&E (Net) | · | · | $165M | · | · | · | $160M | · | · | · | · | · | · | · | |
| Goodwill | $948M | $950M | $951M | $950M | $951M | $946M | $944M | $953M | $952M | $933M | $935M | $932M | $933M | $932M | |
| Intangibles | · | · | $1.00B | · | · | · | $1.03B | · | · | · | $1.04B | · | · | $1.07B | |
| Other Non-current Assets | $80M | $77M | $81M | $84M | $84M | $84M | $89M | $84M | $90M | $87M | · | $103M | $98M | · | |
| Total Assets | $3.12B | $3.14B | $3.15B | $3.04B | $3.04B | $2.98B | $2.99B | $2.89B | $2.86B | $2.93B | · | $2.88B | $2.93B | · | |
| Accounts Payable | $92M | $86M | $77M | $69M | $74M | $95M | $81M | $74M | $69M | $76M | · | $48M | $56M | · | |
| Short-term Debt | · | · | · | $0 | $0 | $381.0K | · | $4M | $6M | $573.0K | · | $4M | $842.0K | · | |
| Current Liabilities | $280M | $291M | $323M | $262M | $293M | $294M | $313M | $248M | $235M | $214M | · | $198M | $195M | · | |
| Capital Leases | $48M | $50M | $51M | $52M | $52M | $53M | $55M | $57M | $58M | $57M | · | $60M | $63M | · | |
| Deferred Tax | $227M | $228M | $227M | $239M | $234M | $237M | $239M | $239M | $243M | $248M | · | $259M | $262M | · | |
| Other Non-current Liabilities | $63M | $63M | $64M | $64M | $63M | $64M | $64M | $69M | $67M | $66M | · | $66M | $69M | · | |
| Total Liabilities | $1.52B | $1.52B | $1.56B | $1.51B | $1.54B | $1.55B | $1.57B | $1.52B | $1.51B | $1.61B | · | $1.60B | $1.70B | · | |
| Long-term Debt | · | · | $960M | · | · | · | · | · | · | · | · | · | · | · | |
| Total Debt | · | · | · | $0 | $0 | $381.0K | · | $4M | $6M | $573.0K | · | $4M | · | · | |
| Common Stock | $248.0K | $247.0K | $247.0K | $246.0K | $246.0K | $245.0K | $245.0K | $244.0K | $244.0K | $244.0K | · | $243.0K | $242.0K | · | |
| Paid-in Capital | $1.12B | $1.11B | $1.11B | $1.11B | $1.10B | $1.10B | $1.09B | $1.09B | $1.09B | $1.08B | · | $1.08B | $1.07B | · | |
| Retained Earnings | $920M | $874M | $851M | $783M | $759M | $714M | $700M | $645M | $628M | $591M | · | $550M | $509M | · | |
| Treasury Stock | $429M | $371M | $363M | $359M | $359M | $359M | $358M | $358M | $358M | $358M | · | $358M | $357M | · | |
| AOCI | $-8M | $-6M | $-5M | $-6M | $-2M | $-12M | $-11M | $-4M | $254.0K | $4M | · | $10M | $6M | · | |
| Stockholders' Equity | $1.60B | $1.61B | $1.59B | $1.52B | $1.50B | $1.44B | $1.42B | $1.37B | $1.36B | $1.32B | $1.31B | $1.28B | $1.23B | $1.22B | |
| Liabilities + Equity | $3.12B | $3.14B | $3.15B | $3.04B | $3.04B | $2.98B | $2.99B | $2.89B | $2.86B | $2.93B | · | $2.88B | $2.93B | · | |
| Shares Outstanding | 214,050,440 | 217,662,403 | 217,356,414 | 217,051,108 | 216,550,880 | 216,204,137 | 215,778,520 | 215,412,560 | 215,071,798 | 214,716,389 | 214,165,676 | 213,689,808 | 212,775,069 | 211,862,781 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $3M | $2M | $2M | |
| Amort. of Intangibles | · | · | $14M | $7M | $7M | $7M | $14M | $8M | $7M | $7M | $14M | $8M | $8M | $15M | |
| Operating Cash Flow | $322M | $-151M | $-27M | $95M | $194M | $-6M | $-64M | $66M | $287M | $-77M | $-32M | $50M | $-91M | $-28M | |
| CapEx | $10M | $7M | $9M | $7M | $7M | $6M | $6M | $5M | $4M | $5M | $6M | $7M | $6M | $6M | |
| Investing Cash Flow | $-95M | $-32M | $-63M | $-27M | $-7M | $-6M | $-254.0K | $-6M | $-67M | $19M | $-33M | $-7M | $-6M | $-8M | |
| Debt Issued | · | · | $0 | $0 | $0 | $0 | $0 | $30.0K | $662.0K | $2M | $2M | $1M | $0 | $130M | |
| Net Debt Issued | · | $-3M | · | · | · | $-590.0K | · | · | · | $-1M | · | · | $-3M | · | |
| Stock Repurchased | $58M | $6M | $4M | $68.0K | $80.0K | $0 | $378.0K | $-355.0K | $0 | $355.0K | $-222.0K | $213.0K | $9.0K | $30.0K | |
| Net Stock Activity | · | $-6M | · | · | · | $-993.0K | · | · | · | · | · | · | $-9.0K | · | |
| Financing Cash Flow | $-59M | $-11M | $-10M | $-3M | $-4M | $-4M | $-11M | $-2M | $-121M | $-3M | $-2M | $-2M | $82M | $17M | |
| Net Change in Cash | $168M | $-194M | $-99M | $64M | $184M | $-15M | $-78M | $59M | $99M | $-62M | $-66M | $39M | $-15M | $-17M | |
| Taxes Paid | $22M | $-126.0K | $6M | $11M | $9M | $151.0K | $9M | $21M | $6M | $109.0K | $2M | $8M | $2M | $6M | |
| Free Cash Flow | · | $-158M | · | · | · | $-11M | · | · | · | $-83M | · | · | $-97M | · |
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 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.7% | 46.5% | · | 51.2% | 52.7% | 49.5% | · | 49.7% | 51.0% | 49.2% | · | 47.9% | 46.6% | · | |
| Operating Margin | 23.9% | 16.7% | · | 16.8% | 23.8% | 14.6% | · | 14.7% | 23.9% | 14.5% | · | 13.1% | 13.2% | · | |
| Net Margin | 14.3% | 9.2% | · | 9.8% | 14.9% | 6.3% | · | 7.2% | 13.2% | 4.6% | · | 5.3% | 4.0% | · | |
| Pretax Margin | 18.6% | 11.8% | · | 12.8% | 19.8% | 8.2% | · | 9.2% | 16.5% | 6.1% | · | 4.3% | 4.4% | · | |
| EBITDA Margin | 23.9% | 16.7% | · | 16.8% | 23.8% | 14.6% | · | 14.7% | 23.9% | 14.5% | · | 13.1% | 13.2% | · | |
| ROA | 1.5% | 0.76% | · | 0.81% | 1.5% | 0.48% | · | 0.57% | 1.3% | 0.34% | · | 0.41% | · | · | |
| ROE | 2.9% | 1.5% | · | 1.7% | 3.1% | 1.0% | · | 1.2% | 2.9% | 0.77% | · | 0.95% | · | · | |
| ROIC | 3.6% | 2.0% | · | 2.1% | 3.6% | 1.8% | · | 1.9% | 4.0% | 1.8% | · | 2.8% | · | · |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.3 | 3.3 | · | 3.2 | 2.8 | 2.6 | · | 2.6 | 2.6 | 3.4 | · | 3.2 | · | · | |
| Quick Ratio | 2.3 | 2.3 | · | 2.2 | 1.8 | 1.6 | · | 1.5 | 1.5 | 2.2 | · | 1.9 | · | · | |
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | · | · | |
| Inventory Turnover | 0.7 | 0.6 | · | 0.5 | 0.6 | 0.5 | · | 0.5 | 0.6 | 0.4 | · | 0.4 | · | · | |
| Receivables Turnover | 1.9 | 0.7 | · | 2.3 | 1.9 | 0.7 | · | 2.0 | 1.9 | 0.6 | · | 1.9 | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.12B | $1.03B | · | $1.00B | $1.04B | $953M | · | $945M | $1.00B | $927M | · | $959M | $1.27B | · | |
| Net Income TTM | $138M | $107M | · | $100M | $113M | $78M | · | $76M | $89M | $59M | · | $73M | $172M | · | |
| Market Cap | $3.53B | $2.88B | · | $3.22B | $2.99B | $2.97B | · | $3.29B | $2.65B | $3.29B | · | $3.01B | · | · | |
| Enterprise Value | · | · | · | $2.77B | $2.63B | $2.79B | · | $3.02B | $2.44B | $3.17B | · | $2.77B | · | · | |
| P/E | 26.2 | 27.6 | · | 33.8 | 27.6 | 40.4 | · | 46.2 | 31.5 | 58.9 | · | 44.1 | 16.1 | · | |
| P/S | 3.2 | 2.8 | · | 3.2 | 2.9 | 3.1 | · | 3.5 | 2.6 | 3.5 | · | 3.1 | · | · | |
| P/B | 2.2 | 1.8 | · | 2.1 | 2.0 | 2.1 | · | 2.4 | 1.9 | 2.5 | · | 2.4 | · | · | |
| P / Tangible Book | 5.4 | 4.4 | · | 5.6 | 5.5 | 6.0 | · | 7.8 | 6.5 | 8.5 | · | 8.7 | · | · | |
| P / Cash Flow | · | -19.1 | · | · | · | -507.8 | · | · | · | -42.6 | · | · | · | · | |
| P / FCF | · | -18.3 | · | · | · | -261.3 | · | · | · | -39.5 | · | · | · | · | |
| EV / EBITDA | · | · | · | 67.6 | 36.8 | 83.2 | · | 90.3 | 35.8 | 102.8 | · | 95.9 | · | · | |
| EV / FCF | · | · | · | · | · | -245.4 | · | · | · | -38.2 | · | · | · | · | |
| EV / Revenue | · | · | · | 2.8 | 2.5 | 2.9 | · | 3.2 | 2.4 | 3.4 | · | 2.9 | · | · | |
| Earnings Yield | 3.8% | 3.6% | · | 3.0% | 3.6% | 2.5% | · | 2.2% | 3.2% | 1.7% | · | 2.3% | 6.2% | · |
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 | $1.12B | $1.05B | $992M | $1.31B | $1.40B |
| Gross Margin % | 48.0% | 50.5% | 48.1% | 45.4% | 46.8% |
| Operating Margin % | 20.8% | 19.9% | 17.7% | 21.7% | 22.7% |
| Net Income | $152M | $119M | $81M | $179M | $204M |
| Diluted EPS | $0.68 | $0.54 | $0.37 | $0.78 | $0.49 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | 0.0 | 0.0 | — |
| Current Ratio | 2.9 | 2.5 | 3.0 | 2.6 | 2.5 |
| Quick Ratio | 2.1 | 1.5 | 2.0 | 1.1 | 1.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $227M | $188M | $154M | $86M | $163M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 305 filers · $2.9B 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 |
|---|---|---|---|---|
| 48 (-1 vs prior Q) | 49 (+18 vs prior Q) | 97 (0 vs prior Q) | 106 (-13 vs prior Q) | +33.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $250,363,289 | 14,463,506 | 8.64% | Shares |
| FIDUCIARY MANAGEMENT INC /WI/ | $202,255,891 | 11,684,338 | 6.98% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $178,429,697 | 10,307,897 | 6.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $160,490,357 | 9,271,540 | 5.54% | Shares |
| JPMORGAN CHASE & CO | $147,272,436 | 8,658,649 | 5.08% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $137,834,250 | 7,962,695 | 4.76% | Shares |
| NEUBERGER BERMAN GROUP LLC | $134,043,430 | 7,743,699 | 4.63% | Shares |
| STATE STREET CORP | $114,268,347 | 6,601,291 | 3.94% | Shares |
| AMERICAN CENTURY COMPANIES INC | $110,881,738 | 6,405,644 | 3.83% | Shares |
| MIC Capital Management UK LLP | $106,829,132 | 6,171,527 | 3.69% | Shares |
| Greenhouse Funds LLLP | $95,338,460 | 5,507,710 | 3.29% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $93,062,785 | 5,376,244 | 3.21% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $76,699,259 | 4,430,922 | 2.65% | Shares |
| Michael & Susan Dell Foundation | $75,135,076 | 4,340,559 | 2.59% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $61,747,765 | 3,567,173 | 2.13% | Shares |
| Focus Partners Wealth | $57,507,493 | 3,322,327 | 1.98% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $50,728,198 | 2,929,681 | 1.75% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $50,475,948 | 2,970,921 | 1.74% | Shares |
| DF DENT & CO INC | $37,956,147 | 2,192,729 | 1.31% | Shares |
| Trigran Investments, Inc. | $35,751,970 | 2,065,394 | 1.23% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $34,735,198 | 2,006,655 | 1.20% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $33,472,624 | 1,933,716 | 1.16% | Shares |
| JENNISON ASSOCIATES LLC | $28,271,627 | 1,633,254 | 0.98% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $27,690,340 | 1,599,673 | 0.96% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $26,828,094 | 1,549,861 | 0.93% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $26,093,267 | 1,507,410 | 0.90% | Shares |
| D. E. Shaw & Co., Inc. | $25,218,039 | 1,456,848 | 0.87% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $23,187,887 | 1,339,566 | 0.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $22,043,627 | 1,273,462 | 0.76% | Shares |
| Aperture Investors, LLC | $20,163,744 | 1,164,861 | 0.70% | Shares |
| Hudson Bay Capital Management LP | $15,846,145 | 915,433 | 0.55% | Shares |
| CITADEL ADVISORS LLC | $15,077,997 | 871,057 | 0.52% | Shares |
| Weiss Asset Management LP | $14,234,463 | 822,326 | 0.49% | Shares |
| Mesirow Institutional Investment Management, Inc. | $13,449,420 | 879,622 | 0.46% | Shares |
| Granite Investment Partners, LLC | $13,420,616 | 775,310 | 0.46% | Shares |
| Glenmede Investment Management, LP | $13,142,016 | 869,181 | 0.45% | Shares |
| Public Sector Pension Investment Board | $11,870,211 | 685,743 | 0.41% | Shares |
| GLENMEDE TRUST CO NA | $11,852,001 | 684,691 | 0.41% | Shares |
| FIRST TRUST ADVISORS LP | $11,166,768 | 645,131 | 0.39% | Shares |
| GOLDMAN SACHS GROUP INC | $11,163,721 | 644,929 | 0.39% | Shares |
| Trexquant Investment LP | $9,802,341 | 566,282 | 0.34% | Shares |
| Leith Wheeler Investment Counsel Ltd. | $9,709,680 | 560,929 | 0.34% | Shares |
| BANK OF AMERICA CORP /DE/ | $8,175,530 | 472,301 | 0.28% | Shares |
| AMERIPRISE FINANCIAL INC | $7,916,158 | 457,317 | 0.27% | Shares |
| SCOPUS ASSET MANAGEMENT, L.P. | $7,789,500 | 450,000 | 0.27% | Put option |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $7,680,447 | 443,700 | 0.27% | Shares |
| Bank of New York Mellon Corp | $7,628,413 | 440,694 | 0.26% | Shares |
| SCOPUS ASSET MANAGEMENT, L.P. | $7,598,830 | 438,985 | 0.26% | Shares |
| CI INVESTMENTS INC. | $7,557,148 | 436,577 | 0.26% | Shares |
| Gotham Asset Management, LLC | $7,556,750 | 436,554 | 0.26% | Shares |
| Swiss National Bank | $7,353,288 | 424,800 | 0.25% | Shares |
| Madison Asset Management, LLC | $7,282,334 | 420,701 | 0.25% | Shares |
| BARCLAYS PLC | $6,991,959 | 403,926 | 0.24% | Shares |
| MSD CAPITAL, L.P. | $6,651,004 | 384,229 | 0.23% | Shares |
| TWO SIGMA INVESTMENTS, LP | $6,466,618 | 373,577 | 0.22% | Shares |
| RHUMBLINE ADVISERS | $6,331,407 | 365,768 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,832,241 | 336,929 | 0.20% | Shares |
| Concentric Capital Strategies, LP | $5,567,987 | 321,663 | 0.19% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $5,530,441 | 319,494 | 0.19% | Shares |
| Polar Asset Management Partners Inc. | $5,305,515 | 306,500 | 0.18% | Shares |
| Legal & General Group Plc | $5,302,901 | 306,349 | 0.18% | Shares |
| Birch Hill Investment Advisors LLC | $5,265,165 | 304,169 | 0.18% | Shares |
| ExodusPoint Capital Management, LP | $4,985,799 | 288,030 | 0.17% | Shares |
| Quantinno Capital Management LP | $4,931,377 | 284,886 | 0.17% | Shares |
| PEAK6 LLC | $4,786,371 | 276,509 | 0.17% | Shares |
| Squarepoint Ops LLC | $4,692,983 | 271,114 | 0.16% | Shares |
| Madison Investment Advisors, LLC | $4,513,532 | 295,195 | 0.16% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $4,263,557 | 246,306 | 0.15% | Shares |
| Homestead Advisers Corp | $4,083,429 | 235,900 | 0.14% | Shares |
| HEARTLAND ADVISORS INC | $3,967,175 | 229,184 | 0.14% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,868,370 | 223,476 | 0.13% | Shares |
| BlackRock, Inc. | $3,853,985 | 222,645 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $3,833,438 | 221,458 | 0.13% | Shares |
| Brevan Howard Capital Management LP | $3,708,650 | 214,249 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,315,256 | 247,777 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,287,827 | 189,938 | 0.11% | Shares |
| Rafferty Asset Management, LLC | $3,268,942 | 188,847 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,268,145 | 188,801 | 0.11% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $3,189,004 | 184,229 | 0.11% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $2,950,611 | 170,457 | 0.10% | Shares |
| Schonfeld Strategic Advisors LLC | $2,787,186 | 161,016 | 0.10% | Shares |
| CastleKnight Management LP | $2,670,933 | 154,300 | 0.09% | Shares |
| NATIXIS | $2,664,286 | 153,916 | 0.09% | Shares |
| Corient Private Wealth LP | $2,613,535 | 150,984 | 0.09% | Shares |
| Summit Trail Advisors, LLC | $2,479,969 | 143,268 | 0.09% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,403,026 | 138,823 | 0.08% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $2,207,528 | 129,931 | 0.08% | Shares |
| XTX Topco Ltd | $2,179,156 | 125,890 | 0.08% | Shares |
| State of New Jersey Common Pension Fund D | $1,922,362 | 111,055 | 0.07% | Shares |
| Illinois Municipal Retirement Fund | $1,828,871 | 105,654 | 0.06% | Shares |
| EntryPoint Capital, LLC | $1,818,727 | 105,068 | 0.06% | Shares |
| Police & Firemen's Retirement System of New Jersey | $1,658,610 | 95,818 | 0.06% | Shares |
| Verition Fund Management LLC | $1,582,307 | 91,410 | 0.05% | Shares |
| Louisiana State Employees Retirement System | $1,514,625 | 87,500 | 0.05% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $1,503,408 | 86,852 | 0.05% | Shares |
| Sendero Wealth Management, LLC | $1,498,648 | 86,577 | 0.05% | Shares |
| IEQ CAPITAL, LLC | $1,460,826 | 84,392 | 0.05% | Shares |
| DIVERSIFIED MANAGEMENT INC | $1,399,642 | 104,607 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $1,328,006 | 76,719 | 0.05% | Shares |
| CWM, LLC | $1,266,176 | 94,632 | 0.04% | Shares |
Company insiders 18 insiders · 4 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Eifion Jones | Senior Vice President and CFO | March 12, 2021 P | 6,500 | 0 | 0 | $0 |
| Rick Roetken | President, North America | Sept. 21, 2021 S | 196,402 | 0 | 0 | $0 |
| Susan M. Canning | SVP, CLO, Corporate Secretary | Aug. 17, 2026 S | 171,411 | 0 | 2 | $-105,210 |
| Michael Colicchio | VP and Corporate Controller | March 12, 2021 P | 114,256 | 0 | 0 | $0 |
| Kevin D. Brown | Director | July 30, 2026 A | 3,222,933 | 0 | 0 | $0 |
| Arthur L Soucy | Director | July 30, 2026 A | 61,576 | 0 | 0 | $0 |
| Ronald C Keating | Director | July 30, 2026 A | 60,672 | 0 | 0 | $0 |
| Stephen J Felice | Director | July 30, 2026 A | 366,485 | 0 | 0 | $0 |
| MSD Partners, L.P. | Director | June 10, 2025 J | 0 | 0 | 0 | $0 |
| Lawrence Harris Silber | Director | March 12, 2021 P | 17,352 | 0 | 0 | $0 |
| Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp | 10% owner | March 3, 2023 S | 17,247,765 | 0 | 0 | $0 |
| Kevin Gallagher | — | Aug. 3, 2026 F | 35,924 | 0 | 0 | $0 |
| Dario Vicario Ramirez | — | Aug. 3, 2026 F | 11,570 | 0 | 0 | $0 |
| Kevin Holleran | — | Aug. 3, 2026 M | 701,234 | 0 | 4 | $-4,414,966 |
| Raymond H Lewis JR | — | Aug. 3, 2026 F | 45,970 | 0 | 0 | $0 |
| Lori A Walker | — | May 21, 2026 A | 59,407 | 0 | 0 | $0 |
| Michael S Dell | — | Nov. 15, 2024 G | 11,021,534 | 0 | 0 | $0 |
| MSD Aqua Partners, LLC | — | Sept. 11, 2024 J | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 75 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 | 1.26% | 11,576 NS | April 30, 2026 | N-PORT |
| EQTY · Valued Advisers Trust | 1.24% | 1,088,742 NS | April 30, 2026 | N-PORT |
| FXR · First Trust Exchange-Traded AlphaDE… | 0.96% | 446,725 NS | April 30, 2026 | N-PORT |
| PSCI · Invesco Exchange-Traded Fund Trust … | 0.94% | 116,524 SH | Aug. 8, 2026 | Daily |
| HOMZ · ETF Series Solutions | 0.75% | 18,137 NS | May 31, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 0.72% | 10,847 NS | April 30, 2026 | N-PORT |
| NBSM · Neuberger Berman ETF Trust | 0.70% | 112,007 NS | May 31, 2026 | N-PORT |
| ITB · iShares Trust | 0.66% | 974,170 SH | Aug. 8, 2026 | Daily |
| NAIL · Direxion Shares ETF Trust | 0.48% | 181,247 NS | April 30, 2026 | N-PORT |
| TBLU · Tortoise Capital Series Trust | 0.45% | 16,825 NS | May 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.29% | 24,013 NS | April 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.27% | 32,461 NS | April 30, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.20% | 31,847 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.20% | 23,587 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.19% | 698,221 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.19% | 220,246 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.18% | 114,042 SH | Aug. 8, 2026 | Daily |
| IJS · iShares Trust | 0.18% | 928,265 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.17% | 12,173,299 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 0.17% | 892,372 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 77,865 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.13% | 7,233 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.13% | 244,007 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.13% | 103,497 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.12% | 2,387 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.12% | 243,843 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.11% | 963,704 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.08% | 767,341 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.08% | 3,000,755 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.08% | 104,745 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.07% | 420,499 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.06% | 318,339 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 955,145 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.06% | 103,334 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.06% | 35,243 SH | Aug. 8, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.05% | 5,050 NS | April 30, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.05% | 258,189 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.05% | 9,079 SH | Aug. 8, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.05% | 63,840 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.05% | 20,371 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.04% | 23,853 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.04% | 104,488 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 2,287,284 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.04% | 4,728,060 SH | Aug. 8, 2026 | Daily |
| IYJ · iShares Trust | 0.04% | 47,852 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.03% | 313,417 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.03% | 12,466 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.03% | 7,474 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.02% | 841,499 SH | Aug. 8, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.02% | 175,744 NS | April 30, 2026 | N-PORT |