HII Huntington Ingalls Industries, Inc. Common Stock
About Huntington Ingalls Industries, Inc. Common Stock Company overview from Wikipedia
Huntington Ingalls Industries, Inc., (HII) is the largest military shipbuilding company in the United States as well as a provider of professional services to partners in government and industry. HII was formed on 31 March 2011, as a divestiture from Northrop Grumman.
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Huntington Ingalls Industries, Inc., (HII) is the largest military shipbuilding company in the United States as well as a provider of professional services to partners in government and industry. HII was formed on 31 March 2011, as a divestiture from Northrop Grumman.
HII comprises three divisions: Newport News Shipbuilding in Virginia, Ingalls Shipbuilding in Mississippi, and Mission Technologies.
In April 2022, Huntington Ingalls Industries changed its branding name to HII.
History
When it spun off as a new company on 31 March 2011, Huntington Ingalls Industries comprised Northrop Grumman’s shipbuilding businesses in Newport News, Virginia, Pascagoula, Mississippi, and Avondale, Louisiana; Avondale was closed in 2014.
Since its creation, HII has built and expanded its professional and government services through the acquisitions of UniversalPegasus International, the S.M. Stoller Corporation, Camber Corporation, Novonics, the Columbia Group's Engineering Solutions division, G2 Inc., Alion Science and Technology, and Fulcrum IT Services.
In 2016, HII established a third division, Technical Solutions (now Mission Technologies), comprising the company's services capabilities. HII’s Mission Technologies division is headquartered in McLean, Virginia, with more than 100 facilities across the globe.
HII is named for the founders of its shipbuilding divisions: Collis Potter Huntington, who founded Newport News Shipbuilding and Drydock Company, and Robert Ingersoll Ingalls Sr., who established Ingalls Shipbuilding.
On 10 October 2024, the People's Republic of China announced sanctions on three U.S. military-industrial companies and 10 Americans, including Huntington Ingalls Industries and its president and CEO Christopher D. Kastner, for participating in arms sales to Taiwan.
Divisions
Newport News Shipbuilding, Newport News, Virginia (U.S. Navy nuclear aircraft carriers, submarines, refueling and complex overhaul, carrier inactivation)
Ingalls Shipbuilding, Pascagoula, Mississippi (U.S. Navy surface combatants, amphibious warships, and U.S. Coast Guard National Security Cutters)
Mission Technologies, (U.S. unified combatant command support, U.S. Navy fleet support, USAF and Air National Guard training support, software engineering and IT solutions, cybersecurity, other DoD training, unmanned systems, intelligence analysis, Department of Energy nuclear operations, nuclear fabrication, oil and gas services)
Ingalls Shipbuilding
In 1938, Ingalls Shipbuilding Corporation was founded by Robert Ingersoll Ingalls Sr. (1882–1951), on the East Bank of the Pascagoula River in Mississippi. It started out building commercial ships until the 1950s, when Ingalls started bidding on Navy work.
Employing more than 11,000 employees, HII's Ingalls Shipbuilding is the largest manufacturing employer in Mississippi and a major contributor to the economic growth of Alabama. For 85 years, Ingalls has designed, built and maintained amphibious ships, destroyers, and cutters for the U.S. Navy and the U.S. Coast Guard. The largest supplier of U.S. Navy surface combatants, Ingalls is simultaneously building four classes of ships.
Brian Blanchette, who served as vice president of quality at Ingalls from 2021 to 2024, began serving as president of Ingalls Shipbuilding and vice president of HII on 1 January 2025, after his predecessor Kari Wilkinson was named president of Newport News Shipbuilding in November 2024. As president, Blanchette is responsible for all programs and operations at Ingalls, including the U.S. Navy’s amphibious assault and surface combatant ship programs.
Newport News Shipbuilding
Founded in 1886, HII's Newport News Shipbuilding, headquartered in Newport News, Virginia, is the nation’s sole designer, builder and refueler of nuclear-powered aircraft carriers and one of only two shipyards capable of designing and building nuclear-powered submarines. The division's legacy of "Always Good Ships," includes the design, construction, overhaul and repair of more than 800 ships for the U.S. Navy and commercial customers.
Jennifer Boykin served as president of Newport News Shipbuilding and executive president of HII from 2017 to 2025. Boykin was the 20th person and the first woman to serve as president. On 1 January 2025, Kari Wilkinson was named to this position, coming from HII's Ingalls shipyard in Mississippi.
Facilities
HII operates facilities in several key locations across the US:
Newport News Shipbuilding, Newport News, Virginia (nuclear-powered aircraft carriers and submarines, refueling and complex overhaul, aircraft carrier inactivation)
Ingalls Shipbuilding, Pascagoula, Mississippi (U.S. Navy surface combatants, amphibious assault ships; U.S. Coast Guard national security cutters)
Virginia Beach, Virginia (fleet support, training)
San Diego, California (fleet support and repair)
Huntsville, Alabama (modeling and simulation, training, professional services)
Fairfax, Virginia (IT and cybersecurity services)
Former facilities
Gulfport, Mississippi (composite R&D, composite components)
Tallulah, Louisiana (components and subassemblies, closed in 2011)
Waggaman, Louisiana (closed in 2011)
Avondale Shipyard, New Orleans, Louisiana (amphibs, auxiliaries, closed in October 2014)
Projects
Gerald R. Ford-class aircraft carriers
As the nation’s sole designer-builder of nuclear-powered aircraft carriers, HII is currently designing and building the next-generation of aircraft carriers – the Gerald R. Ford class, the first new design for an aircraft carrier in decades – that use new technologies to provide the U.S. Navy with increased power and reduced manning. The company is to build ten Gerald R. Ford-class aircraft carriers for the U.S. Navy and is scheduled to deliver one carrier every five years starting in 2015.
In 2019, the U.S. Navy awarded HII a $15.2 billion block contract for the detail design and construction of Enterprise (CVN-80) and Doris Miller (CVN-81).
Aircraft Carrier Refueling and Complex Overhaul (RCOH)
HII's Newport News Shipbuilding is the only shipyard to perform refueling and complex overhaul (RCOH) work on aircraft carriers. This massive undertaking was described in a 2002 Rand Study as one of the most challenging engineering and industrial tasks undertaken anywhere by any organization.
The multi-year project is performed only once during a carrier’s 50-year life and includes refueling of the ship’s two nuclear reactors, as well as significant repair, upgrade and modernization work. HII have completed the refueling and complex overhaul of the first six ships of the Nimitz-class, USS Nimitz (CVN 68), USS Dwight D. Eisenhower (CVN 69), USS Carl Vinson (CVN 70), USS Theodore Roosevelt (CVN 71), USS Abraham Lincoln (CVN 72) and USS George Washington (CVN 73). As of 2024, HII is performing this work on the seventh ship in the class, USS John C. Stennis (CVN 74).
Aircraft carrier inactivation
Newport News Shipbuilding also offers inactivation services for nuclear-powered aircraft carriers. In 2018, NNS successfully completed the inactivation of Enterprise (CVN 65), which began in 2013. The NNS-built Enterprise was the world’s first nuclear-powered aircraft carrier and the only ship of its class.
Columbia-class submarines
HII's Newport News Shipbuilding is a major shipbuilding partner in the Columbia-class program, constructing and delivering six module sections per submarine under contract to General Dynamics Electric Boat to support the Navy’s plan to replace the aging Ohio-class.
The new submarines will make up one leg of the U.S. strategic nuclear deterrent triad. The 561-foot-long submarines will include a new life-of-ship reactor, an electric drive propulsion system and field 16 Trident II D5 ballistic missiles.
Building on the success of the Virginia-class submarine program, NNS is participating in the construction of 12 Columbia-class submarines with Electric Boat as the prime contractor. Newport News Shipbuilding is manufacturing major Columbia-class assemblies and modules, including the bow, stern, auxiliary machinery room, superstructure and weapons modules.
Virginia-class attack submarines
HII's Newport News Shipbuilding is one of only two U.S. shipyards capable of designing and building nuclear-powered submarines. Currently, NNS is building the most advanced attack submarines in the world—the Virginia class.
Designed to meet the Navy’s requirements in a post-Cold War era, Virginia-class submarines use advanced technologies to increase firepower, maneuverability and stealth. The submarines are capable of submerged speeds of more than 25 knots and can stay submerged for up to three months at a time.
Under an innovative agreement, Newport News Shipbuilding is producing these submarines as part of a teaming agreement with General Dynamics Electric Boat.
Prior to the Virginia-class, Newport News Shipbuilding designed the Los Angeles-class submarines and constructed 29 of the 62 boats built.
America-class amphibious assault ships
USS America (LHA 6) was delivered in April 2014 and commissioned 11 October 2014. It is first in the new class of amphibious assault ships for the U.S. Navy, replacing USS Tarawa (LHA 1). Ingalls’ next ship in the class, Tripoli (LHA 7), was delivered to the Navy on 28 February 2020. The ship was christened on 16 September 2017.
On 16 June 2017, Ingalls Shipbuilding was awarded $3.1 billion contract to build Bougainville (LHA 8). Construction started on LHA 8 on 15 October 2018, and the ship's keel was laid on 13 March 2019.
Arleigh Burke-class destroyers
On 27 September 2018, Ingalls Shipbuilding won a $5.1 billion multi-year contract to build an additional six Arleigh Burke-class destroyers. These destroyers are equipped with the Navy's Aegis Combat System. Fabrication of the first Flight III ship, Jack. H. Lucas (DDG-125), started on 7 May 2018. Ingalls has built and delivered 31 ships to the U.S. Navy, with four more under construction. Paul Ignatius (DDG-117), is scheduled for commissioning on 27 July in Fort Lauderdale, Florida.
Amphibious ships
HII builds LPD 17 San Antonio and LHA America classes of amphibious warships. Designed for survivability and flexibility, U.S. Navy amphibious warships' function is to allow complex joint U.S. military operations to respond swiftly to crisis anywhere in the world, from deterrence and major combat operations to humanitarian assistance and disaster relief.
LPD San Antonio-class
HII's Ingalls Shipbuilding is building the entire San Antonio class of ships, the newest addition to the Navy's 21st century amphibious assault force. LPDs 17 to 28 have been delivered to the U.S. Navy. The latest, USS Fort Lauderdale (LPD 28), was delivered in March 2022.
In March 2023, Ingalls received a $1.3 billion modification to a previously awarded contract from the U.S. Navy for the procurement of the detail design and construction of amphibious transport dock LPD 32. The ship will be the 16th in the San Antonio class and the third Flight II LPD.
LHA 6 America-class
The America-class LHA ships are a variant of the extremely successful Wasp-class LHD amphibious assault ships that are presently serving as workhorses in the U. S. Navy fleet. Also known as "Large Deck amphibious ships," they are the centerpieces of amphibious ready groups and a U.S. Marine Corps Air-Ground Task Force.
HII's Ingalls Shipbuilding has delivered two America-class amphibious assault ships to the U.S. Navy: America (LHA 6) in April 2014, and Tripoli (LHA 7) in February 2020.
U.S. Coast Guard National Security Cutters
HII's Ingalls Shipbuilding provides the U.S. Coast Guard with Legend-class National Security Cutters, the flagships of the Coast Guard's cutter fleet. They are designed to replace the 378-foot Hamilton-class high-endurance cutters, which entered service during the 1960s. The National Security Cutter is the first new design for the service in 20 years.
The current Program of Record is for 11 ships, of which the first nine have been successfully delivered to the U.S. Coast Guard. Ingalls' ninth NSC, Stone (WMSL 758), was delivered in November 2020.
In December 2018, Ingalls received two contracts from the U.S. Coast Guard to build a 10th and 11th NSC. The contracts are valued at $468.75 million and $462.13 million, respectively. On 5 June 2025, the Secretary of Homeland Security cancelled the 11th cutter's contract due to continued delays past the 2024 delivery date.
Unmanned Systems
HII creates advanced unmanned solutions for defense, marine research and commercial applications. Serving customers in more than 30 countries, HII provides design, autonomy, manufacturing, testing, operations and sustainment of unmanned systems, including unmanned underwater vehicles (UUVs) and unmanned surface vessels (USVs). The company's REMUS UUVs - , untethered, autonomous marine robots - carry sensors and payloads to collect data for a variety of applications.
Mission Technologies contracts
In August 2023, HII's Mission Technologies division received its largest contract win through the $1.4 billion Joint Network Engineering and Emerging Operations (J-NEEO) task order.
HII's Mission Technologies also celebrated other several large contract wins:
1.3 billion to support the U.S. Africa Command (AFRICOM) Personnel Recovery Enterprise Services and Solutions (PRESS) task order
A $995 million contract to provide Advisory and Assistance Services (A&AS) for the U.S. Air Forces in Europe-Air Forces Africa (USAFE-AFAFRICA)
A $242 million contract to provide shore-based training, engineering and development support (SBEDS) for the U.S. Navy
Vertical Launch Support
In April 2024, Mission Technologies was awarded a contract by the U.S. Navy to analyze, research and develop enhanced capabilities for the Mk 41 and Mk 57 vertical launching systems (VLS) onboard U.S. Navy surface ships. HII is also to equip the first Zumwalt-class destroyer (DDG 1001) with a universal electronics module for the Mk 57 vertical launch system.
"Golden Fleet"
On 19 December 2025 the US Navy announced it would commission a new class of frigates in a series of warships to make up US President Donald Trump's envisioned "Golden Fleet". A derivative of the National Security Cutter, designated FF(X), was chosen for production.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
HII Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
HII 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
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| May 29, 2026 | $1.3800 |
| Feb. 27, 2026 | $1.3800 |
| Nov. 28, 2025 | $1.3800 |
| Aug. 29, 2025 | $1.3500 |
| May 30, 2025 | $1.3500 |
| Feb. 28, 2025 | $1.3500 |
| Nov. 29, 2024 | $1.3500 |
| Aug. 30, 2024 | $1.3000 |
| May 31, 2024 | $1.3000 |
| Feb. 22, 2024 | $1.3000 |
| Nov. 22, 2023 | $1.3000 |
| Aug. 24, 2023 | $1.2400 |
| May 25, 2023 | $1.2400 |
| Feb. 23, 2023 | $1.2400 |
| Nov. 23, 2022 | $1.2400 |
| Aug. 25, 2022 | $1.1800 |
| May 26, 2022 | $1.1800 |
| Feb. 24, 2022 | $1.1800 |
| Nov. 24, 2021 | $1.1800 |
| Aug. 26, 2021 | $1.1400 |
HII Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 3 17.6%
- Buy 7 41.2%
- Hold 7 41.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-24Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $5.27 | $3.84 | 1.4% |
| March 31, 2026 | $3.79 | $3.76 | 0.03% |
| Dec. 31, 2025 | $4.04 | $3.92 | 0.12% |
| Sept. 30, 2025 | $3.68 | $3.39 | 0.29% |
| June 30, 2025 | $3.86 | $3.31 | 0.55% |
| March 31, 2025 | $3.79 | $2.94 | 0.85% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HII | $13.34B | 22.1 | 8.2% | 4.9% | 12.2% | — |
| FTAI | — | — | — | — | — | — |
| TXT | $15.17B | 17.0 | 8.0% | 6.2% | 12.0% | — |
| BWXT | — | 48.3 | 18.3% | 10.3% | 28.4% | — |
| DRS | $9.06B | 33.1 | 12.8% | 7.6% | 10.4% | 23.8% |
| KTOS | $13.12B | 597.7 | 18.5% | 1.6% | 1.1% | 22.9% |
| SARO | $9.59B | 34.6 | 15.8% | 4.6% | 10.7% | — |
| AVAV | $9.87B | -36.1 | 140.9% | -13.4% | -6.0% | 25.3% |
| HXL | $5.59B | 194.5 | -0.48% | 5.8% | 7.8% | 23.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.48B | $11.54B | $11.45B | $10.68B | $9.52B | $9.36B | $8.90B | $8.18B | $7.44B | $7.07B | $7.02B | $6.96B | |
| Cost of Revenue | · | · | · | · | · | · | · | · | $4.44B | $4.38B | $4.32B | $4.49B | |
| R&D Expense | $26M | $27M | $35M | $40M | $34M | $31M | $23M | $25M | $17M | $19M | $19M | $18M | |
| SG&A Expense | $977M | $973M | $1.02B | $924M | $898M | $904M | $788M | $871M | $759M | $768M | $669M | $726M | |
| Operating Income | $657M | $535M | $781M | $565M | $513M | $799M | $736M | $951M | $881M | $876M | $769M | $655M | |
| Interest Expense | $105M | $95M | $95M | $102M | $89M | $114M | $70M | $58M | $94M | $74M | $137M | $149M | |
| Other Non-op | $35M | $24M | $19M | $-20M | $17M | $6M | $5M | $4M | $1M | · | · | $1M | |
| Pretax Income | $777M | $643M | $853M | $719M | $622M | $810M | $683M | $971M | $772M | $784M | $632M | $507M | |
| Income Tax | $172M | $93M | $172M | $140M | $78M | $114M | $134M | $135M | $293M | $211M | $228M | $169M | |
| Net Income | $605M | $550M | $681M | $579M | $544M | $696M | $549M | $836M | $479M | $573M | $404M | $338M | |
| EPS (Basic) | $15.39 | $13.96 | $17.07 | $14.44 | $13.50 | $17.14 | $13.26 | $19.09 | $10.48 | $12.24 | $8.43 | $6.93 | |
| EPS (Diluted) | $15.39 | $13.96 | $17.07 | $14.44 | $13.50 | $17.14 | $13.26 | $19.09 | $10.46 | $12.14 | $8.36 | $6.86 | |
| Shares (Basic) | 39,300,000 | 39,400,000 | 39,900,000 | 40,100,000 | 40,300,000 | 40,600,000 | 41,400,000 | 43,800,000 | 45,700,000 | 46,800,000 | 47,900,000 | 48,800,000 | |
| Shares (Diluted) | 39,300,000 | 39,400,000 | 39,900,000 | 40,100,000 | 40,300,000 | 40,600,000 | 41,400,000 | 43,800,000 | 45,800,000 | 47,200,000 | 48,300,000 | 49,300,000 | |
| EBITDA | $986M | $861M | $1.13B | $923M | $806M | $1.05B | $963M | $1.15B | $1.07B | $1.04B | $949M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | $430M | $467M | $627M | $512M | $75M | $240M | $701M | $720M | $894M | $990M | |
| Receivables | $339M | $212M | $461M | $636M | $433M | $397M | $318M | $252M | $429M | $1.16B | $1.07B | $1.04B | |
| Prepaid Expense | $77M | $90M | $83M | $50M | $50M | $45M | $24M | $27M | $123M | $48M | $31M | $50M | |
| Current Assets | $3.45B | $3.23B | $2.88B | $2.75B | $2.79B | $2.44B | $1.78B | $1.75B | $2.19B | $2.14B | $2.28B | $2.42B | |
| PP&E (Net) | $3.73B | $3.45B | $3.30B | $3.20B | $3.11B | $2.98B | $2.83B | $2.52B | $2.21B | $1.99B | $1.83B | $1.79B | |
| PP&E (Gross) | $6.48B | $6.03B | $5.76B | $5.52B | $5.26B | $5.00B | $4.79B | $4.35B | $3.98B | $3.61B | $3.32B | $3.14B | |
| Accum. Depreciation | $2.75B | $2.58B | $2.47B | $2.32B | $2.15B | $2.02B | $1.96B | $1.83B | $1.77B | $1.63B | $1.49B | $1.35B | |
| Goodwill | $2.65B | $2.62B | $2.62B | $2.62B | $2.63B | $1.62B | $1.37B | $1.26B | $1.22B | $1.23B | $956M | $1.03B | |
| Intangibles | $694M | $782M | $891M | $1.02B | $1.16B | $512M | $492M | $492M | $508M | $548M | $495M | $547M | |
| Other Non-current Assets | $5.57B | $5.46B | $5.04B | $4.91B | $4.73B | $2.73B | $2.41B | $2.12B | $1.96B | $2.22B | $1.91B | $2.03B | |
| Total Assets | $12.75B | $12.14B | $11.21B | $10.86B | $10.63B | $8.16B | $7.03B | $6.38B | $6.37B | $6.35B | $6.02B | $6.24B | |
| Accounts Payable | $556M | $598M | $554M | $642M | $603M | $460M | $497M | $562M | $375M | $316M | $317M | $269M | |
| Current Liabilities | $3.04B | $2.99B | $3.03B | $2.90B | $2.43B | $2.23B | $1.89B | $1.83B | $1.39B | $1.34B | $1.27B | $1.31B | |
| Capital Leases | $223M | $205M | $228M | $246M | $194M | $157M | $164M | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | $313M | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $339M | $407M | $379M | $366M | $362M | $315M | $291M | $189M | $101M | $90M | $103M | $105M | |
| Total Liabilities | $7.68B | $7.47B | $7.12B | $7.37B | $7.82B | $6.26B | $5.44B | $4.87B | $4.62B | $4.70B | $4.53B | $4.87B | |
| Long-term Debt | · | $3.20B | $2.44B | $2.90B | $3.30B | $1.69B | $1.29B | $1.28B | $1.28B | $1.28B | $1.27B | $1.67B | |
| Total Debt | · | · | $2.44B | $2.90B | $3.30B | $1.69B | $1.29B | $1.28B | $1.28B | $1.28B | $1.27B | · | |
| Retained Earnings | $5.49B | $5.10B | $4.75B | $4.28B | $3.89B | $3.53B | $3.01B | $2.61B | $1.69B | $1.32B | $848M | $525M | |
| Treasury Stock | $2.45B | $2.45B | $2.29B | $2.21B | $2.16B | $2.06B | $1.97B | $1.76B | $972M | $684M | $492M | $258M | |
| AOCI | $-53M | $-28M | $-422M | $-599M | $-923M | $-1.55B | $-1.41B | $-1.29B | $-900M | $-951M | $-845M | $-862M | |
| Stockholders' Equity | $5.07B | $4.67B | $4.09B | $3.49B | $2.81B | $1.90B | $1.59B | $1.52B | $1.76B | $1.65B | $1.49B | $1.36B | |
| Liabilities + Equity | $12.75B | $12.14B | $11.21B | $10.86B | $10.63B | $8.16B | $7.03B | $6.38B | $6.37B | $6.35B | $6.02B | $6.24B | |
| Shares Outstanding | 39,241,527 | 39,129,419 | 39,618,880 | 39,863,456 | 40,000,000 | 40,500,000 | 40,800,000 | 41,900,000 | 45,100,000 | 46,200,000 | 46,900,000 | 48,300,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $329M | $326M | $347M | $358M | $293M | $247M | $227M | $203M | $205M | $186M | $180M | $194M | |
| Stock-based Comp | $54M | $23M | $34M | $36M | $33M | $23M | $30M | $36M | $34M | $36M | $43M | $34M | |
| Deferred Tax | $203M | $-122M | $-113M | $2M | $98M | $23M | $97M | $10M | $184M | · | · | · | |
| Amort. of Intangibles | $104M | $109M | $128M | $140M | $86M | $56M | $47M | $36M | $40M | $23M | $26M | $28M | |
| Other Non-cash | $5M | $-384M | $21M | $-209M | $-208M | $104M | $-7M | $-161M | $96M | $27M | $201M | · | |
| Operating Cash Flow | $1.20B | $393M | $970M | $766M | $760M | $1.09B | $896M | $914M | $814M | $822M | $861M | $755M | |
| CapEx | $402M | $367M | $292M | $284M | $331M | $353M | $530M | $463M | $382M | $285M | $188M | $165M | |
| Investing Cash Flow | $-521M | $-348M | $-236M | $-268M | $-1.95B | $-759M | $-627M | $-476M | $-349M | $-653M | $-141M | $-437M | |
| Debt Issued | · | $1.00B | · | · | $1.65B | $1.00B | · | · | $600M | · | $600M | $600M | |
| Net Debt Issued | $-500M | $771M | $-480M | $-400M | $1.62B | $400M | · | · | $0 | · | $-395M | · | |
| Stock Repurchased | · | $162M | $75M | $52M | $101M | $84M | $262M | $742M | $286M | $194M | $232M | $138M | |
| Net Stock Activity | · | $-162M | $-75M | $-52M | $-101M | $-84M | $-262M | $-742M | $-286M | $-194M | $-232M | · | |
| Dividends Paid | $213M | $206M | $200M | $192M | $186M | $172M | $149M | $132M | $115M | $98M | $81M | $49M | |
| Financing Cash Flow | $-732M | $356M | $-771M | $-658M | $1.31B | $103M | $-434M | $-899M | $-484M | $-343M | $-816M | $-371M | |
| Net Change in Cash | $-57M | $401M | $-37M | $-160M | $115M | $437M | $-165M | $-461M | $-19M | $-174M | $-96M | $-53M | |
| Taxes Paid | $96M | $255M | $330M | $127M | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $794M | $26M | $678M | $482M | $429M | $740M | $366M | $451M | $432M | $537M | $640M | · | |
| Levered FCF | $712M | $-55M | $602M | $400M | $351M | $642M | $310M | $401M | $374M | $483M | $552M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 5.3% | 4.6% | 6.8% | 5.3% | 5.4% | 8.5% | 8.3% | 11.6% | 11.6% | 12.1% | 10.9% | · | |
| Net Margin | 4.9% | 4.8% | 5.9% | 5.4% | 5.7% | 7.4% | 6.2% | 10.2% | 6.4% | 8.1% | 5.8% | · | |
| Pretax Margin | 6.2% | 5.6% | 7.4% | 6.7% | 6.5% | 8.6% | 7.7% | 11.9% | 10.4% | 11.1% | 9.0% | · | |
| EBITDA Margin | 7.9% | 7.5% | 9.8% | 8.6% | 8.5% | 11.2% | 10.8% | 14.1% | 14.4% | 14.8% | 13.5% | · | |
| ROA | 4.9% | 4.7% | 6.2% | 5.4% | 5.8% | 9.2% | 8.2% | 13.1% | 7.5% | 9.3% | 6.6% | · | |
| ROE | 12.2% | 12.4% | 17.4% | 17.7% | 21.8% | 36.8% | 33.3% | 50.0% | 27.6% | 34.7% | 27.1% | · | |
| ROIC | 10.1% | 9.8% | 9.5% | 7.1% | 7.3% | 19.1% | 20.6% | 29.2% | 17.7% | 21.4% | 17.8% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | 0.9 | 0.9 | 1.1 | 1.1 | 0.9 | 1.0 | 1.6 | 1.6 | 1.8 | · | |
| Quick Ratio | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | 0.4 | 0.2 | 0.3 | 1.4 | 1.4 | 1.5 | · | |
| Debt / Equity | · | · | 0.6 | 0.8 | 1.2 | 0.9 | 0.8 | 0.8 | 0.7 | 0.8 | 0.9 | · | |
| LT Debt / Equity | · | · | 0.5 | 0.7 | 1.2 | 0.9 | 0.8 | 0.8 | 0.7 | 0.8 | 0.9 | · | |
| Interest Coverage | 6.3 | 5.6 | 8.2 | 5.5 | 5.8 | 7.0 | 10.5 | 16.4 | 9.2 | 11.6 | 5.6 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.2 | 1.3 | 1.3 | 1.2 | 1.1 | 1.1 | · | |
| Receivables Turnover | 45.3 | 34.3 | 20.9 | 20.0 | 22.9 | 26.2 | 31.2 | 24.0 | 6.3 | 6.3 | 6.6 | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.2% | 0.71% | 7.3% | 12.1% | 1.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.3% | 6.6% | 7.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 10.2% | -18.2% | 18.2% | 7.0% | -21.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 2.1% | 1.1% | -0.14% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -2.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 10.0% | -19.2% | 17.6% | 6.4% | -21.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 1.5% | 0.37% | -0.72% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -2.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.48B | $11.54B | $11.45B | $10.68B | $9.52B | $9.36B | $8.90B | $8.18B | $7.44B | $7.07B | $7.02B | $6.96B | |
| Net Income TTM | $605M | $550M | $681M | $579M | $544M | $696M | $549M | $836M | $479M | $573M | $404M | $338M | |
| Market Cap | $13.34B | $7.39B | $10.29B | $9.20B | $7.47B | $6.90B | $10.24B | $7.97B | $10.63B | $8.51B | $5.95B | · | |
| Enterprise Value | · | · | · | · | $10.14B | $8.08B | $11.45B | $9.02B | $11.21B | $9.07B | $6.33B | · | |
| P/E | 22.1 | 13.5 | 15.2 | 16.0 | 13.8 | 9.9 | 18.9 | 10.0 | 22.5 | 15.2 | 15.2 | 16.4 | |
| P/S | 1.1 | 0.6 | 0.9 | 0.9 | 0.8 | 0.7 | 1.2 | 1.0 | 1.4 | 1.2 | 0.8 | · | |
| P/B | 2.6 | 1.6 | 2.5 | 2.6 | 2.7 | 3.6 | 6.4 | 5.3 | 6.0 | 5.1 | 4.0 | · | |
| P / Tangible Book | 7.7 | 5.8 | 17.6 | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 11.2 | 18.8 | 10.6 | 12.0 | 9.8 | 6.3 | 11.4 | 8.7 | 13.1 | 10.4 | 7.2 | · | |
| P / FCF | 16.8 | 284.4 | 15.2 | 19.1 | 17.4 | 9.3 | 28.0 | 17.7 | 24.6 | 15.8 | 9.3 | · | |
| EV / EBITDA | · | · | · | · | 12.6 | 7.7 | 11.9 | 7.8 | 10.5 | 8.7 | 6.7 | · | |
| EV / FCF | · | · | · | · | 23.6 | 10.9 | 31.3 | 20.0 | 25.9 | 16.9 | 9.9 | · | |
| EV / Revenue | · | · | · | · | 1.1 | 0.9 | 1.3 | 1.1 | 1.5 | 1.3 | 0.9 | · | |
| Dividend Yield | 1.6% | 2.8% | 1.9% | 2.1% | 2.5% | 2.5% | 1.5% | 1.7% | 1.1% | 1.1% | 1.4% | · | |
| Earnings Yield | 4.5% | 7.4% | 6.6% | 6.3% | 7.2% | 10.1% | 5.3% | 10.0% | 4.4% | 6.6% | 6.6% | 6.1% | |
| Payout Ratio | 35.2% | 37.5% | 29.4% | 33.2% | 34.2% | 24.7% | 27.1% | 15.8% | 24.0% | 17.1% | 20.1% | · | |
| Annual Payout | $213M | $206M | $200M | $192M | $186M | $172M | $149M | $132M | $115M | $98M | $81M | $49M |
Income Statement 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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.42B | $3.10B | $3.48B | $3.19B | $3.08B | $2.73B | $3.00B | $2.75B | $2.98B | $2.81B | $3.18B | $2.82B | $2.79B | $2.67B | $2.81B | $2.63B | |
| SG&A Expense | $242M | $258M | $245M | $245M | $241M | $246M | $234M | $252M | $255M | $232M | $311M | $253M | $238M | $220M | $236M | $244M | |
| Operating Income | $210M | $155M | $172M | $161M | $163M | $161M | $110M | $82M | $189M | $154M | $312M | $172M | $156M | $141M | $105M | $131M | |
| Interest Expense | $27M | $22M | $26M | $23M | $28M | $28M | $27M | $23M | $24M | $21M | $25M | $22M | $24M | $24M | $23M | $27M | |
| Other Non-op | $18M | $2M | $5M | $18M | $6M | $6M | $3M | $9M | $5M | $7M | $8M | $2M | $0 | $9M | $10M | $-13M | |
| Pretax Income | $254M | $188M | $198M | $204M | $188M | $187M | $131M | $112M | $216M | $184M | $332M | $189M | $169M | $163M | $159M | $162M | |
| Income Tax | $46M | $39M | $39M | $59M | $36M | $38M | $8M | $11M | $43M | $31M | $58M | $41M | $39M | $34M | $36M | $24M | |
| Net Income | $208M | $149M | $159M | $145M | $152M | $149M | $123M | $101M | $173M | $153M | $274M | $148M | $130M | $129M | $123M | $138M | |
| EPS (Basic) | $5.27 | $3.79 | $4.05 | $3.69 | $3.86 | $3.79 | $3.15 | $2.56 | $4.38 | $3.87 | $6.87 | $3.70 | $3.27 | $3.23 | $3.06 | $3.44 | |
| EPS (Diluted) | $5.27 | $3.79 | $4.06 | $3.68 | $3.86 | $3.79 | $3.15 | $2.56 | $4.38 | $3.87 | $6.87 | $3.70 | $3.27 | $3.23 | $3.06 | $3.44 | |
| Shares (Basic) | 39,500,000 | 39,300,000 | -78,700,000 | 39,300,000 | 39,400,000 | 39,300,000 | -79,100,000 | 39,500,000 | 39,500,000 | 39,500,000 | -79,800,000 | 40,000,000 | 39,800,000 | 39,900,000 | -80,100,000 | 40,100,000 | |
| Shares (Diluted) | 39,500,000 | 39,300,000 | -78,800,000 | 39,400,000 | 39,400,000 | 39,300,000 | -79,100,000 | 39,500,000 | 39,500,000 | 39,500,000 | -79,800,000 | 40,000,000 | 39,800,000 | 39,900,000 | -80,100,000 | 40,100,000 | |
| EBITDA | $289M | $231M | · | $241M | $246M | $240M | · | $82M | $189M | $154M | · | $172M | $156M | $141M | · | $131M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | · | · | $10M | · | $109M | $313M | $318M | · | $117M | |
| Receivables | $452M | $406M | $339M | $374M | $377M | $387M | $212M | $436M | $706M | $718M | · | $698M | $786M | $755M | · | $721M | |
| Prepaid Expense | $106M | $98M | $77M | $75M | $74M | $105M | $90M | $91M | $106M | $105M | · | $106M | $78M | $78M | · | $61M | |
| Current Assets | $3.24B | $3.22B | $3.45B | $3.08B | $2.97B | $3.04B | $3.23B | $2.63B | $2.91B | $2.83B | · | $2.59B | $2.82B | $2.75B | · | $2.82B | |
| PP&E (Net) | $3.81B | $3.74B | $3.73B | $3.63B | $3.58B | $3.54B | $3.45B | $3.38B | $3.34B | $3.30B | · | $3.20B | $3.20B | $3.18B | · | $3.14B | |
| PP&E (Gross) | · | · | $6.48B | · | · | · | $6.03B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $2.85B | $2.80B | $2.75B | $2.71B | $2.66B | $2.61B | $2.58B | $2.54B | $2.49B | $2.52B | · | $2.45B | $2.40B | $2.35B | · | $2.28B | |
| Goodwill | $2.65B | $2.65B | $2.65B | $2.65B | $2.65B | $2.65B | $2.62B | $2.62B | $2.62B | $2.62B | $2.62B | $2.62B | $2.62B | $2.62B | $2.62B | $2.62B | |
| Intangibles | $651M | $673M | $694M | $720M | $746M | $757M | $782M | $809M | $837M | $864M | · | $923M | $955M | $987M | · | $1.05B | |
| Other Non-current Assets | · | · | $5.57B | · | · | · | $5.46B | · | · | · | · | · | · | · | · | · | |
| Total Assets | $12.68B | $12.53B | $12.75B | $12.31B | $12.10B | $12.10B | $12.14B | $11.08B | $11.31B | $11.17B | · | $10.62B | $10.86B | $10.85B | · | $10.62B | |
| Accounts Payable | $737M | $692M | $556M | $680M | $650M | $602M | $598M | $579M | $652M | $608M | · | $535M | $519M | $505M | · | $539M | |
| Current Liabilities | $2.63B | $2.70B | $3.04B | $2.70B | $2.75B | $2.86B | $2.99B | $3.34B | $3.56B | $2.95B | · | $2.82B | $2.93B | $2.87B | · | $2.89B | |
| Capital Leases | $233M | $230M | $223M | $228M | $206M | $204M | $205M | $213M | $224M | $217M | · | $212M | $224M | $225M | · | $202M | |
| Other Non-current Liabilities | $346M | $342M | $339M | $408M | $411M | $407M | $407M | $406M | $387M | $386M | · | $377M | $367M | $368M | · | $354M | |
| Total Liabilities | $7.37B | $7.39B | $7.68B | $7.33B | $7.22B | $7.33B | $7.47B | $6.88B | $7.13B | $7.04B | · | $6.89B | $7.21B | $7.29B | · | $7.57B | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | $2.47B | $2.88B | $2.90B | · | $3.00B | |
| Total Debt | $2.70B | $2.70B | · | $2.70B | $2.70B | $2.70B | · | $1.71B | $1.72B | $2.23B | · | $2.47B | $2.88B | $2.90B | · | $3.00B | |
| Retained Earnings | $5.73B | $5.58B | $5.49B | $5.38B | $5.29B | $5.19B | $5.10B | $5.03B | $4.98B | $4.86B | · | $4.53B | $4.43B | $4.35B | · | $4.20B | |
| Treasury Stock | $2.45B | $2.45B | $2.45B | $2.45B | $2.45B | $2.45B | $2.45B | $2.45B | $2.41B | $2.35B | · | $2.25B | $2.23B | $2.22B | · | $2.20B | |
| AOCI | $-50M | $-52M | $-53M | $-26M | $-26M | $-27M | $-28M | $-412M | $-415M | $-419M | $-422M | $-590M | $-592M | $-596M | $-599M | $-970M | |
| Stockholders' Equity | $5.31B | $5.15B | $5.07B | $4.98B | $4.88B | $4.77B | $4.67B | $4.20B | $4.18B | $4.13B | $4.09B | $3.73B | $3.65B | $3.56B | $3.49B | $3.05B | |
| Liabilities + Equity | $12.68B | $12.53B | $12.75B | $12.31B | $12.10B | $12.10B | $12.14B | $11.08B | $11.31B | $11.17B | · | $10.62B | $10.86B | $10.85B | · | $10.62B | |
| Shares Outstanding | 39,404,203 | 39,377,769 | 39,241,527 | 39,241,108 | 39,240,249 | 39,238,707 | 39,129,419 | 39,129,037 | 39,260,208 | 39,509,640 | · | 39,779,936 | 39,900,000 | 39,900,000 | · | 39,900,000 |
Cash Flow 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $79M | $76M | $87M | $80M | $83M | $79M | $84M | $82M | $80M | $80M | · | · | · | · | · | · | |
| Stock-based Comp | $10M | $21M | $11M | $10M | $9M | $24M | $8M | $8M | $-7M | $14M | $7M | $9M | $6M | $12M | $8M | $12M | |
| Amort. of Intangibles | $22M | $21M | $26M | $26M | $27M | $25M | $27M | $28M | $27M | $27M | $32M | $32M | $32M | $32M | $35M | $35M | |
| Other Non-cash | · | $-636M | · | · | · | $-647M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-31M | $-390M | $650M | $118M | $823M | $-395M | $391M | $213M | $-9M | $-202M | $562M | $335M | $82M | $-9M | $601M | $-19M | |
| CapEx | $119M | $74M | $134M | $105M | $96M | $67M | $114M | $88M | $90M | $75M | $128M | $53M | $68M | $43M | $105M | $77M | |
| Investing Cash Flow | $-118M | $-71M | $-134M | $-96M | $-92M | $-199M | $-110M | $-76M | $-91M | $-71M | $-125M | $-41M | $-10M | $-60M | $-90M | $-77M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | $-145M | · | · | · | $-10M | · | · | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $35M | $65M | $62M | $38M | $21M | $7M | $9M | $11M | $14M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $-62M | · | · | · | $-9M | · | · | |
| Dividends Paid | $55M | $54M | $54M | $53M | $53M | $53M | $52M | $52M | $51M | $51M | $51M | $50M | $50M | $49M | $50M | $48M | |
| Financing Cash Flow | $-55M | $-97M | $-54M | $-53M | $-555M | $-70M | $540M | $-138M | $101M | $-147M | $-116M | $-498M | $-77M | $-80M | $-161M | $-162M | |
| Net Change in Cash | $-204M | $-558M | $462M | $-31M | $176M | $-664M | $821M | $-1M | $1M | $-420M | $321M | $-204M | $-5M | $-149M | $350M | $-258M | |
| Taxes Paid | · | · | $25M | $16M | · | · | $85M | $13M | · | · | $103M | $55M | · | · | $20M | $92M | |
| Free Cash Flow | · | $-464M | · | · | · | $-462M | · | · | · | $-277M | · | · | · | $-52M | · | · | |
| Levered FCF | · | $-481M | · | · | · | $-484M | · | · | · | $-294M | · | · | · | $-71M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 6.1% | 5.0% | · | 5.0% | 5.3% | 5.9% | · | 3.0% | 6.3% | 5.5% | · | 6.1% | 5.6% | 5.3% | · | 5.0% | |
| Net Margin | 6.1% | 4.8% | · | 4.5% | 4.9% | 5.5% | · | 3.7% | 5.8% | 5.5% | · | 5.3% | 4.7% | 4.8% | · | 5.3% | |
| Pretax Margin | 7.4% | 6.1% | · | 6.4% | 6.1% | 6.8% | · | 4.1% | 7.3% | 6.6% | · | 6.7% | 6.1% | 6.1% | · | 6.2% | |
| EBITDA Margin | 8.5% | 7.4% | · | 7.5% | 8.0% | 8.8% | · | 3.0% | 6.3% | 5.5% | · | 6.1% | 5.6% | 5.3% | · | 5.0% | |
| ROA | 1.7% | 1.2% | · | 1.2% | 1.3% | 1.3% | · | 0.93% | 1.6% | 1.4% | · | 1.4% | 1.2% | 1.2% | · | 1.3% | |
| ROE | 4.1% | 3.0% | · | 3.2% | 3.4% | 3.4% | · | 2.5% | 4.4% | 4.0% | · | 4.4% | 3.9% | 4.0% | · | 5.3% | |
| ROIC | 2.1% | 1.6% | · | 1.5% | 1.7% | 1.7% | · | 1.2% | 2.6% | 2.0% | · | 2.2% | 1.8% | 1.7% | · | 1.8% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.2 | · | 1.1 | 1.1 | 1.1 | · | 0.8 | 0.8 | 1.0 | · | 0.9 | 1.0 | 1.0 | · | 1.0 | |
| Quick Ratio | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.3 | 0.4 | 0.4 | · | 0.3 | |
| Debt / Equity | 0.5 | 0.5 | · | 0.5 | 0.6 | 0.6 | · | 0.4 | 0.4 | 0.5 | · | 0.7 | 0.8 | 0.8 | · | 1.0 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.5 | 0.6 | 0.6 | · | 0.4 | 0.4 | 0.5 | · | 0.6 | 0.7 | 0.7 | · | 0.9 | |
| Interest Coverage | 7.8 | 7.0 | · | 7.0 | 5.8 | 5.8 | · | 3.6 | 7.9 | 7.3 | · | 7.8 | 6.5 | 5.9 | · | 4.9 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.2 | |
| Receivables Turnover | 8.2 | 7.8 | · | 7.9 | 5.7 | 4.9 | · | 4.8 | 4.0 | 3.8 | · | 4.0 | 3.8 | 3.8 | · | 4.5 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.79B | $12.11B | · | $11.76B | $11.54B | $11.27B | · | $11.35B | $11.38B | $11.08B | · | $10.90B | $10.75B | $10.54B | · | $10.20B | |
| Net Income TTM | $654M | $595M | · | $547M | $575M | $576M | · | $575M | $604M | $560M | · | $545M | $575M | $585M | · | $603M | |
| Market Cap | $11.03B | $14.96B | · | $11.30B | $9.47B | $8.01B | · | $10.34B | $9.67B | $11.52B | · | $8.14B | $9.08B | $8.26B | · | $8.84B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | $13.74B | · | $10.50B | $11.65B | $10.84B | · | $11.72B | |
| P/E | 16.9 | 25.1 | · | 20.7 | 16.5 | 14.0 | · | 18.2 | 16.2 | 20.7 | · | 15.0 | 15.8 | 14.2 | · | 14.7 | |
| P/S | 0.9 | 1.2 | · | 1.0 | 0.8 | 0.7 | · | 0.9 | 0.8 | 1.0 | · | 0.7 | 0.8 | 0.8 | · | 0.9 | |
| P/B | 2.1 | 2.9 | · | 2.3 | 1.9 | 1.7 | · | 2.5 | 2.3 | 2.8 | · | 2.2 | 2.5 | 2.3 | · | 2.9 | |
| P / Tangible Book | 5.5 | 8.2 | · | 7.0 | 6.4 | 5.9 | · | 13.3 | 13.4 | 17.9 | · | 42.4 | 124.4 | · | · | · | |
| P / Cash Flow | · | -38.4 | · | · | · | -20.3 | · | · | · | -57.0 | · | · | · | -917.8 | · | · | |
| P / FCF | · | -32.2 | · | · | · | -17.3 | · | · | · | -41.6 | · | · | · | -158.8 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | 89.2 | · | 61.0 | 74.7 | 76.9 | · | 89.5 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | -49.6 | · | · | · | -208.4 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | 1.2 | · | 1.0 | 1.1 | 1.0 | · | 1.1 | |
| Earnings Yield | 5.9% | 4.0% | · | 4.8% | 6.0% | 7.2% | · | 5.5% | 6.2% | 4.8% | · | 6.7% | 6.3% | 7.1% | · | 6.8% | |
| Payout Ratio | · | 36.2% | · | · | · | 35.6% | · | · | · | 33.3% | · | · | · | 38.0% | · | · |
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 | $12.48B | $11.54B | $11.45B | $10.68B | $9.52B |
| Operating Margin % | 5.3% | 4.6% | 6.8% | 5.3% | 5.4% |
| Net Income | $605M | $550M | $681M | $579M | $544M |
| Diluted EPS | $15.39 | $13.96 | $17.07 | $14.44 | $13.50 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.6 | 0.8 | 1.2 |
| Current Ratio | 1.1 | 1.1 | 0.9 | 0.9 | 1.1 |
| Quick Ratio | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $794M | $26M | $678M | $482M | $429M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 888 filers · $6.4B 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 |
|---|---|---|---|---|
| 92 (-82 vs prior Q) | 163 (+77 vs prior Q) | 248 (-56 vs prior Q) | 300 (+37 vs prior Q) | -436K |
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 |
|---|---|---|---|---|
| STATE STREET CORP | $818,039,261 | 2,922,717 | 12.86% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $719,468,721 | 2,570,541 | 11.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $574,450,994 | 2,052,417 | 9.03% | Shares |
| FMR LLC | $475,329,161 | 1,698,271 | 7.47% | Shares |
| FIRST TRUST ADVISORS LP | $332,367,674 | 1,187,494 | 5.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $315,700,901 | 1,129,782 | 4.96% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $230,421,420 | 823,258 | 3.62% | Shares |
| EARNEST PARTNERS LLC | $224,662,105 | 802,680 | 3.53% | Shares |
| VAN ECK ASSOCIATES CORP | $138,077,014 | 493,326 | 2.17% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $131,716,234 | 470,600 | 2.07% | Shares |
| Qube Research & Technologies Ltd | $119,123,423 | 425,608 | 1.87% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $61,912,508 | 221,203 | 0.97% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $55,448,728 | 198,109 | 0.87% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $51,774,891 | 184,983 | 0.81% | Shares |
| GOLDMAN SACHS GROUP INC | $47,221,406 | 168,714 | 0.74% | Shares |
| BARCLAYS PLC | $44,468,082 | 158,877 | 0.70% | Shares |
| CITADEL ADVISORS LLC | $42,637,603 | 152,337 | 0.67% | Shares |
| Balyasny Asset Management L.P. | $39,132,820 | 139,815 | 0.62% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $39,073,946 | 138,565 | 0.61% | Shares |
| Point72 Asset Management, L.P. | $37,491,266 | 133,950 | 0.59% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $36,609,612 | 130,800 | 0.58% | Shares |
| River Road Asset Management, LLC | $34,815,237 | 124,389 | 0.55% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $33,871,306 | 121,016 | 0.53% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $33,782,164 | 120,698 | 0.53% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $33,400,673 | 119,335 | 0.53% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $33,210,348 | 118,655 | 0.52% | Shares |
| Gotham Asset Management, LLC | $32,235,491 | 115,172 | 0.51% | Shares |
| INVESTMENT MANAGEMENT ASSOCIATES INC /ADV | $32,125,873 | 114,780 | 0.51% | Shares |
| BlackRock, Inc. | $30,985,782 | 110,707 | 0.49% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $30,631,162 | 109,440 | 0.48% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $28,448,020 | 101,640 | 0.45% | Shares |
| VANGUARD GROUP INC | $28,122,089 | 82,695 | 0.44% | Shares |
| LPL Financial LLC | $26,412,213 | 94,366 | 0.42% | Shares |
| Arbejdsmarkedets Tillaegspension | $26,231,291 | 93,720 | 0.41% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $26,196,584 | 93,596 | 0.41% | Shares |
| Quantinno Capital Management LP | $24,759,169 | 88,460 | 0.39% | Shares |
| MILLENNIUM MANAGEMENT LLC | $23,865,101 | 85,266 | 0.38% | Shares |
| California Public Employees Retirement System | $23,119,754 | 82,603 | 0.36% | Shares |
| Freestone Grove Partners LP | $22,834,266 | 81,583 | 0.36% | Shares |
| Vanguard Global Advisers, LLC | $22,684,805 | 81,049 | 0.36% | Shares |
| Swiss National Bank | $22,116,908 | 79,020 | 0.35% | Shares |
| RAYMOND JAMES FINANCIAL INC | $21,285,159 | 76,048 | 0.33% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $20,946,688 | 74,839 | 0.33% | Shares |
| Vident Advisory, LLC | $20,211,697 | 72,213 | 0.32% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $19,172,465 | 68,500 | 0.30% | Put option |
| RHUMBLINE ADVISERS | $18,449,731 | 65,918 | 0.29% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $17,985,843 | 64,260 | 0.28% | Shares |
| Nuveen Asset Management, LLC | $17,720,662 | 93,775 | 0.28% | Shares |
| UBS Group AG | $17,389,566 | 62,130 | 0.27% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $17,326,859 | 45,609 | 0.27% | Shares |
| ALGERT GLOBAL LLC | $16,992,122 | 60,710 | 0.27% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $16,440,739 | 58,740 | 0.26% | Shares |
| ALLIANCEBERNSTEIN L.P. | $15,874,122 | 41,785 | 0.25% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $14,743,833 | 53,152 | 0.23% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $14,554,280 | 52,000 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,058,035 | 50,227 | 0.22% | Shares |
| Gradient Investments LLC | $13,582,113 | 48,527 | 0.21% | Shares |
| TD Asset Management Inc | $13,046,513 | 46,613 | 0.21% | Shares |
| NEEDHAM INVESTMENT MANAGEMENT LLC | $12,874,940 | 46,000 | 0.20% | Shares |
| ASSETMARK, INC | $12,527,195 | 44,758 | 0.20% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $12,357,704 | 44,152 | 0.19% | Shares |
| BANK OF NOVA SCOTIA | $12,309,003 | 43,978 | 0.19% | Shares |
| Cetera Investment Advisers | $11,495,873 | 41,072 | 0.18% | Shares |
| BANK OF AMERICA CORP /DE/ | $11,481,367 | 41,021 | 0.18% | Shares |
| FORA Capital, LLC | $11,372,038 | 40,642 | 0.18% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $11,225,548 | 40,107 | 0.18% | Shares |
| WELLS FARGO & COMPANY/MN | $11,195,600 | 40,000 | 0.18% | Call option |
| CWM, LLC | $10,821,525 | 28,485 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,607,831 | 37,900 | 0.17% | Call option |
| CITADEL ADVISORS LLC | $10,187,996 | 36,400 | 0.16% | Call option |
| TUDOR INVESTMENT CORP ET AL | $10,182,118 | 36,379 | 0.16% | Shares |
| WOLVERINE TRADING, LLC | $9,923,315 | 35,500 | 0.16% | Put option |
| Carnegie Investment Counsel | $9,601,478 | 38,898 | 0.15% | Shares |
| Eagle Ridge Investment Management | $9,587,771 | 50,737 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $9,354,484 | 33,422 | 0.15% | Shares |
| OLD NATIONAL BANCORP /IN/ | $9,290,108 | 33,192 | 0.15% | Shares |
| UBS Group AG | $9,096,425 | 32,500 | 0.14% | Put option |
| Brandywine Global Investment Management, LLC | $8,495,629 | 24,982 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $8,367,876 | 29,897 | 0.13% | Shares |
| AMERIPRISE FINANCIAL INC | $8,319,729 | 29,725 | 0.13% | Shares |
| Kestra Advisory Services, LLC | $8,300,095 | 29,655 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $7,942,159 | 28,376 | 0.12% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $7,901,854 | 28,232 | 0.12% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $7,898,121 | 20,790 | 0.12% | Shares |
| AMERICAN CENTURY COMPANIES INC | $7,717,745 | 27,574 | 0.12% | Shares |
| MUFG Securities EMEA plc | $7,707,051 | 27,536 | 0.12% | Shares |
| Markel Group Inc. | $7,696,975 | 27,500 | 0.12% | Shares |
| Corient Private Wealth LP | $7,444,377 | 26,596 | 0.12% | Shares |
| AMJ Financial Wealth Management | $7,425,905 | 19,547 | 0.12% | Shares |
| Maven Securities LTD | $7,412,047 | 26,482 | 0.12% | Shares |
| OSSIAM | $7,400,571 | 26,441 | 0.12% | Shares |
| WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC | $6,991,281 | 24,979 | 0.11% | Shares |
| Covea Finance | $6,769,140 | 24,185 | 0.11% | Shares |
| Squarepoint Ops LLC | $6,758,504 | 24,147 | 0.11% | Shares |
| CITIZENS FINANCIAL GROUP INC/RI | $6,751,541 | 24,122 | 0.11% | Shares |
| Woodline Partners LP | $6,686,572 | 23,890 | 0.11% | Shares |
| Brevan Howard Capital Management LP | $6,480,013 | 23,152 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $6,429,353 | 22,971 | 0.10% | Shares |
| Y-Intercept (Hong Kong) Ltd | $6,342,307 | 22,660 | 0.10% | Shares |
| PRUDENTIAL FINANCIAL INC | $6,303,962 | 22,523 | 0.10% | Shares |
Company insiders 51 insiders · 30 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Thomas E. Stiehle | Ex. VP and CFO | June 12, 2026 A | 18,991 | 0 | 0 | $0 |
| Barbara A Niland | Corp VP and CFO | Jan. 8, 2016 S | 47,973 | 0 | 0 | $0 |
| Brian D. Blanchette | Ex VP and President, Ingalls | June 12, 2026 A | — | 0 | 0 | $0 |
| Eric D. Chewning | EVP, Maritime Sys & Corp STR | June 12, 2026 A | — | 0 | 0 | $0 |
| Edmond E. Hughes Jr. | Ex VP & Chief HR Officer | June 12, 2026 A | 8,391 | 0 | 1 | $-1,118,530 |
| Kara R. Wilkinson | Ex. VP and President, NNS | June 12, 2026 A | 6,846 | 0 | 0 | $0 |
| Chad N. Boudreaux | Ex VP & Chief Legal Officer | June 12, 2026 A | 19,407 | 0 | 0 | $0 |
| Edgar A Green III | Ex VP, Pres. HII Mission Tech | June 12, 2026 A | 7,477 | 0 | 0 | $0 |
| Nicolas G Schuck | Corp VP, Controller & CAO | June 12, 2026 A | 2,260 | 0 | 0 | $0 |
| Todd A. Borkey | Ex VP & Chief Technology Offic | Aug. 26, 2024 F | 3,725 | 0 | 0 | $0 |
| Christopher W. Soong | Ex VP & CIO | June 14, 2024 A | 1,897 | 0 | 0 | $0 |
| Paul C. Harris | Ex VP & Chief Sustainability | June 14, 2024 A | 2,147 | 0 | 0 | $0 |
| Stewart H. Holmes | Ex. VP, Govt & Cust Relations | June 14, 2024 A | 4,156 | 0 | 0 | $0 |
| Brooke Hart | Ex. VP, Communications | June 14, 2024 A | 1,012 | 0 | 0 | $0 |
| Jennifer R. Boykin | Ex VP, President NNS | June 14, 2024 A | 0 | 0 | 0 | $0 |
| D R Wyatt | Corp VP & Treasurer | June 14, 2024 A | 20,027 | 0 | 0 | $0 |
| Bharat B. Amin | Ex. VP & CIO | March 10, 2023 F | 7,089 | 0 | 0 | $0 |
| William R Ermatinger | Ex. VP, Chief HR Officer | March 14, 2022 F | 26,821 | 0 | 0 | $0 |
| Michael C Petters | Exec. Vice Chairman | March 14, 2022 F | 467,166 | 0 | 0 | $0 |
| Jerri F Dickseski | EX. VP, Communications | Aug. 10, 2021 S | 29,408 | 0 | 0 | $0 |
| Brian J. Cuccias | Ex. VP & President, Ingalls | April 1, 2021 A | 61,153 | 0 | 0 | $0 |
| Scott D. Stabler II | Ex VP Chief Transformation Off | March 15, 2021 F | 18,352 | 0 | 0 | $0 |
| Mitchell B Waldman | Ex. VP-Govt & Cust Relations | March 15, 2021 F | 53,281 | 0 | 0 | $0 |
| Kellye L. Walker | Ex. VP and Chief Legal Officer | Feb. 26, 2020 F | 18,411 | 0 | 0 | $0 |
| Michael Stephen Smith | Ex. VP, Strategy & Dev. | Aug. 25, 2017 F | 2,034 | 0 | 0 | $0 |
| Matthew J Mulherin | Ex. VP, President Newport News | March 1, 2017 F | 113,813 | 0 | 0 | $0 |
| Bruce Hawthorne | Corp VP General Counsel & Sec | March 12, 2015 S | 30,802 | 0 | 0 | $0 |
| Douglass Fontaine II | Corp. VP, CAO & Controller | Feb. 25, 2015 F | 48,623 | 0 | 0 | $0 |
| Irwin F Edenzon | Corp. VP, Strategic Projects | Nov. 10, 2014 S | 31,649 | 0 | 0 | $0 |
| George M. Simmerman Jr. | Corp VP, Dep Gen Counsel | March 8, 2013 F | 45,168 | 0 | 0 | $0 |
| Craig S. Faller | Director | July 1, 2026 A | 2,047 | 0 | 0 | $0 |
| Stephanie L. O'Sullivan | Director | July 1, 2026 A | 4,213 | 0 | 0 | $0 |
| Augustus L Collins | Director | July 1, 2026 A | 11,066 | 0 | 0 | $0 |
| Tracy B Mckibben | Director | July 1, 2026 A | 5,785 | 0 | 0 | $0 |
| Kirkland H Donald | Director | July 1, 2026 A | 7,021 | 0 | 0 | $0 |
| Frank R Jimenez | Director | July 1, 2026 A | 3,463 | 0 | 0 | $0 |
| Nick L Stanage | Director | July 1, 2026 A | 3,936 | 1 | 0 | $954,730 |
| Leo P Denault | Director | July 1, 2026 A | 4,744 | 0 | 0 | $0 |
| Thomas C Schievelbein | Director | July 1, 2026 A | 23,346 | 0 | 0 | $0 |
| John K Welch | Director | April 1, 2026 A | 7,781 | 0 | 0 | $0 |
| Anastasi D Kelly | Director | April 1, 2026 A | 573 | 0 | 0 | $0 |
| Stephen R Wilson | Director | April 3, 2023 A | 5,255 | 0 | 0 | $0 |
| Philip M. Bilden | Director | July 1, 2022 A | 4,169 | 0 | 0 | $0 |
| Thomas B Fargo | Director | April 1, 2020 A | 17,528 | 0 | 0 | $0 |
| Paul D. Miller | Director | April 3, 2017 A | 255 | 0 | 0 | $0 |
| Robert F Bruner | Director | April 1, 2016 A | 14,423 | 0 | 0 | $0 |
| Karl M Von Der Heyden | Director | April 1, 2016 A | 1,237 | 0 | 0 | $0 |
| Artur G. Davis | Director | Dec. 12, 2014 A | 12,948 | 0 | 0 | $0 |
| NORTHROP GRUMMAN CORP /DE/ | Director | March 30, 2011 J | 0 | 0 | 0 | $0 |
| Christopher D Kastner | — | Aug. 10, 2026 S | 11,224 | 0 | 1 | $-4,246,704 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 158 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 |
|---|---|---|---|---|
| SCAP · Series Portfolios Trust | 3.35% | 2,216 NS | May 31, 2026 | N-PORT |
| EPMV · Harbor ETF Trust | 2.47% | 301 NS | April 30, 2026 | N-PORT |
| AIRR · First Trust Exchange-Traded Fund VI | 2.44% | 1,003,458 NS | June 30, 2026 | N-PORT |
| EPSB · Harbor ETF Trust | 2.42% | 309 NS | April 30, 2026 | N-PORT |
| DRES · GMO ETF Trust | 2.32% | 2,733 NS | May 31, 2026 | N-PORT |
| SHLD · Global X Funds | 2.04% | 530,155 NS | May 31, 2026 | N-PORT |
| EPSV · Harbor ETF Trust | 1.73% | 237 NS | April 30, 2026 | N-PORT |
| RCTR · First Trust Exchange-Traded Fund II | 1.72% | 1,646 NS | June 30, 2026 | N-PORT |
| FMKT · Tidal Trust I | 1.38% | 671 NS | May 31, 2026 | N-PORT |
| BOBP · EXCHANGE TRADED CONCEPTS TRUST | 1.32% | 65 NS | April 30, 2026 | N-PORT |
| RSPN · Invesco Exchange-Traded Fund Trust | 1.20% | 41,911 SH | Aug. 21, 2026 | Daily |
| MISL · First Trust Exchange-Traded Fund | 1.15% | 32,831 NS | June 30, 2026 | N-PORT |
| PPA · Invesco Exchange-Traded Fund Trust | 1.07% | 292,759 SH | Aug. 21, 2026 | Daily |
| SPVM · Invesco Exchange-Traded Fund Trust | 0.97% | 4,446 SH | Aug. 21, 2026 | Daily |
| ITA · iShares Trust | 0.85% | 403,256 SH | Aug. 21, 2026 | Daily |
| DFEN · Direxion Shares ETF Trust | 0.85% | 8,551 NS | April 30, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.76% | 26,570 NS | April 30, 2026 | N-PORT |
| PRAY · FIS Trust | 0.71% | 1,866 NS | May 31, 2026 | N-PORT |
| AMOM · Exchange Listed Funds Trust | 0.66% | 552 NS | April 30, 2026 | N-PORT |
| CZA · Invesco Exchange-Traded Fund Trust | 0.60% | 3,653 SH | Aug. 21, 2026 | Daily |
| DGLO · First Trust Exchange-Traded Fund VI | 0.51% | 65 NS | June 30, 2026 | N-PORT |
| AUSF · Global X Funds | 0.42% | 11,472 NS | May 31, 2026 | N-PORT |
| FXR · First Trust Exchange-Traded AlphaDE… | 0.41% | 7,845 NS | April 30, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.39% | 12,252 NS | April 30, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.39% | 16,168 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.38% | 5,029 NS | April 30, 2026 | N-PORT |
| FDLO · FIDELITY COVINGTON TRUST | 0.37% | 14,081 NS | April 30, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 0.37% | 36 NS | June 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.36% | 6,153 NS | April 30, 2026 | N-PORT |
| BTAL · AGF Investments Trust | 0.35% | 3,542 NS | June 30, 2026 | N-PORT |
| RPV · Invesco Exchange-Traded Fund Trust | 0.34% | 19,563 SH | Aug. 21, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 15,884 NS | April 30, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 0.27% | 99 NS | April 30, 2026 | N-PORT |
| CSM · ProShares Trust | 0.27% | 4,530 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.26% | 52,623 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.24% | 15,380 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.23% | 573,746 SH | Aug. 19, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.22% | 106,115 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.22% | 7,406 SH | Aug. 21, 2026 | Daily |
| ESML · iShares Trust | 0.22% | 20,848 SH | Aug. 21, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.21% | 82,145 NS | April 30, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.20% | 11,669 NS | April 30, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.20% | 645,841 SH | Aug. 21, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 3,919 NS | April 30, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 11,445 NS | April 30, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.19% | 214 NS | June 30, 2026 | N-PORT |
| DUSL · Direxion Shares ETF Trust | 0.19% | 276 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.18% | 1,759 SH | Aug. 21, 2026 | Daily |
| GSY · Invesco Actively Managed Exchange-T… | 0.18% | 7,382,000 | Aug. 21, 2026 | Daily |
| SDVD · First Trust Exchange-Traded Fund IV | 0.18% | 4,099 NS | April 30, 2026 | N-PORT |