HIW Highwoods Properties, Inc. Common Stock
$31.38
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026
52W Range
$20–$35
73% of range
Analyst Rating
HOLD
14 analysts
Price Target
$31
+0% upside
P/E (TTM)
21.7
ROE
6.9%
Net Profit Margin
20.2%
HIW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$31.38
Market Cap
$3.46B
P/E (TTM)
21.7
EPS (TTM)
$1.45
Revenue (TTM)
$806M
Div Yield
6.3%
ROE
6.9%
Debt/Equity
—
52W Range
$20 – $35
HIW 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
$806M
2017-12-31
→
2025-12-31
EPS
$1.45
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
20.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HIW
Peer Median
P/E (TTM)
21.7
39.8
P/S (TTM)
4.3
2.1
P/B
1.5
0.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HIW
Peer Median
Operating Margin
67.6%
—
Net Profit Margin
20.2%
0.32%
ROA
2.6%
0.03%
ROE
6.9%
-0.25%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HIW
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HIW
Peer Median
Revenue YoY
-2.4%
—
Revenue CAGR 3Y
-0.93%
—
Revenue CAGR 5Y
1.8%
—
EPS YoY
54.3%
—
Net Income YoY
56.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HIW
Peer Median
Payout Ratio
133.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
6.3%
Payout Ratio
133.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 18, 2026 | $0.5000 |
| Feb. 17, 2026 | $0.5000 |
| Nov. 17, 2025 | $0.5000 |
| Aug. 18, 2025 | $0.5000 |
| May 19, 2025 | $0.5000 |
| Feb. 18, 2025 | $0.5000 |
| Nov. 18, 2024 | $0.5000 |
| Aug. 19, 2024 | $0.5000 |
| May 17, 2024 | $0.5000 |
| Feb. 16, 2024 | $0.5000 |
| Nov. 17, 2023 | $0.5000 |
| Aug. 18, 2023 | $0.5000 |
| May 19, 2023 | $0.5000 |
| Feb. 17, 2023 | $0.5000 |
| Nov. 18, 2022 | $0.5000 |
| Aug. 19, 2022 | $0.5000 |
| May 20, 2022 | $0.5000 |
| Feb. 18, 2022 | $0.5000 |
| Nov. 12, 2021 | $0.5000 |
| Aug. 13, 2021 | $0.5000 |
HIW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 2 14.3%
- Buy 3 21.4%
- Hold 9 64.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-17
Median
$31.00
Now
$31.38
Low
$26.00
High
$35.00
Median target
$31.00
-1.2%
Mean target
$31.44
+0.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.20%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.85 | $0.58 | 0.27% |
| March 31, 2026 | $0.29 | $0.11 | 0.18% |
| Dec. 31, 2025 | $0.30 | $0.20 | 0.10% |
| Sept. 30, 2025 | $0.12 | $0.17 | -0.05% |
| June 30, 2025 | $0.17 | $0.18 | -0.01% |
| March 31, 2025 | $0.91 | $0.22 | 0.69% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HIW | $2.84B | 17.8 | -2.4% | 20.2% | 6.9% | — |
| CDP | $3.15B | 20.7 | 1.4% | 20.9% | 10.6% | — |
| VNO | $6.35B | 7.9 | 1.3% | 50.0% | 16.2% | — |
| CUZ | $4.33B | 107.4 | 16.0% | 4.1% | 0.85% | — |
| SLG | $3.26B | -28.5 | 13.2% | -9.7% | -2.5% | — |
| KRC | $4.42B | 16.1 | -2.0% | 27.2% | 5.6% | — |
| DEI | $1.84B | 122.1 | 1.8% | 1.6% | 0.82% | 63.3% |
| PDM | $1.04B | -12.4 | -0.93% | -14.8% | -5.4% | — |
| DEA | $981M | 78.5 | 11.3% | 3.9% | 0.98% | — |
| PSTL | — | 34.3 | 25.5% | 14.8% | 5.3% | — |
| ESRT | — | 26.1 | 0.05% | 9.5% | 7.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $806M | $826M | $834M | $829M | $768M | $737M | $736M | $720M | $703M | |
| SG&A Expense | $40M | $42M | $43M | $42M | $41M | $41M | $44M | $40M | $40M | |
| Operating Expenses | $605M | $638M | $611M | $626M | $536M | $516M | $553M | $513M | $506M | |
| Operating Income | $545M | $554M | $565M | $569M | $532M | $505M | $487M | $478M | $466M | |
| Interest Expense | $152M | $147M | $137M | $105M | $86M | $81M | $82M | $71M | $69M | |
| Other Non-op | $10M | $12M | $4M | $2M | $1M | $-2M | $-3M | $2M | $2M | |
| Pretax Income | · | · | · | · | · | · | · | $138M | $130M | |
| Net Income | $163M | $104M | $151M | $164M | $323M | $358M | $142M | $178M | $192M | |
| EPS (Basic) | $1.45 | $0.94 | $1.39 | $1.49 | $2.98 | $3.32 | $1.30 | $1.64 | $1.78 | |
| EPS (Diluted) | $1.45 | $0.94 | $1.39 | $1.49 | $2.98 | $3.32 | $1.30 | $1.64 | $1.78 | |
| Shares (Basic) | 108,454,000 | 106,167,000 | 105,529,000 | 105,120,000 | 104,232,000 | 103,876,000 | 103,692,000 | 103,439,000 | 102,682,000 | |
| Shares (Diluted) | 110,570,000 | 108,319,000 | 107,785,000 | 107,567,000 | 107,061,000 | 106,714,000 | 106,445,000 | 106,268,000 | 105,594,000 | |
| EBITDA | $545M | $554M | $565M | $569M | $532M | $505M | $487M | $478M | $466M |
Balance Sheet 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27M | $22M | $25M | $21M | $23M | $109M | $10M | $4M | $3M | |
| Intangibles | $244M | $210M | $226M | $253M | $259M | $209M | $231M | $195M | $201M | |
| Total Assets | $6.27B | $6.03B | $6.00B | $6.06B | $5.70B | $5.21B | $5.14B | $4.68B | $4.62B | |
| Total Liabilities | $3.84B | $3.60B | $3.52B | $3.50B | $3.08B | $2.74B | $2.83B | $2.30B | $2.24B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Paid-in Capital | $3.22B | $3.14B | $3.10B | $3.08B | $3.03B | $2.99B | $2.95B | $2.98B | $2.93B | |
| Retained Earnings | $-870M | $-811M | $-698M | $-633M | $-580M | $-686M | $-832M | $-769M | $-747M | |
| AOCI | $-2M | $-2M | $-2M | $-1M | $-973.0K | $-1M | $-471.0K | $10M | $8M | |
| Stockholders' Equity | $2.38B | $2.36B | $2.43B | $2.48B | $2.48B | $2.34B | $2.15B | $2.25B | $2.22B | |
| Liabilities + Equity | $6.27B | $6.03B | $6.00B | $6.06B | $5.70B | $5.21B | $5.14B | $4.68B | $4.62B | |
| Shares Outstanding | 109,905,241 | 107,623,777 | 105,710,315 | 105,210,858 | 104,892,780 | 103,921,546 | 103,756,046 | 103,557,065 | 103,266,875 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $295M | $299M | $299M | $288M | $259M | $242M | $255M | $230M | $228M | |
| Stock-based Comp | $8M | $8M | $7M | $8M | $9M | $6M | $7M | $7M | $7M | |
| Operating Cash Flow | $359M | $404M | $387M | $422M | $415M | $358M | $366M | $359M | $353M | |
| Investing Cash Flow | $-441M | $-302M | $-170M | $-615M | $-288M | $111M | $-607M | $-307M | $-200M | |
| Debt Issued | $380M | $0 | $590M | $550M | $200M | $398M | $748M | $346M | $656M | |
| Net Debt Issued | $341M | $-7M | $384M | $94M | $-154M | $146M | $421M | $134M | $-177M | |
| Stock Issued | $63M | $54M | $2M | $8M | $24M | $4M | $2M | $4M | $76M | |
| Net Stock Activity | $63M | $54M | $2M | $8M | $24M | $4M | $2M | $4M | $76M | |
| Dividends Paid | $217M | $212M | $211M | $210M | $204M | $199M | $197M | $191M | $181M | |
| Financing Cash Flow | $91M | $-99M | $-205M | $188M | $-285M | $-294M | $246M | $-130M | $-143M | |
| Net Change in Cash | $9M | $2M | $12M | $-5M | $-158M | $175M | $5M | $-78M | $10M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 67.6% | 67.0% | 67.8% | 68.7% | 69.2% | 68.5% | 66.2% | · | · | |
| Net Margin | 20.2% | 12.6% | 18.1% | 19.8% | 42.1% | 48.6% | 19.2% | · | · | |
| EBITDA Margin | 67.6% | 67.0% | 67.8% | 68.7% | 69.2% | 68.5% | 66.2% | · | · | |
| ROA | 2.6% | 1.7% | 2.5% | 2.8% | 5.9% | 6.9% | 2.9% | 3.8% | 4.2% | |
| ROE | 6.9% | 4.3% | 6.2% | 6.6% | 13.4% | 16.0% | 6.4% | 8.0% | 8.8% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 3.6 | 3.8 | 4.1 | 5.4 | 6.2 | 6.2 | 6.0 | 6.7 | 6.7 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -2.4% | -0.98% | 0.61% | 7.9% | 4.2% | · | · | · | · | |
| Revenue CAGR 3Y | -0.93% | 2.5% | 4.2% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 1.8% | · | · | · | · | · | · | · | · | |
| EPS YoY | 54.3% | -32.4% | -6.7% | -50.0% | -10.2% | · | · | · | · | |
| EPS CAGR 3Y | -0.90% | -31.9% | -25.2% | · | · | · | · | · | · | |
| EPS CAGR 5Y | -15.3% | · | · | · | · | · | · | · | · | |
| Net Income YoY | 56.0% | -31.1% | -7.7% | -49.3% | -9.7% | · | · | · | · | |
| Net Income CAGR 3Y | -0.27% | -31.4% | -24.9% | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -14.6% | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 1.7% | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $806M | $826M | $834M | $829M | $768M | $737M | $736M | $720M | $703M | |
| Net Income TTM | $163M | $104M | $151M | $164M | $323M | $358M | $142M | $178M | $192M | |
| Market Cap | $2.84B | $3.29B | $2.43B | $2.94B | $4.68B | $4.12B | $5.07B | $4.01B | $5.26B | |
| P/E | 17.8 | 32.5 | 16.5 | 18.8 | 15.0 | 11.9 | 37.6 | 23.6 | 28.6 | |
| P/S | 3.5 | 4.0 | 2.9 | 3.6 | 6.1 | 5.6 | 6.9 | 5.6 | 7.5 | |
| P/B | 1.2 | 1.4 | 1.0 | 1.2 | 1.9 | 1.8 | 2.4 | 1.8 | 2.4 | |
| P / Tangible Book | 1.3 | 1.5 | 1.1 | 1.3 | 2.1 | 1.9 | · | · | · | |
| P / Cash Flow | 7.9 | 8.2 | 6.3 | 7.0 | 11.3 | 11.5 | 13.9 | 11.2 | 14.9 | |
| Dividend Yield | 7.6% | 6.5% | 8.7% | 7.1% | 4.4% | 4.8% | 3.9% | 4.8% | 3.4% | |
| Earnings Yield | 5.6% | 3.1% | 6.0% | 5.3% | 6.7% | 8.4% | 2.7% | 4.2% | 3.5% | |
| Payout Ratio | 133.2% | 203.7% | 139.5% | 128.2% | 63.1% | 55.7% | 139.0% | 107.7% | 94.3% | |
| Annual Payout | $217M | $212M | $211M | $210M | $204M | $199M | $197M | $191M | $181M |
Income Statement 12
| 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 | $216M | $214M | $203M | $202M | $201M | $200M | $206M | $204M | $205M | $211M | $207M | $207M | $207M | $213M | $212M | $207M | |
| SG&A Expense | $10M | $13M | $9M | $9M | $10M | $12M | $10M | $10M | $9M | $12M | $12M | $9M | $9M | $12M | $10M | $10M | |
| Operating Expenses | $159M | $162M | $150M | $158M | $149M | $149M | $179M | $155M | $148M | $157M | $161M | $151M | $151M | $149M | $154M | $150M | |
| Operating Income | $146M | $143M | $137M | $136M | $137M | $135M | $134M | $139M | $140M | $141M | $137M | $140M | $141M | $147M | $142M | $141M | |
| Interest Expense | $42M | $42M | $40M | $38M | $38M | $37M | $37M | $37M | $36M | $37M | $35M | $34M | $34M | $33M | $30M | $26M | |
| Other Non-op | $3M | $3M | $2M | $2M | $5M | $2M | $2M | $2M | $7M | $1M | $1M | $754.0K | $1M | $1M | $909.0K | $138.0K | |
| Net Income | $97M | $33M | $30M | $14M | $19M | $100M | $-3M | $15M | $65M | $27M | $39M | $23M | $44M | $45M | $29M | $40M | |
| EPS (Basic) | $0.85 | $0.29 | $0.25 | $0.12 | $0.17 | $0.91 | $-0.04 | $0.14 | $0.59 | $0.25 | $0.36 | $0.21 | $0.40 | $0.42 | $0.27 | $0.36 | |
| EPS (Diluted) | $0.85 | $0.29 | $0.25 | $0.12 | $0.17 | $0.91 | $-0.04 | $0.14 | $0.59 | $0.25 | $0.36 | $0.21 | $0.40 | $0.42 | $0.27 | $0.36 | |
| Shares (Basic) | 110,284,000 | 110,039,000 | -215,457,000 | 108,403,000 | 107,825,000 | 107,683,000 | -211,643,000 | 106,010,000 | 105,996,000 | 105,804,000 | -210,887,000 | 105,671,000 | 105,457,000 | 105,288,000 | -210,160,000 | 105,184,000 | |
| Shares (Diluted) | 112,301,000 | 112,062,000 | -219,762,000 | 110,522,000 | 109,976,000 | 109,834,000 | -215,947,000 | 108,161,000 | 108,147,000 | 107,958,000 | -215,501,000 | 107,832,000 | 107,808,000 | 107,646,000 | -215,141,000 | 107,601,000 | |
| EBITDA | $146M | $143M | · | $136M | $137M | $135M | · | $139M | $140M | $141M | · | $140M | $141M | $147M | · | $141M |
Balance Sheet 11
| 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 | $145M | $32M | $27M | $26M | $21M | $20M | $22M | $24M | $27M | $16M | $25M | $17M | $17M | $16M | $21M | $23M | |
| Intangibles | $278M | $289M | $244M | $225M | $222M | $224M | $210M | $213M | $218M | $223M | · | $233M | $239M | $246M | · | $256M | |
| Total Assets | $6.47B | $6.60B | $6.27B | $6.14B | $6.06B | $6.08B | $6.03B | $6.03B | $5.97B | $6.01B | · | $6.02B | $6.03B | $6.07B | · | $5.87B | |
| Total Liabilities | $3.82B | $3.98B | $3.84B | $3.69B | $3.62B | $3.60B | $3.60B | $3.59B | $3.50B | $3.55B | · | $3.52B | $3.50B | $3.53B | · | $3.28B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $3.22B | $3.24B | $3.22B | $3.20B | $3.15B | $3.15B | $3.14B | $3.09B | $3.10B | $3.10B | · | $3.11B | $3.10B | $3.10B | · | $3.08B | |
| Retained Earnings | $-855M | $-894M | $-870M | $-844M | $-803M | $-767M | $-811M | $-753M | $-715M | $-725M | · | $-683M | $-652M | $-642M | · | $-608M | |
| AOCI | $-3M | $-3M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | · | $-1M | $-1M | $-1M | · | $-1M | |
| Stockholders' Equity | $2.39B | $2.37B | $2.38B | $2.38B | $2.37B | $2.41B | $2.36B | $2.36B | $2.41B | $2.40B | · | $2.45B | $2.47B | $2.48B | · | $2.50B | |
| Liabilities + Equity | $6.47B | $6.60B | $6.27B | $6.14B | $6.06B | $6.08B | $6.03B | $6.03B | $5.97B | $6.01B | · | $6.02B | $6.03B | $6.07B | · | $5.87B | |
| Shares Outstanding | 110,306,211 | 110,272,697 | 109,905,241 | 109,553,557 | 107,886,915 | 107,810,629 | 107,623,777 | 106,020,426 | 106,010,262 | 105,995,624 | 105,710,315 | 105,693,261 | 105,473,213 | 105,457,508 | 105,210,858 | 105,197,658 |
Cash Flow 11
| 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 | $78M | $75M | $74M | $75M | $71M | $73M | $79M | $74M | $74M | $79M | $75M | $75M | $71M | $75M | $73M | |
| Stock-based Comp | $1M | $6M | $742.0K | $1M | $1M | $5M | $1M | $1M | $1M | $5M | $859.0K | $800.0K | $800.0K | $5M | $761.0K | $700.0K | |
| Operating Cash Flow | $125M | $63M | $100M | $97M | $117M | $46M | $104M | $97M | $130M | $72M | $103M | $103M | $115M | $66M | $102M | $118M | |
| Investing Cash Flow | $238M | $-340M | $-201M | $-157M | $-55M | $-27M | $-97M | $-149M | $6M | $-62M | $-39M | $-63M | $6M | $-75M | $-273M | $-272M | |
| Debt Issued | · | · | $348M | $32M | · | · | $0 | $0 | $0 | $0 | $390M | $0 | $0 | $200M | $200M | $150M | |
| Net Debt Issued | · | $-2M | · | · | · | $-2M | · | · | · | $-2M | · | · | · | $198M | · | · | |
| Stock Issued | $367.0K | $288.0K | $11M | $50M | $2M | $411.0K | $52M | $350.0K | $381.0K | $363.0K | $392.0K | $361.0K | $435.0K | $553.0K | $370.0K | $361.0K | |
| Net Stock Activity | · | $288.0K | · | · | · | $411.0K | · | · | · | $363.0K | · | · | · | $553.0K | · | · | |
| Dividends Paid | $55M | $55M | $55M | $54M | $54M | $54M | $53M | $53M | $53M | $53M | $53M | $53M | $53M | $53M | $53M | $53M | |
| Financing Cash Flow | $-250M | $287M | $103M | $62M | $-61M | $-13M | $-7M | $49M | $-126M | $-15M | $-53M | $-42M | $-121M | $11M | $168M | $111M | |
| Net Change in Cash | $113M | $10M | $1M | $2M | $494.0K | $6M | $-256.0K | $-3M | $10M | $-4M | $11M | $-2M | $727.0K | $2M | $-3M | $-43M |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 67.6% | 66.8% | · | 67.3% | 68.3% | 67.5% | · | 67.8% | 68.5% | 66.7% | · | 67.5% | 68.0% | 69.1% | · | 68.0% | |
| Net Margin | 44.7% | 15.6% | · | 6.8% | 9.6% | 49.9% | · | 7.6% | 31.6% | 12.9% | · | 11.2% | 21.2% | 21.1% | · | 19.4% | |
| EBITDA Margin | 67.6% | 66.8% | · | 67.3% | 68.3% | 67.5% | · | 67.8% | 68.5% | 66.7% | · | 67.5% | 68.0% | 69.1% | · | 68.0% | |
| ROA | 1.5% | 0.53% | · | 0.23% | 0.32% | 1.7% | · | 0.26% | 1.1% | 0.45% | · | 0.39% | 0.75% | 0.76% | · | 0.69% | |
| ROE | 4.1% | 1.4% | · | 0.58% | 0.80% | 4.2% | · | 0.64% | 2.6% | 1.1% | · | 0.93% | 1.8% | 1.8% | · | 1.6% |
Liquidity & Solvency 1
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 3.5 | 3.4 | · | 3.5 | 3.6 | 3.7 | · | 3.7 | 3.9 | 3.9 | · | 4.1 | 4.1 | 4.4 | · | 5.3 |
Efficiency 1
| 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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $833M | $817M | · | $807M | $810M | $821M | · | $827M | $830M | $838M | · | $834M | $831M | $830M | · | $813M | |
| Net Income TTM | $163M | $166M | · | $148M | $199M | $207M | · | $131M | $159M | $139M | · | $152M | $182M | $180M | · | $210M | |
| Market Cap | $3.33B | $2.36B | · | $3.49B | $3.35B | $3.20B | · | $3.55B | $2.78B | $2.77B | · | $2.18B | $2.52B | $2.45B | · | $2.84B | |
| P/E | 21.1 | 14.4 | · | 23.7 | 17.2 | 15.7 | · | 28.2 | 18.1 | 20.5 | · | 14.8 | 14.4 | 14.1 | · | 14.1 | |
| P/S | 4.0 | 2.9 | · | 4.3 | 4.1 | 3.9 | · | 4.3 | 3.4 | 3.3 | · | 2.6 | 3.0 | 2.9 | · | 3.5 | |
| P/B | 1.4 | 1.0 | · | 1.5 | 1.4 | 1.3 | · | 1.5 | 1.2 | 1.2 | · | 0.9 | 1.0 | 1.0 | · | 1.1 | |
| P / Tangible Book | 1.6 | 1.1 | · | 1.6 | 1.6 | 1.5 | · | 1.7 | 1.3 | 1.3 | · | 1.0 | 1.1 | 1.1 | · | 1.3 | |
| P / Cash Flow | · | 37.6 | · | · | · | 69.0 | · | · | · | 38.3 | · | · | · | 37.2 | · | · | |
| Earnings Yield | 4.7% | 7.0% | · | 4.2% | 5.8% | 6.4% | · | 3.5% | 5.5% | 4.9% | · | 6.7% | 6.9% | 7.1% | · | 7.1% | |
| Payout Ratio | · | 164.7% | · | · | · | 53.8% | · | · | · | 194.3% | · | · | · | 117.1% | · | · |
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 | $806M | $826M | $834M | $829M | $768M |
| Operating Margin % | 67.6% | 67.0% | 67.8% | 68.7% | 69.2% |
| Net Income | $163M | $104M | $151M | $164M | $323M |
| Diluted EPS | $1.45 | $0.94 | $1.39 | $1.49 | $2.98 |
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Institutional owners (13F) 393 filers · $1.9B 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 |
|---|---|---|---|---|
| 78 (+16 vs prior Q) | 38 (-14 vs prior Q) | 125 (-4 vs prior Q) | 99 (+7 vs prior Q) | +26.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $363,005,579 | 12,035,994 | 18.80% | Shares |
| STATE STREET CORP | $229,003,523 | 7,592,955 | 11.86% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $149,511,293 | 4,957,271 | 7.74% | Shares |
| Quantinno Capital Management LP | $93,482,241 | 3,099,543 | 4.84% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $84,393,251 | 2,797,686 | 4.37% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $75,451,393 | 2,501,704 | 3.91% | Shares |
| Gotham Asset Management, LLC | $71,845,433 | 2,382,143 | 3.72% | Shares |
| Daiwa Securities Group Inc. | $61,108,865 | 2,026,156 | 3.16% | Shares |
| AEW CAPITAL MANAGEMENT L P | $46,366,386 | 1,537,347 | 2.40% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $42,406,227 | 1,406,042 | 2.20% | Shares |
| CORDA Investment Management, LLC. | $38,747,081 | 1,284,718 | 2.01% | Shares |
| AMERIPRISE FINANCIAL INC | $33,096,649 | 1,097,369 | 1.71% | Shares |
| Bank of New York Mellon Corp | $24,718,955 | 819,594 | 1.28% | Shares |
| M&G PLC | $24,711,840 | 823,728 | 1.28% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $24,640,539 | 816,994 | 1.28% | Shares |
| GRS Advisors, LLC | $24,148,931 | 800,694 | 1.25% | Shares |
| Nuveen, LLC | $22,586,281 | 748,882 | 1.17% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $22,132,765 | 733,845 | 1.15% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $18,020,479 | 597,496 | 0.93% | Shares |
| SCS Capital Management LLC | $17,658,670 | 585,500 | 0.91% | Shares |
| VANGUARD GROUP INC | $17,266,015 | 668,707 | 0.89% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $16,003,469 | 530,619 | 0.83% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $13,413,513 | 444,745 | 0.69% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $12,368,616 | 410,100 | 0.64% | Shares |
| Aberdeen Group plc | $12,095,276 | 401,037 | 0.63% | Shares |
| Pacific Heights Asset Management LLC | $12,064,000 | 400,000 | 0.62% | Shares |
| GOLDMAN SACHS GROUP INC | $11,525,795 | 382,155 | 0.60% | Shares |
| Public Sector Pension Investment Board | $11,425,392 | 378,826 | 0.59% | Shares |
| JANUS HENDERSON GROUP PLC | $10,683,755 | 498,431 | 0.55% | Shares |
| Corient Private Wealth LP | $10,614,815 | 351,950 | 0.55% | Shares |
| BlackRock, Inc. | $10,265,861 | 340,380 | 0.53% | Shares |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. | $9,223,246 | 305,809 | 0.48% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $9,035,030 | 299,570 | 0.47% | Shares |
| RHUMBLINE ADVISERS | $8,803,983 | 291,910 | 0.46% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $7,997,256 | 265,161 | 0.41% | Shares |
| CITADEL ADVISORS LLC | $7,065,794 | 234,277 | 0.37% | Shares |
| MORGAN STANLEY | $7,048,856 | 233,715 | 0.36% | Shares |
| Hudson Bay Capital Management LP | $6,763,712 | 224,261 | 0.35% | Shares |
| Allianz Asset Management GmbH | $6,715,335 | 222,657 | 0.35% | Shares |
| Swiss National Bank | $6,671,452 | 221,202 | 0.35% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,292,221 | 208,628 | 0.33% | Shares |
| WINTON GROUP Ltd | $6,098,744 | 202,213 | 0.32% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $5,899,117 | 195,594 | 0.31% | Shares |
| HSBC HOLDINGS PLC | $5,352,676 | 177,476 | 0.28% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $5,320,224 | 176,400 | 0.28% | Shares |
| Legal & General Group Plc | $5,101,956 | 169,163 | 0.26% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $5,055,238 | 167,614 | 0.26% | Shares |
| Edge Capital Group, LLC | $4,274,778 | 139,790 | 0.22% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $4,246,528 | 140,800 | 0.22% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $4,220,048 | 139,922 | 0.22% | Shares |
| CITIGROUP INC | $3,956,660 | 131,189 | 0.20% | Shares |
| Nuveen Asset Management, LLC | $3,917,634 | 128,111 | 0.20% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $3,559,302 | 118,014 | 0.18% | Shares |
| BARCLAYS PLC | $3,474,463 | 115,201 | 0.18% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,461,885 | 114,784 | 0.18% | Shares |
| IEQ CAPITAL, LLC | $3,358,461 | 111,355 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,329,041 | 155,490 | 0.17% | Shares |
| Asset Management One Co., Ltd. | $3,275,794 | 153,003 | 0.17% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,244,824 | 107,587 | 0.17% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $3,242,170 | 107,499 | 0.17% | Shares |
| EASTERLY INVESTMENT PARTNERS LLC | $3,241,717 | 107,484 | 0.17% | Shares |
| Swedbank AB | $3,190,928 | 105,800 | 0.17% | Shares |
| Vanguard Investments Australia, Ltd. | $3,113,869 | 103,245 | 0.16% | Shares |
| PINNACLE ASSOCIATES LTD | $3,060,094 | 101,462 | 0.16% | Shares |
| SEI INVESTMENTS CO | $2,903,850 | 96,364 | 0.15% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $2,876,661 | 95,380 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,810,619 | 131,276 | 0.15% | Shares |
| Oak Thistle LLC | $2,664,334 | 88,340 | 0.14% | Shares |
| Bayhunt Capital LLC | $2,564,313 | 99,315 | 0.13% | Shares |
| Paralel Advisors LLC | $2,406,768 | 79,800 | 0.12% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $2,304,556 | 76,411 | 0.12% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $2,288,279 | 106,879 | 0.12% | Shares |
| Advisory Services Network, LLC | $2,107,220 | 69,868 | 0.11% | Shares |
| MetLife Investment Management, LLC | $2,055,344 | 68,148 | 0.11% | Shares |
| UBS Group AG | $2,029,557 | 67,293 | 0.11% | Shares |
| Focus Partners Wealth | $2,024,817 | 67,136 | 0.10% | Shares |
| Summit Trail Advisors, LLC | $2,023,465 | 67,091 | 0.10% | Shares |
| JANE STREET GROUP, LLC | $1,963,416 | 65,100 | 0.10% | Call option |
| MERCER GLOBAL ADVISORS INC /ADV | $1,896,983 | 62,897 | 0.10% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,834,965 | 60,841 | 0.10% | Shares |
| Hazelview Securities Inc. | $1,818,664 | 57,083 | 0.09% | Shares |
| State of New Jersey Common Pension Fund D | $1,800,341 | 59,693 | 0.09% | Shares |
| OSAIC HOLDINGS, INC. | $1,778,743 | 58,957 | 0.09% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $1,767,000 | 58,591 | 0.09% | Shares |
| MACQUARIE GROUP LTD | $1,744,666 | 57,847 | 0.09% | Shares |
| Fideuram Asset Management (Ireland) dac | $1,678,256 | 66,230 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,648,606 | 54,662 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $1,626,278 | 53,922 | 0.08% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $1,599,385 | 53,030 | 0.08% | Shares |
| Polymer Capital Management (US) LLC | $1,586,567 | 52,605 | 0.08% | Shares |
| Holocene Advisors, LP | $1,550,797 | 51,419 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,545,821 | 51,254 | 0.08% | Shares |
| Odyssean, LLC | $1,531,887 | 50,792 | 0.08% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $1,519,747 | 48,679 | 0.08% | Shares |
| Illinois Municipal Retirement Fund | $1,514,937 | 50,230 | 0.08% | Shares |
| Caprock Group, LLC | $1,505,527 | 49,918 | 0.08% | Shares |
| BTG Pactual Asset Management US LLC | $1,501,636 | 49,789 | 0.08% | Shares |
| Pathstone Holdings, LLC | $1,489,391 | 49,383 | 0.08% | Shares |
| Resona Asset Management Co.,Ltd. | $1,461,302 | 48,422 | 0.08% | Shares |
| Louisiana State Employees Retirement System | $1,456,728 | 48,300 | 0.08% | Shares |
Company insiders 28 insiders · 12 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Edward J Fritsch | President & CEO | March 1, 2017 A | 440,551 | 0 | 0 | $0 |
| Mark F Mulhern | EVP/CFO | March 1, 2017 M | 58,577 | 0 | 0 | $0 |
| Terry L Stevens | SVP, CFO | Aug. 19, 2014 M | 139,146 | 0 | 0 | $0 |
| Theodore J Klinck | EVP/COO/CIO | March 2, 2017 M | 61,513 | 0 | 0 | $0 |
| Michael E Harris | Executive Vice President & COO | March 20, 2015 M | 127,290 | 0 | 0 | $0 |
| Jeffrey Douglas Miller | EVP, General Counsel & Sec. | June 18, 2026 G | 197,670 | 0 | 0 | $0 |
| Kevin E Penn | SVP/Strategy & Admin | March 4, 2016 M | 27,926 | 0 | 0 | $0 |
| Brian W Reames | Sr. Vice President | Nov. 20, 2009 S | 25,760 | 0 | 0 | $0 |
| Michael F Beale | Sr. Vice President | Jan. 13, 2009 D | 22,205 | 0 | 0 | $0 |
| Mack D Pridgen III | VP, General Counsel | March 2, 2007 A | 63,182 | 0 | 0 | $0 |
| Robert G Cutlip | Sr. Vice President | March 11, 2006 F | 11,162 | 0 | 0 | $0 |
| Carman J Liuzzo | VP, Invest & Strategic Anlys | Dec. 13, 2004 M | 50,138 | 0 | 0 | $0 |
| Carlos E Evans | Director | March 1, 2017 A | 9,403 | 0 | 0 | $0 |
| Charles Albert Anderson | Director | March 1, 2017 A | 5,525 | 0 | 0 | $0 |
| David John Hartzell | Director | March 1, 2017 A | 17,622 | 0 | 0 | $0 |
| Gene H Anderson | Director | March 1, 2017 A | 71,186 | 0 | 0 | $0 |
| Sherry A Kellett | Director | March 1, 2017 A | 14,744 | 0 | 0 | $0 |
| Jr O Temple Sloan | Director | March 1, 2017 A | 29,191 | 0 | 0 | $0 |
| Glenn L Orr JR | Director | Jan. 28, 2015 A | 35,754 | 0 | 0 | $0 |
| Thomas W Adler | Director | Feb. 5, 2014 A | 44,818 | 0 | 0 | $0 |
| Lawrence S Kaplan | Director | March 30, 2011 S | 3,865 | 0 | 0 | $0 |
| Kay N Callison | Director | Aug. 22, 2008 M | 11,322 | 0 | 0 | $0 |
| William F Vandiver JR | Director | June 30, 2007 A | 3,250 | 0 | 0 | $0 |
| Ronald P Gibson | Director | Feb. 8, 2006 A | 164,751 | 0 | 0 | $0 |
| William E Graham JR | Director | Jan. 23, 2006 D | 4,597 | 0 | 0 | $0 |
| John L Turner | Director | Jan. 23, 2006 D | 48,443 | 0 | 0 | $0 |
| Anne H Lloyd | — | May 14, 2026 A | 23,348 | 0 | 0 | $0 |
| Willard H Smith JR | — | Jan. 25, 2005 A | 5,461 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 84 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 |
|---|---|---|---|---|
| KBWY · Invesco Exchange-Traded Fund Trust … | 4.45% | 440,053 | Aug. 8, 2026 | Daily |
| SRHR · Elevation Series Trust | 3.83% | 80,000 NS | April 30, 2026 | N-PORT |
| JRE · Janus Detroit Street Trust | 2.75% | 4,539 NS | April 30, 2026 | N-PORT |
| RDOG · ALPS ETF Trust | 2.43% | 10,424 NS | May 31, 2026 | N-PORT |
| XSHD · Invesco Exchange-Traded Fund Trust … | 2.17% | 50,605 | Aug. 8, 2026 | Daily |
| PPTY · ETF Series Solutions | 2.03% | 19,196 NS | May 31, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.42% | 29,858 NS | April 30, 2026 | N-PORT |
| RIET · ETF Series Solutions | 1.08% | 43,352 NS | May 31, 2026 | N-PORT |
| XSLV · Invesco Exchange-Traded Fund Trust … | 0.90% | 70,884 | Aug. 8, 2026 | Daily |
| GYLD · ARROW ETF TRUST | 0.77% | 10,126 NS | April 30, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.75% | 6,530 | Aug. 8, 2026 | Daily |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.68% | 51,037 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.61% | 6,497 NS | April 30, 2026 | N-PORT |
| ERTH · Invesco Exchange-Traded Fund Trust | 0.50% | 21,711 | Aug. 8, 2026 | Daily |
| HIDV · AB Active ETFs, Inc. | 0.39% | 28,721 NS | May 31, 2026 | N-PORT |
| IJS · iShares Trust | 0.37% | 982,341 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.36% | 233,992 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.32% | 162,133 NS | April 30, 2026 | N-PORT |
| GQRE · FlexShares Trust | 0.32% | 50,932 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 133,608 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.28% | 408,813 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.23% | 1,040,269 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.22% | 97,778 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.22% | 13,030 SH | Aug. 8, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.21% | 38,608 NS | April 30, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.21% | 144,392 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.20% | 778,233 NS | May 31, 2026 | N-PORT |
| IJR · iShares Trust | 0.19% | 6,724,298 SH | Aug. 8, 2026 | Daily |
| REET · iShares Trust | 0.19% | 300,064 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.19% | 15,165 | Aug. 8, 2026 | Daily |
| ERET · iShares Trust | 0.18% | 825 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.18% | 4,197,821 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.18% | 385,711 SH | Aug. 8, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 32,352 NS | April 30, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.18% | 104,537 NS | April 30, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.16% | 2,047 NS | April 30, 2026 | N-PORT |
| SMLF · iShares Trust | 0.15% | 204,151 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.15% | 13,284 | Aug. 8, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.14% | 7,889 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.13% | 194,576 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 39,702 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.13% | 442,398 NS | May 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 38,731 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.13% | 1,317 NS | May 31, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.13% | 2,825 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.12% | 3,863 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.11% | 108,997 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.11% | 2,845,929 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.10% | 23,088 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.10% | 643,143 SH | Aug. 8, 2026 | Daily |