IDXX IDEXX Laboratories, Inc. - Common Stock
$556.57
Price · Aug 18, 2026
Fundamentals as of Aug 4, 2026
52W Range
$519–$770
15% of range
Analyst Rating
HOLD
22 analysts
Price Target
$699
+26% upside
P/E (TTM)
42.6
ROE
69.2%
Net Profit Margin
24.6%
About IDEXX Laboratories, Inc. - Common Stock Company overview from Wikipedia
IDEXX Laboratories, Inc. is an American multinational corporation engaged in the development, manufacture, and distribution of products and services for the companion animal veterinary, livestock and poultry, water testing, and dairy markets. Incorporated in 1983 by David Evans Shaw, the company is headquartered in Westbrook, Maine, and in Hoofddorp, Netherlands for its EMEA divisions. IDEXX offers products to customers in over 175 countries around the world and employs about 11,000 people in full-and part-time positions.
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IDEXX Laboratories, Inc. is an American multinational corporation engaged in the development, manufacture, and distribution of products and services for the companion animal veterinary, livestock and poultry, water testing, and dairy markets. Incorporated in 1983 by David Evans Shaw, the company is headquartered in Westbrook, Maine, and in Hoofddorp, Netherlands for its EMEA divisions. IDEXX offers products to customers in over 175 countries around the world and employs about 11,000 people in full-and part-time positions (as of 2025).
In 2002, Jon Ayers succeeded company founder Shaw as chairman and CEO. During Ayers 20-year tenure, the company's annual revenue grew from $380 million to $3 billion, raising share prices by more than 100 times. In 2019, Jay Mazelsky succeeded Ayers in the role of CEO.
In 2025, IDEXX estimated annual sales between $4.21 billion and $4.28 billion, with total quarterly revenue exceeding $1 billion.
Products and services
Companion Animal Group
The Companion Animal Group (CAG) provides in-clinic laboratory analyzers for companion animals. Analyzers measure blood cell counts as well as levels of certain enzymes in blood or urine for the purpose of monitoring health conditions. Major products of this segment are the Catalyst Dx Chemistry Analyzer and the VetTest Chemistry Analyzer, Symmetric dimethylarginine (SDMA), ProCyte Dx Hematology Analyzer, the LaserCyte Hematology Analyzer, the IDEXX VetAutoread Hematology Analyzer, the SNAP Pro analyzer, and so on, among other laboratory equipment and analytical services.
Water testing
The Water segment provides products to measure microbiological parameters in water. Popular products of this segment include Colilert, Colilert-18, and Colisure for detecting total coliform and E. coli. Water products are sold in over 120 countries around the globe.
Livestock and Poultry Diagnostics
The Livestock and Poultry Diagnostics division provides products to detect diseases in livestock and poultry. Products of this segment include tests for avian influenza, bovine viral diarrhoea virus, porcine reproductive and respiratory syndrome (PRRS), and bovine spongiform encephalopathy (BSE or mad cow disease).
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
IDXX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$556.57
Market Cap
$44.36B
P/E (TTM)
42.6
EPS (TTM)
$13.08
Revenue (TTM)
$4.30B
Div Yield
—
ROE
69.2%
Debt/Equity
0.3
52W Range
$519 – $770
IDXX 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
$4.30B
2018-12-31
→
2025-12-31
EPS
$13.08
2018-12-31
→
2025-12-31
Free Cash Flow
$1.06B
2018-12-31
→
2025-12-31
Margins
24.6%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
IDXX
Peer Median
P/E (TTM)
42.6
26.3
P/S (TTM)
10.3
4.4
P/B
27.6
5.3
EV / EBITDA
29.7
—
Price / FCF
42.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
IDXX
Peer Median
Gross Margin
61.8%
63.1%
Operating Margin
31.6%
—
Net Profit Margin
24.6%
15.6%
ROA
31.9%
7.6%
ROE
69.2%
15.0%
ROIC
52.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
IDXX
Peer Median
Debt / Equity
0.3
—
Current Ratio
1.2
1.7
Quick Ratio
0.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
IDXX
Peer Median
Revenue YoY
10.4%
—
Revenue CAGR 3Y
8.5%
—
Revenue CAGR 5Y
9.7%
—
EPS YoY
22.6%
—
Net Income YoY
19.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
IDXX
Peer Median
IDXX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 7 31.8%
- Buy 7 31.8%
- Hold 8 36.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-18
Median
$700.00
Now
$556.57
Low
$470.00
High
$805.00
Median target
$700.00
+25.8%
Mean target
$698.92
+25.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.14%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $4.27 | $4.02 | 0.25% |
| March 31, 2026 | $3.47 | $3.47 | 0.00% |
| Dec. 31, 2025 | $3.08 | $2.99 | 0.09% |
| Sept. 30, 2025 | $3.40 | $3.19 | 0.21% |
| June 30, 2025 | $3.63 | $3.37 | 0.26% |
| March 31, 2025 | $2.96 | $2.91 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IDXX | $53.93B | 51.7 | 10.4% | 24.6% | 69.2% | 61.8% |
| ISRG | $201.11B | 72.0 | 20.5% | 28.4% | 16.7% | 66.0% |
| SYK | $134.44B | 41.8 | 11.2% | 12.9% | 15.1% | 64.0% |
| BSX | — | 49.1 | 19.9% | 14.4% | 12.6% | 69.0% |
| EW | $49.50B | 46.6 | 11.6% | 17.7% | 10.6% | 78.0% |
| BDX | — | 25.3 | 8.2% | 7.7% | 6.5% | — |
| DXCM | $25.54B | 31.8 | 15.6% | 17.9% | 31.4% | 60.1% |
| GEHC | — | 18.0 | 4.8% | 10.1% | 22.1% | 40.0% |
| RMD | $28.11B | 18.7 | 9.8% | 26.9% | 23.6% | 61.1% |
| ZBH | $28.66B | 25.3 | 7.2% | 8.6% | 5.6% | — |
| BAX | $13.05B | -10.2 | 5.7% | -8.5% | -14.6% | 30.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.30B | $3.90B | $3.66B | $3.37B | $3.22B | $2.71B | $2.41B | $2.21B | $1.97B | $1.78B | $1.60B | $1.49B | |
| Cost of Revenue | $1.64B | $1.52B | $1.47B | $1.36B | $1.33B | $1.14B | $1.04B | $972M | $872M | $800M | $712M | $670M | |
| Gross Profit | $2.66B | $2.38B | $2.19B | $2.00B | $1.89B | $1.57B | $1.37B | $1.24B | $1.10B | $975M | $890M | $816M | |
| R&D Expense | $251M | $220M | $191M | $255M | $161M | $141M | $133M | $118M | $109M | $101M | $100M | $98M | |
| SG&A Expense | $405M | $442M | $336M | $326M | $310M | $301M | $261M | $245M | $221M | $207M | $183M | $174M | |
| Operating Expenses | $1.30B | $1.25B | $1.09B | $1.11B | · | · | · | $750M | · | · | · | · | |
| Operating Income | $1.36B | $1.13B | $1.10B | $899M | $932M | $695M | $553M | $491M | $413M | $350M | $300M | $260M | |
| Interest Expense | · | · | $42M | $40M | $30M | $33M | $31M | $35M | $37M | $32M | $29M | $15M | |
| Pretax Income | $1.32B | $1.11B | $1.06B | $860M | $903M | $662M | $522M | $458M | $381M | $322M | $273M | $247M | |
| Income Tax | $265M | $222M | $216M | $181M | $158M | $80M | $94M | $81M | $118M | $100M | $81M | $65M | |
| Net Income | $1.06B | $888M | $845M | $679M | $745M | $582M | $428M | $377M | $263M | $222M | $192M | $182M | |
| EPS (Basic) | $13.17 | $10.77 | $10.17 | $8.12 | $8.74 | $6.82 | $4.97 | $4.34 | $3.00 | $2.47 | $2.07 | $1.82 | |
| EPS (Diluted) | $13.08 | $10.67 | $10.06 | $8.03 | $8.60 | $6.71 | $4.89 | $4.26 | $2.94 | $2.44 | $2.05 | $1.79 | |
| Shares (Basic) | 80,427,000 | 82,467,000 | 83,066,000 | 83,623,000 | 85,200,000 | 85,342,000 | 86,115,000 | 86,864,000 | 87,769,000 | 89,732,000 | 92,601,000 | 100,094,000 | |
| Shares (Diluted) | 81,025,000 | 83,246,000 | 83,978,000 | 84,600,000 | 86,572,000 | 86,722,000 | 87,542,000 | 88,470,000 | 89,567,000 | 90,884,000 | 93,649,000 | 101,503,000 | |
| EBITDA | $1.51B | $1.26B | $1.21B | $1.01B | $1.04B | $791M | $641M | $575M | $496M | $428M | $369M | $319M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $180M | $288M | $454M | $113M | $144M | $384M | $90M | $124M | $188M | $155M | $129M | $323M | |
| Receivables | $552M | $474M | $457M | $401M | $368M | $331M | $269M | $249M | $235M | $204M | $188M | $152M | |
| Inventory | $378M | $382M | $380M | $368M | $269M | $210M | $195M | $173M | $164M | $158M | $189M | $160M | |
| Prepaid Expense | $58M | $59M | $48M | $42M | $42M | $35M | $32M | $30M | $29M | $26M | $27M | $33M | |
| Other Current Assets | $304M | $256M | $204M | $220M | $174M | $138M | $125M | $108M | $101M | $91M | $62M | $86M | |
| Current Assets | $1.41B | $1.40B | $1.50B | $1.10B | $956M | $1.06B | $680M | $654M | $972M | $846M | $822M | $759M | |
| PP&E (Net) | $747M | $713M | $702M | $649M | $588M | $555M | $534M | $437M | $379M | $357M | $333M | $304M | |
| PP&E (Gross) | $1.67B | $1.55B | $1.49B | $1.36B | $1.24B | $1.14B | $1.05B | $906M | $812M | $743M | $679M | $604M | |
| Accum. Depreciation | $926M | $835M | $785M | $706M | $648M | $587M | $519M | $469M | $433M | $385M | $346M | $300M | |
| Goodwill | $414M | $405M | $366M | $362M | $359M | $243M | $240M | $214M | $200M | $178M | $179M | $184M | |
| Intangibles | $110M | $112M | $84M | $98M | $99M | $53M | $58M | $42M | $44M | $46M | $56M | $65M | |
| Other Non-current Assets | $542M | $548M | $497M | $418M | $330M | $290M | $240M | $190M | $119M | $103M | $85M | $72M | |
| Total Assets | $3.35B | $3.29B | $3.26B | $2.75B | $2.44B | $2.29B | $1.83B | $1.54B | $1.71B | $1.53B | $1.47B | $1.38B | |
| Accounts Payable | $110M | $114M | $111M | $110M | $116M | $75M | $72M | $70M | $67M | $60M | $53M | $45M | |
| Accrued Liabilities | $530M | $502M | $479M | $434M | $459M | $416M | $323M | $261M | $253M | $236M | $206M | $195M | |
| Current Liabilities | $1.15B | $1.07B | $952M | $1.24B | $764M | $583M | $725M | $770M | $1.00B | $935M | $857M | $821M | |
| Capital Leases | $101M | $98M | $100M | $101M | $87M | $77M | $67M | $0 | · | · | · | · | |
| Deferred Tax | $32M | $11M | $7M | $8M | $9M | $12M | $33M | $29M | $25M | $39M | $49M | $42M | |
| Other Non-current Liabilities | $57M | $44M | $66M | $68M | $71M | $86M | $81M | $85M | $96M | $39M | $29M | $32M | |
| Total Liabilities | $1.75B | $1.70B | $1.78B | $2.14B | $1.75B | $1.66B | $1.65B | $1.55B | $1.77B | $1.64B | $1.56B | $1.27B | |
| Long-term Debt | $450M | $618M | $698M | $770M | $851M | $909M | $699M | $602M | $607M | $594M | $597M | $350M | |
| Total Debt | $450M | $618M | $698M | $769M | $850M | $908M | · | · | · | · | · | · | |
| Common Stock | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $10M | $10M | $10M | $10M | |
| Retained Earnings | $6.39B | $5.33B | $4.44B | $3.60B | $2.92B | $2.18B | $1.60B | $1.17B | $804M | $540M | $318M | $1.68B | |
| Treasury Stock | $6.56B | $5.33B | $4.47B | $4.39B | $3.57B | $2.80B | $2.60B | $2.29B | $1.91B | $1.63B | $1.32B | $2.45B | |
| AOCI | $-69M | $-94M | $-71M | $-78M | $-53M | $-54M | $-46M | $-42M | $-36M | $-43M | $-42M | $-8M | |
| Stockholders' Equity | $1.61B | $1.60B | $1.48B | $609M | $690M | $632M | $177M | $-10M | $-54M | $-108M | $-84M | $118M | |
| Liabilities + Equity | $3.35B | $3.29B | $3.26B | $2.75B | $2.44B | $2.29B | $1.83B | $1.54B | $1.71B | $1.53B | $1.47B | $1.38B | |
| Shares Outstanding | 79,712,000 | 81,604,000 | 83,032,000 | 82,894,000 | 84,562,000 | 85,449,000 | 85,471,000 | 86,100,000 | 87,104,000 | · | · | 47,373,000 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $145M | $130M | $115M | $112M | $105M | $96M | $88M | $83M | $83M | $78M | $69M | $59M | |
| Stock-based Comp | $60M | $60M | $60M | $50M | $38M | $31M | $39M | $25M | $24M | $20M | $20M | $18M | |
| Deferred Tax | $131M | $-24M | $-48M | $-35M | $-3M | $-37M | $6M | $1M | $-8M | $21M | $5M | $830.0K | |
| Amort. of Intangibles | $20M | $17M | $14M | $15M | $12M | $10M | $9M | $9M | $9M | $10M | $10M | $10M | |
| Other Non-cash | $-214M | $-125M | $-65M | $-263M | $-128M | $-24M | $-102M | $-178M | $11M | $-6M | $-70M | $-24M | |
| Operating Cash Flow | $1.18B | $929M | $907M | $543M | $756M | $648M | $459M | $400M | $373M | $339M | $222M | $236M | |
| CapEx | $125M | $121M | $134M | $149M | $120M | $107M | $155M | $116M | $74M | $65M | $83M | $61M | |
| Investing Cash Flow | $-136M | $-207M | $-125M | $-195M | $-293M | $-109M | $-206M | $139M | $-139M | · | · | $-80M | |
| Stock Repurchased | $1.22B | $837M | $72M | $820M | $747M | $183M | $302M | $369M | $283M | $304M | $402M | $618M | |
| Net Stock Activity | $-1.22B | $-837M | $-72M | $-820M | $-747M | $-183M | $-302M | $-369M | $-283M | $-304M | $-402M | $-618M | |
| Financing Cash Flow | $-1.16B | $-878M | $-442M | $-371M | $-697M | $-248M | $-286M | $-598M | $-208M | · | · | $-103M | |
| Net Change in Cash | $-108M | $-166M | $341M | $-32M | $-239M | $294M | $-33M | $-64M | $33M | $26M | $-194M | $43M | |
| Taxes Paid | $167M | $307M | $192M | $240M | $162M | $111M | $88M | $70M | $81M | $75M | $55M | $60M | |
| Free Cash Flow | $1.06B | $808M | $773M | $394M | $636M | $541M | $304M | $284M | $299M | $270M | $133M | $175M | |
| Levered FCF | · | · | $740M | $363M | $611M | $512M | $279M | $256M | $273M | $248M | $113M | $164M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.8% | 61.0% | 59.8% | 59.5% | 58.8% | 58.0% | 56.7% | 56.1% | 55.7% | 54.9% | 55.6% | 54.9% | |
| Operating Margin | 31.6% | 28.9% | 30.0% | 26.7% | 29.0% | 25.7% | 23.0% | 22.2% | 21.0% | 19.7% | 18.7% | 17.5% | |
| Net Margin | 24.6% | 22.8% | 23.1% | 20.2% | 23.2% | 21.5% | 17.8% | 17.0% | 13.4% | 12.5% | 12.0% | 12.2% | |
| Pretax Margin | 30.8% | 28.5% | 29.0% | 25.5% | 28.1% | 24.5% | 21.7% | 20.7% | 19.4% | 18.1% | 17.1% | 16.6% | |
| EBITDA Margin | 35.0% | 32.3% | 33.1% | 30.0% | 32.2% | 29.2% | 26.6% | 26.0% | 25.2% | 24.1% | 23.0% | 21.5% | |
| ROA | 31.9% | 27.1% | 28.1% | 26.2% | 31.5% | 28.2% | 24.8% | 23.0% | 16.2% | 14.8% | 13.4% | 13.9% | |
| ROE | 69.2% | 55.3% | 60.8% | 125.2% | 112.7% | 143.7% | 509.3% | -1185.3% | -323.9% | -230.7% | 1150.5% | 57.2% | |
| ROIC | 52.9% | 40.8% | 40.0% | 51.5% | 49.9% | 39.6% | 255.2% | -4254.4% | -527.4% | -223.0% | -250.8% | 163.4% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.3 | 1.6 | 0.9 | 1.3 | 1.8 | 0.9 | 0.8 | 1.0 | 0.9 | 1.0 | 0.9 | |
| Quick Ratio | 0.6 | 0.7 | 1.0 | 0.4 | 0.7 | 1.2 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.6 | |
| Debt / Equity | 0.3 | 0.4 | 0.5 | 1.3 | 1.2 | 1.4 | · | · | · | · | · | · | |
| LT Debt / Equity | 0.2 | 0.3 | 0.4 | 1.1 | 1.1 | 1.4 | · | · | · | · | · | · | |
| Interest Coverage | · | · | 26.4 | 22.5 | 31.3 | 21.0 | 17.8 | 14.1 | 11.1 | 10.9 | 10.3 | 16.9 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.3 | 1.2 | 1.2 | 1.3 | 1.4 | 1.3 | 1.4 | 1.3 | 1.2 | 1.2 | 1.1 | 1.1 | |
| Inventory Turnover | 4.3 | 4.0 | 3.9 | 4.3 | 5.5 | 5.6 | 5.7 | 5.8 | 5.4 | 4.6 | 4.1 | 4.6 | |
| Receivables Turnover | 8.4 | 8.4 | 8.5 | 8.8 | 9.2 | 9.0 | 9.3 | 9.1 | 9.0 | 9.0 | 9.4 | 9.6 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.4% | 6.5% | 8.7% | 4.7% | 18.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 8.5% | 6.6% | 10.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 22.6% | 6.1% | 25.3% | -6.6% | 28.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 17.7% | 7.4% | 14.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 14.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 19.3% | 5.1% | 24.4% | -8.8% | 28.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 16.0% | 6.0% | 13.2% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 12.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.30B | $3.90B | $3.66B | $3.37B | $3.22B | $2.71B | $2.41B | $2.21B | $1.97B | $1.78B | $1.60B | $1.49B | |
| Net Income TTM | $1.06B | $888M | $845M | $679M | $745M | $582M | $428M | $377M | $263M | $222M | $192M | $182M | |
| Market Cap | $53.93B | $33.74B | $46.09B | $33.82B | $55.68B | $42.71B | $22.32B | $16.02B | · | · | · | · | |
| Enterprise Value | $54.20B | $34.07B | $46.33B | $34.47B | $56.39B | $43.24B | · | · | · | · | · | · | |
| P/E | 51.7 | 38.7 | 55.2 | 50.8 | 76.6 | 74.5 | 53.4 | 43.7 | 53.2 | 48.1 | 35.6 | 41.4 | |
| P/S | 12.5 | 8.7 | 12.6 | 10.0 | 17.3 | 15.8 | 9.3 | 7.2 | · | · | · | · | |
| P/B | 33.6 | 21.1 | 31.0 | 55.6 | 80.7 | 67.6 | 125.8 | -1683.6 | · | · | · | · | |
| P / Tangible Book | 49.9 | 31.3 | 44.6 | 226.6 | 240.4 | 127.0 | · | · | · | · | · | · | |
| P / Cash Flow | 45.6 | 36.3 | 50.8 | 62.3 | 73.7 | 65.9 | 48.6 | 40.0 | · | · | · | · | |
| P / FCF | 51.0 | 41.8 | 59.6 | 85.8 | 87.5 | 78.9 | 73.4 | 56.3 | · | · | · | · | |
| EV / EBITDA | 36.0 | 27.1 | 38.2 | 34.1 | 54.4 | 54.7 | · | · | · | · | · | · | |
| EV / FCF | 51.3 | 42.2 | 59.9 | 87.5 | 88.7 | 79.9 | · | · | · | · | · | · | |
| EV / Revenue | 12.6 | 8.7 | 12.7 | 10.2 | 17.5 | 16.0 | · | · | · | · | · | · | |
| Earnings Yield | 1.9% | 2.6% | 1.8% | 2.0% | 1.3% | 1.3% | 1.9% | 2.3% | 1.9% | 2.1% | 2.8% | 2.4% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.14B | $1.09B | $1.11B | $1.11B | $998M | $954M | $976M | $1.00B | $964M | $902M | $916M | $944M | $900M | $829M | $842M | |
| Cost of Revenue | $437M | $418M | $432M | $422M | $415M | $375M | $384M | $380M | $384M | $371M | $375M | $368M | $371M | $357M | $344M | $335M | |
| Gross Profit | $779M | $723M | $658M | $683M | $695M | $623M | $571M | $596M | $619M | $593M | $526M | $548M | $573M | $543M | $485M | $507M | |
| R&D Expense | $65M | $66M | $67M | $63M | $62M | $59M | $58M | $54M | $55M | $53M | $52M | $48M | $47M | $45M | $43M | $48M | |
| SG&A Expense | $117M | $119M | $109M | $106M | $99M | $92M | $101M | $92M | $157M | $92M | $87M | $89M | $90M | $70M | $83M | $84M | |
| Operating Expenses | $354M | $360M | $343M | $329M | $322M | $307M | $309M | $292M | $355M | $294M | · | · | · | · | · | · | |
| Operating Income | $426M | $363M | $316M | $355M | $373M | $317M | $262M | $304M | $264M | $299M | $245M | $275M | $296M | $280M | $227M | $245M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $8M | · | $9M | $11M | $13M | · | $11M | |
| Pretax Income | $417M | $355M | $307M | $345M | $362M | $310M | $256M | $299M | $259M | $295M | $240M | $268M | $286M | $268M | $213M | $234M | |
| Income Tax | $79M | $77M | $59M | $70M | $68M | $67M | $40M | $66M | $56M | $60M | $45M | $56M | $62M | $54M | $41M | $53M | |
| Net Income | $338M | $278M | $248M | $275M | $294M | $243M | $216M | $233M | $203M | $236M | $195M | $212M | $224M | $214M | $172M | $181M | |
| EPS (Basic) | $4.29 | $3.50 | $3.10 | $3.43 | $3.66 | $2.98 | $2.64 | $2.83 | $2.46 | $2.84 | $2.34 | $2.55 | $2.70 | $2.58 | $2.08 | $2.17 | |
| EPS (Diluted) | $4.27 | $3.47 | $3.09 | $3.40 | $3.63 | $2.96 | $2.62 | $2.80 | $2.44 | $2.81 | $2.31 | $2.53 | $2.67 | $2.55 | $2.05 | $2.15 | |
| Shares (Basic) | 78,954,000 | 79,648,000 | -161,401,000 | 80,096,000 | 80,413,000 | 81,319,000 | -165,563,000 | 82,304,000 | 82,630,000 | 83,096,000 | -166,109,000 | 83,097,000 | 83,086,000 | 82,992,000 | -167,956,000 | 83,247,000 | |
| Shares (Diluted) | 79,312,000 | 80,162,000 | -162,566,000 | 80,675,000 | 80,994,000 | 81,922,000 | -167,160,000 | 83,056,000 | 83,393,000 | 83,957,000 | -167,957,000 | 83,993,000 | 83,983,000 | 83,959,000 | -169,935,000 | 84,113,000 | |
| EBITDA | $426M | $400M | · | $355M | $373M | $351M | · | $304M | $264M | $329M | · | $275M | $296M | $309M | · | $245M |
Balance Sheet 29
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $197M | $201M | $180M | $208M | $165M | $164M | $288M | $309M | $402M | $397M | · | $332M | $133M | $111M | · | $99M | |
| Receivables | $627M | $604M | $552M | $567M | $561M | $527M | $474M | $511M | $534M | $507M | · | $453M | $462M | $446M | · | $388M | |
| Inventory | $392M | $382M | $378M | $392M | $393M | $396M | $382M | $390M | $380M | $391M | · | $394M | $395M | $391M | · | $355M | |
| Prepaid Expense | $62M | $64M | $58M | $61M | $46M | $53M | $59M | $57M | $46M | $48M | · | $50M | $39M | $40M | · | $40M | |
| Other Current Assets | $294M | $268M | $304M | $310M | $245M | $230M | $256M | $224M | $213M | $207M | · | $206M | $189M | $201M | · | $217M | |
| Current Assets | $1.51B | $1.45B | $1.41B | $1.48B | $1.36B | $1.32B | $1.40B | $1.43B | $1.53B | $1.50B | · | $1.38B | $1.18B | $1.15B | · | $1.06B | |
| PP&E (Net) | $733M | $740M | $747M | $739M | $740M | $718M | $713M | $718M | $708M | $709M | · | $687M | $683M | $665M | · | $612M | |
| PP&E (Gross) | · | · | $1.67B | · | · | · | $1.55B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $926M | · | · | · | $835M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $411M | $412M | $414M | $414M | $414M | $407M | $405M | $412M | $408M | $409M | $366M | $362M | $364M | $363M | $362M | $355M | |
| Intangibles | $98M | $105M | $110M | $115M | $104M | $107M | $112M | $107M | $111M | $115M | · | $87M | $91M | $94M | · | $100M | |
| Other Non-current Assets | $568M | $553M | $542M | $514M | $581M | $548M | $548M | $559M | $540M | $499M | · | $448M | $439M | $421M | · | $403M | |
| Total Assets | $3.44B | $3.39B | $3.35B | $3.39B | $3.33B | $3.21B | $3.29B | $3.35B | $3.41B | $3.35B | · | $3.09B | $2.87B | $2.81B | · | $2.64B | |
| Accounts Payable | $129M | $130M | $110M | $122M | $117M | $120M | $114M | $111M | $117M | $117M | · | $113M | $108M | $118M | · | $110M | |
| Accrued Liabilities | $453M | $454M | $530M | $489M | $417M | $491M | $502M | $511M | $541M | $476M | · | $420M | $399M | $404M | · | $406M | |
| Current Liabilities | $1.29B | $1.30B | $1.15B | $1.25B | $1.22B | $1.14B | $1.07B | $1.01B | $1.12B | $957M | · | $970M | $884M | $1.07B | · | $1.19B | |
| Capital Leases | $101M | $99M | $101M | $106M | $108M | $97M | $98M | $103M | $103M | $104M | · | $101M | $97M | $98M | · | $93M | |
| Deferred Tax | $53M | $45M | $32M | $4M | $2M | $8M | $11M | $6M | $10M | $9M | · | $11M | $6M | $6M | · | $14M | |
| Other Non-current Liabilities | $57M | $54M | $57M | $58M | $57M | $48M | $44M | $63M | $53M | $66M | · | $60M | $64M | $71M | · | $71M | |
| Total Liabilities | $1.83B | $1.83B | $1.75B | $1.83B | $1.87B | $1.77B | $1.70B | $1.73B | $1.83B | $1.78B | · | $1.79B | $1.78B | $1.97B | · | $2.16B | |
| Long-term Debt | $450M | $450M | $450M | $525M | $525M | $621M | $618M | $624M | $695M | $696M | · | $769M | $772M | $771M | · | $761M | |
| Total Debt | $450M | $450M | · | $525M | $525M | $621M | · | $624M | $695M | $696M | · | $769M | $772M | $771M | · | $761M | |
| Common Stock | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | · | $11M | $11M | $11M | · | $11M | |
| Retained Earnings | $7.01B | $6.67B | $6.39B | $6.14B | $5.87B | $5.58B | $5.33B | $5.12B | $4.88B | $4.68B | · | $4.25B | $4.04B | $3.81B | · | $3.43B | |
| Treasury Stock | $7.26B | $6.93B | $6.56B | $6.32B | $6.08B | $5.75B | $5.33B | $5.09B | $4.86B | $4.65B | · | $4.44B | $4.40B | $4.40B | · | $4.32B | |
| AOCI | $-64M | $-65M | $-69M | $-73M | $-77M | $-90M | $-94M | $-76M | $-85M | $-80M | · | $-75M | $-74M | $-77M | · | $-81M | |
| Stockholders' Equity | $1.61B | $1.56B | $1.61B | $1.56B | $1.46B | $1.45B | $1.60B | $1.62B | $1.58B | $1.57B | $1.48B | $1.30B | $1.09B | $841M | $609M | $476M | |
| Liabilities + Equity | $3.44B | $3.39B | $3.35B | $3.39B | $3.33B | $3.21B | $3.29B | $3.35B | $3.41B | $3.35B | · | $3.09B | $2.87B | $2.81B | · | $2.64B | |
| Shares Outstanding | 78,874,000 | 79,240,000 | 79,712,000 | 79,999,000 | 80,150,000 | 80,740,000 | 81,604,000 | 82,037,000 | 82,477,000 | 82,873,000 | · | 83,068,000 | 83,060,000 | 83,004,000 | · | 82,995,000 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $41M | $38M | $39M | $37M | $36M | $34M | $34M | $34M | $32M | $30M | $30M | $29M | $28M | $28M | $29M | $29M | |
| Stock-based Comp | $16M | $16M | $16M | $14M | $15M | $15M | $14M | $16M | $16M | $14M | $15M | $15M | $15M | $14M | $13M | $13M | |
| Deferred Tax | · | · | · | · | · | · | $5M | $-7M | $-19M | $-3M | $-34M | $-2M | $-9M | $-4M | $2M | $-13M | |
| Other Non-cash | · | $-66M | · | · | · | $-53M | · | · | · | $-79M | · | · | · | $-69M | · | · | |
| Operating Cash Flow | $347M | $266M | $356M | $402M | $186M | $238M | $262M | $220M | $248M | $199M | $250M | $272M | $200M | $184M | $173M | $189M | |
| CapEx | $25M | $32M | $29M | $31M | $34M | $30M | $29M | $28M | $33M | $30M | $33M | $34M | $27M | $40M | $49M | $38M | |
| Investing Cash Flow | $-25M | $-34M | $-28M | $-45M | $-34M | $-30M | $-40M | $-27M | $-33M | $-107M | $-30M | $-28M | $-27M | $-40M | $-49M | $-49M | |
| Stock Repurchased | $347M | $351M | $238M | $240M | $338M | $401M | $246M | $221M | $216M | $155M | $37M | $35M | $0 | $0 | $74M | $173M | |
| Net Stock Activity | · | $-351M | · | · | · | $-401M | · | · | · | $-155M | · | · | · | $0 | · | · | |
| Financing Cash Flow | $-325M | $-211M | $-356M | $-313M | $-166M | $-330M | $-233M | $-291M | $-210M | $-144M | $-102M | $-43M | $-151M | $-146M | $-117M | $-149M | |
| Net Change in Cash | $-4M | $20M | $-28M | $44M | $624.0K | $-124M | $-20M | $-93M | $4M | $-56M | $122M | $199M | $21M | $-1M | $13M | $-15M | |
| Taxes Paid | $85M | $22M | $17M | $13M | $122M | $16M | $74M | $142M | $78M | $13M | $32M | · | · | · | · | · | |
| Free Cash Flow | · | $234M | · | · | · | $208M | · | · | · | $168M | · | · | · | $144M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $162M | · | · | · | $134M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.0% | 63.3% | · | 61.8% | 62.6% | 62.4% | · | 61.1% | 61.7% | 61.5% | · | 59.9% | 60.7% | 60.3% | · | 60.2% | |
| Operating Margin | 35.0% | 31.8% | · | 32.1% | 33.6% | 31.7% | · | 31.1% | 26.3% | 31.0% | · | 30.1% | 31.4% | 31.1% | · | 29.1% | |
| Net Margin | 27.8% | 24.4% | · | 24.9% | 26.5% | 24.3% | · | 23.9% | 20.3% | 24.4% | · | 23.2% | 23.8% | 23.8% | · | 21.5% | |
| Pretax Margin | 34.3% | 31.2% | · | 31.2% | 32.7% | 31.1% | · | 30.6% | 25.8% | 30.6% | · | 29.3% | 30.3% | 29.7% | · | 27.8% | |
| EBITDA Margin | 35.0% | 35.1% | · | 32.1% | 33.6% | 35.1% | · | 31.1% | 26.3% | 34.1% | · | 30.1% | 31.4% | 34.3% | · | 29.1% | |
| ROA | 10.0% | 8.4% | · | 8.2% | 8.7% | 7.4% | · | 7.2% | 6.5% | 7.6% | · | 7.4% | 8.2% | 7.9% | · | 7.2% | |
| ROE | 22.0% | 18.5% | · | 17.3% | 19.4% | 16.1% | · | 16.0% | 15.2% | 19.6% | · | 23.9% | 28.9% | 28.9% | · | 29.4% | |
| ROIC | 16.7% | 14.2% | · | 13.6% | 15.3% | 12.0% | · | 10.6% | 9.1% | 10.5% | · | 10.5% | 12.4% | 13.9% | · | 15.3% |
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 | 1.1 | · | 1.2 | 1.1 | 1.2 | · | 1.4 | 1.4 | 1.6 | · | 1.4 | 1.3 | 1.1 | · | 0.9 | |
| Quick Ratio | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.8 | 0.8 | 0.9 | · | 0.8 | 0.7 | 0.5 | · | 0.4 | |
| Debt / Equity | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.6 | 0.7 | 0.9 | · | 1.6 | |
| LT Debt / Equity | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.5 | 0.6 | 0.8 | · | 1.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 37.8 | · | 31.8 | 28.1 | 21.4 | · | 22.3 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | |
| Inventory Turnover | 1.1 | 1.1 | · | 1.1 | 1.1 | 1.0 | · | 1.0 | 1.0 | 0.9 | · | 1.0 | 1.0 | 1.0 | · | 1.1 | |
| Receivables Turnover | 2.0 | 2.0 | · | 2.1 | 2.0 | 1.9 | · | 2.0 | 2.0 | 2.0 | · | 2.2 | 2.2 | 2.1 | · | 2.2 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.57B | $4.35B | · | $4.19B | $4.09B | $3.94B | · | $3.86B | $3.83B | $3.72B | · | $3.60B | $3.55B | $3.44B | · | $3.35B | |
| Net Income TTM | $1.19B | $1.09B | · | $1.04B | $973M | $914M | · | $884M | $875M | $886M | · | $831M | $751M | $721M | · | $682M | |
| Market Cap | $41.52B | $44.52B | · | $51.11B | $42.99B | $33.91B | · | $41.45B | $40.18B | $44.75B | · | $36.32B | $41.72B | $41.51B | · | $27.04B | |
| Enterprise Value | $41.78B | $44.77B | · | $51.43B | $43.35B | $34.36B | · | $41.76B | $40.48B | $45.04B | · | $36.76B | $42.35B | $42.17B | · | $27.70B | |
| P/E | 35.6 | 41.7 | · | 50.0 | 45.3 | 38.1 | · | 47.8 | 46.6 | 51.1 | · | 44.2 | 56.2 | 58.6 | · | 40.7 | |
| P/S | 9.1 | 10.2 | · | 12.2 | 10.5 | 8.6 | · | 10.7 | 10.5 | 12.0 | · | 10.1 | 11.8 | 12.1 | · | 8.1 | |
| P/B | 25.7 | 28.6 | · | 32.7 | 29.5 | 23.4 | · | 25.6 | 25.4 | 28.5 | · | 28.0 | 38.1 | 49.4 | · | 56.8 | |
| P / Tangible Book | 37.6 | 42.8 | · | 49.5 | 45.7 | 36.3 | · | 37.7 | 37.9 | 42.8 | · | 42.8 | 65.3 | 108.2 | · | 1303.8 | |
| P / Cash Flow | · | 167.2 | · | · | · | 142.5 | · | · | · | 225.3 | · | · | · | 225.7 | · | · | |
| P / FCF | · | 190.1 | · | · | · | 163.1 | · | · | · | 265.8 | · | · | · | 287.5 | · | · | |
| EV / EBITDA | 98.2 | 111.9 | · | 144.9 | 116.2 | 98.0 | · | 137.4 | 153.4 | 137.0 | · | 133.5 | 143.0 | 136.6 | · | 113.1 | |
| EV / FCF | · | 191.1 | · | · | · | 165.3 | · | · | · | 267.6 | · | · | · | 292.0 | · | · | |
| EV / Revenue | 9.1 | 10.3 | · | 12.3 | 10.6 | 8.7 | · | 10.8 | 10.6 | 12.1 | · | 10.2 | 11.9 | 12.3 | · | 8.3 | |
| Earnings Yield | 2.8% | 2.4% | · | 2.0% | 2.2% | 2.6% | · | 2.1% | 2.1% | 2.0% | · | 2.3% | 1.8% | 1.7% | · | 2.5% |
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 | $4.30B | $3.90B | $3.66B | $3.37B | $3.22B |
| Gross Margin % | 61.8% | 61.0% | 59.8% | 59.5% | 58.8% |
| Operating Margin % | 31.6% | 28.9% | 30.0% | 26.7% | 29.0% |
| Net Income | $1.06B | $888M | $845M | $679M | $745M |
| Diluted EPS | $13.08 | $10.67 | $10.06 | $8.03 | $8.60 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.4 | 0.5 | 1.3 | 1.2 |
| Current Ratio | 1.2 | 1.3 | 1.6 | 0.9 | 1.3 |
| Quick Ratio | 0.6 | 0.7 | 1.0 | 0.4 | 0.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.06B | $808M | $773M | $394M | $636M |
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Institutional owners (13F) 1,402 filers · $30.4B 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 115 (-25 vs prior Q) | 101 (-67 vs prior Q) | 443 (+18 vs prior Q) | 482 (-17 vs prior Q) | +8.7M |
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 GROUP INC | $6,186,659,155 | 9,144,693 | 20.32% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,712,331,011 | 5,152,213 | 8.91% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,051,284,515 | 3,896,521 | 6.74% | Shares |
| STATE STREET CORP | $1,973,444,570 | 3,748,660 | 6.48% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,213,105,017 | 2,310,677 | 3.99% | Shares |
| BAMCO INC /NY/ | $1,040,655,010 | 1,976,778 | 3.42% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $561,752,542 | 1,067,078 | 1.85% | Shares |
| Fundsmith LLP | $536,909,312 | 1,019,887 | 1.76% | Shares |
| BLAIR WILLIAM & CO/IL | $483,202,669 | 917,868 | 1.59% | Shares |
| AMERICAN CENTURY COMPANIES INC | $425,551,985 | 808,358 | 1.40% | Shares |
| Capital Research Global Investors | $415,467,340 | 789,111 | 1.36% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $342,390,785 | 650,389 | 1.12% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $285,206,767 | 541,765 | 0.94% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $283,965,391 | 539,409 | 0.93% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $280,268,269 | 532,384 | 0.92% | Shares |
| AustralianSuper Pty Ltd | $273,148,658 | 518,860 | 0.90% | Shares |
| FMR LLC | $239,473,610 | 454,892 | 0.79% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $237,773,470 | 451,663 | 0.78% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $221,904,000 | 421,519 | 0.73% | Shares |
| Alyeska Investment Group, L.P. | $211,145,608 | 401,082 | 0.69% | Shares |
| Clearbridge Investments, LLC | $199,784,875 | 379,502 | 0.66% | Shares |
| MONTRUSCO BOLTON INVESTMENTS INC. | $196,250,515 | 372,788 | 0.64% | Shares |
| NORGES BANK | $186,330,279 | 353,944 | 0.61% | Shares |
| NEUBERGER BERMAN GROUP LLC | $181,018,891 | 343,855 | 0.59% | Shares |
| FUNDSMITH INVESTMENT SERVICES LTD. | $172,176,414 | 327,058 | 0.57% | Shares |
| Squarepoint Ops LLC | $165,914,936 | 315,164 | 0.55% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $156,960,192 | 298,154 | 0.52% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $147,497,959 | 280,180 | 0.48% | Shares |
| Point72 Asset Management, L.P. | $138,403,708 | 262,905 | 0.45% | Shares |
| COMGEST GLOBAL INVESTORS S.A.S. | $138,223,139 | 262,562 | 0.45% | Shares |
| Williams Jones Wealth Management, LLC. | $137,505,602 | 261,199 | 0.45% | Shares |
| Pictet Asset Management Holding SA | $127,730,610 | 242,507 | 0.42% | Shares |
| Legal & General Group Plc | $122,026,159 | 231,795 | 0.40% | Shares |
| Swiss National Bank | $117,933,089 | 224,020 | 0.39% | Shares |
| TD Asset Management Inc | $111,324,687 | 211,467 | 0.37% | Shares |
| BlackRock, Inc. | $106,752,030 | 202,781 | 0.35% | Shares |
| FIRST TRUST ADVISORS LP | $106,738,013 | 202,754 | 0.35% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $104,798,411 | 199,070 | 0.34% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $103,338,066 | 196,296 | 0.34% | Shares |
| BANK OF AMERICA CORP /DE/ | $102,883,222 | 195,432 | 0.34% | Shares |
| Liontrust Investment Partners LLP | $102,007,193 | 150,780 | 0.34% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $100,125,203 | 190,193 | 0.33% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $99,389,853 | 188,796 | 0.33% | Shares |
| Assenagon Asset Management S.A. | $96,461,181 | 183,233 | 0.32% | Shares |
| Caisse de depot et placement du Quebec | $93,986,386 | 178,532 | 0.31% | Shares |
| Holocene Advisors, LP | $92,426,018 | 175,568 | 0.30% | Shares |
| TimesSquare Capital Management, LLC | $92,016,792 | 163,763 | 0.30% | Shares |
| Robeco Institutional Asset Management B.V. | $90,754,573 | 172,393 | 0.30% | Shares |
| Vanguard Global Advisers, LLC | $89,515,858 | 170,040 | 0.29% | Shares |
| RHUMBLINE ADVISERS | $89,077,714 | 169,208 | 0.29% | Shares |
| Welch & Forbes LLC | $88,266,093 | 167,666 | 0.29% | Shares |
| Epoch Investment Partners, Inc. | $87,901,793 | 166,974 | 0.29% | Shares |
| GOLDMAN SACHS GROUP INC | $86,634,890 | 164,567 | 0.28% | Shares |
| Quantinno Capital Management LP | $86,488,569 | 164,289 | 0.28% | Shares |
| AMERICAN CAPITAL MANAGEMENT INC | $85,341,188 | 162,110 | 0.28% | Shares |
| California Public Employees Retirement System | $83,636,049 | 158,871 | 0.27% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $81,759,291 | 155,306 | 0.27% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $80,673,860 | 153,244 | 0.27% | Shares |
| Qube Research & Technologies Ltd | $78,121,064 | 148,395 | 0.26% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $74,322,799 | 141,180 | 0.24% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $73,662,240 | 139,925 | 0.24% | Shares |
| Life Cycle Investment Partners Ltd | $70,725,108 | 134,346 | 0.23% | Shares |
| Rathbones Group PLC | $70,301,324 | 133,541 | 0.23% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $68,918,056 | 122,654 | 0.23% | Shares |
| National Pension Service | $68,071,324 | 129,305 | 0.22% | Shares |
| Trexquant Investment LP | $64,952,167 | 123,380 | 0.21% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $64,932,935 | 122,801 | 0.21% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $63,643,964 | 120,895 | 0.21% | Shares |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA | $61,382,706 | 116,599 | 0.20% | Shares |
| Corient Private Wealth LP | $60,754,029 | 115,405 | 0.20% | Shares |
| BARCLAYS PLC | $58,273,223 | 110,693 | 0.19% | Shares |
| Stephens Investment Management Group LLC | $57,989,472 | 110,154 | 0.19% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $57,794,689 | 109,784 | 0.19% | Shares |
| JENSEN INVESTMENT MANAGEMENT INC | $55,649,446 | 105,709 | 0.18% | Shares |
| BRADLEY FOSTER & SARGENT INC/CT | $54,823,462 | 104,140 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $53,813,891 | 95,773 | 0.18% | Shares |
| Seilern Investment Management Ltd | $51,359,486 | 97,560 | 0.17% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $50,567,194 | 96,055 | 0.17% | Shares |
| ProShare Advisors LLC | $49,512,208 | 94,051 | 0.16% | Shares |
| BAILLIE GIFFORD & CO | $48,511,972 | 92,151 | 0.16% | Shares |
| DAVIS R M INC | $48,033,457 | 91,242 | 0.16% | Shares |
| Bank Pictet & Cie (Europe) AG | $46,853,160 | 89,000 | 0.15% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $46,666,601 | 88,635 | 0.15% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $45,387,045 | 67,088 | 0.15% | Shares |
| MOGY JOEL R INVESTMENT COUNSEL INC | $44,981,666 | 85,445 | 0.15% | Shares |
| Quantum Capital Management, LLC / NJ | $44,028,283 | 83,634 | 0.14% | Shares |
| CIBC Bancorp USA Inc. | $42,393,160 | 79,971 | 0.14% | Shares |
| MILLENNIUM MANAGEMENT LLC | $41,578,231 | 78,980 | 0.14% | Shares |
| Baird Financial Group, Inc. | $39,269,792 | 74,595 | 0.13% | Shares |
| Chicago Capital, LLC | $39,112,799 | 74,297 | 0.13% | Shares |
| MORGAN STANLEY | $39,002,360 | 74,087 | 0.13% | Shares |
| AVIVA PLC | $38,883,385 | 73,861 | 0.13% | Shares |
| RIVERBRIDGE PARTNERS LLC | $38,661,806 | 73,440 | 0.13% | Shares |
| RAYMOND JAMES FINANCIAL INC | $38,636,484 | 73,392 | 0.13% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $37,569,651 | 66,863 | 0.12% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $37,213,517 | 70,689 | 0.12% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $37,009,258 | 70,301 | 0.12% | Shares |
| Manitou Investment Management Ltd. | $36,839,745 | 69,979 | 0.12% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $35,398,878 | 67,242 | 0.12% | Shares |
| TREMBLANT CAPITAL GROUP | $33,395,774 | 63,437 | 0.11% | Shares |
Company insiders 54 insiders · 33 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jonathan Jay Mazelsky | President and CEO | Feb. 27, 2026 M | 83,803 | 0 | 13 | $-15,338,089 |
| Andrew Emerson | EVP, CFO and Treasurer | Feb. 14, 2026 M | 4,222 | 0 | 0 | $0 |
| Brian P Mckeon | EVP, CFO and Treasurer | Feb. 14, 2025 M | 31,550 | 0 | 0 | $0 |
| RAINES MERILEE | Executive VP & CFO | Feb. 25, 2013 M | 26,577 | 0 | 0 | $0 |
| George Fennell | Executive Vice President | June 1, 2026 M | 10,433 | 0 | 8 | $-7,337,011 |
| Nimrata Hunt | Executive Vice President | March 3, 2026 S | 18,141 | 0 | 6 | $-9,526,099 |
| Sharon E. Underberg | EVP, GC & Corporate Secretary | March 3, 2026 M | 7,138 | 0 | 0 | $0 |
| Michael Schreck | Executive Vice President | Feb. 14, 2026 M | 3,089 | 0 | 0 | $0 |
| Johnson Michael Perkins | Executive Vice President | Feb. 14, 2026 M | 2,795 | 0 | 0 | $0 |
| Michael Lane | Executive Vice President | Feb. 14, 2026 M | 8,024 | 0 | 0 | $0 |
| Martin Alexander Smith | Executive Vice President | Feb. 14, 2026 M | 2,157 | 0 | 0 | $0 |
| Michael G Erickson | Executive Vice President | Feb. 12, 2026 A | 15,092 | 0 | 6 | $-3,369,669 |
| James F Polewaczyk | Executive Vice President | March 6, 2024 M | 10,711 | 0 | 0 | $0 |
| Jacqueline Studer | CVP, Gen. Counsel & Secretary | Aug. 6, 2018 M | 5,849 | 0 | 0 | $0 |
| Kathy V Turner | Corporate Vice President | June 1, 2018 M | 3,159 | 0 | 0 | $0 |
| Giovani Twigge | CORPORATE VICE PRESIDENT | May 29, 2018 S | 14,150 | 0 | 0 | $0 |
| Michael J Williams | Executive Vice President | Aug. 11, 2016 M | 59,113 | 0 | 0 | $0 |
| Johnny Powers | Executive Vice President | Dec. 5, 2015 M | 25,961 | 0 | 0 | $0 |
| Jeffrey Fiarman | EVP, GEN COUNSEL & SECRETARY | June 1, 2014 M | 651 | 0 | 0 | $0 |
| Ali Naqui | Corporate Vice President | May 9, 2013 M | 17,513 | 0 | 0 | $0 |
| Conan R Deady | Corp VP and General Counsel | March 5, 2013 M | 2,225 | 0 | 0 | $0 |
| Daniel V Meyaard | Corporate Vice President | Feb. 14, 2013 M | 4,416 | 0 | 0 | $0 |
| William E Brown III | Executive Vice President | Feb. 14, 2013 M | 17,259 | 0 | 0 | $0 |
| William B. Goodspeed | Corporate Vice President | April 26, 2011 M | 4,620 | 0 | 0 | $0 |
| Thomas J Dupree | Corporate Vice President | Feb. 17, 2011 M | 5,683 | 0 | 0 | $0 |
| William C Wallen | Senior VP & CSO | Feb. 14, 2010 M | 20,057 | 0 | 0 | $0 |
| Sam S Fratoni | Corporate Vice President | Oct. 28, 2008 M | 51,156 | 0 | 0 | $0 |
| Irene C Kerr | Corporate Vice President | Feb. 14, 2008 A | 910 | 0 | 0 | $0 |
| Quentin J Tonelli | Corporate Vice President | May 23, 2007 M | 21,383 | 0 | 0 | $0 |
| Robert S Hulsy | Corporate Vice President | March 16, 2007 M | 26,232 | 0 | 0 | $0 |
| Jennifer A Joiner | Vice President | Feb. 14, 2006 A | — | 0 | 0 | $0 |
| Laurel E Labauve | Vice President | Feb. 14, 2006 A | — | 0 | 0 | $0 |
| POLLOCK LOUIS W | Senior Vice President | Jan. 28, 2004 S | 11,577 | 0 | 0 | $0 |
| Joseph L Hooley | Director | July 30, 2026 A | 325 | 0 | 0 | $0 |
| Karen Peacock | Director | May 12, 2026 A | 102 | 0 | 0 | $0 |
| Sam Samad | Director | May 12, 2026 A | — | 0 | 0 | $0 |
| Irene Chang Britt | Director | May 12, 2026 A | 208 | 0 | 0 | $0 |
| Sophie V. Vandebroek | Director | May 12, 2026 A | 905 | 0 | 2 | $-920,297 |
| Bruce L. Claflin | Director | May 12, 2026 A | 161 | 0 | 0 | $0 |
| Lawrence D Kingsley | Director | May 12, 2026 A | 9,568 | 0 | 0 | $0 |
| Stuart Essig | Director | May 12, 2026 A | 2,236 | 0 | 0 | $0 |
| JUNIUS DANIEL M | Director | May 12, 2026 A | 3,561 | 0 | 0 | $0 |
| SZOSTAK M ANNE | Director | May 7, 2026 M | 519 | 0 | 1 | $-1,415,711 |
| Jonathan W Ayers | Director | Sept. 6, 2024 G | 122,605 | 0 | 0 | $0 |
| Asha Collins | Director | May 6, 2024 M | 779 | 0 | 0 | $0 |
| William T End | Director | May 10, 2018 S | 31,786 | 0 | 0 | $0 |
| Rebecca M Henderson | Director | May 9, 2018 A | 14,696 | 0 | 0 | $0 |
| Thomas Craig | Director | April 28, 2017 A | 24,471 | 0 | 0 | $0 |
| Barry C Johnson | Director | Aug. 15, 2016 M | 3,560 | 0 | 0 | $0 |
| Robert J Murray | Director | May 6, 2015 M | 36,347 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 221 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 |
|---|---|---|---|---|
| PAWZ · ProShares Trust | 10.15% | 5,847 NS | May 31, 2026 | N-PORT |
| PHO · Invesco Exchange-Traded Fund Trust | 6.48% | 231,568 SH | Aug. 8, 2026 | Daily |
| IHI · iShares Trust | 4.38% | 248,219 SH | Aug. 8, 2026 | Daily |
| PIO · Invesco Exchange-Traded Fund Trust … | 3.92% | 18,947 SH | Aug. 8, 2026 | Daily |
| NUMG · Nushares ETF Trust | 3.39% | 21,354 NS | April 30, 2026 | N-PORT |
| MID · AMERICAN CENTURY ETF TRUST | 2.43% | 4,290 NS | May 31, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 2.14% | 696 NS | April 30, 2026 | N-PORT |
| MEDI · Harbor ETF Trust | 1.84% | 903 NS | April 30, 2026 | N-PORT |
| QQQG · Pacer Funds Trust | 1.81% | 364 NS | April 30, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.60% | 21,339 SH | Aug. 8, 2026 | Daily |
| TOLL · Tema ETF Trust | 1.57% | 1,365 NS | May 31, 2026 | N-PORT |
| JGRW · Trust for Professional Managers | 1.51% | 2,570 NS | May 31, 2026 | N-PORT |
| PWB · Invesco Exchange-Traded Fund Trust | 1.49% | 61,793 SH | Aug. 8, 2026 | Daily |
| CAML · Professionally Managed Portfolios | 1.31% | 8,808 NS | April 30, 2026 | N-PORT |
| IWP · iShares Trust | 1.12% | 383,839 SH | Aug. 8, 2026 | Daily |
| AVMV · AMERICAN CENTURY ETF TRUST | 1.04% | 11,480 NS | May 31, 2026 | N-PORT |
| RPG · Invesco Exchange-Traded Fund Trust | 1.00% | 34,316 SH | Aug. 8, 2026 | Daily |
| SXQG · EXCHANGE TRADED CONCEPTS TRUST | 0.99% | 1,190 NS | May 31, 2026 | N-PORT |
| ACGR · AMERICAN CENTURY ETF TRUST | 0.95% | 192 NS | May 31, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.91% | 604,333 SH | Aug. 8, 2026 | Daily |
| QQQE · Direxion Shares ETF Trust | 0.88% | 18,971 NS | April 30, 2026 | N-PORT |
| QNXT · iShares Trust | 0.87% | 413 SH | Aug. 8, 2026 | Daily |
| EGUS · iShares Trust | 0.85% | 409 SH | Aug. 8, 2026 | Daily |
| FLAG · Global X Funds | 0.82% | 24 NS | April 30, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.81% | 31,302 NS | April 30, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.77% | 3,253 NS | April 30, 2026 | N-PORT |
| IYH · iShares Trust | 0.76% | 47,338 SH | Aug. 8, 2026 | Daily |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.73% | 11,671 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.72% | 36,805 NS | April 30, 2026 | N-PORT |
| TMFE · RBB Fund, Inc. | 0.71% | 1,064 NS | May 31, 2026 | N-PORT |
| PABU · iShares Trust | 0.70% | 30,123 SH | Aug. 8, 2026 | Daily |
| RXL · ProShares Trust | 0.65% | 833 NS | May 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 0.65% | 1,593 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.62% | 238,774 SH | Aug. 8, 2026 | Daily |
| HQGO · Lattice Strategies Trust | 0.62% | 532 NS | April 30, 2026 | N-PORT |
| SPHQ · Invesco Exchange-Traded Fund Trust | 0.61% | 205,234 SH | Aug. 8, 2026 | Daily |
| IMCG · iShares Trust | 0.60% | 41,182 SH | Aug. 8, 2026 | Daily |
| QFLR · Innovator ETFs Trust | 0.59% | 5,300 NS | April 30, 2026 | N-PORT |
| IXJ · iShares Trust | 0.59% | 41,363 SH | Aug. 8, 2026 | Daily |
| NULC · Nushares ETF Trust | 0.57% | 578 NS | April 30, 2026 | N-PORT |
| FDMO · FIDELITY COVINGTON TRUST | 0.57% | 8,500 NS | April 30, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 0.52% | 105,784 NS | April 30, 2026 | N-PORT |
| SUSA · iShares Trust | 0.51% | 35,533 SH | Aug. 8, 2026 | Daily |
| VUSE · ETF Series Solutions | 0.49% | 5,980 NS | May 31, 2026 | N-PORT |
| LGDX · Tidal Trust III | 0.49% | 1,199 NS | April 30, 2026 | N-PORT |
| MFSG · MFS Active Exchange Traded Funds Tr… | 0.49% | 2,970 NS | May 31, 2026 | N-PORT |
| ACLC · AMERICAN CENTURY ETF TRUST | 0.46% | 2,530 NS | May 31, 2026 | N-PORT |
| FQAL · FIDELITY COVINGTON TRUST | 0.44% | 10,822 NS | April 30, 2026 | N-PORT |
| GARP · iShares Trust | 0.43% | 20,352 SH | Aug. 8, 2026 | Daily |
| FXH · First Trust Exchange-Traded AlphaDE… | 0.41% | 6,315 NS | April 30, 2026 | N-PORT |