ILMN Illumina, Inc. - Common Stock
About Illumina, Inc. - Common Stock Company overview from Wikipedia
Illumina, Inc. is an American biotechnology company, headquartered in San Diego, California. Incorporated on April 1, 1998, Illumina develops, manufactures, and markets integrated systems for the analysis of genetic variation and biological function. The company provides a line of products and services that serves the sequencing, genotyping and gene expression, and proteomics markets, and serves more than 155 countries.
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Illumina, Inc. is an American biotechnology company, headquartered in San Diego, California. Incorporated on April 1, 1998, Illumina develops, manufactures, and markets integrated systems for the analysis of genetic variation and biological function. The company provides a line of products and services that serves the sequencing, genotyping and gene expression, and proteomics markets, and serves more than 155 countries.
Illumina's customers include genomic research centers, pharmaceutical companies, academic institutions, clinical research organizations, and biotechnology companies.
History
Illumina was founded in April 1998 by David Walt, Larry Bock, John Stuelpnagel, Anthony Czarnik, and Mark Chee. While working with CW Group, a venture-capital firm, Bock and Stuelpnagel uncovered what would become Illumina's BeadArray technology at Tufts University and negotiated an exclusive license to that technology. In 1999, Illumina acquired Spyder Instruments (founded by Michal Lebl, Richard Houghten, and Jutta Eichler) for their technology of high-throughput synthesis of oligonucleotides. Illumina completed its initial public offering in July 2000.
Illumina began offering single nucleotide polymorphism (SNP) genotyping services in 2001 and launched its first system, the Illumina BeadLab, in 2002, using GoldenGate Genotyping technology. Illumina currently offers microarray-based products and services for an expanding range of genetic analysis sequencing, including SNP genotyping, gene expression, and protein analysis. Illumina's technologies are used by a broad range of academic, government, pharmaceutical, biotechnology, and other leading institutions around the globe.
On January 26, 2007, the company completed the acquisition of the British company Solexa, Inc. for ~$650M. Solexa was founded in June 1998 by Shankar Balasubramanian and David Klenerman to develop and commercialize genome-sequencing technology invented by the founders at the University of Cambridge. Solexa, Inc. was formed in 2005 when Solexa Ltd reversed into Lynx Therapeutics of Hayward.
Illumina also uses the DNA colony sequencing technology, invented in 1997 by Pascal Mayer and Laurent Farinelli and which was acquired by Solexa in 2004 from Manteia Predictive Medicine. It is being used to perform a range of analyses, including whole genome resequencing, gene-expression analysis, and small ribonucleic acid (sRNA) analysis.
In June 2009, Illumina announced the launch of their own Personal Full Genome Sequencing Service at a depth of 30X.
Until 2010, Illumina sold only instruments that were labeled "for research use only"; in early 2010, Illumina obtained FDA approval for its BeadXpress system to be used in clinical tests. This was part of the company's strategy at the time to open its own CLIA lab and begin offering clinical genetic testing itself.
Illumina acquired Epicentre Biotechnologies, based in Madison, Wisconsin, on January 11, 2011. On January 25, 2012, Hoffmann-La Roche made an unsolicited bid to buy Illumina for $44.50 per share or about $5.7 billion. Roche tried other tactics, including raising its offer (to $51.00, for about $6.8 billion). Illumina rejected the offer, and Roche abandoned the offer in April.
In 2014, the company announced a multimillion-dollar product, HiSeq X Ten. In January 2014, Illumina already held 70% of the market for genome-sequencing machines. Illumina machines accounted for more than 90% of all DNA data produced. In 2020, the company invested in the acquisition of the pre-commercial firm Enancio, which had developed a DNA data compression algorithm specifically targeting Illumina data capable of reducing storage footprint by 80% (e.g. 50 GB compressed to 10 GB).
On July 5, 2016, Jay Flatley, who had been CEO since 1999, assumed the role of executive chairman of the board of directors. Francis deSouza, who had been president of the company since 2013, took on the additional role of CEO.
In late 2015, Illumina spun off the company Grail, focused on blood testing for cancer tumors in the bloodstream. In 2017 Grail had planned to raise $1 billion in its second round of financing, and received funding from Bill Gates and Jeff Bezos investing $100 million in series A funding, and with Illumina maintaining a 20% holding share in Grail. Grail is working with a blood test trial with over 120,000 women during scheduled mammogram visits in the states of Minnesota and Wisconsin, as well as a partnership with the Mayo Clinic. Grail uses Illumina sequencing technology for tests. Grail planned to roll out the tests by 2019. In September 2020, Illumina announced a proposed cash and stock deal to acquire Grail for $8 billion.
In November 2018, Illumina proposed the acquisition of Pacific Biosciences for $8.00 per share or around $1.2 billion in total. In December 2019, the Federal Trade Commission (FTC) sued to block the acquisition. The proposed deal was abandoned on January 2, 2020, with Illumina paying Pacific a $98 million termination fee.
In March 2021, the FTC sued to block Illumina's $7.1 billion vertical merger with Grail. In July 2021, the European Commission opened an in-depth investigation into the Grail acquisition by Illumina. Against the orders of active investigations by both the US FTC and the EU European Commission, Illumina publicly announced it had completed its acquisition of Grail on August 18, 2021. The FTC urged Illumina to "unwind" the merger shortly after, and in October 2021, the European Commission ordered Illumina to keep Grail a separate company and adopted interim measures to prevent harm to competition, or face penalty payments up to 5% of their average daily turnover and/or fines up to 10% of their annual worldwide turnover under Articles 15 and 14 of the EU Merger Regulation respectively. In September 2022, a US administrative judge ruled against the FTC's efforts to prevent the acquisition on antitrust grounds. In April 2023, the FTC ordered Grail to be divested by Illumina. In July 2023, the European Commission imposed a €432 million ($476 million) penalty on Illumina for closing the Grail acquisition without EU approval.
In September 2022, Illumina launched NovaSeq X and NovaSeq X Plus. The NovaSeq X Plus can sequence 20,000 genomes per year, compared to 7,500 per year of Illumina's previous machines and generate up to 16 Tb of data per run. The series includes redeveloped reagents, dyes, and polymerases which can be shipped at ambient temperature.
In June 2023, deSouza resigned as CEO of Illumina, and was replaced by interim CEO Charles Dadswell, the company's general counsel. Also in June 2023, Hologic CEO Stephen Macmillan was named non-executive Chairman of the Board of Directors.
In September 2023, Agilent Technologies' senior vice president Jacob Thaysen was appointed CEO.
In October 2023, the European Commission ordered Grail to be divested from Illumina within the next twelve months. Illumina said it would explore a third-party sale or a capital markets transaction if it fails to win its ongoing challenge in court. In June 2024 Illumina has completed the spin-off of Grail, keeping only a minority stake of 14.5%. The 2022 appeal in the case against the European Commission has been settled in September 2024 in favour of Illumina and declaring the merger outside the Commissions jurisdiction. With the repealed decision Illumina concluded the fine to be void.
On February 4, 2025, China placed Illumina on its "Unreliable Entities List" as part of its response to U.S. President Donald Trump's second round of tariffs against it. The company, which competes with the Chinese biotech firm BGI in gene-sequencing, said in a statement that it has had a long-standing presence in China and complied with all the laws and regulations of the countries in which it has operated. On March 4, 2025, China's Ministry of Commerce resolved to prohibit the export of Illumina gene sequencers to China.
Acquisition history
The following is an illustration of the company's mergers, acquisitions, spin-offs and historical predecessors:
Products
DNA sequencing
Illumina sells a number of high-throughput DNA sequencing systems, also known as DNA sequencers, based on technology developed by Solexa. The technology features bridge amplification to generate clusters and reversible terminators for sequence determination. The technology behind these sequencing systems involves ligation of fragmented DNA to a chip, followed by primer addition and sequential fluorescent dNTP incorporation and detection.
Depending on the kit used, according to the company the MiSeq Series generates up to 25 million reads per run. With dual flow cells, the NextSeq 2000 generates up to 2.4 billion single reads per run and the NovaSeq X Series generates up to 52 billion single reads per run. Illumina uses next-generation sequencing, which is far faster and more efficient than traditional Sanger sequencing. Illumina sequencers perform short-read sequencing, and are image based, utilizing Illumina dye sequencing. This technology has a higher accuracy than long-read sequencing.
Flow cells
Illumina sequencing happens within the flow cells. These flow cells are small in size and are housed in the flow cell compartment. Flow cell clustering happens when a denatured DNA sample is placed in a flow cell. Primers already in the flow cell channel capture and bind to the ends of the short denatured DNA sample. Then, DNA polymerase is added and the DNA building blocks are introduced. This results in a newly synthesized strand constrained to the bottom of the flow cell. Next, the original template strand is washed out binding the newly synthesized strand to the other DNA sequence present on the surface. DNA polymerase and building blocks are introduced again forming a new strand. These steps are repeated until about 1,000 copies are made in a cluster.
Litigation
Czarnik suit against Illumina
In 2005, co-founder and former Chief Scientific Officer Anthony Czarnik sued Illumina. In the case, Czarnik v. Illumina Inc., the trial court granted Illumina's motion to dismiss in part but allowed Czarnik's correction of inventorship claims to continue.
Cornell University and Life Technologies suit against Illumina
In 2010, Cornell University and Life Technologies filed a lawsuit against Illumina, alleging that its microarray products infringed on eight patents held by the university and exclusively licensed to the start-up. The case was settled in April 2017 without any finding of fault. In September 2017 both parties asked to have the settlement reviewed, with Cornell accusing both Illumina and Life Technologies of misrepresentation and fraud. Cornell claimed that ThermoFisher had promised to settle the suit with Illumina and asked for the Markman wording to be dropped so that it could file a subsequent suit involving other patents invented at Cornell. Instead of filing the suit, ThermoFisher and Illumina settled another lawsuit in California and secretly sublicensed those very same patents. In 2018, Dr. Monib Zirvi filed a lawsuit in the Southern District of New York against Illumina and some of its key employees claiming that they knowingly incorporated ideas and ZipCode DNA sequences invented in the Barany Lab in Illumina's patent applications. Although this suit was dismissed, it was only after Illumina and its attorneys claimed that some of those IP misappropriation were "storm warnings" and thus statutes of limitations had run out on those particular claims. Dr. Monib Zirvi also filed a FOIA case in New Jersey in 2020 for unredacted copies for key NIH grants that Illumina filed early in its existence. William Noon, an in-house attorney at Illumina, had filed a FOIA request for 4 of these key grants as well in January 2015.
Patent infringement suits
Illumina was a party in a patent lawsuit against competitor Ariosa Diagnostics. The litigation began in 2012 with Verinata Health filing suit against Ariosa. Illumina joined the suit after acquiring Verinata in 2013. Ariosa subsequently brought a counterclaim against Illumina. The trial court granted summary judgment in favor of Ariosa, but the United States Court of Appeals for the Federal Circuit reversed. Ariosa initially pursued an appeal to the Supreme Court of the United States, but the two parties resolved the dispute before the Court decided whether to take the case.
In February 2016, Illumina filed a lawsuit against Oxford Nanopore Technologies. Illumina claimed that Oxford Nanopore infringed its patents on the use of a biological nanopore, Mycobacterium smegmatis porinA (MspA), for sequencing systems. In August 2016 the parties settled their lawsuit.
In February 2020, Illumina filed a patent infringement suit against BGI relating to its "CoolMPS" sequencing products. In return BGI has filed patent infringement lawsuits for violation of federal antitrust and California unfair competition laws, claiming use of "fraudulent behavior" to obtain or enforce sequencing patents that it has asserted against BGI, preventing the firm from entering the US market. However, in May 2022, Illumina was ordered to pay $333 million to a U.S. unit of BGI in California for infringing two patents of DNA-sequencing systems. The jury of the case also said that Illumina willfully infringed the patents, and that their former accusation of BGI's infringement was invalid.
On May 6, 2022, a jury in the U.S. District Court for the District of Delaware rendered a verdict that Illumina willfully infringed two patents owned by Complete Genomics, and awarded approximately $334 million to CGI in past damages. The jury also invalidated three patents owned by Illumina.
Trade secrets suit against Eltoukhy and Talasaz
In March 2022, Illumina sued Helmy Eltoukhy and Amir Talasaz, the co-founders of Guardant, over stealing trade secrets. Guardant called the lawsuit "frivolous and retaliatory" and framed it as a response to its concerns about the Illumina-Grail merger. Guardant also claimed the lawsuit was filed in order to suppress competition in the marketplace.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ILMN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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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
ILMN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 7 25.0%
- Buy 10 35.7%
- Hold 8 28.6%
- Sell 2 7.1%
- Strong Sell 1 3.6%
12-Month Price Target
19 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.31 | $1.25 | 0.06% |
| March 31, 2026 | $1.15 | $1.08 | 0.07% |
| Dec. 31, 2025 | $1.15 | $1.08 | 0.07% |
| Sept. 30, 2025 | $1.34 | $1.19 | 0.15% |
| June 30, 2025 | $1.19 | $1.03 | 0.16% |
| March 31, 2025 | $0.97 | $0.96 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ILMN | $20.65B | 24.8 | -0.66% | 19.6% | 34.1% | 66.1% |
| TMO | $257.86B | 32.7 | 3.9% | 15.0% | 13.0% | — |
| DHR | $161.82B | 45.3 | 2.9% | 14.7% | 7.1% | 59.1% |
| A | $41.43B | 32.0 | 6.7% | 18.8% | 20.6% | — |
| IQV | $38.23B | 28.8 | 5.9% | 8.3% | 21.6% | — |
| WAT | $22.62B | 35.3 | 7.0% | 20.3% | 27.2% | — |
| MTD | $28.38B | 33.2 | 4.0% | 21.6% | -615.5% | 59.4% |
| WST | $19.81B | 40.5 | 6.2% | 16.1% | 16.2% | 35.9% |
| MEDP | $15.93B | 36.8 | 20.0% | 17.8% | 142.9% | — |
| TEM | — | -41.9 | 83.4% | -19.3% | -61.2% | — |
| CRL | $10.02B | -70.0 | -0.85% | -3.6% | -4.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.34B | $4.37B | $4.50B | $4.58B | $4.53B | $3.24B | $3.54B | $3.33B | $2.75B | $2.40B | $2.22B | $1.86B | |
| Cost of Revenue | $1.47B | $1.51B | $1.76B | $1.61B | $1.37B | $1.04B | $1.08B | $1.03B | $926M | $732M | $671M | $564M | |
| Gross Profit | $2.87B | $2.86B | $2.74B | $2.97B | $3.15B | $2.20B | $2.47B | $2.30B | $1.83B | $1.67B | $1.55B | $1.30B | |
| R&D Expense | $967M | $1.17B | $1.35B | $1.32B | $1.19B | $682M | $647M | $623M | $546M | $504M | $401M | $388M | |
| SG&A Expense | $1.09B | $1.09B | $1.61B | $1.30B | $2.09B | $941M | $835M | $794M | $674M | $584M | $516M | $466M | |
| Operating Expenses | $2.06B | $3.69B | $3.81B | $7.15B | $3.28B | $1.62B | $1.48B | $1.42B | $1.22B | $1.08B | $936M | $783M | |
| Operating Income | $807M | $-833M | $-1.07B | $-4.18B | $-123M | $580M | $985M | $883M | $606M | $587M | $613M | $515M | |
| Interest Expense | · | · | $77M | $26M | $61M | $49M | $52M | $57M | $37M | $33M | $43M | $42M | |
| Interest Income | $40M | $46M | $58M | $11M | $0 | $41M | $75M | $44M | $19M | $10M | $5M | $4M | |
| Other Non-op | $340M | $-292M | $-29M | $-142M | $1.07B | $284M | $110M | $24M | $455M | $-3M | $-8M | $-33M | |
| Pretax Income | $1.09B | $-1.18B | $-1.12B | $-4.34B | $884M | $856M | $1.12B | $894M | $1.04B | $561M | $583M | $449M | |
| Income Tax | $236M | $44M | $44M | $68M | $122M | $200M | $128M | $112M | $365M | $133M | $125M | $95M | |
| Net Income | $850M | $-1.22B | $-1.16B | $-4.40B | $762M | $656M | $1.00B | $826M | $726M | $463M | $462M | $353M | |
| EPS (Basic) | $5.47 | $-7.69 | $-7.34 | $-28.00 | $5.07 | $4.48 | $6.81 | $5.63 | $4.96 | $3.09 | $3.19 | $2.61 | |
| EPS (Diluted) | $5.45 | $-7.69 | $-7.34 | $-28.00 | $5.04 | $4.45 | $6.74 | $5.56 | $4.92 | $3.07 | $3.10 | $2.37 | |
| Shares (Basic) | 155,000,000 | 159,000,000 | 158,000,000 | 157,000,000 | 150,000,000 | 147,000,000 | 147,000,000 | 147,000,000 | 146,000,000 | 147,000,000 | 145,000,000 | 135,553,000 | |
| Shares (Diluted) | 156,000,000 | 159,000,000 | 158,000,000 | 157,000,000 | 151,000,000 | 148,000,000 | 149,000,000 | 149,000,000 | 148,000,000 | 148,000,000 | 149,000,000 | 148,977,000 | |
| EBITDA | $1.08B | $-479M | $-637M | $-3.79B | $128M | $767M | $1.17B | $1.06B | $762M | $729M | $613M | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | $1.14B | $1.23B | $735M | $769M | $636M | |
| Short-term Investments | $215M | $93M | $6M | $26M | $107M | $1.66B | $1.37B | $2.37B | $920M | $824M | $617M | $702M | |
| Receivables | $854M | $735M | $734M | $671M | $648M | $487M | $573M | $514M | $411M | $381M | $386M | $289M | |
| Inventory | $564M | $547M | $587M | $568M | $431M | $372M | $359M | $386M | $333M | $300M | $271M | $191M | |
| Prepaid Expense | $238M | $244M | $234M | $285M | $295M | $152M | $105M | $78M | $91M | $78M | $54M | $30M | |
| Current Assets | $3.29B | $2.75B | $2.61B | $3.56B | $2.71B | $4.48B | $4.45B | $4.49B | $2.98B | $2.32B | $2.10B | $1.89B | |
| PP&E (Net) | $759M | $815M | $1.01B | $1.09B | $1.02B | $922M | $889M | $1.07B | $931M | $713M | $343M | $265M | |
| PP&E (Gross) | $2.12B | $2.07B | $2.15B | $2.05B | $1.82B | $1.60B | $1.46B | $1.60B | $1.35B | $1.04B | $609M | $480M | |
| Accum. Depreciation | $1.36B | $1.25B | $1.14B | $962M | $796M | $678M | $568M | $521M | $416M | $327M | $267M | $215M | |
| Goodwill | $1.11B | $1.11B | $2.54B | $3.24B | $7.11B | $897M | $897M | $831M | $771M | $776M | $753M | $725M | |
| Intangibles | $210M | $295M | $2.99B | $3.29B | $3.25B | $142M | $145M | $185M | $175M | $243M | $274M | $314M | |
| Other Non-current Assets | $449M | $348M | $357M | $423M | $445M | $609M | $388M | $308M | $312M | $108M | $87M | $96M | |
| Total Assets | $6.64B | $6.30B | $10.11B | $12.25B | $15.22B | $7.58B | $7.32B | $6.96B | $5.26B | $4.28B | $3.69B | $3.34B | |
| Accounts Payable | $240M | $221M | $245M | $293M | $332M | $192M | $149M | $184M | $160M | $138M | $139M | $83M | |
| Accrued Liabilities | $846M | $827M | $1.32B | $1.23B | $761M | $541M | $516M | $513M | $432M | $342M | $387M | $335M | |
| Short-term Debt | $499M | $499M | $0 | $500M | $0 | · | · | · | · | · | · | · | |
| Current Liabilities | $1.58B | $1.55B | $1.57B | $2.77B | $1.09B | $1.24B | $665M | $1.80B | $746M | $705M | $610M | $722M | |
| Capital Leases | $486M | $554M | $687M | $744M | $774M | $671M | $695M | · | · | · | · | · | |
| Other Non-current Liabilities | $360M | $339M | $620M | $649M | $915M | $303M | $202M | $359M | $360M | $206M | $181M | $168M | |
| Long-term Debt | · | · | · | · | · | $1.18B | $1.14B | $2.00B | $1.19B | $1.06B | $1.09B | $1.29B | |
| Total Debt | $499M | $499M | $0 | $500M | · | $1.18B | $1.14B | $2.00B | $1.19B | $1.05B | $1.09B | · | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Paid-in Capital | $7.82B | $7.53B | $9.55B | $9.21B | $8.94B | $3.81B | $3.56B | $3.29B | $2.83B | $2.73B | $2.50B | $2.17B | |
| Retained Earnings | $-392M | $-1.24B | $-19M | $1.14B | $5.49B | $4.72B | $4.07B | $3.08B | $2.26B | $1.49B | $1.02B | $561M | |
| Treasury Stock | $4.70B | $3.93B | $3.79B | $3.75B | $3.70B | $3.85B | $3.02B | $2.62B | $2.34B | $2.02B | $1.67B | $1.27B | |
| AOCI | $-10M | $22M | $-1M | $3M | $17M | $2M | $5M | $-1M | $-1M | $-1M | $36.0K | $-1M | |
| Stockholders' Equity | $2.72B | $2.37B | $5.75B | $6.60B | $10.74B | $4.69B | $4.61B | $3.85B | $2.75B | $2.20B | $1.85B | $1.46B | |
| Liabilities + Equity | $6.64B | $6.30B | $10.11B | $12.25B | $15.22B | $7.58B | $7.32B | $6.96B | $5.26B | $4.28B | $3.69B | $3.34B | |
| Shares Outstanding | 201,000,000 | 200,000,000 | 199,000,000 | 198,000,000 | 197,000,000 | 195,000,000 | 147,000,000 | 147,000,000 | 147,000,000 | 146,000,000 | 146,584,000 | 143,629,000 |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $270M | $354M | $432M | $394M | $251M | $187M | $188M | $179M | $156M | $141M | $127M | $113M | |
| Stock-based Comp | $275M | $370M | $380M | $366M | $754M | $194M | $194M | $193M | $164M | $129M | $133M | $153M | |
| Deferred Tax | $119M | $-117M | $-34M | $-23M | $-76M | $117M | $5M | $-18M | $34M | $7M | $-45M | $-20M | |
| Amort. of Intangibles | $67M | $130M | $197M | $179M | $75M | $31M | $37M | $39M | $46M | $51M | $54M | $51M | |
| Restructuring | $47M | $16M | $52M | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | $-435M | $1.45B | $861M | $4.06B | $-1.15B | $-74M | $-338M | $-38M | $-205M | $-53M | · | · | |
| Operating Cash Flow | $1.08B | $837M | $478M | $392M | $545M | $1.08B | $1.05B | $1.14B | $875M | $779M | $786M | $501M | |
| CapEx | $148M | $128M | $195M | $286M | $208M | $189M | $209M | $296M | $310M | $260M | $143M | $106M | |
| Investing Cash Flow | $-55M | $-178M | $-231M | $-591M | $-1.07B | $-554M | $745M | $-1.81B | $-214M | $-515M | $-107M | $-407M | |
| Debt Issued | $495M | $1.24B | $0 | $991M | $988M | $0 | $0 | $735M | $5M | $5M | · | $1.13B | |
| Net Debt Issued | $495M | $1.24B | $0 | $991M | $988M | $0 | $0 | $735M | $5M | $5M | · | · | |
| Stock Issued | $44M | $56M | $67M | $63M | $60M | $61M | $59M | $46M | $71M | $47M | $72M | $96M | |
| Stock Repurchased | $742M | $116M | $0 | $0 | $0 | $736M | $324M | $201M | $251M | $249M | $274M | $237M | |
| Net Stock Activity | $-698M | $-60M | $67M | $63M | $60M | $-675M | $-265M | $-155M | $-180M | $-202M | $-202M | · | |
| Financing Cash Flow | $-744M | $-570M | $-1.21B | $1.00B | $-51M | $-766M | $-897M | $594M | $-176M | $-296M | $-545M | $-167M | |
| Net Change in Cash | $291M | $79M | $-963M | $779M | $-578M | $-232M | $898M | $-81M | $490M | $-34M | $133M | $-75M | |
| Taxes Paid | $73M | $105M | $65M | $122M | $233M | $119M | $164M | $99M | $149M | $60M | $17M | $18M | |
| Free Cash Flow | $931M | $709M | $283M | $106M | $337M | $891M | $842M | $846M | $565M | $427M | $517M | · | |
| Levered FCF | · | · | $203M | $80M | $284M | $853M | $796M | $796M | $541M | $402M | $484M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.1% | 65.4% | 60.9% | 64.8% | 69.7% | 68.0% | 69.6% | 69.0% | 66.3% | 69.5% | 69.8% | · | |
| Operating Margin | 18.6% | -19.1% | -23.7% | -91.2% | -2.7% | 17.9% | 27.8% | 26.5% | 22.0% | 24.5% | 27.6% | · | |
| Net Margin | 19.6% | -28.0% | -25.8% | -96.1% | 16.8% | 20.2% | 28.3% | 24.8% | 26.4% | 19.3% | 20.8% | · | |
| Pretax Margin | 25.0% | -27.0% | -24.8% | -94.6% | 19.5% | 26.4% | 31.6% | 26.8% | 37.9% | 23.4% | 26.3% | · | |
| EBITDA Margin | 24.8% | -11.0% | -14.1% | -82.6% | 2.8% | 23.7% | 33.1% | 31.9% | 27.7% | 30.4% | 27.6% | · | |
| ROA | 13.1% | -14.9% | -10.4% | -32.1% | 6.7% | 8.8% | 14.0% | 13.5% | 15.2% | 11.6% | 13.1% | · | |
| ROE | 34.1% | -54.4% | -19.9% | -66.1% | 7.1% | 14.0% | 22.1% | 25.4% | 29.4% | 22.9% | 27.9% | · | |
| ROIC | 19.6% | -30.1% | -19.3% | -59.8% | -0.99% | 7.6% | 15.2% | 13.4% | 10.0% | 13.8% | 16.4% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 1.8 | 1.7 | 1.3 | 2.5 | 3.6 | 6.7 | 2.5 | 4.0 | 3.3 | 3.4 | · | |
| Quick Ratio | 0.7 | 0.5 | 0.5 | 0.3 | 0.7 | 1.7 | 2.9 | 2.2 | 3.4 | 2.8 | 2.9 | · | |
| Debt / Equity | 0.2 | 0.2 | 0.0 | 0.1 | · | 0.3 | 0.2 | 0.5 | 0.4 | 0.5 | 0.6 | · | |
| LT Debt / Equity | · | · | · | · | · | 0.1 | 0.2 | 0.2 | 0.4 | 0.5 | 0.5 | · | |
| Interest Coverage | · | · | -13.9 | -160.7 | -2.0 | 11.8 | 18.9 | 15.5 | 16.4 | 17.7 | 14.5 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.5 | 0.4 | 0.3 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.6 | · | |
| Inventory Turnover | 2.7 | 2.7 | 3.0 | 3.2 | 3.4 | 2.8 | 2.9 | 2.9 | 2.9 | 2.6 | 2.9 | · | |
| Receivables Turnover | 5.5 | 6.0 | 6.4 | 7.0 | 8.0 | 6.1 | 6.5 | 7.2 | 6.9 | 6.3 | 6.6 | · |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -0.66% | -2.9% | -1.8% | 1.3% | 39.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -1.8% | -1.1% | 11.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | · | 13.3% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 4.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | · | 16.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 5.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.34B | $4.37B | $4.50B | $4.58B | $4.53B | $3.24B | $3.54B | $3.33B | $2.75B | $2.40B | $2.22B | $1.86B | |
| Net Income TTM | $850M | $-1.22B | $-1.16B | $-4.40B | $762M | $656M | $1.00B | $826M | $726M | $463M | $462M | $353M | |
| Market Cap | $20.65B | $21.51B | $21.54B | $31.08B | $58.10B | $52.55B | $47.52B | $42.65B | $31.24B | $18.21B | $27.37B | · | |
| Enterprise Value | · | · | · | · | · | · | · | $41.13B | $30.29B | $17.70B | $27.07B | · | |
| P/E | 24.8 | -17.6 | -18.5 | -7.0 | 73.4 | 80.9 | 48.0 | 52.2 | 43.2 | 40.6 | 60.2 | 77.2 | |
| P/S | 4.8 | 4.9 | 4.8 | 6.8 | 12.8 | 16.2 | 13.4 | 12.8 | 11.4 | 7.6 | 12.3 | · | |
| P/B | 7.6 | 9.1 | 3.7 | 4.7 | 5.4 | 11.2 | 10.3 | 11.3 | 11.4 | 8.3 | 14.8 | · | |
| P / Tangible Book | 14.7 | 22.3 | 104.0 | 414.4 | 154.1 | 14.4 | · | · | · | · | · | · | |
| P / Cash Flow | 19.1 | 25.7 | 45.1 | 79.3 | 106.6 | 48.7 | 45.2 | 37.3 | 35.7 | 26.5 | 41.5 | · | |
| P / FCF | 22.2 | 30.3 | 76.1 | 293.2 | 172.4 | 59.0 | 56.4 | 50.4 | 55.3 | 42.6 | 53.0 | · | |
| EV / EBITDA | · | · | · | · | · | · | · | 38.7 | 39.8 | 24.3 | 44.2 | · | |
| EV / FCF | · | · | · | · | · | · | · | 48.6 | 53.6 | 41.4 | 52.4 | · | |
| EV / Revenue | · | · | · | · | · | · | · | 12.3 | 11.0 | 7.4 | 12.2 | · | |
| Earnings Yield | 4.0% | -5.7% | -5.4% | -14.2% | 1.4% | 1.2% | 2.1% | 1.9% | 2.3% | 2.5% | 1.7% | 1.3% |
Income Statement 18
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.16B | $1.09B | $1.16B | $1.08B | $1.06B | $1.04B | $1.10B | $1.08B | $1.11B | $1.08B | $1.02B | $1.18B | $1.09B | $1.11B | |
| Cost of Revenue | $389M | $370M | $400M | $351M | $364M | $358M | $376M | $335M | $391M | $409M | $476M | $444M | $432M | $480M | |
| Gross Profit | $770M | $721M | $759M | $733M | $695M | $683M | $728M | $745M | $721M | $667M | $542M | $732M | $655M | $626M | |
| R&D Expense | $252M | $240M | $239M | $229M | $247M | $252M | $252M | $253M | $325M | $339M | $332M | $358M | $341M | $474M | |
| SG&A Expense | $273M | $272M | $308M | $277M | $234M | $267M | $267M | $239M | $147M | $439M | $464M | $462M | $378M | $205M | |
| Operating Expenses | $525M | $512M | $557M | $506M | $481M | $519M | $554M | $4M | $2.36B | $778M | $1.64B | $820M | $719M | $4.60B | |
| Operating Income | $245M | $209M | $202M | $227M | $214M | $164M | $174M | $741M | $-1.64B | $-111M | $-1.10B | $-88M | $-64M | $-3.98B | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $18M | · | $19M | $20M | · | |
| Interest Income | $8M | $11M | $10M | $9M | $10M | $11M | $10M | $11M | $13M | $12M | $24M | $17M | $17M | $9M | |
| Other Non-op | $31M | $-39M | $192M | $9M | $107M | $32M | $28M | $4M | $-332M | $8M | $19M | $1M | $-11M | $-45M | |
| Pretax Income | $260M | $157M | $378M | $220M | $306M | $182M | $186M | $720M | $-1.98B | $-109M | $-1.09B | $-89M | $-78M | $-4.01B | |
| Income Tax | $53M | $23M | $44M | $70M | $71M | $51M | $0 | $15M | $12M | $17M | $-74M | $145M | $-81M | $94M | |
| Net Income | $207M | $134M | $334M | $150M | $235M | $131M | $186M | $705M | $-1.99B | $-126M | $-791M | $-234M | $3M | $-4.10B | |
| EPS (Basic) | $1.37 | $0.88 | $2.17 | $0.98 | $1.49 | $0.83 | $1.15 | $4.43 | $-12.48 | $-0.79 | $-6.43 | $-1.48 | $0.02 | $-26.16 | |
| EPS (Diluted) | $1.35 | $0.87 | $2.16 | $0.98 | $1.49 | $0.82 | $1.16 | $4.42 | $-12.48 | $-0.79 | $-6.43 | $-1.48 | $0.02 | $-26.15 | |
| Shares (Basic) | 151,000,000 | 153,000,000 | -314,000,000 | 153,000,000 | 157,000,000 | 159,000,000 | -318,000,000 | 159,000,000 | 159,000,000 | 159,000,000 | -315,000,000 | 158,000,000 | 158,000,000 | -303,000,000 | |
| Shares (Diluted) | 153,000,000 | 154,000,000 | -314,000,000 | 154,000,000 | 157,000,000 | 159,000,000 | -319,000,000 | 160,000,000 | 159,000,000 | 159,000,000 | -317,000,000 | 158,000,000 | 158,000,000 | -306,000,000 | |
| EBITDA | $245M | $209M | · | $294M | $282M | $233M | · | $741M | $-1.64B | $-111M | · | $-88M | $-64M | · |
Balance Sheet 27
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Short-term Investments | $128M | $66M | $215M | $228M | $221M | $124M | $93M | $70M | $74M | · | · | $6M | $24M | · | |
| Receivables | $764M | $738M | $854M | $729M | $701M | $699M | $735M | $699M | $641M | $635M | · | $741M | $665M | · | |
| Inventory | $629M | $611M | $564M | $590M | $575M | $537M | $547M | $574M | $561M | $584M | · | $617M | $586M | · | |
| Prepaid Expense | $273M | $234M | $238M | $199M | $210M | $200M | $244M | $161M | $263M | $256M | · | $306M | $403M | · | |
| Current Assets | $2.83B | $2.74B | $3.29B | $2.80B | $2.64B | $2.67B | $2.75B | $2.37B | $2.46B | $2.58B | · | $3.22B | $3.17B | · | |
| PP&E (Net) | $745M | $755M | $759M | $748M | $764M | $782M | $815M | $832M | $859M | $964M | · | $1.07B | $1.08B | · | |
| PP&E (Gross) | · | · | $2.12B | · | · | · | $2.07B | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $1.36B | · | · | · | $1.25B | · | · | · | · | · | · | · | |
| Goodwill | $1.28B | $1.28B | $1.11B | $1.11B | $1.11B | $1.11B | $1.11B | $1.11B | $1.08B | $2.54B | $2.54B | $3.24B | $3.24B | $3.24B | |
| Intangibles | $410M | $430M | $210M | $225M | $238M | $278M | $295M | $305M | $278M | $2.94B | · | $3.19B | $3.24B | · | |
| Other Non-current Assets | $576M | $523M | $449M | $423M | $400M | $373M | $348M | $321M | $314M | $458M | · | $417M | $423M | · | |
| Total Assets | $6.65B | $6.56B | $6.64B | $6.18B | $6.09B | $6.18B | $6.30B | $6.01B | $6.08B | $10.04B | · | $11.77B | $11.81B | · | |
| Accounts Payable | $230M | $218M | $240M | $218M | $200M | $207M | $221M | $191M | $199M | $201M | · | $244M | $242M | · | |
| Accrued Liabilities | $848M | $849M | $846M | $746M | $762M | $734M | $827M | $784M | $1.26B | $1.27B | · | $1.31B | $1.24B | · | |
| Short-term Debt | $500M | $499M | $499M | $998M | $499M | $499M | $499M | · | $744M | · | · | $0 | $0 | · | |
| Current Liabilities | $1.58B | $1.57B | $1.58B | $1.96B | $1.46B | $1.44B | $1.55B | $975M | $2.21B | $1.47B | · | $2.30B | $2.23B | · | |
| Capital Leases | $454M | $475M | $486M | $506M | $528M | $539M | $554M | $613M | $616M | $700M | · | $726M | $747M | · | |
| Other Non-current Liabilities | $289M | $352M | $360M | $334M | $348M | $344M | $339M | $313M | $331M | $642M | · | $702M | $654M | · | |
| Total Debt | $500M | $499M | · | $998M | $499M | $499M | · | · | $744M | · | · | · | · | · | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | · | |
| Paid-in Capital | $7.93B | $7.86B | $7.82B | $7.76B | $7.68B | $7.61B | $7.53B | $7.45B | $7.35B | $9.66B | · | $9.40B | $9.31B | · | |
| Retained Earnings | $-51M | $-258M | $-392M | $-726M | $-876M | $-1.11B | $-1.24B | $-1.43B | $-2.13B | $-145M | · | $911M | $1.15B | · | |
| Treasury Stock | $5.05B | $4.93B | $4.70B | $4.64B | $4.52B | $4.14B | $3.93B | $3.89B | $3.79B | $3.79B | · | $3.77B | $3.76B | · | |
| AOCI | $8M | $1M | $-10M | $-12M | $-21M | $8M | $22M | $-5M | $14M | $12M | · | $12M | $-1M | · | |
| Stockholders' Equity | $2.84B | $2.68B | $2.72B | $2.38B | $2.26B | $2.37B | $2.37B | $2.12B | $1.44B | $5.73B | $5.75B | $6.55B | $6.69B | $6.60B | |
| Liabilities + Equity | $6.65B | $6.56B | $6.64B | $6.18B | $6.09B | $6.18B | $6.30B | $6.01B | $6.08B | $10.04B | · | $11.77B | $11.81B | · | |
| Shares Outstanding | 201,000,000 | 201,000,000 | 153,000,000 | 201,000,000 | 201,000,000 | 201,000,000 | 159,000,000 | 199,000,000 | 199,000,000 | 199,000,000 | 199,000,000 | 198,000,000 | 198,000,000 | 198,000,000 |
Cash Flow 17
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | $66M | $67M | $68M | $69M | $71M | $70M | $105M | $108M | · | · | · | $232M | |
| Stock-based Comp | $73M | $60M | $63M | $70M | $69M | $73M | $79M | $83M | $112M | $96M | $94M | · | $93M | $100M | |
| Amort. of Intangibles | $19M | $18M | $16M | $17M | $17M | $17M | $17M | $17M | $47M | $49M | $57M | $49M | $50M | $112M | |
| Restructuring | · | · | $6M | $2M | $8M | $31M | $2M | $6M | $4M | $4M | · | $26M | · | · | |
| Other Non-cash | · | · | · | · | · | $-33M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $201M | $289M | $321M | $284M | $234M | $240M | $364M | $316M | $80M | $77M | $224M | · | $10M | $147M | |
| CapEx | $40M | $38M | $55M | $31M | $30M | $32M | $29M | $32M | $31M | $36M | $51M | · | $52M | $88M | |
| Investing Cash Flow | $-122M | $-366M | $108M | $-51M | $-49M | $-63M | $-48M | $-41M | $-41M | $-48M | $-85M | · | $-56M | $-102M | |
| Debt Issued | · | · | $495M | · | · | · | $0 | · | · | · | · | · | · | $3M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | $-500M | · | |
| Stock Issued | $0 | $24M | $0 | $16M | $1M | $27M | $0 | $20M | $0 | $36M | $0 | · | $37M | $0 | |
| Stock Repurchased | $128M | $242M | $42M | $130M | $370M | $200M | $17M | $99M | $0 | $0 | $0 | · | · | $0 | |
| Net Stock Activity | · | $-218M | · | · | · | $-173M | · | · | · | $36M | · | · | $37M | · | |
| Financing Cash Flow | $-129M | $-251M | $-63M | $-115M | $-371M | $-195M | $-47M | $-332M | $-226M | $35M | $-27M | · | $-473M | $956M | |
| Net Change in Cash | $-49M | $-329M | $368M | $116M | $-179M | $-14M | $258M | $-51M | $-188M | $60M | $121M | · | $-517M | $1.01B | |
| Free Cash Flow | · | $251M | · | · | · | $208M | · | · | · | $41M | · | · | $-42M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $20M | · | · | $-41M | · |
Profitability 8
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.4% | 66.1% | · | 67.6% | 65.6% | 65.6% | · | 69.0% | 64.8% | 62.0% | · | 62.2% | 60.3% | · | |
| Operating Margin | 21.1% | 19.2% | · | 20.9% | 20.2% | 15.8% | · | 68.6% | -147.2% | -10.3% | · | -7.5% | -5.9% | · | |
| Net Margin | 17.9% | 12.3% | · | 13.8% | 22.2% | 12.6% | · | 65.3% | -178.8% | -11.7% | · | -19.9% | 0.28% | · | |
| Pretax Margin | 22.4% | 14.4% | · | 20.3% | 28.9% | 17.5% | · | 66.7% | -177.7% | -10.1% | · | -7.6% | -7.2% | · | |
| EBITDA Margin | 21.1% | 19.2% | · | 27.1% | 26.6% | 22.4% | · | 68.6% | -147.2% | -10.3% | · | -7.5% | -5.9% | · | |
| ROA | 3.2% | 2.1% | · | 2.5% | 3.9% | 1.6% | · | 8.7% | -22.3% | -1.1% | · | · | · | · | |
| ROE | 8.1% | 5.3% | · | 6.7% | 12.7% | 3.2% | · | 17.6% | -49.8% | -2.0% | · | · | · | · | |
| ROIC | 5.8% | 5.6% | · | 4.6% | 6.0% | 4.1% | · | 34.1% | -75.5% | -2.2% | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.8 | 1.7 | · | 1.4 | 1.8 | 1.9 | · | 2.4 | 1.1 | 1.8 | · | · | · | · | |
| Quick Ratio | 0.6 | 0.5 | · | 0.5 | 0.6 | 0.6 | · | 0.8 | 0.3 | 0.4 | · | · | · | · | |
| Debt / Equity | 0.2 | 0.2 | · | 0.4 | 0.2 | 0.2 | · | · | 0.5 | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -6.2 | · | -4.6 | -3.2 | · |
Efficiency 3
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | · | · | |
| Inventory Turnover | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | · | · | · | |
| Receivables Turnover | 1.6 | 1.5 | · | 1.5 | 1.6 | 1.6 | · | 1.6 | 1.6 | 1.7 | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.39B | $4.28B | · | $4.26B | $4.29B | $4.31B | · | $4.39B | $4.48B | $4.46B | · | $4.49B | $4.48B | · | |
| Net Income TTM | $825M | $853M | · | $702M | $1.26B | $-966M | · | $-1.58B | $-3.04B | $-1.29B | · | $-4.19B | · | · | |
| Market Cap | $35.49B | $23.65B | · | $18.43B | $19.05B | $16.08B | · | $25.89B | $20.77B | $26.58B | · | · | · | · | |
| P/E | 37.6 | 28.3 | · | 11.9 | -16.5 | -10.0 | · | -9.6 | -5.3 | -19.0 | · | -3.6 | -4.4 | · | |
| P/S | 8.1 | 5.5 | · | 4.3 | 4.4 | 3.7 | · | 5.9 | 4.6 | 6.0 | · | · | · | · | |
| P/B | 12.5 | 8.8 | · | 7.7 | 8.4 | 6.8 | · | 12.2 | 14.5 | 4.6 | · | · | · | · | |
| P / Tangible Book | 31.0 | 24.6 | · | 17.7 | 21.0 | 16.5 | · | 36.6 | 262.9 | 106.8 | · | · | · | · | |
| P / Cash Flow | · | 81.8 | · | · | · | 67.0 | · | · | · | 345.2 | · | · | · | · | |
| P / FCF | · | 94.2 | · | · | · | 77.3 | · | · | · | 648.4 | · | · | · | · | |
| Earnings Yield | 2.7% | 3.5% | · | 8.4% | -6.1% | -10.0% | · | -10.5% | -18.7% | -5.3% | · | -27.4% | -22.9% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-28 | 2024-12-29 | 2023-12-31 | 2023-01-01 | 2022-01-02 | |
|---|---|---|---|---|---|
| Revenue | $4.34B | $4.37B | $4.50B | $4.58B | $4.53B |
| Gross Margin % | 66.1% | 65.4% | 60.9% | 64.8% | 69.7% |
| Operating Margin % | 18.6% | -19.1% | -23.7% | -91.2% | -2.7% |
| Net Income | $850M | $-1.22B | $-1.16B | $-4.40B | $762M |
| Diluted EPS | $5.45 | $-7.69 | $-7.34 | $-28.00 | $5.04 |
Balance Sheet
| 2025-12-28 | 2024-12-29 | 2023-12-31 | 2023-01-01 | 2022-01-02 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.2 | 0.0 | 0.1 | — |
| Current Ratio | 2.1 | 1.8 | 1.7 | 1.3 | 2.5 |
| Quick Ratio | 0.7 | 0.5 | 0.5 | 0.3 | 0.7 |
Cash Flow
| 2025-12-28 | 2024-12-29 | 2023-12-31 | 2023-01-01 | 2022-01-02 | |
|---|---|---|---|---|---|
| Free Cash Flow | $931M | $709M | $283M | $106M | $337M |
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Institutional owners (13F) 1,006 filers · $18.3B 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 |
|---|---|---|---|---|
| 165 (+52 vs prior Q) | 60 (-34 vs prior Q) | 296 (+14 vs prior Q) | 321 (0 vs prior Q) | +12.4M |
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 |
|---|---|---|---|---|
| Capital World Investors | $2,712,230,480 | 15,425,298 | 14.79% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,165,253,015 | 6,627,157 | 6.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,158,286,103 | 6,587,534 | 6.31% | Shares |
| STATE STREET CORP | $1,144,176,449 | 6,507,288 | 6.24% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $1,124,033,551 | 6,206,701 | 6.13% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $617,980,735 | 3,514,649 | 3.37% | Shares |
| FMR LLC | $523,532,529 | 2,977,492 | 2.85% | Shares |
| Corvex Management LP | $497,695,958 | 2,830,552 | 2.71% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $412,561,415 | 2,354,283 | 2.25% | Shares |
| LOOMIS SAYLES & CO L P | $298,854,639 | 1,699,679 | 1.63% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $284,828,951 | 1,619,911 | 1.55% | Shares |
| JANUS HENDERSON GROUP PLC | $246,405,738 | 1,999,073 | 1.34% | Shares |
| Sessa Capital IM, L.P. | $196,643,700 | 1,118,374 | 1.07% | Shares |
| AMERIPRISE FINANCIAL INC | $191,377,137 | 1,088,353 | 1.04% | Shares |
| ARK Investment Management LLC | $183,744,158 | 1,045,010 | 1.00% | Shares |
| Senvest Management, LLC | $177,362,886 | 1,008,718 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $167,266,376 | 951,296 | 0.91% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $167,050,984 | 950,071 | 0.91% | Shares |
| FIRST TRUST ADVISORS LP | $159,563,763 | 907,489 | 0.87% | Shares |
| PointState Capital LP | $151,602,384 | 862,210 | 0.83% | Shares |
| LETKO, BROSSEAU & ASSOCIATES INC | $145,990,418 | 830,293 | 0.80% | Shares |
| NORGES BANK | $145,424,246 | 827,073 | 0.79% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $145,348,463 | 826,642 | 0.79% | Shares |
| EDMOND DE ROTHSCHILD HOLDING S.A. | $129,791,552 | 738,165 | 0.71% | Shares |
| GUARDCAP ASSET MANAGEMENT Ltd | $128,748,557 | 740,132 | 0.70% | Shares |
| Chevy Chase Trust Holdings, LLC | $127,952,370 | 727,705 | 0.70% | Shares |
| Quantinno Capital Management LP | $117,941,015 | 670,767 | 0.64% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $111,675,435 | 635,133 | 0.61% | Shares |
| Amova Asset Management Americas, Inc. | $108,658,017 | 617,972 | 0.59% | Shares |
| ALLIANCEBERNSTEIN L.P. | $108,597,114 | 881,041 | 0.59% | Shares |
| Alyeska Investment Group, L.P. | $102,285,586 | 581,730 | 0.56% | Shares |
| RHUMBLINE ADVISERS | $98,590,641 | 560,716 | 0.54% | Shares |
| BROWN ADVISORY INC | $96,835,682 | 550,735 | 0.53% | Shares |
| Stephens Investment Management Group LLC | $94,583,529 | 537,926 | 0.52% | Shares |
| Casdin Capital, LLC | $93,189,900 | 530,000 | 0.51% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $90,531,934 | 515,499 | 0.49% | Shares |
| Caisse de depot et placement du Quebec | $86,532,800 | 492,139 | 0.47% | Shares |
| GOLDMAN SACHS GROUP INC | $84,217,839 | 478,973 | 0.46% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $82,394,290 | 468,602 | 0.45% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $82,176,517 | 467,365 | 0.45% | Shares |
| Spyglass Capital Management LLC | $80,665,002 | 458,767 | 0.44% | Shares |
| BlackRock, Inc. | $77,542,612 | 441,009 | 0.42% | Shares |
| Swiss National Bank | $73,918,932 | 420,400 | 0.40% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $72,810,204 | 414,094 | 0.40% | Shares |
| M&G PLC | $71,140,608 | 404,208 | 0.39% | Shares |
| Southpoint Capital Advisors LP | $70,332,000 | 400,000 | 0.38% | Shares |
| National Pension Service | $65,031,780 | 369,856 | 0.35% | Shares |
| KEYBANK NATIONAL ASSOCIATION/OH | $64,398,474 | 366,254 | 0.35% | Shares |
| LMR Partners LLP | $62,631,877 | 356,207 | 0.34% | Shares |
| Gotham Asset Management, LLC | $62,627,657 | 356,183 | 0.34% | Shares |
| Patient Capital Management, LLC | $60,716,695 | 345,314 | 0.33% | Shares |
| BANK OF AMERICA CORP /DE/ | $59,969,108 | 341,063 | 0.33% | Shares |
| California Public Employees Retirement System | $59,582,457 | 338,864 | 0.32% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $58,761,155 | 334,193 | 0.32% | Shares |
| BAILLIE GIFFORD & CO | $57,855,807 | 329,044 | 0.32% | Shares |
| Douglas Lane & Associates, LLC | $57,088,338 | 324,679 | 0.31% | Shares |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $55,453,265 | 315,380 | 0.30% | Shares |
| Robeco Institutional Asset Management B.V. | $54,117,836 | 307,785 | 0.30% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $53,037,713 | 301,642 | 0.29% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $51,879,696 | 295,056 | 0.28% | Shares |
| Ilex Capital Partners (UK) LLP | $50,837,904 | 289,131 | 0.28% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $49,655,000 | 282,402 | 0.27% | Shares |
| Pictet Asset Management Holding SA | $48,335,824 | 268,581 | 0.26% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $48,163,179 | 273,919 | 0.26% | Shares |
| RAYMOND JAMES FINANCIAL INC | $47,981,443 | 272,885 | 0.26% | Shares |
| IEQ CAPITAL, LLC | $47,110,622 | 267,932 | 0.26% | Shares |
| JENNISON ASSOCIATES LLC | $46,171,981 | 262,594 | 0.25% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $45,645,123 | 348,011 | 0.25% | Shares |
| ROYAL BANK OF CANADA | $43,456,000 | 247,148 | 0.24% | Shares |
| ASR Vermogensbeheer N.V. | $43,316,775 | 246,356 | 0.24% | Shares |
| AustralianSuper Pty Ltd | $41,627,928 | 236,751 | 0.23% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $41,306,863 | 234,925 | 0.23% | Shares |
| BAMCO INC /NY/ | $39,929,938 | 227,094 | 0.22% | Shares |
| Legal & General Group Plc | $39,368,159 | 223,899 | 0.21% | Shares |
| Cannell & Spears LLC | $36,928,050 | 210,021 | 0.20% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $33,545,023 | 190,781 | 0.18% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $33,236,344 | 189,272 | 0.18% | Shares |
| Eagle Health Investments LP | $32,952,828 | 187,413 | 0.18% | Shares |
| VANGUARD GROUP INC | $32,906,339 | 250,887 | 0.18% | Shares |
| MORGAN STANLEY | $32,416,825 | 184,364 | 0.18% | Shares |
| Baird Financial Group, Inc. | $31,122,437 | 177,003 | 0.17% | Shares |
| BARCLAYS PLC | $31,054,392 | 176,616 | 0.17% | Shares |
| Howard Capital Management, LLC | $31,000,587 | 176,310 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $30,910,914 | 175,800 | 0.17% | Call option |
| Mitsubishi UFJ Asset Management Co., Ltd. | $30,501,230 | 173,470 | 0.17% | Shares |
| PFA Pension, Forsikringsaktieselskab | $30,069,940 | 171,017 | 0.16% | Shares |
| OSTRUM ASSET MANAGEMENT | $29,637,026 | 168,555 | 0.16% | Shares |
| Artisan Partners Limited Partnership | $29,485,109 | 167,691 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $29,159,125 | 236,566 | 0.16% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $29,130,459 | 165,674 | 0.16% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $28,451,052 | 161,810 | 0.16% | Shares |
| CIBC Private Wealth Group LLC | $28,430,314 | 299,361 | 0.15% | Shares |
| Hardman Johnston Global Advisors LLC | $28,131,745 | 159,994 | 0.15% | Shares |
| Retirement Systems of Alabama | $27,515,109 | 156,487 | 0.15% | Shares |
| PEAK6 LLC | $25,653,597 | 145,900 | 0.14% | Call option |
| Assenagon Asset Management S.A. | $24,616,727 | 140,003 | 0.13% | Shares |
| Candriam S.C.A. | $24,288,272 | 138,268 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $24,059,346 | 136,833 | 0.13% | Shares |
| NORTH STAR ASSET MANAGEMENT INC | $23,514,310 | 190,770 | 0.13% | Shares |
| Capital Investment Services of America, Inc. | $22,808,316 | 129,718 | 0.12% | Shares |
Company insiders 88 insiders · 50 officers · 29 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jacob Thaysen | Chief Executive Officer | March 5, 2026 A | 109,073 | 0 | 0 | $0 |
| Francis A Desouza | President and CEO | March 1, 2023 A | 120,992 | 0 | 0 | $0 |
| Ankur Dhingra | SVP, Chief Financial Officer | March 5, 2026 A | 34,264 | 0 | 0 | $0 |
| Joydeep Goswami | SVP, Chief Financial Officer | March 5, 2024 A | 24,478 | 0 | 0 | $0 |
| Sam Samad | SVP and CFO | March 1, 2022 A | 11,297 | 0 | 0 | $0 |
| Timothy M Kish | VP Finance & CFO | March 2, 2005 A | — | 0 | 0 | $0 |
| John R Stuelpnagel | Sr VP and COO | March 27, 2008 M | 337,836 | 0 | 0 | $0 |
| Scott M Davies | Chief Legal Officer | July 30, 2026 S | 20,338 | 0 | 5 | $-531,273 |
| Patricia Leckman | SVP, Chief People Officer | June 5, 2026 S | 21,259 | 0 | 9 | $-529,720 |
| Scott D Ericksen | VP, Chief Accounting Officer | May 29, 2026 S | 14,446 | 0 | 2 | $-305,150 |
| Christensen Jakob Wedel | SVP, Strategy/Corp Development | May 6, 2026 S | 15,056 | 0 | 2 | $-168,297 |
| Steven Barnard | SVP, Chief Technology Officer | March 5, 2026 A | 41,335 | 0 | 0 | $0 |
| Kevin Carl Pegels | Chief of Global Operations | March 5, 2026 A | 29,038 | 0 | 0 | $0 |
| Everett Cunningham | SVP, Chief Commercial Officer | July 5, 2025 F | 41,942 | 0 | 0 | $0 |
| Carissa Rollins | SVP, Chief Information Officer | April 5, 2025 F | 18,447 | 0 | 0 | $0 |
| Charles Dadswell | SVP, General Counsel | Sept. 13, 2024 D | 20,586 | 0 | 0 | $0 |
| Kathryne Gambrell Reeves | SVP, Chief Marketing Officer | March 5, 2024 A | 17,965 | 0 | 0 | $0 |
| Aimee L Hoyt | SVP, Chief People Officer | Nov. 7, 2023 S | 8,314 | 0 | 0 | $0 |
| Susan H Tousi | SVP, Chief Commercial Officer | Nov. 5, 2023 F | 43,743 | 0 | 0 | $0 |
| Alexander Aravanis | SVP, Chief Technology Officer | July 5, 2023 F | 12,587 | 0 | 0 | $0 |
| John Edward Frank | Chief Public Affairs Officer | May 5, 2023 F | 9,166 | 0 | 0 | $0 |
| Phillip G. Febbo | SVP Chief Medical Officer | March 1, 2023 A | 14,786 | 0 | 0 | $0 |
| Jose Torres | VP, Chief Accounting Officer | May 5, 2022 F | 1,748 | 0 | 0 | $0 |
| Karen K Mcginnis | VP, Chief Accounting Officer | Feb. 18, 2021 S | 1,538 | 0 | 0 | $0 |
| Robert P Ragusa | SVP, Global Quality & Ops | Feb. 17, 2021 M | 9,617 | 0 | 0 | $0 |
| Mostafa Ronaghi | SVP, Entrepreneurial Devlopmt | Dec. 10, 2020 S | 80,162 | 0 | 0 | $0 |
| Mark Van Oene | SVP Chief Commercial Officer | Nov. 5, 2020 F | 16,575 | 0 | 0 | $0 |
| Omead Ostadan | SVP Mktg, Prod & Strat Plan | May 11, 2020 S | 17,172 | 0 | 0 | $0 |
| Malcolm Garret Hampton | SVP Clinical Genomics Group | Jan. 9, 2020 F | 6,598 | 0 | 0 | $0 |
| Marc Stapley | EVP Strategy & Corp Developmt | Dec. 6, 2018 S | 6,957 | 0 | 0 | $0 |
| Michel Bouchard | Chief Accounting Officer | Nov. 6, 2017 F | 9,538 | 0 | 0 | $0 |
| Christian O Henry | EVP & Chief Commercial Officer | Jan. 30, 2017 F | 17,531 | 0 | 0 | $0 |
| Tristan Orpin | EVP Clinical Genomics | Nov. 7, 2016 F | 118,259 | 0 | 0 | $0 |
| Nicholas Naclerio | Sr VP, Corporate Development | March 21, 2016 S | 30,020 | 0 | 0 | $0 |
| Richard Klausner | Sr VP, Chief Medical Officer | Jan. 29, 2016 F | 22,847 | 0 | 0 | $0 |
| Gregory Heath | Sr VP & General Manager | Dec. 17, 2013 M | 26,740 | 0 | 0 | $0 |
| Mark L Lewis | Sr VP & General Manager | Nov. 1, 2013 M | 44,837 | 0 | 0 | $0 |
| Matthew L. Posard | Sr VP & General Manager | May 30, 2013 M | 30,858 | 0 | 0 | $0 |
| Christian Cabou | Sr VP & General Counsel | April 23, 2013 M | 45,553 | 0 | 0 | $0 |
| Joel Mccomb | Sr VP & General Manager | Jan. 28, 2010 F | 6,595 | 0 | 0 | $0 |
| John West | Sr. VP & GM DNA Sequencing | Nov. 8, 2007 M | 82,062 | 0 | 0 | $0 |
| Arthur Holden | Sr VP Corp & Market Dev | Jan. 25, 2007 A | — | 0 | 0 | $0 |
| David L Barker | Chief Scientific Officer | Nov. 29, 2005 S | 137,636 | 0 | 0 | $0 |
| Alan Kersey | V.P. & Site Manager | Aug. 31, 2005 S | 48,582 | 0 | 0 | $0 |
| Robert C Kain | Vice President Engineering | Aug. 23, 2005 S | 125,311 | 0 | 0 | $0 |
| Kirk Malloy | V.P. of Customer Solutions | May 9, 2005 A | — | 0 | 0 | $0 |
| David C Douglas | Vice President Manufacturing | May 2, 2005 S | 0 | 0 | 0 | $0 |
| Scott D Kahn | Chief Information Officer | April 6, 2005 A | — | 0 | 0 | $0 |
| Arnold R Oliphant | VP Scientific Operations | Feb. 28, 2005 M | 0 | 0 | 0 | $0 |
| Noemi C Espinosa | VP Intellectual Property | Feb. 25, 2005 A | 204,704 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Illumina, Inc. ×2 filings | Feb. 5, 2007 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 160 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 |
|---|---|---|---|---|
| GNOM · Global X Funds | 4.82% | 16,512 NS | May 31, 2026 | N-PORT |
| ARKG · ARK ETF Trust | 4.03% | 392,835 NS | April 30, 2026 | N-PORT |
| XMHQ · Invesco Exchange-Traded Fund Trust | 3.74% | 1,118,887 SH | Aug. 8, 2026 | Daily |
| PBE · Invesco Exchange-Traded Fund Trust | 3.10% | 59,706 SH | Aug. 8, 2026 | Daily |
| AGIQ · Tidal Trust I | 2.49% | 1,730 NS | May 31, 2026 | N-PORT |
| IBB · iShares Trust | 2.25% | 1,108,116 SH | Aug. 8, 2026 | Daily |
| ABOT · Abacus FCF ETF Trust | 2.09% | 727 NS | April 30, 2026 | N-PORT |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1.95% | 8,210 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 1.94% | 8,235 SH | Aug. 8, 2026 | Daily |
| PTH · Invesco Exchange-Traded Fund Trust | 1.83% | 24,099 SH | Aug. 8, 2026 | Daily |
| MTRA · Invesco Actively Managed Exchange-T… | 1.46% | 11,131 SH | Aug. 8, 2026 | Daily |
| THNQ · EXCHANGE TRADED CONCEPTS TRUST | 1.45% | 37,005 NS | April 30, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 1.37% | 86,304 SH | Aug. 8, 2026 | Daily |
| ROBO · EXCHANGE TRADED CONCEPTS TRUST | 1.35% | 188,077 NS | April 30, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 1.34% | 92,110 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 1.25% | 5,653 NS | May 31, 2026 | N-PORT |
| CVAR · ETF Opportunities Trust | 1.21% | 3,691 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 1.20% | 2,373 NS | May 31, 2026 | N-PORT |
| ARKK · ARK ETF Trust | 1.20% | 614,284 NS | April 30, 2026 | N-PORT |
| FLCV · Federated Hermes ETF Trust | 1.14% | 6,746 NS | May 31, 2026 | N-PORT |
| ANEW · ProShares Trust | 1.06% | 502 NS | May 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 1.01% | 1,224 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 1.01% | 207 NS | May 29, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 0.99% | 169,737 NS | May 31, 2026 | N-PORT |
| XJH · iShares Trust | 0.92% | 20,448 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.87% | 20,389 SH | Aug. 8, 2026 | Daily |
| IJK · iShares Trust | 0.85% | 478,050 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.81% | 5,220,464 SH | Aug. 8, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.78% | 14,553 NS | April 30, 2026 | N-PORT |
| IJJ · iShares Trust | 0.77% | 354,472 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.75% | 80,617 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.73% | 244,355 SH | Aug. 8, 2026 | Daily |
| FLCC · Federated Hermes ETF Trust | 0.70% | 5,235 NS | May 31, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.70% | 59,759 SH | Aug. 8, 2026 | Daily |
| ITAN · EA Series Trust | 0.60% | 3,264 NS | May 29, 2026 | N-PORT |
| PJFM · PGIM ETF Trust | 0.59% | 600 NS | May 29, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.57% | 17,611 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.54% | 5,283 NS | May 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.48% | 91,002 SH | Aug. 8, 2026 | Daily |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.48% | 47,842 NS | April 30, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.47% | 12,715 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.39% | 448,145 SH | Aug. 8, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.38% | 2,532 NS | April 30, 2026 | N-PORT |
| FLCG · Federated Hermes ETF Trust | 0.38% | 13,255 NS | May 31, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.38% | 738 NS | May 31, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.35% | 5,614 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.35% | 951,944 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.31% | 4,141 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.31% | 70,313 NS | April 30, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 0.31% | 444,011 NS | April 30, 2026 | N-PORT |