IPI Intrepid Potash, Inc Common Stock
$37.49
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$23–$50
54% of range
Analyst Rating
SELL
10 analysts
Price Target
$36
P/E (TTM)
44.1
ROE
2.3%
Net Profit Margin
3.8%
About Intrepid Potash, Inc Common Stock Company overview from Wikipedia
Intrepid Potash, Inc., based in Denver, Colorado, is a fertilizer manufacturer. The company is the largest producer of potassium chloride, also known as muriate of potash, in the United States. It owns three mines, all in the Western U.S., near the cities of Carlsbad, New Mexico, Moab, Utah, and Wendover, Utah.
Read more
Intrepid Potash, Inc. (NYSE: IPI), based in Denver, Colorado, is a fertilizer manufacturer. The company is the largest producer of potassium chloride, also known as muriate of potash, in the United States. It owns three mines, all in the Western U.S., near the cities of Carlsbad, New Mexico, Moab, Utah, and Wendover, Utah.
Mines
Carlsbad
There are three sites approximately 30 miles (48 km) East of Carlsbad, New Mexico. The East facility produces sylvite and langbeinite potash, and is capable of fully processing its ore to the storage or shipment stage. The West facility (currently shut down) produced mainly traditional potash, which is shipped by truck to be processed at the North facility for final storage or shipping.
Moab
The Moab or Kane Creek potash mine (38°31′25″N 109°39′15″W) is located along the right (northwest) bank of the Colorado River, about 20 miles (30 km) west of Moab, Utah, at the south end of State Route 279 and the Union Pacific Railroad. The location is known as Potash on U.S. Geological Survey (USGS) topographic maps, and is east of Dead Horse Point State Park and Canyonlands National Park. According to USGS reports, the Paradox Basin contains up to 2.0 billion tons (1.8 billion metric tonnes) of potash, with the primary mine being the one at Kane Creek.
The plant was built by the Texas Gulf Sulphur Company in the early 1960s, opening in 1963 as a conventional underground mine. Later that year, an explosion trapped 25 miners, of whom only seven were able to survive, by building a barricade to trap fresh air. In 1970, operations were changed to a system that combines solution mining and solar evaporation. River water is pumped into the mine and dissolves the potash, after which the brine solution is pumped to evaporation ponds. Intrepid bought the mine in 2000 from the Potash Corporation of Saskatchewan, which had bought Texas Gulf in 1995.
Wendover
The Wendover potash mine is located about 120 miles west of Salt Lake City, Utah, and has been actively used for potash production since 1917. Potash production from naturally occurring brines at the Wendover facility dates back to World War I. During the period from 1920 to 1936, a number of unsuccessful attempts were made to commercially produce potash. By 1939, a successful commercial potash operation was achieved and is still in production.
Lobbying
In 2015, a law firm associated with former U.S. Senator Norm Coleman started lobbying the U.S. State Department on behalf of Intrepid Potash to increase sanctions against Belarus. In 2021, the United States sanctioned Belarusian potash firms, raising potash prices worldwide.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
IPI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$37.49
Market Cap
$492M
P/E (TTM)
44.1
EPS (TTM)
$0.85
Revenue (TTM)
$298M
Div Yield
—
ROE
2.3%
Debt/Equity
—
52W Range
$23 – $50
IPI 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
$298M
2023-12-31
→
2025-12-31
EPS
$0.85
2016-12-31
→
2025-12-31
Free Cash Flow
$26M
2016-12-31
→
2025-12-31
Margins
3.8%
2025-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
IPI
Peer Median
P/E (TTM)
44.1
36.4
P/S (TTM)
1.7
1.3
P/B
1.0
1.4
Price / FCF
19.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
IPI
Peer Median
Gross Margin
18.4%
33.4%
Operating Margin
3.6%
—
Net Profit Margin
3.8%
3.7%
ROA
1.8%
2.3%
ROE
2.3%
1.6%
ROIC
2.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
IPI
Peer Median
Current Ratio
4.4
1.9
Quick Ratio
2.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
IPI
Peer Median
Revenue YoY
17.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
IPI
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Dec. 13, 2012 | $7.5000 |
IPI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
10 analysts
- Strong Buy 0 0.0%
- Buy 1 10.0%
- Hold 2 20.0%
- Sell 6 60.0%
- Strong Sell 1 10.0%
12-Month Price Target
2 analysts · 2026-08-16
Median
$36.50
Now
$37.49
Low
$29.00
High
$44.00
Median target
$36.50
-2.6%
Mean target
$36.50
-2.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.21%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.56 | $0.38 | 0.18% |
| March 31, 2026 | $0.62 | $0.48 | 0.14% |
| Dec. 31, 2025 | $0.49 | $0.33 | 0.16% |
| Sept. 30, 2025 | $0.11 | $0.13 | -0.02% |
| June 30, 2025 | $0.45 | $0.11 | 0.34% |
| March 31, 2025 | $0.39 | $-0.05 | 0.44% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IPI | $364M | 32.6 | 17.1% | 3.8% | 2.3% | 18.4% |
| CF | $11.88B | 8.6 | 19.3% | 25.4% | 36.6% | 38.5% |
| MOS | — | 14.2 | 8.4% | — | — | — |
| SMG | $3.29B | 23.1 | -3.9% | 4.2% | -44.8% | 30.6% |
| FMC | — | -0.8 | -18.3% | -64.6% | -68.3% | 37.0% |
| UAN | — | 11.0 | 15.4% | 16.3% | — | — |
| AVD | — | -2.2 | -5.9% | -9.7% | -23.6% | 28.6% |
| CTVA | $45.06B | 41.9 | 2.9% | 6.3% | 4.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $298M | $255M | $279M | |
| Gross Profit | $55M | $29M | $37M | |
| SG&A Expense | $37M | $33M | $32M | |
| Operating Income | $11M | $-20M | $-44M | |
| Interest Expense | $232.0K | $112.0K | $0 | |
| Interest Income | $2M | $2M | $298.0K | |
| Other Non-op | $-762.0K | $45.0K | $95.0K | |
| Pretax Income | $12M | $-19M | $-44M | |
| Income Tax | $544.0K | $194M | $-8M | |
| Net Income | $11M | $-213M | $-36M | |
| EPS (Basic) | $0.86 | $-16.53 | $-2.80 | |
| EPS (Diluted) | $0.85 | $-16.53 | $-2.80 | |
| Shares (Basic) | 13,014,205 | 12,880,026 | 12,760,937 | |
| Shares (Diluted) | 13,174,001 | 12,880,026 | 12,760,937 | |
| EBITDA | $51M | $18M | $-5M |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $84M | $41M | $4M | |
| Receivables | $32M | $22M | $22M | |
| Inventory | $112M | $113M | $114M | |
| Prepaid Expense | $5M | $5M | $7M | |
| Current Assets | $292M | $184M | $152M | |
| PP&E (Net) | $299M | $344M | $358M | |
| PP&E (Gross) | $701M | $726M | $710M | |
| Accum. Depreciation | $402M | $381M | $352M | |
| Intangibles | · | $5M | $5M | |
| Other Non-current Assets | $7M | $10M | $8M | |
| Total Assets | $632M | $595M | $769M | |
| Accrued Liabilities | $10M | $9M | $14M | |
| Current Liabilities | $56M | $38M | $47M | |
| Capital Leases | $2M | $780.0K | $741.0K | |
| Other Non-current Liabilities | $2M | $2M | $1M | |
| Total Liabilities | $141M | $120M | $84M | |
| Common Stock | $14.0K | $14.0K | $13.0K | |
| Retained Earnings | $-161M | $-172M | $41M | |
| Treasury Stock | $22M | $22M | $22M | |
| Stockholders' Equity | $491M | $474M | $684M | |
| Liabilities + Equity | $632M | $595M | $769M | |
| Shares Outstanding | 13,131,663 | 12,908,078 | 12,807,316 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $41M | $38M | $39M | |
| Stock-based Comp | $5M | $4M | $7M | |
| Deferred Tax | $0 | $194M | $-8M | |
| Amort. of Intangibles | $328.0K | $328.0K | $322.0K | |
| Other Non-cash | $-1M | · | · | |
| Operating Cash Flow | $56M | $72M | $43M | |
| CapEx | $30M | $39M | $65M | |
| Investing Cash Flow | $-13M | $-30M | $-60M | |
| Net Debt Issued | · | · | $0 | |
| Stock Repurchased | · | $0 | $0 | |
| Net Stock Activity | · | $0 | $0 | |
| Financing Cash Flow | $-276.0K | $-6M | $2M | |
| Net Change in Cash | $42M | $37M | $-14M | |
| Taxes Paid | $487.0K | $9.0K | $179.0K | |
| Free Cash Flow | $26M | $34M | $-22M | |
| Levered FCF | $25M | $33M | $-22M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Gross Margin | 18.4% | · | · | |
| Operating Margin | 3.6% | · | · | |
| Net Margin | 3.8% | · | · | |
| Pretax Margin | 3.9% | · | · | |
| EBITDA Margin | 17.2% | · | · | |
| ROA | 1.8% | · | · | |
| ROE | 2.3% | · | · | |
| ROIC | 2.1% | -48.1% | -5.2% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 4.4 | 4.8 | 3.3 | |
| Quick Ratio | 2.2 | 1.7 | 0.6 | |
| Interest Coverage | 46.0 | -177.3 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.5 | · | · | |
| Receivables Turnover | 10.6 | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 17.1% | -8.7% | · | |
| EPS CAGR 3Y | -45.9% | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $298M | $255M | $279M | |
| Net Income TTM | $11M | $-213M | $-36M | |
| Market Cap | $364M | $283M | $306M | |
| P/E | 32.6 | -1.3 | -8.5 | |
| P/S | 1.2 | 1.1 | 1.1 | |
| P/B | 0.7 | 0.6 | 0.4 | |
| P / Tangible Book | 0.7 | 0.6 | 0.5 | |
| P / Cash Flow | 6.5 | 3.9 | 7.1 | |
| P / FCF | 14.3 | 8.4 | -14.0 | |
| Earnings Yield | 3.1% | -75.4% | -11.7% |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67M | $99M | · | · | $68M | $95M | · | · | · | · | · | · | · | · | · | · | |
| Gross Profit | $17M | $18M | $15M | $11M | $12M | $13M | $7M | $8M | $8M | $6M | $5M | $491.0K | $15M | $16M | $26M | $27M | |
| SG&A Expense | $10M | $11M | $10M | $9M | $9M | $9M | $8M | $9M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | |
| Operating Income | $1M | $6M | $-958.0K | $3M | $1M | $4M | $-12M | $-2M | $-2M | $-4M | $-47M | $-9M | $7M | $5M | $6M | $17M | |
| Interest Expense | $0 | $0 | $25.0K | $36.0K | $66.0K | $105.0K | $112.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $16.0K | $28.0K | |
| Interest Income | $1M | $667.0K | $630.0K | $776.0K | $651.0K | $375.0K | $385.0K | $536.0K | $547.0K | $244.0K | $49.0K | $88.0K | $76.0K | $85.0K | $84.0K | $77.0K | |
| Other Non-op | $73.0K | $48.0K | $34.0K | $24.0K | $-354.0K | $-466.0K | $-159.0K | $136.0K | $60.0K | $8.0K | $20.0K | $19.0K | $43.0K | $13.0K | $22.0K | $-258.0K | |
| Pretax Income | $2M | $7M | $-375.0K | $4M | $1M | $4M | $-12M | $-2M | $-1M | $-4M | $-48M | $-9M | $6M | $6M | $6M | $18M | |
| Income Tax | $57.0K | $59.0K | $54.0K | $264.0K | $35.0K | $78.0K | $195M | $-7.0K | $-304.0K | $-775.0K | $-10M | $-2M | $2M | $2M | $2M | $5M | |
| Net Income | $16M | $7M | $-429.0K | $4M | $3M | $5M | $-207M | $-2M | $-833.0K | $-3M | $-37M | $-7M | $4M | $5M | · | $13M | |
| EPS (Basic) | $1.18 | $0.56 | $-0.04 | $0.29 | $0.25 | $0.36 | $-16.09 | $-0.14 | $-0.06 | $-0.24 | $-2.93 | $-0.56 | $0.34 | $0.35 | $0.32 | $0.99 | |
| EPS (Diluted) | $1.17 | $0.56 | $-0.03 | $0.28 | $0.25 | $0.35 | $-16.09 | $-0.14 | $-0.06 | $-0.24 | $-2.92 | $-0.56 | $0.33 | $0.35 | $0.35 | $0.97 | |
| Shares (Basic) | 13,195,000 | 13,141,000 | -25,918,795 | 13,031,000 | 12,985,000 | 12,917,000 | -25,730,974 | 12,908,000 | 12,886,000 | 12,817,000 | -25,488,063 | 12,789,000 | 12,766,000 | 12,694,000 | -26,510,248 | 13,256,000 | |
| Shares (Diluted) | 13,272,000 | 13,287,000 | -26,277,999 | 13,190,000 | 13,174,000 | 13,088,000 | -25,730,974 | 12,908,000 | 12,886,000 | 12,817,000 | -25,758,063 | 12,789,000 | 12,855,000 | 12,875,000 | -27,251,767 | 13,489,000 | |
| EBITDA | $10M | $16M | · | $13M | $13M | $16M | · | $7M | $7M | $5M | · | $1M | $16M | $15M | · | $26M |
Balance Sheet 22
| 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 | $185M | $99M | $84M | $77M | $85M | $46M | $41M | $38M | $52M | $34M | $4M | $3M | $17M | $10M | $19M | $49M | |
| Receivables | $19M | $46M | $34M | $25M | $21M | $48M | $22M | $32M | $22M | $42M | · | $24M | $24M | $39M | · | $38M | |
| Inventory | $105M | $96M | $112M | $111M | $100M | $98M | $113M | $110M | $102M | $103M | · | $108M | $104M | $107M | · | $97M | |
| Prepaid Expense | $4M | $5M | $5M | $5M | $3M | $4M | $5M | $6M | $4M | $6M | · | $6M | $4M | $4M | · | $7M | |
| Current Assets | $313M | $304M | $235M | $222M | $212M | $199M | $184M | $190M | $183M | $188M | · | $147M | $154M | $167M | · | $198M | |
| PP&E (Net) | $295M | $296M | $335M | $334M | $336M | $341M | $344M | $355M | $354M | $355M | · | $403M | $401M | $388M | · | $359M | |
| PP&E (Gross) | $715M | $707M | $749M | $740M | $734M | $731M | $726M | $729M | $722M | $715M | · | $746M | $734M | $713M | · | $667M | |
| Accum. Depreciation | $420M | $411M | $414M | $406M | $398M | $389M | $381M | $374M | $368M | $360M | · | $343M | $334M | $326M | · | $309M | |
| Intangibles | · | · | · | $4M | $5M | $5M | · | $5M | $5M | $5M | · | $5M | $5M | $5M | · | $5M | |
| Other Non-current Assets | $9M | $8M | $11M | $11M | $11M | $10M | $10M | $9M | $9M | $9M | · | $7M | $7M | $7M | · | $7M | |
| Total Assets | $650M | $642M | $632M | $617M | $607M | $601M | $595M | $806M | $797M | $803M | · | $793M | $796M | $801M | · | $808M | |
| Accrued Liabilities | $13M | $12M | $11M | $13M | $11M | $11M | $9M | $15M | $11M | $13M | · | $15M | $14M | $14M | · | $23M | |
| Current Liabilities | $49M | $58M | $54M | $42M | $40M | $38M | $38M | $43M | $33M | $39M | · | $38M | $38M | $44M | · | $49M | |
| Capital Leases | $1M | $1M | $2M | $2M | $2M | $2M | $780.0K | $855.0K | $345.0K | $518.0K | · | $1M | $1M | $2M | · | $2M | |
| Other Non-current Liabilities | · | · | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Total Liabilities | $135M | $143M | $141M | $126M | $123M | $122M | $120M | $126M | $115M | $121M | · | $72M | $70M | $81M | · | $79M | |
| Common Stock | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $13.0K | · | $13.0K | $13.0K | $13.0K | · | $13.0K | |
| Retained Earnings | $-138M | $-153M | $-161M | $-160M | $-164M | $-167M | $-172M | $35M | $37M | $38M | · | $78M | $85M | $81M | · | $72M | |
| Treasury Stock | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $22M | $22M | · | $22M | $22M | $22M | · | $3M | |
| Stockholders' Equity | $515M | $498M | $491M | $491M | $484M | $479M | $474M | $681M | $682M | $682M | $684M | $720M | $726M | $720M | $715M | $728M | |
| Liabilities + Equity | $650M | $642M | $632M | $617M | $607M | $601M | $595M | $806M | $797M | $803M | · | $793M | $796M | $801M | · | $808M | |
| Shares Outstanding | 13,207,226 | 13,186,538 | 13,131,663 | 13,116,675 | 13,002,170 | 12,961,175 | 12,908,078 | 12,908,078 | 12,908,078 | 12,875,520 | 12,807,316 | 12,789,326 | 12,789,326 | 12,759,990 | 12,687,822 | 13,195,080 |
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 | $9M | $10M | $11M | $10M | $9M | $10M | $11M | $9M | $9M | $9M | $11M | $10M | $9M | $9M | $10M | $8M | |
| Stock-based Comp | $2M | $516.0K | $1M | $1M | $1M | $1M | $848.0K | $178.0K | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $1M | |
| Deferred Tax | · | · | $0 | $0 | $0 | $0 | $195M | $-65.0K | $-325.0K | $-789.0K | $-10M | $-2M | $2M | $2M | $2M | $5M | |
| Amort. of Intangibles | · | $2.0K | $82.0K | $82.0K | $82.0K | $2.0K | $82.0K | $82.0K | $84.0K | $80.0K | $81.0K | $80.0K | $81.0K | $80.0K | $81.0K | $80.0K | |
| Other Non-cash | · | $5M | · | · | · | $-5M | · | · | · | $35M | · | · | · | $-9M | · | · | |
| Operating Cash Flow | $34M | $23M | $9M | $-4M | $40M | $11M | $8M | $-4M | $28M | $42M | $5M | $-323.0K | $30M | $8M | $20M | $-14M | |
| CapEx | $8M | $5M | $10M | $8M | $4M | $8M | $6M | $10M | $11M | $12M | $7M | $17M | $21M | $21M | $32M | $14M | |
| Investing Cash Flow | $52M | $-5M | $-2M | $-5M | $-130.0K | $-6M | $-4M | $-9M | $-10M | $-7M | $-5M | $-16M | $-18M | $-20M | $-31M | $-15M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $19M | · | |
| Financing Cash Flow | $-518.0K | $-2M | $-493.0K | $2M | $-431.0K | $-887.0K | $-262.0K | $-180.0K | $-318.0K | $-5M | $2M | $2M | $-5M | $4M | $-20M | $-4M | |
| Net Change in Cash | $86M | $16M | $6M | $-8M | $39M | $4M | $3M | $-14M | $18M | $30M | $1M | $-14M | $7M | $-8M | $-31M | $-33M | |
| Taxes Paid | $119.0K | $0 | $241.0K | $32.0K | $203.0K | $11.0K | $0 | $4.0K | $8.0K | $-3.0K | $-116.0K | $30.0K | $256.0K | $9.0K | $336.0K | $345.0K | |
| Free Cash Flow | · | $18M | · | · | · | $3M | · | · | · | $30M | · | · | · | $-13M | · | · | |
| Levered FCF | · | $18M | · | · | · | $3M | · | · | · | $30M | · | · | · | $-13M | · | · |
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 | 25.0% | 17.9% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Margin | 1.6% | 6.3% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | 23.4% | 7.5% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Pretax Margin | 3.7% | 7.0% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 15.5% | 16.4% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| ROA | 2.5% | 1.2% | · | 0.53% | 0.46% | 0.66% | · | -0.23% | -0.10% | -0.39% | · | -0.90% | 0.54% | 0.56% | · | 1.9% | |
| ROE | 3.1% | 1.5% | · | 0.64% | 0.56% | 0.79% | · | -0.26% | -0.12% | -0.45% | · | -0.99% | 0.60% | 0.64% | · | 2.2% | |
| ROIC | 0.20% | 1.2% | · | 0.63% | 0.67% | 1.0% | · | -0.33% | -0.17% | -0.51% | · | -1.0% | 0.68% | 0.53% | · | 1.7% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.3 | 5.3 | · | 5.2 | 5.3 | 5.2 | · | 4.4 | 5.5 | 4.8 | · | 3.8 | 4.0 | 3.8 | · | 4.0 | |
| Quick Ratio | 4.1 | 2.5 | · | 2.4 | 2.6 | 2.4 | · | 1.6 | 2.2 | 1.9 | · | 0.7 | 1.1 | 1.1 | · | 1.8 | |
| Interest Coverage | · | · | · | 92.5 | 49.9 | 47.6 | · | · | · | · | · | · | · | · | · | 623.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 3.4 | 2.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $30M | $19M | · | $10M | $5M | $-1M | · | $-13M | $-7M | $-2M | · | $15M | $46M | $73M | · | $72M | |
| Market Cap | $433M | $564M | · | $401M | $465M | $381M | · | $310M | $302M | $269M | · | $322M | $290M | $352M | · | $522M | |
| P/E | 14.5 | 29.7 | · | 41.3 | 89.3 | -326.6 | · | -24.0 | -44.2 | -173.8 | · | 23.1 | 6.7 | 5.1 | · | 7.4 | |
| P/B | 0.8 | 1.1 | · | 0.8 | 1.0 | 0.8 | · | 0.5 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.5 | · | 0.7 | |
| P / Tangible Book | 0.8 | 1.1 | · | 0.8 | 1.0 | 0.8 | · | 0.5 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.5 | · | 0.7 | |
| P / Cash Flow | · | 24.3 | · | · | · | 34.9 | · | · | · | 6.5 | · | · | · | 41.7 | · | · | |
| P / FCF | · | 31.3 | · | · | · | 144.0 | · | · | · | 9.0 | · | · | · | -28.0 | · | · | |
| Earnings Yield | 6.9% | 3.4% | · | 2.4% | 1.1% | -0.31% | · | -4.2% | -2.3% | -0.58% | · | 4.3% | 14.9% | 19.5% | · | 13.4% |
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 | $298M | $255M | $279M | — | — |
| Gross Margin % | 18.4% | — | — | — | — |
| Operating Margin % | 3.6% | — | — | — | — |
| Net Income | $11M | $-213M | $-36M | — | — |
| Diluted EPS | $0.85 | $-16.53 | $-2.80 | $5.37 | $18.66 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 4.4 | 4.8 | 3.3 | — | — |
| Quick Ratio | 2.2 | 1.7 | 0.6 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $26M | $34M | $-22M | — | — |
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Institutional owners (13F) 167 filers · $207.6M 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 |
|---|---|---|---|---|
| 32 (-25 vs prior Q) | 34 (+17 vs prior Q) | 52 (+6 vs prior Q) | 43 (+1 vs prior Q) | +53K |
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 |
|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LP | $24,498,461 | 747,360 | 11.80% | Shares |
| AMERICAN CENTURY COMPANIES INC | $17,206,452 | 524,907 | 8.29% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,835,677 | 513,596 | 8.11% | Shares |
| First Eagle Investment Management, LLC | $10,606,002 | 323,551 | 5.11% | Shares |
| Goehring & Rozencwajg Associates, LLC | $9,764,047 | 297,866 | 4.70% | Shares |
| GATE CITY CAPITAL MANAGEMENT, LLC | $8,006,777 | 244,258 | 3.86% | Shares |
| STATE STREET CORP | $7,943,250 | 242,320 | 3.83% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $7,825,566 | 238,668 | 3.77% | Shares |
| ROYCE & ASSOCIATES LP | $7,346,850 | 224,126 | 3.54% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,836,302 | 208,551 | 3.29% | Shares |
| D. E. Shaw & Co., Inc. | $6,292,121 | 191,950 | 3.03% | Shares |
| Azarias Capital Management, L.P. | $5,844,051 | 178,281 | 2.81% | Shares |
| Driehaus Capital Management LLC | $4,260,712 | 129,979 | 2.05% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $3,932,256 | 119,959 | 1.89% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $3,881,742 | 118,418 | 1.87% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,353,197 | 102,294 | 1.62% | Shares |
| Empowered Funds, LLC | $2,668,390 | 81,403 | 1.29% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,323,905 | 70,894 | 1.12% | Shares |
| GOLDMAN SACHS GROUP INC | $2,289,060 | 69,831 | 1.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,124,144 | 64,800 | 1.02% | Put option |
| PDT Partners, LLC | $2,030,688 | 61,949 | 0.98% | Shares |
| Glenorchy Capital Ltd | $1,999,806 | 61,006 | 0.96% | Shares |
| VANGUARD GROUP INC | $1,883,810 | 67,934 | 0.91% | Shares |
| NATIXIS | $1,848,792 | 56,400 | 0.89% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,842,236 | 56,200 | 0.89% | Call option |
| Quantinno Capital Management LP | $1,809,620 | 55,205 | 0.87% | Shares |
| FRANKLIN RESOURCES INC | $1,776,348 | 54,190 | 0.86% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,766,514 | 53,890 | 0.85% | Shares |
| Peapod Lane Capital LLC | $1,513,551 | 46,173 | 0.73% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,499,062 | 45,731 | 0.72% | Shares |
| Brandywine Global Investment Management, LLC | $1,488,824 | 53,690 | 0.72% | Shares |
| Cubist Systematic Strategies, LLC | $1,387,955 | 45,388 | 0.67% | Shares |
| BlackRock, Inc. | $1,383,972 | 42,220 | 0.67% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,088,820 | 33,216 | 0.52% | Shares |
| OSAIC HOLDINGS, INC. | $1,081,202 | 32,987 | 0.52% | Shares |
| Integrated Quantitative Investments LLC | $1,074,692 | 32,785 | 0.52% | Shares |
| JPMORGAN CHASE & CO | $1,057,108 | 31,631 | 0.51% | Shares |
| Trexquant Investment LP | $1,002,183 | 30,573 | 0.48% | Shares |
| Engineers Gate Manager LP | $988,907 | 30,168 | 0.48% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $946,391 | 28,871 | 0.46% | Shares |
| Russell Investments Group, Ltd. | $884,732 | 26,990 | 0.43% | Shares |
| Susquehanna Portfolio Strategies, LLC | $874,767 | 26,686 | 0.42% | Shares |
| JANE STREET GROUP, LLC | $822,778 | 25,100 | 0.40% | Put option |
| Quadrature Capital Ltd | $806,159 | 24,593 | 0.39% | Shares |
| CITADEL ADVISORS LLC | $747,384 | 22,800 | 0.36% | Call option |
| CITADEL ADVISORS LLC | $708,048 | 21,600 | 0.34% | Put option |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $706,967 | 21,567 | 0.34% | Shares |
| Y-Intercept (Hong Kong) Ltd | $691,461 | 21,094 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $688,085 | 20,991 | 0.33% | Shares |
| Cetera Investment Advisers | $683,397 | 20,848 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $675,268 | 20,600 | 0.33% | Call option |
| Qube Research & Technologies Ltd | $671,072 | 20,472 | 0.32% | Shares |
| BANK OF AMERICA CORP /DE/ | $577,977 | 17,632 | 0.28% | Shares |
| Campbell & CO Investment Adviser LLC | $577,420 | 17,615 | 0.28% | Shares |
| Aquatic Capital Management LLC | $562,734 | 17,167 | 0.27% | Shares |
| LPL Financial LLC | $548,114 | 16,721 | 0.26% | Shares |
| ExodusPoint Capital Management, LP | $540,673 | 16,494 | 0.26% | Shares |
| ALLIANCEBERNSTEIN L.P. | $524,702 | 12,268 | 0.25% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $522,546 | 15,941 | 0.25% | Shares |
| RHUMBLINE ADVISERS | $472,844 | 14,425 | 0.23% | Shares |
| DEUTSCHE BANK AG\ | $461,542 | 14,080 | 0.22% | Shares |
| Encompass More Asset Management | $459,379 | 14,014 | 0.22% | Shares |
| XTX Topco Ltd | $458,428 | 13,985 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $440,235 | 13,430 | 0.21% | Shares |
| FIRST MANHATTAN CO. LLC. | $440,072 | 13,425 | 0.21% | Shares |
| CITIGROUP INC | $402,243 | 12,271 | 0.19% | Shares |
| STRS OHIO | $360,580 | 11,000 | 0.17% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $343,315 | 8,027 | 0.17% | Shares |
| ArrowMark Colorado Holdings LLC | $332,717 | 10,150 | 0.16% | Shares |
| Bank of New York Mellon Corp | $332,225 | 10,135 | 0.16% | Shares |
| Nebula Research & Development LLC | $306,635 | 8,582 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $306,427 | 9,348 | 0.15% | Shares |
| HSBC HOLDINGS PLC | $295,278 | 8,975 | 0.14% | Shares |
| Hillsdale Investment Management Inc. | $288,464 | 8,800 | 0.14% | Shares |
| EntryPoint Capital, LLC | $284,924 | 8,692 | 0.14% | Shares |
| State of Wyoming | $283,908 | 8,661 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $278,907 | 9,300 | 0.13% | Put option |
| WOLVERINE TRADING, LLC | $263,912 | 8,800 | 0.13% | Call option |
| Rossby Financial, LCC | $245,850 | 7,500 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $235,655 | 7,189 | 0.11% | Shares |
| MARSHALL WACE, LLP | $235,492 | 7,184 | 0.11% | Shares |
| Assenagon Asset Management S.A. | $235,459 | 7,183 | 0.11% | Shares |
| Sterling Capital Management LLC | $230,509 | 7,032 | 0.11% | Shares |
| Cornerstone Investment Partners, LLC | $221,298 | 6,751 | 0.11% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $220,347 | 6,722 | 0.11% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $219,397 | 6,693 | 0.11% | Shares |
| Vanguard Global Advisers, LLC | $214,348 | 6,539 | 0.10% | Shares |
| Marquette Asset Management, LLC | $211,923 | 6,465 | 0.10% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $210,280 | 6,415 | 0.10% | Shares |
| UBS Group AG | $210,218 | 6,413 | 0.10% | Shares |
| MetLife Investment Management, LLC | $195,434 | 5,962 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $168,456 | 5,139 | 0.08% | Shares |
| BARCLAYS PLC | $167,670 | 5,115 | 0.08% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $163,113 | 4,976 | 0.08% | Shares |
| Invesco Ltd. | $145,412 | 4,436 | 0.07% | Shares |
| Police & Firemen's Retirement System of New Jersey | $130,399 | 3,978 | 0.06% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $127,908 | 3,902 | 0.06% | Shares |
| MORGAN STANLEY | $116,172 | 3,544 | 0.06% | Shares |
| FMR LLC | $60,414 | 1,843 | 0.03% | Shares |
| NewEdge Advisors, LLC | $59,825 | 1,825 | 0.03% | Shares |
Company insiders 35 insiders · 18 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kevin S Crutchfield | Chief Executive Officer | July 25, 2026 M | 109,657 | 0 | 0 | $0 |
| Jason Tremblay | Chief Financial Officer | July 7, 2026 A | 12,405 | 0 | 0 | $0 |
| David Honeyfield | President & CFO | Feb. 25, 2014 M | 127,723 | 0 | 0 | $0 |
| Edward Brian Stone | President and COO | Dec. 15, 2022 F | 19,201 | 0 | 0 | $0 |
| Cris Ingold | Chief Accounting Officer | July 25, 2026 M | 13,067 | 0 | 0 | $0 |
| Christina Sheehan | General Counsel | July 25, 2026 M | 28,609 | 0 | 0 | $0 |
| Robert E Baldridge | SVP - New Mexico | March 18, 2022 M | 3,525 | 0 | 0 | $0 |
| Kyle R Smith | VP, General Counsel | March 17, 2022 A | 7,818 | 0 | 0 | $0 |
| Joseph G Montoya | VP & Chief Accounting Officer | June 5, 2018 M | 73,762 | 0 | 0 | $0 |
| James N Whyte | EVP | June 5, 2018 M | 311,320 | 0 | 0 | $0 |
| Mark A Mcdonald | VP of Sales and Marketing | June 4, 2018 F | 99,782 | 0 | 0 | $0 |
| Margaret Mccandless | VP and General Counsel | June 4, 2018 F | 204,124 | 0 | 0 | $0 |
| Jeffrey Blair | VP of Sales & Marketing | Nov. 8, 2017 F | 160,454 | 0 | 0 | $0 |
| John G Mansanti | SVP Strat. Init. & Tech. Svs. | June 2, 2017 S | 48,483 | 0 | 0 | $0 |
| Brian D Frantz | SVP & Chief Accounting Officer | Feb. 25, 2017 F | 198,665 | 0 | 0 | $0 |
| Kelvin G Feist | SVP of Sales & Marketing | Feb. 25, 2016 M | 36,244 | 0 | 0 | $0 |
| Martin D Litt | EVP and General Counsel | Dec. 20, 2014 F | 54,117 | 0 | 0 | $0 |
| R L Moore | Senior VP-Mrktg and Sales | April 25, 2011 F | 17,244 | 0 | 0 | $0 |
| Gonzalo M Avendano | Director | May 28, 2026 A | 5,419 | 0 | 0 | $0 |
| Mary E Mcbride | Director | May 28, 2026 A | 25,966 | 0 | 0 | $0 |
| Lori A Lancaster | Director | May 28, 2026 A | 12,631 | 0 | 1 | $-217,152 |
| Chris A. Elliott | Director | May 28, 2026 A | 48,776 | 0 | 0 | $0 |
| William M Zisch | Director | May 28, 2026 A | 14,486 | 0 | 0 | $0 |
| Barth E Whitham | Director | May 28, 2026 A | 51,470 | 0 | 0 | $0 |
| Terry Considine | Director | June 5, 2018 A | 57,842 | 0 | 0 | $0 |
| Landis J Martin | Director | June 5, 2018 A | 202,619 | 0 | 0 | $0 |
| Richard Charles Kim | — | March 17, 2026 A | 4,611 | 0 | 0 | $0 |
| Matthew D Preston | — | July 25, 2025 M | 59,976 | 0 | 0 | $0 |
| Hugh E Harvey JR | — | May 29, 2025 A | 6,725 | 0 | 0 | $0 |
| Jornayvaz Robert P III | — | Oct. 8, 2024 D | 376,987 | 0 | 0 | $0 |
| Rodney D Gloss | — | April 8, 2010 D | 231 | 0 | 0 | $0 |
| Patrick L Avery | — | Feb. 11, 2009 D | 28,616 | 0 | 0 | $0 |
| Potash Acquisition, LLC | — | Dec. 8, 2008 S | 0 | 0 | 0 | $0 |
| PRV Investors I, LLC | — | Dec. 8, 2008 S | 0 | 0 | 0 | $0 |
| INTREPID MINING LLC | — | April 25, 2008 J | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 positions
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 |
|---|---|---|---|---|---|
| Clearway Capital Management LLC, Teton Trust Co LLC as Trustee of Clearway Trust ×5 filings | Feb. 4, 2026 | 9.00% | Amendment | — | SEC |
| Gate City Capital Management, LLC, Michael Melby ×6 filings | Jan. 13, 2026 | 6.83% | Amendment | — | SEC |
| INTREPID PRODUCTION CORP, Jornayvaz Robert P III | June 6, 2025 | 10.00% | Amendment | — | SEC |
| Harvey Operating and Production Company ×14 filings | March 21, 2022 | — | Initial filing | — | SEC |
| Intrepid Production Corporation, Robert P. Jornayvaz III ×13 filings | May 24, 2019 | — | Initial filing | — | SEC |
| Potash Acquisition, LLC, PRV Investors I, LLC, J. Landis Martin ×3 filings | Dec. 10, 2008 | — | 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 38 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 |
|---|---|---|---|---|
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 23,958 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.05% | 379,306 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.04% | 27,714 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.04% | 68,585 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.02% | 83,225 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 4,624 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 44,154 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 507 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.01% | 24 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 396 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 404 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 37,076 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 1,578 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 388 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 10 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 804 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 5,073 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 2,547 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 1,937 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.00% | 1,693 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 13 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 12 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IFRA · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| SVAL · iShares Trust | — | — | Aug. 3, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 13, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | — | — | July 13, 2026 | Daily |
| VAW · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |