ITRI Itron, Inc. - Common Stock
$97.75
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026
52W Range
$78–$142
31% of range
Analyst Rating
BUY
21 analysts
Price Target
$130
+33% upside
P/E (TTM)
14.8
ROE
19.4%
Net Profit Margin
12.7%
About Itron, Inc. - Common Stock Company overview from Wikipedia
Itron, Inc. is an American technology company that offers products and services for energy and water resource management. It is headquartered in Liberty Lake, Washington, United States. The company's products measure and analyze electricity, gas and water consumption. Its products include electricity, gas, water and thermal energy measurement devices and control technology, communications systems, software, as well as managed and consulting services.
Read more
Itron, Inc. is an American technology company that offers products and services for energy and water resource management. It is headquartered in Liberty Lake, Washington, United States. The company's products measure and analyze electricity, gas and water consumption. Its products include electricity, gas, water and thermal energy measurement devices and control technology, communications systems, software, as well as managed and consulting services.
History
Itron, a spinoff of Spokane-based Avista Corp., formerly Washington Water Power Co., was founded in 1977 in Hauser Lake, Idaho when a small group of engineers wanted to build a more efficient way to read utility meters. In 1984, Itron experienced global expansion into the Asian market and developed new manufacturing plants in France and the U.K. By 2006, Itron consulting teams were created to offer services for energy efficiency programs, renewables, conservation and demand response. In 2010, Itron was recognized for its commitment to U.S.-based manufacturing when President Obama announced the award of $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy manufacturing projects across the United States.
Within the same year, Itron and Cisco formed an alliance to deliver Internet Protocol (IP) communications to the smart grid market thus changing networking capabilities for utilities. Itron is a founding member of the Smart Cities Council, having joined in 2013. Itron is also a partner of Microsoft CityNext helping with global Smart City initiatives. After developing Itron OpenWay Riva adaptive communications technology (ACT), Itron launched the Itron Riva Developers Community for the Internet of Things, for developers interested in developing software applications for the IoT space.
Itron completed its acquisition of Silver Spring Networks in January 2018; both are American providers of smart meters, grid networks, and software and services. Silver Spring's Gen5 platform, which provided many of the same features as Itron's OpenWay Riva, has been integrated into a common framework.
Acquisitions
2024 - Itron acquires Elpis Squared
2021 - Itron acquires SELC, a Street Lighting Controls company
2017 - Itron acquires Silver Spring Networks
2017 - Itron acquires Comverge
2012 - Itron acquires SmartSynch, cellular communications and also acquires C&N GasGate Technology for enhanced smart gas distribution systems.
2007 - Itron acquires Actaris Metering Systems.
2004 – Itron acquires Schlumberger Electricity Metering.
2002 - Itron acquires software for distributed system design, field workforce management and energy forecasting.
1996 - Itron acquires UTS, bringing MV-90 metering software application to its product portfolio.
1995 - AEG Meters are acquired with production sites in Italy, Germany, Spain & South Africa.
1993 – Itron acquires two German companies, Heliowatt and Danyl.
1989 - Itron acquires a number of metering companies including Thorn Emi Gas Metering in the U.K. and Bosco Spa in Italy.
Utilities
Various utilities have worked with Itron to deploy smart meters, advanced communications technology, analytics software and other resource management. Below are some of the utilities that have worked and partnered with Itron for smart meter projects.
North America: CenterPoint Energy; Southern California Edison; Pacific Gas & Electric; BC Hydro; FirstEnergy; DTE Energy; San Diego Gas & Electric; Cleveland Water; Sacramento Municipal Utility District; Glendale Water and Power; Rancho California Water District; Los Angeles Department of Water and Power (LADWP); Florida Power & Light; Public Services Company of New Mexico
Europe, Middle East & Africa: EDF Energy; Gaz Réseau Distribution France (GRDF); Yorkshire Water; Italgas; Malta Water Services Corporation; State Oil Company of Azerbaijan (SOCAR); Aguas de Valencia; Linea Distribuzione, Stadtnetze Neustadt and Stadtwerke Garbsen.
Asia Pacific & Australia: Powercor; CitiPower; PT Perusahaan Listrik Negara (PLN); Hong Kong Water; Sydney Water; Mitsubishi Electric Corporation; Tonga Power Limited (TPL).
South America: Iberdrola; Dominican Corporation of State Electricity Companies; NAMC Algeria; CPFL Energia; Eletrobras; ELO Sistemas Eletrônicos (ELO).
Cities
San Antonio implemented a six-month smart streetlight pilot program in partnership with CPS Energy, AT&T, and Itron.
Through Itron, the city of Chicago overhauled its streetlights with smart LEDs. In March, the city installed 100,000 new lights—approximately one-third of its 270,000 goal. The project, costing $160 million, was predicted to lead to annual energy savings of $10 million.
For the construction of a new highway, the city of Christchurch, New Zealand used Itron to deploy acoustical sensors at the site so the city can create a baseline before the highway is opened.
The city of Copenhagen, which sees the heavy use of bicycles, has enlisted Itron's help to deploy traffic management capabilities with its smart streetlight infrastructure.
The city of Paris plans to deploy sensors with its smart streetlights to monitor moisture levels in soil for water conservation.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ITRI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$97.75
Market Cap
$4.33B
P/E (TTM)
14.8
EPS (TTM)
$6.50
Revenue (TTM)
$2.37B
Div Yield
—
ROE
19.4%
Debt/Equity
0.7
52W Range
$78 – $142
ITRI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.37B
2016-12-31
→
2025-12-31
EPS
$6.50
2016-12-31
→
2025-12-31
Free Cash Flow
$383M
2016-12-31
→
2025-12-31
Margins
12.7%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ITRI
Peer Median
P/E (TTM)
14.8
33.5
P/S (TTM)
1.8
4.9
P/B
2.5
3.8
EV / EBITDA
12.6
—
Price / FCF
11.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ITRI
Peer Median
Gross Margin
37.7%
45.8%
Operating Margin
13.2%
—
Net Profit Margin
12.7%
12.8%
ROA
8.5%
6.9%
ROE
19.4%
13.0%
ROIC
9.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ITRI
Peer Median
Debt / Equity
0.7
—
Current Ratio
1.8
1.8
Quick Ratio
1.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ITRI
Peer Median
Revenue YoY
-3.0%
—
Revenue CAGR 3Y
9.7%
—
Revenue CAGR 5Y
1.7%
—
EPS YoY
25.5%
—
Net Income YoY
25.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ITRI
Peer Median
ITRI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
21 analysts
- Strong Buy 5 23.8%
- Buy 12 57.1%
- Hold 3 14.3%
- Sell 1 4.8%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-14
Median
$130.00
← Below all targets
$97.75
Low
$115.00
High
$150.00
Median target
$130.00
+33.0%
Mean target
$129.60
+32.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.20%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.59 | $1.31 | 0.28% |
| March 31, 2026 | $1.49 | $1.27 | 0.22% |
| Dec. 31, 2025 | $2.46 | $2.23 | 0.23% |
| Sept. 30, 2025 | $1.54 | $1.50 | 0.04% |
| June 30, 2025 | $1.62 | $1.36 | 0.26% |
| March 31, 2025 | $1.52 | $1.33 | 0.19% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ITRI | $4.17B | 14.3 | -3.0% | 12.7% | 19.4% | 37.7% |
| AEIS | $7.91B | 54.5 | 21.4% | 8.2% | 11.3% | 37.7% |
| CGNX | $6.01B | 52.9 | 8.7% | 11.5% | 7.6% | 66.9% |
| RAL | $5.75B | -4.7 | -4.0% | -59.1% | -52.3% | 50.3% |
| NOVT | $4.24B | 80.9 | 3.3% | 5.5% | 5.2% | 44.4% |
| VNT | $5.29B | 13.5 | 3.2% | 13.2% | 35.4% | — |
| MIR | — | 212.9 | 7.5% | 3.1% | 1.7% | 47.4% |
| BMI | $6.49B | 36.4 | 10.9% | 15.4% | 20.4% | 41.7% |
| OSIS | $3.78B | 25.8 | 11.3% | 8.7% | 16.8% | 34.3% |
| OUST | $1.32B | -20.2 | 52.5% | -35.6% | -25.0% | 49.3% |
| LASR | $1.92B | -79.8 | 31.6% | -9.0% | -10.6% | 29.8% |
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 | $2.37B | $2.44B | $2.17B | $1.80B | $1.98B | $2.17B | $2.50B | $2.38B | $2.02B | $2.01B | $1.88B | $1.95B | |
| Cost of Revenue | $1.48B | $1.60B | $1.46B | $1.27B | $1.41B | $1.57B | $1.75B | $1.65B | $1.34B | $1.35B | $1.33B | $1.33B | |
| Gross Profit | $892M | $839M | $714M | $522M | $573M | $602M | $752M | $730M | $677M | $663M | $557M | $614M | |
| R&D Expense | $207M | $215M | $209M | $185M | $197M | $194M | $202M | $208M | $169M | $168M | $162M | $176M | |
| SG&A Expense | $353M | $339M | $313M | $290M | $301M | $277M | $347M | $423M | $325M | $320M | $156M | $162M | |
| Operating Expenses | $579M | $575M | $585M | $530M | $652M | $613M | $620M | $780M | $522M | $562M | $504M | $614M | |
| Operating Income | $313M | $264M | $129M | $-7M | $-79M | $-10M | $133M | $-50M | $155M | $101M | $53M | $480.0K | |
| Interest Expense | · | · | $8M | $7M | $29M | $44M | $52M | $58M | $14M | $14M | $12M | $12M | |
| Interest Income | $48M | $35M | $9M | $3M | $2M | $3M | $2M | $2M | $2M | $865.0K | $761.0K | $494.0K | |
| Other Non-op | $3M | $1M | $-2M | $-4M | $-17M | $-5M | $-9M | $-3M | $-9M | $-4M | $-4M | $-8M | |
| Pretax Income | $342M | $285M | $127M | $-16M | $-124M | $-57M | $73M | $-109M | $135M | $85M | $37M | $-18M | |
| Income Tax | $39M | $43M | $29M | $-6M | $-46M | $238.0K | $21M | $-13M | $74M | $50M | $22M | $4M | |
| Net Income | $301M | $239M | $97M | $-10M | $-81M | $-58M | $49M | $-99M | $57M | $32M | $13M | $-24M | |
| EPS (Basic) | $6.62 | $5.27 | $2.13 | $-0.22 | $-1.83 | $-1.44 | $1.24 | $-2.53 | $1.48 | $0.83 | $0.33 | $-0.60 | |
| EPS (Diluted) | $6.50 | $5.18 | $2.11 | $-0.22 | $-1.83 | $-1.44 | $1.23 | $-2.53 | $1.45 | $0.82 | $0.33 | $-0.60 | |
| Shares (Basic) | 45,492,000 | 45,368,000 | 45,421,000 | 45,101,000 | 44,301,000 | 40,253,000 | 39,556,000 | 39,244,000 | 38,655,000 | 38,207,000 | 38,224,000 | 39,184,000 | |
| Shares (Diluted) | 46,323,000 | 46,187,000 | 45,836,000 | 45,101,000 | 44,301,000 | 40,253,000 | 39,980,000 | 39,244,000 | 39,387,000 | 38,643,000 | 38,506,000 | 39,184,000 | |
| EBITDA | $363M | $320M | $185M | $59M | $5M | $87M | $247M | $73M | $215M | $165M | $129M | $102M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.02B | $1.05B | $302M | $202M | $163M | $207M | $150M | $122M | $176M | $134M | $131M | $112M | |
| Receivables | $342M | $295M | $273M | $250M | $261M | $318M | $416M | $417M | $369M | $300M | $299M | $321M | |
| Inventory | $243M | $271M | $284M | $229M | $166M | $182M | $228M | $221M | $194M | $163M | $190M | $154M | |
| Other Current Assets | $191M | $143M | $160M | $118M | $123M | $171M | $147M | $118M | $82M | $84M | $107M | $124M | |
| Current Assets | $1.82B | $1.82B | $1.05B | $830M | $750M | $930M | $997M | $896M | $850M | $732M | $759M | $782M | |
| PP&E (Net) | $112M | $115M | $129M | $140M | $163M | $208M | $233M | $227M | $201M | $176M | $190M | $207M | |
| PP&E (Gross) | $570M | $560M | $603M | $585M | $606M | $651M | $652M | $631M | $609M | $547M | $573M | $564M | |
| Accum. Depreciation | $458M | $445M | $474M | $445M | $443M | $443M | $419M | $404M | $408M | $371M | $383M | $357M | |
| Goodwill | $1.34B | $1.05B | $1.05B | $1.04B | $1.10B | $1.13B | $1.10B | $1.12B | $556M | $452M | $468M | $501M | |
| Intangibles | $83M | $43M | $46M | $65M | $93M | $133M | $185M | $258M | $95M | $72M | $102M | $140M | |
| Other Non-current Assets | $63M | $42M | $39M | $40M | $42M | $52M | $45M | $45M | $44M | $50M | $52M | $47M | |
| Total Assets | $3.72B | $3.41B | $2.60B | $2.38B | $2.39B | $2.61B | $2.71B | $2.61B | $2.11B | $1.58B | $1.68B | $1.75B | |
| Accounts Payable | $156M | $145M | $200M | $237M | $193M | $216M | $328M | $310M | $262M | $173M | $186M | $184M | |
| Current Liabilities | $1.01B | $528M | $537M | $499M | $501M | $550M | $671M | $653M | $508M | $413M | $478M | $520M | |
| Capital Leases | $20M | $25M | $33M | $44M | $57M | $67M | $69M | $0 | · | · | · | · | |
| Deferred Tax | $623.0K | $565.0K | $697.0K | $833.0K | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $4M | |
| Other Non-current Liabilities | $92M | $132M | $176M | $125M | $139M | $113M | $119M | $128M | $88M | $118M | $116M | $118M | |
| Total Liabilities | $1.98B | $2.00B | $1.27B | $1.19B | $1.25B | $1.77B | $1.91B | $1.87B | $1.30B | $927M | $1.06B | $1.05B | |
| Long-term Debt | $1.26B | $1.26B | $460M | $460M | $460M | $936M | $950M | $638M | $319M | $305M | $371M | $324M | |
| Total Debt | $1.25B | $1.24B | $455M | $453M | $450M | $921M | $932M | $1.02B | $613M | $305M | $371M | $324M | |
| Common Stock | $1.66B | $1.69B | $1.82B | $1.79B | $1.78B | $1.39B | $1.36B | $1.33B | $1.29B | $1.27B | $1.25B | $1.27B | |
| Retained Earnings | $112M | $-189M | $-428M | $-525M | $-516M | $-434M | $-376M | $-425M | $-338M | $-410M | $-441M | $-454M | |
| AOCI | $-57M | $-110M | $-81M | $-95M | $-148M | $-139M | $-205M | $-196M | $-170M | $-229M | $-201M | $-135M | |
| Stockholders' Equity | $1.72B | $1.39B | $1.31B | $1.17B | $1.12B | $817M | $777M | $713M | $786M | $632M | $605M | $681M | |
| Liabilities + Equity | $3.72B | $3.41B | $2.60B | $2.38B | $2.39B | $2.61B | $2.71B | $2.61B | $2.11B | $1.58B | $1.68B | $1.75B | |
| Shares Outstanding | 44,929,000 | 45,131,000 | 45,512,000 | 45,186,000 | 45,152,000 | 40,444,000 | 39,941,000 | 39,498,000 | 38,771,000 | 38,317,000 | 37,906,000 | 38,591,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $50M | $56M | $56M | $67M | $84M | $97M | $114M | $122M | $63M | $68M | $76M | $98M | |
| Stock-based Comp | $62M | $44M | $28M | $22M | $24M | $25M | $27M | $31M | $21M | $18M | $14M | $18M | |
| Deferred Tax | $60M | $-37M | $-35M | $-53M | $-61M | $-67M | $-1M | $-162M | $43M | $-13M | $-39M | $-135M | |
| Amort. of Intangibles | $18M | $18M | $19M | $26M | $36M | $45M | $64M | $72M | $21M | $25M | $32M | $44M | |
| Restructuring | $931.0K | $3M | $44M | $-14M | $55M | $37M | $6M | $77M | $6M | $49M | $-7M | $49M | |
| Other Non-cash | $-67M | $-64M | $-21M | $-2M | $189M | $112M | $-12M | $100M | $7M | $11M | $10M | $172M | |
| Operating Cash Flow | $406M | $238M | $125M | $24M | $155M | $110M | $173M | $110M | $191M | $116M | $73M | $133M | |
| CapEx | $23M | $31M | $27M | $20M | $35M | $46M | $61M | $60M | $49M | $44M | $44M | $44M | |
| Investing Cash Flow | $-350M | $-63M | $-23M | $41M | $-35M | $-41M | $-48M | $-863M | $-148M | · | · | · | |
| Net Debt Issued | · | · | $0 | $0 | $-946M | $-414M | $-138M | $-363M | $-29M | $-79M | $-63M | $-102M | |
| Stock Issued | $7M | $8M | $4M | $3M | $5M | $9M | $24M | $9M | $4M | $3M | $3M | $4M | |
| Stock Repurchased | $100M | $100M | $0 | $17M | $8M | $0 | $25M | $0 | $0 | $0 | $38M | $40M | |
| Net Stock Activity | $-93M | $-92M | $4M | $-14M | $-3M | $9M | $-610.0K | $9M | $4M | $3M | $-36M | $-36M | |
| Financing Cash Flow | $-97M | $580M | $-4M | $-19M | $-153M | $-12M | $-98M | $396M | $302M | · | · | · | |
| Net Change in Cash | $-31M | $749M | $100M | $39M | $-44M | $57M | $28M | $-365M | $354M | $3M | $19M | $-12M | |
| Taxes Paid | $56M | $80M | $55M | $12M | $7M | $3M | $12M | $14M | $29M | $24M | $29M | $18M | |
| Free Cash Flow | $383M | $208M | $98M | $5M | $120M | $63M | $112M | $50M | $142M | $72M | $29M | $88M | |
| Levered FCF | · | · | $92M | $675.4K | $102M | $19M | $74M | $-2M | $137M | $68M | $24M | $72M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.7% | 34.4% | 32.8% | 29.1% | 28.9% | 27.7% | 30.1% | 30.7% | 33.5% | 32.8% | 29.6% | 31.6% | |
| Operating Margin | 13.2% | 10.8% | 5.9% | -0.41% | -4.0% | -0.48% | 5.3% | -2.1% | 7.5% | 4.8% | 2.8% | 0.19% | |
| Net Margin | 12.7% | 9.8% | 4.5% | -0.54% | -4.1% | -2.7% | 2.0% | -4.2% | 2.8% | 1.6% | 0.67% | -1.2% | |
| Pretax Margin | 14.5% | 11.7% | 5.9% | -0.88% | -6.2% | -2.6% | 2.9% | -4.6% | 6.7% | 4.2% | 2.0% | -0.76% | |
| EBITDA Margin | 15.3% | 13.1% | 8.5% | 3.3% | 0.24% | 4.0% | 9.9% | 3.1% | 10.6% | 8.2% | 6.8% | 5.2% | |
| ROA | 8.5% | 8.0% | 3.9% | -0.41% | -3.2% | -2.2% | 1.8% | -4.2% | 3.1% | 1.9% | 0.75% | -1.3% | |
| ROE | 19.4% | 17.7% | 7.8% | -0.85% | -8.4% | -7.3% | 6.6% | -13.2% | 8.1% | 5.1% | 2.1% | -3.1% | |
| ROIC | 9.4% | 8.5% | 5.6% | -0.28% | -3.2% | -0.60% | 5.6% | -2.5% | 4.8% | 4.3% | 2.2% | 0.54% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.8 | 3.4 | 2.0 | 1.7 | 1.5 | 1.7 | 1.5 | 1.4 | 1.7 | 1.8 | 1.6 | 1.5 | |
| Quick Ratio | 1.3 | 2.5 | 1.1 | 0.9 | 0.8 | 1.0 | 0.8 | 0.8 | 1.1 | 1.0 | 0.9 | 0.9 | |
| Debt / Equity | 0.7 | 0.9 | 0.3 | 0.4 | 0.4 | 1.1 | 1.2 | 1.4 | 0.8 | 0.5 | 0.6 | 0.5 | |
| LT Debt / Equity | 0.5 | 0.9 | 0.3 | 0.4 | 0.4 | 1.1 | 1.2 | 1.4 | 0.8 | 0.5 | 0.6 | 0.4 | |
| Interest Coverage | · | · | 15.4 | -1.1 | -2.8 | -0.2 | 2.5 | -0.9 | 13.1 | 8.8 | 4.3 | 0.3 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.8 | 0.9 | 0.8 | 0.8 | 0.8 | 0.9 | 1.0 | 1.1 | 1.2 | 1.1 | 1.1 | |
| Inventory Turnover | 5.7 | 5.8 | 5.7 | 6.5 | 8.1 | 7.7 | 7.8 | 7.9 | 7.5 | 7.7 | 6.6 | 7.8 | |
| Receivables Turnover | 7.4 | 8.6 | 8.3 | 7.0 | 6.8 | 5.9 | 6.0 | 6.0 | 6.0 | 6.7 | 6.1 | 6.2 |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -3.0% | 12.3% | 21.1% | -9.4% | -8.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.7% | 7.2% | 0.00% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 1.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 25.5% | 145.5% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 25.9% | 146.7% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.37B | $2.44B | $2.17B | $1.80B | $1.98B | $2.17B | $2.50B | $2.38B | $2.02B | $2.01B | $1.88B | $1.95B | |
| Net Income TTM | $301M | $239M | $97M | $-10M | $-81M | $-58M | $49M | $-99M | $57M | $32M | $13M | $-24M | |
| Market Cap | $4.17B | $4.90B | $3.44B | $2.29B | $3.09B | $3.88B | $3.35B | $1.87B | $2.64B | $2.41B | $1.37B | $1.63B | |
| Enterprise Value | $4.40B | $5.09B | $3.59B | $2.54B | $3.38B | $4.59B | $4.14B | $2.76B | $3.08B | $2.58B | $1.61B | $1.84B | |
| P/E | 14.3 | 21.0 | 35.8 | -230.2 | -37.4 | -66.6 | 68.3 | -18.7 | 47.0 | 76.6 | 109.6 | -70.5 | |
| P/S | 1.8 | 2.0 | 1.6 | 1.3 | 1.6 | 1.8 | 1.3 | 0.8 | 1.3 | 1.2 | 0.7 | 0.8 | |
| P/B | 2.4 | 3.5 | 2.6 | 2.0 | 2.8 | 4.8 | 4.3 | 2.6 | 3.4 | 3.8 | 2.3 | 2.3 | |
| P / Tangible Book | 14.5 | 16.6 | 16.2 | 35.3 | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 10.3 | 20.6 | 27.5 | 93.4 | 20.0 | 35.4 | 19.4 | 17.0 | 13.8 | 20.8 | 18.7 | 12.3 | |
| P / FCF | 10.9 | 23.6 | 35.0 | 481.5 | 25.8 | 61.3 | 29.9 | 37.5 | 18.6 | 33.3 | 46.6 | 18.4 | |
| EV / EBITDA | 12.1 | 15.9 | 19.4 | 42.8 | 696.6 | 52.9 | 16.7 | 38.0 | 14.4 | 15.7 | 12.5 | 18.0 | |
| EV / FCF | 11.5 | 24.5 | 36.6 | 534.2 | 28.2 | 72.5 | 36.9 | 55.5 | 21.7 | 35.7 | 54.8 | 20.8 | |
| EV / Revenue | 1.9 | 2.1 | 1.7 | 1.4 | 1.7 | 2.1 | 1.7 | 1.2 | 1.5 | 1.3 | 0.9 | 0.9 | |
| Earnings Yield | 7.0% | 4.8% | 2.8% | -0.43% | -2.7% | -1.5% | 1.5% | -5.3% | 2.1% | 1.3% | 0.91% | -1.4% |
Income Statement 17
| 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 | $563M | $587M | $572M | $582M | $607M | $607M | $613M | $615M | $609M | $603M | $577M | $561M | $541M | $495M | $467M | $421M | |
| Cost of Revenue | $332M | $351M | $340M | $362M | $383M | $390M | $399M | $406M | $399M | $398M | $381M | $374M | $367M | $338M | $327M | $301M | |
| Gross Profit | $231M | $236M | $232M | $220M | $224M | $217M | $214M | $210M | $210M | $205M | $196M | $187M | $174M | $156M | $141M | $120M | |
| R&D Expense | $56M | $55M | $53M | $50M | $54M | $50M | $58M | $51M | $53M | $52M | $54M | $52M | $54M | $50M | $47M | $44M | |
| SG&A Expense | $90M | $105M | $95M | $83M | $88M | $87M | $85M | $80M | $88M | $86M | $82M | $77M | $79M | $76M | $78M | $63M | |
| Operating Expenses | $155M | $169M | $153M | $138M | $147M | $141M | $151M | $136M | $146M | $143M | $147M | $132M | $139M | $167M | $128M | $113M | |
| Operating Income | $76M | $68M | $79M | $82M | $76M | $76M | $63M | $74M | $65M | $63M | $49M | $55M | $35M | $-10M | $12M | $7M | |
| Interest Expense | · | · | · | · | · | · | · | $6M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Other Non-op | $4M | $-233.0K | $2M | $996.0K | $414.0K | $-51.0K | $528.0K | $677.0K | $-445.0K | $463.0K | $-1M | $646.0K | $-333.0K | $-1M | $-1M | $-1M | |
| Pretax Income | $80M | $67M | $86M | $91M | $83M | $82M | $70M | $82M | $67M | $65M | $49M | $56M | $34M | $-12M | $11M | $5M | |
| Income Tax | $27M | $14M | $-17M | $24M | $15M | $17M | $11M | $4M | $15M | $13M | $5M | $15M | $9M | $-70.0K | $-11M | $473.0K | |
| Net Income | $53M | $53M | $102M | $66M | $68M | $65M | $58M | $78M | $51M | $52M | $44M | $40M | $24M | $-12M | $22M | $4M | |
| EPS (Basic) | $1.21 | $1.20 | $2.25 | $1.43 | $1.50 | $1.44 | $1.29 | $1.73 | $1.12 | $1.13 | $0.98 | $0.88 | $0.53 | $-0.26 | $0.49 | $0.09 | |
| EPS (Diluted) | $1.19 | $1.18 | $2.20 | $1.41 | $1.47 | $1.42 | $1.26 | $1.70 | $1.10 | $1.12 | $0.97 | $0.87 | $0.53 | $-0.26 | $0.49 | $0.09 | |
| Shares (Basic) | 44,095,000 | 44,734,000 | -91,225,000 | 45,746,000 | 45,633,000 | 45,338,000 | -91,011,000 | 44,982,000 | 45,745,000 | 45,652,000 | -90,757,000 | 45,462,000 | 45,435,000 | 45,281,000 | -90,122,000 | 45,139,000 | |
| Shares (Diluted) | 44,608,000 | 45,470,000 | -92,889,000 | 46,660,000 | 46,380,000 | 46,172,000 | -92,535,000 | 45,839,000 | 46,526,000 | 46,357,000 | -91,176,000 | 45,950,000 | 45,781,000 | 45,281,000 | -90,535,000 | 45,330,000 | |
| EBITDA | $95M | $86M | · | $94M | $89M | $88M | · | $89M | $78M | $76M | · | $69M | $49M | $4M | · | $24M |
Balance Sheet 26
| 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 | $745M | $713M | $1.02B | $1.33B | $1.22B | $1.12B | $1.05B | $983M | $921M | $301M | · | $255M | $233M | $196M | · | $215M | |
| Receivables | $316M | $363M | $342M | $336M | $312M | $316M | $295M | $308M | $289M | $311M | · | $290M | $285M | $260M | · | $232M | |
| Inventory | $259M | $240M | $243M | $255M | $283M | $282M | $271M | $277M | $292M | $287M | · | $276M | $267M | $265M | · | $204M | |
| Other Current Assets | $194M | $179M | $191M | $187M | $141M | $151M | $143M | $157M | $160M | $169M | · | $161M | $151M | $136M | · | $123M | |
| Current Assets | $1.55B | $1.52B | $1.82B | $2.14B | $1.99B | $1.90B | $1.82B | $1.75B | $1.69B | $1.10B | · | $1.01B | $970M | $902M | · | $809M | |
| PP&E (Net) | $122M | $122M | $112M | $112M | $116M | $112M | $115M | $120M | $122M | $125M | · | $130M | $133M | $136M | · | $139M | |
| PP&E (Gross) | $564M | $563M | $570M | $568M | $568M | $551M | $560M | $604M | $597M | $595M | · | $595M | $595M | $591M | · | $567M | |
| Accum. Depreciation | $442M | $441M | $458M | $456M | $453M | $439M | $445M | $484M | $475M | $470M | · | $465M | $462M | $454M | · | $428M | |
| Goodwill | $1.69B | $1.70B | $1.34B | $1.09B | $1.09B | $1.06B | $1.05B | $1.07B | $1.06B | $1.06B | $1.05B | $1.04B | $1.05B | $1.04B | $1.04B | $1.01B | |
| Intangibles | $266M | $277M | $83M | $30M | $34M | $39M | $43M | $48M | $53M | $57M | · | $50M | $55M | $60M | · | $70M | |
| Other Non-current Assets | $61M | $65M | $63M | $44M | $42M | $44M | $42M | $41M | $39M | $42M | · | $35M | $35M | $38M | · | $44M | |
| Total Assets | $3.99B | $3.98B | $3.72B | $3.71B | $3.62B | $3.50B | $3.41B | $3.37B | $3.28B | $2.68B | · | $2.51B | $2.50B | $2.45B | · | $2.32B | |
| Accounts Payable | $147M | $173M | $156M | $145M | $123M | $164M | $145M | $153M | $185M | $224M | · | $224M | $235M | $245M | · | $236M | |
| Current Liabilities | $564M | $574M | $1.01B | $987M | $973M | $983M | $528M | $521M | $535M | $578M | · | $556M | $560M | $537M | · | $502M | |
| Capital Leases | $26M | $28M | $20M | $23M | $27M | $22M | $25M | $29M | $28M | $32M | · | $33M | $36M | $40M | · | $47M | |
| Deferred Tax | $1M | $10M | $623.0K | $808.0K | $661.0K | $623.0K | $565.0K | $622.0K | $670.0K | $678.0K | · | $823.0K | $853.0K | $849.0K | · | $2M | |
| Other Non-current Liabilities | $122M | $96M | $92M | $125M | $128M | $133M | $132M | $132M | $149M | $155M | · | $144M | $152M | $155M | · | $118M | |
| Total Liabilities | $2.36B | $2.35B | $1.98B | $2.00B | $1.99B | $1.99B | $2.00B | $2.00B | $2.02B | $1.29B | · | $1.25B | $1.27B | $1.25B | · | $1.20B | |
| Long-term Debt | $1.58B | $1.57B | $1.26B | $1.25B | $1.25B | $1.24B | $1.24B | $1.26B | $1.26B | $460M | · | $460M | $460M | $460M | · | $460M | |
| Total Debt | $1.58B | $1.57B | · | $1.25B | $1.25B | $1.24B | · | $1.24B | $1.24B | $455M | · | $454M | $454M | $453M | · | $452M | |
| Common Stock | $1.47B | $1.51B | $1.66B | $1.75B | $1.73B | $1.71B | $1.69B | $1.67B | $1.66B | $1.83B | · | $1.81B | $1.80B | $1.80B | · | $1.78B | |
| Retained Earnings | $218M | $165M | $112M | $10M | $-55M | $-124M | $-189M | $-247M | $-325M | $-377M | · | $-473M | $-513M | $-537M | · | $-548M | |
| AOCI | $-74M | $-69M | $-57M | $-63M | $-60M | $-96M | $-110M | $-78M | $-98M | $-92M | · | $-101M | $-86M | $-88M | · | $-142M | |
| Stockholders' Equity | $1.62B | $1.61B | $1.72B | $1.69B | $1.61B | $1.49B | $1.39B | $1.35B | $1.24B | $1.36B | · | $1.24B | $1.21B | $1.17B | · | $1.09B | |
| Liabilities + Equity | $3.99B | $3.98B | $3.72B | $3.71B | $3.62B | $3.50B | $3.41B | $3.37B | $3.28B | $2.68B | · | $2.51B | $2.50B | $2.45B | · | $2.32B | |
| Shares Outstanding | 43,774,000 | 44,322,000 | 44,929,000 | 45,791,000 | 45,710,000 | 45,572,000 | 45,131,000 | 45,016,000 | 44,952,000 | 45,850,000 | 45,512,000 | 45,474,000 | 45,448,000 | 45,405,000 | 45,186,000 | 45,154,000 |
Cash Flow 17
| 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 | $19M | $19M | $13M | $12M | $12M | $12M | $15M | $15M | $14M | $13M | $14M | $14M | $14M | $14M | $16M | $17M | |
| Stock-based Comp | $12M | $20M | $15M | $14M | $17M | $17M | $12M | $10M | $10M | $11M | $8M | $7M | $7M | $7M | $4M | $5M | |
| Amort. of Intangibles | $8M | $8M | $5M | $4M | $5M | $4M | $5M | $5M | $5M | $4M | $4M | $5M | $5M | $5M | $6M | $6M | |
| Restructuring | · | · | $59.0K | $188.0K | $1M | $-553.0K | · | $-723.0K | $-99.0K | $198.0K | · | $-615.0K | $874.0K | $37M | · | $-1M | |
| Other Non-cash | · | $-7M | · | · | · | $-22M | · | · | · | $-35M | · | · | · | $-8M | · | · | |
| Operating Cash Flow | $88M | $86M | $119M | $118M | $97M | $72M | $80M | $65M | $52M | $41M | $48M | $34M | $42M | $1M | $-13M | $15M | |
| CapEx | $7M | $7M | $8M | $4M | $6M | $5M | $10M | $7M | $7M | $7M | $9M | $6M | $6M | $7M | $5M | $4M | |
| Investing Cash Flow | $-4M | $-522M | $-333M | $-6M | $-6M | $-5M | $-9M | $-7M | $-7M | $-41M | $-4M | $-6M | $-6M | $-8M | $-3M | $-4M | |
| Net Debt Issued | · | $-460M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | $1M | $677.0K | $988.0K | $896.0K | $3M | $2M | $4M | $1M | $1M | $2M | $1M | $725.0K | $1M | $607.0K | $821.0K | $834.0K | |
| Stock Repurchased | $52M | $100M | $100M | $0 | $0 | $0 | $0 | $0 | · | · | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $-99M | · | · | · | $2M | · | · | · | $2M | · | · | · | $607.0K | · | · | |
| Financing Cash Flow | $-52M | $131M | $-99M | $-3M | $3M | $2M | $3M | $-754.0K | $576M | $1M | $-869.0K | $-3M | $865.0K | $-95.0K | $659.0K | $680.0K | |
| Net Change in Cash | $32M | $-308M | $-312M | $108M | $101M | $72M | $69M | $62M | $620M | $-1M | $47M | $22M | $37M | $-6M | $-13M | $7M | |
| Taxes Paid | $42M | $3M | $8M | $3M | $11M | $35M | $21M | $19M | $26M | $14M | $26M | $8M | $19M | $1M | $2M | $3M | |
| Free Cash Flow | · | $79M | · | · | · | $67M | · | · | · | $34M | · | · | · | $-5M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $33M | · | · | · | $-8M | · | · |
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 | 41.0% | 40.3% | · | 37.8% | 36.9% | 35.8% | · | 34.1% | 34.5% | 34.0% | · | 33.4% | 32.1% | 31.6% | · | 28.5% | |
| Operating Margin | 13.5% | 11.5% | · | 14.1% | 12.6% | 12.6% | · | 12.0% | 10.6% | 10.4% | · | 9.8% | 6.5% | -2.1% | · | 1.6% | |
| Net Margin | 9.5% | 9.1% | · | 11.3% | 11.3% | 10.8% | · | 12.7% | 8.4% | 8.6% | · | 7.2% | 4.5% | -2.4% | · | 0.98% | |
| Pretax Margin | 14.2% | 11.5% | · | 15.6% | 13.8% | 13.6% | · | 13.4% | 11.0% | 10.8% | · | 9.9% | 6.3% | -2.5% | · | 1.2% | |
| EBITDA Margin | 16.8% | 14.7% | · | 16.1% | 14.6% | 14.5% | · | 14.4% | 12.8% | 12.5% | · | 12.2% | 9.1% | 0.82% | · | 5.8% | |
| ROA | 1.4% | 1.4% | · | 1.8% | 2.0% | 2.1% | · | 2.6% | 1.8% | 2.0% | · | 1.7% | 1.0% | -0.49% | · | 0.17% | |
| ROE | 3.3% | 3.5% | · | 4.3% | 4.8% | 4.6% | · | 6.0% | 4.2% | 4.1% | · | 3.5% | 2.1% | -1.0% | · | 0.36% | |
| ROIC | 1.6% | 1.7% | · | 2.0% | 2.2% | 2.2% | · | 2.7% | 2.0% | 2.7% | · | 2.4% | 1.6% | -0.64% | · | 0.40% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 2.7 | · | 2.2 | 2.0 | 1.9 | · | 3.4 | 3.2 | 1.9 | · | 1.8 | 1.7 | 1.7 | · | 1.6 | |
| Quick Ratio | 1.9 | 1.9 | · | 1.7 | 1.6 | 1.5 | · | 2.5 | 2.3 | 1.1 | · | 1.0 | 0.9 | 0.8 | · | 0.9 | |
| Debt / Equity | 1.0 | 1.0 | · | 0.7 | 0.8 | 0.8 | · | 0.9 | 1.0 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | |
| LT Debt / Equity | 1.0 | 1.0 | · | 0.5 | 0.5 | 0.5 | · | 0.9 | 1.0 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | |
| Interest Coverage | · | · | · | · | · | · | · | 13.2 | 28.2 | 33.2 | · | 22.4 | 17.8 | -5.1 | · | 4.1 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 1.2 | 1.3 | · | 1.4 | 1.3 | 1.4 | · | 1.5 | 1.4 | 1.4 | · | 1.6 | 1.7 | 1.6 | · | 1.6 | |
| Receivables Turnover | 1.8 | 1.7 | · | 1.8 | 2.0 | 1.9 | · | 2.1 | 2.1 | 2.1 | · | 2.2 | 2.1 | 1.9 | · | 1.7 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.34B | $2.38B | · | $2.41B | $2.44B | $2.44B | · | $2.39B | $2.31B | $2.20B | · | $2.02B | $1.89B | $1.82B | · | $1.82B | |
| Net Income TTM | $241M | $253M | · | $277M | $263M | $246M | · | $221M | $167M | $104M | · | $57M | $-20M | $-44M | · | $-34M | |
| Market Cap | $3.79B | $3.97B | · | $5.70B | $6.02B | $4.77B | · | $4.81B | $4.45B | $4.24B | · | $2.75B | $3.28B | $2.52B | · | $1.90B | |
| Enterprise Value | $4.62B | $4.83B | · | $5.62B | $6.04B | $4.89B | · | $5.07B | $4.77B | $4.40B | · | $2.95B | $3.50B | $2.77B | · | $2.14B | |
| P/E | 16.5 | 16.4 | · | 20.8 | 23.1 | 19.6 | · | 22.3 | 27.3 | 40.9 | · | 49.3 | -156.7 | -57.2 | · | -56.1 | |
| P/S | 1.6 | 1.7 | · | 2.4 | 2.5 | 2.0 | · | 2.0 | 1.9 | 1.9 | · | 1.4 | 1.7 | 1.4 | · | 1.0 | |
| P/B | 2.3 | 2.5 | · | 3.4 | 3.7 | 3.2 | · | 3.6 | 3.6 | 3.1 | · | 2.2 | 2.7 | 2.1 | · | 1.7 | |
| P / Tangible Book | · | · | · | 9.9 | 12.3 | 12.3 | · | 21.2 | 35.0 | 17.4 | · | 18.2 | 31.8 | 37.8 | · | 153.0 | |
| P / Cash Flow | · | 46.5 | · | · | · | 66.2 | · | · | · | 102.7 | · | · | · | 1761.9 | · | · | |
| P / FCF | · | 50.3 | · | · | · | 70.8 | · | · | · | 124.2 | · | · | · | -460.0 | · | · | |
| EV / EBITDA | 48.8 | 56.1 | · | 59.9 | 68.2 | 55.4 | · | 57.2 | 61.0 | 58.2 | · | 43.1 | 71.4 | 681.8 | · | 88.2 | |
| EV / FCF | · | 61.2 | · | · | · | 72.5 | · | · | · | 128.7 | · | · | · | -507.0 | · | · | |
| EV / Revenue | 2.0 | 2.0 | · | 2.3 | 2.5 | 2.0 | · | 2.1 | 2.1 | 2.0 | · | 1.5 | 1.9 | 1.5 | · | 1.2 | |
| Earnings Yield | 6.1% | 6.1% | · | 4.8% | 4.3% | 5.1% | · | 4.5% | 3.7% | 2.4% | · | 2.0% | -0.64% | -1.8% | · | -1.8% |
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 | $2.37B | $2.44B | $2.17B | $1.80B | $1.98B |
| Gross Margin % | 37.7% | 34.4% | 32.8% | 29.1% | 28.9% |
| Operating Margin % | 13.2% | 10.8% | 5.9% | -0.41% | -4.0% |
| Net Income | $301M | $239M | $97M | $-10M | $-81M |
| Diluted EPS | $6.50 | $5.18 | $2.11 | $-0.22 | $-1.83 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.7 | 0.9 | 0.3 | 0.4 | 0.4 |
| Current Ratio | 1.8 | 3.4 | 2.0 | 1.7 | 1.5 |
| Quick Ratio | 1.3 | 2.5 | 1.1 | 0.9 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $383M | $208M | $98M | $5M | $120M |
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Institutional owners (13F) 454 filers · $3.1B 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 |
|---|---|---|---|---|
| 66 (-5 vs prior Q) | 73 (+21 vs prior Q) | 134 (-29 vs prior Q) | 140 (+3 vs prior Q) | +522K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $302,677,008 | 3,497,943 | 9.80% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $173,060,346 | 2,000,004 | 5.60% | Shares |
| Impax Asset Management Group plc | $166,735,082 | 1,926,905 | 5.40% | Shares |
| STATE STREET CORP | $156,629,424 | 1,810,117 | 5.07% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $143,792,659 | 1,661,767 | 4.66% | Shares |
| UBS Group AG | $106,155,004 | 1,226,800 | 3.44% | Call option |
| FIRST TRUST ADVISORS LP | $105,063,081 | 1,214,181 | 3.40% | Shares |
| SOROS FUND MANAGEMENT LLC | $98,458,420 | 1,137,853 | 3.19% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $93,110,612 | 1,075,855 | 3.01% | Shares |
| Robeco Schweiz AG | $91,185,227 | 1,053,799 | 2.95% | Shares |
| Bank of New York Mellon Corp | $71,358,695 | 824,670 | 2.31% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $58,696,933 | 678,342 | 1.90% | Shares |
| MACKENZIE FINANCIAL CORP | $53,608,796 | 619,540 | 1.74% | Shares |
| NORGES BANK | $53,488,693 | 618,152 | 1.73% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $51,638,422 | 596,769 | 1.67% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $47,669,983 | 550,907 | 1.54% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $45,225,943 | 522,662 | 1.46% | Shares |
| NEUBERGER BERMAN GROUP LLC | $44,960,466 | 520,814 | 1.46% | Shares |
| AMERIPRISE FINANCIAL INC | $40,976,887 | 473,557 | 1.33% | Shares |
| MILLENNIUM MANAGEMENT LLC | $35,891,173 | 414,783 | 1.16% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $33,136,490 | 382,948 | 1.07% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $30,905,141 | 357,161 | 1.00% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $30,723,948 | 355,067 | 0.99% | Shares |
| Assenagon Asset Management S.A. | $29,135,516 | 336,710 | 0.94% | Shares |
| Capital World Investors | $28,452,708 | 328,819 | 0.92% | Shares |
| AMERICAN CENTURY COMPANIES INC | $27,486,001 | 317,645 | 0.89% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $25,500,478 | 294,701 | 0.83% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $24,807,459 | 286,692 | 0.80% | Shares |
| PINNACLE ASSOCIATES LTD | $23,781,992 | 274,841 | 0.77% | Shares |
| Aristotle Capital Boston, LLC | $23,227,232 | 268,429 | 0.75% | Shares |
| BANK OF NOVA SCOTIA | $22,741,391 | 262,815 | 0.74% | Shares |
| DNB Asset Management AS | $22,613,404 | 261,336 | 0.73% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $22,028,461 | 254,576 | 0.71% | Shares |
| Raiffeisen Bank International AG | $20,930,000 | 250,000 | 0.68% | Shares |
| HSBC HOLDINGS PLC | $20,454,210 | 237,812 | 0.66% | Shares |
| Allianz Asset Management GmbH | $19,004,159 | 212,029 | 0.62% | Shares |
| DEUTSCHE BANK AG\ | $18,801,844 | 217,287 | 0.61% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $18,461,608 | 213,355 | 0.60% | Shares |
| Northwest & Ethical Investments L.P. | $18,009,402 | 208,129 | 0.58% | Shares |
| GFS Advisors, LLC | $16,850,717 | 396 | 0.55% | Shares |
| Banco Santander, S.A. | $16,520,481 | 190,922 | 0.53% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $16,178,687 | 186,972 | 0.52% | Shares |
| Portman Square Capital LLP | $16,034,009 | 185,300 | 0.52% | Put option |
| GOLDMAN SACHS GROUP INC | $14,951,951 | 172,795 | 0.48% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $14,285,324 | 165,091 | 0.46% | Shares |
| Erste Asset Management GmbH | $14,121,471 | 168,675 | 0.46% | Shares |
| Swiss Life Asset Management Ltd | $13,895,247 | 160,583 | 0.45% | Shares |
| Public Sector Pension Investment Board | $13,185,182 | 152,377 | 0.43% | Shares |
| MIROVA | $13,090,691 | 151,285 | 0.42% | Shares |
| AXA Investment Managers S.A. | $12,657,040 | 101,614 | 0.41% | Shares |
| First Eagle Investment Management, LLC | $10,815,125 | 124,987 | 0.35% | Shares |
| BARCLAYS PLC | $10,716,740 | 123,850 | 0.35% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $10,644,055 | 123,010 | 0.34% | Shares |
| BlackRock, Inc. | $10,521,010 | 121,588 | 0.34% | Shares |
| BANK OF AMERICA CORP /DE/ | $10,421,413 | 120,437 | 0.34% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $10,293,369 | 118,957 | 0.33% | Shares |
| Swedbank AB | $9,725,972 | 112,400 | 0.31% | Shares |
| RHUMBLINE ADVISERS | $9,568,633 | 110,582 | 0.31% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $9,253,518 | 106,940 | 0.30% | Shares |
| JANUS HENDERSON GROUP PLC | $9,207,235 | 102,707 | 0.30% | Shares |
| Ion Asset Management Ltd. | $8,968,320 | 72,000 | 0.29% | Shares |
| TEMA ETFS LLC | $8,967,119 | 96,566 | 0.29% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $8,950,923 | 103,443 | 0.29% | Shares |
| Clearbridge Investments, LLC | $8,930,569 | 103,208 | 0.29% | Shares |
| Guinness Asset Management LTD | $8,314,408 | 96,087 | 0.27% | Shares |
| FMR LLC | $8,244,665 | 95,281 | 0.27% | Shares |
| Daventry Group, LP | $8,090,555 | 93,500 | 0.26% | Shares |
| Swiss National Bank | $7,701,170 | 89,000 | 0.25% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $7,463,039 | 86,248 | 0.24% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $7,326,928 | 84,675 | 0.24% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $7,169,876 | 82,860 | 0.23% | Shares |
| ALPS ADVISORS INC | $6,984,875 | 80,722 | 0.23% | Shares |
| Palisades Investment Partners, LLC | $6,905,739 | 79,808 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,905,094 | 79,800 | 0.22% | Call option |
| ALLIANCEBERNSTEIN L.P. | $6,784,005 | 75,689 | 0.22% | Shares |
| JOHN G ULLMAN & ASSOCIATES INC | $6,726,063 | 77,731 | 0.22% | Shares |
| Forge First Asset Management Inc. | $6,679,530 | 53,625 | 0.22% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $6,420,007 | 74,194 | 0.21% | Shares |
| Holocene Advisors, LP | $6,222,978 | 71,917 | 0.20% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $6,120,268 | 70,730 | 0.20% | Shares |
| Legal & General Group Plc | $5,882,223 | 67,979 | 0.19% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,849,428 | 67,600 | 0.19% | Put option |
| GLENMEDE TRUST CO NA | $5,611,470 | 64,850 | 0.18% | Shares |
| Covalis Capital LLP | $5,478,301 | 63,311 | 0.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,254,794 | 60,728 | 0.17% | Shares |
| California Public Employees Retirement System | $5,117,211 | 59,138 | 0.17% | Shares |
| Man Group plc | $4,978,850 | 57,539 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,933,414 | 55,042 | 0.16% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $4,798,262 | 55,452 | 0.16% | Shares |
| Vontobel Holding Ltd. | $4,646,574 | 53,699 | 0.15% | Shares |
| Defiance ETFs, LLC | $4,631,488 | 54,817 | 0.15% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,489,436 | 51,883 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $4,427,481 | 51,167 | 0.14% | Shares |
| CI INVESTMENTS INC. | $4,373,745 | 50,546 | 0.14% | Shares |
| GAMCO INVESTORS, INC. ET AL | $4,326,500 | 50,000 | 0.14% | Shares |
| GOLDMAN SACHS GROUP INC | $4,326,500 | 50,000 | 0.14% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $4,197,570 | 48,510 | 0.14% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,992,494 | 46,140 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $3,911,156 | 45,200 | 0.13% | Call option |
| Amundi | $3,663,853 | 42,342 | 0.12% | Shares |
Company insiders 60 insiders · 30 officers · 30 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Thomas Deitrich | President & CEO | May 26, 2026 S | 368,679 | 0 | 7 | $-6,584,238 |
| Philip Mezey | Former President & CEO | Oct. 1, 2019 M | 59,786 | 0 | 0 | $0 |
| Leroy D Nosbaum | President and CEO | Aug. 31, 2012 F | 72,331 | 0 | 0 | $0 |
| Malcolm Unsworth | President & CEO | Feb. 25, 2011 A | 80,843 | 0 | 0 | $0 |
| Joan S Hooper | SVP & CFO | May 26, 2026 S | 117,478 | 0 | 8 | $-2,373,791 |
| William Mark Schmitz | Executive VP and CFO | March 1, 2017 F | 25,971 | 0 | 0 | $0 |
| Steven M Helmbrecht | Executive VP & CFO | Feb. 25, 2014 F | 61,286 | 0 | 0 | $0 |
| David G Remington | VP & CFO | May 28, 2004 A | — | 0 | 0 | $0 |
| Marcel Regnier | President & COO, Water | Feb. 25, 2013 F | 62,793 | 0 | 0 | $0 |
| Robert D Neilson | President & COO, Director | Aug. 15, 2005 M | 0 | 0 | 0 | $0 |
| John W Holleran | Exec VP and COO | Feb. 25, 2015 F | 70,735 | 0 | 0 | $0 |
| John F. Marcolini | SVP, Networked Solutions | June 3, 2026 S | 13,289 | 0 | 8 | $-1,970,957 |
| Donald L. Reeves III | SVP, Outcomes | May 27, 2026 S | 28,807 | 0 | 14 | $-1,116,041 |
| Laurie Ann Pulatie-Hahn | SVP, HR | May 26, 2026 S | 32,295 | 0 | 10 | $-549,527 |
| Christopher E. Ware | SVP, GC & Corp. Secretary | May 26, 2026 S | 30,311 | 0 | 7 | $-664,543 |
| Justin K Patrick | SVP, Device Solutions | May 26, 2026 S | 32,709 | 0 | 7 | $-729,994 |
| David Marshall Wright | VP, Corp. Controller & CAO | May 26, 2026 S | 8,805 | 0 | 6 | $-78,369 |
| Michel Cadieux | SVP, HR | Feb. 28, 2023 S | 21,240 | 0 | 0 | $0 |
| Shannon M. Votava | Sr.VP/General Counsel/Corp Sec | March 1, 2018 S | 14,697 | 0 | 0 | $0 |
| Russell E Vanos | Sr. VP ? Strategy & Bus Dev | Feb. 25, 2015 F | 12,160 | 0 | 0 | $0 |
| Jared P Serff | VP, Competitive Resources | Feb. 25, 2014 F | 6,106 | 0 | 0 | $0 |
| Russell N Fairbanks JR | Sr. VP & General Counsel | Sept. 26, 2006 M | 2,208 | 0 | 0 | $0 |
| John M Woolard | VP Strategy & Bus Development | June 21, 2004 G | 0 | 0 | 0 | $0 |
| Jemima G Scarpelli | VP, IR & Corp Communications | May 28, 2004 A | — | 0 | 0 | $0 |
| Randi L Neilson | Vice President, Marketing | May 28, 2004 A | — | 0 | 0 | $0 |
| James M Kensok | Vice President & CIO | March 29, 2004 A | — | 0 | 0 | $0 |
| BROWN WILLIAM L | VP, Competitive Resources | Oct. 22, 2003 M | 6,881 | 0 | 0 | $0 |
| Robert W Whitney | Vice President, Mfg. | Sept. 26, 2003 A | — | 0 | 0 | $0 |
| Douglas L Staker | Vice President, Mobile and | Sept. 26, 2003 A | — | 0 | 0 | $0 |
| Michael A Cantelme | Vice President, Client Service | Sept. 26, 2003 A | — | 0 | 0 | $0 |
| Santiago Perez | Director | July 1, 2026 A | 12,519 | 0 | 0 | $0 |
| Scott D. Drury | Director | July 1, 2026 A | 2,344 | 0 | 0 | $0 |
| Sanjay Mirchandani | Director | July 1, 2026 A | 6,824 | 0 | 0 | $0 |
| Sheri Savage | Director | July 1, 2026 A | 2,387 | 0 | 0 | $0 |
| Jerome J. Lande | Director | July 1, 2026 A | 10,765 | 0 | 0 | $0 |
| Timothy M Leyden | Director | July 1, 2026 A | 16,253 | 0 | 0 | $0 |
| Frank M Jaehnert | Director | July 1, 2026 A | 23,118 | 0 | 0 | $0 |
| Mary C. Hemmingsen | Director | May 6, 2025 S | 952 | 0 | 0 | $0 |
| Diana D Tremblay | Director | Oct. 1, 2024 A | 23,244 | 0 | 0 | $0 |
| Lynda L. Ziegler | Director | Oct. 3, 2022 A | 16,825 | 0 | 0 | $0 |
| Thomas S Glanville | Director | April 1, 2022 A | 8,897 | 0 | 0 | $0 |
| Daniel S Pelino | Director | May 11, 2021 S | 12,083 | 0 | 0 | $0 |
| Gary E Pruitt | Director | Jan. 2, 2020 M | 43,791 | 0 | 0 | $0 |
| Peter Mainz | Director | April 2, 2018 A | 5,347 | 0 | 0 | $0 |
| Kirby Dyess | Director | April 2, 2018 A | 14,953 | 0 | 0 | $0 |
| Charles H Gaylord JR | Director | Jan. 3, 2017 A | 18,227 | 0 | 0 | $0 |
| Jon E Eliassen | Director | Nov. 15, 2016 S | 11,492 | 0 | 0 | $0 |
| Graham M Wilson | Director | April 29, 2015 M | 15,146 | 0 | 0 | $0 |
| Sharon L Nelson | Director | Dec. 26, 2014 M | 13,971 | 0 | 0 | $0 |
| Michael V Pulli | Director | Oct. 1, 2014 A | 3,359 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Scopia Capital Management LP (2), Scopia Management, Inc. (2), Matthew Sirovich (2), Jeremy Mindich (2) ×11 filings | Jan. 7, 2020 | — | Initial filing | — | SEC |
| SCOPIA LONG LLC, SCOPIA LB LLC, SCOPIA PX LLC, SCOPIA PARTNERS LLC, SCOPIA LONG QP LLC, SCOPIA WINDMILL FUND LP, SCOPIA INTERNATIONAL MASTER FUND LP, SCOPIA PX INTERNATIONAL MASTER FUND LP, SCOPIA LB INTERNATIONAL MASTER FUND LP, SCOPIA LONG INTERNATIONAL MASTER FUND LP, SCOPIA CAPITAL GP LLC, SCOPIA CAPITAL MANAGEMENT LP, SCOPIA MANAGEMENT, INC., MATTHEW SIROVICH, JEREMY MINDICH ×4 filings | March 14, 2016 | — | Initial filing | — | SEC |
| COPPERSMITH VALUE PARTNERS II, LP, COPPERSMITH CAPITAL PARTNERS, LLC, COPPERSMITH CAPITAL MANAGEMENT, LLC, JEROME J. LANDE, CRAIG ROSENBLUM, SCOPIA LONG LLC, SCOPIA LB LLC, SCOPIA PX LLC, SCOPIA PARTNERS LLC, SCOPIA LONG QP LLC, SCOPIA WINDMILL FUND LP, SCOPIA INTERNATIONAL MASTER FUND LP, SCOPIA PX INTERNATIONAL MASTER FUND LP, SCOPIA LB INTERNATIONAL MASTER FUND LP, SCOPIA LONG INTERNATIONAL MASTER FUND LP, SCOPIA CAPITAL GP LLC, SCOPIA CAPITAL MANAGEMENT LP, SCOPIA MANAGEMENT, INC., MATTHEW SIROVICH, JEREMY MINDICH ×5 filings | Dec. 11, 2015 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person | April 3, 2001 | — | Initial filing | Passive investment | 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 95 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 |
|---|---|---|---|---|
| ACES · ALPS ETF Trust | 3.47% | 61,222 NS | May 31, 2026 | N-PORT |
| UPGR · DBX ETF Trust | 1.63% | 1,297 NS | May 29, 2026 | N-PORT |
| SNSR · Global X Funds | 1.15% | 35,069 NS | May 31, 2026 | N-PORT |
| VOLT · Tema ETF Trust | 1.05% | 92,082 NS | May 31, 2026 | N-PORT |
| DTEC · ALPS ETF Trust | 0.82% | 7,354 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.55% | 10,277 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.47% | 6,981 NS | April 30, 2026 | N-PORT |
| AIPO · Tidal Trust II | 0.46% | 41,538 NS | May 31, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 0.41% | 1,100 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.40% | 165,359 NS | April 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.39% | 10,158 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.31% | 47,973 NS | April 30, 2026 | N-PORT |
| CCSO · Tidal Trust II | 0.31% | 1,718 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.26% | 40,603 NS | April 30, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.21% | 5,471 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.20% | 17,583 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.19% | 2,321 NS | May 31, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.18% | 3,497 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.17% | 534 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.17% | 1,646 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.17% | 549 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.15% | 14,102 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.12% | 1,960 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.12% | 19,697 NS | April 30, 2026 | N-PORT |
| VALQ · AMERICAN CENTURY ETF TRUST | 0.10% | 4,204 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.10% | 162,404 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.10% | 27,689 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.09% | 2,140 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.09% | 31,221 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.09% | 93,713 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.08% | 137,902 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.08% | 220,274 NS | May 31, 2026 | N-PORT |
| QGRO · AMERICAN CENTURY ETF TRUST | 0.07% | 18,274 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.07% | 7,871 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.06% | 133,211 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.06% | 1,575 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.06% | 1,673 NS | May 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.05% | 242 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.05% | 1,536 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.04% | 1,688 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.04% | 1,838 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.02% | 38,933 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 96,744 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 6,243 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.02% | 42 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.02% | 3,867 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 12,347 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 10,524 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 1,793 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 939 NS | May 31, 2026 | N-PORT |