KMX CarMax Inc
$61.60
Price · Aug 21, 2026
Fundamentals as of Jun 24, 2026
52W Range
$30–$63
97% of range
Analyst Rating
HOLD
25 analysts
Price Target
$55
P/E (TTM)
36.7
ROE
4.1%
Net Profit Margin
0.96%
About CarMax Inc Company overview from Wikipedia
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. In 2021 CarMax, Inc. purchased remaining shares of Edmunds.com, Inc. (edmunds) making it a wholly owned subsidiary. As of January 2025, CarMax operates 253 locations.
Read more
CarMax, Inc. (branded as CARmax) is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. In 2021 CarMax, Inc. purchased remaining shares of Edmunds.com, Inc. (edmunds) making it a wholly owned subsidiary. As of January 2025, CarMax operates 253 locations.
While CarMax stores focus on marketing used vehicles, the company acquired its first new car franchise with Chrysler Corporation in 1996. By 1999, it added new vehicle franchises for Mitsubishi Motors, Toyota, and Nissan. In late 2021, CarMax sold its last new vehicle dealership, located in Kenosha, Wisconsin, to the Rydell Company.
About
CarMax's headquarters is located in Richmond, Virginia. CarMax Auto Finance operates from Kennesaw, Georgia. There are CarMax retail locations in 41 states as well as customer service call centers.
Effective December 1, 2025, CarMax appointed David McCreight as interim president and CEO. In addition, Tom Folliard, an executive with a 30 years of experience with the company, including as CEO from 2006 to 2016, was appointed interim executive chair of the board. Keith Barr took position of CEO and President of CarMax in March 2026.
Concept
Circuit City executives developed the concept for CarMax under then-CEO Richard L. Sharp. It was developed for nearly a year in 1991, using the code name "Project X." It was also known as "Honest Rick's Used Cars" to those intimately involved in the skunk works team. Before the first store was built, DeVito/Verdi was hired as the advertising agency and creative resource. The company executed the campaign and additional TV advertisements throughout several years in support of the launch and the initial wave of stores.
A typical CarMax store is approximately 59,000 square feet (5,500 m2), carries an inventory of 300–400 vehicles, and turns its inventory over eight to ten times a year. On average, a CarMax location employs 40 sales associates. Each car goes through a 125-point inspection process, and includes a 30-day warranty, three days to change the financing for free, and, 10-day money-back guarantee (reduced in 2024 from a 30-day money-back guarantee).
Circuit City issued the first CarMax stock in February 1997, when CarMax had seven locations. Initially, the stock was a tracking stock still under the umbrella of Circuit City. CarMax officially split from Circuit City as of October 1, 2002, when it was spun off as a stock dividend for Circuit City shareholders, with shares also issued to those holding CarMax tracking stock.
CarMax sold over 750,000 vehicles to consumers in Fiscal Year 2021 (March 1, 2020–February 28, 2021). According to the CarMax fiscal year 2018 report released on April 24, 2018, the company opened 15 used car superstores in Fiscal Year 2018, and planned to open 15 additional stores in Fiscal Year 2019.
Competition
While CarMax is seen as the nation's largest used-car retailer, it has competition. With a significant shift in customer shopping habits, more online-only companies have worked to capture CarMax's share in the used vehicle market. CarMax unveiled an Omni-channel platform to allow customers to buy a car online, in-store, or any combination of these. They have provided opportunities for customers to choose vehicle delivery at their homes, contactless curbside pickup, and more.
Recognition
CarMax is included in Fortune's "100 Best Companies to Work For" list from 2005 to 2025, placing 69th in 2025.
Other awards include:
Best Workplaces for Diversity 2019
Training Magazine's - Training Top 125
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
KMX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$61.60
Market Cap
$8.73B
P/E (TTM)
36.7
EPS (TTM)
$1.68
Revenue (TTM)
$25.88B
Div Yield
—
ROE
4.1%
Debt/Equity
0.0
52W Range
$30 – $63
KMX 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
$25.88B
2017-02-28
→
2026-02-28
EPS
$1.68
2017-02-28
→
2026-02-28
Free Cash Flow
$1.24B
2017-02-28
→
2026-02-28
Margins
0.96%
2017-02-28
→
2026-02-28
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KMX
Peer Median
P/E (TTM)
36.7
19.7
P/S (TTM)
0.3
0.5
P/B
1.5
7.7
EV / EBITDA
25.5
—
Price / FCF
7.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KMX
Peer Median
Gross Margin
10.8%
17.5%
Net Profit Margin
0.96%
3.0%
ROA
0.92%
5.1%
ROE
4.1%
28.6%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KMX
Peer Median
Debt / Equity
0.0
—
Current Ratio
2.2
0.9
Quick Ratio
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KMX
Peer Median
Revenue YoY
-1.8%
—
Revenue CAGR 3Y
-4.5%
—
Revenue CAGR 5Y
6.4%
—
EPS YoY
-47.7%
—
Net Income YoY
-50.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
KMX
Peer Median
KMX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
25 analysts
- Strong Buy 4 16.0%
- Buy 3 12.0%
- Hold 17 68.0%
- Sell 1 4.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-19
Median
$55.00
Now
$61.60
Low
$33.00
High
$96.00
Median target
$55.00
-10.7%
Mean target
$54.85
-11.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
Next Report
Sep 23, 2026
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.31 | $0.99 | 0.32% |
| March 31, 2026 | $0.34 | $0.23 | 0.11% |
| Dec. 31, 2025 | $0.51 | $0.38 | 0.13% |
| Sept. 30, 2025 | $0.64 | $1.07 | -0.43% |
| June 30, 2025 | $1.38 | $1.18 | 0.20% |
| March 31, 2025 | $0.64 | $0.65 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KMX | $6.12B | 25.7 | -1.8% | 0.96% | 4.1% | 10.8% |
| CVNA | — | 49.9 | 48.6% | 6.9% | 59.9% | 20.6% |
| ORLY | $76.79B | 30.7 | 6.4% | 14.3% | -254.4% | 51.6% |
| AZO | $69.97B | 29.0 | 2.4% | 13.2% | -63.5% | 52.6% |
| PAG | $10.41B | 11.2 | -0.18% | 2.9% | 17.1% | 16.4% |
| MUSA | — | 16.7 | -4.2% | 2.4% | 74.1% | — |
| LAD | $7.81B | 10.3 | 4.0% | 2.2% | 12.4% | 15.2% |
| AN | $7.27B | 12.1 | 3.2% | 2.4% | 27.0% | 17.9% |
| VVV | $4.56B | 21.9 | 5.6% | 12.3% | 71.8% | 38.5% |
| ABG | — | 9.3 | 4.7% | 2.7% | 12.8% | 17.1% |
| GPI | $9.81B | 15.6 | 13.2% | 1.4% | 11.0% | 16.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.88B | $26.35B | $26.54B | $29.68B | $31.90B | $18.95B | $20.32B | $18.17B | $17.12B | $15.88B | $15.15B | $14.27B | |
| Cost of Revenue | $23.07B | $23.46B | $23.82B | $26.88B | $28.61B | $16.57B | $17.60B | $15.69B | $14.79B | $13.69B | $13.13B | $12.38B | |
| Gross Profit | $2.81B | $2.90B | $2.71B | $2.80B | $3.29B | $2.38B | $2.72B | $2.48B | $2.33B | $2.18B | $2.02B | $1.89B | |
| SG&A Expense | $2.45B | $2.44B | $2.29B | $2.49B | $2.33B | $1.70B | $1.75B | $1.73B | $1.62B | $1.49B | $1.35B | $1.26B | |
| Interest Expense | $110M | $108M | $125M | $120M | $94M | $86M | $83M | $76M | $71M | $56M | $36M | $24M | |
| Interest Income | $1.86B | $1.85B | $1.68B | $1.44B | $1.30B | $1.14B | $1.10B | $973M | $857M | $762M | $683M | $605M | |
| Other Non-op | $7M | $12M | $-10M | $-9M | $-35M | $-8M | $-6M | $-400.0K | $400.0K | $0 | $-400.0K | $0 | |
| Pretax Income | $383M | $669M | $642M | $637M | $1.49B | $965M | $1.16B | $1.11B | $1.06B | $1.01B | $1.01B | $969M | |
| Income Tax | $136M | $169M | $162M | $152M | $341M | $218M | $273M | $270M | $399M | $379M | $387M | $372M | |
| Net Income | $247M | $501M | $479M | $485M | $1.15B | $747M | $888M | $842M | $664M | $627M | $623M | $597M | |
| EPS (Basic) | $1.68 | $3.22 | $3.03 | $3.05 | $7.09 | $4.58 | $5.39 | $4.83 | $3.64 | $3.29 | $3.07 | $2.77 | |
| EPS (Diluted) | $1.68 | $3.21 | $3.02 | $3.03 | $6.97 | $4.52 | $5.33 | $4.79 | $3.60 | $3.26 | $3.03 | $2.73 | |
| Shares (Basic) | 147,258,000 | 155,330,000 | 158,216,000 | 158,800,000 | 162,410,000 | 163,183,000 | 164,836,000 | 174,463,000 | 182,660,000 | 190,343,000 | 203,275,000 | 215,617,000 | |
| Shares (Diluted) | 147,613,000 | 156,061,000 | 158,707,000 | 159,771,000 | 165,176,000 | 165,133,000 | 166,820,000 | 175,884,000 | 184,470,000 | 192,215,000 | 205,540,000 | 218,691,000 | |
| EBITDA | $346M | $295M | $260M | $265M | $273M | $242M | $216M | $182M | $180M | $169M | $137M | $115M |
Balance Sheet 27
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $123M | $247M | $574M | $315M | $103M | $132M | $58M | $47M | $45M | $38M | $37M | $28M | |
| Receivables | $204M | $189M | $221M | $299M | $561M | $239M | $191M | $140M | $133M | $152M | $132M | $138M | |
| Inventory | $4.14B | $3.93B | $3.68B | $3.73B | $5.12B | $3.16B | $2.85B | $2.52B | $2.39B | $2.26B | $1.93B | $2.09B | |
| Other Current Assets | $154M | $148M | $247M | $231M | $213M | $92M | $87M | $67M | $93M | $42M | $26M | $45M | |
| Current Assets | $5.31B | $5.08B | $5.23B | $5.04B | $6.55B | $4.12B | $3.66B | $3.21B | $3.06B | $2.87B | $2.47B | $2.59B | |
| PP&E (Net) | $4.07B | $3.84B | $3.67B | $3.43B | $3.21B | $3.06B | $3.07B | $2.83B | $2.67B | $2.52B | $2.16B | $1.86B | |
| PP&E (Gross) | $6.29B | $5.86B | $5.48B | $5.05B | $4.65B | $4.47B | $4.34B | $4.13B | $3.83B | $3.56B | $3.09B | $2.69B | |
| Accum. Depreciation | $2.22B | $2.01B | $1.81B | $1.61B | $1.44B | $1.41B | $1.27B | $1.30B | $1.16B | $1.04B | $925M | $823M | |
| Goodwill | $0 | $141M | $141M | $141M | $141M | $653.0K | · | · | · | · | · | $10M | |
| Intangibles | $145M | $160M | $176M | $191M | $206M | · | · | · | · | · | · | · | |
| Other Non-current Assets | $497M | $467M | $532M | $601M | $491M | $283M | $259M | $186M | $159M | $140M | $128M | $133M | |
| Total Assets | $26.37B | $27.40B | $27.20B | $26.18B | $26.34B | $21.54B | $21.08B | $18.72B | $17.49B | $16.28B | $14.46B | $13.20B | |
| Accounts Payable | $1.12B | $978M | $934M | $827M | $938M | $799M | $737M | $593M | $530M | $495M | $442M | $455M | |
| Accrued Liabilities | $475M | $530M | $524M | $479M | $533M | $415M | $332M | $318M | $279M | $266M | $246M | $250M | |
| Current Liabilities | $2.41B | $2.20B | $2.31B | $1.94B | $2.05B | $1.70B | $1.53B | $1.31B | $1.17B | $1.11B | $1.01B | $997M | |
| Capital Leases | $465M | $482M | $496M | $524M | $523M | $424M | $441M | $0 | · | · | · | · | |
| Other Non-current Liabilities | $339M | $344M | $355M | $332M | $357M | $435M | $394M | $273M | $243M | $239M | $229M | $225M | |
| Total Liabilities | $20.48B | $21.16B | $21.12B | $20.57B | $21.10B | $17.18B | $17.31B | $15.36B | $14.17B | $13.17B | $11.56B | $10.04B | |
| Long-term Debt | $17.26B | $18.14B | $17.96B | $17.78B | $18.18B | $14.62B | $14.94B | $13.78B | · | · | · | · | |
| Total Debt | $217M | $17M | $313M | $112M | $11M | $10M | $9M | · | · | · | · | · | |
| Common Stock | $71M | $77M | $79M | $79M | $81M | $82M | $82M | $84M | $90M | $93M | $97M | $104M | |
| Paid-in Capital | $1.81B | $1.89B | $1.81B | $1.71B | $1.68B | $1.51B | $1.35B | $1.24B | $1.23B | $1.19B | $1.13B | $1.12B | |
| Retained Earnings | $4.04B | $4.27B | $4.13B | $3.72B | $3.52B | $2.89B | $2.49B | $2.10B | $2.05B | $1.88B | $1.75B | $1.99B | |
| AOCI | $-34M | $3M | $59M | $98M | $-46M | $-119M | $-150M | $-68M | $-54M | $-57M | $-70M | $-65M | |
| Stockholders' Equity | $5.89B | $6.24B | $6.07B | $5.61B | $5.24B | $4.36B | $3.77B | $3.36B | $3.32B | $3.11B | $2.90B | $3.16B | |
| Liabilities + Equity | $26.37B | $27.40B | $27.20B | $26.18B | $26.34B | $21.54B | $21.08B | $18.72B | $17.49B | $16.28B | $14.46B | $13.20B | |
| Shares Outstanding | 141,799,070 | 153,320,000 | 157,612,000 | 158,079,000 | 161,054,000 | 163,172,000 | 163,081,000 | 167,479,000 | 179,748,000 | 186,549,000 | 194,712,000 | 208,870,000 |
Cash Flow 14
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $346M | $295M | $260M | $265M | $273M | $242M | $216M | $182M | $180M | $169M | $137M | $115M | |
| Stock-based Comp | $99M | $135M | $120M | $86M | $109M | $122M | $109M | $75M | $62M | $92M | $51M | $82M | |
| Deferred Tax | $74M | $-24M | $-5M | $-7M | $15M | $-36M | $-1M | $2M | $81M | $2M | $17M | $-4M | |
| Amort. of Intangibles | $15M | $15M | $15M | $15M | $12M | · | · | · | · | · | · | · | |
| Other Non-cash | $1.02B | $-282M | $-396M | $454M | $-4.10B | $-407M | $-1.45B | $-939M | $-1.07B | $-1.36B | $-978M | $-1.76B | |
| Operating Cash Flow | $1.78B | $624M | $459M | $1.28B | $-2.55B | $668M | $-237M | $163M | $-81M | $-455M | $-117M | $-968M | |
| CapEx | $541M | $468M | $465M | $423M | $309M | $165M | $332M | $305M | $297M | $418M | $316M | $310M | |
| Investing Cash Flow | $-540M | $-461M | $-467M | $-426M | $-524M | $-128M | $-389M | $-309M | $-302M | · | · | · | |
| Stock Repurchased | $643M | $428M | $94M | $334M | $576M | $230M | $568M | $905M | $580M | $564M | $984M | $924M | |
| Net Stock Activity | $-643M | $-428M | $-94M | $-334M | $-576M | $-230M | $-568M | $-905M | $-580M | $-564M | $-984M | $-917M | |
| Financing Cash Flow | $-1.34B | $-454M | $308M | $-710M | $3.10B | $-424M | $687M | $186M | $413M | · | · | · | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $6M | $1M | $10M | $-600M | |
| Free Cash Flow | $1.24B | $156M | $-7M | $861M | $-2.86B | $503M | $-569M | $-142M | $-377M | $-886M | $-464M | $-1.28B | |
| Levered FCF | $1.17B | $76M | $-100M | $769M | $-2.93B | $437M | $-632M | $-199M | $-422M | $-921M | $-487M | $-1.29B |
Profitability 6
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.8% | 11.0% | 10.2% | 9.4% | 10.3% | 12.6% | 13.4% | 13.7% | 13.6% | 13.8% | 13.3% | 13.2% | |
| Net Margin | 0.96% | 1.9% | 1.8% | 1.6% | 3.6% | 3.9% | 4.4% | 4.6% | 3.9% | 4.0% | 4.1% | 4.2% | |
| Pretax Margin | 1.5% | 2.5% | 2.4% | 2.1% | 4.7% | 5.1% | 5.7% | 6.1% | 6.2% | 6.3% | 6.7% | 6.8% | |
| EBITDA Margin | 1.3% | 1.1% | 0.98% | 0.89% | 0.86% | 1.3% | 1.1% | 1.0% | 1.1% | 1.1% | 0.91% | 0.81% | |
| ROA | 0.92% | 1.8% | 1.8% | 1.8% | 4.8% | 3.5% | 4.5% | 4.7% | 3.9% | 4.1% | 4.5% | 4.8% | |
| ROE | 4.1% | 8.0% | 7.9% | 8.7% | 22.3% | 17.6% | 23.8% | 24.8% | 20.7% | 20.8% | 20.6% | 18.4% |
Liquidity & Solvency 3
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 2.3 | 2.3 | 2.6 | 3.2 | 2.4 | 2.4 | 2.5 | 2.6 | 2.6 | 2.5 | 2.6 | |
| Quick Ratio | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | |
| Debt / Equity | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 1.0 | 1.0 | 1.1 | 1.3 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | 1.1 | |
| Inventory Turnover | 5.7 | 6.2 | 6.4 | 6.1 | 6.9 | 5.5 | 6.6 | 6.4 | 6.4 | 6.5 | 6.5 | 6.6 | |
| Receivables Turnover | 131.6 | 128.6 | 102.1 | 69.1 | 79.7 | 88.1 | 122.8 | 133.1 | 119.8 | 111.6 | 112.3 | 131.1 |
Growth Rates 9
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.8% | -0.69% | -10.6% | -7.0% | 68.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -4.5% | -6.2% | 11.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -47.7% | 6.3% | -0.33% | -56.5% | 54.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -17.8% | -22.8% | -12.6% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -18.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -50.6% | 4.5% | -1.1% | -57.9% | 54.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -20.1% | -24.2% | -13.8% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -19.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $25.88B | $26.35B | $26.54B | $29.68B | $31.90B | $18.95B | $20.32B | $18.17B | $17.12B | $15.88B | $15.15B | $14.27B | |
| Net Income TTM | $247M | $501M | $479M | $485M | $1.15B | $747M | $888M | $842M | $664M | $627M | $623M | $597M | |
| Market Cap | $6.12B | $12.72B | $12.45B | $10.91B | $17.61B | $19.50B | $14.24B | $10.40B | $11.13B | $12.04B | $9.01B | $14.02B | |
| Enterprise Value | $6.22B | $12.49B | $12.19B | $10.71B | $17.52B | $19.38B | $14.19B | · | · | · | · | · | |
| P/E | 25.7 | 25.8 | 26.2 | 22.8 | 15.7 | 26.4 | 16.4 | 13.0 | 17.2 | 19.8 | 15.3 | 24.6 | |
| P/S | 0.2 | 0.5 | 0.5 | 0.4 | 0.6 | 1.0 | 0.7 | 0.6 | 0.7 | 0.8 | 0.6 | 1.0 | |
| P/B | 1.0 | 2.0 | 2.0 | 1.9 | 3.4 | 4.5 | 3.8 | 3.1 | 3.4 | 3.9 | 3.1 | 4.4 | |
| P / Tangible Book | 1.1 | 2.1 | 2.2 | 2.1 | 3.6 | 4.5 | · | · | · | · | · | · | |
| P / Cash Flow | 3.4 | 20.4 | 27.1 | 8.5 | -6.9 | 29.2 | -60.2 | 63.8 | -138.2 | -25.7 | -60.5 | -14.5 | |
| P / FCF | 4.9 | 81.3 | -1861.2 | 12.7 | -6.2 | 38.8 | -25.0 | -73.4 | -29.5 | -13.6 | -19.4 | -11.0 | |
| EV / EBITDA | 18.0 | 42.4 | 46.8 | 40.4 | 64.1 | 80.0 | 65.8 | · | · | · | · | · | |
| EV / FCF | 5.0 | 79.8 | -1822.2 | 12.4 | -6.1 | 38.5 | -25.0 | · | · | · | · | · | |
| EV / Revenue | 0.2 | 0.5 | 0.5 | 0.4 | 0.5 | 1.0 | 0.7 | · | · | · | · | · | |
| Earnings Yield | 3.9% | 3.9% | 3.8% | 4.4% | 6.4% | 3.8% | 6.1% | 7.7% | 5.8% | 5.1% | 6.6% | 4.1% |
Income Statement 15
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.01B | $5.95B | $5.79B | $6.59B | $7.55B | $6.00B | $6.22B | $7.01B | $7.11B | $5.63B | $6.15B | $7.07B | $7.69B | $5.72B | $6.51B | $8.14B | |
| Cost of Revenue | $7.16B | $5.34B | $5.20B | $5.88B | $6.65B | $5.34B | $5.55B | $6.25B | $6.32B | $5.04B | $5.54B | $6.38B | $6.87B | $5.11B | $5.93B | $7.41B | |
| Gross Profit | $854M | $605M | $590M | $718M | $894M | $668M | $678M | $760M | $792M | $586M | $613M | $697M | $817M | $611M | $577M | $737M | |
| SG&A Expense | $635M | $611M | $581M | $601M | $660M | $610M | $576M | $611M | $639M | $581M | $560M | $586M | $560M | $573M | $592M | $666M | |
| Interest Expense | $34M | $29M | $26M | $28M | $27M | $24M | $25M | $27M | $31M | $31M | $31M | $32M | $30M | $29M | $30M | $33M | |
| Interest Income | $461M | $441M | $448M | $490M | $485M | $468M | $469M | $464M | $452M | $433M | $427M | $417M | $400M | $372M | $365M | $357M | |
| Other Non-op | $2M | $8M | $-4M | $4M | $309.0K | $14M | $-5M | $3M | $-416.0K | $-15M | $886.0K | $3M | $1M | $-12M | $363.0K | $4M | |
| Pretax Income | $259M | $-111M | $84M | $127M | $283M | $118M | $166M | $178M | $207M | $66M | $111M | $158M | $307M | $83M | $50M | $168M | |
| Income Tax | $73M | $10M | $22M | $32M | $73M | $29M | $41M | $45M | $54M | $15M | $29M | $40M | $79M | $14M | $12M | $42M | |
| Net Income | $186M | $-121M | $62M | $95M | $210M | $90M | $125M | $133M | $152M | $50M | $82M | $119M | $228M | $69M | $38M | $126M | |
| EPS (Basic) | $1.31 | $-0.77 | $0.43 | $0.64 | $1.38 | $0.59 | $0.81 | $0.85 | $0.97 | $0.32 | $0.52 | $0.75 | $1.44 | $0.45 | $0.24 | $0.79 | |
| EPS (Diluted) | $1.31 | $-0.77 | $0.43 | $0.64 | $1.38 | $0.58 | $0.81 | $0.85 | $0.97 | $0.31 | $0.52 | $0.75 | $1.44 | $0.44 | $0.24 | $0.79 | |
| Shares (Basic) | 141,847,000 | -299,718,000 | 145,548,000 | 149,291,000 | 152,137,000 | -312,279,000 | 154,582,000 | 155,866,000 | 157,161,000 | -316,825,000 | 158,446,000 | 158,479,000 | 158,116,000 | -318,302,000 | 158,003,000 | 158,801,000 | |
| Shares (Diluted) | 142,148,000 | -300,495,000 | 145,864,000 | 149,637,000 | 152,607,000 | -313,436,000 | 155,265,000 | 156,526,000 | 157,706,000 | -317,891,000 | 158,799,000 | 159,238,000 | 158,561,000 | -320,781,000 | 158,536,000 | 160,218,000 | |
| EBITDA | $93M | · | · | · | $80M | · | · | · | $69M | · | · | · | $63M | · | · | · |
Balance Sheet 27
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $132M | $123M | $205M | $540M | $263M | $247M | $272M | $525M | $219M | $574M | $605M | $521M | $264M | $315M | $689M | $57M | |
| Receivables | $264M | $204M | $151M | $174M | $200M | $189M | $214M | $228M | $212M | · | $212M | $272M | $322M | · | $247M | $402M | |
| Inventory | $4.06B | $4.14B | $3.13B | $3.15B | $3.62B | $3.93B | $3.67B | $3.40B | $3.77B | · | $3.64B | $3.84B | $4.08B | · | $3.41B | $4.67B | |
| Other Current Assets | $161M | $154M | $147M | $138M | $143M | $148M | $127M | $136M | $230M | · | $170M | $219M | $190M | · | $167M | $208M | |
| Current Assets | $5.83B | $5.31B | $4.20B | $5.54B | $5.45B | $5.08B | $4.82B | $4.86B | $4.97B | · | $5.11B | $5.39B | $5.36B | · | $4.98B | $5.87B | |
| PP&E (Net) | $4.08B | $4.07B | $4.02B | $3.97B | $3.91B | $3.84B | $3.80B | $3.76B | $3.73B | · | $3.62B | $3.54B | $3.50B | · | $3.38B | $3.31B | |
| PP&E (Gross) | · | $6.29B | · | · | · | $5.86B | · | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $2.29B | $2.22B | $2.20B | $2.14B | $2.07B | $2.01B | $2.00B | $1.94B | $1.88B | · | $1.78B | $1.73B | $1.67B | · | $1.59B | $1.54B | |
| Goodwill | · | $0 | $141M | $141M | $141M | $141M | $141M | $141M | $141M | · | $141M | $141M | $141M | · | $141M | $141M | |
| Intangibles | · | $145M | · | · | · | $160M | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $498M | $497M | $500M | $459M | $456M | $467M | $487M | $496M | $518M | · | $562M | $581M | $572M | · | $581M | $560M | |
| Total Assets | $26.63B | $26.37B | $25.56B | $27.08B | $27.39B | $27.40B | $27.30B | $27.30B | $27.24B | · | $27.17B | $27.30B | $26.96B | · | $25.94B | $26.47B | |
| Accounts Payable | $1.06B | $1.12B | $887M | $913M | $980M | $978M | $986M | $1.01B | $911M | · | $763M | $932M | $967M | · | $803M | $929M | |
| Accrued Liabilities | $418M | $475M | $418M | $478M | $409M | $530M | $457M | $484M | $456M | · | $494M | $513M | $529M | · | $496M | $482M | |
| Current Liabilities | $2.16B | $2.41B | $2.11B | $2.25B | $2.28B | $2.20B | $2.10B | $2.16B | $1.99B | · | $2.08B | $2.32B | $2.11B | · | $1.94B | $2.13B | |
| Capital Leases | $453M | $465M | $462M | $464M | $471M | $482M | $481M | $473M | $485M | · | $509M | $517M | $519M | · | $509M | $513M | |
| Other Non-current Liabilities | $337M | $339M | $342M | $346M | $345M | $344M | $358M | $382M | $387M | · | $373M | $373M | $347M | · | $365M | $365M | |
| Total Liabilities | $20.51B | $20.48B | $19.50B | $20.88B | $21.10B | $21.16B | $21.09B | $21.12B | $21.08B | · | $21.13B | $21.29B | $21.14B | · | $20.45B | $21.06B | |
| Long-term Debt | $17.56B | $17.26B | $16.59B | $17.82B | $18.01B | $18.14B | $18.15B | $18.11B | $18.22B | · | $18.16B | $18.08B | $18.16B | · | $17.64B | $18.05B | |
| Total Debt | $17M | · | $217M | $217M | $217M | · | $15M | $22M | $22M | · | $313M | $312M | $12M | · | $113M | $113M | |
| Common Stock | $71M | $71M | $72M | $74M | $75M | $77M | $77M | $78M | $78M | · | $79M | $79M | $79M | · | $79M | $79M | |
| Paid-in Capital | $1.83B | $1.81B | $1.82B | $1.87B | $1.90B | $1.89B | $1.85B | $1.86B | $1.83B | · | $1.79B | $1.78B | $1.73B | · | $1.70B | $1.68B | |
| Retained Earnings | $4.23B | $4.04B | $4.20B | $4.27B | $4.32B | $4.27B | $4.27B | $4.24B | $4.19B | · | $4.12B | $4.07B | $3.95B | · | $3.65B | $3.62B | |
| AOCI | $-14M | $-34M | $-27M | $-21M | $-8M | $3M | $15M | $9M | $62M | $59M | $61M | $79M | $61M | $98M | $57M | $32M | |
| Stockholders' Equity | $6.12B | $5.89B | $6.06B | $6.20B | $6.29B | $6.24B | $6.21B | $6.18B | $6.17B | $6.07B | $6.04B | $6.01B | $5.82B | $5.61B | $5.49B | $5.41B | |
| Liabilities + Equity | $26.63B | $26.37B | $25.56B | $27.08B | $27.39B | $27.40B | $27.30B | $27.30B | $27.24B | · | $27.17B | $27.30B | $26.96B | · | $25.94B | $26.47B | |
| Shares Outstanding | 141,909,099 | 141,799,070 | 143,062,439 | 147,673,338 | 150,582,152 | 153,319,678 | 153,908,030 | 155,332,046 | 156,352,956 | 157,612,000 | 158,021,407 | 158,655,733 | 158,208,623 | 158,079,000 | 158,019,398 | 158,043,981 |
Cash Flow 12
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $93M | $94M | $88M | $84M | $80M | $77M | $75M | $73M | $69M | $67M | $67M | $64M | $63M | $63M | $65M | $67M | |
| Stock-based Comp | $42M | $12M | $16M | $24M | $47M | $28M | $24M | $35M | $48M | $29M | $21M | $33M | $36M | $21M | $18M | $25M | |
| Deferred Tax | $-991.0K | $-3M | $34M | $40M | $3M | $-4M | $-8M | $-10M | $-2M | $23M | $-3M | $-18M | $-7M | $-4M | $-3M | $-11M | |
| Other Non-cash | $-302M | · | · | · | $-40M | · | · | · | $-385M | · | · | · | $-506M | · | · | · | |
| Operating Cash Flow | $18M | $-554M | $1.25B | $785M | $300M | $146M | $-23M | $619M | $-118M | $310M | $210M | $124M | $-185M | $-379M | $1.18B | $-51M | |
| CapEx | $103M | $133M | $140M | $131M | $137M | $128M | $127M | $109M | $104M | $110M | $145M | $73M | $137M | $103M | $115M | $110M | |
| Investing Cash Flow | $-100M | $-129M | $-139M | $-131M | $-141M | $-113M | $-132M | $-110M | $-106M | $-110M | $-145M | $-75M | $-137M | $-107M | $-111M | $-108M | |
| Stock Repurchased | $2M | $54M | $204M | $181M | $204M | $99M | $116M | $106M | $107M | $50M | $40M | $212.0K | $4M | $118.0K | $9M | $162M | |
| Net Stock Activity | $-2M | · | · | · | $-204M | · | · | · | $-107M | · | · | · | $-4M | · | · | · | |
| Financing Cash Flow | $91M | $633M | $-1.51B | $-338M | $-129M | $-49M | $-122M | $-171M | $-112M | $-210M | $-30M | $240M | $307M | $117M | $-505M | $133M | |
| Free Cash Flow | $-86M | · | · | · | $163M | · | · | · | $-222M | · | · | · | $-322M | · | · | · | |
| Levered FCF | $-110M | · | · | · | $143M | · | · | · | $-245M | · | · | · | $-345M | · | · | · |
Profitability 6
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.7% | · | 10.2% | 10.9% | 11.8% | · | 10.9% | 10.8% | 11.1% | · | 10.0% | 9.8% | 10.6% | · | 8.9% | 9.0% | |
| Net Margin | 2.3% | · | 1.1% | 1.5% | 2.8% | · | 2.0% | 1.9% | 2.1% | · | 1.3% | 1.7% | 3.0% | · | 0.58% | 1.6% | |
| Pretax Margin | 3.2% | · | 1.5% | 1.9% | 3.8% | · | 2.7% | 2.5% | 2.9% | · | 1.8% | 2.2% | 4.0% | · | 0.77% | 2.1% | |
| EBITDA Margin | 1.2% | · | · | · | 1.1% | · | · | · | 0.97% | · | · | · | 0.82% | · | · | · | |
| ROA | 0.69% | · | 0.24% | 0.35% | 0.77% | · | 0.46% | 0.49% | 0.56% | · | 0.31% | 0.44% | 0.86% | · | 0.15% | 0.49% | |
| ROE | 3.0% | · | 1.0% | 1.5% | 3.4% | · | 2.1% | 2.2% | 2.5% | · | 1.4% | 2.1% | 4.1% | · | 0.71% | 2.4% |
Liquidity & Solvency 3
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | · | 2.0 | 2.5 | 2.4 | · | 2.3 | 2.3 | 2.5 | · | 2.5 | 2.3 | 2.5 | · | 2.6 | 2.8 | |
| Quick Ratio | 0.2 | · | 0.2 | 0.3 | 0.2 | · | 0.2 | 0.3 | 0.2 | · | 0.4 | 0.3 | 0.3 | · | 0.5 | 0.2 | |
| Debt / Equity | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 |
Efficiency 3
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | · | 0.2 | 0.2 | 0.3 | · | 0.2 | 0.3 | 0.3 | · | 0.2 | 0.3 | 0.3 | · | 0.3 | 0.3 | |
| Inventory Turnover | 1.9 | · | 1.5 | 1.8 | 1.8 | · | 1.5 | 1.7 | 1.6 | · | 1.6 | 1.5 | 1.6 | · | 1.5 | 1.7 | |
| Receivables Turnover | 34.5 | · | 31.8 | 32.8 | 36.6 | · | 29.2 | 28.1 | 26.6 | · | 26.8 | 21.0 | 16.5 | · | 16.1 | 17.7 |
Valuation (TTM) 14
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $27.95B | · | $26.16B | $27.38B | $27.90B | · | $26.50B | $27.35B | $28.02B | · | $27.42B | $29.41B | $31.65B | · | $32.49B | $33.97B | |
| Net Income TTM | $554M | · | $493M | $564M | $621M | · | $493M | $486M | $581M | · | $467M | $510M | $644M | · | $685M | $933M | |
| Market Cap | $6.33B | · | $5.53B | $9.06B | $9.71B | · | $12.92B | $13.13B | $10.99B | · | $10.10B | $12.96B | $11.42B | · | $10.96B | $13.98B | |
| Enterprise Value | $6.22B | · | $5.54B | $8.74B | $9.66B | · | $12.67B | $12.63B | $10.79B | · | $9.81B | $12.75B | $11.17B | · | $10.38B | $14.03B | |
| P/E | 11.9 | · | 11.9 | 16.7 | 16.1 | · | 26.7 | 27.4 | 19.1 | · | 21.7 | 25.4 | 17.9 | · | 16.4 | 15.5 | |
| P/S | 0.2 | · | 0.2 | 0.3 | 0.3 | · | 0.5 | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.4 | |
| P/B | 1.0 | · | 0.9 | 1.5 | 1.5 | · | 2.1 | 2.1 | 1.8 | · | 1.7 | 2.2 | 2.0 | · | 2.0 | 2.6 | |
| P / Tangible Book | 1.0 | · | 0.9 | 1.5 | 1.6 | · | 2.1 | 2.2 | 1.8 | · | 1.7 | 2.2 | 2.0 | · | 2.1 | 2.7 | |
| P / Cash Flow | 360.0 | · | · | · | 32.4 | · | · | · | -93.3 | · | · | · | -61.7 | · | · | · | |
| P / FCF | -73.8 | · | · | · | 59.6 | · | · | · | -49.6 | · | · | · | -35.5 | · | · | · | |
| EV / EBITDA | 66.9 | · | · | · | 121.1 | · | · | · | 155.8 | · | · | · | 177.3 | · | · | · | |
| EV / FCF | -72.5 | · | · | · | 59.3 | · | · | · | -48.7 | · | · | · | -34.7 | · | · | · | |
| EV / Revenue | 0.2 | · | 0.2 | 0.3 | 0.3 | · | 0.5 | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.4 | |
| Earnings Yield | 8.4% | · | 8.4% | 6.0% | 6.2% | · | 3.8% | 3.6% | 5.2% | · | 4.6% | 3.9% | 5.6% | · | 6.1% | 6.5% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2026-02-28 | 2025-02-28 | 2024-02-29 | 2023-02-28 | 2022-02-28 | |
|---|---|---|---|---|---|
| Revenue | $25.88B | $26.35B | $26.54B | $29.68B | $31.90B |
| Gross Margin % | 10.8% | 11.0% | 10.2% | 9.4% | 10.3% |
| Net Income | $247M | $501M | $479M | $485M | $1.15B |
| Diluted EPS | $1.68 | $3.21 | $3.02 | $3.03 | $6.97 |
Balance Sheet
| 2026-02-28 | 2025-02-28 | 2024-02-29 | 2023-02-28 | 2022-02-28 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 |
| Current Ratio | 2.2 | 2.3 | 2.3 | 2.6 | 3.2 |
| Quick Ratio | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 |
Cash Flow
| 2026-02-28 | 2025-02-28 | 2024-02-29 | 2023-02-28 | 2022-02-28 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.24B | $156M | $-7M | $861M | $-2.86B |
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Institutional owners (13F) 642 filers · $6.2B 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 |
|---|---|---|---|---|
| 95 (-22 vs prior Q) | 74 (-5 vs prior Q) | 149 (-27 vs prior Q) | 258 (+54 vs prior Q) | +6.8M |
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 | $385,381,663 | 7,286,475 | 6.23% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $345,055,501 | 6,548,785 | 5.58% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $339,563,902 | 6,420,191 | 5.49% | Shares |
| SRS Investment Management, LLC | $313,260,171 | 5,922,862 | 5.06% | Shares |
| TWO SIGMA INVESTMENTS, LP | $308,452,893 | 5,831,970 | 4.98% | Shares |
| STATE STREET CORP | $272,715,438 | 5,156,276 | 4.41% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $246,436,459 | 4,659,415 | 3.98% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $230,548,357 | 4,359,016 | 3.73% | Shares |
| AMERICAN CENTURY COMPANIES INC | $171,906,622 | 3,250,267 | 2.78% | Shares |
| Starboard Value LP | $169,588,506 | 3,206,438 | 2.74% | Shares |
| First Pacific Advisors, LP | $159,122,950 | 3,008,564 | 2.57% | Shares |
| HAWK RIDGE CAPITAL MANAGEMENT LP | $149,914,484 | 2,834,458 | 2.42% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $128,001,152 | 2,420,139 | 2.07% | Shares |
| D. E. Shaw & Co., Inc. | $122,313,097 | 2,312,594 | 1.98% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $115,465,270 | 2,183,121 | 1.87% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $115,214,455 | 2,177,729 | 1.86% | Shares |
| TWO SIGMA ADVISERS, LP | $112,380,576 | 2,908,400 | 1.82% | Shares |
| Apollo Management Holdings, L.P. | $105,054,614 | 1,986,285 | 1.70% | Shares |
| MILLENNIUM MANAGEMENT LLC | $100,403,044 | 1,898,337 | 1.62% | Shares |
| Slate Path Capital LP | $96,667,053 | 1,827,700 | 1.56% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $86,152,785 | 1,628,905 | 1.39% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $79,907,270 | 1,510,820 | 1.29% | Shares |
| GOLDMAN SACHS GROUP INC | $71,148,846 | 1,345,223 | 1.15% | Shares |
| Focus Partners Wealth | $53,768,186 | 1,016,596 | 0.87% | Shares |
| Woodline Partners LP | $53,204,748 | 1,005,951 | 0.86% | Shares |
| Alyeska Investment Group, L.P. | $50,667,562 | 957,980 | 0.82% | Shares |
| Rings Capital Management LLC | $50,192,610 | 949,000 | 0.81% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $49,336,062 | 932,805 | 0.80% | Shares |
| Silver Heights Capital Management Inc | $48,288,200 | 912,993 | 0.78% | Shares |
| Vulcan Value Partners, LLC | $48,269,424 | 912,638 | 0.78% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $47,549,644 | 899,029 | 0.77% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $45,716,106 | 864,362 | 0.74% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $43,142,373 | 815,700 | 0.70% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $42,951,969 | 812,100 | 0.69% | Call option |
| UBS Group AG | $37,816,350 | 715,000 | 0.61% | Put option |
| PRINCIPAL FINANCIAL GROUP INC | $36,115,831 | 682,848 | 0.58% | Shares |
| BANK OF AMERICA CORP /DE/ | $35,414,668 | 669,591 | 0.57% | Shares |
| NORGES BANK | $35,210,830 | 665,737 | 0.57% | Shares |
| Holocene Advisors, LP | $35,123,403 | 664,084 | 0.57% | Shares |
| Framtiden Holdings Management Co LLC | $34,378,500 | 610,000 | 0.56% | Shares |
| Mount Capital Ltd | $30,930,072 | 584,800 | 0.50% | Shares |
| Public Sector Pension Investment Board | $25,787,577 | 487,570 | 0.42% | Shares |
| Bank of New York Mellon Corp | $24,909,921 | 470,976 | 0.40% | Shares |
| CITADEL ADVISORS LLC | $24,530,382 | 463,800 | 0.40% | Call option |
| Nexus Investment Management ULC | $24,293,170 | 459,315 | 0.39% | Shares |
| Walleye Trading LLC | $23,493,738 | 444,200 | 0.38% | Call option |
| Balyasny Asset Management L.P. | $22,422,874 | 423,953 | 0.36% | Shares |
| JANE STREET GROUP, LLC | $21,547,386 | 407,400 | 0.35% | Call option |
| Kiltearn Partners LLP | $21,498,674 | 406,479 | 0.35% | Shares |
| Welch & Forbes LLC | $20,478,506 | 387,190 | 0.33% | Shares |
| Endure Capital Management, LLC | $20,270,621 | 383,260 | 0.33% | Shares |
| Point72 Asset Management, L.P. | $18,001,746 | 340,362 | 0.29% | Shares |
| GAGNON SECURITIES LLC | $17,210,935 | 325,410 | 0.28% | Shares |
| AMERIPRISE FINANCIAL INC | $17,045,230 | 322,277 | 0.28% | Shares |
| RHUMBLINE ADVISERS | $16,876,936 | 319,096 | 0.27% | Shares |
| IEQ CAPITAL, LLC | $16,429,847 | 310,642 | 0.27% | Shares |
| CLIFFORD SWAN INVESTMENT COUNSEL LLC | $16,297,154 | 308,133 | 0.26% | Shares |
| Squarepoint Ops LLC | $16,153,770 | 305,422 | 0.26% | Shares |
| Broad Run Investment Management, LLC | $14,979,823 | 283,226 | 0.24% | Shares |
| CITADEL ADVISORS LLC | $14,682,264 | 277,600 | 0.24% | Put option |
| Swiss National Bank | $14,296,167 | 270,300 | 0.23% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $14,277,497 | 269,947 | 0.23% | Shares |
| Mariner, LLC | $13,701,647 | 259,057 | 0.22% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $12,485,900 | 236,073 | 0.20% | Shares |
| BlackRock, Inc. | $12,371,447 | 233,909 | 0.20% | Shares |
| Gotham Asset Management, LLC | $11,534,939 | 218,093 | 0.19% | Shares |
| Legal & General Group Plc | $11,533,193 | 218,060 | 0.19% | Shares |
| CWM, LLC | $11,499,349 | 276,560 | 0.19% | Shares |
| Point72 Asset Management, L.P. | $10,641,468 | 201,200 | 0.17% | Put option |
| QVT Financial LP | $10,578,000 | 200,000 | 0.17% | Shares |
| FIRST TRUST ADVISORS LP | $10,260,871 | 194,004 | 0.17% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $10,100,900 | 190,979 | 0.16% | Shares |
| ASSETMARK, INC | $10,022,121 | 189,490 | 0.16% | Shares |
| Man Group plc | $9,648,934 | 182,434 | 0.16% | Shares |
| California Public Employees Retirement System | $9,581,500 | 181,159 | 0.15% | Shares |
| Quantinno Capital Management LP | $9,361,293 | 176,995 | 0.15% | Shares |
| RAYMOND JAMES FINANCIAL INC | $9,348,096 | 176,746 | 0.15% | Shares |
| Point72 Asset Management, L.P. | $9,345,663 | 176,700 | 0.15% | Call option |
| Kinsale Capital Group, Inc. | $9,236,551 | 174,637 | 0.15% | Shares |
| OPPENHEIMER & CO INC | $9,227,401 | 174,464 | 0.15% | Shares |
| Fideuram Asset Management (Ireland) dac | $9,138,340 | 222,013 | 0.15% | Shares |
| BML Capital Management, LLC | $9,123,525 | 172,500 | 0.15% | Shares |
| BANYAN CAPITAL MANAGEMENT, INC. | $8,949,728 | 169,214 | 0.14% | Shares |
| ExodusPoint Capital Management, LP | $8,413,054 | 159,067 | 0.14% | Shares |
| BARCLAYS PLC | $7,971,739 | 150,723 | 0.13% | Shares |
| Trexquant Investment LP | $7,794,822 | 147,378 | 0.13% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $7,656,577 | 154,702 | 0.12% | Shares |
| DAVENPORT & Co LLC | $7,491,028 | 141,634 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $7,232,866 | 136,753 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $7,137,294 | 134,946 | 0.12% | Shares |
| PRUDENTIAL FINANCIAL INC | $7,090,645 | 134,064 | 0.11% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $6,884,903 | 130,174 | 0.11% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,815,794 | 163,920 | 0.11% | Shares |
| WOLVERINE TRADING, LLC | $6,724,150 | 148,600 | 0.11% | Call option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $6,648,643 | 125,707 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $6,246,309 | 118,100 | 0.10% | Put option |
| J. Goldman & Co LP | $6,118,580 | 115,685 | 0.10% | Shares |
| GABELLI FUNDS LLC | $6,008,304 | 113,600 | 0.10% | Shares |
| SIB LLC | $5,767,841 | 70,546 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $5,623,053 | 106,316 | 0.09% | Shares |
Company insiders 53 insiders · 24 officers · 28 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Keith Barr | President and CEO | June 22, 2026 P | 33,375 | 1 | 0 | $498,200 |
| William D Nash | President & CEO | May 1, 2025 A | 206,731 | 0 | 0 | $0 |
| Enrique N Mayor-Mora | EVP & CFO | May 1, 2026 A | 22,868 | 0 | 0 | $0 |
| Charles Joseph Wilson | EVP and COO | May 1, 2026 A | 19,025 | 0 | 0 | $0 |
| Edwin J Hill | EVP & COO | July 9, 2021 M | 4,926 | 0 | 0 | $0 |
| William C Wood Jr. | EVP & COO | June 27, 2018 M | 54,598 | 0 | 0 | $0 |
| John M Stuckey III | SVP, Gen Counsel & Secretary | May 1, 2026 A | 2,493 | 0 | 0 | $0 |
| Diane L Cafritz | EVP, Chief Innov & People Off | May 1, 2026 A | 9,564 | 0 | 0 | $0 |
| Jon G Daniels | EVP, CAF | May 1, 2026 A | 1,957 | 0 | 0 | $0 |
| Mohammad Shamim | EVP and CITO | May 1, 2026 A | 14,523 | 0 | 0 | $0 |
| Jill A Livesay | VP, Controller & PAO | May 1, 2026 A | 10,956 | 0 | 0 | $0 |
| Tyler Tuite | SVP & Chief Product Officer | March 22, 2026 M | 1,664 | 0 | 0 | $0 |
| James Lyski | EVP, Chief Growth & Strat Off | May 1, 2025 A | 27,164 | 0 | 0 | $0 |
| Darren C Newberry | SVP | May 3, 2024 F | 11,154 | 0 | 0 | $0 |
| Eric M Margolin | EVP, Legal | June 29, 2021 M | 29,286 | 0 | 0 | $0 |
| Thomas W Reedy JR | EVP of Finance | Jan. 12, 2021 M | 19,979 | 0 | 0 | $0 |
| Natalie L Wyatt | VP, Controller & PAO | July 21, 2016 M | 1,603 | 0 | 0 | $0 |
| Angela S Chattin | SVP, CAF | Dec. 23, 2014 M | 12,063 | 0 | 0 | $0 |
| Richard Murray Smith | SVP & CIO | July 17, 2014 S | 79,329 | 0 | 0 | $0 |
| Joseph S Kunkel | SVP, Marketing and Strategy | Nov. 5, 2012 M | 127,671 | 0 | 0 | $0 |
| Michael K Dolan | CAO/Executive Vice President | April 10, 2012 A | 111,212 | 0 | 0 | $0 |
| Kim D Orcutt | VP / Principal Acctg Officer | May 3, 2011 M | 11,379 | 0 | 0 | $0 |
| Keith D Browning | EVP/Finance | April 5, 2011 A | 122,000 | 0 | 0 | $0 |
| Stuart A Heaton | VICE PRESIDENT | Aug. 10, 2005 M | 0 | 0 | 0 | $0 |
| James Francis Kessler | Director | June 26, 2026 A | 3,696 | 0 | 0 | $0 |
| Pietro Satriano | Director | June 26, 2026 A | 20,011 | 0 | 0 | $0 |
| Marcella Shinder | Director | June 26, 2026 A | 28,689 | 1 | 0 | $29,854 |
| David W. Mccreight | Director | June 26, 2026 A | 39,530 | 0 | 0 | $0 |
| Sona Chawla | Director | June 26, 2026 A | 25,398 | 1 | 0 | $106,780 |
| Peter J Bensen | Director | June 26, 2026 A | 28,492 | 1 | 0 | $130,500 |
| Robert Oshaughnessy | Director | June 26, 2026 A | 3,696 | 0 | 0 | $0 |
| Mark F Oneil | Director | June 26, 2026 A | 33,186 | 3 | 0 | $1,002,463 |
| Thomas J Folliard | Director | June 26, 2026 A | 227,754 | 0 | 0 | $0 |
| William C Cobb | Director | June 26, 2026 A | 3,696 | 0 | 0 | $0 |
| Mitchell D Steenrod | Director | Oct. 2, 2025 P | 38,330 | 1 | 0 | $91,140 |
| Shira Goodman | Director | June 30, 2025 A | 39,325 | 0 | 0 | $0 |
| Ronald E Blaylock | Director | July 1, 2024 A | 12,658 | 0 | 0 | $0 |
| Robert J. Hombach | Director | July 2, 2021 A | 7,766 | 0 | 0 | $0 |
| William R Tiefel | Director | Jan. 16, 2019 M | 162,567 | 0 | 0 | $0 |
| Edgar H Grubb | Director | Oct. 5, 2017 M | 42,411 | 0 | 0 | $0 |
| Alan B. Colberg | Director | June 29, 2017 A | 6,845 | 0 | 0 | $0 |
| John T Standley | Director | June 29, 2017 A | 3,711 | 0 | 0 | $0 |
| Jeffrey E Garten | Director | June 29, 2017 A | 23,958 | 0 | 0 | $0 |
| Rakesh Gangwal | Director | July 1, 2016 A | 61,828 | 0 | 0 | $0 |
| Thomas Stemberg | Director | July 22, 2015 M | 17,083 | 0 | 0 | $0 |
| Beth Stewart | Director | June 27, 2013 A | 14,781 | 0 | 0 | $0 |
| Vivian Stephenson | Director | Nov. 1, 2012 M | 15,708 | 0 | 0 | $0 |
| James F Clingman | Director | July 1, 2010 A | 13,280 | 0 | 0 | $0 |
| Hugh G Robinson | Director | Sept. 25, 2009 M | 5,631 | 0 | 0 | $0 |
| Robert W Grafton | — | Dec. 29, 2017 P | 37,369 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 96 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 |
|---|---|---|---|---|
| PSCD · Invesco Exchange-Traded Fund Trust … | 3.40% | 13,200 SH | Aug. 21, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 2.19% | 740,431 SH | Aug. 21, 2026 | Daily |
| FLOW · Global X Funds | 1.76% | 11,280 NS | May 31, 2026 | N-PORT |
| FPAG · Investment Managers Series Trust III | 1.41% | 144,469 NS | June 30, 2026 | N-PORT |
| RZV · Invesco Exchange-Traded Fund Trust | 1.37% | 67,440 SH | Aug. 21, 2026 | Daily |
| EQTY · Valued Advisers Trust | 1.34% | 447,482 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 1.32% | 1,158,342 NS | April 30, 2026 | N-PORT |
| FXD · First Trust Exchange-Traded AlphaDE… | 1.00% | 67,142 NS | April 30, 2026 | N-PORT |
| RETL · Direxion Shares ETF Trust | 0.92% | 7,326 NS | April 30, 2026 | N-PORT |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.80% | 301,121 SH | Aug. 19, 2026 | Daily |
| AUSF · Global X Funds | 0.56% | 106,483 NS | May 31, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.53% | 29,322 NS | April 30, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.51% | 20,863 SH | Aug. 21, 2026 | Daily |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.45% | 2,715,619 NS | May 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.41% | 496,185 SH | Aug. 19, 2026 | Daily |
| MILN · Global X Funds | 0.38% | 8,189 NS | May 31, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.32% | 2,330 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.31% | 2,023 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.28% | 1,697 NS | May 31, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.28% | 44,122 SH | Aug. 19, 2026 | Daily |
| ISCV · iShares Trust | 0.27% | 31,320 SH | Aug. 21, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.27% | 518,934 NS | April 30, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.27% | 77,281 SH | Aug. 21, 2026 | Daily |
| DFVE · DoubleLine ETF Trust | 0.26% | 1,607 NS | June 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.26% | 87,525 NS | April 30, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.23% | 18,342 NS | April 30, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.21% | 4,262 NS | May 29, 2026 | N-PORT |
| VCR · VANGUARD WORLD FUND | 0.19% | 249,747 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.16% | 76,397 SH | Aug. 21, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.16% | 5,667 NS | April 30, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.15% | 87,852 NS | April 30, 2026 | N-PORT |
| IYC · iShares Trust | 0.14% | 28,220 SH | Aug. 21, 2026 | Daily |
| ISCB · iShares Trust | 0.14% | 6,379 SH | Aug. 21, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.13% | 21,065 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.13% | 1,635,081 SH | Aug. 19, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.12% | 19,572 SH | Aug. 21, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.12% | 382,987 NS | May 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.12% | 72,996 SH | Aug. 21, 2026 | Daily |
| FDIS · FIDELITY COVINGTON TRUST | 0.11% | 51,619 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 57,290 NS | April 30, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 19,725 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.10% | 344,902 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.09% | 323,195 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.09% | 30,112 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.09% | 3,253,034 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.08% | 213,639 SH | Aug. 21, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.08% | 1,629,064 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.07% | 8,184 SH | Aug. 21, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 10,195 SH | Aug. 21, 2026 | Daily |
| EBI · RBB Fund Trust | 0.07% | 10,547 NS | May 31, 2026 | N-PORT |