LAUR Laureate Education, Inc. - Common Stock
About Laureate Education, Inc. - Common Stock Company overview from Wikipedia
Laureate Education, Inc. is a company based in Miami, Florida, United States. The firm owns and operates Laureate International Universities, with campuses in Mexico and Peru. The company is publicly traded on the Nasdaq.
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Laureate Education, Inc. is a company based in Miami, Florida, United States. The firm owns and operates Laureate International Universities, with campuses in Mexico and Peru.
The company is publicly traded on the Nasdaq.
Corporate history
Beginnings: 1998–2009
Laureate Education was originally created by Douglas Becker in 1998, as Sylvan International Universities, an operational division of Sylvan Learning Systems that would focus on post-secondary institutions. At the time, Sylvan was primarily focused on services for students in primary and secondary education through company owned and franchise locations.
Sylvan International Universities' first acquisition was Spain's Universidad Europea de Madrid for $51 million in 1999. By 2001, the company had expanded to include institutions including Mexico's Universidad del Valle de México (UMV), Chile's Universidad de las Américas, Switzerland's Les Roches International School of Hotel Management, and 41% ownership of the online institution Walden University.
In March 2003, the firm decided to focus exclusively on post-secondary education. It sold the K-12 business units, and the Sylvan name and trademark to Apollo Management, and in May 2004 changed its name to Laureate Education to reflect the new direction. Laureate took full control of Walden in September 2004, after purchasing remaining shares of the university for $109 million. The Baltimore Sun reported in 2004 that "Walden's enrollment grew tenfold from the time Laureate first invested in it four years ago."
In 2007, the firm became private after being acquired by an investor group led by Becker.
Growth: 2010–2017
Laureate continued to expand and acquire new institutions after becoming privately owned. By 2010, it owned more than 50 institutions, both campus-based and online, in 21 countries across Asia, Europe, and the Americas. According to the firm, it had a total enrollment of about 550,000 students. Former United States President Bill Clinton held a role as honorary chancellor of Laureate from 2010 until early April 2015. Clinton's publicly disclosed tax returns showed he was paid just short of $16.5 million for his work with the firm. His position included attending meetings on education issues, campus openings, and commencement ceremonies.
In January 2013, the International Finance Corporation, a member of the World Bank Group, made a $150 million equity investment in the firm to expand access to higher education in emerging markets. The firm, which had been present in Brazil since 2005, also bought Brazilian for-profit university chain Centro Universitário das Faculdades Metropolitanas Unidas for $412 million in anticipation of a growing middle-class in Brazil.
The firm was among investors in Coursera, a provider of massive online open courses, citing the opportunity to license courses through Coursera.
Arizona-based Thunderbird School of Global Management announced a partnership with the firm in March 2013 to set up a joint venture that would provide capital support for Thunderbird to open multiple international instruction sites, create an undergraduate program, and expand its executive education and online programs. The partnership proved controversial. Some trustees and alumni expressed concerns that partnering with for-profit education could negatively affect Thunderbird's reputation, while supporters said working with Laureate would allow Thunderbird, which was struggling financially, to maintain its independence.
In December 2013, Laureate announced the election of three independent directors: Robert B. Zoellick, former World Bank president; Judith Rodin, president of the Rockefeller Foundation; and George Muñoz, principal of the Muñoz Investment Banking Group. In 2015, Laureate named Ernesto Zedillo, the former president of Mexico, to the post of Presidential Counselor replacing U. S. President Clinton.
Laureate reported revenue of approximately $4 billion in 2014. At the time, it owned 75 schools in 30 countries. Inside Higher Ed reported that total enrollment among the firm's institutions was 800,000, with its largest school, UVM, enrolling 120,000.
In July 2015, Moody's rated Laureate's corporate bonds as high-risk and characterized Laureate as highly leveraged.
Laureate filed for an initial public offering in October 2015. At the time, it disclosed $4.7 billion in debt, and that funds raised from the IPO would be used to reduce its debt load. At the end of 2015, the firm became a certified benefit corporation, the largest at the time. In 2016, the firm sold its two Glion Institute of Higher Education campuses, and four campuses of Les Roches to Eurazeo for $384.9 million.
The firm began trading at $14 per share on the NASDAQ on February 1, 2017. It initially offered 35 million shares, raising $490 million, and closed its first day at $13.25 per share. The IPO stated that the firm had grown to more than 1 million students and 200-plus campuses in 28 countries, and the IPO was in part a response to a global demand for more higher education among a rapidly growing middle class. It was only the third B Corporation to go public, the first two being Etsy and Rally Software.
Decline: 2017–2021
In September 2017, Becker announced his resignation as Laureate's CEO effective January 2018. He was succeeded by Chief Financial Officer Eilif Serck-Hanssen.
In 2018, the firm began divesting in several markets. It sold schools such as Université Internationale de Casablanca in Morocco, and Kendall College, as well as others in China, Malaysia, Italy and Cyprus. Its focus at the time was on its operations in Spain, Portugal, the U.S., and South and Central America.
Laureate continued its divestiture in 2019, including ending its relationship with Istanbul Bilgi University in Istanbul, and selling University of St. Augustine for Health Sciences.
In this period, it also closed or sold several schools, including Santa Fe University of Art and Design, Kendall College, Centro Universitário do Norte (UniNorte), Universidad Europea de Madrid, Universidad Europea de Valencia, Universidad Europea de Canarias, Universidade Europeia in Portugal and Instituto Português de Administração de Marketing in Portugal. Laureate also reportedly sold Université Internationale de Casablanca. Laureate also stopped enrolling new students at the University of Liverpool and the University of Roehampton.
The firm's long-term debt at the time was approximately $2.5 billion. It also provided the US Department of Education with letters of credit totaling $137 million for several schools, meant to safeguard federal student aid if the schools closed.
In May 2019, Pública, a Brazilian news outlet, published an investigative report on Laureate Education's practices in the country after 150 teachers were dismissed in December 2018. A dozen teachers accused Laureate of corruption ranging from forged documents to assigning teachers in classes outside of their area of expertise.
In 2020, the firm announced a new strategy to review its operations, including possible sales of schools in Peru, Mexico, Australia and New Zealand. It then entered into an agreement to sell its Australian and New Zealand schools to Strategic Education, Inc., and on September 11, said it would sell Walden to Adtalem for $1.48 billion. The Baltimore Business Journal reported that Laureate executives would receive $19 million in bonuses from the sale of Walden. By November, the firm had divested its universities in Australia, New Zealand and Chile,
Laureate also announced that it would sell its Brazilian operations to Ser Educacional for $724 million. However, the firm received a higher offer of $765 million from Anima Holding during a 30-day period while it was allowed to solicit other offers. 11 institutions were included in the sale of the firm's Brazilian operations. The firm also said it had stopped enrolling students in its United Kingdom programs in 2020. The sale to Anima was completed in May 2021.
In 2021, the firm focused on its continuing operations in Mexico and Peru and plans to safely return to in-class education, noting increased demand for higher-education in those markets. As of June 2021, the firm had reported $522 million in revenue for the year. The Walden sale was completed in August 2021, following which the firm announced a $1.29 billion cash distribution that would be made available to eligible stockholders in October. As of September 2021, the firm maintained operations in Peru and Mexico and said it would continue to operate as a public company.
Selected revenue and enrollment figures
Laureate International Universities
Laureate International Universities have taught various subjects at both undergraduate and graduate level. Subjects covered by some of its remaining colleges include design, business, culinary and hospitality, and health sciences. As of June 2021, Laureate's continuing operations in Mexico and Peru have a total enrollment of 349,000 students, according to the firm.
Mexico
Universidad del Valle de México (UVM)
Universidad Tecnológica de México (UNITEC)
Peru
CIBERTEC
Universidad Peruana de Ciencias Aplicadas (UPC)
Universidad Privada del Norte (UPN)
Institutions previously in the Laureate Education network
These schools were previously owned or managed by Laureate Education, or offered courses in partnership with the firm.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
LAUR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
LAUR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Nov. 14, 2023 | $0.7000 |
| Nov. 3, 2022 | $0.6800 |
| Sept. 27, 2022 | $0.8300 |
| Dec. 13, 2021 | $0.5800 |
| Nov. 1, 2021 | $7.0100 |
LAUR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 4 30.8%
- Buy 7 53.8%
- Hold 1 7.7%
- Sell 1 7.7%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-15Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.98 | $0.98 | -0.00% |
| March 31, 2026 | $-0.15 | $-0.25 | 0.10% |
| Dec. 31, 2025 | $1.17 | $0.81 | 0.36% |
| Sept. 30, 2025 | $0.23 | $0.29 | -0.06% |
| June 30, 2025 | $0.65 | $0.73 | -0.08% |
| March 31, 2025 | $-0.13 | $-0.14 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LAUR | $4.81B | 17.8 | 8.6% | 16.6% | 26.2% | — |
| DUOL | $8.18B | 20.5 | 38.7% | 39.9% | 35.6% | 72.2% |
| GHC | — | 16.5 | 2.5% | 5.9% | 6.5% | — |
| CVSA | $4.24B | 17.7 | 9.3% | 12.9% | 17.8% | — |
| LOPE | $4.56B | 21.6 | 7.1% | 19.5% | 28.3% | — |
| BFAM | $5.64B | 30.2 | 9.2% | 6.6% | 14.1% | 23.8% |
| LRN | $3.58B | 12.1 | 4.7% | 13.4% | 21.3% | 37.8% |
| MH | $2.62B | 72.1 | 0.07% | 1.7% | 4.6% | 80.9% |
| PRDO | $1.83B | 12.1 | 24.2% | 18.9% | 16.3% | — |
| STRA | $1.84B | 14.8 | 4.0% | 10.0% | 7.6% | — |
| UTI | $1.77B | 28.8 | 14.1% | 7.5% | 20.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.70B | $1.57B | $1.48B | $1.24B | $1.09B | $1.02B | $1.21B | $1.14B | $3.33B | $3.30B | $4.29B | |
| Cost of Revenue | $1.22B | $1.15B | $1.09B | $907M | $814M | $802M | $949M | $904M | $2.78B | $2.79B | $3.76B | |
| SG&A Expense | $51M | $46M | $53M | $65M | $204M | $200M | $226M | $267M | $315M | $222M | $195M | |
| Operating Income | $431M | $374M | $339M | $270M | $-5M | $-329M | $36M | $-27M | $235M | $291M | $337M | |
| Interest Expense | · | · | $21M | $16M | $46M | $101M | $125M | $188M | $335M | $390M | $398M | |
| Other Non-op | $8M | $1M | $-325.0K | $770.0K | $-2M | $-2M | $9M | $11M | $-2M | $457.0K | $195.0K | |
| Pretax Income | $401M | $414M | $254M | $246M | $-138M | $-451M | $-120M | $-120M | $-77M | $367M | $-201M | |
| Income Tax | $117M | $119M | $138M | $185M | $146M | $-130M | $31M | $71M | $-93M | $34M | $118M | |
| Net Income | $282M | $296M | $108M | $70M | $192M | $-613M | $938M | $370M | $91M | $372M | $-316M | |
| EPS (Basic) | $1.91 | $1.93 | $0.69 | $0.42 | $1.01 | $-2.93 | $4.23 | $1.79 | $-1.20 | $2.78 | $-2.44 | |
| EPS (Diluted) | $1.89 | $1.92 | $0.68 | $0.41 | $1.01 | $-2.93 | $4.23 | $1.73 | $-1.20 | $2.76 | $-2.44 | |
| Shares (Basic) | 147,825,000 | 153,273,000 | 157,256,000 | 167,670,000 | 189,692,000 | 209,710,000 | 221,928,000 | · | · | · | · | |
| Shares (Diluted) | 148,672,000 | 153,896,000 | 157,879,000 | 168,268,000 | 189,692,000 | 209,710,000 | 221,928,000 | 212,769,000 | 172,409,000 | 134,406,000 | 132,950,000 | |
| EBITDA | $506M | $442M | $408M | $270M | $-5M | $-329M | $326M | $291M | $357M | · | · |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $147M | $91M | $89M | $85M | $325M | $750M | $62M | $78M | $319M | $296M | $459M | |
| Receivables | · | · | · | · | · | · | $260M | $225M | $311M | $335M | · | |
| Prepaid Expense | $29M | $30M | $19M | $19M | $16M | $15M | $30M | $52M | $82M | $97M | · | |
| Other Current Assets | · | · | · | · | · | · | $519M | $492M | $643M | $651M | · | |
| Current Assets | $318M | $227M | $224M | $226M | $544M | $1.44B | $916M | $1.22B | $1.29B | $1.12B | · | |
| PP&E (Net) | $629M | $514M | $562M | $523M | $500M | $578M | $641M | $1.28B | $1.38B | $2.15B | · | |
| Accum. Depreciation | $714M | $619M | $661M | $576M | $526M | $522M | $499M | $974M | $939M | $1.13B | · | |
| Goodwill | $637M | $563M | $661M | $583M | $547M | $575M | $606M | $579M | $1.83B | $1.79B | $2.12B | |
| Intangibles | $166M | $148M | $169M | $152M | $143M | $226M | $562M | $1.15B | $1.20B | $1.35B | · | |
| Other Non-current Assets | $42M | $41M | $45M | $41M | $43M | $55M | $72M | $173M | $199M | $195M | · | |
| Total Assets | $2.21B | $1.86B | $2.13B | $1.97B | $2.21B | $4.97B | $6.50B | $6.77B | $7.39B | $7.06B | · | |
| Accounts Payable | $57M | $35M | $43M | $43M | $27M | $41M | $63M | $65M | $70M | $87M | · | |
| Accrued Liabilities | $73M | $61M | $69M | $51M | $66M | $96M | $104M | $222M | $240M | $369M | · | |
| Current Liabilities | $473M | $368M | $453M | $381M | $372M | $805M | $1.05B | $1.19B | $1.37B | $1.44B | · | |
| Capital Leases | $332M | $279M | $360M | $377M | $377M | $475M | $517M | $0 | · | · | · | |
| Deferred Tax | $16M | $12M | $56M | $90M | $74M | $86M | $170M | $218M | $247M | $452M | · | |
| Other Non-current Liabilities | $38M | $32M | $34M | $31M | $25M | $34M | $31M | $214M | $222M | $270M | · | |
| Total Liabilities | $1.02B | $904M | $1.18B | $1.20B | $1.07B | $2.71B | $3.68B | $4.70B | $5.39B | $6.04B | · | |
| Total Debt | $73M | $59M | · | · | · | · | $1.26B | $2.59B | $3.21B | · | · | |
| Common Stock | $572.0K | $604.0K | $630.0K | $923.0K | $915.0K | $0 | · | · | $0 | $534.0K | · | |
| Paid-in Capital | $1.08B | $1.13B | $1.18B | $2.20B | $2.39B | $3.76B | $3.72B | $3.70B | $3.45B | $2.72B | · | |
| Retained Earnings | $417M | $292M | $42M | $39M | $16M | $-177M | $437M | $-531M | $-946M | $-1.04B | · | |
| Treasury Stock | · | · | $0 | $1.03B | $744M | $365M | $271M | $0 | · | · | · | |
| AOCI | $-305M | $-462M | $-272M | $-442M | $-520M | $-942M | $-1.07B | $-1.11B | $-926M | $-1.05B | · | |
| Stockholders' Equity | $1.19B | $960M | $950M | $776M | $1.14B | $2.28B | $2.82B | $2.06B | $1.58B | $632M | · | |
| Liabilities + Equity | $2.21B | $1.86B | $2.13B | $1.97B | $2.21B | $4.97B | $6.50B | $6.77B | $7.39B | $7.06B | · | |
| Shares Outstanding | 142,940,000 | 150,794,000 | 157,586,000 | 157,013,000 | 180,611,000 | 0 | · | 0 | 0 | 133,376,000 | 133,255,000 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $74M | $68M | $70M | $59M | $101M | · | · | · | · | · | · | |
| Stock-based Comp | $13M | $8M | $7M | $9M | $10M | $13M | $13M | $11M | $65M | $39M | $39M | |
| Deferred Tax | $-2M | $-39M | $-56M | $-910.0K | $-51M | $-196M | $-29M | $-35M | $-163M | $-33M | $-16M | |
| Amort. of Intangibles | · | · | $0 | $0 | $23M | $8M | $0 | $0 | $12M | $11M | $20M | |
| Other Non-cash | $-1M | $-101M | $122M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $366M | $233M | $251M | $178M | $-156M | $260M | $340M | $397M | $192M | $192M | $170M | |
| CapEx | $103M | $72M | $56M | $53M | $50M | $75M | $156M | $238M | $274M | $240M | $344M | |
| Investing Cash Flow | $-103M | $-58M | $-52M | $30M | $2.04B | $587M | $1.12B | $115M | $-285M | $297M | · | |
| Debt Issued | $126M | $155M | $154M | $496M | $46M | $528M | $1.12B | $485M | $2.90B | $709M | $629M | |
| Net Debt Issued | $-3M | $-60M | $-90M | $63M | $-896M | $-177M | $-1.38B | $-382M | $-140M | · | · | |
| Stock Repurchased | $215M | $102M | $0 | $282M | $381M | $100M | $264M | $0 | $0 | · | · | |
| Net Stock Activity | $-215M | $-102M | $0 | $-282M | $-381M | $-100M | $-264M | · | · | · | · | |
| Financing Cash Flow | $-222M | $-167M | $-202M | $-462M | $-2.68B | $-273M | $-1.67B | $-410M | $158M | $-446M | · | |
| Net Change in Cash | $54M | $957.0K | $3M | $-252M | $-522M | $769M | $-28M | $2M | $58M | $44M | $-3M | |
| Taxes Paid | · | $195M | $171M | $154M | $251M | $91M | $120M | $143M | $130M | $129M | $108M | |
| Free Cash Flow | $263M | $161M | $194M | $125M | $-207M | $185M | $184M | $159M | $-143M | · | · | |
| Levered FCF | · | · | $185M | $121M | $-302M | $113M | $160M | $167M | $-1.41B | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 25.3% | 23.9% | 22.8% | 21.7% | -0.43% | -32.1% | 10.0% | 8.7% | 8.2% | · | · | |
| Net Margin | 16.6% | 18.9% | 7.2% | 5.6% | 17.7% | -59.8% | 28.9% | 11.1% | 2.1% | · | · | |
| Pretax Margin | 23.6% | 26.5% | 17.1% | 19.8% | -12.7% | -44.0% | 2.9% | 3.8% | 0.61% | · | · | |
| EBITDA Margin | 29.7% | 28.2% | 27.5% | 21.7% | -0.43% | -32.1% | 10.0% | 8.7% | 8.2% | · | · | |
| ROA | 13.8% | 14.9% | 5.2% | 3.3% | 5.4% | -10.7% | 14.1% | 5.2% | 1.3% | · | · | |
| ROE | 26.2% | 31.1% | 12.5% | 7.3% | 11.3% | -24.1% | 38.5% | 20.3% | 8.3% | · | · | |
| ROIC | 24.2% | 26.2% | 16.4% | 8.6% | -0.84% | -10.3% | 1.2% | -0.23% | 26.1% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.6 | 0.5 | 0.6 | 1.5 | 1.8 | 0.9 | 1.0 | 0.9 | · | · | |
| Quick Ratio | 0.3 | 0.2 | 0.2 | 0.2 | 0.9 | 0.9 | 0.6 | 0.5 | 0.6 | · | · | |
| Debt / Equity | 0.1 | 0.1 | · | · | · | · | 0.4 | 1.3 | 2.0 | · | · | |
| LT Debt / Equity | 0.1 | 0.1 | · | · | · | · | 0.4 | 1.3 | 2.0 | · | · | |
| Interest Coverage | · | · | 16.1 | 16.4 | -0.1 | -3.3 | 1.9 | 1.2 | 1.0 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.7 | 0.6 | 0.3 | 0.2 | 0.5 | 0.5 | 0.6 | · | · | |
| Receivables Turnover | · | · | · | · | · | · | 13.4 | 12.0 | 12.6 | · | · |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.6% | 5.5% | 19.5% | 14.3% | 6.0% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 11.1% | 13.0% | 13.1% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.7% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -1.6% | 182.3% | 65.8% | -59.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 66.4% | 23.9% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -5.0% | 175.6% | 54.6% | -63.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 59.4% | 15.5% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.70B | $1.57B | $1.48B | $1.24B | $1.09B | $1.02B | $1.21B | $1.14B | $3.33B | $3.30B | · | |
| Net Income TTM | $282M | $296M | $108M | $70M | $192M | $-613M | $938M | $370M | $91M | $372M | · | |
| Market Cap | $4.81B | $2.76B | $2.16B | $1.51B | $2.21B | · | · | $0 | $0 | · | · | |
| Enterprise Value | $4.74B | $2.73B | · | · | · | · | · | $2.21B | $2.74B | · | · | |
| P/E | 17.8 | 9.5 | 20.2 | 23.5 | 12.1 | -5.0 | 4.2 | 8.8 | -11.3 | · | · | |
| P/S | 2.8 | 1.8 | 1.5 | 1.2 | 2.0 | · | · | 0.0 | 0.0 | · | · | |
| P/B | 4.1 | 2.9 | 2.3 | 1.9 | 1.9 | · | · | · | · | · | · | |
| P / Tangible Book | 12.5 | 11.1 | 18.1 | 36.8 | 4.9 | · | · | · | · | · | · | |
| P / Cash Flow | 13.1 | 11.9 | 8.6 | 8.5 | -14.2 | · | · | 0.0 | 0.0 | · | · | |
| P / FCF | 18.3 | 17.1 | 11.1 | 12.0 | -10.7 | · | · | 0.0 | 0.0 | · | · | |
| EV / EBITDA | 9.4 | 6.2 | · | · | · | · | · | 7.6 | 7.7 | · | · | |
| EV / FCF | 18.0 | 16.9 | · | · | · | · | · | 13.9 | -19.1 | · | · | |
| EV / Revenue | 2.8 | 1.7 | · | · | · | · | · | 1.9 | 0.8 | · | · | |
| Earnings Yield | 5.6% | 10.5% | 5.0% | 4.3% | 8.2% | -20.1% | 24.0% | 11.3% | -8.8% | · | · |
Income Statement 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 | $616M | $273M | $541M | $400M | $524M | $236M | $423M | $369M | $499M | $275M | $409M | $362M | $462M | $251M | $346M | $301M | |
| Cost of Revenue | $378M | $289M | $348M | $317M | $317M | $238M | $288M | $286M | $319M | $254M | $279M | $291M | $294M | $225M | $252M | $229M | |
| SG&A Expense | $14M | $11M | $14M | $12M | $13M | $11M | $11M | $11M | $14M | $10M | $19M | $12M | $12M | $10M | $16M | $15M | |
| Operating Income | $223M | $-28M | $179M | $71M | $193M | $-13M | $124M | $72M | $167M | $11M | $110M | $59M | $154M | $16M | $78M | $56M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $5M | · | $5M | $6M | $6M | · | $4M | |
| Other Non-op | $22.0K | $439.0K | $7M | $171.0K | $804.0K | $-15.0K | $739.0K | $923.0K | $108.0K | $-548.0K | $-523.0K | $66.0K | $-129.0K | $261.0K | $357.0K | $1M | |
| Pretax Income | $219M | $-27M | $183M | $69M | $167M | $-17M | $139M | $85M | $191M | $-862.0K | $84M | $69M | $118M | $-17M | $61M | $71M | |
| Income Tax | $82M | $-6M | $11M | $34M | $69M | $3M | $46M | $-468.0K | $63M | $10M | $36M | $34M | $57M | $10M | $26M | $39M | |
| Net Income | $137M | $-22M | $172M | $34M | $95M | $-19M | $94M | $85M | $128M | $-11M | $42M | $36M | $56M | $-27M | $39M | $31M | |
| EPS (Basic) | $0.98 | $-0.15 | $1.16 | $0.23 | $0.65 | $-0.13 | $0.61 | $0.56 | $0.83 | $-0.07 | $0.28 | $0.23 | $0.35 | $-0.17 | $0.22 | $0.19 | |
| EPS (Diluted) | $0.98 | $-0.15 | $1.14 | $0.23 | $0.65 | $-0.13 | $0.60 | $0.56 | $0.83 | $-0.07 | $0.27 | $0.23 | $0.35 | $-0.17 | $0.22 | $0.19 | |
| Shares (Basic) | 139,214,000 | 142,294,000 | -293,223,000 | 147,363,000 | 146,122,000 | 147,563,000 | -309,162,000 | 151,577,000 | 153,847,000 | 157,011,000 | -314,394,000 | 157,268,000 | 157,185,000 | 157,197,000 | -342,089,000 | 164,645,000 | |
| Shares (Diluted) | 139,939,000 | · | -293,875,000 | 148,211,000 | 146,773,000 | 147,563,000 | -309,640,000 | 152,175,000 | 154,350,000 | 157,011,000 | -314,706,000 | 157,804,000 | 157,584,000 | 157,197,000 | -342,205,000 | 165,015,000 | |
| EBITDA | $223M | $-28M | · | $71M | $193M | $-13M | · | $72M | $167M | $11M | · | $59M | $154M | $16M | · | $56M |
Balance Sheet 25
| 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 | $162M | $157M | $147M | $241M | $135M | $110M | $91M | $134M | $129M | $126M | $89M | $131M | $112M | $131M | $85M | $319M | |
| Prepaid Expense | $35M | $32M | $29M | $30M | $30M | $39M | $30M | $25M | $26M | $33M | · | $26M | $30M | $30M | · | $20M | |
| Current Assets | $365M | $271M | $318M | $370M | $323M | $228M | $227M | $261M | $289M | $262M | · | $280M | $294M | $279M | · | $456M | |
| PP&E (Net) | $647M | $633M | $629M | $570M | $547M | $522M | $514M | $508M | $527M | $567M | · | $544M | $562M | $539M | · | $486M | |
| Accum. Depreciation | $744M | $720M | $714M | $692M | $676M | $631M | $619M | $622M | $639M | $673M | · | $652M | $661M | $615M | · | $560M | |
| Goodwill | $648M | $635M | $637M | $616M | $602M | $566M | $563M | $579M | $622M | $673M | $661M | $640M | $659M | $618M | $583M | $553M | |
| Intangibles | · | · | $166M | · | · | · | $148M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $44M | $42M | $42M | $42M | $43M | $40M | $41M | $42M | $41M | $46M | · | $39M | $40M | $42M | · | $40M | |
| Total Assets | $2.42B | $2.28B | $2.21B | $2.12B | $2.04B | $1.86B | $1.86B | $1.93B | $2.06B | $2.18B | · | $2.10B | $2.17B | $2.10B | · | $2.10B | |
| Accounts Payable | $57M | $46M | $57M | $56M | $43M | $47M | $35M | $44M | $34M | $36M | · | $33M | $37M | $33M | · | $31M | |
| Accrued Liabilities | $83M | $82M | $73M | $74M | $67M | $62M | $61M | $68M | $70M | $73M | · | $73M | $73M | $58M | · | $60M | |
| Current Liabilities | $513M | $475M | $473M | $459M | $433M | $396M | $368M | $412M | $382M | $474M | · | $432M | $413M | $408M | · | $548M | |
| Capital Leases | $466M | $457M | $332M | $278M | $277M | $270M | $279M | $296M | $315M | $343M | · | $337M | $359M | $384M | · | $346M | |
| Deferred Tax | $16M | $15M | $16M | $14M | $14M | $13M | $12M | $12M | $53M | $57M | · | $89M | $93M | $95M | · | $91M | |
| Other Non-current Liabilities | $40M | $39M | $38M | $35M | $33M | $30M | $32M | $31M | $33M | $35M | · | $35M | $33M | $33M | · | $27M | |
| Total Liabilities | $1.28B | $1.23B | $1.02B | $997M | $983M | $951M | $904M | $1.03B | $1.14B | $1.24B | · | $1.13B | $1.20B | $1.27B | · | $1.23B | |
| Total Debt | $165M | $161M | · | $71M | $78M | $91M | · | $130M | $203M | $177M | · | $83M | $146M | $215M | · | $78M | |
| Common Stock | $551.0K | $560.0K | $572.0K | $590.0K | $590.0K | $596.0K | $604.0K | $603.0K | $610.0K | $621.0K | · | $629.0K | $629.0K | $924.0K | · | $922.0K | |
| Paid-in Capital | $1.04B | $1.05B | $1.08B | $1.11B | $1.11B | $1.11B | $1.13B | $1.13B | $1.14B | $1.16B | · | $1.18B | $1.18B | $2.21B | · | $2.27B | |
| Retained Earnings | $391M | $313M | $417M | $358M | $323M | $246M | $292M | $199M | $128M | $17M | · | $105M | $69M | $13M | · | $46M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $1.03B | · | $951M | |
| AOCI | $-290M | $-317M | $-305M | $-351M | $-380M | $-453M | $-462M | $-433M | $-353M | $-245M | · | $-324M | $-278M | $-370M | · | $-494M | |
| Stockholders' Equity | $1.14B | $1.05B | $1.19B | $1.12B | $1.05B | $908M | $960M | $898M | $918M | $934M | · | $966M | $973M | $823M | · | $871M | |
| Liabilities + Equity | $2.42B | $2.28B | $2.21B | $2.12B | $2.04B | $1.86B | $1.86B | $1.93B | $2.06B | $2.18B | · | $2.10B | $2.17B | $2.10B | · | $2.10B | |
| Shares Outstanding | 137,749,000 | 139,978,000 | 142,940,000 | 147,369,000 | 147,363,000 | 148,810,000 | 150,794,000 | 150,685,000 | 152,546,000 | 155,160,000 | 157,586,000 | 157,367,000 | 157,220,000 | 157,174,000 | 157,013,000 | 164,649,000 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $3M | $4M | $4M | $3M | $2M | $766.0K | $3M | $3M | $1M | $2M | $2M | $2M | $1M | $2M | $2M | |
| Deferred Tax | · | · | · | · | · | · | · | $-38M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $111M | $62M | $93M | $141M | $74M | $58M | $41M | $119M | $40M | $33M | $63M | $109M | $52M | $26M | $24M | $109M | |
| CapEx | $27M | $8M | $67M | $18M | $13M | $5M | $37M | $8M | $11M | $16M | $30M | $12M | $9M | $6M | $36M | $9M | |
| Investing Cash Flow | $-27M | $-8M | $-67M | $-18M | $-13M | $-5M | $-27M | $-8M | $-7M | $-16M | $-26M | $-12M | $-9M | $-6M | $-36M | $64M | |
| Debt Issued | $48M | $95M | $32M | $8M | $56M | $30M | $20M | $0 | $54M | $81M | $106M | $4M | $6M | $38M | $261M | $30M | |
| Net Debt Issued | · | $71M | · | · | · | $8M | · | · | · | $55M | · | · | · | $23M | · | · | |
| Stock Repurchased | $78M | $108M | $144M | $0 | $32M | $39M | $2M | $29M | $39M | $33M | $0 | $0 | $0 | $0 | $75M | $862.0K | |
| Net Stock Activity | · | $-108M | · | · | · | $-39M | · | · | · | $-33M | · | · | · | $0 | · | · | |
| Dividends Paid | $18.0K | $97.0K | · | $0 | $69.0K | $386.0K | · | $0 | $116.0K | $2M | · | $0 | $0 | $2M | · | $211.0K | |
| Financing Cash Flow | $-81M | $-41M | $-126M | $-23M | $-39M | $-35M | $-55M | $-103M | $-27M | $18M | $-82M | $-75M | $-67M | $21M | $-225M | $-10M | |
| Net Change in Cash | $4M | $11M | $-94M | $104M | $25M | $19M | $-43M | $4M | $3M | $37M | $-42M | $18M | $-19M | $45M | $-243M | $159M | |
| Free Cash Flow | · | $54M | · | · | · | $53M | · | · | · | $17M | · | · | · | $21M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-41M | · | · | · | $11M | · | · |
Profitability 7
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 36.3% | -10.1% | · | 17.9% | 36.9% | -5.6% | · | 19.5% | 33.4% | 4.0% | · | 16.2% | 33.4% | 6.2% | · | 18.7% | |
| Net Margin | 22.3% | -7.9% | · | 8.6% | 18.1% | -8.3% | · | 23.2% | 25.7% | -3.9% | · | 10.0% | 12.2% | -10.6% | · | 10.3% | |
| Pretax Margin | 35.5% | -10.0% | · | 17.2% | 31.8% | -7.3% | · | 23.0% | 38.3% | -0.31% | · | 19.2% | 25.5% | -6.6% | · | 23.6% | |
| EBITDA Margin | 36.3% | -10.1% | · | 17.9% | 36.9% | -5.6% | · | 19.5% | 33.4% | 4.0% | · | 16.2% | 33.4% | 6.2% | · | 18.7% | |
| ROA | 6.2% | -1.0% | · | 1.7% | 4.6% | -0.97% | · | 4.2% | 6.0% | -0.50% | · | 1.7% | 2.6% | -1.2% | · | 1.0% | |
| ROE | 12.5% | -2.2% | · | 3.4% | 9.7% | -2.1% | · | 9.2% | 13.6% | -1.2% | · | 3.9% | 5.7% | -2.9% | · | 2.9% | |
| ROIC | 10.7% | -1.8% | · | 3.0% | 10.0% | -1.5% | · | 7.0% | 10.0% | 12.5% | · | 2.9% | 7.1% | 2.4% | · | 2.7% |
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 | 0.7 | 0.6 | · | 0.8 | 0.7 | 0.6 | · | 0.6 | 0.8 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.8 | |
| Quick Ratio | 0.3 | 0.3 | · | 0.5 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.6 | |
| Debt / Equity | 0.1 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.1 | 0.2 | 0.3 | · | 0.1 | |
| LT Debt / Equity | 0.1 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.1 | 0.2 | 0.3 | · | 0.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 2.4 | · | 11.4 | 25.2 | 2.6 | · | 15.2 |
Efficiency 1
| 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 | 0.3 | 0.1 | · | 0.2 | 0.3 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.1 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.81B | $1.43B | · | $1.53B | $1.63B | $1.38B | · | $1.50B | $1.60B | $1.35B | · | $1.38B | $1.40B | $1.15B | · | $1.16B | |
| Net Income TTM | $245M | $88M | · | $196M | $289M | $183M | · | $239M | $210M | $55M | · | $97M | $104M | $4M | · | $391M | |
| Market Cap | $5.00B | $4.88B | · | $4.65B | $3.45B | $3.04B | · | $2.50B | $2.28B | $2.26B | · | $2.22B | $1.90B | $1.85B | · | $1.74B | |
| Enterprise Value | $5.01B | $4.88B | · | $4.48B | $3.39B | $3.02B | · | $2.50B | $2.35B | $2.31B | · | $2.17B | $1.94B | $1.93B | · | $1.50B | |
| P/E | 21.2 | 58.1 | · | 24.1 | 12.2 | 17.2 | · | 10.7 | 11.1 | 42.9 | · | 23.5 | 19.5 | 588.0 | · | 5.0 | |
| P/S | 2.8 | 3.4 | · | 3.0 | 2.1 | 2.2 | · | 1.7 | 1.4 | 1.7 | · | 1.6 | 1.4 | 1.6 | · | 1.5 | |
| P/B | 4.4 | 4.7 | · | 4.2 | 3.3 | 3.3 | · | 2.8 | 2.5 | 2.4 | · | 2.3 | 2.0 | 2.2 | · | 2.0 | |
| P / Tangible Book | 10.1 | 11.8 | · | 9.3 | 7.7 | 8.9 | · | 7.8 | 7.7 | 8.7 | · | 6.8 | 6.0 | 9.0 | · | 5.5 | |
| P / Cash Flow | · | 78.7 | · | · | · | 52.7 | · | · | · | 68.2 | · | · | · | 69.8 | · | · | |
| P / FCF | · | 91.0 | · | · | · | 57.2 | · | · | · | 130.9 | · | · | · | 89.6 | · | · | |
| EV / EBITDA | 22.4 | -177.3 | · | 62.7 | 17.5 | -229.3 | · | 34.7 | 14.1 | 207.7 | · | 37.0 | 12.5 | 123.7 | · | 26.6 | |
| EV / FCF | · | 91.0 | · | · | · | 56.9 | · | · | · | 133.8 | · | · | · | 93.7 | · | · | |
| EV / Revenue | 2.8 | 3.4 | · | 2.9 | 2.1 | 2.2 | · | 1.7 | 1.5 | 1.7 | · | 1.6 | 1.4 | 1.7 | · | 1.3 | |
| Earnings Yield | 4.7% | 1.7% | · | 4.2% | 8.2% | 5.8% | · | 9.3% | 9.0% | 2.3% | · | 4.3% | 5.1% | 0.17% | · | 20.2% | |
| Payout Ratio | · | -0.45% | · | · | · | -2.0% | · | · | · | -14.9% | · | · | · | -8.7% | · | · |
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 | $1.70B | $1.57B | $1.48B | $1.24B | $1.09B |
| Operating Margin % | 25.3% | 23.9% | 22.8% | 21.7% | -0.43% |
| Net Income | $282M | $296M | $108M | $70M | $192M |
| Diluted EPS | $1.89 | $1.92 | $0.68 | $0.41 | $1.01 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | — | — | — |
| Current Ratio | 0.7 | 0.6 | 0.5 | 0.6 | 1.5 |
| Quick Ratio | 0.3 | 0.2 | 0.2 | 0.2 | 0.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $263M | $161M | $194M | $125M | $-207M |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 356 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 61 (-8 vs prior Q) | 50 (+11 vs prior Q) | 96 (-11 vs prior Q) | 137 (+23 vs prior Q) | +11.8M |
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 |
|---|---|---|---|---|
| FMR LLC | $504,816,656 | 13,899,137 | 16.51% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $245,616,833 | 6,762,578 | 8.03% | Shares |
| CPV Partners, LLC | $206,814,252 | 5,694,225 | 6.76% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $198,193,954 | 5,456,882 | 6.48% | Shares |
| STATE STREET CORP | $186,023,413 | 5,121,790 | 6.08% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $138,270,385 | 3,807,004 | 4.52% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $119,031,840 | 3,276,693 | 3.89% | Shares |
| Ninety One UK Ltd | $103,795,480 | 2,857,805 | 3.39% | Shares |
| ALLIANCEBERNSTEIN L.P. | $83,289,305 | 2,390,623 | 2.72% | Shares |
| Snow Phipps Group, LLC | $79,370,532 | 2,185,312 | 2.60% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $66,971,828 | 1,843,938 | 2.19% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $64,658,571 | 1,780,247 | 2.11% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $59,962,795 | 1,650,958 | 1.96% | Shares |
| Candriam S.C.A. | $53,214,247 | 1,466,561 | 1.74% | Shares |
| Marathon Asset Management Ltd | $51,088,834 | 1,406,633 | 1.67% | Shares |
| CORSAIR CAPITAL MANAGEMENT, L.P. | $46,184,766 | 1,271,607 | 1.51% | Shares |
| PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. | $45,039,409 | 1,240,072 | 1.47% | Shares |
| North of South Capital LLP | $42,556,435 | 1,171,708 | 1.39% | Shares |
| Swedbank AB | $39,895,668 | 1,098,449 | 1.30% | Shares |
| Ninety One North America, Inc. | $34,510,976 | 950,192 | 1.13% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $32,855,944 | 904,624 | 1.07% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $25,179,021 | 693,255 | 0.82% | Shares |
| Union Bancaire Privee, UBP SA | $24,202,537 | 652,008 | 0.79% | Shares |
| AMERIPRISE FINANCIAL INC | $22,959,143 | 632,135 | 0.75% | Shares |
| Public Sector Pension Investment Board | $21,049,728 | 579,563 | 0.69% | Shares |
| NEUMEIER POMA INVESTMENT COUNSEL LLC | $19,142,456 | 527,050 | 0.63% | Shares |
| LOOMIS SAYLES & CO L P | $17,354,204 | 477,814 | 0.57% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $17,281,056 | 475,800 | 0.57% | Shares |
| ALGERT GLOBAL LLC | $17,160,583 | 472,483 | 0.56% | Shares |
| MORGAN STANLEY | $15,727,220 | 433,018 | 0.51% | Shares |
| ABN AMRO Bank N.V. | $13,710,143 | 377,725 | 0.45% | Shares |
| Man Group plc | $13,465,604 | 370,749 | 0.44% | Shares |
| MILLENNIUM MANAGEMENT LLC | $12,695,293 | 349,540 | 0.42% | Shares |
| AMERICAN CENTURY COMPANIES INC | $12,414,866 | 341,819 | 0.41% | Shares |
| Hillsdale Investment Management Inc. | $12,247,866 | 337,221 | 0.40% | Shares |
| RHUMBLINE ADVISERS | $10,624,230 | 292,518 | 0.35% | Shares |
| Tredje AP-fonden | $10,317,277 | 284,066 | 0.34% | Shares |
| GOLDMAN SACHS GROUP INC | $10,126,198 | 278,805 | 0.33% | Shares |
| FIRST TRUST ADVISORS LP | $10,117,226 | 278,558 | 0.33% | Shares |
| BlackRock, Inc. | $9,292,436 | 255,849 | 0.30% | Shares |
| FIRST SABREPOINT CAPITAL MANAGEMENT LP | $9,030,605 | 248,640 | 0.30% | Shares |
| Assenagon Asset Management S.A. | $8,956,221 | 246,592 | 0.29% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $8,780,723 | 241,760 | 0.29% | Shares |
| Swiss National Bank | $8,676,848 | 238,900 | 0.28% | Shares |
| Aubrey Capital Management Ltd | $8,208,451 | 226,005 | 0.27% | Shares |
| ABN AMRO INVESTMENT SOLUTIONS | $8,187,400 | 225,424 | 0.27% | Shares |
| Aberdeen Group plc | $8,168,005 | 224,890 | 0.27% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $8,014,771 | 220,671 | 0.26% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,583,470 | 208,796 | 0.25% | Shares |
| Susquehanna Portfolio Strategies, LLC | $7,178,031 | 197,633 | 0.23% | Shares |
| LEUTHOLD GROUP, LLC | $7,136,335 | 196,485 | 0.23% | Shares |
| Legal & General Group Plc | $7,068,381 | 194,614 | 0.23% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $6,747,566 | 185,781 | 0.22% | Shares |
| Harvest Investment Services, LLC | $6,106,808 | 168,139 | 0.20% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $5,862,593 | 161,415 | 0.19% | Shares |
| CITIGROUP INC | $5,744,625 | 158,167 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $5,200,079 | 149,256 | 0.17% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $5,171,169 | 142,378 | 0.17% | Shares |
| Nitorum Capital, L.P. | $5,157,803 | 142,010 | 0.17% | Shares |
| PRUDENTIAL FINANCIAL INC | $4,762,097 | 131,115 | 0.16% | Shares |
| Quantinno Capital Management LP | $4,666,866 | 128,493 | 0.15% | Shares |
| D. E. Shaw & Co., Inc. | $4,623,427 | 127,297 | 0.15% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $4,131,269 | 114,155 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,972,464 | 109,374 | 0.13% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $3,798,817 | 104,593 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $3,786,578 | 104,256 | 0.12% | Shares |
| CROWN ADVISORS MANAGEMENT, INC. | $3,632,000 | 100,000 | 0.12% | Shares |
| Corient Private Wealth LP | $3,580,426 | 98,580 | 0.12% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $3,571,709 | 98,340 | 0.12% | Shares |
| JANUS HENDERSON GROUP PLC | $3,481,805 | 99,937 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,477,422 | 95,744 | 0.11% | Shares |
| TWO SIGMA ADVISERS, LP | $3,306,394 | 98,200 | 0.11% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $3,290,084 | 90,586 | 0.11% | Shares |
| Congress Wealth Management LLC / DE / | $3,284,188 | 140,470 | 0.11% | Shares |
| Allianz Asset Management GmbH | $3,080,953 | 84,828 | 0.10% | Shares |
| Numerai GP LLC | $3,045,759 | 83,859 | 0.10% | Shares |
| Knights of Columbus Asset Advisors LLC | $3,034,245 | 83,542 | 0.10% | Shares |
| Elo Mutual Pension Insurance Co | $2,827,076 | 77,838 | 0.09% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $2,727,850 | 75,106 | 0.09% | Shares |
| Erste Asset Management GmbH | $2,604,103 | 71,620 | 0.09% | Shares |
| MetLife Investment Management, LLC | $2,586,674 | 71,219 | 0.08% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $2,538,296 | 69,887 | 0.08% | Shares |
| Paralel Advisors LLC | $2,410,123 | 66,358 | 0.08% | Shares |
| AlphaQuest LLC | $2,376,193 | 70,573 | 0.08% | Shares |
| JLB & ASSOCIATES INC | $2,376,018 | 65,419 | 0.08% | Shares |
| IEQ CAPITAL, LLC | $2,375,873 | 65,415 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $2,358,439 | 64,935 | 0.08% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,320,594 | 63,893 | 0.08% | Shares |
| MIRABELLA FINANCIAL SERVICES LLP | $2,306,284 | 63,499 | 0.08% | Shares |
| Pathstone Holdings, LLC | $2,280,581 | 62,791 | 0.07% | Shares |
| Ramirez Asset Management, Inc. | $2,279,560 | 62,763 | 0.07% | Shares |
| Illinois Municipal Retirement Fund | $2,245,629 | 61,829 | 0.07% | Shares |
| Polaris Capital Management, LLC | $2,233,680 | 61,500 | 0.07% | Shares |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | $2,163,801 | 59,576 | 0.07% | Shares |
| Nuveen, LLC | $2,102,528 | 57,889 | 0.07% | Shares |
| Louisiana State Employees Retirement System | $2,026,656 | 55,800 | 0.07% | Shares |
| Russell Investments Group, Ltd. | $2,011,038 | 55,370 | 0.07% | Shares |
| KLP KAPITALFORVALTNING AS | $1,972,176 | 54,300 | 0.06% | Shares |
| BARCLAYS PLC | $1,924,270 | 52,981 | 0.06% | Shares |
| FORMULA GROWTH LTD | $1,924,125 | 52,977 | 0.06% | Shares |
Company insiders 55 insiders · 24 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Paula R Singer | CEO Walden and Online Partners | Dec. 31, 2019 F | 14,797 | 0 | 0 | $0 |
| Jose Roberto Loureiro | Chief Executive Officer Brazil | March 15, 2019 A | 19,108 | 0 | 0 | $0 |
| Neel Broker | CEO EMEAA | Dec. 31, 2018 C | 15,356 | 0 | 0 | $0 |
| Jonathan Kaplan | President/CEO Walden & Laur On | Jan. 23, 2018 C | 17,211 | 0 | 0 | $0 |
| Richard J. Patro | CEO Global Prods. and Servs. | Aug. 14, 2017 S | 0 | 0 | 0 | $0 |
| Timothy F. Daniels | Chief Executive Officer, EMEAA | July 20, 2017 A | — | 0 | 0 | $0 |
| Richard M. Buskirk | SVP & Chief Financial Officer | April 2, 2021 A | 63,724 | 0 | 0 | $0 |
| Jean-Jacques Charhon | EVP & Chief Financial Officer | March 16, 2021 F | 216,685 | 0 | 0 | $0 |
| Ricardo M. Berckemeyer | President & COO | March 19, 2019 A | 136,319 | 0 | 0 | $0 |
| Enderson Guimaraes | As previously reported on Form 8-K filed on March 28, 2017, the Reporting Person's employment as President and Chief Operating O | Sept. 29, 2017 F | 47,578 | 0 | 0 | $0 |
| Raph Appadoo | President | Aug. 17, 2007 D | 0 | 0 | 0 | $0 |
| William C Dennis | President, Latin America Ops | Aug. 17, 2007 D | 0 | 0 | 0 | $0 |
| Gerard M. Knauer | VP, Acctg, Global Controller | April 2, 2021 A | 8,799 | 0 | 0 | $0 |
| Richard Harvey Sinkfield III | Chief Legal Officer | April 2, 2021 A | 26,579 | 0 | 0 | $0 |
| Timothy P. Grace | Chief Human Resources Officer | April 2, 2021 A | 59,524 | 0 | 0 | $0 |
| Tal Darmon | Chief Accounting Officer | March 16, 2021 F | 9,514 | 0 | 0 | $0 |
| Victoria E Silbey | Sr. VP, Secretary, CLO | March 16, 2020 A | 51,968 | 0 | 0 | $0 |
| Juan Jose Hurtado | SVP Operations | Dec. 31, 2019 F | 13,760 | 0 | 0 | $0 |
| Marcelo Cardoso | Chief Transformation Officer | March 15, 2019 A | 28,602 | 0 | 0 | $0 |
| Karl D. Salnoske | Chief Information Officer | Dec. 31, 2017 M | 2,656 | 0 | 0 | $0 |
| Robert W Zentz | Sr. VP | Dec. 31, 2017 M | 44,438 | 0 | 0 | $0 |
| Alfonso Martinez | The reporting person's employment as Chief Human Resources Officer of the Company terminated effective May 31, 2017. | July 20, 2017 A | — | 0 | 0 | $0 |
| Rosemaire Mecca | EVP, Chief Finanical Officer | Aug. 17, 2007 D | 0 | 0 | 0 | $0 |
| Daniel Nickel | EVP, Corporate Operations | Aug. 17, 2007 D | 135,076 | 0 | 0 | $0 |
| George Munoz | Director | June 30, 2026 A | 122,563 | 0 | 0 | $0 |
| Andrew B Cohen | Director | May 21, 2026 A | 67,953 | 0 | 0 | $0 |
| William J Davis | Director | May 21, 2026 A | 17,152 | 0 | 0 | $0 |
| Judith Rodin | Director | May 21, 2026 A | 91,854 | 0 | 1 | $-214,070 |
| Pedro Del Corro | Director | March 26, 2021 C | 5,449 | 0 | 0 | $0 |
| William L Cornog | Director | May 12, 2020 A | 22,986 | 0 | 0 | $0 |
| Ian Kendell Snow | Director | May 12, 2020 A | 0 | 0 | 0 | $0 |
| Michael J Durham | Director | May 12, 2020 A | 32,397 | 0 | 0 | $0 |
| FREEMAN KENNETH W/NJ | Director | May 12, 2020 A | 45,275 | 0 | 0 | $0 |
| Brian F Carroll | Director | May 12, 2020 A | 13,620 | 0 | 0 | $0 |
| Robert B. Zoellick | Director | June 1, 2017 A | 6,885 | 0 | 0 | $0 |
| Yves C De Balmann | Director | July 13, 2007 U | 0 | 0 | 0 | $0 |
| David A Wilson | Director | July 6, 2007 U | 0 | 0 | 0 | $0 |
| Richard W Riley | Director | July 6, 2007 U | 0 | 0 | 0 | $0 |
| James Mcguire | Director | July 6, 2007 U | 0 | 0 | 0 | $0 |
| William R Pollock | Director | July 6, 2007 U | 0 | 0 | 0 | $0 |
| Isabel Aguilera | Director | Jan. 3, 2007 A | — | 0 | 0 | $0 |
| Wolf H Hengst | Director | Jan. 3, 2007 A | — | 0 | 0 | $0 |
| John A Miller | Director | Jan. 3, 2007 S | 82,317 | 0 | 0 | $0 |
| Laurence M Berg | Director | Jan. 2, 2004 A | — | 0 | 0 | $0 |
| Steven A. Cohen | 10% owner | June 23, 2022 S | 0 | 0 | 0 | $0 |
| Douglas L Becker | 10% owner | Oct. 28, 2021 C | 2,235,103 | 0 | 0 | $0 |
| Saric Ruldolf Christopher Hoehn | 10% owner | Oct. 28, 2021 C | 2,235,103 | 0 | 0 | $0 |
| Sterling Fund Management LLC | 10% owner | May 28, 2021 J | 13,620 | 0 | 0 | $0 |
| L Curve Sub Inc. | 10% owner | Aug. 14, 2007 J | 46,524,370 | 0 | 0 | $0 |
| Wengen Investments LTD | 10% owner | July 18, 2007 S | 21,065,489 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 21 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 |
|---|---|---|---|---|---|
| Wengen Alberta, LP, Wengen Investments LTD ×2 filings | Aug. 11, 2026 | 6.96% | Amendment | — | SEC |
| CPV Partners, LLC, Steven A. Cohen ×5 filings | March 11, 2025 | 12.10% | Amendment | — | SEC |
| Wengen Alberta, Limited Partnership, Wengen Investments Limited ×12 filings | March 5, 2024 | — | Initial filing | — | SEC |
| SPG GP, LLC, Snow Phipps Group, L.P., SPG Co-Investment, L.P., Snow Phipps Group (B), L.P., Snow Phipps Group (Offshore), L.P., Snow Phipps Group (RPV), L.P., Ian Snow, Snow Phipps Group, LLC ×8 filings | Jan. 25, 2024 | — | Initial filing | — | SEC |
| KKR 2006 Fund (Overseas), Limited Partnership, KKR Associates 2006 (Overseas), Limited Partnership, KKR 2006 Limited, KKR Group Partnership L.P., KKR Group Holdings Corp., KKR Group Co. Inc., KKR & Co. Inc., KKR Management LLP, KKR Partners II (International), L.P., KKR PI-II GP Limited, Henry R. Kravis, George R. Roberts ×8 filings | Nov. 22, 2022 | — | Initial filing | Capital structure | SEC |
| Sterling Fund Management, LLC, Sterling Capital Partners II, L.P., SC Partners II, L.P., Sterling Capital Partners II, LLC, Sterling Capital Partners III, L.P., SC Partners III, L.P., Sterling Capital Partners III, LLC, SP-L Affiliate, LLC, Sterling Laureate, LP, SP-L Management III, LLC, Sterling Laureate Executives Fund, LP, SP-L Management IV, LLC, Sterling Laureate Rollover, LP, SP-L Management V, LLC, SP-L Parent, LLC, Douglas L. Becker, The Irrevocable BBHT II IDGT, DLB Irrevocable Telecom Trust u/a/d/ 1/3/05, Steven M. Taslitz, KJT 2013 Gift Trust, R. Christopher Hoehn-Saric ×8 filings | Nov. 9, 2021 | — | Initial filing | — | SEC |
| 2007 Co-Investment Portfolio L.P., StepStone Capital Partners II Onshore, L.P., StepStone Capital Partners II Cayman Holdings, L.P., StepStone Co-Investment Funds GP, LLC, StepStone Group LP, StepStone Group Holdings LLC, Darren M. Friedman ×4 filings | Oct. 4, 2019 | — | Initial filing | — | SEC |
| Bregal Europe Co-Investment Limited Partnership, Bregal General Partner Jersey Limited ×4 filings | Nov. 29, 2018 | — | Initial filing | — | SEC |
| Cohen Private Ventures, LLC, Steven A. Cohen | Nov. 21, 2018 | — | Initial filing | — | SEC |
| Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., Cohen Private Ventures, LLC, Steven A. Cohen ×3 filings | April 25, 2018 | — | Initial filing | Passive investment | SEC |
| Aug. 27, 2007 | — | Initial filing | — | SEC | |
| L Curve Sub Inc., M Curve Sub Inc., Wengen Alberta, Limited Partnership, Wengen Investments Limited, CPE Co-Investment (Laureate) LLC | July 20, 2007 | — | Initial filing | Passive investment | SEC |
| June 8, 2007 | — | Initial filing | — | SEC | |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 13, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 4, 2007 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 84 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 |
|---|---|---|---|---|
| EPU · iShares Trust | 2.62% | 385,852 SH | Aug. 8, 2026 | Daily |
| PSL · Invesco Exchange-Traded Fund Trust | 2.50% | 55,230 SH | Aug. 8, 2026 | Daily |
| PSCD · Invesco Exchange-Traded Fund Trust … | 1.86% | 11,847 SH | Aug. 8, 2026 | Daily |
| SAWS · ETF Series Solutions | 1.33% | 3,120 NS | April 30, 2026 | N-PORT |
| RZG · Invesco Exchange-Traded Fund Trust | 1.07% | 38,770 SH | Aug. 8, 2026 | Daily |
| SRHQ · Elevation Series Trust | 1.04% | 66,358 NS | April 30, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 0.96% | 7,217 NS | April 30, 2026 | N-PORT |
| JSML · Janus Detroit Street Trust | 0.89% | 93,699 NS | April 30, 2026 | N-PORT |
| TAX · EA Series Trust | 0.88% | 7,030 NS | May 29, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.81% | 42,612 NS | April 30, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.72% | 19,923 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.57% | 98,403 NS | April 30, 2026 | N-PORT |
| IJT · iShares Trust | 0.53% | 1,182,120 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.51% | 151,621 SH | Aug. 8, 2026 | Daily |
| VLLU · Harbor ETF Trust | 0.47% | 681 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.43% | 7,862 NS | April 30, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.33% | 140,324 NS | April 30, 2026 | N-PORT |
| XJR · iShares Trust | 0.30% | 15,052 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.28% | 1,114,299 SH | Aug. 8, 2026 | Daily |
| MILN · Global X Funds | 0.28% | 8,588 NS | May 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.28% | 18,811 SH | Aug. 8, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 51,061 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.26% | 130,947 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.26% | 7,768,421 SH | Aug. 8, 2026 | Daily |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.26% | 7,936 NS | May 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.25% | 445,505 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.24% | 104,457 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.23% | 204,637 NS | May 31, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.21% | 14,369 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.21% | 15,711 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.20% | 47,602 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.19% | 1,604 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.18% | 500,680 NS | May 31, 2026 | N-PORT |
| SMMV · iShares Trust | 0.18% | 13,978 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.17% | 4,585 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.17% | 27,054 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.16% | 622 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.14% | 3,134,433 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.14% | 32,799 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.14% | 641,954 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.14% | 36,589 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.13% | 704,209 SH | Aug. 8, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.13% | 246,516 SH | Aug. 8, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.13% | 59,236 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.13% | 25,722 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.12% | 96,073 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 37,451 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.12% | 1,578,056 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.12% | 55,070 NS | April 30, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.11% | 61,350 SH | Aug. 8, 2026 | Daily |