LGND Ligand Pharmaceuticals Incorporated - Common Stock
$288.74
Price · Aug 19, 2026
Fundamentals as of Aug 7, 2026
52W Range
$152–$327
78% of range
Analyst Rating
BUY
15 analysts
Price Target
$344
+19% upside
P/E (TTM)
47.7
ROE
13.5%
Net Profit Margin
46.4%
LGND Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$288.74
Market Cap
$5.78B
P/E (TTM)
47.7
EPS (TTM)
$6.13
Revenue (TTM)
$268M
Div Yield
—
ROE
13.5%
Debt/Equity
—
52W Range
$152 – $327
LGND Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$268M
2016-12-31
→
2025-12-31
EPS
$6.13
2016-12-31
→
2025-12-31
Free Cash Flow
$49M
2016-12-31
→
2025-12-31
Margins
46.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LGND
Peer Median
P/E (TTM)
47.7
38.7
P/S (TTM)
21.6
9.5
P/B
5.7
3.8
Price / FCF
118.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LGND
Peer Median
Operating Margin
15.3%
—
Net Profit Margin
46.4%
15.3%
ROA
10.0%
-6.4%
ROE
13.5%
-16.8%
ROIC
3.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LGND
Peer Median
Current Ratio
22.2
12.8
Quick Ratio
21.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LGND
Peer Median
Revenue YoY
60.4%
—
Revenue CAGR 3Y
11.0%
—
Revenue CAGR 5Y
10.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LGND
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| April 3, 2007 | $9.3575 |
LGND Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 6 40.0%
- Buy 8 53.3%
- Hold 1 6.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-13
Median
$347.50
Now
$288.74
Low
$247.00
High
$388.00
Median target
$347.50
+20.4%
Mean target
$343.80
+19.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.34%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.37 | $1.88 | 0.49% |
| March 31, 2026 | $1.63 | $1.85 | -0.22% |
| Dec. 31, 2025 | $2.02 | $1.59 | 0.43% |
| Sept. 30, 2025 | $3.09 | $1.96 | 1.1% |
| June 30, 2025 | $1.60 | $1.45 | 0.15% |
| March 31, 2025 | $1.33 | $1.24 | 0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | — |
| LQDA | $3.01B | -43.1 | 1031.2% | -43.5% | -230.0% | — |
| BLTE | — | — | — | — | — | — |
| DFTX | $1.32B | -6.5 | 212.0% | — | -71.0% | — |
| AMRX | — | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| EWTX | $2.64B | -15.2 | — | — | -30.2% | — |
| MANE | — | — | — | — | 82.6% | — |
| INDV | — | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| ELVN | $915M | -8.4 | — | — | -21.9% | — |
| AMLX | $1.33B | -7.9 | -77.1% | — | -61.2% | — |
| GPCR | $14.78B | -86.9 | — | — | -12.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268M | $167M | $131M | $196M | $242M | $164M | $120M | $251M | $141M | $109M | $72M | $65M | |
| Cost of Revenue | · | · | · | · | · | · | · | $6M | $5M | $6M | $6M | $9M | |
| R&D Expense | $81M | $21M | $25M | $36M | $32M | $41M | $56M | $28M | $27M | $21M | $11M | $10M | |
| SG&A Expense | $92M | $79M | $53M | $70M | $47M | $60M | $42M | $38M | $29M | $28M | $25M | $23M | |
| Operating Income | $41M | $-23M | $12M | $3M | $104M | $38M | $807M | $164M | $68M | $44M | $27M | $20M | |
| Interest Expense | · | · | $656.0K | $2M | $20M | $27M | $36M | $48M | $13M | $13M | · | $5M | |
| Interest Income | $14M | $8M | $8M | $2M | $886.0K | $8M | $28M | $14M | $2M | · | · | · | |
| Other Non-op | $-89.0K | $-20M | $-2M | $4M | $-8M | $62.0K | $-4M | $-6M | $3M | $-615.0K | $2M | $2M | |
| Pretax Income | $159M | $3M | $64M | $36M | $72M | $1M | $797M | $173M | $57M | $8M | $35M | $11M | |
| Income Tax | $35M | $7M | $10M | $41M | $-4M | $-5M | $167M | $30M | $45M | $10M | $-192M | $410.0K | |
| Net Income | $124M | $-4M | $52M | $-33M | $57M | $-3M | $629M | $143M | $13M | $-2M | $230M | $12M | |
| EPS (Basic) | $6.44 | $-0.22 | $3.02 | $-1.98 | $3.44 | $-0.18 | $33.13 | $6.77 | $0.60 | $-0.08 | $11.61 | $0.59 | |
| EPS (Diluted) | $6.13 | $-0.22 | $2.94 | $-1.98 | $3.31 | $-0.18 | $31.85 | $5.96 | $0.53 | $-0.08 | $10.83 | $0.56 | |
| Shares (Basic) | 19,338,000 | 18,290,000 | 17,298,000 | 16,868,000 | 16,630,000 | 16,185,000 | 18,995,000 | 21,160,000 | 21,032,000 | 20,831,000 | 19,790,000 | 20,419,000 | |
| Shares (Diluted) | 20,294,000 | 18,290,000 | 17,757,000 | 16,868,000 | 17,246,000 | 16,825,000 | 19,757,000 | 24,067,000 | 23,481,000 | 20,831,000 | 21,228,000 | 21,433,000 | |
| EBITDA | $75M | $13M | $48M | $55M | $130M | $52M | $825M | $178M | $80M | $55M | $30M | $22M |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $175M | $72M | $23M | $45M | $20M | $48M | $72M | $117M | $21M | $19M | $97M | $160M | |
| Short-term Investments | $559M | $184M | $147M | $167M | $322M | $364M | $998M | $601M | $181M | $122M | $103M | $7M | |
| Receivables | $60M | $38M | $33M | $30M | $85M | $57M | $30M | $56M | $26M | $15M | $6M | $13M | |
| Inventory | $9M | $14M | $24M | $13M | $27M | $26M | $7M | $7M | $4M | $2M | $2M | $269.0K | |
| Prepaid Expense | · | $2M | $1M | $1M | · | · | · | · | $1M | $2M | $1M | $835.0K | |
| Other Current Assets | $6M | $9M | $3M | $2M | $4M | $4M | $5M | $11M | $2M | $2M | $2M | $2M | |
| Current Assets | $832M | $332M | $237M | $264M | $465M | $501M | $1.12B | $871M | $237M | $163M | $215M | $185M | |
| PP&E (Net) | $4M | $15M | $16M | $12M | $13M | $13M | $7M | $5M | $4M | $2M | $372.0K | $486.0K | |
| PP&E (Gross) | $10M | $23M | $22M | $23M | $29M | $20M | $10M | $8M | $6M | $3M | $3M | $3M | |
| Accum. Depreciation | $7M | $8M | $7M | $10M | $9M | $6M | $3M | $2M | $2M | $2M | $3M | $3M | |
| Goodwill | $102M | $105M | $103M | $0 | $106M | $190M | $95M | $87M | $86M | $72M | $12M | $12M | |
| Intangibles | $225M | $267M | $300M | $342M | $377M | $595M | $210M | $220M | $229M | $205M | $48M | $51M | |
| Other Non-current Assets | $13M | $32M | $6M | $2M | $1M | $4M | $2M | $471.0K | $5M | $2M | $27.0K | $207.0K | |
| Total Assets | $1.56B | $942M | $787M | $763M | $1.30B | $1.36B | $1.49B | $1.26B | $671M | $602M | $503M | $258M | |
| Accounts Payable | $3M | $5M | $2M | $5M | $8M | $4M | $2M | $4M | $2M | $3M | $4M | $8M | |
| Accrued Liabilities | $31M | $28M | $12M | $16M | $18M | $19M | $9M | $19M | $7M | $6M | $5M | $5M | |
| Short-term Debt | · | · | · | · | · | · | · | · | $225M | $213M | $202M | $334.0K | |
| Current Liabilities | $37M | $37M | $17M | $99M | $42M | $100M | $17M | $82M | $239M | $227M | $223M | $23M | |
| Capital Leases | $4M | $6M | $6M | $10M | $2M | $6M | $10M | $0 | · | · | · | · | |
| Deferred Tax | $36M | $33M | $32M | $31M | $31M | $65M | $33M | $0 | · | · | · | $3M | |
| Other Non-current Liabilities | $17M | $30M | $28M | $28M | $22M | $31M | $22M | $951.0K | $4M | $687.0K | $297.0K | $770.0K | |
| Total Liabilities | $543M | $111M | $86M | $165M | $476M | $653M | $728M | $700M | $252M | $231M | $226M | $234M | |
| Total Debt | · | · | · | · | · | · | · | · | $225M | $213M | $202M | $334.0K | |
| Common Stock | $20.0K | $20.0K | $18.0K | $17.0K | $17.0K | $16.0K | $17.0K | $21.0K | $21.0K | $21.0K | $20.0K | $20.0K | |
| Paid-in Capital | $401M | $337M | $199M | $148M | $373M | $318M | $367M | $791M | $798M | $770M | $662M | $681M | |
| Retained Earnings | $608M | $499M | $503M | $451M | $449M | $392M | $400M | $-229M | $-401M | $-431M | $-429M | $-659M | |
| AOCI | $8M | $-6M | $-817.0K | $-984.0K | $-917.0K | $-801.0K | $-216.0K | $-1M | $2M | $3M | $5M | $5M | |
| Stockholders' Equity | $1.02B | $830M | $701M | $597M | $821M | $710M | $767M | $561M | $400M | $341M | $237M | $26M | |
| Liabilities + Equity | $1.56B | $942M | $787M | $763M | $1.30B | $1.36B | $1.49B | $1.26B | $671M | $602M | $503M | $258M | |
| Shares Outstanding | 19,774,000 | 19,106,000 | 17,556,000 | 16,951,000 | 16,767,000 | 16,080,000 | 16,823,000 | 20,766,000 | 21,148,665 | 20,909,301 | 19,949,012 | 19,575,150 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $34M | $35M | $37M | $52M | $51M | $26M | $18M | $13M | $11M | $11M | $3M | $3M | |
| Stock-based Comp | $47M | $41M | $26M | $60M | $39M | $31M | $25M | $21M | $25M | $19M | $12M | $11M | |
| Deferred Tax | $22M | $-16M | $10M | $30M | $-5M | $-17M | $75M | · | · | · | · | · | |
| Amort. of Intangibles | · | · | · | · | $47M | $23M | $17M | $16M | $12M | $11M | $2M | $2M | |
| Other Non-cash | $-178M | $41M | $-75M | $29M | $-60M | $1M | $-702M | $15M | $44M | $34M | $-203M | $-5M | |
| Operating Cash Flow | $49M | $97M | $50M | $138M | $79M | $55M | $-29M | $194M | $89M | $61M | $42M | $21M | |
| CapEx | $452.0K | $2M | $4M | $18M | $9M | $4M | $3M | $887.0K | $2M | $2M | $93.0K | $6.0K | |
| Investing Cash Flow | $-377M | $-144M | $-12M | $164M | $31M | $232M | $467M | $-423M | $-79M | $-134M | $-113M | $-2M | |
| Net Debt Issued | $0 | $0 | $-77M | $-261M | $-156M | $-222M | $-27M | $-218M | · | $0 | $0 | $-9M | |
| Stock Issued | $0 | $37M | $0 | $0 | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $15M | $0 | $0 | $0 | $0 | $78M | $453M | $123M | $2M | $4M | $489.0K | $68M | |
| Net Stock Activity | $-15M | $37M | · | $0 | $0 | $-78M | $-453M | $-123M | $-2M | $-4M | $-489.0K | $-68M | |
| Financing Cash Flow | $428M | $97M | $-60M | $-276M | $-138M | $-311M | $-485M | $329M | $-8M | $-5M | $8M | $130M | |
| Net Change in Cash | $103M | $49M | $-22M | $25M | · | · | · | · | $2M | $-79M | $-63M | $149M | |
| Taxes Paid | $8M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $49M | $95M | $46M | $120M | $70M | $50M | $-32M | $193M | $91M | $61M | $42M | $21M | |
| Levered FCF | · | · | $46M | $120M | $46M | $42M | $-60M | $153M | · | · | · | $16M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 15.3% | -13.5% | 9.1% | 1.6% | 28.5% | 13.9% | 671.0% | 65.1% | 48.2% | 40.3% | 38.0% | 30.4% | |
| Net Margin | 46.4% | -2.4% | 39.7% | -17.0% | 20.6% | -1.6% | 523.2% | 57.0% | 8.9% | -1.5% | 319.6% | 18.6% | |
| Pretax Margin | 59.3% | 1.5% | 48.5% | 18.4% | 17.1% | -5.7% | 662.3% | 68.9% | 40.6% | 7.3% | 49.1% | 17.5% | |
| EBITDA Margin | 27.9% | 7.6% | 36.9% | 27.8% | 46.9% | 27.7% | 686.2% | 71.0% | 56.5% | 50.6% | 41.7% | 34.5% | |
| ROA | 10.0% | -0.47% | 6.7% | -3.2% | 4.3% | -0.21% | 45.7% | 14.8% | 2.0% | -0.30% | · | 6.6% | |
| ROE | 13.5% | -0.48% | 7.6% | -4.7% | 7.0% | -0.42% | 77.8% | 22.7% | 3.4% | -0.57% | · | 31.7% | |
| ROIC | 3.2% | 4.4% | 1.4% | -0.07% | 11.6% | 1.0% | 83.1% | 24.1% | 2.4% | -2.4% | 87.1% | 71.0% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.2 | 8.9 | 14.1 | 2.7 | 11.2 | 5.0 | 66.1 | 10.6 | 1.0 | 0.7 | · | 8.1 | |
| Quick Ratio | 21.2 | 7.9 | 12.1 | 2.5 | 10.2 | 4.7 | 61.3 | 9.4 | 1.0 | 0.7 | · | 7.9 | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.6 | 0.6 | · | 0.0 | |
| Interest Coverage | · | · | 18.2 | 1.7 | 4.0 | 0.9 | 22.6 | 3.4 | · | · | · | 4.0 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 | 0.2 | 0.2 | · | 0.4 | |
| Inventory Turnover | · | · | · | · | · | · | · | 1.1 | 1.7 | 3.1 | · | 11.0 | |
| Receivables Turnover | 5.5 | 4.7 | 4.1 | 3.4 | 3.9 | 4.3 | 2.8 | 6.2 | 7.0 | 10.4 | · | 8.7 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 60.4% | 27.3% | -33.1% | -18.8% | 47.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 11.0% | -11.6% | -7.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $268M | $167M | $131M | $196M | $242M | $164M | $120M | $251M | $141M | $109M | $72M | $65M | |
| Net Income TTM | $124M | $-4M | $52M | $-33M | $57M | $-3M | $629M | $143M | $13M | $-2M | $230M | $12M | |
| Market Cap | $3.74B | $2.05B | $1.25B | $1.13B | $1.62B | $998M | $1.09B | $1.76B | $1.81B | $1.33B | · | $650M | |
| Enterprise Value | · | · | · | · | · | · | · | · | $1.83B | $1.40B | · | $483M | |
| P/E | 30.8 | -487.0 | 24.3 | -33.7 | 29.1 | -344.7 | 2.0 | 14.2 | 161.2 | -792.3 | 6.2 | 59.3 | |
| P/S | 13.9 | 12.2 | 9.5 | 5.8 | 6.7 | 6.1 | 9.1 | 7.0 | 12.8 | 12.2 | · | 10.1 | |
| P/B | 3.7 | 2.5 | 1.8 | 1.9 | 2.0 | 1.4 | 1.4 | 3.1 | 4.5 | 3.9 | · | 24.7 | |
| P / Tangible Book | 5.4 | 4.5 | 4.2 | 4.4 | 4.8 | · | · | · | · | · | · | · | |
| P / Cash Flow | 75.7 | 21.1 | 25.3 | 8.2 | 20.5 | 18.3 | -37.3 | 9.1 | 19.3 | 21.0 | · | 31.6 | |
| P / FCF | 76.4 | 21.5 | 27.2 | 9.4 | 23.1 | 19.9 | -34.3 | 9.1 | 19.8 | 21.7 | · | 31.6 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | 22.9 | 25.3 | · | 21.7 | |
| EV / FCF | · | · | · | · | · | · | · | · | 20.0 | 22.8 | · | 23.5 | |
| EV / Revenue | · | · | · | · | · | · | · | · | 13.0 | 12.8 | · | 7.5 | |
| Earnings Yield | 3.2% | -0.21% | 4.1% | -3.0% | 3.4% | -0.29% | 49.0% | 7.0% | 0.62% | -0.13% | 16.0% | 1.7% |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64M | $52M | $60M | $115M | $48M | $45M | $43M | $52M | $42M | $31M | $28M | $33M | $26M | $44M | $50M | $59M | |
| R&D Expense | $15M | $2M | $4M | $21M | $7M | $50M | $4M | $6M | $5M | $6M | $5M | $6M | $7M | $7M | $9M | $9M | |
| SG&A Expense | $29M | $21M | $25M | $28M | $20M | $19M | $26M | $24M | $18M | $11M | $16M | $15M | $11M | $11M | $31M | $15M | |
| Operating Income | $9M | $17M | $14M | $55M | $8M | $-36M | $-10M | $3M | $-19M | $3M | $-3M | $3M | $-2M | $14M | $-20M | $12M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $141.0K | · | $1.0K | $284.0K | $240.0K | · | $332.0K | |
| Interest Income | $7M | $7M | $6M | $4M | $2M | $2M | $2M | $1M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $591.0K | |
| Other Non-op | $3M | $-1M | $1M | $-443.0K | $1M | $-3M | $25M | $-9M | $-34M | $-2M | $3M | $-4M | $-873.0K | $603.0K | $-793.0K | $677.0K | |
| Pretax Income | $64M | $-24M | $57M | $141M | $11M | $-50M | $-39M | $-6M | $-65M | $113M | $17M | $-12M | $3M | $56M | $24M | $12M | |
| Income Tax | $16M | $-11M | $12M | $24M | $6M | $-8M | $-8M | $833.0K | $-13M | $27M | $-1M | $-2M | $881.0K | $12M | $39M | $3M | |
| Net Income | $49M | $-13M | $45M | $117M | $5M | $-42M | $-31M | $-7M | $-52M | $86M | $18M | $-10M | $2M | $42M | $-17M | $404.0K | |
| EPS (Basic) | $2.42 | $-0.67 | $2.41 | $5.99 | $0.25 | $-2.21 | $-1.81 | $-0.39 | $-2.88 | $4.86 | $1.02 | $-0.59 | $0.13 | $2.46 | $-1.04 | $0.02 | |
| EPS (Diluted) | $2.22 | $-0.67 | $2.42 | $5.68 | $0.24 | $-2.21 | $-1.70 | $-0.39 | $-2.88 | $4.75 | $1.07 | $-0.59 | $0.13 | $2.33 | $-1.04 | $0.02 | |
| Shares (Basic) | 20,063,000 | 19,883,000 | -38,758,000 | 19,578,000 | 19,327,000 | 19,191,000 | -35,889,000 | 18,419,000 | 18,028,000 | 17,732,000 | -34,421,000 | 17,380,000 | 17,276,000 | 17,063,000 | -33,712,000 | 16,888,000 | |
| Shares (Diluted) | 21,837,000 | 19,883,000 | -39,452,000 | 20,629,000 | 19,926,000 | 19,191,000 | -36,279,000 | 18,419,000 | 18,028,000 | 18,122,000 | -35,327,000 | 17,380,000 | 17,730,000 | 17,974,000 | -34,146,000 | 17,132,000 | |
| EBITDA | $9M | $26M | · | $55M | $8M | $-27M | · | $3M | $-19M | $12M | · | $3M | $-2M | $24M | · | $636.0K |
Balance Sheet 29
| 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 | $1.01B | $115M | $175M | $139M | $68M | $48M | $72M | $64M | $18M | $50M | · | $19M | $28M | $89M | · | $4M | |
| Short-term Investments | $351M | $664M | $559M | $525M | $177M | $161M | $184M | $156M | $209M | $260M | · | $171M | $191M | $194M | · | $117M | |
| Receivables | $67M | $53M | $60M | $58M | $41M | $38M | $38M | $34M | $37M | $28M | · | $36M | $28M | $29M | · | $65M | |
| Inventory | $10M | $13M | $9M | $12M | $15M | $15M | $14M | $17M | $19M | $21M | · | $25M | $27M | $14M | · | $22M | |
| Prepaid Expense | · | · | · | · | · | · | · | $2M | $2M | $1M | · | · | · | · | · | · | |
| Other Current Assets | $6M | $6M | $6M | $7M | $5M | $13M | $9M | $20M | $7M | $7M | · | $2M | $3M | $2M | · | $11M | |
| Current Assets | $1.46B | $865M | $832M | $754M | $353M | $309M | $332M | $309M | $312M | $369M | · | $254M | $277M | $328M | · | $220M | |
| PP&E (Net) | $3M | $3M | $4M | $3M | $4M | $4M | $15M | $15M | $15M | $15M | · | $16M | $11M | $12M | · | $33M | |
| PP&E (Gross) | · | · | $10M | · | · | · | $23M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $7M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $102M | $102M | $102M | $102M | $102M | $102M | $105M | $105M | $105M | $105M | · | $104M | $106M | $106M | $0 | $181M | |
| Intangibles | $209M | $217M | $225M | $234M | $250M | $258M | $267M | $275M | $283M | $291M | · | $315M | $325M | $334M | · | $517M | |
| Other Non-current Assets | $12M | $13M | $13M | $3M | $9M | $8M | $32M | $8M | $12M | $11M | · | $8M | $4M | $5M | · | $6M | |
| Total Assets | $2.19B | $1.53B | $1.56B | $1.48B | $949M | $905M | $942M | $955M | $866M | $914M | · | $769M | $758M | $811M | · | $1.05B | |
| Accounts Payable | $9M | $5M | $3M | $4M | $9M | $5M | $5M | $5M | $2M | $2M | · | $2M | $10M | $6M | · | $16M | |
| Accrued Liabilities | $32M | $32M | $31M | $24M | $17M | $24M | $28M | $16M | $12M | $12M | · | $11M | $7M | $15M | · | $19M | |
| Current Liabilities | $47M | $41M | $37M | $31M | $65M | $59M | $37M | $25M | $19M | $18M | · | $16M | $29M | $99M | · | $135M | |
| Capital Leases | $4M | $4M | $4M | $4M | $5M | $4M | $6M | $6M | $6M | $5M | · | $6M | $11M | $11M | · | $35M | |
| Deferred Tax | $22M | $23M | $36M | $23M | $32M | $29M | $33M | $46M | $30M | $51M | · | $33M | $28M | $30M | · | $30M | |
| Other Non-current Liabilities | $17M | $17M | $17M | $20M | $14M | $14M | $30M | $30M | $29M | $28M | · | $44M | $22M | $22M | $28M | $22M | |
| Total Liabilities | $1.22B | $535M | $543M | $527M | $120M | $110M | $111M | $114M | $91M | $107M | · | $101M | $93M | $165M | · | $234M | |
| Long-term Debt | $1.13B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $19.0K | $19.0K | $18.0K | · | $18.0K | $17.0K | $17.0K | · | $17.0K | |
| Paid-in Capital | $380M | $397M | $401M | $363M | $359M | $341M | $337M | $309M | $239M | $218M | · | $184M | $171M | $154M | · | $349M | |
| Retained Earnings | $583M | $595M | $608M | $578M | $461M | $457M | $499M | $530M | $537M | $589M | · | $485M | $495M | $493M | · | $468M | |
| AOCI | $4M | $5M | $8M | $9M | $8M | $-2M | $-6M | $2M | $-935.0K | $-910.0K | · | $-944.0K | $-967.0K | $-935.0K | · | $-1M | |
| Stockholders' Equity | $968M | $997M | $1.02B | $950M | $829M | $796M | $830M | $841M | $775M | $807M | $701M | $668M | $665M | $646M | $597M | $816M | |
| Liabilities + Equity | $2.19B | $1.53B | $1.56B | $1.48B | $949M | $905M | $942M | $955M | $866M | $914M | · | $769M | $758M | $811M | · | $1.05B | |
| Shares Outstanding | 19,920,000 | 20,029,000 | 19,774,000 | 19,656,000 | 19,411,000 | 19,276,000 | 19,106,000 | 18,760,000 | 18,103,000 | 17,924,000 | 17,556,000 | 17,421,000 | 17,352,000 | 17,134,000 | 16,951,000 | 16,894,000 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $11M | $13M | |
| Stock-based Comp | $14M | $11M | $14M | $15M | $10M | $8M | $8M | $15M | $11M | $7M | $6M | $7M | $7M | $6M | $29M | $13M | |
| Other Non-cash | · | $43M | · | · | · | $400.0K | · | · | · | $-84M | · | · | · | $-23M | · | · | |
| Operating Cash Flow | $24M | $49M | $46M | $13M | $16M | $-25M | $28M | $37M | $13M | $19M | $8M | $8M | $-82.0K | $34M | $53M | $20M | |
| CapEx | $26.0K | $228.0K | $9.0K | $15.0K | $214.0K | $214.0K | $712.0K | $596.0K | $408.0K | $105.0K | $417.0K | $487.0K | $203.0K | $2M | $2M | $4M | |
| Investing Cash Flow | $321M | $-94M | $-18M | $-353M | $-11M | $5M | $-39M | $-47M | $-55M | $-4M | $-10M | $-20M | $8M | $11M | $-7M | $19M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Stock Issued | · | · | $0 | · | · | · | $3M | · | · | · | $0 | · | · | · | · | · | |
| Stock Repurchased | · | · | $0 | $15M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $546M | $-14M | $8M | $410M | $15M | $-5M | $20M | $55M | $9M | $12M | $5M | $3M | $-68M | $-775.0K | $-5M | $-41M | |
| Net Change in Cash | $892M | $-60M | · | · | $20M | $-24M | $9M | $45M | $-32M | $27M | $3M | $-9M | $-60M | $44M | $41M | $-1M | |
| Free Cash Flow | · | $48M | · | · | · | $-26M | · | · | · | $19M | · | · | · | $32M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $19M | · | · | · | $31M | · | · |
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 | 13.5% | 33.6% | · | 47.6% | 17.7% | -79.9% | · | 6.1% | -46.0% | 9.7% | · | 9.4% | -7.5% | 32.3% | · | 0.96% | |
| Net Margin | 76.2% | -25.8% | · | 101.6% | 10.2% | -93.6% | · | -13.8% | -125.0% | 278.1% | · | -31.3% | 8.7% | 95.4% | · | 0.61% | |
| Pretax Margin | 101.0% | -46.9% | · | 122.2% | 23.6% | -110.7% | · | -12.2% | -157.4% | 366.2% | · | -37.0% | 12.0% | 126.3% | · | 1.3% | |
| EBITDA Margin | 13.5% | 49.5% | · | 47.6% | 17.7% | -60.5% | · | 6.1% | -46.0% | 37.9% | · | 9.4% | -7.5% | 53.9% | · | 0.96% | |
| ROA | 3.1% | -1.1% | · | 9.7% | 0.53% | -4.7% | · | -0.83% | -6.4% | 10.0% | · | -1.1% | 0.25% | 4.4% | · | 0.03% | |
| ROE | 5.4% | -1.5% | · | 13.1% | 0.60% | -5.3% | · | -0.95% | -7.2% | 11.9% | · | -1.4% | 0.31% | 5.8% | · | 0.05% | |
| ROIC | 0.67% | 0.96% | · | 4.8% | 0.44% | -3.9% | · | 0.42% | -2.0% | 0.28% | · | 0.39% | -0.22% | 1.7% | · | 0.04% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 31.2 | 21.3 | · | 24.7 | 5.5 | 5.3 | · | 12.5 | 16.8 | 20.7 | · | 16.2 | 9.4 | 3.3 | · | 1.6 | |
| Quick Ratio | 30.5 | 20.5 | · | 23.6 | 4.4 | 4.2 | · | 10.3 | 14.2 | 19.0 | · | 14.4 | 8.4 | 3.2 | · | 1.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 21.2 | · | 3078.0 | -7.0 | 59.2 | · | 1.9 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | |
| Receivables Turnover | 1.2 | 1.1 | · | 2.5 | 1.2 | 1.4 | · | 1.5 | 1.3 | 1.1 | · | 0.6 | 0.6 | 1.2 | · | 1.0 |
Valuation (TTM) 10
| 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 | $279M | $260M | · | $260M | $186M | $170M | · | $157M | $132M | $134M | · | $154M | $180M | $204M | · | $202M | |
| Net Income TTM | $157M | $66M | · | $72M | $-97M | $-15M | · | $17M | $26M | $120M | · | $16M | $27M | $24M | · | $-21M | |
| Market Cap | $6.30B | $4.00B | · | $3.48B | $2.21B | $2.03B | · | $1.88B | $1.53B | $1.31B | · | $1.04B | $1.25B | $1.26B | · | $908M | |
| P/E | 42.3 | 65.7 | · | 53.4 | -21.7 | -144.0 | · | 112.5 | 59.8 | 11.0 | · | 31.7 | 29.7 | 52.9 | · | -383.7 | |
| P/S | 22.6 | 15.4 | · | 13.4 | 11.8 | 11.9 | · | 11.9 | 11.6 | 9.8 | · | 6.8 | 7.0 | 6.2 | · | 4.5 | |
| P/B | 6.5 | 4.0 | · | 3.7 | 2.7 | 2.5 | · | 2.2 | 2.0 | 1.6 | · | 1.6 | 1.9 | 2.0 | · | 1.1 | |
| P / Tangible Book | 9.6 | 5.9 | · | 5.7 | 4.6 | 4.7 | · | 4.1 | 3.9 | 3.2 | · | 4.2 | 5.4 | 6.1 | · | 7.7 | |
| P / Cash Flow | · | 82.1 | · | · | · | -79.6 | · | · | · | 69.9 | · | · | · | 37.1 | · | · | |
| P / FCF | · | 82.5 | · | · | · | -79.0 | · | · | · | 70.3 | · | · | · | 40.0 | · | · | |
| Earnings Yield | 2.4% | 1.5% | · | 1.9% | -4.6% | -0.69% | · | 0.89% | 1.7% | 9.1% | · | 3.1% | 3.4% | 1.9% | · | -0.26% |
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 | $268M | $167M | $131M | $196M | $242M |
| Operating Margin % | 15.3% | -13.5% | 9.1% | 1.6% | 28.5% |
| Net Income | $124M | $-4M | $52M | $-33M | $57M |
| Diluted EPS | $6.13 | $-0.22 | $2.94 | $-1.98 | $3.31 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 22.2 | 8.9 | 14.1 | 2.7 | 11.2 |
| Quick Ratio | 21.2 | 7.9 | 12.1 | 2.5 | 10.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $49M | $95M | $46M | $120M | $70M |
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Institutional owners (13F) 443 filers · $4.3B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 105 (+43 vs prior Q) | 31 (-14 vs prior Q) | 137 (+17 vs prior Q) | 109 (-3 vs prior Q) | +2.6M |
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 | $359,810,304 | 1,138,316 | 8.40% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $275,298,586 | 870,950 | 6.42% | Shares |
| STATE STREET CORP | $261,251,813 | 826,539 | 6.10% | Shares |
| FMR LLC | $231,737,274 | 733,137 | 5.41% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $208,591,268 | 659,911 | 4.87% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $179,656,000 | 568,371 | 4.19% | Shares |
| Chicago Capital, LLC | $174,935,212 | 553,435 | 4.08% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $162,860,291 | 515,140 | 3.80% | Shares |
| Stephens Investment Management Group LLC | $150,335,249 | 475,609 | 3.51% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $129,680,348 | 410,264 | 3.03% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $118,774,611 | 375,762 | 2.77% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $116,953,300 | 3,700 | 2.73% | Call option |
| RICE HALL JAMES & ASSOCIATES, LLC | $85,360,737 | 270,052 | 1.99% | Shares |
| Ranger Investment Management, L.P. | $81,423,520 | 257,596 | 1.90% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $80,212,263 | 253,764 | 1.87% | Shares |
| NEUBERGER BERMAN GROUP LLC | $78,452,590 | 248,197 | 1.83% | Shares |
| LOOMIS SAYLES & CO L P | $76,697,342 | 242,644 | 1.79% | Shares |
| NEXT CENTURY GROWTH INVESTORS LLC | $62,757,140 | 198,542 | 1.46% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $61,080,599 | 193,238 | 1.43% | Shares |
| Private Capital Management, LLC | $52,475,997 | 166,016 | 1.22% | Shares |
| VILLERE ST DENIS J & CO LLC | $49,153,891 | 155,506 | 1.15% | Shares |
| Granahan Investment Management, LLC | $46,538,247 | 147,231 | 1.09% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $45,177,479 | 142,926 | 1.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $43,385,881 | 137,258 | 1.01% | Shares |
| ASHFORD CAPITAL MANAGEMENT INC | $41,440,352 | 207,565 | 0.97% | Shares |
| Impax Asset Management Group plc | $41,091,700 | 130,000 | 0.96% | Shares |
| Fisher Asset Management, LLC | $38,386,026 | 121,440 | 0.90% | Shares |
| Driehaus Capital Management LLC | $37,455,717 | 118,497 | 0.87% | Shares |
| Penn Capital Management Company, LLC | $31,748,435 | 100,337 | 0.74% | Shares |
| Aberdeen Group plc | $30,564,955 | 96,697 | 0.71% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $29,735,218 | 94,072 | 0.69% | Shares |
| FIRST TRUST ADVISORS LP | $28,730,368 | 90,893 | 0.67% | Shares |
| GOLDMAN SACHS GROUP INC | $25,743,318 | 81,443 | 0.60% | Shares |
| VANGUARD GROUP INC | $23,737,549 | 125,549 | 0.55% | Shares |
| AMERIPRISE FINANCIAL INC | $23,554,423 | 74,519 | 0.55% | Shares |
| Public Sector Pension Investment Board | $21,774,808 | 68,888 | 0.51% | Shares |
| CITIGROUP INC | $20,697,573 | 65,480 | 0.48% | Shares |
| CASTLEARK MANAGEMENT LLC | $19,611,172 | 62,043 | 0.46% | Shares |
| NOMURA HOLDINGS INC | $19,577,982 | 61,938 | 0.46% | Shares |
| Dana Investment Advisors, Inc. | $18,181,497 | 57,520 | 0.42% | Shares |
| D. E. Shaw & Co., Inc. | $17,863,826 | 56,515 | 0.42% | Shares |
| JANUS HENDERSON GROUP PLC | $17,557,217 | 87,949 | 0.41% | Shares |
| Granite Investment Partners, LLC | $17,109,320 | 54,128 | 0.40% | Shares |
| RHUMBLINE ADVISERS | $15,843,977 | 50,125 | 0.37% | Shares |
| Emerald Investment Advisers, LLC | $14,831,259 | 46,921 | 0.35% | Shares |
| Context Capital Management, LLC | $14,540,140 | 46,000 | 0.34% | Shares |
| PRUDENTIAL FINANCIAL INC | $14,389,365 | 45,523 | 0.34% | Shares |
| SUSQUEHANNA ADVISORS GROUP, INC. | $14,097,614 | 44,600 | 0.33% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $14,076,120 | 44,532 | 0.33% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $13,996,763 | 44,570 | 0.33% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $13,771,093 | 43,567 | 0.32% | Shares |
| BANK OF AMERICA CORP /DE/ | $13,748,019 | 43,494 | 0.32% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $12,754,231 | 40,350 | 0.30% | Shares |
| Pembroke Management, LTD | $12,731,157 | 40,277 | 0.30% | Shares |
| Swiss National Bank | $12,327,510 | 39,000 | 0.29% | Shares |
| ARISTEIA CAPITAL, L.L.C. | $11,774,353 | 37,250 | 0.27% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $10,939,038 | 34,607 | 0.26% | Shares |
| Congress Wealth Management LLC / DE / | $10,733,322 | 94,417 | 0.25% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $10,699,962 | 33,851 | 0.25% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $10,542,550 | 33,353 | 0.25% | Shares |
| Uniplan Investment Counsel, Inc. | $10,495,472 | 33,204 | 0.24% | Shares |
| Clark Capital Management Group, Inc. | $10,414,533 | 32,948 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,304,534 | 32,600 | 0.24% | Put option |
| Legal & General Group Plc | $9,704,596 | 30,702 | 0.23% | Shares |
| Moody Aldrich Partners LLC | $8,901,094 | 28,160 | 0.21% | Shares |
| Linden Advisors LP | $8,669,084 | 27,426 | 0.20% | Shares |
| Hodges Capital Management Inc. | $7,410,414 | 23,444 | 0.17% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $7,344,667 | 23,236 | 0.17% | Shares |
| Squarepoint Ops LLC | $7,206,852 | 22,800 | 0.17% | Shares |
| ISTHMUS PARTNERS, LLC | $6,617,344 | 20,935 | 0.15% | Shares |
| Moran Wealth Management, LLC | $6,253,208 | 19,783 | 0.15% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $6,214,013 | 19,659 | 0.14% | Shares |
| Informed Momentum Co LLC | $6,163,123 | 19,498 | 0.14% | Shares |
| TD Waterhouse Canada Inc. | $6,121,719 | 19,625 | 0.14% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $6,023,727 | 19,057 | 0.14% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,950,394 | 18,825 | 0.14% | Shares |
| Lisanti Capital Growth, LLC | $5,925,739 | 18,747 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $5,897,923 | 18,659 | 0.14% | Shares |
| MORGAN STANLEY | $5,822,378 | 18,420 | 0.14% | Shares |
| WOODSTOCK CORP | $5,798,671 | 18,345 | 0.14% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $5,551,173 | 17,562 | 0.13% | Shares |
| Calamos Advisors LLC | $5,437,696 | 17,203 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $5,409,517 | 27,095 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,189,250 | 16,417 | 0.12% | Shares |
| BlackRock, Inc. | $4,991,693 | 15,792 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,962,613 | 15,700 | 0.12% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,748,476 | 23,784 | 0.11% | Shares |
| Future Fund LLC | $4,647,787 | 14,704 | 0.11% | Shares |
| OSAIC HOLDINGS, INC. | $4,253,131 | 13,456 | 0.10% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,020,665 | 12,720 | 0.09% | Shares |
| NFJ INVESTMENT GROUP, LLC | $4,004,860 | 12,670 | 0.09% | Shares |
| Quantinno Capital Management LP | $3,832,275 | 12,124 | 0.09% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $3,808,568 | 12,049 | 0.09% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $3,774,807 | 11,863 | 0.09% | Shares |
| COOKSON PEIRCE & CO INC | $3,736,816 | 11,822 | 0.09% | Shares |
| Corient Private Wealth LP | $3,697,924 | 11,699 | 0.09% | Shares |
| MetLife Investment Management, LLC | $3,692,879 | 11,683 | 0.09% | Shares |
| CONNORS INVESTOR SERVICES INC | $3,439,059 | 10,880 | 0.08% | Shares |
| JANE STREET GROUP, LLC | $3,192,509 | 10,100 | 0.07% | Call option |
| CITADEL ADVISORS LLC | $3,160,900 | 10,000 | 0.07% | Call option |
Company insiders 47 insiders · 16 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Todd C Davis | Chief Executive Officer | June 30, 2026 J | 199,513 | 0 | 0 | $0 |
| David E Robinson | Pres, CEO & Chairman | March 10, 2006 A | 411,725 | 0 | 0 | $0 |
| Nishan M Desilva | VP, Finance & Strategy and CFO | May 14, 2015 M | 22,282 | 0 | 0 | $0 |
| John P Sharp | VP Finance and CFO | Feb. 12, 2014 M | 17,667 | 0 | 0 | $0 |
| Paul V Maier | Sr. V-P, CFO | Nov. 20, 2006 M | 84,951 | 0 | 0 | $0 |
| Matthew E Korenberg | PRESIDENT & CHIEF OPERATING | June 30, 2023 J | 99,124 | 0 | 0 | $0 |
| Melanie J Herman | Director of Accounting | June 30, 2016 J | 3,454 | 0 | 0 | $0 |
| Syed Kazmi | VP, Bus. Dev. & Strategic Plan | Feb. 9, 2012 A | 18,230 | 0 | 0 | $0 |
| Martin Meglasson | V-P, Discovery Research | May 11, 2010 P | 102,250 | 0 | 0 | $0 |
| Zofia E Dziewanowska | VP, Clinical Research | Feb. 25, 2009 S | 33,977 | 0 | 0 | $0 |
| William A Petttit | Sr. V-P, HR and Administration | Dec. 15, 2006 M | 889 | 0 | 0 | $0 |
| Eric S Groves | V-P, Project Management | Dec. 15, 2006 M | 5,127 | 0 | 0 | $0 |
| Andres Negro-Vilar | Exe V-P, R & D, CSO | Dec. 14, 2006 M | 7,233 | 0 | 0 | $0 |
| Taylor Crouch | Sr. V-P, Ops & Pres. Int'l | Dec. 5, 2006 M | 0 | 0 | 0 | $0 |
| Tod Mertes | V-P, Controller & Treasurer | March 10, 2006 A | 1,476 | 0 | 0 | $0 |
| James J Litalien | Sr. V-P, Reg Affairs & Comp. | March 10, 2006 A | 0 | 0 | 0 | $0 |
| Stephen L Sabba | Director | June 16, 2026 M | 33,629 | 0 | 3 | $-1,162,551 |
| John L Lamattina | Director | June 10, 2026 S | 26,969 | 0 | 4 | $-1,151,786 |
| Martine Zimmermann | Director | June 5, 2026 F | 5,097 | 0 | 0 | $0 |
| Nancy Ryan Gray | Director | June 5, 2026 A | 8,930 | 0 | 0 | $0 |
| Jason Aryeh | Director | June 5, 2026 A | 102,580 | 0 | 2 | $-1,250,000 |
| John W Kozarich | Director | June 5, 2026 A | 42,622 | 0 | 0 | $0 |
| Ligand Pharmaceuticals Incorporated | Director | Dec. 17, 2025 A | 1,500,000 | 0 | 0 | $0 |
| John L Higgins | Director | Dec. 28, 2022 F | 417,695 | 0 | 0 | $0 |
| David M Knott | Director | Aug. 17, 2015 S | 66,152 | 0 | 0 | $0 |
| Steven J Burakoff | Director | May 29, 2009 A | 15,000 | 0 | 0 | $0 |
| Bruce Peacock | Director | Dec. 23, 2008 A | 10,000 | 0 | 0 | $0 |
| Jeffrey R Perry | Director | May 29, 2008 A | 33,953 | 0 | 0 | $0 |
| Elizabeth M Greetham | Director | May 29, 2008 A | 10,000 | 0 | 0 | $0 |
| Henry F Blissenbach | Director | April 2, 2007 M | 15,005 | 0 | 0 | $0 |
| Brigette Roberts | Director | Jan. 3, 2007 A | 2,378 | 0 | 0 | $0 |
| Irving S Johnson | Director | Jan. 3, 2007 A | 22,929 | 0 | 0 | $0 |
| Alexander D Cross | Director | Jan. 3, 2007 A | 26,335 | 0 | 0 | $0 |
| John Groom | Director | Sept. 27, 2006 A | 16,237 | 0 | 0 | $0 |
| Carl C Peck | Director | Sept. 27, 2006 A | 8,378 | 0 | 0 | $0 |
| Michael A Rocca | Director | Sept. 27, 2006 A | 11,676 | 0 | 0 | $0 |
| Octavio Espinoza | — | Aug. 12, 2026 M | 27,696 | 0 | 1 | $-9,241,070 |
| Jason Haas | — | Aug. 12, 2026 M | 3,981 | 0 | 3 | $-3,741,401 |
| Andrew Reardon | — | Aug. 3, 2026 M | 41,514 | 0 | 19 | $-3,121,290 |
| Jennifer R. Cochran | — | Nov. 1, 2022 D | 1,161 | 0 | 0 | $0 |
| Sarah Boyce | — | Nov. 1, 2022 D | 2,892 | 0 | 0 | $0 |
| Sunil Patel | — | Nov. 1, 2022 D | 28,820 | 0 | 0 | $0 |
| Charles S Berkman | — | Nov. 1, 2022 D | 23,825 | 0 | 0 | $0 |
| Matthew W Foehr | — | Nov. 1, 2022 D | 162,187 | 0 | 0 | $0 |
| Loeb, Daniel S. | — | March 26, 2007 S | 2,027,378 | 0 | 0 | $0 |
| Warner R Broaddus | — | Nov. 17, 2006 M | 0 | 0 | 0 | $0 |
| Giambattista Aliprandi | — | June 1, 2004 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 18 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 |
|---|---|---|---|---|---|
| Ligand Pharmaceuticals Incorporated ×10 filings | May 1, 2026 | 47.00% | Initial filing | — | SEC |
| David M. Knott, Dorset Management Corporation ×8 filings | May 24, 2016 | — | Initial filing | Board campaign | SEC |
| Ligand Pharmaceuticals Incorporated (2) ×4 filings | Jan. 28, 2010 | — | Initial filing | — | SEC |
| Noonday Asset Management, L.P., Noonday G.P. (U.S.), L.L.C., Noonday Capital, L.L.C., David I. Cohen, Saurabh K. Mittal, Noonday Capital Partners, L.L.C., Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P., Farallon Capital Institutional Partners II, L.P., Farallon Capital Institutional Partners III, L.P., Tinicum Partners, L.P., Farallon Capital Offshore Investors II, L.P., Farallon Capital Management, L.L.C., Farallon Partners, L.L.C., Chun R. Ding, William F. Duhamel, Richard B. Fried, Monica R. Landry, Douglas M. MacMahon, William F. Mellin, Stephen L. Millham, Jason E. Moment, Rajiv A. Patel, Derek C. Schrier, Thomas F. Steyer, Mark C. Wehrly | March 30, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 28, 2007 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 12, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 18, 2006 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 10, 2006 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 5, 2005 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 16, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 7, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 26, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 12, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 30, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 23, 2005 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 79 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 |
|---|---|---|---|---|
| PJP · Invesco Exchange-Traded Fund Trust | 3.17% | 54,706 SH | Aug. 8, 2026 | Daily |
| PSCH · Invesco Exchange-Traded Fund Trust … | 2.97% | 17,394 SH | Aug. 8, 2026 | Daily |
| ALIL · EA Series Trust | 2.16% | 2,385 NS | May 29, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.93% | 4,992 NS | April 30, 2026 | N-PORT |
| XSMO · Invesco Exchange-Traded Fund Trust | 1.88% | 198,917 SH | Aug. 8, 2026 | Daily |
| PTH · Invesco Exchange-Traded Fund Trust | 1.71% | 14,387 SH | Aug. 8, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.39% | 780 NS | April 30, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 1.33% | 1,317 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 1.33% | 71,583 SH | Aug. 8, 2026 | Daily |
| RZG · Invesco Exchange-Traded Fund Trust | 1.12% | 5,313 SH | Aug. 8, 2026 | Daily |
| GSC · Goldman Sachs ETF Trust | 1.04% | 11,355 NS | May 31, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.82% | 1,851 NS | May 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.69% | 23,854 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 0.67% | 186,107 SH | Aug. 8, 2026 | Daily |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.63% | 483 SH | Aug. 8, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.51% | 23,394 NS | April 30, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.44% | 6,688 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.40% | 1,093 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.38% | 2,375 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.37% | 182,189 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.37% | 21,495 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.34% | 70,067 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.34% | 2,941 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.33% | 1,222,161 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.32% | 38,029 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.32% | 8,095 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.26% | 13,910 NS | April 30, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.26% | 2,424 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.23% | 736 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 6,966 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.20% | 236 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.20% | 702 NS | April 30, 2026 | N-PORT |
| SMLF · iShares Trust | 0.20% | 27,794 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.19% | 115,596 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.19% | 509,128 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.19% | 7,952 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.15% | 15,366 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.14% | 597 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.14% | 8,429 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.13% | 277,215 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.12% | 3,926 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.11% | 912 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.10% | 2,180 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.10% | 10,188 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.10% | 60,435 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.10% | 934 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.10% | 94,556 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.09% | 887 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.09% | 58,421 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.07% | 9,071 NS | April 30, 2026 | N-PORT |