LZ LegalZoom.com, Inc. - Common Stock
$5.60
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$5–$12
5% of range
Analyst Rating
STRONG BUY
16 analysts
Price Target
$8
+41% upside
P/E (TTM)
68.3
ROE
8.4%
Net Profit Margin
2.0%
About LegalZoom.com, Inc. - Common Stock Company overview from Wikipedia
LegalZoom.com, Inc. is an American online legal technology and services company launched in 2001. It provides online legal services using an independent network of attorneys and the LegalZoom-owned law firm, LegalZoom Legal Services, as well as self-service technology and care specialists. Services include wills and living trusts, business compliance such as licenses and permits, copyright registrations, and trademark applications. The company also offers attorney referrals and registered agent services.
Read more
LegalZoom.com, Inc. is an American online legal technology and services company launched in 2001. It provides online legal services using an independent network of attorneys and the LegalZoom-owned law firm, LegalZoom Legal Services, as well as self-service technology and care specialists. Services include wills and living trusts, business compliance such as licenses and permits, copyright registrations, and trademark applications. The company also offers attorney referrals and registered agent services.
Cited as a disruption to traditional consumer legal services, the company asserts that it benefits people who otherwise could not hire a lawyer.
LegalZoom was founded by Brian S. Lee, Brian Liu, Edward Hartman, and Robert Shapiro.
Reception
Based on concerns that LegalZoom's services were a form of legal advice, the North Carolina State Bar issued a cease and desist order in 2008. After an investigation by a special referee, the court determined that LegalZoom's practices "do not constitute the unauthorized practice of law". Similar lawsuits in other states were settled or dismissed.
Consumer Reports magazine gave mixed reviews in September 2012 to the computer-aided legal forms generated by LegalZoom and two of its competitors, Nolo (formerly Nolo Press) and Rocket Lawyer, stating that all three companies provided documents "for a fraction of what you'd pay a lawyer". Consumer Reports wrote that "using any of the three services is generally better than drafting the documents yourself without legal training or not having them at all. But unless your needs are simple ... none of the will-writing products is likely to entirely meet your needs." It found in some cases, the other non-will documents weren't specific enough or contained language that could potentially lead to an unintended result.
In 2015, LegalZoom and the North Carolina Bar Association settled years of litigation by agreeing that companies like LegalZoom, which offer automated legal document preparation, will not violate North Carolina's prohibitions against the unauthorized practice of law if the companies register with the state and comply with certain consumer protection procedures. Following the settlement, the US Federal Trade Commission and the US Department of Justice jointly advised the North Carolina Legislature that the state should avoid placing overly broad restrictions on companies that offer computer-facilitated legal services. The two agencies stated that "[i]nteractive software for generating legal forms may be more cost-effective for some consumers, may exert downward price pressure on licensed lawyer services, and may promote the more efficient and convenient provision of legal services. Such products may also help increase access to legal services."
Recognition
The company was nominated for the American Bar Association's 2005 Louis M. Brown Award. In 2011, Business Insider ranked LegalZoom 27th on its list of the world's most valuable startups, and in 2012, Fast Company ranked LegalZoom 26th on its list of the most innovative companies.
Growth, acquisitions and partnerships
LegalZoom formed a partnership in 2012 with the United Kingdom-based legal services provider QualitySolicitors to jointly offer online legal services in the United Kingdom. In 2014, European private capital firm Permira announced its intent to acquire $200 million in the outstanding equity of LegalZoom and become its largest shareholder; on February 14, 2014, Permira announced that the deal was complete. LegalZoom announced in 2015 they would Beaumont Legal, a 200-year-old firm in Wakefield, West Yorkshire, England which describes itself as one of the largest conveyancers in the country.
LegalZoom announced its initial public offering in 2021 and became the first publicly traded company to own and operate a law firm in the United States. Later that year, the company expanded its network of attorneys following the Arizona Supreme Court approval of an alternative business structure license.
In 2021, LegalZoom acquired Earth Class Mail, a virtual mailbox service for businesses, for $63 million. In 2022, the company acquired Revv, a Global SaaS document automation and form template company based in Bangalore, India. In 2023, they announced a partnership with Novo, a financial technology firm focused on digital banking for small businesses.
In May 2024, LegalZoom entered a partnership with Wix.com, a website builder and web development platform, offering an all-in-one launch solution for entrepreneurs. That same year, BusinessLoans.com partnered with LegalZoom to provide LegalZoom users with a pathway to compare and apply for small business loans.
LegalZoom acquired Formation Nation, a small business services company focused on business formation and compliance that operates the Nevada Corporate Headquarters (NCH) and Inc Authority brands, in 2025, and partnered with Perplexity AI, an artificial intelligence company, to enhance its legal technology offerings.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
LZ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$5.60
Market Cap
$971M
P/E (TTM)
68.3
EPS (TTM)
$0.08
Revenue (TTM)
$756M
Div Yield
—
ROE
8.4%
Debt/Equity
—
52W Range
$5 – $12
LZ Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$756M
2019-12-31
→
2025-12-31
EPS
$0.08
2019-12-31
→
2025-12-31
Free Cash Flow
$148M
2021-12-31
→
2025-12-31
Margins
2.0%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LZ
Peer Median
P/E (TTM)
68.3
23.4
P/S (TTM)
1.3
1.6
P/B
5.6
3.7
Price / FCF
6.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LZ
Peer Median
Gross Margin
65.9%
47.8%
Operating Margin
3.3%
—
Net Profit Margin
2.0%
2.3%
ROA
3.5%
3.9%
ROE
8.4%
9.8%
ROIC
6.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LZ
Peer Median
Current Ratio
0.8
0.9
Quick Ratio
0.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LZ
Peer Median
Revenue YoY
10.9%
—
Revenue CAGR 3Y
6.8%
—
Revenue CAGR 5Y
9.9%
—
EPS YoY
-50.0%
—
Net Income YoY
-48.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LZ
Peer Median
LZ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 6 37.5%
- Buy 5 31.2%
- Hold 5 31.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-13
Median
$7.50
Mean
$7.90
← Below all targets
$5.60
Low
$7.00
High
$9.00
Median target
$7.50
+33.9%
Mean target
$7.90
+41.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.16 | $0.16 | 0.00% |
| March 31, 2026 | $0.12 | $0.14 | -0.02% |
| Dec. 31, 2025 | $0.17 | $0.18 | -0.01% |
| Sept. 30, 2025 | $0.17 | $0.19 | -0.02% |
| June 30, 2025 | $0.15 | $0.15 | -0.00% |
| March 31, 2025 | $0.13 | $0.13 | -0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LZ | $1.76B | 124.1 | 10.9% | 2.0% | 8.4% | 65.9% |
| BKSY | — | -9.0 | 4.4% | — | — | — |
| WLDN | $1.57B | 30.6 | 20.5% | 7.7% | 19.5% | 37.5% |
| RHLD | $1.75B | -299.2 | 9.9% | -1.3% | -206.6% | 56.3% |
| CRAI | $1.31B | 24.6 | 9.3% | 7.3% | 26.7% | — |
| FBYD | — | — | — | — | — | — |
| MG | — | 23.9 | -0.77% | 2.3% | 7.8% | 28.2% |
| SPIR | — | 5.0 | -35.2% | 71.7% | 39.1% | 40.8% |
| RCMT | — | 9.3 | 14.7% | — | — | — |
| FC | — | 81.5 | -7.0% | 1.1% | 4.1% | 76.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $756M | $682M | $661M | $620M | $575M | $471M | $408M | |
| Cost of Revenue | $258M | $240M | $239M | $211M | $189M | $155M | $137M | |
| Gross Profit | $498M | $442M | $421M | $409M | $386M | $316M | $271M | |
| Operating Expenses | $473M | $406M | $400M | $451M | $471M | $267M | $225M | |
| Operating Income | $25M | $36M | $21M | $-42M | $-85M | $49M | $46M | |
| Interest Expense | · | · | $493.0K | $260.0K | $28M | $36M | $39M | |
| Interest Income | $8M | $8M | $9M | $2M | $61.0K | · | · | |
| Other Non-op | $1M | $98.0K | $2M | $-4M | $1M | $4M | $3M | |
| Pretax Income | $32M | $43M | $31M | $-48M | $-120M | $12M | $10M | |
| Income Tax | $17M | $13M | $18M | $1M | $-11M | $2M | $3M | |
| Net Income | $15M | $30M | $14M | $-49M | $-109M | $10M | $7M | |
| EPS (Basic) | $0.09 | $0.17 | $0.07 | $-0.25 | $-0.67 | $0.06 | $0.04 | |
| EPS (Diluted) | $0.08 | $0.16 | $0.07 | $-0.25 | $-0.67 | $0.06 | $0.04 | |
| Shares (Basic) | 178,798,000 | 180,210,000 | 190,466,000 | 195,829,000 | 161,424,000 | 124,709,000 | 123,826,000 | |
| Shares (Diluted) | 184,690,000 | 182,865,000 | 194,415,000 | 195,829,000 | 161,424,000 | 127,259,000 | 128,546,000 | |
| EBITDA | $61M | $65M | $41M | $-24M | $-69M | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $203M | $142M | $226M | $189M | $239M | $114M | $49M | |
| Receivables | $21M | $9M | $12M | $13M | $11M | $9M | · | |
| Prepaid Expense | $18M | $18M | $15M | $17M | $17M | $11M | · | |
| Other Current Assets | $954.0K | $2M | $2M | $2M | $2M | $676.0K | · | |
| Current Assets | $242M | $191M | $275M | $242M | $267M | $134M | · | |
| PP&E (Net) | · | · | · | $31M | $47M | $51M | · | |
| PP&E (Gross) | · | · | · | $88M | $123M | $122M | · | |
| Accum. Depreciation | · | · | · | $57M | $76M | $70M | · | |
| Goodwill | $141M | $63M | $63M | $63M | $60M | $11M | $10M | |
| Intangibles | $18M | $9M | $14M | $19M | $16M | $815.0K | · | |
| Other Non-current Assets | $7M | $8M | $9M | $9M | $13M | $6M | · | |
| Total Assets | $512M | $374M | $448M | $405M | $431M | $252M | · | |
| Accounts Payable | $27M | $31M | $32M | $25M | $32M | $29M | · | |
| Accrued Liabilities | $83M | $58M | $62M | $57M | $51M | $41M | · | |
| Current Liabilities | $319M | $266M | $264M | $249M | $229M | $200M | · | |
| Capital Leases | $10M | $6M | $7M | $9M | $0 | · | · | |
| Other Non-current Liabilities | $11M | $9M | $8M | $4M | $3M | $17M | · | |
| Total Liabilities | $340M | $281M | $279M | $263M | $233M | $732M | · | |
| Long-term Debt | · | · | · | · | $0 | $512M | · | |
| Total Debt | · | · | · | · | $0 | · | · | |
| Common Stock | $179.0K | $175.0K | $189.0K | $190.0K | $198.0K | $126.0K | · | |
| Retained Earnings | $-1.13B | $-1.07B | $-933M | $-892M | $-748M | $-639M | · | |
| AOCI | $181.0K | $861.0K | $232.0K | $1M | $-2M | $-14M | · | |
| Stockholders' Equity | $172M | $93M | $169M | $142M | $198M | $-551M | $-557M | |
| Liabilities + Equity | $512M | $374M | $448M | $405M | $431M | $252M | · | |
| Shares Outstanding | 177,624,000 | 173,619,000 | 188,538,000 | 190,822,000 | 198,084,000 | 125,037,000 | · |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $36M | $30M | $20M | $18M | $16M | $17M | $12M | |
| Stock-based Comp | $114M | $72M | $66M | $80M | $113M | $13M | $5M | |
| Deferred Tax | $7M | $-5M | $5M | $-793.0K | $-12M | $1M | $472.0K | |
| Amort. of Intangibles | $8M | $5M | $5M | $4M | $1M | $3M | $4M | |
| Other Non-cash | $6M | $9M | $19M | $25M | $46M | · | · | |
| Operating Cash Flow | $178M | $136M | $124M | $74M | $54M | $93M | $53M | |
| CapEx | $30M | $36M | $32M | $22M | $12M | $11M | $18M | |
| Investing Cash Flow | $-40M | $-36M | $-32M | $-31M | $-78M | $-13M | $-21M | |
| Stock Repurchased | $81M | $165M | $55M | $95M | $0 | $5M | $2M | |
| Net Stock Activity | $-81M | · | $-55M | $-95M | $0 | · | · | |
| Financing Cash Flow | $-77M | $-183M | $-56M | $-93M | $123M | $-15M | $-13M | |
| Net Change in Cash | $61M | $-84M | $37M | $-50M | $100M | $65M | $19M | |
| Taxes Paid | $9M | $26M | $7M | · | · | · | · | |
| Free Cash Flow | $148M | $100M | $93M | $52M | $42M | · | · | |
| Levered FCF | · | · | $92M | · | $17M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.9% | 64.8% | 63.8% | 66.0% | 67.1% | · | · | |
| Operating Margin | 3.3% | 5.2% | 3.2% | -6.7% | -14.8% | · | · | |
| Net Margin | 2.0% | 4.4% | 2.1% | -7.9% | -18.9% | · | · | |
| Pretax Margin | 4.3% | 6.3% | 4.8% | -7.7% | -20.8% | · | · | |
| EBITDA Margin | 8.1% | 9.6% | 6.2% | -3.8% | -12.1% | · | · | |
| ROA | 3.5% | 7.3% | 3.3% | -11.7% | -31.8% | · | · | |
| ROE | 8.4% | 39.1% | 8.8% | -32.5% | -55.9% | · | · | |
| ROIC | 6.9% | 26.5% | 5.5% | -30.0% | -39.1% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | 1.0 | 1.0 | 1.2 | · | · | |
| Quick Ratio | 0.7 | 0.6 | 0.9 | 0.8 | 1.1 | · | · | |
| Debt / Equity | · | · | · | · | 0.0 | · | · | |
| LT Debt / Equity | · | · | · | · | 0.0 | · | · | |
| Interest Coverage | · | · | 42.7 | · | -3.0 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.7 | 1.7 | 1.5 | 1.5 | 1.7 | · | · | |
| Receivables Turnover | 52.0 | 67.3 | 53.0 | 46.1 | 59.9 | · | · |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.9% | 3.2% | 6.6% | 7.8% | 22.2% | · | · | |
| Revenue CAGR 3Y | 6.8% | 5.8% | 12.0% | · | · | · | · | |
| Revenue CAGR 5Y | 9.9% | · | · | · | · | · | · | |
| EPS YoY | -50.0% | 128.6% | · | · | · | · | · | |
| EPS CAGR 3Y | · | · | 5.3% | · | · | · | · | |
| EPS CAGR 5Y | 5.9% | · | · | · | · | · | · | |
| Net Income YoY | -48.5% | 114.7% | · | · | · | · | · | |
| Net Income CAGR 3Y | · | · | 12.1% | · | · | · | · | |
| Net Income CAGR 5Y | 9.3% | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $756M | $682M | $661M | $620M | $575M | · | · | |
| Net Income TTM | $15M | $30M | $14M | $-49M | $-109M | · | · | |
| Market Cap | $1.76B | $1.30B | $2.13B | $1.48B | $3.18B | · | · | |
| Enterprise Value | · | · | · | · | $2.94B | · | · | |
| P/E | 124.1 | 46.9 | 161.4 | -31.0 | -24.0 | · | · | |
| P/S | 2.3 | 1.9 | 3.2 | 2.4 | 5.5 | · | · | |
| P/B | 10.3 | 14.0 | 12.6 | 10.4 | 16.1 | · | · | |
| P / Tangible Book | 135.4 | 61.3 | 23.2 | 24.5 | 26.2 | · | · | |
| P / Cash Flow | 9.9 | 9.6 | 17.1 | 20.0 | 58.8 | · | · | |
| P / FCF | 11.9 | 13.0 | 23.0 | 28.5 | 75.1 | · | · | |
| EV / EBITDA | · | · | · | · | -42.4 | · | · | |
| EV / FCF | · | · | · | · | 69.4 | · | · | |
| EV / Revenue | · | · | · | · | 5.1 | · | · | |
| Earnings Yield | 0.81% | 2.1% | 0.62% | -3.2% | -4.2% | · | · |
Income Statement 16
| 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 | $205M | $207M | $190M | $190M | $193M | $183M | $162M | $169M | $177M | $174M | $159M | $167M | $169M | $166M | $147M | $155M | |
| Cost of Revenue | $65M | $75M | $62M | $62M | $67M | $67M | $53M | $55M | $64M | $68M | $56M | $59M | $64M | $60M | $47M | $50M | |
| Gross Profit | $140M | $132M | $129M | $128M | $125M | $117M | $108M | $114M | $114M | $106M | $103M | $108M | $105M | $106M | $99M | $105M | |
| Operating Expenses | $129M | $129M | $116M | $121M | $128M | $108M | $95M | $98M | $113M | $101M | $96M | $98M | $100M | $106M | $94M | $115M | |
| Operating Income | $11M | $3M | $13M | $6M | $-3M | $9M | $13M | $16M | $1M | $5M | $7M | $10M | $5M | $-796.0K | $5M | $-10M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $61.0K | · | · | · | $84.0K | · | · | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $2M | $3M | $3M | $3M | $2M | $2M | · | · | |
| Other Non-op | $-3.0K | $81.0K | $290.0K | $-102.0K | $652.0K | $347.0K | $-2M | $2M | $11.0K | $93.0K | $1M | $-882.0K | $624.0K | $694.0K | $2M | $-3M | |
| Pretax Income | $12M | $4M | $14M | $8M | $-544.0K | $11M | $12M | $19M | $3M | $8M | $10M | $12M | $8M | $1M | $5M | $-12M | |
| Income Tax | $7M | $3M | $8M | $4M | $-278.0K | $5M | $-388.0K | $8M | $2M | $3M | $3M | $4M | $6M | $4M | $3M | $-223.0K | |
| Net Income | $5M | $1M | $6M | $5M | $-266.0K | $5M | $13M | $11M | $1M | $5M | $7M | $8M | $1M | $-2M | $2M | $-12M | |
| EPS (Basic) | $0.03 | $0.01 | $0.03 | $0.03 | $0.00 | $0.03 | $0.07 | $0.06 | $0.01 | $0.03 | $0.03 | $0.04 | $0.01 | $-0.01 | $0.00 | $-0.06 | |
| EPS (Diluted) | $0.03 | $0.01 | $0.03 | $0.02 | $0.00 | $0.03 | $0.07 | $0.06 | $0.01 | $0.02 | $0.03 | $0.04 | $0.01 | $-0.01 | $0.00 | $-0.06 | |
| Shares (Basic) | 170,189,000 | 174,866,000 | -358,968,000 | 180,057,000 | 180,880,000 | 176,829,000 | -367,527,000 | 174,862,000 | 184,257,000 | 188,618,000 | -383,202,000 | 191,033,000 | 191,342,000 | 191,293,000 | -395,161,000 | 194,906,000 | |
| Shares (Diluted) | 171,641,000 | 177,013,000 | -363,537,000 | 186,731,000 | 180,880,000 | 180,616,000 | -373,341,000 | 176,353,000 | 186,456,000 | 193,397,000 | -389,158,000 | 197,454,000 | 194,826,000 | 191,293,000 | -395,161,000 | 194,906,000 | |
| EBITDA | $11M | $3M | · | $6M | $-3M | $9M | · | $16M | $1M | $5M | · | $10M | $5M | $-796.0K | · | $-10M |
Balance Sheet 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $167M | $183M | $203M | $237M | $217M | $210M | $142M | $112M | $119M | $228M | $226M | $212M | $239M | $204M | · | $212M | |
| Receivables | $20M | $25M | $21M | $20M | $23M | $18M | $9M | $12M | $15M | $16M | · | $14M | $13M | $16M | · | $14M | |
| Prepaid Expense | $25M | $21M | $18M | $19M | $14M | $20M | $18M | $20M | $22M | $18M | · | $17M | $13M | $20M | · | $17M | |
| Other Current Assets | $1M | $1M | $954.0K | $803.0K | $1M | $2M | $2M | $2M | $997.0K | $3M | · | $2M | $1M | $2M | · | $2M | |
| Current Assets | $212M | $228M | $242M | $276M | $255M | $248M | $191M | $167M | $179M | $284M | · | $267M | $288M | $262M | · | $265M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $44M | $39M | $34M | · | $29M | |
| Goodwill | $141M | $141M | $141M | $140M | $140M | $141M | $63M | $63M | $63M | $63M | · | $63M | $63M | $63M | $63M | $63M | |
| Intangibles | $15M | $17M | $18M | $20M | $22M | $24M | $9M | $10M | $11M | $12M | · | $15M | $16M | $18M | · | $14M | |
| Other Non-current Assets | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $8M | $9M | $8M | · | $9M | $9M | $9M | · | $13M | |
| Total Assets | $466M | $492M | $512M | $551M | $543M | $533M | $374M | $349M | $360M | $460M | · | $427M | $449M | $424M | · | $424M | |
| Accounts Payable | $36M | $38M | $27M | $32M | $35M | $35M | $31M | $28M | $34M | $34M | · | $32M | $33M | $26M | · | $26M | |
| Accrued Liabilities | $56M | $57M | $83M | $77M | $74M | $72M | $58M | $57M | $58M | $53M | · | $55M | $52M | $52M | · | $60M | |
| Current Liabilities | $318M | $323M | $319M | $327M | $327M | $322M | $266M | $273M | $283M | $276M | · | $267M | $267M | $261M | · | $256M | |
| Capital Leases | $10M | $10M | $10M | $10M | $10M | $11M | $6M | $6M | $6M | $7M | · | $7M | $8M | $8M | · | $10M | |
| Other Non-current Liabilities | $11M | $11M | $11M | $11M | $12M | $11M | $9M | $9M | $9M | $9M | · | $4M | $4M | $4M | · | $3M | |
| Total Liabilities | $339M | $345M | $340M | $349M | $349M | $345M | $281M | $289M | $299M | $292M | · | $279M | $280M | $274M | · | $270M | |
| Common Stock | $169.0K | $175.0K | $179.0K | $181.0K | $181.0K | $182.0K | $175.0K | $174.0K | $177.0K | $190.0K | · | $187.0K | $191.0K | $190.0K | · | $193.0K | |
| Retained Earnings | $-1.22B | $-1.18B | $-1.13B | $-1.10B | $-1.08B | $-1.06B | $-1.07B | $-1.08B | $-1.07B | $-941M | · | $-941M | $-903M | $-901M | · | $-866M | |
| AOCI | $369.0K | $274.0K | $181.0K | $370.0K | $361.0K | $941.0K | $861.0K | $-971.0K | $678.0K | $528.0K | · | $1M | $330.0K | $866.0K | · | $4M | |
| Stockholders' Equity | $127M | $147M | $172M | $202M | $194M | $187M | $93M | $60M | $61M | $168M | $169M | $147M | $168M | $150M | $142M | $154M | |
| Liabilities + Equity | $466M | $492M | $512M | $551M | $543M | $533M | $374M | $349M | $360M | $460M | · | $427M | $449M | $424M | · | $424M | |
| Shares Outstanding | 167,451,000 | 173,402,000 | 177,624,000 | 179,515,000 | 180,081,000 | 181,177,000 | 173,619,000 | 173,174,000 | 176,108,000 | 188,875,000 | 188,538,000 | 187,776,000 | 191,657,000 | 191,244,000 | 190,822,000 | 193,848,000 |
Cash Flow 11
| 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 | $24M | $21M | $25M | $28M | $31M | $30M | $22M | $16M | $19M | $15M | $15M | $16M | $19M | $16M | $16M | $20M | |
| Deferred Tax | $5M | $2M | $1M | $11M | $-8M | $2M | $-4M | $138.0K | $-2M | $1M | $-6M | $3M | $5M | $3M | $2M | $-5M | |
| Operating Cash Flow | $40M | $47M | $34M | $54M | $39M | $51M | $43M | $32M | $27M | $34M | $22M | $27M | $45M | $29M | $22M | $27M | |
| CapEx | $6M | $6M | $6M | $7M | $8M | $9M | $7M | $10M | $10M | $9M | $8M | $8M | $8M | $7M | $6M | $6M | |
| Investing Cash Flow | $-6M | $-6M | $-6M | $-7M | $-6M | $-20M | $-7M | $-10M | $-10M | $-9M | $-8M | $-8M | $-8M | $-7M | $-12M | $-9M | |
| Stock Repurchased | $46M | $43M | $43M | $17M | $20M | $0 | $3M | $26M | $124M | $13M | $0 | $45M | $3M | $7M | · | $23M | |
| Net Stock Activity | · | $-43M | · | · | · | $0 | · | · | · | $-13M | · | · | · | $-7M | · | · | |
| Financing Cash Flow | $-50M | $-61M | $-62M | $-27M | $-26M | $38M | $-6M | $-28M | $-127M | $-22M | $-587.0K | $-46M | $-3M | $-7M | $-33M | $-22M | |
| Net Change in Cash | $-16M | $-20M | $-34M | $20M | $7M | $68M | $30M | $-6M | $-109M | $2M | $14M | $-27M | $35M | $15M | $-23M | $-4M | |
| Free Cash Flow | · | $41M | · | · | · | $41M | · | · | · | $25M | · | · | · | $22M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $25M | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.2% | 64.0% | · | 67.2% | 65.0% | 63.6% | · | 67.5% | 64.1% | 60.8% | · | 64.6% | 62.3% | 63.6% | · | 67.6% | |
| Operating Margin | 5.2% | 1.3% | · | 3.4% | -1.6% | 4.9% | · | 9.7% | 0.65% | 2.9% | · | 6.1% | 2.8% | -0.48% | · | -6.2% | |
| Net Margin | 2.5% | 0.53% | · | 2.4% | -0.14% | 2.8% | · | 6.6% | 0.74% | 2.7% | · | 4.5% | 0.83% | -1.4% | · | -6.6% | |
| Pretax Margin | 5.9% | 1.8% | · | 4.4% | -0.28% | 5.8% | · | 11.4% | 1.9% | 4.6% | · | 7.2% | 4.5% | 0.89% | · | -7.5% | |
| EBITDA Margin | 5.2% | 1.3% | · | 3.4% | -1.6% | 4.9% | · | 9.7% | 0.65% | 2.9% | · | 6.1% | 2.8% | -0.48% | · | -6.2% | |
| ROA | 1.0% | 0.22% | · | 1.0% | -0.06% | 1.0% | · | 2.9% | 0.33% | 1.1% | · | 1.8% | 0.32% | -0.54% | · | -2.4% | |
| ROE | 3.2% | 0.66% | · | 3.4% | -0.21% | 2.9% | · | 10.7% | 1.1% | 3.0% | · | 5.0% | 0.84% | -1.4% | · | -5.9% | |
| ROIC | 3.6% | 0.54% | · | 1.7% | -0.78% | 2.3% | · | 15.5% | 0.74% | 1.8% | · | 4.4% | 0.52% | 0.85% | · | -5.4% |
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 | 0.7 | 0.7 | · | 0.8 | 0.8 | 0.8 | · | 0.6 | 0.6 | 1.0 | · | 1.0 | 1.1 | 1.0 | · | 1.0 | |
| Quick Ratio | 0.6 | 0.6 | · | 0.8 | 0.7 | 0.7 | · | 0.5 | 0.5 | 0.9 | · | 0.8 | 0.9 | 0.8 | · | 0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 82.9 | · | · | · | · | · | · |
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 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | |
| Receivables Turnover | 9.6 | 9.7 | · | 11.9 | 10.0 | 10.9 | · | 13.0 | 12.3 | 11.1 | · | 12.0 | 12.7 | 11.6 | · | 12.3 |
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 | $795M | $773M | · | $734M | $722M | $703M | · | $687M | $688M | $676M | · | $649M | $637M | $630M | · | $621M | |
| Net Income TTM | $11M | $10M | · | $20M | $17M | $22M | · | $25M | $15M | $11M | · | $8M | $-11M | $-25M | · | $-90M | |
| Market Cap | $1.03B | $983M | · | $1.86B | $1.60B | $1.56B | · | $1.10B | $1.48B | $2.52B | · | $2.05B | $2.32B | $1.79B | · | $1.66B | |
| P/E | 102.2 | 94.5 | · | 94.4 | 89.1 | 71.8 | · | 48.8 | 104.9 | 222.3 | · | 218.8 | -241.6 | -78.2 | · | -19.0 | |
| P/S | 1.3 | 1.3 | · | 2.5 | 2.2 | 2.2 | · | 1.6 | 2.1 | 3.7 | · | 3.2 | 3.6 | 2.8 | · | 2.7 | |
| P/B | 8.1 | 6.7 | · | 9.2 | 8.3 | 8.3 | · | 18.3 | 24.3 | 15.0 | · | 13.9 | 13.8 | 12.0 | · | 10.8 | |
| P / Tangible Book | · | · | · | 44.3 | 49.3 | 71.6 | · | · | · | 27.4 | · | 29.8 | 26.1 | 25.9 | · | 21.5 | |
| P / Cash Flow | · | 20.8 | · | · | · | 30.8 | · | · | · | 73.7 | · | · | · | 61.4 | · | · | |
| P / FCF | · | 24.0 | · | · | · | 37.7 | · | · | · | 101.9 | · | · | · | 82.4 | · | · | |
| Earnings Yield | 0.98% | 1.1% | · | 1.1% | 1.1% | 1.4% | · | 2.1% | 0.95% | 0.45% | · | 0.46% | -0.41% | -1.3% | · | -5.2% |
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 | 2022-09-30 | |
|---|---|---|---|---|---|
| Revenue | $756M | $682M | $661M | $620M | — |
| Gross Margin % | 65.9% | 64.8% | 63.8% | 66.0% | — |
| Operating Margin % | 3.3% | 5.2% | 3.2% | -6.7% | — |
| Net Income | $15M | $30M | $14M | $-49M | — |
| Diluted EPS | $0.08 | $0.16 | $0.07 | $-0.25 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | 1.0 | 1.0 | — |
| Quick Ratio | 0.7 | 0.6 | 0.9 | 0.8 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $148M | $100M | $93M | $52M | — |
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Institutional owners (13F) 272 filers · $864.7M 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 |
|---|---|---|---|---|
| 55 (-8 vs prior Q) | 37 (-13 vs prior Q) | 72 (+6 vs prior Q) | 91 (+8 vs prior Q) | +23.7M |
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 |
|---|---|---|---|---|
| Francisco Partners Management, LP | $175,475,811 | 28,625,744 | 20.29% | Shares |
| Technology Crossover Management IX, Ltd. | $100,509,399 | 16,396,313 | 11.62% | Shares |
| GPI CAPITAL, L.P. | $85,018,472 | 9,541,916 | 9.83% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $66,297,397 | 10,815,236 | 7.67% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $39,656,705 | 6,469,283 | 4.59% | Shares |
| STATE STREET CORP | $27,906,629 | 4,552,468 | 3.23% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $24,185,872 | 3,945,493 | 2.80% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $18,609,295 | 3,035,774 | 2.15% | Shares |
| PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. | $17,473,571 | 2,850,501 | 2.02% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $17,212,476 | 2,807,908 | 1.99% | Shares |
| Invenomic Capital Management LP | $16,408,913 | 2,676,821 | 1.90% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $15,952,627 | 2,601,786 | 1.84% | Shares |
| AMERIPRISE FINANCIAL INC | $12,214,368 | 1,992,556 | 1.41% | Shares |
| GOLDMAN SACHS GROUP INC | $11,381,081 | 1,856,620 | 1.32% | Shares |
| UBS Group AG | $10,886,089 | 1,775,871 | 1.26% | Shares |
| CDC Financial, Inc. | $9,816,803 | 1,601,436 | 1.14% | Shares |
| Ararat Capital Management LP | $9,618,307 | 1,569,055 | 1.11% | Shares |
| Boston Partners | $9,424,833 | 1,536,206 | 1.09% | Shares |
| Cubist Systematic Strategies, LLC | $7,852,219 | 756,476 | 0.91% | Shares |
| Tabor Asset Management, LP | $7,352,432 | 1,199,418 | 0.85% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,225,345 | 1,178,686 | 0.84% | Shares |
| Coastal Bridge Advisors, LLC | $6,468,744 | 1,055,260 | 0.75% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $6,268,949 | 1,022,667 | 0.73% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $5,659,100 | 923,181 | 0.65% | Shares |
| HILLMAN CO | $5,623,165 | 917,319 | 0.65% | Shares |
| Trexquant Investment LP | $5,529,898 | 902,104 | 0.64% | Shares |
| Hillsdale Investment Management Inc. | $5,261,563 | 858,330 | 0.61% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $5,164,047 | 842,422 | 0.60% | Shares |
| MACKENZIE FINANCIAL CORP | $5,163,354 | 842,309 | 0.60% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,093,503 | 830,914 | 0.59% | Shares |
| SEB Asset Management AB | $4,881,726 | 796,368 | 0.56% | Shares |
| NORGES BANK | $4,629,989 | 755,300 | 0.54% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $4,511,085 | 735,903 | 0.52% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,337,993 | 707,666 | 0.50% | Shares |
| Walleye Capital LLC | $3,479,382 | 567,599 | 0.40% | Shares |
| CITIZENS FINANCIAL GROUP INC/RI | $3,355,967 | 547,466 | 0.39% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $3,168,444 | 516,875 | 0.37% | Shares |
| Balyasny Asset Management L.P. | $3,061,408 | 499,414 | 0.35% | Shares |
| Numerai GP LLC | $2,756,385 | 449,655 | 0.32% | Shares |
| Robeco Institutional Asset Management B.V. | $2,722,087 | 444,060 | 0.31% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,397,737 | 391,148 | 0.28% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,352,093 | 383,702 | 0.27% | Shares |
| Public Sector Pension Investment Board | $2,349,801 | 383,328 | 0.27% | Shares |
| Bank of New York Mellon Corp | $2,275,609 | 371,225 | 0.26% | Shares |
| CenterBook Partners LP | $2,097,790 | 342,217 | 0.24% | Shares |
| WELLS FARGO & COMPANY/MN | $1,826,470 | 297,956 | 0.21% | Shares |
| CDC Financial, Inc. | $1,777,700 | 290,000 | 0.21% | Call option |
| ExodusPoint Capital Management, LP | $1,776,419 | 289,791 | 0.21% | Shares |
| Squarepoint Ops LLC | $1,654,941 | 269,974 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $1,629,980 | 265,905 | 0.19% | Shares |
| Brevan Howard Capital Management LP | $1,585,151 | 258,589 | 0.18% | Shares |
| Empowered Funds, LLC | $1,534,707 | 250,360 | 0.18% | Shares |
| Edgestream Partners, L.P. | $1,490,473 | 243,144 | 0.17% | Shares |
| ROYAL BANK OF CANADA | $1,484,000 | 242,097 | 0.17% | Shares |
| Madison Investment Advisors, LLC | $1,446,696 | 192,636 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,408,061 | 229,700 | 0.16% | Call option |
| Vanguard Global Advisers, LLC | $1,399,822 | 228,356 | 0.16% | Shares |
| ROYCE & ASSOCIATES LP | $1,322,419 | 215,729 | 0.15% | Shares |
| Cresset Asset Management, LLC | $1,319,562 | 215,263 | 0.15% | Shares |
| Swiss National Bank | $1,276,266 | 208,200 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,244,764 | 203,061 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $1,235,710 | 201,584 | 0.14% | Shares |
| Mainstream Capital Management LLC | $1,226,000 | 200,000 | 0.14% | Shares |
| VARCOV Co. | $1,213,568 | 197,972 | 0.14% | Shares |
| Avory & Company, LLC | $1,197,477 | 195,347 | 0.14% | Shares |
| TWO SIGMA ADVISERS, LP | $1,192,593 | 120,100 | 0.14% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $1,164,663 | 189,994 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $1,146,310 | 187,000 | 0.13% | Call option |
| Man Group plc | $1,119,589 | 182,641 | 0.13% | Shares |
| CreativeOne Wealth, LLC | $1,074,951 | 175,359 | 0.12% | Shares |
| Legal & General Group Plc | $1,056,948 | 172,422 | 0.12% | Shares |
| CITIGROUP INC | $1,048,512 | 171,046 | 0.12% | Shares |
| BlackRock, Inc. | $1,013,240 | 165,292 | 0.12% | Shares |
| VANGUARD GROUP INC | $987,092 | 99,405 | 0.11% | Shares |
| Quantinno Capital Management LP | $937,602 | 152,953 | 0.11% | Shares |
| Mariner, LLC | $885,368 | 144,434 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $842,108 | 148,520 | 0.10% | Shares |
| Clearline Capital LP | $834,177 | 136,081 | 0.10% | Shares |
| Nebula Research & Development LLC | $800,100 | 89,798 | 0.09% | Shares |
| STRS OHIO | $779,123 | 127,100 | 0.09% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $760,120 | 124,000 | 0.09% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $758,894 | 123,800 | 0.09% | Shares |
| PRUDENTIAL FINANCIAL INC | $711,632 | 116,090 | 0.08% | Shares |
| HAWK RIDGE CAPITAL MANAGEMENT LP | $709,419 | 115,729 | 0.08% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $708,266 | 115,541 | 0.08% | Shares |
| XTX Topco Ltd | $692,715 | 113,004 | 0.08% | Shares |
| Freestone Grove Partners LP | $680,197 | 110,962 | 0.08% | Shares |
| Campbell & CO Investment Adviser LLC | $622,642 | 101,573 | 0.07% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $622,413 | 109,773 | 0.07% | Shares |
| MARSHALL WACE, LLP | $607,568 | 99,114 | 0.07% | Shares |
| HSBC HOLDINGS PLC | $593,689 | 97,566 | 0.07% | Shares |
| Kazazian Asset Management, LLC | $551,700 | 90,000 | 0.06% | Shares |
| Qube Research & Technologies Ltd | $542,861 | 88,558 | 0.06% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $532,933 | 73,508 | 0.06% | Shares |
| TWO SIGMA INVESTMENTS, LP | $531,471 | 86,700 | 0.06% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $517,538 | 84,427 | 0.06% | Shares |
| State of Tennessee, Department of Treasury | $516,422 | 84,245 | 0.06% | Shares |
| Accurate Wealth Management, LLC | $508,704 | 70,166 | 0.06% | Shares |
| Jump Financial, LLC | $498,982 | 81,400 | 0.06% | Shares |
| WOLVERINE TRADING, LLC | $493,169 | 45,100 | 0.06% | Call option |
Company insiders 13 insiders · 4 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey M Stibel | Chief Executive Officer | Aug. 15, 2026 F | 2,736,967 | 1 | 0 | $768,750 |
| Noel Bertram Watson | Chief Operating Officer & CFO | Aug. 15, 2026 F | 1,907,801 | 0 | 3 | $-664,611 |
| Nicole Miller | CHIEF LEGAL OFFICER | Aug. 18, 2026 S | 943,453 | 0 | 3 | $-699,053 |
| Charles C. Thomas | Chief Accounting Officer | Aug. 15, 2026 F | 148,303 | 0 | 0 | $0 |
| Nathan Gooden | Director | June 3, 2026 A | 112,736 | 0 | 0 | $0 |
| Elizabeth Hamren | Director | June 3, 2026 A | 125,665 | 0 | 0 | $0 |
| Sivan Whiteley | Director | June 3, 2026 A | 131,965 | 0 | 0 | $0 |
| John Francis Murphy | Director | June 3, 2026 A | 113,835 | 0 | 0 | $0 |
| Dipan Patel | Director | Nov. 13, 2023 S | 0 | 0 | 0 | $0 |
| Shrisha Radhakrishna | — | Aug. 15, 2024 F | 1,100,200 | 0 | 0 | $0 |
| Daniel A Wernikoff | — | May 15, 2024 F | 1,119,993 | 0 | 0 | $0 |
| Richard Preece | — | March 15, 2024 S | 498,519 | 0 | 0 | $0 |
| Brian Ruder | — | July 2, 2021 C | 38,012,988 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 61 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 |
|---|---|---|---|---|
| RNIN · EA Series Trust | 1.24% | 294,022 NS | April 30, 2026 | N-PORT |
| SCOW · Pacer Funds Trust | 0.41% | 991 NS | April 30, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 0.38% | 13,352 NS | April 30, 2026 | N-PORT |
| PSCI · Invesco Exchange-Traded Fund Trust … | 0.19% | 64,947 SH | Aug. 8, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.17% | 904,239 NS | April 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.14% | 33,789 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 186,949 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.11% | 4,272 NS | April 30, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.09% | 130,435 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.06% | 103,588 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.06% | 248,561 NS | May 31, 2026 | N-PORT |
| IJT · iShares Trust | 0.06% | 808,545 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.05% | 405,186 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.05% | 35,582 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.05% | 170,923 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.04% | 19,708 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 1,103,393 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.04% | 388,952 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 127,123 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.04% | 13,294 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 44,016 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.03% | 6,807,823 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.03% | 1,378 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.03% | 2,032,202 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 145,396 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.03% | 569,599 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 54,063 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 3,098,886 SH | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.02% | 23,972 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.02% | 52,084 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 692,951 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.02% | 5,870 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 33,651 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 546,759 NS | May 31, 2026 | N-PORT |
| IJS · iShares Trust | 0.01% | 213,598 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 4,591 NS | May 31, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.01% | 34,764 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 5,236 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,286,487 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 3,533,568 SH | Aug. 8, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.01% | 126,158 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 4,648 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 4,394 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 6,389 SH | Aug. 8, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.01% | 16,069 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 4,890 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 117 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 185,829 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 54,904 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 22,489 NS | April 30, 2026 | N-PORT |