MAX MediaAlpha, Inc. Class A Common Stock
$13.36
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$7–$15
82% of range
Analyst Rating
BUY
12 analysts
Price Target
$16
+16% upside
P/E (TTM)
33.2
ROE
783.8%
Net Profit Margin
2.3%
MAX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$13.36
Market Cap
—
P/E (TTM)
33.2
EPS (TTM)
$0.39
Revenue (TTM)
$1.11B
Div Yield
—
ROE
783.8%
Debt/Equity
36.9
52W Range
$7 – $15
MAX 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
$1.11B
2018-12-31
→
2025-12-31
EPS
$0.39
2020-12-31
→
2025-12-31
Free Cash Flow
$65M
2020-12-31
→
2025-12-31
Margins
2.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MAX
Peer Median
P/E (TTM)
33.2
15.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MAX
Peer Median
Operating Margin
2.0%
—
Net Profit Margin
2.3%
3.5%
ROA
7.9%
3.0%
ROE
783.8%
3.9%
ROIC
-3.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MAX
Peer Median
Debt / Equity
36.9
—
Current Ratio
1.2
1.6
Quick Ratio
1.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MAX
Peer Median
Revenue YoY
28.8%
—
Revenue CAGR 3Y
34.4%
—
Revenue CAGR 5Y
13.8%
—
EPS YoY
25.8%
—
Net Income YoY
54.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MAX
Peer Median
MAX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 2 16.7%
- Buy 7 58.3%
- Hold 3 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-14
Median
$16.00
Now
$13.36
Low
$11.00
High
$19.00
Median target
$16.00
+19.8%
Mean target
$15.50
+16.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.03 | $0.23 | -0.20% |
| March 31, 2026 | $0.21 | $0.26 | -0.05% |
| Dec. 31, 2025 | $0.50 | $0.23 | 0.27% |
| Sept. 30, 2025 | $0.26 | $0.19 | 0.07% |
| June 30, 2025 | $-0.33 | $0.17 | -0.50% |
| March 31, 2025 | $0.21 | $0.15 | 0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MAX | — | 33.2 | 28.8% | 2.3% | 783.8% | — |
| GTM | $3.13B | 26.8 | 2.9% | 9.9% | 8.1% | 84.0% |
| FUBO | $5.13B | -28.0 | 18.6% | -10.6% | -31.6% | — |
| TBLA | — | — | — | — | — | — |
| NXDR | — | -15.0 | 4.2% | -21.0% | -12.6% | — |
| EVER | — | 10.3 | 38.5% | 14.3% | 48.6% | — |
| CARS | $715M | 38.1 | 0.57% | 2.8% | 4.2% | — |
| BMBL | — | -0.6 | -9.9% | -71.8% | -99.4% | — |
| ZIP | $278M | -10.5 | -5.3% | -7.3% | 46.1% | 89.2% |
| SSTK | — | 15.3 | 5.8% | — | — | — |
| GOOGL | $3.78T | 29.0 | 15.1% | 32.8% | 34.0% | — |
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 | $1.11B | $865M | $388M | $459M | $645M | $585M | $408M | |
| Cost of Revenue | $946M | $721M | $321M | $389M | $544M | $499M | $343M | |
| R&D Expense | $21M | $20M | $18M | $21M | $15M | $12M | $7M | |
| SG&A Expense | $90M | $56M | $63M | $56M | $61M | $33M | $19M | |
| Operating Expenses | $1.09B | $822M | $428M | $494M | $643M | $565M | $383M | |
| Operating Income | $22M | $43M | $-40M | $-35M | $2M | $20M | $25M | |
| Interest Expense | · | · | $15M | $9M | $8M | $8M | $7M | |
| Other Non-op | $-122M | $-5M | $-2M | $75M | $-4M | $-10M | $-7M | |
| Pretax Income | $-111M | $24M | $-57M | $30M | $-10M | $9M | $18M | |
| Income Tax | $-138M | $1M | $-463.0K | $103M | $-1M | $-1M | $0 | |
| Net Income | $26M | $17M | $-40M | $-58M | $-5M | $-4M | · | |
| EPS (Basic) | $0.46 | $0.31 | $-0.89 | $-1.37 | $-0.14 | $-0.14 | · | |
| EPS (Diluted) | $0.39 | $0.31 | $-0.89 | $-1.37 | $-0.19 | $-0.14 | · | |
| Shares (Basic) | 56,244,357 | 53,043,576 | 45,573,416 | 41,944,874 | 37,280,533 | 32,134,170 | · | |
| Shares (Diluted) | 66,786,155 | 53,043,576 | 45,573,416 | 41,944,874 | 61,255,925 | 32,134,170 | · | |
| EBITDA | $22M | $43M | $-40M | $-35M | $2M | $20M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $47M | $43M | $17M | $15M | $51M | $24M | $10M | |
| Receivables | $123M | $143M | $54M | $60M | $76M | $96M | $56M | |
| Prepaid Expense | $4M | $4M | $4M | $6M | $10M | $8M | $1M | |
| Current Assets | $174M | $190M | $75M | $80M | $137M | $128M | $67M | |
| PP&E (Net) | · | · | · | · | · | $762.0K | $755.0K | |
| PP&E (Gross) | · | · | · | · | · | $2M | $1M | |
| Accum. Depreciation | · | · | · | · | · | $834.0K | $545.0K | |
| Goodwill | $48M | $48M | $48M | $48M | $18M | $18M | $18M | |
| Intangibles | $4M | $20M | $26M | $33M | $13M | $16M | $19M | |
| Other Non-current Assets | $8M | $5M | $6M | $9M | $19M | $17M | · | |
| Total Assets | $384M | $262M | $154M | $170M | $290M | $210M | $105M | |
| Accounts Payable | $91M | $106M | $56M | $54M | $62M | $98M | $40M | |
| Accrued Liabilities | $35M | $19M | $12M | $14M | $14M | $9M | $7M | |
| Current Liabilities | $148M | $133M | $80M | $77M | $84M | $107M | $48M | |
| Capital Leases | $415.0K | $1M | $2M | $2M | $3M | · | · | |
| Deferred Tax | $124M | $7M | $0 | $0 | $85M | $22M | · | |
| Other Non-current Liabilities | $10M | $15M | $6M | $5M | $4M | $3M | $319.0K | |
| Total Liabilities | $413M | $309M | $248M | $256M | $351M | $315M | $145M | |
| Long-term Debt | $153M | $162M | $174M | $183M | $187M | $183M | $98M | |
| Total Debt | $153M | $162M | $174M | $183M | $187M | $183M | · | |
| Retained Earnings | $-480M | $-506M | $-523M | $-482M | $-424M | $-419M | $-193M | |
| Stockholders' Equity | $4M | $2M | $-10M | $-16M | $-4M | $-34M | $-114M | |
| Liabilities + Equity | $384M | $262M | $154M | $170M | $290M | $210M | $105M |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | $300.0K | $300.0K | |
| Stock-based Comp | $30M | $34M | $53M | $58M | $46M | $25M | $2M | |
| Deferred Tax | $-139M | $0 | $0 | $103M | $919.0K | $-545.0K | $0 | |
| Amort. of Intangibles | $3M | $6M | $7M | $6M | $3M | $3M | $5M | |
| Operating Cash Flow | $66M | $46M | $20M | $28M | $29M | $51M | $22M | |
| CapEx | $340.0K | $254.0K | $73.0K | $98.0K | $650.0K | $296.0K | $146.0K | |
| Investing Cash Flow | $-340.0K | $-654.0K | $-73.0K | $-50M | $-650.0K | $-10M | $-294.0K | |
| Debt Issued | · | · | $0 | $0 | $190M | $210M | $100M | |
| Net Debt Issued | $-10M | $-13M | $-10M | $-10M | $4M | $86M | · | |
| Stock Issued | · | · | · | $0 | $0 | $124M | $0 | |
| Net Stock Activity | · | · | · | $0 | $0 | $124M | · | |
| Financing Cash Flow | $-62M | $-19M | $-17M | $-15M | $-961.0K | $-28M | $-17M | |
| Net Change in Cash | $4M | $26M | $3M | $-36M | $27M | $14M | $4M | |
| Taxes Paid | $1M | $228.0K | $-257.0K | $-2M | $307.0K | $0 | $0 | |
| Free Cash Flow | $65M | $46M | $20M | $28M | $28M | $51M | · | |
| Levered FCF | · | · | $5M | $50M | $21M | $42M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 2.0% | 4.9% | -10.3% | -7.7% | 0.33% | 3.3% | · | |
| Net Margin | 2.3% | 1.9% | -10.4% | -12.6% | -0.82% | -0.75% | · | |
| Pretax Margin | -10.0% | 2.7% | -14.7% | 6.6% | -1.5% | 1.6% | · | |
| EBITDA Margin | 2.0% | 4.9% | -10.3% | -7.7% | 0.33% | 3.3% | · | |
| ROA | 7.9% | 8.0% | -24.9% | -25.1% | -2.1% | -2.8% | · | |
| ROE | 783.8% | -420.1% | 307.5% | 567.3% | 27.7% | 5.9% | · | |
| ROIC | -3.4% | 24.4% | -24.1% | 50.4% | 1.1% | 14.9% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.4 | 0.9 | 1.0 | 1.6 | 1.2 | · | |
| Quick Ratio | 1.2 | 1.4 | 0.9 | 1.0 | 1.5 | 1.1 | · | |
| Debt / Equity | 36.9 | 68.3 | -16.9 | -11.4 | -43.1 | -5.4 | · | |
| LT Debt / Equity | 31.6 | 64.6 | -15.8 | -10.9 | -41.1 | -5.4 | · | |
| Interest Coverage | · | · | -2.6 | -3.8 | 0.3 | 2.5 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 3.4 | 4.2 | 2.4 | 2.0 | 2.6 | 3.7 | · | |
| Receivables Turnover | 8.4 | 8.8 | 6.8 | 6.7 | 7.5 | 7.7 | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 28.8% | 122.8% | -15.4% | -28.9% | 10.3% | · | · | |
| Revenue CAGR 3Y | 34.4% | 10.2% | -12.8% | · | · | · | · | |
| Revenue CAGR 5Y | 13.8% | · | · | · | · | · | · | |
| EPS YoY | 25.8% | · | · | · | · | · | · | |
| Net Income YoY | 54.1% | · | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.11B | $865M | $388M | $459M | $645M | $585M | · | |
| Net Income TTM | $26M | $17M | $-40M | $-58M | $-5M | $-4M | · | |
| P/E | 33.2 | 36.4 | -12.5 | -7.3 | -81.3 | -279.1 | · | |
| Earnings Yield | 3.0% | 2.8% | -8.0% | -13.8% | -1.2% | -0.36% | · |
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 | $317M | $310M | $291M | $307M | $252M | $264M | $301M | $259M | $178M | $127M | $117M | $75M | $85M | $112M | $124M | $89M | |
| Cost of Revenue | $272M | $263M | $246M | $263M | $214M | $223M | $252M | $220M | $147M | $103M | $95M | $62M | $71M | $93M | $104M | $76M | |
| R&D Expense | $6M | $5M | $5M | $6M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | |
| SG&A Expense | $14M | $14M | $12M | $13M | $47M | $18M | $20M | $12M | $14M | $11M | $12M | $17M | $18M | $16M | $15M | $11M | |
| Operating Expenses | $297M | $288M | $269M | $287M | $272M | $264M | $282M | $244M | $172M | $124M | $117M | $89M | $101M | $121M | $131M | $100M | |
| Operating Income | $20M | $22M | $22M | $20M | $-20M | $116.0K | $18M | $16M | $6M | $2M | $446.0K | $-15M | $-16M | $-10M | $-7M | $-11M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | · | $4M | $4M | $4M | · | $3M | |
| Other Non-op | $38M | $615.0K | $-124M | $772.0K | $695.0K | $456.0K | $-7M | $154.0K | $2M | $9.0K | $-614.0K | $100.0K | $116.0K | $-1M | $83M | $-9M | |
| Pretax Income | $55M | $21M | $-104M | $18M | $-22M | $-2M | $8M | $12M | $5M | $-1M | $-4M | $-19M | $-20M | $-15M | $73M | $-22M | |
| Income Tax | $13M | $7M | $-138M | $54.0K | $316.0K | $-49.0K | $915.0K | $312.0K | $130.0K | $27.0K | $-793.0K | $102.0K | $150.0K | $78.0K | $102M | $-544.0K | |
| Net Income | $39M | $11M | $31M | $15M | $-19M | $-2M | $5M | $9M | $4M | $-1M | $-2M | $-14M | $-14M | $-10M | $-27M | $-14M | |
| EPS (Basic) | $0.73 | $0.21 | $0.57 | $0.26 | $-0.33 | $-0.04 | $0.09 | $0.17 | $0.07 | $-0.02 | $-0.05 | $-0.29 | $-0.32 | $-0.23 | $-0.64 | $-0.34 | |
| EPS (Diluted) | $0.65 | $0.21 | $0.50 | $0.26 | $-0.33 | $-0.04 | $0.09 | $0.17 | $0.07 | $-0.02 | $-0.05 | $-0.29 | $-0.32 | $-0.23 | $-0.64 | $-0.34 | |
| Shares (Basic) | 53,747,946 | 55,846,097 | -112,146,918 | 56,617,837 | 56,141,117 | 55,632,321 | -103,808,540 | 54,909,772 | 53,367,896 | 48,574,448 | -89,686,907 | 46,229,672 | 45,160,646 | 43,870,005 | -82,818,597 | 42,210,186 | |
| Shares (Diluted) | 62,072,166 | 55,846,097 | -101,605,120 | 56,617,837 | 56,141,117 | 55,632,321 | -103,808,540 | 54,909,772 | 53,367,896 | 48,574,448 | -89,686,907 | 46,229,672 | 45,160,646 | 43,870,005 | -82,818,597 | 42,210,186 | |
| EBITDA | $20M | $22M | · | $20M | $-20M | $116.0K | · | $16M | $6M | $2M | · | $-15M | $-16M | $-10M | · | $-11M |
Balance Sheet 21
| 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 | $24M | $26M | $47M | $39M | $85M | $64M | $43M | $32M | $29M | $14M | · | $15M | $20M | $20M | · | $30M | |
| Receivables | $142M | $134M | $123M | $129M | $103M | $115M | $143M | $127M | $91M | $57M | · | $33M | $33M | $43M | · | $35M | |
| Prepaid Expense | $6M | $5M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $4M | · | $3M | $3M | $5M | · | $5M | |
| Current Assets | $171M | $165M | $174M | $206M | $192M | $182M | $190M | $162M | $123M | $76M | · | $51M | $56M | $67M | · | $70M | |
| Goodwill | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | $48M | |
| Intangibles | $3M | $3M | $4M | $4M | $5M | $5M | $20M | $22M | $23M | $24M | · | $28M | $29M | $31M | · | $35M | |
| Other Non-current Assets | $8M | $8M | $8M | $9M | $5M | $5M | $5M | $5M | $5M | $5M | · | $7M | $7M | $7M | · | $9M | |
| Total Assets | $360M | $368M | $384M | $266M | $249M | $240M | $262M | $236M | $198M | $153M | · | $133M | $140M | $153M | · | $265M | |
| Accounts Payable | $113M | $91M | $91M | $103M | $76M | $82M | $106M | $110M | $91M | $54M | · | $39M | $38M | $46M | · | $42M | |
| Accrued Liabilities | $13M | $15M | $35M | $65M | $64M | $18M | $19M | $14M | $12M | $11M | · | $13M | $13M | $10M | · | $13M | |
| Current Liabilities | $133M | $113M | $148M | $190M | $149M | $109M | $133M | $133M | $111M | $76M | · | $60M | $60M | $65M | · | $64M | |
| Capital Leases | · | · | $415.0K | · | · | · | $1M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $51M | $117M | $124M | $0 | $0 | $0 | $7M | · | · | · | · | · | · | · | · | $83M | |
| Other Non-current Liabilities | $11M | $11M | $10M | $9M | $9M | $20M | $15M | $7M | $7M | $6M | · | $5M | $5M | $5M | · | $5M | |
| Total Liabilities | $365M | $397M | $413M | $332M | $306M | $281M | $309M | $296M | $276M | $242M | · | $233M | $235M | $242M | · | $334M | |
| Long-term Debt | $177M | $164M | $153M | $156M | $158M | $160M | $162M | $165M | $167M | $172M | · | $176M | $179M | $181M | · | $190M | |
| Total Debt | $177M | $164M | · | $156M | $158M | $160M | · | $165M | $167M | $172M | · | $176M | $179M | $181M | · | $190M | |
| Retained Earnings | $-429M | $-469M | $-480M | $-512M | $-527M | $-508M | $-506M | $-511M | $-520M | $-524M | · | $-520M | $-507M | $-492M | · | $-455M | |
| Treasury Stock | $55M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $28M | $2M | $4M | $-30M | $-4M | $8M | $2M | $-8M | $-24M | $-19M | · | $-16M | $-16M | $-13M | · | $1M | |
| Liabilities + Equity | $360M | $368M | $384M | $266M | $249M | $240M | $262M | $236M | $198M | $153M | · | $133M | $140M | $153M | · | $265M |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $8M | $7M | $8M | $8M | $8M | $7M | $8M | $9M | $9M | $9M | $9M | $14M | $15M | $14M | $14M | $15M | |
| Deferred Tax | $13M | $6M | · | · | $0 | $0 | · | · | · | · | $0 | $0 | $0 | $0 | $102M | $-576.0K | |
| Amort. of Intangibles | $500.0K | $477.0K | $535.0K | $500.0K | $500.0K | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Operating Cash Flow | $43M | $-2M | $-7M | $24M | $26M | $24M | $15M | $8M | $22M | $2M | $5M | $-1M | $4M | $13M | $-7M | $15M | |
| CapEx | $774.0K | $42.0K | $40.0K | $68.0K | $175.0K | $57.0K | $47.0K | $43.0K | $130.0K | $34.0K | $13.0K | $13.0K | $17.0K | $30.0K | $5.0K | $14.0K | |
| Investing Cash Flow | $-774.0K | $-42.0K | $-40.0K | $-68.0K | $-175.0K | $-57.0K | $-47.0K | $-443.0K | $-130.0K | $-34.0K | $-13.0K | $-13.0K | $-17.0K | $-30.0K | $-5.0K | $-14.0K | |
| Debt Issued | $0 | $150M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Debt Issued | · | $1M | · | · | · | $-2M | · | · | · | $-2M | · | · | · | $-2M | · | · | |
| Financing Cash Flow | $-44M | $-19M | $-18M | $-37M | $-4M | $-3M | $-4M | $-4M | $-7M | $-4M | $-3M | $-3M | $-3M | $-8M | $-9M | $-20M | |
| Net Change in Cash | $-2M | $-21M | $-25M | $-13M | $22M | $20M | $11M | $4M | $14M | $-3M | $2M | $-5M | $500.0K | $5M | $-16M | $-5M | |
| Taxes Paid | · | · | $0 | $190.0K | · | · | $124.0K | $106.0K | $-2.0K | $0 | $-24.0K | $0 | $0 | $-233.0K | $-239.0K | $8.0K | |
| Free Cash Flow | · | $-2M | · | · | · | $24M | · | · | · | $2M | · | · | · | $13M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-2M | · | · | · | $9M | · | · |
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 | 6.3% | 7.2% | · | 6.4% | -8.0% | 0.04% | · | 6.0% | 3.6% | 1.9% | · | -19.8% | -19.0% | -8.6% | · | -11.9% | |
| Net Margin | 12.4% | 3.7% | · | 4.9% | -7.4% | -0.74% | · | 3.7% | 2.0% | -0.88% | · | -18.1% | -16.9% | -9.2% | · | -16.3% | |
| Pretax Margin | 17.4% | 6.6% | · | 5.8% | -8.8% | -0.90% | · | 4.7% | 2.5% | -1.2% | · | -24.9% | -23.4% | -13.0% | · | -24.5% | |
| EBITDA Margin | 6.3% | 7.2% | · | 6.4% | -8.0% | 0.04% | · | 6.0% | 3.6% | 1.9% | · | -19.8% | -19.0% | -8.6% | · | -11.9% | |
| ROA | 13.0% | 3.8% | · | 5.9% | -8.4% | -0.99% | · | 5.1% | 2.1% | -0.73% | · | -6.8% | -6.7% | -4.8% | · | -5.7% | |
| ROE | 320.1% | 233.2% | · | -78.2% | 133.1% | 34.9% | · | -77.1% | -17.8% | 6.9% | · | 179.4% | 223.5% | 185.6% | · | 221.3% | |
| ROIC | 7.4% | 9.2% | · | 15.6% | -13.2% | 0.07% | · | 9.7% | 4.4% | 1.6% | · | -9.2% | -10.0% | -5.7% | · | -5.4% |
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 | 1.3 | 1.5 | · | 1.1 | 1.3 | 1.7 | · | 1.2 | 1.1 | 1.0 | · | 0.8 | 0.9 | 1.0 | · | 1.1 | |
| Quick Ratio | 1.2 | 1.4 | · | 0.9 | 1.3 | 1.6 | · | 1.2 | 1.1 | 0.9 | · | 0.8 | 0.9 | 1.0 | · | 1.0 | |
| Debt / Equity | 6.2 | 85.3 | · | -5.2 | -41.9 | 20.2 | · | -19.7 | -6.8 | -9.0 | · | -10.9 | -11.0 | -13.6 | · | 159.2 | |
| LT Debt / Equity | 6.0 | 81.6 | · | -4.5 | -39.5 | 19.1 | · | -18.6 | -6.5 | -8.4 | · | -10.3 | -10.5 | -13.0 | · | 151.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 0.6 | · | -3.7 | -4.1 | -2.7 | · | -4.1 |
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 | 1.0 | 1.0 | · | 1.2 | 1.1 | 1.3 | · | 1.4 | 1.1 | 0.8 | · | 0.4 | 0.4 | 0.5 | · | 0.3 | |
| Receivables Turnover | 2.6 | 2.5 | · | 2.4 | 2.6 | 3.1 | · | 3.2 | 2.9 | 2.5 | · | 2.2 | 2.4 | 2.1 | · | 1.7 |
Valuation (TTM) 4
| 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 | $1.19B | $1.13B | · | $1.08B | $953M | $828M | · | $639M | $464M | $398M | · | $360M | $389M | $447M | · | $488M | |
| Net Income TTM | $47M | $6M | · | $4M | $-8M | $10M | · | $-2M | $-25M | $-39M | · | $-53M | $-48M | $-41M | · | $-34M | |
| P/E | 15.9 | 93.0 | · | 189.7 | -84.2 | 51.3 | · | -258.7 | -23.5 | -23.7 | · | -7.0 | -9.3 | -15.6 | · | -10.5 | |
| Earnings Yield | 6.3% | 1.1% | · | 0.53% | -1.2% | 1.9% | · | -0.39% | -4.2% | -4.2% | · | -14.3% | -10.8% | -6.4% | · | -9.5% |
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 | $1.11B | $865M | $388M | $459M | $645M |
| Operating Margin % | 2.0% | 4.9% | -10.3% | -7.7% | 0.33% |
| Net Income | $26M | $17M | $-40M | $-58M | $-5M |
| Diluted EPS | $0.39 | $0.31 | $-0.89 | $-1.37 | $-0.19 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 36.9 | 68.3 | -16.9 | -11.4 | -43.1 |
| Current Ratio | 1.2 | 1.4 | 0.9 | 1.0 | 1.6 |
| Quick Ratio | 1.2 | 1.4 | 0.9 | 1.0 | 1.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $65M | $46M | $20M | $28M | $28M |
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Institutional owners (13F) 169 filers · $491.5M 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 |
|---|---|---|---|---|
| 28 (-6 vs prior Q) | 26 (-11 vs prior Q) | 47 (-10 vs prior Q) | 62 (+9 vs prior Q) | +1.4M |
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 |
|---|---|---|---|---|
| WHITE MOUNTAINS INSURANCE GROUP LTD | $224,457,638 | 17,856,614 | 45.67% | Shares |
| Clearline Capital LP | $34,113,597 | 2,713,890 | 6.94% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,043,958 | 1,276,369 | 3.26% | Shares |
| Divisadero Street Capital Management, LP | $12,821,249 | 1,019,988 | 2.61% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $12,208,386 | 971,232 | 2.48% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $11,944,157 | 950,026 | 2.43% | Shares |
| JACOBS ASSET MANAGEMENT, LLC | $11,561,396 | 919,761 | 2.35% | Shares |
| STATE STREET CORP | $10,838,294 | 862,235 | 2.21% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $10,432,572 | 829,958 | 2.12% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $8,339,290 | 663,428 | 1.70% | Shares |
| J. Goldman & Co LP | $7,517,740 | 598,070 | 1.53% | Shares |
| CITADEL ADVISORS LLC | $7,412,479 | 589,696 | 1.51% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,220,296 | 574,407 | 1.47% | Shares |
| Shay Capital LLC | $7,164,900 | 570,000 | 1.46% | Shares |
| D. E. Shaw & Co., Inc. | $6,736,590 | 535,926 | 1.37% | Shares |
| SPEECE THORSON CAPITAL GROUP INC | $6,148,000 | 489,098 | 1.25% | Shares |
| EVR Research LP | $5,530,800 | 440,000 | 1.13% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $5,443,388 | 433,046 | 1.11% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,147,164 | 409,480 | 1.05% | Shares |
| GOLDMAN SACHS GROUP INC | $4,649,894 | 369,920 | 0.95% | Shares |
| Triad Investment Management | $4,634,949 | 368,731 | 0.94% | Shares |
| Stoic Point Capital Management LLC | $3,735,176 | 297,150 | 0.76% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,258,446 | 259,224 | 0.66% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,228,014 | 256,803 | 0.66% | Shares |
| JPMORGAN CHASE & CO | $3,090,388 | 249,426 | 0.63% | Shares |
| Squarepoint Ops LLC | $2,944,585 | 234,255 | 0.60% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,814,637 | 223,917 | 0.57% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $2,720,211 | 216,405 | 0.55% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,629,694 | 209,204 | 0.54% | Shares |
| XTX Topco Ltd | $2,165,421 | 172,269 | 0.44% | Shares |
| ALGERT GLOBAL LLC | $2,147,836 | 170,870 | 0.44% | Shares |
| Man Group plc | $1,970,398 | 156,754 | 0.40% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,966,485 | 211,450 | 0.40% | Shares |
| JANE STREET GROUP, LLC | $1,741,523 | 138,546 | 0.35% | Shares |
| Quantinno Capital Management LP | $1,709,947 | 136,034 | 0.35% | Shares |
| BlackRock, Inc. | $1,698,685 | 135,138 | 0.35% | Shares |
| Nuveen, LLC | $1,332,860 | 106,035 | 0.27% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,274,158 | 101,365 | 0.26% | Shares |
| Balyasny Asset Management L.P. | $1,270,148 | 101,046 | 0.26% | Shares |
| Qube Research & Technologies Ltd | $1,162,134 | 92,453 | 0.24% | Shares |
| J. Goldman & Co LP | $1,111,188 | 88,400 | 0.23% | Call option |
| PDT Partners, LLC | $1,056,157 | 84,022 | 0.21% | Shares |
| CITADEL ADVISORS LLC | $1,047,081 | 83,300 | 0.21% | Call option |
| Walleye Capital LLC | $1,009,446 | 80,306 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $925,152 | 73,600 | 0.19% | Call option |
| STATE OF WISCONSIN INVESTMENT BOARD | $883,784 | 70,309 | 0.18% | Shares |
| WINMILL & CO. INC | $818,332 | 65,102 | 0.17% | Shares |
| PEAK6 LLC | $786,882 | 62,600 | 0.16% | Call option |
| Swiss National Bank | $764,256 | 60,800 | 0.16% | Shares |
| BLAIR WILLIAM & CO/IL | $704,498 | 56,046 | 0.14% | Shares |
| GLOBEFLEX CAPITAL L P | $702,035 | 55,850 | 0.14% | Shares |
| Allianz Asset Management GmbH | $652,637 | 70,176 | 0.13% | Shares |
| Campbell & CO Investment Adviser LLC | $585,976 | 46,617 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $577,357 | 45,932 | 0.12% | Shares |
| Hillsdale Investment Management Inc. | $576,963 | 45,900 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $565,650 | 45,000 | 0.12% | Call option |
| Allspring Global Investments Holdings, LLC | $563,526 | 44,831 | 0.11% | Shares |
| SEI INVESTMENTS CO | $561,087 | 44,637 | 0.11% | Shares |
| Mariner, LLC | $516,986 | 41,127 | 0.11% | Shares |
| AlphaQuest LLC | $485,146 | 37,463 | 0.10% | Shares |
| Caption Management, LLC | $471,564 | 37,515 | 0.10% | Shares |
| MILLENNIUM MANAGEMENT LLC | $465,907 | 37,065 | 0.09% | Shares |
| Lighthouse Investment Partners, LLC | $427,393 | 34,001 | 0.09% | Shares |
| UBS Group AG | $422,377 | 33,602 | 0.09% | Shares |
| BARCLAYS PLC | $380,456 | 30,267 | 0.08% | Shares |
| Skopos Labs, Inc. | $369,434 | 39,724 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $353,795 | 28,146 | 0.07% | Shares |
| TWO SIGMA ADVISERS, LP | $348,303 | 26,896 | 0.07% | Shares |
| Bank of New York Mellon Corp | $342,658 | 27,260 | 0.07% | Shares |
| Brevan Howard Capital Management LP | $340,861 | 27,117 | 0.07% | Shares |
| Dynamic Technology Lab Private Ltd | $338,000 | 26,868 | 0.07% | Shares |
| FMR LLC | $323,715 | 25,753 | 0.07% | Shares |
| TUDOR INVESTMENT CORP ET AL | $323,652 | 25,748 | 0.07% | Shares |
| ALLSTATE CORP | $317,858 | 25,287 | 0.06% | Shares |
| AXQ CAPITAL, LP | $315,721 | 25,117 | 0.06% | Shares |
| Abel Hall, LLC | $307,626 | 24,473 | 0.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $292,215 | 23,247 | 0.06% | Shares |
| Corient Private Wealth LP | $289,274 | 23,013 | 0.06% | Shares |
| CITIGROUP INC | $279,331 | 22,222 | 0.06% | Shares |
| Nebula Research & Development LLC | $275,294 | 25,141 | 0.06% | Shares |
| Quantbot Technologies LP | $271,110 | 21,568 | 0.06% | Shares |
| MetLife Investment Management, LLC | $269,023 | 21,402 | 0.05% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $266,132 | 21,172 | 0.05% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $234,844 | 25,252 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $234,330 | 18,642 | 0.05% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $229,215 | 17,700 | 0.05% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $219,032 | 17,425 | 0.04% | Shares |
| Graham Capital Management, L.P. | $215,940 | 17,179 | 0.04% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $208,599 | 16,595 | 0.04% | Shares |
| CWM, LLC | $208,553 | 22,425 | 0.04% | Shares |
| NOMURA HOLDINGS INC | $201,849 | 16,058 | 0.04% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $198,023 | 14,811 | 0.04% | Shares |
| IEQ CAPITAL, LLC | $193,163 | 15,367 | 0.04% | Shares |
| EP Wealth Advisors, LLC | $191,982 | 15,273 | 0.04% | Shares |
| Corton Capital Inc. | $190,729 | 16,760 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $178,595 | 14,208 | 0.04% | Shares |
| LPL Financial LLC | $167,181 | 13,300 | 0.03% | Shares |
| Invesco Ltd. | $165,572 | 13,172 | 0.03% | Shares |
| VANGUARD GROUP INC | $158,689 | 12,254 | 0.03% | Shares |
| Vanguard Global Advisers, LLC | $154,033 | 12,254 | 0.03% | Shares |
Company insiders 19 insiders · 7 officers · 3 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tigran Sinanyan | CHIEF FINANCIAL OFFICER AND TREASURER | May 26, 2021 S | 11,122 | 0 | 0 | $0 |
| Jeff Sweetser | VICE PRESIDENT, SUPPLY PARTNERSHIPS | June 17, 2021 C | 15,314 | 0 | 0 | $0 |
| Brian Mikalis | SENIOR VICE PRESIDENT, DEMAND PARTNERSHIPS | June 17, 2021 C | 10,209 | 0 | 0 | $0 |
| Serge Topjian | VICE PRESIDENT, MEDIA | June 17, 2021 S | 3,657 | 0 | 0 | $0 |
| Robert Perine | VICE PRESIDENT, PRODUCT | May 19, 2021 S | 11,214 | 0 | 0 | $0 |
| Ambrose Wang | CO-FOUNDER | May 18, 2021 S | 23,524 | 0 | 0 | $0 |
| Lance Martinez | GENERAL COUNSEL AND SECRETARY | April 30, 2021 M | 20,419 | 0 | 0 | $0 |
| Venmal (Raji) Arasu | Director | April 30, 2021 M | 2,631 | 0 | 0 | $0 |
| Lara Sweet | Director | April 30, 2021 M | 2,631 | 0 | 0 | $0 |
| VRABECK KATHY P | Director | April 30, 2021 M | 2,631 | 0 | 0 | $0 |
| WM International Holdings Ltd | 10% owner | Dec. 22, 2022 J | 0 | 0 | 0 | $0 |
| Bridge Holdings (Bermuda) Ltd. | 10% owner | Aug. 25, 2022 J | 0 | 0 | 0 | $0 |
| White Mountains Insurance Group, Ltd. | 10% owner | Oct. 30, 2020 S | 20,532,202 | 0 | 0 | $0 |
| Patrick Ryan Thompson | — | Aug. 15, 2026 F | 1,080,127 | 0 | 0 | $0 |
| Keith Cramer | — | Aug. 15, 2026 M | 264,303 | 0 | 3 | $-473,460 |
| Kuanling Amy Yeh | — | Aug. 15, 2026 M | 552,091 | 0 | 5 | $-409,699 |
| Jeffrey B Coyne | — | Aug. 15, 2026 F | 577,582 | 0 | 0 | $0 |
| Eugene Nonko | — | Aug. 12, 2026 S | 984,164 | 0 | 54 | $-4,895,721 |
| Steven Yi | — | Aug. 3, 2026 S | 2,387,690 | 0 | 10 | $-6,647,538 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| White Mountains Insurance Group, Ltd., WM HINSON (BERMUDA) LTD. ×7 filings | May 1, 2026 | 33.03% | Amendment | Board campaign | SEC |
| Eugene Nonko, O.N.E. Holdings, LLC ×5 filings | Feb. 28, 2025 | 10.80% | Amendment | — | SEC |
| Ambrose Wang, Wang Family Investments LLC ×2 filings | June 23, 2022 | — | Initial filing | — | SEC |
| Jason Heiling, OBF Investments, LLC | June 25, 2021 | — | 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 33 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 |
|---|---|---|---|---|
| ABLS · Abacus FCF ETF Trust | 0.68% | 982 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.12% | 3,738 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.10% | 273,987 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.09% | 104,616 SH | Aug. 8, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.06% | 255,758 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 8,644 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 42,181 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.02% | 275,371 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 33,164 SH | Aug. 8, 2026 | Daily |
| VOX · VANGUARD WORLD FUND | 0.02% | 109,103 SH | Aug. 8, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.02% | 23,582 SH | Aug. 8, 2026 | Daily |
| FCOM · FIDELITY COVINGTON TRUST | 0.02% | 31,391 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 802,788 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 179,760 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 178,955 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 14,944 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 1,596 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 156,660 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,729 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.00% | 1,247 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,265 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,174 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 32 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 3,981 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 69,171 SH | Aug. 8, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 1,891 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 7,678 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 24,208 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 19,325 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 363,068 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 882,700 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,323 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 580 NS | April 30, 2026 | N-PORT |