MCHP Microchip Technology Incorporated - Common Stock
$78.06
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$49–$106
51% of range
Analyst Rating
BUY
32 analysts
Price Target
$109
+40% upside
P/E (TTM)
354.8
ROE
3.5%
Net Profit Margin
4.9%
About Microchip Technology Incorporated - Common Stock Company overview from Wikipedia
Microchip Technology Incorporated is an American publicly traded semiconductor corporation that manufactures microcontrollers, microprocessors, integrated circuits, and flash memory.
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Microchip Technology Incorporated is an American publicly traded semiconductor corporation that manufactures microcontrollers, microprocessors, integrated circuits (digital, mixed-signal, and analog), and flash memory.
Its corporate headquarters is located in Chandler, Arizona. Its wafer fabs are located in Gresham, Oregon, and Colorado Springs, Colorado. The company's assembly/test facilities are in Chachoengsao, Thailand, and Calamba and Cabuyao, Philippines.
History
Origins
Microchip Technology was founded in February 14, 1989 when General Instrument spun off its microelectronics division as a wholly owned subsidiary. The newly formed company was a supplier of programmable non-volatile memory, microcontrollers, digital signal processors, card chip on board, and consumer integrated circuits. An initial public offering (IPO) later in the year was canceled because of the October 1987 stock market crash.
Microchip Technology became an independent company in 1989 when it was acquired by a group of venture capitalists led by Sequoia Capital. In the same year, Microchip Technology announced the release of small, inexpensive 8-bit reduced instruction set computing (RISC) microcontrollers for $2.40 apiece, whereas most RISC microcontrollers were 32-bit devices selling for hundreds of dollars.
1990-2024
In 1990, 60% of Microchip Technology's sales were from the disc drive industry and the product portfolio relied heavily on commodity EEPROM products. The company was losing US$2.5 million per quarter, had less than 6 months of cash in reserve, had exhausted lines of credit, and was failing to control expenses. Early in the year, the venture capital investors accepted an offer to sell Microchip Technology to Winbond Electronics Corporation of Taiwan for $15 million. Winbond Electronics backed out of the deal after the Taiwanese stock market decreased in May 1990. Vice President of Operations, Steve Sanghi, was named president and chief operating officer of Microchip Technology in 1990. After several quarters of losses, Sanghi oversaw Microchip Technology's transition from selling commodity-based products to specialized chips, such as the RISC technology.
Microchip Technology conducted an IPO in 1993, which Fortune magazine cited as the best-performing IPO of the year with a stock appreciation of 500% and over $1 billion in market capitalization. At the end of 2015, Microchip Technology posted its 100th consecutive quarter of profitability.
In March 2021, Sanghi was replaced as CEO by Ganesh Moorthy.
2024-present
In March 2024, Microchip furloughed production staff and non-manufacturing employees were forced to take a pay-cut for two weeks. This was done again in June. In late November, Moorthy retired as CEO and Steve Sanghi was appointed interim CEO, and was subsequently announced he would continue as CEO and Chairman on a permanent basis on July 2, 2025.
In early December 2024, Sanghi announced the closure of Fab 2 in Tempe, Arizona and also announced that Microchip would suspend its application for CHIPS and Science Act funding. On February 10, 2025, Microchip announced that it would again furlough employees intermittently throughout the rest of the year.
Acquisitions
In 1995, Microchip acquired KeeLoq technology from Nanoteq of South Africa for $10M in cash. Microchip Technology used the purchase to create the Secure Data Products Group.
On May 24, 2000, Microchip acquired a wafer fab in Puyallup, Washington that was formerly owned by Matsushita Electric Industrial Company. On October 19, 2007, due to the great recession, the facility, known as Fab 3, was sold for $30M from an unsolicited offer.
On October 27, 2000, Microchip purchased TelCom Semiconductor of Mountain View, California for $300M.
In 2002, Microchip acquired a wafer fab in Gresham, Oregon from Fujitsu for $183.5M. This fab became, and still is, Microchip's largest and is known as Fab 4.
On October 15, 2008, Microchip acquired Hampshire Company, a company that sold large-format universal touch screen controller electronics and related software.
On February 20, 2009, Microchip acquired Australia-based HI-TECH Software.
On January 11, 2010, Microchip acquired Thomas H. Lee's Sunnyvale, California-based ZeroG Wireless for an undisclosed amount after a year-long partnership. The deal allowed Microchip to provide a Wi-Fi product for its PIC microcontrollers.
In April 2010, Microchip completed the acquisition of Silicon Storage Technology (SST) from for about $292M. Microchip and Cerberus Capital Management both made offers for the company. Microchip sold several SST flash memory assets back to Bing Yeh, co-founder of SST, to another one his companies the next month.
In 2012, Microchip acquired German-based Ident Technology AG, California based Roving Networks, and Standard Microsystems Corporation.
On June 3, 2013, Microchip acquired Novocell Semiconductor, Inc. through its Silicon Storage Technology (SST) subsidiary.
In 2014, Microchip acquired Supertex, Inc and Belgian-based EqcoLogic on February 10, and Taiwan-based ISSC Technologies on May 22.
On August 3, 2015, Microchip acquired IC manufacturer Micrel for about $839M.
In January 2016, Microchip purchased San Jose, California-based Atmel for $3.56bn. JPMorgan Chase advised Microchip while Qatalyst Partners advised Atmel.
In May 2018, Microchip acquired Microsemi Corporation.
In October 2020, Microchip acquired New Zealand-based Tekron International Limited for an undisclosed amount.
In April 2024, Microchip acquired both South Korea-based VSI Co. Ltd. and Neuronix AI Labs.
Products
Microchip offers 8, 16, and 32-bit microcontrollers including PIC and AVR microcontrollers, microprocessors, analog power management and conversion, CAN and LIN serial communication interface devices, high-voltage MEMS and piezoelectric drivers, ultrasound multiplexers, digital signal controllers, embedded controllers, memory products (including serial EEPROM, serial SRAM, serial flash, serial NvSRAM, serial EERAM, parallel EEPROM, parallel one-time programmable flash, parallel flash and CryptoMemory devices.)
Microchip also offers custom programming, hardware and software development tools, and reference designs. Available reference designs include complete systems, subsystems or functions which are purpose-built and include design files, software and support.
Microchip crypto element devices that provide authentication, data integrity, and confidentiality in a variety of applications, such as disposables, accessories and nodes; Timing, communication and real-time clock and calendar products; USB products; Power Management Integrated Circuits (PMICs); and networking products including Ethernet interface and wireless products.
Product milestones
In April 2009, Microchip Technology announced the nanoWatt XLP microcontrollers, claiming the world's lowest sleep current. Microchip Technology had sold more than 6 billion microcontrollers as of 2009. As of 2011, Microchip Technology ships over a billion processors every year. In September 2011, Microchip Technology shipped the 10 billionth PIC microcontroller.
== Wafer fabs ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MCHP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$78.06
Market Cap
$42.31B
P/E (TTM)
354.8
EPS (TTM)
$0.22
Revenue (TTM)
$4.71B
Div Yield
2.3%
ROE
3.5%
Debt/Equity
0.9
52W Range
$49 – $106
MCHP 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
$4.71B
2017-03-31
→
2026-03-31
EPS
$0.22
2017-03-31
→
2026-03-31
Free Cash Flow
$871M
2017-03-31
→
2026-03-31
Margins
4.9%
2017-03-31
→
2026-03-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MCHP
Peer Median
P/E (TTM)
354.8
87.1
P/S (TTM)
9.0
20.5
P/B
6.6
6.3
EV / EBITDA
40.3
—
Price / FCF
48.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MCHP
Peer Median
Gross Margin
57.7%
55.4%
Operating Margin
10.4%
—
Net Profit Margin
4.9%
19.8%
ROA
1.6%
10.6%
ROE
3.5%
15.6%
ROIC
3.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MCHP
Peer Median
Debt / Equity
0.9
—
Current Ratio
2.1
3.7
Quick Ratio
1.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MCHP
Peer Median
Revenue YoY
7.1%
—
Revenue CAGR 3Y
-17.6%
—
Revenue CAGR 5Y
-2.8%
—
EPS YoY
-13.4%
—
Net Income YoY
-14.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MCHP
Peer Median
Payout Ratio
427.8%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.3%
Payout Ratio
427.8%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 22, 2026 | $0.4550 |
| Feb. 23, 2026 | $0.4550 |
| Nov. 24, 2025 | $0.4550 |
| Aug. 22, 2025 | $0.4550 |
| May 22, 2025 | $0.4550 |
| Feb. 24, 2025 | $0.4550 |
| Nov. 22, 2024 | $0.4550 |
| Aug. 22, 2024 | $0.4540 |
| May 21, 2024 | $0.4520 |
| Feb. 22, 2024 | $0.4500 |
| Nov. 21, 2023 | $0.4390 |
| Aug. 21, 2023 | $0.4100 |
| May 19, 2023 | $0.3830 |
| Feb. 17, 2023 | $0.3580 |
| Nov. 21, 2022 | $0.3280 |
| Aug. 18, 2022 | $0.3010 |
| May 19, 2022 | $0.2760 |
| Feb. 18, 2022 | $0.2530 |
| Nov. 18, 2021 | $0.2320 |
| Aug. 19, 2021 | $0.2185 |
MCHP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
32 analysts
- Strong Buy 9 28.1%
- Buy 16 50.0%
- Hold 7 21.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
24 analysts · 2026-08-16
Median
$110.00
← Below all targets
$78.06
Low
$80.00
High
$135.00
Median target
$110.00
+40.9%
Mean target
$109.21
+39.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2027 | $0.76 | $0.71 | 0.05% |
| June 30, 2026 | $0.76 | $0.71 | 0.05% |
| March 31, 2026 | $0.57 | $0.52 | 0.05% |
| Dec. 31, 2025 | $0.44 | $0.42 | 0.02% |
| Sept. 30, 2025 | $0.35 | $0.34 | 0.01% |
| June 30, 2025 | $0.27 | $0.24 | 0.03% |
| March 31, 2025 | $0.11 | $0.11 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MCHP | $35.02B | 293.7 | 7.1% | 4.9% | 3.5% | 57.7% |
| MPWR | $44.15B | 70.5 | 26.4% | 22.3% | 18.0% | 55.2% |
| ALAB | $28.31B | 136.4 | 115.1% | 25.7% | 17.5% | 75.7% |
| CBRS | — | — | — | — | — | — |
| MRVL | $68.75B | 26.4 | 42.1% | 32.6% | 19.3% | 51.0% |
| ON | $21.48B | 186.7 | -15.3% | 2.0% | 1.5% | 33.1% |
| GFS | — | — | — | — | — | — |
| MTSI | $9.49B | -174.5 | 32.6% | -5.6% | -4.3% | 54.7% |
| FSLR | $28.03B | 18.4 | 24.1% | 29.3% | 16.9% | 40.6% |
| SITM | $9.29B | -205.3 | 61.2% | -13.1% | -3.8% | 53.6% |
| LSCC | $10.76B | 3932.5 | 2.7% | 0.59% | 0.44% | 68.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.71B | $4.40B | $7.63B | $8.44B | $6.82B | $5.44B | $5.27B | $5.35B | · | $3.41B | $2.17B | |
| Cost of Revenue | $1.99B | $1.93B | $2.64B | $2.74B | $2.37B | $2.06B | $2.03B | $2.42B | · | $1.65B | $968M | |
| Gross Profit | $2.72B | $2.47B | $5.00B | $5.70B | $4.45B | $3.38B | $3.24B | $2.93B | · | $1.76B | $1.21B | |
| R&D Expense | $1.09B | $984M | $1.10B | $1.12B | $989M | $836M | $878M | $826M | · | $545M | $373M | |
| SG&A Expense | $674M | $618M | $734M | $798M | $719M | $610M | $677M | $683M | · | $500M | $302M | |
| Operating Expenses | $2.23B | $2.17B | $2.42B | $2.58B | $2.60B | $2.38B | $2.60B | $2.22B | · | $1.48B | $853M | |
| Operating Income | $490M | $296M | $2.57B | $3.12B | $1.85B | $998M | $647M | $714M | · | $276M | $352M | |
| Interest Expense | · | · | $198M | $204M | $257M | $357M | $497M | $503M | · | $146M | $104M | |
| Interest Income | $11M | $9M | $8M | $2M | $500.0K | $2M | $3M | $8M | · | $3M | $24M | |
| Other Non-op | $-7M | $-6M | $-2M | $4M | $3M | $-4M | $3M | $-2M | · | $1M | $9M | |
| Pretax Income | $274M | $39M | $2.37B | $2.91B | $1.48B | $340M | $150M | $204M | · | $90M | $281M | |
| Income Tax | $44M | $39M | $459M | $672M | $197M | $-10M | $-420M | $-151M | · | $-81M | $-43M | |
| Net Income | $230M | $-500.0K | $1.91B | $2.24B | $1.29B | $349M | $571M | $356M | · | $165M | $324M | |
| EPS (Basic) | $0.22 | $-0.01 | $3.52 | $4.07 | $2.33 | $0.67 | $1.19 | $1.51 | · | $0.76 | $1.59 | |
| EPS (Diluted) | $0.22 | $-0.01 | $3.48 | $4.02 | $2.27 | $0.65 | $1.11 | $1.42 | · | $0.71 | $1.49 | |
| Shares (Basic) | 540,400,000 | 537,300,000 | 542,000,000 | 550,400,000 | 552,300,000 | 519,200,000 | 477,700,000 | 236,200,000 | · | 217,200,000 | 203,400,000 | |
| Shares (Diluted) | 545,200,000 | 537,300,000 | 548,000,000 | 557,300,000 | 565,900,000 | 541,200,000 | 512,400,000 | 249,900,000 | · | 234,800,000 | 217,400,000 | |
| EBITDA | $1.18B | $1.05B | $3.45B | $4.11B | $2.99B | $2.15B | $1.86B | $1.59B | · | $745M | $636M |
Balance Sheet 29
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $240M | $772M | $320M | $234M | $317M | $280M | $401M | $429M | · | $909M | $2.09B | |
| Short-term Investments | · | · | · | $0 | $2M | $2M | $2M | $2M | · | $394M | $394M | |
| Receivables | $895M | $690M | $1.14B | $1.31B | $1.07B | $998M | $934M | $881M | $904M | $478M | $290M | |
| Inventory | $1.04B | $1.29B | $1.32B | $1.32B | $854M | $665M | $686M | $712M | $471M | $417M | $307M | |
| Prepaid Expense | · | · | · | · | · | · | · | · | · | $41M | $42M | |
| Other Current Assets | $207M | $236M | $234M | $205M | $206M | $200M | $194M | $192M | $137M | $59M | $12M | |
| Current Assets | $2.38B | $2.99B | $3.01B | $3.07B | $2.45B | $2.15B | $2.22B | $2.21B | · | $2.31B | $3.10B | |
| PP&E (Net) | $1.11B | $1.18B | $1.19B | $1.18B | $968M | $855M | $876M | $997M | · | $683M | $609M | |
| PP&E (Gross) | $3.71B | $3.53B | $4.01B | $3.83B | $3.42B | $3.10B | $2.97B | $2.95B | · | $2.45B | $2.27B | |
| Accum. Depreciation | $2.60B | $2.34B | $2.82B | $2.65B | $2.45B | $2.24B | $2.09B | $1.95B | · | $1.77B | $1.66B | |
| Goodwill | $6.70B | $6.68B | $6.68B | $6.67B | $6.67B | $6.67B | $6.66B | $6.66B | · | $2.30B | $1.01B | |
| Intangibles | $2.03B | $2.39B | $2.78B | $3.37B | $4.04B | $4.79B | $5.70B | $6.69B | · | $2.15B | $606M | |
| Other Non-current Assets | $364M | $398M | $612M | $457M | $265M | $264M | $217M | $112M | $48M | $75M | $79M | |
| Total Assets | $14.37B | $15.37B | $15.87B | $16.37B | $16.20B | $16.48B | $17.43B | $18.35B | · | $7.69B | $5.54B | |
| Accounts Payable | $206M | $161M | $213M | $397M | $345M | $292M | $247M | $226M | · | $149M | $79M | |
| Accrued Liabilities | $931M | $994M | $1.31B | $1.32B | $1.05B | $794M | $782M | $787M | $634M | $212M | $119M | |
| Current Liabilities | $1.14B | $1.16B | $2.52B | $3.12B | $1.40B | $2.41B | $1.64B | $2.37B | · | $704M | $382M | |
| Capital Leases | $107M | $115M | $129M | $129M | $129M | $125M | $95M | · | · | · | · | |
| Deferred Tax | $25M | $34M | $29M | $43M | $40M | $44M | $318M | $706M | $222M | $409M | $399M | |
| Other Non-current Liabilities | $709M | $844M | $1.02B | $948M | $474M | $417M | $343M | $280M | $239M | $217M | $41M | |
| Long-term Debt | $5.50B | $5.63B | $6.00B | $6.44B | $7.69B | $8.90B | $9.48B | $10.31B | · | $2.95B | $2.45B | |
| Total Debt | $5.50B | $5.63B | $6.00B | $6.44B | $7.69B | $8.90B | $9.48B | $10.31B | · | $2.95B | · | |
| Common Stock | $600.0K | $600.0K | $500.0K | $500.0K | $600.0K | $500.0K | $200.0K | $200.0K | · | $200.0K | $204.0K | |
| Retained Earnings | $4.92B | $5.78B | $6.76B | $5.76B | $4.18B | $3.39B | $3.43B | $3.21B | $3.20B | $1.48B | $1.58B | |
| Treasury Stock | $2.55B | $2.61B | $2.58B | $1.66B | $796M | $434M | $501M | $582M | · | $732M | $820M | |
| AOCI | $-4M | $-2M | $-4M | $-4M | $-21M | $-26M | $-22M | $-21M | $-19M | $-14M | $-3M | |
| Stockholders' Equity | $6.43B | $7.08B | $6.66B | $6.51B | $5.89B | $5.34B | $5.59B | $5.29B | · | $3.27B | $2.15B | |
| Liabilities + Equity | $14.37B | $15.37B | $15.87B | $16.37B | $16.20B | $16.48B | $17.43B | $18.35B | · | $7.69B | $5.54B | |
| Shares Outstanding | 542,079,011 | 538,704,604 | 536,663,691 | 545,459,814 | 554,500,524 | 547,057,188 | 245,325,643 | 237,589,501 | · | 229,093,658 | 204,081,727 |
Cash Flow 19
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $689M | $750M | $880M | $998M | $1.14B | $1.15B | $1.22B | $876M | · | $469M | $283M | |
| Stock-based Comp | $255M | $180M | $178M | $170M | $210M | $198M | $170M | $166M | · | $128M | $71M | |
| Deferred Tax | $-65M | $-143M | $-27M | $206M | $8M | $-139M | $-490M | $-62M | · | $-127M | $-60M | |
| Amort. of Intangibles | $534M | $584M | $689M | $754M | $934M | $993M | $1.05B | $696M | · | $346M | $179M | |
| Restructuring | $37M | $76M | · | · | $21M | $15M | $18M | $0 | · | $83M | $10M | |
| Other Non-cash | $-148M | $111M | $-44M | $9M | $196M | $354M | $78M | $338M | · | $424M | $126M | |
| Operating Cash Flow | $962M | $898M | $2.89B | $3.62B | $2.84B | $1.92B | $1.54B | $1.67B | · | $1.06B | $744M | |
| CapEx | $91M | $126M | $285M | $486M | $370M | $93M | $68M | $229M | · | $10M | $7M | |
| Investing Cash Flow | $-196M | $-288M | $-392M | $-600M | $-478M | $-173M | $-133M | $-6.81B | · | $-2.84B | $800M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Stock Issued | $62M | $65M | $82M | $82M | $70M | $60M | $59M | $43M | · | $42M | $29M | |
| Stock Repurchased | $0 | $96M | $982M | $946M | $426M | $0 | $0 | · | · | $0 | $364M | |
| Net Stock Activity | $62M | $-31M | $-900M | $-864M | $-355M | $60M | $59M | $43M | · | $42M | $-335M | |
| Dividends Paid | $984M | $976M | $912M | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-1.30B | $-158M | $-2.41B | $-3.10B | $-2.33B | $-1.86B | $-1.44B | $4.66B | · | $596M | $-60M | |
| Net Change in Cash | $-531M | $452M | $86M | $-83M | $37M | $-121M | $-28M | $-473M | · | $-1.18B | $1.48B | |
| Free Cash Flow | $871M | $772M | $2.61B | $3.13B | $2.47B | $1.82B | $1.48B | $1.66B | · | $1.05B | $737M | |
| Levered FCF | · | · | $2.45B | $2.98B | $2.25B | $1.46B | $-410M | $781M | · | $771M | $618M |
Profitability 8
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.7% | 56.1% | 65.4% | 67.5% | 65.2% | 62.1% | 61.5% | 54.8% | · | 51.6% | 55.5% | |
| Operating Margin | 10.4% | 6.7% | 33.7% | 36.9% | 27.1% | 18.4% | 12.3% | 13.4% | · | 8.1% | 16.2% | |
| Net Margin | 4.9% | -0.01% | 25.0% | 26.5% | 18.9% | 6.4% | 10.8% | 6.7% | · | 4.8% | 14.9% | |
| Pretax Margin | 5.8% | 0.88% | 31.0% | 34.5% | 21.7% | 6.2% | 2.9% | 3.8% | · | 2.6% | 12.9% | |
| EBITDA Margin | 25.0% | 23.8% | 45.2% | 48.8% | 43.9% | 39.6% | 35.3% | 29.7% | · | 21.9% | 29.2% | |
| ROA | 1.6% | 0.00% | 11.8% | 13.7% | 7.9% | 2.1% | 3.2% | 2.7% | · | 2.5% | 6.3% | |
| ROE | 3.5% | -0.01% | 27.8% | 34.9% | 22.0% | 6.6% | 10.2% | 6.8% | · | 15.4% | 15.4% | |
| ROIC | 3.5% | -0.03% | 16.4% | 18.5% | 11.8% | 7.2% | 16.3% | 8.0% | · | 17.8% | 18.9% |
Liquidity & Solvency 5
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 2.6 | 1.2 | 1.0 | 1.8 | 0.9 | 1.4 | 0.9 | · | 3.3 | 8.1 | |
| Quick Ratio | 1.0 | 1.3 | 0.6 | 0.5 | 1.0 | 0.5 | 0.8 | 0.6 | · | 2.5 | 7.2 | |
| Debt / Equity | 0.9 | 0.8 | 0.9 | 1.0 | 1.3 | 1.7 | 1.7 | 1.9 | · | -205.2 | · | |
| LT Debt / Equity | 0.9 | 0.8 | 0.8 | 0.8 | 1.3 | 1.4 | 1.6 | 1.7 | · | -201.7 | · | |
| Interest Coverage | · | · | 13.0 | 15.3 | 7.2 | 2.8 | 1.3 | 1.4 | · | 1.9 | 3.4 |
Efficiency 3
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | 0.4 | · | 0.5 | 0.4 | |
| Inventory Turnover | 1.7 | 1.5 | 2.0 | 2.5 | 3.1 | 3.0 | 2.9 | 4.1 | · | 4.6 | 3.3 | |
| Receivables Turnover | 5.9 | 4.8 | 6.2 | 7.1 | 6.6 | 5.6 | 5.8 | 6.0 | · | 8.9 | 7.7 |
Growth Rates 9
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.1% | -42.4% | -9.5% | 23.7% | 25.4% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -17.6% | -13.6% | 12.0% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -2.8% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | -13.4% | 77.1% | 249.2% | · | · | · | · | · | · | |
| EPS CAGR 3Y | -62.0% | · | 74.9% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -19.5% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | -14.8% | 74.1% | 267.9% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -53.2% | · | 76.1% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -8.0% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.71B | $4.40B | $7.63B | $8.44B | $6.82B | $5.44B | $5.27B | $5.35B | · | $3.41B | $2.17B | |
| Net Income TTM | $230M | $-500.0K | $1.91B | $2.24B | $1.29B | $349M | $571M | $356M | · | $165M | $324M | |
| Market Cap | $35.02B | $26.08B | $48.14B | $45.70B | $41.67B | $21.23B | $8.32B | $9.86B | · | $8.45B | $4.92B | |
| Enterprise Value | $40.28B | $30.94B | $53.82B | $51.90B | $49.03B | $29.85B | $17.40B | $19.73B | · | $10.10B | · | |
| P/E | 293.7 | -4841.0 | 25.8 | 20.8 | 33.1 | 119.4 | 30.5 | 29.2 | · | 52.0 | 16.2 | |
| P/S | 7.4 | 5.9 | 6.3 | 5.4 | 6.1 | 3.9 | 1.6 | 1.8 | · | 2.5 | 2.3 | |
| P/B | 5.4 | 3.7 | 7.2 | 7.0 | 7.1 | 4.0 | 1.5 | 1.9 | · | -587.8 | 2.3 | |
| P / Cash Flow | 36.4 | 29.0 | 16.6 | 12.6 | 14.7 | 11.1 | 5.4 | 5.9 | · | 8.0 | 6.6 | |
| P / FCF | 40.2 | 33.8 | 18.5 | 14.6 | 16.9 | 11.6 | 5.6 | 6.0 | · | 8.1 | 6.7 | |
| EV / EBITDA | 34.2 | 29.6 | 15.6 | 12.6 | 16.4 | 13.9 | 9.3 | 12.4 | · | 13.6 | · | |
| EV / FCF | 46.2 | 40.1 | 20.6 | 16.6 | 19.8 | 16.4 | 11.8 | 11.9 | · | 9.6 | · | |
| EV / Revenue | 8.5 | 7.0 | 7.1 | 6.2 | 7.2 | 5.5 | 3.3 | 3.7 | · | 3.0 | · | |
| Dividend Yield | 2.8% | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 0.34% | -0.02% | 3.9% | 4.8% | 3.0% | 0.84% | 3.3% | 3.4% | · | 1.9% | 6.2% | |
| Payout Ratio | 427.8% | · | · | · | · | · | · | · | · | · | · | |
| Annual Payout | $984M | · | · | · | · | · | · | · | · | · | · |
Income Statement 18
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.48B | $1.31B | $1.19B | $1.14B | $1.08B | $970M | $1.03B | $1.16B | $1.24B | $1.33B | $1.77B | $2.25B | $2.29B | $2.23B | $2.17B | $2.07B | |
| Cost of Revenue | $546M | $512M | $479M | $502M | $499M | $469M | $465M | $495M | $504M | $536M | $646M | $727M | $730M | $713M | $698M | $675M | |
| Gross Profit | $939M | $800M | $707M | $638M | $577M | $501M | $561M | $668M | $737M | $790M | $1.12B | $1.53B | $1.56B | $1.52B | $1.47B | $1.40B | |
| R&D Expense | $309M | $294M | $274M | $262M | $256M | $255M | $246M | $241M | $242M | $240M | $266M | $293M | $298M | $298M | $282M | $269M | |
| SG&A Expense | $184M | $174M | $168M | $172M | $159M | $152M | $158M | $157M | $150M | $162M | $172M | $197M | $204M | $204M | $203M | $202M | |
| Operating Expenses | $602M | $582M | $555M | $549M | $545M | $601M | $530M | $522M | $518M | $536M | $591M | $642M | $655M | $671M | $659M | $643M | |
| Operating Income | $337M | $217M | $152M | $89M | $32M | $-100M | $31M | $147M | $219M | $254M | $529M | $885M | $903M | $848M | $812M | $755M | |
| Interest Expense | · | · | · | · | · | · | · | $59M | $62M | · | $49M | $47M | $47M | · | $53M | $53M | |
| Interest Income | $1M | $2M | $1M | $4M | $5M | $3M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $1M | $800.0K | $200.0K | |
| Other Non-op | $500.0K | $-3M | $-4M | $-4M | $5M | $300.0K | $-10M | $2M | $2M | $-1M | $2M | $-3M | $0 | $300.0K | $3M | $-800.0K | |
| Pretax Income | $290M | $164M | $94M | $32M | $-16M | $-168M | $-46M | $92M | $162M | $200M | $484M | $834M | $848M | $802M | $762M | $699M | |
| Income Tax | $60M | $20M | $31M | $-10M | $3M | $-14M | $8M | $13M | $32M | $45M | $65M | $167M | $182M | $198M | $182M | $153M | |
| Net Income | $230M | $144M | $63M | $42M | $-19M | $-155M | $-54M | $78M | $129M | $155M | $419M | $667M | $666M | $604M | $580M | $546M | |
| EPS (Basic) | $0.37 | $0.22 | $0.06 | $0.03 | $-0.09 | $-0.30 | $-0.10 | $0.15 | $0.24 | $0.29 | $0.78 | $1.23 | $1.22 | $1.10 | $1.06 | $0.99 | |
| EPS (Diluted) | $0.37 | $0.22 | $0.06 | $0.03 | $-0.09 | $-0.29 | $-0.10 | $0.14 | $0.24 | $0.29 | $0.77 | $1.21 | $1.21 | $1.10 | $1.04 | $0.98 | |
| Shares (Basic) | 542,500,000 | -1,079,600,000 | 540,800,000 | 540,000,000 | 539,200,000 | -1,073,500,000 | 537,400,000 | 536,700,000 | 536,700,000 | -1,087,000,000 | 540,800,000 | 543,100,000 | 545,100,000 | -1,104,100,000 | 549,200,000 | 551,500,000 | |
| Shares (Diluted) | 550,500,000 | -1,084,500,000 | 545,500,000 | 545,000,000 | 539,200,000 | -1,084,900,000 | 537,400,000 | 542,000,000 | 542,800,000 | -1,099,100,000 | 546,500,000 | 549,200,000 | 551,400,000 | -1,117,900,000 | 555,400,000 | 558,300,000 | |
| EBITDA | $494M | · | $152M | $89M | $203M | · | $31M | $147M | $408M | · | $529M | $885M | $1.13B | · | $812M | $755M |
Balance Sheet 28
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $272M | $240M | $251M | $237M | $566M | $772M | $586M | $286M | $315M | $320M | $281M | $257M | $271M | · | $289M | $305M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $2M | |
| Receivables | $968M | $895M | $731M | $746M | $766M | $690M | $857M | $1.04B | $1.10B | $1.14B | $1.40B | $1.71B | $1.47B | · | $1.18B | $1.13B | |
| Inventory | $1.05B | $1.04B | $1.06B | $1.10B | $1.17B | $1.29B | $1.36B | $1.34B | $1.31B | $1.32B | $1.31B | $1.33B | $1.34B | · | $1.17B | $1.03B | |
| Other Current Assets | $199M | $207M | $251M | $272M | $253M | $236M | $196M | $236M | $229M | $234M | $229M | $233M | $197M | · | $204M | $206M | |
| Current Assets | $2.49B | $2.38B | $2.29B | $2.35B | $2.75B | $2.99B | $3.00B | $2.91B | $2.95B | $3.01B | $3.22B | $3.53B | $3.27B | · | $2.83B | $2.68B | |
| PP&E (Net) | $1.08B | $1.11B | $1.13B | $1.15B | $1.15B | $1.18B | $1.15B | $1.17B | $1.20B | $1.19B | $1.21B | $1.21B | $1.19B | · | $1.11B | $1.09B | |
| PP&E (Gross) | $3.72B | $3.71B | $3.68B | $3.67B | $3.53B | $3.53B | $4.08B | $4.05B | $4.05B | $4.01B | $3.99B | $3.95B | $3.88B | · | $3.72B | $3.65B | |
| Accum. Depreciation | $2.64B | $2.60B | $2.55B | $2.52B | $2.37B | $2.34B | $2.93B | $2.88B | $2.86B | $2.82B | $2.78B | $2.75B | $2.70B | · | $2.61B | $2.56B | |
| Goodwill | $6.70B | $6.70B | $6.70B | $6.70B | $6.70B | $6.68B | $6.68B | $6.68B | $6.68B | $6.68B | $6.68B | $6.68B | $6.68B | · | $6.67B | $6.67B | |
| Intangibles | $2.00B | $2.03B | $2.10B | $2.17B | $2.29B | $2.39B | $2.52B | $2.65B | $2.78B | $2.78B | $2.94B | $3.09B | $3.25B | · | $3.54B | $3.70B | |
| Other Non-current Assets | $358M | $364M | $368M | $362M | $350M | $398M | $577M | $572M | $637M | $612M | $565M | $528M | $507M | · | $320M | $306M | |
| Total Assets | $14.41B | $14.37B | $14.33B | $14.47B | $14.98B | $15.37B | $15.63B | $15.62B | $15.84B | $15.87B | $16.14B | $16.60B | $16.49B | · | $16.12B | $16.14B | |
| Accounts Payable | $229M | $206M | $161M | $170M | $162M | $161M | $196M | $204M | $196M | $213M | $242M | $284M | $281M | · | $355M | $380M | |
| Accrued Liabilities | $1.07B | $931M | $899M | $874M | $1.03B | $994M | $1.13B | $1.14B | $1.32B | $1.31B | $1.39B | $1.47B | $1.54B | · | $1.26B | $1.16B | |
| Current Liabilities | $1.29B | $1.14B | $1.06B | $1.04B | $1.19B | $1.16B | $1.33B | $3.29B | $1.52B | $2.52B | $3.29B | $3.41B | $3.22B | · | $1.61B | $2.54B | |
| Capital Leases | · | $107M | · | · | · | $115M | · | · | · | $129M | · | · | · | · | · | · | |
| Deferred Tax | $25M | $25M | $30M | $35M | $36M | $34M | $23M | $30M | $32M | $29M | $33M | $34M | $42M | · | $40M | $42M | |
| Other Non-current Liabilities | $695M | $709M | $738M | $758M | $797M | $844M | $899M | $964M | $1.06B | $1.02B | $1.07B | $1.09B | $1.05B | · | $904M | $486M | |
| Long-term Debt | $5.36B | $5.50B | $5.37B | $5.38B | $5.46B | $5.63B | $6.75B | $6.42B | $6.17B | $6.00B | $5.70B | $6.08B | $6.03B | · | $6.59B | $7.30B | |
| Total Debt | $5.36B | · | $5.37B | $5.38B | $5.46B | · | $6.75B | $6.42B | $6.17B | · | $5.70B | $6.08B | $6.03B | · | $6.59B | $7.30B | |
| Common Stock | $600.0K | $600.0K | $600.0K | $600.0K | $600.0K | $600.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | · | $500.0K | $600.0K | |
| Retained Earnings | $4.87B | $4.92B | $5.05B | $5.26B | $5.49B | $5.78B | $6.18B | $6.48B | $6.65B | $6.76B | $6.85B | $6.67B | $6.22B | · | $5.36B | $4.96B | |
| Treasury Stock | $2.53B | $2.55B | $2.57B | $2.58B | $2.60B | $2.61B | $2.63B | $2.64B | $2.64B | $2.58B | $2.21B | $2.11B | $1.79B | · | $1.41B | $1.20B | |
| AOCI | $-4M | $-4M | $-7M | $-6M | $-6M | $-2M | $-3M | $-8M | $-4M | $-4M | $-5M | $-3M | $-4M | · | $-18M | $-12M | |
| Stockholders' Equity | $6.45B | $6.43B | $6.56B | $6.70B | $6.86B | $7.08B | $6.03B | $6.28B | $6.41B | $6.66B | $7.08B | $6.97B | $6.83B | $6.51B | $6.31B | $6.10B | |
| Liabilities + Equity | $14.41B | $14.37B | $14.33B | $14.47B | $14.98B | $15.37B | $15.63B | $15.62B | $15.84B | $15.87B | $16.14B | $16.60B | $16.49B | · | $16.12B | $16.14B | |
| Shares Outstanding | 543,008,365 | 542,079,011 | 541,132,605 | 540,446,319 | 539,676,850 | 538,704,604 | 537,763,588 | 537,010,234 | 536,505,077 | 536,663,691 | 540,387,949 | 541,044,229 | 544,333,965 | · | 547,792,012 | 550,008,686 |
Cash Flow 16
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $157M | $174M | $172M | $173M | $171M | $187M | $187M | $188M | $189M | $218M | $219M | $219M | $223M | $243M | $244M | $252M | |
| Stock-based Comp | $75M | $68M | $73M | $62M | $53M | $41M | $49M | $46M | $44M | $43M | $45M | $45M | $44M | $44M | $44M | $41M | |
| Deferred Tax | $11M | $-51M | $-16M | $5M | $-3M | $-18M | $-76M | $-42M | $-8M | $-71M | $17M | $3M | $24M | $20M | $54M | $57M | |
| Amort. of Intangibles | $119M | $135M | $134M | $134M | $132M | $146M | $146M | $146M | $146M | $172M | $172M | $172M | $172M | $189M | $189M | $188M | |
| Other Non-cash | $39M | · | · | · | $73M | · | · | · | $23M | · | · | · | $36M | · | · | · | |
| Operating Cash Flow | $512M | $257M | $341M | $88M | $276M | $206M | $272M | $44M | $377M | $430M | $853M | $616M | $993M | $710M | $1.28B | $793M | |
| CapEx | $14M | $14M | $22M | $36M | $18M | $14M | $18M | $21M | $73M | $40M | $60M | $74M | $111M | $113M | $141M | $110M | |
| Investing Cash Flow | $-52M | $-52M | $-44M | $-62M | $-37M | $-56M | $-42M | $-64M | $-126M | $-71M | $-86M | $-94M | $-141M | $-151M | $-164M | $-131M | |
| Stock Issued | $13M | $19M | $12M | $18M | $12M | $20M | $12M | $20M | $13M | $24M | $17M | $25M | $15M | $28M | $16M | $24M | |
| Stock Repurchased | · | $0 | $0 | $0 | $0 | $0 | $6M | $17M | $73M | $387M | $115M | $340M | $140M | $274M | $230M | $247M | |
| Net Stock Activity | $13M | · | · | · | $12M | · | · | · | $-60M | · | · | · | $-125M | · | · | · | |
| Dividends Paid | $247M | $247M | $246M | $246M | $246M | $245M | $245M | $244M | $243M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-428M | $-215M | $-283M | $-356M | $-444M | $36M | $70M | $-8M | $-256M | $-320M | $-743M | $-537M | $-815M | $-614M | $-1.13B | $-735M | |
| Net Change in Cash | $32M | $-10M | $14M | $-330M | $-205M | $186M | $300M | $-29M | $-5M | $39M | $24M | $-15M | $37M | $-55M | $-16M | $-72M | |
| Free Cash Flow | $498M | · | · | · | $258M | · | · | · | $304M | · | · | · | $882M | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | $255M | · | · | · | $845M | · | · | · |
Profitability 8
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.2% | · | 59.6% | 55.9% | 53.6% | · | 54.7% | 57.4% | 59.4% | · | 63.4% | 67.8% | 68.1% | · | 67.8% | 67.4% | |
| Operating Margin | 22.7% | · | 12.8% | 7.8% | 3.0% | · | 3.0% | 12.6% | 17.6% | · | 30.0% | 39.3% | 39.5% | · | 37.4% | 36.4% | |
| Net Margin | 15.5% | · | 5.3% | 3.7% | -1.7% | · | -5.2% | 6.7% | 10.4% | · | 23.7% | 29.6% | 29.1% | · | 26.8% | 26.4% | |
| Pretax Margin | 19.5% | · | 7.9% | 2.8% | -1.5% | · | -4.5% | 7.9% | 13.0% | · | 27.4% | 37.0% | 37.1% | · | 35.1% | 33.7% | |
| EBITDA Margin | 33.2% | · | 12.8% | 7.8% | 18.9% | · | 3.0% | 12.6% | 32.9% | · | 30.0% | 39.3% | 49.2% | · | 37.4% | 36.4% | |
| ROA | 1.6% | · | 0.42% | 0.28% | -0.12% | · | -0.34% | 0.49% | 0.80% | · | 2.6% | 4.1% | 4.1% | · | 3.6% | 3.4% | |
| ROE | 3.5% | · | 1.0% | 0.64% | -0.28% | · | -0.82% | 1.2% | 1.9% | · | 6.3% | 10.2% | 10.4% | · | 9.6% | 9.2% | |
| ROIC | 2.3% | · | 0.85% | 0.97% | 0.31% | · | 0.28% | 0.99% | 1.4% | · | 3.6% | 5.4% | 5.5% | · | 4.8% | 4.4% |
Liquidity & Solvency 5
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | · | 2.2 | 2.3 | 2.3 | · | 2.3 | 0.9 | 1.9 | · | 1.0 | 1.0 | 1.0 | · | 1.8 | 1.1 | |
| Quick Ratio | 1.0 | · | 0.9 | 0.9 | 1.1 | · | 1.1 | 0.4 | 0.9 | · | 0.5 | 0.6 | 0.5 | · | 0.9 | 0.6 | |
| Debt / Equity | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 1.1 | 1.0 | 1.0 | · | 0.8 | 0.9 | 0.9 | · | 1.0 | 1.2 | |
| LT Debt / Equity | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 1.1 | 0.7 | 1.0 | · | 0.6 | 0.6 | 0.7 | · | 1.0 | 1.0 | |
| Interest Coverage | · | · | · | · | · | · | · | 2.5 | 3.5 | · | 10.8 | 18.9 | 19.1 | · | 15.4 | 14.2 |
Efficiency 3
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | |
| Inventory Turnover | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.4 | 0.4 | · | 0.5 | 0.6 | 0.6 | · | 0.7 | 0.8 | |
| Receivables Turnover | 1.7 | · | 1.5 | 1.3 | 1.2 | · | 0.9 | 0.8 | 1.0 | · | 1.4 | 1.6 | 1.8 | · | 2.1 | 2.0 |
Valuation (TTM) 14
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.89B | · | $4.43B | $4.41B | $4.51B | · | $5.20B | $6.43B | $7.55B | · | $8.48B | $8.79B | $8.49B | · | $7.96B | $7.44B | |
| Net Income TTM | $316M | · | $32M | $48M | $136M | · | $573M | $1.29B | $1.88B | · | $2.33B | $2.46B | $2.30B | · | $1.99B | $1.65B | |
| Market Cap | $49.52B | · | $34.48B | $34.71B | $37.98B | · | $30.84B | $43.12B | $49.09B | · | $48.73B | $42.23B | $48.77B | · | $38.48B | $33.57B | |
| Enterprise Value | $54.61B | · | $39.60B | $39.85B | $42.87B | · | $37.00B | $49.25B | $54.94B | · | $54.15B | $48.05B | $54.53B | · | $44.78B | $40.56B | |
| P/E | 246.5 | · | -637.2 | -3211.0 | 370.4 | · | 54.6 | 34.0 | 26.7 | · | 21.3 | 17.6 | 21.7 | · | 19.8 | 20.8 | |
| P/S | 10.1 | · | 7.8 | 7.9 | 8.4 | · | 5.9 | 6.7 | 6.5 | · | 5.7 | 4.8 | 5.7 | · | 4.8 | 4.5 | |
| P/B | 7.7 | · | 5.3 | 5.2 | 5.5 | · | 5.1 | 6.9 | 7.7 | · | 6.9 | 6.1 | 7.1 | · | 6.1 | 5.5 | |
| P / Cash Flow | 96.8 | · | · | · | 137.8 | · | · | · | 130.2 | · | · | · | 49.1 | · | · | · | |
| P / FCF | 99.5 | · | · | · | 147.4 | · | · | · | 161.4 | · | · | · | 55.3 | · | · | · | |
| EV / EBITDA | 110.7 | · | 261.0 | 448.2 | 211.0 | · | 1197.5 | 336.0 | 134.7 | · | 102.3 | 54.3 | 48.4 | · | 55.2 | 53.7 | |
| EV / FCF | 109.7 | · | · | · | 166.4 | · | · | · | 180.6 | · | · | · | 61.8 | · | · | · | |
| EV / Revenue | 11.2 | · | 8.9 | 9.0 | 9.5 | · | 7.1 | 7.7 | 7.3 | · | 6.4 | 5.5 | 6.4 | · | 5.6 | 5.4 | |
| Earnings Yield | 0.41% | · | -0.16% | -0.03% | 0.27% | · | 1.8% | 2.9% | 3.8% | · | 4.7% | 5.7% | 4.6% | · | 5.0% | 4.8% | |
| Payout Ratio | 107.4% | · | · | · | -1319.9% | · | · | · | · | · | · | · | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Revenue | $4.71B | $4.40B | $7.63B | $8.44B | $6.82B |
| Gross Margin % | 57.7% | 56.1% | 65.4% | 67.5% | 65.2% |
| Operating Margin % | 10.4% | 6.7% | 33.7% | 36.9% | 27.1% |
| Net Income | $230M | $-500.0K | $1.91B | $2.24B | $1.29B |
| Diluted EPS | $0.22 | $-0.01 | $3.48 | $4.02 | $2.27 |
Balance Sheet
| 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.9 | 0.8 | 0.9 | 1.0 | 1.3 |
| Current Ratio | 2.1 | 2.6 | 1.2 | 1.0 | 1.8 |
| Quick Ratio | 1.0 | 1.3 | 0.6 | 0.5 | 1.0 |
Cash Flow
| 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $871M | $772M | $2.61B | $3.13B | $2.47B |
Latest News Recent headlines mentioning this company
- Notable Friday Option Activity: MSFT, MCHP, AVGO
- Microchip Technology Sees Demand Rebound, Margin Gains as Bookings Hit 4-Year High
- TE Connectivity Takes Over #35 Spot From Microchip Technology
- Is Microchip Technology Incorporated (MCHP) One of the Top Must-Buy Semiconductor Stocks to Invest in Now?
- KeyBanc Raises its Price Target on Microchip Technology (MCHP) to $135
- Microchip Technology (MCHP) Earnings in Focus, Hits 2-Year High
- Microchip Technology Incorporated (MCHP) Expands DSC Family for AI and Data Centers
- Microchip Technology(MCHP) Will Address Emerging Cybersecurity Requirements With Its New Trust Platform
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Institutional owners (13F) 1,412 filers · $28.8B 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 |
|---|---|---|---|---|
| 226 (+50 vs prior Q) | 81 (-13 vs prior Q) | 434 (+21 vs prior Q) | 446 (+35 vs prior Q) | +72.2M |
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 CAPITAL MANAGEMENT LLC | $3,225,087,999 | 35,362,807 | 11.18% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,016,778,534 | 33,078,712 | 10.46% | Shares |
| STATE STREET CORP | $2,631,272,578 | 28,851,673 | 9.12% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,255,331,040 | 13,822,162 | 4.35% | Shares |
| Aristotle Capital Management, LLC | $984,982,794 | 10,800,194 | 3.42% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $870,161,725 | 9,541,201 | 3.02% | Shares |
| NORGES BANK | $828,046,934 | 9,079,462 | 2.87% | Shares |
| BANK OF AMERICA CORP /DE/ | $745,211,707 | 8,171,181 | 2.58% | Shares |
| VAN ECK ASSOCIATES CORP | $700,200,494 | 7,677,637 | 2.43% | Shares |
| BARCLAYS PLC | $531,425,228 | 5,827,031 | 1.84% | Shares |
| Dodge & Cox | $504,642,341 | 5,533,359 | 1.75% | Shares |
| Rafferty Asset Management, LLC | $474,939,504 | 5,207,670 | 1.65% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $353,165,434 | 3,872,428 | 1.22% | Shares |
| Pictet Asset Management Holding SA | $340,648,986 | 3,735,863 | 1.18% | Shares |
| GOLDMAN SACHS GROUP INC | $329,342,814 | 3,611,215 | 1.14% | Shares |
| JANE STREET GROUP, LLC | $314,685,600 | 3,450,500 | 1.09% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $283,450,421 | 3,108,009 | 0.98% | Shares |
| Clearbridge Investments, LLC | $245,193,481 | 2,688,525 | 0.85% | Shares |
| Woodline Partners LP | $241,665,043 | 2,649,836 | 0.84% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $236,632,627 | 2,594,656 | 0.82% | Shares |
| FIRST TRUST ADVISORS LP | $225,467,053 | 2,472,226 | 0.78% | Shares |
| CITADEL ADVISORS LLC | $205,537,440 | 2,253,700 | 0.71% | Call option |
| AQR CAPITAL MANAGEMENT LLC | $193,357,930 | 2,173,782 | 0.67% | Shares |
| JANE STREET GROUP, LLC | $180,548,640 | 1,979,700 | 0.63% | Put option |
| TWO SIGMA INVESTMENTS, LP | $175,037,515 | 1,919,271 | 0.61% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $164,494,792 | 1,803,670 | 0.57% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $161,147,573 | 1,766,969 | 0.56% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $149,486,918 | 1,639,111 | 0.52% | Shares |
| BlackRock, Inc. | $144,086,333 | 1,579,894 | 0.50% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $142,417,190 | 1,561,592 | 0.49% | Shares |
| Qube Research & Technologies Ltd | $142,029,317 | 1,557,339 | 0.49% | Shares |
| Swiss National Bank | $139,199,837 | 1,526,314 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $135,651,336 | 1,487,405 | 0.47% | Shares |
| AMERIPRISE FINANCIAL INC | $134,809,203 | 1,478,167 | 0.47% | Shares |
| Fenimore Asset Management Inc | $126,001,746 | 1,381,598 | 0.44% | Shares |
| Hudson Bay Capital Management LP | $122,572,800 | 1,344,000 | 0.43% | Put option |
| Hudson Bay Capital Management LP | $122,572,800 | 1,344,000 | 0.43% | Shares |
| California Public Employees Retirement System | $117,237,782 | 1,285,502 | 0.41% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $116,116,934 | 1,273,212 | 0.40% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $108,993,029 | 1,195,099 | 0.38% | Shares |
| CITADEL ADVISORS LLC | $107,933,923 | 1,183,486 | 0.37% | Shares |
| Vanguard Global Advisers, LLC | $106,455,389 | 1,167,274 | 0.37% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $102,641,640 | 1,125,461 | 0.36% | Shares |
| MACKENZIE FINANCIAL CORP | $99,971,069 | 1,096,174 | 0.35% | Shares |
| CINCINNATI FINANCIAL CORP | $98,611,550 | 1,081,267 | 0.34% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $96,510,302 | 1,058,227 | 0.33% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $95,391,187 | 1,045,956 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $93,912,195 | 1,029,740 | 0.33% | Shares |
| Legal & General Group Plc | $93,594,089 | 1,026,251 | 0.32% | Shares |
| ING GROEP NV | $89,186,851 | 977,926 | 0.31% | Shares |
| CITADEL ADVISORS LLC | $86,649,120 | 950,100 | 0.30% | Put option |
| BANK OF MONTREAL /CAN/ | $84,845,458 | 930,323 | 0.29% | Shares |
| NEUBERGER BERMAN GROUP LLC | $84,776,693 | 929,569 | 0.29% | Shares |
| Holocene Advisors, LP | $84,249,830 | 923,792 | 0.29% | Shares |
| TORONTO DOMINION BANK | $82,080,000 | 900,000 | 0.28% | Call option |
| TD Asset Management Inc | $81,346,022 | 891,952 | 0.28% | Shares |
| National Pension Service | $81,335,534 | 891,837 | 0.28% | Shares |
| Walleye Trading LLC | $80,411,040 | 881,700 | 0.28% | Call option |
| Madison Investment Advisors, LLC | $78,661,459 | 1,371,603 | 0.27% | Shares |
| PRUDENTIAL FINANCIAL INC | $76,069,008 | 834,090 | 0.26% | Shares |
| ProShare Advisors LLC | $71,266,505 | 781,431 | 0.25% | Shares |
| Defiance ETFs, LLC | $67,292,384 | 758,737 | 0.23% | Shares |
| Epoch Investment Partners, Inc. | $66,330,946 | 727,313 | 0.23% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $66,073,032 | 724,485 | 0.23% | Shares |
| CINCINNATI INSURANCE CO | $65,397,970 | 717,083 | 0.23% | Shares |
| Stephens Investment Management Group LLC | $64,380,816 | 705,930 | 0.22% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $63,442,000 | 695,637 | 0.22% | Shares |
| RNC CAPITAL MANAGEMENT LLC | $58,211,703 | 638,286 | 0.20% | Shares |
| FRANKLIN RESOURCES INC | $58,146,566 | 637,572 | 0.20% | Shares |
| Clark Capital Management Group, Inc. | $56,150,672 | 615,687 | 0.19% | Shares |
| RAYMOND JAMES FINANCIAL INC | $54,634,152 | 599,059 | 0.19% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $53,702,846 | 588,847 | 0.19% | Shares |
| Corient Private Wealth LP | $53,335,061 | 584,821 | 0.18% | Shares |
| BLAIR WILLIAM & CO/IL | $52,890,489 | 579,940 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $51,320,498 | 794,312 | 0.18% | Shares |
| Polar Capital Holdings Plc | $50,118,960 | 549,550 | 0.17% | Shares |
| FMR LLC | $49,772,650 | 545,752 | 0.17% | Shares |
| Portman Square Capital LLP | $48,071,520 | 527,100 | 0.17% | Put option |
| UBS Group AG | $47,344,838 | 519,132 | 0.16% | Shares |
| FIFTH THIRD BANCORP | $46,719,887 | 512,279 | 0.16% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $46,699,690 | 512,058 | 0.16% | Shares |
| MILLENNIUM MANAGEMENT LLC | $46,409,400 | 508,875 | 0.16% | Shares |
| Castle Hook Partners LP | $46,012,771 | 504,526 | 0.16% | Shares |
| Boston Partners | $45,650,086 | 500,531 | 0.16% | Shares |
| Senvest Management, LLC | $45,253,440 | 496,200 | 0.16% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $43,985,760 | 482,300 | 0.15% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $43,698,480 | 479,150 | 0.15% | Shares |
| DISCIPLINED GROWTH INVESTORS INC /MN | $43,636,418 | 478,469 | 0.15% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $43,593,529 | 495,775 | 0.15% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $42,576,629 | 466,849 | 0.15% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $41,197,594 | 451,728 | 0.14% | Shares |
| Retirement Systems of Alabama | $40,889,976 | 448,355 | 0.14% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $40,695,307 | 446,242 | 0.14% | Shares |
| BANK OF NOVA SCOTIA | $39,952,714 | 438,078 | 0.14% | Shares |
| Assenagon Asset Management S.A. | $39,542,496 | 433,580 | 0.14% | Shares |
| AVIVA PLC | $39,387,456 | 431,880 | 0.14% | Shares |
| Parallax Volatility Advisers, L.P. | $38,769,120 | 425,100 | 0.13% | Call option |
| MILLENNIUM MANAGEMENT LLC | $38,668,800 | 424,000 | 0.13% | Put option |
| Junto Capital Management LP | $38,536,742 | 422,552 | 0.13% | Shares |
| NEOS Investment Management LLC | $37,167,648 | 407,540 | 0.13% | Shares |
Company insiders 22 insiders · 10 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Steve Sanghi | President, CEO and Chair of Bd | May 15, 2026 M | 9,410,407 | 0 | 6 | $-64,378,744 |
| Ganesh Moorthy | PRESIDENT AND CEO | Nov. 15, 2024 M | 823,578 | 0 | 0 | $0 |
| James Eric Bjornholt | SENIOR VP AND CFO | Aug. 25, 2025 S | 30,010 | 0 | 2 | $-505,495 |
| Gordon W Parnell | VP and CFO | May 1, 2009 M | 8,878 | 0 | 0 | $0 |
| Richard J Simoncic | CHIEF OPERATING OFFICER | June 4, 2026 S | 130,508 | 0 | 4 | $-1,938,090 |
| Joseph R Krawczyk II | SR. VP, WW CLIENT ENGAGEMENT | Aug. 15, 2025 M | 16,205 | 0 | 0 | $0 |
| Mathew B Bunker | SENIOR VP, OPERATIONS | Aug. 15, 2025 M | 29,613 | 0 | 0 | $0 |
| Stephen V Drehobl | Senior VP, MCU8/MCU16 BU | May 15, 2024 M | 79,509 | 0 | 0 | $0 |
| Mitchell R Little | Senior VP, WW Client Engagemnt | Sept. 2, 2022 S | 6,264 | 0 | 0 | $0 |
| David S Lambert | VP, Fab Operations | May 15, 2014 M | 221,305 | 0 | 0 | $0 |
| Matthew W Chapman | Director | May 28, 2026 S | 17,665 | 0 | 3 | $-1,929,960 |
| Richard B. Cassidy II | Director | Aug. 19, 2025 A | 1,258 | 0 | 0 | $0 |
| Karen Marie Rapp | Director | Aug. 19, 2025 A | 11,137 | 0 | 0 | $0 |
| Ellen Barker | Director | Aug. 19, 2025 A | 3,797 | 0 | 0 | $0 |
| Victor Peng | Director | Aug. 19, 2025 A | 2,326 | 0 | 0 | $0 |
| Karlton D Johnson | Director | May 20, 2025 S | 3,468 | 0 | 0 | $0 |
| Robert A. Rango | Director | Aug. 20, 2024 A | 4,239 | 0 | 0 | $0 |
| Wade F Meyercord | Director | Aug. 19, 2024 M | 27,769 | 0 | 0 | $0 |
| Esther Johnson | Director | Aug. 21, 2023 M | 25,502 | 0 | 0 | $0 |
| L B Day | Director | Aug. 18, 2021 M | 9,851 | 0 | 0 | $0 |
| Martinez Albert J Hugo | Director | Aug. 11, 2014 M | 13,738 | 0 | 0 | $0 |
| MICROCHIP TECHNOLOGY INC | 10% owner | April 8, 2010 J | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Microchip Technology Incorporated ×7 filings | March 9, 2010 | — | Initial filing | M&A / sale | 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 190 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 |
|---|---|---|---|---|
| SOXY · Tidal Trust II | 5.37% | 12,805 NS | April 30, 2026 | N-PORT |
| QQQA · ProShares Trust | 4.72% | 22,641 NS | May 31, 2026 | N-PORT |
| NRSH · Tidal Trust I | 4.08% | 12,084 NS | April 30, 2026 | N-PORT |
| AIBU · Direxion Shares ETF Trust | 3.54% | 10,324 NS | April 30, 2026 | N-PORT |
| GEND · Spinnaker ETF Series | 3.29% | 1,585 NS | April 30, 2026 | N-PORT |
| CHPY · Tidal Trust II | 3.29% | 220,196 NS | April 30, 2026 | N-PORT |
| PJFM · PGIM ETF Trust | 3.02% | 5,308 NS | May 29, 2026 | N-PORT |
| SDOG · ALPS ETF Trust | 2.88% | 421,424 NS | May 31, 2026 | N-PORT |
| TDV · ProShares Trust | 2.82% | 86,253 NS | May 31, 2026 | N-PORT |
| SOXX · iShares Trust | 2.13% | 12,438,339 SH | Aug. 8, 2026 | Daily |
| DTCR · Global X Funds | 1.93% | 437,132 NS | May 31, 2026 | N-PORT |
| SOXQ · Invesco Exchange-Traded Fund Trust … | 1.83% | 622,884 SH | Aug. 8, 2026 | Daily |
| SOXL · Direxion Shares ETF Trust | 1.76% | 3,207,530 NS | April 30, 2026 | N-PORT |
| MMID · MFS Active Exchange Traded Funds Tr… | 1.59% | 5,719 NS | May 31, 2026 | N-PORT |
| TDVI · First Trust Exchange-Traded Fund IV | 1.55% | 69,536 NS | April 30, 2026 | N-PORT |
| ROBO · EXCHANGE TRADED CONCEPTS TRUST | 1.45% | 275,816 NS | April 30, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 1.33% | 173,864 NS | April 30, 2026 | N-PORT |
| QFLR · Innovator ETFs Trust | 1.25% | 68,220 NS | April 30, 2026 | N-PORT |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.24% | 861,097 SH | Aug. 8, 2026 | Daily |
| IWP · iShares Trust | 1.13% | 3,069,848 SH | Aug. 8, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 1.08% | 4,152,990 SH | Aug. 8, 2026 | Daily |
| SNPD · DBX ETF Trust | 1.08% | 297 NS | May 29, 2026 | N-PORT |
| NUGO · Nushares ETF Trust | 1.04% | 319,073 NS | April 30, 2026 | N-PORT |
| DIVB · iShares Trust | 1.04% | 247,793 SH | Aug. 8, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.95% | 8,058 NS | April 30, 2026 | N-PORT |
| CHPS · DBX ETF Trust | 0.93% | 8,807 NS | May 29, 2026 | N-PORT |
| PFF · iShares Trust | 0.91% | 1,849,510 SH | Aug. 8, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.78% | 13,021 NS | April 30, 2026 | N-PORT |
| QNXT · iShares Trust | 0.75% | 2,836 SH | Aug. 8, 2026 | Daily |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.73% | 81,827 SH | Aug. 8, 2026 | Daily |
| IGPT · Invesco Exchange-Traded Fund Trust | 0.55% | 75,600 SH | Aug. 8, 2026 | Daily |
| IMCG · iShares Trust | 0.54% | 294,230 SH | Aug. 8, 2026 | Daily |
| PDP · Invesco Exchange-Traded Fund Trust | 0.51% | 90,472 SH | Aug. 8, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.48% | 11,746,370 SH | Aug. 8, 2026 | Daily |
| PEXL · Pacer Funds Trust | 0.48% | 2,341 NS | April 30, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 0.44% | 634 NS | April 30, 2026 | N-PORT |
| TECB · iShares Trust | 0.42% | 27,080 SH | Aug. 8, 2026 | Daily |
| KNCT · Invesco Exchange-Traded Fund Trust | 0.36% | 6,807 SH | Aug. 8, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.32% | 25,077 NS | April 30, 2026 | N-PORT |
| OALC · Unified Series Trust | 0.31% | 8,046 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.30% | 584,202 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.28% | 2,162,459 SH | Aug. 8, 2026 | Daily |
| IMCB · iShares Trust | 0.27% | 62,263 SH | Aug. 8, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.27% | 7,194,000 | Aug. 8, 2026 | Daily |
| TECL · Direxion Shares ETF Trust | 0.26% | 132,448 NS | April 30, 2026 | N-PORT |
| QCLR · Global X Funds | 0.26% | 111 NS | April 30, 2026 | N-PORT |
| QYLG · Global X Funds | 0.25% | 3,880 NS | April 30, 2026 | N-PORT |
| QRMI · Global X Funds | 0.25% | 439 NS | April 30, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.25% | 58,393 NS | April 30, 2026 | N-PORT |
| QYLD · Global X Funds | 0.25% | 223,092 NS | April 30, 2026 | N-PORT |