MCY Mercury General Corporation Common Stock
$106.85
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$74–$113
84% of range
Analyst Rating
STRONG BUY
6 analysts
Price Target
$120
+12% upside
P/E (TTM)
10.9
ROE
24.8%
Net Profit Margin
9.0%
About Mercury General Corporation Common Stock Company overview from Wikipedia
Mercury General Corporation is a multiple-line insurance organization that offers personal automobiles, homeowners, renters, and business insurance. Mercury's primary focus is automobiles and homeowners' insurance.
Read more
Mercury General Corporation is a multiple-line insurance organization that offers personal automobiles, homeowners, renters, and business insurance. Mercury's primary focus is automobiles and homeowners' insurance.
Founded in 1961 and located in Los Angeles, Mercury has assets of over $4 billion, employs 4,500 people and more than 8,000 independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia.
History
Mercury was founded by George Joseph, who flew 50 World War II missions as a navigator before graduating from Harvard on the G.I. Bill in 1949. Joseph then spent more than a decade in the insurance industry before founding Mercury Insurance in 1961 as a low-cost alternative to larger insurance companies.
Mercury's California expansion began in 1964 with the opening of its first Orange County office. Two years later, the company spread into the San Fernando Valley and also began operations in San Diego. Mercury offices opened in Northern California by 1968. Mercury wrote $1 million in premiums every month by 1970 and sold its first homeowners policy in 1972. The newly created Mercury Insurance Company wrote its first auto policy in 1977.
In 1989, Mercury began expansion outside of California, opening offices in Georgia and Illinois. The company insured more than 1 million vehicles in California by 1998. This led to further expansion to Florida in 1998, New York in 2001, and Virginia in 2001.
Awards
Forbes listed Mercury Insurance on its "100 Most Trustworthy Companies" in 2012 "America’s 50 Most Trusted Financial Companies" in 2014, 2015 and 2016. It has been rated "Excellent" by insurance industry rating agencies AM Best and Fitch. Mercury Insurance was named one of "America’s Best Midsize Employers" by Forbes in 2017.
Products
Mercury provides personal auto insurance from collision, uninsured or underinsured motorist, and roadside assistance. The homeowners insurance includes the structure and belongings coverage. It may provide additional living expenses if policyholders are forced to vacate their homes due to a covered loss or peril. Its umbrella insurance is additional liability protection for personal auto and/or homeowners in the event losses exceed the underlying policy's liability limits.
The dwelling fire insurance is a policy for landlords to protect rental properties. Its extended warranty coverage, also known as mechanical protection, is Mercury's mechanical protection, which pays for covered vehicle repairs after the vehicle manufacturer's warranty expires.
Driver safety program
Mercury Insurance created the Drive Safe Challenge in 2016, promoting teen driver safety. It began as a collaboration between Mercury Insurance, the Anaheim Ducks and the California Highway Patrol in Anaheim, and has since expanded to Florida through a partnership with the Tampa Bay Lightning and Tampa Police Department. Mercury has also developed a free online extension that includes interactive tools and quizzes.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MCY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$106.85
Market Cap
$5.92B
P/E (TTM)
10.9
EPS (TTM)
$9.77
Revenue (TTM)
$5.99B
Div Yield
1.2%
ROE
24.8%
Debt/Equity
—
52W Range
$74 – $113
MCY 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
$5.99B
2016-12-31
→
2025-12-31
EPS
$9.77
2016-12-31
→
2025-12-31
Free Cash Flow
$1.03B
2016-12-31
→
2025-12-31
Margins
9.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MCY
Peer Median
P/E (TTM)
10.9
10.9
P/S (TTM)
1.0
1.3
P/B
2.4
2.0
Price / FCF
5.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MCY
Peer Median
Net Profit Margin
9.0%
11.8%
ROA
6.1%
6.3%
ROE
24.8%
20.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MCY
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MCY
Peer Median
Revenue YoY
9.4%
—
Revenue CAGR 3Y
18.0%
—
Revenue CAGR 5Y
9.6%
—
EPS YoY
15.6%
—
Net Income YoY
15.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MCY
Peer Median
Payout Ratio
13.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.2%
Payout Ratio
13.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 11, 2026 | $0.3180 |
| March 12, 2026 | $0.3180 |
| Dec. 10, 2025 | $0.3180 |
| Sept. 11, 2025 | $0.3180 |
| June 12, 2025 | $0.3180 |
| March 13, 2025 | $0.3180 |
| Dec. 12, 2024 | $0.3180 |
| Sept. 12, 2024 | $0.3180 |
| June 13, 2024 | $0.3180 |
| March 12, 2024 | $0.3180 |
| Dec. 13, 2023 | $0.3180 |
| Sept. 13, 2023 | $0.3180 |
| June 14, 2023 | $0.3180 |
| March 14, 2023 | $0.3180 |
| Dec. 14, 2022 | $0.3180 |
| Sept. 14, 2022 | $0.3180 |
| June 15, 2022 | $0.6350 |
| March 15, 2022 | $0.6350 |
| Dec. 15, 2021 | $0.6350 |
| Sept. 15, 2021 | $0.6330 |
MCY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
6 analysts
- Strong Buy 2 33.3%
- Buy 2 33.3%
- Hold 2 33.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-17
Low
$120.00
High
$120.00
Median target
$120.00
+12.3%
Mean target
$120.00
+12.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
1.2%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.52 | $2.55 | 0.97% |
| March 31, 2026 | $3.50 | $2.17 | 1.3% |
| Dec. 31, 2025 | $3.66 | $2.59 | 1.1% |
| Sept. 30, 2025 | $3.86 | $2.17 | 1.7% |
| June 30, 2025 | $2.67 | $1.67 | 1.0% |
| March 31, 2025 | $-2.29 | $-3.28 | 0.99% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MCY | $5.21B | 9.6 | 9.4% | 9.0% | 24.8% | — |
| ORI | — | 12.3 | 11.0% | 10.2% | 16.2% | — |
| KNSL | $9.05B | 18.1 | 18.0% | 26.9% | 27.4% | — |
| THG | — | 10.1 | 5.7% | 10.1% | 20.7% | — |
| FAF | $6.27B | 10.2 | 21.6% | 8.3% | 11.9% | — |
| RLI | $5.88B | 14.6 | 6.3% | 21.4% | 23.0% | — |
| SIGI | $5.03B | 11.2 | 9.8% | 8.7% | 13.9% | — |
| WTM | $5.15B | 4.8 | 66.8% | 29.6% | 22.3% | — |
| NP | — | -112.2 | 33.7% | 23.4% | -9.9% | — |
| LMND | $5.40B | -31.8 | 40.2% | -22.4% | -31.2% | — |
| PLMR | $3.57B | 18.8 | 58.2% | 22.5% | 22.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.99B | $5.48B | $4.63B | $3.64B | $3.99B | $3.78B | $3.97B | $3.38B | $3.42B | $3.23B | $3.01B | $3.01B | |
| Cost of Revenue | $15M | $13M | $11M | $11M | $13M | $12M | $10M | $10M | $10M | · | · | · | |
| Interest Expense | · | · | $24M | $17M | $17M | $17M | $17M | $17M | $15M | $4M | $3M | $3M | |
| Interest Income | $329M | $280M | $235M | $168M | $130M | $135M | $141M | $136M | $125M | $122M | $126M | $126M | |
| Pretax Income | $664M | $575M | $99M | $-671M | $299M | $459M | $378M | $-31M | $167M | $71M | $71M | $247M | |
| Income Tax | $123M | $107M | $3M | $-158M | $51M | $84M | $58M | $-25M | $22M | $-2M | $-4M | $69M | |
| Net Income | $541M | $468M | $96M | $-513M | $248M | $375M | $320M | $-6M | $145M | $73M | $74M | $178M | |
| EPS (Basic) | $9.77 | $8.45 | $1.74 | $-9.26 | $4.48 | $6.77 | $5.78 | $-0.10 | $2.62 | $1.32 | $1.35 | $3.23 | |
| EPS (Diluted) | $9.77 | $8.45 | $1.74 | $-9.26 | $4.48 | $6.77 | $5.78 | $-0.10 | $2.62 | $1.32 | $1.35 | $3.23 | |
| Shares (Basic) | 55,389,000 | 55,373,000 | 55,371,000 | 55,371,000 | 55,368,000 | 55,358,000 | 55,351,000 | 55,335,000 | 55,316,000 | 55,249,000 | 55,157,000 | 55,008,000 | |
| Shares (Diluted) | 55,389,000 | 55,377,000 | 55,371,000 | 55,371,000 | 55,374,000 | 55,358,000 | 55,360,000 | 55,335,000 | 55,327,000 | 55,302,000 | 55,209,000 | 55,020,000 | |
| EBITDA | $75M | $73M | $72M | $82M | $79M | $68M | $65M | $59M | $55M | $26M | $26M | $28M |
Balance Sheet 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.32B | $720M | $551M | $290M | $336M | $348M | $294M | $314M | $291M | $220M | $264M | $290M | |
| Short-term Investments | · | · | · | · | · | $376M | $494M | $253M | $303M | $376M | $185M | $373M | |
| PP&E (Net) | $147M | $138M | $151M | $171M | $191M | $179M | $169M | $153M | $145M | $156M | $157M | $159M | |
| PP&E (Gross) | $493M | $460M | $454M | $489M | $500M | $465M | $481M | $512M | $486M | $475M | $456M | $436M | |
| Accum. Depreciation | $346M | $321M | $303M | $318M | $309M | $286M | $312M | $359M | $341M | $319M | $299M | $277M | |
| Goodwill | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | |
| Intangibles | $7M | $8M | $8M | $9M | $10M | $11M | $11M | $16M | $21M | $26M | $32M | $36M | |
| Total Assets | $9.56B | $8.31B | $7.10B | $6.51B | $6.77B | $6.33B | $5.89B | $5.43B | $5.10B | $4.79B | $4.63B | $4.60B | |
| Deferred Tax | · | · | · | $0 | $54M | $41M | $28M | $0 | $23M | $0 | · | · | |
| Total Liabilities | $7.14B | $6.36B | $5.56B | $4.99B | $4.63B | $4.30B | $4.09B | $3.82B | $3.34B | $3.04B | $2.81B | $2.72B | |
| Long-term Debt | $575M | $575M | $575M | $400M | $375M | $375M | $375M | $375M | $375M | · | · | · | |
| Common Stock | $100M | $100M | $99M | $99M | $99M | $99M | $99M | $98M | $98M | $96M | $91M | $89M | |
| Paid-in Capital | · | · | · | · | · | · | · | · | · | · | $9M | $4M | |
| Retained Earnings | $2.32B | $1.85B | $1.45B | $1.42B | $2.04B | $1.93B | $1.70B | $1.52B | $1.66B | $1.66B | $1.72B | $1.78B | |
| Stockholders' Equity | $2.42B | $1.95B | $1.55B | $1.52B | $2.14B | $2.03B | $1.80B | $1.62B | $1.76B | $1.75B | $1.82B | $1.88B | |
| Liabilities + Equity | $9.56B | $8.31B | $7.10B | $6.51B | $6.77B | $6.33B | $5.89B | $5.43B | $5.10B | $4.79B | $4.63B | $4.60B | |
| Shares Outstanding | 55,389,000 | 55,389,000 | 55,371,000 | 55,371,000 | 55,371,000 | 55,358,000 | 55,358,000 | 55,340,000 | 55,332,000 | 55,289,000 | 55,164,000 | 55,121,000 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $75M | $73M | $72M | $82M | $79M | $68M | $65M | $59M | $55M | $53M | $48M | $28M | |
| Stock-based Comp | · | · | · | · | $141.0K | $142.0K | $123.0K | $145.0K | $60.0K | $142.0K | $142.0K | $4M | |
| Deferred Tax | $15M | $-13M | $10M | $-96M | $12M | $13M | $41M | $-41M | $10M | $-22M | $-27M | $21M | |
| Amort. of Intangibles | $900.0K | $900.0K | $900.0K | $1M | $1M | $1M | $5M | $6M | $5M | $6M | $6M | $6M | |
| Other Non-cash | $456M | $509M | $275M | $879M | $162M | $149M | $93M | $371M | $131M | $210M | $111M | $16M | |
| Operating Cash Flow | $1.09B | $1.04B | $453M | $353M | $502M | $606M | $520M | $383M | $341M | $292M | $190M | $247M | |
| CapEx | $58M | $46M | $37M | $36M | $41M | $40M | $40M | $28M | $19M | $17M | $20M | $26M | |
| Investing Cash Flow | $-420M | $-797M | $-295M | $-316M | $-374M | $-411M | $-401M | $-222M | $-186M | $-227M | $-82M | $-194M | |
| Dividends Paid | $70M | $70M | $70M | $105M | $140M | $140M | $139M | $138M | $138M | $137M | $136M | $135M | |
| Financing Cash Flow | $-72M | $-71M | $104M | $-82M | $-141M | $-140M | $-138M | $-138M | $-85M | $-109M | $-134M | $-29M | |
| Net Change in Cash | · | · | · | · | · | · | $-20M | $23M | $71M | $-44M | $-26M | $23M | |
| Taxes Paid | $97M | $95M | $-58M | $-27M | $69M | $53M | $-15M | $-11M | $25M | $-183.0K | · | · | |
| Free Cash Flow | $1.03B | $991M | $416M | $317M | $460M | $566M | $480M | $355M | $322M | $270M | $170M | $220M | |
| Levered FCF | · | · | $393M | $304M | $446M | $552M | $465M | $352M | $309M | $266M | $167M | $219M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 9.0% | 8.6% | 2.1% | -14.1% | 6.2% | 9.9% | 8.1% | -0.17% | 4.2% | 2.3% | 2.5% | 5.9% | |
| Pretax Margin | 11.1% | 10.5% | 2.1% | -18.4% | 7.5% | 12.1% | 9.5% | -0.91% | 4.9% | 2.2% | 2.3% | 8.2% | |
| EBITDA Margin | 1.2% | 1.3% | 1.6% | 2.3% | 2.0% | 1.8% | 1.6% | 1.7% | 1.6% | 0.82% | 0.88% | 0.93% | |
| ROA | 6.1% | 6.1% | 1.4% | -7.7% | 3.8% | 6.1% | 5.7% | -0.11% | 2.9% | 1.6% | 1.6% | 4.0% | |
| ROE | 24.8% | 24.6% | 6.6% | -33.4% | 11.6% | 19.1% | 17.8% | -0.34% | 8.2% | 4.1% | 4.0% | 9.6% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.7 | 0.7 | 0.5 | 0.6 | 0.6 | 0.7 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 9.4% | 18.3% | 27.1% | -8.8% | 5.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 18.0% | 11.1% | 7.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 15.6% | 385.6% | · | · | -33.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 23.5% | -36.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 7.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 15.6% | 385.8% | · | · | -33.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 23.6% | -36.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 7.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -12.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.99B | $5.48B | $4.63B | $3.64B | $3.99B | $3.78B | $3.97B | $3.38B | $3.42B | $3.23B | $3.01B | $3.01B | |
| Net Income TTM | $541M | $468M | $96M | $-513M | $248M | $375M | $320M | $-6M | $145M | $73M | $74M | $178M | |
| Market Cap | $5.21B | $3.68B | $2.07B | $1.89B | $2.94B | $2.89B | $2.70B | $2.86B | $2.96B | $3.33B | $2.57B | $3.12B | |
| P/E | 9.6 | 7.9 | 21.4 | -3.7 | 11.8 | 7.7 | 8.4 | -517.1 | 20.4 | 45.6 | 34.5 | 17.5 | |
| P/S | 0.9 | 0.7 | 0.4 | 0.5 | 0.7 | 0.8 | 0.7 | 0.8 | 0.9 | 1.0 | 0.9 | 1.0 | |
| P/B | 2.2 | 1.9 | 1.3 | 1.2 | 1.4 | 1.4 | 1.5 | 1.8 | 1.7 | 1.9 | 1.4 | 1.7 | |
| P / Tangible Book | 2.2 | 1.9 | 1.4 | 1.3 | 1.4 | 1.5 | · | · | · | · | · | · | |
| P / Cash Flow | 4.8 | 3.6 | 4.6 | 5.4 | 5.9 | 4.8 | 5.2 | 7.5 | 8.7 | 11.6 | 13.5 | 12.7 | |
| P / FCF | 5.1 | 3.7 | 5.0 | 6.0 | 6.4 | 5.1 | 5.6 | 8.1 | 9.2 | 12.3 | 15.1 | 14.2 | |
| Dividend Yield | 1.4% | 1.9% | 3.4% | 5.6% | 4.8% | 4.8% | 5.2% | 4.8% | 4.7% | 4.1% | 5.3% | 4.3% | |
| Earnings Yield | 10.4% | 12.7% | 4.7% | -27.1% | 8.4% | 13.0% | 11.9% | -0.19% | 4.9% | 2.2% | 2.9% | 5.7% | |
| Payout Ratio | 13.0% | 15.0% | 73.0% | -20.6% | 56.6% | 37.3% | 43.5% | -2417.6% | 95.2% | 187.8% | 183.1% | 76.1% | |
| Annual Payout | $70M | $70M | $70M | $105M | $140M | $140M | $139M | $138M | $138M | $137M | $136M | $135M |
Income Statement 12
| 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 | $1.68B | $1.54B | $1.54B | $1.58B | $1.48B | $1.39B | $1.37B | $1.53B | $1.30B | $1.27B | $1.37B | $1.07B | $1.08B | $1.11B | $1.15B | $900M | |
| Cost of Revenue | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $8M | · | $6M | $6M | $5M | · | $4M | |
| Interest Income | $90M | $86M | $84M | $84M | $79M | $81M | $73M | $73M | $69M | $65M | $63M | $61M | $58M | $52M | $50M | $45M | |
| Pretax Income | $327M | $236M | $249M | $350M | $207M | $-142M | $123M | $287M | $75M | $89M | $238M | $-15M | $-61M | $-62M | $-17M | $-129M | |
| Income Tax | $64M | $45M | $46M | $70M | $40M | $-34M | $22M | $56M | $13M | $16M | $47M | $-7M | $-20M | $-17M | $-11M | $-31M | |
| Net Income | $264M | $190M | $203M | $280M | $166M | $-108M | $101M | $231M | $63M | $73M | $191M | $-8M | $-42M | $-45M | $-7M | $-98M | |
| EPS (Basic) | $4.76 | $3.44 | $3.66 | $5.06 | $3.01 | $-1.96 | $1.82 | $4.17 | $1.13 | $1.33 | $3.46 | $-0.15 | $-0.75 | $-0.82 | $-0.12 | $-1.78 | |
| EPS (Diluted) | $4.76 | $3.44 | $3.66 | $5.06 | $3.01 | $-1.96 | $1.82 | $4.17 | $1.13 | $1.33 | $3.46 | $-0.15 | $-0.75 | $-0.82 | $-0.12 | $-1.78 | |
| Shares (Basic) | 55,389,000 | 55,389,000 | -110,778,000 | 55,389,000 | 55,389,000 | 55,389,000 | -110,740,000 | 55,371,000 | 55,371,000 | 55,371,000 | -110,742,000 | 55,371,000 | 55,371,000 | 55,371,000 | -110,742,000 | 55,371,000 | |
| Shares (Diluted) | 55,389,000 | 55,389,000 | -110,778,000 | 55,389,000 | 55,389,000 | 55,389,000 | -110,746,000 | 55,376,000 | 55,375,000 | 55,372,000 | -110,742,000 | 55,371,000 | 55,371,000 | 55,371,000 | -110,742,000 | 55,371,000 | |
| EBITDA | · | $20M | · | · | · | $17M | · | · | · | $17M | · | · | · | $17M | · | · |
Balance Sheet 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.70B | $1.35B | $1.32B | $1.25B | $1.12B | $1.28B | $720M | $616M | $609M | $530M | · | $454M | $358M | $270M | · | $336M | |
| PP&E (Net) | $151M | $151M | $147M | $147M | $146M | $142M | $138M | $136M | $134M | $152M | · | $149M | $160M | $159M | · | $190M | |
| PP&E (Gross) | · | · | $493M | · | · | · | $460M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $376M | $360M | $346M | $332M | $319M | $332M | $321M | $311M | $303M | $331M | · | $315M | $307M | $324M | · | $325M | |
| Goodwill | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | $43M | · | $43M | $43M | $43M | · | $43M | |
| Intangibles | $6M | $7M | $7M | $7M | $7M | $7M | $8M | $8M | $8M | $8M | · | $9M | $9M | $9M | · | $9M | |
| Total Assets | $10.54B | $9.87B | $9.56B | $9.37B | $9.08B | $9.03B | $8.31B | $8.15B | $7.73B | $7.40B | · | $6.92B | $6.69B | $6.59B | · | $6.45B | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Total Liabilities | $7.71B | $7.28B | $7.14B | $7.14B | $7.11B | $7.21B | $6.36B | $6.29B | $6.08B | $5.79B | · | $5.55B | $5.29B | $5.13B | · | $4.91B | |
| Long-term Debt | $944M | · | $575M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $100M | $100M | $100M | $100M | $100M | $100M | $100M | $99M | $99M | $99M | · | $99M | $99M | $99M | · | $99M | |
| Retained Earnings | $2.74B | $2.49B | $2.32B | $2.13B | $1.87B | $1.72B | $1.85B | $1.76B | $1.55B | $1.51B | · | $1.28B | $1.30B | $1.36B | · | $1.45B | |
| Stockholders' Equity | $2.84B | $2.59B | $2.42B | $2.23B | $1.97B | $1.82B | $1.95B | $1.86B | $1.65B | $1.60B | $1.55B | $1.37B | $1.40B | $1.46B | $1.52B | $1.55B | |
| Liabilities + Equity | $10.54B | $9.87B | $9.56B | $9.37B | $9.08B | $9.03B | $8.31B | $8.15B | $7.73B | $7.40B | · | $6.92B | $6.69B | $6.59B | · | $6.45B | |
| Shares Outstanding | 55,389,000 | 55,389,000 | 55,389,000 | 55,389,000 | 55,389,000 | 55,389,000 | 55,389,000 | 55,371,000 | 55,371,000 | 55,371,000 | · | 55,371,000 | 55,371,000 | 55,371,000 | · | 55,371,000 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $21M | $20M | $21M | $19M | $18M | $17M | $20M | $19M | $17M | $17M | $18M | $18M | $19M | $17M | $18M | $19M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Amort. of Intangibles | $200.0K | $200.0K | $300.0K | $200.0K | $200.0K | $200.0K | $300.0K | $200.0K | $200.0K | $200.0K | $300.0K | $200.0K | $200.0K | $200.0K | $100.0K | $300.0K | |
| Other Non-cash | · | $115M | · | · | · | $22M | · | · | · | $102M | · | · | · | $46M | · | · | |
| Operating Cash Flow | $218M | $326M | $288M | $496M | $372M | $-69M | $248M | $318M | $278M | $193M | $225M | $122M | $87M | $18M | $68M | $90M | |
| CapEx | $16M | $17M | $14M | $17M | $14M | $13M | $12M | $12M | $12M | $10M | $10M | $8M | $10M | $9M | $10M | $9M | |
| Investing Cash Flow | $-219M | $-272M | $-207M | $-349M | $-516M | $652M | $-127M | $-294M | $-181M | $-195M | $-111M | $-133M | $18M | $-70M | $-121M | $-26M | |
| Financing Cash Flow | $351M | $-18M | $-18M | $-18M | $-18M | $-18M | $-17M | $-18M | $-18M | $-19M | $-18M | $107M | $-18M | $32M | $7M | $-18M | |
| Taxes Paid | $130M | $5.0K | $100M | $62.0K | $341.0K | $-3M | $51M | $19M | $21M | $3M | · | $1.0K | $-65.0K | $0 | $-27M | $4.0K | |
| Free Cash Flow | · | $309M | · | · | · | $-82M | · | · | · | $182M | · | · | · | $9M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $176M | · | · | · | $6M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 15.7% | 12.4% | · | 17.7% | 11.3% | -7.8% | · | 15.1% | 4.8% | 5.8% | · | -0.77% | -3.8% | -4.1% | · | -10.9% | |
| Pretax Margin | 19.5% | 15.3% | · | 22.1% | 14.0% | -10.2% | · | 18.8% | 5.8% | 7.0% | · | -1.4% | -5.7% | -5.6% | · | -14.3% | |
| EBITDA Margin | · | 1.3% | · | · | · | 1.2% | · | · | · | 1.4% | · | · | · | 1.6% | · | · | |
| ROA | 2.7% | 2.0% | · | 3.2% | 2.0% | -1.3% | · | 3.1% | 0.87% | 1.1% | · | -0.12% | -0.63% | -0.68% | · | -1.5% | |
| ROE | 11.0% | 8.6% | · | 13.7% | 9.2% | -6.3% | · | 14.3% | 4.1% | 4.8% | · | -0.56% | -2.7% | -2.7% | · | -5.3% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 |
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 | $6.28B | $6.00B | · | $5.99B | $5.71B | $5.50B | · | $5.17B | $4.73B | $4.53B | · | $4.16B | $3.88B | $3.60B | · | $3.42B | |
| Net Income TTM | $901M | $529M | · | $569M | $352M | $259M | · | $359M | $86M | $-22M | · | $-193M | $-396M | $-551M | · | $-505M | |
| Market Cap | $5.91B | $4.88B | · | $4.70B | $3.73B | $3.10B | · | $3.49B | $2.94B | $2.86B | · | $1.55B | $1.68B | $1.76B | · | $1.57B | |
| P/E | 6.6 | 9.2 | · | 8.2 | 10.6 | 12.0 | · | 9.7 | 34.1 | -132.3 | · | -8.0 | -4.2 | -3.2 | · | -3.1 | |
| P/S | 0.9 | 0.8 | · | 0.8 | 0.7 | 0.6 | · | 0.7 | 0.6 | 0.6 | · | 0.4 | 0.4 | 0.5 | · | 0.5 | |
| P/B | 2.1 | 1.9 | · | 2.1 | 1.9 | 1.7 | · | 1.9 | 1.8 | 1.8 | · | 1.1 | 1.2 | 1.2 | · | 1.0 | |
| P / Tangible Book | 2.1 | 1.9 | · | 2.2 | 1.9 | 1.7 | · | 1.9 | 1.8 | 1.8 | · | 1.2 | 1.2 | 1.2 | · | 1.1 | |
| P / Cash Flow | · | 15.0 | · | · | · | -45.1 | · | · | · | 14.8 | · | · | · | 96.7 | · | · | |
| P / FCF | · | 15.8 | · | · | · | -37.8 | · | · | · | 15.7 | · | · | · | 185.2 | · | · | |
| Earnings Yield | 15.3% | 10.8% | · | 12.1% | 9.4% | 8.3% | · | 10.3% | 2.9% | -0.76% | · | -12.5% | -23.6% | -31.4% | · | -32.1% |
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 | $5.99B | $5.48B | $4.63B | $3.64B | $3.99B |
| Net Income | $541M | $468M | $96M | $-513M | $248M |
| Diluted EPS | $9.77 | $8.45 | $1.74 | $-9.26 | $4.48 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.03B | $991M | $416M | $317M | $460M |
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Institutional owners (13F) 368 filers · $1.9B 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 |
|---|---|---|---|---|
| 77 (+24 vs prior Q) | 28 (-18 vs prior Q) | 132 (+20 vs prior Q) | 80 (-6 vs prior Q) | -444K |
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 |
|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LP | $214,447,690 | 2,011,328 | 11.14% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $189,937,773 | 1,781,446 | 9.86% | Shares |
| Rubric Capital Management LP | $164,348,333 | 1,541,440 | 8.53% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $131,425,676 | 1,232,655 | 6.82% | Shares |
| STATE STREET CORP | $123,675,148 | 1,159,962 | 6.42% | Shares |
| AMERICAN CENTURY COMPANIES INC | $102,406,883 | 960,484 | 5.32% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $91,856,922 | 861,398 | 4.77% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $83,342,935 | 781,682 | 4.33% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $61,400,006 | 575,877 | 3.19% | Shares |
| DG Capital Management, LLC | $51,461,529 | 482,663 | 2.67% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $37,558,174 | 352,262 | 1.95% | Shares |
| DG Capital Management, LLC | $35,600,418 | 333,900 | 1.85% | Call option |
| WESTWOOD HOLDINGS GROUP INC | $24,999,297 | 234,471 | 1.30% | Shares |
| TWO SIGMA INVESTMENTS, LP | $22,446,282 | 210,526 | 1.17% | Shares |
| ALGERT GLOBAL LLC | $21,732,355 | 203,830 | 1.13% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $19,287,665 | 180,901 | 1.00% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $19,059,178 | 178,758 | 0.99% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $17,696,681 | 165,979 | 0.92% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $16,206,986 | 152,007 | 0.84% | Shares |
| GOLDMAN SACHS GROUP INC | $13,895,231 | 130,325 | 0.72% | Shares |
| TWO SIGMA ADVISERS, LP | $13,187,212 | 140,200 | 0.68% | Shares |
| Baird Financial Group, Inc. | $12,243,601 | 114,834 | 0.64% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $11,666,360 | 109,420 | 0.61% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $11,610,705 | 108,898 | 0.60% | Shares |
| Public Sector Pension Investment Board | $11,514,427 | 107,995 | 0.60% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $10,262,602 | 96,254 | 0.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,160,886 | 95,300 | 0.53% | Call option |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $9,904,145 | 92,892 | 0.51% | Shares |
| Phase 2 Partners, LLC | $9,499,926 | 142,899 | 0.49% | Shares |
| NORGES BANK | $9,499,842 | 89,100 | 0.49% | Shares |
| PEAK6 LLC | $9,361,023 | 87,798 | 0.49% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,229,667 | 86,566 | 0.48% | Shares |
| Candriam S.C.A. | $9,058,774 | 85,045 | 0.47% | Shares |
| FRANKLIN RESOURCES INC | $8,754,995 | 82,114 | 0.45% | Shares |
| DENALI ADVISORS LLC | $8,693,262 | 81,535 | 0.45% | Shares |
| Aptus Capital Advisors, LLC | $8,550,391 | 80,195 | 0.44% | Shares |
| Qube Research & Technologies Ltd | $7,844,033 | 73,570 | 0.41% | Shares |
| BlackRock, Inc. | $7,675,574 | 71,990 | 0.40% | Shares |
| FIRST TRUST ADVISORS LP | $7,654,782 | 71,795 | 0.40% | Shares |
| RHUMBLINE ADVISERS | $6,819,392 | 63,960 | 0.35% | Shares |
| Philadelphia Financial Management of San Francisco, LLC | $6,738,384 | 63,200 | 0.35% | Shares |
| Lighthouse Investment Partners, LLC | $5,982,022 | 56,106 | 0.31% | Shares |
| Park West Asset Management LLC | $5,956,326 | 55,865 | 0.31% | Shares |
| Swiss National Bank | $5,928,072 | 55,600 | 0.31% | Shares |
| CITIGROUP INC | $5,916,984 | 55,496 | 0.31% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,897,898 | 55,317 | 0.31% | Shares |
| PRUDENTIAL FINANCIAL INC | $5,849,920 | 54,867 | 0.30% | Shares |
| RAYMOND JAMES FINANCIAL INC | $5,783,401 | 54,243 | 0.30% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $5,691,022 | 53,377 | 0.30% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $5,506,817 | 51,649 | 0.29% | Shares |
| IEQ CAPITAL, LLC | $5,428,877 | 50,918 | 0.28% | Shares |
| AMERIPRISE FINANCIAL INC | $5,326,734 | 49,960 | 0.28% | Shares |
| Trexquant Investment LP | $5,171,923 | 48,508 | 0.27% | Shares |
| Horizon Investments, LLC | $5,014,019 | 47,027 | 0.26% | Shares |
| GLOBEFLEX CAPITAL L P | $4,900,682 | 45,964 | 0.25% | Shares |
| Engineers Gate Manager LP | $4,637,757 | 43,498 | 0.24% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $4,482,092 | 42,038 | 0.23% | Shares |
| Legal & General Group Plc | $4,348,604 | 40,786 | 0.23% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $4,027,037 | 37,770 | 0.21% | Shares |
| ROYCE & ASSOCIATES LP | $3,759,741 | 35,263 | 0.20% | Shares |
| LEUTHOLD GROUP, LLC | $3,653,974 | 34,271 | 0.19% | Shares |
| Phocas Financial Corp. | $3,579,660 | 33,574 | 0.19% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,560,819 | 40,395 | 0.18% | Shares |
| Proficio Capital Partners LLC | $3,390,623 | 31,801 | 0.18% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $3,358,530 | 31,500 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $3,262,572 | 30,600 | 0.17% | Call option |
| OCCUDO QUANTITATIVE STRATEGIES LP | $3,237,516 | 30,365 | 0.17% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $3,236,133 | 30,351 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,198,600 | 30,000 | 0.17% | Put option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,984,142 | 33,853 | 0.15% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2,953,374 | 27,700 | 0.15% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,874,582 | 26,961 | 0.15% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $2,851,339 | 26,743 | 0.15% | Shares |
| Monument Capital Management | $2,823,084 | 26,478 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,764,657 | 25,930 | 0.14% | Shares |
| Integrated Quantitative Investments LLC | $2,550,777 | 23,924 | 0.13% | Shares |
| Mariner, LLC | $2,523,936 | 23,672 | 0.13% | Shares |
| Walleye Trading LLC | $2,522,096 | 23,655 | 0.13% | Shares |
| IMC-Chicago, LLC | $2,267,488 | 21,267 | 0.12% | Shares |
| VANGUARD GROUP INC | $2,139,301 | 22,744 | 0.11% | Shares |
| Inspire Investing, LLC | $2,122,123 | 24,074 | 0.11% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $2,001,791 | 18,775 | 0.10% | Shares |
| LPL Financial LLC | $1,930,320 | 18,105 | 0.10% | Shares |
| Bank & Trust Co | $1,916,381 | 21,740 | 0.10% | Shares |
| Nuveen, LLC | $1,753,473 | 16,446 | 0.09% | Shares |
| Assenagon Asset Management S.A. | $1,738,013 | 16,301 | 0.09% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,737,373 | 16,295 | 0.09% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $1,723,939 | 16,169 | 0.09% | Shares |
| Convergence Investment Partners, LLC | $1,716,369 | 16,098 | 0.09% | Shares |
| Schonfeld Strategic Advisors LLC | $1,694,830 | 15,896 | 0.09% | Shares |
| MetLife Investment Management, LLC | $1,693,552 | 15,884 | 0.09% | Shares |
| OMERS ADMINISTRATION Corp | $1,673,934 | 15,700 | 0.09% | Shares |
| CWM, LLC | $1,658,110 | 18,810 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,633,632 | 15,322 | 0.08% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $1,625,315 | 15,244 | 0.08% | Shares |
| Quantinno Capital Management LP | $1,606,596 | 15,068 | 0.08% | Shares |
| WOLVERINE TRADING, LLC | $1,597,690 | 19,240 | 0.08% | Shares |
| SEB Asset Management AB | $1,543,535 | 14,477 | 0.08% | Shares |
| MORGAN STANLEY | $1,530,265 | 14,352 | 0.08% | Shares |
| Sanctuary Advisors, LLC | $1,523,161 | 14,286 | 0.08% | Shares |
Company insiders 40 insiders · 32 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mark Allan Ribisi | President and Chief Executive Officer of AIS Management LLC | Feb. 21, 2026 A | 625 | 0 | 0 | $0 |
| Gabriel Tirador | President & CEO | Feb. 21, 2026 A | 48,887 | 0 | 0 | $0 |
| Victor George Joseph | President & COO | Feb. 21, 2026 A | 15,025 | 0 | 0 | $0 |
| Barnaby Joel Nardella | Chief Claims Officer | April 20, 2026 A | — | 0 | 0 | $0 |
| Charles Toney | VP - Actuary | April 20, 2026 A | 13,783 | 0 | 0 | $0 |
| Jenny Dickinson Chan | VP/Chief HR Officer | Feb. 21, 2026 A | — | 0 | 0 | $0 |
| Nicholas Vincent Colby | VP/Chief Sales Officer | Feb. 21, 2026 A | 0 | 0 | 0 | $0 |
| Ximeng Simon Zhang | VP and Chief Data & Analytics Officer | Feb. 21, 2026 A | 1,500 | 0 | 0 | $0 |
| Wei Pang | VP/Chief Technology Officer | Feb. 21, 2026 A | 0 | 0 | 0 | $0 |
| Katelyn Marie Gibbs | VP/Chief Experience Officer | Feb. 21, 2026 A | 0 | 0 | 0 | $0 |
| Kelly Lynn Butler | VP and Chief Underwriting Officer | Feb. 21, 2026 A | 0 | 0 | 0 | $0 |
| Jeffrey Michael Schroeder | VP/Chief Product Officer | Feb. 21, 2026 A | 873 | 0 | 0 | $0 |
| Erik Dahl Thompson | VP/Chief Marketing Officer | Feb. 21, 2026 A | 0 | 0 | 0 | $0 |
| Randall R Petro | VP/Chief Claims Officer | Feb. 21, 2026 M | 0 | 0 | 0 | $0 |
| Christopher Graves | VP and Chief Investment Officer | Feb. 21, 2026 A | 5,400 | 0 | 0 | $0 |
| Heidi C. Sullivan | VP/Chief Human Capital Officer | Dec. 3, 2024 S | 0 | 0 | 0 | $0 |
| George Joseph | Chairman of the Board | Feb. 23, 2023 J | 0 | 0 | 0 | $0 |
| Judy A Walters | Vice President/Corp Secty | Oct. 20, 2021 G | 3,200 | 0 | 0 | $0 |
| Brandt Minnich | VP/Marketing | May 11, 2020 P | 2,632 | 0 | 0 | $0 |
| Allan Lubitz | Senior VP-IT | July 30, 2018 M | 14,540 | 0 | 0 | $0 |
| Robert Houlihan | Vice President - Product Mgmt | Feb. 7, 2018 A | 9,032 | 0 | 0 | $0 |
| Kenneth G Kitzmiller | VP - Underwriting | Feb. 22, 2016 F | 9,645 | 0 | 0 | $0 |
| Douglas S Menges | Senior VP/Chief Claims Officer | Dec. 6, 2013 P | 11,000 | 0 | 0 | $0 |
| John Sutton | Vice President | May 15, 2013 S | 0 | 0 | 0 | $0 |
| Bruce E Norman | Senior Vice President | March 12, 2009 P | 21,158 | 0 | 0 | $0 |
| Ronald Deep | Vice President | Nov. 2, 2007 A | — | 0 | 0 | $0 |
| Richard Mccathron | Vice President | May 29, 2007 S | 190 | 0 | 0 | $0 |
| Randy Farner | Vice President | May 4, 2007 A | — | 0 | 0 | $0 |
| Peter Simon | Vice President | Feb. 15, 2007 M | 0 | 0 | 0 | $0 |
| Ken Vanwagner | Vice President | Oct. 28, 2005 A | — | 0 | 0 | $0 |
| Joanna Y Moore | Claims - Vice President | Oct. 28, 2005 A | 530 | 0 | 0 | $0 |
| Maria Fitzpatrick | VP/Chief Information Officer | Oct. 29, 2004 A | 17,385 | 0 | 0 | $0 |
| George Gwyer Braunegg | Director | Dec. 10, 2025 P | 3,053 | 1 | 0 | $49,912 |
| Joshua Eric Little | Director | Aug. 28, 2023 P | 3,250 | 0 | 0 | $0 |
| Mike Curtius | Director | Nov. 8, 2018 G | 17,544 | 0 | 0 | $0 |
| Donald Spuehler | Director | May 12, 2010 P | 3,200 | 0 | 0 | $0 |
| Donald P Newell | Director | March 12, 2009 P | 12,700 | 0 | 0 | $0 |
| Bruce Bunner | Director | Sept. 5, 2007 S | 500 | 0 | 0 | $0 |
| Theodore R Stalick | — | Feb. 21, 2026 A | 4,343 | 0 | 0 | $0 |
| Abby Hosseini | — | June 11, 2020 P | 667 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 104 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 |
|---|---|---|---|---|
| OSCV · ETF Series Solutions | 1.14% | 79,798 NS | April 30, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.93% | 7,944 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.76% | 4,282 NS | April 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.62% | 13,831 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.60% | 6,025 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.50% | 1,335 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.46% | 8,942 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.39% | 10,901 NS | May 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.30% | 41,285 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.28% | 782,268 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.25% | 358,459 NS | April 30, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.25% | 54,433 NS | June 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.23% | 272 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.23% | 3,721 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.19% | 19,439 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.19% | 2,673 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 9,555 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.13% | 30,546 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.12% | 173,891 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.12% | 318 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.11% | 954 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.08% | 73,144 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.08% | 11,659 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.07% | 1,268 NS | May 31, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.06% | 3,990 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 127,585 NS | May 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.05% | 656 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.05% | 2,063 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.04% | 991 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.03% | 7,428 NS | April 30, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.03% | 31 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.03% | 1,002 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.03% | 7,914 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.03% | 40,388 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 113,385 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.02% | 4,894 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.02% | 22,409 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 4,760 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,125 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 14,197 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 25 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 1,908 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 784 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 8,298 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 15,341 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |