MGEE MGE Energy Inc. - Common Stock
$78.99
Price · Aug 25, 2026
Fundamentals as of Aug 5, 2026
52W Range
$72–$88
43% of range
Analyst Rating
HOLD
8 analysts
Price Target
$78
P/E (TTM)
21.4
ROE
10.6%
Net Profit Margin
-402.1%
About MGE Energy Inc. - Common Stock Company overview from Wikipedia
MGE Energy: MGE Energy, Inc. is a utility holding company based in Madison, Wisconsin. Its main subsidiary, Madison Gas and Electric Co., produces and distributes electricity and distributes natural gas.
Read more
MGE Energy: MGE Energy, Inc. (Nasdaq: MGEE) is a utility holding company based in Madison, Wisconsin. Its main subsidiary, Madison Gas and Electric Co., produces and distributes electricity and distributes natural gas.
Subsidiaries
MGE Energy is the parent corporation and holding company of eight subsidiaries.
Madison Gas and Electric Co. (MGE), a regulated utility, and its divisions, which serve natural gas and electric customers in south-central and south-western Wisconsin. MGE has 146,000 electric customers and 152,000 natural gas customers.
MGE Power, which owns assets in the West Campus Cogeneration Facility at Madison, Wis., and the Elm Road Generating Station at Oak Creek, Wis.
MGE Transco Investment, which owns interest in the American Transmission Co. through its members, MGE and MGE Energy
MGE Services provides construction and other services
Central Wisconsin Development Corp. promotes business growth in MGE's service area
MAGAEL holds title to properties acquired for future utility plant expansion
North Mendota Energy & Technology Park owns property and serves as the development entity for the property
History
The company's history in the Madison area date back more than 150 years. In 1888, as the renamed Madison Electric Co., it began delivering electric service. In 1892, the Four Lakes Light and Power Co. succeeded Madison Electric Co. and operated as Madison's electricity provider for the next four years. In 1896, the local utility incorporated to become Madison Gas and Electric Co.
In 2001, the company formed a holding company named MGE Energy, Inc. − and Madison Gas and Electric Co. became its main subsidiary.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MGEE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$78.99
Market Cap
$2.90B
P/E (TTM)
21.4
EPS (TTM)
$3.72
Revenue (TTM)
—
Div Yield
2.3%
ROE
10.6%
Debt/Equity
0.7
52W Range
$72 – $88
MGEE 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
—
EPS
$3.72
2019-12-31
→
2025-12-31
Free Cash Flow
$-80M
2016-12-31
→
2025-12-31
Margins
-402.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MGEE
Peer Median
P/E (TTM)
21.4
21.3
P/S (TTM)
-85.9
3.0
P/B
2.2
1.9
EV / EBITDA
22.3
—
Price / FCF
-36.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MGEE
Peer Median
Operating Margin
-504.9%
—
Net Profit Margin
-402.1%
14.4%
ROA
4.5%
2.7%
ROE
10.6%
9.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MGEE
Peer Median
Debt / Equity
0.7
—
Current Ratio
0.8
1.1
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MGEE
Peer Median
EPS YoY
11.7%
—
Net Income YoY
12.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MGEE
Peer Median
Payout Ratio
49.7%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.3%
Payout Ratio
49.7%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 1, 2026 | $0.4750 |
| Feb. 27, 2026 | $0.4750 |
| Dec. 1, 2025 | $0.4750 |
| Aug. 29, 2025 | $0.4750 |
| May 30, 2025 | $0.4500 |
| Feb. 28, 2025 | $0.4500 |
| Nov. 29, 2024 | $0.4500 |
| Aug. 30, 2024 | $0.4500 |
| May 31, 2024 | $0.4280 |
| Feb. 29, 2024 | $0.4280 |
| Nov. 30, 2023 | $0.4280 |
| Aug. 31, 2023 | $0.4280 |
| May 31, 2023 | $0.4080 |
| Feb. 28, 2023 | $0.4080 |
| Nov. 30, 2022 | $0.4080 |
| Aug. 31, 2022 | $0.4080 |
| May 31, 2022 | $0.3880 |
| Feb. 28, 2022 | $0.3880 |
| Nov. 30, 2021 | $0.3880 |
| Aug. 31, 2021 | $0.3880 |
MGEE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
8 analysts
- Strong Buy 1 12.5%
- Buy 0 0.0%
- Hold 3 37.5%
- Sell 2 25.0%
- Strong Sell 2 25.0%
12-Month Price Target
4 analysts · 2026-08-25
Median
$78.00
Now
$78.99
Low
$74.00
High
$81.00
Median target
$78.00
-1.3%
Mean target
$77.75
-1.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.89 | $0.79 | 0.10% |
| March 31, 2026 | $1.32 | $1.15 | 0.17% |
| Dec. 31, 2025 | $0.64 | $0.65 | -0.01% |
| Sept. 30, 2025 | $1.22 | $1.21 | 0.01% |
| June 30, 2025 | $0.72 | $0.74 | -0.02% |
| March 31, 2025 | $1.14 | $1.07 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MGEE | $2.87B | 21.1 | — | -402.1% | 10.6% | — |
| TXNM | $6.41B | 39.8 | 9.9% | 7.8% | 5.7% | — |
| POR | $5.55B | 17.3 | 4.0% | 8.6% | 7.7% | — |
| OTTR | $3.39B | 12.3 | -2.3% | 21.2% | 15.2% | — |
| HE | $2.12B | 17.3 | -4.1% | 4.1% | 8.0% | — |
| GNE | — | 15.3 | 18.1% | 4.8% | 9.7% | 24.8% |
| ENO | — | — | — | — | — | — |
| NEE | $167.22B | 24.3 | 9.8% | 26.5% | 13.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Income | $171M | $146M | $146M | $138M | $117M | $110M | $111M | $114M | $125M | $124M | $124M | $138M | |
| Other Non-op | $20M | $18M | $30M | $26M | $17M | $25M | $19M | $17M | $14M | $14M | $9M | $10M | |
| Income Tax | $21M | $11M | $28M | $26M | $4M | $19M | $20M | $27M | $22M | $43M | $41M | $48M | |
| Net Income | $136M | $121M | $118M | $111M | $106M | $92M | $87M | $84M | $98M | $76M | $71M | $80M | |
| EPS (Basic) | $3.72 | $3.33 | $3.25 | $3.07 | $2.92 | $2.60 | $2.51 | · | · | · | · | · | |
| EPS (Diluted) | $3.72 | $3.33 | $3.25 | $3.07 | $2.92 | $2.60 | $2.51 | · | · | · | · | · | |
| Shares (Basic) | 36,534,000 | 36,210,000 | 36,163,000 | 36,163,000 | 36,163,000 | 35,612,000 | 34,668,000 | · | · | · | · | · | |
| Shares (Diluted) | 36,571,000 | 36,239,000 | 36,186,000 | 36,174,000 | 36,167,000 | 35,612,000 | 34,668,000 | · | · | · | · | · | |
| EBITDA | $171M | $146M | $146M | $138M | $117M | $110M | $111M | $114M | $129M | $128M | $124M | $138M |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6M | $21M | $11M | $12M | $17M | $45M | $23M | $83M | $108M | $96M | $81M | $66M | |
| Receivables | $58M | $51M | $47M | $55M | $46M | $41M | $40M | $44M | $42M | $40M | $37M | $42M | |
| Other Current Assets | $17M | $14M | $16M | $19M | $11M | $11M | $10M | $9M | $13M | $12M | $11M | $11M | |
| Current Assets | $229M | $227M | $238M | $243M | $199M | $210M | $182M | $241M | $291M | $276M | $255M | $250M | |
| PP&E (Net) | $2.57B | $2.29B | $2.13B | $1.97B | $1.88B | $1.77B | $1.64B | $1.51B | $1.34B | $1.28B | $1.24B | $1.21B | |
| Other Non-current Assets | $18M | $26M | $21M | $24M | $28M | $22M | $19M | $12M | $731.0K | $1M | $1M | $5M | |
| Total Assets | $3.16B | $2.83B | $2.68B | $2.52B | $2.37B | $2.25B | $2.08B | $1.99B | $1.86B | $1.80B | $1.73B | $1.69B | |
| Accounts Payable | $118M | $77M | $65M | $59M | $64M | $55M | $55M | $46M | $48M | $48M | $41M | $42M | |
| Short-term Debt | $95M | $0 | $38M | $70M | $6M | $52M | $0 | $13M | $4M | $0 | $0 | $7M | |
| Current Liabilities | $297M | $126M | $157M | $225M | $118M | $191M | $129M | $121M | $127M | $104M | $84M | $90M | |
| Capital Leases | $8M | $8M | $8M | $8M | $8M | $6M | $496.0K | · | · | · | · | · | |
| Deferred Tax | $338M | $316M | $279M | $252M | $231M | $231M | $243M | $232M | $225M | $384M | $361M | $339M | |
| Other Non-current Liabilities | $63M | $65M | $62M | $47M | $92M | $72M | $63M | $66M | $69M | $66M | $62M | $50M | |
| Long-term Debt | $814M | $769M | $724M | $640M | $619M | $524M | $543M | $498M | $423M | $387M | $396M | $400M | |
| Total Debt | $908M | $769M | $762M | $710M | $625M | $577M | $543M | $511M | $427M | $387M | $395M | $406M | |
| Common Stock | $37M | $36M | $36M | $36M | $36M | $36M | $35M | $35M | $35M | $35M | $35M | $35M | |
| Paid-in Capital | $435M | $430M | $397M | $396M | $395M | $394M | $316M | $316M | $316M | $316M | $316M | $316M | |
| Retained Earnings | $832M | $764M | $707M | $650M | $596M | $545M | $505M | $466M | $427M | $373M | $339M | $308M | |
| AOCI | · | · | · | · | · | · | · | $0 | $377.0K | $202.0K | $357.0K | $458.0K | |
| Stockholders' Equity | $1.30B | $1.23B | $1.14B | $1.08B | $1.03B | $976M | $856M | $817M | $778M | $724M | $690M | $659M | |
| Liabilities + Equity | $3.16B | $2.83B | $2.68B | $2.52B | $2.37B | $2.25B | $2.08B | $1.99B | $1.86B | $1.80B | $1.73B | $1.69B | |
| Shares Outstanding | 36,541,849 | 36,489,641 | 36,163,000 | 36,163,000 | 36,163,000 | 36,163,000 | 34,668,000 | 34,668,000 | 34,668,000 | 34,668,000 | 34,668,000 | 34,668,000 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $8M | $608.0K | $23M | $23M | $5M | $10M | $7M | $4M | $-4M | $22M | $22M | $50M | |
| Operating Cash Flow | $263M | $278M | $238M | $154M | $138M | $172M | $130M | $153M | $131M | $148M | $141M | $129M | |
| CapEx | $343M | $237M | $222M | $175M | $153M | $203M | $164M | $212M | $108M | $84M | $72M | $93M | |
| Investing Cash Flow | $-351M | $-241M | $-230M | $-180M | $-157M | $-210M | $-172M | $-218M | $-116M | $-87M | $-73M | $-96M | |
| Debt Issued | $50M | $50M | $139M | $25M | $100M | $19M | $50M | $100M | $70M | $0 | $0 | $0 | |
| Net Debt Issued | $45M | $45M | $85M | $20M | $95M | $-20M | $45M | $76M | $36M | $-4M | $-4M | $-4M | |
| Stock Issued | $4M | $32M | $0 | $0 | $0 | $80M | $0 | $0 | · | · | · | · | |
| Net Stock Activity | $4M | $32M | · | $0 | $0 | $80M | · | · | · | · | · | · | |
| Dividends Paid | $68M | $64M | $60M | $58M | $55M | $52M | $48M | $46M | $44M | $42M | $40M | $38M | |
| Financing Cash Flow | $72M | $-27M | $-10M | $26M | $-9M | $59M | $-17M | $38M | $-5M | $-46M | $-52M | $-36M | |
| Net Change in Cash | $-16M | $9M | $-3M | $-867.0K | $-28M | $21M | $-59M | $-27M | $10M | $15M | $16M | $-3M | |
| Taxes Paid | · | $-13M | $10M | $3M | $4M | · | · | · | · | · | · | · | |
| Free Cash Flow | $-80M | $41M | $15M | $-21M | $-16M | $-31M | $-34M | $-59M | $25M | $64M | $69M | $36M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -504.9% | -444.2% | -481.1% | -516.9% | -486.4% | -467.6% | -480.9% | -582.4% | -666.2% | -645.5% | -616.3% | -702.0% | |
| Net Margin | -402.1% | -366.1% | -386.8% | -416.4% | -438.6% | -392.9% | -376.7% | -429.5% | -505.1% | -380.4% | -353.9% | -408.3% | |
| EBITDA Margin | -504.9% | -444.2% | -481.1% | -516.9% | -486.4% | -467.6% | -480.9% | -582.4% | -666.2% | -645.5% | -616.3% | -702.0% | |
| ROA | 4.5% | 4.4% | 4.5% | 4.5% | 4.6% | 4.3% | 4.3% | 4.4% | 5.3% | 4.3% | 4.2% | 4.9% | |
| ROE | 10.6% | 9.9% | 10.3% | 10.3% | 10.3% | 9.5% | 10.2% | 10.3% | 12.8% | 10.5% | 10.3% | 12.2% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 1.8 | 1.5 | 1.1 | 1.7 | 1.1 | 1.4 | 2.0 | 2.3 | 2.7 | 3.0 | 2.8 | |
| Quick Ratio | 0.2 | 0.6 | 0.4 | 0.3 | 0.5 | 0.5 | 0.5 | 1.1 | 1.2 | 1.3 | 1.4 | 1.2 | |
| Debt / Equity | 0.7 | 0.6 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.6 | 0.6 | |
| LT Debt / Equity | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 | 0.6 | 0.5 | 0.5 | 0.6 | 0.6 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | |
| Receivables Turnover | -0.6 | -0.7 | -0.6 | -0.5 | -0.6 | -0.6 | -0.5 | -0.5 | -0.5 | -0.5 | -0.5 | -0.5 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPS YoY | 11.7% | 2.5% | 5.9% | 5.1% | 12.3% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 6.6% | 4.5% | 7.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 7.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 12.7% | 2.4% | 6.1% | 4.9% | 14.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 7.0% | 4.5% | 8.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 8.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 5.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $-34M | $-33M | $-30M | $-27M | $-24M | $-24M | $-23M | $-20M | $-19M | $-20M | $-20M | $-20M | |
| Net Income TTM | $136M | $121M | $118M | $111M | $106M | $92M | $87M | $84M | $98M | $76M | $71M | $80M | |
| Market Cap | $2.87B | $3.43B | $2.61B | $2.55B | $2.97B | $2.53B | $2.73B | $2.08B | $2.19B | $2.26B | $1.61B | $1.58B | |
| Enterprise Value | $3.77B | $4.18B | $3.37B | $3.24B | $3.58B | $3.06B | $3.25B | $2.51B | $2.51B | $2.55B | $1.92B | $1.92B | |
| P/E | 21.1 | 28.2 | 22.2 | 22.9 | 28.2 | 26.9 | 31.4 | · | · | · | · | · | |
| P/S | -84.8 | -104.1 | -85.9 | -95.5 | -123.4 | -107.7 | -118.5 | -106.0 | -113.2 | -114.0 | -79.8 | -80.4 | |
| P/B | 2.2 | 2.8 | 2.3 | 2.4 | 2.9 | 2.6 | 3.2 | 2.5 | 2.8 | 3.1 | 2.3 | 2.4 | |
| P / Tangible Book | 2.2 | 2.8 | 2.3 | 2.4 | 2.9 | 2.6 | · | · | · | · | · | · | |
| P / Cash Flow | 10.9 | 12.3 | 11.0 | 16.6 | 21.6 | 14.7 | 20.9 | 13.6 | 16.4 | 15.3 | 11.4 | 12.3 | |
| P / FCF | -35.8 | 83.9 | 168.8 | -119.6 | -190.2 | -82.5 | -81.4 | -35.1 | 88.0 | 35.5 | 23.3 | 43.8 | |
| EV / EBITDA | 22.1 | 28.6 | 23.0 | 23.6 | 30.5 | 27.9 | 29.3 | 21.9 | 19.5 | 19.9 | 15.5 | 13.9 | |
| EV / FCF | -47.1 | 102.2 | 217.3 | -152.4 | -229.0 | -99.8 | -96.9 | -42.4 | 100.8 | 40.0 | 27.8 | 53.3 | |
| EV / Revenue | -111.5 | -126.8 | -110.6 | -121.8 | -148.5 | -130.3 | -141.0 | -127.8 | -129.7 | -128.6 | -95.4 | -97.7 | |
| Dividend Yield | 2.4% | 1.8% | 2.3% | 2.3% | 1.8% | 2.0% | 1.8% | 2.2% | 2.0% | 1.8% | 2.5% | 2.4% | |
| Earnings Yield | 4.7% | 3.5% | 4.5% | 4.4% | 3.5% | 3.7% | 3.2% | · | · | · | · | · | |
| Payout Ratio | 49.7% | 52.8% | 51.3% | 51.8% | 51.8% | 56.0% | 55.1% | 54.3% | 44.8% | 55.3% | 56.1% | 47.9% | |
| Annual Payout | $68M | $64M | $60M | $58M | $55M | $52M | $48M | $46M | $44M | $42M | $40M | $38M |
Income Statement 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Income | $33M | $53M | $32M | $51M | $34M | $53M | $28M | $48M | $30M | $41M | $24M | $44M | $38M | $40M | $28M | $42M | |
| Other Non-op | $14M | $11M | $4M | $10M | $4M | $3M | $5M | $5M | $4M | $4M | $9M | $11M | $5M | $5M | $5M | $6M | |
| Income Tax | $4M | $6M | $4M | $8M | $3M | $6M | $3M | $4M | $1M | $3M | $5M | $9M | $7M | $7M | $5M | $8M | |
| Net Income | $33M | $48M | $23M | $44M | $26M | $42M | $22M | $41M | $24M | $34M | $20M | $38M | $29M | $31M | $21M | $34M | |
| EPS (Basic) | $0.89 | $1.32 | $0.63 | $1.22 | $0.73 | $1.14 | $0.61 | $1.13 | $0.66 | $0.93 | $0.55 | $1.05 | $0.79 | $0.86 | $0.59 | $0.93 | |
| EPS (Diluted) | $0.89 | $1.32 | $0.64 | $1.22 | $0.72 | $1.14 | $0.61 | $1.13 | $0.66 | $0.93 | $0.55 | $1.05 | $0.79 | $0.86 | $0.59 | $0.93 | |
| Shares (Basic) | 37,351,000 | 36,590,000 | -73,059,000 | 36,542,000 | 36,540,000 | 36,511,000 | -72,318,000 | 36,181,000 | 36,176,000 | 36,171,000 | -72,326,000 | 36,163,000 | 36,163,000 | 36,163,000 | -72,326,000 | 36,163,000 | |
| Shares (Diluted) | 37,456,000 | 36,620,000 | -73,113,000 | 36,576,000 | 36,569,000 | 36,539,000 | -72,358,000 | 36,211,000 | 36,197,000 | 36,189,000 | -72,369,000 | 36,189,000 | 36,186,000 | 36,180,000 | -72,347,000 | 36,176,000 | |
| EBITDA | $33M | $53M | · | $51M | $34M | $53M | · | $48M | $30M | $41M | · | $44M | $38M | $40M | · | $42M |
Balance Sheet 21
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17M | $9M | $6M | $10M | $11M | $35M | $21M | $15M | $16M | $17M | · | $11M | $17M | $15M | · | $11M | |
| Receivables | $42M | $59M | $58M | $41M | $43M | $53M | $51M | $45M | $43M | $45M | · | $44M | $41M | $53M | · | $44M | |
| Other Current Assets | $15M | $15M | $17M | $15M | $14M | $13M | $14M | $15M | $14M | $13M | · | $15M | $15M | $14M | · | $16M | |
| Current Assets | $211M | $211M | $229M | $195M | $198M | $222M | $227M | $210M | $222M | $222M | · | $216M | $223M | $223M | · | $200M | |
| PP&E (Net) | $2.71B | $2.61B | $2.57B | $2.47B | $2.34B | $2.30B | $2.29B | $2.23B | $2.20B | $2.14B | · | $2.07B | $2.04B | $2.00B | · | $1.95B | |
| Other Non-current Assets | $20M | $19M | $18M | $19M | $19M | $27M | $26M | $22M | $21M | $21M | · | $21M | $22M | $23M | · | $25M | |
| Total Assets | $3.30B | $3.19B | $3.16B | $2.99B | $2.86B | $2.84B | $2.83B | $2.75B | $2.72B | $2.67B | · | $2.59B | $2.56B | $2.52B | · | $2.47B | |
| Accounts Payable | $67M | $57M | $118M | $67M | $50M | $48M | $77M | $46M | $50M | $42M | · | $54M | $39M | $39M | · | $60M | |
| Short-term Debt | $35M | $40M | $95M | $76M | $6M | · | $0 | $48M | $60M | $41M | · | $22M | $42M | $33M | · | $40M | |
| Current Liabilities | $186M | $183M | $297M | $215M | $110M | $108M | $126M | $150M | $168M | $140M | · | $123M | $159M | $146M | · | $195M | |
| Capital Leases | · | · | $8M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $340M | $344M | $338M | $321M | $316M | $320M | $316M | $300M | $287M | $283M | · | $271M | $267M | $259M | · | $246M | |
| Other Non-current Liabilities | $65M | $63M | $63M | $66M | $65M | $64M | $65M | $64M | $62M | $60M | · | $96M | $96M | $93M | · | $95M | |
| Long-term Debt | $900M | $901M | $814M | $765M | $767M | $768M | $769M | $721M | $722M | $723M | · | $695M | $687M | $688M | · | $616M | |
| Total Debt | $934M | $941M | · | $841M | $772M | $768M | · | $769M | $781M | $764M | · | $717M | $729M | $721M | · | $656M | |
| Common Stock | · | · | $37M | · | · | · | $36M | · | · | · | · | · | · | · | · | · | |
| Paid-in Capital | · | · | $435M | · | · | · | $430M | · | · | · | · | · | · | · | · | · | |
| Retained Earnings | · | · | $832M | · | · | · | $764M | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $1.44B | $1.35B | $1.30B | $1.30B | $1.27B | $1.26B | $1.23B | $1.20B | $1.17B | $1.16B | $1.14B | $1.14B | $1.11B | $1.10B | $1.08B | $1.08B | |
| Liabilities + Equity | $3.30B | $3.19B | $3.16B | $2.99B | $2.86B | $2.84B | $2.83B | $2.75B | $2.72B | $2.67B | · | $2.59B | $2.56B | $2.52B | · | $2.47B | |
| Shares Outstanding | 37,780,751 | 36,753,208 | 36,542,000 | · | · | · | 36,490,000 | · | · | · | · | · | · | · | · | · |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $3M | $2M | $3M | $2M | $1M | $1M | $438.0K | $2M | $-830.0K | $-521.0K | $7M | $4M | $7M | $6M | $5M | $6M | |
| Operating Cash Flow | $68M | $81M | $34M | $95M | $56M | $78M | $68M | $79M | $65M | $66M | $44M | $67M | $71M | $56M | $9M | $33M | |
| CapEx | $110M | $101M | $88M | $144M | $64M | $48M | $73M | $52M | $67M | $45M | $72M | $43M | $60M | $48M | $42M | $67M | |
| Investing Cash Flow | $-111M | $-105M | $-89M | $-144M | $-68M | $-51M | $-74M | $-54M | $-67M | $-46M | $-74M | $-45M | $-62M | $-50M | $-43M | $-68M | |
| Debt Issued | $0 | $90M | · | · | $0 | $0 | $50M | $0 | $0 | $0 | $30M | $40M | $0 | $69M | $25M | $0 | |
| Net Debt Issued | · | $87M | · | · | · | $-1M | · | · | · | $-1M | · | · | · | $49M | · | · | |
| Stock Issued | $75M | $14M | $0 | $0 | $471.0K | $3M | $29M | $3M | $0 | $0 | $0 | · | · | · | · | · | |
| Net Stock Activity | $75M | $14M | · | · | · | $3M | · | $3M | · | · | · | · | · | · | · | · | |
| Dividends Paid | $18M | $17M | $17M | $17M | $16M | $16M | $16M | $16M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | |
| Financing Cash Flow | $50M | $29M | $49M | $50M | $-12M | $-15M | $12M | $-26M | $2M | $-14M | $29M | $-27M | $-7M | $-5M | $38M | $24M | |
| Net Change in Cash | $7M | $4M | $-5M | $884.0K | $-24M | $12M | $6M | $-1M | $-590.0K | $5M | $-1M | $-5M | $2M | $2M | $5M | $-11M | |
| Free Cash Flow | · | $-20M | · | · | · | $30M | · | · | · | $21M | · | · | · | $8M | · | · |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -351.4% | -542.1% | · | -588.6% | -404.7% | -697.3% | · | -573.4% | -357.2% | -509.1% | · | -572.1% | -494.7% | -534.7% | · | -638.7% | |
| Net Margin | -359.1% | -494.4% | · | -512.8% | -313.3% | -548.6% | · | -487.6% | -285.8% | -422.5% | · | -494.6% | -369.6% | -415.1% | · | -506.9% | |
| EBITDA Margin | -351.4% | -542.1% | · | -588.6% | -404.7% | -697.3% | · | -573.4% | -357.2% | -509.1% | · | -572.1% | -494.7% | -534.7% | · | -638.7% | |
| ROA | 1.1% | 1.6% | · | 1.6% | 0.95% | 1.5% | · | 1.5% | 0.90% | 1.3% | · | 1.5% | 1.1% | 1.3% | · | 1.4% | |
| ROE | 2.5% | 3.7% | · | 3.6% | 2.2% | 3.4% | · | 3.5% | 2.1% | 3.0% | · | 3.4% | 2.6% | 2.9% | · | 3.2% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.2 | · | 0.9 | 1.8 | 2.1 | · | 1.4 | 1.3 | 1.6 | · | 1.8 | 1.4 | 1.5 | · | 1.0 | |
| Quick Ratio | 0.3 | 0.4 | · | 0.2 | 0.5 | 0.8 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.5 | · | 0.3 | |
| Debt / Equity | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.6 | 0.7 | 0.7 | · | 0.6 | |
| LT Debt / Equity | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.5 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | -0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | -0.0 | |
| Receivables Turnover | -0.2 | -0.2 | · | -0.2 | -0.2 | -0.2 | · | -0.2 | -0.2 | -0.2 | · | -0.2 | -0.2 | -0.1 | · | -0.2 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $-36M | $-35M | · | $-33M | $-33M | $-32M | · | $-32M | $-32M | $-31M | · | $-30M | $-28M | $-27M | · | $-26M | |
| Net Income TTM | $153M | $161M | · | $154M | $133M | $140M | · | $136M | $124M | $131M | · | $131M | $115M | $121M | · | $125M | |
| Market Cap | $3.08B | $2.84B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Enterprise Value | $4.00B | $3.77B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | 19.6 | 17.6 | · | 20.0 | 24.2 | 24.1 | · | 24.3 | 21.8 | 21.7 | · | 18.9 | 24.9 | 23.3 | · | 19.0 | |
| P/S | -85.0 | -82.3 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 2.1 | 2.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 2.1 | 2.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 35.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / FCF | · | -138.9 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | 122.5 | 71.0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -184.5 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | -110.4 | -109.3 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 5.1% | 5.7% | · | 5.0% | 4.1% | 4.2% | · | 4.1% | 4.6% | 4.6% | · | 5.3% | 4.0% | 4.3% | · | 5.3% | |
| Payout Ratio | · | 35.8% | · | · | · | 39.5% | · | · | · | 45.7% | · | · | · | 47.4% | · | · |
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 | |
|---|---|---|---|---|---|
| Operating Margin % | -504.9% | -444.2% | -481.1% | -516.9% | -486.4% |
| Net Income | $136M | $121M | $118M | $111M | $106M |
| Diluted EPS | $3.72 | $3.33 | $3.25 | $3.07 | $2.92 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.7 | 0.6 | 0.7 | 0.7 | 0.6 |
| Current Ratio | 0.8 | 1.8 | 1.5 | 1.1 | 1.7 |
| Quick Ratio | 0.2 | 0.6 | 0.4 | 0.3 | 0.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-80M | $41M | $15M | $-21M | $-16M |
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Institutional owners (13F) 354 filers · $1.5B 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 |
|---|---|---|---|---|
| 57 (+5 vs prior Q) | 31 (-2 vs prior Q) | 136 (+25 vs prior Q) | 70 (-24 vs prior Q) | +3.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $227,807,104 | 2,793,808 | 15.61% | Shares |
| STATE STREET CORP | $167,141,834 | 2,049,814 | 11.45% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $138,837,750 | 1,702,695 | 9.51% | Shares |
| Zimmer Partners, LP | $81,540,000 | 1,000,000 | 5.59% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $70,447,430 | 863,732 | 4.83% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $54,098,405 | 663,458 | 3.71% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $43,266,835 | 530,621 | 2.96% | Shares |
| GABELLI FUNDS LLC | $41,887,098 | 513,700 | 2.87% | Shares |
| TWO SIGMA INVESTMENTS, LP | $39,706,800 | 486,961 | 2.72% | Shares |
| FIRST TRUST ADVISORS LP | $36,484,644 | 447,445 | 2.50% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $35,434,185 | 434,562 | 2.43% | Shares |
| DEPRINCE RACE & ZOLLO INC | $28,612,712 | 350,904 | 1.96% | Shares |
| Qube Research & Technologies Ltd | $26,884,553 | 329,710 | 1.84% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $20,377,906 | 249,913 | 1.40% | Shares |
| SPEECE THORSON CAPITAL GROUP INC | $18,646,000 | 228,679 | 1.28% | Shares |
| Bank of New York Mellon Corp | $16,591,433 | 203,476 | 1.14% | Shares |
| Yaupon Capital Management LP | $16,308,000 | 200,000 | 1.12% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $14,810,273 | 181,632 | 1.01% | Shares |
| MORGAN STANLEY | $14,135,031 | 173,350 | 0.97% | Shares |
| Public Sector Pension Investment Board | $10,574,433 | 129,684 | 0.72% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $10,194,049 | 125,019 | 0.70% | Shares |
| SEVEN GRAND MANAGERS, LLC | $10,192,500 | 125,000 | 0.70% | Shares |
| TUDOR INVESTMENT CORP ET AL | $10,134,280 | 124,286 | 0.69% | Shares |
| BlackRock, Inc. | $10,059,590 | 123,370 | 0.69% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $9,747,536 | 119,543 | 0.67% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $9,289,607 | 113,927 | 0.64% | Shares |
| SOROS FUND MANAGEMENT LLC | $8,709,532 | 106,813 | 0.60% | Shares |
| MILLENNIUM MANAGEMENT LLC | $8,552,404 | 104,886 | 0.59% | Shares |
| Burkehill Global Management, LP | $8,154,000 | 100,000 | 0.56% | Shares |
| GOLDMAN SACHS GROUP INC | $7,973,715 | 97,789 | 0.55% | Shares |
| ProShare Advisors LLC | $7,524,592 | 92,281 | 0.52% | Shares |
| RHUMBLINE ADVISERS | $7,473,531 | 91,655 | 0.51% | Shares |
| Legal & General Group Plc | $7,129,694 | 87,438 | 0.49% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $6,629,202 | 81,300 | 0.45% | Shares |
| Swiss National Bank | $6,013,575 | 73,750 | 0.41% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $5,989,032 | 73,449 | 0.41% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,902,436 | 72,387 | 0.40% | Shares |
| AMERIPRISE FINANCIAL INC | $5,834,269 | 71,551 | 0.40% | Shares |
| Vennlight Capital Management, LP | $5,592,421 | 68,585 | 0.38% | Shares |
| Point72 Asset Management, L.P. | $5,371,448 | 65,875 | 0.37% | Shares |
| AMERICAN CENTURY COMPANIES INC | $5,347,475 | 65,581 | 0.37% | Shares |
| HARBOUR INVESTMENTS, INC. | $5,109,622 | 62,664 | 0.35% | Shares |
| Balyasny Asset Management L.P. | $4,727,934 | 57,983 | 0.32% | Shares |
| Nuveen Asset Management, LLC | $4,437,543 | 47,228 | 0.30% | Shares |
| CITADEL ADVISORS LLC | $4,272,696 | 52,400 | 0.29% | Call option |
| Schonfeld Strategic Advisors LLC | $4,173,786 | 51,187 | 0.29% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $3,990,079 | 48,934 | 0.27% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,518,043 | 43,145 | 0.24% | Shares |
| Jump Financial, LLC | $3,481,268 | 42,694 | 0.24% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $3,216,551 | 39,448 | 0.22% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,174,678 | 38,934 | 0.22% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,138,283 | 40,604 | 0.22% | Shares |
| US BANCORP \DE\ | $2,968,708 | 36,408 | 0.20% | Shares |
| Trexquant Investment LP | $2,925,003 | 35,872 | 0.20% | Shares |
| ALGERT GLOBAL LLC | $2,756,867 | 33,810 | 0.19% | Shares |
| Cetera Investment Advisers | $2,629,858 | 32,252 | 0.18% | Shares |
| Madison Wealth Partners, Inc | $2,593,978 | 31,812 | 0.18% | Shares |
| CITADEL ADVISORS LLC | $2,472,537 | 30,323 | 0.17% | Shares |
| UBS Group AG | $2,460,388 | 30,174 | 0.17% | Shares |
| Freestone Grove Partners LP | $2,434,377 | 29,855 | 0.17% | Shares |
| Magellan Asset Management Ltd | $2,420,352 | 29,683 | 0.17% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,374,934 | 29,126 | 0.16% | Shares |
| Vanguard Investments Australia, Ltd. | $2,326,010 | 28,526 | 0.16% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $2,283,691 | 28,007 | 0.16% | Shares |
| OSAIC HOLDINGS, INC. | $2,135,235 | 26,182 | 0.15% | Shares |
| VANGUARD GROUP INC | $2,116,556 | 26,990 | 0.15% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $2,109,848 | 25,875 | 0.14% | Shares |
| XTX Topco Ltd | $2,070,301 | 25,390 | 0.14% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $2,068,833 | 25,372 | 0.14% | Shares |
| Quantinno Capital Management LP | $2,046,858 | 25,102 | 0.14% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $2,002,043 | 25,903 | 0.14% | Shares |
| Savant Capital, LLC | $1,914,943 | 24,114 | 0.13% | Shares |
| MACQUARIE GROUP LTD | $1,902,328 | 23,330 | 0.13% | Shares |
| MetLife Investment Management, LLC | $1,784,748 | 21,888 | 0.12% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $1,778,877 | 21,816 | 0.12% | Shares |
| Mariner, LLC | $1,741,377 | 21,358 | 0.12% | Shares |
| Polymer Capital Management (US) LLC | $1,630,800 | 20,000 | 0.11% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $1,585,922 | 19,450 | 0.11% | Shares |
| State of Tennessee, Department of Treasury | $1,568,993 | 19,242 | 0.11% | Shares |
| Quadrature Capital Ltd | $1,558,229 | 19,110 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,490,877 | 18,284 | 0.10% | Shares |
| Illinois Municipal Retirement Fund | $1,490,225 | 18,276 | 0.10% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,436,979 | 17,623 | 0.10% | Shares |
| IEQ CAPITAL, LLC | $1,419,135 | 17,404 | 0.10% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,413,496 | 17,335 | 0.10% | Shares |
| Brevan Howard Capital Management LP | $1,407,054 | 17,256 | 0.10% | Shares |
| State of New Jersey Common Pension Fund D | $1,370,443 | 16,807 | 0.09% | Shares |
| MAIRS & POWER INC | $1,346,062 | 16,508 | 0.09% | Shares |
| Louisiana State Employees Retirement System | $1,345,410 | 16,500 | 0.09% | Shares |
| VAN ECK ASSOCIATES CORP | $1,275,612 | 15,644 | 0.09% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $1,274,715 | 15,589 | 0.09% | Shares |
| JANUS HENDERSON GROUP PLC | $1,265,537 | 16,376 | 0.09% | Shares |
| EntryPoint Capital, LLC | $1,242,751 | 15,241 | 0.09% | Shares |
| Invesco Ltd. | $1,227,014 | 15,048 | 0.08% | Shares |
| Nuveen, LLC | $1,220,246 | 14,965 | 0.08% | Shares |
| HSBC HOLDINGS PLC | $1,193,611 | 14,624 | 0.08% | Shares |
| Park Capital Management, LLC / WI | $1,160,970 | 14,238 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $1,148,165 | 14,081 | 0.08% | Shares |
| LPL Financial LLC | $1,133,763 | 13,904 | 0.08% | Shares |
| DEUTSCHE BANK AG\ | $1,131,204 | 13,873 | 0.08% | Shares |
Company insiders 30 insiders · 15 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey M Keebler | Chairman, President & CEO | March 2, 2026 A | 31,908 | 0 | 0 | $0 |
| Terry A Hanson | V.P., CFO and Secretary | March 11, 2008 P | 5,839 | 0 | 0 | $0 |
| Jared Joseph Bushek | VP Chief Fin. Off. & Treasurer | April 17, 2026 A | 35,796 | 0 | 0 | $0 |
| John Anthony Jicha | VP Energy Supply & Asst Treas. | March 2, 2026 A | 2,815 | 0 | 0 | $0 |
| Melissa Tyson Garner | VP-People & Community Engmnt | March 2, 2026 A | 3,631 | 0 | 0 | $0 |
| Jenny Lynn Lagerwall | AVP - Acctg & Controller (CAO) | March 2, 2026 A | 1,992 | 0 | 0 | $0 |
| Scott Robert Smith | VP Business and Reg. Strategy | March 2, 2026 A | 4,411 | 0 | 0 | $0 |
| James Jerome Lorenz | VP Energy Operations | March 2, 2026 A | 6,337 | 0 | 0 | $0 |
| Cari Anne Renlund | VP General Counsel & Sec. | March 2, 2026 A | 7,036 | 0 | 0 | $0 |
| Lynn K Hobbie | Exec. VP Marketing & Comm. | Jan. 2, 2026 F | 13,678 | 0 | 0 | $0 |
| Tamara Jean Johnson | VP CAO & Controller | March 1, 2024 A | 3,679 | 0 | 0 | $0 |
| Donald D Peterson | VP Energy Technology | Feb. 19, 2021 A | 726 | 0 | 0 | $0 |
| Jeffrey C Newman | Executive Vice President | Dec. 14, 2020 G | 7,134 | 0 | 0 | $0 |
| Scott A Neitzel | Senior Vice President | March 8, 2012 P | 600 | 0 | 0 | $0 |
| Kristine A Euclide | VP and General Counsel | Sept. 7, 2010 P | 3,287 | 0 | 0 | $0 |
| James G Berbee | Director | Aug. 19, 2026 P | 9,738 | 4 | 0 | $92,702 |
| Daniel James Kelly | Director | March 2, 2026 A | 918 | 0 | 0 | $0 |
| Angela S. Rieger | Director | March 2, 2026 A | 918 | 0 | 0 | $0 |
| Noble Lynnwood Wray | Director | March 2, 2026 A | 2,174 | 0 | 0 | $0 |
| Marcia M Anderson | Director | March 2, 2026 A | 3,258 | 0 | 0 | $0 |
| Patricia K Ackerman | Director | March 2, 2026 A | 734 | 0 | 0 | $0 |
| James L Possin | Director | March 2, 2026 A | 5,932 | 0 | 0 | $0 |
| Londa J Dewey | Director | March 2, 2026 A | 7,135 | 0 | 0 | $0 |
| Gary J Wolter | Director | March 2, 2026 A | 22,306 | 0 | 0 | $0 |
| Thomas R Stolper | Director | March 1, 2024 A | 5,670 | 0 | 0 | $0 |
| Mark D Bugher | Director | March 1, 2024 A | 1,500 | 0 | 0 | $0 |
| Frank C Hastings | Director | Feb. 19, 2021 A | 343 | 0 | 0 | $0 |
| Regina M Millner | Director | March 5, 2019 P | 2,956 | 0 | 0 | $0 |
| John R Nevin | Director | March 6, 2009 P | 2,254 | 0 | 0 | $0 |
| Harold L Swanson | Director | March 2, 2007 P | 8,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 71 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 |
|---|---|---|---|---|
| PSCU · Invesco Exchange-Traded Fund Trust … | 3.03% | 6,366 SH | Aug. 21, 2026 | Daily |
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 1.06% | 17,737 NS | May 31, 2026 | N-PORT |
| XSLV · Invesco Exchange-Traded Fund Trust … | 1.04% | 31,899 SH | Aug. 21, 2026 | Daily |
| SMDV · ProShares Trust | 0.90% | 78,215 NS | May 31, 2026 | N-PORT |
| FVD · First Trust Exchange-Traded Fund | 0.42% | 412,352 NS | June 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.41% | 10,232 NS | May 31, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.26% | 13,541 SH | Aug. 19, 2026 | Daily |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.25% | 5,619 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 17,318 NS | April 30, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.20% | 32,866 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | 0.19% | 353,384 SH | Aug. 21, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | 0.19% | 251,592 SH | Aug. 19, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 0.18% | 55,897 NS | April 30, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.18% | 5,666 SH | Aug. 21, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.18% | 26,946 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.17% | 132,005 SH | Aug. 19, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.17% | 22,467 SH | Aug. 19, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.16% | 40,048 SH | Aug. 19, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 14,107 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.13% | 1,314 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.13% | 47,005 NS | May 31, 2026 | N-PORT |
| SAA · ProShares Trust | 0.12% | 438 NS | May 31, 2026 | N-PORT |
| POWR · iShares, Inc. | 0.12% | 6,835 SH | Aug. 21, 2026 | Daily |
| OUSM · ALPS ETF Trust | 0.11% | 12,799 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.09% | 952,228 SH | Aug. 21, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 216,810 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.09% | 16,015 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.08% | 112 NS | April 30, 2026 | N-PORT |
| RB · ProShares Trust | 0.07% | 11 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.07% | 549,746 SH | Aug. 19, 2026 | Daily |
| ITWO · ProShares Trust | 0.07% | 1,737 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.07% | 115,937 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 175,708 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.06% | 19,898 SH | Aug. 21, 2026 | Daily |
| ISCV · iShares Trust | 0.05% | 4,553 SH | Aug. 21, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.05% | 60,845 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.05% | 874 NS | April 30, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.05% | 12,753 SH | Aug. 21, 2026 | Daily |
| ISCB · iShares Trust | 0.05% | 1,619 SH | Aug. 20, 2026 | Daily |
| UWM · ProShares Trust | 0.04% | 1,359 NS | May 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.04% | 867,220 SH | Aug. 19, 2026 | Daily |
| ISCG · iShares Trust | 0.04% | 4,979 SH | Aug. 20, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 5,009 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 433,384 SH | Aug. 19, 2026 | Daily |
| URTY · ProShares Trust | 0.03% | 1,372 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 990 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.03% | 2,264 SH | Aug. 21, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 1,499 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 35 NS | May 31, 2026 | N-PORT |
| PFM · Invesco Exchange-Traded Fund Trust | 0.01% | 1,073 SH | Aug. 21, 2026 | Daily |