MGNI Magnite, Inc. - Common Stock
About Magnite, Inc. - Common Stock Company overview from Wikipedia
Magnite Inc. is an American online advertising technology firm based in Los Angeles, California. The company was formed following a merger between Rubicon Project and Telaria in 2020.
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Magnite Inc. (formerly Rubicon Project) is an American online advertising technology firm based in Los Angeles, California. The company was formed following a merger between Rubicon Project and Telaria in 2020.
History
Rubicon Project was founded in 2007 by Frank Addante, Craig Roah, Duc Chau and Julie Mattern, who had previously worked together at L90/adMonitor, an online advertising network.
By April 2009, the company had raised $33 million in venture funding led by Clearstone Venture Partners, IDG Ventures Asia and Mayfield Fund. The company also secured $8 million in venture debt from Silicon Valley Bank.
In February 2014, Rubicon Project filed for an IPO and went public in April 2014 opening at over $20 per share. The stock fell back to about $16 per share later in the month.
In March 2014, the company was named number two on the top Ad Exchange Entities by comScore.
In February 2017, the company released its president and several other top executives. On March 14, 2017, CEO and founder Frank Addante stepped down from his position to take the role of chairman. The company announced Michael Barrett, previously the chief executive of mobile advertising marketplace Millennial Media and chief revenue officer at Yahoo!, would be the new chief executive.
In May 2024, Netflix announced its first expansion of its advertising partnerships to include Magnite, The Trade Desk and Google DV360.
On May 19, 2025, OSN has chosen Magnite, the independent sell-side advertising company, to power its new “Advanced TV” advertising solution. This marks the first time OSN will offer addressable advertising across its set-top box (STB) linear broadcast and video-on-demand (VOD) inventory. Using Magnite’s SpringServe video platform, targeted ads will now be delivered to OSN set-top boxes across the MENA region.
In September 2025, Magnite filed a lawsuit against Google over alleged monopolistic and anticompetitive behavior.
Mergers and acquisitions
Rubicon Project acquisitions
In September 2009, the Rubicon Project acquired OthersOnline, an audience profiling technology company based in Seattle.
In May 2010, the company bought Site Scout, a malware detection company also based in Seattle.
In October 2010, the company acquired Fox Audience Network from News Corp in return for a minority stake in the company. It also received $18 million in additional funding led by Peacock Equity, the venture division of NBC Universal.
In May 2012, Rubicon Project acquired Mobsmith, a mobile technology company.
In August 2012, the company became the top-ranked online advertising company in terms of reach, with a 96.2% audience share, according to rankings provided by ComScore. This placed Rubicon ahead of Google for the first time, and also ahead of other competitors such as AOL and AT&T.
In October 2019, Rubicon Project acquired RTK.io, a header bidding startup for $11 million.
Merger with Telaria
In December 2019, Rubicon Project and Telaria announced a merger. Shareholders of Telaria and Rubicon project approved the merger on March 30, 2020, and the merger was completed on April 1.
While the two businesses initially fell under Rubicon Project and operated as two separate brands, the company rebranded under the name Magnite in June 2020. The merger made Magnite the world's largest independent omnichannel sell-side platform.
Recent acquisitions
In February 2021, Magnite acquired SpotX from European entertainment network RTL Group for $1.17 billion in cash and stock.
In September 2025, Magnite acquired Streamr.ai, a company that specializes in the development of AI-generated assets for small businesses' CTV campaigns.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MGNI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
MGNI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
MGNI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 5 22.7%
- Buy 14 63.6%
- Hold 3 13.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.26 | $0.25 | 0.01% |
| March 31, 2026 | $0.13 | $0.11 | 0.02% |
| Dec. 31, 2025 | $0.34 | $0.36 | -0.02% |
| Sept. 30, 2025 | $0.20 | $0.20 | 0.00% |
| June 30, 2025 | $0.20 | $0.17 | 0.03% |
| March 31, 2025 | $0.12 | $0.07 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MGNI | $2.32B | 17.1 | 6.9% | 20.3% | 17.1% | — |
| OMC | $25.28B | -299.1 | 10.1% | -0.32% | -0.67% | — |
| TTD | $18.07B | 42.2 | 18.5% | 15.3% | 17.1% | — |
| NIQ | $4.86B | -12.5 | 5.7% | -8.4% | -67.4% | — |
| STGW | — | -1.4 | 2.4% | 1.0% | 5.3% | — |
| DV | $1.85B | 38.1 | 13.9% | 6.8% | 4.6% | — |
| CCO | — | 55.2 | 6.6% | — | — | — |
| MNTN | $0 | -91.8 | 28.6% | -2.2% | -2.4% | 77.2% |
| IBTA | $740M | 189.4 | -6.8% | 1.0% | 1.1% | 79.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $714M | $668M | $620M | $577M | $468M | $222M | $156M | $125M | $156M | $278M | $248M | $125M | |
| Cost of Revenue | $267M | $259M | $410M | $307M | $202M | $78M | $57M | $60M | $57M | $73M | $58M | $21M | |
| R&D Expense | $85M | $95M | $94M | $94M | $74M | $52M | $40M | $38M | $48M | $51M | $42M | $23M | |
| SG&A Expense | $93M | $97M | $89M | $81M | $65M | $53M | $40M | $42M | $56M | $69M | $70M | $57M | |
| Operating Expenses | $616M | $617M | $775M | $690M | $549M | $276M | $184M | $188M | $313M | $303M | $254M | $144M | |
| Operating Income | $98M | $51M | $-155M | $-113M | $-81M | $-54M | $-28M | $-64M | $-157M | $-25M | $-6M | $-19M | |
| Interest Income | $13M | $13M | $11M | $3M | · | · | · | · | · | · | · | · | |
| Other Non-op | $-27M | $-25M | $-3M | $-23M | $-14M | $1M | $593.0K | $2M | $431.0K | $2M | $1M | $277.0K | |
| Pretax Income | $71M | $26M | $-158M | $-136M | $-95M | $-53M | $-27M | $-61M | $-157M | $-23M | $-4M | $-19M | |
| Income Tax | $-74M | $4M | $2M | $-5M | $-95M | $693.0K | $-2M | $357.0K | $-2M | $-5M | $-5M | $172.0K | |
| Net Income | $145M | $23M | $-159M | $-130M | $65.0K | $-53M | $-25M | $-62M | $-155M | $-18M | $422.0K | $-19M | |
| EPS (Basic) | $1.01 | $0.16 | $-1.17 | $-0.98 | $0.00 | $-0.55 | $-0.48 | · | $-3.17 | $-0.39 | $0.01 | $-0.70 | |
| EPS (Diluted) | $0.95 | $0.16 | $-1.17 | $-0.98 | $0.00 | $-0.55 | $-0.48 | · | $-3.17 | $-0.39 | $0.01 | $-0.70 | |
| Shares (Basic) | 142,560,000 | 140,557,000 | 136,620,000 | 132,887,000 | 126,294,000 | 96,700,000 | 52,614,000 | 50,602,000 | 48,869,000 | 46,655,000 | 39,663,000 | 28,217,000 | |
| Shares (Diluted) | 153,770,000 | 146,810,000 | 136,620,000 | 132,887,000 | 136,261,000 | 96,700,000 | 52,614,000 | 50,259,000 | 48,869,000 | 46,655,000 | 44,495,000 | 28,217,000 | |
| EBITDA | $151M | $110M | $86M | $103M | $66M | · | $5M | $-28M | · | $18M | $25M | $-6M |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $553M | $483M | $326M | $326M | $230M | $118M | $89M | $80M | $77M | $149M | $116M | $97M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | $23M | · | |
| Receivables | $1.30B | $1.20B | $1.18B | $977M | $928M | $472M | $218M | $206M | $166M | $192M | $218M | $133M | |
| Prepaid Expense | $26M | $20M | $21M | $24M | $20M | $18M | $7M | $7M | $10M | $10M | $8M | $8M | |
| Current Assets | $1.88B | $1.70B | $1.52B | $1.33B | $1.18B | $607M | $313M | $301M | $305M | $392M | $366M | $238M | |
| PP&E (Net) | $109M | $69M | $47M | $45M | $34M | $24M | $24M | $33M | $47M | $36M | $25M | $15M | |
| PP&E (Gross) | $233M | $191M | · | · | · | $122M | $110M | $105M | $98M | $69M | $48M | $31M | |
| Accum. Depreciation | $124M | $123M | · | · | · | $98M | $87M | $71M | $51M | $33M | $22M | $16M | |
| Goodwill | $984M | $978M | $978M | $978M | $970M | $158M | $7M | $0 | $0 | $66M | $66M | $16M | |
| Intangibles | $12M | $21M | $51M | $254M | $427M | $90M | $11M | $10M | $13M | $7M | $51M | $14M | |
| Other Non-current Assets | $82M | $6M | $7M | $7M | $7M | $4M | $2M | $1M | $5M | $3M | $2M | $1M | |
| Total Assets | $3.16B | $2.85B | $2.69B | $2.71B | $2.71B | $939M | $395M | $360M | $384M | $520M | $537M | $296M | |
| Accounts Payable | $1.61B | $1.47B | $1.37B | $1.09B | $1.00B | $509M | $259M | $240M | $214M | $215M | $248M | $151M | |
| Current Liabilities | $1.84B | $1.50B | $1.40B | $1.13B | $1.03B | $522M | $267M | $241M | $217M | $218M | $250M | $154M | |
| Capital Leases | $50M | $39M | $50M | $66M | $66M | $32M | $15M | · | · | · | · | · | |
| Deferred Tax | · | · | $680.0K | $5M | $13M | $199.0K | $0 | · | $0 | $42.0K | $6M | $607.0K | |
| Other Non-current Liabilities | $3M | $1M | $2M | $2M | $3M | $3M | $454.0K | $1M | $2M | $2M | $2M | $1M | |
| Total Liabilities | $2.24B | $2.09B | $1.99B | $1.92B | $1.83B | $557M | $283M | $242M | $219M | $220M | $259M | $168M | |
| Long-term Debt | $556M | $554M | $537M | $755M | $758M | · | · | · | · | · | · | · | |
| Total Debt | $348M | $550M | $537M | $726M | $724M | · | · | · | · | · | · | · | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | $1.0K | $0 | $0 | $0 | $0 | |
| Paid-in Capital | $1.44B | $1.43B | $1.39B | $1.32B | $1.28B | $777M | $453M | $434M | $418M | $399M | $358M | $209M | |
| Retained Earnings | $-517M | $-661M | $-684M | $-525M | $-394M | $-395M | $-341M | $-316M | $-254M | $-99M | $-80M | $-81M | |
| Treasury Stock | · | · | · | $0 | $6M | $0 | · | · | · | · | · | · | |
| AOCI | $-1M | $-4M | $-2M | $-3M | $-1M | $-957.0K | $-45.0K | $-259.0K | $41.0K | $-273.0K | $-15.0K | $-8.0K | |
| Stockholders' Equity | $922M | $768M | $702M | $791M | $881M | $382M | $112M | $118M | $165M | $300M | $278M | $129M | |
| Liabilities + Equity | $3.16B | $2.85B | $2.69B | $2.71B | $2.71B | $939M | $395M | $360M | $384M | $520M | $537M | $296M | |
| Shares Outstanding | 142,964,000 | 141,427,000 | 138,577,000 | 134,006,000 | 132,553,000 | 114,029,000 | 53,888,000 | 51,159,000 | 50,239,000 | 49,378,000 | 46,600,000 | 37,192,000 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $54M | $59M | $241M | $216M | $147M | $49M | $32M | $35M | $36M | $43M | $31M | $13M | |
| Stock-based Comp | $77M | $77M | $73M | $64M | $41M | $28M | $19M | $16M | $21M | $29M | $31M | $24M | |
| Deferred Tax | $-78M | $63.0K | $-2M | $-9M | $-99M | $-295.0K | $-2M | $-49.0K | $-1M | $-7M | $-5M | $-152.0K | |
| Amort. of Intangibles | $15M | $30M | $202M | $184M | $122M | $25M | $3M | $3M | $5M | $20M | $16M | $900.0K | |
| Restructuring | · | · | · | · | · | $18M | $2M | $3M | $6M | $3M | $0 | $0 | |
| Other Non-cash | $40M | $77M | $62M | $52M | $38M | · | $8M | $-12M | · | $13M | $20M | $-11M | |
| Operating Cash Flow | $236M | $235M | $214M | $193M | $127M | $-12M | $32M | $-23M | $22M | $60M | $77M | $7M | |
| CapEx | $71M | $33M | $27M | $31M | $18M | $14M | $11M | $11M | $32M | $23M | $20M | $11M | |
| Investing Cash Flow | $-93M | $-48M | $-37M | $-65M | $-691M | $33M | $-23M | $28M | $-93M | $-37M | $-74M | $-23M | |
| Stock Repurchased | $46M | $15M | $0 | $16M | $6M | $0 | $0 | · | · | · | · | · | |
| Net Stock Activity | $-46M | $-15M | $0 | $-16M | $-6M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-75M | $-29M | $-178M | $-30M | $678M | $7M | $-205.0K | $-1M | $-1M | $10M | $15M | $84M | |
| Net Change in Cash | $70M | $157M | $-283.0K | $96M | $113M | $29M | $8M | $4M | $-73M | $33M | $18M | $67M | |
| Taxes Paid | $4M | · | · | · | · | $2M | $291.0K | $379.0K | $382.0K | $1M | $1M | $403.0K | |
| Free Cash Flow | $166M | $202M | $188M | $162M | $109M | · | $21M | $-34M | · | $37M | $57M | $-4M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.7% | 7.6% | -25.0% | -19.5% | -17.3% | · | -17.6% | -51.0% | · | -8.9% | -2.2% | -15.0% | |
| Net Margin | 20.3% | 3.4% | -25.7% | -22.6% | 0.01% | · | -16.3% | -49.6% | · | -6.5% | 0.17% | -14.9% | |
| Pretax Margin | 9.9% | 4.0% | -25.4% | -23.5% | -20.3% | · | -17.3% | -49.3% | · | -8.2% | -1.7% | -14.8% | |
| EBITDA Margin | 21.2% | 16.4% | 13.9% | 17.9% | 14.1% | · | 2.9% | -22.7% | · | 6.4% | 10.2% | -5.0% | |
| ROA | 4.8% | 0.82% | -5.9% | -4.8% | 0.00% | · | -6.8% | · | · | -3.4% | 0.10% | -8.4% | |
| ROE | 17.1% | 3.0% | -23.5% | -16.3% | 0.01% | · | -23.6% | · | · | -6.2% | 0.21% | -40.4% | |
| ROIC | 15.7% | 3.3% | -12.7% | -7.1% | 0.00% | · | -23.3% | · | · | -6.6% | 0.21% | -14.7% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.1 | 1.1 | 1.2 | 1.1 | · | 1.2 | · | · | 1.8 | 1.5 | 1.5 | |
| Quick Ratio | 1.0 | 1.1 | 1.1 | 1.2 | 1.1 | · | 1.1 | · | · | 1.6 | 1.3 | 1.5 | |
| Debt / Equity | 0.4 | 0.7 | 0.8 | 0.9 | 0.8 | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.4 | 0.7 | 0.8 | 0.9 | 0.8 | · | · | · | · | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | · | 0.4 | · | · | 0.5 | 0.6 | 0.6 | |
| Receivables Turnover | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 | · | 0.7 | · | · | 1.4 | 1.4 | 1.1 |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.9% | 7.8% | 7.4% | 23.2% | 111.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 7.3% | 12.6% | 40.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 26.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 493.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 534.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 605.1% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $714M | $668M | $620M | $577M | $468M | $222M | $156M | $125M | $156M | $278M | $248M | $125M | |
| Net Income TTM | $145M | $23M | $-159M | $-130M | $65.0K | $-53M | $-25M | $-62M | $-155M | $-18M | $422.0K | $-19M | |
| Market Cap | $2.32B | $2.25B | $1.29B | $1.42B | $2.31B | · | $440M | · | · | $366M | $767M | $600M | |
| Enterprise Value | $2.11B | $2.32B | $1.50B | $1.82B | $2.81B | · | · | · | · | · | · | · | |
| P/E | 17.1 | 99.5 | -8.0 | -10.8 | · | -55.8 | -17.0 | -3.0 | -0.6 | -19.0 | 1645.0 | -23.1 | |
| P/S | 3.2 | 3.4 | 2.1 | 2.5 | 4.9 | · | 2.8 | · | · | 1.3 | 3.1 | 4.8 | |
| P/B | 2.5 | 2.9 | 1.8 | 1.8 | 2.6 | · | 3.9 | · | · | 1.2 | 2.8 | 4.7 | |
| P / Tangible Book | · | · | · | · | · | 12.4 | · | · | · | · | · | · | |
| P / Cash Flow | 9.8 | 9.6 | 6.0 | 7.4 | 18.3 | · | 13.7 | · | · | 6.1 | 10.0 | 90.3 | |
| P / FCF | 14.0 | 11.1 | 6.9 | 8.8 | 21.2 | · | 21.4 | · | · | 10.0 | 13.5 | -147.8 | |
| EV / EBITDA | 14.0 | 21.2 | 17.5 | 17.6 | 42.6 | · | · | · | · | · | · | · | |
| EV / FCF | 12.8 | 11.5 | 8.0 | 11.2 | 25.8 | · | · | · | · | · | · | · | |
| EV / Revenue | 3.0 | 3.5 | 2.4 | 3.2 | 6.0 | · | · | · | · | · | · | · | |
| Earnings Yield | 5.9% | 1.0% | -12.5% | -9.2% | 0.00% | -1.8% | -5.9% | -33.0% | -169.5% | -5.3% | 0.06% | -4.3% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $193M | $164M | $205M | $179M | $173M | $156M | $194M | $162M | $163M | $149M | $187M | $150M | $153M | $130M | $175M | $146M | |
| Cost of Revenue | $62M | $60M | $70M | $69M | $65M | $63M | $68M | $63M | $63M | $66M | $70M | $85M | $130M | $125M | $111M | $72M | |
| R&D Expense | $24M | $25M | $21M | $20M | $22M | $22M | $22M | $20M | $26M | $27M | $23M | $24M | $23M | $24M | $23M | $25M | |
| SG&A Expense | $28M | $25M | $22M | $25M | $23M | $24M | $23M | $24M | $23M | $27M | $21M | $21M | $26M | $21M | $22M | $20M | |
| Operating Expenses | $162M | $157M | $153M | $154M | $151M | $157M | $154M | $147M | $153M | $163M | $152M | $168M | $224M | $231M | $204M | $167M | |
| Operating Income | $31M | $8M | $52M | $25M | $22M | $-1M | $40M | $15M | $10M | $-14M | $35M | $-18M | $-72M | $-100M | $-29M | $-21M | |
| Interest Income | $1M | $2M | $4M | $3M | $3M | $3M | $4M | $4M | $3M | $2M | · | · | · | · | · | · | |
| Other Non-op | $-6M | $-4M | $-4M | $-4M | $-10M | $-9M | $2M | $-9M | $-6M | $-12M | $-2M | $-601.0K | $-1M | $1M | $-11M | $-4M | |
| Pretax Income | $26M | $4M | $48M | $21M | $12M | $-10M | $42M | $6M | $4M | $-26M | $33M | $-18M | $-73M | $-99M | $-39M | $-25M | |
| Income Tax | $6M | $-681.0K | $-75M | $885.0K | $958.0K | $-853.0K | $6M | $1M | $5M | $-8M | $2M | $-967.0K | $663.0K | $-309.0K | $-3M | $-435.0K | |
| Net Income | $19M | $4M | $123M | $20M | $11M | $-10M | $36M | $5M | $-1M | $-18M | $31M | $-17M | $-74M | $-99M | $-36M | $-24M | |
| EPS (Basic) | $0.14 | $0.03 | $0.86 | $0.14 | $0.08 | $-0.07 | $0.26 | $0.04 | $-0.01 | $-0.13 | $0.23 | $-0.13 | $-0.54 | $-0.73 | $-0.27 | $-0.18 | |
| EPS (Diluted) | $0.13 | $0.03 | $0.81 | $0.13 | $0.08 | $-0.07 | $0.26 | $0.04 | $-0.01 | $-0.13 | $0.23 | $-0.13 | $-0.54 | $-0.73 | $-0.27 | $-0.18 | |
| Shares (Basic) | 143,024,000 | 143,541,000 | -283,955,000 | 143,009,000 | 141,654,000 | 141,852,000 | -280,561,000 | 141,270,000 | 140,551,000 | 139,297,000 | -271,583,000 | 137,372,000 | 136,164,000 | 134,667,000 | -264,926,000 | 133,144,000 | |
| Shares (Diluted) | 147,172,000 | 148,077,000 | -289,508,000 | 153,166,000 | 148,260,000 | 141,852,000 | -281,735,000 | 148,697,000 | 140,551,000 | 139,297,000 | -271,583,000 | 137,372,000 | 136,164,000 | 134,667,000 | -264,926,000 | 133,144,000 | |
| EBITDA | $31M | $22M | · | $25M | $22M | $14M | · | $15M | $10M | $-261.0K | · | $-18M | $-72M | $-5M | · | $-21M |
Balance Sheet 27
| 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 | $333M | $185M | $553M | $482M | $426M | $430M | $483M | $387M | $326M | $253M | · | $311M | $266M | $237M | $326M | $254M | |
| Receivables | $1.38B | $1.43B | $1.30B | $1.22B | $1.30B | $1.05B | $1.20B | $1.16B | $1.12B | $1000M | · | $937M | $908M | $875M | · | $804M | |
| Prepaid Expense | $30M | $32M | $26M | $28M | $27M | $32M | $20M | $22M | $19M | $21M | · | $21M | $22M | $25M | · | $21M | |
| Current Assets | $1.75B | $1.65B | $1.88B | $1.73B | $1.76B | $1.52B | $1.70B | $1.57B | $1.47B | $1.27B | · | $1.27B | $1.20B | $1.14B | · | $1.08B | |
| PP&E (Net) | $116M | $116M | $109M | $97M | $90M | $79M | $69M | $65M | $63M | $56M | · | $46M | $46M | $46M | · | $45M | |
| PP&E (Gross) | $250M | $248M | $233M | · | · | · | $191M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $134M | $132M | $124M | · | · | · | $123M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $984M | $984M | $984M | $984M | $978M | $978M | $978M | $978M | $978M | $978M | $978M | $978M | $978M | $978M | · | $978M | |
| Intangibles | $7M | $10M | $12M | $15M | $11M | $14M | $21M | $28M | $36M | $43M | · | $59M | $88M | $167M | · | $323M | |
| Other Non-current Assets | $86M | $85M | $82M | $6M | $6M | $6M | $6M | $9M | $11M | $16M | · | $7M | $7M | $8M | · | $6M | |
| Total Assets | $3.03B | $2.95B | $3.16B | $2.92B | $2.93B | $2.67B | $2.85B | $2.74B | $2.64B | $2.45B | · | $2.45B | $2.41B | $2.43B | · | $2.53B | |
| Accounts Payable | $1.67B | $1.59B | $1.61B | $1.48B | $1.53B | $1.31B | $1.47B | $1.38B | $1.30B | $1.12B | · | $1.10B | $1.02B | $950M | · | $890M | |
| Current Liabilities | $1.70B | $1.62B | $1.84B | $1.71B | $1.76B | $1.54B | $1.50B | $1.41B | $1.33B | $1.15B | · | $1.13B | $1.05B | $982M | · | $919M | |
| Capital Leases | $43M | $57M | $50M | $49M | $43M | $44M | $39M | $47M | $50M | $53M | · | $54M | $59M | $62M | · | $64M | |
| Deferred Tax | · | · | · | · | · | · | · | · | $287.0K | $288.0K | · | $4M | $5M | $5M | · | $12M | |
| Other Non-current Liabilities | $3M | $3M | $3M | $3M | $2M | $2M | $1M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Total Liabilities | $2.10B | $2.03B | $2.24B | $2.11B | $2.16B | $1.93B | $2.09B | $2.01B | $1.93B | $1.76B | · | $1.79B | $1.76B | $1.72B | · | $1.72B | |
| Long-term Debt | $350M | $351M | $556M | $556M | $556M | $557M | $554M | $554M | $553M | $553M | · | $627M | $662M | $703M | · | $756M | |
| Total Debt | $347M | $347M | · | $348M | $349M | $349M | · | $550M | $549M | $549M | · | $605M | $639M | $678M | · | $726M | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | · | $2.0K | $2.0K | $2.0K | · | $2.0K | |
| Paid-in Capital | $1.43B | $1.43B | $1.44B | $1.45B | $1.43B | $1.42B | $1.43B | $1.42B | $1.42B | $1.40B | · | $1.37B | $1.35B | $1.33B | · | $1.30B | |
| Retained Earnings | $-493M | $-512M | $-517M | $-640M | $-660M | $-671M | $-661M | $-698M | $-703M | $-702M | · | $-715M | $-697M | $-624M | · | $-488M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| AOCI | $-1M | $-1M | $-1M | $-2M | $-1M | $-4M | $-4M | $-1M | $-3M | $-3M | · | $-4M | $-3M | $-3M | · | $-5M | |
| Stockholders' Equity | $936M | $918M | $922M | $808M | $768M | $742M | $768M | $726M | $713M | $695M | $702M | $652M | $653M | $705M | $791M | $811M | |
| Liabilities + Equity | $3.03B | $2.95B | $3.16B | $2.92B | $2.93B | $2.67B | $2.85B | $2.74B | $2.64B | $2.45B | · | $2.45B | $2.41B | $2.43B | · | $2.53B | |
| Shares Outstanding | 143,382,000 | 143,301,000 | 142,964,000 | 143,643,000 | 142,383,000 | 141,476,000 | 141,427,000 | 141,148,000 | 141,141,000 | 140,024,000 | 138,577,000 | 137,821,000 | 136,859,000 | 135,438,000 | 134,006,000 | 133,349,000 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $15M | $14M | $14M | $12M | $12M | $16M | $16M | $15M | $14M | $14M | $17M | $39M | $89M | $96M | $77M | $47M | |
| Stock-based Comp | $20M | $20M | $18M | $18M | $20M | $21M | $17M | $19M | $20M | $21M | $17M | $17M | $19M | $19M | $14M | $17M | |
| Amort. of Intangibles | $2M | $3M | $3M | $2M | $3M | $7M | $7M | $8M | $8M | $8M | $8M | $30M | $79M | $86M | $69M | $38M | |
| Other Non-cash | · | $-159M | · | · | · | $-25M | · | · | · | $-77M | · | · | · | $-47M | · | · | |
| Operating Cash Flow | $187M | $-121M | $128M | $87M | $19M | $3M | $115M | $91M | $90M | $-60M | $89M | $82M | $74M | $-31M | $89M | $40M | |
| CapEx | $12M | $9M | $25M | $18M | $13M | $14M | $4M | $14M | $9M | $6M | $10M | $4M | $8M | $4M | $13M | $9M | |
| Investing Cash Flow | $-16M | $-13M | $-29M | $-30M | $-16M | $-17M | $-7M | $-18M | $-13M | $-9M | $-12M | $-7M | $-11M | $-7M | $-15M | $-13M | |
| Stock Repurchased | $21M | $14M | $23M | $0 | $4M | $19M | $6M | $9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $-14M | · | · | · | $-19M | · | · | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $-22M | $-235M | $-28M | $345.0K | $-8M | $-39M | $-9M | $-14M | $-3M | $-3M | $-62M | $-31M | $-33M | $-52M | $-2M | $-5M | |
| Net Change in Cash | $148M | $-369M | $71M | $56M | $-4M | $-54M | $96M | $61M | $74M | $-73M | $16M | $44M | $30M | $-90M | $73M | $20M | |
| Free Cash Flow | · | $-130M | · | · | · | $-12M | · | · | · | $-66M | · | · | · | $-35M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 16.2% | 4.7% | · | 14.0% | 12.7% | -0.88% | · | 9.3% | 5.9% | -9.3% | · | -11.9% | -47.1% | -77.2% | · | -14.5% | |
| Net Margin | 10.0% | 2.7% | · | 11.2% | 6.4% | -6.2% | · | 3.2% | -0.66% | -11.9% | · | -11.6% | -48.4% | -75.9% | · | -16.7% | |
| Pretax Margin | 13.2% | 2.3% | · | 11.7% | 7.0% | -6.7% | · | 3.9% | 2.2% | -17.1% | · | -12.3% | -48.0% | -76.1% | · | -17.0% | |
| EBITDA Margin | 16.2% | 13.4% | · | 14.0% | 12.7% | 9.1% | · | 9.3% | 5.9% | -0.17% | · | -11.9% | -47.1% | -3.6% | · | -14.5% | |
| ROA | 0.65% | 0.16% | · | 0.71% | 0.40% | -0.38% | · | 0.20% | -0.04% | -0.73% | · | -0.70% | -2.9% | -4.0% | · | -0.96% | |
| ROE | 2.3% | 0.53% | · | 2.6% | 1.5% | -1.3% | · | 0.76% | -0.16% | -2.5% | · | -2.4% | -10.0% | -12.8% | · | -2.9% | |
| ROIC | 1.8% | 0.72% | · | 2.1% | 1.8% | -0.11% | · | 0.99% | -0.23% | -0.77% | · | -1.3% | -5.6% | -7.2% | · | -1.4% |
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 | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | · | 1.1 | 1.1 | 1.1 | · | 1.1 | 1.1 | 1.2 | · | 1.2 | |
| Quick Ratio | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | · | 1.1 | 1.1 | 1.1 | · | 1.1 | 1.1 | 1.1 | · | 1.2 | |
| Debt / Equity | 0.4 | 0.4 | · | 0.4 | 0.5 | 0.5 | · | 0.8 | 0.8 | 0.8 | · | 0.9 | 1.0 | 1.0 | · | 0.9 | |
| LT Debt / Equity | 0.4 | 0.4 | · | 0.4 | 0.5 | 0.5 | · | 0.8 | 0.8 | 0.8 | · | 0.9 | 1.0 | 1.0 | · | 0.9 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 0.1 | 0.1 | · | 0.2 | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $710M | $673M | · | $671M | $654M | $630M | · | $624M | $615M | $582M | · | $579M | $566M | $532M | · | $534M | |
| Net Income TTM | $55M | $26M | · | $27M | $6M | $-23M | · | $-31M | $-110M | $-208M | · | $-214M | $-222M | $-193M | · | $-118M | |
| Market Cap | $2.72B | $1.70B | · | $3.13B | $3.43B | $1.61B | · | $1.95B | $1.88B | $1.51B | · | $1.04B | $1.87B | $1.25B | · | $876M | |
| Enterprise Value | $2.74B | $1.86B | · | $2.99B | $3.36B | $1.53B | · | $2.12B | $2.10B | $1.80B | · | $1.33B | $2.24B | $1.70B | · | $1.35B | |
| P/E | 51.3 | 69.9 | · | 121.0 | 603.0 | -67.1 | · | -60.2 | -16.4 | -7.0 | · | -4.8 | -8.3 | -6.4 | · | -7.4 | |
| P/S | 3.8 | 2.5 | · | 4.7 | 5.3 | 2.6 | · | 3.1 | 3.1 | 2.6 | · | 1.8 | 3.3 | 2.4 | · | 1.6 | |
| P/B | 2.9 | 1.9 | · | 3.9 | 4.5 | 2.2 | · | 2.7 | 2.6 | 2.2 | · | 1.6 | 2.9 | 1.8 | · | 1.1 | |
| P / Cash Flow | · | -14.1 | · | · | · | 630.3 | · | · | · | -24.9 | · | · | · | -40.6 | · | · | |
| P / FCF | · | -13.1 | · | · | · | -136.6 | · | · | · | -22.7 | · | · | · | -35.5 | · | · | |
| EV / EBITDA | 87.6 | 84.4 | · | 119.6 | 152.9 | 107.7 | · | 140.0 | 219.2 | -6902.3 | · | -74.8 | -31.2 | -360.7 | · | -63.7 | |
| EV / FCF | · | -14.3 | · | · | · | -129.8 | · | · | · | -27.2 | · | · | · | -48.0 | · | · | |
| EV / Revenue | 3.9 | 2.8 | · | 4.5 | 5.1 | 2.4 | · | 3.4 | 3.4 | 3.1 | · | 2.3 | 4.0 | 3.2 | · | 2.5 | |
| Earnings Yield | 1.9% | 1.4% | · | 0.83% | 0.17% | -1.5% | · | -1.7% | -6.1% | -14.2% | · | -20.9% | -12.0% | -15.6% | · | -13.6% |
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 | $714M | $668M | $620M | $577M | $468M |
| Operating Margin % | 13.7% | 7.6% | -25.0% | -19.5% | -17.3% |
| Net Income | $145M | $23M | $-159M | $-130M | $65.0K |
| Diluted EPS | $0.95 | $0.16 | $-1.17 | $-0.98 | $0.00 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.4 | 0.7 | 0.8 | 0.9 | 0.8 |
| Current Ratio | 1.0 | 1.1 | 1.1 | 1.2 | 1.1 |
| Quick Ratio | 1.0 | 1.1 | 1.1 | 1.2 | 1.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $166M | $202M | $188M | $162M | $109M |
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Institutional owners (13F) 359 filers · $2.4B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 64 (+10 vs prior Q) | 34 (-20 vs prior Q) | 112 (-4 vs prior Q) | 88 (+3 vs prior Q) | +12.5M |
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 GROUP INC | $220,902,894 | 13,610,776 | 9.25% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $155,584,488 | 8,197,286 | 6.51% | Shares |
| FMR LLC | $121,619,076 | 6,407,749 | 5.09% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $118,154,201 | 6,225,195 | 4.95% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $93,305,946 | 4,916,014 | 3.91% | Shares |
| AMERICAN CENTURY COMPANIES INC | $87,739,553 | 4,622,736 | 3.67% | Shares |
| Boston Partners | $79,348,492 | 4,144,184 | 3.32% | Shares |
| Capital Research Global Investors | $73,436,638 | 3,869,159 | 3.07% | Shares |
| STATE STREET CORP | $66,962,864 | 3,528,075 | 2.80% | Shares |
| 325 CAPITAL LLC | $64,772,932 | 3,412,694 | 2.71% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $61,919,270 | 3,262,343 | 2.59% | Shares |
| Nine Ten Capital Management LLC | $61,899,000 | 3,261,283 | 2.59% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $61,840,607 | 3,257,507 | 2.59% | Shares |
| Granahan Investment Management, LLC | $58,519,345 | 3,083,211 | 2.45% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $56,846,865 | 2,995,093 | 2.38% | Shares |
| Park West Asset Management LLC | $37,960,000 | 2,000,000 | 1.59% | Shares |
| Qube Research & Technologies Ltd | $37,124,671 | 1,955,989 | 1.55% | Shares |
| Blue Grotto Capital, LLC | $32,393,945 | 1,706,741 | 1.36% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $31,635,845 | 1,666,799 | 1.32% | Shares |
| Caption Management, LLC | $28,470,000 | 1,500,000 | 1.19% | Put option |
| ROYCE & ASSOCIATES LP | $27,965,075 | 1,473,397 | 1.17% | Shares |
| Ophir Asset Management Pty Ltd | $27,522,158 | 1,450,061 | 1.15% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $23,447,589 | 1,235,384 | 0.98% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $22,836,527 | 1,203,189 | 0.96% | Shares |
| CITADEL ADVISORS LLC | $22,174,334 | 1,168,300 | 0.93% | Put option |
| GRIZZLYROCK CAPITAL, LLC | $22,104,639 | 1,164,628 | 0.93% | Shares |
| Maestria Partners LLC | $21,987,001 | 1,158,430 | 0.92% | Shares |
| GOLDMAN SACHS GROUP INC | $21,135,179 | 1,113,550 | 0.88% | Shares |
| Meros Investment Management, LP | $18,815,538 | 991,335 | 0.79% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $18,772,966 | 989,092 | 0.79% | Shares |
| Nuveen, LLC | $17,977,154 | 947,163 | 0.75% | Shares |
| Walleye Trading LLC | $15,709,746 | 827,700 | 0.66% | Call option |
| MILLENNIUM MANAGEMENT LLC | $14,516,265 | 764,819 | 0.61% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $14,235,000 | 750,000 | 0.60% | Call option |
| QVT Financial LP | $14,186,354 | 747,437 | 0.59% | Shares |
| BANK OF MONTREAL /CAN/ | $14,045,200 | 740,000 | 0.59% | Call option |
| OBERWEIS ASSET MANAGEMENT INC/ | $13,950,300 | 735,000 | 0.58% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $13,433,076 | 707,749 | 0.56% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $13,124,123 | 691,471 | 0.55% | Shares |
| Kopion Asset Management, LLC | $12,801,080 | 674,451 | 0.54% | Shares |
| First Eagle Investment Management, LLC | $12,731,556 | 670,788 | 0.53% | Shares |
| Balyasny Asset Management L.P. | $12,651,195 | 666,554 | 0.53% | Shares |
| Nuveen Asset Management, LLC | $11,942,802 | 750,176 | 0.50% | Shares |
| Squarepoint Ops LLC | $11,201,996 | 590,200 | 0.47% | Put option |
| S SQUARED TECHNOLOGY, LLC | $10,778,021 | 567,862 | 0.45% | Shares |
| Schonfeld Strategic Advisors LLC | $10,670,460 | 562,195 | 0.45% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $10,513,022 | 553,900 | 0.44% | Shares |
| Edenbrook Capital, LLC | $10,155,667 | 535,072 | 0.43% | Shares |
| BANK OF MONTREAL /CAN/ | $10,088,610 | 531,539 | 0.42% | Shares |
| JANE STREET GROUP, LLC | $9,863,868 | 519,698 | 0.41% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $9,557,967 | 503,581 | 0.40% | Shares |
| AMERIPRISE FINANCIAL INC | $9,475,519 | 499,237 | 0.40% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $9,296,632 | 489,812 | 0.39% | Shares |
| EVR Research LP | $9,110,400 | 480,000 | 0.38% | Shares |
| BANK OF AMERICA CORP /DE/ | $8,859,674 | 466,790 | 0.37% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,765,894 | 461,849 | 0.37% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,687,146 | 457,700 | 0.36% | Call option |
| Manatuck Hill Partners, LLC | $8,541,000 | 450,000 | 0.36% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $6,988,420 | 368,199 | 0.29% | Shares |
| Caption Management, LLC | $6,718,920 | 354,000 | 0.28% | Call option |
| CITADEL ADVISORS LLC | $6,597,410 | 347,598 | 0.28% | Shares |
| CITADEL ADVISORS LLC | $6,413,342 | 337,900 | 0.27% | Call option |
| Trexquant Investment LP | $6,328,482 | 333,429 | 0.26% | Shares |
| Alyeska Investment Group, L.P. | $6,203,404 | 326,839 | 0.26% | Shares |
| BlackRock, Inc. | $6,120,727 | 322,483 | 0.26% | Shares |
| 1492 Capital Management LLC | $6,030,895 | 317,750 | 0.25% | Shares |
| Swiss National Bank | $5,498,506 | 289,700 | 0.23% | Shares |
| Lisanti Capital Growth, LLC | $5,485,789 | 289,030 | 0.23% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $5,388,783 | 283,919 | 0.23% | Shares |
| ExodusPoint Capital Management, LP | $5,160,074 | 271,869 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,820,920 | 254,000 | 0.20% | Put option |
| Park West Asset Management LLC | $4,745,000 | 250,000 | 0.20% | Call option |
| Walleye Trading LLC | $4,672,876 | 246,200 | 0.20% | Put option |
| Norwood Investment Partners, LP | $4,460,300 | 235,000 | 0.19% | Shares |
| Squarepoint Ops LLC | $4,369,841 | 230,234 | 0.18% | Shares |
| BARCLAYS PLC | $4,363,540 | 229,902 | 0.18% | Shares |
| WOLVERINE TRADING, LLC | $4,279,988 | 192,100 | 0.18% | Call option |
| Senvest Management, LLC | $4,253,418 | 224,100 | 0.18% | Shares |
| Hilton Capital Management, LLC | $4,164,326 | 219,406 | 0.17% | Shares |
| Pillsbury Lake Capital LLC | $4,132,952 | 217,753 | 0.17% | Shares |
| Occam Crest Management LP | $3,847,350 | 195,000 | 0.16% | Shares |
| RHUMBLINE ADVISERS | $3,716,476 | 195,811 | 0.16% | Shares |
| Bank of New York Mellon Corp | $3,713,551 | 195,656 | 0.16% | Shares |
| Advantage Alpha Capital Partners LP | $3,494,536 | 160,447 | 0.15% | Shares |
| GREAT LAKES ADVISORS, LLC | $3,344,181 | 176,195 | 0.14% | Shares |
| EFG Asset Management (North America) Corp. | $3,277,377 | 150,511 | 0.14% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $3,269,817 | 172,277 | 0.14% | Shares |
| LPL Financial LLC | $3,109,626 | 163,837 | 0.13% | Shares |
| Quantinno Capital Management LP | $3,070,622 | 161,782 | 0.13% | Shares |
| CLOUGH CAPITAL PARTNERS L P | $3,028,942 | 159,586 | 0.13% | Shares |
| MARSHALL WACE, LLP | $2,854,022 | 150,370 | 0.12% | Shares |
| Concentric Capital Strategies, LP | $2,784,328 | 146,698 | 0.12% | Shares |
| Caption Management, LLC | $2,763,298 | 145,590 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,665,513 | 140,438 | 0.11% | Shares |
| Cerity Partners LLC | $2,665,134 | 140,418 | 0.11% | Shares |
| ALGERT GLOBAL LLC | $2,609,845 | 137,505 | 0.11% | Shares |
| BANK OF MONTREAL /CAN/ | $2,562,300 | 135,000 | 0.11% | Put option |
| WELLS FARGO & COMPANY/MN | $2,500,729 | 131,756 | 0.10% | Shares |
| JANE STREET GROUP, LLC | $2,488,278 | 131,100 | 0.10% | Put option |
| TUDOR INVESTMENT CORP ET AL | $2,376,296 | 125,200 | 0.10% | Call option |
Company insiders 32 insiders · 16 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael G. Barrett | CEO | Aug. 15, 2026 F | 392,670 | 0 | 5 | $-13,639,790 |
| Frank Addante | Chief Executive Officer, Chief Product Architect and Chairman of the Board | Feb. 17, 2016 A | 1,878,956 | 0 | 0 | $0 |
| David Day | CHIEF FINANCIAL OFFICER | Aug. 15, 2026 F | 452,861 | 0 | 0 | $0 |
| Todd L Tappin | CFO & COO | April 28, 2016 M | 466,361 | 0 | 0 | $0 |
| Sean Patrick Buckley | President, Revenue & Market Strategy | Aug. 18, 2026 S | 293,060 | 0 | 6 | $-2,685,256 |
| Katie Seitz Evans | President, Product & Operations | Aug. 15, 2026 F | 485,636 | 0 | 1 | $-480,000 |
| Mark Zagorski | President & COO | April 1, 2020 A | 436,917 | 0 | 0 | $0 |
| Gregory R Raifman | President | March 9, 2016 M | 502,366 | 0 | 0 | $0 |
| David Buonasera | CHIEF TECHNOLOGY OFFICER | Aug. 15, 2026 F | 252,734 | 0 | 9 | $-660,771 |
| Aaron Saltz | CHIEF LEGAL OFFICER | Aug. 15, 2026 F | 264,389 | 0 | 0 | $0 |
| Brian Gephart | CHIEF ACCOUNTING OFFICER | Aug. 15, 2026 F | 102,328 | 0 | 1 | $-307,982 |
| Adam Lee Soroca | Chief Product Officer | Jan. 2, 2024 A | 532,683 | 0 | 0 | $0 |
| James Allen Dove | Chief Technology Officer | Aug. 15, 2022 F | 191,071 | 0 | 0 | $0 |
| Joseph R Prusz | Chief Revenue Officer, DV+ | Feb. 15, 2022 F | 311,083 | 0 | 0 | $0 |
| Thomas Kershaw | Chief Technology Officer | May 17, 2021 S | 473,763 | 0 | 0 | $0 |
| Brian W Copple | General Counsel and Secretary | Jan. 31, 2016 A | 144,200 | 0 | 0 | $0 |
| Paul Caine | Director | Aug. 14, 2026 S | 149,901 | 0 | 5 | $-699,950 |
| David T. Pearson | Director | June 10, 2026 S | 79,001 | 0 | 1 | $-168,488 |
| Diane Yu | Director | June 8, 2026 A | 81,279 | 0 | 0 | $0 |
| Sarah Patricia Harden | Director | June 8, 2026 A | 163,737 | 0 | 0 | $0 |
| Robert F Spillane | Director | June 8, 2026 A | 57,715 | 0 | 0 | $0 |
| James Rossman | Director | June 8, 2026 A | 107,477 | 0 | 0 | $0 |
| Robert J Frankenberg | Director | June 14, 2023 A | 119,090 | 0 | 0 | $0 |
| Lisa L Troe | Director | June 8, 2023 S | 114,218 | 0 | 0 | $0 |
| Sumant Mandal | Director | Feb. 25, 2019 J | 1,548,980 | 0 | 0 | $0 |
| Lewis W Coleman | Director | March 8, 2016 A | 15,386 | 0 | 0 | $0 |
| Jarl Mohn | Director | April 7, 2014 C | 355,850 | 0 | 0 | $0 |
| NEWS CORP | 10% owner | April 7, 2014 C | 4,746,349 | 0 | 0 | $0 |
| Rachel Lam | — | Aug. 10, 2026 S | 230,620 | 0 | 1 | $-241,600 |
| Douglas S Knopper | — | Aug. 6, 2026 S | 88,473 | 0 | 3 | $-1,693,446 |
| Shawna Hughes | — | May 17, 2021 S | 178,129 | 0 | 0 | $0 |
| CLEARSTONE VENTURE PARTNERS III-A LP | — | May 22, 2015 J | 5,570,406 | 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 |
|---|---|---|---|---|---|
| Edenbrook Capital, LLC, Jonathan Brolin ×2 filings | July 14, 2023 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 63 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 |
|---|---|---|---|---|
| FDCF · Fidelity Covington Trust | 1.44% | 107,209 NS | May 31, 2026 | N-PORT |
| SMCO · Tidal Trust II | 1.07% | 107,276 NS | April 30, 2026 | N-PORT |
| FDTX · Fidelity Covington Trust | 0.93% | 167,699 NS | May 31, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.39% | 484,264 NS | June 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.27% | 33,017 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.19% | 496,734 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.15% | 148,177 NS | April 30, 2026 | N-PORT |
| FCOM · FIDELITY COVINGTON TRUST | 0.11% | 152,521 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.10% | 2,255 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 51,295 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 40,746 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.08% | 4,886 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.06% | 61,658 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.05% | 6,696 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.05% | 299,225 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.04% | 478,460 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 693,882 NS | May 31, 2026 | N-PORT |
| SXQG · EXCHANGE TRADED CONCEPTS TRUST | 0.04% | 1,964 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.04% | 73,848 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 5,237 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 18,315 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.03% | 7,886 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 5,296 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 5,506 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 357,809 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 21,540 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 133 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.01% | 88,581 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 45,459 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 6,861 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 35,372 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 51,210 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.00% | 32,991 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 83,766 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 4,004 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 3 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 |
| VFVA · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |