MKC McCormick & Company, Incorporated Common Stock
About McCormick & Company, Incorporated Common Stock Company overview from Wikipedia
McCormick & Company, Incorporated is an American food company that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavoring products to retail outlets, food manufacturers, and food service businesses.
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McCormick & Company, Incorporated is an American food company that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavoring products to retail outlets, food manufacturers, and food service businesses.
Their products are available in many countries, and it is the largest producer of spices and related food products worldwide, based on revenue.
A Fortune 500 company, McCormick has approximately 14,000 employees around the globe. The company headquarters moved from Sparks to Hunt Valley, Maryland, in the third quarter of 2018.
History
Willoughby M. McCormick (1864–1932) started the business in Baltimore at age 25 in 1889. From one room and a cellar, he sold his initial products door-to-door, which included root beer, flavoring extracts, fruit syrup, and juices. Seven years later, McCormick bought the F.G. Emmett Spice Company and entered the spice industry. In 1903, Willoughby and his brother Roberdeau incorporated the company in Maine; they reincorporated in Maryland in 1915. The Great Baltimore Fire of February 1904 destroyed most of the company's assets and records. However, they constructed a new five-story building on the same site within 10 months in 1905.
The United States Bureau of Chemistry investigated McCormick & Company in 1916 for adulteration in its black pepper product. The court case resulted in a fine and a requirement that the company label the adulterated product as "ground black pepper containing from 10 percent to 28 percent added pepper shells".
Willoughby's nephew, Charles P. McCormick, began working for the company in the summer of 1912, during his high school years at Baltimore City College. After graduating in 1915, he attended Johns Hopkins University, and was later elected to the company board of directors in 1925.
Willoughby died on November 4, 1932, and Charles was elected president and chairman of the board at age 36. In 1941, the big "Mc" became a trademark for nearly all US products.
Charles P. McCormick, Jr. was elected president and chief executive officer in 1987 and re-elected CEO and chairman of the board in 1988.
McCormick is a Fortune 500 company, having annual revenues of $5.6 billion in 2020.
Acquisitions
McCormick acquired San Francisco-based coffee, spice, and extract house A. Schilling & Company in 1947, enabling McCormick to begin coast-to-coast distribution in the US. McCormick continued to use the Schilling name for its Western division until the 1990s, with the last product containers marked Schilling produced in 2002; since then, all of the company's products have been marketed under the McCormick name nationwide.
It acquired Ben-Hur Products, a similar California-based company, in 1953, and Canada's largest spice firm, Gorman Eckert & Co. Ltd. of London, Ontario, in 1959. Gilroy Foods of Gilroy, California, became a wholly owned subsidiary in 1961. Other acquisitions included Baker Extract Co. in 1962, Cake Mate cake decorating in 1967, Childers Foods (later part of Golden West Foods) in 1968, and Tubed Products, an Easthampton, Massachusetts contract food packer and producer of plastic tubes, also in 1968. Charles P. McCormick retired in 1969, was named chairman emeritus, and died of a heart attack the following year.
McCormick acquired Golden West Foods, a frozen foods manufacturer and distributor in Gilroy, California, in 1973 and entered that field under the Schilling brand label. The McCormick (east) and Schilling (west) retail units were consolidated to form a Grocery Products Division in 1975 with headquarters in Baltimore. Additional acquisitions included All Portions in 1975, TV Time Foods of Chicago in 1976, Astro Foods of San Rafael, California, in 1977, and Han-Dee Pak of Atlanta in 1979.
In October 1979, Swiss pharmaceutical firm Sandoz, Ltd. announced its intention to purchase the company. McCormick sued Sandoz in May 1980 and by September Sandoz agreed to relinquish its efforts to purchase McCormick and sold the shares that it acquired in its attempt to purchase the company.
Setco, a plastic bottle producer in Culver City, California, and Stange, Chicago's specialty flavorings and colorings company, became subsidiaries in 1981. The company acquired Paterson Jenks, a publicly held United Kingdom corporation, in 1984, and Schwartz, the largest British spice line. Other acquisitions included Armanino Farms, the world's largest grower and processor of chives, from Armanino & Son, Inc., of San Francisco in 1986; and three California companies in 1987: Gentry Foods of Gilroy, Parsley Patch of Windsor, and The Herb Farm of Encinitas.
In 1990, McCormick purchased an interest in the Old Bay seasoning brand, famous in the Chesapeake Bay region for its use in preparing and steaming the local seafood delicacy of blue crabs. It then acquired Mojave Foods Corporation of Los Angeles in 1991, and the consumer products business of Golden Dipt Company in 1993. McCormick's 1994 acquisitions included Grupo Pesa of Mexico, Tuko Oy of Finland, Butto of Switzerland, and Minipack of Southampton, United Kingdom. Chairman Emeritus Charles P. McCormick Jr. was re-elected chairman in 1994. The company sold Golden West Foods in 1995 and Minipack of Southampton in 1996. Also sold in 1996 were Gilroy Foods, Gilroy Energy, and Giza National Dehydration of Cairo, Egypt. McCormick Canada acquired the French's dry seasoning line in 1997.
The company acquired Ducros of France in 2000, later renamed McCormick France. In 2003, McCormick was added to the Standard & Poor's 500 Index; acquired UniqSauces of the UK and Zatarain's of Louisiana; and sold its packaging businesses, Setco and Tubed Products, as well as its Jenks brokerage business assets. The company acquired C.M. van Sillevoldt B.V. of the Netherlands in 2004 and Epicurean International (renamed Simply Asia Foods) in 2006, with its Thai Kitchen and Simply Asia brands.
In 2007, the company started a new advertising campaign to encourage consumers to dispose of older packages of spices by pointing out that any of their packages that list their address as "Baltimore, MD 21202" are over 15 years old. In 2008, McCormick acquired Billy Bee Honey Products of Canada, and the Lawry's brand of seasonings and marinades in its largest acquisition in company history for the next ten years. To gain FTC approval for the purchase of Lawry's, McCormick agreed to sell its Season-All business to Morton Salt.
In 2011, the company acquired Kitchen Basics, an Ohio-based brand of shelf-stable liquid stock, for $38 million. During that year, it also acquired Kamis S.A., a privately held Polish company with leading brands in spices, seasonings, mustards and other flavor products in Poland for $291 million. It also bought an 85% stake in Kohinoor Speciality Foods India for $115 million, a joint venture with India-based Kohinoor Foods Limited to market and sell basmati and ready-to-eat food products in India.
In mid-2013, the company completed its acquisition of Wuhan Asia-Pacific Condiments Co. Ltd. (WAPC), a seasoning manufacturer in the central region of China with the Daqiao and ChuShiLe bouillon products.
In June 2015, McCormick purchased Stubb's marinades, BBQ Sauce and rubs for $100 million.
In December 2015, McCormick announced that Lawrence E. Kurzius, head of global operations, would become CEO effective February 2016. Kurzius was a leader at McCormick for 12 years before the announcement and previously held positions at Uncle Ben's, Mars Inc., and Quaker Oats Company.
The company dropped its bid to acquire Premier Foods in April 2016 after determining that Premier's asking price would not benefit shareholders.
Late in 2016, the company acquired Enrico Giotti SpA, a private Italian flavorings company, in a $127 million deal.
In 2017, McCormick purchased Reckitt Benckiser's Food Division ("RB Foods"). At over four billion dollars, it topped Lawry's acquisition a decade earlier to become the largest acquisition in the company's history. The addition of French's and Frank's RedHot to McCormick's global portfolio represent the second and third largest brands, respectively, behind the McCormick brand.
In November 2020, McCormick agreed to buy Cholula Hot Sauce from L Catterton. In December 2020, McCormick acquired FONA, a leading North American manufacturer of flavors.
In March 2026, Unilever announced that it was merging its foods business with McCormick & Company, as part of the restructuring of a portfolio with revenues exceeding $20 billion.
Research and development
In February 2019, McCormick announced that it worked with IBM to build an artificial intelligence (AI) system to analyze decades of data to develop new flavor combinations and seasoning mixes. The company brought its first AI-developed line of seasoning mixes to market in 2019, which were called "One" for making one-dish meals.
TV sponsorship
In December 2021, McCormick announced their sponsorship of Elinor Wonders Why on PBS Kids, and the PBS sponsorship group noted Let's Go Luna as another such series; this is the first PBS programming to be funded by McCormick.
Headquarters
In 1970, McCormick moved its manufacturing and corporate offices from Baltimore's Inner Harbor to Hunt Valley, Maryland. In 1991, McCormick corporate offices were moved to Sparks, Maryland. In 2018, the company's 1,100-employee global headquarters moved from Sparks back to Hunt Valley with a grand opening held on October 2, 2018.
McCormick's consumer segment has brands in approximately 170 countries and territories. The retail range includes spices and herbs, recipe mixes, extracts, condiments, marinades, stocks, broths, bouillons, sauces, toppings, homemade desserts, rice mixes, salad dressings, and breadings.
McCormick makes flavorings, branded food service products, condiments, coating systems, and ingredients for food manufacturers, food service operators, and restaurants worldwide.
Brands
McCormick & Company brands reach consumers in more than 170 countries and territories. Its brands include:
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MKC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
MKC 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
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| July 6, 2026 | $0.4800 |
| April 20, 2026 | $0.4800 |
| Dec. 29, 2025 | $0.4800 |
| Oct. 14, 2025 | $0.4500 |
| July 7, 2025 | $0.4500 |
| April 7, 2025 | $0.4500 |
| Dec. 30, 2024 | $0.4500 |
| Oct. 7, 2024 | $0.4200 |
| July 8, 2024 | $0.4200 |
| April 5, 2024 | $0.4200 |
| Dec. 28, 2023 | $0.4200 |
| Oct. 6, 2023 | $0.3900 |
| July 7, 2023 | $0.3900 |
| April 6, 2023 | $0.3900 |
| Dec. 29, 2022 | $0.3900 |
| Oct. 7, 2022 | $0.3700 |
| July 8, 2022 | $0.3700 |
| April 8, 2022 | $0.3700 |
| Dec. 30, 2021 | $0.3700 |
| Oct. 8, 2021 | $0.3400 |
MKC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 4 20.0%
- Buy 6 30.0%
- Hold 9 45.0%
- Sell 1 5.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-18Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.80 | $0.70 | 0.10% |
| March 31, 2026 | $0.66 | $0.60 | 0.06% |
| Dec. 31, 2025 | $0.86 | $0.88 | -0.02% |
| Sept. 30, 2025 | $0.85 | $0.82 | 0.03% |
| June 30, 2025 | $0.69 | $0.66 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MKC | $1.01B | 23.0 | 1.7% | 11.5% | 14.3% | 37.9% |
| HSY | $36.91B | 91.4 | 4.4% | 7.5% | 19.3% | 33.6% |
| KHC | $28.57B | -4.9 | -3.5% | -23.4% | -12.9% | 33.3% |
| GIS | — | -211.3 | -5.5% | -0.48% | -1.1% | — |
| TSN | — | 40.7 | 2.1% | 0.87% | 2.6% | 6.5% |
| SJM | $10.46B | -75.4 | 3.7% | -1.5% | -2.4% | 33.5% |
| HRL | — | 27.4 | 1.6% | 4.0% | 6.0% | 15.6% |
| SFD | $8.82B | 8.9 | 9.8% | 6.4% | 15.6% | 13.5% |
| CAG | $7.76B | -3.3 | -2.9% | -17.0% | -26.5% | 23.9% |
| PPC | $9.46B | 8.8 | 3.5% | 5.9% | 27.3% | 12.8% |
| LW | $5.94B | 20.8 | 2.5% | 4.4% | 16.2% | 20.6% |
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 | $6.84B | $6.72B | $6.66B | $6.35B | $6.32B | $5.60B | $5.35B | $5.30B | $4.73B | $4.41B | $4.30B | $4.24B | |
| Cost of Revenue | $4.25B | $4.13B | $4.16B | $4.08B | $3.82B | $3.30B | $3.20B | $3.21B | $2.94B | $2.58B | $2.56B | $2.51B | |
| Gross Profit | $2.59B | $2.59B | $2.50B | $2.27B | $2.49B | $2.30B | $2.15B | $2.09B | $1.79B | $1.83B | $1.74B | $1.73B | |
| R&D Expense | $106M | $103M | $95M | $88M | $87M | $69M | $67M | $69M | $66M | $61M | $61M | $62M | |
| SG&A Expense | $1.50B | $1.52B | $1.48B | $1.36B | $1.40B | $1.28B | $1.17B | $1.16B | $1.03B | $1.18B | $1.13B | $1.12B | |
| Operating Income | $1.07B | $1.06B | $963M | $864M | $1.02B | $1000M | $958M | $891M | $700M | $641M | $548M | $603M | |
| Interest Expense | $196M | $209M | $208M | $149M | $137M | $136M | $165M | $175M | $96M | $56M | $53M | $50M | |
| Other Non-op | $38M | $47M | $44M | $98M | $17M | $18M | $27M | $25M | $6M | $4M | $1M | $1M | |
| Pretax Income | $913M | $898M | $799M | $813M | $896M | $882M | $819M | $741M | $595M | $589M | $496M | $554M | |
| Income Tax | $196M | $184M | $174M | $169M | $193M | $175M | $157M | $-157M | $151M | $153M | $131M | $146M | |
| Net Income | $789M | $788M | $681M | $682M | $755M | $747M | $703M | $933M | $477M | $472M | $402M | $438M | |
| EPS (Basic) | $2.94 | $2.94 | $2.54 | $2.54 | $2.83 | $2.80 | $2.65 | $3.55 | $3.77 | $3.73 | $3.14 | $3.37 | |
| EPS (Diluted) | $2.93 | $2.92 | $2.52 | $2.52 | $2.80 | $2.78 | $2.62 | $3.50 | $3.72 | $3.69 | $3.11 | $3.34 | |
| Shares (Basic) | 268,500,000 | 268,500,000 | 268,400,000 | 268,200,000 | 267,300,000 | 266,500,000 | 265,100,000 | 263,100,000 | 126,800,000 | 126,600,000 | 128,000,000 | 129,900,000 | |
| Shares (Diluted) | 269,400,000 | 269,600,000 | 269,800,000 | 270,200,000 | 269,900,000 | 269,100,000 | 268,100,000 | 266,500,000 | 128,400,000 | 128,000,000 | 129,200,000 | 131,000,000 | |
| EBITDA | $1.30B | $1.27B | $1.16B | $1.06B | $1.20B | $1.16B | $1.12B | $1.05B | · | $750M | $654M | $706M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $96M | $186M | $167M | $334M | $352M | $424M | $155M | $97M | $187M | $118M | $113M | $77M | |
| Receivables | $629M | $587M | $588M | $574M | $550M | $528M | $503M | $518M | $555M | $465M | $455M | $494M | |
| Inventory | $1.27B | $1.24B | $1.13B | $1.34B | $1.18B | $1.03B | $801M | $786M | $793M | $756M | · | · | |
| Prepaid Expense | $141M | $126M | $121M | $139M | $112M | $99M | $91M | $79M | $82M | $82M | $79M | $132M | |
| Other Current Assets | $88M | $74M | $73M | $77M | $71M | $61M | $55M | $52M | $49M | $58M | $56M | $111M | |
| Current Assets | $2.14B | $2.14B | $2.00B | $2.39B | $2.20B | $2.08B | $1.55B | $1.48B | $1.62B | $1.42B | $1.36B | $1.42B | |
| PP&E (Net) | $1.45B | $1.41B | $1.32B | $1.20B | $1.14B | $1.03B | $953M | $942M | $809M | $669M | $618M | $603M | |
| PP&E (Gross) | · | · | · | · | · | · | · | $2.07B | $1.87B | $1.63B | $1.53B | $1.48B | |
| Accum. Depreciation | $1.51B | $1.34B | $1.25B | $1.14B | $1.06B | $985M | $867M | $800M | $1.06B | $961M | $913M | $879M | |
| Goodwill | $5.30B | $5.23B | $5.26B | $5.21B | $5.34B | $4.99B | $4.51B | $4.53B | $4.49B | $1.77B | $1.76B | $1.72B | |
| Intangibles | $3.29B | $3.32B | $3.36B | $3.39B | $3.45B | $3.24B | $2.85B | $2.87B | $3.07B | $425M | $372M | $331M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | · | $81M | $82M | $56M | |
| Total Assets | $13.20B | $13.07B | $12.86B | $13.12B | $12.91B | $12.09B | $10.36B | $10.26B | $10.39B | $4.64B | $4.47B | $4.38B | |
| Short-term Debt | $381M | $483M | $272M | $1.24B | $539M | $887M | $601M | $560M | $258M | $390M | $140M | $270M | |
| Current Liabilities | $3.06B | $2.88B | $3.10B | $3.43B | $3.22B | $3.05B | $2.15B | $2.00B | $1.95B | $1.42B | $1.24B | $1.12B | |
| Capital Leases | $168M | $167M | $180M | $176M | $106M | $104M | · | · | · | · | · | · | |
| Deferred Tax | $836M | $840M | $861M | $866M | $792M | $727M | $698M | $706M | $1.09B | $80M | $100M | $108M | |
| Other Non-current Liabilities | $428M | $437M | $479M | $485M | $491M | $622M | $428M | $313M | $329M | $441M | $496M | $469M | |
| Total Liabilities | $7.43B | $7.75B | $7.78B | $8.43B | $8.48B | $8.15B | $6.91B | $7.07B | $7.81B | $3.00B | $2.79B | $2.60B | |
| Long-term Debt | $3.61B | $3.86B | $4.14B | $3.91B | $4.74B | $4.02B | $3.72B | $4.14B | $4.77B | $1.06B | $1.25B | $1.02B | |
| Total Debt | $4.00B | $4.34B | $4.41B | $5.15B | $5.28B | $4.90B | $4.32B | $4.70B | · | $1.45B | $1.40B | $1.28B | |
| Common Stock | $582M | $588M | $597M | $569M | $530M | $484M | $448M | $400M | $378M | $410M | $384M | $367M | |
| Retained Earnings | $3.82B | $3.54B | $3.25B | $3.02B | $2.78B | $2.42B | $2.06B | $1.76B | $1.17B | $1.06B | $1.04B | $983M | |
| AOCI | $-363M | $-491M | $-389M | $-481M | $-426M | $-471M | $-500M | $-360M | $-280M | $-514M | $-406M | $-186M | |
| Stockholders' Equity | $5.74B | $5.29B | $5.06B | $4.68B | $4.41B | $3.93B | $3.44B | $3.17B | $2.57B | $1.64B | $1.69B | $1.81B | |
| Liabilities + Equity | $13.20B | $13.07B | $12.86B | $13.12B | $12.91B | $12.09B | $10.36B | $10.26B | $10.39B | $4.64B | $4.47B | $4.41B | |
| Shares Outstanding | 14,900,000 | 15,700,000 | 16,800,000 | 17,800,000 | 17,800,000 | 18,000,000 | 18,600,000 | 9,600,000 | 10,000,000 | 11,400,000 | 11,700,000 | 12,000,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $231M | $209M | $199M | $201M | $186M | $165M | $159M | $151M | $125M | $109M | $106M | $103M | |
| Stock-based Comp | $46M | $47M | $63M | $60M | $67M | $46M | $37M | $26M | $24M | $26M | $19M | $18M | |
| Deferred Tax | $-6M | $-30M | $-5M | $22M | $36M | $-11M | $21M | $-340M | $24M | $-40M | $1M | $6M | |
| Amort. of Intangibles | $35M | $35M | $35M | $35M | $36M | $20M | $20M | $21M | $16M | $11M | $7M | $6M | |
| Other Non-cash | $-98M | $-92M | $299M | $-313M | $-216M | $94M | $27M | $51M | · | $92M | $63M | $-61M | |
| Operating Cash Flow | $962M | $922M | $1.24B | $652M | $828M | $1.04B | $947M | $821M | $815M | $658M | $590M | $504M | |
| CapEx | $222M | $275M | $264M | $262M | $278M | $225M | $174M | $169M | $182M | $154M | $128M | $133M | |
| Investing Cash Flow | $-255M | $-269M | $-260M | $-146M | $-909M | $-1.03B | $-171M | $-158M | $-4.51B | $-267M | $-339M | $-132M | |
| Debt Issued | $3M | $496M | $496M | $0 | $1.00B | $527M | $0 | $26M | $3.99B | $6M | $247M | $0 | |
| Net Debt Issued | $-265M | $-306M | $228M | $-772M | $744M | $269M | $-448M | $-772M | · | $-196M | $245M | $-2M | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | $554M | $0 | $0 | · | |
| Stock Repurchased | $35M | $53M | $36M | $39M | $9M | $47M | $95M | $62M | $138M | $243M | $146M | $244M | |
| Net Stock Activity | $-35M | $-53M | $-36M | $-39M | $-9M | $-47M | $-95M | $-62M | · | $-243M | $-146M | $-244M | |
| Dividends Paid | $483M | $451M | $418M | $397M | $363M | $330M | $302M | $273M | $238M | $218M | $205M | $192M | |
| Financing Cash Flow | $-841M | $-583M | $-1.18B | $-487M | $22M | $221M | $-726M | $-751M | $3.76B | $-372M | $-200M | $-349M | |
| Net Change in Cash | $-90M | $20M | $-167M | $-18M | $-72M | $268M | $59M | $-90M | $68M | $6M | $35M | $14M | |
| Free Cash Flow | $740M | $647M | $973M | $390M | $550M | $816M | $773M | $652M | · | $504M | $462M | $371M | |
| Levered FCF | $586M | $480M | $811M | $271M | $443M | $707M | $640M | $440M | · | $463M | $422M | $334M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.9% | 38.5% | 37.6% | 35.8% | 39.5% | 41.1% | 40.1% | 43.9% | · | 41.5% | 40.4% | 40.8% | |
| Operating Margin | 15.7% | 15.8% | 14.4% | 13.6% | 16.1% | 17.8% | 17.9% | 16.7% | · | 14.5% | 12.8% | 14.2% | |
| Net Margin | 11.5% | 11.7% | 10.2% | 10.7% | 11.9% | 13.3% | 13.1% | 17.3% | · | 10.7% | 9.3% | 10.3% | |
| Pretax Margin | 13.4% | 13.4% | 12.0% | 12.8% | 14.2% | 15.7% | 15.3% | 13.7% | · | 13.4% | 11.6% | 13.1% | |
| EBITDA Margin | 19.0% | 18.9% | 17.4% | 16.8% | 19.0% | 20.8% | 20.9% | 19.5% | · | 17.0% | 15.2% | 16.6% | |
| ROA | 6.0% | 6.1% | 5.2% | 5.2% | 6.0% | 6.7% | 6.8% | 9.1% | · | 10.1% | 8.9% | 9.9% | |
| ROE | 14.3% | 15.2% | 14.0% | 15.0% | 18.1% | 20.3% | 20.3% | 29.7% | · | 27.7% | 23.3% | 23.2% | |
| ROIC | 8.6% | 8.8% | 8.0% | 7.0% | 8.2% | 9.1% | 10.0% | 13.9% | · | 15.4% | 13.1% | 14.4% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.7 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | · | 1.0 | 1.1 | 1.3 | |
| Quick Ratio | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.5 | 0.5 | |
| Debt / Equity | 0.7 | 0.8 | 0.9 | 1.1 | 1.2 | 1.2 | 1.3 | 1.5 | · | 0.9 | 0.8 | 0.7 | |
| LT Debt / Equity | 0.5 | 0.7 | 0.7 | 0.8 | 0.9 | 1.0 | 1.1 | 1.3 | · | 0.6 | 0.6 | 0.6 | |
| Interest Coverage | 5.5 | 5.1 | 4.6 | 5.8 | 7.4 | 7.4 | 5.8 | 5.2 | · | 11.4 | 10.3 | 12.1 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | · | 0.9 | 1.0 | 1.0 | |
| Inventory Turnover | 3.4 | 3.5 | 3.4 | 3.2 | 3.5 | 3.6 | 4.0 | 3.8 | · | · | · | · | |
| Receivables Turnover | 11.2 | 11.4 | 11.5 | 11.3 | 11.7 | 10.9 | 10.7 | 10.5 | · | 9.7 | 9.8 | 8.7 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1.7% | 0.92% | 4.9% | 0.52% | 12.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.5% | 2.1% | 5.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 0.34% | 15.9% | 0.00% | -10.0% | 0.72% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 5.1% | 1.4% | -3.2% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 1.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 0.11% | 15.8% | -0.21% | -9.7% | 1.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 5.0% | 1.4% | -3.1% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 1.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 7.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.84B | $6.72B | $6.66B | $6.35B | $6.32B | $5.60B | $5.35B | $5.30B | $4.73B | $4.41B | $4.30B | $4.24B | |
| Net Income TTM | $789M | $788M | $681M | $682M | $755M | $747M | $703M | $933M | $477M | $472M | $402M | $438M | |
| Market Cap | $1.01B | $1.23B | $1.13B | $1.48B | $1.53B | $1.68B | $787M | $720M | · | $520M | $503M | $446M | |
| Enterprise Value | $4.91B | $5.39B | $5.37B | $6.30B | $6.46B | $6.16B | $4.96B | $5.32B | · | $1.85B | $1.79B | $1.65B | |
| P/E | 23.0 | 26.9 | 25.7 | 33.8 | 30.6 | 33.6 | 32.3 | 21.4 | 13.7 | 12.4 | 13.8 | 11.1 | |
| P/S | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | |
| P/B | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.2 | |
| P / Cash Flow | 1.0 | 1.3 | 0.9 | 2.3 | 1.8 | 1.6 | 0.8 | 0.9 | · | 0.8 | 0.9 | 0.9 | |
| P / FCF | 1.4 | 1.9 | 1.2 | 3.8 | 2.8 | 2.1 | 1.0 | 1.1 | · | 1.0 | 1.1 | 1.2 | |
| EV / EBITDA | 3.8 | 4.2 | 4.6 | 5.9 | 5.4 | 5.3 | 4.4 | 5.0 | · | 2.5 | 2.7 | 2.3 | |
| EV / FCF | 6.6 | 8.3 | 5.5 | 16.2 | 11.7 | 7.6 | 6.4 | 8.2 | · | 3.7 | 3.9 | 4.5 | |
| EV / Revenue | 0.7 | 0.8 | 0.8 | 1.0 | 1.0 | 1.1 | 0.9 | 1.0 | · | 0.4 | 0.4 | 0.4 | |
| Dividend Yield | 48.0% | 36.6% | 37.1% | 26.8% | 23.8% | 19.6% | 38.4% | 38.0% | · | 41.9% | 40.8% | 43.1% | |
| Earnings Yield | 4.3% | 3.7% | 3.9% | 3.0% | 3.3% | 3.0% | 3.1% | 4.7% | 7.3% | 8.1% | 7.2% | 9.0% | |
| Payout Ratio | 61.2% | 57.2% | 61.5% | 58.2% | 48.1% | 44.2% | 43.0% | 29.3% | · | 46.1% | 51.0% | 43.9% | |
| Annual Payout | $483M | $451M | $418M | $397M | $363M | $330M | $302M | $273M | $238M | $218M | $205M | $192M |
Income Statement 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 | $1.94B | $1.87B | $1.85B | $1.72B | $1.66B | $1.61B | $1.80B | $1.68B | $1.64B | $1.60B | $1.75B | $1.68B | $1.66B | $1.57B | $1.70B | $1.60B | |
| Cost of Revenue | $1.16B | $1.17B | $1.13B | $1.08B | $1.04B | $1.00B | $1.08B | $1.03B | $1.02B | $1.00B | $1.05B | $1.06B | $1.04B | $1.00B | $1.07B | $1.03B | |
| Gross Profit | $778M | $709M | $720M | $645M | $623M | $604M | $722M | $650M | $620M | $599M | $701M | $623M | $616M | $563M | $624M | $567M | |
| SG&A Expense | $442M | $456M | $405M | $352M | $364M | $379M | $414M | $362M | $384M | $362M | $390M | $372M | $380M | $336M | $346M | $328M | |
| Operating Income | $276M | $228M | $311M | $289M | $246M | $225M | $306M | $286M | $234M | $234M | $297M | $245M | $222M | $199M | $264M | $235M | |
| Interest Expense | $63M | $47M | $46M | $50M | $51M | $48M | $53M | $54M | $53M | $50M | $53M | $53M | $52M | $51M | $44M | $38M | |
| Other Non-op | $6M | $5M | $9M | $9M | $10M | $10M | $11M | $13M | $12M | $11M | $13M | $7M | $12M | $11M | $8M | $77M | |
| Pretax Income | $220M | $185M | $274M | $248M | $205M | $186M | $264M | $246M | $194M | $194M | $258M | $199M | $182M | $160M | $228M | $275M | |
| Income Tax | $64M | $49M | $66M | $39M | $49M | $42M | $67M | $41M | $26M | $50M | $57M | $43M | $40M | $34M | $53M | $59M | |
| Net Income | $150M | $1.02B | $227M | $226M | $175M | $162M | $215M | $223M | $184M | $166M | $219M | $170M | $152M | $139M | $186M | $223M | |
| EPS (Basic) | $0.56 | $3.78 | $0.85 | $0.84 | $0.65 | $0.60 | $0.80 | $0.83 | $0.69 | $0.62 | $0.82 | $0.63 | $0.57 | $0.52 | $0.69 | $0.83 | |
| EPS (Diluted) | $0.56 | $3.77 | $0.84 | $0.84 | $0.65 | $0.60 | $0.79 | $0.83 | $0.68 | $0.62 | $0.81 | $0.63 | $0.56 | $0.52 | $0.69 | $0.82 | |
| Shares (Basic) | 269,200,000 | 268,800,000 | -537,000,000 | 268,600,000 | 268,600,000 | 268,300,000 | -537,100,000 | 268,600,000 | 268,600,000 | 268,400,000 | -536,600,000 | 268,400,000 | 268,400,000 | 268,200,000 | -536,200,000 | 268,300,000 | |
| Shares (Diluted) | 269,200,000 | 269,400,000 | -538,800,000 | 269,300,000 | 269,400,000 | 269,500,000 | -539,400,000 | 269,700,000 | 269,700,000 | 269,600,000 | -539,900,000 | 270,100,000 | 269,800,000 | 269,800,000 | -541,000,000 | 270,200,000 | |
| EBITDA | $276M | $290M | · | $289M | $246M | $279M | · | $286M | $234M | $279M | · | $245M | $222M | $247M | · | $235M |
Balance Sheet 25
| 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 | $331M | $178M | $96M | $95M | $124M | $103M | $186M | $201M | $166M | $178M | · | $155M | $127M | $357M | · | $344M | |
| Receivables | $709M | $829M | $629M | $669M | $584M | $517M | $587M | $661M | $598M | $568M | · | $624M | $557M | $571M | · | $566M | |
| Inventory | · | · | $1.27B | · | · | · | $1.24B | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $340M | $236M | $141M | $137M | $150M | $147M | $126M | $140M | $146M | $145M | · | $123M | $143M | $139M | · | $124M | |
| Other Current Assets | · | · | $88M | · | · | · | $74M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $2.79B | $2.61B | $2.14B | $2.22B | $2.17B | $2.01B | $2.14B | $2.24B | $2.07B | $2.02B | · | $2.13B | $2.10B | $2.41B | · | $2.41B | |
| PP&E (Net) | $1.50B | $1.51B | $1.45B | $1.42B | $1.42B | $1.39B | $1.41B | $1.40B | $1.37B | $1.35B | · | $1.29B | $1.25B | $1.23B | · | $1.14B | |
| Accum. Depreciation | · | · | $1.51B | · | · | · | $1.34B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $6.29B | $6.32B | $5.30B | $5.31B | $5.29B | $5.21B | $5.23B | $5.28B | $5.26B | $5.25B | · | $5.25B | $5.24B | $5.23B | · | $5.21B | |
| Intangibles | $4.94B | $4.96B | $3.29B | $3.30B | $3.31B | $3.31B | $3.32B | $3.33B | $3.34B | $3.35B | · | $3.36B | $3.37B | $3.38B | · | $3.40B | |
| Total Assets | $16.48B | $16.35B | $13.20B | $13.25B | $13.19B | $12.90B | $13.07B | $13.20B | $12.99B | $12.89B | $12.86B | $12.99B | $12.91B | $13.21B | $13.12B | $12.94B | |
| Short-term Debt | $1.33B | $1.31B | $381M | $496M | $599M | $457M | $483M | $1.18B | $352M | $330M | · | $387M | $460M | $1.30B | · | $1.44B | |
| Current Liabilities | $3.57B | $3.44B | $3.06B | $3.12B | $3.19B | $3.10B | $2.88B | $3.14B | $2.98B | $2.97B | · | $3.17B | $2.49B | $3.32B | · | $3.14B | |
| Capital Leases | · | · | $168M | · | · | · | $167M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $1.33B | $1.32B | $836M | $822M | $823M | $830M | $840M | $836M | $851M | $858M | · | $864M | $862M | $867M | · | $816M | |
| Other Non-current Liabilities | $408M | $420M | $428M | $416M | $452M | $422M | $437M | $430M | $472M | $472M | · | $499M | $484M | $510M | · | $473M | |
| Total Liabilities | $8.90B | $8.79B | $7.43B | $7.46B | $7.56B | $7.45B | $7.75B | $7.75B | $7.63B | $7.63B | · | $7.92B | $7.95B | $8.32B | · | $8.33B | |
| Long-term Debt | $3.61B | $3.61B | $3.61B | $3.86B | $3.86B | $3.85B | $3.86B | $3.41B | $4.11B | $4.13B | · | $4.39B | $4.40B | $3.90B | · | $3.93B | |
| Total Debt | $4.93B | $4.92B | · | $4.36B | $4.45B | $4.31B | · | $4.59B | $4.46B | $4.46B | · | $4.78B | $4.86B | $5.21B | · | $5.36B | |
| Common Stock | $585M | $583M | $582M | $583M | $583M | $588M | $588M | $594M | $602M | $594M | · | $593M | $586M | $574M | · | $564M | |
| Retained Earnings | $4.84B | $4.82B | $3.82B | $3.84B | $3.74B | $3.69B | $3.54B | $3.58B | $3.48B | $3.41B | · | $3.25B | $3.19B | $3.16B | · | $3.05B | |
| AOCI | $-161M | $-149M | $-363M | $-361M | $-401M | $-525M | $-491M | $-390M | $-388M | $-394M | · | $-394M | $-432M | $-437M | · | $-590M | |
| Stockholders' Equity | $7.00B | $6.98B | $5.74B | $5.75B | $5.60B | $5.42B | $5.29B | $5.42B | $5.33B | $5.23B | · | $5.05B | $4.94B | $4.87B | · | $4.59B | |
| Liabilities + Equity | $16.48B | $16.35B | $13.20B | $13.25B | $13.19B | $12.90B | $13.07B | $13.20B | $12.99B | $12.89B | · | $12.99B | $12.91B | $13.21B | · | $12.94B | |
| Shares Outstanding | · | · | 14,900,000 | · | · | · | 15,700,000 | · | · | · | · | · | · | · | · | · |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $74M | $63M | $59M | $61M | $57M | $54M | $51M | $55M | $57M | $46M | $49M | $54M | $49M | $48M | $52M | $50M | |
| Stock-based Comp | $9M | $21M | $9M | $8M | $10M | $20M | $8M | $9M | $19M | $12M | $12M | $13M | $27M | $12M | $11M | $12M | |
| Other Non-cash | · | $-1.05B | · | · | · | $-121M | · | · | · | $-85M | · | · | · | $-95M | · | · | |
| Operating Cash Flow | $380M | $51M | $542M | $259M | $46M | $116M | $459M | $162M | $163M | $138M | $577M | $266M | $291M | $103M | $401M | $96M | |
| CapEx | $43M | $32M | $84M | $53M | $48M | $37M | $86M | $59M | $68M | $62M | $77M | $69M | $57M | $62M | $95M | $65M | |
| Investing Cash Flow | $-43M | $-762M | $-83M | $-67M | $-68M | $-37M | $-80M | $-59M | $-68M | $-62M | $-76M | $-69M | $-55M | $-62M | $-91M | $34M | |
| Debt Issued | $300.0K | $497M | $300.0K | $2M | $900.0K | $0 | $496M | $0 | · | · | $0 | $0 | · | · | $0 | $0 | |
| Net Debt Issued | · | $-5M | · | · | · | $-12M | · | · | · | $-14M | · | · | · | $-4M | · | · | |
| Stock Repurchased | $0 | $11M | $6M | $3M | $9M | $17M | $24M | $24M | $4M | $300.0K | $9M | $8M | $15M | $4M | $13M | $13M | |
| Net Stock Activity | · | $-11M | · | · | · | $-17M | · | · | · | $-300.0K | · | · | · | $-4M | · | · | |
| Dividends Paid | $129M | $129M | $121M | $121M | $121M | $121M | $113M | $113M | $113M | $113M | $105M | $105M | $105M | $105M | $99M | $99M | |
| Financing Cash Flow | $-179M | $782M | $-463M | $-235M | $12M | $-155M | $-377M | $-34M | $-104M | $-68M | $-483M | $-183M | $-473M | $-45M | $-314M | $-92M | |
| Net Change in Cash | $154M | $82M | $1M | $-29M | $21M | $-83M | $-15M | $34M | $-12M | $11M | $12M | $27M | $-229M | $23M | $-10M | $18M | |
| Free Cash Flow | · | $18M | · | · | · | $78M | · | · | · | $76M | · | · | · | $42M | · | · | |
| Levered FCF | · | $-16M | · | · | · | $41M | · | · | · | $39M | · | · | · | $2M | · | · |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.2% | 37.8% | · | 37.4% | 37.5% | 37.6% | · | 38.7% | 37.7% | 37.4% | · | 37.0% | 37.1% | 36.0% | · | 35.5% | |
| Operating Margin | 14.3% | 12.1% | · | 16.7% | 14.8% | 14.0% | · | 17.1% | 14.2% | 14.6% | · | 14.5% | 13.4% | 12.7% | · | 14.7% | |
| Net Margin | 7.8% | 54.2% | · | 13.1% | 10.5% | 10.1% | · | 13.3% | 11.2% | 10.4% | · | 10.1% | 9.2% | 8.9% | · | 14.0% | |
| Pretax Margin | 11.4% | 9.9% | · | 14.4% | 12.3% | 11.6% | · | 14.7% | 11.8% | 12.1% | · | 11.8% | 11.0% | 10.2% | · | 17.2% | |
| EBITDA Margin | 14.3% | 15.5% | · | 16.7% | 14.8% | 17.4% | · | 17.1% | 14.2% | 17.4% | · | 14.5% | 13.4% | 15.8% | · | 14.7% | |
| ROA | 1.0% | 7.0% | · | 1.7% | 1.3% | 1.3% | · | 1.7% | 1.4% | 1.3% | · | 1.3% | 1.2% | 1.1% | · | 1.7% | |
| ROE | 2.4% | 16.4% | · | 4.0% | 3.2% | 3.0% | · | 4.3% | 3.6% | 3.3% | · | 3.5% | 3.2% | 2.9% | · | 5.0% | |
| ROIC | 1.7% | 1.4% | · | 2.4% | 1.9% | 1.8% | · | 2.4% | 2.1% | 1.8% | · | 2.0% | 1.8% | 1.6% | · | 1.8% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.8 | · | 0.7 | 0.7 | 0.6 | · | 0.7 | 0.7 | 0.7 | · | 0.7 | 0.8 | 0.7 | · | 0.8 | |
| Quick Ratio | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.2 | 0.3 | 0.3 | · | 0.3 | |
| Debt / Equity | 0.7 | 0.7 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.9 | · | 0.9 | 1.0 | 1.1 | · | 1.2 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.5 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.7 | 0.8 | 0.7 | · | 0.9 | |
| Interest Coverage | 4.4 | 4.8 | · | 5.8 | 4.8 | 4.6 | · | 5.4 | 4.4 | 4.6 | · | 4.6 | 4.2 | 3.9 | · | 6.2 |
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 | 3.0 | 2.8 | · | 2.6 | 2.8 | 3.0 | · | 2.6 | 2.8 | 2.8 | · | 2.8 | 3.2 | 2.9 | · | 2.9 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.19B | $6.86B | · | $6.67B | $6.59B | $6.53B | · | $6.61B | $6.59B | $6.51B | · | $6.50B | $6.36B | $6.22B | · | $6.20B | |
| Net Income TTM | $1.57B | $1.58B | · | $786M | $745M | $736M | · | $743M | $672M | $627M | · | $684M | $633M | $635M | · | $709M | |
| P/E | 8.1 | 12.1 | · | 24.1 | 26.4 | 30.3 | · | 29.0 | 29.0 | 29.6 | · | 32.4 | 36.6 | 31.6 | · | 32.1 | |
| Earnings Yield | 12.3% | 8.2% | · | 4.2% | 3.8% | 3.3% | · | 3.5% | 3.5% | 3.4% | · | 3.1% | 2.7% | 3.2% | · | 3.1% | |
| Payout Ratio | · | 12.7% | · | · | · | 74.4% | · | · | · | 67.9% | · | · | · | 75.2% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 | 2021-11-30 | |
|---|---|---|---|---|---|
| Revenue | $6.84B | $6.72B | $6.66B | $6.35B | $6.32B |
| Gross Margin % | 37.9% | 38.5% | 37.6% | 35.8% | 39.5% |
| Operating Margin % | 15.7% | 15.8% | 14.4% | 13.6% | 16.1% |
| Net Income | $789M | $788M | $681M | $682M | $755M |
| Diluted EPS | $2.93 | $2.92 | $2.52 | $2.52 | $2.80 |
Balance Sheet
| 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 | 2021-11-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.7 | 0.8 | 0.9 | 1.1 | 1.2 |
| Current Ratio | 0.7 | 0.7 | 0.6 | 0.7 | 0.7 |
| Quick Ratio | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 |
Cash Flow
| 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 | 2021-11-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $740M | $647M | $973M | $390M | $550M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 1,055 filers · $8.3B 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 |
|---|---|---|---|---|
| 147 (-5 vs prior Q) | 133 (-4 vs prior Q) | 342 (+20 vs prior Q) | 331 (-9 vs prior Q) | +11.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $837,347,377 | 16,607,445 | 10.12% | Shares |
| STATE STREET CORP | $772,746,096 | 15,326,182 | 9.34% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $698,354,260 | 13,850,739 | 8.44% | Shares |
| Aristotle Capital Management, LLC | $574,231,413 | 11,388,915 | 6.94% | Shares |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | $464,093,108 | 9,204,544 | 5.61% | Shares |
| Sanders Capital, LLC | $408,793,007 | 8,107,755 | 4.94% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $300,139,440 | 5,979,782 | 3.63% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $226,842,797 | 4,499,064 | 2.74% | Shares |
| Alyeska Investment Group, L.P. | $200,817,868 | 3,982,901 | 2.43% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $191,228,847 | 3,792,718 | 2.31% | Shares |
| ProShare Advisors LLC | $158,315,573 | 3,139,936 | 1.91% | Shares |
| VAN ECK ASSOCIATES CORP | $150,330,003 | 2,981,555 | 1.82% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $87,390,263 | 1,733,246 | 1.06% | Shares |
| GOLDMAN SACHS GROUP INC | $85,288,758 | 1,691,566 | 1.03% | Shares |
| AMERICAN CENTURY COMPANIES INC | $74,868,961 | 1,484,906 | 0.90% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $71,893,777 | 1,425,898 | 0.87% | Shares |
| Alecta Tjanstepension Omsesidigt | $65,870,747 | 1,306,700 | 0.80% | Shares |
| GOLDMAN SACHS GROUP INC | $65,072,052 | 1,290,600 | 0.79% | Call option |
| Boston Partners | $58,859,150 | 1,167,377 | 0.71% | Shares |
| FIRST TRUST ADVISORS LP | $57,499,101 | 1,140,403 | 0.69% | Shares |
| Gotham Asset Management, LLC | $54,980,691 | 1,090,454 | 0.66% | Shares |
| FIL Ltd | $52,356,078 | 1,038,399 | 0.63% | Shares |
| FMR LLC | $48,750,911 | 966,896 | 0.59% | Shares |
| RAYMOND JAMES FINANCIAL INC | $46,558,127 | 923,406 | 0.56% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $46,029,104 | 912,914 | 0.56% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $40,407,445 | 801,417 | 0.49% | Shares |
| NORGES BANK | $38,222,293 | 758,078 | 0.46% | Shares |
| Select Equity Group, L.P. | $37,090,263 | 735,626 | 0.45% | Shares |
| CREDIT AGRICOLE S A | $36,325,089 | 720,450 | 0.44% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $36,281,375 | 719,583 | 0.44% | Shares |
| Swiss National Bank | $36,100,720 | 716,000 | 0.44% | Shares |
| Ensign Peak Advisors, Inc | $35,939,527 | 712,803 | 0.43% | Shares |
| DEPRINCE RACE & ZOLLO INC | $35,577,109 | 705,615 | 0.43% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $33,839,786 | 671,158 | 0.41% | Shares |
| VANGUARD GROUP INC | $32,352,182 | 474,999 | 0.39% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $29,708,624 | 589,223 | 0.36% | Shares |
| Focus Partners Wealth | $28,790,152 | 571,007 | 0.35% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $28,609,770 | 567,429 | 0.35% | Shares |
| Vanguard Global Advisers, LLC | $27,729,689 | 549,974 | 0.34% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $27,156,492 | 538,392 | 0.33% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $26,541,088 | 526,400 | 0.32% | Put option |
| Pictet Asset Management Holding SA | $26,501,912 | 525,623 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $26,358,328 | 522,777 | 0.32% | Shares |
| BlackRock, Inc. | $24,791,766 | 491,705 | 0.30% | Shares |
| PFA Pension, Forsikringsaktieselskab | $24,017,586 | 476,350 | 0.29% | Shares |
| Epoch Investment Partners, Inc. | $23,616,829 | 468,402 | 0.29% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $23,287,082 | 461,862 | 0.28% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,257,334 | 461,272 | 0.28% | Shares |
| BENJAMIN EDWARDS INC | $23,163,551 | 459,417 | 0.28% | Shares |
| CITADEL ADVISORS LLC | $22,166,901 | 439,645 | 0.27% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $21,709,188 | 430,567 | 0.26% | Shares |
| &PARTNERS | $21,239,388 | 420,797 | 0.26% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $20,889,661 | 414,313 | 0.25% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $20,841,057 | 413,349 | 0.25% | Shares |
| REIK & CO., LLC | $20,611,746 | 408,801 | 0.25% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $19,947,000 | 395,616 | 0.24% | Shares |
| BANK OF AMERICA CORP /DE/ | $18,687,920 | 370,645 | 0.23% | Shares |
| ROCKLAND TRUST CO | $18,676,728 | 370,423 | 0.23% | Shares |
| STIFEL FINANCIAL CORP | $18,561,927 | 368,139 | 0.22% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $18,367,855 | 364,297 | 0.22% | Shares |
| Swedbank AB | $17,805,924 | 353,152 | 0.22% | Shares |
| BARCLAYS PLC | $17,683,352 | 350,721 | 0.21% | Shares |
| 1832 Asset Management L.P. | $17,379,875 | 344,702 | 0.21% | Shares |
| VIKING FUND MANAGEMENT LLC | $16,890,700 | 335,000 | 0.20% | Shares |
| HB Wealth Management, LLC | $16,794,558 | 333,093 | 0.20% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $16,658,768 | 330,400 | 0.20% | Call option |
| Baird Financial Group, Inc. | $16,584,953 | 328,936 | 0.20% | Shares |
| ROFFMAN MILLER ASSOCIATES INC /PA/ | $16,272,817 | 322,745 | 0.20% | Shares |
| JANE STREET GROUP, LLC | $16,099,106 | 319,300 | 0.19% | Call option |
| Van Cleef Asset Management,Inc | $15,249,087 | 302,441 | 0.18% | Shares |
| Quinn Opportunity Partners LLC | $15,208,538 | 301,637 | 0.18% | Shares |
| Legal & General Group Plc | $14,952,254 | 296,554 | 0.18% | Shares |
| Impax Asset Management Group plc | $14,943,580 | 296,382 | 0.18% | Shares |
| Corient Private Wealth LP | $14,728,287 | 292,106 | 0.18% | Shares |
| AMI ASSET MANAGEMENT CORP | $14,490,394 | 287,394 | 0.18% | Shares |
| AVIVA PLC | $14,289,482 | 283,409 | 0.17% | Shares |
| BANK OF MONTREAL /CAN/ | $14,167,264 | 280,985 | 0.17% | Shares |
| MILLENNIUM MANAGEMENT LLC | $14,117,600 | 280,000 | 0.17% | Call option |
| Quantinno Capital Management LP | $13,960,959 | 276,893 | 0.17% | Shares |
| WELLS FARGO & COMPANY/MN | $13,792,780 | 273,558 | 0.17% | Shares |
| CRAWFORD INVESTMENT COUNSEL INC | $13,550,425 | 268,751 | 0.16% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $12,936,159 | 256,568 | 0.16% | Shares |
| UBS Group AG | $12,767,504 | 253,223 | 0.15% | Shares |
| Verition Fund Management LLC | $12,610,193 | 250,103 | 0.15% | Shares |
| GOLDMAN SACHS GROUP INC | $12,534,412 | 248,600 | 0.15% | Put option |
| ALLIANCEBERNSTEIN L.P. | $12,301,358 | 243,881 | 0.15% | Shares |
| Korea Investment CORP | $12,283,018 | 243,614 | 0.15% | Shares |
| Waverly Advisors, LLC | $12,120,115 | 240,383 | 0.15% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $12,035,809 | 238,711 | 0.15% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $11,737,423 | 232,793 | 0.14% | Shares |
| Wealthfront Advisers LLC | $11,464,749 | 227,385 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $11,459,558 | 227,282 | 0.14% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $11,411,559 | 226,330 | 0.14% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $10,803,874 | 213,858 | 0.13% | Shares |
| Cerity Partners LLC | $10,401,191 | 206,291 | 0.13% | Shares |
| Mariner, LLC | $10,396,918 | 206,182 | 0.13% | Shares |
| JANE STREET GROUP, LLC | $10,270,554 | 203,700 | 0.12% | Put option |
| BARTLETT & CO. WEALTH MANAGEMENT LLC | $10,199,563 | 202,292 | 0.12% | Shares |
| MARSHALL WACE, LLP | $9,680,539 | 191,998 | 0.12% | Shares |
| Leonteq Securities AG | $9,550,456 | 189,418 | 0.12% | Shares |
Company insiders 55 insiders · 11 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Marcos Mendes Gabriel | Executive VP & CFO | March 15, 2026 M | 13,514 | 0 | 0 | $0 |
| Ana Sanchez | President EMEA | March 15, 2026 M | 8,537 | 0 | 0 | $0 |
| Malcolm Swift | President, Global Flavor Sol | Oct. 24, 2023 J | 584 | 0 | 0 | $0 |
| Nneka Louise Rimmer | President - Global Flavors | March 15, 2021 M | 25,385 | 0 | 0 | $0 |
| Andrew Foust | Chief Integration Officer | April 28, 2026 J | 338 | 0 | 0 | $0 |
| Gregory Repas | V.P. & Controller | March 15, 2026 M | 4,436 | 0 | 0 | $0 |
| Jeffery D Schwartz | Vice President, Gen Counsel | Feb. 15, 2026 F | 87,818 | 0 | 0 | $0 |
| Katherine Jenkins | Chief Growth Officer | May 12, 2025 M | 0 | 0 | 0 | $0 |
| Michael R Smith | Executive Vice President | Feb. 18, 2025 F | 120,498 | 0 | 0 | $0 |
| Lisa Manzone | Sr. VP Global Human Relations | Dec. 19, 2022 A | 43,364 | 0 | 0 | $0 |
| Christina M Mcmullen | Vice President & Controller | Oct. 26, 2021 J | 4,919 | 0 | 0 | $0 |
| Michael Aaron Conway | Director | July 23, 2026 P | 1,100 | 1 | 0 | $55,231 |
| Jacques Tapiero | Director | June 8, 2026 A | 33,818 | 0 | 2 | $-654,700 |
| Cindy L Hoots | Director | June 1, 2026 A | 527 | 0 | 0 | $0 |
| Terry S Thomas | Director | April 28, 2026 J | 3,970 | 0 | 0 | $0 |
| Anne L Bramman | Director | April 28, 2026 J | 8,951 | 0 | 0 | $0 |
| Valarie L Sheppard | Director | April 28, 2026 J | 2,574 | 0 | 0 | $0 |
| Margaret M V Preston | Director | April 27, 2026 J | 84,364 | 0 | 0 | $0 |
| Gavin Hattersley | Director | April 10, 2026 P | 2,906 | 1 | 0 | $105,960 |
| Maritza Gomez Montiel | Director | Feb. 15, 2026 M | 9,160 | 0 | 0 | $0 |
| Anthony W Vernon | Director | Feb. 15, 2026 M | 14,048 | 0 | 0 | $0 |
| Michael D Mangan | Director | Feb. 15, 2026 M | 45,251 | 0 | 1 | $-339,600 |
| Gary M Rodkin | Director | Feb. 15, 2026 M | 14,332 | 0 | 0 | $0 |
| Richard A Dierker | Director | Feb. 6, 2026 A | 406 | 0 | 0 | $0 |
| Patricia A Little | Director | March 15, 2025 M | 26,076 | 0 | 0 | $0 |
| Freeman A Hrabowski III | Director | March 15, 2024 M | 102,456 | 0 | 0 | $0 |
| Michael J Fitzpatrick | Director | March 15, 2019 M | 42,905 | 0 | 0 | $0 |
| Alan D Wilson | 10% owner | April 3, 2019 M | 112,153 | 0 | 0 | $0 |
| Sarah Piper | — | Aug. 10, 2026 A | 9,038 | 0 | 0 | $0 |
| Brendan M Foley | — | Aug. 10, 2026 A | 1,399 | 0 | 1 | $-3,746,361 |
| Lawrence E. Kurzius | — | Aug. 10, 2026 M | 296,992 | 0 | 9 | $-23,593,761 |
| Gordon Mckenzie Stetz JR | — | Oct. 25, 2016 J | 30 | 0 | 0 | $0 |
| John P Bilbrey | — | April 20, 2015 J | 14,036 | 0 | 0 | $0 |
| Cile K Perich | — | March 25, 2015 A | 36,553 | 0 | 0 | $0 |
| William E Stevens | — | March 15, 2015 M | 28,181 | 0 | 0 | $0 |
| Paul C Beard | — | Feb. 6, 2015 F | 26,002 | 0 | 0 | $0 |
| William Geoffrey Carpenter | — | Aug. 21, 2014 S | 0 | 0 | 0 | $0 |
| Charles T Langmead | — | April 21, 2014 J | 106,437 | 0 | 0 | $0 |
| George A Roche | — | March 15, 2014 M | 11,305 | 0 | 0 | $0 |
| Kenneth A Kelly JR | — | Nov. 5, 2013 M | 11,566 | 0 | 0 | $0 |
| Mark T Timbie | — | April 29, 2013 J | 0 | 0 | 0 | $0 |
| James T Brady | — | March 15, 2013 M | 16,360 | 0 | 0 | $0 |
| Robert J Lawless | — | Dec. 3, 2009 M | 33,626 | 0 | 0 | $0 |
| Joseph W Mcgrath | — | March 16, 2009 M | 1,128 | 0 | 0 | $0 |
| Robert W Skelton | — | Oct. 17, 2008 J | 54,161 | 0 | 0 | $0 |
| Francis A Contino | — | April 2, 2008 A | 2,131 | 0 | 0 | $0 |
| Barry H Beracha | — | July 20, 2007 J | 9,827 | 0 | 0 | $0 |
| Karen D Weatherholtz | — | April 2, 2007 M | 834 | 0 | 0 | $0 |
| Edward S Dunn JR | — | Jan. 20, 2006 J | 4,546 | 0 | 0 | $0 |
| Jeryl Wolfe | — | Oct. 21, 2005 J | 319 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Lawrence E. Kurzius ×9 filings | Aug. 12, 2026 | 9.90% | Amendment | — | SEC |
| Brendan M. Foley | Feb. 13, 2026 | 5.10% | Initial filing | — | SEC |
| Alan D. Wilson ×9 filings | June 11, 2020 | — | Initial filing | — | SEC |
| Robert J. Lawless ×5 filings | April 9, 2014 | — | 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 183 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 |
|---|---|---|---|---|
| RSPS · Invesco Exchange-Traded Fund Trust | 3.17% | 144,642 SH | Aug. 21, 2026 | Daily |
| FXG · First Trust Exchange-Traded AlphaDE… | 2.47% | 118,706 NS | April 30, 2026 | N-PORT |
| UPGD · Invesco Exchange-Traded Fund Trust | 2.22% | 48,571 SH | Aug. 21, 2026 | Daily |
| FTDS · First Trust Exchange-Traded Fund | 1.85% | 13,496 NS | June 30, 2026 | N-PORT |
| FTXG · First Trust Exchange-Traded Fund VI | 1.83% | 8,459 NS | June 30, 2026 | N-PORT |
| WBIG · Absolute Shares Trust | 1.71% | 9,307 NS | June 30, 2026 | N-PORT |
| ANEW · ProShares Trust | 1.43% | 2,339 NS | May 31, 2026 | N-PORT |
| KNG · First Trust Exchange-Traded Fund IV | 1.42% | 943,230 NS | April 30, 2026 | N-PORT |
| FDV · Federated Hermes ETF Trust | 1.36% | 200,079 NS | April 30, 2026 | N-PORT |
| NOBL · ProShares Trust | 1.34% | 3,120,610 NS | May 31, 2026 | N-PORT |
| QDIV · Global X Funds | 1.32% | 9,109 NS | May 31, 2026 | N-PORT |
| CVAR · ETF Opportunities Trust | 1.23% | 9,411 NS | April 30, 2026 | N-PORT |
| TMDV · ProShares Trust | 1.15% | 1,072 NS | May 31, 2026 | N-PORT |
| FSCS · First Trust Exchange-Traded Fund VI | 0.92% | 10,771 NS | June 30, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.88% | 224,400 NS | April 30, 2026 | N-PORT |
| PAYR · Federated Hermes ETF Trust | 0.84% | 6,027 NS | April 30, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 0.81% | 68,599 NS | April 30, 2026 | N-PORT |
| SNPD · DBX ETF Trust | 0.75% | 413 NS | May 29, 2026 | N-PORT |
| WBIF · Absolute Shares Trust | 0.70% | 3,245 NS | June 30, 2026 | N-PORT |
| IYK · iShares Trust | 0.64% | 163,538 SH | Aug. 21, 2026 | Daily |
| TMFX · RBB Fund, Inc. | 0.62% | 4,237 NS | May 31, 2026 | N-PORT |
| VDC · VANGUARD WORLD FUND | 0.57% | 1,033,271 SH | Aug. 19, 2026 | Daily |
| FSTA · FIDELITY COVINGTON TRUST | 0.51% | 144,884 NS | April 30, 2026 | N-PORT |
| FCTR · First Trust Exchange-Traded Fund | 0.46% | 5,244 NS | June 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.44% | 56,227 SH | Aug. 21, 2026 | Daily |
| UGE · ProShares Trust | 0.44% | 1,080 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.43% | 11,836 NS | April 30, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.42% | 12,737 NS | April 30, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.41% | 121,777 NS | April 30, 2026 | N-PORT |
| GXPS · Global X Funds | 0.40% | 5,100 NS | May 31, 2026 | N-PORT |
| KXI · iShares Trust | 0.37% | 71,792 SH | Aug. 21, 2026 | Daily |
| MDIV · First Trust Exchange-Traded Fund VI | 0.35% | 28,915 NS | June 30, 2026 | N-PORT |
| FDL · First Trust Exchange-Traded Fund | 0.33% | 481,469 NS | June 30, 2026 | N-PORT |
| ESLV · Strategy Shares | 0.30% | 690 NS | April 30, 2026 | N-PORT |
| ABCS · EA Series Trust | 0.29% | 705 NS | May 29, 2026 | N-PORT |
| ISCB · iShares Trust | 0.22% | 11,404 SH | Aug. 21, 2026 | Daily |
| SIZE · iShares Trust | 0.22% | 17,411 SH | Aug. 21, 2026 | Daily |
| GSY · Invesco Actively Managed Exchange-T… | 0.22% | 8,530,000 | Aug. 21, 2026 | Daily |
| CAPE · DoubleLine ETF Trust | 0.21% | 9,947 NS | June 30, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 3,758,391 SH | Aug. 21, 2026 | Daily |
| EUSA · iShares, Inc. | 0.21% | 72,456 SH | Aug. 21, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.20% | 30,287 SH | Aug. 21, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.18% | 478,956 NS | April 30, 2026 | N-PORT |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.17% | 7,737,000 | Aug. 21, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 12,594 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.14% | 1,849,663 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.13% | 382,374 SH | Aug. 21, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.13% | 165,000 | Aug. 21, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.12% | 3,651,000 | Aug. 19, 2026 | Daily |
| CVMC · Morgan Stanley ETF Trust | 0.12% | 2,540 NS | June 30, 2026 | N-PORT |