MKTX MarketAxess Holdings, Inc. - Common Stock
$162.04
Price · Aug 19, 2026
Fundamentals as of Aug 7, 2026
52W Range
$109–$196
61% of range
Analyst Rating
HOLD
18 analysts
Price Target
$158
P/E (TTM)
24.4
ROE
19.5%
Net Profit Margin
29.1%
About MarketAxess Holdings, Inc. - Common Stock Company overview from Wikipedia
MarketAxess Holdings Inc., headquartered in New York City, operates electronic trading platforms used to trade bonds and other fixed income products. It has approximately 2,100 customers, all of which are either institutional investors or broker-dealers.
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MarketAxess Holdings Inc., headquartered in New York City, operates electronic trading platforms used to trade bonds and other fixed income products. It has approximately 2,100 customers, all of which are either institutional investors (91.3% of 2025 volume) or broker-dealers (8.7% of 2025 volume).
The company's platforms allow prospective traders to buy or sell specific bonds and to execute trades using a request for quote system. The company's Open Trading platform allows institutional investors, asset managers, and dealers to all trade anonymously with one another, increasing market liquidity. It also allows for portfolio trading and rules-based, automated algorithmic trading.
In 2025, 86.8% of the company's revenues were derived from commissions for transactions. In 2025, the company received an average commission of $4.28 per $1 million in government bonds traded and an average commission of $138.87 per $1 million of other bonds traded. The company has an estimated 17.0% market share for trading in U.S. corporate bonds, a 5.9% market share for trading in U.S. municipal bonds, and a 2.4% market share for trading in U.S. government bonds.
The company's primary competitor is TradeWeb.
## History
Richard McVey originally proposed the model for MarketAxess in 1999 as part of J.P. Morgan & Co.'s "Lab Morgan" program. He launched the company as an independent venture in 2000, with $24 million in capital raised from market participants including Bear Stearns. MarketAxess began trading investment-grade corporate bonds and gave investors access to new issues and research in November 2000.
In March 2001, MarketAxess acquired Trading Edge, which owned BondLink, a start-up bond company that had enabled investors to buy and sell bonds online.
In November 2004, the company became a public company via an initial public offering.
In June 2008, TCV acquired a minority stake in the company for $35 million.
In 2012, it launched its all-to-all trading marketplace, Open Trading.
In February 2013, MarketAxess acquired London-based Trax from Euroclear for $42 million.
In April 2013, MarketAxess announced a partnership to connects its electronic trading platform with BlackRock's Aladdin platform.
In January 2015, MarketAxess and BlackRock extended their Open Trading partnership, already in place in the US, to the European credit markets.
In March 2018, the company announced the extension of its all-to-all Open Trading partnership with BlackRock to Asia, focused mainly on US dollar-denominated corporate and sovereign bonds and other securities traded by market participants in the region.
By 2018, the company accounted for 18% of all U.S. investment-grade bond trading, up from 12% in 2014. Its market share peaked at 22.8% in December 2018, a period of market volatility. However, it began losing market share to TradeWeb.
In August 2019, the company began Treasury trading with the acquisition of the LiquidityEdge platform for $100 million in cash and $50 million in stock.
The company witnessed a surge in trading volumes and its stock price during the COVID-19 pandemic.
In December 2020, the company acquired the Regulatory Reporting Hub, a regulatory reporting business, from Deutsche Börse.
In April 2021, the company acqiured MuniBrokers, a central electronic venue serving municipal bond inter-dealer brokers and dealers.
In April 2022, MarketAxess and MSCI announced a collaboration on fixed income indices, portfolio construction products, and ESG data that would leverage MSCI's ESG data.
In September 2022, the company announced an extension of its partnership with Broadway Technologies for a request-for-quote workflow featuring in its US Treasury trading marketplace.
Effective April 2023, Chris Concannon was promoted to CEO of the company.
In October 2023, the company acquired Pragma, a quantitative trading technology provider specializing in algorithmic and analytical services.
In May 2025, the company acquired a 90% interest in the RFQ-hub platform, a bilateral multi-asset and multi-dealer request for quote platform.
In June 2025, the company launched an electronic trading platform to trade Indian government bonds.
On July 30, 2026 MarketAxess was acquired by Intercontinental Exchange for $5.7 billion.
== Finances ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MKTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$162.04
Market Cap
$5.80B
P/E (TTM)
24.4
EPS (TTM)
$6.64
Revenue (TTM)
$846M
Div Yield
—
ROE
19.5%
Debt/Equity
0.2
52W Range
$109 – $196
MKTX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$846M
2016-12-31
→
2025-12-31
EPS
$6.64
2016-12-31
→
2025-12-31
Free Cash Flow
$374M
2016-12-31
→
2025-12-31
Margins
29.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MKTX
Peer Median
P/E (TTM)
24.4
22.9
P/S (TTM)
6.9
3.0
P/B
5.1
4.8
EV / EBITDA
13.1
—
Price / FCF
15.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MKTX
Peer Median
Operating Margin
40.4%
—
Net Profit Margin
29.1%
4.5%
ROA
13.2%
4.2%
ROE
19.5%
16.4%
ROIC
16.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MKTX
Peer Median
Debt / Equity
0.2
0.0
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MKTX
Peer Median
Revenue YoY
3.6%
—
Revenue CAGR 3Y
5.6%
—
Revenue CAGR 5Y
4.2%
—
EPS YoY
-8.8%
—
Net Income YoY
-10.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MKTX
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 20, 2026 | $0.7800 |
| Feb. 18, 2026 | $0.7800 |
| Nov. 19, 2025 | $0.7600 |
| Aug. 20, 2025 | $0.7600 |
| May 21, 2025 | $0.7600 |
| Feb. 19, 2025 | $0.7600 |
| Nov. 20, 2024 | $0.7400 |
| Aug. 21, 2024 | $0.7400 |
| May 21, 2024 | $0.7400 |
| Feb. 13, 2024 | $0.7400 |
| Nov. 7, 2023 | $0.7200 |
| Aug. 1, 2023 | $0.7200 |
| May 9, 2023 | $0.7200 |
| Feb. 7, 2023 | $0.7200 |
| Nov. 1, 2022 | $0.7000 |
| Aug. 2, 2022 | $0.7000 |
| May 3, 2022 | $0.7000 |
| Feb. 8, 2022 | $0.7000 |
| Nov. 2, 2021 | $0.6600 |
| Aug. 3, 2021 | $0.6600 |
MKTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 4 22.2%
- Buy 4 22.2%
- Hold 10 55.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-15
Median
$167.00
Mean
$158.00
Now
$162.04
Low
$124.00
High
$167.00
Median target
$167.00
+3.1%
Mean target
$158.00
-2.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.18%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.95 | $1.89 | 0.06% |
| March 31, 2026 | $2.25 | $2.20 | 0.05% |
| Dec. 31, 2025 | $2.51 | $1.68 | 0.83% |
| Sept. 30, 2025 | $1.84 | $1.73 | 0.11% |
| June 30, 2025 | $2.00 | $2.00 | 0.00% |
| March 31, 2025 | $1.87 | $1.85 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MKTX | $6.48B | 27.3 | 3.6% | 29.1% | 19.5% | — |
| COIN | $60.57B | 50.8 | 9.4% | 17.5% | 9.4% | — |
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | — |
| FDS | $14.05B | 24.0 | 5.4% | 25.7% | 28.1% | — |
| MORN | $8.64B | 24.5 | 7.5% | 15.3% | 26.4% | — |
| MIAX | $3.80B | -44.4 | 19.7% | -5.1% | -10.8% | 31.6% |
| DFIN | $1.20B | 40.6 | -1.9% | 4.2% | 8.0% | — |
| GEMI | $1.17B | -0.6 | 26.3% | -324.6% | 220.5% | — |
| VALU | — | — | -4.7% | 64.7% | 20.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $846M | $817M | $753M | $718M | $699M | $689M | $511M | $436M | $393M | $368M | $303M | $263M | |
| SG&A Expense | $27M | $23M | $23M | $19M | $15M | $13M | $16M | $11M | $11M | $9M | $10M | $10M | |
| Operating Expenses | $504M | $476M | $438M | $391M | $362M | $314M | $260M | $223M | $194M | $178M | $155M | $144M | |
| Operating Income | $342M | $341M | $315M | $327M | $337M | $375M | $251M | $213M | $200M | $190M | · | · | |
| Interest Expense | · | · | $2M | $700.0K | $842.0K | $1M | · | · | · | · | · | · | |
| Interest Income | · | · | $22M | $5M | $401.0K | $2M | · | · | · | · | · | · | |
| Other Non-op | $2M | $-6M | $-3M | $6M | $-3M | $-2M | $-2M | $-610.0K | $-1M | $-520.0K | · | · | |
| Pretax Income | $367M | $361M | $333M | $338M | $334M | $374M | $257M | $218M | $202M | $192M | $148M | $119M | |
| Income Tax | $120M | $86M | $75M | $88M | $76M | $75M | $53M | $45M | $54M | $65M | $52M | $44M | |
| Net Income | $247M | $274M | $258M | $250M | $258M | $299M | $205M | $173M | $148M | $126M | $96M | $75M | |
| EPS (Basic) | $6.66 | $7.29 | $6.87 | $6.68 | $6.88 | $8.01 | $5.53 | $4.68 | $4.02 | $3.42 | $2.62 | $2.03 | |
| EPS (Diluted) | $6.64 | $7.28 | $6.85 | $6.65 | $6.77 | $7.85 | $5.40 | $4.57 | $3.89 | $3.34 | $2.55 | $1.97 | |
| Shares (Basic) | 37,056,000 | 37,600,000 | 37,546,000 | 37,468,000 | 37,508,000 | 37,359,000 | 37,083,000 | 36,958,000 | 36,864,000 | 36,844,000 | 36,690,000 | 36,930,000 | |
| Shares (Diluted) | 37,137,000 | 37,672,000 | 37,654,000 | 37,643,000 | 38,097,000 | 38,144,000 | 37,956,000 | 37,855,000 | 38,038,000 | 37,738,000 | 37,637,000 | 37,889,000 | |
| EBITDA | $419M | $415M | $386M | $388M | $391M | $411M | $278M | $236M | $19M | $18M | $19M | $17M |
Balance Sheet 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $520M | $544M | $451M | $431M | $507M | $461M | $270M | $246M | $167M | $168M | $200M | $169M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | $85M | · | |
| PP&E (Net) | $112M | $107M | $103M | $100M | $96M | $85M | $72M | $63M | $39M | $31M | $31M | $32M | |
| PP&E (Gross) | $459M | $404M | $350M | $303M | $277M | $249M | $207M | $184M | $140M | $106M | $101M | $89M | |
| Accum. Depreciation | $347M | $296M | $247M | $202M | $181M | $164M | $135M | $121M | $101M | $75M | $70M | $56M | |
| Goodwill | $284M | $237M | $237M | $155M | $155M | $147M | $147M | $60M | · | · | · | · | |
| Intangibles | $111M | $98M | $119M | $98M | $116M | $95M | $61M | $3M | $3M | $4M | $4M | $7M | |
| Total Assets | $1.93B | $1.79B | $2.02B | $1.61B | $1.53B | $1.33B | $955M | $696M | $581M | $528M | $439M | $380M | |
| Short-term Debt | $220M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $777M | $401M | $722M | $527M | $489M | $376M | $185M | $88M | $66M | $60M | $48M | $46M | |
| Total Debt | $220M | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $122.0K | $122.0K | · | · | · | · | |
| Retained Earnings | $1.54B | $1.41B | $1.24B | $1.10B | $957M | $799M | $591M | $463M | $354M | $255M | $168M | $102M | |
| Treasury Stock | $695M | $333M | $260M | $328M | $233M | $170M | $153M | $185M | $160M | $117M | $93M | $70M | |
| AOCI | $-4M | $-35M | $-24M | $-38M | $-13M | $-5M | $-10M | $-12M | $-10M | $-12M | $-5M | $-5M | |
| Stockholders' Equity | $1.15B | $1.39B | $1.29B | $1.08B | $1.04B | $955M | $770M | $608M | $515M | $468M | $391M | $334M | |
| Liabilities + Equity | $1.93B | $1.79B | $2.02B | $1.61B | $1.53B | $1.33B | $955M | $696M | $581M | $528M | $439M | $380M | |
| Shares Outstanding | 35,776,886 | 37,646,374 | 37,899,688 | 37,648,148 | 37,918,956 | 38,005,330 | 37,935,984 | 37,639,917 | 37,620,736 | 37,543,775 | 37,409,274 | 37,318,722 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $77M | $74M | $71M | $61M | $53M | $36M | $27M | $23M | $19M | $18M | $19M | $17M | |
| Stock-based Comp | $31M | $30M | $29M | $30M | $27M | $26M | $25M | $16M | $14M | $15M | $13M | $10M | |
| Deferred Tax | $22M | $-4M | $-6M | $-7M | $3M | $10M | $3M | $-1M | $7M | $7M | $2M | $4M | |
| Amort. of Intangibles | $20M | $20M | $19M | $16M | $13M | $4M | $800.0K | $400.0K | $400.0K | $700.0K | $2M | $2M | |
| Other Non-cash | $6M | $11M | $-18M | $-46M | $-60M | $33M | $6M | $13M | $-20M | $-85M | $-4M | $8M | |
| Operating Cash Flow | $382M | $385M | $334M | $289M | $282M | $404M | $266M | $224M | $168M | $90M | $125M | $110M | |
| CapEx | $8M | $10M | $9M | $13M | $17M | $15M | $12M | $36M | $12M | $6M | $5M | $5M | |
| Investing Cash Flow | $-97M | $-87M | $-155M | $-86M | $-68M | $69M | $-122M | $-50M | $-54M | $-53M | $-38M | $-13M | |
| Stock Repurchased | $420M | $75M | $0 | $88M | $63M | $16M | $17M | $25M | $42M | $24M | $23M | $38M | |
| Net Stock Activity | $-420M | $-75M | $0 | $-88M | $-63M | $-16M | $-17M | $-25M | $-42M | $-24M | $-23M | $-38M | |
| Financing Cash Flow | $-332M | $-201M | $-147M | $-242M | $-190M | $-145M | $-118M | $-93M | $-117M | $-65M | $-51M | $-60M | |
| Net Change in Cash | $-25M | $89M | $39M | $-53M | $18M | $334M | $27M | $79M | $-1M | $-31M | $31M | $36M | |
| Taxes Paid | $63M | $97M | $95M | $89M | $70M | $45M | $52M | $47M | $44M | $58M | $51M | $34M | |
| Free Cash Flow | $374M | $375M | $324M | $276M | $265M | $389M | $254M | $188M | $156M | $74M | $115M | $105M | |
| Levered FCF | · | · | $323M | $276M | $264M | $389M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 40.4% | 41.7% | 41.9% | 45.5% | 48.2% | 54.4% | 49.1% | 48.8% | · | · | · | · | |
| Net Margin | 29.1% | 33.6% | 34.3% | 34.8% | 36.9% | 43.4% | 40.1% | 39.7% | 37.3% | 34.1% | 31.7% | 28.5% | |
| Pretax Margin | 43.4% | 44.1% | 44.2% | 47.1% | 47.8% | 54.3% | 50.3% | 50.1% | 50.8% | 51.8% | 48.8% | 45.1% | |
| EBITDA Margin | 49.5% | 50.7% | 51.2% | 54.1% | 55.9% | 59.6% | 54.3% | 54.1% | 4.9% | 4.8% | 6.1% | 6.6% | |
| ROA | 13.2% | 14.4% | 14.2% | 16.0% | 18.0% | 26.2% | 24.8% | 27.1% | 26.7% | 26.1% | 23.4% | 20.4% | |
| ROE | 19.5% | 19.8% | 20.8% | 23.8% | 24.6% | 32.3% | 28.0% | 29.1% | 30.1% | 29.4% | 26.5% | 23.2% | |
| ROIC | 16.8% | 18.7% | 18.9% | 22.4% | 25.0% | 31.4% | 25.9% | 27.7% | · | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.2 | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | 158.9 | 467.0 | 400.5 | 328.1 | · | · | · | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.7 | 0.7 | 0.8 | 0.7 | 0.7 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.6% | 8.6% | 4.8% | 2.8% | 1.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.6% | 5.3% | 3.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -8.8% | 6.3% | 3.0% | -1.8% | -13.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -0.05% | 2.5% | -4.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -3.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -10.1% | 6.2% | 3.1% | -3.0% | -13.9% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -0.48% | 2.1% | -4.8% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -3.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $846M | $817M | $753M | $718M | $699M | $689M | $511M | $436M | $393M | $368M | $303M | $263M | |
| Net Income TTM | $247M | $274M | $258M | $250M | $258M | $299M | $205M | $173M | $148M | $126M | $96M | $75M | |
| Market Cap | $6.48B | $8.51B | $11.10B | $10.50B | · | $21.68B | $14.38B | $7.95B | $7.59B | $5.52B | $4.17B | $2.68B | |
| Enterprise Value | $6.18B | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | 27.3 | 31.0 | 42.8 | 41.9 | 60.7 | 72.7 | 70.2 | 46.2 | 51.9 | 44.0 | 43.8 | 36.4 | |
| P/S | 7.7 | 10.4 | 14.7 | 14.6 | · | 31.5 | 28.1 | 18.3 | 19.3 | 15.0 | 13.8 | 10.2 | |
| P/B | 5.7 | 6.1 | 8.6 | 9.7 | · | 22.7 | 18.7 | 13.1 | 14.7 | 11.8 | 10.7 | 8.0 | |
| P / Tangible Book | 8.6 | 8.1 | 11.8 | 12.7 | · | 30.4 | · | · | · | · | · | · | |
| P / Cash Flow | 17.0 | 22.1 | 33.3 | 36.3 | · | 53.6 | 54.1 | 35.5 | 45.2 | 68.7 | 34.7 | 24.3 | |
| P / FCF | 17.3 | 22.7 | 34.2 | 38.0 | · | 55.7 | 56.7 | 42.3 | 48.7 | 74.6 | 36.2 | 25.4 | |
| EV / EBITDA | 14.8 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | 16.5 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 7.3 | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 3.7% | 3.2% | 2.3% | 2.4% | 1.7% | 1.4% | 1.4% | 2.2% | 1.9% | 2.3% | 2.3% | 2.8% |
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 | $218M | $233M | $209M | $209M | $219M | $209M | $202M | $207M | $198M | $210M | $197M | $172M | $180M | $203M | $178M | $172M | |
| SG&A Expense | $6M | $6M | $9M | $6M | $5M | $6M | $7M | $6M | $5M | $5M | $7M | $5M | $5M | $6M | $7M | $5M | |
| Operating Expenses | $129M | $132M | $133M | $123M | $128M | $120M | $122M | $120M | $116M | $118M | $120M | $105M | $104M | $108M | $100M | $96M | |
| Operating Income | $90M | $101M | $76M | $86M | $92M | $88M | $80M | $87M | $81M | $92M | $77M | $67M | $76M | $95M | $78M | $76M | |
| Interest Expense | · | · | · | · | · | · | · | · | $621.0K | $316.0K | · | $164.0K | $53.0K | $130.0K | · | $138.0K | |
| Interest Income | · | · | · | · | · | · | · | · | · | $6M | · | $7M | $5M | $4M | · | $1M | |
| Other Non-op | $-3M | $2M | $-711.0K | $2M | $-407.0K | $527.0K | $-2M | $-1M | $-1M | $-2M | $2M | $-2M | $-2M | $-1M | $-2M | $388.0K | |
| Pretax Income | $90M | $104M | $80M | $94M | $97M | $96M | $85M | $93M | $86M | $97M | $84M | $72M | $79M | $98M | $79M | $79M | |
| Income Tax | $21M | $26M | $-13M | $25M | $26M | $81M | $19M | $21M | $21M | $24M | $14M | $17M | $19M | $25M | $20M | $20M | |
| Net Income | $68M | $78M | $92M | $68M | $71M | $15M | $65M | $71M | $65M | $73M | $70M | $55M | $60M | $74M | $59M | $59M | |
| EPS (Basic) | $1.93 | $2.21 | $2.51 | $1.84 | $1.91 | $0.40 | $1.75 | $1.90 | $1.72 | $1.92 | $1.84 | $1.47 | $1.60 | $1.96 | $1.59 | $1.58 | |
| EPS (Diluted) | $1.93 | $2.20 | $2.49 | $1.84 | $1.91 | $0.40 | $1.74 | $1.90 | $1.72 | $1.92 | $1.84 | $1.46 | $1.59 | $1.96 | $1.58 | $1.58 | |
| Shares (Basic) | 35,203,000 | 35,301,000 | -74,565,000 | 37,023,000 | 37,210,000 | 37,388,000 | -75,322,000 | 37,527,000 | 37,655,000 | 37,740,000 | -74,908,000 | 37,491,000 | 37,485,000 | 37,478,000 | -74,924,000 | 37,479,000 | |
| Shares (Diluted) | 35,242,000 | 35,386,000 | -74,726,000 | 37,109,000 | 37,298,000 | 37,456,000 | -75,415,000 | 37,608,000 | 37,689,000 | 37,790,000 | -75,153,000 | 37,574,000 | 37,588,000 | 37,645,000 | -75,356,000 | 37,567,000 | |
| EBITDA | $90M | $120M | · | $86M | $92M | $107M | · | $87M | $81M | $111M | · | $67M | $76M | $112M | · | $76M |
Balance Sheet 17
| 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 | $246M | $377M | $520M | $473M | $463M | $486M | $544M | $446M | $434M | $377M | · | $420M | $396M | $333M | · | $319M | |
| PP&E (Net) | $111M | $112M | $112M | $112M | $109M | $108M | $107M | $109M | $109M | $107M | · | $102M | $99M | $99M | · | $94M | |
| PP&E (Gross) | · | · | $459M | · | · | · | $404M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $347M | · | · | · | $296M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $284M | $284M | $284M | $284M | $286M | $237M | $237M | $237M | $237M | $237M | · | $155M | $155M | $155M | · | $155M | |
| Intangibles | $100M | $105M | $111M | $116M | $121M | $94M | $98M | $104M | $108M | $114M | · | $85M | $90M | $94M | · | $100M | |
| Total Assets | $2.42B | $2.30B | $1.93B | $2.01B | $1.97B | $1.88B | $1.79B | $1.83B | $1.89B | $1.93B | · | $1.74B | $1.62B | $1.63B | · | $1.56B | |
| Short-term Debt | $116M | $228M | $220M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $1.17B | $1.10B | $777M | $624M | $574M | $531M | $401M | $447M | $557M | $609M | · | $547M | $454M | $507M | · | $541M | |
| Total Debt | $116M | $228M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $123.0K | $124.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | · | $123.0K | $123.0K | $123.0K | · | $123.0K | |
| Retained Earnings | $1.63B | $1.59B | $1.54B | $1.47B | $1.43B | $1.39B | $1.41B | $1.37B | $1.33B | $1.29B | · | $1.21B | $1.18B | $1.15B | · | $1.07B | |
| Treasury Stock | $752M | $752M | $695M | $451M | $407M | $370M | $333M | $317M | $302M | $269M | · | $327M | $328M | $328M | · | $320M | |
| AOCI | $-12M | $-12M | $-4M | $-4M | $1M | $-23M | $-35M | $-10M | $-29M | $-29M | · | $-38M | $-28M | $-32M | · | $-60M | |
| Stockholders' Equity | $1.24B | $1.19B | $1.15B | $1.38B | $1.39B | $1.35B | $1.39B | $1.39B | $1.33B | $1.32B | $1.29B | $1.19B | $1.17B | $1.12B | $1.08B | $1.02B | |
| Liabilities + Equity | $2.42B | $2.30B | $1.93B | $2.01B | $1.97B | $1.88B | $1.79B | $1.83B | $1.89B | $1.93B | · | $1.74B | $1.62B | $1.63B | · | $1.56B | |
| Shares Outstanding | 35,191,353 | 35,542,208 | 35,776,886 | 37,149,529 | 37,416,106 | 37,571,221 | 37,646,374 | 37,724,684 | 37,783,610 | 37,938,337 | · | 37,680,665 | 37,677,426 | 37,669,360 | · | 37,636,921 |
Cash Flow 14
| 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 | $19M | $19M | $20M | $20M | $19M | $18M | $19M | $19M | $18M | $18M | $20M | $18M | $17M | $16M | $16M | $15M | |
| Stock-based Comp | $9M | $9M | $7M | $8M | $8M | $7M | $7M | $8M | $8M | $7M | $7M | $7M | $7M | $7M | $8M | $7M | |
| Amort. of Intangibles | $5M | $5M | $5M | $6M | $5M | $4M | $5M | $5M | $5M | $5M | $6M | $4M | $4M | $4M | $4M | $4M | |
| Other Non-cash | · | $-182M | · | · | · | $-11M | · | · | · | $-103M | · | · | · | $-90M | · | · | |
| Operating Cash Flow | $27M | $-75M | $159M | $90M | $104M | $30M | $176M | $95M | $119M | $-5M | $142M | $79M | $105M | $8M | $134M | $85M | |
| CapEx | $649.0K | $259.0K | $4M | $1M | $1M | $2M | $215.0K | $835.0K | $8M | $1M | $2M | $6M | $1M | $217.0K | $6M | $4M | |
| Investing Cash Flow | $-11M | $-19M | $-17M | $-12M | $-51M | $-17M | $-12M | $-42M | $-18M | $-16M | $-92M | $-16M | $-15M | $-33M | $-18M | $-13M | |
| Stock Repurchased | $0 | $0 | $300M | $45M | $37M | $38M | $17M | $15M | $33M | $10M | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $0 | · | · | · | $-38M | · | · | · | $-10M | · | · | · | $0 | · | · | |
| Financing Cash Flow | $-144M | $-29M | $-108M | $-82M | $-65M | $-77M | $-45M | $-42M | $-61M | $-53M | $-36M | $-23M | $-40M | $-48M | $-27M | $-28M | |
| Net Change in Cash | $-129M | $-128M | $33M | $-8M | $6M | $-56M | $100M | $26M | $39M | $-77M | $23M | $32M | $55M | $-70M | $104M | $40M | |
| Taxes Paid | $16M | $35M | $34M | $19M | $12M | $-2M | $21M | $29M | $10M | $37M | $12M | $19M | $52M | $12M | $20M | $21M | |
| Free Cash Flow | · | $-76M | · | · | · | $28M | · | · | · | $-6M | · | · | · | $7M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-6M | · | · | · | $7M | · | · |
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 | 41.1% | 43.2% | · | 41.0% | 41.9% | 42.4% | · | 42.1% | 41.1% | 44.0% | · | 38.8% | 42.1% | 46.9% | · | 44.3% | |
| Net Margin | 31.2% | 33.4% | · | 32.6% | 32.4% | 7.2% | · | 34.6% | 32.9% | 34.5% | · | 31.9% | 33.3% | 36.2% | · | 34.5% | |
| Pretax Margin | 41.1% | 44.5% | · | 44.8% | 44.4% | 46.1% | · | 44.9% | 43.7% | 46.0% | · | 41.6% | 43.9% | 48.3% | · | 45.8% | |
| EBITDA Margin | 41.1% | 51.5% | · | 41.0% | 41.9% | 51.1% | · | 42.1% | 41.1% | 52.6% | · | 38.8% | 42.1% | 55.0% | · | 44.3% | |
| ROA | 3.1% | 3.7% | · | 3.5% | 3.7% | 0.79% | · | 4.0% | 3.7% | 4.1% | · | 3.3% | 3.8% | 4.4% | · | 3.7% | |
| ROE | 5.2% | 6.1% | · | 4.9% | 5.2% | 1.1% | · | 5.5% | 5.2% | 5.9% | · | 5.0% | 5.5% | 6.9% | · | 5.7% | |
| ROIC | 5.1% | 5.3% | · | 4.5% | 4.8% | 1.0% | · | 4.8% | 4.6% | 5.3% | · | 4.3% | 4.9% | 6.4% | · | 5.6% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | 131.0 | 292.7 | · | 408.0 | 1428.8 | 733.5 | · | 553.0 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Valuation (TTM) 14
| 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 | $880M | $870M | · | $844M | $832M | $823M | · | $787M | $760M | $766M | · | $727M | $737M | $744M | · | $702M | |
| Net Income TTM | $285M | $232M | · | $226M | $223M | $224M | · | $264M | $252M | $261M | · | $248M | $260M | $265M | · | $249M | |
| Market Cap | $3.99B | $5.86B | · | $6.47B | $8.36B | $8.13B | · | $9.67B | $7.58B | $8.32B | · | $8.05B | $9.85B | $14.74B | · | $8.37B | |
| Enterprise Value | $3.86B | $5.71B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | 14.4 | 26.0 | · | 28.8 | 37.7 | 36.4 | · | 36.6 | 30.0 | 31.6 | · | 32.4 | 37.8 | 55.7 | · | 33.8 | |
| P/S | 4.5 | 6.7 | · | 7.7 | 10.0 | 9.9 | · | 12.3 | 10.0 | 10.9 | · | 11.1 | 13.4 | 19.8 | · | 11.9 | |
| P/B | 3.2 | 4.9 | · | 4.7 | 6.0 | 6.0 | · | 7.0 | 5.7 | 6.3 | · | 6.8 | 8.5 | 13.1 | · | 8.2 | |
| P / Tangible Book | 4.7 | 7.3 | · | 6.6 | 8.5 | 8.0 | · | 9.2 | 7.7 | 8.6 | · | 8.5 | 10.7 | 16.9 | · | 11.0 | |
| P / Cash Flow | · | -77.8 | · | · | · | 274.3 | · | · | · | -1680.7 | · | · | · | 1958.2 | · | · | |
| P / FCF | · | -77.6 | · | · | · | 293.5 | · | · | · | -1353.4 | · | · | · | 2016.4 | · | · | |
| EV / EBITDA | 43.0 | 47.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -75.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 4.4 | 6.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 6.9% | 3.9% | · | 3.5% | 2.7% | 2.8% | · | 2.7% | 3.3% | 3.2% | · | 3.1% | 2.6% | 1.8% | · | 3.0% |
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 | $846M | $817M | $753M | $718M | $699M |
| Operating Margin % | 40.4% | 41.7% | 41.9% | 45.5% | 48.2% |
| Net Income | $247M | $274M | $258M | $250M | $258M |
| Diluted EPS | $6.64 | $7.28 | $6.85 | $6.65 | $6.77 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | — | — | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $374M | $375M | $324M | $276M | $265M |
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Institutional owners (13F) 450 filers · $3.6B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 68 (0 vs prior Q) | 102 (+19 vs prior Q) | 127 (-41 vs prior Q) | 156 (+1 vs prior Q) | +4.3M |
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 |
|---|---|---|---|---|
| PRIMECAP MANAGEMENT CO/CA/ | $397,771,671 | 3,504,905 | 11.09% | Shares |
| North Reef Capital Management LP | $385,298,550 | 3,395,000 | 10.75% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $238,359,983 | 2,100,273 | 6.65% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $175,531,578 | 1,546,670 | 4.90% | Shares |
| STATE STREET CORP | $145,433,788 | 1,281,769 | 4.06% | Shares |
| NEUBERGER BERMAN GROUP LLC | $138,623,046 | 1,221,456 | 3.87% | Shares |
| Burgundy Asset Management Ltd. | $127,256,989 | 692,216 | 3.55% | Shares |
| FMR LLC | $123,775,031 | 1,090,625 | 3.45% | Shares |
| MILLENNIUM MANAGEMENT LLC | $118,789,983 | 1,046,700 | 3.31% | Call option |
| CITIGROUP INC | $113,433,255 | 999,500 | 3.16% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $102,008,518 | 898,667 | 2.85% | Shares |
| VAN ECK ASSOCIATES CORP | $87,014,145 | 766,712 | 2.43% | Shares |
| NORGES BANK | $64,964,173 | 572,422 | 1.81% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $63,850,609 | 562,610 | 1.78% | Shares |
| GUARDCAP ASSET MANAGEMENT Ltd | $62,163,314 | 536,324 | 1.73% | Shares |
| TWO SIGMA INVESTMENTS, LP | $61,726,076 | 543,890 | 1.72% | Shares |
| Azora Capital LP | $58,229,563 | 513,081 | 1.62% | Shares |
| Davis Asset Management, L.P. | $56,745,000 | 500,000 | 1.58% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $44,495,458 | 392,065 | 1.24% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $37,544,194 | 330,815 | 1.05% | Shares |
| CITADEL ADVISORS LLC | $31,903,628 | 281,114 | 0.89% | Shares |
| GOLDMAN SACHS GROUP INC | $31,691,288 | 279,243 | 0.88% | Shares |
| TWO SIGMA ADVISERS, LP | $31,102,500 | 171,600 | 0.87% | Shares |
| BANK OF AMERICA CORP /DE/ | $28,696,401 | 252,854 | 0.80% | Shares |
| RDST Capital LLC | $28,044,741 | 247,112 | 0.78% | Shares |
| COOKE & BIELER LP | $27,096,305 | 238,755 | 0.76% | Shares |
| Cubist Systematic Strategies, LLC | $26,612,506 | 152,726 | 0.74% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $25,382,719 | 223,656 | 0.71% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $23,007,941 | 202,731 | 0.64% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $22,698,000 | 200,000 | 0.63% | Shares |
| Bank of New York Mellon Corp | $20,326,172 | 179,101 | 0.57% | Shares |
| Freestone Grove Partners LP | $19,610,959 | 172,799 | 0.55% | Shares |
| Public Sector Pension Investment Board | $17,856,290 | 157,338 | 0.50% | Shares |
| Sone Capital Management, LLC | $17,650,192 | 155,522 | 0.49% | Shares |
| Kodai Capital Management LP | $16,863,184 | 77,944 | 0.47% | Shares |
| TUDOR INVESTMENT CORP ET AL | $15,644,256 | 137,847 | 0.44% | Shares |
| Champlain Investment Partners, LLC | $15,444,514 | 136,087 | 0.43% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $13,846,347 | 122,005 | 0.39% | Shares |
| M&G PLC | $13,707,917 | 121,309 | 0.38% | Shares |
| BANK OF NOVA SCOTIA | $13,097,881 | 115,410 | 0.37% | Shares |
| RAYMOND JAMES FINANCIAL INC | $12,887,437 | 113,556 | 0.36% | Shares |
| ALGERT GLOBAL LLC | $12,756,276 | 112,400 | 0.36% | Shares |
| CIBC Bancorp USA Inc. | $12,720,527 | 112,085 | 0.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $12,688,182 | 111,800 | 0.35% | Call option |
| MILLENNIUM MANAGEMENT LLC | $12,437,369 | 109,590 | 0.35% | Shares |
| CWM, LLC | $12,204,890 | 73,978 | 0.34% | Shares |
| HEARTLAND ADVISORS INC | $11,908,052 | 104,926 | 0.33% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $11,129,056 | 98,062 | 0.31% | Shares |
| Walleye Capital LLC | $10,668,287 | 94,002 | 0.30% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $10,452,429 | 92,100 | 0.29% | Shares |
| Invenomic Capital Management LP | $10,264,149 | 90,441 | 0.29% | Shares |
| CIBC WORLD MARKET INC. | $8,884,678 | 78,286 | 0.25% | Shares |
| FLOSSBACH VON STORCH SE | $8,511,750 | 75,000 | 0.24% | Shares |
| RHUMBLINE ADVISERS | $8,253,507 | 72,725 | 0.23% | Shares |
| AMERIPRISE FINANCIAL INC | $8,244,707 | 72,647 | 0.23% | Shares |
| Swiss National Bank | $8,103,186 | 71,400 | 0.23% | Shares |
| Trexquant Investment LP | $7,567,627 | 66,681 | 0.21% | Shares |
| CITIGROUP INC | $7,310,912 | 64,419 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $7,207,646 | 43,688 | 0.20% | Shares |
| Congress Wealth Management LLC / DE / | $7,010,454 | 31,389 | 0.20% | Shares |
| Alpha Omega Wealth Management LLC | $6,974,301 | 61,453 | 0.19% | Shares |
| Legal & General Group Plc | $6,251,709 | 55,086 | 0.17% | Shares |
| Y-Intercept (Hong Kong) Ltd | $6,218,344 | 54,792 | 0.17% | Shares |
| STIFEL FINANCIAL CORP | $6,013,951 | 52,991 | 0.17% | Shares |
| VAN DEN BERG MANAGEMENT I, INC | $5,907,608 | 52,054 | 0.16% | Shares |
| Brevan Howard Capital Management LP | $5,793,665 | 51,050 | 0.16% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $5,788,444 | 51,004 | 0.16% | Shares |
| California Public Employees Retirement System | $5,668,826 | 49,950 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,492,916 | 48,400 | 0.15% | Put option |
| D. E. Shaw & Co., Inc. | $5,444,910 | 47,977 | 0.15% | Shares |
| Quantinno Capital Management LP | $5,399,308 | 47,575 | 0.15% | Shares |
| BlackRock, Inc. | $5,309,289 | 46,782 | 0.15% | Shares |
| FIRST TRUST ADVISORS LP | $5,295,216 | 46,658 | 0.15% | Shares |
| WILSON ASSET MANAGEMENT (INTERNATIONAL) PTY LTD | $5,111,817 | 45,042 | 0.14% | Shares |
| Mariner, LLC | $5,081,663 | 44,790 | 0.14% | Shares |
| AMERICAN CENTURY COMPANIES INC | $5,034,757 | 44,363 | 0.14% | Shares |
| Holocene Advisors, LP | $4,343,149 | 38,269 | 0.12% | Shares |
| Prana Capital Management, LP | $4,298,661 | 37,877 | 0.12% | Shares |
| Corebridge Financial, Inc. | $4,248,795 | 38,650 | 0.12% | Shares |
| S.A.C. Capital Advisors (Hong Kong) Ltd. | $4,243,162 | 24,351 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $4,239,759 | 37,358 | 0.12% | Shares |
| FJ Capital Management LLC | $4,226,027 | 37,237 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $4,199,130 | 37,000 | 0.12% | Call option |
| Taylor Hoffman Capital Management LLC | $4,073,724 | 35,895 | 0.11% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,004,835 | 35,288 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $3,904,850 | 34,407 | 0.11% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $3,835,281 | 33,794 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,809,065 | 33,563 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,697,391 | 32,579 | 0.10% | Shares |
| HSBC HOLDINGS PLC | $3,692,439 | 32,501 | 0.10% | Shares |
| Squarepoint Ops LLC | $3,684,112 | 32,462 | 0.10% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,670,380 | 32,341 | 0.10% | Shares |
| Elo Mutual Pension Insurance Co | $3,615,791 | 31,860 | 0.10% | Shares |
| XTX Topco Ltd | $3,611,592 | 31,823 | 0.10% | Shares |
| Fideuram Asset Management (Ireland) dac | $3,515,055 | 25,503 | 0.10% | Shares |
| CITADEL ADVISORS LLC | $3,382,002 | 29,800 | 0.09% | Put option |
| ALPS ADVISORS INC | $3,377,689 | 29,762 | 0.09% | Shares |
| Amundi | $3,337,854 | 29,411 | 0.09% | Shares |
| Robertson Opportunity Capital, LLC | $3,271,917 | 28,830 | 0.09% | Shares |
| PDT Partners, LLC | $3,197,127 | 28,171 | 0.09% | Shares |
Company insiders 45 insiders · 16 officers · 26 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Christopher R Concannon | Chief Executive Officer | April 3, 2026 F | 53,600 | 0 | 0 | $0 |
| Dean Berry | Group COO & CEO, EMEA & APAC | Oct. 1, 2025 A | 26,017 | 0 | 0 | $0 |
| Bieler Ilene Fiszel | Chief Financial Officer | June 3, 2026 F | 8,656 | 0 | 0 | $0 |
| Christopher N. Gerosa | Chief Financial Officer | Jan. 31, 2024 F | 1,752 | 0 | 0 | $0 |
| Kelley T Millet | President | June 13, 2011 G | 270,629 | 0 | 0 | $0 |
| William Quan | Chief Technology Officer | May 1, 2026 A | 218 | 0 | 0 | $0 |
| Naineshkumar Shantilal Panchal | Chief Information Officer | March 1, 2026 F | 11,331 | 0 | 0 | $0 |
| Nitin A Mirwani | Chief Accounting Officer | Feb. 15, 2026 A | 1,766 | 0 | 0 | $0 |
| Kevin M Mcpherson | Chief Revenue Officer | Feb. 15, 2026 F | 71,049 | 0 | 1 | $-276,868 |
| Christophe Pierre Daniel Roupie | Head of EMEA and APAC | May 14, 2025 S | 8,208 | 0 | 0 | $0 |
| Michael R. Cianciulli | Head of Ext Rep & Comp Accting | April 1, 2025 A | 1,155 | 0 | 0 | $0 |
| Richard M Mcvey | Executive Chairman | Nov. 14, 2024 S | 562,029 | 0 | 0 | $0 |
| Nicholas Themelis | Chief Information Officer | March 7, 2022 S | 8,544 | 0 | 0 | $0 |
| Antonio L Delise | Global Head of Corp. Dev. | Jan. 31, 2022 F | 26,993 | 0 | 0 | $0 |
| James N B Rucker | Chief Operations, Credit and Risk Officer | Feb. 18, 2011 A | 214,447 | 0 | 0 | $0 |
| Ian N Baillie | Head of MarketAxess Europe | Dec. 14, 2006 M | 40,000 | 0 | 0 | $0 |
| Carlos Mauricio Hernandez | Director | June 18, 2026 G | 1,772 | 0 | 0 | $0 |
| Roberto Hoornweg | Director | June 10, 2026 A | 2,389 | 0 | 0 | $0 |
| Kourtney Gibson | Director | June 10, 2026 A | 4,542 | 0 | 0 | $0 |
| Nancy A. Altobello | Director | June 10, 2026 A | 5,152 | 0 | 0 | $0 |
| William Frank Cruger Jr. | Director | June 10, 2026 A | 10,197 | 0 | 0 | $0 |
| Douglas A Cifu | Director | June 10, 2026 A | 1,649 | 0 | 0 | $0 |
| Steven L Begleiter | Director | June 10, 2026 A | 12,074 | 0 | 0 | $0 |
| Kenneth T Schiciano | Director | June 10, 2026 A | 1,945 | 0 | 0 | $0 |
| Richard G Ketchum | Director | June 10, 2026 A | 6,093 | 0 | 0 | $0 |
| Stephen P Casper | Director | Sept. 8, 2025 S | 43,208 | 0 | 1 | $-298,544 |
| Richard Leon Prager | Director | June 7, 2023 A | 3,904 | 0 | 0 | $0 |
| Xiaojia Charles Li | Director | June 8, 2022 A | 768 | 0 | 0 | $0 |
| Justin Gerald Gmelich | Director | June 8, 2022 A | 1,243 | 0 | 0 | $0 |
| John Steinhardt | Director | Dec. 9, 2020 G | 21,313 | 0 | 0 | $0 |
| David G Gomach | Director | Feb. 4, 2019 M | 19,059 | 0 | 0 | $0 |
| James Joseph Sullivan | Director | Aug. 8, 2018 A | 8,358 | 0 | 0 | $0 |
| Ronald M Hersch | Director | Feb. 13, 2017 S | 34,981 | 0 | 0 | $0 |
| Lesley Daniels Webster | Director | Aug. 8, 2014 A | 3,231 | 0 | 0 | $0 |
| Sharon Brown-Hruska | Director | July 27, 2012 A | 10,346 | 0 | 0 | $0 |
| Roger Burkhardt | Director | July 27, 2012 A | 13,161 | 0 | 0 | $0 |
| Jerome S Markowitz | Director | July 29, 2011 A | 17,307 | 0 | 0 | $0 |
| Nicolas S Rohatyn | Director | July 29, 2011 A | 28,696 | 0 | 0 | $0 |
| Wayne D Lyski | Director | Aug. 3, 2007 M | 12,500 | 0 | 0 | $0 |
| Emily Hope Portney | — | Aug. 12, 2026 G | 1,571 | 0 | 0 | $0 |
| Scott Pintoff | — | Aug. 10, 2026 S | 11,586 | 0 | 9 | $-141,602 |
| Jane Chwick | — | Aug. 7, 2026 G | 9,223 | 0 | 0 | $0 |
| Robert Trudeau | — | May 2, 2011 S | 4,716 | 0 | 0 | $0 |
| Michael H Ziegelbaum | — | Aug. 26, 2005 M | 10,000 | 0 | 0 | $0 |
| Thomas M Thees | — | Aug. 23, 2005 P | 1,000 | 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 |
|---|---|---|---|---|---|
| TCV VI, L.P., TCV MEMBER FUND, L.P., TECHNOLOGY CROSSOVER MANAGEMENT VI, L.L.C., TCV VI MANAGEMENT, L.L.C., JAY C. HOAG, RICHARD H. KIMBALL, JOHN L. DREW, JON Q. REYNOLDS, JR., WILLIAM J.G. GRIFFITH IV, ROBERT W. TRUDEAU ×5 filings | Sept. 20, 2011 | — | 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 106 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 |
|---|---|---|---|---|
| CVAR · ETF Opportunities Trust | 4.24% | 10,463 NS | April 30, 2026 | N-PORT |
| SCOW · Pacer Funds Trust | 3.83% | 376 NS | April 30, 2026 | N-PORT |
| NBSM · Neuberger Berman ETF Trust | 1.37% | 23,768 NS | May 31, 2026 | N-PORT |
| SRHQ · Elevation Series Trust | 1.14% | 14,039 NS | April 30, 2026 | N-PORT |
| FDIV · EA Series Trust | 1.00% | 4,625 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 0.97% | 3,614 NS | April 30, 2026 | N-PORT |
| KBWR · Invesco Exchange-Traded Fund Trust … | 0.83% | 3,280 NS | May 31, 2026 | N-PORT |
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 0.78% | 7,592 NS | May 31, 2026 | N-PORT |
| FDFF · Fidelity Covington Trust | 0.61% | 1,957 NS | May 31, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.57% | 38,639 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.47% | 38,834 NS | April 30, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 0.42% | 28,058 NS | May 31, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.30% | 4,423 NS | May 31, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.23% | 4,697 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.22% | 452 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.14% | 5,548 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.13% | 4,157 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.12% | 108,700 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 15,045 NS | April 30, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.09% | 13,851 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.09% | 100,838 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.08% | 56,636 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.07% | 9,821 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.05% | 9,755 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.04% | 1,143 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.04% | 1,776 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.03% | 658 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.03% | 1,032 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.03% | 641 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 1,421 NS | May 31, 2026 | N-PORT |
| QARP · DBX ETF Trust | 0.02% | 136 NS | May 29, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.02% | 3,038 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.02% | 441 NS | May 29, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 58,363 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.02% | 19,686 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 3,034 NS | April 30, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.02% | 570 NS | May 31, 2026 | N-PORT |
| SCHV · SCHWAB STRATEGIC TRUST | 0.02% | 18,719 NS | May 31, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.01% | 432 NS | May 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.01% | 114 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 1,540 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 8,826 NS | May 31, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.01% | 524 NS | May 31, 2026 | N-PORT |
| JUST · Goldman Sachs ETF Trust | 0.01% | 450 NS | May 31, 2026 | N-PORT |
| SCHX · SCHWAB STRATEGIC TRUST | 0.01% | 38,841 NS | May 31, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.01% | 1,243 NS | May 31, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.01% | 2,937 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 21,622 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 7,957 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 593 NS | May 31, 2026 | N-PORT |