MORN Morningstar, Inc. - Common Stock
$220.21
Price · Aug 24, 2026
Fundamentals as of Jul 29, 2026
52W Range
$141–$265
64% of range
Analyst Rating
BUY
9 analysts
Price Target
$237
+7% upside
P/E (TTM)
23.8
ROE
26.4%
Net Profit Margin
15.3%
About Morningstar, Inc. - Common Stock Company overview from Wikipedia
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.
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Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.
With operations in 29 countries, Morningstar's research and recommendations are considered by financial journalists as influential in the asset management industry, and a positive or negative recommendation from Morningstar analysts can drive money into or away from any given fund. Through its asset management division, the firm currently manages over US$295 billion as of March 31, 2023.
The firm also provides software and data platforms for investment professionals, including "Morningstar Research Portal", "Morningstar Direct" and "Morningstar Advisor Workstation".
History
Founder Joe Mansueto initially had the idea for Morningstar in 1982 while reviewing mutual fund annual reports he had requested from several prominent fund managers. However, it was only after a year working as a stock analyst for Harris Associates, seeing the fund industry and potential competitors up close, that he was convinced that the opportunity was there. Morningstar was subsequently founded in 1984 from his one-bedroom Chicago apartment with an initial investment of US$80,000. The name Morningstar is taken from the last sentence in Walden, a book by Henry David Thoreau; "the sun is but a morning star".
In July 1999, Morningstar accepted an investment of US$91 million from SoftBank in return for a 20 percent stake in the company. The two companies had formed a joint venture in Japan the previous year.
Morningstar's initial public offering occurred on May 3, 2005, with 7,612,500 shares at $18.50 each. Morningstar went public by following in Google's footsteps and using the OpenIPO method, rather than the traditional method. This allowed individual investors to bid on the price of the stock via equal access.
In 2006, Morningstar acquired Ibbotson Associates, Inc., an investment research firm. In 2007, Morningstar acquired the mutual fund data business of S&P Global.
In 2010, Morningstar acquired credit rating agency Realpoint for $52 million and began offering structured credit ratings and research to institutional investors. In the same year, Morningstar acquired Old Broad Street Research Ltd. (OBSR), a UK-based provider of fund research, ratings and investment advisory services, for $18.3 million. After the acquisition, the company was renamed as Morningstar OBSR.
In 2014, Morningstar acquired ByAllAccounts, Inc., a provider of data aggregation technology for financial applications.
In 2016, Morningstar acquired remaining ownership of PitchBook Data for approximately $225 million. In September 2016, Morningstar announced that it had appointed Kunal Kapoor as chief executive officer, effective January 2017, with Mansueto becoming executive chairman at the same time.
In 2019, Morningstar acquired the world's fourth largest credit rating agency DBRS for $669 million. After the acquisition, DBRS merged with Morningstar’s credit rating business to form the Morningstar DBRS.
In 2020, Morningstar entered into an agreement to acquire Sustainalytics, a research and ratings firm specializing in environmental, social, and governance (ESG) insights. That same year, Morningstar agreed to acquire PlanPlus Global, a Canada-based financial planning and risk assessment software company.
In 2021, Morningstar announced it would acquire the UK and international (including Jersey, Hong Kong and Dubai) operations of the Australian wealth management platform Praemium (ASX: PPS) for £35 million. Later that year, Morningstar announced the acquisition of Moorgate Benchmarks, in an effort to grow its index services under Morningstar Indexes.
In 2022, Morningstar announced that it will acquire the S&P Global-owned Leveraged Commentary & Data (LCD), a company specializing in leveraged loan market data, for about $650 million.
Products and services
Morningstar offers a wide array of products and services to both retail and institutional investors.
Morningstar Investment Management
Through its investment management subsidiary, Morningstar currently has over US$265 billion in assets under advisement and management.
Morningstar Direct
Morningstar Direct is a software platform that provides data and analytics to help professional investment managers craft new products and portfolios.
Morningstar Office Cloud
Morningstar offers a single end-to-end cloud-based platform for investment advisors, known as Morningstar Office Cloud. The software allows financial advisors to manage their practice, gain access to data and research, analyze investments, and connect with investors.
Morningstar Investor
The firm offers retail and individual investors access to news, research, and stock, bond, and mutual fund analysis through its 'Morningstar Investor' subscription product. This product was previously known as Morningstar Premium.
Credit Ratings (NRSRO)
In 2010, Morningstar acquired Realpoint, LLC, a former division of private-equity giant Capmark Finance and a one-time nationally recognized statistical rating organization (NRSRO). The firm was rebranded as Morningstar Credit Ratings and competed with NRSROs such as S&P, Moody's Investors Service, and Fitch Ratings.
In 2019, Morningstar acquired NRSRO DBRS for $669 million.
Morningstar Research Portal
In 2022, Morningstar launched its newest research platform aimed at helping financial advisors utilize Morningstar's investment research and other tools to identify and select investments, monitor investment performance, and inform how they communicate with clients.
Influence and criticisms
Morningstar is considered powerful in the investment management industry, and the firm's ratings and recommendations often influence a fund's assets under management. The firm's "star" ratings are often used by fund managers in marketing materials, and positive star ratings bring a credibility to a fund's strategy. Morningstar's analysts and data are frequently quoted in outlets such as the New York Times, Wall Street Journal, and Financial Times.
In October 2017, the Wall Street Journal published a front-page feature story criticizing Morningstar's influence and questioned the predictive power of the firm's rating system. In response, Morningstar provided a quantitative analysis showing that higher-rated funds outperform lower-rated funds, but cautioned against using the ratings as a definitive marker of future performance.
Corporate identity
Morningstar's current logo was designed by graphic designer Paul Rand. The design features the "o" in Morningstar appearing as a rising sun, which is a nod to a Henry David Thoreau quote that inspired the company's name. Mansueto considers the logo "one of our most valuable assets".
Major offices
The firm is headquartered in Chicago, Illinois, with major regional offices in New York City, London, Paris, Sydney, Hong Kong, Toronto, Mumbai and other cities around the world. Morningstar maintained a technology operations center in Shenzhen for nearly two decades before closing in 2023 at a cost of $30 million, citing changes in the country's regulatory landscape.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MORN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$220.21
Market Cap
$8.37B
P/E (TTM)
23.8
EPS (TTM)
$8.87
Revenue (TTM)
$2.45B
Div Yield
0.92%
ROE
26.4%
Debt/Equity
0.9
52W Range
$141 – $265
MORN 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
$2.45B
2016-12-31
→
2025-12-31
EPS
$8.87
2016-12-31
→
2025-12-31
Free Cash Flow
$443M
2016-12-31
→
2025-12-31
Margins
15.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MORN
Peer Median
P/E (TTM)
23.8
22.9
P/S (TTM)
3.4
3.0
P/B
6.9
4.8
EV / EBITDA
12.4
—
Price / FCF
18.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MORN
Peer Median
Operating Margin
21.5%
—
Net Profit Margin
15.3%
4.5%
ROA
10.5%
4.2%
ROE
26.4%
16.4%
ROIC
17.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MORN
Peer Median
Debt / Equity
0.9
0.0
Current Ratio
1.0
1.6
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MORN
Peer Median
Revenue YoY
7.5%
—
Revenue CAGR 3Y
9.3%
—
Revenue CAGR 5Y
12.0%
—
EPS YoY
3.4%
—
Net Income YoY
1.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MORN
Peer Median
Payout Ratio
20.5%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.92%
Payout Ratio
20.5%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 10, 2026 | $0.5000 |
| April 2, 2026 | $0.5000 |
| Jan. 2, 2026 | $0.5000 |
| Oct. 3, 2025 | $0.4550 |
| July 11, 2025 | $0.4550 |
| April 4, 2025 | $0.4550 |
| Jan. 3, 2025 | $0.4550 |
| Oct. 4, 2024 | $0.4050 |
| July 12, 2024 | $0.4050 |
| April 4, 2024 | $0.4050 |
| Jan. 4, 2024 | $0.4050 |
| Oct. 5, 2023 | $0.3750 |
| July 6, 2023 | $0.3750 |
| April 5, 2023 | $0.3750 |
| Jan. 5, 2023 | $0.3750 |
| Oct. 17, 2022 | $0.3600 |
| June 30, 2022 | $0.3600 |
| March 31, 2022 | $0.3600 |
| Jan. 6, 2022 | $0.3600 |
| Oct. 18, 2021 | $0.3150 |
MORN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
9 analysts
- Strong Buy 2 22.2%
- Buy 5 55.6%
- Hold 2 22.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-19
Median
$230.00
Mean
$236.67
Now
$220.21
Low
$220.00
High
$260.00
Median target
$230.00
+4.4%
Mean target
$236.67
+7.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.24%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.10 | $2.89 | 0.21% |
| March 31, 2026 | $3.18 | $2.71 | 0.47% |
| Dec. 31, 2025 | $2.71 | $2.35 | 0.36% |
| Sept. 30, 2025 | $2.55 | $2.47 | 0.08% |
| June 30, 2025 | $2.40 | $2.24 | 0.16% |
| March 31, 2025 | $2.23 | $2.10 | 0.13% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MORN | $8.64B | 24.5 | 7.5% | 15.3% | 26.4% | — |
| COIN | $60.57B | 50.8 | 9.4% | 17.5% | 9.4% | — |
| MSCI | $42.21B | 36.6 | 9.8% | 38.4% | -67.9% | — |
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | — |
| FDS | $14.05B | 24.0 | 5.4% | 25.7% | 28.1% | — |
| MKTX | $6.48B | 27.3 | 3.6% | 29.1% | 19.5% | — |
| 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% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B | $1.39B | $1.18B | $1.02B | $912M | $799M | $789M | $760M | |
| Cost of Revenue | $953M | $896M | $844M | $779M | $698M | $556M | $483M | $411M | $387M | $344M | $330M | $319M | |
| SG&A Expense | $334M | $327M | $356M | $400M | $318M | $272M | $211M | $148M | $130M | $105M | $107M | $109M | |
| Operating Expenses | $1.94B | $1.85B | $1.81B | $1.70B | $1.44B | $1.17B | $989M | $804M | $742M | $618M | $598M | $654M | |
| Operating Income | $527M | $485M | $231M | $168M | $257M | $215M | $190M | $216M | $170M | $181M | $191M | $106M | |
| Other Non-op | $1M | $-1M | $14M | $-7M | $-4M | $-6M | $-3M | $2M | $-5M | $6M | $1M | $100.0K | |
| Pretax Income | $496M | $474M | $174M | $131M | $250M | $283M | $198M | $233M | $181M | $225M | $194M | $114M | |
| Income Tax | $122M | $104M | $33M | $56M | $63M | $60M | $46M | $48M | $43M | $64M | $63M | $36M | |
| Net Income | $374M | $370M | $141M | $70M | $193M | $224M | $152M | $183M | $137M | $161M | $133M | $78M | |
| EPS (Basic) | $8.93 | $8.64 | $3.31 | $1.65 | $4.50 | $5.22 | $3.56 | $4.30 | $3.21 | $3.74 | $3.00 | $1.75 | |
| EPS (Diluted) | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 | $5.18 | $3.52 | $4.25 | $3.18 | $3.72 | $3.00 | $1.74 | |
| Shares (Basic) | 41,900,000 | 42,800,000 | 42,600,000 | 42,600,000 | 43,000,000 | 42,900,000 | 42,700,000 | 42,600,000 | 42,700,000 | 43,000,000 | 44,200,000 | 44,700,000 | |
| Shares (Diluted) | 42,200,000 | 43,100,000 | 42,900,000 | 42,900,000 | 43,400,000 | 43,200,000 | 43,200,000 | 43,000,000 | 43,000,000 | 43,300,000 | 44,300,000 | 44,900,000 | |
| EBITDA | $716M | $675M | $416M | $334M | $408M | $355M | $307M | $312M | $261M | $252M | $255M | $160M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $474M | $503M | $338M | $377M | $484M | $422M | $334M | $369M | $308M | $259M | $207M | $185M | |
| Short-term Investments | $54M | $48M | $51M | $38M | $62M | $42M | $33M | $27M | $45M | $45M | $42M | $39M | |
| Receivables | $390M | $358M | $344M | $308M | $269M | $205M | $188M | $172M | $148M | $146M | $139M | $137M | |
| Prepaid Expense | $42M | $42M | $35M | $37M | $31M | $32M | · | · | · | · | · | · | |
| Other Current Assets | $25M | $11M | $5M | $11M | $2M | $6M | $24M | $17M | $28M | $22M | $22M | $30M | |
| Current Assets | $1.04B | $1.01B | $816M | $811M | $888M | $730M | $603M | $602M | $530M | $472M | $410M | $391M | |
| PP&E (Net) | $232M | $219M | $208M | $199M | $172M | $155M | $155M | $144M | $147M | $152M | $134M | $118M | |
| PP&E (Gross) | $1.13B | $1.01B | $922M | $810M | $701M | $607M | $532M | $495M | $432M | $367M | $304M | $250M | |
| Accum. Depreciation | $900M | $790M | $714M | $611M | $529M | $452M | $377M | $352M | $285M | $215M | $170M | $133M | |
| Goodwill | $1.61B | $1.56B | $1.58B | $1.57B | $1.21B | $1.21B | $1.04B | $557M | $565M | $557M | $364M | $370M | |
| Intangibles | $379M | $409M | $484M | $549M | $328M | $380M | $333M | $74M | $95M | $121M | $74M | $96M | |
| Other Non-current Assets | $12M | $9M | $9M | $10M | $12M | $14M | $12M | $5M | $6M | $9M | $11M | $7M | |
| Total Assets | $3.59B | $3.55B | $3.40B | $3.47B | $2.86B | $2.70B | $2.37B | $1.45B | $1.41B | $1.35B | $1.03B | $1.01B | |
| Accounts Payable | · | · | · | · | · | · | $59M | · | · | · | · | · | |
| Short-term Debt | $0 | · | $32M | $32M | $0 | · | $11M | · | · | $0 | $35M | $30M | |
| Current Liabilities | $1.05B | $967M | $881M | $882M | $784M | $626M | $496M | $363M | $323M | $295M | $304M | $294M | |
| Capital Leases | $147M | $170M | $151M | $177M | $136M | $138M | $139M | $0 | · | · | · | · | |
| Deferred Tax | $27M | $28M | $36M | $63M | $102M | $109M | $95M | $22M | $24M | $38M | $20M | $17M | |
| Other Non-current Liabilities | $14M | $11M | $9M | $14M | $14M | $34M | $11M | $38M | $21M | $36M | $30M | $11M | |
| Total Liabilities | $2.37B | $1.93B | $2.08B | $2.27B | $1.45B | $1.42B | $1.29B | $519M | $601M | $654M | $388M | $356M | |
| Long-term Debt | $1.07B | $699M | $940M | $1.08B | $359M | $449M | $513M | $70M | · | · | · | · | |
| Total Debt | $1.07B | $699M | $972M | $1.11B | $359M | $449M | $513M | · | · | $0 | $35M | $30M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $2.21B | $1.91B | $1.61B | $1.53B | $1.53B | $1.39B | $1.22B | $1.11B | $959M | $862M | $739M | $642M | |
| Treasury Stock | $1.79B | $994M | $986M | $987M | $764M | $767M | $729M | $727M | $708M | $668M | $620M | $524M | |
| AOCI | $-68M | $-119M | $-86M | $-99M | $-35M | $-22M | $-61M | $-75M | $-47M | $-82M | $-55M | $-25M | |
| Stockholders' Equity | $1.22B | $1.62B | $1.33B | $1.21B | $1.42B | $1.27B | $1.08B | $935M | $805M | $697M | $641M | $654M | |
| Liabilities + Equity | $3.59B | $3.55B | $3.40B | $3.47B | $2.86B | $2.70B | $2.37B | $1.45B | $1.41B | $1.35B | $1.03B | $1.01B | |
| Shares Outstanding | 39,740,881 | 42,869,380 | 42,728,182 | 42,480,051 | 43,136,273 | 42,898,158 | 42,848,359 | 42,624,118 | 42,547,707 | 42,932,994 | 43,403,076 | 44,345,763 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $190M | $190M | $185M | $167M | $151M | $140M | $118M | $97M | $91M | $71M | $64M | $55M | |
| Stock-based Comp | $56M | $55M | $53M | $83M | $42M | $37M | $44M | $32M | $24M | $14M | $17M | $18M | |
| Deferred Tax | $-42M | $-35M | $-32M | $-38M | $-12M | $-6M | $-6M | $-7M | $-14M | $5M | $3M | $3M | |
| Amort. of Intangibles | $60M | $64M | $70M | $67M | $62M | $59M | $36M | $21M | $24M | $19M | $22M | $22M | |
| Other Non-cash | $12M | $11M | $-30M | $15M | $76M | $-9M | $26M | $10M | $12M | $-37M | $22M | $-22M | |
| Operating Cash Flow | $590M | $592M | $316M | $298M | $450M | $384M | $334M | $315M | $250M | $214M | $242M | $137M | |
| CapEx | $147M | $143M | $119M | $130M | $102M | $77M | $80M | $76M | $67M | $63M | $57M | $58M | |
| Investing Cash Flow | $-139M | $-21M | $-82M | $-799M | $-168M | $-124M | $-746M | $-50M | $-61M | $-274M | $-80M | $-31M | |
| Net Debt Issued | · | · | · | · | · | · | $-166M | $-110M | $-70M | · | · | · | |
| Stock Repurchased | $787M | $12M | $1M | $226M | $1M | $42M | $5M | $21M | $42M | $49M | $97M | $77M | |
| Net Stock Activity | $-787M | $-12M | $-1M | $-226M | $-1M | $-42M | $-5M | $-21M | $-42M | $-49M | $-97M | $-77M | |
| Dividends Paid | $77M | $69M | $64M | $62M | $54M | $51M | $48M | $43M | $39M | $38M | $34M | $30M | |
| Financing Cash Flow | $-515M | $-384M | $-278M | $415M | $-212M | $-182M | $374M | $-189M | $-158M | $124M | $-128M | $-76M | |
| Net Change in Cash | $-28M | $165M | $-39M | $-107M | $61M | $88M | $-35M | $61M | $49M | $52M | $22M | $17M | |
| Taxes Paid | $172M | $116M | $73M | $75M | $81M | $58M | $63M | $67M | $47M | $58M | $50M | $30M | |
| Free Cash Flow | $443M | $449M | $197M | $168M | $348M | $308M | $254M | $239M | $184M | $151M | $182M | $74M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 21.5% | 21.3% | 11.3% | 9.0% | 15.1% | 15.5% | 16.1% | 21.2% | 18.6% | 22.6% | 24.2% | 13.9% | |
| Net Margin | 15.3% | 16.3% | 6.9% | 3.8% | 11.4% | 16.1% | 12.9% | 17.9% | 15.0% | 20.2% | 16.8% | 10.3% | |
| Pretax Margin | 20.3% | 21.6% | 8.9% | 7.0% | 14.7% | 20.4% | 16.8% | 22.8% | 19.9% | 28.2% | 24.6% | 15.0% | |
| EBITDA Margin | 29.3% | 29.7% | 20.4% | 17.9% | 24.0% | 25.5% | 26.1% | 30.6% | 28.6% | 31.5% | 32.3% | 21.1% | |
| ROA | 10.5% | 10.6% | 4.1% | 2.2% | 7.0% | 8.8% | 8.0% | 12.8% | 9.9% | 13.5% | 13.0% | 7.6% | |
| ROE | 26.4% | 23.2% | 11.0% | 5.9% | 13.8% | 18.3% | 14.3% | 19.7% | 18.2% | 24.1% | 20.5% | 11.7% | |
| ROIC | 17.3% | 16.5% | 8.2% | 4.1% | 10.9% | 9.9% | 9.2% | 18.4% | 16.1% | 18.6% | 19.1% | 10.6% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 0.9 | 0.9 | 1.1 | 1.2 | 1.2 | 1.7 | 1.6 | 1.6 | 1.3 | 1.4 | |
| Quick Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 1.0 | 1.1 | 1.1 | 1.6 | 1.6 | 1.5 | 1.3 | 1.2 | |
| Debt / Equity | 0.9 | 0.4 | 0.7 | 0.9 | 0.3 | 0.4 | 0.5 | · | · | 0.0 | 0.1 | 0.0 | |
| LT Debt / Equity | 0.9 | 0.4 | 0.7 | 0.9 | 0.3 | 0.4 | 0.5 | · | · | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | |
| Receivables Turnover | 6.5 | 6.5 | 6.3 | 6.5 | 7.2 | 7.1 | 6.5 | 6.4 | 6.2 | 5.6 | 5.7 | 6.1 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.5% | 11.6% | 9.0% | 10.1% | 22.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.3% | 10.2% | 13.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 12.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 3.4% | 160.8% | 100.6% | -63.1% | -14.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 75.5% | 24.5% | -14.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 11.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 1.2% | 162.2% | 100.1% | -63.5% | -13.6% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 74.4% | 24.1% | -14.2% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 10.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 8.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B | $1.39B | $1.18B | $1.02B | $912M | $799M | $789M | $760M | |
| Net Income TTM | $374M | $370M | $141M | $70M | $193M | $224M | $152M | $183M | $137M | $161M | $133M | $78M | |
| Market Cap | $8.64B | $14.44B | $12.23B | $9.20B | $14.75B | $9.93B | $6.48B | $5.12B | $4.13B | $3.16B | $3.49B | $2.87B | |
| Enterprise Value | $9.18B | $14.58B | $12.81B | $9.90B | $14.57B | $9.92B | $6.63B | · | · | $2.85B | $3.28B | $2.68B | |
| P/E | 24.5 | 39.2 | 87.0 | 132.1 | 76.9 | 44.7 | 43.0 | 25.8 | 30.5 | 19.8 | 26.8 | 37.2 | |
| P/S | 3.5 | 6.3 | 6.0 | 4.9 | 8.7 | 7.1 | 5.5 | 5.0 | 4.5 | 4.0 | 4.4 | 3.8 | |
| P/B | 7.1 | 8.9 | 9.2 | 7.6 | 10.4 | 7.8 | 6.0 | 5.5 | 5.1 | 4.5 | 5.5 | 4.4 | |
| P / Cash Flow | 14.6 | 24.4 | 38.7 | 30.9 | 32.8 | 25.8 | 19.4 | 16.3 | 16.5 | 14.8 | 14.6 | 21.7 | |
| P / FCF | 19.5 | 32.2 | 62.0 | 54.7 | 42.4 | 32.3 | 25.5 | 21.5 | 22.5 | 20.9 | 19.2 | 38.8 | |
| EV / EBITDA | 12.8 | 21.6 | 30.8 | 29.6 | 35.7 | 28.0 | 21.6 | · | · | 11.3 | 12.8 | 16.7 | |
| EV / FCF | 20.7 | 32.5 | 64.9 | 58.8 | 41.8 | 32.2 | 26.1 | · | · | 18.9 | 18.0 | 36.2 | |
| EV / Revenue | 3.8 | 6.4 | 6.3 | 5.3 | 8.6 | 7.1 | 5.6 | · | · | 3.6 | 4.2 | 3.5 | |
| Dividend Yield | 0.89% | 0.48% | 0.52% | 0.67% | 0.37% | 0.52% | 0.74% | 0.83% | 0.95% | 1.2% | 0.97% | 1.1% | |
| Earnings Yield | 4.1% | 2.5% | 1.1% | 0.76% | 1.3% | 2.2% | 2.3% | 3.9% | 3.3% | 5.1% | 3.7% | 2.7% | |
| Payout Ratio | 20.5% | 18.7% | 45.3% | 87.2% | 28.0% | 23.0% | 31.4% | 23.3% | 28.7% | 23.5% | 25.4% | 39.0% | |
| Annual Payout | $77M | $69M | $64M | $62M | $54M | $51M | $48M | $43M | $39M | $38M | $34M | $30M |
Income Statement 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 | $663M | $645M | $641M | $617M | $605M | $582M | $591M | $569M | $572M | $543M | $539M | $516M | $505M | $480M | $475M | $468M | |
| Cost of Revenue | $239M | $239M | $249M | $242M | $231M | $231M | $232M | $223M | $223M | $218M | $205M | $203M | $216M | $219M | $195M | $195M | |
| SG&A Expense | $98M | $84M | $90M | $86M | $82M | $76M | $89M | $78M | $80M | $80M | $92M | $90M | $90M | $84M | $106M | $117M | |
| Operating Expenses | $509M | $490M | $505M | $490M | $481M | $468M | $487M | $454M | $463M | $450M | $444M | $446M | $463M | $455M | $440M | $446M | |
| Operating Income | $161M | $156M | $160M | $128M | $125M | $114M | $168M | $116M | $108M | $93M | $94M | $70M | $42M | $24M | $36M | $22M | |
| Other Non-op | $4M | $-400.0K | $2M | $2M | $-1M | $-200.0K | $4M | $0 | $-9M | $3M | $10M | $-2M | $4M | $2M | $6M | $-14M | |
| Pretax Income | $147M | $142M | $148M | $123M | $116M | $108M | $146M | $152M | $90M | $87M | $83M | $57M | $32M | $2M | $31M | $-2M | |
| Income Tax | $38M | $35M | $36M | $31M | $26M | $27M | $34M | $30M | $19M | $21M | $14M | $17M | $-6M | $8M | $26M | $5M | |
| Net Income | $108M | $107M | $115M | $92M | $89M | $78M | $117M | $120M | $69M | $64M | $74M | $39M | $36M | $-8M | $3M | $-9M | |
| EPS (Basic) | $2.85 | $2.74 | $2.81 | $2.18 | $2.11 | $1.83 | $2.74 | $2.79 | $1.61 | $1.50 | $1.72 | $0.92 | $0.85 | $-0.18 | $0.08 | $-0.21 | |
| EPS (Diluted) | $2.83 | $2.73 | $2.79 | $2.17 | $2.09 | $1.82 | $2.72 | $2.77 | $1.60 | $1.49 | $1.72 | $0.91 | $0.84 | $-0.18 | $0.09 | $-0.21 | |
| Shares (Basic) | 37,800,000 | 39,100,000 | -85,200,000 | 42,100,000 | 42,200,000 | 42,800,000 | -85,600,000 | 42,900,000 | 42,800,000 | 42,700,000 | -85,200,000 | 42,700,000 | 42,600,000 | 42,500,000 | -85,500,000 | 42,500,000 | |
| Shares (Diluted) | 38,100,000 | 39,300,000 | -85,700,000 | 42,300,000 | 42,500,000 | 43,100,000 | -86,200,000 | 43,200,000 | 43,100,000 | 43,000,000 | -85,300,000 | 42,900,000 | 42,800,000 | 42,500,000 | -86,000,000 | 42,700,000 | |
| EBITDA | $214M | $208M | · | $175M | $174M | $161M | · | $161M | $158M | $140M | · | $117M | $89M | $69M | · | $66M |
Balance Sheet 28
| 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 | · | · | $474M | · | · | · | $503M | · | · | · | · | · | · | · | · | · | |
| Short-term Investments | $34M | $39M | $54M | $40M | $38M | $48M | $48M | $49M | $48M | $55M | · | $39M | $35M | $33M | · | $34M | |
| Receivables | $383M | $403M | $390M | $364M | $384M | $342M | $358M | $328M | $336M | $326M | · | $298M | $322M | $298M | · | $284M | |
| Prepaid Expense | $57M | $57M | $42M | $42M | $49M | $54M | $42M | $44M | $45M | $49M | · | $41M | $46M | $48M | · | $40M | |
| Other Current Assets | $24M | $20M | $25M | $11M | $11M | $11M | $11M | $8M | $14M | $5M | · | $5M | $4M | $8M | · | $11M | |
| Current Assets | $1.03B | $1.06B | $1.04B | $979M | $1.04B | $1.01B | $1.01B | $1.02B | $876M | $831M | · | $758M | $807M | $781M | · | $789M | |
| PP&E (Net) | $240M | $235M | $232M | $226M | $226M | $222M | $219M | $212M | $210M | $211M | · | $204M | $206M | $202M | · | $188M | |
| PP&E (Gross) | · | · | $1.13B | · | · | · | $1.01B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $962M | $930M | $900M | $822M | $822M | $822M | $790M | $790M | $759M | $741M | · | $691M | $667M | $590M | · | $590M | |
| Goodwill | $1.75B | $1.75B | $1.61B | $1.61B | $1.62B | $1.60B | $1.56B | $1.58B | $1.57B | $1.57B | $1.58B | $1.57B | $1.58B | $1.58B | $1.57B | $1.54B | |
| Intangibles | $569M | $591M | $379M | $396M | $413M | $420M | $409M | $432M | $443M | $463M | · | $495M | $518M | $533M | · | $559M | |
| Other Non-current Assets | $22M | $18M | $12M | $10M | $9M | $9M | $9M | $7M | $7M | $8M | · | $9M | $10M | $10M | · | $11M | |
| Total Assets | $3.95B | $3.99B | $3.59B | $3.56B | $3.63B | $3.59B | $3.55B | $3.57B | $3.40B | $3.39B | · | $3.34B | $3.46B | $3.45B | · | $3.42B | |
| Short-term Debt | $18M | $18M | · | · | · | · | · | $0 | $0 | $32M | · | $32M | $32M | $32M | · | $32M | |
| Current Liabilities | $980M | $1.03B | $1.05B | $946M | $921M | $912M | $967M | $896M | $837M | $847M | · | $810M | $815M | $844M | · | $806M | |
| Capital Leases | $150M | $151M | $147M | $154M | $156M | $162M | $170M | $146M | $137M | $144M | · | $149M | $160M | $170M | · | $162M | |
| Deferred Tax | $22M | $22M | $27M | $27M | $30M | $30M | $28M | $30M | $30M | $33M | · | $52M | $58M | $66M | · | $72M | |
| Other Non-current Liabilities | $21M | $14M | $14M | $14M | $14M | $13M | $11M | $20M | $19M | $18M | · | $15M | $15M | $14M | · | $15M | |
| Total Liabilities | $2.92B | $2.97B | $2.37B | $2.04B | $2.02B | $1.98B | $1.93B | $2.00B | $1.97B | $2.01B | · | $2.10B | $2.22B | $2.25B | · | $2.24B | |
| Long-term Debt | $1.70B | $1.69B | · | $849M | $839M | $804M | · | $865M | $900M | $917M | · | $1.02B | $1.12B | $1.10B | · | $1.13B | |
| Total Debt | $1.73B | $1.73B | · | $849M | $839M | $804M | · | $865M | $900M | $982M | · | $1.09B | $1.19B | $1.16B | · | $1.19B | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Retained Earnings | $2.38B | $2.29B | $2.21B | $2.11B | $2.04B | $1.97B | $1.91B | $1.81B | $1.71B | $1.66B | · | $1.55B | $1.53B | $1.51B | · | $1.56B | |
| Treasury Stock | $2.19B | $2.09B | $1.79B | $1.39B | $1.22B | $1.10B | $994M | $982M | $984M | $986M | · | $986M | $987M | $987M | · | $982M | |
| AOCI | $-86M | $-79M | $-68M | $-71M | $-61M | $-102M | $-119M | $-74M | $-98M | $-97M | · | $-107M | $-84M | $-92M | · | $-141M | |
| Stockholders' Equity | $1.02B | $1.02B | $1.22B | $1.51B | $1.61B | $1.61B | $1.62B | $1.57B | $1.43B | $1.38B | $1.33B | $1.24B | $1.24B | $1.20B | $1.21B | $1.18B | |
| Liabilities + Equity | $3.95B | $3.99B | $3.59B | $3.56B | $3.63B | $3.59B | $3.55B | $3.57B | $3.40B | $3.39B | · | $3.34B | $3.46B | $3.45B | · | $3.42B | |
| Shares Outstanding | 37,513,530 | 38,027,605 | 39,740,881 | 41,506,582 | 42,176,959 | 42,501,250 | 42,869,380 | 42,884,181 | 42,838,572 | 42,745,570 | 42,728,182 | 42,699,798 | 42,653,561 | 42,550,943 | 42,480,051 | 42,472,580 |
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 | $54M | $52M | $47M | $47M | $48M | $47M | $48M | $46M | $49M | $47M | $46M | $47M | $47M | $45M | $45M | $44M | |
| Stock-based Comp | $27M | $11M | $10M | $19M | $18M | $9M | $16M | $13M | $14M | $11M | $11M | $15M | $15M | $12M | $25M | $22M | |
| Amort. of Intangibles | $21M | $19M | $15M | $15M | $15M | $14M | $15M | $15M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $19M | |
| Other Non-cash | · | $-78M | · | · | · | $-44M | · | · | · | $-29M | · | · | · | $-26M | · | · | |
| Operating Cash Flow | $156M | $92M | $204M | $196M | $99M | $91M | $153M | $192M | $153M | $94M | $138M | $131M | $24M | $23M | $104M | $102M | |
| CapEx | $33M | $38M | $43M | $36M | $37M | $32M | $41M | $36M | $32M | $34M | $30M | $29M | $30M | $30M | $36M | $34M | |
| Investing Cash Flow | $-26M | $-384M | $-12M | $-33M | $-24M | $-71M | $24M | $14M | $-33M | $-27M | $-33M | $-21M | $-27M | $-700.0K | $-38M | $-36M | |
| Stock Repurchased | $100M | $300M | $395M | $170M | $112M | $110M | $12M | $0 | $0 | $0 | $0 | $0 | $1M | $0 | $8M | $15M | |
| Net Stock Activity | · | $-300M | · | · | · | $-110M | · | · | · | · | · | · | · | $0 | · | · | |
| Dividends Paid | $19M | $20M | $19M | $19M | $19M | $20M | $17M | $17M | $17M | $17M | $16M | $16M | $16M | $16M | $15M | $15M | |
| Financing Cash Flow | $-131M | $317M | $-194M | $-188M | $-108M | $-24M | $-199M | $-60M | $-82M | $-44M | $-103M | $-120M | $-6M | $-49M | $-77M | $-57M | |
| Net Change in Cash | $-3M | $18M | $300.0K | $-29M | $-8M | $9M | $-50M | $162M | $38M | $16M | $13M | $-18M | $-9M | $-24M | $4M | $-8M | |
| Taxes Paid | $67M | $27M | $38M | $40M | $80M | $14M | $50M | $22M | $32M | $12M | $26M | $14M | $24M | $9M | $18M | $12M | |
| Free Cash Flow | · | $54M | · | · | · | $59M | · | · | · | $60M | · | · | · | $-6M | · | · |
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 | 24.2% | 24.2% | · | 20.7% | 20.7% | 19.6% | · | 20.3% | 19.0% | 17.1% | · | 13.6% | 8.3% | 5.1% | · | 4.7% | |
| Net Margin | 16.2% | 16.6% | · | 14.8% | 14.7% | 13.5% | · | 21.0% | 12.1% | 11.8% | · | 7.6% | 7.1% | -1.6% | · | -1.9% | |
| Pretax Margin | 22.2% | 22.0% | · | 19.9% | 19.2% | 18.6% | · | 26.7% | 15.7% | 16.0% | · | 11.1% | 6.3% | 0.44% | · | -0.49% | |
| EBITDA Margin | 32.3% | 32.2% | · | 28.3% | 28.7% | 27.7% | · | 28.3% | 27.6% | 25.8% | · | 22.6% | 17.6% | 14.4% | · | 14.1% | |
| ROA | 2.9% | 2.8% | · | 2.6% | 2.5% | 2.2% | · | 3.5% | 2.0% | 1.9% | · | 1.2% | 1.0% | -0.24% | · | -0.29% | |
| ROE | 8.2% | 8.2% | · | 5.9% | 5.8% | 5.2% | · | 8.5% | 5.2% | 5.0% | · | 3.2% | 2.9% | -0.59% | · | -0.70% | |
| ROIC | 4.3% | 4.3% | · | 4.0% | 4.0% | 3.5% | · | 3.8% | 3.6% | 3.0% | · | 2.1% | 2.1% | -3.1% | · | 3.1% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.0 | · | 1.0 | 1.1 | 1.1 | · | 1.1 | 1.0 | 1.0 | · | 0.9 | 1.0 | 0.9 | · | 1.0 | |
| Quick Ratio | 0.4 | 0.4 | · | 0.4 | 0.5 | 0.4 | · | 0.4 | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | |
| Debt / Equity | 1.7 | 1.7 | · | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.7 | · | 0.9 | 1.0 | 1.0 | · | 1.0 | |
| LT Debt / Equity | 1.7 | 1.7 | · | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.7 | · | 0.8 | 0.9 | 0.9 | · | 1.0 |
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 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.2 | · | 0.2 | |
| Receivables Turnover | 1.7 | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 1.8 | 1.6 | 1.7 | · | 1.8 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.53B | $2.45B | · | $2.37B | $2.33B | $2.27B | · | $2.20B | $2.13B | $2.04B | · | $1.97B | $1.92B | $1.88B | · | $1.82B | |
| Net Income TTM | $396M | $366M | · | $379M | $356M | $332M | · | $292M | $208M | $132M | · | $59M | $50M | $60M | · | $116M | |
| Market Cap | $5.85B | $6.43B | · | $9.63B | $13.24B | $12.74B | · | $13.69B | $12.67B | $13.18B | · | $10.00B | $8.36B | $8.64B | · | $9.02B | |
| P/E | 15.9 | 19.2 | · | 26.2 | 37.9 | 39.0 | · | 47.1 | 61.1 | 100.8 | · | 172.2 | 170.5 | 148.2 | · | 79.2 | |
| P/S | 2.3 | 2.6 | · | 4.1 | 5.7 | 5.6 | · | 6.2 | 5.9 | 6.5 | · | 5.1 | 4.3 | 4.6 | · | 4.9 | |
| P/B | 5.7 | 6.3 | · | 6.4 | 8.2 | 7.9 | · | 8.7 | 8.8 | 9.5 | · | 8.0 | 6.8 | 7.2 | · | 7.6 | |
| P / Cash Flow | · | 70.3 | · | · | · | 140.1 | · | · | · | 140.8 | · | · | · | 369.2 | · | · | |
| P / FCF | · | 119.9 | · | · | · | 216.7 | · | · | · | 221.5 | · | · | · | -1416.2 | · | · | |
| Earnings Yield | 6.3% | 5.2% | · | 3.8% | 2.6% | 2.6% | · | 2.1% | 1.6% | 0.99% | · | 0.58% | 0.59% | 0.67% | · | 1.3% | |
| Payout Ratio | · | 18.6% | · | · | · | 24.8% | · | · | · | 27.0% | · | · | · | -209.2% | · | · |
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 | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B |
| Operating Margin % | 21.5% | 21.3% | 11.3% | 9.0% | 15.1% |
| Net Income | $374M | $370M | $141M | $70M | $193M |
| Diluted EPS | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.9 | 0.4 | 0.7 | 0.9 | 0.3 |
| Current Ratio | 1.0 | 1.0 | 0.9 | 0.9 | 1.1 |
| Quick Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 1.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $443M | $449M | $197M | $168M | $348M |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 455 filers · $3.3B 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 67 (-7 vs prior Q) | 88 (0 vs prior Q) | 127 (-37 vs prior Q) | 167 (+4 vs prior Q) | +1.9M |
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 |
|---|---|---|---|---|
| BAMCO INC /NY/ | $545,936,759 | 3,499,146 | 16.43% | Shares |
| VANGUARD GROUP INC | $476,757,278 | 2,193,904 | 14.35% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $201,735,836 | 1,293,013 | 6.07% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $185,094,951 | 1,186,354 | 5.57% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $148,230,702 | 950,075 | 4.46% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $139,545,224 | 894,406 | 4.20% | Shares |
| STATE STREET CORP | $111,784,117 | 716,473 | 3.36% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $87,052,139 | 557,955 | 2.62% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $79,151,924 | 507,319 | 2.38% | Shares |
| TWO SIGMA ADVISERS, LP | $76,971,202 | 354,200 | 2.32% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $76,861,286 | 492,536 | 2.31% | Shares |
| TWO SIGMA INVESTMENTS, LP | $75,552,529 | 484,249 | 2.27% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $65,644,167 | 420,742 | 1.98% | Shares |
| KENSICO CAPITAL MANAGEMENT CORP | $44,325,282 | 284,100 | 1.33% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $37,252,895 | 238,770 | 1.12% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $32,161,339 | 206,136 | 0.97% | Shares |
| Quantinno Capital Management LP | $31,706,536 | 203,220 | 0.95% | Shares |
| JANE STREET GROUP, LLC | $30,803,809 | 197,435 | 0.93% | Shares |
| Copeland Capital Management, LLC | $26,967,120 | 172,844 | 0.81% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $25,820,234 | 165,493 | 0.78% | Shares |
| MILLENNIUM MANAGEMENT LLC | $25,371,972 | 162,620 | 0.76% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $25,286,629 | 162,073 | 0.76% | Shares |
| Brookfield Corp /ON/ | $24,462,688 | 156,792 | 0.74% | Shares |
| NORGES BANK | $24,290,130 | 155,686 | 0.73% | Shares |
| ROYCE & ASSOCIATES LP | $22,622,276 | 144,996 | 0.68% | Shares |
| Gotham Asset Management, LLC | $22,201,490 | 142,299 | 0.67% | Shares |
| BOSTON FINANCIAL MANGEMENT LLC | $22,200,573 | 65,924 | 0.67% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $21,355,706 | 136,878 | 0.64% | Shares |
| AMERIPRISE FINANCIAL INC | $21,111,377 | 135,312 | 0.64% | Shares |
| Cubist Systematic Strategies, LLC | $21,057,591 | 90,762 | 0.63% | Shares |
| GOLDMAN SACHS GROUP INC | $19,286,100 | 123,613 | 0.58% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $18,464,523 | 118,347 | 0.56% | Shares |
| AMERICAN CAPITAL MANAGEMENT INC | $17,934,031 | 114,947 | 0.54% | Shares |
| FMR LLC | $17,762,487 | 113,848 | 0.53% | Shares |
| DF DENT & CO INC | $16,596,453 | 106,374 | 0.50% | Shares |
| JANUS HENDERSON GROUP PLC | $15,198,646 | 89,885 | 0.46% | Shares |
| BANK OF AMERICA CORP /DE/ | $14,354,464 | 92,004 | 0.43% | Shares |
| TUDOR INVESTMENT CORP ET AL | $11,872,342 | 76,095 | 0.36% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $11,849,252 | 75,947 | 0.36% | Shares |
| Candriam S.C.A. | $11,603,734 | 74,445 | 0.35% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $10,777,393 | 69,077 | 0.32% | Shares |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $10,073,431 | 64,565 | 0.30% | Shares |
| Chicago Capital, LLC | $9,512,868 | 60,972 | 0.29% | Shares |
| BARLOW WEALTH PARTNERS, LLC | $9,506,045 | 57,602 | 0.29% | Shares |
| PRUDENTIAL FINANCIAL INC | $9,499,746 | 60,888 | 0.29% | Shares |
| WOLVERINE TRADING, LLC | $8,990,208 | 38,400 | 0.27% | Call option |
| LOOMIS SAYLES & CO L P | $8,968,966 | 57,486 | 0.27% | Shares |
| RHUMBLINE ADVISERS | $8,721,155 | 55,898 | 0.26% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $8,559,000 | 54,859 | 0.26% | Shares |
| IEQ CAPITAL, LLC | $8,410,597 | 53,907 | 0.25% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $7,910,214 | 50,700 | 0.24% | Shares |
| Mariner, LLC | $7,749,702 | 49,671 | 0.23% | Shares |
| Squarepoint Ops LLC | $7,448,707 | 47,742 | 0.22% | Shares |
| ALLIANCEBERNSTEIN L.P. | $6,945,926 | 41,088 | 0.21% | Shares |
| FIRST TRUST ADVISORS LP | $6,939,005 | 44,475 | 0.21% | Shares |
| Swiss National Bank | $6,334,412 | 40,600 | 0.19% | Shares |
| Engineers Gate Manager LP | $6,239,084 | 39,989 | 0.19% | Shares |
| Touchstone Capital, Inc. | $6,085,312 | 26,228 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,507,506 | 35,300 | 0.17% | Put option |
| ALGERT GLOBAL LLC | $5,491,436 | 35,197 | 0.17% | Shares |
| AMERICAN CENTURY COMPANIES INC | $5,275,192 | 33,811 | 0.16% | Shares |
| Point72 Asset Management, L.P. | $5,110,279 | 32,754 | 0.15% | Shares |
| XTX Topco Ltd | $5,092,181 | 32,638 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,973,958 | 29,423 | 0.15% | Shares |
| Quadrature Capital Ltd | $4,924,927 | 31,566 | 0.15% | Shares |
| California Public Employees Retirement System | $4,871,256 | 31,222 | 0.15% | Shares |
| BENJAMIN EDWARDS INC | $4,700,846 | 30,131 | 0.14% | Shares |
| Allianz Asset Management GmbH | $4,581,931 | 27,104 | 0.14% | Shares |
| Congress Wealth Management LLC / DE / | $4,408,758 | 14,043 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $4,353,894 | 27,906 | 0.13% | Shares |
| BlackRock, Inc. | $4,215,036 | 27,016 | 0.13% | Shares |
| Y-Intercept (Hong Kong) Ltd | $4,121,268 | 26,415 | 0.12% | Shares |
| NICHOLAS COMPANY, INC. | $4,085,384 | 26,185 | 0.12% | Shares |
| BARCLAYS PLC | $3,800,336 | 24,358 | 0.11% | Shares |
| CAXTON ASSOCIATES LLP | $3,781,301 | 24,236 | 0.11% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $3,759,912 | 24,099 | 0.11% | Shares |
| Retirement Systems of Alabama | $3,559,128 | 22,812 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $3,480,806 | 22,310 | 0.10% | Shares |
| Crawford Fund Management, LLC | $3,186,865 | 20,426 | 0.10% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $3,168,978 | 20,447 | 0.10% | Shares |
| MidFirst Bank | $2,895,694 | 18,560 | 0.09% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $2,856,570 | 18,309 | 0.09% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $2,843,885 | 18,661 | 0.09% | Shares |
| Numerai GP LLC | $2,818,657 | 18,066 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,793,226 | 17,903 | 0.08% | Shares |
| SEI INVESTMENTS CO | $2,584,870 | 16,571 | 0.08% | Shares |
| AXXCESS WEALTH MANAGEMENT, LLC | $2,567,153 | 16,454 | 0.08% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,504,745 | 16,054 | 0.08% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $2,479,938 | 15,895 | 0.07% | Shares |
| Focus Partners Wealth | $2,475,575 | 15,867 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,472,293 | 15,846 | 0.07% | Shares |
| PineBridge Investments, L.P. | $2,437,265 | 10,505 | 0.07% | Shares |
| MORGAN STANLEY | $2,411,527 | 15,456 | 0.07% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,380,553 | 15,258 | 0.07% | Shares |
| Berkeley, Inc | $2,371,849 | 15,202 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,354,342 | 15,090 | 0.07% | Shares |
| Cardinal Capital Management | $2,348,258 | 15,051 | 0.07% | Shares |
| Schonfeld Strategic Advisors LLC | $2,327,661 | 14,919 | 0.07% | Shares |
| Fluent Financial, LLC | $2,240,759 | 14,362 | 0.07% | Shares |
| CWM, LLC | $2,128,847 | 12,593 | 0.06% | Shares |
Company insiders 45 insiders · 4 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kunal Kapoor | CEO | May 15, 2026 A | 151,275 | 0 | 0 | $0 |
| Joseph D Mansueto | Executive Chairman | Aug. 21, 2026 S | 7,943,851 | 0 | 258 | $-77,618,179 |
| Kimberly J Mcgarry | Chief Accounting Officer | Nov. 17, 2023 F | 2,307 | 0 | 0 | $0 |
| Bevin Desmond | Chief Talent & Culture Officer | Nov. 17, 2022 M | 24,774 | 0 | 0 | $0 |
| William M Lyons | Director | Aug. 3, 2026 S | 12,904 | 0 | 2 | $-324,300 |
| Cheryl A Francis | Director | May 15, 2026 A | 36,934 | 0 | 0 | $0 |
| Stephen Joynt | Director | May 15, 2026 A | 6,282 | 0 | 0 | $0 |
| SoftBank Group Corp. | 10% owner | May 6, 2005 S | 0 | 0 | 0 | $0 |
| Steven N Kaplan | — | May 15, 2026 A | 43,080 | 0 | 0 | $0 |
| Caroline J Tsay | — | May 16, 2025 S | 4,345 | 0 | 0 | $0 |
| Michael Holt | — | May 15, 2025 A | 5,551 | 0 | 0 | $0 |
| Conan Wiersema | — | May 15, 2025 A | 1,436 | 0 | 0 | $0 |
| Doniel Sutton | — | May 15, 2025 A | 3,826 | 0 | 0 | $0 |
| Daniel Joseph Dunn | — | May 15, 2025 A | 14,659 | 0 | 0 | $0 |
| Robin Diamonte | — | May 15, 2025 A | 10,194 | 0 | 0 | $0 |
| Gail S Landis | — | May 15, 2025 A | 6,069 | 0 | 0 | $0 |
| Jason Dubinsky | — | Dec. 13, 2024 S | 17,304 | 0 | 0 | $0 |
| Jack Noonan | — | May 15, 2020 A | 8,359 | 0 | 0 | $0 |
| Tricia Rothschild | — | Nov. 15, 2019 A | 9,666 | 0 | 0 | $0 |
| Patrick J Maloney | — | Nov. 15, 2019 A | 3,103 | 0 | 0 | $0 |
| Daniel Needham | — | Nov. 15, 2019 A | 24,533 | 0 | 0 | $0 |
| Haywood Kelly | — | Nov. 15, 2019 A | 17,575 | 0 | 0 | $0 |
| Hugh J Zentmyer | — | May 15, 2019 A | 20,157 | 0 | 0 | $0 |
| Robert B Pinkerton | — | Nov. 15, 2016 F | 2,717 | 0 | 0 | $0 |
| Stephane Biehler | — | Nov. 15, 2016 F | 18,052 | 0 | 0 | $0 |
| Catherine Gillis Odelbo | — | Oct. 28, 2016 A | 228,539 | 0 | 0 | $0 |
| James Tanner | — | May 15, 2016 F | 5,758 | 0 | 0 | $0 |
| Paul W Sturm | — | May 15, 2016 A | 46,656 | 0 | 0 | $0 |
| Donald James Phillips II | — | May 15, 2016 A | 160,187 | 0 | 0 | $0 |
| David W Williams | — | May 15, 2016 F | 43,605 | 0 | 0 | $0 |
| Gregory R Goff | — | Nov. 15, 2015 F | 18,161 | 0 | 0 | $0 |
| Richard E Robbins | — | July 31, 2015 A | 24,658 | 0 | 0 | $0 |
| Thomas Idzorek | — | Jan. 30, 2015 A | 27,533 | 0 | 0 | $0 |
| Christopher P Boruff | — | Jan. 31, 2014 A | 54,657 | 0 | 0 | $0 |
| Richard Scott Cooley | — | Oct. 31, 2013 A | 28,500 | 0 | 0 | $0 |
| Peng Chen | — | May 15, 2012 A | 36,006 | 0 | 0 | $0 |
| Elizabeth Kirscher | — | May 15, 2012 F | 45,451 | 0 | 0 | $0 |
| Tao Huang | — | Jan. 31, 2011 M | 476,096 | 0 | 0 | $0 |
| Patrick J Reinkemeyer | — | Nov. 10, 2010 M | 66,717 | 0 | 0 | $0 |
| Frank S Ptak | — | May 15, 2009 A | 9,416 | 0 | 0 | $0 |
| John A Rekenthaler | — | May 15, 2008 A | 157,375 | 0 | 0 | $0 |
| Timothy K Armour | — | Feb. 13, 2008 M | 450,229 | 0 | 0 | $0 |
| Arthur J Lutschaunig | — | July 10, 2007 D | 1,273 | 0 | 0 | $0 |
| Martha Dustin Boudos | — | July 10, 2007 M | 41,066 | 0 | 0 | $0 |
| Michael C Henkel | — | May 15, 2006 A | 11,243 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 101 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 |
|---|---|---|---|---|
| SMLL · Harbor ETF Trust | 3.19% | 2,617 NS | April 30, 2026 | N-PORT |
| GRPM · Invesco Exchange-Traded Fund Trust | 1.67% | 39,143 SH | Aug. 21, 2026 | Daily |
| TMFM · RBB Fund, Inc. | 1.44% | 9,247 NS | May 31, 2026 | N-PORT |
| FSGS · First Trust Exchange-Traded Fund VI | 0.84% | 1,538 NS | June 30, 2026 | N-PORT |
| MMID · MFS Active Exchange Traded Funds Tr… | 0.77% | 1,446 NS | May 31, 2026 | N-PORT |
| SURE · AdvisorShares Trust | 0.75% | 2,720 NS | June 30, 2026 | N-PORT |
| KBWR · Invesco Exchange-Traded Fund Trust … | 0.74% | 2,075 NS | May 31, 2026 | N-PORT |
| XMHQ · Invesco Exchange-Traded Fund Trust | 0.60% | 155,375 SH | Aug. 21, 2026 | Daily |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.59% | 37,712 NS | April 30, 2026 | N-PORT |
| VUSE · ETF Series Solutions | 0.50% | 19,044 NS | May 31, 2026 | N-PORT |
| MCOW · Pacer Funds Trust | 0.43% | 25 NS | April 30, 2026 | N-PORT |
| QGRO · AMERICAN CENTURY ETF TRUST | 0.27% | 32,591 NS | May 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.24% | 17,954 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.17% | 21,689 SH | Aug. 21, 2026 | Daily |
| IQSM · New York Life Investments ETF Trust | 0.16% | 2,964 NS | April 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.15% | 3,008 SH | Aug. 21, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.14% | 11,339 SH | Aug. 21, 2026 | Daily |
| VALQ · AMERICAN CENTURY ETF TRUST | 0.14% | 2,622 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.13% | 4,057 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.12% | 7,305 SH | Aug. 21, 2026 | Daily |
| GINN · Goldman Sachs ETF Trust | 0.12% | 1,362 NS | May 31, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.11% | 2,662 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.10% | 3,753 NS | April 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.10% | 9,662 SH | Aug. 19, 2026 | Daily |
| MVV · ProShares Trust | 0.09% | 794 NS | May 31, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.09% | 35,595 SH | Aug. 19, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.09% | 10,664 SH | Aug. 19, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 10,271 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.08% | 250,133 SH | Aug. 19, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.08% | 3,111 SH | Aug. 21, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.08% | 62,275 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.08% | 379 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.08% | 3,459 SH | Aug. 21, 2026 | Daily |
| ESML · iShares Trust | 0.07% | 9,961 SH | Aug. 21, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.07% | 36,536 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.07% | 903 SH | Aug. 21, 2026 | Daily |
| IYG · iShares Trust | 0.07% | 6,743 SH | Aug. 21, 2026 | Daily |
| ISCV · iShares Trust | 0.07% | 2,128 SH | Aug. 21, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.07% | 54,888 NS | April 30, 2026 | N-PORT |
| IYF · iShares Trust | 0.07% | 12,764 SH | Aug. 21, 2026 | Daily |
| UMDD · ProShares Trust | 0.06% | 111 NS | May 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.06% | 10,156 SH | Aug. 21, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.05% | 6,519 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.04% | 1,032 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.04% | 925 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 253,193 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.04% | 434,578 SH | Aug. 19, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.04% | 32,898 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.04% | 1,236 SH | Aug. 21, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.04% | 1,118 NS | April 30, 2026 | N-PORT |