MQ Marqeta, Inc. - Class A Common Stock
$15.67
Price · Aug 18, 2026
Fundamentals as of Aug 4, 2026
52W Range
$4–$19
80% of range
Analyst Rating
HOLD
22 analysts
Price Target
$21
+32% upside
P/E (TTM)
—
ROE
-1.7%
Net Profit Margin
-2.2%
About Marqeta, Inc. - Class A Common Stock Company overview from Wikipedia
MQ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.67
Market Cap
$1.67B
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$625M
Div Yield
—
ROE
-1.7%
Debt/Equity
—
52W Range
$4 – $19
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$625M
2019-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$161M
2021-12-31
→
2025-12-31
Margins
-2.2%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MQ
Peer Median
P/S (TTM)
2.7
2.6
P/B
2.2
3.5
Price / FCF
10.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MQ
Peer Median
Gross Margin
70.0%
50.5%
Operating Margin
-7.4%
—
Net Profit Margin
-2.2%
6.3%
ROA
-0.93%
4.1%
ROE
-1.7%
18.8%
ROIC
-6.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MQ
Peer Median
Current Ratio
1.6
1.3
Quick Ratio
1.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MQ
Peer Median
Revenue YoY
23.2%
—
Revenue CAGR 3Y
-5.8%
—
Revenue CAGR 5Y
16.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MQ
Peer Median
MQ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 3 13.6%
- Buy 6 27.3%
- Hold 12 54.5%
- Sell 1 4.5%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-14
Median
$19.50
Mean
$20.70
← Below all targets
$15.67
Low
$17.00
High
$28.00
Median target
$19.50
+24.4%
Mean target
$20.70
+32.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.07 | $0.01 | 0.06% |
| March 31, 2026 | $0.08 | $-0.01 | 0.09% |
| Dec. 31, 2025 | $0.00 | $0.00 | -0.00% |
| Sept. 30, 2025 | $-0.04 | $-0.07 | 0.03% |
| June 30, 2025 | $0.00 | $-0.12 | 0.12% |
| March 31, 2025 | $-0.02 | $-0.04 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MQ | $2.05B | — | 23.2% | -2.2% | -1.7% | 70.0% |
| EEFT | — | 11.1 | 6.4% | 7.3% | 24.4% | — |
| PAYO | $1.96B | 29.6 | 7.7% | 7.0% | 9.9% | — |
| WU | $2.94B | 6.1 | -3.8% | 12.3% | 54.3% | — |
| FLYW | $1.70B | 128.7 | 26.6% | 2.2% | 1.7% | — |
| CASS | $536M | 15.9 | 5.3% | 18.4% | 14.5% | — |
| PAYS | $284M | 39.6 | 40.5% | 9.2% | 16.7% | 59.4% |
| IMXI | — | 14.2 | -7.7% | — | — | — |
| PRTH | $446M | 8.0 | 8.3% | 5.8% | -41.7% | — |
| RPAY | — | -1.2 | -1.2% | — | — | — |
| V | — | — | 11.3% | 50.1% | 52.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $625M | $507M | $676M | $748M | $517M | $290M | $143M | |
| Cost of Revenue | $188M | $155M | $347M | $428M | $285M | $172M | $83M | |
| Gross Profit | $437M | $352M | $330M | $320M | $232M | $118M | $60M | |
| Operating Expenses | $484M | $376M | $613M | $530M | $394M | $165M | $119M | |
| Operating Income | $-46M | $-24M | $-283M | $-210M | $-162M | $-47M | $-59M | |
| Other Non-op | $33M | $53M | $52M | $25M | $-3M | $-521.0K | $698.0K | |
| Pretax Income | $-13M | $28M | $-231M | $-185M | $-165M | $-48M | $-58M | |
| Income Tax | $596.0K | $793.0K | $-8M | $-102.0K | $-640.0K | $87.0K | $35.0K | |
| Net Income | $-14M | $27M | $-223M | $-185M | $-164M | $-48M | $-58M | |
| Shares (Basic) | 462,168,000 | 511,065,000 | 532,540,000 | 545,397,000 | 362,756,466 | 122,932,556 | 113,851,714 | |
| Shares (Diluted) | 462,168,000 | 518,845,000 | 532,540,000 | 545,397,000 | 362,756,466 | 122,932,556 | 113,851,714 | |
| EBITDA | $-19M | $-7M | $-272M | $-206M | $-158M | · | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $709M | $923M | $981M | $1.18B | $1.25B | $220M | $60M | |
| Receivables | $41M | $30M | $20M | $16M | $13M | $8M | · | |
| Prepaid Expense | $35M | $25M | $27M | $38M | $36M | $11M | · | |
| Other Current Assets | $14M | $3M | $2M | $7M | $4M | $2M | · | |
| Current Assets | $1.24B | $1.25B | $1.39B | $1.75B | $1.80B | $431M | · | |
| PP&E (Net) | $60M | $38M | $19M | $7M | $10M | $9M | · | |
| PP&E (Gross) | $108M | $67M | $39M | $23M | $22M | $19M | · | |
| Accum. Depreciation | $48M | $30M | $20M | $15M | $12M | $10M | · | |
| Goodwill | $155M | $124M | $124M | $0 | · | · | · | |
| Intangibles | $51M | $30M | $36M | $0 | · | · | · | |
| Other Non-current Assets | $15M | $9M | $7M | $5M | $2M | $4M | · | |
| Total Assets | $1.53B | $1.46B | $1.59B | $1.77B | $1.83B | $458M | · | |
| Accrued Liabilities | · | $177M | $162M | · | · | · | · | |
| Current Liabilities | $749M | $371M | $337M | $283M | $238M | $141M | · | |
| Capital Leases | $6M | $870.0K | $5M | $9M | $12M | $15M | · | |
| Other Non-current Liabilities | $8M | $6M | $5M | $5M | $7M | $10M | · | |
| Total Liabilities | $763M | $378M | $346M | $297M | $257M | $170M | · | |
| Common Stock | $11.0K | $50.0K | $52.0K | $53.0K | $54.0K | $13.0K | · | |
| Paid-in Capital | $1.57B | $1.88B | $2.07B | $2.08B | $1.99B | $40M | · | |
| Retained Earnings | $-812M | $-798M | $-825M | $-602M | $-417M | $-254M | · | |
| AOCI | $2M | $-314.0K | $762.0K | $-7M | $-2M | $25.0K | · | |
| Stockholders' Equity | $762M | $1.09B | $1.24B | $1.47B | $1.57B | $-214M | $-198M | |
| Liabilities + Equity | $1.53B | $1.46B | $1.59B | $1.77B | $1.83B | $458M | · | |
| Shares Outstanding | 108,064,000 | 126,074,000 | 520,343,000 | 541,364,000 | 541,384,000 | 130,312,838 | 118,430,031 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $27M | $17M | $11M | $4M | $4M | $3M | $3M | |
| Stock-based Comp | $105M | $137M | $128M | $108M | $143M | $28M | $22M | |
| Deferred Tax | $-272.0K | $98.0K | $-8M | $-473.0K | $-678.0K | $-78.0K | $-42.0K | |
| Amort. of Intangibles | $6M | $6M | $5M | · | · | · | · | |
| Restructuring | · | · | $9M | · | · | · | · | |
| Other Non-cash | $45M | $-123M | $60M | $8M | $75M | · | · | |
| Operating Cash Flow | $163M | $58M | $21M | $-13M | $57M | $50M | $-15M | |
| CapEx | $2M | $2M | $762.0K | $2M | $3M | $2M | $5M | |
| Investing Cash Flow | $271M | $71M | $39M | $29M | $-329M | $-58M | $-100M | |
| Stock Repurchased | $391M | $154M | $190M | $78M | $0 | $0 | · | |
| Net Stock Activity | $-391M | $-154M | $-190M | $-78M | · | · | · | |
| Financing Cash Flow | $-347M | $-187M | $-262M | $-79M | $1.30B | $167M | $139M | |
| Net Change in Cash | $86M | $-58M | $-202M | $-64M | $1.03B | $160M | $23M | |
| Taxes Paid | $595.0K | $396.0K | $430.0K | $84.0K | $201.0K | $109.0K | $1.0K | |
| Free Cash Flow | $161M | $56M | $20M | $-15M | $54M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.0% | 69.4% | 48.7% | 42.8% | 44.8% | · | · | |
| Operating Margin | -7.4% | -4.8% | -41.9% | -28.0% | -31.3% | · | · | |
| Net Margin | -2.2% | 5.4% | -33.0% | -24.7% | -31.7% | · | · | |
| Pretax Margin | -2.1% | 5.5% | -34.1% | -24.7% | -31.8% | · | · | |
| EBITDA Margin | -3.1% | -1.4% | -40.3% | -27.5% | -30.6% | · | · | |
| ROA | -0.93% | 1.8% | -13.3% | -10.3% | -14.3% | · | · | |
| ROE | -1.7% | 2.5% | -17.6% | -12.4% | -10.4% | · | · | |
| ROIC | -6.4% | -2.2% | -22.0% | -14.2% | -10.3% | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 3.4 | 4.1 | 6.2 | 7.6 | · | · | |
| Quick Ratio | 1.0 | 2.6 | 3.0 | 4.2 | 5.3 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | 0.4 | 0.4 | 0.5 | · | · | |
| Receivables Turnover | 17.5 | 20.5 | 38.5 | 52.0 | 47.9 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 23.2% | -25.0% | -9.6% | 44.7% | 78.2% | · | · | |
| Revenue CAGR 3Y | -5.8% | -0.66% | 32.6% | · | · | · | · | |
| Revenue CAGR 5Y | 16.6% | · | · | · | · | · | · |
Valuation (TTM) 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $625M | $507M | $676M | $748M | $517M | · | · | |
| Net Income TTM | $-14M | $27M | $-223M | $-185M | $-164M | · | · | |
| Market Cap | $2.05B | $1.91B | $3.63B | $3.31B | $9.30B | · | · | |
| P/S | 3.3 | 3.8 | 5.4 | 4.4 | 18.0 | · | · | |
| P/B | 2.7 | 1.8 | 2.9 | 2.2 | 5.9 | · | · | |
| P / Tangible Book | 3.7 | 2.1 | 3.3 | 2.2 | 5.9 | · | · | |
| P / Cash Flow | 12.6 | 32.9 | 172.1 | -255.1 | 163.2 | · | · | |
| P / FCF | 12.8 | 34.3 | 178.5 | -216.4 | 171.4 | · | · |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $176M | $166M | $172M | $163M | $150M | $139M | $136M | $128M | $125M | $118M | $119M | $109M | $231M | $217M | $204M | $192M | |
| Cost of Revenue | $54M | $48M | $52M | $49M | $46M | $40M | $38M | $38M | $46M | $34M | $36M | $36M | $147M | $128M | $117M | $112M | |
| Gross Profit | $122M | $118M | $120M | $115M | $104M | $99M | $98M | $90M | $79M | $84M | $83M | $73M | $85M | $89M | $87M | $80M | |
| Operating Expenses | $118M | $115M | $128M | $125M | $113M | $117M | $136M | $132M | $-26M | $134M | $140M | $142M | $154M | $177M | $141M | $140M | |
| Operating Income | $4M | $2M | $-8M | $-10M | $-9M | $-19M | $-37M | $-42M | $105M | $-50M | $-56M | $-70M | $-69M | $-87M | $-54M | $-59M | |
| Other Non-op | $4M | $6M | $7M | $7M | $9M | $11M | $11M | $14M | $14M | $14M | $15M | $15M | $11M | $12M | $28M | $6M | |
| Pretax Income | $8M | $8M | $-2M | $-3M | $-441.0K | $-8M | $-27M | $-29M | $119M | $-36M | $-41M | $-55M | $-59M | $-76M | $-26M | $-53M | |
| Income Tax | $505.0K | $193.0K | $-343.0K | $498.0K | $206.0K | $235.0K | $394.0K | $115.0K | $150.0K | $134.0K | $-1M | $238.0K | $138.0K | $-7M | $471.0K | $5.0K | |
| Net Income | $8M | $8M | $-1M | $-4M | $-647.0K | $-8M | $-27M | $-29M | $119M | $-36M | $-40M | $-55M | $-59M | $-69M | $-26M | $-53M | |
| Shares (Basic) | 105,465,000 | 428,602,000 | -949,288,000 | 448,717,000 | 115,379,000 | 501,222,000 | -1,030,041,000 | 507,160,000 | 515,959,000 | 517,987,000 | -1,074,960,130 | 529,489,000 | 538,267,000 | 539,744,130 | -1,090,863,350 | 548,990,212 | |
| Shares (Diluted) | 106,797,000 | 433,571,000 | -949,288,000 | 448,717,000 | 115,379,000 | 501,222,000 | -1,030,703,000 | 507,160,000 | 524,401,000 | 517,987,000 | -1,074,960,130 | 529,489,000 | 538,267,000 | 539,744,130 | -1,090,863,350 | 548,990,212 | |
| EBITDA | $13M | $11M | · | $-3M | $-3M | $-13M | · | $-38M | $109M | $-46M | · | $-67M | $-67M | $-85M | · | $-59M |
Balance Sheet 23
| 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 | $691M | $675M | $709M | $747M | $733M | $831M | $923M | $886M | $925M | $970M | $981M | $948M | $950M | $1.05B | $1.18B | $1.20B | |
| Receivables | $51M | $46M | $41M | $36M | $37M | $28M | $30M | $26M | $26M | $23M | · | $16M | $15M | $14M | · | $13M | |
| Prepaid Expense | $38M | $38M | $35M | $35M | $24M | $30M | $25M | $24M | $23M | $27M | · | $33M | $29M | $34M | · | $39M | |
| Other Current Assets | · | · | $14M | · | · | · | $3M | · | · | · | · | $6M | $6M | $7M | · | $7M | |
| Current Assets | $1.10B | $1.19B | $1.24B | $1.20B | $990M | $1.13B | $1.25B | $1.22B | $1.27B | $1.35B | · | $1.41B | $1.51B | $1.59B | · | $1.74B | |
| PP&E (Net) | $67M | $64M | $60M | $57M | $50M | $43M | $38M | $36M | $33M | $28M | · | $17M | $14M | $11M | · | $8M | |
| PP&E (Gross) | $122M | $113M | $108M | $100M | $89M | $76M | $67M | $62M | $58M | $50M | · | $36M | $31M | $27M | · | $23M | |
| Accum. Depreciation | $55M | $49M | $48M | $43M | $39M | $34M | $30M | $26M | $25M | $22M | · | $19M | $17M | $16M | · | $15M | |
| Goodwill | $154M | $154M | $155M | $154M | $124M | $124M | $124M | $124M | $124M | $124M | · | $123M | $123M | $123M | $0 | · | |
| Intangibles | $46M | $48M | $51M | $54M | $27M | $28M | $30M | $31M | $33M | $34M | · | $37M | $39M | $40M | · | · | |
| Other Non-current Assets | $17M | $15M | $8M | $17M | $19M | · | $9M | · | · | · | · | $5M | $3M | $4M | · | $6M | |
| Total Assets | $1.39B | $1.48B | $1.53B | $1.49B | $1.21B | $1.35B | $1.46B | $1.44B | $1.49B | $1.56B | · | $1.60B | $1.70B | $1.77B | · | $1.77B | |
| Current Liabilities | $662M | $721M | $749M | $637M | $361M | $357M | $371M | $334M | $338M | $339M | · | $297M | $318M | $326M | · | $250M | |
| Capital Leases | $4M | $5M | $6M | $5M | $3M | $26.0K | $870.0K | $2M | $3M | $4M | · | $6M | $7M | $8M | · | $10M | |
| Other Non-current Liabilities | $10M | $8M | $8M | $8M | $7M | $5M | $6M | $5M | $5M | $5M | · | $5M | $6M | $6M | · | $2M | |
| Total Liabilities | $677M | $734M | $763M | $649M | $371M | $362M | $378M | $340M | $346M | $348M | · | $308M | $332M | $341M | · | $262M | |
| Common Stock | $10.0K | $43.0K | $43.0K | $45.0K | $45.0K | $48.0K | $50.0K | $50.0K | $51.0K | $52.0K | · | $53.0K | $52.0K | $53.0K | · | $54.0K | |
| Paid-in Capital | $1.51B | $1.55B | $1.57B | $1.65B | $1.65B | $1.79B | $1.88B | $1.87B | $1.89B | $2.07B | · | $2.08B | $2.10B | $2.11B | · | $2.10B | |
| Retained Earnings | $-796M | $-804M | $-812M | $-810M | $-807M | $-806M | $-798M | $-771M | $-742M | $-861M | · | $-785M | $-730M | $-671M | · | $-576M | |
| AOCI | $-608.0K | $-310.0K | $2M | $1M | $-102.0K | $-276.0K | $-314.0K | $833.0K | $-1M | $-824.0K | · | $-2M | $-1M | $-3M | · | $-11M | |
| Stockholders' Equity | $716M | $742M | $762M | $839M | $843M | $987M | $1.09B | $1.10B | $1.14B | $1.21B | $1.24B | $1.30B | $1.37B | $1.43B | $1.47B | $1.51B | |
| Liabilities + Equity | $1.39B | $1.48B | $1.53B | $1.49B | $1.21B | $1.35B | $1.46B | $1.44B | $1.49B | $1.56B | · | $1.60B | $1.70B | $1.77B | · | $1.77B | |
| Shares Outstanding | 104,103,000 | 425,748,000 | 432,256,000 | 449,345,000 | 449,459,000 | 480,978,000 | 504,296,000 | 504,150,000 | 510,748,000 | 518,009,066 | 520,343,000 | 526,585,652 | 534,216,676 | 540,431,620 | 541,364,000 | 547,861,374 |
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 | $10M | $9M | $8M | $7M | $7M | $5M | $6M | $4M | $4M | $4M | $3M | $3M | $2M | $2M | $1M | $934.0K | |
| Stock-based Comp | $22M | $20M | $26M | $26M | $27M | $26M | $33M | $36M | $23M | $31M | $32M | $6M | $18M | $46M | $-8M | $44M | |
| Amort. of Intangibles | $2M | $2M | $900.0K | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | · | · | · | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | $0 | $300.0K | $8M | · | · | · | |
| Other Non-cash | · | $-40M | · | · | · | $-13M | · | · | · | $-11M | · | · | · | $10M | · | · | |
| Operating Cash Flow | $63M | $-3M | $53M | $87M | $13M | $10M | $25M | $7M | $26M | $426.0K | $17M | $41M | $-26M | $-11M | $15M | $-4M | |
| CapEx | $211.0K | $1M | $-157.0K | $391.0K | $335.0K | $1M | $36.0K | $189.0K | $1M | $1M | $40.0K | $54.0K | $91.0K | $577.0K | $619.0K | $832.0K | |
| Investing Cash Flow | $19M | $16M | $13M | $183M | $61M | $15M | $34M | $10M | $-6M | $34M | $82M | $79M | $-24M | $-98M | $28M | $2M | |
| Stock Repurchased | $55M | $39M | $97M | $20M | $164M | $111M | $17M | $47M | $57M | $34M | $59M | $64M | $45M | $22M | $65M | $13M | |
| Net Stock Activity | · | $-39M | · | · | · | $-111M | · | · | · | $-34M | · | · | · | $-22M | · | · | |
| Financing Cash Flow | $-84M | $-75M | $-31M | $-28M | $-172M | $-117M | $-22M | $-55M | $-65M | $-45M | $-65M | $-124M | $-49M | $-25M | $-64M | $-13M | |
| Net Change in Cash | $-2M | $-62M | $35M | $241M | $-98M | $-92M | $37M | $-38M | $-46M | $-11M | $34M | $-4M | $-99M | $-133M | $-21M | $-15M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | $-485.0K | $0 | $838.0K | $77.0K | $0 | $0 | |
| Free Cash Flow | · | $-5M | · | · | · | $9M | · | · | · | $-765.0K | · | · | · | $-11M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.2% | 70.9% | · | 70.2% | 69.2% | 71.0% | · | 70.4% | 63.3% | 71.3% | · | 66.6% | 36.6% | 41.0% | · | 41.8% | |
| Operating Margin | 2.1% | 1.3% | · | -6.3% | -6.1% | -13.3% | · | -33.0% | 83.9% | -42.3% | · | -64.1% | -30.0% | -40.2% | · | -31.1% | |
| Net Margin | 4.3% | 4.7% | · | -2.2% | -0.43% | -5.9% | · | -22.4% | 95.1% | -30.6% | · | -50.5% | -25.4% | -31.7% | · | -27.8% | |
| Pretax Margin | 4.6% | 4.8% | · | -1.9% | -0.29% | -5.8% | · | -22.3% | 95.2% | -30.4% | · | -50.3% | -25.4% | -34.9% | · | -27.7% | |
| EBITDA Margin | 7.6% | 6.6% | · | -2.1% | -1.7% | -9.5% | · | -29.5% | 87.0% | -39.3% | · | -61.3% | -29.0% | -39.3% | · | -30.6% | |
| ROA | 0.58% | 0.55% | · | -0.25% | -0.05% | -0.57% | · | -1.9% | 7.5% | -2.2% | · | -3.3% | -3.4% | -3.9% | · | -3.0% | |
| ROE | 0.97% | 0.91% | · | -0.37% | -0.07% | -0.75% | · | -2.4% | 9.5% | -2.7% | · | -3.9% | -4.0% | -4.6% | · | -3.5% | |
| ROIC | 0.48% | 0.28% | · | -1.4% | -1.6% | -1.9% | · | -3.9% | 9.2% | -4.1% | · | -5.4% | -5.1% | -5.5% | · | -3.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.6 | · | 1.9 | 2.7 | 3.2 | · | 3.7 | 3.8 | 4.0 | · | 4.7 | 4.8 | 4.9 | · | 7.0 | |
| Quick Ratio | 1.1 | 1.0 | · | 1.2 | 2.1 | 2.4 | · | 2.7 | 2.8 | 2.9 | · | 3.2 | 3.0 | 3.3 | · | 4.9 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 4.0 | 4.5 | · | 5.2 | 4.8 | 5.4 | · | 6.1 | 6.1 | 6.3 | · | 7.7 | 19.8 | 18.9 | · | 19.0 |
Valuation (TTM) 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $655M | $619M | · | $581M | $543M | $510M | · | $480M | $583M | $675M | · | $749M | $827M | $762M | · | $676M | |
| Net Income TTM | $11M | $-5M | · | $-41M | $82M | $46M | · | $-585.0K | $-31M | $-219M | · | $-236M | $-225M | $-227M | · | $-204M | |
| Market Cap | $1.69B | $1.74B | · | $2.37B | $2.62B | $1.98B | · | $2.48B | $2.80B | $3.09B | · | $3.15B | $2.60B | $2.47B | · | $3.90B | |
| P/S | 2.6 | 2.8 | · | 4.1 | 4.8 | 3.9 | · | 5.2 | 4.8 | 4.6 | · | 4.2 | 3.1 | 3.2 | · | 5.8 | |
| P/B | 2.4 | 2.3 | · | 2.8 | 3.1 | 2.0 | · | 2.3 | 2.5 | 2.6 | · | 2.4 | 1.9 | 1.7 | · | 2.6 | |
| P / Tangible Book | 3.3 | 3.2 | · | 3.8 | 3.8 | 2.4 | · | 2.6 | 2.8 | 2.9 | · | 2.8 | 2.1 | 1.9 | · | 2.6 | |
| P / Cash Flow | · | -515.9 | · | · | · | 198.4 | · | · | · | 7247.3 | · | · | · | -234.2 | · | · | |
| P / FCF | · | -373.9 | · | · | · | 227.2 | · | · | · | -4035.7 | · | · | · | -222.0 | · | · |
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 | $625M | $507M | $676M | $748M | $517M |
| Gross Margin % | 70.0% | 69.4% | 48.7% | 42.8% | 44.8% |
| Operating Margin % | -7.4% | -4.8% | -41.9% | -28.0% | -31.3% |
| Net Income | $-14M | $27M | $-223M | $-185M | $-164M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.6 | 3.4 | 4.1 | 6.2 | 7.6 |
| Quick Ratio | 1.0 | 2.6 | 3.0 | 4.2 | 5.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $161M | $56M | $20M | $-15M | $54M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 220 filers · $707.4M 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 |
|---|---|---|---|---|
| 29 (-4 vs prior Q) | 80 (+49 vs prior Q) | 61 (-24 vs prior Q) | 57 (-27 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 |
|---|---|---|---|---|
| Vitruvian Partners LLP | $111,295,692 | 6,853,183 | 15.73% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $71,390,232 | 17,583,801 | 10.09% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $67,694,438 | 16,673,507 | 9.57% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $50,423,300 | 12,419,532 | 7.13% | Shares |
| Capital World Investors | $45,163,505 | 11,124,016 | 6.38% | Shares |
| STATE STREET CORP | $38,163,736 | 9,399,935 | 5.39% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $34,644,102 | 8,533,030 | 4.90% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $33,935,621 | 8,116,597 | 4.80% | Shares |
| North Reef Capital Management LP | $32,074,000 | 7,900,000 | 4.53% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $23,474,571 | 5,781,914 | 3.32% | Shares |
| Balyasny Asset Management L.P. | $13,625,303 | 3,355,986 | 1.93% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $12,539,347 | 3,088,509 | 1.77% | Shares |
| Arnhold LLC | $11,942,234 | 2,941,437 | 1.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $10,681,361 | 2,630,877 | 1.51% | Shares |
| GOLDMAN SACHS GROUP INC | $9,382,148 | 2,310,874 | 1.33% | Shares |
| ZWJ INVESTMENT COUNSEL INC | $8,344,969 | 2,055,411 | 1.18% | Shares |
| Qube Research & Technologies Ltd | $8,326,849 | 2,050,948 | 1.18% | Shares |
| NOVO HOLDINGS A/S | $7,170,902 | 441,558 | 1.01% | Shares |
| Freestone Grove Partners LP | $6,602,685 | 1,626,277 | 0.93% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,602,556 | 1,379,940 | 0.79% | Shares |
| Optimus Prime Fund Management Co., Ltd. | $4,790,800 | 1,180,000 | 0.68% | Shares |
| Lavaca Capital LLC | $4,283,864 | 1,055,139 | 0.61% | Shares |
| Perigon Wealth Management, LLC | $3,951,212 | 973,205 | 0.56% | Shares |
| Point72 Asset Management, L.P. | $3,914,977 | 964,280 | 0.55% | Shares |
| TWO SIGMA ADVISERS, LP | $3,777,200 | 795,200 | 0.53% | Shares |
| AMERICAN CENTURY COMPANIES INC | $3,574,595 | 880,442 | 0.51% | Shares |
| Swiss National Bank | $2,971,514 | 731,900 | 0.42% | Shares |
| CPV Partners, LLC | $2,907,265 | 716,075 | 0.41% | Shares |
| Ahara Advisors LLC | $2,854,456 | 703,068 | 0.40% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,783,236 | 685,526 | 0.39% | Shares |
| Nebula Research & Development LLC | $2,570,056 | 440,833 | 0.36% | Shares |
| Cander Asset Management LP | $2,450,575 | 603,590 | 0.35% | Shares |
| BARCLAYS PLC | $2,343,972 | 577,333 | 0.33% | Shares |
| Squarepoint Ops LLC | $2,337,488 | 575,736 | 0.33% | Shares |
| Robeco Institutional Asset Management B.V. | $2,325,588 | 572,805 | 0.33% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,276,308 | 560,667 | 0.32% | Shares |
| Uber Technologies, Inc | $2,193,082 | 135,042 | 0.31% | Shares |
| Werba Rubin Papier Wealth Management | $2,002,059 | 493,118 | 0.28% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,915,115 | 469,391 | 0.27% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $1,872,350 | 467,503 | 0.26% | Shares |
| RHUMBLINE ADVISERS | $1,782,480 | 439,037 | 0.25% | Shares |
| Phase 2 Partners, LLC | $1,655,445 | 436,793 | 0.23% | Shares |
| VANGUARD GROUP INC | $1,574,217 | 331,414 | 0.22% | Shares |
| Bank of New York Mellon Corp | $1,487,353 | 366,343 | 0.21% | Shares |
| Palogic Value Management, L.P. | $1,422,941 | 350,478 | 0.20% | Shares |
| UBS Group AG | $1,382,588 | 340,539 | 0.20% | Shares |
| WELLS FARGO & COMPANY/MN | $1,348,704 | 332,193 | 0.19% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,345,541 | 331,414 | 0.19% | Shares |
| BlackRock, Inc. | $1,307,925 | 322,149 | 0.18% | Shares |
| AMERIPRISE FINANCIAL INC | $1,090,849 | 268,682 | 0.15% | Shares |
| Donor Advised Charitable Giving, Inc. | $1,074,800 | 264,729 | 0.15% | Shares |
| Militia Capital Partners, LP | $1,044,516 | 219,898 | 0.15% | Shares |
| INCEPTIONR LLC | $991,777 | 61,070 | 0.14% | Shares |
| EDBI Pte Ltd | $969,304 | 255,753 | 0.14% | Shares |
| Summit Trail Advisors, LLC | $889,940 | 219,197 | 0.13% | Shares |
| MetLife Investment Management, LLC | $824,428 | 203,061 | 0.12% | Shares |
| CITIGROUP INC | $784,891 | 193,323 | 0.11% | Shares |
| JANUS HENDERSON GROUP PLC | $762,836 | 187,199 | 0.11% | Shares |
| Engineers Gate Manager LP | $756,719 | 186,384 | 0.11% | Shares |
| D. E. Shaw & Co., Inc. | $733,061 | 180,557 | 0.10% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $728,815 | 179,511 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $685,344 | 168,804 | 0.10% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $655,491 | 161,451 | 0.09% | Shares |
| Bryce Point Capital, LLC | $618,900 | 117,216 | 0.09% | Shares |
| COFG Advisors, LLC | $605,626 | 149,169 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $579,764 | 142,799 | 0.08% | Shares |
| Aigen Investment Management, LP | $575,452 | 141,737 | 0.08% | Shares |
| Invesco Ltd. | $568,299 | 139,975 | 0.08% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $568,156 | 139,940 | 0.08% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $562,278 | 34,623 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $484,764 | 119,400 | 0.07% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $479,945 | 118,213 | 0.07% | Shares |
| Walleye Trading LLC | $436,856 | 26,900 | 0.06% | Call option |
| Brevan Howard Capital Management LP | $433,295 | 106,723 | 0.06% | Shares |
| MIRABELLA FINANCIAL SERVICES LLP | $429,239 | 105,724 | 0.06% | Shares |
| XTX Topco Ltd | $418,314 | 103,033 | 0.06% | Shares |
| ARIZONA STATE RETIREMENT SYSTEM | $408,676 | 100,659 | 0.06% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $401,855 | 98,979 | 0.06% | Shares |
| Graham Capital Management, L.P. | $398,509 | 98,155 | 0.06% | Shares |
| State of Wyoming | $390,032 | 96,067 | 0.06% | Shares |
| Jasper Ridge Partners, L.P. | $386,691 | 95,244 | 0.05% | Shares |
| Vanguard Investments Australia, Ltd. | $385,477 | 94,945 | 0.05% | Shares |
| Cubist Systematic Strategies, LLC | $359,464 | 68,080 | 0.05% | Shares |
| Jain Global LLC | $352,071 | 86,717 | 0.05% | Shares |
| Counterpoint Mutual Funds LLC | $336,054 | 82,772 | 0.05% | Shares |
| KLP KAPITALFORVALTNING AS | $322,364 | 79,400 | 0.05% | Shares |
| CWM, LLC | $312,018 | 76,475 | 0.04% | Shares |
| Quantinno Capital Management LP | $305,186 | 75,169 | 0.04% | Shares |
| IMC-Chicago, LLC | $302,523 | 74,513 | 0.04% | Shares |
| MORGAN STANLEY | $300,018 | 73,896 | 0.04% | Shares |
| Utah Retirement Systems | $279,019 | 68,724 | 0.04% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $277,846 | 68,435 | 0.04% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $267,984 | 66,006 | 0.04% | Shares |
| Point72 (DIFC) Ltd | $265,256 | 50,238 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $262,682 | 64,700 | 0.04% | Call option |
| Pictet Asset Management Holding SA | $260,189 | 64,086 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $252,532 | 62,200 | 0.04% | Put option |
| US BANCORP \DE\ | $245,626 | 60,499 | 0.03% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $241,976 | 59,600 | 0.03% | Shares |
| LPL Financial LLC | $235,318 | 57,960 | 0.03% | Shares |
Company insiders 27 insiders · 14 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Milotich | Chief Executive Officer | June 1, 2026 F | 1,322,782 | 0 | 0 | $0 |
| Jason M. Gardner | Chief Executive Officer | June 11, 2021 J | 0 | 0 | 0 | $0 |
| Philip Faix | Chief Financial Officer | June 11, 2021 J | 0 | 0 | 0 | $0 |
| Todd Pollak | Chief Revenue Officer | July 1, 2026 S | 185,008 | 0 | 1 | $-316,500 |
| Lukasz Strozek | Chief Technology Officer | June 15, 2026 A | — | 0 | 0 | $0 |
| Crystal Sumner | Chief Administrative Officer and Corporate Secretary | June 15, 2026 S | 594,926 | 0 | 1 | $-19,668 |
| Sarah Barkema | Principal Accounting Officer | June 1, 2026 F | 209,179 | 0 | 0 | $0 |
| Renata Caine | Senior Vice President of International, Strategy, and Planning | July 1, 2021 F | 0 | 0 | 0 | $0 |
| Randall F. Kern | Chief Technology Officer | June 11, 2021 J | — | 0 | 0 | $0 |
| Brian Kieley | Senior Vice President of Program Management | June 11, 2021 J | 0 | 0 | 0 | $0 |
| Vidya Peters | Chief Marketing Officer | June 11, 2021 J | — | 0 | 0 | $0 |
| Kevin Doerr | Chief Product Officer | June 11, 2021 J | 0 | 0 | 0 | $0 |
| Darren Mowry | Chief Revenue Officer | June 11, 2021 J | — | 0 | 0 | $0 |
| Seth R Weissman | Chief Legal Officer, General Counsel, and Secretary | June 11, 2021 J | 0 | 0 | 0 | $0 |
| Mark R. Graf | Director | July 20, 2026 M | 21,969 | 0 | 0 | $0 |
| Alpesh Chokshi | Director | June 13, 2026 M | 87,482 | 0 | 0 | $0 |
| Najuma Atkinson | Director | June 12, 2026 S | 178,417 | 0 | 1 | $-41,378 |
| Elaine Paul | Director | June 12, 2026 S | 35,602 | 0 | 1 | $-68,962 |
| Srikiran Prasad | Director | June 10, 2026 A | 162,634 | 0 | 0 | $0 |
| Wendy Thomas | Director | June 10, 2026 A | 71,202 | 0 | 0 | $0 |
| Judson C Linville | Director | June 10, 2026 A | 165,028 | 1 | 0 | $100,490 |
| Christopher Mckay | Director | June 11, 2021 J | 0 | 0 | 0 | $0 |
| Helen Riley | Director | June 11, 2021 J | — | 0 | 0 | $0 |
| Amy Chang | Director | June 11, 2021 J | — | 0 | 0 | $0 |
| Geraldine Elliott | Director | June 11, 2021 J | — | 0 | 0 | $0 |
| Martha Cummings | — | Aug. 14, 2026 S | 11,543 | 0 | 3 | $-79,666 |
| Godfrey Sullivan | — | June 11, 2021 J | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 50 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 |
|---|---|---|---|---|
| HAPS · Harbor ETF Trust | 0.37% | 133,951 NS | April 30, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.35% | 71,880 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.13% | 24,271 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.11% | 736,720 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.09% | 796,877 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.09% | 108,213 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.09% | 381,494 SH | Aug. 8, 2026 | Daily |
| TMFX · RBB Fund, Inc. | 0.09% | 6,832 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 143,518 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.08% | 40,627 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.07% | 13,654 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.07% | 124,360 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.05% | 155,430 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.05% | 2,255,862 SH | Aug. 8, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.04% | 47,121 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.04% | 1,375,888 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.04% | 5,051,204 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 2,017,113 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.04% | 16,874 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.03% | 14,612 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 1,841,840 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 4,391 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.02% | 22,420 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.02% | 13,196 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.02% | 50,773 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 12,301 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 4,216,104 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 8,517,634 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.02% | 596,310 SH | Aug. 8, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.02% | 99,287 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 6,387 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 13,346 NS | May 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.01% | 2,807 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 977,961 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 64,323 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 15,126 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 335 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 163,599 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 102,973 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 126,622 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 12,474 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 147,943 SH | Aug. 8, 2026 | Daily |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 82,953 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 242,342 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 25,821 SH | Aug. 8, 2026 | Daily |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 117 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 11,814,661 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 259,878 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 30,009 SH | Aug. 8, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.00% | 77,553 SH | Aug. 8, 2026 | Daily |