MRVI Maravai LifeSciences Holdings, Inc. - Class A common stock
$7.36
Price · Aug 19, 2026
Fundamentals as of Aug 7, 2026
52W Range
$2–$8
94% of range
Analyst Rating
BUY
15 analysts
Price Target
$7
P/E (TTM)
-3.6
ROE
-48.6%
Net Profit Margin
-70.4%
About Maravai LifeSciences Holdings, Inc. - Class A common stock Company overview from Wikipedia
MRVI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$7.36
Market Cap
—
P/E (TTM)
-3.6
EPS (TTM)
$-0.90
Revenue (TTM)
$186M
Div Yield
—
ROE
-48.6%
Debt/Equity
1.4
52W Range
$2 – $8
MRVI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$186M
2019-12-31
→
2025-12-31
EPS
$-0.90
2019-12-31
→
2025-12-31
Free Cash Flow
$-71M
2021-12-31
→
2025-12-31
Margins
-70.4%
2025-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MRVI
Peer Median
P/E (TTM)
-3.6
91.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MRVI
Peer Median
Gross Margin
18.3%
46.3%
Operating Margin
-115.9%
—
Net Profit Margin
-70.4%
-28.6%
ROA
-14.7%
-7.7%
ROE
-48.6%
-15.5%
ROIC
-41.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MRVI
Peer Median
Debt / Equity
1.4
0.1
Current Ratio
6.6
4.3
Quick Ratio
5.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MRVI
Peer Median
Revenue YoY
-28.3%
—
Revenue CAGR 3Y
-40.5%
—
Revenue CAGR 5Y
-8.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MRVI
Peer Median
MRVI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 4 26.7%
- Buy 6 40.0%
- Hold 5 33.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-15
Median
$7.00
Mean
$7.30
Now
$7.36
Low
$6.50
High
$8.00
Median target
$7.00
-4.8%
Mean target
$7.30
-0.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.02 | $-0.04 | 0.02% |
| March 31, 2026 | $0.01 | $-0.05 | 0.06% |
| Dec. 31, 2025 | $-0.04 | $-0.07 | 0.03% |
| Sept. 30, 2025 | $-0.08 | $-0.08 | 0.00% |
| June 30, 2025 | $-0.08 | $-0.07 | -0.01% |
| March 31, 2025 | $-0.08 | $-0.07 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MRVI | — | -3.6 | -28.3% | -70.4% | -48.6% | 18.3% |
| TXG | $2.08B | -46.6 | 5.2% | -6.8% | -5.5% | 69.0% |
| SHC | $5.02B | 65.3 | 5.7% | 6.7% | 14.0% | 55.5% |
| ADPT | $2.50B | -41.6 | 54.8% | -21.5% | -28.2% | — |
| ALMR | — | — | — | — | — | — |
| BLFS | — | -241.8 | 28.9% | — | — | — |
| FTRE | $1.61B | -1.6 | 1.0% | -36.2% | -171.1% | — |
| PSNL | $816M | -8.7 | -17.7% | -116.7% | -36.0% | — |
| AZTA | $1.32B | -23.5 | 3.5% | -9.4% | -3.3% | 45.5% |
| CYRX | $479M | 6.9 | 12.4% | 44.4% | 15.3% | 47.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $186M | $259M | $289M | $883M | $799M | $284M | $143M | |
| Cost of Revenue | $152M | $151M | $149M | $169M | $141M | $80M | $67M | |
| Gross Profit | $34M | $108M | $140M | · | · | · | · | |
| R&D Expense | $17M | $19M | $17M | $18M | $15M | $9M | $4M | |
| SG&A Expense | $145M | $162M | $151M | $129M | $100M | $94M | $48M | |
| Operating Expenses | $249M | $344M | $172M | $309M | $245M | $164M | $119M | |
| Operating Income | $-215M | $-236M | $-32M | $574M | $555M | $120M | $24M | |
| Interest Expense | · | · | $46M | $20M | $30M | $31M | $30M | |
| Interest Income | $11M | $27M | $28M | $2M | $0 | $0 | · | |
| Other Non-op | $-4M | $-2M | $-1M | $-358.0K | $279.0K | $126.0K | $118.0K | |
| Pretax Income | $-235M | $-261M | $618M | $551M | $531M | $82M | $-6M | |
| Income Tax | $-4M | $-2M | $756M | $61M | $62M | $3M | $-652.0K | |
| Net Income | $-131M | $-145M | $-119M | $220M | $182M | $89M | $-4M | |
| EPS (Basic) | $-0.90 | $-1.05 | $-0.90 | $1.67 | $1.59 | $7.43 | $-0.03 | |
| EPS (Diluted) | $-0.90 | $-1.05 | $-0.90 | $1.67 | $1.56 | $2.36 | $-0.03 | |
| Shares (Basic) | 144,360,000 | 137,906,000 | 131,919,000 | 131,545,000 | 114,791,000 | 10,351,000 | 253,917,000 | |
| Shares (Diluted) | 144,360,000 | 137,906,000 | 131,919,000 | 255,323,000 | 257,803,000 | 28,908,000 | 253,917,000 | |
| EBITDA | $-215M | $-236M | $-32M | $574M | $555M | · | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $217M | $322M | $575M | $632M | $551M | $236M | · | |
| Receivables | $25M | $39M | $55M | $139M | $118M | $51M | · | |
| Inventory | $40M | $50M | $51M | $43M | $52M | $33M | · | |
| Prepaid Expense | $13M | $18M | $19M | $26M | $20M | $11M | · | |
| Current Assets | $296M | $429M | $700M | $848M | $740M | $332M | · | |
| PP&E (Net) | $151M | $164M | $163M | $53M | $46M | $101M | · | |
| Accum. Depreciation | $68M | $53M | $32M | $20M | $13M | $11M | · | |
| Goodwill | $129M | $160M | $326M | $284M | $153M | $224M | · | |
| Intangibles | $152M | $195M | $221M | $217M | $118M | $178M | · | |
| Other Non-current Assets | $42M | $60M | $78M | $116M | $53M | $4M | · | |
| Total Assets | $771M | $1.01B | $1.49B | $2.28B | $1.92B | $1.27B | · | |
| Accounts Payable | $3M | $12M | · | $6M | $8M | $8M | · | |
| Accrued Liabilities | $37M | $40M | $60M | $53M | $35M | $39M | · | |
| Current Liabilities | $45M | $57M | $87M | $110M | $94M | $131M | · | |
| Capital Leases | $34M | $41M | $48M | $52M | $41M | $56M | · | |
| Deferred Tax | · | $11.0K | · | $0 | $0 | $9M | · | |
| Other Non-current Liabilities | $36M | $52M | $59M | $69M | $41M | $2M | · | |
| Total Liabilities | $398M | $431M | $698M | $1.38B | $1.37B | $1.12B | · | |
| Long-term Debt | $292M | $296M | $524M | $527M | $531M | $535M | · | |
| Total Debt | $292M | $296M | $524M | $527M | $531M | · | · | |
| Paid-in Capital | $199M | $182M | $129M | $138M | $128M | $85M | · | |
| Retained Earnings | $10M | $141M | $286M | $405M | $185M | $854.0K | · | |
| AOCI | $524.0K | $0 | · | · | $0 | $-44.0K | · | |
| Stockholders' Equity | $212M | $325M | $417M | $545M | $315M | $89M | · | |
| Liabilities + Equity | $771M | $1.01B | $1.49B | $2.28B | $1.92B | $1.27B | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $30M | $49M | $35M | $19M | $10M | $25M | $2M | |
| Deferred Tax | $-20.0K | $11.0K | $755M | $42M | $47M | $-5M | $-1M | |
| Amort. of Intangibles | $28M | $28M | $27M | $24M | $18M | $20M | $20M | |
| Restructuring | $18M | $-1M | $6M | $0 | $0 | · | · | |
| Operating Cash Flow | $-58M | $7M | $126M | $536M | $369M | $152M | $24M | |
| CapEx | $13M | $30M | $66M | $17M | $15M | $25M | $17M | |
| Investing Cash Flow | $-31M | $-24M | $-122M | $-268M | $106M | $6M | $-17M | |
| Debt Issued | · | $953.0K | $0 | $8M | $0 | $609M | $0 | |
| Net Debt Issued | $-5M | $-233M | $-5M | $-5M | $-6M | · | · | |
| Stock Repurchased | · | · | · | $0 | $0 | $34M | $0 | |
| Net Stock Activity | · | · | · | $0 | $0 | · | · | |
| Financing Cash Flow | $-16M | $-236M | $-61M | $-187M | $-159M | $53M | $-4M | |
| Net Change in Cash | $-106M | $-253M | $-57M | $81M | $315M | $211M | $3M | |
| Taxes Paid | $-555.0K | $670.0K | $-3M | $23M | $22M | · | · | |
| Free Cash Flow | $-71M | $-22M | $61M | $519M | $354M | · | · | |
| Levered FCF | · | · | $71M | $501M | $327M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.3% | · | · | · | · | · | · | |
| Operating Margin | -115.9% | -90.9% | -10.9% | 65.0% | 69.4% | · | · | |
| Net Margin | -70.4% | -55.9% | -41.2% | 24.9% | 22.8% | · | · | |
| Pretax Margin | -126.5% | -100.9% | 213.8% | 62.5% | 66.4% | · | · | |
| EBITDA Margin | -115.9% | -90.9% | -10.9% | 65.0% | 69.4% | · | · | |
| ROA | -14.7% | -12.7% | -6.3% | 10.5% | 11.4% | · | · | |
| ROE | -48.6% | -43.2% | -24.8% | 51.2% | 90.1% | · | · | |
| ROIC | -41.9% | -37.7% | 0.75% | 47.6% | 58.0% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.6 | 7.5 | 8.0 | 7.7 | 7.9 | · | · | |
| Quick Ratio | 5.4 | 6.3 | 7.2 | 7.0 | 7.1 | · | · | |
| Debt / Equity | 1.4 | 0.9 | 1.3 | 1.0 | 1.7 | · | · | |
| LT Debt / Equity | 1.3 | 0.9 | 1.2 | 1.0 | 1.7 | · | · | |
| Interest Coverage | · | · | -0.7 | 28.1 | 18.3 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 | · | · | |
| Inventory Turnover | 3.4 | 3.0 | 3.1 | 3.6 | 3.3 | · | · | |
| Receivables Turnover | 5.8 | 7.7 | 3.0 | 6.9 | 9.5 | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -28.3% | -10.3% | -67.3% | 10.5% | 181.3% | · | · | |
| Revenue CAGR 3Y | -40.5% | -31.3% | 0.57% | · | · | · | · | |
| Revenue CAGR 5Y | -8.2% | · | · | · | · | · | · | |
| EPS YoY | · | · | · | 7.0% | -33.9% | · | · | |
| Net Income YoY | · | · | · | 21.0% | 104.6% | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $186M | $259M | $289M | $883M | $799M | $284M | · | |
| Net Income TTM | $-131M | $-145M | $-119M | $220M | $182M | $89M | · | |
| P/E | -3.6 | -5.2 | -7.3 | 8.6 | 26.9 | 11.9 | · | |
| Earnings Yield | -27.7% | -19.3% | -13.7% | 11.7% | 3.7% | 8.4% | · |
Income Statement 18
| 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 | $51M | $66M | $50M | $42M | $47M | $47M | $57M | $69M | $69M | $64M | $74M | $67M | $69M | $79M | $205M | $191M | |
| Cost of Revenue | $31M | $32M | $37M | $36M | $40M | $39M | $37M | $37M | $39M | $38M | $35M | $37M | $43M | $34M | $53M | $38M | |
| Gross Profit | $21M | $34M | $13M | $6M | $8M | $8M | $19M | $32M | · | · | · | · | · | · | · | · | |
| R&D Expense | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $5M | $5M | |
| SG&A Expense | $32M | $29M | $32M | $35M | $39M | $40M | $41M | $39M | $41M | $41M | $38M | $39M | $35M | $39M | $37M | $31M | |
| Operating Expenses | $36M | $36M | $-7M | $47M | $74M | $57M | $-20M | $198M | $83M | $83M | $-67M | $82M | $81M | $76M | $95M | $74M | |
| Operating Income | $-15M | $-2M | $-59M | $-41M | $-66M | $-49M | $-38M | $-166M | $-13M | $-19M | $-7M | $-15M | $-12M | $3M | $109M | $117M | |
| Interest Expense | · | · | · | · | · | · | · | $14M | $12M | $11M | · | $12M | $7M | $12M | · | $3M | |
| Interest Income | $1M | $2M | $2M | $3M | $3M | $3M | $6M | $7M | $7M | $7M | $7M | $7M | $7M | $6M | $2M | $0 | |
| Other Non-op | $-52.0K | $-494.0K | $-43.0K | $-71.0K | $-4M | $24.0K | $43.0K | $72.0K | $-3M | $106.0K | $49.0K | $66.0K | $-2M | $168.0K | $914.0K | $-4.0K | |
| Pretax Income | $-22M | $-7M | $-63M | $-45M | $-74M | $-53M | $-46M | $-172M | $-21M | $-22M | $656M | $-21M | $-13M | $-5M | $96M | $114M | |
| Income Tax | $-171.0K | $-151.0K | $6.0K | $-92.0K | $-4M | $162.0K | $-7.0K | $311.0K | $-2M | $271.0K | $766M | $-5M | $-1M | $-3M | $8M | $14M | |
| Net Income | $-12M | $-4M | $-36M | $-26M | $-40M | $-30M | $-26M | $-97M | $-10M | $-12M | $-106M | $-6M | $-7M | $-67.0K | $38M | $44M | |
| EPS (Basic) | $-0.08 | $-0.02 | $-0.24 | $-0.18 | $-0.27 | $-0.21 | $-0.21 | $-0.68 | $-0.07 | $-0.09 | $-0.80 | $-0.05 | $-0.05 | $0.00 | $0.28 | $0.34 | |
| EPS (Diluted) | $-0.08 | $-0.02 | $-0.24 | $-0.18 | $-0.27 | $-0.21 | $-0.21 | $-0.68 | $-0.07 | $-0.09 | $-0.80 | $-0.05 | $-0.05 | $0.00 | $0.30 | $0.34 | |
| Shares (Basic) | 147,996,000 | 146,426,000 | -287,984,000 | 144,683,000 | 144,236,000 | 143,425,000 | -271,824,000 | 141,555,000 | 135,842,000 | 132,333,000 | -263,614,000 | 131,930,000 | 131,864,000 | 131,739,000 | -263,008,000 | 131,540,000 | |
| Shares (Diluted) | 147,996,000 | 146,426,000 | -287,984,000 | 144,683,000 | 144,236,000 | 143,425,000 | -271,824,000 | 141,555,000 | 135,842,000 | 132,333,000 | -263,614,000 | 131,930,000 | 131,864,000 | 131,739,000 | -386,976,000 | 131,651,000 | |
| EBITDA | $-15M | $-2M | · | $-41M | $-66M | $-49M | · | $-169M | $-10M | $-19M | · | $-15M | $-12M | $3M | · | $117M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $70M | $166M | $217M | $244M | $270M | $285M | $322M | $578M | $573M | $562M | · | $580M | $580M | $628M | · | $617M | |
| Receivables | $31M | $33M | $25M | $23M | $28M | $28M | $39M | $29M | $39M | $37M | · | $46M | $49M | $56M | · | $114M | |
| Inventory | $41M | $40M | $40M | $45M | $47M | $50M | $50M | $50M | $49M | $50M | · | $49M | $47M | $55M | · | $62M | |
| Prepaid Expense | $13M | $12M | $13M | $14M | $15M | $13M | $18M | $22M | $17M | $17M | · | $23M | $23M | $26M | · | $23M | |
| Current Assets | $156M | $252M | $296M | $326M | $360M | $376M | $429M | $679M | $685M | $668M | · | $701M | $699M | $766M | · | $836M | |
| PP&E (Net) | · | · | $151M | · | · | · | $164M | · | · | · | · | · | · | · | · | $48M | |
| Accum. Depreciation | · | · | $68M | · | · | · | $53M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $129M | $129M | $129M | $129M | $129M | $160M | $160M | $172M | $326M | $326M | · | $326M | $326M | $327M | · | $284M | |
| Intangibles | $138M | $145M | $152M | $186M | $193M | $200M | $195M | $202M | $207M | $214M | · | $228M | $235M | $242M | · | $223M | |
| Other Non-current Assets | $38M | $40M | $42M | $49M | $52M | $58M | $60M | $61M | $63M | $75M | · | $86M | $93M | $127M | · | $87M | |
| Total Assets | $604M | $713M | $771M | $849M | $897M | $960M | $1.01B | $1.28B | $1.45B | $1.44B | · | $2.27B | $2.26B | $2.32B | · | $2.25B | |
| Accounts Payable | $7M | $9M | $3M | $8M | $12M | $10M | $12M | · | · | · | · | · | · | $5M | · | $9M | |
| Accrued Liabilities | $30M | $29M | $37M | $48M | $50M | $45M | $40M | $38M | $41M | $35M | · | $56M | $50M | $70M | · | $60M | |
| Current Liabilities | $38M | $43M | $45M | $62M | $70M | $63M | $57M | $63M | $69M | $59M | · | $78M | $75M | $125M | · | $116M | |
| Capital Leases | · | · | $34M | $36M | $38M | · | $41M | · | · | · | · | $50M | $52M | $54M | · | $44M | |
| Deferred Tax | · | · | · | · | $2M | $2M | · | · | · | · | · | $7M | $9M | $9M | · | · | |
| Other Non-current Liabilities | $34M | $36M | $36M | $38M | $38M | $44M | $52M | $54M | $54M | $59M | · | $65M | $63M | $66M | · | $58M | |
| Total Liabilities | $248M | $344M | $398M | $417M | $429M | $429M | $431M | $665M | $671M | $667M | · | $1.38B | $1.37B | $1.41B | · | $1.41B | |
| Long-term Debt | $147M | $241M | $292M | $293M | $294M | $295M | $296M | $522M | $523M | $523M | · | $525M | $526M | $527M | · | $528M | |
| Total Debt | $147M | $241M | · | $293M | $294M | $295M | · | $522M | $523M | $523M | · | $525M | $526M | $527M | · | $528M | |
| Paid-in Capital | $208M | $202M | $199M | $197M | $191M | $187M | $182M | $176M | $168M | $134M | · | $125M | $120M | $114M | · | $134M | |
| Retained Earnings | $-6M | $6M | $10M | $46M | $71M | $111M | $141M | $167M | $266M | $274M | · | $392M | $398M | $405M | · | $367M | |
| AOCI | $459.0K | $466.0K | $524.0K | $579.0K | $574.0K | $324.0K | $0 | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $205M | $212M | $212M | $245M | $266M | $301M | $325M | $345M | $437M | $411M | · | $519M | $521M | $522M | · | $504M | |
| Liabilities + Equity | $604M | $713M | $771M | $849M | $897M | $960M | $1.01B | $1.28B | $1.45B | $1.44B | · | $2.27B | $2.26B | $2.32B | · | $2.25B |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $10M | $7M | $4M | $9M | $7M | $10M | $11M | $13M | $14M | $12M | $9M | $10M | $9M | $6M | $6M | $5M | |
| Deferred Tax | · | · | · | · | · | · | $11.0K | $0 | $0 | $0 | $765M | $-6M | $-3M | $-2M | $7M | $9M | |
| Amort. of Intangibles | $6M | $6M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $6M | $6M | |
| Restructuring | $-33.0K | $3M | $10M | $7M | $0 | $0 | $6.0K | $-4.0K | $-4.0K | $-1M | $6M | $0 | $0 | $0 | · | · | |
| Operating Cash Flow | $4M | $9M | $-23M | $-15M | $-10M | $-9M | $-15M | $13M | $17M | $-8M | $8M | $14M | $19M | $85M | $99M | $110M | |
| CapEx | $370.0K | $4M | $2M | $3M | $3M | $5M | $6M | $9M | $10M | $6M | $17M | $16M | $25M | $8M | $6M | $6M | |
| Investing Cash Flow | $-370.0K | $-4M | $-2M | $-3M | $-3M | $-23M | $-5M | $-9M | $-6M | $-4M | $-13M | $-16M | $-24M | $-70M | $-19M | $-6M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Net Debt Issued | · | $-51M | · | · | · | $-1M | · | · | · | $-1M | · | · | · | $-1M | · | · | |
| Financing Cash Flow | $-99M | $-55M | $-2M | $-8M | $-2M | $-5M | $-236M | $809.0K | $228.0K | $-560.0K | $470.0K | $783.0K | $-43M | $-19M | $-66M | $-37M | |
| Net Change in Cash | $-95M | $-51M | $-27M | $-26M | $-15M | $-37M | $-256M | $5M | $11M | $-13M | $-5M | $-571.0K | $-48M | $-4M | $15M | $67M | |
| Taxes Paid | $0 | $0 | $6.0K | $-26.0K | $-674.0K | $139.0K | $26.0K | $267.0K | $180.0K | $197.0K | $90.0K | $-3M | $449.0K | $-521.0K | $3M | $6M | |
| Free Cash Flow | · | $4M | · | · | · | $-15M | · | · | · | $-14M | · | · | · | $77M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-25M | · | · | · | $74M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.1% | 51.2% | · | 13.6% | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Margin | -29.3% | -3.3% | · | -98.6% | -139.8% | -104.9% | · | -259.4% | -13.0% | -29.4% | · | -23.1% | -16.9% | 3.2% | · | 61.1% | |
| Net Margin | -24.1% | -5.7% | · | -61.4% | -83.5% | -63.9% | · | -151.9% | -10.3% | -18.8% | · | -9.7% | -9.5% | -0.08% | · | 23.2% | |
| Pretax Margin | -42.4% | -9.9% | · | -108.5% | -156.4% | -112.5% | · | -269.4% | -23.1% | -34.9% | · | -30.8% | -19.4% | -5.7% | · | 59.5% | |
| EBITDA Margin | -29.3% | -3.3% | · | -98.6% | -139.8% | -104.9% | · | -259.4% | -13.0% | -29.4% | · | -23.1% | -16.9% | 3.2% | · | 61.1% | |
| ROA | -1.7% | -0.45% | · | -2.4% | -3.4% | -2.5% | · | -5.6% | -0.41% | -0.64% | · | -0.29% | -0.29% | 0.00% | · | 2.1% | |
| ROE | -5.3% | -1.5% | · | -8.6% | -11.3% | -8.4% | · | -22.9% | -1.6% | -2.6% | · | -1.3% | -1.3% | -0.01% | · | 11.0% | |
| ROIC | -4.3% | -0.47% | · | -7.6% | -11.2% | -8.3% | · | -19.5% | -0.85% | -2.0% | · | -1.1% | -0.99% | 0.07% | · | 9.9% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.1 | 5.9 | · | 5.3 | 5.2 | 6.0 | · | 10.7 | 10.0 | 11.3 | · | 9.0 | 9.3 | 6.1 | · | 7.2 | |
| Quick Ratio | 2.6 | 4.7 | · | 4.3 | 4.3 | 5.0 | · | 9.6 | 8.9 | 10.1 | · | 8.0 | 8.4 | 5.5 | · | 6.3 | |
| Debt / Equity | 0.7 | 1.1 | · | 1.2 | 1.1 | 1.0 | · | 1.5 | 1.2 | 1.3 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | |
| LT Debt / Equity | 0.7 | 1.1 | · | 1.2 | 1.1 | 1.0 | · | 1.5 | 1.2 | 1.3 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | |
| Interest Coverage | · | · | · | · | · | · | · | -12.4 | -0.8 | -1.7 | · | -1.3 | -1.7 | 0.2 | · | 37.3 |
Efficiency 3
| 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 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | |
| Inventory Turnover | 0.7 | 0.7 | · | 0.8 | 0.8 | 0.8 | · | 0.7 | 0.8 | 0.7 | · | 0.7 | 0.8 | 0.6 | · | 0.6 | |
| Receivables Turnover | 1.7 | 2.1 | · | 1.6 | 1.4 | 1.4 | · | 1.7 | 1.7 | 1.4 | · | 0.8 | 0.8 | 0.9 | · | 2.1 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $206M | $202M | · | $205M | $233M | $249M | · | $269M | $269M | $279M | · | $406M | $582M | $757M | · | $883M | |
| Net Income TTM | $-81M | $-99M | · | $-192M | $-176M | $-149M | · | $-125M | $-35M | $-25M | · | $31M | $109M | $183M | · | $237M | |
| P/E | -11.3 | -4.2 | · | -2.1 | -2.0 | -2.1 | · | -9.3 | -27.5 | -45.6 | · | 41.7 | 15.2 | 10.2 | · | 14.1 | |
| Earnings Yield | -8.8% | -24.0% | · | -46.7% | -51.0% | -47.5% | · | -10.7% | -3.6% | -2.2% | · | 2.4% | 6.6% | 9.8% | · | 7.1% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | |
|---|---|---|---|---|---|
| Revenue | $186M | $259M | — | — | $289M |
| Gross Margin % | 18.3% | — | — | — | — |
| Operating Margin % | -115.9% | -90.9% | — | — | -10.9% |
| Net Income | $-131M | $-145M | — | — | $-119M |
| Diluted EPS | $-0.90 | $-1.05 | — | — | $-0.90 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.4 | 0.9 | — | — | 1.3 |
| Current Ratio | 6.6 | 7.5 | — | — | 8.0 |
| Quick Ratio | 5.4 | 6.3 | — | — | 7.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2023-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-71M | $-22M | — | — | $61M |
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Institutional owners (13F) 200 filers · $755.3M 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 |
|---|---|---|---|---|
| 51 (+26 vs prior Q) | 24 (+1 vs prior Q) | 53 (+9 vs prior Q) | 54 (-4 vs prior Q) | +23.7M |
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 |
|---|---|---|---|---|
| GTCR LLC | $125,736,031 | 20,150,005 | 16.65% | Shares |
| BRAIDWELL LP | $54,306,227 | 8,702,921 | 7.19% | Shares |
| 12 West Capital Management LP | $44,055,617 | 7,060,195 | 5.83% | Shares |
| MILLENNIUM MANAGEMENT LLC | $40,611,293 | 6,508,220 | 5.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $32,970,070 | 5,283,665 | 4.36% | Shares |
| Ophir Asset Management Pty Ltd | $30,118,596 | 4,826,698 | 3.99% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $28,744,504 | 4,606,491 | 3.81% | Shares |
| DEUTSCHE BANK AG\ | $26,862,744 | 4,304,927 | 3.56% | Shares |
| First Eagle Investment Management, LLC | $22,908,831 | 3,671,287 | 3.03% | Shares |
| VANGUARD GROUP INC | $20,601,659 | 6,338,972 | 2.73% | Shares |
| STATE STREET CORP | $18,106,645 | 2,901,706 | 2.40% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $16,741,698 | 2,682,090 | 2.22% | Shares |
| TWO SIGMA INVESTMENTS, LP | $14,076,317 | 2,255,820 | 1.86% | Shares |
| Monaco Asset Management SAM | $13,921,602 | 2,231,026 | 1.84% | Shares |
| Point72 Asset Management, L.P. | $12,514,813 | 2,005,579 | 1.66% | Shares |
| Philosophy Capital Management LLC | $11,856,000 | 1,900,000 | 1.57% | Shares |
| TUDOR INVESTMENT CORP ET AL | $11,538,253 | 1,849,079 | 1.53% | Shares |
| PRUDENTIAL FINANCIAL INC | $11,390,833 | 1,825,454 | 1.51% | Shares |
| ROYCE & ASSOCIATES LP | $11,284,716 | 1,808,448 | 1.49% | Shares |
| GENERAL AMERICAN INVESTORS CO INC | $10,709,044 | 1,716,193 | 1.42% | Shares |
| Hillsdale Investment Management Inc. | $10,501,159 | 1,682,878 | 1.39% | Shares |
| Tejara Capital Ltd | $9,954,953 | 1,595,345 | 1.32% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $9,811,870 | 1,572,415 | 1.30% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $9,444,901 | 1,513,606 | 1.25% | Shares |
| JPMORGAN CHASE & CO | $9,420,886 | 1,474,317 | 1.25% | Shares |
| ArrowMark Colorado Holdings LLC | $7,956,000 | 1,275,000 | 1.05% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $7,446,666 | 1,193,376 | 0.99% | Shares |
| Point72 (DIFC) Ltd | $7,430,106 | 2,588,887 | 0.98% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $6,910,045 | 1,107,379 | 0.91% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,686,385 | 1,071,536 | 0.89% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $6,417,085 | 1,028,379 | 0.85% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $6,290,588 | 1,008,107 | 0.83% | Shares |
| CITADEL ADVISORS LLC | $5,685,345 | 911,113 | 0.75% | Shares |
| First Pacific Advisors, LP | $5,521,670 | 884,883 | 0.73% | Shares |
| GOLDMAN SACHS GROUP INC | $5,449,404 | 873,302 | 0.72% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,136,263 | 823,119 | 0.68% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,948,083 | 792,962 | 0.66% | Shares |
| Verition Fund Management LLC | $4,853,085 | 777,738 | 0.64% | Shares |
| Qube Research & Technologies Ltd | $4,670,309 | 748,447 | 0.62% | Shares |
| Decker Retirement Planning Inc. | $3,849,337 | 616,881 | 0.51% | Shares |
| NORGES BANK | $3,540,576 | 567,400 | 0.47% | Shares |
| Cerity Partners LLC | $2,928,800 | 469,359 | 0.39% | Shares |
| TWO SIGMA ADVISERS, LP | $2,849,275 | 876,700 | 0.38% | Shares |
| XTX Topco Ltd | $2,703,361 | 433,231 | 0.36% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $2,623,046 | 420,360 | 0.35% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,186,920 | 350,468 | 0.29% | Shares |
| CITIGROUP INC | $1,915,493 | 306,970 | 0.25% | Shares |
| Quinn Opportunity Partners LLC | $1,654,037 | 265,070 | 0.22% | Shares |
| AMERIPRISE FINANCIAL INC | $1,310,706 | 210,049 | 0.17% | Shares |
| PenderFund Capital Management Ltd. | $1,279,200 | 205,000 | 0.17% | Shares |
| Aquatic Capital Management LLC | $1,238,840 | 198,532 | 0.16% | Shares |
| CIBC Private Wealth Group LLC | $1,180,976 | 411,490 | 0.16% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,130,925 | 181,238 | 0.15% | Shares |
| Caption Management, LLC | $1,103,232 | 176,800 | 0.15% | Call option |
| Headlands Technologies LLC | $1,037,880 | 166,327 | 0.14% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,030,031 | 165,069 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,023,984 | 164,100 | 0.14% | Call option |
| STATE OF WISCONSIN INVESTMENT BOARD | $988,778 | 158,458 | 0.13% | Shares |
| Man Group plc | $988,597 | 158,429 | 0.13% | Shares |
| Integrated Quantitative Investments LLC | $911,446 | 146,065 | 0.12% | Shares |
| Bank of New York Mellon Corp | $900,844 | 144,366 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $889,570 | 142,561 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $888,239 | 142,346 | 0.12% | Shares |
| STRS OHIO | $847,392 | 135,800 | 0.11% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $728,071 | 116,678 | 0.10% | Shares |
| MORGAN STANLEY | $712,071 | 114,114 | 0.09% | Shares |
| CAXTON ASSOCIATES LLP | $701,869 | 112,479 | 0.09% | Shares |
| Orion Porfolio Solutions, LLC | $606,753 | 97,236 | 0.08% | Shares |
| WINTON GROUP Ltd | $604,032 | 96,800 | 0.08% | Shares |
| EntryPoint Capital, LLC | $593,961 | 95,186 | 0.08% | Shares |
| Graham Capital Management, L.P. | $575,808 | 92,277 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $534,419 | 85,644 | 0.07% | Shares |
| Orion Portfolio Solutions, LLC | $528,979 | 239,357 | 0.07% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $517,552 | 82,941 | 0.07% | Shares |
| State of Wyoming | $500,835 | 80,262 | 0.07% | Shares |
| Engineers Gate Manager LP | $487,413 | 78,111 | 0.06% | Shares |
| Militia Capital Management LLC | $480,480 | 77,000 | 0.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $470,496 | 75,400 | 0.06% | Put option |
| Hilltop Holdings Inc. | $469,491 | 75,239 | 0.06% | Shares |
| Voleon Capital Management LP | $465,810 | 74,649 | 0.06% | Shares |
| MetLife Investment Management, LLC | $453,941 | 72,747 | 0.06% | Shares |
| Trexquant Investment LP | $435,933 | 69,861 | 0.06% | Shares |
| Schonfeld Strategic Advisors LLC | $414,565 | 66,437 | 0.05% | Shares |
| Yost Capital Management, L.L.C. | $409,682 | 126,056 | 0.05% | Shares |
| ALLIANCEBERNSTEIN L.P. | $397,335 | 140,401 | 0.05% | Shares |
| BANK OF NOVA SCOTIA | $382,306 | 61,267 | 0.05% | Shares |
| BANK OF MONTREAL /CAN/ | $370,980 | 59,452 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $359,380 | 57,593 | 0.05% | Shares |
| BARCLAYS PLC | $349,097 | 55,945 | 0.05% | Shares |
| CenterBook Partners LP | $348,878 | 55,910 | 0.05% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $331,138 | 53,067 | 0.04% | Shares |
| Arrowpoint Investment Partners (Singapore) Pte. Ltd. | $315,838 | 50,615 | 0.04% | Shares |
| BlackRock, Inc. | $315,625 | 50,581 | 0.04% | Shares |
| Empowered Funds, LLC | $313,042 | 50,167 | 0.04% | Shares |
| Invesco Ltd. | $281,206 | 45,065 | 0.04% | Shares |
| Quantbot Technologies LP | $268,039 | 42,955 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $244,608 | 39,200 | 0.03% | Put option |
| Police & Firemen's Retirement System of New Jersey | $210,531 | 33,739 | 0.03% | Shares |
| NewEdge Advisors, LLC | $207,123 | 33,193 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $204,260 | 32,734 | 0.03% | Shares |
Company insiders 22 insiders · 9 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William E. Martin III | The Reporting Person was performing the responsibilities of Chief Executive Officer of the Company on October 17, 2022. Effecti | Oct. 17, 2022 A | 348,055 | 0 | 0 | $0 |
| Carl Hull | Chief Executive Officer | Jan. 25, 2022 A | 81,600 | 0 | 0 | $0 |
| Rajesh Asarpota | Chief Financial Officer | July 30, 2026 F | 428,951 | 0 | 0 | $0 |
| Kevin Herde | Chief Financial Officer | Jan. 25, 2022 A | 20,389 | 0 | 0 | $0 |
| Eric Tardif | President | Nov. 19, 2020 A | — | 0 | 0 | $0 |
| Brian Neel | Chief Operating Officer, Nucleic Acid Production | Jan. 25, 2022 A | 17,884 | 0 | 0 | $0 |
| Christine Dolan | Chief Operating Officer, Biologics Safety Training | Jan. 25, 2022 A | 18,119 | 0 | 0 | $0 |
| Lisa Sellers | Chief Operating Officer, Protein Detection | Nov. 24, 2020 P | 18,888 | 0 | 0 | $0 |
| Kurt Oreshack | General Counsel | June 9, 2026 S | 335,767 | 0 | 1 | $-126,500 |
| Gregory T Lucier | Director | June 9, 2026 G | 156,077 | 2 | 0 | $368,544 |
| John A Deford | Director | May 26, 2026 A | 205,478 | 0 | 0 | $0 |
| Andrew R Eckert | Director | May 26, 2026 A | 412,183 | 0 | 0 | $0 |
| Susannah Gray | Director | Nov. 19, 2021 A | 36,123 | 0 | 0 | $0 |
| Luke Joseph Marker | Director | Nov. 19, 2021 A | 4,271 | 0 | 0 | $0 |
| Benjamin James Daverman | Director | Nov. 19, 2021 A | 4,271 | 0 | 0 | $0 |
| Sean Laurence Cunningham | Director | Nov. 19, 2021 A | 4,271 | 0 | 0 | $0 |
| Anat Ashkenazi | Director | Nov. 19, 2021 A | 16,123 | 0 | 0 | $0 |
| Jessica Hopfield | Director | Nov. 19, 2021 A | 66,123 | 0 | 0 | $0 |
| Robert B Hance | Director | Nov. 19, 2021 A | 26,123 | 0 | 0 | $0 |
| Bernd Brust | — | Aug. 10, 2026 F | 1,590,499 | 3 | 0 | $1,511,699 |
| Constantine S Mihas | — | May 26, 2026 A | 184,348 | 0 | 0 | $0 |
| Murali Prahalad | — | Jan. 28, 2022 G | 20,823 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 30 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 |
|---|---|---|---|---|
| GNOM · Global X Funds | 0.51% | 58,810 NS | May 31, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.45% | 322,211 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.10% | 3,060 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.08% | 36,735 NS | May 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.06% | 8,028 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.05% | 779,045 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.05% | 1,064,666 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 203,236 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.04% | 98,331 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.04% | 5,410 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 2,909,647 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 649,581 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 5,144 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 48,142 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 588,858 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 456,369 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,454,980 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 315,518 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 4,023 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 4,070 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 4,176 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 13,681 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 102 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 209,389 SH | Aug. 8, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 10,921 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 30,359 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 81,290 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 14,388 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,706,103 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 8,106 SH | Aug. 8, 2026 | Daily |