MSEX Middlesex Water Company - Common Stock
$59.00
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$44–$62
82% of range
Analyst Rating
BUY
9 analysts
Price Target
$61
+3% upside
P/E (TTM)
25.1
ROE
9.0%
Net Profit Margin
22.0%
About Middlesex Water Company - Common Stock Company overview from Wikipedia
Middlesex Water Company is a water utility based in the U.S. state of New Jersey that was first incorporated in 1897. The company declared an annual net income of $33.8M, with a revenue of $135.5M for fiscal year 2019.
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Middlesex Water Company is a water utility based in the U.S. state of New Jersey that was first incorporated in 1897. The company declared an annual net income of $33.8M, with a revenue of $135.5M for fiscal year 2019.
Services
The Middlesex Water Company provides regulated and non-regulated water related services in New Jersey and Delaware. These services include collecting, treating, distributing and selling water for domestic, commercial, municipal and industrial uses.
The company owns and operates regulated water utility and wastewater systems as well as operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware. The company was awarded a $32 million contract to take responsibility for constructing and maintaining the water distribution system at Dover Air Force Base in Delaware for the next 50 years in September, 2013.
The company also operates regional affiliated service subsidiaries including Tidewater Utilities, Inc., Pinelands Water Company, Pinelands Wastewater Company, Twin Lakes Utilities, Inc., Utility Service Affiliates, Inc., Utility Service Affiliates (Perth Amboy) Inc., and Tidewater Environmental Systems, Inc. Tidewater's wholly owned subsidiaries include Southern Shores Water Company, LLC and White Marsh Environmental Systems, Inc. These companies are engaged in the business of helping small communities and real estate developers to address aging infrastructure issues as well as provide technical support for environmental regulations related to building and operating water distribution and treatment systems.
The company has two overall business segments:
Regulated: The regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware.
Non-Regulated: Non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware.
It is one of the few publicly held water utilities in the United States.
Awards
In 2019, Middlesex Water’s Jay Kooper Wins General Counsel of the Year.
In 2013, Middlesex Water Company was named a finalist in the 2013 NJBIZ Business of the Year awards program. Tidewater Utilities, Inc., was named “Top Workplaces 2013” for the fifth time.
In 2009, Middlesex Water Company was named one of America's Fastest Growing Publicly Traded Small Companies. In 2008, Middlesex Water was honored as one of America's Top 100 Most Trustworthy Companies for its transparent financial reporting and conservative corporate governance. The company also was voted Outstanding Green Business in 2008 by the Edison Chamber of Commerce for its commitment to renewable energy and various sustainability initiatives.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MSEX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$59.00
Market Cap
$1.10B
P/E (TTM)
25.1
EPS (TTM)
$2.36
Revenue (TTM)
$195M
Div Yield
2.3%
ROE
9.0%
Debt/Equity
0.8
52W Range
$44 – $62
MSEX 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
$195M
2017-12-31
→
2025-12-31
EPS
$2.36
2017-12-31
→
2025-12-31
Free Cash Flow
—
2022-12-31
→
2024-12-31
Margins
22.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MSEX
Peer Median
P/E (TTM)
25.1
24.2
P/S (TTM)
5.6
5.4
P/B
2.2
1.9
EV / EBITDA
27.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MSEX
Peer Median
Operating Margin
27.9%
—
Net Profit Margin
22.0%
22.1%
ROA
3.3%
3.2%
ROE
9.0%
9.1%
ROIC
5.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MSEX
Peer Median
Debt / Equity
0.8
—
Current Ratio
0.4
0.7
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MSEX
Peer Median
Revenue YoY
1.5%
—
Revenue CAGR 3Y
6.3%
—
Revenue CAGR 5Y
6.6%
—
EPS YoY
-4.5%
—
Net Income YoY
-3.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MSEX
Peer Median
Payout Ratio
58.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.3%
Payout Ratio
58.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 17, 2026 | $0.3600 |
| May 15, 2026 | $0.3600 |
| Feb. 17, 2026 | $0.3600 |
| Nov. 17, 2025 | $0.3600 |
| Aug. 15, 2025 | $0.3400 |
| May 15, 2025 | $0.3400 |
| Feb. 18, 2025 | $0.3400 |
| Nov. 15, 2024 | $0.3400 |
| Aug. 15, 2024 | $0.3250 |
| May 14, 2024 | $0.3250 |
| Feb. 14, 2024 | $0.3250 |
| Nov. 15, 2023 | $0.3250 |
| Aug. 10, 2023 | $0.3130 |
| May 11, 2023 | $0.3130 |
| Feb. 13, 2023 | $0.3130 |
| Nov. 15, 2022 | $0.3130 |
| Aug. 11, 2022 | $0.2900 |
| May 12, 2022 | $0.2900 |
| Feb. 11, 2022 | $0.2900 |
| Nov. 15, 2021 | $0.2900 |
MSEX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
9 analysts
- Strong Buy 3 33.3%
- Buy 4 44.4%
- Hold 2 22.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-19
Median
$61.00
Now
$59.00
Low
$56.00
High
$66.00
Median target
$61.00
+3.4%
Mean target
$61.00
+3.4%
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 | $0.79 | $0.67 | 0.12% |
| March 31, 2026 | $0.57 | $0.58 | -0.01% |
| Dec. 31, 2025 | $0.46 | $0.47 | -0.01% |
| Sept. 30, 2025 | $0.77 | $0.86 | -0.09% |
| June 30, 2025 | $0.60 | $0.68 | -0.08% |
| March 31, 2025 | $0.53 | $0.58 | -0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MSEX | $934M | 21.4 | 1.5% | 22.0% | 9.0% | — |
| AWK | — | 22.9 | 10.1% | 21.7% | 10.3% | — |
| WTRG | — | 17.4 | 18.6% | 24.9% | 9.1% | — |
| AWR | $2.83B | 21.5 | 10.5% | 19.8% | 12.9% | — |
| CWT | $2.58B | 20.2 | 6.4% | 13.3% | 7.7% | — |
| HTO | $1.77B | 16.8 | 7.0% | 12.8% | 6.8% | — |
| YORW | $460M | 22.9 | 3.4% | 25.9% | 8.5% | — |
| ARTNA | — | 14.3 | 4.6% | — | — | — |
| CDZI | $467M | — | 69.8% | -209.4% | -116.1% | — |
| PCYO | $242M | 18.6 | -9.2% | 50.2% | 9.5% | 61.5% |
| GWRS | — | 76.8 | 5.8% | 5.3% | 3.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $195M | $192M | $166M | $162M | $143M | $141M | $134M | $138M | $131M | $133M | |
| Operating Expenses | $140M | $139M | $127M | $120M | $110M | $104M | $99M | $101M | $93M | $93M | |
| Operating Income | $54M | $53M | $39M | $47M | $33M | $37M | $36M | $37M | $38M | $40M | |
| Interest Expense | · | · | $13M | $9M | $8M | $7M | $7M | $7M | $6M | $5M | |
| Other Non-op | $6M | $11M | $4M | $5M | $3M | $363.0K | $-654.0K | $2M | $915.0K | $-1M | |
| Pretax Income | $48M | $51M | $33M | $46M | $31M | $34M | $31M | $33M | $34M | $34M | |
| Income Tax | $5M | $7M | $1M | $3M | $-5M | $-4M | $-3M | $924.0K | $11M | $12M | |
| Net Income | $43M | $44M | $32M | $42M | $37M | $38M | $34M | $32M | $23M | $23M | |
| EPS (Basic) | $2.36 | $2.48 | $1.77 | $2.40 | $2.08 | $2.19 | $2.02 | $1.97 | $1.39 | $1.39 | |
| EPS (Diluted) | $2.36 | $2.47 | $1.76 | $2.39 | $2.07 | $2.18 | $2.01 | $1.96 | $1.38 | $1.38 | |
| Shares (Basic) | 18,096,000 | 17,842,000 | 17,732,000 | 17,597,000 | 17,492 | 17,459 | 16,685,000 | 16,384 | 16,330,000 | 16,270,000 | |
| Shares (Diluted) | 18,137,000 | 17,946,000 | 17,847,000 | 17,712,000 | 17,607 | 17,574 | 16,829,000 | 16,540 | 16,486,000 | 16,426,000 | |
| EBITDA | $54M | $53M | $69M | $75M | $60M | $58M | $53M | $53M | $53M | $54M |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3M | $4M | $2M | $4M | $4M | $4M | $2M | $4M | $5M | $4M | |
| Short-term Investments | · | · | · | · | · | · | · | $200.0K | $200.0K | $200.0K | |
| Receivables | $19M | $19M | $18M | $16M | $15M | $15M | $12M | $12M | $11M | $10M | |
| Prepaid Expense | $3M | $2M | $2M | $3M | $3M | $3M | $2M | $3M | $2M | $2M | |
| Current Assets | $42M | $43M | $109M | $37M | $34M | $34M | $29M | $31M | $29M | $27M | |
| Other Non-current Assets | $6M | $4M | $2M | $19.0K | $83.0K | $84.0K | $2M | $2M | $616.0K | $293.0K | |
| Total Assets | $1.37B | $1.26B | $1.24B | $1.07B | $1.02B | $976M | $910M | $768M | $661M | $620M | |
| Accounts Payable | $31M | $28M | $28M | $25M | $21M | $30M | $23M | $19M | $14M | $12M | |
| Accrued Liabilities | $3M | $3M | $3M | $3M | · | · | · | · | · | · | |
| Short-term Debt | $28M | $23M | $43M | $56M | $13M | $2M | $20M | $48M | $28M | $12M | |
| Current Liabilities | $94M | $83M | $104M | $118M | $57M | $57M | $65M | $94M | $65M | $47M | |
| Capital Leases | $2M | $2M | $3M | · | $4M | $5M | · | · | · | · | |
| Deferred Tax | $110M | $101M | $89M | $78M | $70M | $61M | $54M | $47M | $43M | $73M | |
| Other Non-current Liabilities | $229.0K | $344.0K | $592.0K | $919.0K | $1M | $1M | $3M | $3M | $1M | $1M | |
| Long-term Debt | $387M | $361M | $365M | $306M | $311M | $277M | $234M | $163M | $148M | $142M | |
| Total Debt | $415M | $735M | $409M | $363M | $326M | $282M | $258M | $209M | $174M | $153M | |
| Common Stock | $279M | $248M | $247M | $233M | $222M | $217M | $215M | $157M | $155M | $153M | |
| Retained Earnings | $215M | $197M | $176M | $167M | $146M | $129M | $109M | $91M | $74M | $65M | |
| Stockholders' Equity | $494M | $445M | $423M | $400M | $368M | $346M | · | · | · | · | |
| Liabilities + Equity | $1.37B | $1.26B | $1.24B | $1.07B | $1.02B | $976M | $910M | $768M | $661M | $620M | |
| Shares Outstanding | 18,521,000 | 17,887,000 | 17,821,000 | 17,642,000 | 17,522 | 17,473 | 17,434,000 | 16,403,000 | 16,352,000 | 16,296,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $32M | $28M | $29M | $27M | $27M | $21M | $17M | $16M | $15M | $14M | |
| Stock-based Comp | $1M | $2M | $2M | $2M | $1M | $1M | $637.0K | $1M | $840.0K | $829.0K | |
| Deferred Tax | · | · | $-6M | $-5M | $-11M | $-13M | $-12M | $-9M | $8M | $4M | |
| Other Non-cash | · | · | $-5M | $-5M | $-21M | $6M | $-4M | $5M | $-4M | $6M | |
| Operating Cash Flow | $63M | $59M | $53M | $61M | $33M | $53M | $36M | $46M | $43M | $47M | |
| CapEx | · | $75M | $90M | $91M | $79M | $106M | · | · | · | · | |
| Investing Cash Flow | $-101M | $-75M | $-90M | $-88M | $-79M | $-106M | $-89M | $-72M | $-50M | $-47M | |
| Debt Issued | $34M | $2M | $76M | $3M | $87M | $50M | $79M | $22M | $12M | $9M | |
| Net Debt Issued | $26M | $-5M | $58M | $-5M | $34M | $43M | $72M | $15M | $5M | $3M | |
| Stock Issued | $30M | $974.0K | $12M | $10M | $4M | $1M | $57M | $1M | $1M | $1M | |
| Stock Repurchased | · | $1M | $619.0K | · | · | · | · | · | · | · | |
| Net Stock Activity | $30M | $-494.0K | $11M | $10M | $4M | $1M | $57M | $1M | $1M | $1M | |
| Dividends Paid | $25M | $23M | $22M | $21M | $19M | $18M | $16M | $15M | $14M | $13M | |
| Financing Cash Flow | $39M | $18M | $36M | $27M | $39M | $16M | $94M | $25M | $10M | $714.0K | |
| Net Change in Cash | · | · | · | $295.0K | $-7M | $-36M | $41M | $-736.0K | $2M | $410.0K | |
| Taxes Paid | $2M | $3M | $3M | $3M | $3M | $3M | $10M | $5M | $3M | $6M | |
| Free Cash Flow | · | $-16M | $-37M | $-30M | · | · | · | · | · | · | |
| Levered FCF | · | · | $-50M | $-39M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 27.9% | 27.7% | 23.6% | 29.2% | 23.2% | 26.5% | 26.4% | 26.9% | · | · | |
| Net Margin | 22.0% | 23.1% | 19.0% | 26.1% | 25.6% | 27.2% | 25.2% | 23.5% | · | · | |
| Pretax Margin | 24.5% | 26.7% | 19.6% | 28.1% | 21.7% | 24.2% | 22.9% | 24.2% | · | · | |
| EBITDA Margin | 27.9% | 27.7% | 41.3% | 46.1% | 42.0% | 41.2% | 39.2% | 38.4% | · | · | |
| ROA | 3.3% | 3.6% | 2.7% | 4.0% | 3.7% | 4.1% | 4.0% | 4.5% | 3.6% | 3.8% | |
| ROE | 9.0% | 10.0% | 7.5% | · | · | · | · | · | · | · | |
| ROIC | 5.4% | 3.9% | 4.6% | 12.1% | 12.0% | 14.8% | 15.2% | 17.3% | 14.9% | 17.5% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.5 | 1.0 | 0.3 | 0.6 | 0.6 | 0.4 | 0.3 | 0.5 | 0.6 | |
| Quick Ratio | 0.2 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | |
| Debt / Equity | 0.8 | 1.7 | 1.0 | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.8 | 0.8 | 0.8 | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | 3.0 | 5.1 | 4.1 | 5.0 | 4.9 | 5.5 | 7.0 | 7.7 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | · | · | |
| Receivables Turnover | 10.2 | 10.4 | 9.7 | 10.4 | 9.6 | 10.7 | 11.4 | 12.2 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1.5% | 15.4% | 2.5% | 13.5% | 1.1% | · | · | · | · | · | |
| Revenue CAGR 3Y | 6.3% | 10.3% | 5.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.6% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -4.5% | 40.3% | -26.4% | 15.5% | -5.1% | · | · | · | · | · | |
| EPS CAGR 3Y | -0.42% | 6.1% | -6.9% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 1.6% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -3.5% | 40.7% | -25.7% | 16.1% | -4.9% | · | · | · | · | · | |
| Net Income CAGR 3Y | 0.31% | 6.7% | -6.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 2.2% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 6.5% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $195M | $192M | $166M | $162M | $143M | $141M | $134M | $138M | $131M | $133M | |
| Net Income TTM | $43M | $44M | $32M | $42M | $37M | $38M | $34M | $32M | $23M | $23M | |
| Market Cap | $934M | $941M | $1.17B | $1M | $2.11B | $1.27B | $1.11B | $875M | $653M | $700M | |
| Enterprise Value | $1.35B | $1.67B | $1.58B | $361M | $2.43B | $1.54B | $1.36B | $1.08B | $821M | $848M | |
| P/E | 21.4 | 21.3 | 37.3 | 32.9 | 58.1 | 33.2 | 31.6 | 27.2 | 28.9 | 31.1 | |
| P/S | 4.8 | 4.9 | 7.0 | 0.0 | 14.7 | 9.0 | 8.2 | 6.3 | 5.0 | 5.3 | |
| P/B | 1.9 | 2.1 | 2.8 | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.9 | 2.1 | 2.8 | 0.0 | 5.7 | 3.7 | · | · | · | · | |
| P / Cash Flow | 14.9 | 16.0 | 22.2 | 0.0 | 63.8 | 23.7 | 30.7 | 19.1 | 15.2 | 14.9 | |
| P / FCF | · | -59.2 | -31.3 | -0.0 | · | · | · | · | · | · | |
| EV / EBITDA | 24.8 | 31.4 | 22.9 | 4.8 | 40.5 | 26.5 | 25.9 | 20.4 | 15.4 | 15.7 | |
| EV / FCF | · | -105.2 | -42.1 | -12.0 | · | · | · | · | · | · | |
| EV / Revenue | 6.9 | 8.7 | 9.5 | 2.2 | 17.0 | 10.9 | 10.1 | 7.8 | 6.3 | 6.4 | |
| Dividend Yield | 2.7% | 2.5% | 1.9% | 1499.4% | 0.92% | 1.4% | 1.5% | 1.7% | 2.1% | 1.9% | |
| Earnings Yield | 4.7% | 4.7% | 2.7% | 3.0% | 1.7% | 3.0% | 3.2% | 3.7% | 3.5% | 3.2% | |
| Payout Ratio | 58.2% | 52.8% | 71.2% | 49.0% | 53.0% | 47.3% | 47.7% | 46.0% | 61.4% | 57.8% | |
| Annual Payout | $25M | $23M | $22M | $21M | $19M | $18M | $16M | $15M | $14M | $13M |
Income Statement 13
| 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 | $56M | $49M | $47M | $54M | $49M | $44M | $47M | $55M | $49M | $40M | $39M | $47M | $43M | $38M | · | $48M | |
| Operating Expenses | $38M | $36M | $36M | $36M | $35M | $33M | $37M | $38M | $34M | $31M | $30M | $34M | $32M | $31M | $31M | $31M | |
| Operating Income | $18M | $13M | $11M | $18M | $14M | $12M | $11M | $18M | $15M | $10M | $8M | $13M | $11M | $7M | $8M | $17M | |
| Interest Expense | · | · | · | · | · | · | · | $3M | $4M | $3M | · | $4M | $3M | $3M | · | $2M | |
| Other Non-op | $2M | $1M | $2M | $1M | $1M | $1M | $2M | $2M | $2M | $5M | $928.0K | $936.0K | $1M | $898.0K | $1M | $1M | |
| Pretax Income | $17M | $12M | $9M | $15M | $12M | $11M | $9M | $16M | $14M | $12M | $6M | $11M | $10M | $7M | $7M | $16M | |
| Income Tax | $2M | $1M | $819.0K | $1M | $1M | $1M | $503.0K | $2M | $3M | $1M | $-102.0K | $746.0K | $-341.0K | $738.0K | $148.0K | $2M | |
| Net Income | $15M | $11M | $9M | $14M | $11M | $9M | $9M | $14M | $11M | $11M | $6M | $10M | $10M | $6M | $7M | $14M | |
| EPS (Basic) | $0.79 | $0.57 | $0.46 | $0.77 | $0.60 | $0.53 | $0.49 | $0.80 | $0.59 | $0.60 | $0.32 | $0.56 | $0.56 | $0.33 | $0.40 | $0.81 | |
| EPS (Diluted) | $0.79 | $0.57 | $0.46 | $0.77 | $0.60 | $0.53 | $0.49 | $0.80 | $0.59 | $0.59 | $0.32 | $0.56 | $0.55 | $0.33 | $0.41 | $0.81 | |
| Shares (Basic) | 18,707,000 | 18,545,000 | -35,879,000 | 18,123,000 | 17,962,000 | 17,890,000 | -35,644,000 | 17,838,000 | 17,829,000 | 17,819,000 | -35,391,000 | 17,758,000 | 17,713,000 | 17,652,000 | -66,121 | 17,628,000 | |
| Shares (Diluted) | 18,737,000 | 18,575,000 | -35,961,000 | 18,154,000 | 17,993,000 | 17,951,000 | -35,884,000 | 17,952,000 | 17,944,000 | 17,934,000 | -35,621,000 | 17,873,000 | 17,828,000 | 17,767,000 | -66,351 | 17,743,000 | |
| EBITDA | $18M | $13M | · | $18M | $14M | $12M | · | $18M | $15M | $16M | · | $13M | · | · | · | $17M |
Balance Sheet 20
| 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 | $2M | $2M | $3M | $3M | $3M | · | $4M | $6M | $8M | $3M | · | $3M | $4M | $5M | · | $3M | |
| Receivables | $21M | $19M | $19M | $23M | $21M | $20M | $19M | $23M | $20M | $16M | · | $19M | $15M | $16M | · | $18M | |
| Prepaid Expense | $6M | $6M | $3M | $5M | $6M | $6M | $2M | $3M | $4M | $4M | · | $3M | $3M | $4M | · | $4M | |
| Current Assets | $52M | $47M | $42M | $50M | $50M | $46M | $43M | $52M | $121M | $111M | · | $136M | $41M | $40M | · | $41M | |
| Other Non-current Assets | $6M | $6M | $6M | $7M | $5M | $5M | $4M | · | $51.0K | $39.0K | · | $51.0K | $21.0K | $39.0K | · | $105.0K | |
| Total Assets | $1.42B | $1.39B | $1.37B | $1.34B | $1.32B | $1.28B | $1.26B | $1.23B | $1.27B | $1.25B | · | $1.24B | $1.13B | $1.10B | · | $1.06B | |
| Accounts Payable | $31M | $29M | $31M | $28M | $31M | $32M | $28M | $32M | $25M | $23M | · | $29M | $28M | $28M | · | $26M | |
| Accrued Liabilities | $3M | $3M | $3M | $3M | $3M | $2M | $3M | $2M | $3M | $3M | · | · | · | · | · | · | |
| Short-term Debt | · | $47M | $28M | $55M | $55M | $34M | $23M | $18M | $72M | $58M | · | $42M | $24M | $28M | · | $40M | |
| Current Liabilities | $105M | $120M | $94M | $118M | $121M | $101M | $83M | $80M | $135M | $117M | · | $121M | $88M | $96M | · | $93M | |
| Capital Leases | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | · | $3M | · | · | · | $4M | |
| Deferred Tax | $114M | $111M | $110M | $111M | $107M | $104M | $101M | $95M | $92M | $90M | · | $88M | $85M | $79M | · | · | |
| Other Non-current Liabilities | $172.0K | $195.0K | $229.0K | $261.0K | $286.0K | $308.0K | $344.0K | $437.0K | $420.0K | $498.0K | · | $681.0K | $758.0K | $837.0K | · | $1M | |
| Long-term Debt | $403M | $379M | $387M | $358M | $709M | $709M | $361M | $711M | $719M | $721M | · | $361M | $367M | $346M | · | $307M | |
| Total Debt | $403M | $426M | · | $413M | $764M | $743M | · | $729M | $791M | $779M | · | $404M | · | · | · | $349M | |
| Common Stock | $294M | $282M | $279M | $270M | $253M | $249M | $248M | $248M | $247M | $247M | · | $243M | $240M | $236M | · | $232M | |
| Retained Earnings | $227M | $219M | $215M | $213M | $205M | $200M | $197M | $194M | $186M | $181M | · | $176M | $172M | $168M | · | $166M | |
| Stockholders' Equity | $521M | $501M | $494M | $483M | $458M | $449M | $445M | $442M | $433M | $428M | $423M | $420M | $411M | $403M | $400M | · | |
| Liabilities + Equity | $1.42B | $1.39B | $1.37B | $1.34B | $1.32B | $1.28B | $1.26B | $1.23B | $1.27B | $1.25B | · | $1.24B | $1.13B | $1.10B | · | $1.06B | |
| Shares Outstanding | 18,843,000 | 18,577,000 | 18,521,000 | 18,337,000 | · | · | 17,887,000 | 17,855,000 | 17,829,000 | 17,814,000 | 17,821,000 | · | · | · | · | 17,638,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $8M | $9M | $9M | $8M | $8M | $8M | $7M | $7M | $6M | $7M | $8M | $7M | $7M | · | $7M | |
| Stock-based Comp | $766.0K | $401.0K | $118.0K | $161.0K | $569.0K | $389.0K | $310.0K | $155.0K | $2M | $-465.0K | $424.0K | $424.0K | $1M | $360.0K | $360.0K | $361.0K | |
| Deferred Tax | · | · | · | · | · | · | · | $-1M | $340.0K | $1M | · | $-2M | $-2M | $-611.0K | · | $-1M | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $-11M | · | · | · | · | · | · | |
| Operating Cash Flow | $16M | $12M | $18M | $12M | $18M | $14M | $21M | $19M | $11M | $7M | $13M | $11M | $13M | $16M | $17M | $17M | |
| CapEx | · | · | · | · | · | · | · | $21M | $14M | $14M | · | $22M | $26M | $25M | $25M | $27M | |
| Investing Cash Flow | $-33M | $-21M | $-25M | $-21M | $-36M | $-19M | $-25M | $-21M | $-14M | $-14M | $-17M | $-22M | $-26M | $-25M | $-25M | $-27M | |
| Debt Issued | $25M | $1M | $30M | $3M | $858.0K | $28.0K | $2M | $31.0K | $136.0K | $425.0K | $5M | $8M | $22M | $41M | $-1.0K | $376.0K | |
| Net Debt Issued | · | $-7M | · | · | · | $-2M | · | · | · | $-1M | · | · | · | · | · | · | |
| Stock Issued | $12M | $3M | $9M | $17M | $4M | $221.0K | $234.0K | $235.0K | $253.0K | $252.0K | $3M | $3M | $3M | $2M | $271.0K | $3M | |
| Stock Repurchased | · | · | · | · | $154.0K | $225.0K | · | $22.0K | $460.0K | $868.0K | · | · | · | · | · | · | |
| Net Stock Activity | · | $3M | · | · | · | $-4.0K | · | · | · | $-616.0K | · | · | · | · | · | · | |
| Dividends Paid | $7M | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | |
| Financing Cash Flow | $16M | $8M | $6M | $10M | $20M | $4M | $2M | $-394.0K | $8M | $8M | $4M | $10M | $12M | $10M | $9M | $8M | |
| Net Change in Cash | · | · | · | · | · | · | · | · | · | · | · | · | $-485.0K | $1M | · | $-1M | |
| Taxes Paid | · | · | $693.0K | $336.0K | · | · | $756.0K | $2M | $678.0K | $74.0K | $246.0K | $2M | $-107.0K | $367.0K | $1M | $2M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-8M | · | · | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-11M | · | · | · | · | · | · |
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 | 32.4% | 26.9% | · | 32.7% | 28.2% | 26.1% | · | 31.8% | 31.2% | 24.4% | · | 27.5% | · | · | · | 34.8% | |
| Net Margin | 26.2% | 21.8% | · | 25.8% | 21.9% | 21.4% | · | 26.0% | 21.5% | 26.4% | · | 21.4% | · | · | · | 30.0% | |
| Pretax Margin | 29.4% | 24.4% | · | 28.4% | 24.7% | 24.0% | · | 29.2% | 28.4% | 29.5% | · | 23.0% | · | · | · | 34.1% | |
| EBITDA Margin | 32.4% | 26.9% | · | 32.7% | 28.2% | 26.1% | · | 31.8% | 31.2% | 39.1% | · | 27.5% | · | · | · | 34.8% | |
| ROA | 1.1% | 0.80% | · | 1.1% | 0.83% | 0.75% | · | 1.2% | 0.88% | 0.91% | · | 0.87% | · | · | · | 1.4% | |
| ROE | 3.0% | 2.2% | · | 3.0% | 2.4% | 2.2% | · | 3.3% | 2.5% | 2.6% | · | 2.7% | · | · | · | · | |
| ROIC | 1.8% | 1.3% | · | 1.8% | 1.0% | 0.86% | · | 1.3% | 0.95% | 0.73% | · | 1.5% | · | · | · | 4.2% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.5 | · | 0.7 | 0.9 | 0.9 | · | 1.1 | · | · | · | 0.4 | |
| Quick Ratio | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.4 | 0.2 | 0.2 | · | 0.2 | · | · | · | 0.2 | |
| Debt / Equity | 0.8 | 0.9 | · | 0.9 | 1.7 | 1.7 | · | 1.6 | 1.8 | 1.8 | · | 1.0 | · | · | · | · | |
| LT Debt / Equity | 0.8 | 0.7 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | 5.1 | 3.8 | 3.0 | · | 3.6 | · | · | · | 7.0 |
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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | · | · | · | 0.0 | |
| Receivables Turnover | 2.7 | 2.5 | · | 2.4 | 2.4 | 2.5 | · | 2.6 | 2.8 | 2.6 | · | 2.5 | · | · | · | 2.7 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $208M | $196M | · | $195M | $196M | $196M | · | $183M | $175M | $169M | · | $175M | $168M | $162M | · | $163M | |
| Net Income TTM | $50M | $45M | · | $43M | $43M | $43M | · | $41M | $37M | $36M | · | $40M | $39M | $41M | · | $42M | |
| Market Cap | $1.06B | $967M | · | $992M | · | · | · | $1.16B | $932M | $935M | · | · | · | · | · | $1.36B | |
| Enterprise Value | $1.46B | $1.39B | · | $1.40B | · | · | · | $1.89B | $1.71B | $1.71B | · | · | · | · | · | $1.71B | |
| P/E | 20.6 | 21.1 | · | 22.6 | 22.4 | 26.6 | · | 28.4 | 25.4 | 26.0 | · | 36.0 | 38.6 | 38.3 | · | 32.2 | |
| P/S | 5.1 | 4.9 | · | 5.1 | · | · | · | 6.4 | 5.3 | 5.5 | · | · | · | · | · | 8.3 | |
| P/B | 2.0 | 1.9 | · | 2.1 | · | · | · | 2.6 | 2.2 | 2.2 | · | · | · | · | · | · | |
| P / Tangible Book | 2.0 | 1.9 | · | 2.1 | · | · | · | 2.6 | 2.2 | 2.2 | · | · | · | · | · | · | |
| P / Cash Flow | · | 82.4 | · | · | · | · | · | · | · | 140.6 | · | · | · | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -120.9 | · | · | · | · | · | · | |
| EV / EBITDA | 80.1 | 106.2 | · | 79.2 | · | · | · | 107.8 | 112.0 | 108.0 | · | · | · | · | · | 103.0 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | -221.1 | · | · | · | · | · | · | |
| EV / Revenue | 7.0 | 7.1 | · | 7.2 | · | · | · | 10.3 | 9.8 | 10.1 | · | · | · | · | · | 10.5 | |
| Earnings Yield | 4.9% | 4.8% | · | 4.4% | 4.5% | 3.8% | · | 3.5% | 3.9% | 3.9% | · | 2.8% | 2.6% | 2.6% | · | 3.1% | |
| Payout Ratio | · | 62.9% | · | · | · | 64.1% | · | · | · | 53.7% | · | · | · | · | · | · |
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 | 2022-03-31 | |
|---|---|---|---|---|---|
| Revenue | $195M | $192M | $166M | $162M | — |
| Operating Margin % | 27.9% | 27.7% | 23.6% | 29.2% | — |
| Net Income | $43M | $44M | $32M | $42M | — |
| Diluted EPS | $2.36 | $2.47 | $1.76 | $2.39 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.8 | 1.7 | 1.0 | — | — |
| Current Ratio | 0.4 | 0.5 | 1.0 | 0.3 | — |
| Quick Ratio | 0.2 | 0.3 | 0.2 | 0.2 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-16M | $-37M | $-30M | — |
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Institutional owners (13F) 243 filers · $465.9M 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 |
|---|---|---|---|---|
| 37 (-5 vs prior Q) | 21 (+7 vs prior Q) | 82 (+8 vs prior Q) | 53 (-5 vs prior Q) | +204K |
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 |
|---|---|---|---|---|
| NEUBERGER BERMAN GROUP LLC | $90,080,865 | 1,604,004 | 19.33% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $45,058,460 | 802,323 | 9.67% | Shares |
| STATE STREET CORP | $44,829,158 | 798,240 | 9.62% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $28,855,513 | 513,809 | 6.19% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $24,242,288 | 431,547 | 5.20% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $18,521,100 | 329,792 | 3.98% | Shares |
| Ledgewood Wealth Advisors, LLC | $14,265,530 | 254,016 | 3.06% | Shares |
| TSP Capital Management Group, LLC | $11,851,813 | 211,037 | 2.54% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $10,875,552 | 193,653 | 2.33% | Shares |
| Zimmer Partners, LP | $9,934,872 | 176,903 | 2.13% | Shares |
| Thematics Asset Management | $9,254,520 | 171,000 | 1.99% | Shares |
| TWO SIGMA INVESTMENTS, LP | $9,154,192 | 163,002 | 1.96% | Shares |
| MIROVA | $8,933,203 | 159,067 | 1.92% | Shares |
| FIRST MANHATTAN CO. LLC. | $7,953,604 | 141,624 | 1.71% | Shares |
| ProShare Advisors LLC | $7,360,666 | 131,066 | 1.58% | Shares |
| Bank of New York Mellon Corp | $7,103,004 | 126,478 | 1.52% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,913,464 | 123,103 | 1.48% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $6,223,258 | 110,813 | 1.34% | Shares |
| CRAMER ROSENTHAL MCGLYNN LLC | $6,076,063 | 108,192 | 1.30% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $6,016,871 | 107,138 | 1.29% | Shares |
| NUANCE INVESTMENTS, LLC | $4,820,229 | 85,830 | 1.03% | Shares |
| Public Sector Pension Investment Board | $3,591,769 | 63,956 | 0.77% | Shares |
| DEAN INVESTMENT ASSOCIATES, LLC | $3,366,848 | 59,951 | 0.72% | Shares |
| Penn Capital Management Company, LLC | $3,049,937 | 54,308 | 0.65% | Shares |
| Quantinno Capital Management LP | $2,872,402 | 51,146 | 0.62% | Shares |
| RHUMBLINE ADVISERS | $2,493,601 | 44,402 | 0.54% | Shares |
| Dean Capital Management | $2,445,375 | 43,543 | 0.52% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $2,312,276 | 41,173 | 0.50% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,270,942 | 40,437 | 0.49% | Shares |
| Swiss National Bank | $2,092,634 | 37,262 | 0.45% | Shares |
| D. E. Shaw & Co., Inc. | $2,032,711 | 36,195 | 0.44% | Shares |
| AMERIPRISE FINANCIAL INC | $1,949,988 | 34,722 | 0.42% | Shares |
| TD Asset Management Inc | $1,630,662 | 29,036 | 0.35% | Shares |
| Legal & General Group Plc | $1,606,682 | 28,609 | 0.34% | Shares |
| NORTHSTAR ASSET MANAGEMENT INC | $1,570,650 | 27,967 | 0.34% | Shares |
| Baird Financial Group, Inc. | $1,565,628 | 27,878 | 0.34% | Shares |
| OPPENHEIMER & CO INC | $1,555,183 | 27,692 | 0.33% | Shares |
| HighTower Advisors, LLC | $1,371,336 | 24,418 | 0.29% | Shares |
| MORGAN STANLEY | $1,364,542 | 24,297 | 0.29% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,349,813 | 25,933 | 0.29% | Shares |
| Legato Capital Management LLC | $1,275,113 | 22,705 | 0.27% | Shares |
| LPL Financial LLC | $1,269,525 | 22,605 | 0.27% | Shares |
| Corient Private Wealth LP | $1,221,542 | 21,752 | 0.26% | Shares |
| CITADEL ADVISORS LLC | $1,201,824 | 21,400 | 0.26% | Call option |
| GABELLI FUNDS LLC | $1,086,696 | 19,350 | 0.23% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,060,525 | 18,884 | 0.23% | Shares |
| GOLDMAN SACHS GROUP INC | $989,090 | 17,612 | 0.21% | Shares |
| Odyssean, LLC | $967,468 | 17,227 | 0.21% | Shares |
| Private Advisor Group, LLC | $913,971 | 16,274 | 0.20% | Shares |
| AMERICAN CENTURY COMPANIES INC | $882,611 | 15,716 | 0.19% | Shares |
| WELLS FARGO & COMPANY/MN | $880,308 | 15,675 | 0.19% | Shares |
| Magellan Asset Management Ltd | $870,648 | 15,503 | 0.19% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $857,339 | 15,266 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $851,590 | 16,361 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $831,168 | 14,800 | 0.18% | Call option |
| STOREBRAND ASSET MANAGEMENT AS | $826,394 | 14,715 | 0.18% | Shares |
| BlackRock, Inc. | $795,394 | 14,163 | 0.17% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $783,151 | 13,945 | 0.17% | Shares |
| CenterBook Partners LP | $765,966 | 13,639 | 0.16% | Shares |
| RAYMOND JAMES FINANCIAL INC | $663,530 | 11,815 | 0.14% | Shares |
| UBS Group AG | $661,677 | 11,782 | 0.14% | Shares |
| Mariner, LLC | $658,965 | 11,734 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $634,608 | 11,300 | 0.14% | Call option |
| Brevan Howard Capital Management LP | $629,104 | 11,202 | 0.14% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $613,660 | 10,927 | 0.13% | Shares |
| Skopos Labs, Inc. | $610,235 | 11,724 | 0.13% | Shares |
| MetLife Investment Management, LLC | $609,673 | 10,856 | 0.13% | Shares |
| Main Street Financial Solutions, LLC | $594,150 | 10,580 | 0.13% | Shares |
| VANGUARD GROUP INC | $588,250 | 11,667 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $573,281 | 10,208 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $567,216 | 10,100 | 0.12% | Put option |
| Atom Investors LP | $547,897 | 9,756 | 0.12% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $524,740 | 9,344 | 0.11% | Shares |
| Daiwa Securities Group Inc. | $517,065 | 9,207 | 0.11% | Shares |
| Illinois Municipal Retirement Fund | $514,426 | 9,160 | 0.11% | Shares |
| Inspire Investing, LLC | $513,057 | 9,857 | 0.11% | Shares |
| Parcion Private Wealth LLC | $474,889 | 8,456 | 0.10% | Shares |
| JANUS HENDERSON GROUP PLC | $466,948 | 8,972 | 0.10% | Shares |
| Amundi | $464,556 | 8,272 | 0.10% | Shares |
| Louisiana State Employees Retirement System | $460,512 | 8,200 | 0.10% | Shares |
| XTX Topco Ltd | $436,756 | 7,777 | 0.09% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $418,280 | 7,448 | 0.09% | Shares |
| Invesco Ltd. | $414,180 | 7,375 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $404,184 | 7,197 | 0.09% | Shares |
| Cullen Capital Management, LLC | $389,919 | 6,943 | 0.08% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $386,268 | 6,878 | 0.08% | Shares |
| BLACKHILL CAPITAL INC | $374,363 | 6,666 | 0.08% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $343,871 | 6,123 | 0.07% | Shares |
| GUYASUTA INVESTMENT ADVISORS INC | $336,960 | 6,000 | 0.07% | Shares |
| Toroso Investments, LLC | $332,873 | 6,602 | 0.07% | Shares |
| Police & Firemen's Retirement System of New Jersey | $323,650 | 5,763 | 0.07% | Shares |
| TWO SIGMA SECURITIES, LLC | $320,224 | 5,702 | 0.07% | Shares |
| GAMMA Investing LLC | $318,259 | 5,667 | 0.07% | Shares |
| Atria Investments, Inc | $314,237 | 5,595 | 0.07% | Shares |
| FARMERS & MERCHANTS TRUST Co OF LONG BEACH | $313,316 | 5,579 | 0.07% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $309,392 | 5,509 | 0.07% | Shares |
| Vanguard Investments Australia, Ltd. | $297,704 | 5,301 | 0.06% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $293,773 | 5,231 | 0.06% | Shares |
| ARIZONA STATE RETIREMENT SYSTEM | $287,932 | 5,127 | 0.06% | Shares |
| Kestra Advisory Services, LLC | $284,759 | 5,070 | 0.06% | Shares |
Company insiders 34 insiders · 14 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nadine Duchemin-Leslie | President, CEO | April 1, 2025 A | 6,677 | 0 | 0 | $0 |
| Mohammed G. Zerhouni | SVP, CFO and Treasurer | April 1, 2025 A | 3,120 | 0 | 0 | $0 |
| Bruce A Oconnor | SVP, CFO and Treasurer | June 20, 2024 F | 24,265 | 0 | 0 | $0 |
| Robert K Fullagar | President-NJ Operations | April 1, 2025 F | 903 | 0 | 0 | $0 |
| Gerard L Esposito | President | Oct. 1, 2018 J | 8,597 | 0 | 0 | $0 |
| Gregory S Sorensen | VP, Chief Operating Officer | Dec. 20, 2024 F | 1,314 | 0 | 0 | $0 |
| Richard M Risoldi | Sr. VP-Operations & COO | July 1, 2019 J | 24,490 | 0 | 0 | $0 |
| Robert John Capko | PAO & Controller | April 1, 2025 F | 134 | 0 | 0 | $0 |
| Georgia M Simpson | VP-IT | April 1, 2025 F | 719 | 0 | 0 | $0 |
| Jay L Kooper | VP, Gen. Counsel & Secretary | April 1, 2025 F | 528 | 0 | 0 | $0 |
| Christian G. Andreasen Jr. | Vice President-Engineering | Jan. 31, 2025 F | 12,915 | 0 | 0 | $0 |
| Bernadette M Sohler | VP-Corporate Affairs | Dec. 31, 2024 F | 4,459 | 0 | 0 | $0 |
| Kenneth J Quinn | VP/Gen Coun/Secretary/Treas | Dec. 13, 2013 S | 0 | 0 | 0 | $0 |
| James P Garrett | Vice President-Human Resources | Oct. 3, 2011 J | 1,150 | 0 | 0 | $0 |
| Walter G Reinhard | Director | May 28, 2025 S | 0 | 0 | 0 | $0 |
| Vaughn L Mckoy | Director | April 1, 2025 A | 702 | 0 | 0 | $0 |
| Ann L. Noble | Director | April 1, 2025 A | 702 | 0 | 0 | $0 |
| Kim C Hanemann | Director | April 1, 2025 A | 2,502 | 0 | 0 | $0 |
| James F. Cosgrove Jr. | Director | April 1, 2025 A | 702 | 0 | 0 | $0 |
| Amy B. Mansue | Director | April 1, 2025 A | 702 | 0 | 0 | $0 |
| Steven M Klein | Director | April 1, 2025 A | 2,468 | 0 | 0 | $0 |
| Dennis W Doll | Director | April 1, 2025 A | 20,077 | 0 | 0 | $0 |
| Jeffries Shein | Director | April 1, 2020 A | 582 | 0 | 0 | $0 |
| John R Middleton | Director | March 29, 2018 A | 5,656 | 0 | 0 | $0 |
| John C Cutting | Director | June 1, 2015 A | 685 | 0 | 0 | $0 |
| Richard J Tompkins | Director | June 1, 2011 A | 8,655 | 0 | 0 | $0 |
| Annette Catino | Director | June 1, 2010 A | 399 | 0 | 0 | $0 |
| John P Mulkerin | Director | June 1, 2010 A | 399 | 0 | 0 | $0 |
| Dennis G Sullivan | Director | Feb. 1, 2006 A | 2,224 | 0 | 0 | $0 |
| Stephen H Mundy | Director | Dec. 31, 2003 A | 2,929 | 0 | 0 | $0 |
| Joshua Bershad | — | Aug. 11, 2026 J | 223,798 | 0 | 0 | $0 |
| Lorrie Beth Ginegaw | — | Aug. 7, 2026 S | 3,978 | 0 | 2 | $-68,528 |
| Ronald F Williams | — | Oct. 1, 2009 J | 11,966 | 0 | 0 | $0 |
| Marion F Reynolds | — | March 2, 2004 A | 10,819 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 64 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 |
|---|---|---|---|---|
| TMDV · ProShares Trust | 1.53% | 1,284 NS | May 31, 2026 | N-PORT |
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 1.07% | 25,948 NS | May 31, 2026 | N-PORT |
| SMDV · ProShares Trust | 0.93% | 115,421 NS | May 31, 2026 | N-PORT |
| AQWA · Global X Funds | 0.55% | 2,509 NS | May 31, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.42% | 15,174 NS | May 31, 2026 | N-PORT |
| TBLU · Tortoise Capital Series Trust | 0.15% | 1,546 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 10,852 NS | April 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.09% | 2,835 NS | April 30, 2026 | N-PORT |
| FUTY · FIDELITY COVINGTON TRUST | 0.06% | 28,260 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 6,873 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.04% | 220 NS | May 31, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.04% | 17,333 NS | June 30, 2026 | N-PORT |
| JSTC · Tidal Trust I | 0.03% | 2,014 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 7,929 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 861 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 61,329 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 87,911 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 673 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 7,136 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 681 NS | May 31, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.01% | 3,712 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 10,503 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 690 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 1,877 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 17 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 21,598 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 226 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 978 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 3,382 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 5,457 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 9,815 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 42 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VIG · VANGUARD SPECIALIZED FUNDS | — | — | July 15, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | — | — | July 30, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IJR · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| IJT · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IJS · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IFRA · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| XJR · iShares Trust | — | — | Aug. 18, 2026 | Daily |