MTSI MACOM Technology Solutions Holdings, Inc. - Common Stock
About MACOM Technology Solutions Holdings, Inc. - Common Stock Company overview from Wikipedia
MACOM Technology Solutions, Inc. is an American developer and producer of radio, microwave, and millimeter wave semiconductor devices and components. The company is headquartered in Lowell, Massachusetts, and in 2005 was Lowell's largest private employer. MACOM is certified to the ISO 9001 international quality standard and ISO 14001 environmental standard. The company has design centers and sales offices in North America, Europe, Asia and Australia.
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MACOM Technology Solutions, Inc. is an American developer and producer of radio, microwave, and millimeter wave semiconductor devices and components. The company is headquartered in Lowell, Massachusetts, and in 2005 was Lowell's largest private employer. MACOM is certified to the ISO 9001 international quality standard and ISO 14001 environmental standard. The company has design centers and sales offices in North America, Europe, Asia and Australia.
History
1950-1999
The company was founded in the 1950s as Microwave Associates by the engineers Vessarios Chigas, Louis Roberts, Hugh Wainwright and Richard M. Walker. The company was initially a small supplier of magnetrons to the U.S. Army Signal Corps.
In 1969, the company appointed as its president Lawrence Gould, who had joined the company in 1953 while finishing his PhD at MIT. Gould, appointed CEO in 1975, launched an acquisitions spree that included Digital Communications Corporation in 1978, Linkabit in 1980, and Ohio Scientific in 1981. In 1978, Gould changed the company’s name to M/A-COM to reflect its broader market focus.
During this timeframe, the company produced low power wideband RF amplifier modules for use in test & measurement.
Gould was fired as CEO in July 1982, and was replaced by Richard DiBona. After suffering a stroke in 1986, DiBona was replaced by Thomas Burke in 1987, who was killed in a September 1989 automobile accident. Thomas Vanderslice, former CEO of Apollo Computer, was named the final CEO of the independent M/A-COM in December 1989.
The company divested of DCC and Linkabit operations between 1986 and 1990. However, it faced severe financial pressures with the drop in defense spending in the 1990s. Vanderslice sold the company to AMP Inc., in an all-stock transaction completed in June 1995 that was valued at $316 million.
In 1999, AMP itself was acquired by Tyco Electronics.
2000–2010
In 2001, Tyco acquired Com-Net Ericsson and placed the company under the administration of MACOM, as part of the deal, the company acquired the EDACS radio systems team and products and merged them with its own OpenSky resources. The deal also allowed MACOM to become the second largest two-way radio communications manufacturer in the United States. The combined company subsequently developed a P25 radio offering, and has grown its critical communications systems business to be a large player in the modern wireless two-way communications market. In June 2003, XMA Corporation, located in Manchester, New Hampshire, purchased from MACOM the Omni Spectra line of coaxial attenuators and terminations.
On May 13, 2008, Tyco Electronics announced that it would sell its RF Components and Subsystem Business to Cobham plc for $425 million. Tyco Electronics retained the wireless communications part of MACOM, but renamed it Tyco Electronics Wireless Systems. On September 29, 2008, Tyco Electronics and Cobham announced the completion of the sale of Tyco Electronics’ M/A-COM Radio Frequency Components and Subsystems business to Cobham plc. Tyco Electronics kept its Wireless Systems business unit, and changed its name from M/A-COM to Tyco Electronics Wireless Systems.
On March 30, 2009, the company acquired all of the outstanding stock of M/A-COM Technology Solutions Inc., the primary operating subsidiary of MACOM and the related foreign operating subsidiary, M/ACOM Technology Solutions Limited from Cobham. Cobham plc announced that it had sold M/A-COM's commercial business segment, M/A-COM Technology Solutions, to John Ocampo, the owner of GaAs Labs, on March 31, 2009. In May 2010, MACOM acquired Mimix Broadband, a fabless supplier of GaAs semiconductors.
2011–present
In May 2011, MACOM acquired Optomai Inc., a semiconductor company that developed integrated circuits and modules for 40 and 100-Gbit/s fiber optic networks. The company announced it had reached a deal to purchase Mindspeed Technologies, a network infrastructure semiconductor business in November 2013. In February 2014, the company announced that it had sold Mindspeed's wireless business to Intel Corporation. On February 13, 2014, the company purchased Nitronex LLC, a privately held designer of gallium nitride semiconductors for $26 million. That same year, MACOM also purchased the RF and microwave company IKE Micro and SiPh services company, Photonic Controls. In November 2014, MACOM reached an agreement to buy BinOptics Corporation, a provider of InP lasers that started at Cornell University, for $230 million. In November 2015, the company announced that it planned to acquire the Japanese optical subassembly supplier, FiBest Limited, before the end of the first quarter in 2016. In December 2015, MACOM acquired Aeroflex's diode business, Aeroflex Metelics from Cobham for $38 million in cash. In January 2017, MACOM acquired Applied Micro Circuits Corporation. In February 2023, MACOM announced it had acquired the assets and operations of the Limeil-Brévannes semiconductor manufacturer, OMMIC SAS for €38.5 million. In August 2023, it was announced MACOM had entered into a definitive agreement to acquire the RF business of Wolfspeed.
Operations
Technology
MACOM develops and supplies semiconductor technologies for optical, wireless and satellite networks. The company has a portfolio of analog RF, microwave, millimeterwave and photonic semiconductor products. MACOM has 16 Design and Operational centers worldwide including 11 in the United States, two in Ireland and one in Australia, Japan and Taiwan. MACOM produces an array of chip technologies, including gallium arsenide (GaAs), gallium nitride (GaN), silicon photonics (SiPh), aluminum gallium arsenide (AlGaAs), indium phosphide (InP), silicon (Si), heterolithic microwave integrated circuit (HMIC), and silicon germanium (SiGe). The company's acquisition of BinOptics in 2014 allows it to use self-aligning etched facet technology to ensure an efficient manufacturing and testing process. Much of MACOM's current sub-microwave RF product line are generic substitutes for the Motorola SPS MRF series of beryllium oxide devices produced in the mid-1990s, rebranded with revised device datasheets.
Markets
MACOM creates semiconductors for a variety of industries: while the company does provide some semiconductors for consumer electronics, its products are primarily used in commercial and industrial applications. In the aerospace and defense industries, MACOM supplies contractors (like Northrop Grumman) with components that are designed to be integrated into surveillance devices (such as radar). MACOM components are also used by the National Oceanic and Atmospheric Administration (NOAA) and the Federal Aviation Administration.
The company's networking and communications products are used in satellite applications, and they are consumed by clients like Cisco for wired and wireless networking applications. MACOM also creates high-speed optical networking components in high-margin specialized spaces such as data centers, long-haul communications, and metro core networks.
MACOM received a Technology & Engineering Emmy Award for its development of technology that enables high density video switching and routing solutions in 2015. The technology is important in broadcast video infrastructure.
The company also provides power transistors to clients in a variety of industries. For instance, their MOSFET product line has been used in medical instruments (such as MRI systems and CAT scanners) and automotive ignition systems.
Litigation
On January 15, 2009, the State of New York terminated its contract with Tyco Electronics Wireless Systems (often referred to as M/A-COM) due to ongoing and unresolved deficiencies with the OpenSky system.
On February 13, 2009, Tyco Electronics filed a complaint against the New York State Office for Technology (NY-OFT), in the New York State Court of Claims, disputing the claims made by the OFT. In the complaint, Tyco Electronics disputed many of the NY-OFT's public criticisms of both the company and the system, maintaining that SWN (which included OpenSky) ‘worked as contracted.’ The complaint also claimed the state hindered the company's ability to build the system in a timely manner, defamed the company by stating that its technology did not work, and that the state inappropriately drew $50 million from the standby letter of credit the company established for the project.
In June 2014, a Judge ruled that Laird Technologies, Inc. was no longer allowed to supply Ford Motor Company with GPS Modules after MACOM sued for patent infringement.
In April 2016, MACOM filed a suit against the German technology company, Infineon Technologies after alleging that the Infineon was in breach of contract, covenant of good faith and fair dealing and interference with contract.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
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10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
MTSI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 5 22.7%
- Buy 13 59.1%
- Hold 4 18.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-15Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| Sept. 30, 2026 | $1.40 | $1.37 | 0.03% |
| June 30, 2026 | $1.40 | $1.37 | 0.03% |
| March 31, 2026 | $1.09 | $1.09 | -0.00% |
| Dec. 31, 2025 | $1.02 | $1.00 | 0.02% |
| Sept. 30, 2025 | $0.94 | $0.95 | -0.01% |
| June 30, 2025 | $0.90 | $0.91 | -0.01% |
| March 31, 2025 | $0.85 | $0.85 | -0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MTSI | $9.49B | -174.5 | 32.6% | -5.6% | -4.3% | 54.7% |
| CBRS | — | — | — | — | — | — |
| MCHP | $35.02B | 293.7 | 7.1% | 4.9% | 3.5% | 57.7% |
| ON | $21.48B | 186.7 | -15.3% | 2.0% | 1.5% | 33.1% |
| GFS | — | — | — | — | — | — |
| FSLR | $28.03B | 18.4 | 24.1% | 29.3% | 16.9% | 40.6% |
| SITM | $9.29B | -205.3 | 61.2% | -13.1% | -3.8% | 53.6% |
| LSCC | $10.76B | 3932.5 | 2.7% | 0.59% | 0.44% | 68.2% |
| SMTC | $7.51B | -176.1 | 15.5% | -3.9% | -7.3% | 51.6% |
| SWKS | — | 25.0 | -2.2% | — | — | — |
| RMBS | $9.90B | 43.5 | 27.1% | 32.6% | 17.8% | 79.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $967M | $730M | $648M | $675M | $607M | $530M | $500M | $570M | $699M | $544M | $421M | $339M | |
| Cost of Revenue | $438M | $336M | $263M | $269M | $265M | $260M | $279M | $325M | $372M | $263M | $217M | $198M | |
| Gross Profit | $529M | $394M | $386M | $406M | $342M | $270M | $221M | $246M | $327M | $282M | $204M | $141M | |
| R&D Expense | $244M | $182M | $149M | $148M | $139M | $141M | $163M | $178M | $148M | $108M | $82M | $71M | |
| SG&A Expense | $155M | $138M | $130M | $125M | $122M | $124M | $153M | $162M | $188M | $145M | $110M | $83M | |
| Operating Expenses | $399M | $320M | $278M | $274M | $261M | $267M | $601M | $352M | $343M | $268M | $193M | $169M | |
| Operating Income | $130M | $74M | $107M | $133M | $81M | $3M | $-380M | $-107M | $-16M | $13M | $10M | $-28M | |
| Interest Expense | · | $5M | $12M | $9M | $22M | $27M | $36M | $31M | $29M | $18M | $18M | $12M | |
| Interest Income | $30M | $23M | $21M | $4M | $2M | · | · | · | · | · | · | · | |
| Other Non-op | $10M | $10.0K | $-665.0K | $115M | $-6M | $-5M | $-8M | $-45M | $-2M | $39.0K | $-1M | $3M | |
| Pretax Income | $-29M | $92M | $115M | $243M | $43M | $-42M | $-423M | $-155M | $-50M | $-22M | $-15M | $-41M | |
| Income Tax | $25M | $15M | $24M | $-197M | $5M | $5M | $-39M | $-21M | $101M | $-18M | $-10M | $-16M | |
| Net Income | $-54M | $77M | $92M | $440M | $38M | $-46M | $-384M | $-140M | $-169M | $1M | $49M | $-15M | |
| EPS (Basic) | $-0.73 | $1.07 | $1.29 | $6.30 | $0.55 | $-0.69 | $-5.84 | $-2.16 | $-2.79 | $0.03 | $0.95 | $-0.33 | |
| EPS (Diluted) | $-0.73 | $1.04 | $1.28 | $6.18 | $0.54 | $-0.69 | $-5.84 | $-2.57 | $-2.79 | $0.03 | $0.95 | $-0.33 | |
| Shares (Basic) | 73,986,000 | 71,959,000 | 70,801,000 | 69,783,000 | 68,449,000 | 66,606,000 | 65,686,000 | 64,741,000 | 60,704,000 | 53,364,000 | 51,146,000 | 47,009,000 | |
| Shares (Diluted) | 73,986,000 | 73,575,000 | 71,503,000 | 71,166,000 | 70,474,000 | 66,606,000 | 65,686,000 | 65,311,000 | 60,704,000 | 53,364,000 | 51,146,000 | 47,009,000 | |
| EBITDA | $193M | $141M | $160M | $190M | $151M | $82M | $-276M | $6M | · | · | $65M | $47M |
Balance Sheet 31
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $112M | $147M | $174M | $120M | $157M | $129M | $76M | $95M | $130M | $333M | $122M | $174M | |
| Short-term Investments | $674M | $435M | $341M | $467M | $188M | $204M | $101M | $98M | $84M | $24M | $40M | · | |
| Receivables | $149M | $106M | $91M | $102M | $85M | $46M | $70M | $97M | $136M | $108M | $84M | $62M | |
| Inventory | $238M | $194M | $136M | $115M | $83M | $92M | $108M | $123M | $136M | $115M | $80M | $71M | |
| Prepaid Expense | $33M | $21M | $19M | $10M | $9M | $11M | $28M | $23M | $22M | $11M | $11M | $15M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | · | $15M | |
| Current Assets | $1.21B | $903M | $761M | $813M | $522M | $482M | $399M | $459M | $563M | $613M | $384M | $373M | |
| PP&E (Net) | $230M | $176M | $149M | $124M | $121M | $119M | $133M | $150M | $131M | $99M | $84M | $50M | |
| PP&E (Gross) | $503M | $426M | $369M | $330M | $305M | $285M | $282M | $278M | $236M | $178M | $146M | $97M | |
| Accum. Depreciation | $273M | $250M | $220M | $206M | $184M | $166M | $149M | $128M | $105M | $79M | $62M | $47M | |
| Goodwill | $336M | $332M | $323M | $311M | $314M | $315M | $315M | $314M | $314M | $120M | $93M | $11M | |
| Intangibles | $79M | $76M | $67M | $51M | $85M | $131M | $181M | $513M | $621M | $260M | $244M | $143M | |
| Other Non-current Assets | $45M | $56M | $34M | $35M | $38M | $40M | $11M | $13M | $7M | $7M | $8M | $20M | |
| Total Assets | $2.10B | $1.76B | $1.55B | $1.57B | $1.13B | $1.15B | $1.11B | $1.48B | $1.64B | $1.19B | $861M | $682M | |
| Accounts Payable | $68M | $43M | $25M | $31M | $29M | $23M | $25M | $42M | $47M | $31M | $29M | $23M | |
| Accrued Liabilities | $96M | $64M | $57M | $65M | $63M | $64M | $42M | $50M | $58M | $54M | $38M | $34M | |
| Current Liabilities | $325M | $108M | $84M | $97M | $93M | $95M | $75M | $107M | $117M | $92M | $71M | $86M | |
| Capital Leases | $28M | $24M | $23M | $24M | $29M | $32M | $30M | $29M | $17M | $2M | · | · | |
| Deferred Tax | · | · | · | · | · | · | $632.0K | $389.0K | $15M | $12M | $0 | · | |
| Other Non-current Liabilities | $44M | $33M | $34M | $29M | $41M | $45M | $20M | $6M | $8M | $7M | $8M | $9M | |
| Total Liabilities | $776M | $629M | $606M | $729M | $662M | $846M | $792M | $814M | $860M | $726M | $436M | $454M | |
| Long-term Debt | $501M | $448M | · | $566M | · | $659M | $662M | $665M | $668M | $580M | $339M | $347M | |
| Total Debt | $501M | $448M | $447M | $566M | $492M | $659M | $662M | $665M | · | · | $345M | $347M | |
| Common Stock | $74.0K | $72.0K | $71.0K | $70.0K | $69.0K | $67.0K | $66.0K | $65.0K | $64.0K | $54.0K | $53.0K | $48.0K | |
| Paid-in Capital | $1.56B | $1.31B | $1.21B | $1.20B | $1.27B | $1.14B | $1.10B | $1.07B | $1.04B | $552M | $526M | $378M | |
| Retained Earnings | $-240M | $-186M | $-263M | $-354M | $-802M | $-840M | $-792M | $-408M | $-267M | $-97M | $-99M | $-148M | |
| Treasury Stock | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | |
| AOCI | $5M | $3M | $-4M | $-6M | $4M | $5M | $4M | $2M | $3M | $9M | $-2M | $-1M | |
| Stockholders' Equity | $1.33B | $1.13B | $948M | $843M | $472M | $300M | $314M | $669M | $777M | $463M | $425M | $229M | |
| Liabilities + Equity | $2.10B | $1.76B | $1.55B | $1.57B | $1.13B | $1.15B | $1.11B | $1.48B | $1.64B | $1.19B | $861M | $682M | |
| Shares Outstanding | 74,478,000 | 72,196,000 | 70,990,000 | 69,999,000 | 68,854,000 | 66,898,000 | 66,154,000 | 65,179,000 | 64,256,000 | 53,685,000 | 52,933,000 | 47,525,000 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $63M | $67M | $52M | $57M | $70M | $79M | $104M | $112M | $93M | $71M | $55M | $35M | |
| Stock-based Comp | $79M | $46M | $38M | $41M | $35M | $36M | $24M | $32M | $36M | $27M | $19M | $11M | |
| Deferred Tax | $4M | $5M | $20M | $-200M | $2M | $3M | $-40M | $-16M | $93M | $-12M | $7M | $-19M | |
| Amort. of Intangibles | $32M | $37M | $28M | $33M | $46M | $50M | $75M | $82M | $66M | $50M | $39M | $21M | |
| Restructuring | · | · | · | $0 | $0 | $1M | $20M | $6M | $3M | $3M | $1M | $15M | |
| Other Non-cash | $142M | $-32M | $-35M | $-161M | $3M | $100M | $317M | $48M | · | · | $-96M | $-13M | |
| Operating Cash Flow | $235M | $163M | $167M | $177M | $148M | $171M | $21M | $36M | $61M | $79M | $34M | $25M | |
| CapEx | $43M | $22M | $25M | $27M | $18M | $18M | $38M | $53M | $33M | $31M | $38M | $17M | |
| Investing Cash Flow | $-328M | $-181M | $36M | $-183M | $-3M | $-107M | $-34M | $-67M | $-338M | $-95M | $-207M | $-264M | |
| Stock Issued | · | · | · | · | · | · | · | · | $0 | $0 | $128M | $0 | |
| Stock Repurchased | $43M | $14M | $33M | $36M | $23M | $7M | $4M | $7M | $19M | $10M | $9M | $1M | |
| Net Stock Activity | $-43M | $-14M | $-33M | $-36M | $-23M | $-7M | $-4M | $-7M | · | · | $119M | $-1M | |
| Financing Cash Flow | $58M | $-9M | $-149M | $-29M | $-119M | $-11M | $-6M | $-4M | $74M | $227M | $122M | $302M | |
| Net Change in Cash | $-35M | $-27M | $54M | $-37M | $27M | $54M | $-19M | $-35M | $-203M | $211M | $-52M | $63M | |
| Taxes Paid | $16M | $6M | $3M | $2M | $2M | $-17M | $-2M | $4M | $-3M | $-373.0K | $23M | $5M | |
| Free Cash Flow | $193M | $140M | $142M | $150M | $130M | $154M | $-17M | $-17M | · | · | $-5M | $8M | |
| Levered FCF | · | $136M | $132M | $143M | $112M | $123M | $-50M | $-44M | · | · | $-11M | $1M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.7% | 54.0% | 59.5% | 60.2% | 56.3% | 51.0% | 44.2% | 43.1% | · | · | 48.4% | 40.4% | |
| Operating Margin | 13.4% | 10.1% | 16.6% | 19.7% | 13.4% | 0.64% | -76.1% | -18.7% | · | · | 2.4% | -1.4% | |
| Net Margin | -5.6% | 10.5% | 14.1% | 65.2% | 6.3% | -8.7% | -76.8% | -24.5% | · | · | 11.6% | -3.7% | |
| Pretax Margin | -3.0% | 12.6% | 17.8% | 36.0% | 7.1% | -7.8% | -84.7% | -27.2% | · | · | -3.7% | -4.5% | |
| EBITDA Margin | 20.0% | 19.3% | 24.6% | 28.1% | 24.9% | 15.5% | -55.2% | 1.0% | · | · | 15.4% | 11.2% | |
| ROA | -2.8% | 4.7% | 5.9% | 32.5% | 3.3% | -4.1% | -29.7% | -9.0% | · | · | 6.3% | -3.1% | |
| ROE | -4.3% | 7.0% | 9.8% | 61.2% | 8.3% | -16.1% | -125.2% | -20.8% | · | · | 14.9% | -6.4% | |
| ROIC | 13.2% | 3.9% | 6.1% | 17.0% | 7.4% | 0.39% | -35.4% | -6.9% | · | · | 0.47% | -0.57% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.7 | 8.3 | 9.1 | 8.4 | 5.6 | 5.1 | 5.3 | 4.3 | · | · | 5.4 | 4.4 | |
| Quick Ratio | 2.9 | 6.4 | 7.3 | 7.1 | 4.6 | 4.0 | 3.3 | 2.7 | · | · | 3.4 | 2.9 | |
| Debt / Equity | 0.4 | 0.4 | 0.5 | 0.7 | 1.0 | 2.2 | 2.1 | 1.0 | · | · | 0.8 | 1.5 | |
| LT Debt / Equity | 0.3 | 0.4 | 0.5 | 0.7 | 1.0 | 2.2 | 2.1 | 1.0 | · | · | 0.8 | 1.5 | |
| Interest Coverage | · | 14.3 | 8.7 | 30.9 | 3.9 | 0.1 | -10.6 | -3.4 | · | · | 0.5 | -0.5 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | · | · | 0.5 | 0.8 | |
| Inventory Turnover | 2.0 | 2.0 | 2.1 | 2.7 | 3.0 | 2.6 | 2.4 | 2.5 | · | · | 2.9 | 3.9 | |
| Receivables Turnover | 7.6 | 7.4 | 6.7 | 7.3 | 9.3 | 9.2 | 6.0 | 4.9 | · | · | 5.8 | 6.0 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 32.6% | 12.5% | -4.0% | 11.2% | 14.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 12.7% | 6.3% | 7.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 12.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | -18.8% | -79.3% | 1044.4% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 24.4% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | -16.1% | -79.2% | 1058.6% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 26.5% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $967M | $730M | $648M | $675M | $607M | $530M | $500M | $570M | $699M | $544M | $421M | $339M | |
| Net Income TTM | $-54M | $77M | $92M | $440M | $38M | $-46M | $-384M | $-140M | $-169M | $1M | $49M | $-15M | |
| Market Cap | $9.49B | $8.05B | $5.79B | $3.63B | $4.50B | $2.26B | $1.43B | $1.34B | · | · | $1.52B | $1.03B | |
| Enterprise Value | $9.20B | $7.92B | $5.72B | $3.60B | $4.65B | $2.59B | $1.92B | $1.82B | · | · | $1.71B | $1.20B | |
| P/E | -174.5 | 107.2 | 63.7 | 8.4 | 121.0 | -49.0 | -3.7 | -8.0 | -16.0 | 1411.3 | 30.3 | -65.5 | |
| P/S | 9.8 | 11.0 | 8.9 | 5.4 | 7.4 | 4.3 | 2.9 | 2.4 | · | · | 3.6 | 3.0 | |
| P/B | 7.2 | 7.1 | 6.1 | 4.3 | 9.5 | 7.5 | 4.6 | 2.0 | · | · | 3.6 | 4.5 | |
| P / Tangible Book | 10.4 | 11.2 | 10.4 | 7.6 | 61.8 | · | · | · | · | · | · | · | |
| P / Cash Flow | 40.3 | 49.5 | 34.7 | 20.5 | 30.3 | 13.2 | 69.3 | 37.0 | · | · | 45.2 | 40.7 | |
| P / FCF | 49.2 | 57.4 | 40.7 | 24.1 | 34.5 | 14.7 | -83.1 | -80.2 | · | · | -332.9 | 123.8 | |
| EV / EBITDA | 47.7 | 56.2 | 35.9 | 19.0 | 30.8 | 31.5 | -7.0 | 309.6 | · | · | 26.3 | 25.6 | |
| EV / FCF | 47.7 | 56.5 | 40.2 | 24.0 | 35.6 | 16.8 | -111.2 | -108.4 | · | · | -372.9 | 144.5 | |
| EV / Revenue | 9.5 | 10.9 | 8.8 | 5.3 | 7.7 | 4.9 | 3.8 | 3.2 | · | · | 4.1 | 3.5 | |
| Earnings Yield | -0.57% | 0.93% | 1.6% | 11.9% | 0.83% | -2.0% | -26.9% | -12.5% | -6.2% | 0.07% | 3.3% | -1.5% |
Income Statement 18
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $342M | $289M | $272M | $261M | $252M | $236M | $218M | $201M | $190M | $181M | $157M | $150M | $149M | $169M | $180M | $178M | |
| Cost of Revenue | $143M | $125M | $120M | $119M | $113M | $106M | $101M | $91M | $89M | $86M | $70M | $64M | $62M | $67M | $70M | $70M | |
| Gross Profit | $200M | $164M | $152M | $142M | $139M | $130M | $117M | $110M | $101M | $95M | $87M | $87M | $86M | $103M | $110M | $109M | |
| R&D Expense | $74M | $69M | $66M | $63M | $63M | $58M | $60M | $50M | $48M | $46M | $39M | $38M | $37M | $36M | $39M | $40M | |
| SG&A Expense | $48M | $45M | $42M | $40M | $38M | $37M | $39M | $33M | $34M | $34M | $37M | $34M | $32M | $31M | $33M | $32M | |
| Operating Expenses | $122M | $114M | $108M | $103M | $102M | $95M | $100M | $82M | $82M | $80M | $76M | $71M | $69M | $67M | $72M | $71M | |
| Operating Income | $77M | $51M | $43M | $40M | $38M | $35M | $18M | $28M | $20M | $15M | $11M | $16M | $17M | $36M | $39M | $37M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $5M | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | $6M | $6M | $5M | $4M | $2M | |
| Other Non-op | $47M | $6M | $6M | $185M | $6M | $6M | $-187M | $-13M | $5M | $4M | $4M | $-458.0K | $-29.0K | $-123.0K | $-55.0K | $-120.0K | |
| Pretax Income | $124M | $57M | $50M | $56M | $44M | $41M | $-170M | $33M | $24M | $19M | $15M | $19M | $20M | $37M | $39M | $37M | |
| Income Tax | $23M | $11M | $822.0K | $11M | $8M | $9M | $-2M | $3M | $4M | $5M | $3M | $-5M | $8M | $12M | $10M | $-203M | |
| Net Income | $101M | $46M | $49M | $45M | $37M | $32M | $-168M | $29M | $20M | $15M | $13M | $24M | $12M | $26M | $30M | $239M | |
| EPS (Basic) | $1.32 | $0.62 | $0.65 | $0.65 | $0.49 | $0.43 | $-2.30 | $0.40 | $0.28 | $0.21 | $0.18 | $0.34 | $0.17 | $0.36 | $0.42 | $3.42 | |
| EPS (Diluted) | $1.28 | $0.60 | $0.64 | $0.67 | $0.48 | $0.42 | $-2.30 | $0.40 | $0.27 | $0.20 | $0.17 | $0.34 | $0.17 | $0.36 | $0.41 | $3.36 | |
| Shares (Basic) | 76,331,000 | 75,283,000 | 74,822,000 | -147,579,000 | 74,427,000 | 74,358,000 | 72,780,000 | -143,685,000 | 72,143,000 | 72,076,000 | 71,425,000 | -141,416,000 | 70,937,000 | 70,799,000 | 70,481,000 | 71,000 | |
| Shares (Diluted) | 78,409,000 | 77,555,000 | 76,718,000 | -150,399,000 | 75,864,000 | 75,741,000 | 72,780,000 | -146,200,000 | 74,217,000 | 73,272,000 | 72,286,000 | -142,681,000 | 71,408,000 | 71,402,000 | 71,374,000 | 36,000 | |
| EBITDA | $77M | $51M | $59M | · | $38M | $35M | $34M | · | $20M | $15M | $25M | · | $17M | $36M | $51M | · |
Balance Sheet 29
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $90M | $99M | $120M | $112M | $125M | $111M | $233M | $147M | $117M | $115M | $164M | · | $122M | $137M | $126M | · | |
| Short-term Investments | $573M | $566M | $649M | $674M | $610M | $571M | $424M | $435M | $404M | $361M | $300M | · | $466M | $441M | $469M | · | |
| Receivables | $179M | $160M | $160M | $149M | $129M | $131M | $92M | $106M | $107M | $120M | $101M | · | $106M | $122M | $112M | · | |
| Inventory | $282M | $252M | $239M | $238M | $215M | $209M | $198M | $194M | $191M | $178M | $160M | · | $139M | $132M | $121M | · | |
| Prepaid Expense | $49M | $49M | $39M | $33M | $47M | $42M | $36M | $21M | $25M | $24M | $21M | · | $20M | $17M | $20M | · | |
| Current Assets | $1.17B | $1.13B | $1.21B | $1.21B | $1.13B | $1.06B | $982M | $903M | $844M | $798M | $745M | · | $852M | $848M | $848M | · | |
| PP&E (Net) | $246M | $235M | $235M | $230M | $209M | $179M | $174M | $176M | $179M | $180M | $184M | · | $155M | $123M | $119M | · | |
| PP&E (Gross) | $545M | $526M | $516M | $503M | $477M | $440M | $430M | $426M | $421M | $415M | $411M | · | $372M | $338M | $329M | · | |
| Accum. Depreciation | $299M | $291M | $282M | $273M | $268M | $262M | $256M | $250M | $242M | $234M | $227M | · | $216M | $215M | $210M | · | |
| Goodwill | $335M | $336M | $336M | $336M | $336M | $336M | $336M | $332M | $330M | $330M | $322M | $323M | $324M | $325M | $312M | $311M | |
| Intangibles | $62M | $67M | $73M | $79M | $75M | $82M | $89M | $76M | $86M | $93M | $120M | · | $66M | $67M | $44M | · | |
| Other Non-current Assets | $47M | $49M | $49M | $45M | $44M | $44M | $45M | $56M | $55M | $60M | $62M | · | $35M | $36M | $35M | · | |
| Total Assets | $2.15B | $2.01B | $2.11B | $2.10B | $2.00B | $1.92B | $1.84B | $1.76B | $1.71B | $1.68B | $1.65B | · | $1.64B | $1.62B | $1.59B | · | |
| Accounts Payable | $73M | $62M | $64M | $68M | $61M | $61M | $45M | $43M | $40M | $44M | $27M | · | $27M | $31M | $36M | · | |
| Accrued Liabilities | $88M | $87M | $80M | $96M | $72M | $76M | $66M | $64M | $62M | $64M | $75M | · | $58M | $55M | $57M | · | |
| Current Liabilities | $502M | $150M | $305M | $325M | $295M | $299M | $272M | $108M | $103M | $109M | $103M | · | $211M | $91M | $94M | · | |
| Capital Leases | · | · | · | $28M | · | · | · | $24M | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $38M | $40M | $41M | $44M | $38M | $39M | $42M | $33M | $33M | $34M | $36M | · | $29M | $30M | $29M | · | |
| Total Liabilities | $606M | $597M | $752M | $776M | $740M | $717M | $693M | $629M | $624M | $631M | $627M | · | $728M | $723M | $725M | · | |
| Long-term Debt | $340M | $340M | $500M | $501M | $500M | $500M | $499M | $448M | · | · | · | · | $567M | · | · | · | |
| Total Debt | $340M | $340M | $500M | · | $500M | $500M | $499M | · | $448M | $448M | $447M | · | $567M | $567M | $566M | · | |
| Common Stock | $76.0K | $76.0K | $75.0K | $74.0K | $74.0K | $74.0K | $74.0K | $72.0K | $72.0K | $72.0K | $72.0K | · | $71.0K | $71.0K | $71.0K | · | |
| Paid-in Capital | · | · | · | $1.56B | · | · | · | $1.31B | · | · | · | · | · | · | · | · | |
| Retained Earnings | $-44M | $-145M | $-191M | $-240M | $-285M | $-322M | $-353M | $-186M | $-215M | $-235M | $-250M | · | $-287M | $-299M | $-325M | · | |
| Treasury Stock | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | $330.0K | · | $330.0K | $330.0K | $330.0K | · | |
| AOCI | $1M | $2M | $5M | $5M | $4M | $877.0K | $-1M | $3M | $-2M | $-2M | $-396.0K | · | $-3M | $-1M | $-3M | · | |
| Stockholders' Equity | $1.54B | $1.42B | $1.35B | $1.33B | $1.26B | $1.20B | $1.15B | $1.13B | $1.08B | $1.05B | $1.02B | $948M | $915M | $894M | $863M | $843M | |
| Liabilities + Equity | $2.15B | $2.01B | $2.11B | $2.10B | $2.00B | $1.92B | $1.84B | $1.76B | $1.71B | $1.68B | $1.65B | · | $1.64B | $1.62B | $1.59B | · | |
| Shares Outstanding | · | · | · | 74,478,000 | · | · | · | 72,196,000 | · | · | · | · | · | · | · | · |
Cash Flow 13
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $16M | $16M | $15M | $18M | $15M | $15M | $16M | $18M | $18M | $17M | $14M | $14M | $13M | $13M | $13M | $14M | |
| Stock-based Comp | $21M | $23M | $22M | $18M | $17M | $19M | $26M | $12M | $13M | $12M | $9M | $9M | $8M | $9M | $11M | $11M | |
| Amort. of Intangibles | $6M | $6M | $6M | $8M | $7M | $7M | $9M | $10M | $10M | $9M | $8M | $7M | $7M | $7M | $7M | $8M | |
| Other Non-cash | · | · | $-43M | · | · | · | $193M | · | · | · | $-2M | · | · | · | $-15M | · | |
| Operating Cash Flow | $80M | $79M | $43M | $70M | $60M | $39M | $67M | $62M | $49M | $18M | $33M | $50M | $46M | $32M | $38M | $60M | |
| CapEx | $21M | $13M | $13M | $20M | $9M | $8M | $5M | $5M | $7M | $5M | $5M | $6M | $3M | $6M | $10M | $8M | |
| Investing Cash Flow | $-90M | $65M | $9M | $-82M | $-79M | $-157M | $-10M | $-33M | $-49M | $-65M | $-35M | $124M | $-62M | $-17M | $-8M | $-71M | |
| Stock Repurchased | · | · | $48M | $451.0K | $1M | $3M | $38M | $342.0K | $1M | $970.0K | $12M | $140.0K | $1M | $5M | $26M | $68.0K | |
| Net Stock Activity | · | · | $-48M | · | · | · | $-38M | · | · | · | $-12M | · | · | · | $-26M | · | |
| Financing Cash Flow | $1M | $-165M | $-44M | $-697.0K | $33M | $-4M | $30M | $-630.0K | $2M | $-1M | $-9M | $-121M | $2M | $-5M | $-24M | $-299.0K | |
| Net Change in Cash | $-9M | $-21M | $8M | $-13M | $15M | $-122M | $86M | $30M | $2M | $-49M | $-10M | $52M | $-15M | $10M | $6M | $-12M | |
| Taxes Paid | $2M | $5M | $3M | $6M | $6M | $3M | $1M | $2M | $2M | $2M | $923.0K | $99.0K | $1M | $1M | $297.0K | $402.0K | |
| Free Cash Flow | · | · | $30M | · | · | · | $61M | · | · | · | $28M | · | · | · | $29M | · |
Profitability 8
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.3% | 56.9% | 55.9% | · | 55.3% | 55.2% | 53.7% | · | 53.2% | 52.5% | 55.6% | · | 58.0% | 60.6% | 61.3% | · | |
| Operating Margin | 22.5% | 17.6% | 15.9% | · | 14.9% | 14.8% | 8.0% | · | 10.3% | 8.5% | 7.0% | · | 11.7% | 21.2% | 21.4% | · | |
| Net Margin | 29.4% | 16.0% | 17.9% | · | 14.5% | 13.4% | -76.8% | · | 10.5% | 8.3% | 8.0% | · | 8.0% | 15.2% | 16.4% | · | |
| Pretax Margin | 36.2% | 19.7% | 18.3% | · | 17.5% | 17.3% | -77.9% | · | 12.7% | 10.8% | 9.7% | · | 13.2% | 22.1% | 21.7% | · | |
| EBITDA Margin | 22.5% | 17.6% | 21.6% | · | 14.9% | 14.8% | 15.4% | · | 10.3% | 8.5% | 16.1% | · | 11.7% | 21.2% | 28.6% | · | |
| ROA | 4.9% | 2.4% | 2.5% | · | 2.0% | 1.8% | -9.6% | · | 1.2% | 0.91% | 0.77% | · | 0.80% | 1.8% | 2.1% | · | |
| ROE | 7.2% | 3.5% | 3.9% | · | 3.1% | 2.8% | -15.4% | · | 2.0% | 1.5% | 1.3% | · | 1.6% | 3.6% | 4.3% | · | |
| ROIC | 3.3% | 2.4% | 2.3% | · | 1.8% | 1.6% | 1.1% | · | 1.1% | 0.79% | 0.61% | · | 0.71% | 1.7% | 2.0% | · |
Liquidity & Solvency 4
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 7.5 | 4.0 | · | 3.8 | 3.6 | 3.6 | · | 8.2 | 7.3 | 7.2 | · | 4.0 | 9.3 | 9.0 | · | |
| Quick Ratio | 1.7 | 5.5 | 3.0 | · | 2.9 | 2.7 | 2.7 | · | 6.1 | 5.5 | 5.5 | · | 3.3 | 7.7 | 7.5 | · | |
| Debt / Equity | 0.2 | 0.2 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.6 | 0.6 | 0.7 | · | |
| LT Debt / Equity | 0.0 | 0.2 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.5 | 0.6 | 0.7 | · |
Efficiency 3
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | |
| Inventory Turnover | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.5 | 0.6 | · | 0.5 | 0.6 | 0.5 | · | 0.5 | 0.6 | 0.7 | · | |
| Receivables Turnover | 2.2 | 2.0 | 2.2 | · | 2.1 | 1.9 | 2.3 | · | 1.8 | 1.5 | 1.5 | · | 1.4 | 1.5 | 1.7 | · |
Valuation (TTM) 4
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.15B | $1.05B | $978M | · | $897M | $826M | $747M | · | $677M | $656M | $655M | · | $670M | $687M | $677M | · | |
| Net Income TTM | $232M | $163M | $-51M | · | $-79M | $-101M | $-120M | · | $59M | $65M | $80M | · | $99M | $117M | $230M | · | |
| P/E | 107.4 | 111.4 | -230.2 | · | -124.5 | -63.6 | -82.2 | · | 137.6 | 106.3 | 83.7 | · | 47.1 | 43.2 | 19.5 | · | |
| Earnings Yield | 0.93% | 0.90% | -0.43% | · | -0.80% | -1.6% | -1.2% | · | 0.73% | 0.94% | 1.2% | · | 2.1% | 2.3% | 5.1% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-10-03 | 2024-09-27 | 2023-09-29 | 2022-09-30 | 2021-10-01 | |
|---|---|---|---|---|---|
| Revenue | $967M | $730M | $648M | $675M | $607M |
| Gross Margin % | 54.7% | 54.0% | 59.5% | 60.2% | 56.3% |
| Operating Margin % | 13.4% | 10.1% | 16.6% | 19.7% | 13.4% |
| Net Income | $-54M | $77M | $92M | $440M | $38M |
| Diluted EPS | $-0.73 | $1.04 | $1.28 | $6.18 | $0.54 |
Balance Sheet
| 2025-10-03 | 2024-09-27 | 2023-09-29 | 2022-09-30 | 2021-10-01 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.4 | 0.4 | 0.5 | 0.7 | 1.0 |
| Current Ratio | 3.7 | 8.3 | 9.1 | 8.4 | 5.6 |
| Quick Ratio | 2.9 | 6.4 | 7.3 | 7.1 | 4.6 |
Cash Flow
| 2025-10-03 | 2024-09-27 | 2023-09-29 | 2022-09-30 | 2021-10-01 | |
|---|---|---|---|---|---|
| Free Cash Flow | $193M | $140M | $142M | $150M | $130M |
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Institutional owners (13F) 696 filers · $18.1B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 196 (+81 vs prior Q) | 40 (-2 vs prior Q) | 204 (+26 vs prior Q) | 187 (+27 vs prior Q) | -508K |
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 |
|---|---|---|---|---|
| FMR LLC | $3,648,906,907 | 9,593,046 | 20.18% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,371,357,090 | 3,605,324 | 7.58% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,165,713,473 | 3,064,683 | 6.45% | Shares |
| VANGUARD GROUP INC | $1,154,269,109 | 6,739,077 | 6.38% | Shares |
| STATE STREET CORP | $860,488,990 | 2,262,242 | 4.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $440,947,585 | 1,158,949 | 2.44% | Shares |
| Capital Research Global Investors | $413,138,495 | 1,086,149 | 2.28% | Shares |
| NORGES BANK | $379,126,570 | 996,731 | 2.10% | Shares |
| Whale Rock Capital Management LLC | $376,104,150 | 988,785 | 2.08% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $360,438,992 | 947,601 | 1.99% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $328,354,403 | 863,250 | 1.82% | Shares |
| NEUBERGER BERMAN GROUP LLC | $304,672,420 | 801,432 | 1.68% | Shares |
| Qube Research & Technologies Ltd | $300,750,191 | 790,678 | 1.66% | Shares |
| Polar Capital Holdings Plc | $285,474,151 | 750,517 | 1.58% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $253,568,716 | 666,637 | 1.40% | Shares |
| Rafferty Asset Management, LLC | $240,689,007 | 632,776 | 1.33% | Shares |
| Artisan Partners Limited Partnership | $238,815,341 | 627,850 | 1.32% | Shares |
| BANK OF AMERICA CORP /DE/ | $177,508,789 | 466,674 | 0.98% | Shares |
| Clearbridge Investments, LLC | $167,825,737 | 441,217 | 0.93% | Shares |
| MILLENNIUM MANAGEMENT LLC | $163,711,248 | 430,400 | 0.91% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $162,215,253 | 426,467 | 0.90% | Shares |
| BARCLAYS PLC | $160,964,975 | 423,180 | 0.89% | Shares |
| GOLDMAN SACHS GROUP INC | $155,207,524 | 408,044 | 0.86% | Shares |
| Evergreen Quality Fund GP, Ltd. | $150,854,742 | 396,600 | 0.83% | Shares |
| AMERICAN CENTURY COMPANIES INC | $127,410,732 | 334,965 | 0.70% | Shares |
| ALLIANCEBERNSTEIN L.P. | $126,471,308 | 569,511 | 0.70% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $122,228,857 | 321,342 | 0.68% | Shares |
| Stephens Investment Management Group LLC | $120,352,111 | 316,408 | 0.67% | Shares |
| FIRST TRUST ADVISORS LP | $118,439,098 | 311,380 | 0.65% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $116,860,000 | 307,227 | 0.65% | Shares |
| Analog Century Management LP | $112,700,968 | 296,293 | 0.62% | Shares |
| Amundi | $98,105,411 | 257,921 | 0.54% | Shares |
| JANUS HENDERSON GROUP PLC | $96,161,640 | 433,024 | 0.53% | Shares |
| Driehaus Capital Management LLC | $95,513,570 | 251,107 | 0.53% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $89,475,957 | 235,234 | 0.49% | Shares |
| JANE STREET GROUP, LLC | $87,649,420 | 230,432 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $82,350,105 | 216,500 | 0.46% | Call option |
| SEGALL BRYANT & HAMILL, LLC | $82,228,006 | 216,179 | 0.45% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $80,752,551 | 212,300 | 0.45% | Call option |
| MORGAN STANLEY | $76,402,359 | 200,863 | 0.42% | Shares |
| TimesSquare Capital Management, LLC | $75,777,168 | 341,231 | 0.42% | Shares |
| JENNISON ASSOCIATES LLC | $70,026,497 | 184,101 | 0.39% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $68,221,642 | 179,356 | 0.38% | Shares |
| RHUMBLINE ADVISERS | $67,501,533 | 177,460 | 0.37% | Shares |
| TD Asset Management Inc | $67,406,889 | 177,214 | 0.37% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $66,926,743 | 175,952 | 0.37% | Shares |
| GENEVA CAPITAL MANAGEMENT LLC | $66,713,305 | 175,391 | 0.37% | Shares |
| LOOMIS SAYLES & CO L P | $65,341,480 | 171,784 | 0.36% | Shares |
| CITADEL ADVISORS LLC | $64,662,900 | 170,000 | 0.36% | Call option |
| JANE STREET GROUP, LLC | $55,610,094 | 146,200 | 0.31% | Put option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $54,460,996 | 143,179 | 0.30% | Shares |
| Assenagon Asset Management S.A. | $52,199,316 | 137,233 | 0.29% | Shares |
| Swiss National Bank | $52,015,598 | 136,750 | 0.29% | Shares |
| Squarepoint Ops LLC | $51,949,413 | 136,576 | 0.29% | Shares |
| Fiera Capital Corp | $47,793,491 | 125,650 | 0.26% | Shares |
| BlackRock, Inc. | $46,858,921 | 123,193 | 0.26% | Shares |
| Silverberg Bernstein Capital Management LLC | $45,530,289 | 119,700 | 0.25% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $42,465,409 | 111,642 | 0.23% | Shares |
| California Public Employees Retirement System | $42,195,585 | 110,933 | 0.23% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $41,416,587 | 108,885 | 0.23% | Shares |
| Aristotle Capital Boston, LLC | $39,113,768 | 102,830 | 0.22% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $38,674,880 | 101,677 | 0.21% | Shares |
| Ranger Investment Management, L.P. | $38,221,860 | 100,486 | 0.21% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $38,203,982 | 100,439 | 0.21% | Shares |
| Panview Capital Ltd | $37,270,174 | 97,984 | 0.21% | Shares |
| Retirement Systems of Alabama | $36,995,927 | 97,263 | 0.20% | Shares |
| Gotham Asset Management, LLC | $35,125,648 | 92,346 | 0.19% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $30,750,633 | 80,844 | 0.17% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $30,451,281 | 80,057 | 0.17% | Shares |
| Point72 Asset Management, L.P. | $25,658,619 | 67,457 | 0.14% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $25,622,741 | 67,363 | 0.14% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $24,702,749 | 64,944 | 0.14% | Shares |
| NEXT CENTURY GROWTH INVESTORS LLC | $24,257,336 | 63,773 | 0.13% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $23,773,125 | 62,500 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,620,977 | 62,100 | 0.13% | Put option |
| AMERIPRISE FINANCIAL INC | $23,449,811 | 61,650 | 0.13% | Shares |
| TUDOR INVESTMENT CORP ET AL | $23,178,607 | 60,937 | 0.13% | Shares |
| RAYMOND JAMES FINANCIAL INC | $23,070,582 | 60,653 | 0.13% | Shares |
| UBS Group AG | $21,848,833 | 57,441 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $21,545,298 | 56,643 | 0.12% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $21,479,114 | 56,469 | 0.12% | Shares |
| TWO SIGMA INVESTMENTS, LP | $20,146,297 | 52,965 | 0.11% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $20,082,395 | 52,797 | 0.11% | Shares |
| ING GROEP NV | $19,703,166 | 51,800 | 0.11% | Shares |
| Brevan Howard Capital Management LP | $19,371,483 | 50,928 | 0.11% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $19,086,586 | 50,179 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $18,996,819 | 49,943 | 0.11% | Shares |
| Caisse de depot et placement du Quebec | $18,790,278 | 49,400 | 0.10% | Shares |
| Walleye Capital LLC | $18,512,608 | 48,670 | 0.10% | Shares |
| CIBC Bancorp USA Inc. | $17,830,985 | 46,914 | 0.10% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $17,630,359 | 79,391 | 0.10% | Shares |
| ALGERT GLOBAL LLC | $17,458,983 | 45,900 | 0.10% | Shares |
| Swedbank AB | $17,420,946 | 45,800 | 0.10% | Shares |
| MARSICO CAPITAL MANAGEMENT LLC | $16,632,059 | 43,726 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $16,621,789 | 43,699 | 0.09% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $16,355,530 | 42,999 | 0.09% | Shares |
| LPL Financial LLC | $15,979,344 | 42,010 | 0.09% | Shares |
| Nuveen, LLC | $15,714,606 | 41,314 | 0.09% | Shares |
| Legal & General Group Plc | $15,517,194 | 40,795 | 0.09% | Shares |
| Bank of New York Mellon Corp | $15,269,954 | 40,145 | 0.08% | Shares |
Company insiders 29 insiders · 16 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Stephen G Daly | President and CEO | May 29, 2026 S | 38,389 | 0 | 34 | $-12,766,804 |
| John Kober | Senior VP and CFO | May 18, 2026 S | 40,972 | 0 | 33 | $-7,985,080 |
| Conrad Gagnon | Chief Financial Officer | April 23, 2013 A | 119,743 | 0 | 0 | $0 |
| Robert Dennehy | Senior VP and COO | May 15, 2026 A | 13,010 | 0 | 12 | $-5,726,273 |
| Dong Hyun Hwang | SVP, Global Sales | June 25, 2026 S | 29,756 | 0 | 54 | $-5,584,733 |
| Ambra R. Roth | SVP, GC and Secretary | Nov. 19, 2025 S | 9,837 | 0 | 6 | $-2,778,652 |
| Wayne Mack Struble | SVP, Advanced Semiconductor | Nov. 8, 2025 F | 29,384 | 0 | 0 | $0 |
| Douglas J Carlson | SVP, Technology | Nov. 29, 2023 S | 4,893 | 0 | 0 | $0 |
| Vivek Rajgarhia | SVP & GM, Lightwave | May 17, 2019 A | 85,247 | 0 | 0 | $0 |
| Preetinder S. Virk | SVP & GM, Networks | May 17, 2019 A | 67,559 | 0 | 0 | $0 |
| Conor Noel Hegarty | PFO and PAO | April 10, 2019 A | 23,658 | 0 | 0 | $0 |
| John Francis Kennedy | SVP & GM, A&D Solutions | May 17, 2017 S | 10,903 | 0 | 0 | $0 |
| Michael T. Murphy | SVP & GM, RF & Microwave | May 17, 2017 S | 16,875 | 0 | 0 | $0 |
| Walter Gregory Baker | SVP & GM, RF & Microwave | Sept. 16, 2016 S | 17,550 | 0 | 0 | $0 |
| Najabat H. Bajwa | SVP and General Manager, HPA | April 22, 2015 A | 68,825 | 0 | 0 | $0 |
| Suja Ramnath | SVP and General Manager | May 19, 2014 S | 49,169 | 0 | 0 | $0 |
| Murugesan Shanmugaraj | Director | May 19, 2026 G | 5,214 | 0 | 0 | $0 |
| Charles R Bland | Director | May 19, 2026 G | 13,638 | 0 | 4 | $-1,362,610 |
| Geoffrey G Ribar | Director | May 11, 2026 S | 12,563 | 0 | 2 | $-1,156,322 |
| Jihye Whang Rosenband | Director | March 6, 2026 A | 7,165 | 0 | 2 | $-199,048 |
| Bryan Ingram | Director | March 6, 2026 A | 1,747 | 0 | 0 | $0 |
| John Ritchie | Director | March 6, 2026 A | 9,466 | 0 | 1 | $-401,115 |
| Gil J Van Lunsen | Director | March 4, 2022 A | 37,806 | 0 | 0 | $0 |
| Mark Edelstone | Director | Feb. 28, 2014 A | 6,900 | 0 | 0 | $0 |
| Susan Ocampo | 10% owner | Feb. 25, 2026 G | 3,585,430 | 0 | 51 | $-474,391,657 |
| Peter Y Chung | — | May 14, 2026 S | 6,781 | 0 | 1 | $-16,363,958 |
| John Croteau | — | May 15, 2019 F | 132,275 | 0 | 0 | $0 |
| Alex Behfar | — | Nov. 20, 2018 S | 50,329 | 0 | 0 | $0 |
| Robert Mcmullan | — | Nov. 20, 2018 S | 52,561 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 104 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 |
|---|---|---|---|---|
| SMCO · Tidal Trust II | 2.25% | 10,297 NS | April 30, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 1.82% | 95,889 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 1.38% | 1,976 NS | May 31, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 1.09% | 49,872 NS | April 30, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 1.01% | 45,453 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.95% | 87 NS | May 29, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.80% | 3,546 NS | May 31, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.80% | 1,779 NS | April 30, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.78% | 8,781 NS | April 30, 2026 | N-PORT |
| SOXL · Direxion Shares ETF Trust | 0.67% | 404,982 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.53% | 7,401 NS | April 30, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.52% | 27,660 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.51% | 2,230 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.50% | 8,602 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.50% | 309,960 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.45% | 9,850 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.44% | 174,439 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.36% | 1,068 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.36% | 25,633 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.36% | 311 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.34% | 7,134 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.32% | 26,660 NS | April 30, 2026 | N-PORT |
| XPND · First Trust Exchange-Traded Fund VI… | 0.31% | 350 NS | May 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.30% | 22,867 NS | April 30, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.29% | 5,948 NS | April 30, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.26% | 1,454 NS | April 30, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.23% | 11,224 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.17% | 104,991 NS | April 30, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.16% | 34,637 NS | April 30, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.15% | 222 NS | April 30, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.13% | 2,691 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.10% | 24,353 NS | May 31, 2026 | N-PORT |
| LRND · New York Life Investments ETF Trust | 0.09% | 876 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.08% | 41,080 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.06% | 17,356 NS | May 31, 2026 | N-PORT |
| USD · ProShares Trust | 0.05% | 4,286 NS | May 31, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.05% | 575 NS | May 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.04% | 267 NS | May 29, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.03% | 150 NS | April 30, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.03% | 5,214 NS | May 31, 2026 | N-PORT |
| GSLC · Goldman Sachs ETF Trust | 0.03% | 14,192 NS | May 31, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.03% | 2,125 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.03% | 38,335 NS | May 31, 2026 | N-PORT |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.03% | 1,111 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.03% | 2,226 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.03% | 19,920 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.03% | 43,734 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.03% | 2,802 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.03% | 10,690 NS | April 30, 2026 | N-PORT |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 2,448 NS | May 31, 2026 | N-PORT |