NMIH NMI Holdings Inc - Common Stock
$45.85
Price · Aug 19, 2026
Fundamentals as of Jul 31, 2026
52W Range
$35–$47
93% of range
Analyst Rating
BUY
14 analysts
Price Target
$49
+7% upside
P/E (TTM)
9.3
ROE
15.5%
Net Profit Margin
55.0%
NMIH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$45.85
Market Cap
$3.49B
P/E (TTM)
9.3
EPS (TTM)
$4.92
Revenue (TTM)
$706M
Div Yield
—
ROE
15.5%
Debt/Equity
—
52W Range
$35 – $47
NMIH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$706M
2016-12-31
→
2025-12-31
EPS
$4.92
2016-12-31
→
2025-12-31
Free Cash Flow
$413M
2016-12-31
→
2025-12-31
Margins
55.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NMIH
Peer Median
P/E (TTM)
9.3
10.8
P/S (TTM)
4.9
1.3
P/B
1.3
1.2
Price / FCF
8.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NMIH
Peer Median
Net Profit Margin
55.0%
9.4%
ROA
10.8%
1.1%
ROE
15.5%
11.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NMIH
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NMIH
Peer Median
Revenue YoY
8.5%
—
Revenue CAGR 3Y
10.5%
—
Revenue CAGR 5Y
10.3%
—
EPS YoY
11.1%
—
Net Income YoY
8.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NMIH
Peer Median
NMIH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 4 28.6%
- Buy 7 50.0%
- Hold 3 21.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-19
Median
$50.50
Mean
$49.17
Now
$45.85
Low
$43.00
High
$53.00
Median target
$50.50
+10.1%
Mean target
$49.17
+7.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.38 | $1.31 | 0.07% |
| March 31, 2026 | $1.28 | $1.26 | 0.02% |
| Dec. 31, 2025 | $1.20 | $1.21 | -0.01% |
| Sept. 30, 2025 | $1.21 | $1.23 | -0.02% |
| June 30, 2025 | $1.22 | $1.23 | -0.01% |
| March 31, 2025 | $1.28 | $1.12 | 0.16% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NMIH | $3.11B | 8.3 | 8.5% | 55.0% | 15.5% | — |
| ACT | $5.64B | 8.8 | 2.8% | 54.6% | 12.8% | — |
| MTG | $6.41B | 9.3 | 0.49% | 60.8% | 14.3% | — |
| RDN | $4.88B | 8.7 | -0.76% | 48.7% | 12.4% | — |
| PFSI | $6.86B | 14.2 | -25.2% | 2491.9% | 12.0% | — |
| MBIN | — | — | — | — | — | — |
| AGM | — | 10.6 | 8.9% | 50.8% | 12.7% | — |
| UWMC | — | 36.5 | 18.2% | 0.87% | 1.6% | — |
| WD | $2.01B | 36.7 | 9.0% | 4.6% | 3.2% | — |
| VEL | $822M | 7.5 | 36.8% | 56.5% | 17.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $706M | $651M | $579M | $523M | $485M | $433M | $379M | $275M | $183M | $124M | $54M | $19M | |
| Operating Expenses | $207M | $188M | $166M | $146M | $188M | $215M | $162M | $139M | $130M | $96M | $81M | $74M | |
| Interest Expense | · | · | $32M | $32M | $32M | $24M | $12M | $15M | $14M | $15M | $2M | · | |
| Other Non-op | · | · | · | · | · | · | · | $-16M | $-18M | $-17M | $-152.0K | $3M | |
| Pretax Income | $500M | $463M | $413M | $377M | $297M | $218M | $217M | $136M | $53M | $11M | $-28M | $-51M | |
| Income Tax | $111M | $103M | $91M | $84M | $66M | $47M | $45M | $28M | $31M | $-53M | $0 | $-2M | |
| Net Income | $389M | $360M | $322M | $293M | $231M | $172M | $172M | $108M | $22M | $64M | $-28M | $-49M | |
| EPS (Basic) | $5.01 | $4.51 | $3.91 | $3.45 | $2.70 | $2.20 | $2.54 | $1.66 | $0.37 | $1.08 | $-0.47 | $-0.84 | |
| EPS (Diluted) | $4.92 | $4.43 | $3.84 | $3.39 | $2.65 | $2.13 | $2.47 | $1.60 | $0.35 | $1.05 | $-0.47 | $-0.84 | |
| Shares (Basic) | 77,626,000 | 79,844,000 | 82,407,000 | 84,921,000 | 85,620,000 | 78,023,000 | 67,573,000 | 65,019,000 | 59,816,000 | 59,071,000 | 58,683,000 | 58,281,425 | |
| Shares (Diluted) | 79,038,000 | 81,273,000 | 83,854,000 | 85,999,000 | 86,885,000 | 79,263,000 | 69,721,000 | 67,652,000 | 62,186,000 | 60,829,000 | 58,683,000 | 58,281,425 | |
| EBITDA | $11M | $12M | $12M | $12M | $11M | $10M | $9M | $8M | $7M | $5M | $3M | $6M |
Balance Sheet 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | · | $19M | $48M | $57M | $103M | |
| PP&E (Net) | $22M | $26M | $30M | $32M | $32M | $30M | $26M | $25M | $23M | $20M | $15M | $12M | |
| PP&E (Gross) | $115M | $111M | $105M | $96M | $86M | $72M | $59M | $49M | $39M | $30M | $20M | $14M | |
| Accum. Depreciation | $94M | $85M | $75M | $64M | $53M | $43M | $33M | $24M | $16M | $10M | $5M | $2M | |
| Goodwill | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Total Assets | $3.84B | $3.35B | $2.94B | $2.52B | $2.45B | $2.17B | $1.36B | $1.09B | $895M | $840M | $662M | $463M | |
| Deferred Tax | $479M | $386M | $302M | $194M | $164M | $113M | $56M | $3M | $0 | · | · | · | |
| Total Liabilities | $1.25B | $1.13B | $1.01B | $902M | $885M | $797M | $434M | $391M | $386M | $364M | $260M | $36M | |
| Long-term Debt | · | · | · | $396M | $395M | $393M | $146M | $147M | $144M | $144M | $144M | $0 | |
| Paid-in Capital | $1.02B | $1.00B | $991M | $973M | $955M | $938M | $707M | $682M | $585M | $577M | $570M | $563M | |
| Retained Earnings | $1.97B | $1.58B | $1.22B | $901M | $608M | $377M | $205M | $33M | $-74M | $-97M | $-161M | $-133M | |
| Treasury Stock | $352M | $247M | $149M | $57M | $0 | · | · | · | · | · | · | · | |
| AOCI | $-46M | $-125M | $-140M | $-204M | $1M | $54M | $17M | $-15M | $-3M | $-5M | $-7M | $-4M | |
| Stockholders' Equity | $2.59B | $2.22B | $1.93B | $1.61B | $1.57B | $1.37B | $930M | $702M | $509M | $476M | $403M | $427M | |
| Liabilities + Equity | $3.84B | $3.35B | $2.94B | $2.52B | $2.45B | $2.17B | $1.36B | $1.09B | $895M | $840M | $662M | $463M | |
| Shares Outstanding | 76,285,242 | 78,601,000 | 80,881,000 | 83,550,000 | 85,793,000 | 85,163,000 | 68,358,074 | 66,318,849 | 60,517,512 | 59,145,161 | · | · |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $11M | $12M | $12M | $12M | $11M | $10M | $9M | $8M | $7M | $5M | $3M | $6M | |
| Stock-based Comp | $20M | $20M | $17M | $15M | $17M | $11M | $13M | $13M | $9M | $7M | $8M | $9M | |
| Deferred Tax | $72M | $81M | $91M | $84M | $66M | $47M | $45M | $26M | $30M | $-53M | $0 | $4.0K | |
| Other Non-cash | $-73M | $-79M | $-98M | $-91M | $1M | $14M | $-31M | $-9M | $-435.0K | $49M | $58M | $13M | |
| Operating Cash Flow | $419M | $394M | $343M | $313M | $326M | $253M | $208M | $146M | $68M | $72M | $41M | $-21M | |
| CapEx | $7M | $7M | $9M | $11M | $12M | $12M | $10M | $8M | $9M | $11M | $6M | $8M | |
| Investing Cash Flow | $-316M | $-339M | $-200M | $-290M | $-374M | $-630M | $-194M | $-221M | $-93M | $-80M | $-230M | $68M | |
| Debt Issued | $0 | $420M | $0 | $0 | $0 | $400M | $0 | $149M | $0 | $0 | $148M | $0 | |
| Net Debt Issued | $0 | $15M | · | $0 | · | $252M | $-2M | $2M | $-2M | $-2M | $148M | · | |
| Stock Issued | · | · | · | $0 | $0 | $220M | $0 | $79M | $0 | $0 | $0 | $1M | |
| Stock Repurchased | $105M | $98M | $92M | $57M | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | $-105M | $-98M | $-92M | $-57M | $0 | $220M | $0 | $79M | $183.0K | $532.0K | $415.0K | $1M | |
| Financing Cash Flow | $-113M | $-97M | $-90M | $-56M | $-2M | $463M | $2M | $81M | $-3M | $-2M | $143M | $-23.0K | |
| Net Change in Cash | $-10M | $-42M | $52M | $-32M | $-50M | $86M | $16M | $6M | $-29M | $-10M | $-46M | $47M | |
| Taxes Paid | $42M | $20M | $20.0K | $-20.0K | $457.0K | $70.0K | $64.0K | $867.0K | $1M | · | · | · | |
| Free Cash Flow | $413M | $387M | $333M | $303M | $313M | $240M | $198M | $138M | $59M | $60M | $35M | $-29M | |
| Levered FCF | · | · | $308M | $278M | $289M | $221M | $189M | $126M | $54M | · | · | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 55.0% | 55.3% | 55.6% | 56.0% | 47.6% | 39.6% | 45.4% | 39.2% | 12.1% | 53.2% | -51.8% | -220.2% | |
| Pretax Margin | 70.8% | 71.2% | 71.3% | 72.1% | 61.2% | 50.3% | 57.2% | 49.4% | 28.9% | 9.2% | -51.8% | -231.0% | |
| EBITDA Margin | 1.6% | 1.8% | 2.0% | 2.3% | 2.3% | 2.3% | 2.5% | 2.8% | 3.7% | 4.0% | 6.0% | 26.1% | |
| ROA | 10.8% | 11.5% | 11.8% | 11.8% | 10.0% | 9.7% | 14.0% | 10.9% | 2.5% | 8.8% | -4.9% | -10.4% | |
| ROE | 15.5% | 16.3% | 17.3% | 18.7% | 15.0% | 12.8% | 19.1% | 15.8% | 4.3% | 15.0% | -6.7% | -11.0% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.0 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.5% | 12.4% | 10.6% | 7.9% | 11.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 10.5% | 10.3% | 10.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.3% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 11.1% | 15.4% | 13.3% | 27.9% | 24.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 13.2% | 18.7% | 21.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 18.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 8.0% | 11.8% | 10.0% | 26.7% | 34.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 9.9% | 15.9% | 23.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 17.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $706M | $651M | $579M | $523M | $485M | $433M | $379M | $275M | $183M | $124M | $54M | $19M | |
| Net Income TTM | $389M | $360M | $322M | $293M | $231M | $172M | $172M | $108M | $22M | $64M | $-28M | $-49M | |
| Market Cap | $3.11B | $2.89B | $2.40B | $1.75B | $1.87B | $1.93B | $2.27B | $1.18B | $1.03B | · | · | · | |
| P/E | 8.3 | 8.3 | 7.7 | 6.2 | 8.2 | 10.6 | 13.4 | 11.2 | 48.6 | 10.1 | -14.4 | -10.9 | |
| P/S | 4.4 | 4.4 | 4.1 | 3.3 | 3.9 | 4.5 | 6.0 | 4.3 | 5.6 | · | · | · | |
| P/B | 1.2 | 1.3 | 1.2 | 1.1 | 1.2 | 1.4 | 2.4 | 1.7 | 2.0 | · | · | · | |
| P / Tangible Book | 1.2 | 1.3 | 1.2 | 1.1 | 1.2 | 1.4 | · | · | · | · | · | · | |
| P / Cash Flow | 7.4 | 7.3 | 7.0 | 5.6 | 5.8 | 7.6 | 10.9 | 8.1 | 15.2 | · | · | · | |
| P / FCF | 7.5 | 7.5 | 7.2 | 5.8 | 6.0 | 8.0 | 11.4 | 8.6 | 17.4 | · | · | · | |
| Earnings Yield | 12.1% | 12.0% | 12.9% | 16.2% | 12.1% | 9.4% | 7.4% | 9.0% | 2.1% | 9.9% | -6.9% | -9.2% |
Income Statement 11
| 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 | $188M | $183M | $181M | $179M | $174M | $173M | $167M | $166M | $162M | $156M | $151M | $148M | $143M | $137M | $133M | $131M | |
| Operating Expenses | $51M | $59M | $60M | $55M | $50M | $42M | $56M | $47M | $43M | $42M | $46M | $41M | $39M | $41M | $38M | $32M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $8M | $8M | $8M | $8M | $8M | $8M | $8M | |
| Pretax Income | $137M | $125M | $121M | $124M | $124M | $131M | $111M | $119M | $119M | $115M | $105M | $107M | $104M | $96M | $95M | $99M | |
| Income Tax | $31M | $26M | $27M | $28M | $27M | $29M | $25M | $27M | $27M | $26M | $22M | $23M | $24M | $22M | $22M | $22M | |
| Net Income | $106M | $99M | $94M | $96M | $96M | $103M | $86M | $93M | $92M | $89M | $83M | $84M | $80M | $74M | $73M | $77M | |
| EPS (Basic) | $1.40 | $1.30 | $1.23 | $1.24 | $1.23 | $1.31 | $1.09 | $1.17 | $1.15 | $1.10 | $1.03 | $1.02 | $0.97 | $0.89 | $0.87 | $0.91 | |
| EPS (Diluted) | $1.38 | $1.28 | $1.21 | $1.22 | $1.21 | $1.28 | $1.07 | $1.15 | $1.13 | $1.08 | $1.01 | $1.00 | $0.95 | $0.88 | $0.86 | $0.90 | |
| Shares (Basic) | 75,779,000 | 76,175,000 | -156,178,000 | 77,410,000 | 77,987,000 | 78,407,000 | -160,548,000 | 79,549,000 | 80,117,000 | 80,726,000 | -166,247,000 | 82,096,000 | 82,958,000 | 83,600,000 | -171,210,000 | 84,444,000 | |
| Shares (Diluted) | 76,585,000 | 77,435,000 | -158,906,000 | 78,830,000 | 79,256,000 | 79,858,000 | -163,171,000 | 81,045,000 | 81,300,000 | 82,099,000 | -168,846,000 | 83,670,000 | 84,190,000 | 84,840,000 | -173,373,000 | 85,485,000 | |
| EBITDA | · | $2M | · | · | · | $3M | · | · | · | $3M | · | · | · | $3M | · | · |
Balance Sheet 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $21M | $21M | $22M | $23M | $24M | $25M | $26M | $27M | $29M | $30M | · | $32M | $32M | $32M | · | $32M | |
| PP&E (Gross) | · | · | $115M | · | · | · | $111M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $94M | · | · | · | $85M | · | · | · | · | · | · | · | · | · | |
| Goodwill | · | · | $3M | · | · | · | $3M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $4.00B | $3.91B | $3.84B | $3.73B | $3.59B | $3.46B | $3.35B | $3.32B | $3.10B | $3.01B | · | $2.76B | $2.69B | $2.63B | · | $2.40B | |
| Deferred Tax | $511M | $492M | $479M | $463M | $441M | $419M | $386M | $381M | $348M | $323M | · | $257M | $242M | $223M | · | $167M | |
| Total Liabilities | $1.29B | $1.28B | $1.25B | $1.21B | $1.17B | $1.13B | $1.13B | $1.12B | $1.06B | $1.03B | · | $971M | $941M | $927M | · | $878M | |
| Paid-in Capital | $1.01B | $1.01B | $1.02B | $1.01B | $1.01B | $1.00B | $1.00B | $998M | $993M | $989M | · | $981M | $977M | $974M | · | $969M | |
| Retained Earnings | $2.18B | $2.07B | $1.97B | $1.88B | $1.78B | $1.69B | $1.58B | $1.50B | $1.40B | $1.31B | · | $1.14B | $1.06B | $976M | · | $828M | |
| Treasury Stock | $411M | $379M | $352M | $321M | $296M | $273M | $247M | $218M | $201M | $174M | · | $117M | $98M | $71M | · | $51M | |
| AOCI | $-74M | $-68M | $-46M | $-54M | $-73M | $-94M | $-125M | $-82M | $-151M | $-150M | · | $-214M | $-187M | $-172M | · | $-221M | |
| Stockholders' Equity | $2.71B | $2.63B | $2.59B | $2.51B | $2.42B | $2.32B | $2.22B | $2.20B | $2.05B | $1.98B | $1.93B | $1.79B | $1.75B | $1.71B | $1.61B | $1.53B | |
| Liabilities + Equity | $4.00B | $3.91B | $3.84B | $3.73B | $3.59B | $3.46B | $3.35B | $3.32B | $3.10B | $3.01B | · | $2.76B | $2.69B | $2.63B | · | $2.40B | |
| Shares Outstanding | 75,367,346 | 76,149,574 | 76,285,242 | 77,095,871 | 77,717,841 | 78,301,469 | 78,600,726 | 79,320,863 | 79,763,893 | 80,545,535 | 80,881,000 | 81,630,452 | 82,289,763 | 83,279,886 | 83,550,000 | 83,796,313 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $5M | $5M | $6M | $5M | $5M | $5M | $7M | $4M | $4M | $4M | $6M | $4M | $4M | $3M | $3M | $4M | |
| Other Non-cash | · | $10M | · | · | · | $-9M | · | · | · | $15M | · | · | · | $9M | · | · | |
| Operating Cash Flow | $143M | $116M | $62M | $128M | $128M | $101M | $36M | $128M | $118M | $112M | $30M | $121M | $102M | $90M | $32M | $108M | |
| CapEx | $2M | $1M | $2M | $2M | $2M | $2M | $1M | $1M | $2M | $2M | $1M | $3M | $3M | $2M | $3M | $2M | |
| Investing Cash Flow | $-108M | $-48M | $-118M | $-57M | $-94M | $-48M | $-86M | $-41M | $-175M | $-38M | $-82M | $2M | $-86M | $-34M | $-108M | $-34M | |
| Stock Repurchased | $32M | $28M | $31M | $25M | $24M | $26M | $29M | $17M | $27M | $25M | $32M | $19M | $26M | $15M | $5M | $21M | |
| Net Stock Activity | · | $-28M | · | · | · | $-26M | · | · | · | $-25M | · | · | · | $-15M | · | · | |
| Financing Cash Flow | $-33M | $-41M | $-31M | $-25M | $-24M | $-34M | $-29M | $-17M | $-20M | $-31M | $-28M | $-19M | $-26M | $-17M | $-6M | $-20M | |
| Net Change in Cash | $1M | $27M | $-87M | $46M | $10M | $20M | $-79M | $71M | $-77M | $43M | $-80M | $103M | $-10M | $39M | $-81M | $53M | |
| Taxes Paid | $14M | $32.0K | $10M | $9M | $23M | $0 | $11M | $9M | · | · | $-1.0K | $20.0K | · | · | $-20.0K | $0 | |
| Free Cash Flow | · | $115M | · | · | · | $99M | · | · | · | $109M | · | · | · | $88M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $103M | · | · | · | $82M | · | · |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 56.3% | 54.1% | · | 53.7% | 55.3% | 59.2% | · | 55.9% | 56.8% | 57.0% | · | 56.7% | 56.3% | 54.4% | · | 58.8% | |
| Pretax Margin | 72.9% | 68.1% | · | 69.2% | 71.1% | 75.8% | · | 71.8% | 73.2% | 73.3% | · | 72.4% | 72.9% | 70.3% | · | 75.5% | |
| EBITDA Margin | · | 1.4% | · | · | · | 1.7% | · | · | · | 1.9% | · | · | · | 2.1% | · | · | |
| ROA | 2.8% | 2.7% | · | 2.7% | 2.9% | 3.2% | · | 3.0% | 3.2% | 3.2% | · | 3.2% | 3.2% | 2.9% | · | 3.2% | |
| ROE | 4.1% | 4.0% | · | 4.1% | 4.3% | 4.8% | · | 4.7% | 4.9% | 4.8% | · | 5.1% | 4.9% | 4.6% | · | 5.1% |
Efficiency 1
| 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 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $724M | $709M | · | $692M | $675M | $658M | · | $633M | $609M | $584M | · | $558M | $542M | $527M | · | $514M | |
| Net Income TTM | $397M | $394M | · | $388M | $384M | $376M | · | $357M | $348M | $337M | · | $312M | $305M | $300M | · | $280M | |
| Market Cap | $3.10B | $2.86B | · | $2.96B | $3.28B | $2.82B | · | $3.27B | $2.72B | $2.60B | · | $2.21B | $2.12B | $1.86B | · | $1.71B | |
| P/E | 8.1 | 7.5 | · | 7.9 | 8.8 | 7.8 | · | 9.4 | 8.1 | 8.0 | · | 7.3 | 7.2 | 6.4 | · | 6.3 | |
| P/S | 4.3 | 4.0 | · | 4.3 | 4.9 | 4.3 | · | 5.2 | 4.5 | 4.5 | · | 4.0 | 3.9 | 3.5 | · | 3.3 | |
| P/B | 1.1 | 1.1 | · | 1.2 | 1.4 | 1.2 | · | 1.5 | 1.3 | 1.3 | · | 1.2 | 1.2 | 1.1 | · | 1.1 | |
| P / Tangible Book | 1.1 | 1.1 | · | 1.2 | 1.4 | 1.2 | · | 1.5 | 1.3 | 1.3 | · | 1.2 | 1.2 | 1.1 | · | 1.1 | |
| P / Cash Flow | · | 24.6 | · | · | · | 27.9 | · | · | · | 23.3 | · | · | · | 20.7 | · | · | |
| P / FCF | · | 24.8 | · | · | · | 28.4 | · | · | · | 23.8 | · | · | · | 21.1 | · | · | |
| Earnings Yield | 12.4% | 13.3% | · | 12.7% | 11.3% | 12.9% | · | 10.6% | 12.4% | 12.5% | · | 13.6% | 13.9% | 15.7% | · | 15.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $706M | $651M | $579M | $523M | $485M |
| Net Income | $389M | $360M | $322M | $293M | $231M |
| Diluted EPS | $4.92 | $4.43 | $3.84 | $3.39 | $2.65 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $413M | $387M | $333M | $303M | $313M |
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Institutional owners (13F) 378 filers · $2.0B 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 |
|---|---|---|---|---|
| 48 (+2 vs prior Q) | 40 (+8 vs prior Q) | 128 (-11 vs prior Q) | 118 (-9 vs prior Q) | -832K |
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 |
|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LP | $182,359,187 | 4,438,044 | 9.31% | Shares |
| STATE STREET CORP | $142,932,510 | 3,478,523 | 7.29% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $140,535,936 | 3,420,198 | 7.17% | Shares |
| AMERICAN CENTURY COMPANIES INC | $125,185,780 | 3,046,624 | 6.39% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $119,237,099 | 2,901,852 | 6.09% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $77,382,000 | 1,883,225 | 3.95% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $75,032,141 | 1,825,673 | 3.83% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $54,007,676 | 1,314,375 | 2.76% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $41,582,217 | 1,011,979 | 2.12% | Shares |
| DONALD SMITH & CO., INC. | $36,261,720 | 882,495 | 1.85% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $35,375,162 | 860,919 | 1.81% | Shares |
| FMR LLC | $34,080,416 | 829,409 | 1.74% | Shares |
| Public Sector Pension Investment Board | $29,126,646 | 708,850 | 1.49% | Shares |
| Clearbridge Investments, LLC | $29,119,886 | 708,685 | 1.49% | Shares |
| Assenagon Asset Management S.A. | $27,934,585 | 679,839 | 1.43% | Shares |
| BARCLAYS PLC | $27,473,020 | 668,606 | 1.40% | Shares |
| Allianz Asset Management GmbH | $27,077,756 | 721,881 | 1.38% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $25,342,997 | 616,768 | 1.29% | Shares |
| AMERIPRISE FINANCIAL INC | $24,070,768 | 585,806 | 1.23% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $20,803,949 | 506,302 | 1.06% | Shares |
| CITADEL ADVISORS LLC | $19,359,225 | 471,142 | 0.99% | Shares |
| MILLENNIUM MANAGEMENT LLC | $18,612,414 | 452,967 | 0.95% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $18,527,481 | 450,900 | 0.95% | Shares |
| Qube Research & Technologies Ltd | $17,195,713 | 418,489 | 0.88% | Shares |
| D. E. Shaw & Co., Inc. | $17,067,882 | 415,378 | 0.87% | Shares |
| WINMILL & CO. INC | $15,582,396 | 379,226 | 0.80% | Shares |
| TWO SIGMA INVESTMENTS, LP | $15,438,622 | 375,727 | 0.79% | Shares |
| MUHLENKAMP & CO INC | $15,144,048 | 368,558 | 0.77% | Shares |
| BANK OF AMERICA CORP /DE/ | $14,799,385 | 360,170 | 0.76% | Shares |
| River Road Asset Management, LLC | $14,723,780 | 358,330 | 0.75% | Shares |
| Cubist Systematic Strategies, LLC | $14,640,525 | 381,860 | 0.75% | Shares |
| Walleye Capital LLC | $14,439,149 | 351,403 | 0.74% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $14,403,812 | 350,543 | 0.74% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $14,012,758 | 341,026 | 0.72% | Shares |
| Aberdeen Group plc | $13,535,005 | 329,399 | 0.69% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $12,182,363 | 296,480 | 0.62% | Shares |
| First Eagle Investment Management, LLC | $11,869,627 | 288,869 | 0.61% | Shares |
| GOLDMAN SACHS GROUP INC | $11,376,999 | 276,880 | 0.58% | Shares |
| BlackRock, Inc. | $11,265,810 | 274,174 | 0.57% | Shares |
| Edgestream Partners, L.P. | $10,735,913 | 261,278 | 0.55% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $10,570,403 | 257,250 | 0.54% | Shares |
| TUDOR INVESTMENT CORP ET AL | $10,107,647 | 245,988 | 0.52% | Shares |
| Leeward Investments, LLC - MA | $9,996,129 | 243,274 | 0.51% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $9,386,887 | 228,447 | 0.48% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $9,188,053 | 223,608 | 0.47% | Shares |
| FRANKLIN RESOURCES INC | $8,201,194 | 199,591 | 0.42% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $8,146,133 | 198,251 | 0.42% | Shares |
| DENALI ADVISORS LLC | $8,139,929 | 198,100 | 0.42% | Shares |
| TWO SIGMA ADVISERS, LP | $7,917,339 | 194,100 | 0.40% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $7,868,652 | 191,498 | 0.40% | Shares |
| RENAISSANCE GROUP LLC | $7,763,380 | 188,936 | 0.40% | Shares |
| Brandywine Global Investment Management, LLC | $7,752,303 | 190,054 | 0.40% | Shares |
| RHUMBLINE ADVISERS | $7,550,305 | 183,751 | 0.39% | Shares |
| Focus Partners Wealth | $6,806,476 | 165,648 | 0.35% | Shares |
| Dana Investment Advisors, Inc. | $6,777,426 | 164,941 | 0.35% | Shares |
| Swiss National Bank | $6,289,811 | 153,074 | 0.32% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $6,134,532 | 149,295 | 0.31% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $5,993,716 | 145,868 | 0.31% | Shares |
| Jump Financial, LLC | $5,978,595 | 145,500 | 0.31% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $5,948,073 | 158,573 | 0.30% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $5,868,761 | 142,827 | 0.30% | Shares |
| Point72 Asset Management, L.P. | $5,696,923 | 138,645 | 0.29% | Shares |
| ROYCE & ASSOCIATES LP | $5,489,213 | 133,590 | 0.28% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $5,177,997 | 126,016 | 0.26% | Shares |
| Emerald Investment Advisers, LLC | $4,920,158 | 119,741 | 0.25% | Shares |
| ASSETMARK, INC | $4,851,373 | 118,067 | 0.25% | Shares |
| Legal & General Group Plc | $4,786,163 | 116,480 | 0.24% | Shares |
| ALGERT GLOBAL LLC | $4,593,985 | 111,803 | 0.23% | Shares |
| CREDIT AGRICOLE S A | $4,444,212 | 108,158 | 0.23% | Shares |
| IEQ CAPITAL, LLC | $4,020,205 | 97,839 | 0.21% | Shares |
| Trexquant Investment LP | $3,717,166 | 90,464 | 0.19% | Shares |
| RAYMOND JAMES FINANCIAL INC | $3,671,761 | 89,359 | 0.19% | Shares |
| FIFTH THIRD BANCORP | $3,671,720 | 89,358 | 0.19% | Shares |
| Ellis Investment Partners, LLC | $3,659,927 | 89,071 | 0.19% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,578,199 | 87,082 | 0.18% | Shares |
| Livforsakringsbolaget Skandia, Omsesidigt | $3,541,958 | 86,200 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,473,238 | 92,595 | 0.18% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,432,124 | 83,527 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,336,965 | 88,962 | 0.17% | Shares |
| Cresset Asset Management, LLC | $3,250,938 | 79,118 | 0.17% | Shares |
| Amundi | $3,071,806 | 74,758 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,044,029 | 74,082 | 0.16% | Shares |
| CWA Asset Management Group, LLC | $2,660,126 | 64,739 | 0.14% | Shares |
| VANGUARD GROUP INC | $2,656,245 | 65,120 | 0.14% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $2,629,554 | 63,995 | 0.13% | Shares |
| Pinnacle Holdings, LLC | $2,582,178 | 62,842 | 0.13% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $2,529,377 | 61,557 | 0.13% | Shares |
| Horizon Investments, LLC | $2,417,530 | 58,835 | 0.12% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $2,369,355 | 57,663 | 0.12% | Shares |
| Vanguard Global Advisers, LLC | $2,363,990 | 57,532 | 0.12% | Shares |
| Polaris Capital Management, LLC | $2,288,713 | 55,700 | 0.12% | Shares |
| Mariner, LLC | $2,242,946 | 54,586 | 0.11% | Shares |
| OSSIAM | $2,214,751 | 53,900 | 0.11% | Shares |
| NewEdge Wealth, LLC | $2,157,513 | 52,507 | 0.11% | Shares |
| Elo Mutual Pension Insurance Co | $2,149,993 | 52,324 | 0.11% | Shares |
| KLP KAPITALFORVALTNING AS | $2,144,898 | 52,200 | 0.11% | Shares |
| Nebula Research & Development LLC | $2,099,670 | 49,767 | 0.11% | Shares |
| Moran Wealth Management, LLC | $2,052,281 | 49,946 | 0.10% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $2,027,508 | 49,706 | 0.10% | Shares |
| AlphaQuest LLC | $1,954,453 | 47,915 | 0.10% | Shares |
Company insiders 7 insiders · 1 officers · 3 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Bradley M Shuster | Executive Chairman | March 23, 2026 M | 415,411 | 0 | 6 | $-5,820,856 |
| Michael J Embler | Director | May 14, 2026 A | 50,558 | 0 | 1 | $-738,000 |
| Steven Scheid | Director | May 14, 2026 A | 8,951 | 0 | 2 | $-1,566,582 |
| Claren Road Asset Management, LLC | 10% owner | Aug. 5, 2015 S | 4,000,000 | 0 | 0 | $0 |
| Aurora Swithenbank | — | Aug. 11, 2026 S | 50,734 | 0 | 1 | $-519,076 |
| Robert Owen Smith | — | Aug. 3, 2026 S | 96,381 | 0 | 1 | $-535,800 |
| John C Erickson | — | May 14, 2026 A | 21,832 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Hayman Capital Management, L.P., Hayman Investments, L.L.C., J Kyle Bass ×5 filings | Dec. 12, 2016 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 79 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 |
|---|---|---|---|---|
| SCOW · Pacer Funds Trust | 2.02% | 806 NS | April 30, 2026 | N-PORT |
| GSC · Goldman Sachs ETF Trust | 1.17% | 82,149 NS | May 31, 2026 | N-PORT |
| SAWS · ETF Series Solutions | 1.08% | 1,966 NS | April 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.61% | 29,133 NS | April 30, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.46% | 3,630 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.40% | 21,079 NS | May 31, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 0.39% | 259 NS | June 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.33% | 2,487,003 NS | May 31, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.30% | 8,301 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.30% | 92,543 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.25% | 723 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 33,707 NS | April 30, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.20% | 112,601 NS | June 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.17% | 326,843 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.16% | 548,779 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 28,181 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.13% | 102,941 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.13% | 2,751 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.13% | 4,503 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.12% | 74,413 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.12% | 911 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.09% | 33,401 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.09% | 24,615 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.08% | 289,204 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.07% | 3,622 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.06% | 146,412 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 364,201 NS | May 31, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.05% | 9,237 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.04% | 2,832 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.04% | 20,147 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.03% | 15,708 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.03% | 2,869 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.03% | 3,683 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.03% | 2,813 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.02% | 10,215 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.02% | 63,146 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.02% | 58,183 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,127 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 149,559 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 72 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 6,767 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 26,218 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 16,340 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 23,239 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.00% | 1,525 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 44,558 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |