NNN NNN REIT, Inc. Common Stock
$46.53
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$39–$50
69% of range
Analyst Rating
HOLD
26 analysts
Price Target
$48
+3% upside
P/E (TTM)
22.5
ROE
8.9%
Net Profit Margin
42.1%
About NNN REIT, Inc. Common Stock Company overview from Wikipedia
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
Read more
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
As of December 31, 2019, the company owned 3,118 properties containing 32.5 million square feet, 17.6% of the company's revenue was from properties in Texas, and 8.8% of the company's revenue was from properties in Florida.
## History
The company was formed in 1984 as Golden Corral Realty Corp. as a way for the owners of the Golden Corral restaurant chain to allow employees to invest in the company.
In 1993, the company split from Golden Corral, and changed its name to Commercial Net Lease Realty. The company also moved its listing to the New York Stock Exchange.
On January 1, 1998, the company merged with its former external adviser, CNL Realty Advisor Inc., and became a self-advised, self-managed REIT.
In February 2004, Craig Macnab was named chief executive officer of the company. In May 2004, he was also named president.
In 2005, the company acquired National Properties Corporation for $61 million.
In May 2006, the company changed its name to National Retail Properties, Inc.
In 2015, the company acquired 19 Frisch's restaurants in the Cincinnati, Ohio area for $47 million in a leaseback transaction. Eventually, they acquired the majority of the restaurants.
In April 2017, Craig Macnab retired and Jay Whitehurst became CEO & President of the company.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NNN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$46.53
Market Cap
$8.84B
P/E (TTM)
22.5
EPS (TTM)
$2.07
Revenue (TTM)
$926M
Div Yield
5.0%
ROE
8.9%
Debt/Equity
—
52W Range
$39 – $50
NNN 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
$926M
2016-12-31
→
2025-12-31
EPS
$2.07
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
42.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NNN
Peer Median
P/E (TTM)
22.5
26.9
P/S (TTM)
9.5
8.7
P/B
2.0
1.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NNN
Peer Median
Operating Margin
63.6%
—
Net Profit Margin
42.1%
30.4%
ROA
4.3%
3.6%
ROE
8.9%
7.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NNN
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NNN
Peer Median
Revenue YoY
6.6%
—
Revenue CAGR 3Y
6.2%
—
Revenue CAGR 5Y
7.0%
—
EPS YoY
-3.7%
—
Net Income YoY
-1.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NNN
Peer Median
Payout Ratio
113.7%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
5.0%
Payout Ratio
113.7%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $0.6200 |
| April 30, 2026 | $0.6000 |
| Jan. 30, 2026 | $0.6000 |
| Oct. 31, 2025 | $0.6000 |
| July 31, 2025 | $0.6000 |
| April 30, 2025 | $0.5800 |
| Jan. 31, 2025 | $0.5800 |
| Oct. 31, 2024 | $0.5800 |
| July 31, 2024 | $0.5800 |
| April 29, 2024 | $0.5650 |
| Jan. 30, 2024 | $0.5650 |
| Oct. 30, 2023 | $0.5650 |
| July 28, 2023 | $0.5650 |
| April 27, 2023 | $0.5500 |
| Jan. 30, 2023 | $0.5500 |
| Oct. 28, 2022 | $0.5500 |
| July 28, 2022 | $0.5500 |
| April 28, 2022 | $0.5300 |
| Jan. 28, 2022 | $0.5300 |
| Oct. 28, 2021 | $0.5300 |
NNN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
26 analysts
- Strong Buy 1 3.8%
- Buy 2 7.7%
- Hold 15 57.7%
- Sell 7 26.9%
- Strong Sell 1 3.8%
12-Month Price Target
15 analysts · 2026-08-17
Median
$48.00
Now
$46.53
Low
$45.00
High
$50.50
Median target
$48.00
+3.2%
Mean target
$47.80
+2.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.52 | $0.51 | 0.01% |
| March 31, 2026 | $0.50 | $0.51 | -0.01% |
| Dec. 31, 2025 | $0.51 | $0.49 | 0.02% |
| Sept. 30, 2025 | $0.51 | $0.48 | 0.03% |
| June 30, 2025 | $0.54 | $0.49 | 0.05% |
| March 31, 2025 | $0.51 | $0.48 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NNN | $7.53B | 19.1 | 6.6% | 42.1% | 8.9% | — |
| KIM | $13.66B | 9.0 | 5.1% | 27.3% | 5.6% | — |
| REG | $12.63B | 47.3 | 6.9% | 34.0% | 7.7% | — |
| FRT | $8.70B | 21.5 | 6.4% | 32.1% | 12.8% | — |
| ADC | $8.65B | 40.7 | 16.4% | 28.4% | 3.5% | — |
| BRX | $8.03B | 21.0 | 6.7% | 28.2% | 12.9% | — |
| MAC | $4.74B | -23.7 | 10.4% | -19.4% | -7.6% | — |
| PECO | $4.47B | 40.0 | 9.9% | 15.3% | 4.8% | — |
| KRG | $5.01B | 17.5 | 0.82% | 35.4% | 9.3% | — |
| SKT | — | 35.9 | — | — | — | — |
| CURB | $2.45B | 62.7 | 51.3% | 21.8% | 2.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $926M | $869M | $828M | $773M | $726M | $661M | $670M | $623M | $585M | $534M | $483M | $435M | |
| SG&A Expense | $47M | $44M | $44M | $42M | $45M | $38M | $38M | $34M | $34M | $37M | $35M | $33M | |
| Operating Expenses | $385M | $334M | $320M | $308M | $300M | $302M | $286M | $263M | $247M | $225M | $194M | $169M | |
| Operating Income | $589M | $578M | $555M | $483M | $449M | $374M | $417M | $425M | $374M | $336M | $289M | $266M | |
| Interest Expense | $204M | $184M | $164M | $148M | $138M | $129M | $120M | $116M | $109M | $96M | $90M | $86M | |
| Interest Income | $2M | $2M | $2M | $1M | $3M | $2M | $1M | $1M | $1M | $3M | $988.0K | $2M | |
| Other Non-op | $-200M | $-181M | $-163M | $-148M | $-159M | $-146M | $-117M | $-132M | $-109M | $-97M | $-91M | $-87M | |
| Pretax Income | · | · | · | · | · | · | · | · | $229M | $212M | $198M | $180M | |
| Income Tax | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $10M | $-75.0K | |
| Net Income | $390M | $397M | $392M | $335M | $290M | $229M | $299M | $292M | $265M | $240M | $198M | $191M | |
| EPS (Basic) | $2.07 | $2.16 | $2.16 | $1.89 | $1.51 | $1.22 | $1.56 | $1.65 | $1.45 | $1.39 | $1.21 | $1.24 | |
| EPS (Diluted) | $2.07 | $2.15 | $2.16 | $1.89 | $1.51 | $1.22 | $1.56 | $1.65 | $1.45 | $1.38 | $1.20 | $1.24 | |
| Shares (Basic) | 187,611,451 | 183,688,562 | 181,200,040 | 176,403,656 | 174,710,921 | 172,109,713 | 164,688,498 | 155,744,601 | 149,111,188 | 144,176,224 | 133,998,674 | 124,257,558 | |
| Shares (Diluted) | 187,986,798 | 184,043,841 | 181,689,723 | 177,067,865 | 174,818,899 | 172,217,077 | 165,083,679 | 156,295,619 | 149,432,641 | 144,660,633 | 134,489,416 | 124,710,226 | |
| EBITDA | $858M | $828M | $794M | $706M | $654M | $571M | $606M | $599M | $511M | $458M | $423M | $382M |
Balance Sheet 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5M | $9M | $1M | $3M | $171M | $267M | $1M | $114M | $1M | $295M | $14M | $11M | |
| Total Assets | $9.38B | $8.87B | $8.66B | $8.15B | $7.75B | $7.64B | $7.43B | $7.10B | $6.56B | $6.33B | $5.46B | $4.92B | |
| Total Liabilities | $4.97B | $4.51B | $4.50B | $4.02B | $3.85B | $3.32B | $3.10B | $2.95B | $2.72B | $2.42B | $2.12B | $1.83B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | |
| Paid-in Capital | $5.30B | $5.20B | $4.97B | $4.93B | $4.66B | $4.63B | $4.50B | $3.95B | $3.60B | $3.32B | $3.05B | $2.71B | |
| Retained Earnings | $-883M | $-829M | $-806M | $-794M | $-748M | $-645M | $-499M | $-424M | $-379M | $-319M | $-263M | $-197M | |
| AOCI | $-6M | $-8M | $-10M | $-13M | $-15M | $-16M | $-11M | $-6M | $-14M | $-8M | $-20M | $-9M | |
| Stockholders' Equity | $4.41B | $4.36B | $4.16B | $4.12B | $3.90B | $4.32B | $4.33B | $4.15B | $3.84B | $3.92B | $3.34B | $3.08B | |
| Liabilities + Equity | $9.38B | $8.87B | $8.66B | $8.15B | $7.75B | $7.64B | $7.43B | $7.10B | $6.56B | $6.33B | $5.46B | $4.92B | |
| Shares Outstanding | 189,937,404 | 187,540,929 | 182,474,770 | 181,424,670 | 175,635,792 | 175,232,971 | 171,694,209 | 161,503,585 | 153,577,028 | 147,149,945 | 141,007,725 | 132,010,104 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $268M | $250M | $239M | $224M | $205M | $197M | $189M | $174M | $174M | $149M | $135M | $116M | |
| Deferred Tax | · | · | · | · | · | · | · | · | $0 | $0 | $10M | $58.0K | |
| Amort. of Intangibles | · | · | · | · | · | · | · | $9M | $19M | $13M | · | · | |
| Other Non-cash | $9M | $-11M | $-19M | $20M | $73M | $25M | $14M | $5M | $-17M | $27M | $-2M | $-10M | |
| Operating Cash Flow | $667M | $636M | $612M | $578M | $568M | $450M | $502M | $472M | $422M | $415M | $341M | $297M | |
| Investing Cash Flow | $-748M | $-424M | $-681M | $-778M | $-432M | $-143M | $-619M | $-609M | $-626M | $-780M | $-645M | $-542M | |
| Stock Issued | $85M | $218M | $32M | $254M | $4M | $126M | $542M | $345M | $257M | $278M | $332M | $360M | |
| Net Stock Activity | $85M | $218M | $32M | $254M | $4M | $126M | $542M | $345M | $257M | $278M | $332M | $360M | |
| Dividends Paid | $443M | $420M | $404M | $381M | $367M | $356M | $334M | $303M | $277M | $257M | $229M | $204M | |
| Financing Cash Flow | $78M | $-207M | $67M | $35M | $-232M | $-41M | $5M | $250M | $-89M | $645M | $307M | $254M | |
| Net Change in Cash | $-3M | $4M | $-2M | $-165M | $-96M | $266M | $-113M | $113M | $-293M | $280M | $4M | $9M | |
| Taxes Paid | · | · | · | · | · | · | $0 | $0 | $-15.0K | $-155.0K | $234.0K | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 63.6% | 66.5% | 67.0% | 62.4% | 61.8% | 56.7% | 62.2% | 68.2% | 57.7% | 57.9% | 59.8% | 61.2% | |
| Net Margin | 42.1% | 45.6% | 47.4% | 43.3% | 39.9% | 34.6% | 44.6% | 47.0% | 45.3% | 44.9% | 41.0% | 43.8% | |
| Pretax Margin | · | · | · | · | · | · | · | · | 39.1% | 39.8% | 41.0% | 41.3% | |
| EBITDA Margin | 92.6% | 95.2% | 95.9% | 91.4% | 90.1% | 86.4% | 90.3% | 96.2% | 87.4% | 85.9% | 87.7% | 87.9% | |
| ROA | 4.3% | 4.5% | 4.7% | 4.2% | 3.8% | 3.0% | 4.1% | 4.3% | 4.1% | 4.1% | 3.8% | 4.1% | |
| ROE | 8.9% | 9.3% | 9.5% | 8.3% | 7.1% | 5.3% | 7.0% | 7.3% | 6.8% | 6.6% | 6.2% | 6.5% | |
| ROIC | · | · | · | · | · | · | · | · | 8.8% | 7.9% | 8.2% | 8.6% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 2.9 | 3.1 | 3.4 | 3.3 | 3.3 | 2.9 | 3.5 | 3.7 | 3.1 | 3.2 | 3.2 | 3.1 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.6% | 5.0% | 7.1% | 6.4% | 10.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 6.2% | 6.2% | 7.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -3.7% | -0.46% | 14.3% | 25.2% | 23.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 3.1% | 12.5% | 21.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 11.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -1.8% | 1.1% | 17.2% | 15.3% | 26.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 5.2% | 11.0% | 19.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 11.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $926M | $869M | $828M | $773M | $726M | $661M | $670M | $623M | $585M | $534M | $483M | $435M | |
| Net Income TTM | $390M | $397M | $392M | $335M | $290M | $229M | $299M | $292M | $265M | $240M | $198M | $191M | |
| Market Cap | $7.53B | $7.66B | $7.86B | $8.30B | $8.44B | $7.17B | $9.21B | $7.83B | $6.62B | $6.23B | $5.65B | $5.20B | |
| P/E | 19.1 | 19.0 | 20.0 | 24.2 | 31.8 | 33.5 | 34.4 | 29.4 | 29.7 | 32.0 | 33.4 | 31.8 | |
| P/S | 8.1 | 8.8 | 9.5 | 10.7 | 11.6 | 10.9 | 13.7 | 12.6 | 11.3 | 11.7 | 11.7 | 12.0 | |
| P/B | 1.7 | 1.8 | 1.9 | 2.0 | 2.2 | 1.7 | 2.1 | 1.9 | 1.7 | 1.6 | 1.7 | 1.7 | |
| P / Tangible Book | 1.7 | 1.8 | 1.9 | 2.0 | 2.2 | 1.7 | · | · | · | · | · | · | |
| P / Cash Flow | 11.3 | 12.1 | 12.8 | 14.4 | 14.9 | 15.9 | 18.3 | 16.6 | 15.7 | 15.0 | 16.6 | 17.5 | |
| Dividend Yield | 5.9% | 5.5% | 5.1% | 4.6% | 4.3% | 5.0% | 3.6% | 3.9% | 4.2% | 4.1% | 4.0% | 3.9% | |
| Earnings Yield | 5.2% | 5.3% | 5.0% | 4.1% | 3.1% | 3.0% | 2.9% | 3.4% | 3.4% | 3.1% | 3.0% | 3.1% | |
| Payout Ratio | 113.7% | 105.9% | 103.1% | 113.7% | 126.6% | 155.8% | 111.5% | 103.7% | 104.6% | 107.3% | 115.6% | 107.1% | |
| Annual Payout | $443M | $420M | $404M | $381M | $367M | $356M | $334M | $303M | $277M | $257M | $229M | $204M |
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 | $244M | $240M | $238M | $230M | $227M | $231M | $218M | $219M | $217M | $215M | $216M | $205M | $203M | $204M | $199M | $193M | |
| SG&A Expense | $14M | $14M | $12M | $11M | $11M | $13M | $9M | $11M | $12M | $13M | $11M | $10M | $11M | $12M | $11M | $10M | |
| Operating Expenses | $102M | $106M | $105M | $95M | $93M | $91M | $87M | $83M | $82M | $82M | $84M | $77M | $78M | $81M | $77M | $74M | |
| Operating Income | $151M | $147M | $149M | $147M | $150M | $144M | $144M | $144M | $152M | $138M | $140M | $148M | $139M | $129M | $128M | $125M | |
| Interest Expense | $53M | $53M | $54M | $53M | $49M | $48M | $47M | $46M | $47M | $44M | $43M | $42M | $40M | $39M | $38M | $37M | |
| Interest Income | $2M | $410.0K | $863.0K | $386.0K | $304.0K | $280.0K | $134.0K | $409.0K | $673.0K | $582.0K | $1M | $276.0K | $214.0K | $478.0K | $303.0K | $369.0K | |
| Other Non-op | $-53M | $-53M | $-53M | $-50M | $-49M | $-47M | $-46M | $-46M | $-46M | $-44M | $-43M | $-41M | $-40M | $-39M | $-38M | $-37M | |
| Net Income | $98M | $94M | $96M | $97M | $101M | $96M | $98M | $98M | $107M | $94M | $97M | $107M | $99M | $90M | $91M | $88M | |
| EPS (Basic) | $0.52 | $0.50 | $0.50 | $0.51 | $0.54 | $0.52 | $0.53 | $0.53 | $0.58 | $0.52 | $0.53 | $0.59 | $0.54 | $0.50 | $0.51 | $0.50 | |
| EPS (Diluted) | $0.52 | $0.50 | $0.51 | $0.51 | $0.54 | $0.51 | $0.52 | $0.53 | $0.58 | $0.52 | $0.53 | $0.59 | $0.54 | $0.50 | $0.51 | $0.50 | |
| Shares (Basic) | 189,078,464 | 189,031,812 | -373,959,050 | 187,838,711 | 186,876,693 | 186,855,097 | -364,551,613 | 184,007,176 | 182,438,791 | 181,794,208 | -362,135,767 | 181,398,273 | 181,092,031 | 180,845,503 | -350,226,229 | 176,900,786 | |
| Shares (Diluted) | 189,620,010 | 189,458,620 | -374,496,363 | 188,332,789 | 187,070,288 | 187,080,084 | -365,537,861 | 184,561,431 | 182,807,374 | 182,212,897 | -363,093,946 | 181,721,467 | 181,627,857 | 181,434,345 | -350,318,972 | 177,367,710 | |
| EBITDA | $151M | $217M | · | $147M | $150M | $208M | · | $144M | $152M | $199M | · | $148M | $139M | $188M | · | $125M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4M | $5M | $5M | $158M | $6M | $5M | $9M | $174M | $2M | $1M | · | $77M | $2M | $3M | · | $3M | |
| Total Assets | $9.61B | $9.42B | $9.38B | $9.48B | $9.15B | $9.02B | $8.87B | $8.92B | $8.73B | $8.71B | · | $8.56B | $8.35B | $8.24B | · | $7.95B | |
| Total Liabilities | $5.15B | $5.03B | $4.97B | $5.06B | $4.79B | $4.67B | $4.51B | $4.55B | $4.53B | $4.53B | · | $4.40B | $4.20B | $4.10B | · | $3.94B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Paid-in Capital | $5.38B | $5.30B | $5.30B | $5.29B | $5.22B | $5.20B | $5.20B | $5.19B | $5.01B | $5.00B | · | $4.97B | $4.96B | $4.95B | · | $4.80B | |
| Retained Earnings | $-918M | $-902M | $-883M | $-865M | $-849M | $-841M | $-829M | $-819M | $-811M | $-814M | · | $-800M | $-804M | $-803M | · | $-787M | |
| AOCI | $-671.0K | $-4M | $-6M | $-7M | $-7M | $-8M | $-8M | $-8M | $-9M | $-9M | · | $-11M | $-11M | $-12M | · | $-13M | |
| Stockholders' Equity | $4.46B | $4.40B | $4.41B | $4.42B | $4.36B | $4.36B | $4.36B | $4.37B | $4.19B | $4.17B | · | $4.16B | $4.15B | $4.13B | · | $4.01B | |
| Liabilities + Equity | $9.61B | $9.42B | $9.38B | $9.48B | $9.15B | $9.02B | $8.87B | $8.92B | $8.73B | $8.71B | · | $8.56B | $8.35B | $8.24B | · | $7.95B | |
| Shares Outstanding | 191,931,110 | 190,249,614 | 189,937,404 | 189,884,648 | 188,206,484 | 187,950,480 | 187,540,929 | 187,525,891 | 183,666,067 | 183,350,322 | · | 182,440,174 | 182,407,911 | 182,087,429 | · | 178,731,891 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $71M | $71M | $68M | $67M | $68M | $65M | $63M | $63M | $63M | $61M | $60M | $60M | $60M | $59M | $57M | $56M | |
| Other Non-cash | · | $22M | · | · | · | $42M | · | · | · | $36M | · | · | · | $32M | · | · | |
| Operating Cash Flow | $142M | $187M | $126M | $218M | $119M | $203M | $118M | $207M | $120M | $191M | $122M | $192M | $118M | $181M | $113M | $190M | |
| Investing Cash Flow | $-250M | $-106M | $-113M | $-248M | $-172M | $-215M | $-179M | $-106M | $-42M | $-98M | $-244M | $-148M | $-146M | $-142M | $-251M | $-197M | |
| Net Debt Issued | · | $0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | $75M | $699.0K | $2M | $72M | $11M | $655.0K | $647.0K | $182M | $13M | $22M | $800.0K | $763.0K | $14M | $17M | $123M | $98M | |
| Net Stock Activity | · | $699.0K | · | · | · | $655.0K | · | · | · | $22M | · | · | · | $17M | · | · | |
| Dividends Paid | $114M | $114M | $113M | $113M | $109M | $108M | $108M | $106M | $103M | $103M | $103M | $103M | $100M | $99M | $98M | $97M | |
| Financing Cash Flow | $108M | $-81M | $-166M | $182M | $53M | $8M | $-108M | $61M | $-63M | $-97M | $30M | $50M | $27M | $-40M | $141M | $7M | |
| Net Change in Cash | $-1M | $-425.0K | $-153M | $152M | $1M | $-4M | $-169M | $162M | $16M | $-4M | $-93M | $93M | $-74.0K | $-1M | $4M | $-12.0K |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 62.0% | 61.0% | · | 64.0% | 66.0% | 62.3% | · | 65.7% | 70.2% | 64.2% | · | 72.0% | 68.5% | 63.2% | · | 64.8% | |
| Net Margin | 40.1% | 39.1% | · | 42.1% | 44.3% | 41.8% | · | 44.8% | 49.2% | 43.8% | · | 52.1% | 48.7% | 44.2% | · | 45.7% | |
| EBITDA Margin | 62.0% | 90.4% | · | 64.0% | 66.0% | 90.3% | · | 65.7% | 70.2% | 92.3% | · | 72.0% | 68.5% | 92.2% | · | 64.8% | |
| ROA | 1.0% | 1.0% | · | 1.1% | 1.1% | 1.1% | · | 1.1% | 1.2% | 1.1% | · | 1.3% | 1.2% | 1.1% | · | 1.1% | |
| ROE | 2.2% | 2.1% | · | 2.2% | 2.4% | 2.3% | · | 2.3% | 2.6% | 2.3% | · | 2.6% | 2.5% | 2.2% | · | 2.1% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 2.8 | 2.8 | · | 2.8 | 3.0 | 3.0 | · | 3.1 | 3.3 | 3.1 | · | 3.6 | 3.5 | 3.3 | · | 3.4 |
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 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $942M | $928M | · | $906M | $893M | $882M | · | $856M | $840M | $827M | · | $805M | $791M | $779M | · | · | |
| Net Income TTM | $389M | $388M | · | $392M | $402M | $395M | · | $406M | $407M | $390M | · | $384M | $351M | $334M | · | · | |
| Market Cap | $8.93B | $8.00B | · | $8.08B | $8.13B | $8.02B | · | $9.09B | $7.82B | $7.84B | · | $6.45B | $7.81B | $8.04B | · | $7.12B | |
| P/E | 22.5 | 20.4 | · | 20.4 | 20.0 | 19.9 | · | 21.8 | 19.1 | 19.9 | · | 16.6 | 21.8 | 23.5 | · | · | |
| P/S | 9.5 | 8.6 | · | 8.9 | 9.1 | 9.1 | · | 10.6 | 9.3 | 9.5 | · | 8.0 | 9.9 | 10.3 | · | · | |
| P/B | 2.0 | 1.8 | · | 1.8 | 1.9 | 1.8 | · | 2.1 | 1.9 | 1.9 | · | 1.6 | 1.9 | 1.9 | · | 1.8 | |
| P / Tangible Book | 2.0 | 1.8 | · | 1.8 | 1.9 | 1.8 | · | 2.1 | 1.9 | 1.9 | · | 1.6 | 1.9 | 1.9 | · | 1.8 | |
| P / Cash Flow | · | 42.8 | · | · | · | 39.4 | · | · | · | 41.1 | · | · | · | 44.5 | · | · | |
| Dividend Yield | · | · | · | · | · | · | · | · | · | · | · | 5.9% | 4.9% | 4.8% | · | · | |
| Earnings Yield | 4.5% | 4.9% | · | 4.9% | 5.0% | 5.0% | · | 4.6% | 5.2% | 5.0% | · | 6.0% | 4.6% | 4.3% | · | · | |
| Payout Ratio | · | 120.8% | · | · | · | 112.3% | · | · | · | 108.8% | · | · | · | 110.2% | · | 109.7% | |
| Annual Payout | · | · | · | · | · | · | · | · | · | · | · | $382M | $382M | $382M | · | · |
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 | $926M | $869M | $828M | $773M | $726M |
| Operating Margin % | 63.6% | 66.5% | 67.0% | 62.4% | 61.8% |
| Net Income | $390M | $397M | $392M | $335M | $290M |
| Diluted EPS | $2.07 | $2.15 | $2.16 | $1.89 | $1.51 |
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Institutional owners (13F) 639 filers · $5.8B 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 |
|---|---|---|---|---|
| 101 (+15 vs prior Q) | 33 (-9 vs prior Q) | 240 (+23 vs prior Q) | 159 (+14 vs prior Q) | +43.4M |
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 |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $780,690,344 | 16,778,215 | 13.40% | Shares |
| STATE STREET CORP | $527,954,739 | 11,346,545 | 9.06% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $451,726,252 | 9,708,280 | 7.75% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $398,201,972 | 8,557,962 | 6.84% | Shares |
| FMR LLC | $320,301,894 | 6,883,772 | 5.50% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $266,209,204 | 5,721,238 | 4.57% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $169,225,835 | 3,636,035 | 2.91% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $144,945,045 | 3,115,088 | 2.49% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $122,554,343 | 2,633,878 | 2.10% | Shares |
| Quantinno Capital Management LP | $119,896,825 | 2,576,763 | 2.06% | Shares |
| NORGES BANK | $117,440,324 | 2,523,970 | 2.02% | Shares |
| RUSH ISLAND MANAGEMENT, LP | $115,119,454 | 2,474,091 | 1.98% | Shares |
| TWO SIGMA INVESTMENTS, LP | $89,739,852 | 1,928,645 | 1.54% | Shares |
| Daiwa Securities Group Inc. | $86,272,808 | 1,854,133 | 1.48% | Shares |
| EQUITY INVESTMENT CORP | $77,566,191 | 1,667,015 | 1.33% | Shares |
| GOLDMAN SACHS GROUP INC | $77,410,984 | 1,663,679 | 1.33% | Shares |
| JPMORGAN CHASE & CO | $71,236,525 | 1,505,103 | 1.22% | Shares |
| Jefferies Financial Group Inc. | $66,584,430 | 1,431,000 | 1.14% | Shares |
| BANK OF AMERICA CORP /DE/ | $57,743,731 | 1,241,000 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $55,893,976 | 1,201,246 | 0.96% | Shares |
| BlackRock, Inc. | $54,647,484 | 1,174,457 | 0.94% | Shares |
| Mondrian Investment Partners LTD | $52,283,109 | 1,123,643 | 0.90% | Shares |
| Hudson Bay Capital Management LP | $51,284,947 | 1,102,191 | 0.88% | Shares |
| Clearbridge Investments, LLC | $37,807,708 | 812,545 | 0.65% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $30,598,221 | 657,602 | 0.53% | Shares |
| RAYMOND JAMES FINANCIAL INC | $30,456,573 | 654,558 | 0.52% | Shares |
| IEQ CAPITAL, LLC | $29,423,207 | 632,349 | 0.51% | Shares |
| Arbejdsmarkedets Tillaegspension | $29,230,146 | 628,200 | 0.50% | Shares |
| ProShare Advisors LLC | $27,938,566 | 600,442 | 0.48% | Shares |
| Artisan Partners Limited Partnership | $27,415,662 | 589,204 | 0.47% | Shares |
| Fisher Asset Management, LLC | $26,741,814 | 574,722 | 0.46% | Shares |
| RHUMBLINE ADVISERS | $24,701,605 | 530,876 | 0.42% | Shares |
| AGF MANAGEMENT LTD | $24,620,977 | 529,142 | 0.42% | Shares |
| DEPRINCE RACE & ZOLLO INC | $24,175,992 | 575,208 | 0.42% | Shares |
| LASALLE INVESTMENT MANAGEMENT SECURITIES LLC | $23,852,860 | 512,634 | 0.41% | Shares |
| ALGERT GLOBAL LLC | $23,564,374 | 506,434 | 0.40% | Shares |
| APG Asset Management US Inc. | $23,301,300 | 500,350 | 0.40% | Shares |
| Sound Income Strategies, LLC | $22,933,434 | 492,874 | 0.39% | Shares |
| Epoch Investment Partners, Inc. | $22,777,412 | 489,521 | 0.39% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $21,984,913 | 472,489 | 0.38% | Shares |
| Gotham Asset Management, LLC | $21,833,923 | 469,244 | 0.37% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $20,556,954 | 441,800 | 0.35% | Shares |
| AMERIPRISE FINANCIAL INC | $20,073,508 | 431,410 | 0.34% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $20,068,296 | 431,298 | 0.34% | Shares |
| Corient Private Wealth LP | $18,815,479 | 404,373 | 0.32% | Shares |
| Mariner, LLC | $18,040,252 | 387,676 | 0.31% | Shares |
| Swiss National Bank | $17,765,154 | 381,800 | 0.30% | Shares |
| Nuveen Asset Management, LLC | $17,600,549 | 430,858 | 0.30% | Shares |
| Jain Global LLC | $16,953,531 | 364,357 | 0.29% | Shares |
| Gerald Baker Financial Group LLC | $16,124,911 | 346,549 | 0.28% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $15,819,456 | 339,984 | 0.27% | Shares |
| California Public Employees Retirement System | $15,779,021 | 339,115 | 0.27% | Shares |
| HSBC HOLDINGS PLC | $15,141,826 | 321,961 | 0.26% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $14,493,000 | 311,469 | 0.25% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $14,341,011 | 308,210 | 0.25% | Shares |
| MILLENNIUM MANAGEMENT LLC | $13,370,954 | 287,362 | 0.23% | Shares |
| CITADEL ADVISORS LLC | $13,217,265 | 284,059 | 0.23% | Shares |
| Asset Management One Co., Ltd. | $12,976,090 | 308,734 | 0.22% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $12,883,133 | 276,878 | 0.22% | Shares |
| Caisse de depot et placement du Quebec | $12,806,266 | 275,226 | 0.22% | Shares |
| Susquehanna Portfolio Strategies, LLC | $12,799,426 | 275,079 | 0.22% | Shares |
| M&G PLC | $12,768,161 | 271,663 | 0.22% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $12,045,860 | 258,884 | 0.21% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $12,042,549 | 258,813 | 0.21% | Shares |
| DANSKE BANK A/S | $11,779,163 | 253,152 | 0.20% | Shares |
| Schonfeld Strategic Advisors LLC | $11,468,713 | 246,480 | 0.20% | Shares |
| Allianz Asset Management GmbH | $11,421,719 | 245,470 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $11,394,963 | 271,115 | 0.20% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $11,252,536 | 241,834 | 0.19% | Shares |
| Amundi | $10,570,918 | 227,185 | 0.18% | Shares |
| Verition Fund Management LLC | $10,560,123 | 226,953 | 0.18% | Shares |
| LPL Financial LLC | $10,555,633 | 226,857 | 0.18% | Shares |
| Edgestream Partners, L.P. | $10,347,528 | 222,384 | 0.18% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $10,292,171 | 221,194 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,489,575 | 225,781 | 0.16% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $9,247,621 | 221,559 | 0.16% | Shares |
| Aberdeen Group plc | $9,178,322 | 197,256 | 0.16% | Shares |
| Retirement Systems of Alabama | $9,155,755 | 196,771 | 0.16% | Shares |
| UBS Group AG | $9,031,380 | 194,098 | 0.16% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $8,901,561 | 191,308 | 0.15% | Shares |
| Sanctuary Advisors, LLC | $8,825,092 | 189,665 | 0.15% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $8,688,174 | 186,722 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $8,379,913 | 180,097 | 0.14% | Shares |
| CWM, LLC | $8,170,715 | 194,402 | 0.14% | Shares |
| Vanguard Investments Australia, Ltd. | $8,099,803 | 174,077 | 0.14% | Shares |
| BARCLAYS PLC | $7,993,993 | 171,803 | 0.14% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $7,969,519 | 171,277 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $7,750,874 | 166,578 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $7,719,141 | 165,896 | 0.13% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $7,590,346 | 163,128 | 0.13% | Shares |
| Focus Partners Wealth | $7,201,524 | 154,771 | 0.12% | Shares |
| CHILTON CAPITAL MANAGEMENT LLC | $7,124,628 | 153,119 | 0.12% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $6,841,158 | 144,115 | 0.12% | Shares |
| VANGUARD GROUP INC | $6,825,435 | 172,229 | 0.12% | Shares |
| BERNZOTT CAPITAL ADVISORS | $6,751,402 | 156,355 | 0.12% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $6,690,781 | 143,795 | 0.11% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $6,173,743 | 132,683 | 0.11% | Shares |
| Point72 Asset Management, L.P. | $6,144,845 | 132,062 | 0.11% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $6,106,551 | 131,239 | 0.10% | Shares |
| OVERSEA-CHINESE BANKING Corp Ltd | $6,071,700 | 130,490 | 0.10% | Shares |
Company insiders 33 insiders · 15 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Stephen A Horn JR | President & CEO | March 9, 2026 S | 822,711 | 0 | 1 | $-1,492,976 |
| Julian E Whitehurst | President and CEO | Feb. 15, 2022 D | 587,306 | 0 | 0 | $0 |
| Craig Macnab | Chief Executive Officer | Feb. 24, 2017 S | 422,333 | 0 | 0 | $0 |
| Vincent H. Chao | EVP, Chief Financial Officer | Feb. 17, 2026 A | 115,280 | 0 | 0 | $0 |
| Kevin B Habicht | EVP, Chief Financial Officer | Feb. 17, 2025 D | 379,113 | 0 | 0 | $0 |
| Gary M Ralston | President & COO | June 24, 2004 M | 601,409 | 0 | 0 | $0 |
| COMMERCIAL NET LEASE REALTY INC | EVP & Chief Operating Officer | Dec. 1, 2005 A | 91,700 | 0 | 0 | $0 |
| Jonathan Adamo | EVP Chief Portfolio Operations | March 6, 2026 S | 126,358 | 0 | 1 | $-269,940 |
| Michelle Lynn Miller | EVP,Chief Acctg & Tech Officer | Feb. 20, 2026 S | 93,817 | 0 | 2 | $-598,120 |
| Joshua Phillip Lewis | EVP, CIO | Feb. 17, 2026 A | 81,990 | 0 | 0 | $0 |
| Gina M. Steffens | EVP, General Counsel | Feb. 17, 2026 A | 89,791 | 0 | 0 | $0 |
| Christopher Paul Tessitore | EVP | Dec. 13, 2023 S | 140,539 | 0 | 0 | $0 |
| Paul Eugene Bayer | Executive Officer | March 12, 2020 S | 116,900 | 0 | 0 | $0 |
| Dennis E Tracy | EVP - CNLRS Exchange I, Inc. | Feb. 21, 2006 D | 107,360 | 0 | 0 | $0 |
| David W Cobb | EVP of CNLR Services | April 21, 2004 A | 39,249 | 0 | 0 | $0 |
| Kamau Omari Witherspoon | Director | July 31, 2026 A | 24,049 | 0 | 0 | $0 |
| Elizabeth Gulacsy | Director | July 31, 2026 A | 17,772 | 0 | 0 | $0 |
| David M Fick | Director | July 31, 2026 A | 72,680 | 0 | 0 | $0 |
| Edward J Fritsch | Director | July 31, 2026 A | 65,614 | 0 | 0 | $0 |
| Beall Pamela K.M. | Director | July 31, 2026 A | 37,370 | 0 | 0 | $0 |
| Betsy D Holden | Director | July 31, 2026 A | 36,003 | 0 | 0 | $0 |
| Steven D Cosler | Director | Jan. 30, 2026 A | 67,123 | 0 | 0 | $0 |
| Don Defosset | Director | April 29, 2022 A | 69,627 | 0 | 0 | $0 |
| Sam L Susser | Director | April 30, 2020 A | 21,774 | 0 | 0 | $0 |
| Robert C Legler | Director | Oct. 31, 2018 A | 111,312 | 0 | 0 | $0 |
| Ted B Lanier | Director | May 12, 2016 G | 64,679 | 0 | 0 | $0 |
| Robert Martinez | Director | April 29, 2016 A | 63,165 | 0 | 0 | $0 |
| Richard B Jennings | Director | Jan. 29, 2016 A | 61,299 | 0 | 0 | $0 |
| Dennis Earl Gershenson | Director | April 29, 2011 A | 22,636 | 0 | 0 | $0 |
| Clifford R Hinkle | Director | Oct. 31, 2008 A | 41,933 | 0 | 0 | $0 |
| George Nicholas Beckwith III | Director | April 30, 2007 A | 4,700 | 0 | 0 | $0 |
| James M Seneff JR | — | Dec. 29, 2004 A | 715,081 | 0 | 0 | $0 |
| Robert A Bourne | — | Aug. 13, 2004 A | 552,345 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 112 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 |
|---|---|---|---|---|
| NETL · ETF Series Solutions | 7.96% | 87,908 NS | May 31, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 3.63% | 12,342 NS | April 30, 2026 | N-PORT |
| IRET · Tidal Trust II | 3.15% | 1,908 NS | April 30, 2026 | N-PORT |
| RDOG · ALPS ETF Trust | 1.98% | 4,966 NS | May 31, 2026 | N-PORT |
| FDV · Federated Hermes ETF Trust | 1.98% | 338,367 NS | April 30, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.60% | 253,716 | Aug. 8, 2026 | Daily |
| REGL · ProShares Trust | 1.57% | 593,565 NS | May 31, 2026 | N-PORT |
| TMDV · ProShares Trust | 1.55% | 1,540 NS | May 31, 2026 | N-PORT |
| RIET · ETF Series Solutions | 1.54% | 36,132 NS | May 31, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 1.46% | 10,121 NS | April 30, 2026 | N-PORT |
| PAYR · Federated Hermes ETF Trust | 1.30% | 10,884 NS | April 30, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.27% | 14,880 NS | April 30, 2026 | N-PORT |
| GQRE · FlexShares Trust | 1.00% | 87,465 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.84% | 51,922 SH | Aug. 8, 2026 | Daily |
| MMID · MFS Active Exchange Traded Funds Tr… | 0.83% | 6,384 NS | May 31, 2026 | N-PORT |
| FXED · Tidal Trust I | 0.78% | 6,981 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.73% | 201,119 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.72% | 710,986 SH | Aug. 8, 2026 | Daily |
| IYR · iShares Trust | 0.65% | 624,887 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.62% | 239,467 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.60% | 1,343,677 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.54% | 176,483 NS | April 30, 2026 | N-PORT |
| RCGE · EA Series Trust | 0.48% | 10,287 NS | April 30, 2026 | N-PORT |
| REET · iShares Trust | 0.48% | 517,250 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.47% | 7,241,248 SH | Aug. 8, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.43% | 18,128 NS | May 31, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.42% | 340,313 NS | April 30, 2026 | N-PORT |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.42% | 76,267 NS | May 31, 2026 | N-PORT |
| ERET · iShares Trust | 0.35% | 1,056 SH | Aug. 8, 2026 | Daily |
| MIDE · DBX ETF Trust | 0.34% | 256 NS | May 29, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.29% | 14,442 NS | April 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.29% | 93,099 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.29% | 551,603 SH | Aug. 8, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 28,636 NS | April 30, 2026 | N-PORT |
| XJH · iShares Trust | 0.28% | 25,711 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.28% | 41,960 SH | Aug. 8, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 28,275 NS | April 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.26% | 24,279 | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.25% | 6,564,277 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.24% | 21,791 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.24% | 307,594 SH | Aug. 8, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.23% | 9,412 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.22% | 31,849 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.21% | 64,786 NS | April 30, 2026 | N-PORT |
| IJK · iShares Trust | 0.21% | 479,019 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.20% | 80,720 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.20% | 105,626 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.19% | 2,769,891 SH | Aug. 8, 2026 | Daily |
| MVV · ProShares Trust | 0.18% | 6,563 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.16% | 3,146 NS | April 30, 2026 | N-PORT |