NOG Northern Oil and Gas, Inc. Common Stock
$27.21
Price · Aug 20, 2026
Fundamentals as of Aug 7, 2026
52W Range
$17–$31
72% of range
Analyst Rating
HOLD
13 analysts
Price Target
$31
+14% upside
P/E (TTM)
75.9
ROE
1.7%
Net Profit Margin
1.6%
NOG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$27.21
Market Cap
$2.88B
P/E (TTM)
75.9
EPS (TTM)
$0.39
Revenue (TTM)
$2.48B
Div Yield
6.0%
ROE
1.7%
Debt/Equity
—
52W Range
$17 – $31
NOG 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
$2.48B
2016-12-31
→
2025-12-31
EPS
$0.39
2016-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2018-12-31
Margins
1.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NOG
Peer Median
P/E (TTM)
75.9
19.5
P/S (TTM)
1.2
2.2
P/B
1.4
1.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NOG
Peer Median
Operating Margin
9.9%
—
Net Profit Margin
1.6%
17.1%
ROA
0.70%
6.0%
ROE
1.7%
11.0%
ROIC
7.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NOG
Peer Median
Current Ratio
1.1
1.5
Quick Ratio
0.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NOG
Peer Median
Revenue YoY
11.2%
—
Revenue CAGR 3Y
16.4%
—
Revenue CAGR 5Y
35.0%
—
EPS YoY
-92.4%
—
Net Income YoY
-92.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NOG
Peer Median
Payout Ratio
447.4%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
6.0%
Payout Ratio
447.4%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 29, 2026 | $0.4500 |
| March 30, 2026 | $0.4500 |
| Dec. 30, 2025 | $0.4500 |
| Sept. 29, 2025 | $0.4500 |
| June 27, 2025 | $0.4500 |
| March 28, 2025 | $0.4500 |
| Dec. 30, 2024 | $0.4200 |
| Sept. 27, 2024 | $0.4200 |
| June 27, 2024 | $0.4000 |
| March 27, 2024 | $0.4000 |
| Dec. 27, 2023 | $0.4000 |
| Sept. 27, 2023 | $0.3800 |
| June 28, 2023 | $0.3700 |
| March 29, 2023 | $0.3400 |
| Dec. 28, 2022 | $0.3000 |
| Sept. 28, 2022 | $0.2500 |
| June 28, 2022 | $0.1900 |
| March 29, 2022 | $0.1400 |
| Dec. 29, 2021 | $0.0800 |
| Sept. 29, 2021 | $0.0450 |
NOG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 4 30.8%
- Buy 3 23.1%
- Hold 5 38.5%
- Sell 1 7.7%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-14
Median
$29.00
Mean
$30.89
Now
$27.21
Low
$25.00
High
$36.00
Median target
$29.00
+6.6%
Mean target
$30.89
+13.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.16%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.13 | $1.05 | 0.08% |
| March 31, 2026 | $0.74 | $0.69 | 0.05% |
| Dec. 31, 2025 | $0.83 | $0.78 | 0.05% |
| Sept. 30, 2025 | $1.03 | $0.87 | 0.16% |
| June 30, 2025 | $1.37 | $0.97 | 0.40% |
| March 31, 2025 | $1.33 | $1.13 | 0.20% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NOG | $2.09B | 55.1 | 11.2% | 1.6% | 1.7% | — |
| BSM | — | — | 8.3% | 63.8% | — | — |
| GPOR | $3.91B | 9.7 | 48.5% | 30.1% | 23.8% | — |
| TALO | $1.86B | -3.9 | -9.8% | -27.8% | -21.1% | — |
| BKV | $2.63B | 13.2 | 47.9% | — | 10.3% | — |
| MNR | — | 10.1 | 21.2% | 12.2% | — | — |
| KRP | — | — | 7.9% | 29.8% | — | — |
| KOS | — | -0.6 | -23.1% | -54.3% | -90.5% | — |
| PBT | — | — | — | — | — | — |
| COP | — | 14.7 | 7.7% | 13.6% | 12.3% | — |
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 | $2.48B | $2.23B | $2.17B | $1.57B | $497M | $552M | $472M | $679M | $209M | $145M | $275M | $595M | |
| Cost of Revenue | $474M | $430M | $347M | $261M | $171M | $116M | $119M | $67M | $50M | $46M | · | · | |
| SG&A Expense | $61M | $50M | $47M | $47M | $30M | $19M | $24M | $15M | $19M | $15M | $19M | $18M | |
| Operating Expenses | $2.23B | $1.39B | $1.04B | $717M | $419M | $1.39B | $417M | $246M | $149M | $374M | $1.39B | $290M | |
| Operating Income | $246M | $838M | $1.12B | $853M | $78M | $-841M | $56M | $433M | $60M | $-229M | $-1.12B | $305M | |
| Interest Expense | · | · | $136M | $80M | $59M | $59M | $79M | $86M | $70M | $64M | $58M | $42M | |
| Other Non-op | $637.0K | $440.0K | $5M | $-185.0K | $-9.0K | $-12.0K | $158.0K | $891.0K | $116.0K | $-15.9K | $-30.1K | $47.4K | |
| Pretax Income | $63M | $681M | $1.00B | $776M | $7M | $-906M | $-76M | $144M | $-11M | $-295M | $-1.18B | $263M | |
| Income Tax | $24M | $161M | $78M | $3M | $233.0K | $-166.0K | $0 | $-55.0K | $-2M | $-1M | $-202M | $99M | |
| Net Income | $39M | $520M | $923M | $773M | $6M | $-906M | $-76M | $144M | $-9M | $-293M | $-975M | $164M | |
| EPS (Basic) | $0.40 | $5.21 | $10.09 | $9.26 | $-0.13 | $-21.55 | $-2.00 | $6.08 | $-0.15 | $-4.80 | $-16.08 | $2.70 | |
| EPS (Diluted) | $0.39 | $5.14 | $10.03 | $8.92 | $-0.13 | $-21.55 | $-2.00 | $6.07 | $-0.15 | $-4.80 | $-16.08 | $2.69 | |
| Shares (Basic) | 97,711,444 | 99,852,539 | 91,483,687 | 78,557,216 | 62,989,543 | 42,744,639 | 38,708,460 | 23,620,646 | 62,408,855 | 61,173,547 | 60,652,447 | 60,691,701 | |
| Shares (Diluted) | 99,314,382 | 101,267,625 | 92,060,947 | 86,675,365 | 62,989,543 | 42,744,639 | 38,708,460 | 23,677,391 | 62,408,855 | 61,173,547 | 60,652,447 | 60,860,769 | |
| EBITDA | $246M | $838M | $1.12B | $853M | $78M | $-841M | · | $433M | · | $-229M | $-1.12B | $305M |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14M | $9M | $8M | $3M | $10M | $1M | $16M | $2M | $102M | $6M | $3M | $9M | |
| Receivables | $350M | $390M | $371M | $271M | $194M | $71M | $108M | $96M | $47M | $36M | $51M | $86M | |
| Prepaid Expense | $37M | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $586M | $501M | $509M | $320M | $215M | $126M | $133M | $228M | $153M | $47M | $122M | $226M | |
| PP&E (Net) | $4.75B | $5.08B | $3.93B | $2.48B | $1.25B | $735M | $1.75B | $1.20B | $473M | $376M | $589M | $1.76B | |
| PP&E (Gross) | · | $10.36B | $8.47B | $6.54B | $5.06B | $4.41B | $4.19B | $3.44B | $2.59B | $2.43B | $2.35B | $2.22B | |
| Accum. Depreciation | · | $5.28B | $4.54B | $4.06B | $3.81B | $3.67B | $2.44B | $2.23B | $2.11B | $2.06B | $1.76B | $458M | |
| Other Non-current Assets | $74M | $11M | $15M | $16M | $12M | $11M | $15M | $10M | $5M | $8M | $10M | · | |
| Total Assets | $5.41B | $5.60B | $4.48B | $2.88B | $1.52B | $872M | $1.91B | $1.50B | $632M | $432M | $721M | $2.03B | |
| Accounts Payable | $219M | $203M | $193M | $129M | $65M | $36M | $69M | $55M | $93M | $56M | $65M | $232M | |
| Accrued Liabilities | $321M | $291M | $148M | $122M | $106M | $69M | $110M | $83M | $6M | $6M | $8M | $7M | |
| Current Liabilities | $539M | $544M | $386M | $345M | $328M | $182M | $203M | $232M | $124M | $77M | $78M | $286M | |
| Deferred Tax | $248M | $228M | $68M | $0 | · | · | · | · | $135.2K | $156.6K | $0 | $158M | |
| Other Non-current Liabilities | $2M | $2M | $3M | $2M | $3M | $50.0K | $345.0K | $105.0K | $135.2K | $156.6K | $0 | $5M | |
| Total Liabilities | $3.28B | $3.28B | $2.44B | $2.13B | $1.31B | $1.10B | $1.35B | $1.07B | $1.12B | $919M | $919M | $1.26B | |
| Long-term Debt | $2.40B | $2.37B | $1.84B | $1.53B | $803M | $945M | $1.12B | $830M | $979M | $833M | $835M | · | |
| Total Debt | · | · | · | · | $803M | $945M | · | · | · | · | · | · | |
| Common Stock | $499.0K | $501.0K | $503.0K | $487.0K | $479.0K | $448.0K | $406.0K | $378.0K | $66.8K | $63.3K | $63.1K | $61.1K | |
| Paid-in Capital | · | · | $2.12B | $1.75B | $1.99B | $1.56B | $1.43B | $1.23B | $450M | $444M | $440M | $433M | |
| Retained Earnings | $481M | $443M | $-78M | $-1.00B | $-1.77B | $-1.78B | $-873M | $-797M | $-941M | $-931M | $-638M | $337M | |
| AOCI | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $2.13B | $2.32B | $2.05B | $745M | $215M | $-223M | $559M | $430M | $-491M | $-487M | $-198M | $771M | |
| Liabilities + Equity | $5.41B | $5.60B | $4.48B | $2.88B | $1.52B | $872M | $1.91B | $1.50B | $632M | $432M | $721M | $2.03B | |
| Shares Outstanding | 97,265,559 | 99,113,645 | 100,761,148 | 85,165,807 | 77,341,921 | 45,908,779 | 40,608,518 | 378,333,070 | 66,792,000 | 63,259,781 | 63,120,384 | 61,066,712 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | $100.0K | $200.0K | $200.0K | $300.0K | $300.0K | |
| Stock-based Comp | $15M | $12M | $6M | $6M | $4M | $4M | $8M | $4M | $3M | $3M | $5M | $3M | |
| Deferred Tax | $24M | $160M | $77M | $-571.0K | $233.0K | $210.0K | $210.0K | $365.0K | $-785.0K | $0 | $-202M | $96M | |
| Restructuring | · | · | · | · | · | · | · | · | · | $0 | $523.5K | · | |
| Operating Cash Flow | $1.51B | $1.41B | $1.18B | $928M | $396M | $332M | $340M | $244M | $73M | $102M | $247M | $274M | |
| CapEx | · | · | · | · | · | · | · | $86.8K | $4.0K | $214.7K | $90.8K | $169.0K | |
| Investing Cash Flow | $-1.25B | $-1.67B | $-1.86B | $-1.40B | $-634M | $-284M | $-569M | $-475M | $-119M | · | · | · | |
| Debt Issued | · | · | · | · | · | $0 | $0 | $60M | $300M | $0 | $0 | · | |
| Net Debt Issued | · | · | · | · | · | $0 | · | $60M | · | · | · | · | |
| Stock Issued | $0 | $0 | $515M | $0 | $438M | $0 | $0 | $142M | $0 | $0 | · | · | |
| Stock Repurchased | $57M | $94M | $8M | $55M | $0 | $0 | $15M | $22M | $0 | $0 | $339.6K | $16M | |
| Net Stock Activity | $-57M | $-94M | $507M | $-55M | $438M | $0 | · | $119M | · | $-1M | $-339.6K | $-16M | |
| Dividends Paid | $173M | $162M | $124M | $52M | $5M | $0 | $0 | · | · | · | · | · | |
| Financing Cash Flow | $-247M | $267M | $685M | $467M | $246M | $-62M | $243M | $130M | $142M | · | · | · | |
| Net Change in Cash | $5M | $738.0K | $6M | $-7M | $8M | $-15M | $14M | $-100M | $96M | $3M | $-6M | $4M | |
| Taxes Paid | $-1M | $332.0K | $4M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | · | · | · | · | $244M | · | $102M | $247M | $274M | |
| Levered FCF | · | · | · | · | · | · | · | $158M | · | $37M | $199M | $248M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 9.9% | 37.6% | 51.8% | 54.3% | 15.7% | -152.3% | · | 63.7% | · | -158.2% | -407.0% | 51.3% | |
| Net Margin | 1.6% | 23.4% | 42.6% | 49.2% | 1.3% | -164.1% | · | 21.2% | · | -202.5% | -354.6% | 27.5% | |
| Pretax Margin | 2.5% | 30.6% | 46.2% | 49.4% | 1.3% | -164.1% | · | 21.2% | · | -203.5% | -428.2% | 44.2% | |
| EBITDA Margin | 9.9% | 37.6% | 51.8% | 54.3% | 15.7% | -152.3% | · | 63.7% | · | -158.2% | -407.0% | 51.3% | |
| ROA | 0.70% | 10.3% | 25.1% | 35.2% | 0.53% | -65.2% | · | 13.5% | · | -50.9% | -70.7% | 9.2% | |
| ROE | 1.7% | 22.5% | 53.4% | 106.3% | 22.1% | 590.2% | · | 65.1% | · | 85.7% | -340.3% | 23.5% | |
| ROIC | 7.1% | 27.6% | 50.5% | 114.0% | 7.4% | -116.6% | · | 100.7% | · | 46.8% | 469.1% | 24.6% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 0.9 | 1.3 | 0.9 | 0.7 | 0.7 | · | 1.0 | · | 0.6 | 1.6 | 0.8 | |
| Quick Ratio | 0.7 | 0.7 | 1.0 | 0.8 | 0.6 | 0.4 | · | 0.4 | · | 0.5 | 0.8 | 0.3 | |
| Debt / Equity | · | · | · | · | 3.7 | -4.2 | · | · | · | · | · | · | |
| LT Debt / Equity | · | · | · | · | 3.7 | -3.9 | · | · | · | · | · | · | |
| Interest Coverage | · | · | 8.3 | 10.6 | 1.3 | -14.4 | · | 5.0 | · | -3.6 | -19.2 | 7.2 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.6 | 0.7 | 0.4 | 0.4 | · | 0.6 | · | 0.3 | 0.2 | 0.3 | |
| Receivables Turnover | 6.7 | 5.9 | 6.7 | 6.8 | 3.8 | 6.2 | · | 9.5 | · | 3.3 | 3.8 | 6.9 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 11.2% | 2.8% | 37.9% | 216.1% | -10.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 16.4% | 64.8% | 57.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 35.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -92.4% | -48.8% | 12.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -64.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -92.5% | -43.6% | 19.4% | 12055.9% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -63.1% | 334.1% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.48B | $2.23B | $2.17B | $1.57B | $497M | $552M | $472M | $679M | $209M | $145M | $275M | $595M | |
| Net Income TTM | $39M | $520M | $923M | $773M | $6M | $-906M | $-76M | $144M | $-9M | $-293M | $-975M | $164M | |
| Market Cap | $2.09B | $3.68B | $3.74B | $2.62B | $1.59B | $402M | · | $8.55B | · | $1.74B | $2.44B | $3.45B | |
| Enterprise Value | · | · | · | · | $2.39B | $1.35B | · | · | · | · | · | · | |
| P/E | 55.1 | 7.2 | 3.7 | 3.5 | -158.3 | -0.4 | -11.7 | 3.7 | -136.7 | -5.7 | -2.4 | 21.0 | |
| P/S | 0.8 | 1.7 | 1.7 | 1.7 | 3.2 | 0.7 | · | 12.6 | · | 12.0 | 8.9 | 5.8 | |
| P/B | 1.0 | 1.6 | 1.8 | 3.5 | 7.4 | -1.8 | · | 19.9 | · | -3.6 | -12.3 | 4.5 | |
| P / Tangible Book | 1.0 | 1.6 | 1.8 | 3.5 | 7.4 | · | · | · | · | · | · | · | |
| P / Cash Flow | 1.4 | 2.6 | 3.2 | 2.8 | 4.0 | 1.2 | · | 35.0 | · | 17.1 | 9.9 | 12.6 | |
| P / FCF | · | · | · | · | · | · | · | 35.0 | · | 17.1 | 9.9 | 12.6 | |
| EV / EBITDA | · | · | · | · | 30.6 | -1.6 | · | · | · | · | · | · | |
| EV / Revenue | · | · | · | · | 4.8 | 2.4 | · | · | · | · | · | · | |
| Dividend Yield | 8.3% | 4.4% | 3.3% | 2.0% | 0.31% | 0.00% | · | · | · | · | · | · | |
| Earnings Yield | 1.8% | 13.8% | 27.1% | 28.9% | -0.63% | -246.0% | -8.6% | 26.9% | -0.73% | -17.4% | -41.7% | 4.8% | |
| Payout Ratio | 447.4% | 31.1% | 13.4% | 6.7% | 77.6% | · | · | · | · | · | · | · | |
| Annual Payout | $173M | $162M | $124M | $52M | $5M | $0 | $0 | · | · | · | · | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $745M | $5M | $610M | $557M | $707M | $602M | $515M | $754M | $561M | $396M | $794M | $314M | $477M | $582M | $370M | $792M | |
| Cost of Revenue | $127M | $130M | $120M | $118M | $121M | $114M | $117M | $107M | $101M | $105M | $102M | $83M | $84M | $78M | $73M | $68M | |
| SG&A Expense | $25M | $23M | $17M | $14M | $16M | $14M | $16M | $10M | $14M | $11M | $10M | $12M | $12M | $13M | $15M | $10M | |
| Operating Expenses | $393M | $660M | $644M | $682M | $531M | $373M | $382M | $320M | $342M | $344M | $309M | $272M | $242M | $222M | $203M | $187M | |
| Operating Income | $353M | $-655M | $-34M | $-126M | $176M | $229M | $133M | $434M | $219M | $52M | $484M | $42M | $235M | $361M | $168M | $605M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $38M | · | $37M | $32M | $30M | · | $20M | |
| Other Non-op | $-42M | $-41M | $26.0K | $65.0K | $-44M | $-43M | $181.0K | $140.0K | $63.0K | $56.0K | $83.0K | $21.0K | $72.0K | $5M | $1.0K | $-1.0K | |
| Pretax Income | $311M | $-696M | $-86M | $-169M | $132M | $186M | $88M | $397M | $181M | $14M | $448M | $5M | $207M | $341M | $145M | $585M | |
| Income Tax | $74M | $-173M | $-15M | $-40M | $32M | $47M | $16M | $99M | $43M | $3M | $59M | $-21M | $39M | $692.0K | $-27.0K | $1M | |
| Net Income | $237M | $-523M | $-71M | $-129M | $100M | $139M | $72M | $298M | $139M | $12M | $389M | $26M | $168M | $340M | $145M | $583M | |
| EPS (Basic) | $2.24 | $-5.31 | $-0.70 | $-1.33 | $1.02 | $1.41 | $0.71 | $3.00 | $1.38 | $0.12 | $3.91 | $0.28 | $1.89 | $4.01 | $1.71 | $7.39 | |
| EPS (Diluted) | $2.19 | $-5.31 | $-0.67 | $-1.33 | $1.00 | $1.39 | $0.71 | $2.96 | $1.36 | $0.11 | $3.89 | $0.28 | $1.88 | $3.98 | $2.33 | $6.77 | |
| Shares (Basic) | 105,871,269 | 98,502,731 | -196,032,576 | 97,123,889 | 98,060,407 | 98,559,724 | -200,350,708 | 99,494,313 | 100,266,462 | 100,442,472 | -175,001,071 | 92,768,035 | 88,800,994 | 84,915,729 | -154,321,692 | 78,589,661 | |
| Shares (Diluted) | 108,091,366 | 98,502,731 | -197,196,533 | 97,123,889 | 99,394,539 | 99,992,487 | -203,078,365 | 100,724,784 | 101,985,074 | 101,636,132 | -176,197,176 | 93,742,407 | 89,108,519 | 85,407,197 | -163,176,936 | 86,141,293 | |
| EBITDA | $353M | $-655M | · | $-126M | $176M | $229M | · | $434M | $219M | $52M | · | $42M | $235M | $361M | · | $605M |
Balance Sheet 22
| 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 | $48M | $37M | $14M | $32M | $26M | $34M | $9M | $34M | $8M | $32M | · | $13M | $15M | $6M | · | $9M | |
| Receivables | $378M | $395M | $350M | $334M | $410M | $410M | $390M | $317M | $360M | $331M | · | $364M | $265M | $274M | · | $318M | |
| Prepaid Expense | $28M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $502M | $473M | $586M | $542M | $588M | $522M | $501M | $519M | $414M | $413M | · | $470M | $386M | $396M | · | $377M | |
| PP&E (Net) | $5.29B | $5.02B | $4.75B | $4.94B | $5.09B | $5.14B | $5.08B | $4.48B | $4.27B | $4.21B | · | $3.79B | $3.22B | $2.92B | · | $2.02B | |
| PP&E (Gross) | · | · | · | $11.26B | $10.89B | $10.62B | · | $9.56B | $9.16B | $8.92B | · | $8.18B | $7.48B | $7.07B | · | $6.00B | |
| Accum. Depreciation | · | · | · | $6.32B | $5.80B | $5.48B | · | $5.08B | $4.89B | $4.72B | · | $4.39B | $4.26B | $4.15B | · | $3.98B | |
| Other Non-current Assets | $15M | $16M | $74M | $11M | $20M | $10M | $11M | $16M | $15M | $14M | · | $17M | $16M | $16M | · | $16M | |
| Total Assets | $5.83B | $5.51B | $5.41B | $5.49B | $5.70B | $5.67B | $5.60B | $5.06B | $4.72B | $4.63B | · | $4.30B | $3.66B | $3.34B | · | $2.47B | |
| Accounts Payable | $206M | $235M | $219M | $160M | $174M | $231M | $203M | $152M | $150M | $156M | · | $235M | $154M | $134M | · | $143M | |
| Accrued Liabilities | $399M | $402M | $294M | $335M | $310M | $273M | $291M | $237M | $216M | $162M | · | $155M | $179M | $162M | · | $115M | |
| Current Liabilities | $630M | $899M | $539M | $495M | $488M | $564M | $544M | $420M | $466M | $428M | · | $602M | $379M | $345M | · | $382M | |
| Deferred Tax | $158M | $76M | $248M | $263M | $299M | $275M | $228M | $211M | $113M | $71M | · | $7M | $31M | · | · | · | |
| Other Non-current Liabilities | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | · | $3M | $3M | $3M | · | $2M | |
| Total Liabilities | $3.83B | $3.73B | $3.28B | $3.25B | $3.29B | $3.27B | $3.28B | $2.74B | $2.66B | $2.63B | · | $2.90B | $2.25B | $2.29B | · | $1.76B | |
| Long-term Debt | $2.72B | $2.55B | $2.40B | $2.35B | $2.37B | $2.31B | $2.37B | $1.95B | $1.87B | $1.94B | · | $2.06B | $1.67B | $1.76B | · | $1.17B | |
| Common Stock | $509.0K | $508.0K | $499.0K | $500.0K | $500.0K | $501.0K | $501.0K | $502.0K | $502.0K | $503.0K | · | $495.0K | $495.0K | $487.0K | · | $481.0K | |
| Retained Earnings | $195M | $-42M | $481M | $552M | $681M | $582M | $443M | $371M | $72M | $-66M | · | $-467M | $-493M | $-661M | · | $-1.15B | |
| AOCI | $-3M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $2.00B | $1.78B | $2.13B | $2.24B | $2.41B | $2.40B | $2.32B | $2.31B | $2.07B | $2.00B | $2.05B | $1.41B | $1.42B | $1.05B | $745M | $709M | |
| Liabilities + Equity | $5.83B | $5.51B | $5.41B | $5.49B | $5.70B | $5.67B | $5.60B | $5.06B | $4.72B | $4.63B | · | $4.30B | $3.66B | $3.34B | · | $2.47B | |
| Shares Outstanding | 106,549,128 | 105,791,123 | 97,265,559 | 97,602,978 | 97,594,682 | 98,702,027 | 99,113,645 | 99,825,164 | 100,172,478 | 101,044,071 | 100,761,148 | 93,032,638 | 93,022,758 | 85,370,223 | · | 78,879,200 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $2M | $1M | $1M | $1M | $2M | $1M | $1M | |
| Deferred Tax | $74M | $-171M | $-16M | $-36M | $28M | $47M | $17M | $98M | $42M | $3M | $59M | $-21M | $38M | $692.0K | $-1M | $662.0K | |
| Operating Cash Flow | $322M | $324M | $313M | $423M | $362M | $407M | $290M | $386M | $340M | $392M | $342M | $264M | $308M | $269M | $287M | $277M | |
| Investing Cash Flow | $-380M | $-635M | $-308M | $-353M | $-327M | $-265M | $-663M | $-382M | $-223M | $-407M | $-378M | $-613M | $-410M | $-461M | $-544M | $-313M | |
| Stock Issued | $0 | $228M | · | · | $0 | $0 | $0 | $0 | · | · | $290M | $0 | · | · | $0 | $0 | |
| Stock Repurchased | $50M | $0 | $7M | $0 | $35M | $15M | $25M | $14M | $35M | $20M | $0 | $0 | $0 | $8M | $33M | $9M | |
| Net Stock Activity | $-50M | $228M | · | · | · | $-15M | · | · | · | $-20M | · | · | · | $-8M | · | · | |
| Dividends Paid | $47M | $44M | $44M | $44M | $44M | $42M | $42M | $40M | $40M | $40M | $35M | $34M | $29M | $25M | $20M | $15M | |
| Financing Cash Flow | $74M | $334M | $-22M | $-65M | $-43M | $-118M | $347M | $23M | $-142M | $39M | $31M | $347M | $111M | $195M | $250M | $44M | |
| Net Change in Cash | $11M | $23M | $-17M | $6M | $-8M | $25M | $-25M | $27M | $-25M | $24M | $-5M | $-2M | $9M | $4M | $-7M | $8M | |
| Taxes Paid | · | · | $1M | $0 | $665.0K | $-3M | $0 | $36.0K | $321.0K | $-25.0K | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 47.3% | -13022.1% | · | -22.6% | 24.9% | 38.1% | · | 57.6% | 39.0% | 13.2% | · | 13.5% | 49.3% | 61.9% | · | 76.4% | |
| Net Margin | 31.8% | -10396.6% | · | -23.2% | 14.1% | 23.1% | · | 39.6% | 24.7% | 2.9% | · | 8.3% | 35.2% | 58.4% | · | 73.7% | |
| Pretax Margin | 41.7% | -13838.1% | · | -30.3% | 18.6% | 30.9% | · | 52.7% | 32.3% | 3.6% | · | 1.7% | 43.4% | 58.6% | · | 73.9% | |
| EBITDA Margin | 47.3% | -13022.1% | · | -22.6% | 24.9% | 38.1% | · | 57.6% | 39.0% | 13.2% | · | 13.5% | 49.3% | 61.9% | · | 76.4% | |
| ROA | 4.1% | -9.3% | · | -2.5% | 1.9% | 2.7% | · | 6.4% | 3.3% | 0.29% | · | 0.77% | 5.7% | 12.7% | · | 31.4% | |
| ROE | 10.7% | -25.0% | · | -5.7% | 4.4% | 6.3% | · | 16.0% | 8.0% | 0.76% | · | 2.5% | 21.4% | 67.2% | · | 211.6% | |
| ROIC | 13.5% | -27.6% | · | -4.3% | 5.5% | 7.1% | · | 14.1% | 8.1% | 2.1% | · | 14.5% | 13.5% | 34.3% | · | 85.1% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.5 | · | 1.1 | 1.2 | 0.9 | · | 1.2 | 0.9 | 1.0 | · | 0.8 | 1.0 | 1.1 | · | 1.0 | |
| Quick Ratio | 0.7 | 0.5 | · | 0.7 | 0.9 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.6 | 0.7 | 0.8 | · | 0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 1.4 | · | 1.1 | 7.3 | 12.0 | · | 30.0 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.4 | |
| Receivables Turnover | 1.9 | 0.0 | · | 1.7 | 1.8 | 1.6 | · | 2.2 | 1.8 | 1.3 | · | 0.9 | 1.5 | 2.0 | · | 3.3 |
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 | $2.01B | $1.87B | · | $2.62B | $2.62B | $2.31B | · | $2.02B | $1.75B | $1.77B | · | $2.16B | $2.29B | $1.78B | · | $1.33B | |
| Net Income TTM | $-316M | $-413M | · | $408M | $676M | $588M | · | $475M | $344M | $546M | · | $1.12B | $1.34B | $968M | · | $641M | |
| Market Cap | $1.93B | $3.09B | · | $2.42B | $2.77B | $2.98B | · | $3.53B | $3.72B | $4.01B | · | $3.74B | $3.19B | $2.59B | · | $2.16B | |
| P/E | -5.3 | -6.9 | · | 6.2 | 4.2 | 5.2 | · | 7.5 | 10.2 | 6.3 | · | 3.1 | 2.2 | 2.9 | · | 4.1 | |
| P/S | 1.0 | 1.7 | · | 0.9 | 1.1 | 1.3 | · | 1.7 | 2.1 | 2.3 | · | 1.7 | 1.4 | 1.5 | · | 1.6 | |
| P/B | 1.0 | 1.7 | · | 1.1 | 1.1 | 1.2 | · | 1.5 | 1.8 | 2.0 | · | 2.7 | 2.3 | 2.5 | · | 3.0 | |
| P / Tangible Book | 1.0 | 1.7 | · | 1.1 | 1.1 | 1.2 | · | 1.5 | 1.8 | 2.0 | · | 2.7 | 2.3 | 2.5 | · | 3.0 | |
| P / Cash Flow | 6.0 | 9.6 | · | · | · | 7.3 | · | · | · | 10.2 | · | · | · | 9.6 | · | · | |
| Earnings Yield | -19.0% | -14.5% | · | 16.2% | 23.7% | 19.2% | · | 13.3% | 9.8% | 15.8% | · | 32.1% | 44.8% | 34.8% | · | 24.5% | |
| Payout Ratio | 20.0% | -8.5% | · | · | · | 30.0% | · | · | · | 345.5% | · | · | · | 7.5% | · | · |
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 | $2.48B | $2.23B | $2.17B | $1.57B | $497M |
| Operating Margin % | 9.9% | 37.6% | 51.8% | 54.3% | 15.7% |
| Net Income | $39M | $520M | $923M | $773M | $6M |
| Diluted EPS | $0.39 | $5.14 | $10.03 | $8.92 | $-0.13 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 3.7 |
| Current Ratio | 1.1 | 0.9 | 1.3 | 0.9 | 0.7 |
| Quick Ratio | 0.7 | 0.7 | 1.0 | 0.8 | 0.6 |
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Institutional owners (13F) 383 filers · $1.6B 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 |
|---|---|---|---|---|
| 60 (-25 vs prior Q) | 67 (+34 vs prior Q) | 127 (-6 vs prior Q) | 110 (+15 vs prior Q) | -3.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $217,465,336 | 10,128,800 | 13.40% | Shares |
| AMERICAN CENTURY COMPANIES INC | $153,499,922 | 8,457,296 | 9.46% | Shares |
| STATE STREET CORP | $133,545,081 | 7,183,786 | 8.23% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $124,489,198 | 6,858,909 | 7.67% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $83,196,968 | 4,583,855 | 5.13% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $77,327,492 | 4,260,468 | 4.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $42,064,829 | 2,316,933 | 2.59% | Shares |
| MILLENNIUM MANAGEMENT LLC | $41,771,390 | 2,301,454 | 2.57% | Shares |
| UBS Group AG | $35,342,406 | 1,947,240 | 2.18% | Call option |
| DEPRINCE RACE & ZOLLO INC | $34,173,231 | 1,169,115 | 2.11% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $33,563,543 | 1,849,231 | 2.07% | Shares |
| Hood River Capital Management LLC | $27,832,299 | 1,533,460 | 1.71% | Shares |
| FMR LLC | $24,233,518 | 1,335,180 | 1.49% | Shares |
| FIRST TRUST ADVISORS LP | $22,716,049 | 1,251,573 | 1.40% | Shares |
| Encompass Capital Advisors LLC | $22,687,500 | 1,250,000 | 1.40% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $19,817,804 | 1,091,890 | 1.22% | Shares |
| BARCLAYS PLC | $17,390,296 | 958,143 | 1.07% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $14,941,461 | 823,221 | 0.92% | Shares |
| Tributary Capital Management, LLC | $14,602,220 | 804,530 | 0.90% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $14,418,124 | 794,387 | 0.89% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $13,259,000 | 730,500 | 0.82% | Shares |
| CITADEL ADVISORS LLC | $12,908,498 | 711,212 | 0.80% | Shares |
| Nuveen Asset Management, LLC | $12,870,255 | 346,347 | 0.79% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $12,589,729 | 693,649 | 0.78% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,510,686 | 689,294 | 0.77% | Shares |
| GOLDMAN SACHS GROUP INC | $11,147,984 | 614,214 | 0.69% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $10,684,763 | 588,692 | 0.66% | Shares |
| Requisite Capital Management, LLC | $10,519,174 | 565,547 | 0.65% | Shares |
| TUDOR INVESTMENT CORP ET AL | $9,969,051 | 549,259 | 0.61% | Shares |
| ALLIANCEBERNSTEIN L.P. | $9,325,364 | 319,034 | 0.57% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,116,418 | 502,282 | 0.56% | Shares |
| NOMURA HOLDINGS INC | $9,031,930 | 497,627 | 0.56% | Shares |
| WELLS FARGO & COMPANY/MN | $8,755,578 | 482,401 | 0.54% | Shares |
| Penn Capital Management Company, LLC | $8,404,325 | 462,547 | 0.52% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $8,270,066 | 455,651 | 0.51% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $8,178,263 | 450,593 | 0.50% | Shares |
| MetLife Investment Management, LLC | $7,718,033 | 425,236 | 0.48% | Shares |
| RAYMOND JAMES FINANCIAL INC | $7,030,381 | 387,349 | 0.43% | Shares |
| Jump Financial, LLC | $7,007,715 | 386,100 | 0.43% | Shares |
| CITADEL ADVISORS LLC | $6,976,860 | 384,400 | 0.43% | Call option |
| Balyasny Asset Management L.P. | $6,897,000 | 380,000 | 0.42% | Put option |
| Nuveen, LLC | $6,893,824 | 379,825 | 0.42% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,759,060 | 372,400 | 0.42% | Call option |
| Public Sector Pension Investment Board | $6,519,734 | 359,214 | 0.40% | Shares |
| MORGAN STANLEY | $6,181,379 | 340,571 | 0.38% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $6,141,797 | 338,391 | 0.38% | Shares |
| JANE STREET GROUP, LLC | $5,604,720 | 308,800 | 0.35% | Call option |
| ENVESTNET ASSET MANAGEMENT INC | $5,407,430 | 297,930 | 0.33% | Shares |
| ROYCE & ASSOCIATES LP | $5,375,141 | 296,151 | 0.33% | Shares |
| Aptus Capital Advisors, LLC | $5,326,717 | 293,483 | 0.33% | Shares |
| Aristotle Capital Boston, LLC | $4,988,180 | 274,831 | 0.31% | Shares |
| Squarepoint Ops LLC | $4,851,495 | 267,300 | 0.30% | Call option |
| RHUMBLINE ADVISERS | $4,814,976 | 265,289 | 0.30% | Shares |
| Russell Investments Group, Ltd. | $4,684,551 | 258,102 | 0.29% | Shares |
| Squarepoint Ops LLC | $4,347,415 | 239,527 | 0.27% | Shares |
| Cutler Capital Management, LLC | $4,063,952 | 223,884 | 0.25% | Shares |
| Dana Investment Advisors, Inc. | $4,063,604 | 223,890 | 0.25% | Shares |
| Holocene Advisors, LP | $4,042,295 | 222,716 | 0.25% | Shares |
| BlackRock, Inc. | $4,020,860 | 221,535 | 0.25% | Shares |
| EASTERLY INVESTMENT PARTNERS LLC | $3,966,065 | 218,516 | 0.24% | Shares |
| Balyasny Asset Management L.P. | $3,822,245 | 210,592 | 0.24% | Shares |
| SIR Capital Management, L.P. | $3,815,130 | 210,200 | 0.24% | Shares |
| CITADEL ADVISORS LLC | $3,704,415 | 204,100 | 0.23% | Put option |
| Swiss National Bank | $3,659,040 | 201,600 | 0.23% | Shares |
| AMERIPRISE FINANCIAL INC | $3,510,041 | 193,258 | 0.22% | Shares |
| Susquehanna Portfolio Strategies, LLC | $3,494,565 | 192,538 | 0.22% | Shares |
| WOLVERINE TRADING, LLC | $3,225,350 | 125,500 | 0.20% | Put option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,215,768 | 110,016 | 0.20% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $3,026,839 | 166,768 | 0.19% | Shares |
| Allianz Asset Management GmbH | $3,018,728 | 103,275 | 0.19% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $2,999,052 | 165,237 | 0.18% | Shares |
| Legal & General Group Plc | $2,907,757 | 160,207 | 0.18% | Shares |
| EFG Asset Management (North America) Corp. | $2,896,846 | 116,879 | 0.18% | Shares |
| Rafferty Asset Management, LLC | $2,726,511 | 150,221 | 0.17% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $2,599,661 | 143,232 | 0.16% | Shares |
| Homestead Advisers Corp | $2,551,890 | 140,600 | 0.16% | Shares |
| Boston Partners | $2,547,930 | 140,382 | 0.16% | Shares |
| Sterling Capital Management LLC | $2,427,345 | 133,738 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,370,390 | 130,600 | 0.15% | Put option |
| Squarepoint Ops LLC | $2,359,500 | 130,000 | 0.15% | Put option |
| Vanguard Global Advisers, LLC | $2,340,424 | 128,949 | 0.14% | Shares |
| Collar Capital Management, LLC | $2,327,520 | 128,238 | 0.14% | Shares |
| JPMORGAN CHASE & CO | $2,197,367 | 119,711 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,970,909 | 108,590 | 0.12% | Shares |
| Point72 Asset Management, L.P. | $1,960,581 | 108,021 | 0.12% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,955,735 | 107,754 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $1,922,085 | 105,900 | 0.12% | Put option |
| Hudson Bay Capital Management LP | $1,815,000 | 100,000 | 0.11% | Shares |
| Ninepoint Partners LP | $1,815,000 | 100,000 | 0.11% | Shares |
| ISTHMUS PARTNERS, LLC | $1,784,437 | 98,316 | 0.11% | Shares |
| Walleye Capital LLC | $1,667,985 | 91,900 | 0.10% | Put option |
| Campbell & CO Investment Adviser LLC | $1,597,218 | 88,001 | 0.10% | Shares |
| Jefferies Financial Group Inc. | $1,581,809 | 87,152 | 0.10% | Shares |
| Ilex Capital Partners (UK) LLP | $1,546,271 | 85,194 | 0.10% | Shares |
| Freestone Grove Partners LP | $1,489,443 | 82,063 | 0.09% | Shares |
| LPL Financial LLC | $1,460,154 | 80,449 | 0.09% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,454,015 | 80,111 | 0.09% | Shares |
| Motley Fool Asset Management LLC | $1,429,512 | 78,761 | 0.09% | Shares |
| Register Financial Advisors LLC | $1,418,385 | 78,148 | 0.09% | Shares |
| DEUTSCHE BANK AG\ | $1,361,250 | 75,000 | 0.08% | Shares |
Company insiders 35 insiders · 13 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nicholas L. O'Grady | CEO | March 15, 2025 F | 231,107 | 0 | 0 | $0 |
| Brandon R. Elliott | CEO | Dec. 31, 2019 D | 428,890 | 0 | 0 | $0 |
| Thomas W Stoelk | CFO & Interim CEO | April 8, 2017 F | 1,106,446 | 0 | 0 | $0 |
| Chad W Allen | CFO | March 15, 2025 F | 78,141 | 0 | 0 | $0 |
| Adam A. Dirlam | President | March 15, 2025 F | 18,163 | 0 | 0 | $0 |
| Michael Lewis Reger | President | June 28, 2019 D | 9,863,053 | 0 | 0 | $0 |
| James B. Evans | Chief Technical Officer | March 15, 2025 F | 74,397 | 0 | 0 | $0 |
| Erik J. Romslo | Chief Legal Officer & Sec. | March 15, 2025 F | 97,189 | 0 | 0 | $0 |
| Michael D. Kelly | Chief Strategy Officer | April 29, 2022 A | 30,042 | 0 | 0 | $0 |
| Darrell R. Finneman | EVP, Land | Feb. 27, 2015 A | 51,610 | 0 | 0 | $0 |
| James R Sankovitz | C O O | Oct. 1, 2012 F | 259,725 | 0 | 0 | $0 |
| Ryan Randall Gilbertson | P r e s i d e n t | Jan. 13, 2012 S | 894,210 | 0 | 0 | $0 |
| Chad D Winter | C. - F. - O. - | April 15, 2011 S | 218,503 | 0 | 0 | $0 |
| Jennifer S. Pomerantz | Director | June 30, 2026 A | 28,917 | 0 | 0 | $0 |
| Stuart G. Lasher | Director | June 30, 2026 A | 70,099 | 0 | 0 | $0 |
| Michael A Frantz | Director | June 30, 2026 A | 67,141 | 0 | 0 | $0 |
| William F Kimble | Director | June 30, 2026 A | 21,669 | 0 | 0 | $0 |
| Bahram Akradi | Director | June 30, 2026 A | 1,719,780 | 1 | 0 | $499,744 |
| Lisa G Bromiley | Director | June 30, 2026 A | 61,840 | 0 | 0 | $0 |
| Roy Ernest Easley | Director | June 30, 2025 A | 56,368 | 0 | 0 | $0 |
| Jack E King | Director | March 31, 2025 A | 66,766 | 0 | 0 | $0 |
| Michael T Popejoy | Director | March 31, 2022 A | 35,928 | 0 | 0 | $0 |
| Robert Grabb | Director | March 31, 2022 A | 55,682 | 0 | 0 | $0 |
| Joseph Z. Lenz | Director | Jan. 4, 2019 A | 73,200 | 0 | 0 | $0 |
| Delos Cy Jamison | Director | June 1, 2018 A | 199,356 | 0 | 0 | $0 |
| Richard Weber | Director | May 24, 2017 A | 187,308 | 0 | 0 | $0 |
| Toole Loren J O | Director | Jan. 17, 2013 A | 51,000 | 0 | 0 | $0 |
| Carter Stewart | Director | Nov. 30, 2010 A | 83,000 | 0 | 0 | $0 |
| Robert B. Rowling | 10% owner | Jan. 5, 2022 J | 8,963,719 | 0 | 0 | $0 |
| Cresta Greenwood, LLC | 10% owner | Nov. 18, 2021 S | 0 | 0 | 0 | $0 |
| GERACI JOSEPH ANTHONY II | 10% owner | May 30, 2008 S | 2,445,000 | 0 | 0 | $0 |
| POLINSKY DOUGLAS MICHAEL | 10% owner | April 14, 2008 S | 816,000 | 0 | 0 | $0 |
| Lisa Jill Howells | — | March 20, 2007 A | 442,985 | 0 | 0 | $0 |
| Sarah Edson Jenson | — | March 20, 2007 A | 442,984 | 0 | 0 | $0 |
| Duane S Jenson | — | March 20, 2007 D | 98,441 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 9 positions
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 |
|---|---|---|---|---|---|
| TRT Holdings, Inc., Cresta Investments, LLC, The Rowling Foundation, Robert B. Rowling ×26 filings | Aug. 14, 2023 | — | Initial filing | — | SEC |
| Angelo, Gordon & Co., L.P., AG GP LLC, Josh Baumgarten, Adam Schwartz ×23 filings | April 13, 2023 | — | Initial filing | — | SEC |
| Bahram Akradi (2) ×11 filings | May 17, 2018 | — | Initial filing | Passive investment | SEC |
| Michael L. Reger ×10 filings | Aug. 26, 2016 | — | Initial filing | Passive investment | SEC |
| Ryan R. Gilbertson ×3 filings | Dec. 22, 2009 | — | Initial filing | — | SEC |
| GILBERTSON RYAN RANDALL | Feb. 13, 2009 | — | Initial filing | — | SEC |
| Millennium Partners, L.P., Millenco LLC, Millennium Management LLC, Israel A. Englander ×4 filings | March 3, 2008 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | May 24, 2007 | — | Initial filing | — | SEC |
| Douglas M. Polinsky | May 4, 2007 | — | Initial filing | Passive investment | 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 73 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 |
|---|---|---|---|---|
| TMFS · RBB Fund, Inc. | 3.07% | 83,533 NS | May 31, 2026 | N-PORT |
| PSCE · Invesco Exchange-Traded Fund Trust … | 2.39% | 101,143 SH | Aug. 19, 2026 | Daily |
| WBIY · Absolute Shares Trust | 1.52% | 49,517 NS | June 30, 2026 | N-PORT |
| GUSH · Direxion Shares ETF Trust | 1.52% | 166,707 NS | April 30, 2026 | N-PORT |
| OSCV · ETF Series Solutions | 1.16% | 291,795 NS | April 30, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 0.97% | 6,584 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.45% | 1,880 NS | April 30, 2026 | N-PORT |
| IEO · iShares Trust | 0.41% | 98,075 SH | Aug. 19, 2026 | Daily |
| RZV · Invesco Exchange-Traded Fund Trust | 0.34% | 39,951 SH | Aug. 19, 2026 | Daily |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.32% | 21,870 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.27% | 3,362,019 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.24% | 269,429 SH | Aug. 19, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.21% | 95,004 NS | April 30, 2026 | N-PORT |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.20% | 221,852 SH | Aug. 19, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.17% | 482,802 NS | April 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.17% | 987,253 SH | Aug. 19, 2026 | Daily |
| ROSC · Lattice Strategies Trust | 0.17% | 3,458 NS | April 30, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.17% | 77,309 SH | Aug. 19, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.16% | 201,636 NS | May 31, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.15% | 125,171 SH | Aug. 19, 2026 | Daily |
| FENY · FIDELITY COVINGTON TRUST | 0.13% | 99,237 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.13% | 665,800 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 34,526 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.13% | 522,173 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.12% | 92,610 SH | Aug. 19, 2026 | Daily |
| SAA · ProShares Trust | 0.10% | 1,249 NS | May 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.10% | 365,964 SH | Aug. 19, 2026 | Daily |
| VDE · VANGUARD WORLD FUND | 0.10% | 598,367 SH | Aug. 19, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 19,263 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.08% | 2,688,149 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.08% | 41,539 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.07% | 18,816 SH | Aug. 19, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.07% | 3,402 NS | April 30, 2026 | N-PORT |
| IGE · iShares Trust | 0.07% | 20,659 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.06% | 331,767 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 606,752 SH | Aug. 19, 2026 | Daily |
| ITWO · ProShares Trust | 0.05% | 4,513 NS | May 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.05% | 2,371 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.05% | 6,146 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 500,608 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.04% | 1,465,826 SH | Aug. 19, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.04% | 177 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 3,757 SH | Aug. 19, 2026 | Daily |
| UWM · ProShares Trust | 0.03% | 3,530 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.03% | 4,277 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 3,252 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.02% | 18,480 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 3,573 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 5,612 SH | Aug. 19, 2026 | Daily |
| EBI · RBB Fund Trust | 0.02% | 6,127 NS | May 31, 2026 | N-PORT |