NOV NOV Inc. Common Stock
$21.41
Price · Aug 18, 2026
Fundamentals as of Jul 29, 2026
52W Range
$12–$22
97% of range
Analyst Rating
HOLD
24 analysts
Price Target
$22
+4% upside
P/E (TTM)
54.9
ROE
2.3%
Net Profit Margin
1.7%
About NOV Inc. Common Stock Company overview from Wikipedia
NOV, formerly National Oilwell Varco, is an American multinational corporation based in Houston, Texas. It is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 500 locations across six continents, operating through two reporting segments: Energy Equipment and Energy Products and Services.
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NOV, formerly National Oilwell Varco, is an American multinational corporation based in Houston, Texas. It is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 500 locations across six continents, operating through two reporting segments: Energy Equipment and Energy Products and Services.
History
Background
NOV's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, United States Steel acquired Oilwell Supply. In 1958, Armco Steel merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell".
Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: Vuilleumiere, Abegg and Reinhold Company after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973. In 2000, National Oilwell merged with IRI International Corp. (founded as a merger of Ingersoll Rand Oilfield Products Co. and IDECO Inc. (International Derrick and Equipment Company)), founded and managed by Hushang Ansary, which manufactures and sells drilling rigs and specialty steel products.
In 2005, National Oilwell and Varco merged to become National Oilwell Varco.
Recent history
The company acquired major drill pipe and drill bit manufacturer Grant Prideco in 2008 for $7.37 billion. At the time, Grant Prideco held 60% of the global drill pipe market and operated 25 manufacturing sites worldwide. The acquisition included Grant Prideco's subsidiaries IntelliServ, a producer of drill pipe with built-in equipment to transmit data from a wellhead to surface operators, ReedHycalog, a drill bit producer, and XL Systems, a producer of oil and gas connectors. Grant Prideco, IntelliServ, and ReedHycalog became part of NOV's Wellbore Technologies reporting segment and XL Systems joined the Completion & Production Solutions segment.
In February 2012 NOV acquired Russian coring company Interval Ltd. and purchased Dutch oil rig design company GustoMSC in 2018. GustoMSC, originally the engineering office of Gusto Shipyard, became part of NOV's Rig Technologies segment. In late 2019, NOV bought Bellingham, Washington-based Ershigs, a fabricator of custom pipes and tanks.
National Oilwell Varco changed its name to NOV Inc. on January 1, 2021.
Corporate affairs
The company's headquarters are in Southwest Management District (formerly Greater Sharpstown), Houston. As of 2021, it employed over 27,000 people and operated over 550 facilities worldwide.
In 2014, Clay Williams took over as CEO of National Oilwell Varco, succeeding former CEO Pete Miller, who served as NOV's CEO for nearly 13 years. After overseeing NOV’s spinoff of its distribution business, Pete Miller became the Executive Chairman and Chairman of the Board of DNOW (NYSE:DNOW), formerly known as DistributionNOW and NOW Inc. He held these roles until his retirement on October 1, 2017
On January 1, 2026, Jose Bayardo, NOV’s former president and COO, succeeded Clay Williams and serves as Chairman, President and Chief Executive Officer.
Divisions
Rig Technologies
Rig Technologies engineers and manufactures drilling rigs, drilling equipment packages, and related capital equipment (including top drives, iron roughnecks, drawworks, blowout preventers, mud pumps, risers, pipe handling, power and control systems) necessary to drill oil and gas wells, as well as marine construction equipment such as heavy-lift cranes, mooring machinery, jacking systems, pipelay and cablelay systems, and marine riser tensioners. In addition, the segment provides aftermarket equipment and services such as spare parts, repair, and equipment rentals as well as remote equipment monitoring, technical support, field service, and customer training.
Wellbore Technologies
Wellbore Technologies develops equipment, technologies, and services for oil and gas well operation. The segment provides drill bits, borehole enlargement services, and directional drilling tools; optimization/automation software and services; downhole tools for drilling and intervention; premium drill pipe and drill stem accessories; solids control and waste management equipment and services; drilling and completion fluids; data acquisition and analytics technologies; managed-pressure-drilling systems; coating and inspection services and RFID technology for drill pipe lifecycle management; and IntelliServ wired drill pipe.
Completion & Production Solutions
Completion & Production Solutions provides equipment and technologies for the well completion process and production phase of a well's lifecycle. The segment produces intervention and stimulation equipment for pressure pumping, coiled tubing, and wireline operations; composite piping systems, pressure vessels, and structures; integrated processing, production, and pumping equipment (including artificial lift) for upstream, midstream, and industrial operations; hydrate inhibition and gas processing technologies; subsea and floating production systems, including flexible pipe and subsea water injection technologies; integral and weld-on connectors for conductor strings, surface casing, and liners; and completion tools—including those involved in multistage hydraulic fracturing—liner hanger systems, and subsurface safety valves.
Awards and accolades
In 2008, NOV was listed as one of the world's most admired companies by Forbes. It was also listed as one of the 100 fastest growing companies by Fortune in both 2008 and 2009 and one of America's top companies by Forbes in 2009.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NOV Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$21.41
Market Cap
$7.72B
P/E (TTM)
54.9
EPS (TTM)
$0.39
Revenue (TTM)
$8.74B
Div Yield
2.5%
ROE
2.3%
Debt/Equity
0.3
52W Range
$12 – $22
NOV 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
$8.74B
2021-12-31
→
2025-12-31
EPS
$0.39
2021-12-31
→
2025-12-31
Free Cash Flow
$876M
2021-12-31
→
2025-12-31
Margins
1.7%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NOV
Peer Median
P/E (TTM)
54.9
21.2
P/S (TTM)
0.9
2.1
P/B
1.2
2.5
EV / EBITDA
16.0
—
Price / FCF
8.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NOV
Peer Median
Gross Margin
20.2%
27.2%
Operating Margin
5.7%
—
Net Profit Margin
1.7%
8.1%
ROA
1.3%
6.2%
ROE
2.3%
14.1%
ROIC
2.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NOV
Peer Median
Debt / Equity
0.3
—
Current Ratio
2.4
2.1
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NOV
Peer Median
Revenue YoY
-1.4%
—
Revenue CAGR 3Y
6.5%
—
Revenue CAGR 5Y
7.5%
—
EPS YoY
-75.6%
—
Net Income YoY
-77.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NOV
Peer Median
Payout Ratio
131.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.5%
Payout Ratio
131.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 12, 2026 | $0.0900 |
| June 1, 2026 | $0.0900 |
| March 13, 2026 | $0.0900 |
| Dec. 5, 2025 | $0.0750 |
| Sept. 12, 2025 | $0.0750 |
| June 13, 2025 | $0.0750 |
| June 2, 2025 | $0.2100 |
| March 14, 2025 | $0.0750 |
| Dec. 6, 2024 | $0.0750 |
| Sept. 13, 2024 | $0.0750 |
| June 14, 2024 | $0.0750 |
| March 13, 2024 | $0.0500 |
| Dec. 7, 2023 | $0.0500 |
| Sept. 14, 2023 | $0.0500 |
| June 15, 2023 | $0.0500 |
| March 16, 2023 | $0.0500 |
| Dec. 8, 2022 | $0.0500 |
| Sept. 15, 2022 | $0.0500 |
| June 9, 2022 | $0.0500 |
| March 10, 2022 | $0.0500 |
NOV Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
24 analysts
- Strong Buy 4 16.7%
- Buy 7 29.2%
- Hold 11 45.8%
- Sell 2 8.3%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-18
Median
$22.00
Now
$21.41
Low
$17.00
High
$26.00
Median target
$22.00
+2.8%
Mean target
$22.18
+3.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.31 | $0.17 | 0.14% |
| March 31, 2026 | $0.05 | $0.16 | -0.11% |
| Dec. 31, 2025 | $-0.02 | $0.25 | -0.27% |
| Sept. 30, 2025 | $0.11 | $0.25 | -0.14% |
| June 30, 2025 | $0.29 | $0.30 | -0.01% |
| March 31, 2025 | $0.19 | $0.26 | -0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NOV | $5.64B | 40.1 | -1.4% | 1.7% | 2.3% | 20.2% |
| SLB | $57.38B | 16.3 | -1.6% | 9.4% | 14.3% | — |
| BKR | — | -59.1 | -0.34% | 9.3% | 14.5% | — |
| HAL | $23.60B | 19.4 | -3.3% | 5.8% | 12.2% | — |
| KGS | $3.21B | 42.0 | 12.8% | 6.2% | 6.3% | — |
| AROC | — | 14.2 | 28.7% | 21.6% | 22.2% | 48.6% |
| WFRD | $5.60B | 13.2 | -10.8% | 8.8% | 28.9% | — |
| OII | — | 6.9 | 4.6% | 12.7% | 39.6% | 20.4% |
| WHD | — | 55.0 | -4.5% | 15.4% | 14.4% | — |
| SEI | — | 28.9 | 98.7% | 4.9% | 6.6% | — |
| TDW | $2.50B | 7.6 | 0.52% | 24.7% | 27.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.74B | $8.87B | $8.58B | $7.24B | $5.52B | $6.09B | $8.48B | $8.45B | $7.30B | $7.25B | $14.76B | $21.44B | |
| Cost of Revenue | $6.98B | $6.86B | $6.75B | $5.90B | $4.75B | $5.66B | $7.63B | $7.01B | $6.41B | $7.35B | $11.69B | $15.63B | |
| Gross Profit | $1.77B | $2.01B | $1.83B | $1.33B | $774M | $434M | $845M | $1.44B | $892M | $-101M | $3.06B | $5.81B | |
| SG&A Expense | $1.20B | $1.13B | $1.18B | $1.07B | $908M | $968M | $1.30B | $1.23B | $1.17B | $1.34B | $1.76B | $2.09B | |
| Operating Income | $494M | $876M | $651M | $264M | $-134M | $-2.42B | $-6.28B | $211M | $-277M | $-2.41B | $-390M | $3.61B | |
| Interest Expense | $88M | $91M | $88M | $78M | $77M | $84M | $100M | $93M | $102M | $105M | $103M | $105M | |
| Interest Income | $51M | $38M | $28M | $19M | $9M | $7M | $20M | $25M | $25M | $15M | $14M | $18M | |
| Other Non-op | $-66M | $-28M | $-98M | $-35M | $-23M | $-17M | $-90M | $-99M | $-33M | $-101M | $-123M | $-90M | |
| Pretax Income | $375M | $831M | $612M | $238M | $-230M | $-2.78B | $-6.46B | $41M | $-392M | $-2.62B | $-589M | $3.49B | |
| Income Tax | $224M | $196M | $-373M | $83M | $15M | $-242M | $-369M | $63M | $-156M | $-207M | $178M | $1.04B | |
| Net Income | $145M | $635M | $993M | $155M | $-250M | $-2.54B | $-6.09B | $-31M | $-237M | $-2.41B | $-769M | $2.50B | |
| EPS (Basic) | $0.39 | $1.62 | $2.53 | $0.40 | $-0.65 | $-6.62 | $-15.96 | $-0.08 | $-0.63 | $-6.41 | $-1.99 | $5.85 | |
| EPS (Diluted) | $0.39 | $1.60 | $2.50 | $0.39 | $-0.65 | $-6.62 | $-15.96 | $-0.08 | $-0.63 | $-6.41 | $-1.99 | $5.82 | |
| Shares (Basic) | 372,000,000 | 392,000,000 | 393,000,000 | 390,000,000 | 386,000,000 | 384,000,000 | 382,000,000 | 378,000,000 | 377,000,000 | 376,000,000 | 387,000,000 | 428,000,000 | |
| Shares (Diluted) | 375,000,000 | 396,000,000 | 397,000,000 | 394,000,000 | 386,000,000 | 384,000,000 | 382,000,000 | 378,000,000 | 377,000,000 | 376,000,000 | 387,000,000 | 430,000,000 | |
| EBITDA | $494M | $876M | $651M | $264M | $-134M | $-2.42B | $-6.28B | $211M | $-277M | $-2.41B | $-390M | $3.61B |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.55B | $1.23B | $816M | $1.07B | $1.59B | $1.69B | $1.17B | $1.43B | $1.44B | $1.41B | $2.08B | $3.54B | |
| Receivables | $1.70B | $1.82B | $1.91B | $1.74B | $1.32B | $1.27B | $1.85B | $2.10B | $2.02B | $2.08B | $2.93B | $4.42B | |
| Inventory | $1.80B | $1.93B | $2.15B | $1.81B | $1.33B | $1.41B | $2.20B | $2.99B | $3.00B | $3.33B | $4.68B | $5.28B | |
| Prepaid Expense | $172M | $212M | $229M | $187M | $198M | $224M | $247M | $200M | $267M | $395M | $491M | $604M | |
| Current Assets | $5.82B | $5.77B | $5.84B | $5.49B | $4.90B | $5.21B | $6.11B | $7.28B | $7.22B | $7.88B | $11.43B | $16.16B | |
| PP&E (Net) | $2.05B | $1.92B | $1.86B | $1.78B | $1.82B | $1.93B | $2.35B | $2.80B | $3.00B | $3.15B | $3.12B | $3.36B | |
| PP&E (Gross) | $5.68B | $5.33B | $5.19B | $4.91B | $4.96B | $4.98B | $5.34B | $5.48B | $5.56B | $5.45B | $5.28B | $5.41B | |
| Accum. Depreciation | $3.63B | $3.41B | $3.33B | $3.13B | $3.13B | $3.05B | $2.98B | $2.69B | $2.56B | $2.30B | $2.15B | $2.04B | |
| Goodwill | $1.58B | $1.63B | $1.56B | $1.50B | $1.53B | $1.49B | $2.81B | $6.26B | $6.23B | $6.07B | $6.98B | $8.54B | |
| Intangibles | $455M | $508M | $450M | $490M | $503M | $527M | $852M | $3.02B | $3.30B | $3.53B | $3.85B | $4.44B | |
| Other Non-current Assets | $361M | $406M | $334M | $232M | $208M | $156M | $67M | $124M | $137M | $124M | $135M | $190M | |
| Total Assets | $11.29B | $11.36B | $11.29B | $10.13B | $9.55B | $9.93B | $13.15B | $19.80B | $20.21B | $21.14B | $25.97B | $33.56B | |
| Accounts Payable | $831M | $837M | $904M | $906M | $612M | $489M | $715M | $722M | $510M | $414M | $623M | $1.19B | |
| Accrued Liabilities | $822M | $861M | $870M | $959M | $778M | $863M | $949M | $1.09B | $1.24B | $1.57B | $2.28B | $3.52B | |
| Current Liabilities | $2.41B | $2.35B | $2.44B | $2.44B | $1.91B | $1.87B | $2.25B | $2.34B | $2.35B | $3.05B | $3.96B | $7.37B | |
| Capital Leases | $289M | $301M | $343M | $334M | $357M | $376M | $424M | · | · | · | · | · | |
| Deferred Tax | $93M | $56M | $70M | $68M | $66M | $78M | $140M | $564M | $677M | $1.06B | $1.36B | $1.97B | |
| Other Non-current Liabilities | $261M | $283M | $277M | $230M | $226M | $259M | $253M | $298M | $309M | $318M | $283M | $430M | |
| Total Liabilities | $4.97B | $4.93B | $5.05B | $5.00B | $4.49B | $4.65B | $5.30B | $5.91B | $6.05B | $7.14B | $9.51B | $12.79B | |
| Long-term Debt | $1.72B | $1.74B | $1.73B | $1.73B | $1.71B | $1.83B | $1.99B | $2.71B | $2.71B | $3.21B | $3.91B | $3.17B | |
| Total Debt | $1.72B | $1.74B | $1.73B | $1.73B | $1.71B | $1.83B | $1.99B | $2.70B | $2.71B | $2.71B | $3.93B | $3.01B | |
| Common Stock | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Retained Earnings | $-673M | $-628M | $-1.16B | $-2.07B | $-2.15B | $-1.88B | $690M | $6.86B | $6.97B | $7.29B | $9.93B | $13.18B | |
| AOCI | $-1.42B | $-1.62B | $-1.49B | $-1.59B | $-1.55B | $-1.51B | $-1.42B | $-1.44B | $-1.11B | $-1.45B | $-1.55B | $-834M | |
| Stockholders' Equity | $6.27B | $6.38B | $6.17B | $5.10B | $5.00B | $5.21B | $7.78B | $13.82B | $14.09B | $13.94B | $16.38B | $20.69B | |
| Liabilities + Equity | $11.29B | $11.36B | $11.29B | $10.13B | $9.55B | $9.93B | $13.15B | $19.80B | $20.21B | $21.14B | $25.97B | $33.56B | |
| Shares Outstanding | 360,803,354 | 381,549,541 | 393,945,659 | 392,832,752 | 392,673,077 | 388,255,374 | 385,886,682 | 383,426,654 | 380,104,970 | 378,637,403 | 375,764,794 | 418,977,608 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $355M | $343M | $302M | $301M | $306M | $352M | $533M | $690M | $698M | $703M | $747M | $778M | |
| Stock-based Comp | $67M | $70M | $66M | $67M | $78M | $105M | $130M | $110M | $124M | $107M | $109M | $101M | |
| Deferred Tax | $93M | $49M | $-489M | $-2M | $-11M | $-65M | $-426M | $-63M | $-341M | $-198M | $-258M | $-300M | |
| Amort. of Intangibles | $55M | $49M | $43M | $51M | $43M | $49M | $178M | $341M | $339M | $333M | $356M | $366M | |
| Operating Cash Flow | $1.25B | $1.30B | $143M | $-179M | $291M | $926M | $714M | $521M | $832M | $960M | $1.33B | $2.61B | |
| CapEx | $375M | $351M | $283M | $214M | $201M | $226M | $233M | $244M | $192M | $284M | $453M | $699M | |
| Investing Cash Flow | $-362M | $-471M | $-293M | $-238M | $-196M | $-144M | $-315M | $-457M | $-245M | $-488M | $-514M | $-1.10B | |
| Debt Issued | $3M | $420M | $184M | $20M | $60M | $36M | $511M | · | · | $3.97B | $11.38B | $173M | |
| Net Debt Issued | $-23M | $-11M | $-8M | $16M | $-123M | $-181M | $-489M | $-8M | $-506M | $-900M | $762M | $18M | |
| Stock Repurchased | $315M | $229M | · | · | · | · | · | · | · | · | $2.22B | $779M | |
| Net Stock Activity | $-315M | $-229M | · | · | · | · | · | · | · | · | $-2.22B | · | |
| Dividends Paid | $190M | $108M | $79M | $78M | $20M | $19M | $77M | $76M | $76M | $230M | $710M | $703M | |
| Financing Cash Flow | $-584M | $-406M | $-103M | $-96M | $-189M | $-259M | $-647M | $-30M | $-595M | $-1.14B | $-2.16B | $-1.34B | |
| Net Change in Cash | $322M | $414M | $-253M | $-522M | $-101M | $521M | $-256M | $-10M | $29M | $-672M | $-1.46B | $100M | |
| Taxes Paid | $106M | $161M | $114M | $117M | $-78M | $-9M | $144M | $64M | $50M | $181M | $782M | $1.38B | |
| Free Cash Flow | $876M | $953M | $-140M | $-393M | $90M | $700M | $481M | $277M | $640M | $676M | $879M | $1.92B | |
| Levered FCF | $841M | $883M | $-282M | $-444M | $8M | $623M | $387M | $327M | $579M | $579M | $745M | $1.84B |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.2% | 22.7% | 21.4% | 18.4% | 14.0% | 7.1% | 10.0% | 17.1% | 12.2% | -1.4% | 20.8% | 27.1% | |
| Operating Margin | 5.7% | 9.9% | 7.6% | 3.6% | -2.4% | -39.8% | -74.1% | 2.5% | -3.8% | -33.2% | -2.6% | 16.9% | |
| Net Margin | 1.7% | 7.2% | 11.6% | 2.1% | -4.5% | -41.7% | -71.9% | -0.37% | -3.2% | -33.3% | -5.2% | 11.7% | |
| Pretax Margin | 4.3% | 9.4% | 7.1% | 3.3% | -4.2% | -45.6% | -76.2% | 0.49% | -5.4% | -36.2% | -4.0% | 16.3% | |
| EBITDA Margin | 5.7% | 9.9% | 7.6% | 3.6% | -2.4% | -39.8% | -74.1% | 2.5% | -3.8% | -33.2% | -2.6% | 16.9% | |
| ROA | 1.3% | 5.6% | 9.3% | 1.6% | -2.6% | -22.0% | -37.0% | -0.15% | -1.1% | -10.2% | -2.5% | 7.3% | |
| ROE | 2.3% | 10.1% | 17.6% | 3.1% | -4.9% | -39.1% | -56.4% | -0.22% | -1.7% | -15.9% | -4.2% | 11.7% | |
| ROIC | 2.5% | 8.2% | 13.3% | 2.5% | -2.1% | -31.4% | -60.6% | -0.69% | -0.99% | -13.3% | -2.5% | 10.7% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 2.5 | 2.4 | 2.3 | 2.6 | 2.8 | 2.7 | 3.1 | 3.1 | 2.6 | 2.8 | 2.2 | |
| Quick Ratio | 1.4 | 1.3 | 1.1 | 1.2 | 1.5 | 1.6 | 1.3 | 1.5 | 1.5 | 1.1 | 1.2 | 1.1 | |
| Debt / Equity | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | |
| LT Debt / Equity | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | |
| Interest Coverage | 5.6 | 9.6 | 7.4 | 3.4 | -1.7 | -28.9 | -62.8 | 2.3 | -2.7 | -23.0 | -3.8 | 34.4 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | 0.5 | 0.5 | 0.4 | 0.4 | 0.3 | 0.5 | 0.6 | |
| Inventory Turnover | 3.7 | 3.4 | 3.4 | 3.8 | 3.5 | 3.1 | 2.9 | 2.3 | 2.0 | 1.8 | 2.3 | 2.9 | |
| Receivables Turnover | 5.0 | 4.8 | 4.7 | 4.7 | 4.3 | 3.9 | 4.3 | 4.1 | 3.6 | 2.9 | 4.0 | 4.6 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.4% | 3.3% | 18.6% | 31.0% | -9.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 6.5% | 17.1% | 12.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -75.6% | -36.0% | 541.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 0.00% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -77.2% | -36.0% | 540.6% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -2.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 58.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.74B | $8.87B | $8.58B | $7.24B | $5.52B | $6.09B | $8.48B | $8.45B | $7.30B | $7.25B | $14.76B | $21.44B | |
| Net Income TTM | $145M | $635M | $993M | $155M | $-250M | $-2.54B | $-6.09B | $-31M | $-237M | $-2.41B | $-769M | $2.50B | |
| Market Cap | $5.64B | $5.57B | $7.99B | $8.21B | $5.32B | $5.33B | $9.67B | $9.85B | $13.69B | $14.18B | $12.58B | $27.46B | |
| Enterprise Value | $5.81B | $6.08B | $8.90B | $8.87B | $5.44B | $5.47B | $10.48B | $11.13B | $14.96B | $15.48B | $14.43B | $26.93B | |
| P/E | 40.1 | 9.1 | 8.1 | 53.6 | -20.8 | -2.1 | -1.6 | -321.2 | -57.2 | -5.8 | -16.8 | 11.3 | |
| P/S | 0.6 | 0.6 | 0.9 | 1.1 | 1.0 | 0.9 | 1.1 | 1.2 | 1.9 | 2.0 | 0.9 | 1.3 | |
| P/B | 0.9 | 0.9 | 1.3 | 1.6 | 1.1 | 1.0 | 1.2 | 0.7 | 1.0 | 1.0 | 0.8 | 1.3 | |
| P / Tangible Book | 1.3 | 1.3 | 1.9 | 2.6 | 1.8 | 1.7 | · | · | · | · | · | · | |
| P / Cash Flow | 4.5 | 4.3 | 55.9 | -45.8 | 18.3 | 5.8 | 13.5 | 18.9 | 16.5 | 14.8 | 9.4 | 10.5 | |
| P / FCF | 6.4 | 5.8 | -57.1 | -20.9 | 59.1 | 7.6 | 20.1 | 35.6 | 21.4 | 21.0 | 14.3 | 14.3 | |
| EV / EBITDA | 11.8 | 6.9 | 13.7 | 33.6 | -40.6 | -2.3 | -1.7 | 52.8 | -54.0 | -6.4 | -37.0 | 7.5 | |
| EV / FCF | 6.6 | 6.4 | -63.6 | -22.6 | 60.5 | 7.8 | 21.8 | 40.2 | 23.4 | 22.9 | 16.4 | 14.1 | |
| EV / Revenue | 0.7 | 0.7 | 1.0 | 1.2 | 1.0 | 0.9 | 1.2 | 1.3 | 2.0 | 2.1 | 1.0 | 1.3 | |
| Dividend Yield | 3.4% | 1.9% | 0.99% | 0.95% | 0.38% | 0.36% | 0.80% | 0.77% | 0.56% | 1.6% | 5.6% | 2.6% | |
| Earnings Yield | 2.5% | 11.0% | 12.3% | 1.9% | -4.8% | -48.2% | -63.7% | -0.31% | -1.8% | -17.1% | -5.9% | 8.9% | |
| Payout Ratio | 131.0% | 17.0% | 8.0% | 50.3% | -8.0% | -0.75% | -1.3% | -245.2% | -32.1% | -9.5% | -92.3% | 28.1% | |
| Annual Payout | $190M | $108M | $79M | $78M | $20M | $19M | $77M | $76M | $76M | $230M | $710M | $703M |
Income Statement 16
| 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 | $2.13B | $2.05B | $2.28B | $2.18B | $2.19B | $2.10B | $2.31B | $2.19B | $2.22B | $2.15B | $2.34B | $2.19B | $2.09B | $1.96B | $2.07B | $1.89B | |
| Cost of Revenue | $1.61B | $1.67B | $1.81B | $1.76B | $1.74B | $1.66B | $1.81B | $1.72B | $1.63B | $1.70B | $1.85B | $1.72B | $1.64B | $1.55B | $1.63B | $1.52B | |
| Gross Profit | $521M | $379M | $462M | $412M | $446M | $447M | $493M | $469M | $590M | $458M | $497M | $468M | $457M | $411M | $443M | $368M | |
| SG&A Expense | $328M | $332M | $300M | $305M | $303M | $295M | $286M | $275M | $277M | $296M | $336M | $285M | $276M | $285M | $281M | $313M | |
| Operating Income | $193M | $47M | $92M | $107M | $143M | $152M | $207M | $194M | $313M | $162M | $161M | $183M | $181M | $126M | $162M | $55M | |
| Interest Expense | $21M | $22M | $22M | $22M | $22M | $22M | $24M | $21M | $22M | $24M | $23M | $23M | $21M | $21M | $21M | $19M | |
| Interest Income | $8M | $11M | $19M | $11M | $10M | $11M | $11M | $11M | $8M | $8M | $7M | $5M | $8M | $8M | $7M | $6M | |
| Other Non-op | $-18M | $2M | $-17M | $-12M | $-17M | $-20M | $6M | $-10M | $-14M | $-10M | $-28M | $-25M | $-29M | $-16M | $-43M | $10M | |
| Pretax Income | $157M | $35M | $66M | $73M | $115M | $121M | $199M | $174M | $293M | $165M | $135M | $156M | $176M | $145M | $141M | $64M | |
| Income Tax | $41M | $15M | $147M | $29M | $1M | $47M | $38M | $44M | $70M | $44M | $-460M | $48M | $19M | $20M | $42M | $29M | |
| Net Income | $112M | $19M | $-78M | $42M | $108M | $73M | $160M | $130M | $226M | $119M | $598M | $114M | $155M | $126M | $104M | $32M | |
| EPS (Basic) | $0.31 | $0.05 | $-0.20 | $0.11 | $0.29 | $0.19 | $0.42 | $0.33 | $0.57 | $0.30 | $1.53 | $0.29 | $0.39 | $0.32 | $0.27 | $0.08 | |
| EPS (Diluted) | $0.31 | $0.05 | $-0.20 | $0.11 | $0.29 | $0.19 | $0.40 | $0.33 | $0.57 | $0.30 | $1.50 | $0.29 | $0.39 | $0.32 | $0.26 | $0.08 | |
| Shares (Basic) | 359,000,000 | 361,000,000 | -754,000,000 | 370,000,000 | 375,000,000 | 381,000,000 | -789,000,000 | 392,000,000 | 395,000,000 | 394,000,000 | -785,000,000 | 393,000,000 | 393,000,000 | 392,000,000 | -778,000,000 | 391,000,000 | |
| Shares (Diluted) | 362,000,000 | 364,000,000 | -755,000,000 | 371,000,000 | 376,000,000 | 383,000,000 | -793,000,000 | 395,000,000 | 397,000,000 | 397,000,000 | -790,000,000 | 396,000,000 | 395,000,000 | 396,000,000 | -779,000,000 | 393,000,000 | |
| EBITDA | $193M | $47M | · | $107M | $143M | $152M | · | $194M | $313M | $162M | · | $183M | $181M | $126M | · | $55M |
Balance Sheet 27
| 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 | $1.16B | $1.34B | $1.55B | $1.21B | $1.08B | $1.16B | $1.23B | $985M | $827M | $468M | · | $513M | $592M | $774M | · | $998M | |
| Receivables | $1.81B | $1.66B | $1.70B | $1.87B | $1.90B | $1.79B | $1.82B | $1.90B | $1.85B | $1.87B | · | $1.98B | $1.89B | $1.78B | · | $1.62B | |
| Inventory | $1.95B | $1.87B | $1.80B | $1.89B | $1.93B | $1.94B | $1.93B | $2.12B | $2.16B | $2.28B | · | $2.28B | $2.20B | $2.04B | · | $1.75B | |
| Prepaid Expense | $199M | $207M | $172M | $222M | $215M | $215M | $212M | $230M | $234M | $261M | · | $211M | $224M | $199M | · | $212M | |
| Current Assets | $5.79B | $5.72B | $5.82B | $5.76B | $5.78B | $5.78B | $5.77B | $5.92B | $5.84B | $5.69B | · | $5.66B | $5.61B | $5.42B | · | $5.18B | |
| PP&E (Net) | $2.02B | $2.02B | $2.05B | $2.02B | $1.99B | $1.95B | $1.92B | $1.91B | $1.88B | $1.88B | · | $1.84B | $1.84B | $1.81B | · | $1.76B | |
| PP&E (Gross) | · | · | $5.68B | · | · | · | $5.33B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $3.63B | · | · | · | $3.41B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $1.58B | $1.58B | $1.58B | $1.62B | $1.62B | $1.62B | $1.63B | $1.61B | $1.62B | $1.60B | $1.56B | $1.56B | $1.55B | $1.55B | $1.50B | $1.50B | |
| Intangibles | $438M | $442M | $455M | $466M | $496M | $506M | $508M | · | · | · | $450M | · | · | · | $490M | · | |
| Other Non-current Assets | $371M | $364M | $361M | $368M | $339M | $324M | $406M | $364M | $340M | $341M | · | $239M | $246M | $239M | · | $222M | |
| Total Assets | $11.20B | $11.14B | $11.29B | $11.34B | $11.36B | $11.27B | $11.36B | $11.42B | $11.30B | $11.30B | $11.29B | $10.50B | $10.45B | $10.18B | $10.13B | $9.76B | |
| Accounts Payable | $858M | $852M | $831M | $798M | $823M | $796M | $837M | $835M | $809M | $823M | · | $925M | $1.01B | $961M | · | $774M | |
| Accrued Liabilities | $781M | $728M | $822M | $760M | $742M | $685M | $861M | $819M | $782M | $767M | · | $818M | $769M | $775M | · | $904M | |
| Current Liabilities | $2.39B | $2.32B | $2.41B | $2.26B | $2.24B | $2.18B | $2.35B | $2.30B | $2.24B | $2.27B | · | $2.37B | $2.38B | $2.31B | · | $2.25B | |
| Capital Leases | $293M | $295M | $289M | $288M | $297M | $293M | $301M | $340M | $339M | $347M | · | $342M | $351M | $341M | · | $332M | |
| Deferred Tax | $83M | $86M | $93M | $74M | $71M | $64M | $56M | $44M | $59M | $92M | · | $69M | $69M | $68M | · | $51M | |
| Other Non-current Liabilities | $253M | $261M | $261M | $268M | $265M | $300M | $283M | $290M | $287M | $292M | · | $218M | $212M | $218M | · | $267M | |
| Total Liabilities | $4.94B | $4.88B | $4.97B | $4.83B | $4.80B | $4.78B | $4.93B | $4.91B | $4.87B | $4.98B | · | $4.93B | $4.95B | $4.87B | · | $4.83B | |
| Long-term Debt | $1.71B | $1.72B | $1.72B | $1.73B | $1.73B | $1.74B | $1.74B | $1.75B | $1.75B | $1.81B | · | $1.73B | $1.73B | $1.73B | · | $1.73B | |
| Total Debt | $1.71B | $1.72B | · | $1.73B | $1.73B | $1.74B | · | $1.75B | $1.75B | $1.81B | · | $1.73B | $1.73B | $1.73B | · | $1.73B | |
| Common Stock | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | · | $4M | $4M | $4M | · | $4M | |
| Retained Earnings | $-639M | $-687M | $-673M | $-568M | $-582M | $-583M | $-628M | $-759M | $-860M | $-1.06B | · | $-1.73B | $-1.83B | $-1.96B | · | $-2.15B | |
| AOCI | $-1.43B | $-1.42B | $-1.42B | $-1.41B | $-1.41B | $-1.53B | $-1.62B | $-1.50B | $-1.55B | $-1.52B | · | $-1.54B | $-1.51B | $-1.55B | · | $-1.70B | |
| Stockholders' Equity | $6.21B | $6.21B | $6.27B | $6.46B | $6.50B | $6.44B | $6.38B | $6.46B | $6.38B | $6.25B | · | $5.52B | $5.43B | $5.24B | · | $4.87B | |
| Liabilities + Equity | $11.20B | $11.14B | $11.29B | $11.34B | $11.36B | $11.27B | $11.36B | $11.42B | $11.30B | $11.30B | · | $10.50B | $10.45B | $10.18B | · | $9.76B | |
| Shares Outstanding | 357,299,308 | 360,255,938 | 360,803,354 | 366,505,774 | 372,736,059 | 378,080,553 | 381,549,541 | 389,084,160 | 393,706,882 | 395,503,573 | · | 393,926,996 | 393,776,806 | 393,727,525 | · | 392,805,244 |
Cash Flow 16
| 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 | $93M | $92M | $90M | $89M | $87M | $89M | $88M | $86M | $86M | $83M | $77M | $77M | $71M | $77M | $76M | $76M | |
| Stock-based Comp | $15M | $26M | $17M | $17M | $17M | $16M | $17M | $17M | $17M | $19M | $17M | $17M | $17M | $15M | $17M | $17M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | $7M | · | · | · | $63M | |
| Operating Cash Flow | $17M | $-26M | $573M | $352M | $191M | $135M | $591M | $359M | $432M | $-78M | $377M | $40M | $-72M | $-202M | $154M | $-106M | |
| CapEx | $81M | $65M | $101M | $107M | $83M | $84M | $118M | $82M | $82M | $69M | $76M | $74M | $76M | $57M | $66M | $59M | |
| Investing Cash Flow | $-50M | $-64M | $-96M | $-104M | $-81M | $-81M | $-163M | $-82M | $85M | $-311M | $-82M | $-83M | $-76M | $-52M | $-65M | $-84M | |
| Debt Issued | · | · | $1M | · | · | · | $1M | $0 | $336M | $333M | $122M | $60M | $1M | $1M | $4M | $6M | |
| Net Debt Issued | · | $-4M | · | · | · | $-4M | · | · | · | $83M | · | · | · | $1M | · | · | |
| Stock Repurchased | $63M | $67M | $85M | $80M | $69M | $81M | $112M | $80M | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-67M | · | · | · | $-81M | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $64M | $33M | $27M | $28M | $107M | $28M | $29M | $29M | $30M | $20M | $19M | $20M | $20M | $20M | $19M | $20M | |
| Financing Cash Flow | $-148M | $-115M | $-133M | $-118M | $-198M | $-135M | $-171M | $-122M | $-156M | $43M | $3M | $-33M | $-32M | $-41M | $-24M | $-20M | |
| Net Change in Cash | $-178M | $-210M | $345M | $127M | $-77M | $-73M | $245M | $158M | $359M | $-348M | $303M | $-79M | $-182M | $-295M | $71M | $-220M | |
| Taxes Paid | $50M | $29M | $-73M | $93M | $71M | $15M | $37M | $47M | $49M | $28M | $31M | $31M | $32M | $20M | $26M | $12M | |
| Free Cash Flow | · | $-91M | · | · | · | $51M | · | · | · | $-147M | · | · | · | $-259M | · | · | |
| Levered FCF | · | $-104M | · | · | · | $38M | · | · | · | $-165M | · | · | · | $-277M | · | · |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.4% | 18.5% | · | 18.9% | 20.4% | 21.3% | · | 21.4% | 26.6% | 21.2% | · | 21.4% | 21.8% | 20.9% | · | 19.5% | |
| Operating Margin | 9.0% | 2.3% | · | 4.9% | 6.5% | 7.2% | · | 8.8% | 14.1% | 7.5% | · | 8.4% | 8.6% | 6.4% | · | 2.9% | |
| Net Margin | 5.2% | 0.93% | · | 1.9% | 4.9% | 3.5% | · | 5.9% | 10.2% | 5.5% | · | 5.2% | 7.4% | 6.4% | · | 1.7% | |
| Pretax Margin | 7.4% | 1.7% | · | 3.4% | 5.3% | 5.8% | · | 7.9% | 13.2% | 7.7% | · | 7.1% | 8.4% | 7.4% | · | 3.4% | |
| EBITDA Margin | 9.0% | 2.3% | · | 4.9% | 6.5% | 7.2% | · | 8.8% | 14.1% | 7.5% | · | 8.4% | 8.6% | 6.4% | · | 2.9% | |
| ROA | 0.99% | 0.17% | · | 0.37% | 0.95% | 0.65% | · | 1.2% | 2.1% | 1.1% | · | 1.1% | 1.5% | 1.3% | · | 0.33% | |
| ROE | 1.8% | 0.30% | · | 0.65% | 1.7% | 1.1% | · | 2.2% | 3.8% | 2.1% | · | 2.2% | 3.0% | 2.5% | · | 0.65% | |
| ROIC | 1.8% | 0.34% | · | 0.79% | 1.7% | 1.1% | · | 1.8% | 2.9% | 1.5% | · | 1.8% | 2.2% | 1.6% | · | 0.46% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 2.5 | · | 2.5 | 2.6 | 2.7 | · | 2.6 | 2.6 | 2.5 | · | 2.4 | 2.4 | 2.3 | · | 2.3 | |
| Quick Ratio | 1.2 | 1.3 | · | 1.4 | 1.3 | 1.4 | · | 1.3 | 1.2 | 1.0 | · | 1.1 | 1.0 | 1.1 | · | 1.2 | |
| Debt / Equity | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | |
| LT Debt / Equity | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | |
| Interest Coverage | 9.2 | 2.1 | · | 4.9 | 6.5 | 6.9 | · | 9.2 | 14.2 | 6.8 | · | 8.0 | 8.6 | 6.0 | · | 2.9 |
Efficiency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.8 | 0.9 | · | 0.9 | 0.9 | 0.8 | · | 0.8 | 0.7 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 1.0 | |
| Receivables Turnover | 1.1 | 1.2 | · | 1.2 | 1.2 | 1.2 | · | 1.1 | 1.2 | 1.2 | · | 1.2 | 1.2 | 1.2 | · | 1.3 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.55B | $8.52B | · | $8.66B | $8.70B | $8.66B | · | $8.75B | $8.65B | $8.39B | · | $8.13B | $7.67B | $7.13B | · | $6.50B | |
| Net Income TTM | $281M | $242M | · | $353M | $537M | $548M | · | $589M | $614M | $514M | · | $427M | $382M | $177M | · | $-18M | |
| Market Cap | $6.63B | $6.78B | · | $4.86B | $4.63B | $5.75B | · | $6.21B | $7.48B | $7.72B | · | $8.23B | $6.32B | $7.29B | · | $6.36B | |
| Enterprise Value | $7.17B | $7.15B | · | $5.38B | $5.28B | $6.33B | · | $6.98B | $8.41B | $9.06B | · | $9.45B | $7.45B | $8.25B | · | $7.09B | |
| P/E | 24.4 | 29.4 | · | 14.4 | 9.0 | 10.9 | · | 10.7 | 12.3 | 15.0 | · | 19.4 | 16.5 | 41.1 | · | -323.6 | |
| P/S | 0.8 | 0.8 | · | 0.6 | 0.5 | 0.7 | · | 0.7 | 0.9 | 0.9 | · | 1.0 | 0.8 | 1.0 | · | 1.0 | |
| P/B | 1.1 | 1.1 | · | 0.8 | 0.7 | 0.9 | · | 1.0 | 1.2 | 1.2 | · | 1.5 | 1.2 | 1.4 | · | 1.3 | |
| P / Tangible Book | 1.6 | 1.6 | · | 1.1 | 1.1 | 1.3 | · | 1.3 | 1.6 | 1.7 | · | 2.1 | 1.6 | 2.0 | · | 1.9 | |
| P / Cash Flow | · | -260.6 | · | · | · | 42.6 | · | · | · | -99.0 | · | · | · | -36.1 | · | · | |
| P / FCF | · | -74.5 | · | · | · | 112.8 | · | · | · | -52.5 | · | · | · | -28.1 | · | · | |
| EV / EBITDA | 37.1 | 152.1 | · | 50.2 | 36.9 | 41.7 | · | 36.0 | 26.9 | 55.9 | · | 51.6 | 41.2 | 65.4 | · | 128.9 | |
| EV / FCF | · | -78.6 | · | · | · | 124.2 | · | · | · | -61.6 | · | · | · | -31.8 | · | · | |
| EV / Revenue | 0.8 | 0.8 | · | 0.6 | 0.6 | 0.7 | · | 0.8 | 1.0 | 1.1 | · | 1.2 | 1.0 | 1.2 | · | 1.1 | |
| Earnings Yield | 4.1% | 3.4% | · | 6.9% | 11.1% | 9.1% | · | 9.3% | 8.2% | 6.7% | · | 5.2% | 6.0% | 2.4% | · | -0.31% | |
| Payout Ratio | · | 173.7% | · | · | · | 38.4% | · | · | · | 16.8% | · | · | · | 15.9% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $8.74B | — | — | $8.87B | — |
| Gross Margin % | 20.2% | — | — | 22.7% | — |
| Operating Margin % | 5.7% | — | — | 9.9% | — |
| Net Income | $145M | — | — | $635M | — |
| Diluted EPS | $0.39 | — | — | $1.60 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | — | — | 0.3 | — |
| Current Ratio | 2.4 | — | — | 2.5 | — |
| Quick Ratio | 1.4 | — | — | 1.3 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $876M | — | — | $953M | — |
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Institutional owners (13F) 531 filers · $3.7B 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 |
|---|---|---|---|---|
| 83 (-3 vs prior Q) | 48 (+11 vs prior Q) | 162 (-18 vs prior Q) | 155 (+42 vs prior Q) | +48.0M |
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 | $351,082,346 | 18,926,272 | 9.56% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $346,063,055 | 18,655,691 | 9.43% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $301,758,174 | 16,267,287 | 8.22% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $266,263,417 | 14,353,823 | 7.25% | Shares |
| STATE STREET CORP | $227,906,636 | 12,286,072 | 6.21% | Shares |
| AMERICAN CENTURY COMPANIES INC | $192,314,510 | 10,367,359 | 5.24% | Shares |
| First Pacific Advisors, LP | $118,578,797 | 6,392,388 | 3.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $104,526,637 | 5,633,149 | 2.85% | Shares |
| GREENHAVEN ASSOCIATES INC | $104,251,352 | 5,620,019 | 2.84% | Shares |
| Oldfield Partners LLP | $94,902,695 | 5,045,332 | 2.58% | Shares |
| TWO SIGMA INVESTMENTS, LP | $76,158,750 | 4,105,593 | 2.07% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $74,424,232 | 4,012,088 | 2.03% | Shares |
| FIRST TRUST ADVISORS LP | $72,074,325 | 3,885,408 | 1.96% | Shares |
| VAN ECK ASSOCIATES CORP | $71,651,879 | 3,862,635 | 1.95% | Shares |
| EARNEST PARTNERS LLC | $71,348,958 | 3,846,305 | 1.94% | Shares |
| BlackRock, Inc. | $50,134,695 | 2,702,679 | 1.37% | Shares |
| MILLENNIUM MANAGEMENT LLC | $48,029,437 | 2,589,188 | 1.31% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $42,183,628 | 2,274,050 | 1.15% | Shares |
| MASTERS CAPITAL MANAGEMENT LLC | $40,810,000 | 2,200,000 | 1.11% | Shares |
| MACKENZIE FINANCIAL CORP | $39,201,993 | 2,113,315 | 1.07% | Shares |
| Bridgewater Associates, LP | $36,055,691 | 1,943,703 | 0.98% | Shares |
| Ninety One UK Ltd | $32,729,678 | 1,764,404 | 0.89% | Shares |
| Artisan Partners Limited Partnership | $30,328,063 | 1,634,936 | 0.83% | Shares |
| FIL Ltd | $29,658,686 | 1,598,851 | 0.81% | Shares |
| Caisse de depot et placement du Quebec | $29,165,330 | 1,572,255 | 0.79% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $25,618,032 | 1,381,026 | 0.70% | Shares |
| BANK OF AMERICA CORP /DE/ | $21,504,774 | 1,159,287 | 0.59% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $21,189,795 | 1,142,307 | 0.58% | Shares |
| HEARTLAND ADVISORS INC | $20,564,289 | 1,108,587 | 0.56% | Shares |
| GOLDMAN SACHS GROUP INC | $19,922,255 | 1,073,976 | 0.54% | Shares |
| RHUMBLINE ADVISERS | $17,617,316 | 949,723 | 0.48% | Shares |
| California Public Employees Retirement System | $17,110,186 | 922,382 | 0.47% | Shares |
| AMERIPRISE FINANCIAL INC | $16,063,598 | 865,962 | 0.44% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $15,922,194 | 858,339 | 0.43% | Shares |
| First Eagle Investment Management, LLC | $15,514,300 | 836,350 | 0.42% | Shares |
| CITADEL ADVISORS LLC | $15,258,766 | 822,575 | 0.42% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $15,191,708 | 818,960 | 0.41% | Shares |
| Swiss National Bank | $13,415,360 | 723,200 | 0.37% | Shares |
| Gotham Asset Management, LLC | $13,141,321 | 708,427 | 0.36% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $12,586,034 | 669,114 | 0.34% | Shares |
| Fideuram Asset Management (Ireland) dac | $11,648,083 | 590,865 | 0.32% | Shares |
| NATIXIS | $11,602,635 | 625,479 | 0.32% | Shares |
| Cambria Investment Management, L.P. | $10,466,875 | 564,252 | 0.29% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $10,114,053 | 545,232 | 0.28% | Shares |
| ALLIANCEBERNSTEIN L.P. | $10,112,425 | 537,609 | 0.28% | Shares |
| RAYMOND JAMES FINANCIAL INC | $9,551,209 | 514,890 | 0.26% | Shares |
| JANE STREET GROUP, LLC | $9,425,329 | 508,104 | 0.26% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $8,824,718 | 475,726 | 0.24% | Shares |
| MARSHALL WACE, LLP | $8,657,322 | 466,702 | 0.24% | Shares |
| NORGES BANK | $8,547,339 | 460,773 | 0.23% | Shares |
| BARCLAYS PLC | $8,453,717 | 455,726 | 0.23% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $8,241,487 | 444,285 | 0.22% | Shares |
| ALGERT GLOBAL LLC | $8,174,243 | 440,660 | 0.22% | Shares |
| Fulcrum Asset Management LLP | $8,095,427 | 436,176 | 0.22% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $7,953,508 | 422,834 | 0.22% | Shares |
| PZENA INVESTMENT MANAGEMENT LLC | $7,453,483 | 401,805 | 0.20% | Shares |
| EDMOND DE ROTHSCHILD HOLDING S.A. | $7,420,000 | 400,000 | 0.20% | Shares |
| CAPITAL MANAGEMENT CORP /VA | $7,388,428 | 398,298 | 0.20% | Shares |
| Retirement Systems of Alabama | $6,885,612 | 371,192 | 0.19% | Shares |
| JANE STREET GROUP, LLC | $6,503,630 | 350,600 | 0.18% | Call option |
| EXCHANGE TRADED CONCEPTS, LLC | $6,187,482 | 333,557 | 0.17% | Shares |
| TOWLE & CO | $5,844,029 | 315,042 | 0.16% | Shares |
| Fiduciary Alliance LLC | $5,677,872 | 306,085 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,589,913 | 301,343 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $5,485,866 | 295,734 | 0.15% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $5,341,621 | 287,958 | 0.15% | Shares |
| LEE DANNER & BASS INC | $5,208,840 | 280,800 | 0.14% | Shares |
| Vanguard Global Advisers, LLC | $5,151,502 | 277,709 | 0.14% | Shares |
| Allianz Asset Management GmbH | $5,118,019 | 275,904 | 0.14% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $4,726,466 | 254,796 | 0.13% | Shares |
| Great Hill Capital LLC | $4,689,774 | 252,818 | 0.13% | Shares |
| Kiltearn Partners LLP | $4,667,941 | 251,641 | 0.13% | Shares |
| Vest Financial, LLC | $4,537,497 | 244,609 | 0.12% | Shares |
| Quantinno Capital Management LP | $4,524,329 | 243,899 | 0.12% | Shares |
| Edgestream Partners, L.P. | $4,502,029 | 242,697 | 0.12% | Shares |
| Squarepoint Ops LLC | $4,473,759 | 241,173 | 0.12% | Shares |
| New Age Alpha Advisors, LLC | $4,454,912 | 240,157 | 0.12% | Shares |
| GATEWAY INVESTMENT ADVISERS LLC | $4,445,026 | 239,624 | 0.12% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,365,000 | 235,310 | 0.12% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $4,286,033 | 231,053 | 0.12% | Shares |
| Numerai GP LLC | $4,196,325 | 226,217 | 0.11% | Shares |
| Ceredex Value Advisors LLC | $4,150,563 | 223,750 | 0.11% | Shares |
| Energy Income Partners, LLC | $4,147,669 | 223,594 | 0.11% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $3,995,299 | 215,380 | 0.11% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $3,969,626 | 213,996 | 0.11% | Shares |
| Legal & General Group Plc | $3,935,902 | 212,178 | 0.11% | Shares |
| GENDELL JEFFREY L | $3,710,000 | 200,000 | 0.10% | Shares |
| LEUTHOLD GROUP, LLC | $3,695,475 | 199,217 | 0.10% | Shares |
| Cubist Systematic Strategies, LLC | $3,652,022 | 275,624 | 0.10% | Shares |
| State of Tennessee, Department of Treasury | $3,549,265 | 191,335 | 0.10% | Shares |
| Great Hill Capital LLC | $3,478,000 | 173,900 | 0.09% | Call option |
| DARK FOREST CAPITAL MANAGEMENT LP | $3,428,244 | 184,811 | 0.09% | Shares |
| Brevan Howard Capital Management LP | $3,326,219 | 179,311 | 0.09% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $3,227,156 | 171,566 | 0.09% | Shares |
| MetLife Investment Management, LLC | $3,204,791 | 172,765 | 0.09% | Shares |
| Aptus Capital Advisors, LLC | $3,124,284 | 168,425 | 0.09% | Shares |
| NORTHERN TRUST CORP | $3,087,703 | 166,453 | 0.08% | Shares |
| JANUS HENDERSON GROUP PLC | $3,083,121 | 163,778 | 0.08% | Shares |
| XTX Topco Ltd | $3,072,696 | 165,644 | 0.08% | Shares |
| Illinois Municipal Retirement Fund | $3,057,875 | 164,845 | 0.08% | Shares |
Company insiders 48 insiders · 11 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jose A Bayardo | Chairman, President, and CEO | March 20, 2026 F | 745,678 | 0 | 0 | $0 |
| Clay C Williams | Chairman, President and CEO | Feb. 23, 2025 F | 1,608,855 | 0 | 0 | $0 |
| Rodney C. Reed | Senior VP and CFO | March 20, 2026 F | 165,797 | 0 | 0 | $0 |
| Jeremy D Thigpen | Sr. Vice President and CFO | March 19, 2015 F | 25,334 | 0 | 0 | $0 |
| Scott B. Livingston | President, Energy Products and Services. | Feb. 23, 2026 F | 118,213 | 0 | 0 | $0 |
| Joseph W Rovig | President - Energy Equipment | Feb. 23, 2026 F | 266,830 | 0 | 1 | $-3,047,405 |
| Kirk M. Shelton | President - Completion and Production Solutions | Feb. 25, 2023 F | 262,683 | 0 | 0 | $0 |
| Isaac H. Joseph | President - Wellbore Technologies | Feb. 25, 2023 F | 220,829 | 0 | 0 | $0 |
| Christy Lynn Novak | VP, Corp. Controller, CAO | March 20, 2026 F | 102,561 | 0 | 0 | $0 |
| Craig L. Weinstock | Sr. VP. & Gen. Counsel | Feb. 23, 2026 F | 253,757 | 0 | 4 | $-1,405,200 |
| Scott K. Duff | VP Cntrlr Chf Acctg Offcr | Feb. 28, 2021 F | 97,645 | 0 | 0 | $0 |
| David D Harrison | Director | July 31, 2026 S | 126,763 | 0 | 1 | $-184,301 |
| Patricia Martinez | Director | May 20, 2026 A | 34,956 | 0 | 0 | $0 |
| Robert S. Welborn | Director | May 20, 2026 A | 55,429 | 0 | 0 | $0 |
| Sanjay Chowbey | Director | May 20, 2026 A | 9,457 | 0 | 0 | $0 |
| Christian S Kendall | Director | May 20, 2026 A | 95,406 | 2 | 0 | $1,012,200 |
| Marcela E Donadio | Director | May 20, 2026 A | 106,882 | 0 | 0 | $0 |
| William R. Thomas | Director | May 20, 2026 A | 101,166 | 0 | 0 | $0 |
| Patricia B Melcher | Director | May 20, 2026 A | 34,956 | 0 | 0 | $0 |
| Eric L Mattson | Director | May 20, 2025 C | 70,835 | 0 | 0 | $0 |
| Ben A Guill | Director | May 20, 2025 A | 163,840 | 0 | 0 | $0 |
| Greg L Armstrong | Director | May 20, 2025 C | 111,143 | 0 | 0 | $0 |
| James T Hackett | Director | Dec. 31, 2022 A | 70,616 | 0 | 0 | $0 |
| Melody B Meyer | Director | May 24, 2022 A | 43,402 | 0 | 0 | $0 |
| Roger L Jarvis | Director | May 18, 2016 A | 53,051 | 0 | 0 | $0 |
| Jeffery A Smisek | Director | May 13, 2015 A | 45,804 | 0 | 0 | $0 |
| BEAUCHAMP ROBERT E | Director | May 13, 2015 A | 48,864 | 0 | 0 | $0 |
| Robert W Blanchard | — | Feb. 25, 2014 A | 29,722 | 0 | 0 | $0 |
| Dwight W Rettig | — | Feb. 25, 2014 A | 48,978 | 0 | 0 | $0 |
| Merrill A Miller JR | — | Feb. 25, 2014 A | 460,704 | 0 | 0 | $0 |
| Mark A Reese | — | March 21, 2013 D | 35,100 | 0 | 0 | $0 |
| Haynes B Smith | — | Dec. 13, 2007 G | 40,762 | 0 | 0 | $0 |
| Kevin A Neveu | — | June 14, 2007 M | 11,250 | 0 | 0 | $0 |
| James D Woods | — | Feb. 21, 2006 A | 6,116 | 0 | 0 | $0 |
| Kenneth L Nibling | — | June 30, 2005 G | 500 | 0 | 0 | $0 |
| Joseph C Winkler | — | June 16, 2005 M | 41,979 | 0 | 0 | $0 |
| John F Lauletta | — | June 8, 2005 M | 5,890 | 0 | 0 | $0 |
| Jerry N Gauche | — | March 31, 2005 M | 0 | 0 | 0 | $0 |
| Gary W Stratulate | — | March 22, 2005 M | 0 | 0 | 0 | $0 |
| Byron A Dunn | — | March 11, 2005 M | 0 | 0 | 0 | $0 |
| Frederick W Pheasey | — | March 11, 2005 M | 85,185 | 0 | 0 | $0 |
| Howard E Davis | — | March 11, 2005 M | 0 | 0 | 0 | $0 |
| Robert L Bloom | — | March 9, 2005 M | 23,860 | 0 | 0 | $0 |
| Steven W Krablin | — | Feb. 7, 2005 A | 28,062 | 0 | 0 | $0 |
| Hushang Ansary | — | Sept. 22, 2004 S | 496 | 0 | 0 | $0 |
| Robert R Workman | — | March 11, 2004 A | 0 | 0 | 0 | $0 |
| Joel V Staff | — | March 11, 2004 A | 50,100 | 0 | 0 | $0 |
| William E Macaulay | — | March 11, 2004 A | 980 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Undisclosed reporting person, Undisclosed reporting person | Feb. 26, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 5, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 31, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 3, 2001 | — | 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 119 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 |
|---|---|---|---|---|
| PXJ · Invesco Exchange-Traded Fund Trust | 4.94% | 150,113 SH | Aug. 8, 2026 | Daily |
| ADPV · Series Portfolios Trust | 3.89% | 325,997 NS | April 30, 2026 | N-PORT |
| IEZ · iShares Trust | 3.85% | 709,817 SH | Aug. 8, 2026 | Daily |
| MVFD · Northern Lights Fund Trust IV | 2.48% | 134,852 NS | May 31, 2026 | N-PORT |
| FXN · First Trust Exchange-Traded AlphaDE… | 2.07% | 1,224,619 NS | April 30, 2026 | N-PORT |
| EPSV · Harbor ETF Trust | 2.01% | 4,901 NS | April 30, 2026 | N-PORT |
| EPMV · Harbor ETF Trust | 1.66% | 3,607 NS | April 30, 2026 | N-PORT |
| RFV · Invesco Exchange-Traded Fund Trust | 1.55% | 267,529 SH | Aug. 8, 2026 | Daily |
| RNIN · EA Series Trust | 1.22% | 91,088 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 1.10% | 1,856,386 NS | April 30, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.98% | 457,639 NS | April 30, 2026 | N-PORT |
| XMVM · Invesco Exchange-Traded Fund Trust | 0.96% | 249,116 SH | Aug. 8, 2026 | Daily |
| VAMO · Cambria ETF Trust | 0.88% | 35,837 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.88% | 359,370 NS | April 30, 2026 | N-PORT |
| FLOW · Global X Funds | 0.79% | 11,287 NS | May 31, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.72% | 22,222 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.61% | 381,418 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.58% | 7,915,886 NS | May 31, 2026 | N-PORT |
| AUSF · Global X Funds | 0.50% | 213,257 NS | May 31, 2026 | N-PORT |
| OSCV · ETF Series Solutions | 0.50% | 165,850 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.50% | 1,821,899 NS | April 30, 2026 | N-PORT |
| EIPI · First Trust Exchange-Traded Fund VI… | 0.43% | 224,992 NS | May 31, 2026 | N-PORT |
| IJJ · iShares Trust | 0.41% | 1,825,527 SH | Aug. 8, 2026 | Daily |
| CCNR · Financial Investors Trust | 0.40% | 76,414 NS | April 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.38% | 308,134 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.34% | 13,546 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.34% | 2,261,724 NS | April 30, 2026 | N-PORT |
| VDE · VANGUARD WORLD FUND | 0.33% | 1,972,515 SH | Aug. 8, 2026 | Daily |
| FENY · FIDELITY COVINGTON TRUST | 0.33% | 323,508 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.32% | 219,578 SH | Aug. 8, 2026 | Daily |
| IYE · iShares Trust | 0.32% | 273,751 SH | Aug. 8, 2026 | Daily |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.30% | 32,270 NS | April 30, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.28% | 12,581 NS | May 29, 2026 | N-PORT |
| XJH · iShares Trust | 0.22% | 48,516 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.22% | 95,325 SH | Aug. 8, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.22% | 100,058 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.22% | 41,412 NS | April 30, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.21% | 3,095 NS | March 31, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.20% | 45,376 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.20% | 12,382,956 SH | Aug. 8, 2026 | Daily |
| IGE · iShares Trust | 0.19% | 71,263 SH | Aug. 8, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 39,124 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.18% | 264,969 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.18% | 579,061 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.18% | 918 NS | May 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.17% | 65,041 SH | Aug. 8, 2026 | Daily |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.16% | 51,001 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.16% | 1,110,825 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.16% | 12,457 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.15% | 1,731,583 NS | May 31, 2026 | N-PORT |