NRDS NerdWallet, Inc. - Class A Common Stock
$10.03
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$7–$16
30% of range
Analyst Rating
BUY
12 analysts
Price Target
$12
+18% upside
P/E (TTM)
14.5
ROE
12.7%
Net Profit Margin
5.8%
NRDS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$10.03
Market Cap
$660M
P/E (TTM)
14.5
EPS (TTM)
$0.64
Revenue (TTM)
$837M
Div Yield
—
ROE
12.7%
Debt/Equity
—
52W Range
$7 – $16
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$837M
2019-12-31
→
2025-12-31
EPS
$0.64
2019-12-31
→
2025-12-31
Free Cash Flow
$130M
2021-12-31
→
2025-12-31
Margins
5.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NRDS
Peer Median
P/E (TTM)
14.5
8.7
P/S (TTM)
0.8
0.6
P/B
1.8
0.8
Price / FCF
5.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NRDS
Peer Median
Operating Margin
7.8%
—
Net Profit Margin
5.8%
6.0%
ROA
10.8%
0.82%
ROE
12.7%
7.3%
ROIC
12.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NRDS
Peer Median
Current Ratio
3.5
0.5
Quick Ratio
3.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NRDS
Peer Median
Revenue YoY
21.7%
—
Revenue CAGR 3Y
15.8%
—
Revenue CAGR 5Y
27.8%
—
EPS YoY
68.4%
—
Net Income YoY
60.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NRDS
Peer Median
NRDS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 4 33.3%
- Buy 5 41.7%
- Hold 2 16.7%
- Sell 1 8.3%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-14
Median
$12.00
Now
$10.03
Low
$8.00
High
$15.00
Median target
$12.00
+19.6%
Mean target
$11.80
+17.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.07 | $0.07 | -0.00% |
| March 31, 2026 | $0.29 | $0.26 | 0.03% |
| Dec. 31, 2025 | $0.19 | $0.18 | 0.01% |
| Sept. 30, 2025 | $0.34 | $0.22 | 0.12% |
| June 30, 2025 | $0.11 | $0.11 | 0.00% |
| March 31, 2025 | $0.00 | $-0.10 | 0.10% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NRDS | $966M | 21.2 | 21.7% | 5.8% | 12.7% | — |
| NAVI | — | — | — | — | — | — |
| WRLD | — | 19.6 | 3.7% | — | — | — |
| GDOT | — | — | 20.7% | — | — | — |
| PRAA | $680M | -2.3 | 7.8% | -25.4% | -28.9% | — |
| OPFI | — | 10.6 | — | — | 57.7% | — |
| TREE | $731M | 4.9 | 24.1% | 13.5% | 74.7% | 31.5% |
| OPRT | — | 10.0 | -4.5% | — | — | — |
| RM | $370M | 8.7 | 9.7% | 6.9% | 12.1% | — |
| MFIN | — | — | — | — | — | — |
| CPSS | $204M | 11.7 | 10.4% | 4.5% | 12.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $837M | $688M | $599M | $539M | $380M | $245M | $228M | |
| Cost of Revenue | $64M | $64M | $54M | $40M | $28M | $21M | $16M | |
| R&D Expense | $67M | $82M | $80M | $78M | $62M | $51M | $46M | |
| SG&A Expense | $56M | $62M | $60M | $58M | $38M | $28M | $22M | |
| Operating Expenses | $771M | $678M | $596M | $558M | $419M | $243M | $200M | |
| Operating Income | $65M | $9M | $4M | $-19M | $-39M | $2M | $28M | |
| Interest Expense | · | · | $800.0K | $2M | $1M | $1M | $1M | |
| Interest Income | $3M | $5M | $4M | $2M | $0 | $200.0K | $1M | |
| Other Non-op | $3M | $-4M | $3M | $-1M | $1M | $-1M | $-500.0K | |
| Pretax Income | $68M | $5M | $6M | $-20M | $-38M | $900.0K | $28M | |
| Income Tax | $20M | $-25M | $18M | $-10M | $5M | $-4M | $4M | |
| Net Income | $49M | $30M | $-12M | $-10M | $-42M | $5M | $24M | |
| EPS (Basic) | $0.66 | $0.40 | $-0.15 | $-0.14 | $-0.82 | $0.12 | $0.57 | |
| EPS (Diluted) | $0.64 | $0.38 | $-0.15 | $-0.14 | $-0.82 | $0.09 | $0.45 | |
| Shares (Basic) | 74,300,000 | 76,500,000 | 76,700,000 | 70,600,000 | 51,900,000 | 44,300,000 | 42,100,000 | |
| Shares (Diluted) | 75,900,000 | 78,900,000 | 76,700,000 | 70,600,000 | 51,900,000 | 56,300,000 | 54,300,000 | |
| EBITDA | $112M | $58M | $52M | $18M | $-12M | · | · |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $98M | $66M | $100M | $84M | $168M | $83M | · | |
| Receivables | $111M | $102M | $76M | $87M | $58M | $37M | · | |
| Prepaid Expense | $35M | $28M | $22M | $18M | $17M | $9M | · | |
| Other Current Assets | $400.0K | $2M | $1M | $100.0K | $400.0K | $100.0K | · | |
| Current Assets | $245M | $197M | $198M | $189M | $243M | $129M | · | |
| PP&E (Net) | $32M | $43M | $53M | $49M | $35M | $28M | · | |
| PP&E (Gross) | $105M | $132M | $128M | $116M | $82M | $59M | · | |
| Accum. Depreciation | $74M | $90M | $76M | $67M | $47M | $32M | · | |
| Goodwill | $124M | $112M | $112M | $111M | $44M | $44M | $300.0K | |
| Intangibles | $22M | $33M | $47M | $64M | $28M | $36M | · | |
| Other Non-current Assets | $3M | $1M | $2M | $800.0K | $1M | $600.0K | · | |
| Total Assets | $461M | $438M | $419M | $426M | $364M | $255M | · | |
| Accounts Payable | $5M | $9M | $2M | $4M | $3M | $5M | · | |
| Current Liabilities | $71M | $60M | $37M | $72M | $66M | $24M | · | |
| Capital Leases | $6M | $4M | $6M | $10M | $13M | $7M | · | |
| Deferred Tax | · | $200.0K | $700.0K | · | $2M | $2M | · | |
| Other Non-current Liabilities | $16M | $13M | $14M | $12M | $16M | $12M | · | |
| Total Liabilities | $87M | $73M | $52M | $84M | $106M | $104M | · | |
| Total Debt | · | · | · | · | $0 | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | · | |
| Paid-in Capital | $562M | $531M | $484M | $427M | $332M | $100M | · | |
| Retained Earnings | $-188M | $-166M | $-116M | $-85M | $-74M | $-18M | · | |
| Treasury Stock | · | · | · | · | $0 | $0 | · | |
| AOCI | $100.0K | $-200.0K | $-300.0K | $-900.0K | $500.0K | $600.0K | · | |
| Stockholders' Equity | $374M | $364M | $367M | $342M | $258M | $83M | $8M | |
| Liabilities + Equity | $461M | $438M | $419M | $426M | $364M | $255M | · | |
| Shares Outstanding | 71,289,000 | 74,108,000 | 76,940,000 | 75,120,000 | 66,722,000 | 48,853,000 | 42,308,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $46M | $48M | $48M | $37M | $27M | $15M | $9M | |
| Stock-based Comp | $29M | $38M | $39M | $34M | $18M | $6M | $5M | |
| Deferred Tax | $16M | $-46M | $-500.0K | $-14M | $4M | $-5M | $2M | |
| Amort. of Intangibles | $14M | $14M | $17M | $13M | $8M | $2M | $0 | |
| Restructuring | $500.0K | $9M | · | · | · | · | · | |
| Other Non-cash | $-8M | $1M | $-3M | $-22M | $600.0K | · | · | |
| Operating Cash Flow | $132M | $72M | $72M | $25M | $7M | $15M | $31M | |
| CapEx | $1M | $600.0K | $700.0K | $5M | $2M | $1M | $700.0K | |
| Investing Cash Flow | $-33M | $-30M | $-30M | $-100M | $-23M | $-55M | $-15M | |
| Stock Issued | · | · | · | $0 | $0 | $54M | $0 | |
| Stock Repurchased | $70M | $80M | $20M | · | · | · | · | |
| Net Stock Activity | $-70M | · | · | $0 | $0 | · | · | |
| Financing Cash Flow | $-66M | $-76M | $-26M | $-8M | $100M | $56M | $-1M | |
| Net Change in Cash | $32M | $-34M | $16M | $-84M | $84M | $16M | $15M | |
| Free Cash Flow | $130M | $71M | $71M | $20M | $5M | · | · | |
| Levered FCF | · | · | $73M | $19M | $3M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 7.8% | 1.4% | 0.60% | -3.5% | -10.3% | · | · | |
| Net Margin | 5.8% | 4.4% | -2.0% | -1.9% | -11.2% | · | · | |
| Pretax Margin | 8.2% | 0.73% | 1.1% | -3.7% | -9.9% | · | · | |
| EBITDA Margin | 13.3% | 8.4% | 8.6% | 3.3% | -3.1% | · | · | |
| ROA | 10.8% | 7.1% | -2.8% | -2.6% | -13.7% | · | · | |
| ROE | 12.7% | 8.9% | -3.2% | -3.1% | -27.4% | · | · | |
| ROIC | 12.4% | 15.7% | -1.8% | -2.8% | -17.1% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.5 | 3.3 | 5.3 | 2.6 | 3.7 | · | · | |
| Quick Ratio | 3.0 | 2.8 | 4.7 | 2.4 | 3.4 | · | · | |
| Debt / Equity | · | · | · | · | 0.0 | · | · | |
| LT Debt / Equity | · | · | · | · | 0.0 | · | · | |
| Interest Coverage | · | · | 4.5 | -7.6 | -30.0 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.9 | 1.6 | 1.4 | 1.4 | 1.2 | · | · | |
| Receivables Turnover | 7.8 | 7.7 | 7.4 | 7.5 | 8.0 | · | · |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 21.7% | 14.7% | 11.2% | 42.0% | 54.8% | · | · | |
| Revenue CAGR 3Y | 15.8% | 21.9% | 34.7% | · | · | · | · | |
| Revenue CAGR 5Y | 27.8% | · | · | · | · | · | · | |
| EPS YoY | 68.4% | · | · | · | · | · | · | |
| EPS CAGR 5Y | 48.0% | · | · | · | · | · | · | |
| Net Income YoY | 60.2% | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 55.8% | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $837M | $688M | $599M | $539M | $380M | · | · | |
| Net Income TTM | $49M | $30M | $-12M | $-10M | $-42M | · | · | |
| Market Cap | $966M | $986M | $1.13B | $721M | $1.04B | · | · | |
| Enterprise Value | · | · | · | · | $870M | · | · | |
| P/E | 21.2 | 35.0 | -98.1 | -68.6 | -19.0 | · | · | |
| P/S | 1.2 | 1.4 | 1.9 | 1.3 | 2.7 | · | · | |
| P/B | 2.6 | 2.7 | 3.1 | 2.1 | 4.0 | · | · | |
| P / Tangible Book | 4.2 | 4.5 | 5.4 | 4.3 | 5.6 | · | · | |
| P / Cash Flow | 7.3 | 13.7 | 15.7 | 28.8 | 144.1 | · | · | |
| P / FCF | 7.4 | 13.8 | 15.9 | 35.4 | 211.7 | · | · | |
| EV / EBITDA | · | · | · | · | -73.1 | · | · | |
| EV / FCF | · | · | · | · | 177.5 | · | · | |
| EV / Revenue | · | · | · | · | 2.3 | · | · | |
| Earnings Yield | 4.7% | 2.9% | -1.0% | -1.5% | -5.3% | · | · |
Income Statement 17
| 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 | $197M | $222M | $225M | $215M | $187M | $209M | $184M | $191M | $151M | $162M | $134M | $153M | $143M | $170M | $142M | $143M | |
| Cost of Revenue | $13M | $14M | $14M | $15M | $17M | $18M | $17M | $18M | $15M | $14M | $14M | $13M | $13M | $14M | $12M | $12M | |
| R&D Expense | $18M | $17M | $16M | $16M | $18M | $17M | $16M | $23M | $23M | $21M | $20M | $21M | $20M | $20M | $19M | $21M | |
| SG&A Expense | $14M | $16M | $14M | $14M | $14M | $14M | $14M | $16M | $16M | $15M | $15M | $14M | $16M | $15M | $14M | $15M | |
| Operating Expenses | $190M | $195M | $206M | $181M | $176M | $208M | $175M | $185M | $160M | $158M | $129M | $149M | $148M | $170M | $134M | $151M | |
| Operating Income | $7M | $27M | $19M | $34M | $11M | $700.0K | $9M | $7M | $-10M | $4M | $5M | $4M | $-4M | $-800.0K | $8M | $-9M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $200.0K | · | $200.0K | $200.0K | $200.0K | · | $900.0K | |
| Interest Income | $400.0K | $900.0K | $700.0K | $1M | $800.0K | $700.0K | $600.0K | $1M | $2M | $1M | $900.0K | $900.0K | $800.0K | $1M | $900.0K | $500.0K | |
| Other Non-op | $300.0K | $800.0K | $500.0K | $1M | $800.0K | $600.0K | $-8M | $1M | $1M | $1M | $700.0K | $700.0K | $600.0K | $700.0K | $-300.0K | $-400.0K | |
| Pretax Income | $7M | $28M | $20M | $36M | $12M | $1M | $700.0K | $8M | $-8M | $5M | $5M | $5M | $-4M | $-100.0K | $8M | $-9M | |
| Income Tax | $3M | $8M | $6M | $9M | $3M | $1M | $-38M | $8M | $1M | $4M | $8M | $5M | $7M | $-2M | $-1M | $-10M | |
| Net Income | $4M | $20M | $14M | $26M | $8M | $200.0K | $39M | $100.0K | $-9M | $1M | $-2M | $-500.0K | $-11M | $2M | $9M | $700.0K | |
| EPS (Basic) | $0.07 | $0.30 | $0.20 | $0.35 | $0.11 | $0.00 | $0.51 | $0.00 | $-0.12 | $0.01 | $-0.02 | $-0.01 | $-0.14 | $0.02 | $0.15 | $0.01 | |
| EPS (Diluted) | $0.07 | $0.29 | $0.19 | $0.34 | $0.11 | $0.00 | $0.49 | $0.00 | $-0.12 | $0.01 | $-0.02 | $-0.01 | $-0.14 | $0.02 | $0.15 | $0.01 | |
| Shares (Basic) | 65,100,000 | 68,200,000 | -150,400,000 | 75,700,000 | 74,800,000 | 74,200,000 | -156,000,000 | 77,400,000 | 77,900,000 | 77,200,000 | -153,400,000 | 77,500,000 | 76,800,000 | 75,800,000 | -137,100,000 | 73,400,000 | |
| Shares (Diluted) | 65,800,000 | 69,500,000 | -153,700,000 | 76,900,000 | 76,600,000 | 76,100,000 | -158,800,000 | 79,300,000 | 77,900,000 | 80,500,000 | -157,300,000 | 77,500,000 | 76,800,000 | 79,700,000 | -138,700,000 | 75,000,000 | |
| EBITDA | $7M | $37M | · | $34M | $23M | $13M | · | $7M | $-10M | $16M | · | $4M | $-4M | $11M | · | $-9M |
Balance Sheet 26
| 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 | $62M | $56M | $98M | $121M | $105M | $92M | $66M | $72M | $114M | $111M | · | $87M | $67M | $101M | · | $138M | |
| Receivables | $114M | $113M | $111M | $122M | $98M | $120M | $102M | $103M | $94M | $94M | · | $84M | $92M | $98M | · | $87M | |
| Prepaid Expense | $26M | $37M | $35M | $33M | $36M | $29M | $28M | $19M | $22M | $19M | · | $24M | $22M | $20M | · | $21M | |
| Other Current Assets | · | · | $400.0K | · | · | · | $2M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $201M | $206M | $245M | $275M | $239M | $242M | $197M | $194M | $230M | $224M | · | $195M | $181M | $219M | · | $247M | |
| PP&E (Net) | $29M | $31M | $32M | $33M | $35M | $39M | $43M | $45M | $49M | $51M | · | $53M | $52M | $51M | · | $47M | |
| PP&E (Gross) | · | · | $105M | · | · | · | $132M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $74M | · | · | · | $90M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $136M | $136M | $124M | $116M | $116M | $112M | $112M | $112M | $112M | $112M | $112M | $111M | $112M | $111M | $111M | $111M | |
| Intangibles | $19M | $23M | $22M | $25M | $28M | $30M | $33M | $37M | $40M | $44M | · | $50M | $55M | $60M | · | $68M | |
| Other Non-current Assets | $5M | $5M | $3M | $3M | $1M | $1M | $1M | $10M | $10M | $10M | · | $2M | $600.0K | $1M | · | $700.0K | |
| Total Assets | $418M | $432M | $461M | $493M | $476M | $475M | $438M | $402M | $446M | $446M | · | $421M | $411M | $452M | · | $485M | |
| Accounts Payable | $13M | $7M | $5M | $14M | $12M | $24M | $9M | $12M | $10M | $15M | · | $13M | $2M | $12M | · | $6M | |
| Current Liabilities | $77M | $80M | $71M | $74M | $69M | $90M | $60M | $66M | $54M | $54M | · | $45M | $35M | $80M | · | $85M | |
| Capital Leases | $5M | $6M | $6M | $7M | $7M | $4M | $4M | $4M | $4M | $5M | · | $7M | $8M | $9M | · | $10M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1M | |
| Other Non-current Liabilities | $15M | $16M | $16M | $16M | $17M | $13M | $13M | $14M | $13M | $14M | · | $12M | $11M | $10M | · | $11M | |
| Total Liabilities | $92M | $96M | $87M | $90M | $86M | $103M | $73M | $80M | $67M | $67M | · | $57M | $46M | $90M | · | $167M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $70M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Paid-in Capital | $579M | $570M | $562M | $554M | $548M | $538M | $531M | $519M | $506M | $494M | · | $471M | $460M | $446M | · | $414M | |
| Retained Earnings | $-253M | $-234M | $-188M | $-151M | $-158M | $-166M | $-166M | $-197M | $-126M | $-115M | · | $-106M | $-95M | $-83M | · | $-94M | |
| AOCI | $-200.0K | $-100.0K | $100.0K | $-100.0K | $200.0K | $0 | $-200.0K | $0 | $-300.0K | $-400.0K | · | $-700.0K | $-500.0K | $-700.0K | · | $-2M | |
| Stockholders' Equity | $326M | $336M | $374M | $402M | $390M | $372M | $364M | $322M | $379M | $379M | $367M | $364M | $365M | $362M | $342M | $319M | |
| Liabilities + Equity | $418M | $432M | $461M | $493M | $476M | $475M | $438M | $402M | $446M | $446M | · | $421M | $411M | $452M | · | $485M | |
| Shares Outstanding | 63,879,000 | 65,791,000 | 71,289,000 | 74,731,000 | 75,223,000 | 74,492,000 | 74,108,000 | 74,028,000 | 78,397,000 | 77,720,000 | 76,940,000 | 76,994,000 | 77,525,000 | 76,711,000 | 75,120,000 | 74,322,000 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $9M | $10M | $10M | $12M | $13M | $13M | $11M | $13M | $12M | $12M | $12M | $12M | $12M | $12M | $11M | $11M | |
| Stock-based Comp | $7M | $7M | $7M | $7M | $8M | $7M | $8M | $10M | $10M | $9M | $10M | $9M | $11M | $9M | $9M | $9M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $5M | $5M | |
| Restructuring | · | · | · | · | · | · | $1M | $8M | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-1M | · | · | · | $7M | · | · | · | $1M | · | · | · | $-6M | · | · | |
| Operating Cash Flow | $41M | $36M | $39M | $48M | $18M | $27M | $10M | $29M | $10M | $23M | $30M | $36M | $-10M | $16M | $20M | $19M | |
| CapEx | $100.0K | $400.0K | $300.0K | $100.0K | $700.0K | $200.0K | $200.0K | $100.0K | $300.0K | $0 | $200.0K | $100.0K | $100.0K | $300.0K | $300.0K | $1M | |
| Investing Cash Flow | $-4M | $-20M | $-13M | $-6M | $-9M | $-5M | $-5M | $-5M | $-6M | $-14M | $-9M | $-5M | $-8M | $-8M | $-6M | $-78M | |
| Stock Repurchased | $23M | $66M | $51M | $19M | $300.0K | $0 | $10M | $69M | · | · | $8M | $11M | · | · | · | $0 | |
| Net Stock Activity | · | $-66M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-32M | $-58M | $-48M | $-27M | $5M | $4M | $-10M | $-66M | $-2M | $1M | $-6M | $-12M | $-16M | $8M | $-69M | $72M | |
| Net Change in Cash | $6M | $-42M | $-22M | $15M | $13M | $26M | $-5M | $-42M | $3M | $10M | $14M | $20M | $-34M | $17M | $-54M | $13M | |
| Free Cash Flow | · | $35M | · | · | · | $26M | · | · | · | $23M | · | · | · | $16M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $23M | · | · | · | $20M | · | · |
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 | 3.5% | 12.2% | · | 16.0% | 5.7% | 0.33% | · | 3.5% | -6.4% | 2.3% | · | 2.6% | -2.9% | -0.47% | · | -6.2% | |
| Net Margin | 2.2% | 9.2% | · | 12.2% | 4.4% | 0.10% | · | 0.05% | -6.2% | 0.68% | · | -0.33% | -7.5% | 1.0% | · | 0.49% | |
| Pretax Margin | 3.7% | 12.6% | · | 16.5% | 6.2% | 0.62% | · | 4.1% | -5.5% | 3.0% | · | 3.1% | -2.5% | -0.06% | · | -6.5% | |
| EBITDA Margin | 3.5% | 16.6% | · | 16.0% | 12.5% | 6.4% | · | 3.5% | -6.4% | 9.6% | · | 2.6% | -2.9% | 6.4% | · | -6.2% | |
| ROA | 0.96% | 4.5% | · | 5.9% | 1.8% | 0.04% | · | 0.02% | -2.2% | 0.24% | · | -0.11% | -2.8% | 0.41% | · | 0.29% | |
| ROE | 1.2% | 5.8% | · | 7.3% | 2.1% | 0.05% | · | 0.03% | -2.5% | 0.30% | · | -0.15% | -3.4% | 0.55% | · | 0.44% | |
| ROIC | 1.3% | 5.9% | · | 6.3% | 2.0% | 0.03% | · | 0.03% | -2.9% | 0.22% | · | -0.12% | -3.4% | 3.8% | · | 0.17% |
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 | 2.6 | 2.6 | · | 3.7 | 3.4 | 2.7 | · | 2.9 | 4.3 | 4.2 | · | 4.3 | 5.2 | 2.7 | · | 2.9 | |
| Quick Ratio | 2.3 | 2.1 | · | 3.3 | 2.9 | 2.4 | · | 2.6 | 3.8 | 3.8 | · | 3.8 | 4.6 | 2.5 | · | 2.7 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.2 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 18.5 | · | 20.0 | -21.0 | -4.0 | · | -9.8 |
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 | 0.4 | 0.5 | · | 0.5 | 0.4 | 0.5 | · | 0.5 | 0.4 | 0.4 | · | 0.3 | 0.4 | 0.4 | · | 0.6 | |
| Receivables Turnover | 1.9 | 1.9 | · | 1.9 | 2.0 | 2.0 | · | 2.0 | 1.6 | 1.7 | · | 1.8 | 1.7 | 2.0 | · | 3.3 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $822M | $833M | · | $802M | $738M | $713M | · | $657M | $609M | $628M | · | $608M | $581M | $566M | · | $495M | |
| Net Income TTM | $59M | $55M | · | $35M | $-900.0K | $-8M | · | $-9M | $-20M | $-8M | · | $-9M | $-18M | $-17M | · | $-27M | |
| Market Cap | $591M | $683M | · | $804M | $825M | $674M | · | $941M | $1.14B | $1.14B | · | $684M | $730M | $1.24B | · | $659M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $591M | |
| P/E | 11.4 | 14.0 | · | 23.9 | -1097.0 | -82.3 | · | -105.9 | -56.2 | -122.5 | · | -74.1 | -37.6 | -59.9 | · | -19.7 | |
| P/S | 0.7 | 0.8 | · | 1.0 | 1.1 | 0.9 | · | 1.4 | 1.9 | 1.8 | · | 1.1 | 1.3 | 2.2 | · | 1.3 | |
| P/B | 1.8 | 2.0 | · | 2.0 | 2.1 | 1.8 | · | 2.9 | 3.0 | 3.0 | · | 1.9 | 2.0 | 3.4 | · | 2.1 | |
| P / Tangible Book | 3.5 | 3.9 | · | 3.1 | 3.4 | 2.9 | · | 5.4 | 5.0 | 5.1 | · | 3.4 | 3.7 | 6.5 | · | 4.7 | |
| P / Cash Flow | · | 19.1 | · | · | · | 25.2 | · | · | · | 50.3 | · | · | · | 75.7 | · | · | |
| P / FCF | · | 19.3 | · | · | · | 25.4 | · | · | · | 50.3 | · | · | · | 77.1 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -67.1 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 1.2 | |
| Earnings Yield | 8.8% | 7.1% | · | 4.2% | -0.09% | -1.2% | · | -0.94% | -1.8% | -0.82% | · | -1.4% | -2.7% | -1.7% | · | -5.1% |
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 | $837M | $688M | $599M | $539M | $380M |
| Operating Margin % | 7.8% | 1.4% | 0.60% | -3.5% | -10.3% |
| Net Income | $49M | $30M | $-12M | $-10M | $-42M |
| Diluted EPS | $0.64 | $0.38 | $-0.15 | $-0.14 | $-0.82 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.0 |
| Current Ratio | 3.5 | 3.3 | 5.3 | 2.6 | 3.7 |
| Quick Ratio | 3.0 | 2.8 | 4.7 | 2.4 | 3.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $130M | $71M | $71M | $20M | $5M |
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Institutional owners (13F) 166 filers · $205.2M 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 |
|---|---|---|---|---|
| 39 (+3 vs prior Q) | 34 (-1 vs prior Q) | 43 (-11 vs prior Q) | 53 (+5 vs prior Q) | +1.6M |
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 |
|---|---|---|---|---|
| Topline Capital Management, LLC | $30,425,886 | 3,289,285 | 14.83% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $16,375,580 | 1,770,333 | 7.98% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $12,673,074 | 1,370,062 | 6.18% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $12,432,213 | 1,344,023 | 6.06% | Shares |
| Quinn Opportunity Partners LLC | $9,732,055 | 1,052,114 | 4.74% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $9,569,698 | 1,034,562 | 4.66% | Shares |
| STATE STREET CORP | $8,570,782 | 926,571 | 4.18% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $7,300,646 | 789,259 | 3.56% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $6,723,259 | 726,639 | 3.28% | Shares |
| FMR LLC | $6,156,717 | 665,591 | 3.00% | Shares |
| D. E. Shaw & Co., Inc. | $6,106,600 | 660,173 | 2.98% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,874,750 | 527,000 | 2.38% | Shares |
| OP Asset Management Ltd | $4,330,795 | 468,194 | 2.11% | Shares |
| VANGUARD GROUP INC | $3,312,582 | 244,471 | 1.61% | Shares |
| AMERICAN CENTURY COMPANIES INC | $3,233,217 | 349,537 | 1.58% | Shares |
| Trexquant Investment LP | $3,135,907 | 339,017 | 1.53% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $2,783,307 | 300,898 | 1.36% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,757,148 | 298,070 | 1.34% | Shares |
| CITADEL ADVISORS LLC | $2,642,133 | 285,636 | 1.29% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,426,210 | 262,293 | 1.18% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2,378,508 | 257,136 | 1.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,229,832 | 214,820 | 1.09% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,127,112 | 229,958 | 1.04% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $2,089,917 | 225,937 | 1.02% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,087,263 | 225,650 | 1.02% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,984,403 | 214,530 | 0.97% | Shares |
| GOLDMAN SACHS GROUP INC | $1,821,381 | 196,906 | 0.89% | Shares |
| MACKENZIE FINANCIAL CORP | $1,771,125 | 191,473 | 0.86% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,595,644 | 172,502 | 0.78% | Shares |
| Jump Financial, LLC | $1,431,900 | 154,800 | 0.70% | Shares |
| XTX Topco Ltd | $1,382,209 | 149,428 | 0.67% | Shares |
| Empowered Funds, LLC | $1,222,258 | 132,136 | 0.60% | Shares |
| Vanguard Global Advisers, LLC | $1,197,255 | 129,433 | 0.58% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $1,063,695 | 114,994 | 0.52% | Shares |
| Quantinno Capital Management LP | $1,028,933 | 111,236 | 0.50% | Shares |
| AlphaQuest LLC | $925,966 | 68,337 | 0.45% | Shares |
| AMERIPRISE FINANCIAL INC | $910,016 | 98,380 | 0.44% | Shares |
| FIRST TRUST ADVISORS LP | $883,014 | 95,461 | 0.43% | Shares |
| Point72 Asset Management, L.P. | $781,440 | 84,480 | 0.38% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $748,815 | 80,953 | 0.36% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $710,400 | 76,800 | 0.35% | Shares |
| JPMORGAN CHASE & CO | $686,803 | 73,142 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $665,075 | 71,900 | 0.32% | Call option |
| ALLSTATE CORP | $659,941 | 71,345 | 0.32% | Shares |
| Vident Advisory, LLC | $649,026 | 70,165 | 0.32% | Shares |
| WINMILL & CO. INC | $647,500 | 70,000 | 0.32% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $616,374 | 66,635 | 0.30% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $606,930 | 65,614 | 0.30% | Shares |
| Swiss National Bank | $585,525 | 63,300 | 0.29% | Shares |
| RAYMOND JAMES FINANCIAL INC | $565,332 | 61,117 | 0.28% | Shares |
| CAXTON ASSOCIATES LLP | $547,110 | 59,147 | 0.27% | Shares |
| Squarepoint Ops LLC | $507,871 | 54,905 | 0.25% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $496,485 | 53,674 | 0.24% | Shares |
| TWO SIGMA ADVISERS, LP | $489,155 | 36,100 | 0.24% | Shares |
| Weiss Asset Management LP | $482,480 | 52,160 | 0.24% | Shares |
| Brevan Howard Capital Management LP | $470,464 | 50,861 | 0.23% | Shares |
| TWO SIGMA INVESTMENTS, LP | $459,272 | 49,651 | 0.22% | Shares |
| RHUMBLINE ADVISERS | $456,713 | 49,375 | 0.22% | Shares |
| Aquatic Capital Management LLC | $440,836 | 47,658 | 0.21% | Shares |
| Bank of New York Mellon Corp | $429,746 | 46,459 | 0.21% | Shares |
| TUDOR INVESTMENT CORP ET AL | $415,233 | 44,890 | 0.20% | Shares |
| STRS OHIO | $409,775 | 44,300 | 0.20% | Shares |
| BANK OF AMERICA CORP /DE/ | $406,482 | 43,944 | 0.20% | Shares |
| MORGAN STANLEY | $392,996 | 42,486 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $379,846 | 36,594 | 0.19% | Shares |
| Jain Global LLC | $372,026 | 40,219 | 0.18% | Shares |
| CWM, LLC | $303,605 | 29,249 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $279,396 | 30,205 | 0.14% | Shares |
| State of Wyoming | $249,815 | 27,007 | 0.12% | Shares |
| BlackRock, Inc. | $245,532 | 26,544 | 0.12% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $236,587 | 25,577 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $232,175 | 25,100 | 0.11% | Put option |
| Rangeley Capital, LLC | $215,525 | 23,300 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $206,016 | 22,272 | 0.10% | Shares |
| Balyasny Asset Management L.P. | $198,773 | 21,489 | 0.10% | Shares |
| Campbell & CO Investment Adviser LLC | $192,271 | 20,786 | 0.09% | Shares |
| JANUS HENDERSON GROUP PLC | $191,084 | 18,400 | 0.09% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $185,722 | 20,078 | 0.09% | Shares |
| MetLife Investment Management, LLC | $183,298 | 19,816 | 0.09% | Shares |
| Y-Intercept (Hong Kong) Ltd | $183,039 | 19,788 | 0.09% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $166,195 | 17,967 | 0.08% | Shares |
| Entropy Technologies, LP | $160,155 | 17,314 | 0.08% | Shares |
| AVIVA PLC | $160,127 | 17,311 | 0.08% | Shares |
| Badgley Phelps Wealth Managers, LLC | $149,721 | 16,186 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $148,000 | 16,000 | 0.07% | Call option |
| Walleye Trading LLC | $144,300 | 15,600 | 0.07% | Put option |
| MARTINGALE ASSET MANAGEMENT L P | $142,497 | 15,405 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $141,026 | 15,246 | 0.07% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $125,288 | 13,230 | 0.06% | Shares |
| Invesco Ltd. | $123,182 | 13,317 | 0.06% | Shares |
| Walleye Capital LLC | $118,271 | 12,786 | 0.06% | Shares |
| Walleye Capital LLC | $115,625 | 12,500 | 0.06% | Put option |
| WOLVERINE TRADING, LLC | $113,300 | 10,300 | 0.06% | Put option |
| Police & Firemen's Retirement System of New Jersey | $112,517 | 12,164 | 0.05% | Shares |
| Vista Wealth Management Group, LLC | $112,455 | 12,426 | 0.05% | Shares |
| PEAK6 LLC | $111,000 | 12,000 | 0.05% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $108,225 | 11,700 | 0.05% | Put option |
| NEW YORK STATE COMMON RETIREMENT FUND | $92,361 | 9,985 | 0.05% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $82,223 | 8,889 | 0.04% | Shares |
| Vanguard Investments Australia, Ltd. | $80,216 | 8,672 | 0.04% | Shares |
Company insiders 7 insiders · 4 officers · 2 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tim Chao-Ming Chen | Chief Executive Officer | June 1, 2026 F | 546,883 | 0 | 0 | $0 |
| Jun Hyung Lee | Chief Financial Officer | June 1, 2026 F | 368,082 | 0 | 0 | $0 |
| Sam Brian Mischner | Chief Revenue Officer | June 1, 2026 F | 249,725 | 0 | 0 | $0 |
| Nicholas Tatum | Chief Accounting Officer | June 1, 2026 F | 72,456 | 0 | 0 | $0 |
| James D Robinson III | Director | Nov. 8, 2021 C | 556,817 | 0 | 0 | $0 |
| Topline Capital Partners, LP | 10% owner | June 30, 2026 S | 3,289,285 | 0 | 3 | $-17,862,921 |
| Institutional Venture Partners XIV, L.P. | 10% owner | Nov. 7, 2022 J | 3,654,541 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 43 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 |
|---|---|---|---|---|
| SVAL · iShares Trust | 0.31% | 72,634 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.18% | 4,272 NS | April 30, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.10% | 9,895 NS | May 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.10% | 51,427 SH | Aug. 8, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 40,013 NS | April 30, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.07% | 62,522 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.07% | 111,848 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 87,879 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 7,227 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 35,555 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 303,407 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 55,564 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.02% | 189,618 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 17,188 NS | April 30, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.01% | 20,654 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 134,003 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 190,865 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 859,657 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.01% | 6,734 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 1,866 NS | May 31, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.01% | 228,781 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 163,529 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 1,459 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.01% | 10,264 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.00% | 3,659 SH | Aug. 8, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 7,534 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,478 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 103,532 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,903 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 626 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 37 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 3,884 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 406 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 7,549 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 10,002 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 9,818 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 22,075 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 6,030 SH | Aug. 8, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.00% | 1,590 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 333,515 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,006,684 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,184 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.00% | 44,524 SH | Aug. 8, 2026 | Daily |