NTAP NetApp, Inc. - Common Stock
$203.70
Price · Aug 19, 2026
Fundamentals as of Jun 5, 2026
52W Range
$95–$209
95% of range
Analyst Rating
HOLD
28 analysts
Price Target
$180
P/E (TTM)
32.1
ROE
109.2%
Net Profit Margin
20.5%
About NetApp, Inc. - Common Stock Company overview from Wikipedia
NetApp, Inc. is an American data infrastructure company that provides unified data storage, integrated data services, and cloud operations (CloudOps) solutions to enterprise customers. The company is based in San Jose, California. It was ranked in the Fortune 500 from 2012 to 2021. Founded in 1992 with an initial public offering in 1995, NetApp offers cloud data services for management of applications and data both online and physically.
Read more
NetApp, Inc. is an American data infrastructure company that provides unified data storage, integrated data services, and cloud operations (CloudOps) solutions to enterprise customers. The company is based in San Jose, California. It was ranked in the Fortune 500 from 2012 to 2021. Founded in 1992 with an initial public offering in 1995, NetApp offers cloud data services for management of applications and data both online and physically.
History
NetApp was founded in 1992 by David Hitz, James Lau, and Michael Malcolm as Network Appliance, Inc. At the time, its major competitor was Auspex Systems. In 1994, NetApp received venture capital funding from Sequoia Capital. In 2006, NetApp sold the NetCache product line to Blue Coat Systems. In 2008, Network Appliance officially changed its legal name to NetApp, Inc., reflecting the nickname by which it was already well-known. On June 1, 2015, Tom Georgens stepped down as CEO and was replaced by George Kurian. In May 2018, NetApp announced its first end-to-end NVMe array called All Flash FAS A800 with the release of ONTAP 9.4 software.
Organization
George Kurian is the chief executive officer of NetApp and a member of the board of directors. He joined the company in 2011. The president of NetApp is César Cernuda. In December 2009, Mike Nevens was appointed as chairman of the board. The company employs around 12,000 people worldwide.
Competition
NetApp competes in the computer data storage hardware industry. In 2009, NetApp ranked second in market capitalization in its industry behind EMC Corporation, now Dell EMC, and ahead of Seagate Technology, Western Digital, Brocade, Imation, and Quantum. In total revenue of 2009, NetApp ranked behind EMC, Seagate, Western Digital, and ahead of Imation, Brocade, Xyratex, and Hutchinson Technology. According to a 2014 IDC report, NetApp ranked second in the network storage industry "Big 5's list", behind EMC (Dell), and ahead of IBM, HP and Hitachi.
Partnerships
On March 1, 2021, a partnership with the Aston Martin F1 Team was announced. NetApp is currently responsible for data provision and cloud services for the racing team. Similar partnerships have been in place with the MotoGP team Ducati Corse since 2018, and the TAG Heuer Porsche Formula E Team since July 2022.
OEM
September 13, 2018, Lenovo and NetApp announced its technology partnership, so Lenovo OEM Netapp products under its own name: Lenovo ThinkSystem DE (using NetApp's EF and E-Series array technology), and ThinkSystem DM uses ONTAP software with Lenovo servers and supports FC-NVMe (analog for NetApp FAS and AFF systems). Vector Data's Vault series of products are rugged and carrier-grade versions of NetApp systems including -48V DC Power and NEBS Level 3 Certification.
Reception
Controversy
Syrian surveillance
In November 2011, during the 2011 Syrian uprising, NetApp was named as one of several companies whose products were being used in the Syrian government crackdown. The equipment was allegedly sold to the Syrians by an authorized NetApp reseller.
On April 7, 2014, NetApp was notified by the US Department of Commerce "that it had completed its review of this matter and determined that NetApp had not violated the U.S. export laws", and that the file on the matter had been closed.
Legal dispute with Sun Microsystems
In September 2007, NetApp started proceedings against Sun Microsystems, claiming that the ZFS File System developed by Sun infringed its patents. The following month, Sun announced plans to countersue based on alleged misuse by NetApp of Sun's own patented technology. Several of NetApp's patent claims were rejected on the basis of prior art after re-examination by the United States Patent and Trademark Office. On September 9, 2010, NetApp announced an agreement with Oracle Corporation (the new owner of Sun Microsystems) to dismiss the suits.
Awards
NetApp was listed amongst Silicon Valley Top 25 Corporate Philanthropists in 2013. NetApp was Named Brand of the Year by the Think Global Awards in 2019. In 2023, NetApp was named Best Company to Work For by U.S. News & World Report. In 2024, consulting firm Frost & Sullivan named NetApp Global Company of the Year in the hybrid cloud storage management industry.
Environment
In 2021, the CDP Climate Change Score improved to B−. In some NetApp offices, employees have formed Green Teams to integrate sustainable values into their daily lives.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NTAP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$203.69
Market Cap
$39.92B
P/E (TTM)
32.1
EPS (TTM)
$6.35
Revenue (TTM)
$6.24B
Div Yield
1.0%
ROE
109.2%
Debt/Equity
1.8
52W Range
$95 – $209
NTAP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$6.24B
2017-04-28
→
2026-04-24
EPS
$6.35
2017-04-28
→
2026-04-24
Free Cash Flow
$1.87B
2017-04-28
→
2026-04-24
Margins
20.5%
2017-04-28
→
2026-04-24
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NTAP
Peer Median
P/E (TTM)
32.1
23.1
P/S (TTM)
6.4
3.0
P/B
29.6
7.2
EV / EBITDA
21.0
—
Price / FCF
21.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NTAP
Peer Median
Gross Margin
78.5%
34.0%
Operating Margin
26.8%
—
Net Profit Margin
20.5%
4.8%
ROA
11.8%
6.2%
ROE
109.2%
15.4%
ROIC
33.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NTAP
Peer Median
Debt / Equity
1.8
133.8
Current Ratio
1.4
1.2
Quick Ratio
1.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NTAP
Peer Median
Revenue YoY
5.6%
—
Revenue CAGR 3Y
-0.66%
—
Revenue CAGR 5Y
1.7%
—
EPS YoY
12.0%
—
Net Income YoY
7.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NTAP
Peer Median
Payout Ratio
32.4%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.0%
Payout Ratio
32.4%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 10, 2026 | $0.5200 |
| April 2, 2026 | $0.5200 |
| Jan. 2, 2026 | $0.5200 |
| Oct. 3, 2025 | $0.5200 |
| July 3, 2025 | $0.5200 |
| April 4, 2025 | $0.5200 |
| Jan. 3, 2025 | $0.5200 |
| Oct. 4, 2024 | $0.5200 |
| July 5, 2024 | $0.5200 |
| April 4, 2024 | $0.5000 |
| Jan. 4, 2024 | $0.5000 |
| Oct. 5, 2023 | $0.5000 |
| July 6, 2023 | $0.5000 |
| April 5, 2023 | $0.5000 |
| Jan. 5, 2023 | $0.5000 |
| Oct. 6, 2022 | $0.5000 |
| July 7, 2022 | $0.5000 |
| April 7, 2022 | $0.5000 |
| Jan. 6, 2022 | $0.5000 |
| Oct. 7, 2021 | $0.5000 |
NTAP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
28 analysts
- Strong Buy 3 10.7%
- Buy 10 35.7%
- Hold 14 50.0%
- Sell 1 3.6%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-13
Median
$180.00
Above all targets →
$203.69
Low
$150.00
High
$200.00
Median target
$180.00
-11.6%
Mean target
$179.50
-11.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
Next Report
Sep 02, 2026
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| Dec. 31, 2026 | $2.43 | $2.31 | — |
| June 30, 2026 | $2.43 | $2.31 | 0.12% |
| March 31, 2026 | $2.12 | $2.11 | 0.01% |
| Dec. 31, 2025 | $2.05 | $1.92 | 0.13% |
| Sept. 30, 2025 | $1.55 | $1.57 | -0.02% |
| June 30, 2025 | $1.93 | $1.93 | -0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NTAP | $21.31B | 17.1 | 5.6% | 20.5% | 109.2% | 78.5% |
| AAPL | $3.77T | 34.2 | 6.4% | 26.9% | 159.4% | 46.9% |
| DELL | $74.61B | 13.2 | 18.8% | 5.2% | -300.4% | 20.0% |
| SNDK | $254.77B | 23.7 | 175.3% | 56.5% | 88.1% | 71.5% |
| WDC | $194.58B | 22.2 | 35.7% | 73.0% | 118.0% | 48.9% |
| HPE | $32.19B | -610.5 | 13.8% | 0.17% | 0.23% | — |
| P | — | — | 15.6% | 5.1% | 13.6% | 70.4% |
| HPQ | $25.48B | 10.4 | 3.2% | 4.6% | -311.8% | 20.6% |
| SMCI | $29.12B | 29.2 | 46.6% | 4.8% | 17.9% | 11.1% |
| IONQ | $16.27B | -24.7 | 201.8% | -392.6% | -24.4% | — |
| GPGI | — | -15.7 | -85.8% | -227.3% | -198.9% | 48.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.24B | $5.91B | $5.66B | $6.36B | $6.32B | $5.74B | $5.41B | $6.15B | $5.92B | $5.49B | $5.55B | $6.12B | |
| Cost of Revenue | $2.03B | $1.96B | $1.83B | $2.15B | $2.10B | $1.93B | $1.79B | $2.20B | $2.21B | $2.13B | $2.17B | $2.29B | |
| Gross Profit | $4.90B | $4.61B | $4.43B | $4.21B | $4.22B | $3.81B | $3.62B | $3.94B | $3.71B | $3.36B | $3.37B | $3.83B | |
| R&D Expense | $991M | $1.01B | $1.03B | $956M | $881M | $881M | $847M | $827M | $783M | $779M | $861M | $920M | |
| SG&A Expense | $344M | $311M | $308M | $265M | $279M | $257M | $263M | $278M | $280M | $271M | $307M | $284M | |
| Operating Expenses | $3.23B | $3.28B | $3.22B | $3.19B | $3.06B | $2.78B | $2.68B | $2.72B | $2.55B | $2.74B | $3.02B | $3.12B | |
| Operating Income | $1.67B | $1.34B | $1.21B | $1.02B | $1.16B | $1.03B | $945M | $1.22B | $1.16B | $621M | $348M | $716M | |
| Interest Expense | · | · | $64M | $67M | $73M | $74M | $55M | $58M | $62M | $52M | $49M | $42M | |
| Interest Income | $113M | $112M | $112M | $69M | $7M | $9M | $48M | $88M | $79M | $44M | $46M | $37M | |
| Other Non-op | $-30M | $-2M | $1M | $46M | $4M | $-4M | $6M | $17M | $24M | $8M | $0 | $2M | |
| Pretax Income | $1.65B | $1.38B | $1.26B | $1.07B | $1.09B | $962M | $944M | $1.27B | $1.20B | $621M | $345M | $713M | |
| Income Tax | $372M | $197M | $277M | $-208M | $158M | $232M | $125M | $99M | $1.08B | $140M | $116M | $153M | |
| Net Income | $1.28B | $1.19B | $986M | $1.27B | $937M | $730M | $819M | $1.17B | $116M | $481M | $229M | $560M | |
| EPS (Basic) | $6.41 | $5.81 | $4.74 | $5.87 | $4.20 | $3.29 | $3.56 | $4.60 | $0.43 | $1.75 | $0.78 | $1.77 | |
| EPS (Diluted) | $6.35 | $5.67 | $4.63 | $5.79 | $4.09 | $3.23 | $3.52 | $4.51 | $0.42 | $1.71 | $0.77 | $1.75 | |
| Shares (Basic) | 199,000,000 | 204,000,000 | 208,000,000 | 217,000,000 | 223,000,000 | 222,000,000 | 230,000,000 | 254,000,000 | 268,000,000 | 275,000,000 | 294,000,000 | 316,000,000 | |
| Shares (Diluted) | 201,000,000 | 209,000,000 | 213,000,000 | 220,000,000 | 229,000,000 | 226,000,000 | 233,000,000 | 259,000,000 | 276,000,000 | 281,000,000 | 297,000,000 | 321,000,000 | |
| EBITDA | $1.85B | $1.53B | $1.41B | $1.20B | $1.30B | $1.19B | $1.10B | $1.37B | $1.27B | $843M | $560M | $960M |
Balance Sheet 29
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.07B | $2.74B | $1.90B | $2.32B | $4.11B | $4.53B | $2.66B | $2.33B | $2.94B | $2.44B | $2.87B | $1.92B | |
| Short-term Investments | $1.51B | $1.10B | $1.35B | $754M | $22M | $67M | $224M | $1.57B | $2.45B | $2.48B | $2.44B | $3.40B | |
| Receivables | $1.29B | $1.25B | $1.01B | $987M | $1.23B | $945M | $973M | $1.22B | $1.05B | $731M | $813M | $779M | |
| Inventory | $198M | $186M | $186M | $167M | $204M | $114M | $145M | $131M | $122M | $163M | $98M | $146M | |
| Prepaid Expense | · | · | · | · | · | · | · | · | · | · | $234M | $268M | |
| Other Current Assets | $708M | $573M | $452M | $456M | $377M | $346M | $274M | $364M | $392M | $383M | $234M | $522M | |
| Current Assets | $5.78B | $5.85B | $4.90B | $4.68B | $5.95B | $6.00B | $4.27B | $5.61B | $6.95B | $6.20B | $6.45B | $6.77B | |
| PP&E (Net) | $592M | $563M | $604M | $650M | $602M | $525M | $727M | $759M | $756M | $799M | $937M | $1.03B | |
| PP&E (Gross) | $1.99B | $2.13B | $2.08B | $2.01B | $1.85B | $1.80B | $2.09B | $2.09B | $2.00B | $2.05B | $2.19B | $2.22B | |
| Accum. Depreciation | $1.39B | $1.57B | $1.48B | $1.36B | $1.25B | $1.27B | $1.36B | $1.33B | $1.25B | $1.25B | $1.25B | $1.19B | |
| Goodwill | $2.77B | $2.72B | $2.76B | $2.76B | $2.35B | $2.04B | $1.78B | $1.74B | $1.74B | $1.68B | $1.68B | $1.03B | |
| Intangibles | $22M | $43M | $124M | $181M | $142M | $101M | $44M | $47M | $94M | $131M | $180M | $90M | |
| Other Non-current Assets | $1.58B | $1.64B | $1.50B | $1.55B | $991M | $694M | $699M | $590M | $450M | $681M | $796M | $481M | |
| Total Assets | $10.74B | $10.82B | $9.89B | $9.82B | $10.03B | $9.36B | $7.52B | $8.74B | $9.99B | $9.49B | $10.04B | $9.40B | |
| Accounts Payable | $550M | $511M | $517M | $392M | $607M | $420M | $426M | $542M | $609M | $347M | $254M | $284M | |
| Accrued Liabilities | $1.15B | $1.12B | $1.01B | $857M | $925M | $970M | $774M | $851M | $825M | $782M | $765M | $701M | |
| Short-term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $522M | $249M | $385M | $500M | $849M | $0 | |
| Current Liabilities | $4.02B | $4.66B | $4.11B | $3.47B | $3.95B | $3.45B | $3.62B | $3.87B | $3.53B | $4.12B | $3.66B | $2.71B | |
| Capital Leases | $204M | $216M | $220M | $248M | $257M | $71M | $93M | $0 | · | · | · | · | |
| Other Non-current Liabilities | $360M | $379M | $585M | $708M | $788M | $650M | $714M | $797M | $992M | $249M | $413M | $318M | |
| Total Liabilities | $9.39B | $9.78B | $8.74B | $8.66B | $9.19B | $8.68B | $7.28B | $7.65B | $7.71B | $6.71B | $7.16B | $5.99B | |
| Long-term Debt | $2.49B | $3.23B | $2.39B | $2.39B | $2.64B | $2.63B | $1.15B | $1.54B | $1.54B | $1.49B | $1.49B | · | |
| Total Debt | $2.49B | $3.23B | $2.39B | $2.39B | $2.64B | $2.63B | $1.67B | $1.79B | $1.93B | $1.49B | $2.34B | $1.49B | |
| Common Stock | · | · | · | · | · | · | · | · | · | · | · | $300.0K | |
| Retained Earnings | $153M | $0 | $208M | $265M | $122M | $211M | $0 | $0 | $-9M | $40M | $0 | $53M | |
| AOCI | $-11M | $-66M | $-59M | $-51M | $-44M | $-30M | $-42M | $-43M | $-70M | $-29M | $-31M | $-24M | |
| Stockholders' Equity | $1.35B | $1.04B | $1.15B | $1.16B | $838M | $685M | $242M | $1.09B | $2.28B | $2.95B | $2.88B | $3.41B | |
| Liabilities + Equity | $10.74B | $10.82B | $9.89B | $9.82B | $10.03B | $9.36B | $7.52B | $8.74B | $9.99B | $9.49B | $10.04B | $9.40B | |
| Shares Outstanding | 196,000,000 | 201,000,000 | 206,000,000 | 212,000,000 | 220,000,000 | 222,000,000 | 219,000,000 | 240,000,000 | 263,000,000 | 269,000,000 | 281,000,000 | 306,000,000 |
Cash Flow 19
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $179M | $196M | $198M | $181M | $148M | $158M | $154M | $150M | $145M | $178M | $212M | $243M | |
| Stock-based Comp | $382M | $386M | $357M | $312M | $245M | $197M | $153M | $158M | $161M | $195M | $260M | $259M | |
| Deferred Tax | $135M | $-100M | $53M | $-606M | $-144M | $-6M | $-17M | $-3M | $270M | $74M | $-113M | $-3M | |
| Amort. of Intangibles | $21M | $47M | $57M | $68M | $46M | $49M | $39M | $46M | $53M | $48M | $67M | $64M | |
| Restructuring | $21M | $83M | $44M | $120M | $33M | $42M | $21M | $35M | $0 | $52M | $108M | $0 | |
| Other Non-cash | $95M | $-162M | $91M | $-54M | $25M | $254M | $-49M | $-133M | $819M | $14M | $386M | $208M | |
| Operating Cash Flow | $2.07B | $1.51B | $1.69B | $1.11B | $1.21B | $1.33B | $1.06B | $1.34B | $1.48B | $986M | $974M | $1.27B | |
| CapEx | $198M | $168M | $155M | $239M | $226M | $162M | $124M | $173M | $145M | $175M | $160M | $175M | |
| Investing Cash Flow | $-595M | $147M | $-735M | $-1.39B | $-561M | $21M | $1.27B | $704M | $-21M | $-223M | $85M | · | |
| Debt Issued | · | · | · | · | · | · | · | $0 | $795M | $0 | $0 | $495M | |
| Net Debt Issued | · | · | · | · | · | · | · | $0 | $45M | $0 | $0 | $495M | |
| Stock Repurchased | $950M | $1.15B | $900M | $850M | $600M | $125M | $1.41B | $2.11B | $794M | $705M | $960M | $1.17B | |
| Net Stock Activity | $-950M | $-1.15B | $-900M | $-850M | $-600M | $-125M | $-1.41B | $-2.11B | $-794M | $-705M | $-960M | $-1.17B | |
| Dividends Paid | $413M | $424M | $416M | $432M | $446M | $427M | $439M | $403M | $214M | $208M | $210M | $208M | |
| Financing Cash Flow | $-2.15B | $-828M | $-1.34B | $-1.51B | $-1.02B | $444M | $-1.96B | $-2.63B | $-986M | $-1.18B | $-109M | · | |
| Net Change in Cash | $-674M | $840M | $-413M | $-1.80B | $-416M | $1.87B | $335M | $-616M | $497M | $-427M | $946M | $-369M | |
| Taxes Paid | $435M | $412M | $357M | $386M | $398M | $338M | $276M | $205M | $87M | $102M | $161M | $97M | |
| Free Cash Flow | $1.87B | $1.34B | $1.53B | $868M | $985M | $1.17B | $936M | $1.17B | $1.33B | $811M | $814M | $1.09B | |
| Levered FCF | · | · | $1.48B | $788M | $923M | $1.11B | $888M | $1.11B | $1.33B | $771M | $781M | $1.06B |
Profitability 8
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.5% | 70.2% | 70.7% | 66.2% | 66.8% | 66.4% | 66.9% | 64.2% | 62.6% | 61.4% | 60.8% | 62.6% | |
| Operating Margin | 26.8% | 20.3% | 19.4% | 16.0% | 18.3% | 17.9% | 17.5% | 19.9% | 19.0% | 12.0% | 6.3% | 11.7% | |
| Net Margin | 20.5% | 18.1% | 15.7% | 20.0% | 14.8% | 12.7% | 15.1% | 19.0% | 1.3% | 9.2% | 4.1% | 9.1% | |
| Pretax Margin | 26.4% | 21.0% | 20.2% | 16.8% | 17.3% | 16.8% | 17.4% | 20.6% | 19.7% | 12.0% | 6.2% | 11.6% | |
| EBITDA Margin | 29.7% | 23.3% | 22.5% | 18.9% | 20.7% | 20.7% | 20.3% | 22.3% | 21.5% | 15.3% | 10.1% | 15.7% | |
| ROA | 11.8% | 11.5% | 10.0% | 12.8% | 9.7% | 8.6% | 10.1% | 12.5% | 0.79% | 5.2% | 2.4% | 6.0% | |
| ROE | 109.2% | 116.6% | 92.2% | 112.7% | 108.9% | 125.5% | 312.6% | 100.8% | 3.0% | 18.0% | 7.3% | 15.6% | |
| ROIC | 33.8% | 26.8% | 26.8% | 34.3% | 28.5% | 23.6% | 42.9% | 39.1% | 1.8% | 11.9% | 4.4% | 11.5% |
Liquidity & Solvency 5
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.3 | 1.2 | 1.3 | 1.5 | 1.7 | 1.2 | 1.5 | 1.9 | 1.5 | 1.8 | 2.5 | |
| Quick Ratio | 1.2 | 1.1 | 1.0 | 1.2 | 1.4 | 1.6 | 1.1 | 1.3 | 1.8 | 1.4 | 1.7 | 2.3 | |
| Debt / Equity | 1.8 | 3.1 | 2.1 | 2.1 | 3.1 | 3.8 | 6.9 | 1.6 | 0.9 | 0.5 | 0.8 | 0.4 | |
| LT Debt / Equity | 1.8 | 2.4 | 1.7 | 2.1 | 2.8 | 3.8 | 4.7 | 1.0 | 0.7 | 0.3 | 0.5 | 0.4 | |
| Interest Coverage | · | · | 19.0 | 15.2 | 15.8 | 13.9 | 17.2 | 21.1 | 18.1 | 12.8 | 7.1 | 17.1 |
Efficiency 3
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.7 | |
| Inventory Turnover | 10.6 | 10.5 | 10.4 | 11.6 | 13.2 | 14.9 | 13.0 | 17.4 | 15.3 | 16.3 | 17.8 | 17.0 | |
| Receivables Turnover | 4.9 | 5.8 | 6.3 | 5.7 | 5.8 | 6.0 | 4.9 | 5.4 | 6.8 | 7.1 | 7.0 | 7.5 |
Growth Rates 10
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.6% | 4.4% | -11.1% | 0.70% | 10.0% | 6.1% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -0.66% | -2.2% | -0.51% | 5.5% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 1.7% | 4.0% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 12.0% | 22.5% | -20.0% | 41.6% | 26.6% | -8.2% | · | · | · | · | · | · | |
| EPS CAGR 3Y | 3.1% | 11.5% | 12.8% | 18.0% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 14.5% | 10.0% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 7.6% | 20.3% | -22.6% | 36.0% | 28.4% | -10.9% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 0.05% | 8.2% | 10.5% | 15.9% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 11.8% | 7.7% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -0.66% | -0.69% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.24B | $6.57B | $6.27B | $6.36B | $6.32B | $5.74B | $5.41B | $6.15B | $5.92B | $5.49B | $5.55B | $6.12B | |
| Net Income TTM | $1.28B | $1.19B | $986M | $1.27B | $937M | $730M | $819M | $1.17B | $116M | $481M | $229M | $560M | |
| Market Cap | $21.31B | $17.78B | $20.87B | $13.33B | $16.11B | $16.58B | $9.43B | $17.26B | $17.73B | $10.72B | $6.64B | $11.06B | |
| Enterprise Value | $20.21B | $17.17B | $20.01B | $12.65B | $14.62B | $14.62B | $8.22B | $15.15B | $14.26B | $7.29B | $3.68B | $7.22B | |
| P/E | 17.1 | 15.6 | 21.9 | 10.9 | 17.9 | 23.1 | 12.2 | 15.9 | 160.5 | 23.3 | 30.7 | 20.6 | |
| P/S | 3.4 | 2.7 | 3.3 | 2.1 | 2.6 | 2.9 | 1.7 | 2.8 | 3.0 | 2.0 | 1.2 | 1.8 | |
| P/B | 15.8 | 17.1 | 18.2 | 11.5 | 19.2 | 24.2 | 39.0 | 15.8 | 8.6 | 3.9 | 2.3 | 3.2 | |
| P / Cash Flow | 10.3 | 11.8 | 12.4 | 12.0 | 13.3 | 12.4 | 8.9 | 12.9 | 12.0 | 10.9 | 6.8 | 8.7 | |
| P / FCF | 11.4 | 13.3 | 13.6 | 15.4 | 16.4 | 14.2 | 10.1 | 14.8 | 13.3 | 13.2 | 8.2 | 10.1 | |
| EV / EBITDA | 10.9 | 11.2 | 14.2 | 10.6 | 11.2 | 12.3 | 7.5 | 11.1 | 11.2 | 8.6 | 6.6 | 7.5 | |
| EV / FCF | 10.8 | 12.8 | 13.1 | 14.6 | 14.8 | 12.5 | 8.8 | 13.0 | 10.7 | 9.0 | 4.5 | 6.6 | |
| EV / Revenue | 3.2 | 2.6 | 3.2 | 2.0 | 2.3 | 2.5 | 1.5 | 2.5 | 2.4 | 1.3 | 0.7 | 1.2 | |
| Dividend Yield | 1.9% | 2.4% | 2.0% | 3.2% | 2.8% | 2.6% | 4.7% | 2.3% | 1.2% | 1.9% | 3.2% | 1.9% | |
| Earnings Yield | 5.8% | 6.4% | 4.6% | 9.2% | 5.6% | 4.3% | 8.2% | 6.3% | 0.62% | 4.3% | 3.3% | 4.8% | |
| Payout Ratio | 32.4% | 35.8% | 42.2% | 33.9% | 47.6% | 58.5% | 53.6% | 34.5% | 281.6% | 40.9% | 91.7% | 37.0% | |
| Annual Payout | $413M | $424M | $416M | $432M | $446M | $427M | $439M | $403M | $214M | $208M | $210M | $208M |
Income Statement 18
| Metric | Trend | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.26B | $1.71B | $1.71B | $1.56B | $1.07B | $1.64B | $1.66B | $1.54B | $1.06B | $1.61B | $1.56B | $1.43B | $1.58B | $1.53B | $1.66B | $1.59B | |
| Cost of Revenue | $583M | $504M | $478M | $461M | $539M | $496M | $481M | $443M | $492M | $455M | $452M | $436M | $506M | $525M | $576M | $546M | |
| Gross Profit | $1.36B | $1.21B | $1.23B | $1.10B | $1.19B | $1.15B | $1.18B | $1.10B | $1.18B | $1.15B | $1.11B | $996M | $1.07B | $1.00B | $1.09B | $1.05B | |
| R&D Expense | $261M | $237M | $251M | $242M | $256M | $247M | $257M | $252M | $271M | $249M | $262M | $247M | $243M | $230M | $243M | $240M | |
| SG&A Expense | $85M | $86M | $89M | $84M | $85M | $74M | $77M | $75M | $78M | $81M | $75M | $74M | $67M | $59M | $67M | $72M | |
| Operating Expenses | $833M | $775M | $828M | $789M | $845M | $783M | $832M | $816M | $810M | $785M | $806M | $818M | $766M | $829M | $805M | $791M | |
| Operating Income | $532M | $434M | $399M | $309M | $348M | $362M | $345M | $282M | $366M | $366M | $304M | $178M | $309M | $172M | $282M | $255M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $17M | $15M | $16M | · | $16M | $17M | $18M | |
| Interest Income | $25M | $25M | $27M | $36M | $29M | $20M | $27M | $36M | $32M | $27M | $25M | $28M | $27M | $21M | $14M | $7M | |
| Other Non-op | $-11M | $0 | $-7M | $-12M | $-2M | $0 | $3M | $-3M | $0 | $6M | $-1M | $-4M | $-6M | $0 | $26M | $26M | |
| Pretax Income | $518M | $433M | $393M | $304M | $354M | $370M | $360M | $299M | $380M | $382M | $315M | $186M | $314M | $177M | $305M | $270M | |
| Income Tax | $114M | $99M | $88M | $71M | $14M | $71M | $61M | $51M | $89M | $69M | $82M | $37M | $69M | $112M | $-445M | $56M | |
| Net Income | $404M | $334M | $305M | $233M | $340M | $299M | $299M | $248M | $291M | $313M | $233M | $149M | $245M | $65M | $750M | $214M | |
| EPS (Basic) | $2.03 | $1.69 | $1.53 | $1.16 | $1.67 | $1.47 | $1.47 | $1.20 | $1.40 | $1.52 | $1.12 | $0.70 | $1.14 | $0.30 | $3.46 | $0.97 | |
| EPS (Diluted) | $2.02 | $1.67 | $1.51 | $1.15 | $1.64 | $1.44 | $1.42 | $1.17 | $1.36 | $1.48 | $1.10 | $0.69 | $1.12 | $0.30 | $3.41 | $0.96 | |
| Shares (Basic) | -399,000,000 | 198,000,000 | 199,000,000 | 201,000,000 | -410,000,000 | 204,000,000 | 204,000,000 | 206,000,000 | -418,000,000 | 206,000,000 | 208,000,000 | 212,000,000 | -436,000,000 | 216,000,000 | 217,000,000 | 220,000,000 | |
| Shares (Diluted) | -404,000,000 | 200,000,000 | 202,000,000 | 203,000,000 | -421,000,000 | 208,000,000 | 210,000,000 | 212,000,000 | -425,000,000 | 211,000,000 | 211,000,000 | 216,000,000 | -443,000,000 | 219,000,000 | 220,000,000 | 224,000,000 | |
| EBITDA | · | $434M | $399M | $309M | · | $362M | $345M | $282M | · | $366M | $304M | $178M | · | $172M | $282M | $255M |
Balance Sheet 27
| Metric | Trend | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.07B | $1.63B | $2.07B | $2.08B | $2.74B | $1.51B | $1.48B | $1.65B | $1.90B | $1.82B | $1.93B | $2.02B | · | $2.64B | $2.67B | $3.29B | |
| Short-term Investments | $1.51B | $1.38B | $942M | $1.24B | $1.10B | $750M | $744M | $1.36B | $1.35B | $1.10B | $686M | $955M | · | $501M | $364M | $151M | |
| Receivables | $1.29B | $1.31B | $988M | $787M | $1.25B | $898M | $873M | $679M | $1.01B | $787M | $787M | $653M | · | $821M | $910M | $865M | |
| Inventory | $198M | $109M | $127M | $133M | $186M | $268M | $317M | $214M | $186M | $131M | $122M | $131M | · | $175M | $244M | $232M | |
| Other Current Assets | $708M | $565M | $525M | $443M | $573M | $481M | $527M | $411M | $452M | $492M | $464M | $401M | · | $403M | $416M | $386M | |
| Current Assets | $5.78B | $5.00B | $4.65B | $4.69B | $5.85B | $3.91B | $3.94B | $4.32B | $4.90B | $4.33B | $3.99B | $4.16B | · | $4.54B | $4.60B | $4.92B | |
| PP&E (Net) | $592M | $576M | $568M | $570M | $563M | $567M | $593M | $594M | $604M | $607M | $623M | $641M | · | $667M | $661M | $622M | |
| PP&E (Gross) | $1.99B | $2.23B | $2.19B | $2.17B | $2.13B | $2.12B | $2.13B | $2.11B | $2.08B | $2.07B | $2.05B | $2.03B | · | $2.01B | $1.96B | $1.90B | |
| Accum. Depreciation | $1.39B | $1.65B | $1.62B | $1.60B | $1.57B | $1.55B | $1.53B | $1.51B | $1.48B | $1.46B | $1.42B | $1.39B | · | $1.34B | $1.30B | $1.28B | |
| Goodwill | $2.77B | $2.76B | $2.73B | $2.73B | $2.72B | $2.72B | $2.76B | $2.76B | $2.76B | $2.76B | $2.76B | $2.76B | $2.76B | $2.77B | $2.77B | $2.77B | |
| Intangibles | $22M | $26M | $31M | $37M | $43M | $49M | $96M | $110M | $124M | $138M | $152M | $166M | · | $198M | $215M | $232M | |
| Other Non-current Assets | $1.58B | $1.62B | $1.65B | $1.65B | $1.64B | $1.74B | $1.62B | $1.53B | $1.50B | $1.54B | $1.55B | $1.54B | · | $1.54B | $1.53B | $1.00B | |
| Total Assets | $10.74B | $9.97B | $9.63B | $9.68B | $10.82B | $8.99B | $9.00B | $9.31B | $9.89B | $9.37B | $9.07B | $9.27B | · | $9.71B | $9.78B | $9.54B | |
| Accounts Payable | $550M | $413M | $436M | $404M | $511M | $434M | $554M | $437M | $517M | $396M | $411M | $344M | · | $432M | $584M | $515M | |
| Accrued Liabilities | $1.15B | $908M | $890M | $895M | $1.12B | $941M | $969M | $793M | $1.01B | $876M | $919M | $778M | · | $835M | $819M | $722M | |
| Short-term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | |
| Current Liabilities | $4.02B | $3.59B | $3.47B | $3.57B | $4.66B | $4.20B | $4.32B | $4.51B | $4.11B | $3.77B | $3.73B | $3.25B | · | $3.39B | $3.40B | $3.58B | |
| Capital Leases | $204M | $207M | $211M | $219M | $216M | $215M | $216M | $216M | $220M | $225M | $230M | $238M | · | $254M | $261M | $278M | |
| Other Non-current Liabilities | $360M | $375M | $387M | $394M | $379M | $503M | $496M | $590M | $585M | $585M | $580M | $703M | · | $737M | $737M | $843M | |
| Total Liabilities | $9.39B | $8.81B | $8.64B | $8.70B | $9.78B | $7.99B | $8.11B | $8.38B | $8.74B | $8.38B | $8.30B | $8.40B | · | $8.61B | $8.58B | $8.89B | |
| Long-term Debt | $2.49B | $2.49B | $2.49B | $2.48B | $3.23B | $1.99B | $1.99B | $2.39B | $2.39B | $2.39B | $2.39B | · | · | $2.39B | $2.39B | $2.64B | |
| Total Debt | · | $2.49B | $2.49B | $2.48B | · | $1.99B | $1.99B | $2.39B | · | $2.39B | $2.39B | $2.39B | · | $2.39B | $2.39B | $2.64B | |
| Retained Earnings | $153M | $40M | $0 | $0 | $0 | $0 | $0 | $0 | $208M | $115M | $0 | $0 | · | $268M | $499M | $0 | |
| AOCI | $-11M | $-29M | $-50M | $-40M | $-66M | $-65M | $-55M | $-59M | $-59M | $-55M | $-55M | $-48M | · | $-55M | $-62M | $-48M | |
| Stockholders' Equity | $1.35B | $1.16B | $986M | $975M | $1.04B | $995M | $892M | $929M | $1.15B | $994M | $770M | $873M | $1.16B | $1.10B | $1.20B | $657M | |
| Liabilities + Equity | $10.74B | $9.97B | $9.63B | $9.68B | $10.82B | $8.99B | $9.00B | $9.31B | $9.89B | $9.37B | $9.07B | $9.27B | · | $9.71B | $9.78B | $9.54B | |
| Shares Outstanding | 196,000,000 | 198,000,000 | 198,000,000 | 200,000,000 | 201,000,000 | 203,000,000 | 203,000,000 | 205,000,000 | 206,000,000 | 206,000,000 | 206,000,000 | 209,000,000 | · | 214,000,000 | 217,000,000 | 218,000,000 |
Cash Flow 16
| Metric | Trend | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $49M | $48M | $52M | $51M | $53M | $64M | $63M | $63M | $64M | $63M | $64M | $64M | $66M | $65M | $59M | $58M | |
| Stock-based Comp | $100M | $97M | $102M | $83M | $95M | $103M | $103M | $85M | $88M | $89M | $93M | $87M | $74M | $93M | $78M | $67M | |
| Deferred Tax | $87M | $29M | $10M | $9M | $10M | $-41M | $-52M | $-17M | $55M | $11M | $-7M | $-6M | $-29M | $-7M | $-555M | $-15M | |
| Amort. of Intangibles | $4M | $5M | $6M | $6M | $6M | $13M | $14M | $14M | $14M | $14M | $14M | $15M | $17M | $17M | $17M | $17M | |
| Restructuring | $-1M | $-3M | $23M | $2M | $45M | $9M | $12M | $17M | $0 | $13M | $5M | $26M | $11M | $87M | $11M | $11M | |
| Operating Cash Flow | $950M | $317M | $127M | $673M | $675M | $385M | $105M | $341M | $613M | $484M | $135M | $453M | $235M | $377M | $214M | $281M | |
| CapEx | $50M | $46M | $49M | $53M | $35M | $47M | $45M | $41M | $46M | $36M | $38M | $35M | $39M | $58M | $77M | $65M | |
| Investing Cash Flow | $-180M | $-483M | $249M | $-181M | $-313M | $-53M | $564M | $-51M | $-297M | $-437M | $227M | $-228M | $-285M | $-189M | $-288M | $-628M | |
| Stock Repurchased | $200M | $200M | $250M | $300M | $250M | $200M | $300M | $400M | $100M | $100M | $300M | $400M | $150M | $200M | $150M | $350M | |
| Net Stock Activity | · | · | · | $-300M | · | · | · | $-400M | · | · | · | $-400M | · | · | · | $-350M | |
| Dividends Paid | $103M | $103M | $103M | $104M | $105M | $106M | $106M | $107M | $104M | $103M | $103M | $106M | $106M | $108M | $108M | $110M | |
| Financing Cash Flow | $-328M | $-279M | $-383M | $-1.16B | $851M | $-289M | $-842M | $-548M | $-224M | $-178M | $-421M | $-521M | $-269M | $-265M | $-520M | $-459M | |
| Net Change in Cash | $440M | $-444M | $-12M | $-658M | $1.23B | $31M | $-172M | $-250M | $83M | $-115M | $-85M | $-296M | $-324M | $-30M | $-619M | $-824M | |
| Taxes Paid | $105M | $45M | $274M | $11M | $125M | $65M | $201M | $21M | $63M | $72M | $213M | $9M | $96M | $87M | $191M | $12M | |
| Free Cash Flow | · | · | · | $620M | · | · | · | $300M | · | · | · | $418M | · | · | · | $216M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | $405M | · | · | · | $202M |
Profitability 8
| Metric | Trend | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | 70.6% | 72.0% | 70.4% | · | 69.8% | 71.0% | 71.2% | · | 71.7% | 71.1% | 69.5% | · | 65.6% | 65.4% | 65.7% | |
| Operating Margin | · | 25.3% | 23.4% | 19.8% | · | 22.1% | 20.8% | 18.3% | · | 22.8% | 19.5% | 12.4% | · | 11.3% | 17.0% | 16.0% | |
| Net Margin | · | 19.5% | 17.9% | 14.9% | · | 18.2% | 18.0% | 16.1% | · | 19.5% | 14.9% | 10.4% | · | 4.3% | 45.1% | 13.4% | |
| Pretax Margin | · | 25.3% | 23.1% | 19.5% | · | 22.6% | 21.7% | 19.4% | · | 23.8% | 20.2% | 13.0% | · | 11.6% | 18.3% | 17.0% | |
| EBITDA Margin | · | 25.3% | 23.4% | 19.8% | · | 22.1% | 20.8% | 18.3% | · | 22.8% | 19.5% | 12.4% | · | 11.3% | 17.0% | 16.0% | |
| ROA | · | 3.5% | 3.3% | 2.5% | · | 3.3% | 3.3% | 2.7% | · | 3.3% | 2.5% | 1.6% | · | 0.68% | 7.9% | 2.3% | |
| ROE | · | 31.0% | 32.5% | 24.5% | · | 30.1% | 36.0% | 27.5% | · | 29.9% | 23.6% | 19.5% | · | 6.6% | 76.5% | 31.1% | |
| ROIC | · | 9.2% | 8.9% | 6.8% | · | 9.8% | 9.9% | 7.0% | · | 8.9% | 7.1% | 4.4% | · | 1.8% | 19.3% | 6.1% |
Liquidity & Solvency 5
| Metric | Trend | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 1.4 | 1.3 | 1.3 | · | 0.9 | 0.9 | 1.0 | · | 1.1 | 1.1 | 1.3 | · | 1.3 | 1.4 | 1.4 | |
| Quick Ratio | · | 1.2 | 1.2 | 1.2 | · | 0.8 | 0.7 | 0.8 | · | 1.0 | 0.9 | 1.1 | · | 1.2 | 1.2 | 1.2 | |
| Debt / Equity | · | 2.1 | 2.5 | 2.5 | · | 2.0 | 2.2 | 2.6 | · | 2.4 | 3.1 | 2.7 | · | 2.2 | 2.0 | 4.0 | |
| LT Debt / Equity | · | 2.1 | 2.5 | 2.5 | · | 1.3 | 1.4 | 1.3 | · | 2.0 | 2.6 | 2.7 | · | 2.2 | 2.0 | 3.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 21.5 | 20.3 | 11.1 | · | 10.8 | 16.6 | 14.2 |
Efficiency 3
| Metric | Trend | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | · | 2.7 | 2.2 | 2.7 | · | 2.5 | 2.2 | 2.6 | · | 3.0 | 2.5 | 2.4 | · | 3.1 | 2.9 | 3.2 | |
| Receivables Turnover | · | 1.5 | 1.8 | 2.1 | · | 1.9 | 2.0 | 2.3 | · | 2.0 | 1.8 | 1.9 | · | 1.9 | 2.1 | 2.1 |
Valuation (TTM) 14
| Metric | Trend | Q4 2026 | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $6.62B | $6.56B | $6.40B | · | $6.45B | $6.37B | $6.14B | · | $6.13B | $6.18B | $6.21B | · | $6.39B | $6.43B | $6.23B | |
| Net Income TTM | · | $1.17B | $1.14B | $1.08B | · | $1.16B | $1.09B | $943M | · | $760M | $1.20B | $1.18B | · | $1.28B | $1.44B | $892M | |
| Market Cap | · | $19.29B | $23.09B | $20.99B | · | $25.58B | $24.24B | $25.86B | · | $18.14B | $14.79B | $16.14B | · | $14.03B | $15.06B | $15.55B | |
| Enterprise Value | · | $18.77B | $22.57B | $20.15B | · | $25.31B | $24.01B | $25.24B | · | $17.61B | $14.56B | $15.56B | · | $13.27B | $14.41B | $14.75B | |
| P/E | · | 16.9 | 21.1 | 20.3 | · | 22.9 | 23.1 | 28.4 | · | 24.7 | 13.1 | 14.4 | · | 11.4 | 10.8 | 18.2 | |
| P/S | · | 2.9 | 3.5 | 3.3 | · | 4.0 | 3.8 | 4.2 | · | 3.0 | 2.4 | 2.6 | · | 2.2 | 2.3 | 2.5 | |
| P/B | · | 16.7 | 23.4 | 21.5 | · | 25.7 | 27.2 | 27.8 | · | 18.2 | 19.2 | 18.5 | · | 12.7 | 12.5 | 23.7 | |
| P / Cash Flow | · | · | · | 31.2 | · | · | · | 75.8 | · | · | · | 35.6 | · | · | · | 55.3 | |
| P / FCF | · | · | · | 33.9 | · | · | · | 86.2 | · | · | · | 38.6 | · | · | · | 72.0 | |
| EV / EBITDA | · | 43.2 | 56.6 | 65.2 | · | 69.9 | 69.6 | 89.5 | · | 48.1 | 47.9 | 87.4 | · | 77.2 | 51.1 | 57.8 | |
| EV / FCF | · | · | · | 32.5 | · | · | · | 84.1 | · | · | · | 37.2 | · | · | · | 68.3 | |
| EV / Revenue | · | 2.8 | 3.4 | 3.1 | · | 3.9 | 3.8 | 4.1 | · | 2.9 | 2.4 | 2.5 | · | 2.1 | 2.2 | 2.4 | |
| Earnings Yield | · | 5.9% | 4.7% | 4.9% | · | 4.4% | 4.3% | 3.5% | · | 4.0% | 7.7% | 6.9% | · | 8.8% | 9.3% | 5.5% | |
| Payout Ratio | · | · | · | 44.6% | · | · | · | 43.1% | · | · | · | 71.1% | · | · | · | 51.4% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2026-04-24 | 2025-04-25 | 2024-04-26 | 2023-04-28 | 2022-04-29 | |
|---|---|---|---|---|---|
| Revenue | $6.24B | $5.91B | $5.66B | $6.36B | $6.32B |
| Gross Margin % | 78.5% | 70.2% | 70.7% | 66.2% | 66.8% |
| Operating Margin % | 26.8% | 20.3% | 19.4% | 16.0% | 18.3% |
| Net Income | $1.28B | $1.19B | $986M | $1.27B | $937M |
| Diluted EPS | $6.35 | $5.67 | $4.63 | $5.79 | $4.09 |
Balance Sheet
| 2026-04-24 | 2025-04-25 | 2024-04-26 | 2023-04-28 | 2022-04-29 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.8 | 3.1 | 2.1 | 2.1 | 3.1 |
| Current Ratio | 1.4 | 1.3 | 1.2 | 1.3 | 1.5 |
| Quick Ratio | 1.2 | 1.1 | 1.0 | 1.2 | 1.4 |
Cash Flow
| 2026-04-24 | 2025-04-25 | 2024-04-26 | 2023-04-28 | 2022-04-29 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.87B | $1.34B | $1.53B | $868M | $985M |
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Institutional owners (13F) 1,050 filers · $19.6B 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 |
|---|---|---|---|---|
| 193 (+86 vs prior Q) | 70 (-45 vs prior Q) | 312 (-11 vs prior Q) | 320 (+8 vs prior Q) | +35.6M |
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 |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $1,994,165,861 | 12,885,538 | 10.16% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,899,985,425 | 12,276,980 | 9.68% | Shares |
| STATE STREET CORP | $1,535,456,447 | 9,921,533 | 7.82% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $1,395,422,945 | 9,016,690 | 7.11% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $887,479,466 | 5,728,305 | 4.52% | Shares |
| AMERIPRISE FINANCIAL INC | $668,762,353 | 4,321,046 | 3.41% | Shares |
| NORGES BANK | $645,480,591 | 4,170,849 | 3.29% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $547,133,087 | 3,535,365 | 2.79% | Shares |
| FIRST TRUST ADVISORS LP | $480,528,530 | 3,104,993 | 2.45% | Shares |
| Boston Partners | $439,426,575 | 2,838,416 | 2.24% | Shares |
| LYRICAL ASSET MANAGEMENT LP | $381,612,006 | 2,465,831 | 1.94% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $304,375,875 | 1,966,761 | 1.55% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $238,237,234 | 1,539,398 | 1.21% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $234,839,687 | 1,517,444 | 1.20% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $209,787,704 | 1,355,568 | 1.07% | Shares |
| TD Asset Management Inc | $194,618,593 | 1,257,551 | 0.99% | Shares |
| TWO SIGMA INVESTMENTS, LP | $176,959,084 | 1,143,442 | 0.90% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $172,892,765 | 1,117,167 | 0.88% | Shares |
| Robeco Institutional Asset Management B.V. | $152,339,864 | 984,362 | 0.78% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $127,920,592 | 826,574 | 0.65% | Shares |
| EDMOND DE ROTHSCHILD HOLDING S.A. | $127,790,439 | 825,733 | 0.65% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $127,417,932 | 823,326 | 0.65% | Shares |
| HSBC HOLDINGS PLC | $122,247,245 | 789,915 | 0.62% | Shares |
| ROYAL BANK OF CANADA | $108,824,000 | 703,179 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $105,907,685 | 684,335 | 0.54% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $102,955,483 | 665,259 | 0.52% | Shares |
| Vinva Investment Management Ltd | $99,852,977 | 641,397 | 0.51% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $99,417,669 | 642,399 | 0.51% | Shares |
| Retirement Systems of Alabama | $99,339,515 | 641,894 | 0.51% | Shares |
| SEB Asset Management AB | $94,816,993 | 612,672 | 0.48% | Shares |
| GOLDMAN SACHS GROUP INC | $88,930,185 | 574,633 | 0.45% | Shares |
| Swiss National Bank | $86,123,940 | 556,500 | 0.44% | Shares |
| National Pension Service | $83,478,318 | 539,405 | 0.43% | Shares |
| Railway Pension Investments Ltd | $82,216,250 | 531,250 | 0.42% | Shares |
| Allianz Asset Management GmbH | $82,178,489 | 531,006 | 0.42% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $81,586,840 | 527,183 | 0.42% | Shares |
| Legal & General Group Plc | $81,098,421 | 524,027 | 0.41% | Shares |
| Caisse de depot et placement du Quebec | $79,320,071 | 512,536 | 0.40% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $78,317,072 | 506,055 | 0.40% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $77,836,542 | 502,950 | 0.40% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $75,512,446 | 487,933 | 0.38% | Shares |
| Mariner, LLC | $74,944,738 | 484,263 | 0.38% | Shares |
| SEIZERT CAPITAL PARTNERS, LLC | $74,245,027 | 479,743 | 0.38% | Shares |
| BANK OF AMERICA CORP /DE/ | $73,218,503 | 473,110 | 0.37% | Shares |
| BlackRock, Inc. | $72,610,916 | 469,184 | 0.37% | Shares |
| PFA Pension, Forsikringsaktieselskab | $71,228,408 | 460,251 | 0.36% | Shares |
| Vanguard Global Advisers, LLC | $70,482,502 | 455,431 | 0.36% | Shares |
| Qube Research & Technologies Ltd | $70,180,101 | 453,477 | 0.36% | Shares |
| RHUMBLINE ADVISERS | $69,770,310 | 450,830 | 0.36% | Shares |
| Gotham Asset Management, LLC | $69,325,361 | 447,954 | 0.35% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $68,308,124 | 441,381 | 0.35% | Shares |
| GOLDMAN SACHS GROUP INC | $63,884,928 | 412,800 | 0.33% | Put option |
| ALLIANCEBERNSTEIN L.P. | $62,460,460 | 610,025 | 0.32% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $61,900,905 | 399,980 | 0.32% | Shares |
| FMR LLC | $61,432,517 | 396,953 | 0.31% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $58,002,194 | 566,483 | 0.30% | Shares |
| Boston Trust Walden Corp | $56,856,193 | 367,383 | 0.29% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $56,369,009 | 364,235 | 0.29% | Shares |
| California Public Employees Retirement System | $54,396,283 | 351,488 | 0.28% | Shares |
| Assenagon Asset Management S.A. | $52,638,519 | 340,130 | 0.27% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $52,574,910 | 513,477 | 0.27% | Shares |
| RAYMOND JAMES FINANCIAL INC | $50,861,787 | 328,649 | 0.26% | Shares |
| SEI INVESTMENTS CO | $50,827,360 | 328,427 | 0.26% | Shares |
| MARSHALL WACE, LLP | $49,414,868 | 319,300 | 0.25% | Shares |
| MILLENNIUM MANAGEMENT LLC | $48,920,100 | 316,103 | 0.25% | Shares |
| Epoch Investment Partners, Inc. | $48,018,469 | 310,277 | 0.24% | Shares |
| Munich Reinsurance Co Stock Corp in Munich | $48,006,552 | 310,200 | 0.24% | Shares |
| BARCLAYS PLC | $46,501,357 | 300,474 | 0.24% | Shares |
| Eurizon Capital SGR S.p.A. | $45,275,576 | 292,545 | 0.23% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $44,734,616 | 289,058 | 0.23% | Shares |
| SHELTON CAPITAL MANAGEMENT | $44,335,383 | 286,478 | 0.23% | Shares |
| TWO SIGMA ADVISERS, LP | $44,089,167 | 411,702 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $43,327,229 | 279,964 | 0.22% | Shares |
| JANE STREET GROUP, LLC | $42,017,340 | 271,500 | 0.21% | Call option |
| DSM CAPITAL PARTNERS LLC | $40,648,642 | 262,656 | 0.21% | Shares |
| JANE STREET GROUP, LLC | $40,516,168 | 261,800 | 0.21% | Put option |
| Quantinno Capital Management LP | $39,933,192 | 258,033 | 0.20% | Shares |
| VANGUARD GROUP INC | $39,058,400 | 364,725 | 0.20% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $38,264,476 | 247,554 | 0.19% | Shares |
| UBS Group AG | $35,867,951 | 231,765 | 0.18% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $35,434,000 | 228,963 | 0.18% | Shares |
| Pictet Asset Management Holding SA | $35,009,807 | 226,220 | 0.18% | Shares |
| APG Asset Management N.V. | $33,903,310 | 250,463 | 0.17% | Shares |
| ING GROEP NV | $33,804,691 | 218,433 | 0.17% | Shares |
| TODD ASSET MANAGEMENT LLC | $33,523,802 | 216,618 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $32,675,717 | 211,138 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $32,375,792 | 209,200 | 0.16% | Call option |
| Moran Wealth Management, LLC | $32,324,334 | 208,868 | 0.16% | Shares |
| Trexquant Investment LP | $32,004,058 | 206,798 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $31,544,618 | 308,083 | 0.16% | Shares |
| AVIVA PLC | $30,493,291 | 197,036 | 0.16% | Shares |
| Kepler Cheuvreux (Suisse) SA | $29,968,343 | 193,644 | 0.15% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $29,385,496 | 274,400 | 0.15% | Shares |
| Squarepoint Ops LLC | $28,567,148 | 184,590 | 0.15% | Shares |
| Amundi | $27,898,585 | 180,270 | 0.14% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $27,255,455 | 176,731 | 0.14% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $27,222,284 | 175,900 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $26,916,633 | 173,925 | 0.14% | Shares |
| Aberdeen Group plc | $26,234,760 | 169,519 | 0.13% | Shares |
| OAK ASSOCIATES LTD /OH/ | $26,085,108 | 168,552 | 0.13% | Shares |
Company insiders 44 insiders · 10 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| George Kurian | CEO | Aug. 15, 2026 M | 358,537 | 0 | 2 | $-2,000,687 |
| Thomas Georgens | Chairman of the Board and CEO | Aug. 19, 2014 M | 10,329 | 0 | 0 | $0 |
| Wissam G Jabre | EVP, CFO | Aug. 15, 2026 M | 38,610 | 0 | 0 | $0 |
| Michael J Berry | EVP, CFO | March 5, 2025 S | 88,098 | 0 | 0 | $0 |
| Cesar Cernuda | President | Aug. 15, 2026 M | 49,138 | 0 | 4 | $-7,657,880 |
| Daniel De Lorenzo | SVP, Chief Accounting Officer | Aug. 15, 2026 M | 1,567 | 0 | 6 | $-230,873 |
| Syam Nair | EVP, Chief Product Officer | Aug. 15, 2026 M | 36,694 | 0 | 0 | $0 |
| Elizabeth M O'Callahan | EVP, Chief Admin. Officer | Aug. 15, 2026 M | 31,737 | 0 | 12 | $-1,526,140 |
| Harvinder S Bhela | EVP, Chief Product Officer | May 16, 2025 F | 172,000 | 0 | 0 | $0 |
| Robert Parks | Chief Accounting Officer | Aug. 28, 2023 S | 0 | 0 | 0 | $0 |
| Gerald Held | Director | June 3, 2026 S | 13,775 | 0 | 1 | $-1,283,760 |
| Deepak Ahuja | Director | Jan. 2, 2026 M | 19,790 | 0 | 0 | $0 |
| June Yang | Director | Sept. 10, 2025 A | — | 0 | 0 | $0 |
| Carrie Palin | Director | Sept. 10, 2025 A | 9,353 | 0 | 0 | $0 |
| Francis J. Pelzer | Director | Sept. 10, 2025 A | 1,456 | 0 | 0 | $0 |
| Deborah Kerr | Director | Sept. 10, 2025 A | 25,053 | 0 | 0 | $0 |
| Thomas Michael Nevens | Director | Sept. 10, 2025 A | 10,773 | 0 | 0 | $0 |
| GUSTAFSSON ANDERS | Director | Sept. 10, 2025 A | 11,449 | 0 | 0 | $0 |
| Scott F. Schenkel | Director | Sept. 9, 2025 M | 30,509 | 0 | 0 | $0 |
| George T Shaheen | Director | Sept. 11, 2024 M | 23,670 | 0 | 0 | $0 |
| Kathryn Hill | Director | Sept. 10, 2024 M | 46,136 | 0 | 0 | $0 |
| Daniel J Warmenhoven | Director | Aug. 18, 2014 M | 0 | 0 | 0 | $0 |
| Jeffry R Allen | Director | March 14, 2014 G | 6,166 | 0 | 0 | $0 |
| Nicholas G Moore | Director | Feb. 19, 2014 M | 0 | 0 | 0 | $0 |
| Paul Fipps | — | Jan. 14, 2026 A | — | 0 | 0 | $0 |
| Robert E Salmon | — | Aug. 18, 2014 M | 14,487 | 0 | 0 | $0 |
| Robert T Wall | — | June 26, 2014 M | 90,571 | 0 | 0 | $0 |
| Alan L Earhart | — | Sept. 13, 2013 A | 8,999 | 0 | 0 | $0 |
| Richard P Wallace | — | Sept. 13, 2013 A | — | 0 | 0 | $0 |
| Nicholas R Noviello | — | Nov. 30, 2012 J | 15,005 | 0 | 0 | $0 |
| Matthew K Fawcett | — | Nov. 30, 2012 J | 4,922 | 0 | 0 | $0 |
| Manish Goel | — | June 19, 2012 M | 25,804 | 0 | 0 | $0 |
| Steven J Gomo | — | June 1, 2011 A | 26,492 | 0 | 0 | $0 |
| Mark Leslie | — | Aug. 31, 2010 M | 0 | 0 | 0 | $0 |
| Donald T Valentine | — | Aug. 30, 2010 M | 605,333 | 0 | 0 | $0 |
| Andrew Kryder | — | June 19, 2010 M | 21,497 | 0 | 0 | $0 |
| Thomas F Mendoza | — | June 1, 2009 A | 559,863 | 0 | 0 | $0 |
| Edward Kozel | — | Sept. 2, 2008 A | 6,500 | 0 | 0 | $0 |
| Carol Bartz | — | Sept. 2, 2008 A | 0 | 0 | 0 | $0 |
| James K Lau | — | May 7, 2007 M | 3,783,933 | 0 | 0 | $0 |
| Sachio Semmoto | — | Aug. 30, 2006 M | 0 | 0 | 0 | $0 |
| David Hitz | — | May 10, 2006 M | 4,307,064 | 0 | 0 | $0 |
| Michael R Hallman | — | Dec. 17, 2003 M | 434,000 | 0 | 0 | $0 |
| Ahuja Sanjiv | — | Sept. 2, 2003 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| NetApp, Inc. ×3 filings | June 17, 2009 | — | Initial filing | M&A / sale | 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 241 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 |
|---|---|---|---|---|
| IDGT · iShares Trust | 4.40% | 117,352 SH | Aug. 8, 2026 | Daily |
| UPGD · Invesco Exchange-Traded Fund Trust | 2.97% | 19,066 SH | Aug. 8, 2026 | Daily |
| ABOT · Abacus FCF ETF Trust | 2.44% | 971 NS | April 30, 2026 | N-PORT |
| BMVP · Invesco Exchange-Traded Fund Trust | 2.08% | 11,587 SH | Aug. 8, 2026 | Daily |
| SPDV · ETF Series Solutions | 2.07% | 16,869 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 2.05% | 636,947 NS | April 30, 2026 | N-PORT |
| SMRI · EA Series Trust | 2.00% | 97,609 NS | April 30, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 1.80% | 112,540 SH | Aug. 8, 2026 | Daily |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.52% | 471,176 SH | Aug. 8, 2026 | Daily |
| FLOW · Global X Funds | 1.52% | 2,498 NS | May 31, 2026 | N-PORT |
| ROE · EA Series Trust | 1.44% | 21,452 NS | May 29, 2026 | N-PORT |
| SKYU · ProShares Trust | 1.41% | 291 NS | May 31, 2026 | N-PORT |
| JSTC · Tidal Trust I | 1.26% | 24,194 NS | May 31, 2026 | N-PORT |
| VALQ · AMERICAN CENTURY ETF TRUST | 1.23% | 24,495 NS | May 31, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 1.09% | 49,000 NS | April 30, 2026 | N-PORT |
| FLCC · Federated Hermes ETF Trust | 0.85% | 5,946 NS | May 31, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.83% | 4,273 NS | May 29, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.81% | 17,248 NS | April 30, 2026 | N-PORT |
| KRMA · Global X Funds | 0.79% | 5,451 NS | May 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.77% | 151,662 NS | April 30, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 0.76% | 1,245 NS | April 30, 2026 | N-PORT |
| CHPX · Global X Funds | 0.67% | 9,935 NS | May 31, 2026 | N-PORT |
| FLCG · Federated Hermes ETF Trust | 0.66% | 21,499 NS | May 31, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.60% | 44,869 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.59% | 5,477 NS | May 31, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 0.59% | 78,875 NS | April 30, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 0.59% | 962,740 NS | April 30, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.58% | 2,461 NS | April 30, 2026 | N-PORT |
| TDVI · First Trust Exchange-Traded Fund IV | 0.58% | 21,844 NS | April 30, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.57% | 30,437 NS | April 30, 2026 | N-PORT |
| IGPT · Invesco Exchange-Traded Fund Trust | 0.57% | 35,390 SH | Aug. 8, 2026 | Daily |
| QDF · FlexShares Trust | 0.56% | 107,910 NS | April 30, 2026 | N-PORT |
| IETC · iShares U.S. ETF Trust | 0.56% | 20,565 SH | Aug. 8, 2026 | Daily |
| AFLG · First Trust Exchange-Traded Fund VI… | 0.55% | 20,453 NS | May 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.54% | 29,459 NS | April 30, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.53% | 1,267,590 SH | Aug. 8, 2026 | Daily |
| VLLU · Harbor ETF Trust | 0.52% | 205 NS | April 30, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 0.50% | 3,542 NS | April 30, 2026 | N-PORT |
| SPHQ · Invesco Exchange-Traded Fund Trust | 0.49% | 515,034 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.48% | 14,758 SH | Aug. 8, 2026 | Daily |
| TRFK · Pacer Funds Trust | 0.48% | 26,542 NS | April 30, 2026 | N-PORT |
| VLUE · iShares Trust | 0.47% | 232,945 SH | Aug. 8, 2026 | Daily |
| SOVF · Elevation Series Trust | 0.47% | 3,969 NS | April 30, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.46% | 12,356 SH | Aug. 8, 2026 | Daily |
| DEUS · DBX ETF Trust | 0.45% | 6,971 NS | May 29, 2026 | N-PORT |
| GMOV · GMO ETF Trust | 0.41% | 2,145 NS | May 31, 2026 | N-PORT |
| FLCV · Federated Hermes ETF Trust | 0.40% | 2,193 NS | May 31, 2026 | N-PORT |
| KNCT · Invesco Exchange-Traded Fund Trust | 0.40% | 3,367 SH | Aug. 8, 2026 | Daily |
| EVUS · iShares Trust | 0.39% | 7,728 SH | Aug. 8, 2026 | Daily |
| QLC · FlexShares Trust | 0.39% | 31,500 NS | April 30, 2026 | N-PORT |