NTCT NetScout Systems, Inc. - Common Stock
$37.79
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$22–$45
67% of range
Analyst Rating
BUY
9 analysts
Price Target
$43
+15% upside
P/E (TTM)
28.8
ROE
5.9%
Net Profit Margin
11.1%
About NetScout Systems, Inc. - Common Stock Company overview from Wikipedia
NETSCOUT Systems, Inc. is an American technology company that specializes in software observability, deep packet inspection, DDoS mitigation and AIOps. Headquartered in Westford, Massachusetts, the company was founded in 1984 by Anil Singhal and Narendra Popat, originally under the name Frontier Software.
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NETSCOUT Systems, Inc. (stylized as NETSCOUT) is an American technology company that specializes in software observability, deep packet inspection, DDoS mitigation and AIOps. Headquartered in Westford, Massachusetts, the company was founded in 1984 by Anil Singhal and Narendra Popat, originally under the name Frontier Software.
In July 2015, NetScout acquired the communications business of Danaher Corporation, including Arbor Networks, Fluke Networks, Tektronix Communications and VSS Monitoring. NetScout has subsidiaries in the Cayman Islands.
History
NetScout Systems was founded by Anil Singhal and Narendra Popat as Frontier Software in 1984. NetScout created the first RMON-based Ethernet Probe in 1992.
In November 2007, NetScout acquired the Sniffer, Infinistream, and Network Intelligence product lines of Network General. NetScout merged both product lines to allow their Performance Manager product to use both probes and Infinistream technologies.
In April 2011, NetScout acquired voice and video management company, Psytechnics, from Ipswich, United Kingdom It then acquired Fox Replay from the Dutch company Fox-IT, and later that year, after many years of partnering and complementing solutions for network switch port aggregation, NetScout moved directly into competition with its partners by acquiring privately held Simena Networks.
In October 2014, NetScout Systems announced it had entered into a definitive agreement to acquire the Communications business of science and technology company Danaher Corporation for about $2.6 billion. Upon completion of the merger, Danaher's shareholders would own nearly 59.5 percent of the combined company, and NetScout shareholders would own the remaining stake. Analyst firm 451 Research, a technology-industry syndicated research and data firm, predicted in May 2015 that with the acquisition, NetScout will be the largest company in the network visibility management space, with "more than 3,000 employees and well over $1bn a year in revenue".
In July 2015, NetScout finalized its acquisition of the communications business of Danaher Corporation, including Arbor Networks (security systems), Fluke Networks (RF and Wi-Fi network troubleshooting and analytics), Tektronix Communications (traffic inspection, customer experience management and analytics) and VSS Monitoring (network packet brokers). In a prepared statement, the company noted that the acquisition "accelerates NetScout's strategic progress by enabling the company to offer [...] innovative service assurance and cyber security solutions" and adds new employees to NetScout.
Acquisitions
NetScout Systems acquired Network General in 2007. Network General developed the original network packet sniffer (The Sniffer) in 1986; it merged with McAfee Associates in 1997 to form Network Associates. In mid-2004, Network Associates sold off the Sniffer Technologies business to Silver Lake Partners and Texas Pacific Group for $275 million in cash to form Network General. In early 2006, Network General acquired Fidelia Technology, adding the NetVigil Business Service Monitoring technology to its network and application performance analysis tools. In September 2007, Network General agreed to be acquired by NetScout Systems for $205 million.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NTCT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$37.79
Market Cap
$2.70B
P/E (TTM)
28.8
EPS (TTM)
$1.30
Revenue (TTM)
$859M
Div Yield
—
ROE
5.9%
Debt/Equity
—
52W Range
$22 – $45
NTCT 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
$859M
2017-03-31
→
2026-03-31
EPS
$1.30
2017-03-31
→
2026-03-31
Free Cash Flow
$285M
2017-03-31
→
2026-03-31
Margins
11.1%
2017-03-31
→
2026-03-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NTCT
Peer Median
P/E (TTM)
28.8
31.1
P/S (TTM)
3.1
3.4
P/B
1.6
4.1
Price / FCF
9.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NTCT
Peer Median
Gross Margin
79.4%
57.1%
Operating Margin
12.8%
—
Net Profit Margin
11.1%
6.8%
ROA
4.2%
3.8%
ROE
5.9%
13.1%
ROIC
5.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NTCT
Peer Median
Current Ratio
1.8
2.1
Quick Ratio
1.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NTCT
Peer Median
Revenue YoY
4.5%
—
Revenue CAGR 3Y
-2.1%
—
Revenue CAGR 5Y
0.67%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NTCT
Peer Median
NTCT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
9 analysts
- Strong Buy 2 22.2%
- Buy 5 55.6%
- Hold 2 22.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-15
Median
$43.00
Now
$37.79
Low
$37.13
High
$50.00
Median target
$43.00
+13.8%
Mean target
$43.38
+14.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.10%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2027 | $0.52 | $0.39 | 0.13% |
| June 30, 2026 | $0.52 | $0.39 | 0.13% |
| March 31, 2026 | $0.52 | $0.47 | 0.05% |
| Dec. 31, 2025 | $1.00 | $0.84 | 0.16% |
| Sept. 30, 2025 | $0.62 | $0.45 | 0.17% |
| June 30, 2025 | $0.34 | $0.30 | 0.04% |
| March 31, 2025 | $0.52 | $0.52 | -0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NTCT | $2.29B | 24.5 | 4.5% | 11.1% | 5.9% | 79.4% |
| VSAT | $6.25B | -183.2 | 2.7% | -0.73% | -0.74% | — |
| VIAV | $11.76B | -366.4 | 40.0% | -2.0% | -2.7% | 57.7% |
| ONDS | $3.72B | -15.7 | 605.3% | -260.7% | -57.0% | 39.7% |
| EXTR | $4.25B | 104.4 | 12.6% | 3.3% | 45.7% | 61.5% |
| DGII | — | 33.8 | 1.5% | 9.5% | 6.6% | 62.9% |
| VISN | $3.91B | 1.9 | 39.7% | 118.2% | -102.4% | 49.5% |
| CALX | $3.55B | 203.6 | 20.3% | 1.8% | 2.2% | 56.8% |
| ADTN | $695M | -16.7 | 17.5% | -4.2% | -28.9% | 38.3% |
| HLIT | $1.10B | -26.0 | -26.2% | -12.0% | -10.4% | 48.5% |
| ADTN | $695M | -16.7 | 17.5% | -4.2% | -28.9% | 38.3% |
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 | $859M | $823M | $829M | $915M | $856M | $831M | $892M | $910M | $987M | $1.16B | $955M | $454M | |
| Cost of Revenue | $177M | $179M | $187M | $223M | $214M | $222M | $242M | $254M | $272M | $346M | $328M | $95M | |
| Gross Profit | $682M | $644M | $642M | $691M | $641M | $609M | $650M | $656M | $715M | $816M | $627M | $359M | |
| R&D Expense | $159M | $153M | $161M | $176M | $171M | $179M | $188M | $204M | $215M | $233M | $209M | $75M | |
| SG&A Expense | $103M | $97M | $96M | $104M | $98M | $89M | $100M | $94M | $109M | $118M | $118M | $47M | |
| Operating Expenses | $573M | $1.01B | $792M | $614M | $593M | $572M | $632M | $727M | $719M | $754M | $653M | $262M | |
| Operating Income | $110M | $-368M | $-150M | $78M | $49M | $37M | $18M | $-72M | $-4M | $62M | $-26M | $97M | |
| Interest Expense | · | · | $9M | $10M | $8M | $11M | $21M | $26M | $13M | $9M | $6M | $773.0K | |
| Interest Income | $14M | $11M | $10M | $5M | $297.0K | $646.0K | $5M | $5M | $2M | $1M | $691.0K | $445.0K | |
| Other Non-op | $-3M | $-2M | $4M | $-4M | $2M | $-5M | $355.0K | $-434.0K | $-4M | $-2M | $-1M | $-1M | |
| Pretax Income | $119M | $-366M | $-145M | $68M | $43M | $22M | $2M | $-93M | $-19M | $52M | $-32M | $95M | |
| Income Tax | $23M | $1M | $3M | $9M | $7M | $3M | $5M | $-20M | $-98M | $19M | $-4M | $34M | |
| Net Income | $96M | $-367M | $-148M | $60M | $36M | $19M | $-3M | $-73M | $80M | $33M | $-28M | $61M | |
| EPS (Basic) | $1.33 | $-5.12 | $-2.07 | $0.83 | $0.48 | $0.26 | $-0.04 | $-0.93 | $0.91 | $0.36 | $-0.35 | $1.49 | |
| EPS (Diluted) | $1.30 | $-5.12 | $-2.07 | $0.82 | $0.48 | $0.26 | $-0.04 | $-0.93 | $0.90 | $0.36 | $-0.35 | $1.47 | |
| Shares (Basic) | 71,984,000 | 71,627,000 | 71,474,000 | 71,781,000 | 74,019,000 | 73,103,000 | 75,162,000 | 78,617,000 | 87,425,000 | 92,226,000 | 81,927,000 | 41,105,000 | |
| Shares (Diluted) | 73,355,000 | 71,627,000 | 71,474,000 | 73,046,000 | 75,084,000 | 73,822,000 | 75,162,000 | 78,617,000 | 88,261,000 | 92,920,000 | 81,927,000 | 41,637,000 | |
| EBITDA | $166M | $-304M | $-75M | $164M | $144M | $143M | $134M | $66M | $149M | $223M | $115M | $116M |
Balance Sheet 29
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $586M | $457M | $390M | $387M | $636M | $467M | $338M | $410M | $370M | $305M | $211M | $105M | |
| Short-term Investments | · | · | · | $32M | $67M | $9M | $48M | $76M | $78M | $138M | $128M | $101M | |
| Receivables | $151M | $164M | $192M | $144M | $148M | $198M | $214M | $235M | $213M | $294M | $247M | $82M | |
| Inventory | $13M | $13M | $14M | $18M | $28M | $23M | $22M | $26M | $35M | $40M | $58M | $12M | |
| Prepaid Expense | $29M | $32M | $32M | $34M | $33M | $24M | $24M | $36M | $34M | $37M | $78M | $13M | |
| Current Assets | $868M | $713M | $672M | $617M | $922M | $722M | $660M | $801M | $752M | $854M | $740M | $337M | |
| PP&E (Net) | $24M | $22M | $26M | $35M | $41M | $48M | $58M | $59M | $53M | $61M | $62M | $24M | |
| PP&E (Gross) | $281M | $273M | $270M | $276M | $268M | $259M | $252M | $233M | $205M | $186M | $154M | $100M | |
| Accum. Depreciation | $257M | $251M | $243M | $241M | $226M | $210M | $194M | $174M | $152M | $125M | $92M | $76M | |
| Goodwill | $1.07B | $1.08B | $1.50B | $1.72B | $1.72B | $1.72B | $1.73B | $1.72B | $1.71B | $1.72B | $1.71B | $197M | |
| Intangibles | $214M | $259M | $309M | $367M | $433M | $512M | $582M | $669M | $831M | $931M | $1.10B | $50M | |
| Other Non-current Assets | $12M | $12M | $11M | $13M | $13M | $15M | $18M | $17M | $13M | $8M | $7M | $2M | |
| Total Assets | $2.35B | $2.19B | $2.60B | $2.82B | $3.19B | $3.09B | $3.12B | $3.27B | $3.37B | $3.60B | $3.59B | $669M | |
| Accounts Payable | $23M | $18M | $15M | $16M | $22M | $18M | $20M | $25M | $30M | $37M | $44M | $13M | |
| Current Liabilities | $470M | $408M | $395M | $454M | $476M | $411M | $399M | $380M | $413M | $460M | $457M | $188M | |
| Capital Leases | $30M | $33M | $38M | $49M | $54M | $61M | $71M | · | · | · | · | · | |
| Deferred Tax | $2M | $3M | $4M | $25M | $79M | $92M | $114M | $124M | $152M | $278M | $285M | $11M | |
| Other Non-current Liabilities | $7M | $8M | $7M | $8M | $7M | $22M | $10M | $19M | $8M | $4M | $3M | $2M | |
| Total Liabilities | $705M | $626M | $703M | $791M | $1.13B | $1.08B | $1.18B | $1.20B | $1.30B | $1.17B | $1.15B | $233M | |
| Long-term Debt | · | · | · | · | · | · | · | · | $600M | $300M | $300M | $0 | |
| Total Debt | · | $0 | $100M | $100M | $350M | $350M | $450M | $550M | · | · | · | · | |
| Common Stock | $136.0K | $134.0K | $131.0K | $128.0K | $126.0K | $124.0K | $122.0K | $120.0K | $117.0K | $116.0K | $114.0K | $51.0K | |
| Paid-in Capital | $3.33B | $3.26B | $3.18B | $3.10B | $3.02B | $2.96B | $2.89B | $2.83B | $2.67B | $2.69B | $2.64B | $298M | |
| Retained Earnings | $51M | $-44M | $322M | $470M | $411M | $375M | $355M | $358M | $396M | $317M | $283M | $312M | |
| Treasury Stock | $1.73B | $1.65B | $1.62B | $1.55B | $1.37B | $1.32B | $1.31B | $1.12B | $996M | $571M | $481M | $170M | |
| AOCI | $4M | $4M | $4M | $6M | $141.0K | $-2M | $-3M | $-3M | $3M | $-3M | $-2M | $-5M | |
| Stockholders' Equity | $1.65B | $1.56B | $1.89B | $2.03B | $2.06B | $2.01B | $1.94B | $2.07B | $2.07B | $2.44B | $2.44B | $436M | |
| Liabilities + Equity | $2.35B | $2.19B | $2.60B | $2.82B | $3.19B | $3.09B | $3.12B | $3.27B | $3.37B | $3.60B | $3.59B | $669M | |
| Shares Outstanding | 71,464,664 | 134,038,262 | 131,316,309 | 128,683,824 | 126,425,383 | 124,197,974 | 122,006,077 | 77,610,361 | 80,270,023 | 92,041,288 | 94,088,469 | 40,807,805 |
Cash Flow 18
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $57M | $64M | $75M | $86M | $96M | $106M | $116M | $138M | $154M | $161M | $140M | $20M | |
| Stock-based Comp | $60M | $65M | $71M | $62M | $56M | $52M | $51M | $56M | $47M | $39M | $28M | $17M | |
| Deferred Tax | $-28M | $-38M | $-46M | $-54M | $-13M | $-24M | $-10M | $-33M | $-128M | $-11M | $-42M | $3M | |
| Amort. of Intangibles | $47M | $51M | $58M | $66M | $74M | $82M | $91M | $108M | $117M | $126M | $84M | $7M | |
| Restructuring | $883.0K | $20M | $0 | $2M | $0 | $62.0K | $3M | $19M | $5M | $4M | $468.0K | $0 | |
| Other Non-cash | $111M | $494M | $107M | $3M | $121M | $61M | $71M | $62M | $70M | $5M | $-3M | $7M | |
| Operating Cash Flow | $295M | $218M | $59M | $157M | $296M | $214M | $225M | $150M | $222M | $227M | $97M | $107M | |
| CapEx | $9M | $5M | $6M | $10M | $10M | $12M | $20M | $23M | $16M | $30M | $25M | $13M | |
| Investing Cash Flow | $-93M | $-7M | $13M | $15M | $-68M | $25M | $-4M | $-26M | $57M | $-42M | $25M | · | |
| Debt Issued | $0 | $75M | $0 | $0 | $350M | $0 | $0 | $0 | $295M | $0 | $295M | $0 | |
| Net Debt Issued | $0 | $-100M | $0 | $-250M | $0 | $-100M | $-100M | $-50M | $295M | $0 | $295M | $0 | |
| Stock Repurchased | $61M | $25M | $50M | $150M | $36M | $3M | $175M | $14M | $501M | $80M | $303M | $52M | |
| Net Stock Activity | $-61M | $-25M | $-50M | $-150M | $-36M | $-3M | $-175M | $-14M | $-501M | $-90M | $-312M | $-52M | |
| Financing Cash Flow | $-77M | $-142M | $-69M | $-419M | $-54M | $-118M | $-287M | $-79M | $-221M | $-90M | $-17M | · | |
| Net Change in Cash | $129M | $68M | $3M | $-249M | $169M | $127M | $-70M | $39M | $65M | $95M | $106M | $3M | |
| Taxes Paid | $43M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $285M | $212M | $52M | $146M | $286M | $202M | $205M | $126M | $207M | $198M | $71M | $94M | |
| Levered FCF | · | · | $44M | $137M | $279M | $192M | $235M | $106M | $261M | $192M | $65M | $94M |
Profitability 8
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.4% | 78.3% | 77.4% | 75.6% | 75.0% | 73.3% | 72.8% | 72.1% | 72.5% | 70.2% | 65.6% | 79.2% | |
| Operating Margin | 12.8% | -44.7% | -18.1% | 8.5% | 5.7% | 4.5% | 2.0% | -7.9% | -0.41% | 5.3% | -2.7% | 21.3% | |
| Net Margin | 11.1% | -44.6% | -17.8% | 6.5% | 4.2% | 2.3% | -0.31% | -8.1% | 8.1% | 2.9% | -3.0% | 13.5% | |
| Pretax Margin | 13.8% | -44.5% | -17.4% | 7.5% | 5.0% | 2.7% | 0.22% | -10.2% | -1.9% | 4.5% | -3.4% | 20.9% | |
| EBITDA Margin | 19.4% | -36.9% | -9.0% | 17.9% | 16.9% | 17.2% | 15.0% | 7.3% | 15.1% | 19.2% | 12.0% | 25.7% | |
| ROA | 4.2% | -15.3% | -5.5% | 2.0% | 1.1% | 0.62% | -0.09% | -2.2% | 2.3% | 0.93% | -1.3% | 9.6% | |
| ROE | 5.9% | -23.8% | -7.8% | 3.0% | 1.8% | 0.97% | -0.14% | -3.6% | 3.5% | 1.4% | -2.0% | 14.1% | |
| ROIC | 5.4% | -23.6% | -7.7% | 3.2% | 1.7% | 1.4% | -1.1% | -2.2% | 0.84% | 1.6% | -0.91% | 14.3% |
Liquidity & Solvency 5
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.8 | 1.7 | 1.7 | 1.4 | 1.9 | 1.8 | 1.7 | 2.1 | 1.8 | 1.9 | 1.6 | 1.8 | |
| Quick Ratio | 1.6 | 1.5 | 1.5 | 1.2 | 1.8 | 1.6 | 1.5 | 1.9 | 1.6 | 1.6 | 1.3 | 1.5 | |
| Debt / Equity | · | 0.0 | 0.1 | 0.0 | 0.2 | 0.2 | 0.2 | 0.3 | · | · | · | · | |
| LT Debt / Equity | · | 0.0 | 0.1 | 0.0 | 0.2 | 0.2 | 0.2 | 0.3 | · | · | · | · | |
| Interest Coverage | · | · | -17.3 | 7.6 | 6.0 | 3.4 | 0.9 | -2.7 | -0.3 | 6.8 | -4.0 | 125.2 |
Efficiency 3
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.7 | |
| Inventory Turnover | 13.5 | 13.2 | 11.7 | 9.7 | 8.4 | 9.9 | 10.0 | 8.3 | 7.3 | 7.1 | 9.4 | 7.7 | |
| Receivables Turnover | 5.5 | 4.6 | 4.9 | 6.3 | 4.9 | 4.0 | 4.0 | 4.0 | 3.9 | 4.3 | 5.8 | 6.4 |
Growth Rates 9
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 4.5% | -0.82% | -9.3% | 6.9% | 2.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -2.1% | -1.3% | -0.07% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 0.67% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | 70.8% | 84.6% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 16.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 38.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | 66.3% | 85.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 17.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 37.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $859M | $823M | $829M | $915M | $856M | $831M | $892M | $910M | $987M | $1.16B | $955M | $454M | |
| Net Income TTM | $96M | $-367M | $-148M | $60M | $36M | $19M | $-3M | $-73M | $80M | $33M | $-28M | $61M | |
| Market Cap | $2.29B | $1.51B | $1.56B | $2.04B | $2.38B | $2.08B | $1.71B | $2.18B | $2.12B | $3.49B | $2.16B | $1.79B | |
| Enterprise Value | · | $1.06B | $1.27B | $1.72B | $2.02B | $1.95B | $1.77B | $2.24B | · | · | · | · | |
| P/E | 24.5 | -4.1 | -10.6 | 34.9 | 66.8 | 108.3 | -591.8 | -30.2 | 29.3 | 105.4 | -65.6 | 29.8 | |
| P/S | 2.7 | 1.8 | 1.9 | 2.2 | 2.8 | 2.5 | 1.9 | 2.4 | 2.1 | 3.0 | 2.3 | 3.9 | |
| P/B | 1.4 | 1.0 | 0.8 | 1.0 | 1.2 | 1.0 | 0.9 | 1.1 | 1.0 | 1.4 | 0.9 | 4.1 | |
| P / Tangible Book | 6.3 | 6.7 | 19.4 | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 7.8 | 7.0 | 26.5 | 13.0 | 8.0 | 9.7 | 7.6 | 14.5 | 9.5 | 15.3 | 22.7 | 16.7 | |
| P / FCF | 8.0 | 7.1 | 29.7 | 14.0 | 8.3 | 10.3 | 8.3 | 17.2 | 10.2 | 17.6 | 30.7 | 19.0 | |
| EV / EBITDA | · | -3.5 | -17.0 | 10.5 | 14.0 | 13.6 | 13.3 | 33.8 | · | · | · | · | |
| EV / FCF | · | 5.0 | 24.2 | 11.8 | 7.1 | 9.7 | 8.6 | 17.7 | · | · | · | · | |
| EV / Revenue | · | 1.3 | 1.5 | 1.9 | 2.4 | 2.3 | 2.0 | 2.5 | · | · | · | · | |
| Earnings Yield | 4.1% | -24.4% | -9.5% | 2.9% | 1.5% | 0.92% | -0.17% | -3.3% | 3.4% | 0.95% | -1.5% | 3.4% |
Income Statement 18
| Metric | Trend | Q1 2027 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210M | $203M | $251M | $219M | $187M | $205M | $252M | $191M | $175M | $203M | $218M | $197M | $211M | $208M | $270M | $228M | |
| Cost of Revenue | $44M | $44M | $46M | $44M | $43M | $46M | $47M | $42M | $44M | $50M | $44M | $43M | $50M | $51M | $57M | $58M | |
| Gross Profit | $166M | $159M | $205M | $175M | $143M | $159M | $205M | $149M | $130M | $153M | $174M | $154M | $161M | $157M | $213M | $170M | |
| R&D Expense | $42M | $40M | $40M | $40M | $40M | $37M | $38M | $36M | $42M | $44M | $37M | $35M | $46M | $46M | $43M | $44M | |
| SG&A Expense | $26M | $25M | $24M | $26M | $28M | $24M | $23M | $24M | $26M | $22M | $23M | $23M | $28M | $28M | $26M | $25M | |
| Operating Expenses | $151M | $140M | $140M | $143M | $150M | $139M | $144M | $135M | $594M | $190M | $309M | $127M | $165M | $156M | $149M | $149M | |
| Operating Income | $14M | $20M | $64M | $32M | $-7M | $20M | $62M | $14M | $-463M | $-37M | $-134M | $26M | $-5M | $2M | $64M | $21M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | $2M | $2M | $2M | · | $3M | $2M | |
| Interest Income | $4M | $4M | $3M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $3M | $2M | $2M | $1M | $756.0K | |
| Other Non-op | $583.0K | $358.0K | $-528.0K | $-4M | $940.0K | $-3M | $-4M | $-3M | $8M | $4M | $792.0K | $847.0K | $-834.0K | $-2M | $-2M | $-538.0K | |
| Pretax Income | $19M | $23M | $67M | $31M | $-3M | $18M | $57M | $12M | $-454M | $-33M | $-134M | $27M | $-5M | $-1M | $61M | $19M | |
| Income Tax | $-3M | $5M | $11M | $6M | $851.0K | $-416.0K | $9M | $3M | $-10M | $-513.0K | $-1M | $6M | $-1M | $2M | $8M | $2M | |
| Net Income | $22M | $18M | $55M | $26M | $-4M | $19M | $49M | $9M | $-443M | $-32M | $-133M | $21M | $-4M | $-3M | $53M | $17M | |
| EPS (Basic) | $0.30 | $0.26 | $0.76 | $0.36 | $-0.05 | $0.27 | $0.68 | $0.13 | $-6.20 | $-0.44 | $-1.87 | $0.30 | $-0.06 | $-0.04 | $0.73 | $0.24 | |
| EPS (Diluted) | $0.29 | $0.25 | $0.75 | $0.35 | $-0.05 | $0.28 | $0.67 | $0.13 | $-6.20 | $-0.43 | $-1.87 | $0.29 | $-0.06 | $-0.04 | $0.72 | $0.24 | |
| Shares (Basic) | 71,812,000 | -144,033,000 | 72,211,000 | 72,077,000 | 71,729,000 | -143,024,000 | 71,737,000 | 71,447,000 | 71,467,000 | -143,255,000 | 71,077,000 | 72,112,000 | 71,540,000 | -144,271,000 | 71,744,000 | 71,856,000 | |
| Shares (Diluted) | 74,597,000 | -145,111,000 | 73,820,000 | 72,917,000 | 71,729,000 | -144,246,000 | 72,569,000 | 71,837,000 | 71,467,000 | -143,940,000 | 71,077,000 | 72,797,000 | 71,540,000 | -145,346,000 | 73,049,000 | 72,891,000 | |
| EBITDA | $29M | · | $64M | $32M | $8M | · | $62M | $14M | $-447M | · | $-134M | $26M | $15M | · | $64M | $21M |
Balance Sheet 28
| Metric | Trend | Q1 2027 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $553M | $586M | $541M | $483M | $490M | $457M | $398M | $363M | $362M | $390M | $298M | $280M | $333M | · | $352M | $320M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $57M | $47M | |
| Receivables | $80M | $151M | $235M | $130M | $92M | $164M | $215M | $119M | $129M | $192M | $222M | $153M | $108M | · | $216M | $139M | |
| Inventory | $21M | $13M | $12M | $12M | $13M | $13M | $14M | $16M | $15M | $14M | $15M | $16M | $18M | · | $19M | $24M | |
| Prepaid Expense | $26M | $29M | $29M | $34M | $31M | $32M | $27M | $32M | $26M | $32M | $28M | $30M | $27M | · | $29M | $28M | |
| Current Assets | $772M | $868M | $857M | $708M | $684M | $713M | $692M | $584M | $590M | $672M | $609M | $541M | $550M | · | $682M | $588M | |
| PP&E (Net) | $26M | $24M | $22M | $21M | $21M | $22M | $22M | $23M | $25M | $26M | $28M | $31M | $33M | · | $38M | $39M | |
| PP&E (Gross) | · | $281M | · | · | · | $273M | · | · | · | $270M | · | · | · | · | · | · | |
| Accum. Depreciation | · | $257M | · | · | · | $251M | · | · | · | $243M | · | · | · | · | · | · | |
| Goodwill | $1.10B | $1.07B | $1.07B | $1.07B | $1.07B | $1.08B | $1.08B | $1.07B | $1.08B | $1.50B | $1.55B | $1.72B | $1.72B | $1.72B | $1.73B | $1.73B | |
| Intangibles | $227M | $214M | $227M | $238M | $250M | $259M | $270M | $286M | $295M | $309M | $324M | $336M | $352M | · | $382M | $394M | |
| Other Non-current Assets | $15M | $12M | $11M | $12M | $12M | $12M | $11M | $10M | $10M | $11M | $12M | $13M | $12M | · | $12M | $12M | |
| Total Assets | $2.31B | $2.35B | $2.32B | $2.18B | $2.16B | $2.19B | $2.17B | $2.07B | $2.09B | $2.60B | $2.59B | $2.70B | $2.73B | · | $2.90B | $2.82B | |
| Accounts Payable | $24M | $23M | $17M | $15M | $14M | $18M | $14M | $14M | $16M | $15M | $15M | $16M | $14M | · | $15M | $21M | |
| Current Liabilities | $423M | $470M | $443M | $377M | $387M | $408M | $382M | $347M | $383M | $395M | $382M | $359M | $383M | · | $440M | $402M | |
| Capital Leases | $29M | $30M | $32M | $34M | $31M | $33M | $32M | $34M | $35M | $38M | $41M | $44M | $46M | · | $50M | $49M | |
| Deferred Tax | $2M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $5M | $3M | $14M | · | $40M | $72M | |
| Other Non-current Liabilities | $6M | $7M | $8M | $8M | $8M | $8M | $8M | $7M | $7M | $7M | $7M | $7M | $8M | · | $8M | $7M | |
| Total Liabilities | $648M | $705M | $680M | $603M | $610M | $626M | $654M | $611M | $653M | $703M | $686M | $658M | $699M | · | $899M | $884M | |
| Total Debt | · | · | · | · | · | · | $75M | $75M | $75M | · | $100M | $100M | $100M | · | $200M | $200M | |
| Common Stock | $138.0K | $136.0K | $136.0K | $136.0K | $135.0K | $134.0K | $133.0K | $133.0K | $133.0K | $131.0K | $131.0K | $130.0K | $130.0K | · | $128.0K | $128.0K | |
| Paid-in Capital | $3.34B | $3.33B | $3.31B | $3.29B | $3.27B | $3.26B | $3.23B | $3.22B | $3.20B | $3.18B | $3.16B | $3.14B | $3.12B | · | $3.08B | $3.02B | |
| Retained Earnings | $73M | $51M | $33M | $-22M | $-48M | $-44M | $-63M | $-112M | $-121M | $322M | $355M | $487M | $466M | · | $473M | $421M | |
| Treasury Stock | $1.76B | $1.73B | $1.70B | $1.70B | $1.68B | $1.65B | $1.65B | $1.65B | $1.65B | $1.62B | $1.62B | $1.60B | $1.56B | · | $1.55B | $1.50B | |
| AOCI | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $4M | $3M | $4M | $6M | $5M | $6M | · | $-353.0K | $-1M | |
| Stockholders' Equity | $1.66B | $1.65B | $1.64B | $1.57B | $1.55B | $1.56B | $1.52B | $1.46B | $1.43B | $1.89B | $1.90B | $2.04B | $2.03B | $2.03B | $2.01B | $1.94B | |
| Liabilities + Equity | $2.31B | $2.35B | $2.32B | $2.18B | $2.16B | $2.19B | $2.17B | $2.07B | $2.09B | $2.60B | $2.59B | $2.70B | $2.73B | · | $2.90B | $2.82B | |
| Shares Outstanding | 72,700,450 | 72,060,237 | 72,219,830 | 72,186,052 | 72,520,702 | 71,464,664 | 71,745,945 | 71,715,229 | 71,311,409 | 131,316,309 | 71,019,904 | 71,697,901 | 72,146,090 | 128,683,824 | 70,961,344 | 72,243,650 |
Cash Flow 17
| Metric | Trend | Q1 2027 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $14M | $14M | $13M | $14M | $14M | $16M | $16M | $16M | $16M | $18M | $19M | $19M | $19M | $22M | $21M | $21M | |
| Stock-based Comp | $18M | $13M | $14M | $14M | $20M | $14M | $15M | $15M | $21M | $16M | $16M | $18M | $20M | $15M | $15M | $17M | |
| Deferred Tax | $-4M | $-9M | $-6M | $-6M | $-6M | $-5M | $-7M | $-8M | $-17M | $-10M | $-14M | $-10M | $-11M | $-16M | $-32M | $-3M | |
| Amort. of Intangibles | $11M | $12M | $12M | $12M | $12M | $13M | $13M | $13M | $13M | $14M | $14M | $14M | $15M | $17M | $16M | $16M | |
| Restructuring | $25.0K | $25.0K | $25.0K | $304.0K | $529.0K | $605.0K | $923.0K | $2M | $17M | $0 | $0 | $0 | $0 | $-21.0K | $89.0K | $-60.0K | |
| Other Non-cash | $753.0K | · | · | · | $49M | · | · | · | $461M | · | · | · | $-46M | · | · | · | |
| Operating Cash Flow | $51M | $152M | $62M | $7M | $74M | $142M | $41M | $-4M | $38M | $94M | $14M | $-26M | $-22M | $113M | $46M | $10M | |
| CapEx | $3M | $2M | $3M | $2M | $2M | $1M | $2M | $882.0K | $1M | $2M | $1M | $2M | $2M | $2M | $3M | $3M | |
| Investing Cash Flow | $-58M | $-75M | $-5M | $5M | $-17M | $-9M | $1M | $4M | $-3M | $-71.0K | $20M | $12M | $-19M | $21M | $-20M | $-8M | |
| Debt Issued | · | $0 | · | · | · | $0 | · | · | · | $0 | · | · | · | $0 | $0 | · | |
| Net Debt Issued | · | · | · | · | $0 | · | · | · | $-25M | · | · | · | $0 | · | · | · | |
| Stock Repurchased | $0 | $29M | $1.0K | $17M | $15M | $0 | $0 | $257.0K | $25M | $0 | $19M | $31M | $0 | $0 | $0 | $0 | |
| Net Stock Activity | $0 | · | · | · | $-15M | · | · | · | $-25M | · | · | · | $0 | · | · | · | |
| Financing Cash Flow | $-25M | $-29M | $-490.0K | $-18M | $-29M | $-75M | $-3M | $-2M | $-62M | $-204.0K | $-19M | $-36M | $-13M | $-100M | $-180.0K | $-8M | |
| Net Change in Cash | $-34M | $46M | $57M | $-6M | $32M | $59M | $35M | $1M | $-27M | $92M | $18M | $-53M | $-54M | $35M | $32M | $-12M | |
| Free Cash Flow | $47M | · | · | · | $72M | · | · | · | $37M | · | · | · | $-24M | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | $-26M | · | · | · |
Profitability 8
| Metric | Trend | Q1 2027 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.9% | · | 81.6% | 80.1% | 76.8% | · | 81.5% | 78.0% | 74.6% | · | 80.0% | 78.1% | 76.1% | · | 78.9% | 74.7% | |
| Operating Margin | 6.9% | · | 25.7% | 14.8% | -3.5% | · | 24.5% | 7.4% | -265.4% | · | -61.7% | 13.4% | -2.2% | · | 23.6% | 9.4% | |
| Net Margin | 10.4% | · | 22.0% | 11.8% | -2.0% | · | 19.4% | 4.7% | -254.0% | · | -60.8% | 10.9% | -2.0% | · | 19.5% | 7.6% | |
| Pretax Margin | 9.0% | · | 26.6% | 14.3% | -1.5% | · | 22.8% | 6.5% | -259.9% | · | -61.3% | 14.0% | -2.5% | · | 22.5% | 8.5% | |
| EBITDA Margin | 13.7% | · | 25.7% | 14.8% | 4.2% | · | 24.5% | 7.4% | -256.0% | · | -61.7% | 13.4% | 7.0% | · | 23.6% | 9.4% | |
| ROA | 0.98% | · | 2.5% | 1.2% | -0.17% | · | 2.1% | 0.38% | -18.4% | · | -4.8% | 0.78% | -0.15% | · | 1.7% | 0.60% | |
| ROE | 1.4% | · | 3.5% | 1.7% | -0.25% | · | 2.9% | 0.52% | -25.6% | · | -6.8% | 1.1% | -0.21% | · | 2.6% | 0.88% | |
| ROIC | 1.0% | · | 3.2% | 1.7% | -0.55% | · | 3.3% | 0.67% | -30.0% | · | -6.7% | 0.96% | -0.17% | · | 2.5% | 0.90% |
Liquidity & Solvency 5
| Metric | Trend | Q1 2027 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.8 | · | 1.9 | 1.9 | 1.8 | · | 1.8 | 1.7 | 1.5 | · | 1.6 | 1.5 | 1.4 | · | 1.5 | 1.5 | |
| Quick Ratio | 1.5 | · | 1.8 | 1.6 | 1.5 | · | 1.6 | 1.4 | 1.3 | · | 1.4 | 1.2 | 1.2 | · | 1.4 | 1.3 | |
| Debt / Equity | · | · | · | · | · | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.1 | |
| LT Debt / Equity | · | · | · | · | · | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | -60.9 | 12.1 | -2.2 | · | 21.9 | 9.5 |
Efficiency 3
| Metric | Trend | Q1 2027 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | |
| Inventory Turnover | 2.6 | · | 3.4 | 3.0 | 3.1 | · | 3.1 | 2.6 | 2.7 | · | 2.6 | 2.2 | 2.4 | · | 2.8 | 2.3 | |
| Receivables Turnover | 2.4 | · | 1.1 | 1.8 | 1.7 | · | 1.2 | 1.4 | 1.5 | · | 1.0 | 1.3 | 1.9 | · | 1.2 | 1.5 |
Valuation (TTM) 14
| Metric | Trend | Q1 2027 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $867M | · | $908M | $849M | $804M | · | $836M | $781M | $801M | · | $896M | $906M | $918M | · | $969M | $911M | |
| Net Income TTM | $99M | · | $126M | $80M | $-389M | · | $-518M | $-545M | $-559M | · | $-63M | $87M | $59M | · | $111M | $66M | |
| Market Cap | $3.17B | · | $1.95B | $1.86B | $1.80B | · | $1.55B | $1.56B | $1.30B | · | $1.56B | $2.01B | $2.23B | · | $2.31B | $2.26B | |
| Enterprise Value | · | · | · | · | · | · | $1.23B | $1.27B | $1.02B | · | $1.36B | $1.83B | $2.00B | · | $2.10B | $2.10B | |
| P/E | 32.5 | · | 15.7 | 23.5 | -4.6 | · | -3.0 | -2.8 | -2.3 | · | -23.9 | 23.5 | 38.7 | · | 21.7 | 35.2 | |
| P/S | 3.7 | · | 2.2 | 2.2 | 2.2 | · | 1.9 | 2.0 | 1.6 | · | 1.7 | 2.2 | 2.4 | · | 2.4 | 2.5 | |
| P/B | 1.9 | · | 1.2 | 1.2 | 1.2 | · | 1.0 | 1.1 | 0.9 | · | 0.8 | 1.0 | 1.1 | · | 1.2 | 1.2 | |
| P / Tangible Book | 9.3 | · | 5.7 | 7.0 | 7.9 | · | 9.1 | 15.5 | 21.7 | · | 54.8 | · | · | · | · | · | |
| P / Cash Flow | 62.4 | · | · | · | 24.5 | · | · | · | 33.9 | · | · | · | -99.8 | · | · | · | |
| P / FCF | 67.0 | · | · | · | 25.1 | · | · | · | 35.1 | · | · | · | -91.8 | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | 19.9 | 90.0 | -2.3 | · | -10.1 | 69.6 | 135.7 | · | 32.9 | 97.9 | |
| EV / FCF | · | · | · | · | · | · | · | · | 27.4 | · | · | · | -82.2 | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | 1.5 | 1.6 | 1.3 | · | 1.5 | 2.0 | 2.2 | · | 2.2 | 2.3 | |
| Earnings Yield | 3.1% | · | 6.4% | 4.3% | -22.0% | · | -33.6% | -35.2% | -42.9% | · | -4.2% | 4.2% | 2.6% | · | 4.6% | 2.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Revenue | $859M | $823M | $829M | $915M | $856M |
| Gross Margin % | 79.4% | 78.3% | 77.4% | 75.6% | 75.0% |
| Operating Margin % | 12.8% | -44.7% | -18.1% | 8.5% | 5.7% |
| Net Income | $96M | $-367M | $-148M | $60M | $36M |
| Diluted EPS | $1.30 | $-5.12 | $-2.07 | $0.82 | $0.48 |
Balance Sheet
| 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | 0.1 | 0.0 | 0.2 |
| Current Ratio | 1.8 | 1.7 | 1.7 | 1.4 | 1.9 |
| Quick Ratio | 1.6 | 1.5 | 1.5 | 1.2 | 1.8 |
Cash Flow
| 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $285M | $212M | $52M | $146M | $286M |
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Institutional owners (13F) 326 filers · $1.8B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 55 (+1 vs prior Q) | 22 (0 vs prior Q) | 97 (+3 vs prior Q) | 97 (+13 vs prior Q) | +11.1M |
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 | $243,481,213 | 5,590,843 | 13.73% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $181,943,582 | 4,177,809 | 10.26% | Shares |
| STATE STREET CORP | $155,878,036 | 3,579,289 | 8.79% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $133,051,608 | 3,055,146 | 7.50% | Shares |
| Robeco Institutional Asset Management B.V. | $89,544,985 | 2,056,142 | 5.05% | Shares |
| FIRST TRUST ADVISORS LP | $85,481,377 | 1,962,833 | 4.82% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $82,444,166 | 1,892,810 | 4.65% | Shares |
| Allianz Asset Management GmbH | $54,574,857 | 1,253,154 | 3.08% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $43,699,420 | 1,003,431 | 2.46% | Shares |
| AMERIPRISE FINANCIAL INC | $39,814,807 | 914,232 | 2.25% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $28,545,893 | 655,474 | 1.61% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $26,717,446 | 613,489 | 1.51% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $25,764,093 | 591,598 | 1.45% | Shares |
| FMR LLC | $25,617,896 | 588,241 | 1.44% | Shares |
| Qube Research & Technologies Ltd | $23,282,919 | 534,625 | 1.31% | Shares |
| Impax Asset Management Group plc | $20,468,500 | 470,000 | 1.15% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $19,684,818 | 452,005 | 1.11% | Shares |
| TWO SIGMA INVESTMENTS, LP | $19,580,995 | 449,621 | 1.10% | Shares |
| MILLENNIUM MANAGEMENT LLC | $18,845,348 | 432,729 | 1.06% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $16,334,080 | 375,065 | 0.92% | Shares |
| SEB Asset Management AB | $15,925,551 | 365,685 | 0.90% | Shares |
| Empowered Funds, LLC | $14,811,311 | 340,099 | 0.84% | Shares |
| Hillsdale Investment Management Inc. | $13,404,472 | 307,795 | 0.76% | Shares |
| Public Sector Pension Investment Board | $13,376,992 | 307,164 | 0.75% | Shares |
| Defiance ETFs, LLC | $12,268,023 | 285,635 | 0.69% | Shares |
| Clark Capital Management Group, Inc. | $11,649,015 | 267,486 | 0.66% | Shares |
| Bank of New York Mellon Corp | $11,493,455 | 263,914 | 0.65% | Shares |
| BARCLAYS PLC | $11,431,789 | 262,498 | 0.64% | Shares |
| First Eagle Investment Management, LLC | $10,817,907 | 248,402 | 0.61% | Shares |
| CITADEL ADVISORS LLC | $10,083,567 | 231,540 | 0.57% | Shares |
| AMERICAN CENTURY COMPANIES INC | $9,006,532 | 206,809 | 0.51% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $8,948,523 | 205,477 | 0.50% | Shares |
| GOLDMAN SACHS GROUP INC | $8,710,653 | 200,015 | 0.49% | Shares |
| MORGAN STANLEY | $7,956,559 | 182,699 | 0.45% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $7,878,021 | 180,896 | 0.44% | Shares |
| RHUMBLINE ADVISERS | $7,701,096 | 176,834 | 0.43% | Shares |
| LEUTHOLD GROUP, LLC | $7,566,551 | 173,744 | 0.43% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,010,771 | 138,020 | 0.34% | Shares |
| Swiss National Bank | $5,998,054 | 137,728 | 0.34% | Shares |
| ALGERT GLOBAL LLC | $5,702,219 | 130,935 | 0.32% | Shares |
| Riverwater Partners LLC | $5,690,417 | 130,664 | 0.32% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $5,603,535 | 128,669 | 0.32% | Shares |
| Nuveen, LLC | $5,476,108 | 125,743 | 0.31% | Shares |
| IQ EQ FUND MANAGEMENT (IRELAND) Ltd | $5,209,930 | 119,631 | 0.29% | Shares |
| PRUDENTIAL FINANCIAL INC | $5,095,437 | 117,002 | 0.29% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $4,756,444 | 109,218 | 0.27% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $4,753,831 | 109,158 | 0.27% | Shares |
| Legal & General Group Plc | $4,549,276 | 104,461 | 0.26% | Shares |
| IEQ CAPITAL, LLC | $4,477,768 | 102,819 | 0.25% | Shares |
| GABELLI FUNDS LLC | $4,355,000 | 100,000 | 0.25% | Shares |
| Bridgewater Associates, LP | $4,347,640 | 99,831 | 0.25% | Shares |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | $4,028,637 | 92,506 | 0.23% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $3,989,572 | 91,609 | 0.22% | Shares |
| BlackRock, Inc. | $3,968,581 | 91,127 | 0.22% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $3,725,746 | 85,551 | 0.21% | Shares |
| Rodgers Brothers Inc. | $3,404,521 | 78,175 | 0.19% | Shares |
| SEI INVESTMENTS CO | $3,373,550 | 77,464 | 0.19% | Shares |
| Odyssean, LLC | $3,125,671 | 71,772 | 0.18% | Shares |
| TWO SIGMA ADVISERS, LP | $3,098,370 | 114,500 | 0.17% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $3,037,395 | 69,745 | 0.17% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $2,985,744 | 68,559 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,960,221 | 93,118 | 0.17% | Shares |
| KLP KAPITALFORVALTNING AS | $2,795,910 | 64,200 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,741,473 | 62,950 | 0.15% | Shares |
| Trexquant Investment LP | $2,737,379 | 62,856 | 0.15% | Shares |
| New Age Alpha Advisors, LLC | $2,699,142 | 61,978 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,616,762 | 82,314 | 0.15% | Shares |
| Integrated Quantitative Investments LLC | $2,598,367 | 59,664 | 0.15% | Shares |
| CITIGROUP INC | $2,462,709 | 56,549 | 0.14% | Shares |
| Dakota Wealth Management | $2,427,739 | 55,746 | 0.14% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $2,425,953 | 55,705 | 0.14% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $2,360,185 | 74,243 | 0.13% | Shares |
| Mariner, LLC | $2,351,789 | 54,006 | 0.13% | Shares |
| Keeley-Teton Advisors, LLC | $2,304,209 | 109,672 | 0.13% | Shares |
| ROYCE & ASSOCIATES LP | $2,264,339 | 51,994 | 0.13% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $2,260,000 | 51,900 | 0.13% | Shares |
| MACKENZIE FINANCIAL CORP | $2,253,277 | 51,740 | 0.13% | Shares |
| Edgestream Partners, L.P. | $2,202,977 | 50,585 | 0.12% | Shares |
| Inspire Investing, LLC | $2,200,122 | 69,208 | 0.12% | Shares |
| Amundi | $2,177,849 | 50,008 | 0.12% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,122,758 | 48,743 | 0.12% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $2,090,661 | 48,006 | 0.12% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $2,077,422 | 47,702 | 0.12% | Shares |
| Horizon Investments, LLC | $2,075,898 | 47,667 | 0.12% | Shares |
| Quantinno Capital Management LP | $2,015,794 | 46,286 | 0.11% | Shares |
| MetLife Investment Management, LLC | $1,812,420 | 41,617 | 0.10% | Shares |
| FIFTH THIRD BANCORP | $1,787,902 | 41,054 | 0.10% | Shares |
| D. E. Shaw & Co., Inc. | $1,740,911 | 39,975 | 0.10% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $1,736,948 | 39,884 | 0.10% | Shares |
| CWM, LLC | $1,713,990 | 53,916 | 0.10% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,682,337 | 38,630 | 0.09% | Shares |
| WINTON GROUP Ltd | $1,675,325 | 38,469 | 0.09% | Shares |
| Elo Mutual Pension Insurance Co | $1,644,230 | 37,755 | 0.09% | Shares |
| Illinois Municipal Retirement Fund | $1,628,814 | 37,401 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $1,566,842 | 35,978 | 0.09% | Shares |
| Brevan Howard Capital Management LP | $1,562,226 | 35,872 | 0.09% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $1,541,776 | 54,268 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,537,141 | 35,296 | 0.09% | Shares |
| Verdad Advisers, LP | $1,442,724 | 33,128 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,432,621 | 32,896 | 0.08% | Shares |
Company insiders 38 insiders · 10 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Anil K Singhal | President & CEO | June 19, 2026 M | 455,034 | 0 | 0 | $0 |
| Anthony John Piazza | EVP & Chief Financial Officer | June 15, 2026 M | 27,754 | 0 | 0 | $0 |
| Jean A Bua | EVP, Chief Financial Officer and Treasurer | Feb. 13, 2025 S | 71,361 | 0 | 0 | $0 |
| Sanjay Munshi | Chief Operating Officer | June 15, 2026 M | 8,998 | 0 | 2 | $-134,584 |
| Eric Todd Watt | Chief Accounting Officer | June 19, 2026 A | 2,446 | 0 | 0 | $0 |
| David P Sommers | Executive Vice-Chairman | Sept. 7, 2012 M | 195,264 | 0 | 0 | $0 |
| Jeffrey Wakely | VP Finance & Administration | May 4, 2010 S | 3,513 | 0 | 0 | $0 |
| Michelle Flaherty | V.P. Human Resources | Jan. 5, 2004 A | 0 | 0 | 0 | $0 |
| Lisa A Fiorentino | V.P. Finance & Administration | Jan. 5, 2004 A | — | 0 | 0 | $0 |
| Bruce Allen Kelley JR | Chief Technical Officer | Sept. 8, 2003 S | 24,613 | 0 | 0 | $0 |
| Michael Szabados | Director | June 19, 2026 M | 45,654 | 0 | 3 | $-383,720 |
| Alfred Grasso | Director | May 12, 2026 S | 35,000 | 0 | 1 | $-203,350 |
| Marlene Pelage | Director | Sept. 14, 2024 M | 11,085 | 0 | 0 | $0 |
| Shannon Nash | Director | Sept. 14, 2024 M | 11,085 | 0 | 0 | $0 |
| Christopher Perretta | Director | Sept. 14, 2024 M | 43,866 | 0 | 0 | $0 |
| Robert E Donahue | Director | Sept. 14, 2024 M | 59,977 | 0 | 0 | $0 |
| Vivian M Vitale | Director | Sept. 14, 2024 M | 38,970 | 0 | 0 | $0 |
| John R Egan | Director | Sept. 14, 2024 M | 98,740 | 0 | 0 | $0 |
| Susan Louise Spradley | Director | Aug. 25, 2023 M | 37,000 | 0 | 0 | $0 |
| Vincent J Mullarkey | Director | Feb. 19, 2019 M | 21,383 | 0 | 0 | $0 |
| James A Lico | Director | Sept. 12, 2018 M | 16,978 | 0 | 0 | $0 |
| Stephen Pearse | Director | Aug. 12, 2014 M | 29,726 | 0 | 0 | $0 |
| Stuart M Mcguigan | Director | Aug. 21, 2012 M | 32,014 | 0 | 0 | $0 |
| Kenneth Hao | Director | Feb. 1, 2008 A | — | 0 | 0 | $0 |
| Bryan Taylor | Director | Feb. 1, 2008 A | — | 0 | 0 | $0 |
| Kenneth T Schiciano | Director | Oct. 30, 2006 M | 11,148 | 0 | 0 | $0 |
| John Downing | — | Aug. 11, 2026 S | 127,809 | 0 | 6 | $-980,540 |
| Joseph G Hadzima JR | — | Nov. 20, 2025 G | 118,185 | 0 | 1 | $-79,786 |
| Victor Demarines | — | May 23, 2017 S | 17,732 | 0 | 0 | $0 |
| TA EXECUTIVES FUND LLC | — | July 30, 2007 S | 64,670 | 0 | 0 | $0 |
| TA ASSOCIATES AAP III PARTNERS | — | July 30, 2007 S | 638,192 | 0 | 0 | $0 |
| TA ASSOCIATES VIII LLC | — | July 30, 2007 S | 2,440,170 | 0 | 0 | $0 |
| ADVENT ATLANTIC & PACIFIC III LP | — | July 30, 2007 S | 638,192 | 0 | 0 | $0 |
| TA INVESTORS LLC | — | July 30, 2007 S | 68,073 | 0 | 0 | $0 |
| TA ADVENT VIII LP | — | July 30, 2007 S | 2,440,170 | 0 | 0 | $0 |
| TA ASSOCIATES INC | — | July 30, 2007 S | 3,211,105 | 0 | 0 | $0 |
| James E Frey | — | Dec. 9, 2004 M | 870 | 0 | 0 | $0 |
| Narendra Popat | — | Nov. 10, 2004 G | 3,449,501 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| Narendra Popat, Jyoti Popat ×3 filings | Nov. 15, 2011 | — | Initial filing | — | SEC |
| TPG Advisors III, Inc., TPG Advisors IV, Inc., T3 Advisors II, Inc., David Bonderman, James G. Coulter ×4 filings | March 12, 2010 | — | Initial filing | — | SEC |
| Silver Lake Partners, L.P., Silver Lake Investors, L.P., Silver Lake Technology Associates, L.L.C., Silver Lake Group, L.L.C., Silver Lake Technology Investors, L.L.C., Silver Lake Technology Management, L.L.C. ×2 filings | Jan. 27, 2009 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Sept. 30, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Aug. 7, 2003 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 88 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 |
|---|---|---|---|---|
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 1.56% | 47,501 NS | May 31, 2026 | N-PORT |
| RNIN · EA Series Trust | 1.22% | 55,439 NS | April 30, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 1.22% | 8,186 NS | April 30, 2026 | N-PORT |
| PSCT · Invesco Exchange-Traded Fund Trust … | 1.10% | 148,442 SH | Aug. 8, 2026 | Daily |
| PSWD · DBX ETF Trust | 0.95% | 2,015 NS | May 29, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.93% | 35,999 NS | May 31, 2026 | N-PORT |
| SCOW · Pacer Funds Trust | 0.57% | 261 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.56% | 13,256 NS | May 31, 2026 | N-PORT |
| XSHQ · Invesco Exchange-Traded Fund Trust … | 0.51% | 43,125 SH | Aug. 8, 2026 | Daily |
| ROSC · Lattice Strategies Trust | 0.48% | 7,786 NS | April 30, 2026 | N-PORT |
| SVAL · iShares Trust | 0.45% | 23,363 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.41% | 30,002 SH | Aug. 8, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.35% | 359,381 NS | April 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.28% | 13,193 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 47,984 NS | April 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.25% | 13,661 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.22% | 14,709 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.21% | 141,788 NS | May 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.20% | 31,874 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.20% | 62,160 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.18% | 665,905 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.18% | 65,516 NS | April 30, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.18% | 35,499 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.17% | 183,032 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.17% | 8,028 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.17% | 42,847 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.17% | 11,310 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.17% | 376,944 NS | April 30, 2026 | N-PORT |
| IJT · iShares Trust | 0.16% | 335,278 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.16% | 12,084 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.16% | 237,548 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.15% | 67,737 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.15% | 4,141,151 SH | Aug. 8, 2026 | Daily |
| IJS · iShares Trust | 0.14% | 285,568 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.13% | 284,601 NS | May 31, 2026 | N-PORT |
| SAA · ProShares Trust | 0.13% | 821 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 28,568 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 25,899 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.11% | 448,320 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.10% | 69,303 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.09% | 1,864,361 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 411,322 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.08% | 14,351 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.07% | 3,292 NS | May 31, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.07% | 3,714 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.07% | 30,288 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 329,217 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.06% | 988,899 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.06% | 242,391 NS | April 30, 2026 | N-PORT |
| TRFK · Pacer Funds Trust | 0.05% | 9,571 NS | April 30, 2026 | N-PORT |