OLN Olin Corporation Common Stock

NYSE · Chemicals · View on SEC EDGAR ↗
$18.85
Price · Aug 18, 2026
Fundamentals as of Jul 31, 2026

About Olin Corporation Common Stock Company overview from Wikipedia

Olin Corporation is an American manufacturer of ammunition, chlorine, and sodium hydroxide. The company traces its roots to two companies, both founded in 1892: Franklin W. Olin's Equitable Powder Company and the Mathieson Alkali Works.

Read more

Olin Corporation is an American manufacturer of ammunition, chlorine, and sodium hydroxide. The company traces its roots to two companies, both founded in 1892: Franklin W. Olin's Equitable Powder Company and the Mathieson Alkali Works.

History

Founding and expansion (1890s–1900s)

The company was started by Franklin Walter Olin in Niagara Falls, New York as the Equitable Powder Company. Olin created the company for the purpose of supplying the area's coal mines and limestone quarries with explosives. Olin's blasting and gunpowder company expanded into the production of cartridges in 1898. The company bought a paper manufacturer (the Ecusta Paper Company in Pisgah Forest, North Carolina), a lead shot facility, an explosive primer facility, a cartridge brass manufacturing facility, and a fiber wad facility. The company also started its own brass mill. Franklin Olin, along with his two sons John and Spencer, merged these companies together to form the Western Cartridge Company in direct competition with Remington and Winchester. For a time, his competitors were able to get their suppliers to shut off sources of raw materials in an attempt to drive Olin out of business and, in order to survive, Olin was forced to diversify the activities of the company. With the advent of World War I, the Olins made a fortune supplying ammunition through Western Cartridge. In 1931, Western bought Winchester and in 1935 merged the two, forming Winchester-Western.

In 1944, the various Olin companies were organized under a new corporate parent, Olin Industries, Inc. At the time, Olin Industries and its subsidiary companies ran the St. Louis Arsenal and contributed to the war effort with manufacturing roles at the Badger Army Ammunition and Lake City Army Ammunition Plants. Olin's plants in New Haven, Connecticut and East Alton, Illinois employed about 17,000 workers each producing the guns and small-caliber ammunition needed during World War II. The war production helped the Olins to become one of the wealthiest American families of the time.

In 1952, Olin opened a chlorine plant in McIntosh, Alabama. The production process at this facility originally involved mercury, which contaminated the groundwater.

Mathieson Chemical acquisition

After the war, the Olins acquired the Mathieson Chemical Corporation—also founded in 1892. Long before its association with Olin, Mathieson Alkali Works began business in Saltville, Virginia, and a year later acquired its neighbor, the Holston Salt and Plaster Corp. Saltville became a quintessential company town, where they produced chlorine and caustic soda, and in the process leached methylmercury (by the company's own estimates, up to 100 pounds per day) into the soils and the North fork of the Holston River. The site was declared a Superfund site in 1982.

In 1952, Mathieson Chemical Company, as it was known by then, acquired controlling interest in the pharmaceutical firm of E. R. Squibb and Sons (now part of Bristol-Myers Squibb). Afterward, the corporation diversified its interests into a wide variety of businesses, including plastics, cellophane, bauxite mining, automotive specialties, powder actuated nailing tools, and home construction. The Olin Ski Company manufactured camping and skiing gear. By 1988, however, Olin skis were produced under license by K2 Sports.

Olin Industries and Mathieson Chemical merged in 1954 to form the Olin Mathieson Chemical Corporation. The new company had 35,000 employees, 46 domestic and 17 foreign plants. The company manufactured phenoxy herbicides and anti-crop agents for Fort Detrick under contract to the U.S. Army Chemical Corps. The company also manufactured electric batteries, marketing them for use in flashlights. John Olin retired in 1963. The following year, the company brought in hardware-experienced executives to run Winchester. The new management team introduced cheap, stamped metal parts into the Winchester line, which eventually damaged the quality reputation Winchester had previously enjoyed.

1924 "Muck Dam Collapse"

Nearly 30 years prior to Olin acquiring Mathieson Chemical, a muck dam collapsed, sending a 30-foot wall of water, mud, mercury, and alkali down the Holston River valley into the company town of Palmertown, a community of Saltville, Virginia. Bodies, homes, and cars were washed as far as seven miles down the valley. In the aftermath of the flood, 19 people had died.

Corporate reduction (1969–2010)

The company became Olin Corporation in 1969 and subsequently began selling off many of its acquired businesses. Since then, Olin Corporation has been shrinking (except for a brief expansion in the early 1980s).

Olin was the first U.S. corporation to be prosecuted for violations of the arms embargo, and in 1978 was convicted for selling Winchester rifles to private dealers in South Africa. When charged, the Winchester Division affirmed in a legal brief that:

... the Winchester employees principally responsible for dealing with the State Department on export license matters over the years developed the belief that the Department was "winking" at the representation [by the company] that arms sent to South Africa were said to be destined for other countries.

After ongoing declines in its business at Winchester, on December 12, 1980, Olin made the decision to sell Winchester firearms to the firm's employees under the name US Repeating Arms Company. Olin, however, kept the Winchester brand name and licensed it to US Repeating Arms Company. Olin sold its European Winchester ammunition business, and also licensed the Winchester brand name, to GIAT (of Versailles, France). Olin transferred its ball propellant manufacturing plant to General Dynamics subsidiary St. Marks Powder in 1998. Olin spun off its specialty chemicals business on February 8, 1999, as Arch Chemicals, Inc. Olin afterwards focused more on its ammunition, brass and chlor-alkali businesses.

The ammunition business was strengthened by the Iraq and Afghanistan wars. After 2004, the Olin Corporation moved some manufacturing of its Winchester products from East Alton to Oxford, Mississippi, which started with the rimfire cartridge (.22LR) production, then its load and pack operations. After Olin moved production of its Winchester rimfire ammunition production to Mississippi in 2004, in 2006, Olin announced that it had entered into a new license agreement with Browning Arms Company to market Winchester brand rifles and shotguns. The new Winchester company was named U.S. Repeating Arms as a licensee of Olin Corporation, which still owned Winchester ammunition. In May 2007, Olin agreed to buy Pioneer Co. Inc., a chlor-alkali products maker, for $414 million. Olin announced the sale of its brass division in October 2007 to Global Brass and Copper, an affiliate of KPS Capital Partners, for $400 million. The sale included all of Olin's worldwide metals operations, including the A.J. Oster metals service centers. It sold a plant in East Alton in 2007, and moved production of centerfire ammunition to Oxford, Mississippi in 2010 from East Alton.

The McIntosh chlorine plant began using asbestos, a potent carcinogen, in 1978. The chemical was not safely contained, and employees regularly breathed it in and were not given protective equipment. The company was aware of the hazard and told workers that they could stay safe by preventing the material from becoming airborne. OSHA gave the company advance notice of its inspections, for which they regularly cleaned up the asbestos. The 2007 merger between Pioneer and Olin created the third-largest chlorine producer in the United States. In 2010, an equipment failure at the McIntosh plant released caustic soda into the atmosphere, and the plant frequently releases chlorine into the atmosphere. Residents have complained that they were not adequately informed of the leaks.

Spinoffs and joint ventures (2015–2022)

On March 27, 2015, Dow Chemical Company announced that it would spin off its chlorine and epoxy businesses and merge them with Olin Corporation. Dow earned around $5 billion in the deal including $2 billion in cash, with the new Olin to have revenue of around $7 billion, with Olin chairman and CEO Joseph D. Rupp to lead the new larger company. Separately, Dow also agreed to supply Olin with ethylene. On October 5, 2015, Olin successfully acquired Dow's U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics, and Global Epoxy business units, in addition to 100 percent interest in the Dow Mitsui Chlor-Alkali joint venture. As of 2016, Olin president and CEO was John E. Fischer.

In 2016, an Olin Corp. facility on Dow Chemical property in Plaquemine near Baton Rouge had a chlorine leak which led to the evacuation of the Dow plant. In 2016, Olin Corp, which was still based in Missouri, announced it was laying off 100 workers, or around 80% of the facility's workforce, at a factory north of downtown Henderson, also halting chlorine production at the site. It also stopped production of lye, with the facility to be remade into a bleach factory and distribution center for various industrial chemicals. Olin also scaled back chlorine production at other factories in New York and Texas. In 2019, Olin announced it was closing two plants in Texas by the end of 2020. It was reported in 2020 that Sachem Head Capital Management had built a stake in Olin Corporation at 9.4%. At that time, Olin remained headquartered in Clayton, Missouri and had 12 directors on its board. In 2020, Scott M. Sutton was selected by the Olin board to succeed Fischer as CEO and president, with Fischer becoming executive chairman.

As of 2021, the Olin Chemical Superfund Site was still undergoing cleanup under Olin Corporation, with the EPA having managed the site 2006, and the 53-acre facility purchased by Olin in 1980. The EPA was overseeing the cleanup of a Olin Corp. facility in East Alton by 2021, taking public comments on Olin's proposed cleanup plan to contaminated soil and groundwater in July 2021. In 2021, Olin shut down half of its diaphragm-grade chlor alkali production at its facility in McIntosh, Alabama.

In 2022, Olin created a joint venture with Plug Power Inc., to produce 15 tons of "green" hydrogen per day at a plant in Louisiana, to be operational by 2023 according to the company. In 2022, it had seven production facilities in the United States and Canada dedicated to chlorine and caustic soda. The former Olin Corporation headquarters in East Alton, after being purchased by the Wieland Group, were razed in 2022. The structure had previously employed 1,800 people when Olin had used it as an ammunition production facility.

Products and divisions

As a producer of ammunition and industrial chemicals, in 2022, the Olin Corporation had three overall business segments: "Chlor-Alkali Products and Vinyls, Epoxy (epoxy materials and precursors), and Winchester (arms and ammunition)." The company produces chemicals such as chlorine, caustic soda, and hydrogen through a process involving the electrolysis of salt. The chemical branches of the business also produce vinyls, epoxies, chlorinated organics, bleach, and hydrochloric acid.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

OLN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$18.85
Market Cap
$2.14B
P/E (TTM)
-21.4
EPS (TTM)
$-0.88
Revenue (TTM)
$6.78B
Div Yield
4.3%
ROE
-5.2%
Debt/Equity
1.5
52W Range
$18 – $30

OLN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $6.78B
3-point trend, -0.8%
2023-12-31 2025-12-31
EPS $-0.88
3-point trend, -124.6%
2023-12-31 2025-12-31
Free Cash Flow $248M
3-point trend, -66.4%
2023-12-31 2025-12-31
Margins -1.5%
2-point trend, -34.4%
2024-12-31 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
OLN
Peer Median
P/E (TTM)
3-point trend, -256.6%
-21.4
12.9
P/S (TTM)
3-point trend, -63.2%
0.3
0.5
P/B
3-point trend, -55.7%
1.2
1.2
EV / EBITDA
3-point trend, +32.2%
9.1
Price / FCF
3-point trend, +8.7%
8.6

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
OLN
Peer Median
Gross Margin
2-point trend, -34.4%
7.4%
10.8%
Operating Margin
3-point trend, -99.2%
0.08%
Net Profit Margin
3-point trend, -122.5%
-1.5%
0.25%
ROA
3-point trend, -123.4%
-1.4%
0.25%
ROE
3-point trend, -126.4%
-5.2%
-1.9%
ROIC
3-point trend, -99.4%
0.07%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
OLN
Peer Median
Debt / Equity
3-point trend, +28.5%
1.5
54.9
Current Ratio
3-point trend, -6.3%
1.2
2.3
Quick Ratio
3-point trend, -7.6%
0.1

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
OLN
Peer Median
Revenue YoY
3-point trend, -0.8%
3.7%
Revenue CAGR 3Y
3-point trend, -0.8%
-10.2%
Revenue CAGR 5Y
3-point trend, -0.8%
3.3%
EPS YoY
3-point trend, -124.6%
-74.5%
Net Income YoY
3-point trend, -122.4%
-76.8%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
OLN
Peer Median
EPS (Diluted)
3-point trend, -124.6%
$-0.88

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
OLN
Peer Median
Payout Ratio
3-point trend, -505.4%
-90.6%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
4.3%
Payout Ratio
-90.6%
5Y Div CAGR
Ex-dateAmount
May 14, 2026$0.2000
March 3, 2026$0.2000
Nov. 28, 2025$0.2000
Aug. 28, 2025$0.2000
May 15, 2025$0.2000
March 6, 2025$0.2000
Nov. 14, 2024$0.2000
Aug. 8, 2024$0.2000
May 8, 2024$0.2000
March 6, 2024$0.2000
Nov. 8, 2023$0.2000
Aug. 9, 2023$0.2000
May 10, 2023$0.2000
March 3, 2023$0.2000
Nov. 9, 2022$0.2000
Aug. 9, 2022$0.2000
May 9, 2022$0.2000
March 3, 2022$0.2000
Nov. 9, 2021$0.2000
Aug. 9, 2021$0.2000

OLN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 17 analysts
  • Strong Buy 1 5.9%
  • Buy 4 23.5%
  • Hold 11 64.7%
  • Sell 1 5.9%
  • Strong Sell 0 0.0%

12-Month Price Target

13 analysts · 2026-08-14
Median target $20.00 +6.1%
Mean target $22.38 +18.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.14%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.07 $0.10 -0.03%
March 31, 2026 $-0.32 $-0.64 0.32%
Dec. 31, 2025 $-0.58 $-0.62 0.04%
Sept. 30, 2025 $0.40 $0.08 0.32%
June 30, 2025 $0.06 $0.02 0.05%
March 31, 2025 $0.05 $-0.08 0.13%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
OLN $2.37B -23.7 3.7% -1.5% -5.2% 7.4%
DOW -6.3 -7.0% -6.1% -14.9%
WLK -6.3 -8.0% -13.5% -15.6% 7.3%
CBT $4.02B 12.6 -7.0% 8.9% 22.2% 25.3%
HWKN $3.16B 38.9 11.2% 7.5% 15.7% 22.6%
PCT
KRO $508M -4.6 -1.5% -6.0% -13.9% 11.5%
TROX $661M -1.4 -5.7% -16.2% -29.6% 9.3%
KOP $527M 9.9 -10.2% 3.0% 10.5%
WLKP 2.7% 4.2% 29.8%
MATV $664M -2.0 0.30% -17.0% -73.7% 18.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16
Annual Income Statement data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Revenue 11-point trend, +137.6% $6.78B $6.54B $6.83B $9.38B $8.91B $5.76B $6.11B $6.95B $6.27B $5.55B $2.85B
Cost of Revenue 11-point trend, +152.5% $6.28B $5.80B $5.67B $7.19B $6.62B $5.37B $5.44B $5.82B $5.55B $4.94B $2.49B
Gross Profit 4-point trend, -77.0% $502M $738M $1.17B $2.18B · · · · · · ·
SG&A Expense 11-point trend, +148.7% $463M $408M $407M $394M $417M $422M $417M $431M $370M $347M $186M
Operating Income 11-point trend, -94.7% $5M $296M $712M $1.78B $1.85B $-747M $178M $677M $297M $108M $101M
Interest Expense 11-point trend, +94.1% $188M $184M $181M $144M $348M $293M $243M $243M $217M $192M $97M
Interest Income 11-point trend, +300.0% $4M $4M $4M $2M $200.0K $500.0K $1M $2M $2M $3M $1M
Other Non-op · · · · · · · · · · $200.0K
Pretax Income 11-point trend, -2504.5% $-161M $142M $559M $1.68B $1.54B $-1.02B $-37M $437M $117M $-34M $7M
Income Tax 11-point trend, -840.7% $-60M $37M $107M $349M $242M $-50M $-26M $109M $-432M $-30M $8M
Net Income 11-point trend, -7121.4% $-101M $105M $452M $1.33B $1.30B $-970M $-11M $328M $550M $-4M $-1M
EPS (Basic) 11-point trend, -8700.0% $-0.88 $0.92 $3.66 $9.16 $8.15 $-6.14 $-0.07 $1.97 $3.31 $-0.02 $-0.01
EPS (Diluted) 11-point trend, -8700.0% $-0.88 $0.91 $3.57 $8.94 $7.96 $-6.14 $-0.07 $1.95 $3.26 $-0.02 $-0.01
Shares (Basic) 11-point trend, +10.8% 114,600,000 117,800,000 125,900,000 144,900,000 159,100,000 157,900,000 162,300,000 166,800,000 166,200,000 165,200,000 103,400,000
Shares (Diluted) 11-point trend, +10.8% 114,600,000 119,500,000 128,800,000 148,500,000 163,000,000 157,900,000 162,300,000 168,400,000 168,500,000 165,200,000 103,400,000
EBITDA 11-point trend, +59.9% $527M $815M $1.25B $2.38B $2.43B $-178M $775M $1.28B $890M $686M $330M
Balance Sheet 28
Annual Balance Sheet data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents 11-point trend, -57.2% $168M $176M $170M $194M $180M $190M $221M $179M $218M $184M $392M
Short-term Investments Flat — no change across 11 periods $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Receivables 5-point trend, -2.9% · · · · · · $760M $776M $733M $675M $783M
Inventory 11-point trend, +14.5% $784M $824M $859M $942M $868M $675M $696M $711M $683M $630M $685M
Other Current Assets 11-point trend, +170.4% $108M $61M $54M $53M $93M $67M $23M $35M $48M $31M $40M
Current Assets 11-point trend, +1.9% $1.97B $2.08B $1.97B $2.16B $2.25B $1.72B $1.71B $1.71B $1.70B $1.55B $1.93B
PP&E (Net) 11-point trend, -44.4% $2.20B $2.33B $2.52B $2.67B $2.91B $3.17B $3.32B $3.48B $3.58B $3.70B $3.95B
PP&E (Gross) 11-point trend, +41.3% $7.71B $7.52B $7.35B $7.09B $6.99B $6.89B $6.59B $6.26B $5.91B $5.60B $5.45B
Accum. Depreciation 11-point trend, +267.4% $5.51B $5.19B $4.83B $4.41B $4.08B $3.72B $3.27B $2.78B $2.33B $1.89B $1.50B
Goodwill 11-point trend, -34.3% $1.43B $1.42B $1.42B $1.42B $1.42B $1.42B $2.12B $2.12B $2.12B $2.12B $2.17B
Intangibles 11-point trend, -74.3% $174M $207M $246M $274M $332M $399M $448M $512M $578M $630M $678M
Other Non-current Assets 11-point trend, +166.2% $1.21B $1.19B $1.12B $1.10B $1.13B $1.19B $1.17B $1.15B $1.21B $644M $455M
Total Assets 11-point trend, -21.1% $7.33B $7.58B $7.71B $8.04B $8.52B $8.27B $9.19B $9.00B $9.22B $8.76B $9.29B
Accounts Payable 11-point trend, +32.5% $806M $862M $775M $838M $848M $729M $652M $636M $670M $571M $608M
Accrued Liabilities 11-point trend, +92.0% $630M $436M $450M $509M $458M $358M $329M $333M $274M $264M $328M
Current Liabilities 11-point trend, +42.2% $1.63B $1.63B $1.53B $1.56B $1.68B $1.20B $1.08B $1.12B $954M $923M $1.15B
Capital Leases 8-point trend, +252500000.00 $252M $243M $283M $292M $302M $292M $303M $0 · · ·
Deferred Tax 11-point trend, -71.0% $318M $430M $476M $507M $559M $443M $454M $519M $511M $1.03B $1.10B
Other Non-current Liabilities 11-point trend, +0.3% $337M $307M $340M $334M $362M $316M $794M $749M $752M $359M $336M
Total Liabilities 11-point trend, -20.6% $5.46B $5.52B $5.44B $5.50B $5.87B $6.82B $6.77B $6.17B $6.46B $6.49B $6.87B
Long-term Debt 11-point trend, -29.4% $2.72B $2.71B $2.59B $2.58B $2.78B $3.86B $3.34B $3.23B $3.61B $3.62B $3.85B
Total Debt 11-point trend, -27.2% $2.83B $2.84B $2.67B $2.58B $2.78B $3.86B $3.34B $3.23B $3.61B $3.62B $3.88B
Common Stock 11-point trend, -31.2% $114M $116M $120M $132M $157M $158M $158M $165M $167M $165M $165M
Retained Earnings 11-point trend, +319.7% $2.14B $2.36B $2.58B $2.22B $1.01B $-155M $941M $1.07B $790M $374M $510M
AOCI 11-point trend, +15.8% $-414M $-450M $-496M $-496M $-488M $-690M $-803M $-651M $-485M $-510M $-492M
Stockholders' Equity 11-point trend, -24.0% $1.84B $2.02B $2.23B $2.54B $2.65B $1.45B $2.42B $2.83B $2.75B $2.27B $2.42B
Liabilities + Equity 11-point trend, -21.1% $7.33B $7.58B $7.71B $8.04B $8.52B $8.27B $9.19B $9.00B $9.22B $8.76B $9.29B
Shares Outstanding 11-point trend, -31.2% 113,600,000 115,700,000 120,200,000 132,300,000 156,800,000 158,000,000 157,700,000 165,300,000 167,100,000 165,400,000 165,100,000
Cash Flow 18
Annual Cash Flow data for OLN
Metric Trend 20252024202320222021202020192018201720162015
D&A 11-point trend, +127.9% $522M $518M $533M $599M $582M $568M $597M $601M $559M $534M $229M
Stock-based Comp 11-point trend, +172.4% $21M $17M $19M $14M $8M $14M $11M $12M $9M $8M $8M
Deferred Tax 11-point trend, -1107.7% $-92M $-40M $-56M $-29M $-53M $-20M $-46M $35M $-455M $-35M $9M
Restructuring 11-point trend, +1137.0% $33M $33M $90M $25M $28M $9M $76M $22M $38M $113M $3M
Other Non-cash 11-point trend, +560.1% $125M $-97M $27M $11M $-93M $826M $66M $-68M $-13M $101M $-27M
Operating Cash Flow 11-point trend, +118.4% $474M $503M $974M $1.92B $1.74B $433M $617M $908M $649M $603M $217M
CapEx 11-point trend, +72.9% $226M $195M $236M $237M $201M $299M $386M $385M $294M $278M $131M
Investing Cash Flow 11-point trend, +36.6% $-320M $-284M $-341M $-260M $-197M $-836M $-366M $-382M $-498M $-474M $-504M
Debt Issued 6-point trend, +50.8% $2.75B $1.08B $708M $415M $540M $1.83B · · · · ·
Net Debt Issued 11-point trend, +98.5% $-11M $170M $86M $-201M $-1.10B $-1.31B $-744M $-946M $-2.04B $-435M $-731M
Stock Repurchased 11-point trend, +50500000.00 $50M $300M $711M $1.35B $252M $0 $146M $50M $0 $0 $0
Net Stock Activity 10-point trend, -50500000.00 $-50M $-300M $-711M $-1.35B $-252M $0 $-146M $-50M · $0 $0
Dividends Paid 11-point trend, +15.2% $92M $94M $101M $116M $128M $126M $129M $134M $133M $132M $80M
Financing Cash Flow 11-point trend, -138.6% $-163M $-213M $-657M $-1.65B $-1.55B $371M $-209M $-565M $-117M $-338M $422M
Net Change in Cash 11-point trend, -105.9% $-8M $5M $-24M $14M $-9M $-31M $42M $-40M $34M $-208M $135M
Taxes Paid 11-point trend, +3052.8% $167M $106M $112M $357M $170M $-10M $36M $53M $18M $-3M $5M
Free Cash Flow 11-point trend, +187.6% $248M $308M $738M $1.69B $1.54B $120M $232M $523M $354M $325M $86M
Levered FCF 11-point trend, +21.8% $130M $171M $592M $1.57B $1.25B $-159M $157M $340M $-665M $303M $106M
Profitability 8
Annual Profitability data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Gross Margin 2-point trend, -34.4% 7.4% 11.3% · · · · · · · · ·
Operating Margin 11-point trend, -97.7% 0.08% 4.5% 10.4% 19.0% 20.8% -13.0% 2.9% 9.8% 5.3% 2.8% 3.5%
Net Margin 11-point trend, -2880.0% -1.5% 1.6% 6.6% 14.1% 14.5% -16.8% -0.18% 4.7% 8.8% -0.07% -0.05%
Pretax Margin 11-point trend, -1134.8% -2.4% 2.2% 8.2% 17.9% 17.3% -17.7% -0.60% 6.3% 1.9% -0.62% 0.23%
EBITDA Margin 11-point trend, -32.7% 7.8% 12.5% 18.2% 25.4% 27.3% -3.1% 12.7% 18.4% 14.2% 12.4% 11.6%
ROA 11-point trend, -6700.0% -1.4% 1.4% 5.8% 16.3% 15.1% -11.7% -0.12% 3.6% 5.9% -0.04% -0.02%
ROE 11-point trend, -6450.0% -5.2% 5.1% 19.8% 52.1% 51.5% -66.4% -0.44% 11.4% 21.8% -0.17% -0.08%
ROIC 11-point trend, +121.2% 0.07% 4.5% 11.7% 27.5% 28.7% -13.4% 0.95% 8.4% 24.4% 0.30% -0.33%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 11-point trend, -28.2% 1.2 1.3 1.3 1.4 1.3 1.4 1.6 1.5 1.8 1.7 1.7
Quick Ratio 11-point trend, -90.0% 0.1 0.1 0.1 0.1 0.1 0.2 0.9 0.9 1.0 0.9 1.0
Debt / Equity 11-point trend, -4.2% 1.5 1.4 1.2 1.0 1.0 2.7 1.4 1.1 1.3 1.6 1.6
LT Debt / Equity 11-point trend, -2.7% 1.5 1.3 1.2 1.0 1.0 2.6 1.4 1.1 1.3 1.6 1.5
Interest Coverage 11-point trend, -97.3% 0.0 1.6 3.9 12.4 5.3 -2.6 0.7 2.8 1.5 0.8 1.0
Efficiency 3
Annual Efficiency data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 11-point trend, +91.6% 0.9 0.9 0.9 1.2 1.0 0.7 0.7 0.8 0.7 0.6 0.5
Inventory Turnover 11-point trend, +44.1% 7.8 7.0 6.2 7.6 7.8 8.4 7.8 8.1 8.1 7.9 5.4
Receivables Turnover 5-point trend, +51.0% · · · · · · 8.0 7.8 8.6 7.8 5.3
Per Share 7
Annual Per Share data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Book Value / Share 11-point trend, +10.5% $16.19 $17.49 $18.57 $19.23 $16.91 $9.18 $15.33 $17.13 $16.48 $13.74 $14.65
Revenue / Share 11-point trend, +114.3% $59.17 $54.73 $53.05 $63.14 $54.67 $36.47 $37.65 $41.25 $37.20 $33.60 $27.61
Cash Flow / Share 11-point trend, +97.1% $4.14 $4.21 $7.56 $12.94 $10.68 $2.65 $3.80 $5.39 $3.85 $3.65 $2.10
Cash / Share 11-point trend, -37.9% $1.48 $1.52 $1.42 $1.47 $1.15 $1.20 $1.40 $1.08 $1.31 $1.12 $2.37
Dividend / Share Flat — no change across 11 periods $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
Dividend Paid / Share Flat — no change across 6 periods · · · · · $1 $1 $1 $1 $1 $1
EPS (TTM) 11-point trend, -8700.0% $-0.88 $0.91 $3.57 $8.94 $7.96 $-6.14 $-0.07 $1.95 $3.26 $-0.02 $-0.01
Growth Rates 8
Annual Growth Rates data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, -93.3% 3.7% -4.3% -27.1% 5.2% 54.8% · · · · · ·
Revenue CAGR 3Y 3-point trend, -274.4% -10.2% -9.8% 5.9% · · · · · · · ·
Revenue CAGR 5Y 3.3% · · · · · · · · · ·
EPS YoY 3-point trend, -705.3% · -74.5% -60.1% 12.3% · · · · · · ·
EPS CAGR 3Y · -51.5% · · · · · · · · ·
Net Income YoY 3-point trend, -3394.8% · -76.8% -65.9% 2.3% · · · · · · ·
Net Income CAGR 3Y · -56.7% · · · · · · · · ·
Dividend CAGR 5Y -6.2% · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for OLN
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM 11-point trend, +137.6% $6.78B $6.54B $6.83B $9.38B $8.91B $5.76B $6.11B $6.95B $6.27B $5.55B $2.85B
Net Income TTM 11-point trend, -7121.4% $-101M $105M $452M $1.33B $1.30B $-970M $-11M $328M $550M $-4M $-1M
Market Cap 11-point trend, -17.0% $2.37B $3.91B $6.48B $7.00B $9.02B $3.88B $2.72B $3.32B $5.95B $4.24B $2.85B
Enterprise Value 11-point trend, -20.7% $5.03B $6.58B $8.98B $9.39B $11.62B $7.55B $5.84B $6.38B $9.34B $7.67B $6.34B
P/E 11-point trend, +98.6% -23.7 37.1 15.1 5.9 7.2 -4.0 -246.4 10.3 10.9 -1280.5 -1726.0
P/S 11-point trend, -65.0% 0.3 0.6 0.9 0.7 1.0 0.7 0.4 0.5 0.9 0.8 1.0
P/B 11-point trend, +9.2% 1.3 1.9 2.9 2.8 3.4 2.7 1.1 1.2 2.2 1.9 1.2
P / Tangible Book 5-point trend, -0.3% 10.0 10.0 11.5 8.3 10.0 · · · · · ·
P / Cash Flow 11-point trend, -62.0% 5.0 7.8 6.7 3.6 5.2 9.3 4.4 3.7 9.2 7.0 13.1
P / FCF 11-point trend, -71.1% 9.5 12.7 8.8 4.2 5.9 32.5 11.7 6.4 16.8 13.0 33.1
EV / EBITDA 11-point trend, -50.4% 9.5 8.1 7.2 3.9 4.8 -42.4 7.5 5.0 10.5 11.2 19.2
EV / FCF 11-point trend, -72.4% 20.3 21.3 12.2 5.6 7.5 63.2 25.2 12.2 26.3 23.6 73.5
EV / Revenue 11-point trend, -66.6% 0.7 1.0 1.3 1.0 1.3 1.3 1.0 0.9 1.5 1.4 2.2
Dividend Yield 11-point trend, +38.7% 3.9% 2.4% 1.6% 1.7% 1.4% 3.2% 4.8% 4.0% 2.2% 3.1% 2.8%
Earnings Yield 11-point trend, -6933.3% -4.2% 2.7% 6.6% 16.9% 13.8% -25.0% -0.41% 9.7% 9.2% -0.08% -0.06%
Payout Ratio 11-point trend, +98.4% -90.6% 89.7% 22.4% 8.8% 9.9% -13.0% -1144.2% 40.7% 24.2% -3387.2% -5678.6%
Annual Payout 11-point trend, +15.2% $92M $94M $101M $116M $128M $126M $129M $134M $133M $132M $80M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312025-06-302025-03-312024-12-312024-09-30
Revenue $6.78B$6.54B
Gross Margin % 7.4%11.3%
Operating Margin % 0.08%4.5%
Net Income $-101M$105M
Diluted EPS $-0.88$0.91
Balance Sheet
2025-12-312025-06-302025-03-312024-12-312024-09-30
Debt / Equity 1.51.4
Current Ratio 1.21.3
Quick Ratio 0.10.1
Cash Flow
2025-12-312025-06-302025-03-312024-12-312024-09-30
Free Cash Flow $248M$308M

My Metrics Your personal watchlist — selected rows from Full Fundamentals

📊

Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Institutional owners (13F) 452 filers · $1.7B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
74 (-48 vs prior Q) 72 (+16 vs prior Q) 136 (-10 vs prior Q) 124 (+32 vs prior Q) +6.8M

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
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $317,540,461 16,021,214 18.16% Shares
DIMENSIONAL FUND ADVISORS LP $116,973,428 5,901,787 6.69% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $107,969,014 5,447,478 6.17% Shares
VANGUARD CAPITAL MANAGEMENT LLC $101,846,497 5,138,572 5.82% Shares
STATE STREET CORP $95,131,798 4,799,788 5.44% Shares
FULLER & THALER ASSET MANAGEMENT, INC. $85,257,521 4,301,590 4.87% Shares
YACKTMAN ASSET MANAGEMENT LP $83,430,367 4,209,403 4.77% Shares
PZENA INVESTMENT MANAGEMENT LLC $77,103,843 3,890,204 4.41% Shares
CITADEL ADVISORS LLC $42,830,861 2,160,992 2.45% Shares
SEMPER AUGUSTUS INVESTMENTS GROUP LLC $42,688,822 2,153,826 2.44% Shares
GOLDMAN SACHS GROUP INC $42,629,153 2,150,815 2.44% Shares
GEODE CAPITAL MANAGEMENT, LLC $32,806,829 1,654,541 1.88% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $30,585,471 1,543,162 1.75% Shares
CAPTRUST FINANCIAL ADVISORS $26,201,064 1,321,951 1.50% Shares
Allianz Asset Management GmbH $19,279,092 972,709 1.10% Shares
VICTORY CAPITAL MANAGEMENT INC $15,329,382 773,430 0.88% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $15,168,246 765,300 0.87% Call option
BRIDGEWAY CAPITAL MANAGEMENT, LLC $14,758,091 744,606 0.84% Shares
VANGUARD FIDUCIARY TRUST CO $14,260,748 719,513 0.82% Shares
RAYMOND JAMES FINANCIAL INC $12,750,490 643,314 0.73% Shares
PDT Partners, LLC $11,075,535 558,806 0.63% Shares
Gotham Asset Management, LLC $10,955,981 552,774 0.63% Shares
MORGAN STANLEY $10,729,549 541,349 0.61% Shares
JANE STREET GROUP, LLC $10,034,866 506,300 0.57% Call option
TWO SIGMA INVESTMENTS, LP $9,735,901 491,216 0.56% Shares
SEGALL BRYANT & HAMILL, LLC $9,729,816 490,909 0.56% Shares
FIRST TRUST ADVISORS LP $9,576,518 483,174 0.55% Shares
Cubist Systematic Strategies, LLC $9,414,433 376,728 0.54% Shares
MetLife Investment Management, LLC $9,066,441 457,439 0.52% Shares
Balyasny Asset Management L.P. $8,975,864 452,869 0.51% Shares
KLCM Advisors, Inc. $8,884,870 448,278 0.51% Shares
CenterBook Partners LP $8,752,215 441,585 0.50% Shares
Retirement Systems of Alabama $8,544,461 431,103 0.49% Shares
Connor, Clark & Lunn Investment Management Ltd. $8,494,892 428,602 0.49% Shares
Quantinno Capital Management LP $8,445,948 426,132 0.48% Shares
BlackRock, Inc. $8,197,076 413,576 0.47% Shares
GRIZZLYROCK CAPITAL, LLC $7,830,763 395,094 0.45% Shares
AMERICAN CENTURY COMPANIES INC $7,037,810 355,085 0.40% Shares
Point72 Asset Management, L.P. $6,836,929 344,951 0.39% Shares
FMR LLC $6,739,009 340,011 0.39% Shares
Old West Investment Management, LLC $6,419,083 323,869 0.37% Shares
Susquehanna Portfolio Strategies, LLC $5,934,663 299,428 0.34% Shares
LPL Financial LLC $5,793,770 292,319 0.33% Shares
LOS ANGELES CAPITAL MANAGEMENT LLC $5,734,144 289,311 0.33% Shares
RENAISSANCE TECHNOLOGIES LLC $5,618,970 283,500 0.32% Shares
RHUMBLINE ADVISERS $5,536,963 279,364 0.32% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $5,507,938 277,898 0.31% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $5,242,132 264,487 0.30% Shares
PRINCIPAL FINANCIAL GROUP INC $5,101,034 257,368 0.29% Shares
AMERIPRISE FINANCIAL INC $4,946,279 249,560 0.28% Shares
Nuveen, LLC $4,806,429 242,504 0.27% Shares
AQR Arbitrage LLC $4,533,052 228,711 0.26% Shares
Swiss National Bank $4,529,504 228,532 0.26% Shares
GABELLI FUNDS LLC $4,366,049 220,285 0.25% Shares
Appian Way Asset Management LP $4,290,083 171,672 0.25% Shares
Stanley-Laman Group, Ltd. $4,262,291 215,050 0.24% Shares
Engineers Gate Manager LP $4,171,674 210,478 0.24% Shares
XTX Topco Ltd $4,116,614 207,700 0.24% Shares
BANK OF AMERICA CORP /DE/ $4,092,156 206,466 0.23% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $4,001,034 134,579 0.23% Shares
ALLIANCEBERNSTEIN L.P. $3,861,570 129,888 0.22% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $3,646,880 184,000 0.21% Put option
GAMCO INVESTORS, INC. ET AL $3,569,483 180,095 0.20% Shares
Madison Investment Advisors, LLC $3,318,146 98,170 0.19% Shares
CIBC WORLD MARKETS CORP $3,124,500 150,000 0.18% Shares
Royal Palms Capital LLC $3,107,736 156,798 0.18% Shares
Loews Corp $2,973,000 150,000 0.17% Shares
Keeley-Teton Advisors, LLC $2,913,890 120,210 0.17% Shares
HATCH COVE CAPITAL, LLC $2,687,592 135,600 0.15% Shares
WEDGE CAPITAL MANAGEMENT L L P/NC $2,608,718 87,747 0.15% Shares
CITADEL ADVISORS LLC $2,538,942 128,100 0.15% Call option
Mariner, LLC $2,483,577 125,257 0.14% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $2,459,543 124,094 0.14% Shares
Oak Thistle LLC $2,400,300 121,105 0.14% Shares
Point72 Asset Management, L.P. $2,390,292 120,600 0.14% Call option
ALGERT GLOBAL LLC $2,385,337 120,350 0.14% Shares
Qube Research & Technologies Ltd $2,347,620 118,447 0.13% Shares
ING GROEP NV $2,271,967 114,630 0.13% Shares
Bridgewater Associates, LP $2,208,186 111,412 0.13% Shares
Jain Global LLC $2,081,913 105,041 0.12% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $2,055,027 69,123 0.12% Shares
Walleye Trading LLC $2,045,424 103,200 0.12% Call option
Saba Capital Management, L.P. $2,019,856 101,910 0.12% Shares
Tiptree Advisors, LLC $1,982,000 100,000 0.11% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $1,918,635 96,803 0.11% Shares
VANGUARD ASSET MANAGEMENT, Ltd $1,881,869 94,948 0.11% Shares
FIFTH THIRD BANCORP $1,837,421 92,705 0.11% Shares
JUPITER ASSET MANAGEMENT LTD $1,803,541 90,996 0.10% Shares
DBA TRADING, LLC $1,783,800 60,000 0.10% Shares
Nebula Research & Development LLC $1,779,170 88,560 0.10% Shares
WINTON GROUP Ltd $1,747,192 88,153 0.10% Shares
PRUDENTIAL FINANCIAL INC $1,683,471 84,938 0.10% Shares
MILLENNIUM MANAGEMENT LLC $1,607,779 81,119 0.09% Shares
WOLVERINE TRADING, LLC $1,595,932 65,300 0.09% Call option
MERCER GLOBAL ADVISORS INC /ADV $1,593,502 80,399 0.09% Shares
ENVESTNET ASSET MANAGEMENT INC $1,580,603 79,748 0.09% Shares
Summit Trail Advisors, LLC $1,569,593 79,192 0.09% Shares
Freestone Grove Partners LP $1,562,113 78,815 0.09% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $1,558,582 75,367 0.09% Shares
JANUS HENDERSON GROUP PLC $1,539,402 51,762 0.09% Shares

Company insiders 63 insiders · 35 officers · 27 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Kenneth Todd Lane President & CEO March 18, 2025 M 42,567 0 0 $0
Scott Mcdougald Sutton President & CEO Jan. 30, 2024 M 90,327 0 0 $0
Clive A Grannum President, GCO Feb. 12, 2016 A 6,481 0 0 $0
Frank W Chirumbole President, Chlor Alkali Prod. Feb. 12, 2016 A 24,900 0 0 $0
James A Varilek EVP & COO Nov. 18, 2022 M 17,761 0 0 $0
Deon Carter VP & President CAPV June 17, 2026 M 2,248 0 0 $0
Florian J Kohl VP & Pres,Epoxy&International June 1, 2026 M 7,949 0 0 $0
Teresa M Vermillion VP & Treasurer Aug. 13, 2025 M 17,199 0 0 $0
Marc Ehrhardt VP & Pres Corp Development Aug. 6, 2025 P 20,000 0 0 $0
Brett A Flaugher VP & Pres, Winchester Feb. 20, 2025 A 1,845 0 0 $0
Nichole R Sumner VP & Controller Feb. 20, 2025 A 24,771 0 0 $0
Dana C. O'Brien SVP, Chief Legal Officer Feb. 20, 2025 A 2,098 0 0 $0
Patrick Murphy Schumacher VP & President, CAPV Feb. 22, 2024 A 0 0 $0
Damian Gumpel VP Corp Strategy Feb. 22, 2024 A 34,539 0 0 $0
Valerie A Peters VP, HR Feb. 22, 2024 A 18,516 0 0 $0
Pat D Dawson EVP Feb. 22, 2022 A 21,551 0 0 $0
John E. Fischer Executive Chairman Feb. 15, 2021 A 235,158 0 0 $0
John Maurice Sampson EVP, Business Operations Feb. 18, 2020 A 59,996 0 0 $0
John L Mcintosh EVP, Synergies & Systems Feb. 18, 2020 A 85,838 0 0 $0
Eric A Blanchard VP, General Counsel & Secty Feb. 18, 2020 A 2,415 0 0 $0
Dolores J Ennico VP, Human Resources Aug. 21, 2018 A 39,489 0 0 $0
Thomas J Okeefe SVP, Ammunition Feb. 16, 2018 A 49,706 0 0 $0
George H Pain SVP, Gen. Counsel & Secretary Feb. 6, 2017 S 64,866 0 0 $0
Joseph D Rupp Chairman Nov. 14, 2016 M 639,473 0 0 $0
Scott Richard Abel VP, Chlorine-CoProd.-Distribut Feb. 12, 2016 A 0 0 $0
Gbruce Greer VP, Strategic Planning & IT Feb. 12, 2016 A 6,480 0 0 $0
Robert F Steel VP & President, K. A. Steel Feb. 10, 2014 A 0 0 $0
Kenneth A Steel Jr VP & Exec. VP, K.A. Steel Aug. 23, 2012 A 0 0 $0
Richard M Hammett VP & President, Winchester Div Feb. 28, 2011 F 24,182 0 0 $0
Dennis R Mcgough Vice President April 30, 2009 F 19,750 0 0 $0
Jeffrey J Haferkamp Vice President Aug. 22, 2007 A 5,825 0 0 $0
Janet M Pierpont Vice President and Treasurer Dec. 31, 2004 M 10,995 0 0 $0
Thomas M Gura Executive Vice President Nov. 10, 2004 I 4,552 0 0 $0
Mary E Gallagher Vice President & Controller July 29, 2004 A 500 0 0 $0
George B Erensen Vice President July 29, 2004 A 8,288 0 0 $0
Edward Daly Director May 1, 2025 A 0 0 $0
Matthew S Darnall Director May 1, 2025 A 0 0 $0
Beverley A Babcock Director May 1, 2025 A 3,518 0 0 $0
Earl L Shipp Director May 1, 2025 A 10,160 0 0 $0
Julie A Piggott Director May 1, 2025 A 761 0 0 $0
Anthony W Will Director May 1, 2025 A 10,000 0 0 $0
Robert C Bunch Director May 1, 2024 A 0 0 0 $0
Heidi S Alderman Director Feb. 1, 2023 S 0 0 0 $0
Gray G Benoist Director Sept. 10, 2021 A 11,579 0 0 $0
John Mb Oconnor Director May 3, 2021 S 335 0 0 $0
Vince J Smith Director March 1, 2021 A 41,006 0 0 $0
Randall W Larrimore Director March 2, 2020 A 62,793 0 0 $0
Donald W Bogus Director May 9, 2019 A 111,618 0 0 $0
Stephanie A Streeter Director Aug. 9, 2018 A 928 0 0 $0
Richard M Rompala Director March 9, 2018 A 50,500 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 3 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
OR ×7 filings Nov. 15, 2022 Initial filing SEC
Adage Capital Partners, L.P., Adage Capital Partners GP, L.L.C., Adage Capital Advisors, L.L.C., Robert Atchinson, Phillip Gross ×3 filings Oct. 13, 2015 Initial filing SEC
Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., Cubist Systematic Strategies, LLC, EverPoint Asset Management, LLC, Rubric Capital Management, LLC, Steven A. Cohen ×5 filings Oct. 6, 2015 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 77 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
ZIG · ETF Series Solutions 3.74% 42,983 NS April 30, 2026 N-PORT
FXZ · First Trust Exchange-Traded AlphaDE… 3.05% 410,009 NS April 30, 2026 N-PORT
LSEQ · Harbor ETF Trust 1.85% 10,008 NS April 30, 2026 N-PORT
RFV · Invesco Exchange-Traded Fund Trust 1.35% 245,723 SH Aug. 8, 2026 Daily
MCOW · Pacer Funds Trust 0.35% 121 NS April 30, 2026 N-PORT
JPME · J.P. Morgan Exchange-Traded Fund Tr… 0.33% 50,305 NS April 30, 2026 N-PORT
PAMC · Pacer Funds Trust 0.30% 6,640 NS April 30, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.23% 249,388 NS May 31, 2026 N-PORT
DFSV · Dimensional ETF Trust 0.22% 577,911 NS April 30, 2026 N-PORT
IYM · iShares Trust 0.21% 112,407 SH Aug. 8, 2026 Daily
FMAT · FIDELITY COVINGTON TRUST 0.21% 44,105 NS April 30, 2026 N-PORT
RWK · Invesco Exchange-Traded Fund Trust … 0.21% 149,037 SH Aug. 8, 2026 Daily
EQAL · Invesco Exchange-Traded Fund Trust … 0.18% 81,624 SH Aug. 8, 2026 Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.17% 42,960 NS April 30, 2026 N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr… 0.16% 24,821 NS April 30, 2026 N-PORT
VAW · VANGUARD WORLD FUND 0.15% 334,167 SH Aug. 8, 2026 Daily
BKSE · BNY Mellon ETF Trust 0.14% 4,080 NS April 30, 2026 N-PORT
ACVF · ETF Opportunities Trust 0.13% 6,832 NS April 30, 2026 N-PORT
IVOV · VANGUARD ADMIRAL FUNDS 0.13% 97,818 SH Aug. 8, 2026 Daily
IJJ · iShares Trust 0.12% 578,290 SH Aug. 8, 2026 Daily
FYT · First Trust Exchange-Traded AlphaDE… 0.11% 7,166 NS April 30, 2026 N-PORT
DFAT · Dimensional ETF Trust 0.11% 531,433 NS April 30, 2026 N-PORT
FYX · First Trust Exchange-Traded AlphaDE… 0.11% 46,579 NS April 30, 2026 N-PORT
PTMC · Pacer Funds Trust 0.09% 12,702 NS April 30, 2026 N-PORT
AVIE · AMERICAN CENTURY ETF TRUST 0.08% 325 NS May 31, 2026 N-PORT
IFRA · iShares Trust 0.08% 188,777 SH Aug. 8, 2026 Daily
DFAS · Dimensional ETF Trust 0.08% 376,353 NS April 30, 2026 N-PORT
EBI · RBB Fund Trust 0.07% 17,482 NS May 31, 2026 N-PORT
QVMM · Invesco Exchange-Traded Fund Trust … 0.07% 16,293 SH Aug. 8, 2026 Daily
MIDU · Direxion Shares ETF Trust 0.06% 1,881 NS April 30, 2026 N-PORT
MVV · ProShares Trust 0.06% 3,927 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.06% 543,854 NS May 31, 2026 N-PORT
IVOO · VANGUARD ADMIRAL FUNDS 0.06% 183,772 SH Aug. 8, 2026 Daily
IJH · iShares Trust 0.06% 3,929,253 SH Aug. 8, 2026 Daily
FNDX · SCHWAB STRATEGIC TRUST 0.05% 513,078 NS May 31, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.05% 1,654,975 SH Aug. 8, 2026 Daily
FNDB · SCHWAB STRATEGIC TRUST 0.05% 24,640 NS May 31, 2026 N-PORT
DXUV · Dimensional ETF Trust 0.05% 6,356 NS April 30, 2026 N-PORT
UMDD · ProShares Trust 0.04% 548 NS May 31, 2026 N-PORT
SMDX · Tidal Trust III 0.04% 1,764 NS April 30, 2026 N-PORT
ISCV · iShares Trust 0.04% 14,325 SH Aug. 8, 2026 Daily
SMLF · iShares Trust 0.04% 81,068 SH Aug. 8, 2026 Daily
ISCB · iShares Trust 0.03% 4,804 SH Aug. 8, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.03% 1,306,946 SH Aug. 8, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.03% 2,611,660 SH Aug. 8, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.03% 156,274 SH Aug. 8, 2026 Daily
SMMD · iShares Trust 0.03% 57,309 SH Aug. 8, 2026 Daily
ISCG · iShares Trust 0.03% 14,053 SH Aug. 8, 2026 Daily
FAB · First Trust Exchange-Traded AlphaDE… 0.02% 1,115 NS April 30, 2026 N-PORT
IWS · iShares Trust 0.02% 170,685 SH Aug. 8, 2026 Daily