OLN Olin Corporation Common Stock
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.
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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 ↗
OLN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| 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
- 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 · 2026-08-14Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $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 | $6.28B | $5.80B | $5.67B | $7.19B | $6.62B | $5.37B | $5.44B | $5.82B | $5.55B | $4.94B | $2.49B | |
| Gross Profit | $502M | $738M | $1.17B | $2.18B | · | · | · | · | · | · | · | |
| SG&A Expense | $463M | $408M | $407M | $394M | $417M | $422M | $417M | $431M | $370M | $347M | $186M | |
| Operating Income | $5M | $296M | $712M | $1.78B | $1.85B | $-747M | $178M | $677M | $297M | $108M | $101M | |
| Interest Expense | $188M | $184M | $181M | $144M | $348M | $293M | $243M | $243M | $217M | $192M | $97M | |
| Interest Income | $4M | $4M | $4M | $2M | $200.0K | $500.0K | $1M | $2M | $2M | $3M | $1M | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | $200.0K | |
| Pretax Income | $-161M | $142M | $559M | $1.68B | $1.54B | $-1.02B | $-37M | $437M | $117M | $-34M | $7M | |
| Income Tax | $-60M | $37M | $107M | $349M | $242M | $-50M | $-26M | $109M | $-432M | $-30M | $8M | |
| Net Income | $-101M | $105M | $452M | $1.33B | $1.30B | $-970M | $-11M | $328M | $550M | $-4M | $-1M | |
| EPS (Basic) | $-0.88 | $0.92 | $3.66 | $9.16 | $8.15 | $-6.14 | $-0.07 | $1.97 | $3.31 | $-0.02 | $-0.01 | |
| EPS (Diluted) | $-0.88 | $0.91 | $3.57 | $8.94 | $7.96 | $-6.14 | $-0.07 | $1.95 | $3.26 | $-0.02 | $-0.01 | |
| Shares (Basic) | 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) | 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 | $527M | $815M | $1.25B | $2.38B | $2.43B | $-178M | $775M | $1.28B | $890M | $686M | $330M |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $168M | $176M | $170M | $194M | $180M | $190M | $221M | $179M | $218M | $184M | $392M | |
| Short-term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Receivables | · | · | · | · | · | · | $760M | $776M | $733M | $675M | $783M | |
| Inventory | $784M | $824M | $859M | $942M | $868M | $675M | $696M | $711M | $683M | $630M | $685M | |
| Other Current Assets | $108M | $61M | $54M | $53M | $93M | $67M | $23M | $35M | $48M | $31M | $40M | |
| Current Assets | $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) | $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) | $7.71B | $7.52B | $7.35B | $7.09B | $6.99B | $6.89B | $6.59B | $6.26B | $5.91B | $5.60B | $5.45B | |
| Accum. Depreciation | $5.51B | $5.19B | $4.83B | $4.41B | $4.08B | $3.72B | $3.27B | $2.78B | $2.33B | $1.89B | $1.50B | |
| Goodwill | $1.43B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | $2.12B | $2.12B | $2.12B | $2.12B | $2.17B | |
| Intangibles | $174M | $207M | $246M | $274M | $332M | $399M | $448M | $512M | $578M | $630M | $678M | |
| Other Non-current Assets | $1.21B | $1.19B | $1.12B | $1.10B | $1.13B | $1.19B | $1.17B | $1.15B | $1.21B | $644M | $455M | |
| Total Assets | $7.33B | $7.58B | $7.71B | $8.04B | $8.52B | $8.27B | $9.19B | $9.00B | $9.22B | $8.76B | $9.29B | |
| Accounts Payable | $806M | $862M | $775M | $838M | $848M | $729M | $652M | $636M | $670M | $571M | $608M | |
| Accrued Liabilities | $630M | $436M | $450M | $509M | $458M | $358M | $329M | $333M | $274M | $264M | $328M | |
| Current Liabilities | $1.63B | $1.63B | $1.53B | $1.56B | $1.68B | $1.20B | $1.08B | $1.12B | $954M | $923M | $1.15B | |
| Capital Leases | $252M | $243M | $283M | $292M | $302M | $292M | $303M | $0 | · | · | · | |
| Deferred Tax | $318M | $430M | $476M | $507M | $559M | $443M | $454M | $519M | $511M | $1.03B | $1.10B | |
| Other Non-current Liabilities | $337M | $307M | $340M | $334M | $362M | $316M | $794M | $749M | $752M | $359M | $336M | |
| Total Liabilities | $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 | $2.72B | $2.71B | $2.59B | $2.58B | $2.78B | $3.86B | $3.34B | $3.23B | $3.61B | $3.62B | $3.85B | |
| Total Debt | $2.83B | $2.84B | $2.67B | $2.58B | $2.78B | $3.86B | $3.34B | $3.23B | $3.61B | $3.62B | $3.88B | |
| Common Stock | $114M | $116M | $120M | $132M | $157M | $158M | $158M | $165M | $167M | $165M | $165M | |
| Retained Earnings | $2.14B | $2.36B | $2.58B | $2.22B | $1.01B | $-155M | $941M | $1.07B | $790M | $374M | $510M | |
| AOCI | $-414M | $-450M | $-496M | $-496M | $-488M | $-690M | $-803M | $-651M | $-485M | $-510M | $-492M | |
| Stockholders' Equity | $1.84B | $2.02B | $2.23B | $2.54B | $2.65B | $1.45B | $2.42B | $2.83B | $2.75B | $2.27B | $2.42B | |
| Liabilities + Equity | $7.33B | $7.58B | $7.71B | $8.04B | $8.52B | $8.27B | $9.19B | $9.00B | $9.22B | $8.76B | $9.29B | |
| Shares Outstanding | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $522M | $518M | $533M | $599M | $582M | $568M | $597M | $601M | $559M | $534M | $229M | |
| Stock-based Comp | $21M | $17M | $19M | $14M | $8M | $14M | $11M | $12M | $9M | $8M | $8M | |
| Deferred Tax | $-92M | $-40M | $-56M | $-29M | $-53M | $-20M | $-46M | $35M | $-455M | $-35M | $9M | |
| Restructuring | $33M | $33M | $90M | $25M | $28M | $9M | $76M | $22M | $38M | $113M | $3M | |
| Other Non-cash | $125M | $-97M | $27M | $11M | $-93M | $826M | $66M | $-68M | $-13M | $101M | $-27M | |
| Operating Cash Flow | $474M | $503M | $974M | $1.92B | $1.74B | $433M | $617M | $908M | $649M | $603M | $217M | |
| CapEx | $226M | $195M | $236M | $237M | $201M | $299M | $386M | $385M | $294M | $278M | $131M | |
| Investing Cash Flow | $-320M | $-284M | $-341M | $-260M | $-197M | $-836M | $-366M | $-382M | $-498M | $-474M | $-504M | |
| Debt Issued | $2.75B | $1.08B | $708M | $415M | $540M | $1.83B | · | · | · | · | · | |
| Net Debt Issued | $-11M | $170M | $86M | $-201M | $-1.10B | $-1.31B | $-744M | $-946M | $-2.04B | $-435M | $-731M | |
| Stock Repurchased | $50M | $300M | $711M | $1.35B | $252M | $0 | $146M | $50M | $0 | $0 | $0 | |
| Net Stock Activity | $-50M | $-300M | $-711M | $-1.35B | $-252M | $0 | $-146M | $-50M | · | $0 | $0 | |
| Dividends Paid | $92M | $94M | $101M | $116M | $128M | $126M | $129M | $134M | $133M | $132M | $80M | |
| Financing Cash Flow | $-163M | $-213M | $-657M | $-1.65B | $-1.55B | $371M | $-209M | $-565M | $-117M | $-338M | $422M | |
| Net Change in Cash | $-8M | $5M | $-24M | $14M | $-9M | $-31M | $42M | $-40M | $34M | $-208M | $135M | |
| Taxes Paid | $167M | $106M | $112M | $357M | $170M | $-10M | $36M | $53M | $18M | $-3M | $5M | |
| Free Cash Flow | $248M | $308M | $738M | $1.69B | $1.54B | $120M | $232M | $523M | $354M | $325M | $86M | |
| Levered FCF | $130M | $171M | $592M | $1.57B | $1.25B | $-159M | $157M | $340M | $-665M | $303M | $106M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.4% | 11.3% | · | · | · | · | · | · | · | · | · | |
| Operating Margin | 0.08% | 4.5% | 10.4% | 19.0% | 20.8% | -13.0% | 2.9% | 9.8% | 5.3% | 2.8% | 3.5% | |
| Net Margin | -1.5% | 1.6% | 6.6% | 14.1% | 14.5% | -16.8% | -0.18% | 4.7% | 8.8% | -0.07% | -0.05% | |
| Pretax Margin | -2.4% | 2.2% | 8.2% | 17.9% | 17.3% | -17.7% | -0.60% | 6.3% | 1.9% | -0.62% | 0.23% | |
| EBITDA Margin | 7.8% | 12.5% | 18.2% | 25.4% | 27.3% | -3.1% | 12.7% | 18.4% | 14.2% | 12.4% | 11.6% | |
| ROA | -1.4% | 1.4% | 5.8% | 16.3% | 15.1% | -11.7% | -0.12% | 3.6% | 5.9% | -0.04% | -0.02% | |
| ROE | -5.2% | 5.1% | 19.8% | 52.1% | 51.5% | -66.4% | -0.44% | 11.4% | 21.8% | -0.17% | -0.08% | |
| ROIC | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.3 | 1.3 | 1.4 | 1.3 | 1.4 | 1.6 | 1.5 | 1.8 | 1.7 | 1.7 | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.9 | 0.9 | 1.0 | 0.9 | 1.0 | |
| Debt / Equity | 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 | 1.5 | 1.3 | 1.2 | 1.0 | 1.0 | 2.6 | 1.4 | 1.1 | 1.3 | 1.6 | 1.5 | |
| Interest Coverage | 0.0 | 1.6 | 3.9 | 12.4 | 5.3 | -2.6 | 0.7 | 2.8 | 1.5 | 0.8 | 1.0 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.9 | 0.9 | 1.2 | 1.0 | 0.7 | 0.7 | 0.8 | 0.7 | 0.6 | 0.5 | |
| Inventory Turnover | 7.8 | 7.0 | 6.2 | 7.6 | 7.8 | 8.4 | 7.8 | 8.1 | 8.1 | 7.9 | 5.4 | |
| Receivables Turnover | · | · | · | · | · | · | 8.0 | 7.8 | 8.6 | 7.8 | 5.3 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.7% | -4.3% | -27.1% | 5.2% | 54.8% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -10.2% | -9.8% | 5.9% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 3.3% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | -74.5% | -60.1% | 12.3% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | -51.5% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | -76.8% | -65.9% | 2.3% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | -56.7% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -6.2% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $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 | $-101M | $105M | $452M | $1.33B | $1.30B | $-970M | $-11M | $328M | $550M | $-4M | $-1M | |
| Market Cap | $2.37B | $3.91B | $6.48B | $7.00B | $9.02B | $3.88B | $2.72B | $3.32B | $5.95B | $4.24B | $2.85B | |
| Enterprise Value | $5.03B | $6.58B | $8.98B | $9.39B | $11.62B | $7.55B | $5.84B | $6.38B | $9.34B | $7.67B | $6.34B | |
| P/E | -23.7 | 37.1 | 15.1 | 5.9 | 7.2 | -4.0 | -246.4 | 10.3 | 10.9 | -1280.5 | -1726.0 | |
| P/S | 0.3 | 0.6 | 0.9 | 0.7 | 1.0 | 0.7 | 0.4 | 0.5 | 0.9 | 0.8 | 1.0 | |
| P/B | 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 | 10.0 | 10.0 | 11.5 | 8.3 | 10.0 | · | · | · | · | · | · | |
| P / Cash Flow | 5.0 | 7.8 | 6.7 | 3.6 | 5.2 | 9.3 | 4.4 | 3.7 | 9.2 | 7.0 | 13.1 | |
| P / FCF | 9.5 | 12.7 | 8.8 | 4.2 | 5.9 | 32.5 | 11.7 | 6.4 | 16.8 | 13.0 | 33.1 | |
| EV / EBITDA | 9.5 | 8.1 | 7.2 | 3.9 | 4.8 | -42.4 | 7.5 | 5.0 | 10.5 | 11.2 | 19.2 | |
| EV / FCF | 20.3 | 21.3 | 12.2 | 5.6 | 7.5 | 63.2 | 25.2 | 12.2 | 26.3 | 23.6 | 73.5 | |
| EV / Revenue | 0.7 | 1.0 | 1.3 | 1.0 | 1.3 | 1.3 | 1.0 | 0.9 | 1.5 | 1.4 | 2.2 | |
| Dividend Yield | 3.9% | 2.4% | 1.6% | 1.7% | 1.4% | 3.2% | 4.8% | 4.0% | 2.2% | 3.1% | 2.8% | |
| Earnings Yield | -4.2% | 2.7% | 6.6% | 16.9% | 13.8% | -25.0% | -0.41% | 9.7% | 9.2% | -0.08% | -0.06% | |
| Payout Ratio | -90.6% | 89.7% | 22.4% | 8.8% | 9.9% | -13.0% | -1144.2% | 40.7% | 24.2% | -3387.2% | -5678.6% | |
| Annual Payout | $92M | $94M | $101M | $116M | $128M | $126M | $129M | $134M | $133M | $132M | $80M |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.74B | $1.58B | $1.67B | $1.71B | $1.76B | $1.64B | $1.67B | $1.59B | $1.64B | $1.64B | $1.61B | $1.67B | $1.70B | $1.84B | $1.98B | $2.32B | |
| Cost of Revenue | $1.57B | $1.51B | $1.63B | $1.53B | $1.62B | $1.50B | $1.51B | $1.46B | $1.41B | $1.43B | $1.43B | $1.40B | $1.39B | $1.44B | $1.59B | $1.84B | |
| Gross Profit | $170M | $76M | $31M | $183M | $138M | $149M | $158M | $134M | $238M | $207M | · | · | · | · | · | · | |
| SG&A Expense | $103M | $145M | $169M | $98M | $95M | $101M | $100M | $112M | $95M | $102M | $103M | $91M | $101M | $112M | $98M | $93M | |
| Operating Income | $46M | $-78M | $-156M | $83M | $35M | $44M | $47M | $16M | $136M | $97M | $99M | $166M | $217M | $230M | $274M | $394M | |
| Interest Expense | $44M | $43M | $46M | $47M | $46M | $48M | $45M | $48M | $47M | $45M | $47M | $46M | $45M | $42M | $40M | $36M | |
| Interest Income | · | $1M | $400.0K | $2M | $1M | $1M | $1M | $1M | $900.0K | $800.0K | $1M | $1M | $1M | $1M | $1M | $500.0K | |
| Pretax Income | $4M | $-118M | $-198M | $42M | $-7M | $2M | $10M | $-25M | $97M | $60M | $60M | $127M | $178M | $195M | $244M | $368M | |
| Income Tax | $17M | $-35M | $-55M | $-2M | $-4M | $900.0K | $-100.0K | $0 | $24M | $12M | $11M | $22M | $33M | $41M | $47M | $53M | |
| Net Income | $-13M | $-83M | $-143M | $44M | $-3M | $1M | $10M | $-25M | $72M | $48M | $49M | $104M | $145M | $154M | $197M | $315M | |
| EPS (Basic) | $-0.12 | $-0.73 | $-1.25 | $0.37 | $-0.01 | $0.01 | $0.09 | $-0.21 | $0.63 | $0.41 | $0.48 | $0.84 | $1.15 | $1.19 | $1.56 | $2.23 | |
| EPS (Diluted) | $-0.12 | $-0.73 | $-1.25 | $0.37 | $-0.01 | $0.01 | $0.10 | $-0.21 | $0.62 | $0.40 | $0.46 | $0.82 | $1.13 | $1.16 | $1.52 | $2.18 | |
| Shares (Basic) | 113,900,000 | 113,800,000 | -230,000,000 | 114,400,000 | 114,900,000 | 115,300,000 | -237,500,000 | 116,900,000 | 118,500,000 | 119,900,000 | -256,700,000 | 124,200,000 | 127,400,000 | 131,000,000 | -300,200,000 | 141,200,000 | |
| Shares (Diluted) | 113,900,000 | 113,800,000 | -232,000,000 | 115,100,000 | 114,900,000 | 116,600,000 | -239,500,000 | 116,900,000 | 120,200,000 | 121,900,000 | -263,000,000 | 127,000,000 | 130,400,000 | 134,400,000 | -307,200,000 | 144,300,000 | |
| EBITDA | $169M | $39M | · | $217M | $165M | $176M | · | $16M | $136M | $227M | · | $166M | $217M | $368M | · | $394M |
Balance Sheet 27
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | $168M | · | · | · | $176M | · | · | · | · | · | · | · | · | · | |
| Short-term Investments | · | · | $0 | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Inventory | $847M | $827M | $784M | $967M | $919M | $875M | $824M | $828M | $873M | $824M | · | $978M | $1.08B | $1.09B | · | $945M | |
| Other Current Assets | $120M | $103M | $108M | $80M | $70M | $79M | $61M | $66M | $82M | $54M | · | $43M | $53M | $70M | · | $75M | |
| Current Assets | $2.19B | $2.10B | $1.97B | $2.26B | $2.29B | $2.25B | $2.08B | $2.00B | $2.06B | $1.95B | · | $2.10B | $2.20B | $2.30B | · | $2.29B | |
| PP&E (Net) | $2.09B | $2.13B | $2.20B | $2.21B | $2.26B | $2.27B | $2.33B | $2.34B | $2.40B | $2.45B | · | $2.49B | $2.55B | $2.61B | · | $2.69B | |
| PP&E (Gross) | · | · | $7.71B | · | · | · | $7.52B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $5.59B | $5.57B | $5.51B | $5.49B | $5.42B | $5.29B | $5.19B | $5.12B | $5.01B | $4.92B | · | $4.72B | $4.64B | $4.54B | · | $4.30B | |
| Goodwill | $1.43B | $1.43B | $1.43B | $1.43B | $1.43B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | $1.42B | |
| Intangibles | $156M | $165M | $174M | $183M | $194M | $199M | $207M | $218M | $226M | $236M | · | $249M | $256M | $265M | · | $279M | |
| Other Non-current Assets | $1.17B | $1.19B | $1.21B | $1.17B | $1.16B | $1.17B | $1.19B | $1.13B | $1.14B | $1.12B | · | $1.12B | $1.11B | $1.10B | · | $1.09B | |
| Total Assets | $7.44B | $7.35B | $7.33B | $7.60B | $7.67B | $7.66B | $7.58B | $7.52B | $7.66B | $7.61B | $7.71B | $7.82B | $7.95B | $8.11B | $8.04B | $8.22B | |
| Accounts Payable | $910M | $911M | $806M | $846M | $901M | $812M | $862M | $759M | $779M | $764M | · | $718M | $750M | $817M | · | $893M | |
| Accrued Liabilities | $546M | $559M | $630M | $508M | $521M | $428M | $436M | $343M | $349M | $342M | · | $361M | $427M | $427M | · | $468M | |
| Current Liabilities | $1.54B | $1.54B | $1.63B | $1.45B | $1.55B | $1.44B | $1.63B | $1.43B | $1.44B | $1.42B | · | $1.40B | $1.40B | $1.44B | · | $1.62B | |
| Capital Leases | $305M | $254M | $252M | $250M | $226M | $232M | $243M | $250M | $261M | $274M | · | $270M | $274M | $283M | · | $305M | |
| Deferred Tax | $313M | $281M | $318M | $370M | $381M | $418M | $430M | $446M | $468M | $470M | · | $501M | $506M | $505M | · | $547M | |
| Other Non-current Liabilities | $341M | $346M | $337M | $332M | $322M | $304M | $307M | $335M | $332M | $348M | · | $355M | $363M | $357M | · | $333M | |
| Total Liabilities | $5.73B | $5.62B | $5.46B | $5.61B | $5.68B | $5.62B | $5.52B | $5.43B | $5.49B | $5.40B | · | $5.45B | $5.48B | $5.57B | · | $5.67B | |
| Long-term Debt | $3.03B | $3.00B | $2.85B | $2.97B | $2.98B | $3.02B | $2.84B | $2.77B | $2.79B | $2.77B | · | $2.79B | $2.73B | $2.77B | · | $2.58B | |
| Total Debt | $3.03B | $3.00B | · | $2.99B | $3.00B | $3.04B | · | $2.89B | $2.91B | $2.77B | · | $2.79B | $2.73B | $2.77B | · | $2.58B | |
| Common Stock | $114M | $114M | $114M | $114M | $115M | $115M | $116M | $117M | $118M | $119M | · | $122M | $126M | $129M | · | $137M | |
| Retained Earnings | $2.00B | $2.03B | $2.14B | $2.31B | $2.29B | $2.32B | $2.36B | $2.41B | $2.49B | $2.54B | · | $2.56B | $2.48B | $2.35B | · | $2.05B | |
| AOCI | $-412M | $-418M | $-414M | $-462M | $-451M | $-431M | $-450M | $-466M | $-474M | $-490M | $-496M | $-480M | $-483M | $-483M | $-496M | $-562M | |
| Stockholders' Equity | $1.71B | $1.73B | $1.84B | $1.96B | $1.96B | $2.01B | $2.02B | $2.06B | $2.14B | $2.17B | $2.23B | $2.33B | $2.43B | $2.49B | $2.54B | $2.55B | |
| Liabilities + Equity | $7.44B | $7.35B | $7.33B | $7.60B | $7.67B | $7.66B | $7.58B | $7.52B | $7.66B | $7.61B | · | $7.82B | $7.95B | $8.11B | · | $8.22B | |
| Shares Outstanding | 114,000,000 | 113,900,000 | 113,600,000 | 114,100,000 | 114,600,000 | 115,100,000 | 115,700,000 | 116,600,000 | 117,500,000 | 119,400,000 | · | 122,500,000 | 125,800,000 | 129,300,000 | · | 137,000,000 |
Cash Flow 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $122M | $117M | $126M | $134M | $130M | $132M | $129M | $130M | $129M | $130M | $128M | $131M | $137M | $137M | $148M | $150M | |
| Stock-based Comp | $6M | $5M | $5M | $5M | $6M | $4M | $5M | $5M | $2M | $4M | $5M | $5M | $5M | $4M | $4M | $4M | |
| Deferred Tax | $30M | $-34M | $-38M | $-5M | $-31M | $-18M | $4M | $-20M | $-9M | $-14M | $4M | $-33M | $-17M | $-11M | $-25M | $-36M | |
| Restructuring | $10M | $9M | $19M | $3M | $7M | $4M | $10M | $8M | $7M | $8M | $-2M | $12M | $19M | $61M | $11M | $8M | |
| Other Non-cash | · | $-53M | · | · | · | $-205M | · | · | · | $-87M | · | · | · | $-246M | · | · | |
| Operating Cash Flow | $8M | $-49M | $321M | $27M | $212M | $-86M | $142M | $190M | $91M | $81M | $417M | $215M | $306M | $38M | $412M | $550M | |
| CapEx | $29M | $44M | $63M | $71M | $31M | $61M | $51M | $43M | $56M | $44M | $63M | $44M | $67M | $61M | $68M | $64M | |
| Investing Cash Flow | $-33M | $-43M | $-94M | $-73M | $-90M | $-62M | $-77M | $-57M | $-76M | $-75M | $-147M | $-63M | $-60M | $-71M | $-106M | $-50M | |
| Debt Issued | $135M | $442M | $270M | $155M | $289M | $2.04B | $494M | $76M | $294M | $217M | · | $173M | $125M | $290M | · | $100M | |
| Net Debt Issued | · | $170M | · | · | · | $200M | · | · | · | $95M | · | · | · | $193M | · | · | |
| Stock Repurchased | $0 | $0 | $10M | $10M | $10M | $20M | $44M | $45M | $106M | $105M | $116M | $202M | $187M | $206M | $250M | $411M | |
| Net Stock Activity | · | $0 | · | · | · | $-20M | · | · | · | $-105M | · | · | · | $-206M | · | · | |
| Dividends Paid | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $24M | $24M | $24M | $25M | $26M | $26M | $27M | $28M | |
| Financing Cash Flow | $10M | $116M | $-200M | $-37M | $-73M | $147M | $-114M | $-90M | $16M | $-25M | $-258M | $-154M | $-261M | $16M | $-277M | $-639M | |
| Net Change in Cash | $-15M | $25M | $27M | $-84M | $50M | $-2M | $-50M | $44M | $31M | $-19M | $12M | $-3M | $-15M | $-18M | $30M | $-141M | |
| Taxes Paid | $5M | $-4M | $-1M | $24M | $94M | $50M | $10M | $5M | $75M | $16M | $30M | $11M | $18M | $53M | $144M | $27M | |
| Free Cash Flow | · | $-92M | · | · | · | $-147M | · | · | · | $37M | · | · | · | $-24M | · | · | |
| Levered FCF | · | $-123M | · | · | · | $-175M | · | · | · | $1M | · | · | · | $-57M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.8% | 4.8% | · | 10.7% | 7.8% | 9.0% | · | · | · | · | · | · | · | · | · | · | |
| Operating Margin | 2.7% | -5.0% | · | 4.8% | 2.0% | 2.7% | · | 0.98% | 8.3% | 5.9% | · | 9.9% | 12.7% | 12.5% | · | 17.0% | |
| Net Margin | · | -5.2% | · | · | · | 0.07% | · | · | · | 2.9% | · | 6.2% | 8.5% | 8.3% | · | 13.6% | |
| Pretax Margin | 0.22% | -7.5% | · | 2.4% | -0.39% | 0.13% | · | -1.6% | 5.9% | 3.7% | · | 7.6% | 10.4% | 10.6% | · | 15.8% | |
| EBITDA Margin | 9.7% | 2.5% | · | 12.6% | 9.4% | 10.7% | · | 0.98% | 8.3% | 13.9% | · | 9.9% | 12.7% | 19.9% | · | 17.0% | |
| ROA | · | -1.1% | · | · | · | 0.02% | · | · | · | 0.61% | · | 1.3% | 1.7% | 1.8% | · | 3.7% | |
| ROE | · | -4.4% | · | · | · | 0.06% | · | · | · | 2.1% | · | 4.3% | 5.6% | 5.8% | · | 12.8% | |
| ROIC | -3.4% | -1.2% | · | 1.8% | 0.29% | 0.50% | · | 0.31% | 2.0% | 1.6% | · | 2.7% | 3.4% | 3.5% | · | 6.6% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.4 | · | 1.6 | 1.5 | 1.6 | · | 1.4 | 1.4 | 1.4 | · | 1.5 | 1.6 | 1.6 | · | 1.4 | |
| Debt / Equity | 1.8 | 1.7 | · | 1.5 | 1.5 | 1.5 | · | 1.4 | 1.4 | 1.3 | · | 1.2 | 1.1 | 1.1 | · | 1.0 | |
| LT Debt / Equity | 1.8 | 1.7 | · | 1.5 | 1.5 | 1.5 | · | 1.3 | 1.3 | 1.2 | · | 1.2 | 1.1 | 1.1 | · | 1.0 | |
| Interest Coverage | 1.0 | -1.8 | · | 1.8 | 0.8 | 0.9 | · | 0.3 | 2.9 | 2.2 | · | 3.6 | 4.8 | 5.4 | · | 10.9 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Inventory Turnover | 1.8 | 1.8 | · | 1.7 | 1.8 | 1.8 | · | 1.6 | 1.4 | 1.5 | · | 1.5 | 1.4 | 1.4 | · | 2.1 |
Valuation (TTM) 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.80B | $6.70B | · | $6.71B | $6.64B | $6.51B | · | $6.54B | $6.65B | $6.85B | · | $7.54B | $8.48B | $9.24B | · | $9.74B | |
| Net Income TTM | · | · | · | · | · | · | · | $451M | $451M | $451M | · | $718M | $1.04B | $1.28B | · | $1.52B | |
| Market Cap | $2.26B | $3.39B | · | $2.85B | $2.30B | $2.79B | · | $5.59B | $5.54B | $7.02B | · | $6.12B | $6.46B | $7.18B | · | $5.87B | |
| P/E | -40.4 | -82.6 | · | 156.2 | 49.0 | 29.6 | · | 29.4 | 15.9 | 16.8 | · | 9.4 | 7.1 | 6.5 | · | 4.4 | |
| P/S | 0.3 | 0.5 | · | 0.4 | 0.3 | 0.4 | · | 0.9 | 0.8 | 1.0 | · | 0.8 | 0.8 | 0.8 | · | 0.6 | |
| P/B | 1.3 | 2.0 | · | 1.5 | 1.2 | 1.4 | · | 2.7 | 2.6 | 3.2 | · | 2.6 | 2.7 | 2.9 | · | 2.3 | |
| P / Tangible Book | 17.6 | 23.9 | · | 8.1 | 6.8 | 7.3 | · | 13.5 | 11.4 | 13.7 | · | 9.3 | 8.6 | 8.9 | · | 6.9 | |
| P / Cash Flow | · | -69.7 | · | · | · | -32.4 | · | · | · | 86.7 | · | · | · | 191.4 | · | · | |
| P / FCF | · | -36.7 | · | · | · | -18.9 | · | · | · | 191.3 | · | · | · | -300.3 | · | · | |
| Earnings Yield | -2.5% | -1.2% | · | 0.64% | 2.0% | 3.4% | · | 3.4% | 6.3% | 6.0% | · | 10.6% | 14.1% | 15.5% | · | 22.9% | |
| Payout Ratio | · | -27.5% | · | · | · | 1916.7% | · | · | · | 50.0% | · | · | · | 17.0% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $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
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.5 | — | — | 1.4 | — |
| Current Ratio | 1.2 | — | — | 1.3 | — |
| Quick Ratio | 0.1 | — | — | 0.1 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $248M | — | — | $308M | — |
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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.
| 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 |