OSK Oshkosh Corporation (Holding Company)Common Stock
About Oshkosh Corporation (Holding Company)Common Stock Company overview from Wikipedia
Oshkosh Corporation, formerly Oshkosh Truck, is an American industrial company that designs and builds specialty trucks, military vehicles, truck bodies, airport fire apparatus, and access equipment. The corporation also owns Pierce Manufacturing, a fire apparatus manufacturer in Appleton, Wisconsin, and JLG Industries, a manufacturer of lift equipment, including aerial lifts, boom lifts, scissor lifts, telehandlers and low-level access lifts.
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Oshkosh Corporation, formerly Oshkosh Truck, is an American industrial company that designs and builds specialty trucks, military vehicles, truck bodies, airport fire apparatus, and access equipment. The corporation also owns Pierce Manufacturing, a fire apparatus manufacturer in Appleton, Wisconsin, and JLG Industries, a manufacturer of lift equipment, including aerial lifts, boom lifts, scissor lifts, telehandlers and low-level access lifts.
Based in Oshkosh, Wisconsin, the company employs approximately 15,000 people around the world at 130 facilities in 24 countries. It is organized in four primary business groups: access equipment, defense, fire and emergency, and commercial.
History
Founded in 1917, as the Wisconsin Duplex Auto Company, the company was created to build a severe-duty four-wheel-drive truck. After the first prototype was built, the company began to develop rapidly. This first four-wheel-drive truck, known today as "Old Betsy", is still owned by Oshkosh Corporation and housed in the new Global Headquarters building in Oshkosh. The vehicle still runs and is used frequently in demonstrations and parades. The first mass-produced truck was the 2-ton Model A, with seven produced in 1918. The 3.5-ton Model B and 5-ton Model F followed. The Model TR, introduced in 1933, was a diversification for the company and was the first rubber tired earthmover ever built.
The model 50-50, introduced in 1955, was the first truck created specifically for the hauling of concrete. The first aircraft rescue and firefighting (ARFF) W2206 With rollover snow plows or snow blowers were delivered to all branches of US military for airfield snow removal. Oshkosh has also produced aircraft tow tractors, and in 1968 the company designed and built the U-30 tow tractor, 45 of which were built for the U.S. Air Force to tow the Lockheed C-5 Galaxy transport aircraft.
In 1976, the company won a U.S. Army contract to supply 744 M911 heavy equipment transporters, the first in a long line of U.S. Army contracts that now sees Oshkosh Defense as the sole supplier of medium and heavy tactical trucks to the U.S. Army and Marines.
On August 25, 2015, Oshkosh was awarded the U.S. military's Joint Light Tactical Vehicle contract. The initial JLTV award is valued at $6.75 billion for up to 16,901 vehicles. The procurement objective for JLTV stands at 49,099 Army and 9,091 Marines, with the Navy and Air Force also having smaller requirements. The estimated program cost is $47.6 billion. JLTV will partially replace the AM General Humvee.
On November 7, 2017, the Oshkosh Common Council approved a proposal to sell part of the century-old Lake Shore Golf Course along the shore of Lake Butte des Morts to Oshkosh Corp. for its new headquarters. On November 22, 2017, the Oshkosh Corporation announced it would build the new headquarters on the golf course. The city plans to redevelop the rest of the golf course into a new public space.
On February 7, 2018, the U.S. Army announced that the Family of Medium Tactical Vehicles A2 (FMTV A2) contract had been awarded to Oshkosh Defense. Oshkosh was already building the FMTV A1P2, having been awarded this contract in August 2009. As of August 2021, Oshkosh has built around 40,000 FMTVs for the US military and others.
In February 2020, Oshkosh Corporation was named one of the 2020 World's Most Ethical Companies by Ethisphere, a for-profit organization.
In February 2021, Oshkosh Defense was awarded the U.S. Postal Service's Next Generation Delivery Vehicle (NGDV) mail truck contract for between 50,000 and 165,000 units over ten years, with production start targeted for 2023. The fleet will include low-emissions internal combustion engine vehicles as well as battery electric vehicles (BEVs) and could be worth over $6 billion.
Locations
Oshkosh Corporation is headquartered in Oshkosh, Wisconsin. It has manufacturing operations in eight U.S. states and in Australia, Canada, China, France and Romania, and through investments in joint ventures in Mexico and Brazil. The access equipment division is headquartered in McConnellsburg, Pennsylvania; the Defense division in Oshkosh, Wisconsin; the Fire & Emergency division in Appleton, Wisconsin; and the Commercial division in Dodge Center, Minnesota.
Oshkosh products and services are sold in more than 150 countries around the globe. The company also maintains a global service network.
Subsidiaries
Oshkosh Corporation manufactures, distributes, and services products under fourteen brands: Oshkosh, Oshkosh AeroTech, Oshkosh Airport Products, Oshkosh Defense LLC, Frontline Communications, Hinowa, IMT (Iowa Mold Tooling Co., Inc.), JerrDan LLC, JLG Industries Inc., London Machinery Inc., Maxi Métal, McNeilus, Pierce Manufacturing Inc., and Pratt Miller.
Products
Defense
The current and recent main defense products of Oshkosh Defense include the following:
Family of Medium Tactical Vehicles (FMTV). The FMTV is the U.S. Army's standard 2.5- and 5-ton truck. The FMTV was originally manufactured by Stewart and Stevenson (1996–2006), then by Armor Holdings (2006–2007), then by what is now BAE Systems Platforms & Services. From 2011 it has been manufactured by Oshkosh.
HET; Global HET, M1070/M1070A1/M1300. The M1070, in A0, A1 and M1300 configurations, is the U.S. Army's current tank transporter tractor. The Global HET is essentially a M1070A1 with three axles instead of four.
Heavy Expanded Mobility Tactical Truck - M977 HEMTT. The HEMTT is the U.S. Army's standard 10-ton truck. In evolving configurations it has been in continuous production since 1982; current variants suffixed A4.
Heavy Expanded Mobility Tactical Truck HEMTT A3 diesel-electric. The HEMTT A3 was a prototype/developmental design with a diesel-electric drive system.
Oshkosh L-ATV / Joint Light Tactical Vehicle. The Oshkosh L-ATV won the Department of Defense's JLTV (Joint Light Tactical Vehicle) competition. JLTV will replace the military's aging AM General HMMWV/Humvee fleet. The first JLTV order was placed in March 2016. For certain applications Oshkosh retains the L-ATV name/brand.
LVS (Logistics Vehicle System). A U.S. Marine Corps 8x8 truck that has been replaced by the LVSR
Logistics Vehicle System Replacement (LVSR). The LVSR is a family of vehicles, based on a common 5-axle ten-wheel drive 10x10 chassis, that vary in individual configuration by mission requirements. It replaced the LVS.
M-ATV (MRAP All-Terrain Vehicle). A medium-weight mine blast protected vehicle originally developed for use in Afghanistan.
MTVR (Medium Tactical Vehicle Replacement). The MTVR is the standard 7-ton truck of the U.S. Marines.
Wheeled Tanker. A UK-specific MTVR development.
Sand Cat. A light protected vehicle based on a Ford F550 chassis.
P-19R. U.S. Marines' Aircraft Rescue Fire Fighting (ARFF) truck.
Special Purpose All-Terrain Vehicle (S-ATV). A developmental light all-terrain buggy-type design
Palletized Load System (PLS); M1074/M1075 trucks and M1076 trailer. Five-axle all-wheel drive trucks and companion three-axle trailers; trucks fitted with a hooklift-type load-handling system
TAK-4/TAK-4i. An independent suspension system
TerraMax. Autonomous vehicle technology.
Airport products
Oshkosh Airport Products produces the Oshkosh Striker, a specialized aircraft rescue and firefighting (ARFF) vehicle.
Fire, emergency, rescue, recovery, police, and homeland security
Products for these market segments are produced under the Pierce, Oshkosh, Oshkosh AeroTech, Frontline, Jerr-Dan, and brands, and Maxi Métal Inc brands. Through Pierce Manufacturing there is also an ownership interest in BME Fire Trucks. Products include pumpers, aerials, tankers, and wildland fire appliances, ambulances/medical vehicles, and police/homeland security vehicles.
Access equipment
Products include JLG and SkyTrak brand telehandlers, wheeled and tracked boom lifts, and other lifting equipment. In November 2022, Oshkosh announced it had entered into a definitive agreement to acquire Hinowa S.p.A., a privately held international company and manufacturer of track-based aerial work platforms, mini dumpers, lift trucks and undercarriages. Once complete, Hinowa will become part of the Oshkosh Access Equipment segment.
Commercial/civil
Oshkosh produces a variety of products under the Jerr-Dan (towing and recovery vehicles), Pratt & Miller (engineering and product development), Frontline Communications (media communications and similar), McNeilus (refuse/garbage and concrete mixers), IMT (field service vehicles and mounted cranes), and London (concrete mixers). AeroTech produces snow plows, aviation ground equipment, and airport gate equipment. Oshkosh also produces the U.S. Postal Service's Next Generation Delivery Vehicle (NGDV).
Gallery
Oshkosh acquisitions since 1989
Since 1989, Oshkosh has completed nineteen acquisitions and three divestitures:
1989- Oshkosh RV Chassis from Deere and Co. (divested to Freightliner in 1995)
1996- Pierce Manufacturing, Inc.
1997- Nova Quintech
1998- McNeilus Companies, Inc.
1999- Kewaunee Fabrications, L.L.C.
1999- Viking Truck & Equipment
2000- Medtec Ambulance Corporation (Defunct as of July 2012)
2001- Geesink Norba Group (divested 2009)
2001- TEMCO
2004- Jerr-Dan Corporation
2004- BAI Corporation (divested 2009)
2005- CON-E-CO
2005- London Machinery, Inc.
2006- AK Specialty Vehicles, now known as Oshkosh Specialty Vehicles.
2006- IMT (Iowa Mold Tooling)
2006- JLG Industries
2020- Pratt & Miller, including Corvette Racing
2022- MAXIMETAL
2022- Hinowa SpA (pending)
2023- JBT Aerotech
2024- AUSA Center SA
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
OSK Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
OSK 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 26, 2026 | $0.5700 |
| Feb. 17, 2026 | $0.5700 |
| Nov. 17, 2025 | $0.5100 |
| Aug. 19, 2025 | $0.5100 |
| May 16, 2025 | $0.5100 |
| Feb. 14, 2025 | $0.5100 |
| Nov. 15, 2024 | $0.4600 |
| Aug. 16, 2024 | $0.4600 |
| May 10, 2024 | $0.4600 |
| Feb. 14, 2024 | $0.4600 |
| Nov. 10, 2023 | $0.4100 |
| Aug. 16, 2023 | $0.4100 |
| May 12, 2023 | $0.4100 |
| Feb. 15, 2023 | $0.4100 |
| Nov. 10, 2022 | $0.3700 |
| Aug. 12, 2022 | $0.3700 |
| May 12, 2022 | $0.3700 |
| Feb. 10, 2022 | $0.3700 |
| Nov. 12, 2021 | $0.3700 |
| Aug. 13, 2021 | $0.3300 |
OSK Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 3 13.6%
- Buy 11 50.0%
- Hold 8 36.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
17 analysts · 2026-08-13Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.87 | $2.63 | 0.24% |
| March 31, 2026 | $0.85 | $1.18 | -0.33% |
| Dec. 31, 2025 | $2.26 | $2.33 | -0.07% |
| Sept. 30, 2025 | $3.20 | $3.10 | 0.10% |
| June 30, 2025 | $3.41 | $2.98 | 0.43% |
| March 31, 2025 | $1.92 | $2.07 | -0.15% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| OSK | $7.86B | — | -2.9% | 6.2% | 14.9% | 17.4% |
| CAT | $266.56B | 30.5 | 4.3% | 13.1% | 44.4% | — |
| CMI | — | 24.9 | -1.3% | 8.8% | 26.2% | 25.3% |
| PCAR | — | 24.3 | -15.5% | 8.3% | 12.9% | — |
| WAB | $36.41B | 31.3 | 7.5% | 10.5% | 11.0% | 34.1% |
| ALSN | — | 13.4 | -6.7% | 20.7% | 34.4% | 48.6% |
| TEX | $3.46B | 16.0 | 5.7% | 4.1% | 10.9% | 19.4% |
| FSS | $6.61B | 27.1 | 17.1% | 11.3% | 18.6% | 28.9% |
| ATMU | — | 20.8 | 5.7% | 11.8% | 59.7% | 28.2% |
| TRN | — | 8.7 | -29.9% | 11.7% | 23.7% | — |
| BLBD | $1.85B | 14.9 | 9.9% | 8.6% | 61.6% | 20.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.42B | $10.73B | $9.66B | $8.28B | · | $6.86B | $8.38B | $7.71B | $6.83B | $6.28B | $6.10B | |
| Cost of Revenue | $8.60B | $8.76B | $7.98B | $7.23B | · | $5.74B | $6.86B | $6.35B | $5.65B | $5.22B | $5.06B | |
| Gross Profit | $1.82B | $1.97B | $1.68B | $1.05B | · | $1.12B | $1.52B | $1.36B | $1.18B | $1.06B | $1.04B | |
| R&D Expense | $174M | $169M | $134M | $113M | · | $104M | $99M | $99M | $98M | $103M | $148M | |
| SG&A Expense | $819M | $852M | $810M | $663M | · | $621M | $684M | $664M | $665M | $612M | $587M | |
| Operating Expenses | $880M | $959M | $843M | $682M | · | $632M | $720M | $703M | $710M | $692M | $641M | |
| Operating Income | $940M | $1.01B | $838M | $372M | · | $485M | $797M | $656M | $470M | $364M | $399M | |
| Interest Income | $9M | $8M | $15M | $10M | · | $8M | $7M | $15M | $5M | $2M | $2M | |
| Other Non-op | $11M | $4M | $14M | $-53M | · | $2M | $1M | $-6M | $-4M | $1M | $-5M | |
| Pretax Income | $842M | $903M | $798M | $276M | · | $435M | $751M | $595M | $411M | $307M | $326M | |
| Income Tax | $192M | $210M | $190M | $98M | · | $112M | $171M | $124M | $127M | $92M | $99M | |
| Net Income | $647M | $681M | $598M | $174M | · | $322M | $579M | $472M | $286M | $216M | $230M | |
| EPS (Basic) | · | · | · | · | · | · | · | $6.38 | $3.82 | $2.94 | $2.94 | |
| EPS (Diluted) | · | · | · | · | · | · | · | $6.29 | $3.77 | $2.91 | $2.90 | |
| Shares (Basic) | 64,180,293 | 65,458,797 | 65,382,275 | 65,699,693 | · | 68,149,324 | 69,819,980 | 74,001,582 | 74,674,115 | 73,570,020 | 77,990,432 | |
| Shares (Diluted) | 64,554,093 | 65,829,464 | 65,863,963 | 66,134,818 | · | 68,787,729 | 70,558,235 | 74,981,999 | 75,790,045 | 74,432,918 | 78,981,418 | |
| EBITDA | $1.16B | $1.21B | $998M | $480M | · | $593M | $912M | $774M | $593M | $493M | $523M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $480M | $205M | $125M | $806M | $996M | $583M | $448M | $455M | $447M | $322M | $43M | |
| Receivables | $1.46B | $1.25B | $1.32B | $1.16B | $973M | $858M | $1.08B | $1.29B | $1.31B | $1.02B | $965M | |
| Inventory | $2.38B | $2.27B | $2.13B | $1.87B | $1.55B | $1.51B | $1.25B | $1.23B | $1.20B | $980M | $1.30B | |
| Other Current Assets | $102M | $114M | $94M | $91M | $72M | $61M | $79M | $66M | $88M | $94M | $68M | |
| Current Assets | $5.17B | $4.53B | $4.48B | $4.53B | $4.28B | $3.54B | $3.41B | $3.27B | $3.04B | $2.42B | $2.38B | |
| PP&E (Net) | $1.27B | $1.22B | $1.07B | $826M | $593M | $566M | $574M | $481M | $470M | $452M | $476M | |
| PP&E (Gross) | $2.57B | $2.39B | $2.16B | $1.80B | $1.48B | $1.40B | $1.36B | $1.22B | $1.19B | $1.11B | $1.09B | |
| Accum. Depreciation | $1.30B | $1.18B | $1.09B | $978M | $887M | $831M | $787M | $742M | $719M | $658M | $618M | |
| Goodwill | $1.45B | $1.41B | $1.42B | $1.04B | $1.05B | $1.01B | $996M | $1.01B | $1.01B | $1.00B | $1.00B | |
| Intangibles | $735M | $778M | $830M | $457M | $464M | $418M | $432M | $469M | $508M | $554M | $607M | |
| Other Non-current Assets | $423M | $390M | $360M | $321M | $390M | $286M | $156M | $66M | $68M | $87M | $92M | |
| Total Assets | $10.07B | $9.42B | $9.13B | $7.73B | $6.85B | $5.82B | $5.57B | $5.29B | $5.10B | $4.51B | $4.55B | |
| Accounts Payable | $1.07B | $1.14B | $1.21B | $1.13B | $747M | $578M | $796M | $777M | $651M | $466M | $553M | |
| Current Liabilities | $2.66B | $2.99B | $3.09B | $2.43B | $2.14B | $1.59B | $1.74B | $1.69B | $1.68B | $1.37B | $1.46B | |
| Capital Leases | $166M | $167M | $178M | $175M | $169M | $109M | · | · | · | · | · | |
| Deferred Tax | $26M | $27M | $27M | · | · | · | · | $34M | $20M | $11M | $42M | |
| Other Non-current Liabilities | $529M | $503M | $519M | $499M | $476M | $562M | $406M | $273M | $300M | $344M | $297M | |
| Long-term Debt | · | · | $598M | $595M | $819M | $818M | $819M | $818M | $828M | $846M | $864M | |
| Total Debt | $1.10B | $600M | $598M | $595M | · | $818M | $819M | $818M | $828M | $846M | $875M | |
| Common Stock | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $900.0K | $900.0K | $900.0K | |
| Retained Earnings | $4.88B | $4.37B | $3.81B | $3.31B | $3.24B | $2.75B | $2.50B | $2.01B | $2.40B | $2.18B | $2.02B | |
| Treasury Stock | $1.23B | $960M | $852M | $844M | $699M | $500M | $513M | $203M | $770M | $809M | $733M | |
| AOCI | $6M | $-103M | $-72M | $-92M | $-129M | $-198M | $-202M | $-107M | $-125M | $-175M | $-144M | |
| Stockholders' Equity | $4.53B | $4.15B | $3.71B | $3.19B | $3.20B | $2.85B | $2.60B | $2.51B | $2.31B | $1.98B | $1.91B | |
| Liabilities + Equity | $10.07B | $9.42B | $9.13B | $7.73B | $6.85B | $5.82B | $5.57B | $5.29B | $5.10B | $4.51B | $4.55B | |
| Shares Outstanding | 62,589,470 | 64,602,007 | 65,473,807 | 65,472,148 | 66,812,118 | · | · | · | · | · | · |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $224M | $200M | $160M | $108M | · | $104M | $115M | $120M | $130M | $129M | $124M | |
| Stock-based Comp | $38M | $38M | $32M | $29M | · | $29M | $29M | $27M | $22M | $19M | $21M | |
| Deferred Tax | $53M | $-18M | $-160M | $-54M | · | $22M | $10M | $-3M | $8M | $-17M | $-12M | |
| Amort. of Intangibles | $60M | $65M | $42M | $12M | · | $11M | $37M | $38M | $46M | $52M | $53M | |
| Restructuring | · | · | · | · | · | $14M | · | $10M | $36M | $28M | · | |
| Other Non-cash | $-348M | $-758M | $-69M | $662M | · | $-302M | $-329M | $-374M | $-394M | $455M | $-577M | |
| Operating Cash Flow | $783M | $550M | $600M | $601M | · | $327M | $568M | $436M | $246M | $584M | $91M | |
| CapEx | $165M | $281M | $325M | $270M | · | $112M | $148M | $95M | $86M | $92M | $132M | |
| Investing Cash Flow | $-205M | $-389M | $-1.29B | $-300M | · | $-78M | $-153M | $-90M | $-65M | $-89M | $-140M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | $-270M | |
| Stock Repurchased | $278M | $116M | $22M | $155M | · | $41M | $357M | $257M | $5M | $106M | $209M | |
| Net Stock Activity | $-278M | $-116M | $-22M | $-155M | · | $-52M | $-357M | $-257M | $-5M | $-100M | $-200M | |
| Dividends Paid | $130M | $120M | $107M | $97M | · | $82M | $76M | $71M | $63M | $56M | $53M | |
| Financing Cash Flow | $-316M | $-75M | $3M | $-485M | · | $-116M | $-422M | $-339M | $-45M | $-222M | $-222M | |
| Net Change in Cash | $275M | $80M | $-680M | $-190M | · | $134M | $-6M | $8M | $125M | $279M | $-271M | |
| Taxes Paid | $160M | $398M | $162M | $6M | · | $157M | $118M | $100M | $130M | $117M | $90M | |
| Free Cash Flow | $618M | $269M | $274M | $332M | · | $215M | $421M | $341M | $161M | $485M | $-49M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.4% | 18.4% | 17.4% | 12.7% | · | 16.3% | 18.1% | 17.6% | 17.2% | 16.8% | 17.0% | |
| Operating Margin | 9.0% | 9.4% | 8.7% | 4.5% | · | 7.1% | 9.5% | 8.5% | 6.8% | 5.8% | 6.5% | |
| Net Margin | 6.2% | 6.3% | 6.2% | 2.1% | · | 4.7% | 6.9% | 6.1% | 4.2% | 3.5% | 3.8% | |
| Pretax Margin | 8.1% | 8.4% | 8.3% | 3.3% | · | 6.4% | 9.0% | 7.7% | 6.0% | 4.9% | 5.3% | |
| EBITDA Margin | 11.2% | 11.3% | 10.3% | 5.8% | · | 8.6% | 10.9% | 10.0% | 8.7% | 7.8% | 8.6% | |
| ROA | 6.6% | 7.3% | 7.1% | 2.4% | · | 5.7% | 10.7% | 9.1% | 5.9% | 4.8% | 5.0% | |
| ROE | 14.9% | 17.3% | 17.4% | 5.4% | · | 11.9% | 22.9% | 19.6% | 13.3% | 11.1% | 11.8% | |
| ROIC | 12.9% | 16.3% | 14.8% | 6.4% | · | 9.9% | 18.0% | 15.5% | 10.2% | 9.0% | 10.0% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 1.5 | 1.5 | 1.9 | · | 2.2 | 2.0 | 1.9 | 1.8 | 1.8 | 1.7 | |
| Quick Ratio | 0.7 | 0.5 | 0.5 | 0.8 | · | 0.9 | 0.9 | 1.2 | 1.0 | 1.0 | 0.7 | |
| Debt / Equity | 0.2 | 0.1 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | |
| LT Debt / Equity | 0.2 | 0.1 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.2 | 1.1 | 1.1 | · | 1.2 | 1.5 | 1.5 | 1.4 | 1.4 | 1.3 | |
| Inventory Turnover | 3.7 | 4.0 | 4.0 | 4.2 | · | 4.2 | 5.7 | 5.2 | 5.2 | 4.6 | 4.5 | |
| Receivables Turnover | 7.7 | 8.3 | 7.8 | 7.8 | · | 7.1 | 7.1 | 5.4 | 5.9 | 6.3 | 6.3 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -2.9% | 11.1% | 16.6% | 7.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 8.0% | 11.5% | 12.1% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.7% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -5.1% | 14.0% | 243.9% | -65.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 54.9% | 10.2% | 23.0% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 15.0% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 9.8% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10.42B | $10.73B | $9.66B | $8.28B | · | $6.86B | $8.38B | $7.71B | $6.83B | $6.28B | $6.10B | |
| Net Income TTM | $647M | $681M | $598M | $174M | · | $322M | $579M | $472M | $286M | $216M | $230M | |
| Market Cap | $7.86B | $6.14B | · | · | · | · | · | · | · | · | · | |
| Enterprise Value | $8.48B | $6.54B | · | · | · | · | · | · | · | · | · | |
| P/E | · | · | · | · | · | 15.6 | 9.2 | 11.3 | 21.9 | 19.2 | 12.5 | |
| P/S | 0.8 | 0.6 | · | · | · | · | · | · | · | · | · | |
| P/B | 1.7 | 1.5 | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 3.3 | 3.1 | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 10.0 | 11.2 | · | · | · | · | · | · | · | · | · | |
| P / FCF | 12.7 | 22.8 | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | 7.3 | 5.4 | · | · | · | · | · | · | · | · | · | |
| EV / FCF | 13.7 | 24.3 | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 0.8 | 0.6 | · | · | · | · | · | · | · | · | · | |
| Dividend Yield | 1.7% | 1.9% | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | · | · | · | · | · | 6.4% | 10.8% | 8.8% | 4.6% | 5.2% | 8.0% | |
| Payout Ratio | 20.2% | 17.6% | 17.9% | 56.0% | · | 25.2% | 13.0% | 15.1% | 22.0% | 25.8% | 23.1% | |
| Annual Payout | $130M | $120M | $107M | $97M | · | $82M | $76M | $71M | $63M | $56M | $53M |
Income Statement 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.92B | $2.32B | $2.69B | $2.69B | $2.73B | $2.31B | $2.60B | $2.74B | $2.85B | $2.54B | $2.47B | $2.51B | $2.41B | $2.27B | $2.20B | $2.07B | |
| Cost of Revenue | $2.43B | $2.01B | $2.26B | $2.22B | $2.21B | $1.91B | $2.15B | $2.24B | $2.30B | $2.07B | $2.01B | $2.04B | $1.99B | $1.93B | $1.89B | $1.78B | |
| Gross Profit | $480M | $312M | $424M | $470M | $524M | $400M | $447M | $506M | $546M | $470M | $454M | $468M | $424M | $334M | $315M | $289M | |
| R&D Expense | $40M | $39M | $40M | $39M | $45M | $49M | $46M | $40M | $44M | $39M | · | · | · | · | · | · | |
| SG&A Expense | $223M | $216M | $198M | $196M | $213M | $211M | $209M | $226M | $220M | $197M | $224M | $202M | $185M | $199M | $159M | $166M | |
| Operating Expenses | $237M | $230M | $212M | $210M | $233M | $224M | $223M | $240M | $285M | $210M | $239M | $212M | $190M | $203M | $168M | $171M | |
| Operating Income | $243M | $82M | $212M | $260M | $292M | $175M | $224M | $266M | $261M | $260M | $215M | $256M | $235M | $131M | $147M | $117M | |
| Interest Income | $4M | $4M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $5M | $6M | $5M | $2M | |
| Other Non-op | $4M | $-2M | $-2M | $6M | $7M | $500.0K | $4M | $4M | $-2M | $-2M | $600.0K | $3M | $5M | $6M | $-32M | $-7M | |
| Pretax Income | $220M | $55M | $182M | $238M | $271M | $151M | $199M | $238M | $229M | $237M | $195M | $241M | $232M | $129M | $106M | $100M | |
| Income Tax | $37M | $10M | $48M | $42M | $65M | $37M | $45M | $57M | $54M | $55M | $44M | $55M | $56M | $34M | $29M | $32M | |
| Net Income | $183M | $43M | $134M | $196M | $205M | $112M | $153M | $180M | $169M | $179M | $151M | $184M | $175M | $88M | $75M | $67M | |
| EPS (Basic) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1.15 | $1.02 | |
| EPS (Diluted) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1.14 | $1.02 | |
| Shares (Basic) | 62,437,531 | 62,824,046 | -129,271,962 | 64,123,621 | 64,532,356 | 64,796,278 | -131,131,468 | 65,329,124 | 65,531,669 | 65,729,472 | -130,708,176 | 65,342,227 | 65,308,210 | 65,440,014 | -131,683,299 | 65,375,424 | |
| Shares (Diluted) | 62,746,125 | 63,300,921 | -129,886,647 | 64,593,541 | 64,774,840 | 65,072,359 | -131,851,162 | 65,663,198 | 65,889,777 | 66,127,651 | -131,574,864 | 65,945,320 | 65,662,522 | 65,830,985 | -132,039,903 | 65,771,820 | |
| EBITDA | $305M | $143M | · | $317M | $348M | $229M | · | $266M | $261M | $306M | · | $256M | $235M | $161M | · | $107M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $404M | $250M | $480M | $212M | $192M | $210M | $205M | $161M | $141M | $70M | · | $106M | $356M | $539M | · | $475M | |
| Receivables | $1.65B | $1.50B | $1.46B | $1.45B | $1.51B | $1.41B | $1.25B | $1.58B | $1.62B | $1.53B | · | $1.55B | $1.37B | $1.31B | · | $1.07B | |
| Inventory | $2.31B | $2.52B | $2.38B | $2.46B | $2.50B | $2.50B | $2.27B | $2.32B | $2.22B | $2.21B | · | $2.02B | $1.90B | $1.91B | · | $1.67B | |
| Other Current Assets | $98M | $89M | $102M | $103M | $110M | $107M | $114M | $102M | $95M | $92M | · | $81M | $75M | $87M | · | $99M | |
| Current Assets | $5.24B | $5.11B | $5.17B | $4.94B | $5.01B | $4.85B | $4.53B | $5.06B | $5.04B | $4.73B | · | $4.49B | $4.39B | $4.41B | · | $4.12B | |
| PP&E (Net) | $1.25B | $1.25B | $1.27B | $1.25B | $1.24B | $1.22B | $1.22B | $1.15B | $1.11B | $1.10B | · | $955M | $890M | $872M | · | $701M | |
| PP&E (Gross) | $2.55B | $2.51B | $2.57B | $2.53B | $2.48B | $2.43B | $2.39B | $2.31B | $2.24B | $2.22B | · | $2.02B | $1.92B | $1.87B | · | $1.65B | |
| Accum. Depreciation | $1.30B | $1.27B | $1.30B | $1.28B | $1.24B | $1.21B | $1.18B | $1.16B | $1.13B | $1.12B | · | $1.06B | $1.03B | $1.00B | · | $950M | |
| Goodwill | $1.44B | $1.44B | $1.45B | $1.45B | $1.45B | $1.42B | $1.41B | $1.44B | $1.37B | $1.41B | $1.42B | $1.51B | $1.15B | $1.13B | $1.04B | $1.03B | |
| Intangibles | $704M | $719M | $735M | $743M | $758M | $765M | $778M | $808M | $784M | $813M | · | $762M | $533M | $536M | · | $465M | |
| Other Non-current Assets | $443M | $435M | $423M | $424M | $433M | $391M | $390M | $350M | $346M | $360M | · | $323M | $332M | $327M | · | $555M | |
| Total Assets | $10.05B | $9.96B | $10.07B | $9.84B | $10.02B | $9.76B | $9.42B | $9.88B | $9.72B | $9.47B | · | $8.86B | $8.04B | $7.92B | · | $6.96B | |
| Accounts Payable | $1.01B | $992M | $1.07B | $962M | $976M | $970M | $1.14B | $1.05B | $1.05B | $1.06B | · | $1.09B | $1.07B | $1.09B | · | $1.02B | |
| Current Liabilities | $3.05B | $3.13B | $2.66B | $2.50B | $2.73B | $2.75B | $2.99B | $3.46B | $3.49B | $3.32B | · | $3.09B | $2.42B | $2.46B | · | $2.27B | |
| Capital Leases | · | · | $166M | · | · | · | $167M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $24M | $24M | $26M | $26M | $27M | $25M | $27M | $30M | $25M | $25M | · | $28M | $18M | · | · | · | |
| Other Non-current Liabilities | $553M | $541M | $529M | $525M | $544M | $507M | $503M | $525M | $514M | $520M | · | $508M | $512M | $505M | · | $489M | |
| Long-term Debt | · | · | · | · | · | · | · | $602M | $599M | $599M | · | $598M | $597M | $595M | · | $595M | |
| Total Debt | $601M | $601M | · | $1.10B | $1.10B | $1.10B | · | $602M | $599M | $599M | · | $598M | $597M | $597M | · | $595M | |
| Common Stock | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | $700.0K | · | $700.0K | $700.0K | $700.0K | · | $700.0K | |
| Retained Earnings | $5.04B | $4.89B | $4.88B | $4.78B | $4.62B | $4.45B | $4.37B | $4.24B | $4.09B | $3.96B | · | $3.68B | $3.52B | $3.38B | · | $3.12B | |
| Treasury Stock | $1.36B | $1.27B | $1.23B | $1.11B | $1.02B | $982M | $960M | $911M | $901M | $862M | · | $856M | $862M | $855M | · | $849M | |
| AOCI | $-13M | $-6M | $6M | $3M | $7M | $-69M | $-103M | $-72M | $-102M | $-90M | $-72M | $-110M | $-83M | $-83M | $-92M | $-193M | |
| Stockholders' Equity | $4.53B | $4.47B | $4.53B | $4.54B | $4.45B | $4.23B | $4.15B | $4.10B | $3.92B | $3.83B | · | $3.54B | $3.40B | $3.25B | · | $2.89B | |
| Liabilities + Equity | $10.05B | $9.96B | $10.07B | $9.84B | $10.02B | $9.76B | $9.42B | $9.88B | $9.72B | $9.47B | · | $8.86B | $8.04B | $7.92B | · | $6.96B | |
| Shares Outstanding | 61,842,493 | 62,506,367 | 62,589,470 | 63,479,641 | 64,090,154 | 64,491,007 | 64,602,007 | 65,062,820 | 65,154,082 | 65,475,989 | 65,473,807 | · | · | · | 65,472,148 | · |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $62M | $61M | $58M | $56M | $56M | $54M | $54M | $52M | $48M | $47M | $55M | $40M | $34M | $30M | $27M | $27M | |
| Stock-based Comp | $12M | $10M | $8M | $10M | $11M | $8M | $9M | $9M | $12M | $9M | $6M | $10M | $9M | $7M | $6M | $9M | |
| Amort. of Intangibles | $14M | $14M | $14M | $14M | $16M | $16M | $18M | $15M | $16M | $16M | $24M | $10M | $4M | $4M | $3M | $3M | |
| Other Non-cash | · | $-558M | · | · | · | $-1.13B | · | · | · | $-1.19B | · | · | · | $-83M | · | · | |
| Operating Cash Flow | $374M | $-161M | $600M | $489M | $89M | $-395M | $791M | $326M | $-211M | $-356M | $480M | $167M | $-126M | $80M | $463M | $161M | |
| CapEx | $27M | $28M | $60M | $25M | $41M | $40M | $88M | $54M | $40M | $100M | $97M | $98M | $18M | $112M | $109M | $50M | |
| Investing Cash Flow | $-43M | $1M | $-69M | $-37M | $-56M | $-43M | $-79M | $-160M | $-38M | $-111M | $-94M | $-896M | $-18M | $-277M | $-110M | $-52M | |
| Stock Repurchased | $92M | $47M | $119M | $91M | $40M | $29M | $50M | $11M | $40M | $15M | $-100.0K | $0 | $7M | $15M | $0 | $0 | |
| Net Stock Activity | · | $-47M | · | · | · | $-29M | · | · | · | $-15M | · | · | · | $-15M | · | · | |
| Dividends Paid | $35M | $36M | $32M | $33M | $33M | $33M | $30M | $30M | $30M | $30M | $27M | $27M | $27M | $27M | $24M | $24M | |
| Financing Cash Flow | $-177M | $-68M | $-264M | $-431M | $-59M | $438M | $-661M | $-147M | $320M | $412M | $-368M | $480M | $-38M | $-71M | $-33M | $-26M | |
| Net Change in Cash | $153M | $-230M | $268M | $20M | $-19M | $5M | $44M | $20M | $72M | $-56M | $19M | $-249M | $-183M | $-267M | $331M | $77M | |
| Taxes Paid | $77M | $48M | $8M | $4M | $138M | $10M | $34M | $39M | $300M | $25M | $39M | $15M | $104M | $2M | $-201M | $2M | |
| Free Cash Flow | · | $-189M | · | · | · | $-435M | · | · | · | $-456M | · | · | · | $-32M | · | · |
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 | 16.5% | 13.5% | · | 17.5% | 19.2% | 17.3% | · | 18.5% | 19.2% | 18.5% | · | 18.6% | 17.6% | 14.7% | · | 13.5% | |
| Operating Margin | 8.3% | 3.5% | · | 9.7% | 10.7% | 7.6% | · | 9.7% | 9.2% | 10.2% | · | 10.2% | 9.7% | 5.8% | · | 5.2% | |
| Net Margin | 6.3% | 1.9% | · | 7.3% | 7.5% | 4.9% | · | 6.6% | 5.9% | 7.0% | · | 7.3% | 7.2% | 3.9% | · | 2.9% | |
| Pretax Margin | 7.5% | 2.4% | · | 8.9% | 9.9% | 6.5% | · | 8.7% | 8.1% | 9.3% | · | 9.6% | 9.6% | 5.7% | · | 4.3% | |
| EBITDA Margin | 10.5% | 6.2% | · | 11.8% | 12.7% | 9.9% | · | 9.7% | 9.2% | 12.0% | · | 10.2% | 9.7% | 7.1% | · | 5.2% | |
| ROA | 1.8% | 0.44% | · | 2.0% | 2.1% | 1.2% | · | 1.9% | 1.9% | 2.1% | · | 2.3% | 2.4% | 1.2% | · | 0.87% | |
| ROE | 4.1% | 0.99% | · | 4.5% | 4.9% | 2.8% | · | 4.7% | 4.6% | 5.1% | · | 5.7% | 5.6% | 2.9% | · | 1.9% | |
| ROIC | 3.9% | 1.3% | · | 3.8% | 4.0% | 2.5% | · | 4.3% | 4.4% | 4.5% | · | 4.8% | 4.5% | 2.5% | · | 2.1% |
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 | 1.7 | 1.6 | · | 2.0 | 1.8 | 1.8 | · | 1.5 | 1.4 | 1.4 | · | 1.5 | 1.8 | 1.8 | · | 1.8 | |
| Quick Ratio | 0.7 | 0.6 | · | 0.7 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.7 | 0.8 | · | 0.7 | |
| Debt / Equity | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.3 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| LT Debt / Equity | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.3 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 |
Efficiency 3
| 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 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | |
| Inventory Turnover | 1.0 | 0.8 | · | 0.9 | 0.9 | 0.8 | · | 1.0 | 1.1 | 1.0 | · | 1.1 | 1.1 | 1.1 | · | 1.2 | |
| Receivables Turnover | 1.8 | 1.6 | · | 1.8 | 1.7 | 1.6 | · | 1.8 | 1.9 | 1.8 | · | 1.9 | 1.9 | 2.0 | · | 1.9 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10.65B | $10.05B | · | $10.47B | $10.63B | $10.44B | · | $10.64B | $10.31B | $9.73B | · | $9.39B | $8.95B | $8.60B | · | $7.87B | |
| Net Income TTM | $627M | $556M | · | $694M | $666M | $640M | · | $712M | $707M | $627M | · | $522M | $406M | $263M | · | $123M | |
| Market Cap | $9.49B | $9.20B | · | $8.23B | $7.28B | $6.07B | · | $6.52B | $7.05B | $8.17B | · | · | · | · | · | · | |
| Enterprise Value | $9.69B | $9.55B | · | $9.12B | $8.18B | $6.96B | · | $6.96B | $7.51B | $8.69B | · | · | · | · | · | · | |
| P/S | 0.9 | 0.9 | · | 0.8 | 0.7 | 0.6 | · | 0.6 | 0.7 | 0.8 | · | · | · | · | · | · | |
| P/B | 2.1 | 2.1 | · | 1.8 | 1.6 | 1.4 | · | 1.6 | 1.8 | 2.1 | · | · | · | · | · | · | |
| P / Tangible Book | 4.0 | 4.0 | · | 3.5 | 3.2 | 3.0 | · | 3.5 | 4.0 | 5.1 | · | · | · | · | · | · | |
| P / Cash Flow | · | -57.2 | · | · | · | -15.4 | · | · | · | -22.9 | · | · | · | · | · | · | |
| P / FCF | · | -48.7 | · | · | · | -13.9 | · | · | · | -17.9 | · | · | · | · | · | · | |
| EV / EBITDA | 31.7 | 67.0 | · | 28.8 | 23.5 | 30.4 | · | 26.2 | 28.8 | 28.4 | · | · | · | · | · | · | |
| EV / FCF | · | -50.5 | · | · | · | -16.0 | · | · | · | -19.1 | · | · | · | · | · | · | |
| EV / Revenue | 0.9 | 1.0 | · | 0.9 | 0.8 | 0.7 | · | 0.7 | 0.7 | 0.9 | · | · | · | · | · | · | |
| Payout Ratio | · | 82.6% | · | · | · | 29.3% | · | · | · | 16.8% | · | · | · | 30.3% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $10.42B | $10.73B | $9.66B | $8.28B | — |
| Gross Margin % | 17.4% | 18.4% | 17.4% | 12.7% | — |
| Operating Margin % | 9.0% | 9.4% | 8.7% | 4.5% | — |
| Net Income | $647M | $681M | $598M | $174M | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.1 | 0.2 | 0.2 | — |
| Current Ratio | 1.9 | 1.5 | 1.5 | 1.9 | — |
| Quick Ratio | 0.7 | 0.5 | 0.5 | 0.8 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $618M | $269M | $274M | $332M | — |
Latest News Recent headlines mentioning this company
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- Oshkosh Maintains FY26 Outlook; Shares Down 6.8% - Update
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- Japan Exchange Group FY Net Income Rises
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Institutional owners (13F) 647 filers · $6.2B 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 |
|---|---|---|---|---|
| 86 (-42 vs prior Q) | 65 (+1 vs prior Q) | 209 (+16 vs prior Q) | 182 (0 vs prior Q) | +8.7M |
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 |
|---|---|---|---|---|
| Aristotle Capital Management, LLC | $725,381,694 | 4,726,162 | 11.66% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $667,687,574 | 4,350,323 | 10.73% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $464,129,388 | 3,024,038 | 7.46% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $432,103,908 | 2,815,376 | 6.94% | Shares |
| GREENHAVEN ASSOCIATES INC | $392,706,206 | 2,558,680 | 6.31% | Shares |
| STATE STREET CORP | $319,971,940 | 2,084,773 | 5.14% | Shares |
| Capital Research Global Investors | $266,571,738 | 1,736,850 | 4.28% | Shares |
| FIRST TRUST ADVISORS LP | $214,892,929 | 1,400,139 | 3.45% | Shares |
| FMR LLC | $211,195,446 | 1,376,045 | 3.39% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $158,057,206 | 1,029,520 | 2.54% | Shares |
| NORGES BANK | $131,735,107 | 858,321 | 2.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $121,428,965 | 824,869 | 1.95% | Shares |
| EQUITY INVESTMENT CORP | $91,734,543 | 597,697 | 1.47% | Shares |
| AMERICAN CENTURY COMPANIES INC | $90,866,117 | 592,037 | 1.46% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $84,494,424 | 550,524 | 1.36% | Shares |
| PZENA INVESTMENT MANAGEMENT LLC | $63,811,766 | 415,766 | 1.03% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $60,632,274 | 395,050 | 0.97% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $51,542,574 | 335,826 | 0.83% | Shares |
| Capital International Investors | $47,372,062 | 308,653 | 0.76% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $42,701,777 | 278,230 | 0.69% | Shares |
| BOWEN HANES & CO INC | $40,833,110 | 277,380 | 0.66% | Shares |
| Bragg Financial Advisors, Inc | $39,474,289 | 257,195 | 0.63% | Shares |
| WASATCH ADVISORS LP | $38,375,586 | 260,686 | 0.62% | Shares |
| MARSHALL WACE, LLP | $38,325,491 | 249,710 | 0.62% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $29,447,440 | 191,865 | 0.47% | Shares |
| Caisse de depot et placement du Quebec | $28,977,024 | 188,800 | 0.47% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $28,316,000 | 184,490 | 0.45% | Shares |
| Lodge Hill Capital, LLC | $27,933,360 | 182,000 | 0.45% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $27,494,714 | 179,142 | 0.44% | Shares |
| MACKENZIE FINANCIAL CORP | $27,027,214 | 176,096 | 0.43% | Shares |
| MILLENNIUM MANAGEMENT LLC | $26,906,886 | 175,312 | 0.43% | Shares |
| RHUMBLINE ADVISERS | $25,822,191 | 168,245 | 0.41% | Shares |
| BANK OF AMERICA CORP /DE/ | $25,724,322 | 167,607 | 0.41% | Shares |
| Portolan Capital Management, LLC | $24,194,741 | 157,641 | 0.39% | Shares |
| M&G PLC | $23,868,000 | 156,000 | 0.38% | Shares |
| California Public Employees Retirement System | $22,361,729 | 145,698 | 0.36% | Shares |
| CIBC Private Wealth Group LLC | $20,873,796 | 160,939 | 0.34% | Shares |
| Skylands Capital, LLC | $20,501,705 | 133,579 | 0.33% | Shares |
| IEQ CAPITAL, LLC | $20,189,524 | 131,545 | 0.32% | Shares |
| HighTower Advisors, LLC | $19,631,312 | 127,908 | 0.32% | Shares |
| Swiss National Bank | $19,307,784 | 125,800 | 0.31% | Shares |
| UBS Group AG | $18,653,499 | 121,537 | 0.30% | Shares |
| Point72 Asset Management, L.P. | $17,564,865 | 114,444 | 0.28% | Shares |
| Covea Finance | $16,887,404 | 110,030 | 0.27% | Shares |
| GOLDMAN SACHS GROUP INC | $16,812,813 | 109,544 | 0.27% | Shares |
| Quantinno Capital Management LP | $16,442,026 | 107,128 | 0.26% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $16,270,568 | 106,011 | 0.26% | Shares |
| GW HENSSLER & ASSOCIATES LTD | $16,249,378 | 110,382 | 0.26% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $16,180,936 | 105,427 | 0.26% | Shares |
| Retirement Systems of Alabama | $15,806,752 | 102,989 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $14,935,642 | 97,313 | 0.24% | Shares |
| AMERIPRISE FINANCIAL INC | $14,322,753 | 93,320 | 0.23% | Shares |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $13,631,538 | 88,816 | 0.22% | Shares |
| Cubist Systematic Strategies, LLC | $13,446,107 | 103,671 | 0.22% | Shares |
| BlackRock, Inc. | $13,399,878 | 87,307 | 0.22% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $13,006,049 | 84,741 | 0.21% | Shares |
| ATLANTIC INVESTMENT MANAGEMENT, INC. | $12,846,276 | 83,700 | 0.21% | Shares |
| Gotham Asset Management, LLC | $12,620,660 | 82,230 | 0.20% | Shares |
| Mariner, LLC | $11,667,546 | 76,020 | 0.19% | Shares |
| BARCLAYS PLC | $11,336,647 | 73,864 | 0.18% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $11,327,221 | 76,946 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,188,692 | 72,900 | 0.18% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $10,916,063 | 74,153 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,884,112 | 64,400 | 0.16% | Put option |
| Integrated Wealth Concepts LLC | $9,744,437 | 63,482 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $9,618,745 | 62,671 | 0.15% | Shares |
| S.A.C. Capital Advisors (Hong Kong) Ltd. | $9,457,965 | 72,922 | 0.15% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $9,405,552 | 67,586 | 0.15% | Shares |
| STIFEL FINANCIAL CORP | $9,046,711 | 58,945 | 0.15% | Shares |
| Baker Ellis Asset Management LLC | $8,823,038 | 57,487 | 0.14% | Shares |
| CIBC Bancorp USA Inc. | $8,728,561 | 56,847 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $8,360,823 | 54,475 | 0.13% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $8,290,990 | 54,020 | 0.13% | Shares |
| Sterling Capital Management LLC | $8,286,078 | 53,988 | 0.13% | Shares |
| Baird Financial Group, Inc. | $8,055,858 | 52,488 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $7,910,359 | 51,540 | 0.13% | Shares |
| Jain Global LLC | $7,611,380 | 49,592 | 0.12% | Shares |
| GABELLI FUNDS LLC | $7,435,646 | 48,447 | 0.12% | Shares |
| IFG Advisory, LLC | $7,424,908 | 48,377 | 0.12% | Shares |
| GHP Investment Advisors, Inc. | $7,368,361 | 50,053 | 0.12% | Shares |
| FRANKLIN RESOURCES INC | $7,283,547 | 47,456 | 0.12% | Shares |
| Kodai Capital Management LP | $7,077,168 | 75,225 | 0.11% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $7,024,933 | 45,771 | 0.11% | Shares |
| SOUTHERNSUN ASSET MANAGEMENT, LLC | $6,650,595 | 43,332 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $6,587,976 | 42,924 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $6,439,253 | 41,955 | 0.10% | Shares |
| NICOLET ADVISORY SERVICES, LLC | $6,375,267 | 42,601 | 0.10% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $6,231,288 | 40,600 | 0.10% | Shares |
| NICOLET BANKSHARES INC | $6,204,803 | 43,023 | 0.10% | Shares |
| Corient Private Wealth LP | $6,161,150 | 40,143 | 0.10% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $6,115,411 | 39,845 | 0.10% | Shares |
| D.A. DAVIDSON & CO. | $6,064,668 | 39,514 | 0.10% | Shares |
| CWM, LLC | $5,844,742 | 39,703 | 0.09% | Shares |
| Public Sector Pension Investment Board | $5,716,363 | 37,245 | 0.09% | Shares |
| GUARDIAN CAPITAL LP | $5,713,600 | 37,227 | 0.09% | Shares |
| Legal & General Group Plc | $5,681,216 | 37,016 | 0.09% | Shares |
| Brandywine Global Investment Management, LLC | $5,655,109 | 45,014 | 0.09% | Shares |
| Assenagon Asset Management S.A. | $5,525,280 | 36,000 | 0.09% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $5,518,987 | 35,959 | 0.09% | Shares |
| Advisors Asset Management, Inc. | $5,225,808 | 54,968 | 0.08% | Shares |
Company insiders 82 insiders · 50 officers · 31 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John C Pfeifer | President & CEO | Feb. 20, 2026 M | 151,371 | 0 | 0 | $0 |
| Wilson R Jones | Chief Executive Officer | Feb. 26, 2021 A | 164,522 | 0 | 0 | $0 |
| Charles L Szews | Chief Executive Officer | Nov. 30, 2015 A | 172,698 | 0 | 0 | $0 |
| Robert G Bohn | Chairman & CEO | May 12, 2010 M | 0 | 0 | 0 | $0 |
| John W Randjelovic | Exec VP & CEO Fire & Emergency | Sept. 19, 2007 F | 77,649 | 0 | 0 | $0 |
| Matthew Field | Exec. VP & CFO | Feb. 17, 2026 M | 9,818 | 0 | 0 | $0 |
| David M. Sagehorn | Exec. VP and CFO | Feb. 28, 2020 A | 140,859 | 0 | 0 | $0 |
| Mark A Meaders | Exec VP and COO, Pierce Mfg. | Nov. 14, 2006 A | 33,604 | 0 | 0 | $0 |
| Steven Craig Nordlund | Exec. VP & Pres., Transport | July 29, 2026 A | 2,393 | 0 | 0 | $0 |
| Anupam Khare | SVP/Chief Information Officer | Feb. 27, 2026 S | 13,577 | 0 | 2 | $-1,232,440 |
| John S Verich | SVP Bus Devl and Treasurer | Feb. 26, 2026 G | 7,220 | 0 | 1 | $-185,829 |
| Jackie Lynn Nystrom | SVP & CHRO | Feb. 20, 2026 M | 3,489 | 0 | 0 | $0 |
| Jayanthi Iyengar | EVP, Chief Technology Officer | Feb. 20, 2026 M | 26,643 | 0 | 0 | $0 |
| Michael E Pack | EVP & Pres, Vocational | Feb. 20, 2026 M | 41,820 | 0 | 0 | $0 |
| Bryan K Brandt | SVP & Chief Marketing Officer | Feb. 20, 2026 M | 12,260 | 0 | 1 | $-243,121 |
| James C Freeders | Senior VP and Controller | Feb. 20, 2026 M | 11,220 | 0 | 0 | $0 |
| Ignacio A Cortina | EVP, CL&AO & Secretary | Feb. 20, 2026 M | 54,936 | 0 | 1 | $-995,280 |
| Timothy S Bleck | SVP and Pres. Defense | Feb. 21, 2025 M | 8,076 | 0 | 0 | $0 |
| Emma M Mctague | SVP and Chief HR Officer | Nov. 15, 2024 M | 7,065 | 0 | 0 | $0 |
| James W. Johnson | Exec. VP & Pres., Vocational | Feb. 21, 2024 M | 53,034 | 0 | 0 | $0 |
| Frank R. Nerenhausen | EVP & Pres. Access Segment | Oct. 16, 2023 F | 56,304 | 0 | 0 | $0 |
| Jason P Baab | SVP, Corp. Develop. & Strategy | March 6, 2023 M | 1,353 | 0 | 0 | $0 |
| Thomas P Hawkins | SVP, Government Relations | March 6, 2023 M | 6,218 | 0 | 0 | $0 |
| Bradley M. Nelson | EVP, Strategic Programs | Feb. 20, 2023 A | 21,750 | 0 | 0 | $0 |
| John J Bryant | EVP and Pres, Defense Segment | Oct. 17, 2022 F | 18,074 | 0 | 0 | $0 |
| Scott R Grennier | Senior VP and Treasurer | Feb. 25, 2022 A | 5,380 | 0 | 0 | $0 |
| Tina R. Schoner | SVP, Chief Procurement Officer | Feb. 26, 2021 A | 4,756 | 0 | 0 | $0 |
| Robert H Sims | EVP & Chief HR Officer | May 29, 2020 A | 11,908 | 0 | 0 | $0 |
| Robert S Messina | Senior VP, Engineering & Tech. | Sept. 3, 2019 A | 17,711 | 0 | 0 | $0 |
| Joseph H Kimmitt | Executive Vice President | Dec. 4, 2018 M | 59,779 | 0 | 0 | $0 |
| Marek W. May | Senior VP, Operations | May 29, 2018 A | 5,370 | 0 | 0 | $0 |
| Colleen R. Moynihan | Senior VP, Quality & Cont Impr | May 29, 2018 A | 5,000 | 0 | 0 | $0 |
| Mark M Radue | EVP Chief Strategy Officer | Feb. 12, 2018 A | 47,267 | 0 | 0 | $0 |
| Thomas J Polnaszek | Senior VP and Controller | Feb. 27, 2017 A | 39,542 | 0 | 0 | $0 |
| Gregory L Fredericksen | EVP & Chief Procurement Officr | Sept. 16, 2016 M | 51,221 | 0 | 0 | $0 |
| Janet L. Hogan | EVP and Chief HR Officer | Nov. 30, 2015 A | 3,632 | 0 | 0 | $0 |
| John M. Urias | EVP and Pres., Defense Segment | Nov. 30, 2015 A | 33,770 | 0 | 0 | $0 |
| Bryan J Blankfield | Exec. VP, Gen. Counsel & Secy. | Sept. 17, 2015 F | 48,119 | 0 | 0 | $0 |
| Gary W Schmiedel | Exec. Vice Pres, Technology | Feb. 26, 2015 A | 26,645 | 0 | 0 | $0 |
| Michael K. Rohrkaste | Exec VP & Chief Admin Offcr | Feb. 28, 2014 M | 23,792 | 0 | 0 | $0 |
| Todd S Fierro | SVP & Pres. Commercial Segment | Sept. 17, 2012 A | 12,000 | 0 | 0 | $0 |
| Josef Matosevic | EVP, Global Mfg Operations | Sept. 19, 2011 A | 16,365 | 0 | 0 | $0 |
| Richard A. Hove | EVP & Pres. Defense Segment | Sept. 20, 2010 A | — | 0 | 0 | $0 |
| Donald H Verhoff | Exec. Vice Pres, Technology | Sept. 20, 2010 A | 18,746 | 0 | 0 | $0 |
| Michael J Wuest | EVP & Pres. Commercial Segment | Aug. 13, 2010 A | 13,694 | 0 | 0 | $0 |
| Thomas D Fenner | Exec. VP, Global Manufacturing | Sept. 18, 2009 F | 10,205 | 0 | 0 | $0 |
| Matthew J Zolnowski | Exec VP & Chief Admin Offcr | Sept. 14, 2009 A | 82,785 | 0 | 0 | $0 |
| Craig E Paylor | EVP & Pres, Access Equipment | Sept. 14, 2009 A | 6,434 | 0 | 0 | $0 |
| John W Stoddart | Exec VP and Pres - Defense | Sept. 19, 2007 F | 29,469 | 0 | 0 | $0 |
| Daniel J Lanzdorf | Exec. VP and Pres - McNeilus | Feb. 19, 2004 M | 54,603 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 13 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 |
|---|---|---|---|---|---|
| High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP, Icahn Partners Master Fund III LP, Icahn Offshore LP, Icahn Partners LP, Icahn Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., Beckton Corp., Carl C. Icahn ×7 filings | Dec. 13, 2012 | — | Initial filing | — | SEC |
| Nov. 30, 2012 | — | Initial filing | — | SEC | |
| Nov. 29, 2012 | — | Initial filing | — | SEC | |
| Nov. 8, 2012 | — | Initial filing | — | SEC | |
| Oct. 29, 2012 | — | Initial filing | — | SEC | |
| Oct. 22, 2012 | — | Initial filing | — | SEC | |
| Aug. 9, 2012 | — | Initial filing | — | SEC | |
| Jan. 11, 2012 | — | Initial filing | — | SEC | |
| Jan. 11, 2012 | — | Initial filing | — | SEC | |
| Jan. 9, 2012 | — | Initial filing | — | SEC | |
| Jan. 6, 2012 | — | Initial filing | — | SEC | |
| Dec. 7, 2011 | — | Initial filing | — | SEC | |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 4, 2011 | — | Initial filing | — | 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 122 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 |
|---|---|---|---|---|
| MDPL · Northern Lights Fund Trust IV | 3.49% | 16,349 NS | May 31, 2026 | N-PORT |
| GRPM · Invesco Exchange-Traded Fund Trust | 1.54% | 50,584 SH | Aug. 8, 2026 | Daily |
| XMVM · Invesco Exchange-Traded Fund Trust | 1.40% | 45,842 SH | Aug. 8, 2026 | Daily |
| SRHQ · Elevation Series Trust | 1.27% | 15,694 NS | April 30, 2026 | N-PORT |
| FXR · First Trust Exchange-Traded AlphaDE… | 1.14% | 50,754 NS | April 30, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.89% | 4,754 NS | April 30, 2026 | N-PORT |
| ROE · EA Series Trust | 0.75% | 15,014 NS | May 29, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.73% | 2,928 NS | April 30, 2026 | N-PORT |
| FFLV · FIDELITY COVINGTON TRUST | 0.60% | 668 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.59% | 7,322 NS | May 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.55% | 21,299 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.53% | 253,611 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.50% | 43,715 SH | Aug. 8, 2026 | Daily |
| INFO · Harbor ETF Trust | 0.48% | 23,654 NS | April 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.45% | 6,211 NS | April 30, 2026 | N-PORT |
| MADE · iShares Trust | 0.43% | 1,779 SH | Aug. 8, 2026 | Daily |
| KRMA · Global X Funds | 0.42% | 3,860 NS | May 31, 2026 | N-PORT |
| CVY · Invesco Exchange-Traded Fund Trust | 0.38% | 3,054 SH | Aug. 8, 2026 | Daily |
| FVAL · FIDELITY COVINGTON TRUST | 0.38% | 29,187 NS | April 30, 2026 | N-PORT |
| IFRA · iShares Trust | 0.35% | 103,383 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.33% | 292,695 NS | April 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.30% | 8,613 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.30% | 8,426 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.30% | 28,914 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.29% | 171,268 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.29% | 24,722 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.29% | 7,259 NS | April 30, 2026 | N-PORT |
| PPA · Invesco Exchange-Traded Fund Trust | 0.29% | 161,676 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.26% | 2,151,384 SH | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.26% | 12,059 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.26% | 100,815 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.25% | 10,030 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.24% | 13,986 NS | May 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.24% | 4,990 NS | May 29, 2026 | N-PORT |
| IJK · iShares Trust | 0.24% | 167,949 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.23% | 44,090 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.23% | 28,301 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.22% | 11,296 NS | May 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.21% | 9,988 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.20% | 907,836 SH | Aug. 8, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.20% | 1,047 NS | April 30, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.19% | 359 NS | March 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.19% | 173,356 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 24,329 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.18% | 27,302 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.18% | 23,291 SH | Aug. 8, 2026 | Daily |
| MVV · ProShares Trust | 0.18% | 2,185 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.17% | 303,664 NS | May 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.16% | 1,283 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.16% | 10,376 SH | Aug. 8, 2026 | Daily |