OTTR Otter Tail Corporation - Common Stock

NASDAQ · Utilities · View on SEC EDGAR ↗
$91.93
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026

About Otter Tail Corporation - Common Stock Company overview from Wikipedia

Otter Tail Corporation is an electric power and manufacturing company based in Fergus Falls, Minnesota. Its subsidiaries include Otter Tail Power Company, BTD Manufacturing Inc., T.O. Plastics Inc., Northern Pipe Products Inc., and Vinyltech Corporation.

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Otter Tail Corporation is an electric power and manufacturing company based in Fergus Falls, Minnesota. Its subsidiaries include Otter Tail Power Company, BTD Manufacturing Inc., T.O. Plastics Inc., Northern Pipe Products Inc., and Vinyltech Corporation.

As of 2007, Otter Tail Power Company serves at least 423 towns at retail and delivers power to about 14 municipal utilities. The company currently has a workforce of over 750 employees, a generating capacity of 660 megawatts, and owns over 5,000 miles (8,000 km) of electrical power transmission lines (the majority of which are operated at 41.6 kV). The company serves 128,500 customers in North Dakota, Minnesota, and South Dakota.

History

The company was incorporated in 1907 when funds were secured to begin construction of the Dayton Hollow Dam southwest of Fergus Falls. Once the dam came online in April 1909, the company transmitted power at 22 kV over a 25-mile (40 km) line to serve the customers of the Northern Light Electric Company at Wahpeton, North Dakota.

Shortly thereafter, contracts were secured to provide power at wholesale to the cities of Breckenridge and Fergus Falls, MN (the latter after their own municipal utility's dam failed). After connecting Foxhome, MN, to the system in 1912, the company connected or purchased electric distribution systems in 10 Minnesota towns (the most prominent being Elbow Lake and Morris, MN) and a second town in North Dakota (Fairmount) the following year. Northern Light Electric also merged with Otter Tail at this time and its owner came on board as the company's first general manager. The first South Dakota community served by the company was White Rock in 1915. By 1920, the company was serving approximately 44 towns, all but a handful of which were in or near Otter Tail County. However, the company quickly found its Minnesota service area hemmed in by neighboring utility companies that were also rushing to add territory. This led to the company expanding westward into and across much of eastern North Dakota, reaching Jamestown, ND by 1924 (the company was serving over 100 towns by this time). The company grew at an incredible rate over the next 5 years—reaching the Missouri River at Washburn in 1926 and approaching the Canada–US border by 1928. By the end of the 1920s, the company's service area had tripled to serve more than 310 towns. During the Great Depression, the company was apparently not as badly affected as some of its neighbors but was still forced to focus more on survival than growth. By 1939, the worst was past, and they were ready to move forward once more.

Between 1940 and 1944, Otter Tail added territory by merger or acquisition of 6 smaller power companies within or adjacent to its territory (almost all of which had corporate parents that were required to divest these properties due to passage of the Public Utility Holding Company Act of 1935). These purchases increased its territory to its present size of 50,000 square miles (130,000 km2), about the same size as the state of Wisconsin. The one exception in this territory is the Red River Valley between Grand Forks and Fargo, ND, which was then and still is served by Northern States Power Company (now Xcel Energy).

After the final major acquisition in 1944, the company had reached its 'maximum system' of 496 towns served at both retail and wholesale. As the company matured over the next several decades, the number of towns served within the region would shrink (mainly due to towns served at wholesale changing suppliers and some smaller retail towns dying out). A few towns were added between 1944 and 1968—the largest being the purchase of Fergus Falls' municipal utility in 1953 and the last addition being the transfer of several towns in Polk County, Minnesota, from Northern States Power Company when the 34.5 kV transmission line serving these towns approached its load limit.

A merger with Montana-Dakota Utilities was briefly explored in the late 1960s but was soon dropped due to all the regulatory hurdles involved. By the 1990s, flat revenues from the utility operations led the company to establish a subsidiary (Varistar) to acquire and oversee non-utility businesses. In 2001, the company changed its name to Otter Tail Corporation with the utility becoming a division within the company. In late 2008, the company completed a reorganization to realign the utility operations into a subsidiary within Otter Tail Corporation.

Hydropower

In the beginning, Otter Tail Power built a series of hydroelectric plants to provide power for its system and these served the company well until its expansion in the 1920s outstripped the dams' capacity (steam provided the bulk of the company's power needs from then on). The company has grown to such a point that today only about 1% of the company's needs still comes from hydropower. The dams are: Dayton Hollow (1909 - southwest of Fergus Falls), Hoot Lake (1914 / 1918 - east Fergus Falls), Pisgah (1918 - west Fergus Falls), Wright (rebuilt 1922 - downtown Fergus Falls), Taplin Gorge (1925 - northeast of Fergus Falls), and Bemidji (built early 1900s / purchased in 1944). Hoot Lake is unique in that the dam also formed the water intake for the coal-fired power plant that once stood nearby. Taplin Gorge's powerhouse is unique in that it was modeled after the Mausoleum of Theodoric at Ravenna, Italy. The company has since removed the Bemidji dam from its generation fleet (due to an equipment failure) but continues to operate the dam to regulate water levels on the lake behind the dam and the river downstream.

Coal-fired plants

After the company's load exceeded the capacity of its dams, the company then switched to coal to meet its energy requirements. A number of plants were added to its system in the 1920s, starting with Hoot Lake in 1921. The most important one was built near Washburn, ND in 1926, as it was one of the earliest large-scale plants to burn lignite exclusively. The company then added several more plants across the system in the late 1940s to meet the huge surge in demand after WWII, but when the company's Big Stone plant was completed in 1974, all of these smaller plants were retired and removed (the Washburn plant had been removed in 1969). The company completed its Coyote plant in 1981, after which another of the company's earlier plants (at Ortonville, MN) was removed. The Hoot Lake plant was the last of the company's early plants and the last that was 100% owned by the company. The plant began as an extension of the Hoot Lake hydro plant, with six additions built between 1921 and 1964. At the time of its retirement and demolition in 2021 (as part of Minnesota's commitment to carbon-free sources of energy), only the two most recent units (built in 1959 and 1964) were still in operation. The company is also seeking to withdraw from its investment in the Coyote plant in western North Dakota.

Wind power

Otter Tail Power Company currently owns 138 MW of wind generation, and purchases an additional 45 MW for a total of 183 MW of wind power. By 2010 wind generation on the system was expected to be equivalent to 18 percent of retail sales. Owned wind resources and power purchase agreements for Otter Tail Power Company include: Luverne Wind Farm, Ashtabula Wind Energy Center, Langdon Wind Energy Center, and North Dakota Wind II.

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

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

Price
$91.93
Market Cap
$3.86B
P/E (TTM)
14.1
EPS (TTM)
$6.55
Revenue (TTM)
$1.30B
Div Yield
2.3%
ROE
15.2%
Debt/Equity
0.1
52W Range
$74 – $95

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

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

Revenue & Net Income $1.30B
10-point trend, +61.7%
2016-12-31 2025-12-31
EPS $6.55
10-point trend, +306.8%
2016-12-31 2025-12-31
Free Cash Flow $98M
8-point trend, +157.5%
2018-12-31 2025-12-31
Margins 21.2%

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

Metric
5Y trend
OTTR
Peer Median
P/E (TTM)
5-point trend, -26.9%
14.1
22.4
P/S (TTM)
5-point trend, +5.2%
3.0
4.3
P/B
5-point trend, -39.3%
2.1
1.9
EV / EBITDA
5-point trend, -40.6%
7.7
Price / FCF
5-point trend, -30.8%
39.4

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

Metric
5Y trend
OTTR
Peer Median
Operating Margin
5-point trend, +27.5%
26.6%
Net Profit Margin
5-point trend, +43.7%
21.2%
14.4%
ROA
5-point trend, +9.2%
7.2%
2.9%
ROE
5-point trend, -16.6%
15.2%
9.4%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
OTTR
Peer Median
Debt / Equity
5-point trend, -91.3%
0.1
Current Ratio
5-point trend, +139.2%
2.3
0.7
Quick Ratio
5-point trend, +31277.5%
1.3

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

Metric
5Y trend
OTTR
Peer Median
Revenue YoY
5-point trend, +8.5%
-2.3%
Revenue CAGR 3Y
5-point trend, +8.5%
-4.0%
Revenue CAGR 5Y
5-point trend, +8.5%
8.0%
EPS YoY
5-point trend, +54.8%
-8.6%
Net Income YoY
5-point trend, +56.1%
-8.5%

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

Metric
5Y trend
OTTR
Peer Median
EPS (Diluted)
5-point trend, +54.8%
$6.55

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
OTTR
Peer Median
Payout Ratio
5-point trend, -13.0%
31.9%

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

Dividend Yield
2.3%
Payout Ratio
31.9%
5Y Div CAGR
Ex-dateAmount
May 15, 2026$0.5780
Feb. 13, 2026$0.5780
Nov. 14, 2025$0.5250
Aug. 15, 2025$0.5250
May 15, 2025$0.5250
Feb. 14, 2025$0.5250
Nov. 15, 2024$0.4680
Aug. 15, 2024$0.4680
May 14, 2024$0.4680
Feb. 14, 2024$0.4680
Nov. 14, 2023$0.4380
Aug. 14, 2023$0.4380
May 12, 2023$0.4380
Feb. 13, 2023$0.4380
Nov. 14, 2022$0.4130
Aug. 12, 2022$0.4130
May 12, 2022$0.4130
Feb. 14, 2022$0.4130
Nov. 12, 2021$0.3900
Aug. 12, 2021$0.3900

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

SELL 9 analysts
  • Strong Buy 0 0.0%
  • Buy 0 0.0%
  • Hold 6 66.7%
  • Sell 1 11.1%
  • Strong Sell 2 22.2%

12-Month Price Target

2 analysts · 2026-08-14
Median target $90.50 -1.6%
Mean target $90.50 -1.6%

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

Avg Surprise
0.07%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.66 $1.53 0.13%
March 31, 2026 $1.73 $1.44 0.29%
Dec. 31, 2025 $1.23 $1.35 -0.12%
Sept. 30, 2025 $1.86 $1.91 -0.04%
June 30, 2025 $1.85 $1.76 0.09%
March 31, 2025 $1.62 $1.56 0.06%

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

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
OTTR $3.39B 12.3 -2.3% 21.2% 15.2%
OKLO $11.52B -99.7 -9.7%
POR $5.55B 17.3 4.0% 8.6% 7.7%
TXNM $6.41B 39.8 9.9% 7.8% 5.7%
MGEE $2.87B 21.1 -402.1% 10.6%
HE $2.12B 17.3 -4.1% 4.1% 8.0%
GNE 15.3 18.1% 4.8% 9.7% 24.8%
ENO
NEE $167.22B 24.3 9.8% 26.5% 13.1%

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

Income Statement 14
Annual Income Statement data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 11-point trend, +66.7% $1.30B $1.33B $1.35B $1.47B $1.20B $883M $920M $916M $849M $804M $780M ·
SG&A Expense 5-point trend, +26.3% $83M $80M $73M $70M $65M · · · · · · ·
Operating Expenses 11-point trend, +42.9% $958M $950M $971M $1.07B $947M $742M $785M $787M $717M $687M $671M ·
Operating Income 11-point trend, +216.5% $346M $380M $378M $390M $250M $148M $135M $129M $132M $117M $109M ·
Interest Expense 4-point trend, +9.4% · · $38M $36M $38M $34M · · · · · ·
Other Non-op 11-point trend, +841.1% $20M $19M $13M $2M $3M $6M $5M $3M $3M $3M $2M ·
Pretax Income 7-point trend, +165.3% · · · · $213M $116M $104M $97M $100M $83M $80M ·
Income Tax 11-point trend, +114.3% $46M $65M $69M $73M $36M $20M $17M $15M $27M $20M $22M ·
Net Income 11-point trend, +364.9% $276M $302M $294M $284M $177M $96M $87M $82M $72M $62M $59M ·
EPS (Basic) 11-point trend, +317.1% $6.59 $7.22 $7.06 $6.83 $4.26 $2.35 $2.19 $2.08 $1.84 $1.62 $1.58 ·
EPS (Diluted) 11-point trend, +314.6% $6.55 $7.17 $7.00 $6.78 $4.23 $2.34 $2.17 $2.06 $1.82 $1.61 $1.58 ·
Shares (Basic) 11-point trend, +11.7% 41,864,000 41,778,000 41,668,000 41,586,000 41,491,000 40,710,000 39,721,000 39,600,000 39,457,000 38,546,459 37,494,986 ·
Shares (Diluted) 11-point trend, +11.8% 42,117,000 42,072,000 42,039,000 41,931,000 41,818,000 40,905,000 39,954,000 39,892,000 39,748,000 38,731,010 37,668,026 ·
EBITDA 8-point trend, +127.3% $464M $487M $476M $483M $341M $230M $213M $204M · · · ·
Balance Sheet 27
Annual Balance Sheet data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 10-point trend, +386193000.00 $386M $295M $230M $119M $2M $1M $21M $861.0K $16M $0 · ·
Short-term Investments 2-point trend, +7112.6% $54M $753.0K · · · · · · · · · ·
Receivables 4-point trend, +14.2% · · · · · · $78M $75M $68M $68M · ·
Inventory 10-point trend, +89.4% $159M $149M $150M $146M $148M $92M $98M $106M $88M $84M · ·
Other Current Assets 10-point trend, +326.0% $35M $30M $17M $18M $17M $6M $7M $6M $12M $8M · ·
Current Assets 10-point trend, +284.5% $800M $630M $570M $453M $369M $235M $255M $241M $239M $208M · ·
PP&E (Net) 10-point trend, -88.4% $171M $179M $142M $2.21B $2.12B $2.05B $1.75B $1.58B $1.54B $1.48B · ·
PP&E (Gross) 7-point trend, -81.2% $417M $403M $350M · · · $2.65B $2.43B $2.34B $2.23B · ·
Accum. Depreciation 7-point trend, -67.1% $246M $224M $208M · · · $892M $848M $799M $748M · ·
Goodwill 11-point trend, -5.4% $38M $38M $38M $38M $38M $38M $38M $38M $38M $38M $40M ·
Intangibles 10-point trend, -69.0% $5M $6M $7M $8M $9M $10M $11M $12M $14M $15M · ·
Other Non-current Assets 10-point trend, +136.8% $81M $66M $51M $41M $32M $26M $27M $36M $36M $34M · ·
Total Assets 11-point trend, +118.0% $3.96B $3.65B $3.24B $2.90B $2.75B $2.58B $2.27B $2.05B $2.00B $1.91B $1.82B ·
Accounts Payable 10-point trend, +4.8% $94M $114M $94M $104M $135M $121M $121M $96M $85M $89M · ·
Short-term Debt 10-point trend, +40.5% $60M $70M $81M $8M $91M $81M $6M $19M $112M $43M · ·
Current Liabilities 10-point trend, +62.7% $351M $310M $310M $238M $388M $437M $190M $170M $257M $216M · ·
Capital Leases 8-point trend, +21849000.00 $22M $24M $11M $14M $15M $15M $18M $0 · · · ·
Deferred Tax 10-point trend, +35.0% $306M $268M $237M $221M $188M $153M $132M $121M $101M $227M · ·
Other Non-current Liabilities 10-point trend, +389.1% $106M $98M $76M $61M $63M $60M $52M $24M $23M $22M · ·
Long-term Debt 10-point trend, +78.1% $964M $944M $824M $827M $767M $767M $692M $593M $493M $541M · ·
Total Debt 8-point trend, -77.0% $140M $70M $905M $832M $855M $846M $696M $609M · · · ·
Common Stock 10-point trend, +6.5% $210M $209M $209M $208M $208M $207M $201M $198M $198M $197M · ·
Retained Earnings 10-point trend, +772.9% $1.22B $1.03B $806M $585M $370M $258M $222M $190M $161M $139M · ·
AOCI 10-point trend, +112.4% $470.0K $532.0K $1M $915.0K $-7M $-9M $-6M $-4M $-6M $-4M · ·
Stockholders' Equity 12-point trend, +225.0% $1.86B $1.67B $1.44B $1.22B $991M $871M $781M $729M $697M $670M $605M $573M
Liabilities + Equity 10-point trend, +107.3% $3.96B $3.65B $3.24B $2.90B $2.75B $2.58B $2.27B $2.05B $2.00B $1.91B · ·
Shares Outstanding 10-point trend, +6.5% 41,905,520 41,827,967 41,710,521 41,631,113 41,551,524 41,469,879 40,157,591 39,664,884 39,557,491 39,348,136 · ·
Cash Flow 18
Annual Cash Flow data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
D&A 11-point trend, +95.7% $118M $107M $98M $93M $91M $82M $78M $75M $73M $73M $60M ·
Stock-based Comp 11-point trend, +431.4% $9M $10M $8M $7M $7M $6M $6M $4M $4M $3M $2M ·
Deferred Tax 11-point trend, +27.5% $33M $23M $14M $32M $29M $15M $12M $19M $24M $19M $26M ·
Amort. of Intangibles 11-point trend, -2.4% $1M $1M $1M $1M $1M $1M $1M $1M $1M $1M $1M ·
Other Non-cash 8-point trend, -35.2% $-50M $11M $-9M $-27M $-73M $13M $3M $-37M · · · ·
Operating Cash Flow 11-point trend, +228.4% $386M $453M $404M $389M $231M $212M $185M $143M $174M $163M $118M ·
CapEx 11-point trend, +79.9% $288M $359M $287M $171M $172M $372M $207M $105M $133M $161M $160M ·
Investing Cash Flow 11-point trend, -86.4% $-291M $-411M $-289M $-175M $-172M $-376M $-209M $-107M $-133M $-159M $-156M ·
Debt Issued 10-point trend, -23.1% $100M $120M $0 $90M $140M $75M $100M $100M $0 $130M · ·
Net Debt Issued 8-point trend, +0.2% $100M $120M $0 $60M $-169.0K $75M $100M $100M · · · ·
Stock Issued 9-point trend, -100.0% · · $0 $0 $696.0K $52M $20M $0 $4M $44M $14M ·
Stock Repurchased 6-point trend, +29.6% · · · · · $2M $3M $3M $2M $104.0K $2M ·
Net Stock Activity 6-point trend, +100.0% · · $0 $0 $696.0K $50M $18M $-3M · · · ·
Dividends Paid 9-point trend, +73.9% $88M $78M $73M $69M $65M $60M $56M $53M $51M · · ·
Financing Cash Flow 11-point trend, -109.7% $-4M $23M $-4M $-97M $-59M $144M $45M $-51M $-25M $-4M $38M ·
Net Change in Cash 9-point trend, +464.5% $92M $64M $111M $117M $374.0K $-20M $20M $-15M $16M · · ·
Taxes Paid 11-point trend, +51.5% $11M $58M $46M $43M $8M $5M $5M $6M $5M $-1M $7M ·
Free Cash Flow 8-point trend, +157.5% $98M $94M $117M $218M $59M $-160M $-22M $38M · · · ·
Profitability 7
Annual Profitability data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 6-point trend, +60.1% 26.6% 28.6% 27.9% 26.6% 20.9% 16.6% · · · · · ·
Net Margin 6-point trend, +97.1% 21.2% 22.7% 21.7% 19.3% 14.8% 10.8% · · · · · ·
Pretax Margin 2-point trend, +36.3% · · · · 17.8% 13.0% · · · · · ·
EBITDA Margin 6-point trend, +38.2% 35.7% 36.6% 35.2% 32.9% 28.5% 25.8% · · · · · ·
ROA 8-point trend, +78.3% 7.2% 8.8% 9.6% 10.1% 6.6% 4.0% 4.0% 4.1% · · · ·
ROE 8-point trend, +33.9% 15.2% 18.3% 20.7% 23.7% 18.2% 11.1% 11.3% 11.3% · · · ·
ROIC 4-point trend, +36.7% · · · · 11.2% 7.1% 7.6% 8.2% · · · ·
Liquidity & Solvency 5
Annual Liquidity & Solvency data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 8-point trend, +60.6% 2.3 2.0 1.8 1.9 1.0 0.5 1.3 1.4 · · · ·
Quick Ratio 8-point trend, +180.9% 1.3 1.0 0.7 0.5 0.0 0.0 0.5 0.4 · · · ·
Debt / Equity 8-point trend, -91.0% 0.1 0.0 0.6 0.7 0.9 1.0 0.9 0.8 · · · ·
LT Debt / Equity 6-point trend, -29.5% · · 0.6 0.7 0.7 0.7 0.9 0.8 · · · ·
Interest Coverage 2-point trend, -7.5% · · 10.0 10.8 · · · · · · · ·
Efficiency 1
Annual Efficiency data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 6-point trend, -7.0% 0.3 0.4 0.4 0.5 0.4 0.4 · · · · · ·
Per Share 6
Annual Per Share data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 8-point trend, +141.8% $44.43 $39.89 $34.60 $29.24 $23.84 $21.00 $19.46 $18.38 · · · ·
Revenue / Share 6-point trend, +41.8% $30.86 $31.61 $32.20 $35.05 $28.62 $21.76 · · · · · ·
Cash Flow / Share 8-point trend, +154.9% $9.16 $10.76 $9.62 $9.28 $5.53 $5.18 $4.63 $3.60 · · · ·
Cash / Share 8-point trend, +42369.1% $9.22 $7.04 $5.52 $2.86 $0.04 $0.03 $0.53 $0.02 · · · ·
Dividend / Share 11-point trend, +70.7% $2 $2 $2 $2 $2 $1 $1 $1 $1 $1 $1 ·
EPS (TTM) 12-point trend, +1579.5% $6.55 $7.17 $7.00 $6.78 $4.23 $2.34 $2.17 $2.06 $1.82 $1.61 $1.58 $0.39
Growth Rates 10
Annual Growth Rates data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -106.4% -2.3% -1.7% -7.9% 22.7% 35.6% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -126.2% -4.0% 3.6% 15.3% · · · · · · · · ·
Revenue CAGR 5Y 8.0% · · · · · · · · · · ·
EPS YoY 5-point trend, -110.7% -8.6% 2.4% 3.2% 60.3% 80.8% · · · · · · ·
EPS CAGR 3Y 3-point trend, -102.6% -1.1% 19.2% 44.1% · · · · · · · · ·
EPS CAGR 5Y 22.9% · · · · · · · · · · ·
Net Income YoY 5-point trend, -110.1% -8.5% 2.5% 3.5% 60.8% 84.4% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -102.2% -0.98% 19.5% 45.3% · · · · · · · · ·
Net Income CAGR 5Y 23.5% · · · · · · · · · · ·
Dividend CAGR 5Y 7.9% · · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for OTTR
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +15.3% $1.30B $1.33B $1.35B $1.47B $1.20B $883M $920M $916M $849M $804M $780M $1.13B
Net Income TTM 12-point trend, +1729.2% $276M $302M $294M $284M $177M $96M $87M $82M $72M $62M $59M $15M
Market Cap 8-point trend, +72.0% $3.39B $3.09B $3.54B $2.44B $2.97B $1.77B $2.06B $1.97B · · · ·
Enterprise Value 8-point trend, +19.8% $3.09B $2.86B $4.22B $3.16B $3.82B $2.61B $2.73B $2.58B · · · ·
P/E 12-point trend, -84.5% 12.3 10.3 12.1 8.7 16.9 18.2 23.6 24.1 24.4 25.3 16.9 79.4
P/S 8-point trend, +21.3% 2.6 2.3 2.6 1.7 2.5 2.0 2.2 2.1 · · · ·
P/B 8-point trend, -32.7% 1.8 1.9 2.5 2.0 3.0 2.0 2.6 2.7 · · · ·
P / Tangible Book 6-point trend, -13.3% 1.9 1.9 2.5 2.1 3.1 2.1 · · · · · ·
P / Cash Flow 8-point trend, -36.1% 8.8 6.8 8.8 6.3 12.8 8.3 11.1 13.7 · · · ·
P / FCF 8-point trend, -33.2% 34.6 32.8 30.2 11.2 49.9 -11.1 -92.2 51.8 · · · ·
EV / EBITDA 8-point trend, -47.3% 6.7 5.9 8.9 6.5 11.2 11.4 12.8 12.6 · · · ·
EV / FCF 8-point trend, -53.5% 31.5 30.4 35.9 14.5 64.3 -16.4 -122.5 67.8 · · · ·
EV / Revenue 8-point trend, -15.5% 2.4 2.2 3.1 2.1 3.2 3.0 3.0 2.8 · · · ·
Dividend Yield 8-point trend, -3.7% 2.6% 2.5% 2.1% 2.8% 2.2% 3.4% 2.7% 2.7% · · · ·
Earnings Yield 12-point trend, +543.7% 8.1% 9.7% 8.2% 11.6% 5.9% 5.5% 4.2% 4.2% 4.1% 4.0% 5.9% 1.3%
Payout Ratio 7-point trend, -50.2% 31.9% 25.9% 24.8% 24.2% 36.7% 62.9% 64.2% · · · · ·
Annual Payout 9-point trend, +73.9% $88M $78M $73M $69M $65M $60M $56M $53M $51M · · ·

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

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $1.30B$1.33B$1.35B$1.47B$1.20B
Operating Margin % 26.6%28.6%27.9%26.6%20.9%
Net Income $276M$302M$294M$284M$177M
Diluted EPS $6.55$7.17$7.00$6.78$4.23
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.10.00.60.70.9
Current Ratio 2.32.01.81.91.0
Quick Ratio 1.31.00.70.50.0
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $98M$94M$117M$218M$59M

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Institutional owners (13F) 383 filers · $1.6B total · As of June 30, 2026

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

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
50 (+20 vs prior Q) 26 (-3 vs prior Q) 130 (-3 vs prior Q) 97 (+7 vs prior Q) +5.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD PORTFOLIO MANAGEMENT LLC $269,609,054 2,996,322 16.75% Shares
VANGUARD CAPITAL MANAGEMENT LLC $170,174,045 1,891,243 10.57% Shares
STATE STREET CORP $148,087,464 1,645,782 9.20% Shares
GEODE CAPITAL MANAGEMENT, LLC $86,465,475 960,665 5.37% Shares
DIMENSIONAL FUND ADVISORS LP $71,105,255 790,234 4.42% Shares
TWO SIGMA INVESTMENTS, LP $65,304,695 725,769 4.06% Shares
Caisse de depot et placement du Quebec $48,577,773 539,873 3.02% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $46,767,645 519,756 2.91% Shares
GABELLI FUNDS LLC $41,588,756 462,200 2.58% Shares
D. E. Shaw & Co., Inc. $35,916,417 399,160 2.23% Shares
VANGUARD FIDUCIARY TRUST CO $25,084,444 278,778 1.56% Shares
BANK OF AMERICA CORP /DE/ $25,075,716 278,681 1.56% Shares
VICTORY CAPITAL MANAGEMENT INC $24,839,879 276,060 1.54% Shares
GAMCO INVESTORS, INC. ET AL $23,826,524 264,798 1.48% Shares
Bank of New York Mellon Corp $21,808,903 242,375 1.35% Shares
VANGUARD GROUP INC $21,519,784 266,301 1.34% Shares
PRINCIPAL FINANCIAL GROUP INC $20,941,226 232,732 1.30% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $18,944,929 210,546 1.18% Shares
Public Sector Pension Investment Board $17,552,489 195,071 1.09% Shares
GOLDMAN SACHS GROUP INC $14,737,824 163,790 0.92% Shares
TWO SIGMA ADVISERS, LP $13,018,491 161,100 0.81% Shares
Bank & Trust Co $10,465,344 119,236 0.65% Shares
RHUMBLINE ADVISERS $9,366,175 104,092 0.58% Shares
US BANCORP \DE\ $8,896,413 98,871 0.55% Shares
WHITTIER TRUST CO $8,735,905 96,540 0.54% Shares
LPL Financial LLC $8,635,449 95,971 0.54% Shares
AMERICAN CENTURY COMPANIES INC $7,808,914 86,785 0.49% Shares
CONTRAVISORY INVESTMENT MANAGEMENT, INC. $7,777,961 86,441 0.48% Shares
DENALI ADVISORS LLC $7,657,478 85,102 0.48% Shares
FRANKLIN RESOURCES INC $7,549,052 83,897 0.47% Shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $7,473,109 83,053 0.46% Shares
ProShare Advisors LLC $7,281,902 80,928 0.45% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $7,095,373 78,855 0.44% Shares
Nuveen, LLC $6,835,241 75,964 0.42% Shares
Swiss National Bank $6,820,484 75,800 0.42% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $6,796,999 75,539 0.42% Shares
AMERIPRISE FINANCIAL INC $6,732,124 74,818 0.42% Shares
Brandywine Global Investment Management, LLC $6,683,068 82,701 0.42% Shares
Phocas Financial Corp. $6,539,836 72,681 0.41% Shares
Qube Research & Technologies Ltd $6,506,544 72,311 0.40% Shares
MILLENNIUM MANAGEMENT LLC $6,401,807 71,147 0.40% Shares
NEW YORK STATE COMMON RETIREMENT FUND $6,377,962 70,882 0.40% Shares
BlackRock, Inc. $6,215,908 69,081 0.39% Shares
PRUDENTIAL FINANCIAL INC $6,169,839 68,569 0.38% Shares
Legal & General Group Plc $5,758,811 64,001 0.36% Shares
Connor, Clark & Lunn Investment Management Ltd. $5,135,249 57,071 0.32% Shares
Squarepoint Ops LLC $5,028,082 55,880 0.31% Shares
BNP PARIBAS FINANCIAL MARKETS $4,940,802 54,910 0.31% Shares
TUDOR INVESTMENT CORP ET AL $4,736,457 52,639 0.29% Shares
MORGAN STANLEY $4,686,968 52,089 0.29% Shares
WHITTIER TRUST CO OF NEVADA INC $4,426,126 48,719 0.27% Shares
Nuveen Asset Management, LLC $4,247,646 57,525 0.26% Shares
BARCLAYS PLC $4,208,365 46,770 0.26% Shares
Linden Thomas Advisory Services, LLC $4,011,218 44,579 0.25% Shares
ALLIANCEBERNSTEIN L.P. $3,948,158 44,983 0.25% Shares
MARTINGALE ASSET MANAGEMENT L P $3,943,824 43,830 0.24% Shares
Palisades Investment Partners, LLC $3,921,598 43,583 0.24% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $3,906,116 44,504 0.24% Shares
Vest Financial, LLC $3,826,220 42,523 0.24% Shares
BENJAMIN EDWARDS INC $3,623,922 40,275 0.23% Shares
VANGUARD ASSET MANAGEMENT, Ltd $3,175,574 35,292 0.20% Shares
FIRST MANHATTAN CO. LLC. $3,000,743 33,349 0.19% Shares
ROYCE & ASSOCIATES LP $2,853,716 31,715 0.18% Shares
Financial Engines Advisors L.L.C. $2,833,452 31,490 0.18% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $2,807,000 31,200 0.17% Shares
CITADEL ADVISORS LLC $2,779,482 30,890 0.17% Shares
XTX Topco Ltd $2,686,803 29,860 0.17% Shares
Cetera Investment Advisers $2,541,258 28,242 0.16% Shares
AlphaQuest LLC $2,470,038 30,566 0.15% Shares
PDT Partners, LLC $2,429,460 27,000 0.15% Shares
Mariner, LLC $2,381,677 26,469 0.15% Shares
COMMONWEALTH EQUITY SERVICES, LLC $2,318,580 25,768 0.14% Shares
JOHN G ULLMAN & ASSOCIATES INC $2,289,991 25,450 0.14% Shares
RENAISSANCE TECHNOLOGIES LLC $2,097,434 23,310 0.13% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $2,075,569 23,067 0.13% Shares
MetLife Investment Management, LLC $2,049,654 22,779 0.13% Shares
OneAscent Financial Services LLC $2,035,799 22,625 0.13% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $1,982,169 22,029 0.12% Shares
ALPS ADVISORS INC $1,914,414 21,276 0.12% Shares
Illinois Municipal Retirement Fund $1,887,690 20,979 0.12% Shares
WINTON GROUP Ltd $1,794,741 19,946 0.11% Shares
State of New Jersey Common Pension Fund D $1,778,995 19,771 0.11% Shares
OCCUDO QUANTITATIVE STRATEGIES LP $1,771,886 19,692 0.11% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $1,760,369 19,564 0.11% Shares
Quantinno Capital Management LP $1,674,006 18,604 0.10% Shares
Louisiana State Employees Retirement System $1,655,632 18,400 0.10% Shares
VIRGINIA RETIREMENT SYSTEMS ET Al $1,652,888 20,454 0.10% Shares
FEDERATED HERMES, INC. $1,620,810 18,013 0.10% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $1,620,540 18,010 0.10% Shares
FIFTH THIRD BANCORP $1,592,376 17,697 0.10% Shares
RAYMOND JAMES FINANCIAL INC $1,590,248 17,673 0.10% Shares
Engineers Gate Manager LP $1,585,628 17,622 0.10% Shares
NewEdge Advisors, LLC $1,542,847 17,147 0.10% Shares
CAPSTONE INVESTMENT ADVISORS, LLC $1,512,924 16,814 0.09% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $1,481,629 16,655 0.09% Shares
Focus Financial Network, Inc. $1,471,886 16,358 0.09% Shares
UBS Group AG $1,464,155 16,272 0.09% Shares
Vanguard Global Advisers, LLC $1,455,786 16,179 0.09% Shares
Nebula Research & Development LLC $1,445,977 18,757 0.09% Shares
Holocene Advisors, LP $1,406,837 15,635 0.09% Shares

Company insiders 24 insiders · 8 officers · 13 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Edward J Mcintyre CEO July 1, 2015 F 61,875 0 0 $0
Kevin G Moug CFO & Sr VP Aug. 16, 2016 S 45,532 0 0 $0
Lauris N Molbert COO & Exec Vice Pres Dec. 30, 2010 A 88,075 0 0 $0
Timothy J Rogelstad Sr VP, Elect Plat; Pres OTP April 8, 2016 M 4,659 0 0 $0
John S Abbott Pres Varistar, Sr VP, M/I Plat Feb. 6, 2016 M 274 0 0 $0
George A Koeck Sr VP, Gen Coun & Corp Sec Feb. 6, 2016 M 10,535 0 0 $0
Shane N Waslaski Pres-Varistar, Sr VP-OTC April 14, 2014 A 10,468 0 0 $0
Michelle L Kommer VP of Human Resources April 11, 2011 A 2,044 0 0 $0
John D Erickson Director April 13, 2026 A 3,133 0 0 $0
Nathan I Partain Director April 13, 2026 A 10,969 0 0 $0
Thomas J Webb Director April 13, 2026 A 17,600 0 0 $0
Timothy J O'Keefe Director April 11, 2016 A 6,900 0 0 $0
Joyce Nelson Schuette Director April 11, 2016 A 29,332 0 0 $0
Karen Bohn Director April 11, 2016 A 30,950 0 0 $0
James B Stake Director April 11, 2016 A 29,596 0 0 $0
Steven L Fritze Director April 11, 2016 A 12,233 0 0 $0
Gary J Spies Director June 30, 2014 A 38,025 0 0 $0
Arvid R Liebe Director June 28, 2013 A 20,847 0 0 $0
Mark W Olson Director June 7, 2013 A 4,138 0 0 $0
John C Macfarlane Director March 26, 2012 S 64,270 0 0 $0
Paul L Knutson Aug. 11, 2026 S 0 0 3 $-394,044
Steven P Rasche April 13, 2026 A 2,000 0 0 $0
Charles S Macfarlane Feb. 10, 2026 A 251,597 0 0 $0
Kathryn O Johnson April 11, 2016 A 9,352 0 0 $0

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

Activists & 5%+ owners 2 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
Cascade Investment, L.L.C., William H. Gates III ×9 filings Oct. 3, 2024 Initial filing SEC
July 16, 2012 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 76 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
PSCU · Invesco Exchange-Traded Fund Trust … 3.93% 7,364 SH Aug. 8, 2026 Daily
SCAP · Series Portfolios Trust 2.94% 6,924 NS May 31, 2026 N-PORT
SMDV · ProShares Trust 0.92% 69,364 NS May 31, 2026 N-PORT
XSLV · Invesco Exchange-Traded Fund Trust … 0.91% 24,200 SH Aug. 8, 2026 Daily
XSHD · Invesco Exchange-Traded Fund Trust … 0.84% 6,552 SH Aug. 8, 2026 Daily
TBLU · Tortoise Capital Series Trust 0.58% 3,534 NS May 31, 2026 N-PORT
FSCC · Federated Hermes ETF Trust 0.53% 16,955 NS May 31, 2026 N-PORT
SDVD · First Trust Exchange-Traded Fund IV 0.42% 39,558 NS April 30, 2026 N-PORT
SIXL · EXCHANGE TRADED CONCEPTS TRUST 0.42% 9,139 NS May 31, 2026 N-PORT
SVAL · iShares Trust 0.39% 8,823 SH Aug. 8, 2026 Daily
FYT · First Trust Exchange-Traded AlphaDE… 0.35% 7,281 NS April 30, 2026 N-PORT
QIDX · Spinnaker ETF Series 0.31% 1,347 NS April 30, 2026 N-PORT
ROSC · Lattice Strategies Trust 0.26% 1,626 NS April 30, 2026 N-PORT
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.25% 16,569 NS April 30, 2026 N-PORT
EBIT · Harbor ETF Trust 0.24% 310 NS April 30, 2026 N-PORT
QVMS · Invesco Exchange-Traded Fund Trust … 0.24% 6,470 SH Aug. 8, 2026 Daily
IWN · iShares Trust 0.23% 365,684 SH Aug. 8, 2026 Daily
FYX · First Trust Exchange-Traded AlphaDE… 0.23% 31,640 NS April 30, 2026 N-PORT
IJS · iShares Trust 0.23% 205,500 SH Aug. 8, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.23% 34,149 SH Aug. 8, 2026 Daily
VIOV · VANGUARD ADMIRAL FUNDS 0.22% 48,998 SH Aug. 8, 2026 Daily
VPU · VANGUARD WORLD FUND 0.22% 258,489 SH Aug. 8, 2026 Daily
IJR · iShares Trust 0.21% 2,561,403 SH Aug. 8, 2026 Daily
FUTY · FIDELITY COVINGTON TRUST 0.21% 57,693 NS April 30, 2026 N-PORT
VIOO · VANGUARD ADMIRAL FUNDS 0.20% 146,778 SH Aug. 8, 2026 Daily
OUSM · ALPS ETF Trust 0.20% 20,015 NS May 31, 2026 N-PORT
IJT · iShares Trust 0.20% 175,074 SH Aug. 8, 2026 Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.19% 15,989 NS April 30, 2026 N-PORT
VIOG · VANGUARD ADMIRAL FUNDS 0.19% 22,489 SH Aug. 8, 2026 Daily
AVSC · AMERICAN CENTURY ETF TRUST 0.16% 52,789 NS May 31, 2026 N-PORT
SAA · ProShares Trust 0.16% 502 NS May 31, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.15% 1,361 NS April 30, 2026 N-PORT
HSMV · First Trust Exchange-Traded Fund III 0.15% 501 NS April 30, 2026 N-PORT
FSMD · FIDELITY COVINGTON TRUST 0.13% 33,620 NS April 30, 2026 N-PORT
ISCV · iShares Trust 0.12% 9,084 SH Aug. 8, 2026 Daily
IWM · iShares Trust 0.11% 988,209 SH Aug. 8, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.11% 225,256 SH Aug. 8, 2026 Daily
RSSL · Global X Funds 0.10% 16,691 NS April 30, 2026 N-PORT
FNDA · SCHWAB STRATEGIC TRUST 0.10% 105,048 NS May 31, 2026 N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust 0.10% 29,735 SH Aug. 8, 2026 Daily
RWJ · Invesco Exchange-Traded Fund Trust … 0.09% 19,053 SH Aug. 8, 2026 Daily
ITWO · ProShares Trust 0.08% 1,815 NS May 31, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.08% 127,338 NS April 30, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.08% 611,248 SH Aug. 8, 2026 Daily
SCHA · SCHWAB STRATEGIC TRUST 0.08% 201,704 NS May 31, 2026 N-PORT
FAB · First Trust Exchange-Traded AlphaDE… 0.07% 1,133 NS April 30, 2026 N-PORT
AFSM · First Trust Exchange-Traded Fund VI… 0.07% 778 NS May 31, 2026 N-PORT
SMLF · iShares Trust 0.06% 28,852 SH Aug. 8, 2026 Daily
GSSC · Goldman Sachs ETF Trust 0.06% 7,078 NS May 31, 2026 N-PORT
ISCB · iShares Trust 0.06% 1,865 SH Aug. 8, 2026 Daily