PAHC Phibro Animal Health Corporation - Class A Common Stock
$36.04
Price · Aug 19, 2026
Fundamentals as of May 6, 2026
52W Range
$28–$60
24% of range
Analyst Rating
HOLD
10 analysts
Price Target
$45
+25% upside
P/E (TTM)
21.5
ROE
17.8%
Net Profit Margin
3.7%
PAHC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$36.04
Market Cap
—
P/E (TTM)
21.5
EPS (TTM)
$1.19
Revenue (TTM)
$1.30B
Div Yield
—
ROE
17.8%
Debt/Equity
—
52W Range
$28 – $60
PAHC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.30B
2018-06-30
→
2025-06-30
EPS
$1.19
2018-06-30
→
2025-06-30
Free Cash Flow
$42M
2020-06-30
→
2025-06-30
Margins
3.7%
2020-06-30
→
2025-06-30
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PAHC
Peer Median
P/E (TTM)
21.5
22.4
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PAHC
Peer Median
Gross Margin
30.9%
76.5%
Operating Margin
8.5%
—
Net Profit Margin
3.7%
4.8%
ROA
4.1%
4.2%
ROE
17.8%
36.0%
ROIC
27.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PAHC
Peer Median
Current Ratio
2.8
3.1
Quick Ratio
1.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PAHC
Peer Median
Revenue YoY
27.4%
—
Revenue CAGR 3Y
11.2%
—
Revenue CAGR 5Y
10.1%
—
EPS YoY
1883.3%
—
Net Income YoY
1897.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PAHC
Peer Median
Payout Ratio
40.3%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
40.3%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 3, 2026 | $0.1200 |
| March 4, 2026 | $0.1200 |
| Nov. 26, 2025 | $0.1200 |
| Sept. 3, 2025 | $0.1200 |
| June 4, 2025 | $0.1200 |
| March 5, 2025 | $0.1200 |
| Nov. 27, 2024 | $0.1200 |
| Sept. 4, 2024 | $0.1200 |
| June 5, 2024 | $0.1200 |
| March 5, 2024 | $0.1200 |
| Nov. 28, 2023 | $0.1200 |
| Sept. 5, 2023 | $0.1200 |
| June 6, 2023 | $0.1200 |
| Feb. 28, 2023 | $0.1200 |
| Nov. 29, 2022 | $0.1200 |
| Sept. 6, 2022 | $0.1200 |
| May 31, 2022 | $0.1200 |
| March 1, 2022 | $0.1200 |
| Nov. 23, 2021 | $0.1200 |
| Aug. 31, 2021 | $0.1200 |
PAHC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
10 analysts
- Strong Buy 0 0.0%
- Buy 1 10.0%
- Hold 5 50.0%
- Sell 2 20.0%
- Strong Sell 2 20.0%
12-Month Price Target
5 analysts · 2026-08-19
Median
$44.00
Now
$36.04
Low
$35.00
High
$58.00
Median target
$44.00
+22.1%
Mean target
$45.00
+24.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.09%
Next Report
Sep 02, 2026
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $0.76 | $0.73 | 0.03% |
| Dec. 31, 2025 | $0.87 | $0.68 | 0.19% |
| Sept. 30, 2025 | $0.73 | $0.64 | 0.10% |
| June 30, 2025 | $0.57 | $0.53 | 0.04% |
| March 31, 2025 | $0.63 | $0.53 | 0.10% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PAHC | — | 21.5 | 27.4% | 3.7% | 17.8% | 30.9% |
| MAZE | $2.04B | -13.6 | — | — | -598.9% | — |
| HROW | $1.82B | -350.0 | 36.4% | -1.9% | -8.4% | 75.0% |
| LBRX | $563M | -7.1 | — | — | -25.5% | — |
| INVA | — | 6.1 | 14.7% | — | — | — |
| XERS | $1.30B | — | 43.7% | 0.19% | -19.7% | — |
| ANRO | $568M | -8.1 | — | — | -46.1% | — |
| OMER | $1.23B | -343.6 | — | — | 1.9% | — |
| SPTX | — | — | — | — | — | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.30B | $1.02B | $978M | $942M | $833M | $800M | $828M | $820M | |
| Cost of Revenue | $896M | $705M | $680M | $657M | $562M | $543M | $563M | $553M | |
| Gross Profit | $400M | $313M | $298M | $285M | $271M | $257M | $265M | $267M | |
| R&D Expense | $24M | $29M | $24M | $21M | $18M | $14M | $12M | $10M | |
| SG&A Expense | $289M | $260M | $226M | $206M | $197M | $188M | $181M | $168M | |
| Operating Income | $110M | $53M | $72M | $79M | $75M | $69M | $83M | $99M | |
| Interest Expense | · | · | $19M | $13M | $14M | $15M | $14M | $14M | |
| Pretax Income | $68M | $11M | $54M | $72M | $66M | $56M | $72M | $88M | |
| Income Tax | $20M | $8M | $21M | $23M | $12M | $22M | $17M | $23M | |
| Net Income | $48M | $2M | $33M | $49M | $54M | $34M | $55M | $65M | |
| EPS (Basic) | $1.19 | $0.06 | $0.81 | $1.21 | $1.34 | $0.83 | $1.35 | $1.61 | |
| EPS (Diluted) | $1.19 | $0.06 | $0.81 | $1.21 | $1.34 | $0.83 | $1.35 | $1.61 | |
| Shares (Basic) | 40,515,000 | 40,504,000 | 40,504,000 | 40,504,000 | 40,473,000 | 40,454,000 | 40,412 | 40,181 | |
| Shares (Diluted) | 40,678,000 | 40,523,000 | 40,504,000 | 40,504,000 | 40,504,000 | 40,504,000 | 40,523 | 40,385 | |
| EBITDA | $156M | $89M | $106M | $112M | $107M | $102M | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $68M | $71M | $41M | $74M | $50M | $36M | $58M | $29M | |
| Short-term Investments | $9M | $44M | $40M | $17M | $43M | $55M | $24M | · | |
| Receivables | $228M | $169M | $163M | $167M | $147M | $127M | $159M | · | |
| Inventory | $444M | $266M | $278M | $259M | $216M | $197M | $198M | · | |
| Other Current Assets | $61M | $51M | $63M | $49M | $43M | $37M | $27M | · | |
| Current Assets | $811M | $601M | $586M | $566M | $499M | $452M | $466M | · | |
| PP&E (Net) | $355M | $203M | $196M | $165M | $155M | $148M | $140M | · | |
| PP&E (Gross) | $634M | $449M | $459M | $406M | $378M | $347M | $333M | · | |
| Accum. Depreciation | $279M | $245M | $264M | $241M | $223M | $199M | $193M | · | |
| Goodwill | $60M | $55M | $53M | $53M | $53M | $53M | $27M | $27M | |
| Intangibles | $36M | $45M | $55M | $64M | $62M | $71M | $47M | · | |
| Other Non-current Assets | $99M | $78M | $82M | $83M | $73M | $60M | $45M | · | |
| Total Assets | $1.36B | $982M | $971M | $932M | $841M | $784M | $727M | · | |
| Accounts Payable | $138M | $86M | $74M | $96M | $68M | $66M | $73M | · | |
| Accrued Liabilities | · | · | · | · | $86M | $72M | $68M | · | |
| Current Liabilities | $293M | $204M | $176M | $191M | $164M | $157M | $154M | · | |
| Capital Leases | $34M | $30M | $29M | $32M | $28M | $17M | · | · | |
| Deferred Tax | $4M | $667.0K | $2M | $1M | $945.0K | $12M | $9M | · | |
| Other Non-current Liabilities | $79M | $63M | $60M | $60M | $56M | $70M | $43M | · | |
| Total Liabilities | $1.08B | $726M | $689M | $669M | $603M | $596M | $511M | · | |
| Long-term Debt | $632M | $312M | $334M | $288M | · | · | · | · | |
| Total Debt | · | $312M | $334M | · | · | · | · | · | |
| Retained Earnings | $273M | $244M | $261M | $248M | $218M | $183M | $169M | · | |
| AOCI | $-124M | $-124M | $-114M | $-121M | $-115M | $-130M | $-86M | · | |
| Stockholders' Equity | $286M | $257M | $283M | $262M | $239M | $188M | $216M | $185M | |
| Liabilities + Equity | $1.36B | $982M | $971M | $932M | $841M | $784M | $727M | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $46M | $36M | $34M | $33M | $32M | $32M | $28M | $27M | |
| Stock-based Comp | $717.0K | $475.0K | · | · | $1M | $2M | $2M | $334.0K | |
| Deferred Tax | $-5M | $-12M | $-3M | $-803.0K | $-2M | $8M | $-105.0K | $6M | |
| Amort. of Intangibles | $8M | $10M | $10M | $9M | $9M | $9M | $6M | $6M | |
| Restructuring | · | $366.0K | · | · | · | $425.0K | · | · | |
| Other Non-cash | $-10M | $61M | $-50M | $-49M | $-37M | $-17M | · | · | |
| Operating Cash Flow | $80M | $88M | $13M | $32M | $48M | $59M | $47M | $70M | |
| CapEx | $38M | $41M | $52M | $37M | $29M | $34M | $30M | $19M | |
| Investing Cash Flow | $-289M | $-48M | $-74M | $-23M | $-19M | $-120M | $-14M | $-85M | |
| Stock Issued | · | · | · | · | · | · | $1M | $6M | |
| Dividends Paid | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $16M | |
| Financing Cash Flow | $207M | $-7M | $27M | $16M | $-17M | $41M | $-4M | $-12M | |
| Net Change in Cash | $-3M | $29M | $-33M | $24M | $14M | $-21M | $28M | $-27M | |
| Taxes Paid | $13M | $15M | $20M | $18M | $19M | $21M | $16M | $15M | |
| Free Cash Flow | $42M | $46M | $-38M | $-5M | $19M | $25M | · | · | |
| Levered FCF | · | · | $-50M | $-14M | $8M | $16M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.9% | 30.8% | 30.5% | 30.3% | 32.6% | 32.1% | · | · | |
| Operating Margin | 8.5% | 5.2% | 7.3% | 8.4% | 9.0% | 8.6% | · | · | |
| Net Margin | 3.7% | 0.24% | 3.3% | 5.2% | 6.5% | 4.2% | · | · | |
| Pretax Margin | 5.2% | 1.1% | 5.5% | 7.7% | 8.0% | 6.9% | · | · | |
| EBITDA Margin | 12.0% | 8.8% | 10.8% | 11.8% | 12.8% | 12.7% | · | · | |
| ROA | 4.1% | 0.25% | 3.4% | 5.5% | 6.7% | 4.4% | · | · | |
| ROE | 17.8% | 0.90% | 12.0% | 19.6% | 23.9% | 17.5% | · | · | |
| ROIC | 27.5% | 2.1% | 7.0% | 20.5% | 25.7% | 22.2% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.8 | 2.9 | 3.3 | 3.0 | 3.0 | 2.9 | · | · | |
| Quick Ratio | 1.0 | 1.4 | 1.4 | 1.4 | 1.5 | 1.4 | · | · | |
| Debt / Equity | · | 1.2 | 1.2 | · | · | · | · | · | |
| LT Debt / Equity | · | 1.1 | 1.1 | · | · | · | · | · | |
| Interest Coverage | · | · | 3.8 | 6.2 | 5.5 | 4.7 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.0 | 1.0 | 1.1 | 1.0 | 1.1 | · | · | |
| Inventory Turnover | 2.5 | 2.6 | 2.5 | 2.8 | 2.7 | 2.8 | · | · | |
| Receivables Turnover | 6.5 | 6.1 | 5.9 | 6.0 | 6.1 | 5.6 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 27.4% | 4.1% | 3.8% | 13.1% | 4.1% | · | · | · | |
| Revenue CAGR 3Y | 11.2% | 6.9% | 6.9% | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.1% | · | · | · | · | · | · | · | |
| EPS YoY | 1883.3% | -92.6% | -33.1% | -9.7% | 61.5% | · | · | · | |
| EPS CAGR 3Y | -0.55% | -64.5% | -0.81% | · | · | · | · | · | |
| EPS CAGR 5Y | 7.5% | · | · | · | · | · | · | · | |
| Net Income YoY | 1897.7% | -92.6% | -33.7% | -9.6% | 62.1% | · | · | · | |
| Net Income CAGR 3Y | -0.62% | -64.6% | -0.95% | · | · | · | · | · | |
| Net Income CAGR 5Y | 7.5% | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 0.03% | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.30B | $1.02B | $978M | $942M | $833M | $800M | $828M | $820M | |
| Net Income TTM | $48M | $2M | $33M | $49M | $54M | $34M | $55M | $65M | |
| P/E | 21.5 | 279.5 | 16.9 | 15.8 | 21.6 | 31.7 | 23.5 | 28.6 | |
| Earnings Yield | 4.7% | 0.36% | 5.9% | 6.3% | 4.6% | 3.2% | 4.2% | 3.5% | |
| Payout Ratio | 40.3% | 804.7% | 59.6% | 39.5% | 35.7% | 57.9% | · | · | |
| Annual Payout | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $16M |
Income Statement 14
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $384M | $374M | $364M | $379M | $348M | $309M | $260M | $273M | $263M | $250M | $231M | $255M | $246M | $245M | $233M | $255M | |
| Cost of Revenue | $258M | $241M | $244M | $269M | $243M | $207M | $177M | $186M | $184M | $171M | $164M | $178M | $170M | $167M | $164M | $177M | |
| Gross Profit | $126M | $133M | $120M | $110M | $105M | $102M | $83M | $87M | $80M | $79M | $68M | $77M | $76M | $77M | $69M | $78M | |
| SG&A Expense | $81M | $82M | $69M | $76M | $71M | $76M | $66M | $69M | $60M | $63M | $68M | $53M | $57M | $62M | $55M | $56M | |
| Operating Income | $45M | $50M | $51M | $34M | $34M | $26M | $18M | $18M | $20M | $16M | $-726.0K | $24M | $19M | $16M | $14M | $23M | |
| Interest Expense | · | · | · | · | · | · | · | · | $6M | $6M | $6M | · | $5M | $5M | $4M | · | |
| Pretax Income | $32M | $36M | $36M | $24M | $30M | $5M | $10M | $6M | $13M | $4M | $-12M | $21M | $15M | $12M | $5M | $12M | |
| Income Tax | $8M | $9M | $10M | $7M | $9M | $2M | $3M | $6M | $5M | $2M | $-4M | $10M | $5M | $5M | $2M | $5M | |
| Net Income | $24M | $27M | $27M | $17M | $21M | $3M | $7M | $752.0K | $8M | $1M | $-8M | $11M | $10M | $7M | $4M | $7M | |
| EPS (Basic) | $0.59 | $0.68 | $0.65 | $0.42 | $0.52 | $0.08 | $0.17 | $0.02 | $0.21 | $0.03 | $-0.20 | $0.28 | $0.25 | $0.18 | $0.10 | $0.18 | |
| EPS (Diluted) | $0.59 | $0.67 | $0.65 | $0.43 | $0.51 | $0.08 | $0.17 | $0.02 | $0.21 | $0.03 | $-0.20 | $0.28 | $0.25 | $0.18 | $0.10 | $0.18 | |
| Shares (Basic) | 40,551,000 | 40,534,000 | 40,534,000 | -81,013,000 | 40,520,000 | 40,504,000 | 40,504,000 | -81,008,000 | 40,504,000 | 40,504,000 | 40,504,000 | -81,008,000 | 40,504,000 | 40,504,000 | 40,504,000 | -81,008,000 | |
| Shares (Diluted) | 41,037,000 | 40,956,000 | 40,877,000 | -81,328,000 | 40,709,000 | 40,715,000 | 40,582,000 | -81,005,000 | 40,520,000 | 40,504,000 | 40,504,000 | -81,008,000 | 40,504,000 | 40,504,000 | 40,504,000 | -81,008,000 | |
| EBITDA | $57M | $63M | $64M | · | $46M | $37M | $27M | · | $29M | $25M | $8M | · | $27M | $24M | $22M | · |
Balance Sheet 26
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $55M | $55M | $73M | $68M | $60M | $67M | $52M | $71M | $50M | $33M | $43M | · | $37M | $68M | $76M | · | |
| Short-term Investments | $23M | $19M | $13M | $9M | $10M | $0 | $38M | $44M | $49M | $60M | $48M | · | $40M | $10M | $10M | · | |
| Receivables | $222M | $216M | $218M | $228M | $198M | $192M | $161M | $169M | $161M | $151M | $149M | · | $153M | $152M | $143M | · | |
| Inventory | $540M | $517M | $472M | $444M | $448M | $427M | $273M | $266M | $282M | $287M | $279M | · | $293M | $289M | $281M | · | |
| Other Current Assets | $55M | $54M | $61M | $61M | $60M | $60M | $48M | $51M | $55M | $57M | $65M | · | $63M | $62M | $60M | · | |
| Current Assets | $894M | $862M | $836M | $811M | $776M | $746M | $571M | $601M | $597M | $587M | $584M | · | $585M | $582M | $570M | · | |
| PP&E (Net) | $359M | $355M | $355M | $355M | $336M | $338M | $206M | $203M | $202M | $201M | $193M | · | $189M | $186M | $179M | · | |
| PP&E (Gross) | · | · | · | $634M | · | · | · | $449M | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | · | $279M | · | · | · | $245M | · | · | · | · | · | · | · | · | |
| Goodwill | $60M | $60M | $60M | $60M | $55M | $55M | $55M | $55M | $55M | $55M | $53M | $53M | $53M | $53M | $53M | $53M | |
| Intangibles | $32M | $33M | $35M | $36M | $38M | $40M | $43M | $45M | $48M | $51M | $52M | · | $57M | $59M | $61M | · | |
| Other Non-current Assets | $100M | $95M | $100M | $99M | $113M | $107M | $92M | $78M | $77M | $80M | $81M | · | $81M | $82M | $85M | · | |
| Total Assets | $1.45B | $1.41B | $1.39B | $1.36B | $1.32B | $1.29B | $966M | $982M | $979M | $973M | $965M | · | $965M | $962M | $948M | · | |
| Accounts Payable | $130M | $133M | $131M | $138M | $132M | $99M | $87M | $86M | $83M | $86M | $77M | · | $76M | $80M | $88M | · | |
| Short-term Debt | · | · | · | · | · | · | · | · | $2M | · | · | · | · | · | · | · | |
| Current Liabilities | $282M | $282M | $270M | $293M | $266M | $233M | $177M | $204M | $189M | $188M | $172M | · | $165M | $168M | $172M | · | |
| Capital Leases | $43M | $33M | $33M | $34M | $34M | $28M | $30M | $30M | $30M | $31M | $29M | · | $30M | $30M | $30M | · | |
| Deferred Tax | · | · | · | $4M | · | · | · | $667.0K | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $89M | $80M | $79M | $79M | $74M | $69M | $64M | $63M | $64M | $65M | $60M | · | $62M | $65M | $61M | · | |
| Total Liabilities | $1.08B | $1.07B | $1.07B | $1.08B | $1.05B | $1.04B | $708M | $726M | $709M | $702M | $691M | · | $693M | $693M | $686M | · | |
| Long-term Debt | $621M | $624M | $628M | · | $635M | $639M | $295M | · | · | $324M | $329M | · | $288M | $292M | $296M | · | |
| Total Debt | $621M | $624M | $628M | · | $635M | $639M | $295M | · | $293M | $324M | $329M | · | $288M | $292M | $296M | · | |
| Retained Earnings | $336M | $317M | $294M | $273M | $260M | $244M | $246M | $244M | $248M | $244M | $248M | · | $254M | $249M | $247M | · | |
| AOCI | $-112M | $-122M | $-120M | $-124M | $-131M | $-134M | $-124M | $-124M | $-114M | $-110M | $-111M | · | $-118M | $-117M | $-120M | · | |
| Stockholders' Equity | $362M | $332M | $312M | $286M | $266M | $247M | $259M | $257M | $270M | $271M | $273M | · | $272M | $268M | $263M | · | |
| Liabilities + Equity | $1.45B | $1.41B | $1.39B | $1.36B | $1.32B | $1.29B | $966M | $982M | $979M | $973M | $965M | · | $965M | $962M | $948M | · |
Cash Flow 13
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $12M | $13M | $13M | $12M | $13M | $12M | $9M | $9M | $9M | $9M | $9M | $9M | $8M | $8M | $8M | $8M | |
| Stock-based Comp | $411.0K | $434.0K | $339.0K | $179.0K | $179.0K | $180.0K | $179.0K | $179.0K | $135.0K | $80.0K | $81.0K | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-683.0K | |
| Amort. of Intangibles | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | · | $-30M | · | · | · | $-4M | · | · | · | $15M | · | · | · | $-23M | · | |
| Operating Cash Flow | $16M | $19M | $9M | $21M | $43M | $3M | $13M | $28M | $11M | $32M | $16M | $20M | $6M | $-2M | $-11M | $2M | |
| CapEx | $15M | $11M | $14M | $13M | $8M | $8M | $10M | $13M | $10M | $11M | $7M | $11M | $8M | $10M | $23M | $12M | |
| Investing Cash Flow | $-17M | $-17M | $-21M | $-7M | $-18M | $-260M | $-3M | $-9M | $1M | $-25M | $-15M | $-10M | $-38M | $-10M | $-16M | $-10M | |
| Dividends Paid | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | |
| Financing Cash Flow | $-2M | $-19M | $16M | $-8M | $-32M | $276M | $-29M | $2M | $5M | $-15M | $1M | $-6M | $284.0K | $4M | $29M | $12M | |
| Net Change in Cash | $-557.0K | $-17M | $5M | $8M | $-7M | $15M | $-19M | $20M | $17M | $-10M | $2M | $4M | $-31M | $-8M | $2M | $4M | |
| Free Cash Flow | · | · | $-5M | · | · | · | $3M | · | · | · | $9M | · | · | · | $-34M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | $5M | · | · | · | $-37M | · |
Profitability 8
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.8% | 35.5% | 32.9% | · | 30.1% | 32.9% | 32.1% | · | 30.2% | 31.4% | 29.3% | · | 30.8% | 31.6% | 29.5% | · | |
| Operating Margin | 11.6% | 13.5% | 14.1% | · | 9.6% | 8.3% | 6.8% | · | 7.6% | 6.3% | -0.31% | · | 7.5% | 6.5% | 5.9% | · | |
| Net Margin | 6.3% | 7.3% | 7.3% | · | 6.0% | 1.0% | 2.7% | · | 3.2% | 0.51% | -3.5% | · | 4.1% | 2.9% | 1.7% | · | |
| Pretax Margin | 8.4% | 9.7% | 10.0% | · | 8.5% | 1.6% | 3.7% | · | 4.9% | 1.4% | -5.2% | · | 6.2% | 5.0% | 2.3% | · | |
| EBITDA Margin | 14.9% | 16.9% | 17.6% | · | 13.3% | 12.0% | 10.2% | · | 11.1% | 9.8% | 3.5% | · | 11.0% | 10.0% | 9.5% | · | |
| ROA | 1.7% | 2.0% | 2.3% | · | 1.8% | 0.28% | 0.72% | · | 0.86% | 0.13% | -0.84% | · | 1.1% | 0.80% | 0.43% | · | |
| ROE | 7.6% | 9.5% | 9.3% | · | 7.8% | 1.2% | 2.6% | · | 3.1% | 0.47% | -3.0% | · | 3.7% | 2.8% | 1.6% | · | |
| ROIC | 3.4% | 4.0% | 4.0% | · | 2.6% | 1.9% | 2.3% | · | 2.3% | 0.94% | -0.08% | · | 2.2% | 1.7% | 1.7% | · |
Liquidity & Solvency 5
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.1 | 3.1 | · | 2.9 | 3.2 | 3.2 | · | 3.2 | 3.1 | 3.4 | · | 3.5 | 3.5 | 3.3 | · | |
| Quick Ratio | 1.1 | 1.0 | 1.1 | · | 1.0 | 1.1 | 1.4 | · | 1.4 | 1.3 | 1.4 | · | 1.4 | 1.4 | 1.3 | · | |
| Debt / Equity | 1.7 | 1.9 | 2.0 | · | 2.4 | 2.6 | 1.1 | · | 1.1 | 1.2 | 1.2 | · | 1.1 | 1.1 | 1.1 | · | |
| LT Debt / Equity | 1.7 | 1.8 | 2.0 | · | 2.3 | 2.5 | 1.1 | · | 1.1 | 1.1 | 1.1 | · | 1.0 | 1.0 | 1.1 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | 3.5 | 2.7 | -0.1 | · | 3.8 | 3.4 | 3.7 | · |
Efficiency 3
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | |
| Inventory Turnover | 0.5 | 0.5 | 0.7 | · | 0.7 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.7 | · | |
| Receivables Turnover | 1.8 | 1.8 | 1.9 | · | 1.9 | 1.8 | 1.7 | · | 1.7 | 1.7 | 1.6 | · | 1.6 | 1.7 | 1.6 | · |
Valuation (TTM) 5
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.47B | $1.39B | $1.28B | · | $1.18B | $1.08B | $1.00B | · | $990M | $972M | $954M | · | $962M | $949M | $920M | · | |
| Net Income TTM | $99M | $78M | $58M | · | $39M | $20M | $9M | · | $12M | $11M | $13M | · | $39M | $46M | $46M | · | |
| P/E | 22.9 | 19.6 | 28.7 | · | 22.0 | 42.9 | 107.2 | · | 44.6 | 44.5 | 38.7 | · | 15.8 | 11.7 | 11.8 | · | |
| Earnings Yield | 4.4% | 5.1% | 3.5% | · | 4.5% | 2.3% | 0.93% | · | 2.2% | 2.2% | 2.6% | · | 6.3% | 8.6% | 8.5% | · | |
| Payout Ratio | · | · | 18.3% | · | · | · | 69.7% | · | · | · | -60.6% | · | · | · | 126.0% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Revenue | $1.30B | $1.02B | $978M | $942M | $833M |
| Gross Margin % | 30.9% | 30.8% | 30.5% | 30.3% | 32.6% |
| Operating Margin % | 8.5% | 5.2% | 7.3% | 8.4% | 9.0% |
| Net Income | $48M | $2M | $33M | $49M | $54M |
| Diluted EPS | $1.19 | $0.06 | $0.81 | $1.21 | $1.34 |
Balance Sheet
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 1.2 | 1.2 | — | — |
| Current Ratio | 2.8 | 2.9 | 3.3 | 3.0 | 3.0 |
| Quick Ratio | 1.0 | 1.4 | 1.4 | 1.4 | 1.5 |
Cash Flow
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $42M | $46M | $-38M | $-5M | $19M |
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Institutional owners (13F) 224 filers · $456.9M 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 |
|---|---|---|---|---|
| 41 (-24 vs prior Q) | 78 (+55 vs prior Q) | 70 (-9 vs prior Q) | 76 (-5 vs prior Q) | +878K |
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 |
|---|---|---|---|---|
| FMR LLC | $68,373,531 | 2,177,501 | 14.97% | Shares |
| VANGUARD GROUP INC | $51,068,393 | 1,366,927 | 11.18% | Shares |
| STATE STREET CORP | $32,605,195 | 1,038,382 | 7.14% | Shares |
| MILLENNIUM MANAGEMENT LLC | $29,412,411 | 936,701 | 6.44% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,992,185 | 923,318 | 6.35% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $18,243,563 | 580,898 | 3.99% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $15,966,460 | 508,486 | 3.49% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $15,153,766 | 482,604 | 3.32% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $15,087,700 | 480,500 | 3.30% | Shares |
| CastleKnight Management LP | $14,485,511 | 461,322 | 3.17% | Shares |
| Dana Investment Advisors, Inc. | $12,179,024 | 387,867 | 2.67% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $9,768,540 | 311,100 | 2.14% | Shares |
| Ranger Investment Management, L.P. | $9,181,674 | 292,410 | 2.01% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,191,035 | 260,861 | 1.79% | Shares |
| Allspring Global Investments Holdings, LLC | $7,982,948 | 254,234 | 1.75% | Shares |
| HENNESSY ADVISORS INC | $6,961,380 | 221,700 | 1.52% | Shares |
| CRAWFORD INVESTMENT COUNSEL INC | $6,445,038 | 205,256 | 1.41% | Shares |
| GLOBEFLEX CAPITAL L P | $5,941,665 | 189,224 | 1.30% | Shares |
| Qube Research & Technologies Ltd | $5,687,388 | 181,127 | 1.24% | Shares |
| KEYBANK NATIONAL ASSOCIATION/OH | $5,011,300 | 159,596 | 1.10% | Shares |
| ALGERT GLOBAL LLC | $4,747,931 | 151,208 | 1.04% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,737,569 | 150,878 | 1.04% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $4,095,753 | 130,438 | 0.90% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $3,210,153 | 102,233 | 0.70% | Shares |
| Cardinal Capital Management | $3,131,303 | 99,723 | 0.69% | Shares |
| MORGAN STANLEY | $2,780,171 | 88,540 | 0.61% | Shares |
| GOLDMAN SACHS GROUP INC | $2,340,996 | 74,554 | 0.51% | Shares |
| Public Sector Pension Investment Board | $2,272,041 | 72,358 | 0.50% | Shares |
| LPL Financial LLC | $2,122,215 | 67,586 | 0.46% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $2,106,406 | 67,083 | 0.46% | Shares |
| DENALI ADVISORS LLC | $1,798,498 | 57,277 | 0.39% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,716,387 | 54,662 | 0.38% | Shares |
| RHUMBLINE ADVISERS | $1,683,431 | 53,613 | 0.37% | Shares |
| Engineers Gate Manager LP | $1,661,500 | 52,914 | 0.36% | Shares |
| JANE STREET GROUP, LLC | $1,510,340 | 48,100 | 0.33% | Put option |
| CVFG LLC | $1,446,284 | 46,060 | 0.32% | Shares |
| AMERIPRISE FINANCIAL INC | $1,384,175 | 44,082 | 0.30% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $1,366,968 | 43,534 | 0.30% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $1,318,800 | 42,000 | 0.29% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,311,953 | 23,720 | 0.29% | Shares |
| Swiss National Bank | $1,299,960 | 41,400 | 0.28% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,269,345 | 40,425 | 0.28% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,253,519 | 39,921 | 0.27% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,245,305 | 22,515 | 0.27% | Shares |
| VIRTUS ADVISERS, LLC | $1,195,806 | 38,083 | 0.26% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $1,177,814 | 37,510 | 0.26% | Shares |
| Integrated Quantitative Investments LLC | $1,174,234 | 37,396 | 0.26% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,041,664 | 33,174 | 0.23% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,036,954 | 33,024 | 0.23% | Shares |
| Legal & General Group Plc | $1,015,068 | 32,327 | 0.22% | Shares |
| AMERICAN CENTURY COMPANIES INC | $996,542 | 31,737 | 0.22% | Shares |
| Wakefield Asset Management LLLP | $963,101 | 30,672 | 0.21% | Shares |
| Quantinno Capital Management LP | $869,603 | 27,694 | 0.19% | Shares |
| Smith Group Asset Management, LLC | $797,780 | 25,407 | 0.17% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $796,114 | 25,354 | 0.17% | Shares |
| Russell Investments Group, Ltd. | $777,746 | 24,769 | 0.17% | Shares |
| Brevan Howard Capital Management LP | $733,661 | 23,365 | 0.16% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $711,901 | 22,672 | 0.16% | Shares |
| NJ State Employees Deferred Compensation Plan | $647,360 | 16,000 | 0.14% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $638,205 | 20,325 | 0.14% | Shares |
| CITIGROUP INC | $630,072 | 20,066 | 0.14% | Shares |
| Rangeley Capital, LLC | $628,000 | 20,000 | 0.14% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $589,943 | 18,788 | 0.13% | Shares |
| Nebula Research & Development LLC | $583,155 | 22,833 | 0.13% | Shares |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | $574,275 | 18,289 | 0.13% | Shares |
| EVOLVE PRIVATE WEALTH, LLC | $562,713 | 17,920 | 0.12% | Shares |
| GUGGENHEIM CAPITAL LLC | $542,843 | 17,288 | 0.12% | Shares |
| TWO SIGMA INVESTMENTS, LP | $542,686 | 17,283 | 0.12% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $540,363 | 17,209 | 0.12% | Shares |
| Kings Path Partners LLC | $538,667 | 17,155 | 0.12% | Shares |
| NEUBERGER BERMAN GROUP LLC | $536,877 | 17,098 | 0.12% | Shares |
| BlackRock, Inc. | $530,943 | 16,909 | 0.12% | Shares |
| D. E. Shaw & Co., Inc. | $522,904 | 16,653 | 0.11% | Shares |
| CenterBook Partners LP | $504,441 | 16,065 | 0.11% | Shares |
| Vanguard Global Advisers, LLC | $498,035 | 15,861 | 0.11% | Shares |
| JANUS HENDERSON GROUP PLC | $470,969 | 8,512 | 0.10% | Shares |
| Campbell & CO Investment Adviser LLC | $461,203 | 14,688 | 0.10% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $459,822 | 14,644 | 0.10% | Shares |
| VARCOV Co. | $444,624 | 14,160 | 0.10% | Shares |
| Susquehanna Portfolio Strategies, LLC | $441,641 | 14,065 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $398,403 | 12,688 | 0.09% | Shares |
| Skopos Labs, Inc. | $397,954 | 7,195 | 0.09% | Shares |
| MetLife Investment Management, LLC | $396,488 | 12,627 | 0.09% | Shares |
| BARCLAYS PLC | $394,604 | 12,567 | 0.09% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $380,160 | 12,107 | 0.08% | Shares |
| Parvin Asset Management, LLC | $371,619 | 11,835 | 0.08% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $361,948 | 11,527 | 0.08% | Shares |
| State of Tennessee, Department of Treasury | $359,939 | 11,463 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $342,386 | 10,904 | 0.07% | Shares |
| Illinois Municipal Retirement Fund | $339,308 | 10,806 | 0.07% | Shares |
| Cetera Investment Advisers | $336,588 | 10,719 | 0.07% | Shares |
| ALPS ADVISORS INC | $318,113 | 10,131 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $302,979 | 9,649 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $298,300 | 9,500 | 0.07% | Put option |
| Louisiana State Employees Retirement System | $288,880 | 9,200 | 0.06% | Shares |
| SEIZERT CAPITAL PARTNERS, LLC | $271,579 | 8,649 | 0.06% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $270,919 | 8,628 | 0.06% | Shares |
| Quadrature Capital Ltd | $266,523 | 8,488 | 0.06% | Shares |
| Invesco Ltd. | $262,724 | 8,367 | 0.06% | Shares |
| AlphaQuest LLC | $258,980 | 6,932 | 0.06% | Shares |
Company insiders 15 insiders · 4 officers · 3 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jack C. Bendheim | President and CEO | Aug. 15, 2025 A | 76,320 | 0 | 0 | $0 |
| Richard G Johnson | Chief Financial Officer | Sept. 14, 2017 M | 0 | 0 | 0 | $0 |
| Anthony Andolino | Vice President Finance and Treasurer. Exhibit List - Exhibit 24.1 Power of Attorney | Aug. 15, 2025 A | 1,793 | 0 | 0 | $0 |
| Dean J Warras | Pres Animal Health & Nutr N.A. | Jan. 15, 2019 M | 0 | 0 | 0 | $0 |
| Thomas E Corcoran | Director | May 29, 2026 P | 41,459 | 1 | 0 | $317,700 |
| Gerald K Carlson | Director | Sept. 11, 2017 M | 0 | 0 | 0 | $0 |
| BFI Co., LLC | 10% owner | Sept. 12, 2018 C | 59,480 | 0 | 0 | $0 |
| Mayflower L.P. | 10% owner | Jan. 9, 2015 S | 1,727,748 | 0 | 0 | $0 |
| Patrick Rodriguez | — | Aug. 6, 2026 A | 1,503 | 0 | 0 | $0 |
| Judith Weinstein | — | Aug. 6, 2026 A | 5,453 | 0 | 0 | $0 |
| Jonathan Bendheim | — | Aug. 6, 2026 A | 5,984 | 0 | 0 | $0 |
| Lisa Ann Escudero | — | Aug. 6, 2026 A | 3,434 | 0 | 0 | $0 |
| Glenn David | — | Aug. 6, 2026 A | 54,811 | 0 | 0 | $0 |
| Larry Lee Miller | — | Aug. 6, 2026 A | 38,071 | 0 | 0 | $0 |
| Daniel M Bendheim | — | Aug. 6, 2026 A | 15,177 | 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 |
|---|---|---|---|---|---|
| BFI Co., LLC, Jack C. Bendheim ×22 filings | May 22, 2026 | 48.20% | Amendment | — | SEC |
| R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BFI Co., LLC, R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jack C. Bendheim ×4 filings | May 30, 2017 | — | 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 64 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 |
|---|---|---|---|---|
| SAWS · ETF Series Solutions | 2.47% | 3,277 NS | April 30, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 1.20% | 2,911 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.93% | 9,637 NS | April 30, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.42% | 35,115 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.40% | 11,782 NS | April 30, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.15% | 3,976 NS | May 31, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.14% | 9,950 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.11% | 50,874 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 10,620 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.09% | 195 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.09% | 28,763 NS | May 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.09% | 21,324 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.05% | 4,144 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 8,844 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.03% | 6,831 NS | May 31, 2026 | N-PORT |
| BIB · ProShares Trust | 0.03% | 763 NS | May 31, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.03% | 23,282 NS | June 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.03% | 687 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.03% | 247 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.03% | 67,444 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 16,182 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 9,292 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 963 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 98,978 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 705 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 753 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 763 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 54,849 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 2,808 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 747 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 10,357 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 19 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 4,842 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 8,057 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 11,372 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.00% | 1,703 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | — | — | July 30, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IJR · iShares Trust | — | — | Aug. 13, 2026 | Daily |
| IJT · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |