PPG PPG Industries, Inc. Common Stock
About PPG Industries, Inc. Common Stock Company overview from Wikipedia
PPG Industries, Inc. is an American supplier of paints, coatings, and specialty materials based in Pittsburgh, Pennsylvania. It operates in more than 70 countries globally. A member of the Fortune 500, PPG is the second largest coatings company in the world by revenue, behind Sherwin-Williams. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Postmodern architect Philip Johnson.
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PPG Industries, Inc. is an American supplier of paints, coatings, and specialty materials based in Pittsburgh, Pennsylvania. It operates in more than 70 countries globally. A member of the Fortune 500, PPG is the second largest coatings company in the world by revenue, behind Sherwin-Williams. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Postmodern architect Philip Johnson.
History
19th century
Pittsburgh Plate Glass Company was founded in 1883 by Captain John Baptiste Ford and John Pitcairn, Jr., at Creighton, Pennsylvania.
PPG soon became the United States' first commercially successful producer of high-quality, thick flat glass using the plate process. PPG was also the world's first plate glass plant to power its furnaces with locally produced natural gas, an innovation which rapidly stimulated widespread industrial use of the cleaner-burning fuel.
PPG expanded quickly. By 1900, known as the "Glass Trust", it included 10 plants, had a 65 percent share of the U.S. plate glass market, and had become the nation's second largest producer of paint. Today, known as PPG Industries, the company is a multibillion-dollar, Fortune 500 corporation with 150 manufacturing locations around the world. It now produces coatings, glass, fiberglass, and other chemicals.
Pitcairn served as a director of PPG from its start, its president from 1897 to 1905, and chairman of the board from 1894 until his death in 1916.
20th century
Ditzler Color Company, established in 1902 in Detroit as an automotive color concern, was purchased by Pittsburgh Plate Glass Company (now PPG) in 1928. On December 19, 1968, the company changed its name to PPG Industries, Inc., to show its diverse offerings. In the mid-1980s, Cipisa, a Spanish paint company was acquired and renamed PPG Ibérica and its CEO, Pere Nadal Carres, became CEO of PPG Ibérica. In 1990 PPG founded Transitions Optical as a joint venture with Essilor.
In October 2000, PPG Industries announced it had agreed to buy Courtaulds Aerospace for $512.5 million. Based in Glendale, California, the aerospace business has annual sales of approximately $240 million, employs 1,200 people. It manufactures sealants in Glendale, California and Shildon, England; coatings and sealants in Mojave, California; glazing sealants at Gloucester City, New Jersey; and coatings at Gonfreville, France. The business also operates 14 application-support centers located in North America, Europe, Africa, Asia, and Australia.
21st century
2000s
In 2006, the company rolled out a two-tiered pay system which resulted in massive strikes at union locations across the country. The system, now in place company-wide for non-salaried employees, provides lower rates of pay and fewer benefits to those employed after the roll-out than those employed before the roll-out. In West Virginia, after a bitter five-month strike, the company still refused to eliminate the two-tiered system. In Lake Charles, Louisiana, the employment contracts of union employees had to be extended during a strike regarding the two-tiered system.
In 2007, the company was involved in a lawsuit on failing to disclose a purchase reduction of its two major auto glass customers. In 2007, PPG in Australia acquired Barloworld, producer of the Taubmans, Bristol and White Knight brands of paint.
On January 2, 2008, PPG acquired the SigmaKalon Group of companies for $3.2 billion from private investment firm Bain Capital, strongly increasing its paint and specialty coatings business. In 2008, PPG renamed their automotive glass division PGW (Pittsburgh Glass Works) and sold a majority of it to Kohlberg & Company. PPG retained 40% ownership of PGW until March 2016 when they sold their stake to automotive parts salvage company LKQ Corporation.
2010s
In 2012, PPG acquired Dyrup A/S, founded in Denmark in 1928 as S. Dyrup & Co A/S by Sigurd Dyrup and Axel Monberg and Ejnar Thorsen of MT Højgaard, some of whose brands are Dyrup, GORI (outdoor woodcare paint), and Bondex. In April 2013, PPG completed the acquisition of AkzoNobel North American architectural coatings business including Glidden, Liquid Nails, and Flood brands. 2013 revenue was US$15.1 billion, while assets were US$15.9 billion.
On April 1, 2014, PPG finalized the sale of Transitions Optical to its joint venture partner, Essilor International of France; however, PPG's technical center in Monroeville will continue to provide research and development services for Transitions. On November 5, 2014, PPG closed a deal, to purchase Mexican Consorcio Comex, S.A. de C.V. ("Comex") for $2.3 billion. In April 2015, PPG Industries completed the acquisition of REVOCOAT, a global supplier of sealants. Chuck Bunch remains Executive Chairman, while Michael McGarry serves as President & CEO.
In July 2016, PPG announced its sale of the flat glass business to Vitro, a glass manufacturer based in Mexico, for $750 million. In October 2016, Pittsburgh Post-Gazette announced the acquisition of the naming rights to Consol Energy Center by PPG; the facility will be known as PPG Paints Arena.
In September 2017, PPG announced the sale of its remaining fiberglass operations to Nippon Electric Glass for $541 million. This was following PPG's 2016 sale of its European fiberglass operations to NEG, and divesting its ownership in two other Asian fiberglass joint ventures.
Attempted acquisition of AkzoNobel
In March 2017, the company launched an unsolicited takeover bid of €20.9 billion, which was promptly rejected by AkzoNobel's management. Days later, the company launched an increased bid of €24.5 billion, which was again rejected by AkzoNobel's management. A number of shareholders urged AkzoNobel to explore the offer and subsequent negotiations. In April, activist investor Elliott Investors called for the removal of the Chairman of Akzo, Antony Burgmans, following Akzo's refusal to enter talks with PPG. Elliott, which has a 3.25% stake in the company, claimed it was one of a group of investors that met the Dutch legal threshold of 10% voting-share support, which is needed to call an extraordinary meeting to vote on a proposal to remove Burgmans.
On April 13, Templeton Global Equity said it was among another group of investors calling for an extraordinary meeting of AkzoNobel shareholders to discuss Burgmans' continued tenure as chairman. Later in the same month Akzo outlined its plan to separate its chemicals division and pay shareholders €1.6 billion in extra dividends, in order to attempt to hold off PPG. The new Akzo strategy was dismissed by PPG, which claimed that their offer represented better value for shareholders, supported by activist Akzo shareholder Elliot Advisors.
On April 24, a day before Akzo's annual meeting of shareholders, PPG increased its final offer by approximately 8% to $28.8 billion (€26.9 billion, €96.75 per share), with Akzo's share price rising 6% to a record of €82.95 per share. Akzo shareholder Columbia Threadneedle Investments urged the company to open dialogue with PPG, whilst PPG claimed that the deal would add to earning within its first year. Great Britain's largest pension scheme investors, Universities Superannuation Scheme (USS), urged Akzo to engage with PPG.
On May 2, Reuters revealed that the supervisory board of Akzo was meeting to discuss how to deal with PPG's third offer, still maintaining it did not value the company highly enough. In early May, Akzo again rejected PPG's bid, citing the deal still undervalues the company, as well as potentially facing antitrust risks, and not addressing other concerns such as "cultural differences". Under Dutch company law, PPG must now decide to either make a formal bid or walk away. In early June, PPG chose to abandon pursuit.
2020s
In 2020, PPG won an Adhesives and Sealants Council (ASC) Innovation Award for "High Strength, Highly Ductile Structural Adhesive PR 2930". In May 2021, PPG completed the acquisition of Wörwag, a German coating manufacturer.
On October 17, 2024, PPG announced its intent to sell its architectural coatings business in the U.S. and Canada to American Industrial Partners (AIP) for $550 million. Brands included in the sale are Glidden, Dulux (in Canada), Liquid Nails, Homax, Pittsburgh Paints and Stains, Flood, Sico and Manor Hall. The sale also includes 750 company owned retail stores, 6,600 independent dealer stores, and shelf facings at 8,100 retail and home improvement store locations.
The sale to AIP was completed on December 2, 2024.
Financial record
PPG reported a net profit for each fiscal year in the period 2013 to 2022.
Environmental record
In November 2010, PPG agreed to remove 700,000 tons of toxic waste from Canal Crossing, a brownfield site in Jersey City, New Jersey where the company operated a chromium processing plant between 1954 and 1963. Stringent standards were agreed to in a federal court settlement.
Lime Lake Reclamation Project of PPG Industries in Barberton, Ohio, received special awards in the National Beneficial Use of Biosolids Program from Environmental Protection Agency's (EPA) region 5 in 1998.
According to the book Strangers in Their Own Land by Arlie Russell Hochschild, Pittsburgh Plate Glass ordered employees to dump toxic tar in Bayou D'Inde in Lake Charles, Louisiana.
In sports
PPG has been involved in sports for numerous years, including being the primary sponsor for the CART PPG Indy Car World Series from 1980 to 1997. The company has been a partner of Team Penske in CART, IndyCar Series and NASCAR Cup Series since 1984. Since the race's inception in 1994, PPG has sponsored the trophy for the Brickyard 400. PPG also partners with Formula 1 racing teams; they have had a partnership with Williams F1 Team since 2017. PPG is the prime sponsor of John Force Racing and makes all their cars' paints and decals before each NHRA race.
On October 4, 2016, it was announced that The Consol Energy Center in Pittsburgh would be giving up its naming rights, and transferred to PPG, making the arena named the PPG Paints Arena. PPG has been involved in snooker since 2024, starting with the title sponsorship agreement with WST for the Tour Championship. The title sponsorship deal was then extended to the Triple Crown's Masters event until 2027 with its Johnstone's Paint brand. GORI, one of its sub-brands in Scandinavian countries, also sponsors the German Masters from 2025.
Leadership
President
Edward Ford, 1883–1898
John Pitcairn Jr., 1898–1905
William Lewis Clause, 1905–1916
C. W. Brown, 1916–1928
Harry S. Wherrett, 1928–1941
Robert Lewis Clause, 1941–1944
Harry B. Higgins, 1944–1955
David G. Gill, 1955–1966
Robinson F. Barker, 1966–1967
Joseph A. Neubauer, 1967–1976
J. Earl Burrell, 1976–1984
Edward J. Slack, 1984–
Chairman of the Board
John Pitcairn Jr., 1898–1916
William L. Clause, 1916–1931
Clarence M. Brown, 1931–1955
Harry B. Higgins, 1955–1957
E. T. Asplundh, 1957–1966
David G. Hill, 1966–1967
Robinson F. Barker, 1967–1979
L. Stanton Williams, 1979–1985
Vincent A. Sarni, 1985–
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
PPG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
PPG 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 |
|---|---|
| Aug. 10, 2026 | $0.7400 |
| May 11, 2026 | $0.7100 |
| Feb. 20, 2026 | $0.7100 |
| Nov. 10, 2025 | $0.7100 |
| Aug. 11, 2025 | $0.7100 |
| May 12, 2025 | $0.6800 |
| Feb. 21, 2025 | $0.6800 |
| Nov. 12, 2024 | $0.6800 |
| Aug. 12, 2024 | $0.6800 |
| May 9, 2024 | $0.6500 |
| Feb. 15, 2024 | $0.6500 |
| Nov. 9, 2023 | $0.6500 |
| Aug. 9, 2023 | $0.6500 |
| May 9, 2023 | $0.6200 |
| Feb. 16, 2023 | $0.6200 |
| Nov. 9, 2022 | $0.6200 |
| Aug. 9, 2022 | $0.6200 |
| May 9, 2022 | $0.5900 |
| Feb. 17, 2022 | $0.5900 |
| Nov. 9, 2021 | $0.5900 |
PPG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 4 13.3%
- Buy 11 36.7%
- Hold 15 50.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.23 | $2.28 | -0.05% |
| March 31, 2026 | $1.83 | $1.79 | 0.04% |
| Dec. 31, 2025 | $1.51 | $1.60 | -0.09% |
| Sept. 30, 2025 | $2.13 | $2.11 | 0.02% |
| June 30, 2025 | $2.22 | $2.25 | -0.03% |
| March 31, 2025 | $1.72 | $1.64 | 0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PPG | $22.89B | 14.8 | 0.19% | 9.9% | 21.4% | — |
| SHW | $80.26B | 31.6 | 2.1% | 10.9% | 57.1% | 48.9% |
| ECL | $74.03B | 36.1 | 2.2% | 12.9% | 22.4% | — |
| IFF | $17.23B | -47.8 | -5.2% | -3.3% | -2.6% | 36.2% |
| DD | — | -21.6 | 1.9% | -11.4% | -4.2% | — |
| ALB | — | -24.6 | -4.4% | — | — | — |
| RPM | $13.53B | 20.5 | 6.7% | 8.4% | 21.3% | 41.4% |
| SOLS | $7.71B | 32.6 | 3.1% | 6.1% | 10.2% | — |
| NEU | $6.46B | 15.5 | -2.2% | 15.4% | 24.7% | 31.5% |
| ESI | $6.74B | 31.6 | 3.8% | 7.5% | 7.5% | 42.0% |
| EMN | $14.29B | 15.6 | -6.7% | 5.4% | 8.1% | 21.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.88B | $15.85B | $16.24B | $15.61B | $16.80B | $13.83B | $15.15B | $15.37B | $14.75B | $14.27B | $14.24B | $14.79B | |
| Cost of Revenue | $9.32B | $9.25B | $9.68B | $9.97B | $10.29B | $7.78B | $8.65B | $9.00B | $8.21B | · | · | · | |
| R&D Expense | $446M | $447M | $446M | $457M | $463M | $401M | $456M | $464M | $472M | $473M | $484M | $499M | |
| SG&A Expense | $3.44B | $3.39B | $3.40B | $3.04B | $3.78B | $3.39B | $3.60B | $3.57B | $3.55B | $3.56B | $3.58B | $3.70B | |
| Operating Income | · | · | $2.67B | $2.04B | $2.17B | $2.11B | $2.27B | $2.12B | $2.29B | $2.38B | $2.29B | $2.19B | |
| Interest Expense | · | · | $247M | $167M | $121M | $138M | $132M | $118M | $105M | $125M | $125M | $187M | |
| Interest Income | $153M | $177M | $140M | $54M | $26M | $23M | $32M | $23M | $20M | $26M | $39M | $50M | |
| Other Non-op | $-6M | $8M | $-80M | $66M | $112M | $-36M | · | · | · | · | · | · | |
| Pretax Income | $2.04B | $1.85B | $1.69B | $1.35B | $1.81B | $1.36B | $1.66B | $1.69B | $2.00B | $779M | $1.75B | $1.35B | |
| Income Tax | $458M | $475M | $428M | $320M | $374M | $291M | $392M | $353M | $615M | $214M | $413M | $237M | |
| Net Income | $1.58B | $1.12B | $1.27B | $1.03B | $1.44B | $1.06B | $1.24B | $1.34B | $1.59B | $873M | $1.41B | $2.10B | |
| EPS (Basic) | $6.96 | $4.77 | $5.38 | $4.34 | $6.06 | $4.47 | $5.25 | $5.50 | $6.22 | $3.29 | $5.18 | $7.60 | |
| EPS (Diluted) | $6.94 | $4.75 | $5.35 | $4.32 | $6.01 | $4.45 | $5.22 | $5.47 | $6.18 | $3.27 | $5.14 | $7.52 | |
| Shares (Basic) | 226,300,000 | 233,800,000 | 236,000,000 | 236,100,000 | 237,600,000 | 236,800,000 | 236,900,000 | 243,900,000 | 256,100,000 | 265,600,000 | 271,400,000 | 276,600,000 | |
| Shares (Diluted) | 227,100,000 | 234,900,000 | 237,200,000 | 237,300,000 | 239,400,000 | 237,900,000 | 238,200,000 | 245,400,000 | 257,800,000 | 267,400,000 | 273,600,000 | 279,600,000 | |
| EBITDA | · | · | $2.67B | $2.04B | $2.17B | $2.11B | $2.27B | $2.12B | $2.29B | $2.41B | $2.42B | $2.24B |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.16B | $1.27B | $1.49B | $1.10B | $1.00B | $1.83B | $1.22B | $902M | $1.44B | $1.82B | $1.31B | $686M | |
| Short-term Investments | $56M | $88M | $75M | $55M | $67M | $96M | $57M | $61M | $55M | $43M | $144M | $497M | |
| Receivables | $3.34B | $2.48B | $2.62B | $2.82B | $2.69B | $2.41B | $2.48B | $2.50B | $2.56B | $2.29B | $2.34B | $2.37B | |
| Inventory | $2.00B | $1.85B | $1.93B | $2.27B | $2.17B | $1.74B | $1.71B | $1.78B | $1.73B | $1.51B | $1.66B | $1.82B | |
| Other Current Assets | $408M | $368M | $922M | $444M | $379M | $415M | $431M | $370M | $353M | $320M | $604M | $620M | |
| Current Assets | $7.96B | $6.56B | $7.43B | $7.17B | $6.77B | $6.80B | $6.17B | $5.96B | $6.48B | $6.57B | $6.71B | $6.44B | |
| PP&E (Net) | $4.00B | $3.46B | $3.45B | $3.33B | $3.44B | $3.13B | $2.98B | $2.81B | $2.82B | $2.61B | $2.61B | $2.90B | |
| PP&E (Gross) | $8.73B | $7.68B | $7.96B | $7.98B | $7.97B | $7.48B | $7.07B | $6.63B | $6.59B | $6.00B | $6.75B | $7.47B | |
| Accum. Depreciation | $4.72B | $4.22B | $4.50B | $4.65B | $4.53B | $4.35B | $4.08B | $3.83B | $3.77B | $3.40B | $3.93B | $4.38B | |
| Goodwill | $6.15B | $5.69B | $6.12B | $5.99B | $6.25B | $5.10B | $4.47B | $4.07B | $3.94B | $3.57B | $3.62B | $3.80B | |
| Intangibles | $1.97B | $1.92B | $2.26B | $2.41B | $2.78B | $2.35B | $2.13B | $1.97B | $2.04B | $1.98B | $2.18B | $2.41B | |
| Other Non-current Assets | $597M | $569M | $1.29B | $583M | $742M | $685M | $694M | $727M | $677M | $669M | $617M | $470M | |
| Total Assets | $22.10B | $19.43B | $21.65B | $20.74B | $21.35B | $19.56B | $17.71B | $16.02B | $16.54B | $15.77B | $17.08B | $17.54B | |
| Accounts Payable | $3.96B | $3.73B | $4.16B | $4.09B | $4.39B | $3.79B | $3.50B | $3.62B | $3.78B | $3.46B | $3.42B | $3.55B | |
| Short-term Debt | $4M | $7M | $4M | $10M | $6M | $403M | $10M | $4M | $8M | $99M | $29M | $115M | |
| Current Liabilities | $4.90B | $5.01B | $5.05B | $4.72B | $4.77B | $4.83B | $4.38B | $4.37B | $3.90B | $4.25B | $4.70B | $4.88B | |
| Capital Leases | $450M | $454M | $417M | $636M | $693M | $677M | $622M | $0 | · | · | · | · | |
| Deferred Tax | $457M | $405M | $500M | $501M | $646M | $435M | $452M | $429M | $442M | $417M | $460M | $666M | |
| Other Non-current Liabilities | $650M | $754M | $867M | $632M | $757M | $949M | $911M | $842M | $967M | $935M | $864M | $810M | |
| Total Liabilities | $14.00B | $12.47B | $13.62B | $14.04B | $14.94B | $13.74B | $12.30B | $11.28B | $10.87B | $10.86B | $12.01B | $12.27B | |
| Long-term Debt | $7.30B | $5.80B | $6.04B | $6.80B | $6.57B | $5.33B | $5.03B | $5.00B | $4.12B | $4.30B | $4.26B | $3.88B | |
| Total Debt | $7.31B | $5.82B | $6.05B | $6.82B | $6.58B | $5.75B | $5.05B | $5.02B | $4M | $4.42B | $4.33B | $4.03B | |
| Common Stock | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $484M | |
| Retained Earnings | $22.94B | $21.99B | $21.50B | $20.83B | $20.37B | $19.47B | $18.91B | $18.13B | $17.14B | $15.98B | $15.52B | $14.50B | |
| Treasury Stock | $15.12B | $14.34B | $13.60B | $13.53B | $13.39B | $13.16B | $13.19B | $12.96B | $11.25B | $10.47B | $9.44B | $8.71B | |
| AOCI | $-2.18B | $-3.11B | $-2.24B | $-2.81B | $-2.75B | $-2.60B | $-2.35B | $-2.30B | $-2.06B | $-2.36B | $-2.70B | $-2.12B | |
| Stockholders' Equity | $7.94B | $6.79B | $7.83B | $6.59B | $6.29B | $5.69B | $5.28B | $4.63B | $5.56B | $4.83B | $4.98B | $5.18B | |
| Liabilities + Equity | $22.10B | $19.43B | $21.65B | $20.74B | $21.35B | $19.56B | $17.71B | $16.02B | $16.54B | $15.77B | $17.08B | $17.54B | |
| Shares Outstanding | 223,426,948 | 229,927,883 | 235,210,854 | 235,073,926 | 235,907,026 | 236,686,265 | 235,680,470 | 235,861,434 | 251,174,399 | 257,330,160 | 266,876,009 | 271,964,566 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $528M | $492M | $514M | $502M | $561M | $509M | $511M | $497M | $460M | $440M | $446M | $450M | |
| Stock-based Comp | $46M | $42M | $56M | $34M | $57M | $44M | $39M | $37M | $35M | $45M | $54M | $71M | |
| Deferred Tax | $-27M | $-97M | $-187M | $-151M | $35M | $-47M | $-5M | $45M | $38M | $171M | $0 | $-87M | |
| Amort. of Intangibles | $125M | $132M | $154M | $145M | $172M | $138M | $136M | $143M | $129M | $121M | $132M | $126M | |
| Restructuring | $6M | $233M | $-2M | $33M | $31M | $174M | $176M | $66M | $0 | $191M | $136M | $0 | |
| Operating Cash Flow | $1.94B | $1.42B | $2.41B | $963M | $1.56B | $2.13B | $2.08B | $1.47B | $1.57B | $1.35B | $1.90B | $1.53B | |
| CapEx | $778M | $721M | $516M | $486M | $371M | $304M | $413M | $411M | $360M | $380M | $430M | $564M | |
| Investing Cash Flow | $-700M | $107M | $-556M | $-461M | $-2.40B | $-1.45B | $-1.01B | $-764M | $-67M | $436M | $-395M | $-857M | |
| Stock Repurchased | $790M | $752M | $86M | $190M | $210M | $0 | $325M | $1.72B | $813M | $1.05B | $751M | $750M | |
| Net Stock Activity | $-790M | $-752M | $-86M | $-190M | $-210M | $0 | $-325M | $-1.72B | $-813M | $-1.05B | $-751M | $-750M | |
| Dividends Paid | $628M | $622M | $598M | $570M | $536M | $496M | $468M | $453M | $434M | $414M | $383M | $361M | |
| Financing Cash Flow | $-545M | $-1.43B | $-1.55B | $-409M | $93M | $-59M | $-758M | $-1.21B | $-1.95B | $-1.21B | $-812M | $-969M | |
| Net Change in Cash | $893M | $-223M | $410M | $91M | $-821M | $610M | $314M | $-534M | $-384M | $509M | $625M | $-430M | |
| Taxes Paid | $438M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $1.16B | $699M | $1.86B | $445M | $1.19B | $1.83B | $1.67B | $1.06B | $1.21B | $923M | $1.36B | $941M | |
| Levered FCF | · | · | $1.68B | $317M | $1.09B | $1.72B | $1.57B | $963M | · | $834M | $1.27B | $788M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | 14.7% | 11.6% | 12.9% | 15.2% | 15.0% | 13.8% | -2697.7% | 16.3% | 15.8% | 14.6% | |
| Net Margin | 9.9% | 7.0% | 7.0% | 5.8% | 8.6% | 7.7% | 8.2% | 8.7% | · | 5.9% | 9.2% | 13.7% | |
| Pretax Margin | 12.9% | 11.7% | 9.6% | 7.8% | 10.8% | 9.8% | 11.0% | 11.0% | · | 5.6% | 12.3% | 9.2% | |
| EBITDA Margin | · | · | 14.7% | 11.6% | 12.9% | 15.2% | 15.0% | 13.8% | -2697.7% | 16.3% | 15.8% | 14.6% | |
| ROA | 7.6% | 5.4% | 6.0% | 4.9% | 7.0% | 5.7% | 7.4% | 8.2% | · | 5.3% | 8.1% | 12.6% | |
| ROE | 21.4% | 15.3% | 17.6% | 15.9% | 24.0% | 19.3% | 25.1% | 26.3% | · | 17.9% | 27.7% | 41.6% | |
| ROIC | · | · | 14.4% | 11.7% | 13.4% | 14.5% | 16.8% | 17.4% | · | 18.5% | 19.7% | 19.9% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.3 | 1.5 | 1.5 | 1.4 | 1.4 | 1.4 | 1.4 | · | 1.5 | 1.4 | 1.4 | |
| Quick Ratio | 1.0 | 0.8 | 0.9 | 0.8 | 0.8 | 0.9 | 0.9 | 0.8 | · | 1.0 | 0.8 | 0.7 | |
| Debt / Equity | 0.9 | 0.9 | 0.8 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | · | 0.9 | 0.9 | 0.8 | |
| LT Debt / Equity | 0.8 | 0.7 | 0.7 | 1.0 | 1.0 | 0.9 | 0.9 | 0.9 | · | 0.8 | 0.8 | 0.7 | |
| Interest Coverage | · | · | 10.8 | 12.2 | 17.9 | 15.3 | 17.2 | 17.9 | 21.8 | 19.3 | 19.2 | 12.0 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.9 | 0.8 | 0.8 | 0.7 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | |
| Inventory Turnover | 4.8 | 4.9 | 4.9 | 5.0 | 5.3 | 4.5 | 5.0 | · | · | · | · | · | |
| Receivables Turnover | 6.0 | 6.2 | 6.4 | 6.4 | 6.6 | 5.7 | 6.1 | 6.1 | · | 6.3 | 6.4 | 6.4 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 0.19% | -2.4% | 4.0% | -7.1% | 21.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 0.55% | -1.9% | 5.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 2.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 46.1% | -11.2% | 23.8% | -28.1% | 35.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 17.1% | -7.5% | 6.3% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 9.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 41.2% | -12.1% | 23.8% | -28.7% | 35.9% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 15.4% | -8.1% | 6.2% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 8.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $15.88B | $15.85B | $16.24B | $15.61B | $16.80B | $13.83B | $15.15B | $15.37B | $14.75B | $14.27B | $14.24B | $14.79B | |
| Net Income TTM | $1.58B | $1.12B | $1.27B | $1.03B | $1.44B | $1.06B | $1.24B | $1.34B | $1.59B | $873M | $1.41B | $2.10B | |
| Market Cap | $22.89B | $27.46B | $35.18B | $29.56B | $40.68B | $34.13B | $31.46B | $24.11B | $29.34B | $24.38B | $26.37B | $15.72B | |
| Enterprise Value | $27.98B | $31.92B | $39.64B | $35.22B | $46.19B | $37.96B | $35.24B | $28.17B | · | $26.94B | $29.24B | $18.56B | |
| P/E | 14.8 | 25.1 | 28.0 | 29.1 | 28.7 | 32.4 | 25.6 | 18.7 | 18.9 | 29.0 | 19.2 | 15.4 | |
| P/S | 1.4 | 1.7 | 2.2 | 1.9 | 2.4 | 2.5 | 2.1 | 1.6 | 2.0 | 1.7 | 1.9 | 1.1 | |
| P/B | 2.9 | 4.0 | 4.5 | 4.5 | 6.5 | 6.0 | 6.0 | 5.2 | · | 5.1 | 5.3 | 3.0 | |
| P / Cash Flow | 11.8 | 19.3 | 14.6 | 30.7 | 26.0 | 16.0 | 15.1 | 16.4 | 18.7 | 18.4 | 14.4 | 10.3 | |
| P / FCF | 19.7 | 39.3 | 18.9 | 66.4 | 34.2 | 18.7 | 18.9 | 22.8 | 24.3 | 26.4 | 19.4 | 16.7 | |
| EV / EBITDA | · | · | 14.8 | 17.2 | 21.3 | 18.0 | 15.5 | 13.3 | · | 11.2 | 12.1 | 8.3 | |
| EV / FCF | 24.1 | 45.7 | 21.3 | 79.1 | 38.8 | 20.8 | 21.1 | 26.7 | · | 29.2 | 21.5 | 19.7 | |
| EV / Revenue | 1.8 | 2.0 | 2.4 | 2.3 | 2.7 | 2.7 | 2.3 | 1.8 | · | 1.9 | 2.1 | 1.3 | |
| Dividend Yield | 2.7% | 2.3% | 1.7% | 1.9% | 1.3% | 1.5% | 1.5% | 1.9% | 1.5% | 1.7% | 1.5% | 2.3% | |
| Earnings Yield | 6.8% | 4.0% | 3.6% | 3.4% | 3.5% | 3.1% | 3.9% | 5.3% | 5.3% | 3.5% | 5.2% | 6.5% | |
| Payout Ratio | 39.9% | 55.7% | 47.1% | 55.6% | 37.2% | 46.8% | 37.6% | 33.8% | · | 47.2% | 27.2% | 17.2% | |
| Annual Payout | $628M | $622M | $598M | $570M | $536M | $496M | $468M | $453M | $434M | $414M | $383M | $361M |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.50B | $3.93B | $3.91B | $4.08B | $4.20B | $3.68B | $3.73B | $4.03B | $4.24B | $3.85B | $2.35B | $4.64B | $4.87B | $4.38B | $2.15B | $4.47B | |
| Cost of Revenue | $2.69B | $2.27B | $2.32B | $2.43B | $2.43B | $2.14B | $2.22B | $2.38B | $2.45B | $2.21B | $1.46B | $2.75B | $2.87B | $2.60B | $1.50B | $2.82B | |
| SG&A Expense | $931M | $885M | $905M | $824M | $872M | $838M | $835M | $848M | $858M | $850M | $293M | $1.05B | $1.07B | $992M | $150M | $931M | |
| Operating Income | $743M | $636M | · | $689M | $743M | $607M | · | $689M | $796M | $666M | · | $698M | $787M | $635M | · | $554M | |
| Interest Expense | $71M | $61M | · | $65M | $62M | $56M | · | $67M | $62M | $55M | · | $64M | $67M | $59M | · | $46M | |
| Interest Income | $42M | $37M | $24M | $42M | $44M | $43M | $42M | $48M | $45M | $42M | $44M | $39M | $32M | $25M | $20M | $14M | |
| Pretax Income | $569M | $517M | $389M | $556M | $598M | $502M | $81M | $578M | $651M | $542M | $134M | $557M | $646M | $353M | $293M | $418M | |
| Income Tax | $127M | $132M | $78M | $118M | $140M | $122M | $70M | $128M | $149M | $128M | $78M | $121M | $149M | $80M | $68M | $79M | |
| Net Income | $437M | $382M | $300M | $453M | $450M | $373M | $-280M | $468M | $528M | $400M | $90M | $426M | $490M | $264M | $238M | $329M | |
| EPS (Basic) | $1.96 | $1.71 | $1.34 | $2.01 | $1.98 | $1.63 | $-1.19 | $2.01 | $2.25 | $1.70 | $0.38 | $1.80 | $2.08 | $1.12 | $1.00 | $1.40 | |
| EPS (Diluted) | $1.95 | $1.70 | $1.33 | $2.00 | $1.98 | $1.63 | $-1.18 | $2.00 | $2.24 | $1.69 | $0.39 | $1.79 | $2.06 | $1.11 | $1.00 | $1.39 | |
| Shares (Basic) | 223,000,000 | 223,700,000 | -454,200,000 | 225,700,000 | 226,800,000 | 228,000,000 | -469,600,000 | 233,300,000 | 234,500,000 | 235,600,000 | -472,000,000 | 236,200,000 | 236,000,000 | 235,800,000 | -472,400,000 | 235,500,000 | |
| Shares (Diluted) | 223,900,000 | 224,400,000 | -456,000,000 | 226,500,000 | 227,700,000 | 228,900,000 | -472,000,000 | 234,300,000 | 235,700,000 | 236,900,000 | -474,500,000 | 237,500,000 | 237,300,000 | 236,900,000 | -475,100,000 | 236,600,000 | |
| EBITDA | $743M | $636M | · | $689M | $743M | $607M | · | $712M | $829M | $651M | · | $698M | $787M | $635M | · | $554M |
Balance Sheet 29
| 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 | $1.52B | $1.57B | $2.16B | $1.83B | $1.56B | $1.83B | $1.27B | $1.25B | $1.13B | $1.18B | · | $1.22B | $1.23B | $1.43B | · | $1.03B | |
| Short-term Investments | $74M | $51M | $56M | $76M | $64M | $63M | $88M | $71M | $61M | $54M | · | $64M | $68M | $56M | · | $60M | |
| Receivables | $3.91B | $3.68B | $2.78B | $3.72B | $3.89B | $3.43B | $2.48B | $3.65B | $3.85B | $3.58B | · | $3.61B | $3.82B | $3.60B | · | $3.54B | |
| Inventory | $2.23B | $2.16B | $2.00B | $2.18B | $2.22B | $2.12B | $1.85B | $2.26B | $2.30B | $2.33B | · | $2.22B | $2.51B | $2.60B | · | $2.41B | |
| Other Current Assets | $529M | $508M | $408M | $415M | $450M | $464M | $368M | $438M | $448M | $524M | · | $441M | $445M | $517M | · | $449M | |
| Current Assets | $8.26B | $7.97B | $7.96B | $8.22B | $8.19B | $7.90B | $6.56B | $7.91B | $7.78B | $7.67B | · | $7.55B | $8.07B | $8.19B | · | $7.49B | |
| PP&E (Net) | $4.02B | $4.00B | $4.00B | $3.72B | $3.68B | $3.54B | $3.46B | $3.61B | $3.64B | $3.63B | · | $3.41B | $3.42B | $3.35B | · | $3.14B | |
| PP&E (Gross) | · | · | $8.73B | · | · | · | $7.68B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $4.82B | $4.78B | $4.72B | $4.66B | $4.59B | $4.35B | $4.22B | $4.85B | $5.00B | $5.00B | · | $4.82B | $4.84B | $4.76B | · | $4.43B | |
| Goodwill | $6.16B | $6.15B | $6.15B | $6.12B | $6.11B | $5.82B | $5.69B | $6.08B | $6.05B | $6.14B | $6.12B | $6.18B | $6.29B | $6.16B | $5.99B | $5.88B | |
| Intangibles | $1.95B | $1.96B | $1.97B | $1.98B | $2.02B | $1.93B | $1.92B | $2.20B | $2.27B | $2.40B | · | $2.42B | $2.49B | $2.44B | · | $2.35B | |
| Other Non-current Assets | $643M | $625M | $597M | $619M | $594M | $596M | $569M | $580M | $570M | $601M | · | $628M | $602M | $603M | · | $752M | |
| Total Assets | $22.53B | $22.15B | $22.10B | $22.14B | $22.10B | $21.14B | $19.43B | $21.86B | $21.73B | $21.87B | $21.65B | $21.50B | $22.22B | $22.10B | $20.74B | $20.87B | |
| Accounts Payable | $4.31B | $4.00B | $3.96B | $3.95B | $4.06B | $3.88B | $3.73B | $4.34B | $4.33B | $4.35B | · | $4.21B | $4.31B | $4.35B | · | $4.30B | |
| Short-term Debt | $4M | $41M | $4M | $4M | $4M | $13M | $7M | $3M | $15M | $9M | · | $4M | $7M | $206M | · | $13M | |
| Current Liabilities | $5.23B | $4.95B | $4.90B | $5.61B | $5.76B | $5.84B | $5.01B | $5.00B | $5.22B | $4.94B | · | $5.10B | $5.42B | $4.87B | · | $4.93B | |
| Capital Leases | $438M | $449M | $450M | $460M | $475M | $466M | $454M | $596M | $604M | $600M | · | $622M | $633M | $632M | · | $631M | |
| Deferred Tax | $506M | $496M | $457M | $506M | $501M | $464M | $405M | $496M | $509M | $554M | · | $566M | $577M | $571M | · | $539M | |
| Other Non-current Liabilities | $641M | $651M | $650M | $738M | $727M | $737M | $754M | $638M | $658M | $648M | · | $652M | $657M | $645M | · | $692M | |
| Total Liabilities | $13.94B | $13.90B | $14.00B | $14.19B | $14.36B | $14.05B | $12.47B | $13.89B | $13.78B | $13.74B | · | $13.57B | $14.42B | $14.85B | · | $14.72B | |
| Long-term Debt | $6.88B | $7.10B | $7.30B | $7.30B | $7.32B | $7.24B | $5.80B | $6.47B | $6.38B | $6.23B | · | $6.19B | $6.89B | $7.08B | · | $6.77B | |
| Total Debt | $6.20B | $6.45B | · | $5.91B | $5.92B | $5.59B | · | $6.14B | $5.78B | $5.95B | · | $5.60B | · | $7.29B | · | $6.49B | |
| Common Stock | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $969M | $969M | · | $969M | $969M | $969M | · | $969M | |
| Retained Earnings | $23.44B | $23.16B | $22.94B | $22.80B | $22.51B | $22.21B | $21.99B | $22.43B | $22.12B | $21.75B | · | $21.56B | $21.29B | $20.95B | · | $20.74B | |
| Treasury Stock | $15.28B | $15.21B | $15.12B | $15.02B | $14.87B | $14.72B | $14.34B | $14.09B | $13.90B | $13.75B | · | $13.50B | $13.51B | $13.52B | · | $13.53B | |
| AOCI | $-2.06B | $-2.18B | $-2.18B | $-2.26B | $-2.34B | $-2.83B | $-3.11B | $-2.78B | $-2.66B | $-2.25B | · | $-2.47B | $-2.30B | $-2.41B | · | $-3.27B | |
| Stockholders' Equity | $8.44B | $8.10B | $7.94B | $7.80B | $7.58B | $6.93B | $6.79B | $7.79B | $7.77B | $7.94B | · | $7.75B | $7.61B | $7.14B | · | $6.03B | |
| Liabilities + Equity | $22.53B | $22.15B | $22.10B | $22.14B | $22.10B | $21.14B | $19.43B | $21.86B | $21.73B | $21.87B | · | $21.50B | $22.22B | $22.10B | · | $20.87B | |
| Shares Outstanding | · | · | 223,426,948 | · | · | · | 229,927,883 | · | · | · | 235,210,854 | · | · | · | 235,073,926 | · |
Cash Flow 16
| 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 | $134M | $132M | $134M | $138M | $135M | $121M | $119M | $98M | $113M | $130M | $106M | $142M | $133M | $133M | $81M | $135M | |
| Stock-based Comp | $16M | $11M | $11M | $-1M | $13M | $23M | $12M | $9M | $10M | $11M | $14M | $8M | $17M | $17M | $7M | $9M | |
| Deferred Tax | $-44M | $11M | $15M | $-20M | $-2M | $-20M | $-31M | $-22M | $1M | $-44M | $-56M | $-19M | $19M | $-131M | $-22M | $-34M | |
| Amort. of Intangibles | $26M | $27M | $28M | $32M | $33M | $32M | $32M | $30M | $35M | $35M | $33M | $40M | $40M | $41M | $20M | $40M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-3M | $36M | |
| Operating Cash Flow | $559M | $33M | $887M | $685M | $387M | $-18M | $346M | $769M | $365M | $-60M | $898M | $892M | $536M | $85M | $587M | $512M | |
| CapEx | $113M | $196M | $301M | $147M | $121M | $209M | $208M | $139M | $111M | $252M | $135M | $139M | $122M | $120M | $118M | $104M | |
| Investing Cash Flow | $-179M | $-279M | $-283M | $-129M | $-120M | $-168M | $618M | $-141M | $-131M | $-239M | $-157M | $-109M | $-226M | $-64M | $-215M | $-96M | |
| Stock Repurchased | $79M | $96M | $103M | $147M | $146M | $394M | $241M | $199M | $163M | $149M | $86M | $0 | $0 | $0 | $0 | $15M | |
| Net Stock Activity | · | $-96M | · | · | · | $-394M | · | · | · | $-149M | · | · | · | $0 | · | · | |
| Dividends Paid | $158M | $159M | $160M | $160M | $154M | $154M | $158M | $159M | $152M | $153M | $153M | $153M | $146M | $146M | $146M | $145M | |
| Financing Cash Flow | $-444M | $-334M | $-276M | $-306M | $-661M | $698M | $-808M | $-432M | $-150M | $-35M | $-545M | $-739M | $-543M | $277M | $-353M | $-269M | |
| Net Change in Cash | $-53M | $-590M | $331M | $271M | $-269M | $560M | $42M | $118M | $-45M | $-325M | $291M | $-10M | $-198M | $327M | $67M | $98M | |
| Taxes Paid | $86M | $144M | $102M | $106M | $107M | $123M | · | $138M | $249M | $93M | · | $108M | $163M | $107M | · | $129M | |
| Free Cash Flow | · | $-163M | · | · | · | $-227M | · | · | · | $-316M | · | · | · | $-35M | · | · | |
| Levered FCF | · | $-208M | · | · | · | $-269M | · | · | · | $-358M | · | · | · | $-81M | · | · |
Profitability 7
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 16.5% | 16.2% | · | 16.9% | 17.7% | 16.5% | · | 15.6% | 17.3% | 15.1% | · | 15.0% | 16.2% | 14.5% | · | 12.4% | |
| Net Margin | 9.7% | 9.7% | · | 11.1% | 10.7% | 10.1% | · | 10.2% | 11.0% | 9.3% | · | 9.2% | 10.1% | 6.0% | · | 7.4% | |
| Pretax Margin | 12.7% | 13.2% | · | 13.6% | 14.3% | 13.6% | · | 13.4% | 14.5% | 12.5% | · | 12.0% | 13.3% | 8.1% | · | 9.4% | |
| EBITDA Margin | 16.5% | 16.2% | · | 16.9% | 17.7% | 16.5% | · | 15.6% | 17.3% | 15.1% | · | 15.0% | 16.2% | 14.5% | · | 12.4% | |
| ROA | 2.0% | 1.8% | · | 2.1% | 2.1% | 1.7% | · | 2.2% | 2.4% | 1.8% | · | 2.0% | · | 1.2% | · | 1.5% | |
| ROE | 5.5% | 5.1% | · | 5.8% | 5.9% | 5.0% | · | 6.0% | 7.6% | 5.1% | · | 6.2% | · | 4.0% | · | 5.4% | |
| ROIC | 3.9% | 3.2% | · | 4.0% | 4.2% | 3.7% | · | 4.0% | 4.7% | 3.6% | · | 4.1% | · | 3.4% | · | 3.6% |
Liquidity & Solvency 5
| 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 | 1.6 | 1.6 | · | 1.5 | 1.4 | 1.4 | · | 1.6 | 1.5 | 1.6 | · | 1.5 | · | 1.7 | · | 1.5 | |
| Quick Ratio | 1.1 | 1.1 | · | 1.0 | 1.0 | 0.9 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | · | 1.0 | · | 0.9 | |
| Debt / Equity | 0.7 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | · | 1.0 | · | 1.1 | |
| LT Debt / Equity | 0.7 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | · | 1.0 | · | 1.1 | |
| Interest Coverage | 10.5 | 10.4 | · | 10.6 | 12.0 | 10.8 | · | 10.6 | 13.4 | 11.8 | · | 10.9 | 11.7 | 10.8 | · | 12.0 |
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 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | · | 0.2 | · | 0.2 | |
| Inventory Turnover | 1.2 | 1.1 | · | 1.1 | 1.1 | 1.0 | · | 1.2 | 1.1 | 1.0 | · | 1.2 | · | 1.0 | · | 1.2 | |
| Receivables Turnover | 1.2 | 1.1 | · | 1.1 | 1.1 | 1.1 | · | 1.3 | 1.3 | 1.2 | · | 1.3 | · | 1.2 | · | 1.3 |
Valuation (TTM) 5
| 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 | $16.70B | $15.89B | · | $15.99B | $16.15B | $15.80B | · | $16.76B | $17.60B | $17.75B | · | $18.36B | $18.41B | $17.85B | · | $17.84B | |
| Net Income TTM | $1.72B | $1.66B | · | $1.74B | $1.82B | $1.77B | · | $1.82B | $1.84B | $1.58B | · | $1.51B | $1.52B | $1.05B | · | $1.13B | |
| P/E | 15.9 | 14.6 | · | 13.8 | 14.5 | 14.5 | · | 17.2 | 16.2 | 21.8 | · | 20.4 | 23.1 | 30.2 | · | 23.3 | |
| Earnings Yield | 6.3% | 6.8% | · | 7.2% | 6.9% | 6.9% | · | 5.8% | 6.2% | 4.6% | · | 4.9% | 4.3% | 3.3% | · | 4.3% | |
| Payout Ratio | · | 41.6% | · | · | · | 41.3% | · | · | · | 38.2% | · | · | · | 55.3% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $15.88B | — | — | $15.85B | — |
| Net Income | $1.58B | — | — | $1.12B | — |
| Diluted EPS | $6.94 | — | — | $4.75 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.9 | — | — | 0.9 | — |
| Current Ratio | 1.6 | — | — | 1.3 | — |
| Quick Ratio | 1.0 | — | — | 0.8 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.16B | — | — | $699M | — |
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Institutional owners (13F) 1,179 filers · $13.5B 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 |
|---|---|---|---|---|
| 127 (-54 vs prior Q) | 66 (-15 vs prior Q) | 375 (+21 vs prior Q) | 347 (+53 vs prior Q) | +139K |
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 CAPITAL MANAGEMENT LLC | $1,764,556,030 | 14,548,240 | 13.07% | Shares |
| STATE STREET CORP | $1,682,427,660 | 13,871,116 | 12.47% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,555,736,737 | 12,826,587 | 11.53% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $982,911,236 | 8,103,811 | 7.28% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $767,964,979 | 6,331,643 | 5.69% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $646,200,073 | 5,351,519 | 4.79% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $295,401,843 | 2,435,502 | 2.19% | Shares |
| NORGES BANK | $196,993,517 | 1,624,153 | 1.46% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $188,996,645 | 1,558,221 | 1.40% | Shares |
| ProShare Advisors LLC | $181,450,447 | 1,496,005 | 1.34% | Shares |
| COOKE & BIELER LP | $159,181,360 | 1,312,403 | 1.18% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $151,790,311 | 1,251,466 | 1.12% | Shares |
| AMERICAN CENTURY COMPANIES INC | $147,428,249 | 1,215,500 | 1.09% | Shares |
| EQUITY INVESTMENT CORP | $136,572,659 | 1,126,001 | 1.01% | Shares |
| Quantinno Capital Management LP | $95,615,220 | 788,319 | 0.71% | Shares |
| FIRST TRUST ADVISORS LP | $91,051,072 | 750,692 | 0.67% | Shares |
| Burgundy Asset Management Ltd. | $90,611,851 | 814,635 | 0.67% | Shares |
| Swiss National Bank | $76,570,377 | 631,300 | 0.57% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $76,102,925 | 627,446 | 0.56% | Shares |
| RAYMOND JAMES FINANCIAL INC | $71,341,610 | 588,190 | 0.53% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $70,338,000 | 579,917 | 0.52% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $70,000,782 | 577,133 | 0.52% | Shares |
| BlackRock, Inc. | $68,804,785 | 567,275 | 0.51% | Shares |
| BANK OF AMERICA CORP /DE/ | $63,324,903 | 522,095 | 0.47% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $63,087,053 | 520,134 | 0.47% | Shares |
| MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH | $62,700,934 | 551,217 | 0.46% | Shares |
| Eurizon Capital SGR S.p.A. | $61,513,101 | 507,190 | 0.46% | Shares |
| Legal & General Group Plc | $58,733,712 | 484,242 | 0.44% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $58,601,385 | 483,151 | 0.43% | Shares |
| Vanguard Global Advisers, LLC | $58,326,299 | 480,883 | 0.43% | Shares |
| PFA Pension, Forsikringsaktieselskab | $57,062,854 | 470,466 | 0.42% | Shares |
| Alyeska Investment Group, L.P. | $56,733,883 | 467,754 | 0.42% | Shares |
| National Pension Service | $55,926,091 | 461,094 | 0.41% | Shares |
| MILLENNIUM MANAGEMENT LLC | $55,895,162 | 460,839 | 0.41% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $55,077,789 | 454,100 | 0.41% | Call option |
| GOLDMAN SACHS GROUP INC | $51,742,848 | 426,604 | 0.38% | Shares |
| VANGUARD GROUP INC | $51,381,948 | 501,483 | 0.38% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $50,546,865 | 472,931 | 0.37% | Shares |
| Clark Capital Management Group, Inc. | $50,447,840 | 415,927 | 0.37% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $50,420,253 | 415,700 | 0.37% | Shares |
| RHUMBLINE ADVISERS | $48,921,121 | 403,341 | 0.36% | Shares |
| NAN FUNG TRINITY (HK) LTD | $48,192,641 | 397,334 | 0.36% | Shares |
| Cullen Capital Management, LLC | $45,321,578 | 373,663 | 0.34% | Shares |
| PNC Financial Services Group, Inc. | $45,147,170 | 372,225 | 0.33% | Shares |
| MORGAN STANLEY | $43,463,422 | 358,343 | 0.32% | Shares |
| Drummond Knight Asset Management Pty Ltd | $41,643,466 | 343,338 | 0.31% | Shares |
| VEGA INVESTMENT SOLUTIONS | $38,311,873 | 315,870 | 0.28% | Shares |
| California Public Employees Retirement System | $37,975,414 | 313,096 | 0.28% | Shares |
| ASR Vermogensbeheer N.V. | $36,897,386 | 304,224 | 0.27% | Shares |
| Engineers Gate Manager LP | $36,856,999 | 303,875 | 0.27% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $36,726,931 | 298,011 | 0.27% | Shares |
| BARCLAYS PLC | $36,696,654 | 302,553 | 0.27% | Shares |
| Brandywine Global Investment Management, LLC | $34,939,577 | 341,007 | 0.26% | Shares |
| JANE STREET GROUP, LLC | $34,033,974 | 280,600 | 0.25% | Call option |
| Natixis Investment Managers International | $33,781,655 | 282,810 | 0.25% | Shares |
| Gotham Asset Management, LLC | $32,618,884 | 268,933 | 0.24% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $32,610,757 | 268,866 | 0.24% | Shares |
| UBS Group AG | $32,134,694 | 264,941 | 0.24% | Shares |
| Caisse de depot et placement du Quebec | $32,027,716 | 264,059 | 0.24% | Shares |
| MACKENZIE FINANCIAL CORP | $31,951,789 | 263,433 | 0.24% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $30,515,379 | 251,590 | 0.23% | Shares |
| FMR LLC | $30,304,258 | 249,850 | 0.22% | Shares |
| Arbejdsmarkedets Tillaegspension | $29,376,438 | 242,200 | 0.22% | Shares |
| LPL Financial LLC | $27,176,252 | 224,060 | 0.20% | Shares |
| Assenagon Asset Management S.A. | $27,114,380 | 223,550 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $26,483,581 | 247,788 | 0.20% | Shares |
| Swedbank AB | $25,063,487 | 206,641 | 0.19% | Shares |
| Aberdeen Group plc | $24,596,278 | 202,789 | 0.18% | Shares |
| AVIVA PLC | $24,353,698 | 200,789 | 0.18% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $23,753,555 | 195,841 | 0.18% | Shares |
| Corient Private Wealth LP | $22,130,573 | 182,457 | 0.16% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $21,614,727 | 178,207 | 0.16% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $21,496,348 | 177,231 | 0.16% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $21,460,567 | 176,936 | 0.16% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $20,723,854 | 170,641 | 0.15% | Shares |
| FRANKLIN RESOURCES INC | $20,661,873 | 170,351 | 0.15% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $20,281,993 | 167,219 | 0.15% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $20,137,294 | 166,026 | 0.15% | Shares |
| MARSHALL WACE, LLP | $19,856,264 | 163,709 | 0.15% | Shares |
| GRANDFIELD & DODD, LLC | $19,174,008 | 158,084 | 0.14% | Shares |
| MEYER HANDELMAN CO | $18,922,817 | 156,013 | 0.14% | Shares |
| TD Waterhouse Canada Inc. | $18,580,817 | 151,470 | 0.14% | Shares |
| STRS OHIO | $18,547,667 | 152,920 | 0.14% | Shares |
| Night Squared LP | $18,277,675 | 150,694 | 0.14% | Shares |
| First Eagle Investment Management, LLC | $17,029,481 | 140,403 | 0.13% | Shares |
| AMERIPRISE FINANCIAL INC | $16,793,564 | 138,458 | 0.12% | Shares |
| MATHER GROUP, LLC. | $16,614,652 | 136,983 | 0.12% | Shares |
| CANTOR FITZGERALD INVESTMENT ADVISORS L.P. | $16,588,594 | 136,768 | 0.12% | Shares |
| APG Asset Management N.V. | $16,516,042 | 155,683 | 0.12% | Shares |
| Varma Mutual Pension Insurance Co | $16,360,323 | 134,886 | 0.12% | Shares |
| ExodusPoint Capital Management, LP | $15,802,146 | 130,284 | 0.12% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $15,496,496 | 127,764 | 0.11% | Shares |
| Pictet Asset Management Holding SA | $14,864,332 | 122,552 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $14,486,514 | 119,437 | 0.11% | Shares |
| FIFTH THIRD BANCORP | $14,454,546 | 119,173 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,287,962 | 117,800 | 0.11% | Put option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $14,205,635 | 132,912 | 0.11% | Shares |
| PZENA INVESTMENT MANAGEMENT LLC | $13,679,935 | 112,787 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $13,643,791 | 112,489 | 0.10% | Shares |
| TWO SIGMA ADVISERS, LP | $13,555,458 | 132,300 | 0.10% | Shares |
Company insiders 60 insiders · 26 officers · 27 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jamie A. Beggs | Senior VP & CFO | Aug. 14, 2026 A | — | 0 | 0 | $0 |
| Vincent J Morales | Senior VP & CFO | June 12, 2026 A | 5,682 | 0 | 6 | $-14,511,096 |
| Frank S Sklarsky | Executive VP & CFO | March 1, 2017 D | 26,624 | 0 | 0 | $0 |
| Robert J Dellinger | Sr VP Finance & CFO | June 10, 2011 A | 4,866 | 0 | 0 | $0 |
| William H Hernandez | Sr. VP, Finance & CFO | Sept. 11, 2009 A | 65,077 | 0 | 0 | $0 |
| Amy R. Ericson | Sr. VP, P&M Coatings | June 12, 2026 A | 20,278 | 0 | 0 | $0 |
| Brian Richard Williams | Vice President and Controller | May 8, 2026 A | 3,179 | 0 | 0 | $0 |
| Joseph R. Gette | Sr. VP, GC and Secretary | Feb. 24, 2026 A | 8,304 | 0 | 0 | $0 |
| Karl Henrik Bergstrom | Sr.VP, Global Arch Coatings | Feb. 24, 2026 A | 14,707 | 0 | 0 | $0 |
| Vadlamannati Ramaprasad | SVP, Operations | Feb. 21, 2024 A | 33,020 | 0 | 0 | $0 |
| Michael H Mcgarry | Executive Chairman | Oct. 1, 2023 M | 219,823 | 0 | 0 | $0 |
| Rebecca B. Liebert | Executive Vice President | Sept. 15, 2022 A | 24,693 | 0 | 0 | $0 |
| William E Schaupp | VP and Controller (PAO) | Feb. 17, 2021 A | 2,437 | 0 | 0 | $0 |
| Glenn E Bost II | Sr. VP, Law, Compl & Spec Proj | Dec. 12, 2018 A | 37,074 | 0 | 0 | $0 |
| Jean-Marie Greindl | Sr. VP, Arch Ctgs & Pres EMEA | Feb. 22, 2018 M | 22,385 | 0 | 0 | $0 |
| Viktoras R Sekmakas | Executive Vice President | Sept. 30, 2017 A | 15,545 | 0 | 0 | $0 |
| Charles E Bunch | Executive Chairman of Board | Aug. 31, 2016 A | 732,911 | 0 | 0 | $0 |
| Cynthia A Niekamp | Sr. VP, Automotive Coatings | March 11, 2016 A | 66,290 | 0 | 0 | $0 |
| David B Navikas | Sr. VP Strat Plan & Corp Dev | Feb. 27, 2015 A | 28,793 | 0 | 0 | $0 |
| Richard C Elias | Sr. VP, Optical & SpecMatls | March 31, 2014 A | 13,577 | 0 | 0 | $0 |
| Rich J Alexander | Executive Vice President | Feb. 20, 2013 F | 33,688 | 0 | 0 | $0 |
| Pierre-Marie De Leener | Executive Vice President | July 23, 2012 M | 43,932 | 0 | 0 | $0 |
| Victoria M Holt | Sr. VP, Glass & Fiber Glass | Sept. 8, 2010 M | 16,047 | 0 | 0 | $0 |
| William A Wulfsohn | Sr. VP, Industrial Coatings | June 11, 2010 A | 28,604 | 0 | 0 | $0 |
| James C Diggs | Sr. VP & Gen. Counsel | June 11, 2010 A | 8,009 | 0 | 0 | $0 |
| Kevin F Sullivan | Sr. Vice Pres., Chemicals | June 30, 2008 A | 24,842 | 0 | 0 | $0 |
| Kathy Lynn Fortmann | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Guillermo Novo | Director | July 1, 2026 A | 274 | 0 | 0 | $0 |
| Iii Chris Roberts | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Michael Nally | Director | June 12, 2026 A | 264 | 0 | 0 | $0 |
| Leon J Topalian | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Melanie Healey | Director | June 12, 2026 A | 7,515 | 0 | 0 | $0 |
| Gary R. Heminger | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Michael W Lamach | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Kathleen Ligocki | Director | June 12, 2026 A | — | 0 | 0 | $0 |
| Todd M. Schneider | Director | April 16, 2026 A | 530 | 0 | 0 | $0 |
| Cathy R Smith | Director | April 16, 2026 A | 9,495 | 0 | 0 | $0 |
| Martin Richenhagen | Director | April 17, 2025 A | 31,842 | 0 | 0 | $0 |
| Stephen F Angel | Director | Jan. 2, 2024 A | 0 | 0 | 0 | $0 |
| Hugh Grant | Director | Dec. 12, 2023 A | — | 0 | 0 | $0 |
| John V Faraci | Director | Sept. 12, 2022 A | — | 0 | 0 | $0 |
| Steven A Davis | Director | July 1, 2022 A | — | 0 | 0 | $0 |
| Michele J Hooper | Director | April 15, 2020 M | 20,269 | 0 | 0 | $0 |
| James G Berges | Director | April 15, 2020 M | 6,009 | 0 | 0 | $0 |
| Victoria F Haynes | Director | April 15, 2020 M | 0 | 0 | 0 | $0 |
| Thomas J Usher | Director | March 11, 2016 A | 2,092 | 0 | 0 | $0 |
| David R Whitwam | Director | March 12, 2014 A | 0 | 0 | 0 | $0 |
| Robert Mehrabian | Director | March 12, 2014 A | 2,000 | 0 | 0 | $0 |
| RIPP ROBERT | Director | March 12, 2014 A | 1,175 | 0 | 0 | $0 |
| Erroll B Davis JR | Director | June 12, 2007 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 196 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 |
|---|---|---|---|---|
| TINT · ProShares Trust | 4.49% | 841 NS | May 31, 2026 | N-PORT |
| RSPM · Invesco Exchange-Traded Fund Trust | 3.69% | 61,614 SH | Aug. 21, 2026 | Daily |
| MVFD · Northern Lights Fund Trust IV | 2.85% | 27,380 NS | May 31, 2026 | N-PORT |
| UYM · ProShares Trust | 2.25% | 7,958 NS | May 31, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 2.12% | 481 NS | June 30, 2026 | N-PORT |
| FTDS · First Trust Exchange-Traded Fund | 2.10% | 6,384 NS | June 30, 2026 | N-PORT |
| UPGD · Invesco Exchange-Traded Fund Trust | 2.03% | 21,729 SH | Aug. 21, 2026 | Daily |
| QDIV · Global X Funds | 2.01% | 5,835 NS | May 31, 2026 | N-PORT |
| VAW · VANGUARD WORLD FUND | 1.77% | 656,706 SH | Aug. 19, 2026 | Daily |
| TMDV · ProShares Trust | 1.66% | 650 NS | May 31, 2026 | N-PORT |
| COMT · iShares U.S. ETF Trust | 1.65% | 21,015,000 SH | Aug. 21, 2026 | Daily |
| BMVP · Invesco Exchange-Traded Fund Trust | 1.59% | 14,784 SH | Aug. 21, 2026 | Daily |
| FMAT · FIDELITY COVINGTON TRUST | 1.56% | 86,728 NS | April 30, 2026 | N-PORT |
| NOBL · ProShares Trust | 1.49% | 1,462,535 NS | May 31, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 1.45% | 57,573 NS | April 30, 2026 | N-PORT |
| KNG · First Trust Exchange-Traded Fund IV | 1.42% | 442,022 NS | April 30, 2026 | N-PORT |
| FLV · AMERICAN CENTURY ETF TRUST | 1.33% | 41,642 NS | May 31, 2026 | N-PORT |
| PSET · Principal Exchange-Traded Funds | 1.25% | 2,976 NS | June 30, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 1.06% | 1,313 NS | April 30, 2026 | N-PORT |
| FSCS · First Trust Exchange-Traded Fund VI | 1.05% | 5,095 NS | June 30, 2026 | N-PORT |
| SNPD · DBX ETF Trust | 1.02% | 236 NS | May 29, 2026 | N-PORT |
| FEGE · RBB Fund Trust | 0.91% | 156,549 NS | May 31, 2026 | N-PORT |
| FXR · First Trust Exchange-Traded AlphaDE… | 0.87% | 55,924 NS | April 30, 2026 | N-PORT |
| MXI · iShares Trust | 0.77% | 25,520 SH | Aug. 21, 2026 | Daily |
| FLCV · Federated Hermes ETF Trust | 0.74% | 6,283 NS | May 31, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.71% | 84,722 NS | April 30, 2026 | N-PORT |
| PAPI · Morgan Stanley ETF Trust | 0.56% | 18,356 NS | June 30, 2026 | N-PORT |
| ESLV · Strategy Shares | 0.52% | 564 NS | April 30, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.47% | 1,431,840 SH | Aug. 19, 2026 | Daily |
| NUDV · Nushares ETF Trust | 0.43% | 1,803 NS | April 30, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.41% | 3,251 NS | May 29, 2026 | N-PORT |
| FVD · First Trust Exchange-Traded Fund | 0.40% | 263,562 NS | June 30, 2026 | N-PORT |
| KNGZ · First Trust Exchange-Traded Fund VI | 0.37% | 1,911 NS | June 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.35% | 4,469 NS | April 30, 2026 | N-PORT |
| IMCV · iShares Trust | 0.34% | 36,216 SH | Aug. 21, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.34% | 5,642 NS | April 30, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.33% | 45,977 NS | April 30, 2026 | N-PORT |
| IYJ · iShares Trust | 0.30% | 51,022 SH | Aug. 21, 2026 | Daily |
| FCFY · First Trust Exchange-Traded Fund | 0.30% | 33 NS | June 30, 2026 | N-PORT |
| FLCC · Federated Hermes ETF Trust | 0.28% | 2,978 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.28% | 9,919 NS | May 31, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.27% | 99,910 NS | April 30, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.27% | 144,216 NS | April 30, 2026 | N-PORT |
| EQIN · Columbia ETF Trust I | 0.27% | 6,761 NS | April 30, 2026 | N-PORT |
| CVMC · Morgan Stanley ETF Trust | 0.26% | 2,230 NS | June 30, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.26% | 4,830,690 SH | Aug. 19, 2026 | Daily |
| EVUS · iShares Trust | 0.26% | 8,634 SH | Aug. 21, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.25% | 4,834 NS | May 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.25% | 9,940 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.24% | 336,178 SH | Aug. 21, 2026 | Daily |