QTWO Q2 Holdings, Inc. Common Stock
NYSE · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 29, 2026
$56.38
· of 52w range
· above low
· to high
$40.7952w low
$76.2452w high
Market Cap (MRQ)
$3.52B
P/E (TTM)
40.0
EPS (TTM)
$1.41
Revenue (TTM)
$846M
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52W Range
$41–$76
Analyst Rating
BUY
Price Target
$76
P/E
40.0
ROE
15.0%
Net Profit Margin
10.9%
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QTWO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$56.38
Market Cap (MRQ)
$3.52B
P/E (TTM)
40.0
EPS (TTM)
$1.41
Revenue (TTM)
$846M
ROE (TTM)
15.0%
52W Range
$41–$76
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$795M2016-12-31 → 2025-12-31
EPS$0.802019-12-31 → 2025-12-31
Free Cash Flow$195M2016-12-31 → 2025-12-31
Net margin10.9%2016-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | QTWO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 40.05Y avg ≈-31.9 | ≈-31.9 | 35.1 | Fair value | |
| P/S (TTM) | 4.25Y avg ≈6.1 | ≈6.1 | 4.3 | Undervalued | |
| P/B (MRQ) | 5.55Y avg ≈7.2 | ≈7.2 | 4.7 | Fair value | |
| Price / FCF (TTM) | 16.55Y avg ≈115.2 | ≈115.2 | · | · | |
| Price / Cash Flow (TTM) | 15.55Y avg ≈58.5 | ≈58.5 | 25.5 | Fair value | |
| Price / Tangible Book (MRQ) | 6.2 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | QTWO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 57.0%5Y avg ≈48.8% | ≈48.8% | 79.8% | Weak | |
| Operating Margin (TTM) | 10.0%5Y avg ≈-9.8% | ≈-9.8% | 4.6% | Top tier | |
| EBITDA Margin (TTM) | 15.9%5Y avg ≈0.20% | ≈0.20% | 5.7% | Top tier | |
| Pretax Margin (TTM) | 11.5%5Y avg ≈-9.7% | ≈-9.7% | 6.6% | Top tier | |
| Net Profit Margin (TTM) | 10.9%5Y avg ≈-10.3% | ≈-10.3% | 5.3% | Top tier | |
| ROA (TTM) | 7.8%5Y avg ≈-4.0% | ≈-4.0% | 8.5% | Weak | |
| ROE (TTM) | 15.0%5Y avg ≈-10.9% | ≈-10.9% | 12.4% | Weak | |
| ROIC | 5.7%5Y avg ≈-12.9% | ≈-12.9% | 9.2% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | QTWO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 0.95Y avg ≈2.1 | ≈2.1 | 1.9 | Low liquidity | |
| Quick Ratio (MRQ) | 0.75Y avg ≈1.9 | ≈1.9 | 1.6 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | QTWO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 14.1%5Y avg ≈14.7% | ≈14.7% | · | · | |
| Revenue CAGR 3Y | 12.0%5Y avg ≈13.2% | ≈13.2% | · | · | |
| Revenue CAGR 5Y | 14.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | QTWO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.65Y avg ≈0.5 | ≈0.5 | 0.6 | In line | |
| Receivables Turnover | 16.95Y avg ≈14.3 | ≈14.3 | 7.1 | Top tier | |
| Revenue / Employee | ≈$311.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
5.4%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 28, 2026 | $0.69 | $0.70 | -2.2% |
| March 31, 2026 | $0.63 | $0.71 | -11.2% | |
| Dec. 31, 2025 | $0.68 | $0.61 | 11.1% | |
| Sept. 30, 2025 | $0.64 | $0.56 | 14.8% | |
| June 30, 2025 | $0.57 | $0.53 | 7.3% | |
| March 31, 2025 | $0.54 | $0.48 | 13.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $795M | $696M | $625M | $566M | $499M | $403M | $315M | $241M | $194M | $150M | $109M | $79M | |
| Cost of Revenue | $365M | $342M | $322M | $309M | $274M | $228M | $162M | $122M | $99M | $77M | $59M | $46M | |
| Gross Profit | $430M | $354M | $303M | $256M | $225M | $175M | $153M | $119M | $94M | $73M | $50M | $33M | |
| R&D Expense | $154M | $143M | $137M | $130M | $117M | $97M | $76M | $51M | $40M | $32M | $22M | $12M | |
| SG&A Expense | $126M | $123M | $110M | $90M | $78M | $71M | $57M | $45M | $37M | $32M | $23M | $17M | |
| Operating Expenses | $390M | $397M | $389M | $361M | $303M | $274M | $220M | $151M | $121M | $109M | $75M | $52M | |
| Operating Income | $40M | $-42M | $-86M | $-105M | $-78M | $-100M | $-67M | $-32M | $-27M | $-36M | $-25M | $-19M | |
| Other Non-op | $15M | $11M | $24M | $-1M | $-33M | $-36M | $-17M | $-7M | $429.0K | $-209.0K | $-3.0K | $-492.0K | |
| Pretax Income | $55M | $-31M | $-62M | $-106M | $-111M | $-136M | $-83M | $-39M | $-26M | $-36M | $-25M | $-20M | |
| Income Tax | $3M | $8M | $4M | $3M | $2M | $1M | $-12M | $-4M | $-314.0K | $427.0K | $220.0K | $71.0K | |
| Net Income | $52M | $-39M | $-65M | $-109M | $-113M | $-138M | $-71M | $-35M | $-26M | $-36M | $-25M | $-20M | |
| EPS (Basic) | $0.84 | $-0.64 | $-1.12 | $-1.90 | $-2.00 | $-2.65 | $-1.53 | · | · | · | · | · | |
| EPS (Diluted) | $0.80 | $-0.64 | $-1.12 | $-1.90 | $-2.00 | $-2.65 | $-1.53 | · | · | · | · | · | |
| Shares (Basic) | 62,156,000 | 60,105,000 | 58,354,000 | 57,300,000 | 56,394,000 | 52,019,000 | 46,198,000 | · | · | · | · | · | |
| Shares (Diluted) | 65,118,000 | 60,105,000 | 58,354,000 | 57,300,000 | 56,394,000 | 52,019,000 | 46,198,000 | · | · | · | · | · | |
| EBITDA | $93M | $27M | $-14M | $-43M | $-23M | $-48M | $-38M | $-15M | $-12M | $-24M | · | $-15M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $368M | $359M | $230M | $200M | $323M | $408M | $100M | $108M | $58M | $55M | $67M | $68M | |
| Short-term Investments | $65M | $88M | $94M | $234M | $105M | $131M | $32M | $69M | $42M | $42M | $44M | $21M | |
| Receivables | $52M | $42M | $43M | $47M | $47M | $36M | $22M | $20M | $13M | $12M | $9M | $5M | |
| Prepaid Expense | $28M | $24M | $12M | $11M | $11M | $9M | $6M | $4M | $3M | $3M | $3M | $3M | |
| Current Assets | $556M | $559M | $428M | $531M | $522M | $616M | $186M | $218M | $131M | $126M | $133M | $105M | |
| PP&E (Net) | $28M | $32M | $41M | $57M | $67M | $50M | $39M | $35M | $35M | $27M | $24M | $19M | |
| PP&E (Gross) | $129M | $122M | $118M | $117M | $110M | $84M | $74M | $66M | $58M | $43M | $38M | $26M | |
| Accum. Depreciation | $101M | $91M | $77M | $61M | $44M | $35M | $35M | $32M | $24M | $15M | $14M | $8M | |
| Goodwill | $513M | $513M | $513M | $513M | $513M | $462M | $462M | $108M | $13M | $13M | $13M | $0 | |
| Intangibles | $78M | $95M | $122M | $146M | $162M | $185M | $224M | $63M | $12M | $15M | $17M | $0 | |
| Other Non-current Assets | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $526.0K | $551.0K | $1M | |
| Total Assets | $1.28B | $1.29B | $1.20B | $1.35B | $1.39B | $1.42B | $1.01B | $464M | $213M | $201M | $204M | $137M | |
| Accounts Payable | $20M | $9M | $19M | $10M | $11M | $8M | $11M | $9M | $8M | $4M | $3M | $2M | |
| Accrued Liabilities | $25M | $18M | $16M | $21M | $18M | $22M | $16M | $9M | $11M | $9M | $11M | $9M | |
| Current Liabilities | $544M | $399M | $192M | $192M | $168M | $146M | $133M | $74M | $68M | $59M | $46M | $32M | |
| Capital Leases | $34M | $38M | $46M | $53M | $61M | $37M | $36M | $200.0K | · | · | $0 | $167.0K | |
| Other Non-current Liabilities | $10M | $10M | $8M | $6M | $4M | $4M | $3M | $17M | $438.0K | $361.0K | $4M | $1M | |
| Total Liabilities | $614M | $777M | $753M | $931M | $815M | $773M | $630M | $305M | $106M | $101M | $86M | $58M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Paid-in Capital | $1.28B | $1.18B | $1.08B | $982M | $1.06B | $1.02B | $623M | $331M | $260M | $226M | $208M | $143M | |
| Retained Earnings | $-612M | $-664M | $-626M | $-560M | $-494M | $-381M | $-243M | $-172M | $-152M | $-126M | $-89M | $-64M | |
| Treasury Stock | · | · | · | · | · | · | · | $0 | $855.0K | $417.0K | $41.0K | $20.0K | |
| AOCI | $-2M | $-2M | $-1M | $-3M | $-135.0K | $-32.0K | $14.0K | $-37.0K | $-139.0K | $-54.0K | $-101.0K | $-14.0K | |
| Stockholders' Equity | $662M | $518M | $448M | $419M | $570M | $643M | $379M | $159M | $107M | $100M | $118M | $79M | |
| Liabilities + Equity | $1.28B | $1.29B | $1.20B | $1.35B | $1.39B | $1.42B | $1.01B | $464M | $213M | $201M | $204M | $137M | |
| Shares Outstanding | 62,741,000 | 60,728,000 | 59,031,000 | 57,735,000 | 56,928,000 | 55,562,000 | 48,386,000 | 43,535,000 | 41,967,000 | 40,425,000 | 38,891,000 | 34,696,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $53M | $69M | $72M | $62M | $55M | $52M | $28M | $17M | $15M | $12M | $7M | $4M | |
| Stock-based Comp | $87M | $89M | $79M | $65M | $56M | $51M | $41M | $30M | $21M | $13M | $7M | $5M | |
| Deferred Tax | $930.0K | $2M | $926.0K | $681.0K | $540.0K | $1M | $-14M | $-4M | $-350.0K | $282.0K | $85.0K | $4.0K | |
| Amort. of Intangibles | $93.0K | $17M | $21M | $18M | $18M | $18M | $6M | $2M | $1M | $1M | $576.0K | · | |
| Other Non-cash | $8M | $14M | $-16M | $18M | $32M | $31M | $16M | $-2M | $101.0K | $15M | · | $6M | |
| Operating Cash Flow | $201M | $136M | $70M | $37M | $31M | $-3M | $567.0K | $5M | $9M | $3M | $5M | $-5M | |
| CapEx | $7M | $7M | $6M | $11M | $20M | $24M | $14M | $13M | $12M | $14M | $7M | $5M | |
| Investing Cash Flow | $-4M | $-21M | $113M | $-166M | $-65M | $-124M | $-483M | $-171M | $-17M | $-17M | $-58M | $-27M | |
| Stock Issued | · | · | · | $0 | $0 | $311M | $195M | $0 | $0 | · | · | · | |
| Stock Repurchased | $5M | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $-5M | · | · | $0 | $0 | $311M | $195M | · | · | · | · | · | |
| Financing Cash Flow | $-189M | $13M | $-152M | $6M | $-51M | $435M | $476M | $217M | $12M | $944.0K | $52M | $81M | |
| Net Change in Cash | $9M | $127M | $32M | $-124M | $-85M | $308M | $-7M | $50M | $4M | $-12M | $-930.0K | $49M | |
| Taxes Paid | $4M | $6M | $3M | $875.0K | $1M | $566.0K | $322.0K | $250.0K | $128.0K | · | · | · | |
| Free Cash Flow | $195M | $129M | $65M | $25M | $11M | $-27M | $-13M | $-9M | $-3M | $-11M | · | $-10M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.1% | 50.9% | 48.4% | 45.3% | 45.1% | 43.4% | 48.5% | 49.5% | 48.7% | 48.5% | · | 41.8% | |
| Operating Margin | 5.0% | -6.1% | -13.8% | -18.5% | -15.6% | -24.8% | -21.2% | -13.2% | -13.9% | -23.8% | · | -24.1% | |
| Net Margin | 6.5% | -5.5% | -10.5% | -19.3% | -22.6% | -34.2% | -22.5% | -14.7% | -13.5% | -24.2% | · | -24.8% | |
| Pretax Margin | 6.9% | -4.4% | -9.9% | -18.8% | -22.3% | -33.8% | -26.4% | -16.3% | -13.7% | -23.9% | · | -24.7% | |
| EBITDA Margin | 11.7% | 3.8% | -2.3% | -7.6% | -4.6% | -11.9% | -12.1% | -6.2% | -6.2% | -15.7% | · | -18.9% | |
| ROA | 4.0% | -3.1% | -5.1% | -8.0% | -8.1% | -11.3% | -9.6% | -10.5% | -12.7% | -17.9% | · | -19.8% | |
| ROE | 8.3% | -7.6% | -14.7% | -22.0% | -18.6% | -26.9% | -26.3% | -26.7% | -25.3% | -33.3% | · | -92.1% | |
| ROIC | 5.7% | -10.2% | -20.3% | -25.7% | -13.9% | -15.7% | -15.0% | -18.1% | -24.9% | -36.1% | · | -24.2% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.4 | 2.2 | 2.8 | 3.1 | 4.2 | 1.4 | 3.0 | 1.9 | 2.1 | · | 3.2 | |
| Quick Ratio | 0.9 | 1.2 | 1.9 | 2.5 | 2.8 | 3.9 | 1.2 | 2.7 | 1.7 | 1.8 | · | 2.9 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.0 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.0 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.5 | 0.4 | 0.4 | 0.3 | 0.4 | 0.7 | 0.9 | 0.7 | · | 0.8 | |
| Receivables Turnover | 16.9 | 16.4 | 13.9 | 12.1 | 12.0 | 13.7 | 15.0 | 14.7 | 15.2 | 14.1 | · | 11.2 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $10.55 | $8.53 | $7.60 | $7.26 | $10.02 | $11.58 | $7.84 | $3.65 | $2.54 | $2.48 | · | $2.28 | |
| Revenue / Share | $12.21 | $11.59 | $10.70 | $9.87 | $8.84 | · | · | · | · | · | · | · | |
| Cash Flow / Share | $3.09 | $2.26 | $1.20 | $0.64 | $0.55 | · | · | · | · | · | · | · | |
| Cash / Share | $5.86 | $5.90 | $3.89 | $3.46 | $5.67 | $7.34 | $2.07 | $2.49 | $1.38 | $1.36 | · | $1.96 | |
| EPS (TTM) | $0.80 | $-0.64 | $-1.12 | $-1.90 | $-2.00 | $-2.65 | $-1.53 | · | · | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 14.1% | 11.5% | 10.4% | 13.4% | 23.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 12.0% | 11.8% | 15.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $795M | $696M | $625M | $566M | $499M | $403M | $315M | $241M | $194M | $150M | $109M | $79M | |
| Net Income TTM | $52M | $-39M | $-65M | $-109M | $-113M | $-138M | $-71M | $-35M | $-26M | $-36M | $-25M | $-20M | |
| Market Cap | $4.53B | $6.11B | $2.56B | $1.55B | $4.52B | $7.03B | $3.92B | $2.16B | $1.55B | $1.17B | · | $654M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $565M | |
| P/E | 90.2 | -157.3 | -38.8 | -14.1 | -39.7 | -47.7 | -53.0 | · | · | · | · | · | |
| P/S | 5.7 | 8.8 | 4.1 | 2.7 | 9.1 | 17.5 | 12.4 | 8.9 | 8.0 | 7.8 | · | 8.3 | |
| P/B | 6.8 | 11.8 | 5.7 | 3.7 | 7.9 | 10.9 | 10.3 | 13.6 | 14.5 | 11.6 | · | 8.3 | |
| P / Tangible Book | 64.2 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 22.5 | 45.0 | 36.5 | 42.4 | 146.2 | -2432.6 | 6919.1 | 469.5 | 163.3 | 343.6 | · | -123.7 | |
| P / FCF | 23.3 | 47.4 | 39.7 | 61.0 | 404.8 | -264.2 | -295.1 | -248.2 | -544.0 | -106.5 | · | -63.3 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | -37.7 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | -54.7 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 7.1 | |
| Earnings Yield | 1.1% | -0.64% | -2.6% | -7.1% | -2.5% | -2.1% | -1.9% | · | · | · | · | · |
Income Statement
| 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 | $220M | $217M | $208M | $202M | $195M | $190M | $183M | $175M | $173M | $166M | $162M | $155M | $155M | $153M | $147M | $145M | |
| Cost of Revenue | $90M | $89M | $93M | $93M | $91M | $89M | $87M | $86M | $86M | $83M | $81M | $81M | $81M | $80M | $80M | $78M | |
| Gross Profit | $130M | $128M | $115M | $109M | $105M | $101M | $96M | $89M | $87M | $82M | $81M | $74M | $74M | $73M | $66M | $67M | |
| R&D Expense | $41M | $42M | $41M | $39M | $37M | $38M | $36M | $37M | $36M | $35M | $34M | $35M | $34M | $34M | $34M | $33M | |
| SG&A Expense | $33M | $32M | $30M | $32M | $31M | $32M | $30M | $31M | $31M | $30M | $30M | $28M | $27M | $25M | $24M | $23M | |
| Operating Expenses | $101M | $100M | $98M | $98M | $95M | $99M | $98M | $102M | $101M | $96M | $99M | $97M | $97M | $94M | $99M | $94M | |
| Operating Income | $29M | $28M | $17M | $11M | $10M | $2M | $-2M | $-13M | $-14M | $-14M | $-18M | $-23M | $-24M | $-21M | $-32M | $-27M | |
| Other Non-op | $2M | $2M | $4M | $4M | $4M | $3M | $4M | $3M | $3M | $2M | $2M | $1M | $526.0K | $21M | $811.0K | $-231.0K | |
| Pretax Income | $32M | $30M | $21M | $15M | $13M | $5M | $2M | $-10M | $-11M | $-12M | $-16M | $-22M | $-23M | $-498.0K | $-32M | $-27M | |
| Income Tax | $2M | $3M | $337.0K | $160.0K | $2M | $487.0K | $2M | $2M | $2M | $2M | $2M | $1M | $479.0K | $18.0K | $735.0K | $469.0K | |
| Net Income | $30M | $27M | $20M | $15M | $12M | $5M | $164.0K | $-12M | $-13M | $-14M | $-18M | $-23M | $-24M | $-516.0K | $-32M | $-28M | |
| EPS (Basic) | $0.48 | $0.43 | $0.33 | $0.24 | $0.19 | $0.08 | $0.01 | $-0.20 | $-0.22 | $-0.23 | $-0.30 | $-0.40 | $-0.41 | $-0.01 | $-0.57 | $-0.48 | |
| EPS (Diluted) | $0.46 | $0.40 | $0.32 | $0.23 | $0.18 | $0.07 | $0.01 | $-0.20 | $-0.22 | $-0.23 | $-0.30 | $-0.40 | $-0.41 | $-0.01 | $-0.57 | $-0.48 | |
| Shares (Basic) | 62,486,000 | 62,338,000 | · | 62,458,000 | 62,353,000 | 61,222,000 | · | 60,310,000 | 60,162,000 | 59,446,000 | · | 58,492,000 | 58,286,000 | 57,885,000 | · | 57,362,000 | |
| Shares (Diluted) | 65,420,000 | 67,647,000 | · | 69,858,000 | 69,642,000 | 64,820,000 | · | 60,310,000 | 60,162,000 | 59,446,000 | · | 58,492,000 | 58,286,000 | 57,885,000 | · | 57,362,000 | |
| EBITDA | $29M | $39M | · | $11M | $10M | $16M | · | $-13M | $-14M | $3M | · | $-23M | $-24M | $-4M | · | $-27M |
Balance Sheet
| 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 | $100M | $342M | $368M | $472M | $414M | $384M | $359M | $320M | $304M | $275M | · | $156M | $118M | $121M | · | $193M | |
| Short-term Investments | $7M | $37M | $65M | $96M | $118M | $102M | $88M | $88M | $68M | $64M | · | $135M | $162M | $150M | · | $203M | |
| Receivables | $71M | $74M | $52M | $70M | $60M | $63M | $42M | $58M | $59M | $54M | · | $44M | $39M | $40M | · | $53M | |
| Prepaid Expense | $20M | $22M | $28M | $20M | $20M | $22M | $24M | $18M | $13M | $16M | · | $15M | $12M | $15M | · | $14M | |
| Current Assets | $244M | $525M | $556M | $707M | $660M | $619M | $559M | $526M | $491M | $458M | · | $397M | $379M | $375M | · | $499M | |
| PP&E (Net) | $28M | $28M | $28M | $25M | $27M | $28M | $32M | $34M | $35M | $38M | · | $45M | $48M | $53M | · | $59M | |
| PP&E (Gross) | · | · | $129M | · | · | · | $122M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $101M | · | · | · | $91M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $513M | $513M | $513M | $513M | $513M | $513M | $513M | $513M | $513M | $513M | · | $513M | $513M | $513M | · | $513M | |
| Intangibles | $73M | $76M | $78M | $82M | $87M | $91M | $95M | $101M | $108M | $115M | · | $128M | $135M | $140M | · | $146M | |
| Other Non-current Assets | $4M | $3M | $3M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | · | $3M | $2M | $2M | · | $2M | |
| Total Assets | $968M | $1.25B | $1.28B | $1.43B | $1.39B | $1.35B | $1.29B | $1.27B | $1.25B | $1.23B | · | $1.18B | $1.17B | $1.18B | · | $1.33B | |
| Accounts Payable | $16M | $10M | $20M | $8M | $6M | $15M | $9M | $13M | $14M | $13M | · | $15M | $14M | $14M | · | $12M | |
| Accrued Liabilities | $23M | $26M | $25M | $27M | $20M | $24M | $18M | $20M | $20M | $23M | · | $18M | $16M | $20M | · | $15M | |
| Current Liabilities | $259M | $562M | $544M | $732M | $732M | $432M | $399M | $211M | $201M | $193M | · | $176M | $169M | $177M | · | $166M | |
| Capital Leases | $32M | $32M | $34M | $36M | $37M | $36M | $38M | $39M | $42M | $44M | · | $47M | $49M | $51M | · | $55M | |
| Other Non-current Liabilities | $10M | $10M | $10M | $7M | $7M | $7M | $10M | $10M | $10M | $9M | · | $7M | $5M | $5M | · | $4M | |
| Total Liabilities | $325M | $635M | $614M | $804M | $801M | $804M | $777M | $778M | $768M | $763M | · | $738M | $731M | $745M | · | $903M | |
| Paid-in Capital | $1.20B | $1.20B | $1.28B | $1.26B | $1.23B | $1.21B | $1.18B | $1.16B | $1.13B | $1.11B | · | $1.05B | $1.03B | $1.00B | · | $962M | |
| Retained Earnings | $-556M | $-586M | $-612M | $-633M | $-648M | $-659M | $-664M | $-664M | $-653M | $-640M | · | $-608M | $-584M | $-561M | · | $-528M | |
| AOCI | $-3M | $-3M | $-2M | $-2M | $-1M | $-2M | $-2M | $-593.0K | $-1M | $-1M | · | $-2M | $-2M | $-2M | · | $-4M | |
| Stockholders' Equity | $643M | $612M | $662M | $623M | $584M | $545M | $518M | $495M | $481M | $465M | $448M | $441M | $441M | $439M | $419M | $430M | |
| Liabilities + Equity | $968M | $1.25B | $1.28B | $1.43B | $1.39B | $1.35B | $1.29B | $1.27B | $1.25B | $1.23B | · | $1.18B | $1.17B | $1.18B | · | $1.33B | |
| Shares Outstanding | 62,360,000 | 62,665,000 | 62,741,000 | 62,510,000 | 62,442,000 | 62,304,000 | 60,728,000 | 60,401,000 | 60,283,000 | 60,099,000 | 59,031,000 | 58,635,000 | 58,447,000 | 58,198,000 | 57,735,000 | 57,517,000 |
Cash Flow
| 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 | $12M | $12M | $13M | $14M | $14M | $14M | $16M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $16M | $15M | |
| Stock-based Comp | $21M | $20M | $20M | $23M | $22M | $21M | $20M | $24M | $24M | $21M | $19M | $21M | $21M | $18M | $14M | $18M | |
| Amort. of Intangibles | $0 | $0 | $0 | $0 | $0 | $93.0K | $3M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | |
| Other Non-cash | · | $-2M | · | · | · | $4M | · | · | · | $-11M | · | · | · | $-31M | · | · | |
| Operating Cash Flow | $61M | $56M | $64M | $46M | $49M | $44M | $43M | $43M | $36M | $13M | $37M | $17M | $13M | $4M | $44M | $7M | |
| CapEx | $2M | $7M | $2M | $3M | $1M | $785.0K | $1M | $2M | $1M | $1M | $1M | $1M | $2M | $1M | $2M | $4M | |
| Investing Cash Flow | $20M | $16M | $24M | $13M | $-22M | $-20M | $-6M | $-27M | $-11M | $23M | $35M | $21M | $-20M | $78M | $-40M | $-25M | |
| Stock Repurchased | $23M | $97M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-97M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-323M | $-97M | $-193M | $0 | $4M | $547.0K | $3M | $-942.0K | $3M | $8M | $4M | $389.0K | $4M | $-160M | $3M | $451.0K | |
| Net Change in Cash | $-242M | $-25M | $-105M | $59M | $31M | $25M | $39M | $16M | $28M | $45M | $76M | $38M | $-3M | $-78M | $7M | $-19M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $238.0K | $215.0K | |
| Free Cash Flow | · | $50M | · | · | · | $43M | · | · | · | $12M | · | · | · | $3M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.2% | 59.1% | · | 54.0% | 53.6% | 53.2% | · | 50.9% | 50.2% | 49.7% | · | 47.8% | 47.8% | 47.9% | · | 46.2% | |
| Operating Margin | 13.4% | 12.8% | · | 5.5% | 5.0% | 1.1% | · | -7.3% | -7.9% | -8.6% | · | -14.9% | -15.3% | -13.9% | · | -18.7% | |
| Net Margin | 13.6% | 12.3% | · | 7.5% | 6.0% | 2.5% | · | -6.7% | -7.5% | -8.4% | · | -14.9% | -15.3% | -0.34% | · | -19.2% | |
| Pretax Margin | 14.4% | 13.7% | · | 7.5% | 6.9% | 2.8% | · | -5.5% | -6.3% | -7.4% | · | -14.3% | -15.0% | -0.33% | · | -18.9% | |
| EBITDA Margin | 13.4% | 18.2% | · | 5.5% | 5.0% | 8.4% | · | -7.3% | -7.9% | 2.0% | · | -14.9% | -15.3% | -2.4% | · | -18.7% | |
| ROA | 2.5% | 2.1% | · | 1.1% | 0.89% | 0.37% | · | -0.96% | -1.1% | -1.1% | · | -1.8% | -1.9% | -0.04% | · | -2.1% | |
| ROE | 4.9% | 4.6% | · | 2.7% | 2.2% | 0.94% | · | -2.5% | -2.8% | -3.1% | · | -5.3% | -5.3% | -0.12% | · | -5.5% | |
| ROIC | 4.3% | 4.0% | · | 1.8% | 1.5% | 0.36% | · | -3.2% | -3.4% | -3.4% | · | -5.5% | -5.5% | -5.0% | · | -6.4% |
Liquidity & Solvency
| 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 | 0.9 | 0.9 | · | 1.0 | 0.9 | 1.4 | · | 2.5 | 2.4 | 2.4 | · | 2.3 | 2.2 | 2.1 | · | 3.0 | |
| Quick Ratio | 0.7 | 0.8 | · | 0.9 | 0.8 | 1.3 | · | 2.2 | 2.1 | 2.0 | · | 1.9 | 1.9 | 1.8 | · | 2.7 |
Efficiency
| 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 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 3.4 | 3.2 | · | 3.2 | 3.3 | 3.2 | · | 3.4 | 3.5 | 3.5 | · | 3.2 | 3.6 | 4.0 | · | 2.7 |
Per Share
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $10.32 | $9.76 | · | $9.96 | $9.36 | $8.75 | · | $8.20 | $7.97 | $7.74 | · | $7.52 | $7.55 | $7.54 | · | $7.48 | |
| Revenue / Share | $3.36 | $3.20 | · | $2.89 | $2.80 | $2.93 | · | $2.90 | $2.87 | $2.78 | · | $2.65 | $2.65 | $2.64 | · | $2.52 | |
| Cash Flow / Share | · | $0.83 | · | · | · | $0.67 | · | · | · | $0.23 | · | · | · | $0.07 | · | · | |
| Cash / Share | $1.60 | $5.46 | · | $7.56 | $6.63 | $6.16 | · | $5.30 | $5.04 | $4.57 | · | $2.66 | $2.02 | $2.08 | · | $3.35 | |
| EPS (TTM) | $1.41 | $1.13 | · | $0.49 | $0.06 | $-0.34 | · | $-0.95 | $-1.15 | $-1.34 | · | $-1.39 | $-1.47 | $-1.50 | · | $-1.78 |
Valuation (TTM)
| 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 | $846M | $822M | · | $770M | $743M | $721M | · | $676M | $655M | $637M | · | $609M | $599M | $585M | · | $551M | |
| Net Income TTM | $92M | $74M | · | $32M | $5M | $-20M | · | $-57M | $-68M | $-79M | · | $-80M | $-84M | $-86M | · | $-102M | |
| Market Cap | $3.00B | $2.96B | · | $4.53B | $5.84B | $4.98B | · | $4.82B | $3.64B | $3.16B | · | $1.89B | $1.81B | $1.43B | · | $1.85B | |
| P/E | 34.1 | 41.9 | · | 147.7 | 1559.8 | -235.3 | · | -84.0 | -52.5 | -39.2 | · | -23.2 | -21.0 | -16.4 | · | -18.1 | |
| P/S | 3.5 | 3.6 | · | 5.9 | 7.9 | 6.9 | · | 7.1 | 5.5 | 5.0 | · | 3.1 | 3.0 | 2.5 | · | 3.4 | |
| P/B | 4.7 | 4.8 | · | 7.3 | 10.0 | 9.1 | · | 9.7 | 7.6 | 6.8 | · | 4.3 | 4.1 | 3.3 | · | 4.3 | |
| P / Tangible Book | 52.5 | 128.7 | · | 163.4 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 52.6 | · | · | · | 114.5 | · | · | · | 235.1 | · | · | · | 368.0 | · | · | |
| Earnings Yield | 2.9% | 2.4% | · | 0.68% | 0.06% | -0.42% | · | -1.2% | -1.9% | -2.5% | · | -4.3% | -4.8% | -6.1% | · | -5.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $795M | $696M | $625M | $566M | $499M |
| Gross Margin % | 54.1% | 50.9% | 48.4% | 45.3% | 45.1% |
| Operating Margin % | 5.0% | -6.1% | -13.8% | -18.5% | -15.6% |
| Net Income | $52M | $-39M | $-65M | $-109M | $-113M |
| Diluted EPS | $0.80 | $-0.64 | $-1.12 | $-1.90 | $-2.00 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.4 | 2.2 | 2.8 | 3.1 |
| Quick Ratio | 0.9 | 1.2 | 1.9 | 2.5 | 2.8 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $195M | $129M | $65M | $25M | $11M |
Institutional owners (13F) 353 filers · $3.7B total · As of Sept. 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.
Holders
353
Value held
$3.7B
New positions
42
Exited positions
50
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 42 (-31 vs prior Q) | 50 (-9 vs prior Q) | 135 (+1 vs prior Q) | 109 (+9 vs prior Q) | +3.1M |
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 GROUP INC | $576,928,797 | 7,995,133 | 15.43% | Shares |
| BlackRock, Inc. | $501,771,602 | 10,431,842 | 13.42% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $239,054,258 | 4,969,943 | 6.39% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $130,748,643 | 2,718,267 | 3.50% | Shares |
| STATE STREET CORP | $126,515,650 | 2,630,263 | 3.38% | Shares |
| TREMBLANT CAPITAL GROUP | $88,608,137 | 1,842,165 | 2.37% | Shares |
| MILLENNIUM MANAGEMENT LLC | $86,936,710 | 1,807,416 | 2.33% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $78,567,000 | 1,633,414 | 2.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $76,296,204 | 1,585,911 | 2.04% | Shares |
| Capital Research Global Investors | $71,189,684 | 1,480,035 | 1.90% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $68,933,601 | 1,433,131 | 1.84% | Shares |
| Conestoga Capital Advisors, LLC | $67,016,527 | 1,393,275 | 1.79% | Shares |
| GOLDMAN SACHS GROUP INC | $61,962,468 | 1,288,201 | 1.66% | Shares |
| TWO SIGMA INVESTMENTS, LP | $57,851,313 | 1,202,730 | 1.55% | Shares |
| AMERICAN CENTURY COMPANIES INC | $54,338,527 | 1,129,697 | 1.45% | Shares |
| ALGEBRIS (UK) LTD | $51,331,052 | 1,070,545 | 1.37% | Shares |
| FEDERATED HERMES, INC. | $50,367,146 | 1,047,134 | 1.35% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $48,629,372 | 1,011,060 | 1.30% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $47,981,001 | 997,526 | 1.28% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $42,128,433 | 875,851 | 1.13% | Shares |
| Tensile Capital Management LP | $41,787,693 | 868,767 | 1.12% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $39,957,343 | 830,714 | 1.07% | Shares |
| BROWN ADVISORY INC | $39,634,854 | 824,009 | 1.06% | Shares |
| Nuveen, LLC | $38,988,561 | 810,573 | 1.04% | Shares |
| JENNISON ASSOCIATES LLC | $38,530,649 | 801,053 | 1.03% | Shares |
| NORTHERN TRUST CORP | $33,357,061 | 693,494 | 0.89% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $33,103,238 | 688,217 | 0.89% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $28,322,627 | 588,828 | 0.76% | Shares |
| BANK OF AMERICA CORP /DE/ | $27,509,496 | 571,923 | 0.74% | Shares |
| CYPRESS POINT INVESTMENT MANAGEMENT LP | $26,403,485 | 548,929 | 0.71% | Shares |
| TWO SIGMA ADVISERS, LP | $23,444,784 | 324,900 | 0.63% | Shares |
| MORGAN STANLEY | $23,364,427 | 485,746 | 0.62% | Shares |
| Rockefeller Capital Management L.P. | $21,964,817 | 456,649 | 0.59% | Shares |
| D. E. Shaw & Co., Inc. | $21,632,830 | 449,747 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $21,545,577 | 447,933 | 0.58% | Shares |
| Toroso Investments, LLC | $20,782,513 | 288,006 | 0.56% | Shares |
| FIRST TRUST ADVISORS LP | $20,607,002 | 428,420 | 0.55% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $19,740,673 | 410,409 | 0.53% | Shares |
| Bank of New York Mellon Corp | $19,638,988 | 408,295 | 0.53% | Shares |
| MetLife Investment Management, LLC | $19,119,702 | 397,499 | 0.51% | Shares |
| UBS Group AG | $18,526,677 | 385,170 | 0.50% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $18,311,647 | 380,700 | 0.49% | Shares |
| COMERICA BANK | $17,859,837 | 247,503 | 0.48% | Shares |
| Balyasny Asset Management L.P. | $17,482,041 | 363,452 | 0.47% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $17,469,487 | 363,191 | 0.47% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $17,002,580 | 353,484 | 0.45% | Shares |
| Aberdeen Group plc | $16,811,239 | 349,506 | 0.45% | Shares |
| Curi Capital, LLC | $16,454,097 | 342,081 | 0.44% | Shares |
| AMERIPRISE FINANCIAL INC | $15,975,839 | 332,138 | 0.43% | Shares |
| TimesSquare Capital Management, LLC | $15,527,171 | 328,270 | 0.42% | Shares |
Company insiders 35 insiders · 22 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew P Flake | Chief Executive Officer | March 11, 2026 A | 675,918 | 0 | 3 | $-6,953,592 |
| Jonathan Price | Chief Financial Officer | Aug. 13, 2026 S | 207,633 | 0 | 4 | $-7,498,827 |
| David J Mehok | Chief Financial Officer | Aug. 21, 2024 S | 206,883 | 0 | 0 | $0 |
| Jennifer Noel Harris | Chief Financial Officer | Sept. 10, 2020 M | 111,219 | 0 | 0 | $0 |
| Himagiri K Mukkamala | Chief Operating Officer | March 11, 2026 A | 169,998 | 0 | 3 | $-380,973 |
| Michael S Kerr | General Counsel | Sept. 11, 2026 S | 80,739 | 0 | 7 | $-1,232,406 |
| Kim Rutledge | Chief People Officer | Aug. 10, 2026 S | 113,913 | 0 | 6 | $-3,281,638 |
| Kirk L Coleman | Chief Business Officer | June 10, 2026 S | 329,658 | 0 | 7 | $-4,989,371 |
| John E Breeden | Chief Delivery Officer | March 11, 2026 A | 133,128 | 0 | 5 | $-6,403,003 |
| Michael A. Volanoski | Chief Revenue Officer | Dec. 12, 2025 S | 166,512 | 0 | 2 | $-694,343 |
| Barry G Benton | SVP, General Counsel | March 10, 2022 A | 26,182 | 0 | 0 | $0 |
| Adam D Anderson | Chief Technology Officer | Dec. 21, 2020 M | 72,036 | 0 | 0 | $0 |
| Bharath Oruganti | SVP, Service Delivery | Sept. 11, 2020 S | 20,126 | 0 | 0 | $0 |
| Anthony Charles Hall | SVP, Product and Engineering | July 13, 2020 S | 12,378 | 0 | 0 | $0 |
| William M Furrer | CSO and CMO | July 13, 2020 M | 77,173 | 0 | 0 | $0 |
| Odus Edward Wittenburg Jr | EVP, Customer Experience | March 10, 2020 S | 62,504 | 0 | 0 | $0 |
| Rekha Garapati | EVP, Products and Operations | July 8, 2019 S | 50,318 | 0 | 0 | $0 |
| Christine Petersen | Chief Revenue Officer | Sept. 11, 2018 S | 27,864 | 0 | 0 | $0 |
| Stephen C Soukup | SVP, Sales | Nov. 22, 2016 M | 24,977 | 0 | 0 | $0 |
| Lorrie Schultz | SVP, Marketing | Nov. 7, 2016 S | 15,200 | 0 | 0 | $0 |
| Sherri Manning | SVP, People and Places | July 26, 2016 M | 11,700 | 0 | 0 | $0 |
| Coy Joyner | SVP, Product Group | June 9, 2016 A | 13,578 | 0 | 0 | $0 |
| Andre L Mintz | Director | June 10, 2026 A | 7,676 | 0 | 0 | $0 |
| Lynn Antipas Tyson | Director | June 10, 2026 A | 18,741 | 0 | 0 | $0 |
| Rebecca Lynn Atchison | Director | June 10, 2026 A | 26,981 | 0 | 0 | $0 |
| James Offerdahl | Director | June 10, 2026 A | 21,739 | 0 | 1 | $-56,247 |
| Stephen C Hooley | Director | June 10, 2026 A | 25,523 | 0 | 0 | $0 |
| Margaret Taylor | Director | June 10, 2026 A | 25,727 | 0 | 0 | $0 |
| Jeffrey T Diehl | Director | Nov. 26, 2024 S | 2,892 | 0 | 0 | $0 |
| H. R. Seale | Director | June 10, 2024 S | 420,171 | 0 | 0 | $0 |
| Charles T Doyle | Director | Feb. 22, 2021 M | 32,270 | 0 | 0 | $0 |
| Carl James Schaper | Director | June 9, 2020 A | 27,316 | 0 | 0 | $0 |
| MAPLES MICHAEL J | Director | June 9, 2020 A | 10,140 | 0 | 0 | $0 |
| Michael M. Brown | Director | June 8, 2017 A | 4,043 | 0 | 0 | $0 |
| Adams Street Partners, LLC | 10% owner | May 24, 2017 J | 3,443,275 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 54 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 |
|---|---|---|---|---|
| RSMC · Tidal Trust III | 1.99% | 249,657 NS | July 31, 2026 | N-PORT |
| PSCT · Invesco Exchange-Traded Fund Trust … | 1.45% | 137,889 SH | Oct. 1, 2026 | Daily |
| SMLL · Harbor ETF Trust | 1.06% | 2,432 NS | July 31, 2026 | N-PORT |
| XSHQ · Invesco Exchange-Traded Fund Trust … | 0.90% | 46,091 SH | Oct. 1, 2026 | Daily |
| CAFG · Pacer Funds Trust | 0.58% | 2,886 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.25% | 598,171 SH | Sept. 11, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.24% | 10,287 SH | Oct. 1, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.21% | 46,944 SH | Aug. 19, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.18% | 17,653 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.18% | 67,969 SH | Aug. 19, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 17,482 NS | July 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.16% | 2,318 NS | July 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.16% | 219,073 SH | Aug. 19, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 16,354 NS | July 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.14% | 816 NS | July 31, 2026 | N-PORT |
| IGV · iShares Trust | 0.13% | 286,201 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.13% | 1,629,530 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.12% | 30,438 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.12% | 19,186 SH | Sept. 11, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.12% | 49,148 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 365,750 SH | Aug. 19, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.08% | 793,398 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.08% | 35,106 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.07% | 36,335 SH | Oct. 1, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.07% | 175,786 NS | July 31, 2026 | N-PORT |
| TEXN · iShares Trust | 0.06% | 193 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.06% | 194,243 NS | July 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.06% | 12,469 NS | July 31, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.05% | 17,876 SH | Oct. 1, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.05% | 2,353 SH | Oct. 1, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.04% | 1,541,562 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.03% | 3,697 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 717,930 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.03% | 1,367,297 SH | Aug. 19, 2026 | Daily |
| TECB · iShares Trust | 0.02% | 1,974 SH | Sept. 11, 2026 | Daily |
| IGM · iShares Trust | 0.02% | 29,423 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 4,898 NS | July 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.01% | 13,991 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 71,536 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 2,596 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 80,795 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 16,687 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 2,644 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 8,739 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 9,950 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,888,813 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 50,272 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,250 SH | Aug. 19, 2026 | Daily |
| IJR · iShares Trust | · | 3,822,540 SH | Sept. 10, 2026 | Daily |
| IJT · iShares Trust | · | 372,767 SH | Sept. 9, 2026 | Daily |
| IJS · iShares Trust | · | 206,271 SH | Sept. 8, 2026 | Daily |
| XJR · iShares Trust | · | 8,633 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 2,708 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 24,910 SH | Sept. 11, 2026 | Daily |
QTWO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 20 analysts
BUY
Median target
$75.00
+33.0%
5 25.0%
Strong Buy
12 60.0%
Buy
3 15.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
12 analysts · 2026-09-29Mean target $76.50 +35.7%
← Below all targets
Current price $56.38
Low$68.00
Mean$76.50
High$82.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| QTWO | $4.53B | 90.2 | 14.1% | 6.5% | 8.3% | 54.1% |
| KVYO | · | -295.2 | 31.6% | -2.6% | -2.8% | 74.7% |
| MARA | $3.41B | -2.4 | 38.2% | -144.6% | -34.5% | · |
| CCC | $4.81B | · | 11.9% | 0.16% | 0.09% | 73.5% |
| BILL | $3.33B | -328.7 | 13.0% | -0.68% | -0.31% | 80.9% |
| LIF | $5.09B | 36.2 | 31.8% | 30.8% | 33.0% | 77.8% |
| FRSH | $3.47B | 19.4 | 16.4% | 21.9% | 18.2% | 85.0% |
| WK | · | -183.5 | 19.8% | -3.0% | 72.7% | 78.5% |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
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Source: SEC 10-Q filed Jul 29, 2026