RBBN Ribbon Communications Inc. - Common Stock

NASDAQ · Communications · View on SEC EDGAR ↗
$2.00
Price · Aug 20, 2026
Fundamentals as of Jul 31, 2026

About Ribbon Communications Inc. - Common Stock Company overview from Wikipedia

Ribbon Communications Inc. is a public company that makes software, IP and optical networking solutions for service providers, enterprises and critical infrastructure sectors. The company was formed in 2017, following the merger of Genband and Sonus Networks and is headquartered in Plano, Texas.

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Ribbon Communications Inc. is a public company that makes software, IP and optical networking solutions for service providers, enterprises and critical infrastructure sectors. The company was formed in 2017, following the merger of Genband and Sonus Networks and is headquartered in Plano, Texas.

History

Ribbon Communications was the combination of two companies, each of which had acquired other businesses over their history.

Ribbon Communications

Ribbon Communications was founded in October 2017, following the merger of Genband and Sonus Networks in May.

Ray Dolan initially headed the combined company, while Walsh led the Kandy business unit.

By December, Dolan, who had led Sonus since 2010, resigned.

Franklin (Fritz) W. Hobbs was appointed as president and CEO of the combined organization and served in that role until November 2019.

In January 2018, the company announced that its session border controllers would be used in the virtual network services of Verizon. In 2018 Ribbon also acquired Edgewater Networks.

In November 2019, Ribbon announced it would acquire ECI Telecom from Shaul Shani for $486 million in cash and stock. The company completed the merger in March 2020.

In February 2020, Bruce McClelland was named president, CEO and director. A year later, Ribbon moved its headquarters to Plano, Texas.

In August 2020, AVCTechnologies announced an agreement to buy Kandy Communications Business.

Genband

General Bandwidth was founded in 1999 by Paul Carew, Brendon Mills, Ron Lutz and Steve Raich in Austin, Texas, and received initial venture capital funding of $12 million. The company raised over $200 million in four rounds of venture funding and grew to over 200 people by 2003. In 2004, Mills resigned and was replaced as CEO by Charles Vogt.

In March 2006, General Bandwidth changed its name to Genband, Inc. and moved its headquarters to Plano, Texas.

Genband started as a media gateway vendor selling the G6 media gateway, but eventually branched out to IP switching, IP applications, IP Multimedia Subsystem and session border controllers.

In August 2006, Genband acquired Syndeo and Baypackets (headquartered in Fremont, California, with employees mostly in India).

In October 2006, it acquired the digital central office products known as Siemens DCO.

In 2007, Genband acquired Tekelec's switching group, which expanded product offerings in application software and SIP trunking gateways. In 2008, the company acquired Nokia Siemens Networks’ Surpass HiG media gateway product portfolio, including fixed-line trunking media gateways. The company concluded 2008 with the acquisition of NextPoint Networks, which included session border controller (SBCs) and security gateway offerings.

In May 2010, Genband purchased Nortel Networks' carrier VoIP and application business for an estimated net $182 million after Nortel became bankrupt.

Existing shareholder One Equity Partners assisted in financing.

In June 2010, Genband was re-incorporated as Genband, Inc, and disclosed an equity investment from executives and board members of about $4 million.

In December 2010, it moved its headquarters to Frisco, Texas, keeping its Plano campus as a design center. Both are near Dallas, Texas.

In January 2011, Genband acquired Cedar Point Communications in Derry, New Hampshire.

In 2012, Genband acquired Aztek Networks, a switch maker specializing in hardware that allows for a smoother transition from legacy to IP networks. Genband was named the top-ventured capital backed company by the Wall Street Journal out of nearly 6,000 companies that were considered.

On February 12, 2013, Genband announced the launch of the NUViA Cloud offering which was their entry into the SaaS market. The NUViA Unified Communications as a Service (UCaaS) offering included HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, desktop clients, and fixed and mobile convergence hosted from datacenters run by the company around the globe.

Also in 2013, Genband acquired Fringland Ltd., provider of the Fring! app, an over-the-top (OTT) mobile IP communications service provider. Two years later, it announced the Fring Alliance, a community promoting communications service providers to provide instant messaging, voice and video services to their subscribers. Charles Vogt left Genband in 2013 and David Walsh added the CEO position to his other already held title of chairman.

In 2014, Genband acquired uReach Technologies, a provider of unified communications and messaging, and introduced unified communications products and services for business customers.

In September 2014, Genband announced Kandy.io, cloud-based, real-time software support communications marketed as platform as a service (PaaS).

In May 2015, Genband was named in CNBC's "disruptor" list.

In 2016, it was involved in a patent dispute with Metaswitch.

In September 2016, pre-packaged software using the Kandy technology were announced, called "Kandy wrappers".

Sonus Networks

Sonus Networks, Inc. was founded in August 1997 by Jay Pasco-Anderson, Karl Schwiegershausen, Michael G. Hluchyj, Rubin Gruber and Tony Risica.

Hluchyj was chief technology officer, Gruber served as president until November 1998, when Hassan M. Ahmed became CEO and chairman.

There were no revenues until the quarter ending in March 2000, with accumulated losses of about $50 million against $1.1 million revenues.

On May 31, 2000, Sonus had its initial public offering (IPO), raising over $100 million. It was listed on Nasdaq with the symbol SONS.

At the time (near the end of the dot-com bubble), it was located in Westford, Massachusetts.

In January 2001, Sonus acquired Anousheh Ansari's firm Telecom Technologies, Inc., in an all-stock deal. Sonus subsequently integrated TTI's soft switch technology INtelligentIP into its own packet telephony suite.

In 2008, Richard Nottenburg joined as chief executive.

A product called a network border switch was announced in 2003, and updated in 2006.

In August 2012, Sonus acquired Network Equipment Technologies, Inc., for approximately $42 million. The acquisition complemented their existing SBC line with the NET UX series for SIP Trunking and SIP-based UC.

On December 13, 2013, Sonus agreed to acquire Performance Technologies Inc., entering into a definitive merger agreement under which Sonus would acquire PT for $3.75 per share in cash, or approximately $30 million.[6]

In 2014 Sonus acquired Performance Technologies, moving into the diameter signaling market.

In 2016 Sonus Networks Inc., acquired Taqua expanding its soft switching portfolio.

Kandy

Kandy is a cloud communications platform created by Genband in September 2014.

Kandy was formed when GENBAND announced the launch of its real-time software development communications platform in September 2014. Initially only focused on CPaaS, the scope of the platform was quickly expanded to include GENBAND's Nuvia UCaaS offer, rebranded Kandy Business Solutions (KBS). After the 2017 merger Ribbon Communications maintained the Kandy offerings and Kandy sub brand for its cloud portfolio.

On December 2, 2020, Ribbon Communications sold the Kandy assets to AVCtechnologies. AVCT issued to Ribbon units of securities consisting of convertible debentures in an aggregate principal amount of approximately $45 million and warrants to purchase an aggregate of approximately 4.5 million shares of AVCT's common stock for an exercise price of $0.01 per share.

On January 11, 2023, American Virtual Cloud and all of its affiliated subsidiaries, including AVCtechnologies and Kandy Communications, declared Chapter 11 bankruptcy. The company will continue to operate normally as 'debtors-in-possession'.

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

Wikidata ↗

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

Price
$2.00
Market Cap
P/E (TTM)
-4.4
EPS (TTM)
$0.22
Revenue (TTM)
$845M
Div Yield
ROE
Debt/Equity
52W Range
$2 – $4

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

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

Revenue & Net Income $845M
6-point trend, +234.4%
2016-12-31 2025-12-31
EPS $0.22
10-point trend, +178.6%
2016-12-31 2025-12-31
Free Cash Flow
8-point trend, +538.5%
2017-12-31 2025-12-31
Margins
3-point trend, -18.4%
2017-12-31 2025-12-31

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

Metric
5Y trend
RBBN
Peer Median
P/E (TTM)
5-point trend, +359.7%
-4.4
24.0

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

Metric
5Y trend
RBBN
Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
RBBN
Peer Median

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

Metric
5Y trend
RBBN
Peer Median
Revenue YoY
5-point trend, +156.0%
1.3%
Revenue CAGR 3Y
5-point trend, +156.0%
1.0%

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

Metric
5Y trend
RBBN
Peer Median
EPS (Diluted)
5-point trend, +118.3%
$0.22

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
RBBN
Peer Median

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

BUY 12 analysts
  • Strong Buy 2 16.7%
  • Buy 8 66.7%
  • Hold 2 16.7%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

5 analysts · 2026-08-17
Median target $3.50 +75.4%
Mean target $3.56 +78.4%

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

Avg Surprise
0.07%
Period EPS Actual EPS Est Surprise
June 30, 2026 $-0.03 $-0.01 -0.02%
March 31, 2026 $-0.05 $-0.06 0.01%
Dec. 31, 2025 $0.59 $0.11 0.48%
Sept. 30, 2025 $0.04 $0.06 -0.02%
June 30, 2025 $0.05 $0.05 -0.00%
March 31, 2025 $-0.03 $0.00 -0.03%

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

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
RBBN -4.4 1.3%
HLIT $1.10B -26.0 -26.2% -12.0% -10.4% 48.5%
ADTN $695M -16.7 17.5% -4.2% -28.9% 38.3%
NTGR $685M -38.9 3.8% -2.6% -3.5% 38.0%
CLFD $476M -59.3 19.6% -5.4% -3.1% 33.7%
LTRX $112M -9.9 -23.3% -9.2% -14.9% 42.1%
AVNW $304M 239.4 6.5% 0.31% 0.52% 32.1%
KVHI $136M -18.3 -2.5% -6.7% -5.5%
OCC $65M 9.6% -2.0% -8.2% 30.9%

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

Income Statement 16
Annual Income Statement data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Revenue 7-point trend, +239.1% · $845M $834M $826M $820M · · · · $330M $253M $249M
Cost of Revenue 11-point trend, +385.1% · $424M $394M $418M $419M $400M $393M $246M $231M $128M $85M $87M
Gross Profit 11-point trend, +160.2% · $421M $440M $408M $401M $445M $451M $317M $347M $201M $168M $162M
R&D Expense 11-point trend, +129.6% · $179M $180M $191M $204M $195M $195M $141M $145M $101M $73M $78M
SG&A Expense 11-point trend, +61.2% · $64M $69M $55M $51M $54M $63M $54M $66M $48M $36M $40M
Operating Expenses 11-point trend, +119.8% · $424M $423M $432M $449M $562M $449M $507M $413M $257M $181M $193M
Operating Income 11-point trend, +89.4% · $-3M $17M $-24M $-48M $-118M $2M $-189M $-65M $-55M $-14M $-31M
Other Non-op 11-point trend, +98.4% · $2M $-29M $-4M $-44M $-75M $113M $70M $-4M $1M $1M $1M
Pretax Income 11-point trend, -50.9% · $-45M $-46M $-55M $-113M $-208M $93M $-123M $-73M $-54M $-11M $-30M
Income Tax 11-point trend, -4322.5% · $-85M $8M $11M $-15M $-31M $5M $7M $3M $-18M $3M $2M
Net Income 8-point trend, +151.6% · $40M $-54M $-66M $-98M $-177M $89M $-130M $-77M · · ·
EPS (Basic) 11-point trend, +134.4% · $0.22 $-0.31 $-0.39 $-0.63 $-1.20 $0.64 $-1.19 $-0.74 $-0.60 $-0.28 $-0.64
EPS (Diluted) 11-point trend, +134.4% · $0.22 $-0.31 $-0.39 $-0.63 $-1.20 $0.61 $-1.19 $-0.74 $-0.60 $-0.28 $-0.64
Shares (Basic) 11-point trend, +255.5% · 176,199,000 174,044,000 170,408,000 156,668,000 147,575,000 138,967,000 109,734,000 103,916,000 58,822,000 49,385,000 49,560,000
Shares (Diluted) 11-point trend, +262.8% · 179,822,000 174,044,000 170,408,000 156,668,000 147,575,000 144,650,000 109,734,000 103,916,000 58,822,000 49,385,000 49,560,000
EBITDA 8-point trend, +94.0% · $-3M $17M $-24M · $-118M $2M $-189M $-65M $-55M · ·
Balance Sheet 29
Annual Balance Sheet data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Cash & Equivalents 11-point trend, +92.4% · $96M $88M $26M $67M $104M $128M $45M $44M $57M $32M $50M
Short-term Investments 4-point trend, -100.0% · · · · · · · $0 $7M $17M $62M ·
Receivables 10-point trend, +330.5% · $232M $255M $268M $267M $283M $238M $193M $188M $165M $54M ·
Inventory 10-point trend, +331.0% · $79M $79M $78M $75M $54M $46M $15M $23M $21M $18M ·
Other Current Assets 10-point trend, +280.2% · $46M $39M $46M $68M $38M $28M $27M $17M $21M $12M ·
Current Assets 10-point trend, +155.5% · $454M $464M $419M $478M $481M $448M $279M $278M $282M $178M ·
PP&E (Net) 5-point trend, +316.4% · · · · · · $49M $29M $27M $25M $12M ·
PP&E (Gross) 3-point trend, +29.7% · · · · · · · · $124M $110M $95M ·
Accum. Depreciation 3-point trend, +15.6% · · · · · · · · $97M $85M $84M ·
Goodwill 11-point trend, +646.4% · $301M $301M $301M $301M $301M $417M $225M $384M $336M $49M $40M
Intangibles 10-point trend, +374.7% · $143M $188M $238M $295M $351M $417M $213M $251M $244M $30M ·
Other Non-current Assets 10-point trend, +459.4% · $27M $27M $35M $39M $23M $21M $27M $7M $6M $5M ·
Total Assets 10-point trend, +293.5% · $1.21B $1.16B $1.14B $1.26B $1.35B $1.55B $815M $957M $911M $308M ·
Accounts Payable 10-point trend, +1123.6% · $80M $88M $85M $96M $97M $63M $31M $45M $46M $7M ·
Accrued Liabilities 10-point trend, +235.6% · $91M $106M $92M $85M $101M $135M $57M $84M $76M $27M ·
Short-term Debt · · · · · · $4M · · · · ·
Current Liabilities 10-point trend, +309.3% · $315M $329M $341M $330M $344M $328M $207M $290M $243M $77M ·
Capital Leases 8-point trend, +60159000.00 · $60M $37M $39M $46M $55M $73M $37M $0 · · ·
Deferred Tax 10-point trend, +88.0% · $6M $6M $6M $4M $8M $17M $5M $5M $3M $3M ·
Other Non-current Liabilities 10-point trend, +1357.6% · $24M $26M $31M $31M $42M $48M $17M $31M $13M $2M ·
Total Liabilities 10-point trend, +758.2% · $763M $758M $691M $737M $821M $860M $332M $367M $295M $89M ·
Long-term Debt 9-point trend, +1610.6% · $342M $348M $235M $330M $370M $385M $48M $55M $20M · ·
Total Debt 6-point trend, +587.2% · $333M $337M $233M · $370M $388M $48M · · · ·
Common Stock 10-point trend, -63.3% · $18.0K $18.0K $17.0K $17.0K $15.0K $15.0K $11.0K $11.0K $10.0K $49.0K ·
Retained Earnings 10-point trend, -48.0% · $-1.53B $-1.57B $-1.52B $-1.45B $-1.36B $-1.18B $-1.27B $-1.14B $-1.07B $-1.04B ·
AOCI 10-point trend, +19.3% · $7M $8M $14M $31M $8M $-5M $3M $4M $3M $6M ·
Stockholders' Equity 12-point trend, +87.9% $419M $449M $405M $453M $518M $527M $687M $483M $590M $615M $219M $223M
Liabilities + Equity 10-point trend, +293.5% · $1.21B $1.16B $1.14B $1.26B $1.35B $1.55B $815M $957M $911M $308M ·
Shares Outstanding 12-point trend, +254.7% 175,507,629 175,776,074 175,599,250 172,083,667 168,324,995 148,895,308 145,425,248 110,471,995 106,815,636 101,752,856 49,041,881 49,473,789
Cash Flow 15
Annual Cash Flow data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Stock-based Comp 11-point trend, -10.6% · $19M $16M $22M $19M $19M $14M $13M $11M $26M $20M $22M
Deferred Tax 11-point trend, -10603.4% · $-86M $-17M $-9M $-18M $-45M $-5M $5M $513.0K $-20M $1M $815.0K
Amort. of Intangibles 11-point trend, +521.8% · $44M $51M $57M $61M $67M $61M $49M $50M $17M $8M $7M
Restructuring 11-point trend, +815.2% · $20M $10M $16M $11M $12M $16M $16M $17M $9M $3M $2M
Operating Cash Flow 11-point trend, +158.7% · $51M $50M $17M $-26M $19M $102M $56M $-10M $8M $19M $20M
CapEx 11-point trend, +225.2% · $25M $22M $9M $10M $17M $27M $11M $8M $4M $5M $8M
Investing Cash Flow 11-point trend, -452.7% · $-25M $-23M $-9M $-12M $-14M $-330M $-4M $-35M $21M $-27M $-5M
Debt Issued 5-point trend, -28.5% · · $342M $0 $0 $75M $478M · · · · ·
Net Debt Issued 2-point trend, +342300000.00 · · $342M $0 · · · · · · · ·
Stock Repurchased 9-point trend, +23.8% $10M $9M · · · $0 $0 $5M $0 $0 $10M $8M
Net Stock Activity 7-point trend, -9800000.00 $-10M $-9M · · · $0 $0 $-5M $0 $0 · ·
Financing Cash Flow 11-point trend, -213.3% · $-19M $38M $-48M $931.0K $-34M $319M $-51M $32M $-4M $-10M $-6M
Net Change in Cash 11-point trend, -14.5% · $8M $64M $-41M $-39M $-29M $91M $949.0K $-13M $25M $-18M $9M
Taxes Paid · $11M · · · · · · · · · ·
Free Cash Flow 8-point trend, +538.5% · $26M $28M $8M · $2M $75M $45M $-18M $4M · ·
Profitability 8
Annual Profitability data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Gross Margin 3-point trend, -18.4% · 49.8% 52.7% · · · · · · 61.1% · ·
Operating Margin 3-point trend, +97.7% · -0.39% 2.0% · · · · · · -16.7% · ·
Net Margin 2-point trend, +172.2% · 4.7% -6.5% · · · · · · · · ·
Pretax Margin 3-point trend, +67.2% · -5.3% -5.5% · · · · · · -16.3% · ·
EBITDA Margin 3-point trend, +97.7% · -0.39% 2.0% · · · · · · -16.7% · ·
ROA 5-point trend, -55.5% · 3.3% -4.7% -5.5% · -12.2% 7.5% · · · · ·
ROE 5-point trend, -32.2% · 9.7% -13.6% -14.8% · -31.1% 14.3% · · · · ·
ROIC 8-point trend, +106.3% · 0.37% 2.7% -4.2% · -11.2% 0.15% -37.7% -11.6% -5.9% · ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Current Ratio 8-point trend, +23.9% · 1.4 1.4 1.2 · 1.4 1.4 1.4 1.0 1.2 · ·
Quick Ratio 8-point trend, +5.5% · 1.0 1.0 0.9 · 1.1 1.1 1.1 0.8 1.0 · ·
Debt / Equity 6-point trend, +639.3% · 0.7 0.8 0.5 · 0.7 0.6 0.1 · · · ·
LT Debt / Equity 6-point trend, +659.2% · 0.7 0.8 0.4 · 0.7 0.5 0.1 · · · ·
Efficiency 3
Annual Efficiency data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Asset Turnover 3-point trend, +31.4% · 0.7 0.7 · · · · · · 0.5 · ·
Inventory Turnover 8-point trend, -17.3% · 5.4 5.0 5.5 · 8.0 11.6 13.2 12.3 6.5 · ·
Receivables Turnover 3-point trend, +15.2% · 3.5 3.2 · · · · · · 3.0 · ·
Per Share 5
Annual Per Share data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Book Value / Share 8-point trend, -57.8% · $2.55 $2.30 $2.63 · $3.54 $4.72 $4.37 $5.53 $6.05 · ·
Revenue / Share 3-point trend, -16.3% · $4.70 $4.79 · · · · · · $5.61 · ·
Cash Flow / Share 8-point trend, +108.0% · $0.29 $0.29 $0.10 · $0.13 $0.70 $0.51 $-0.09 $0.14 · ·
Cash / Share 8-point trend, -2.2% · $0.55 $0.50 $0.15 · $0.70 $0.88 $0.40 $0.41 $0.56 · ·
EPS (TTM) 10-point trend, +20.0% $-0.48 $0.22 $-0.31 $-0.39 $-0.63 $-1.20 $0.61 $-1.19 $-0.74 $-0.60 · ·
Growth Rates 4
Annual Growth Rates data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Revenue YoY 3-point trend, +60.0% · 1.3% 0.91% 0.80% · · · · · · · ·
Revenue CAGR 3Y · 1.0% · · · · · · · · · ·
EPS CAGR 5Y · -18.4% · · · · · · · · · ·
Net Income CAGR 5Y · -14.9% · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for RBBN
Metric Trend 202620252024202320222021202020192018201720162015
Revenue TTM 10-point trend, +136.4% $780M $845M $834M $826M $820M $845M $844M $563M $578M $330M · ·
Net Income TTM 9-point trend, -9.3% $-84M $40M $-54M $-66M $-98M $-177M $89M $-130M $-77M · · ·
Market Cap 8-point trend, -35.6% · $506M $730M $499M · $901M $954M $342M $515M $787M · ·
Enterprise Value 6-point trend, +114.6% · $743M $980M $705M · $1.17B $1.21B $346M · · · ·
P/E 10-point trend, +65.7% -4.4 13.1 -13.4 -7.4 -4.4 -5.0 10.8 -2.6 -6.5 -12.9 · ·
P/S 8-point trend, -74.9% · 0.6 0.9 0.6 · 1.1 1.1 0.6 0.9 2.4 · ·
P/B 8-point trend, -11.8% · 1.1 1.8 1.1 · 1.7 1.4 0.7 0.9 1.3 · ·
P / Tangible Book · 106.4 · · · · · · · · · ·
P / Cash Flow 8-point trend, -89.9% · 9.8 14.5 29.2 · 47.0 9.4 6.2 -53.7 97.3 · ·
P / FCF 8-point trend, -89.9% · 19.4 26.2 64.8 · 439.4 12.7 7.6 -29.4 192.7 · ·
EV / EBITDA 6-point trend, -12130.3% · -223.6 58.1 -29.0 · -9.9 727.2 -1.8 · · · ·
EV / FCF 6-point trend, +269.4% · 28.5 35.2 91.5 · 569.4 16.2 7.7 · · · ·
EV / Revenue 6-point trend, +43.1% · 0.9 1.2 0.9 · 1.4 1.4 0.6 · · · ·
Earnings Yield 10-point trend, -191.8% -22.6% 7.6% -7.4% -13.5% -22.6% -19.8% 9.3% -38.4% -15.3% -7.8% · ·

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

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $845M$834M$826M$820M
Gross Margin % 49.8%52.7%
Operating Margin % -0.39%2.0%
Net Income $40M$-54M$-66M$-98M$-177M
Diluted EPS $0.22$-0.31$-0.39$-0.63$-1.20
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.70.80.50.7
Current Ratio 1.41.41.21.4
Quick Ratio 1.01.00.91.1
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $26M$28M$8M$2M

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Institutional owners (13F) 169 filers · $136.6M total · As of June 30, 2026

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

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
29 (-10 vs prior Q) 12 (-21 vs prior Q) 57 (+12 vs prior Q) 40 (-2 vs prior Q) +6.1M

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
NEUBERGER BERMAN GROUP LLC $37,918,492 17,987,883 27.76% Shares
DIMENSIONAL FUND ADVISORS LP $14,250,614 6,090,006 10.43% Shares
ROYCE & ASSOCIATES LP $11,912,769 5,090,927 8.72% Shares
VANGUARD CAPITAL MANAGEMENT LLC $9,185,965 3,925,626 6.73% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $8,220,577 3,513,067 6.02% Shares
PARADIGM CAPITAL MANAGEMENT INC/NY $7,105,171 3,036,398 5.20% Shares
Connor, Clark & Lunn Investment Management Ltd. $5,064,539 2,164,333 3.71% Shares
GEODE CAPITAL MANAGEMENT, LLC $4,992,904 2,133,159 3.66% Shares
STATE STREET CORP $4,516,558 1,930,153 3.31% Shares
FIRST WILSHIRE SECURITIES MANAGEMENT INC $3,286,514 1,404,493 2.41% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $2,843,638 1,215,230 2.08% Shares
CITADEL ADVISORS LLC $2,723,610 1,163,936 1.99% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $1,872,372 800,159 1.37% Shares
MILLENNIUM MANAGEMENT LLC $1,634,392 698,458 1.20% Shares
VANGUARD FIDUCIARY TRUST CO $1,433,889 612,773 1.05% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $1,362,098 582,093 1.00% Shares
VICTORY CAPITAL MANAGEMENT INC $1,068,025 456,421 0.78% Shares
AXA Investment Managers S.A. $1,023,724 269,401 0.75% Shares
Silverberg Bernstein Capital Management LLC $980,046 418,823 0.72% Shares
XTX Topco Ltd $756,538 323,307 0.55% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $710,422 303,599 0.52% Shares
Pacific Ridge Capital Partners, LLC $669,738 286,213 0.49% Shares
COMMONWEALTH EQUITY SERVICES, LLC $666,250 284,723 0.49% Shares
Bank of New York Mellon Corp $550,155 235,109 0.40% Shares
VOYA INVESTMENT MANAGEMENT LLC $502,817 214,879 0.37% Shares
AMERICAN CENTURY COMPANIES INC $493,918 211,076 0.36% Shares
Squarepoint Ops LLC $447,881 191,402 0.33% Shares
BANK OF AMERICA CORP /DE/ $440,942 188,437 0.32% Shares
EntryPoint Capital, LLC $404,539 172,880 0.30% Shares
ExodusPoint Capital Management, LP $403,919 172,615 0.30% Shares
MARSHALL WACE, LLP $396,723 169,540 0.29% Shares
WINTON GROUP Ltd $349,605 149,404 0.26% Shares
UBS Group AG $331,110 141,500 0.24% Call option
Qube Research & Technologies Ltd $322,684 137,899 0.24% Shares
MORGAN STANLEY $320,723 137,061 0.23% Shares
GOLDMAN SACHS GROUP INC $320,624 137,019 0.23% Shares
Vanguard Global Advisers, LLC $295,444 126,258 0.22% Shares
RHUMBLINE ADVISERS $295,269 126,186 0.22% Shares
ALLIANCEBERNSTEIN L.P. $292,927 138,173 0.21% Shares
Dynamic Technology Lab Private Ltd $245,000 104,862 0.18% Shares
AMERIPRISE FINANCIAL INC $241,879 103,367 0.18% Shares
TWO SIGMA INVESTMENTS, LP $239,118 102,187 0.18% Shares
Empowered Funds, LLC $220,938 94,418 0.16% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $220,938 94,418 0.16% Shares
BARCLAYS PLC $217,318 92,871 0.16% Shares
Hillsdale Investment Management Inc. $212,970 91,013 0.16% Shares
D. E. Shaw & Co., Inc. $206,713 88,339 0.15% Shares
PRUDENTIAL FINANCIAL INC $194,075 82,938 0.14% Shares
DEUTSCHE BANK AG\ $191,728 81,935 0.14% Shares
SIMPLEX TRADING, LLC $172,867 73,875 0.13% Shares
HighMark Wealth Management LLC $161,460 69,000 0.12% Shares
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO $141,909 60,645 0.10% Shares
BlackRock, Inc. $125,525 53,643 0.09% Shares
MetLife Investment Management, LLC $124,050 53,013 0.09% Shares
PRELUDE CAPITAL MANAGEMENT, LLC $122,003 52,138 0.09% Shares
Vident Advisory, LLC $117,449 50,192 0.09% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $110,390 47,175 0.08% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $109,187 46,661 0.08% Shares
Mariner, LLC $101,339 43,328 0.07% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $101,013 43,168 0.07% Shares
VANGUARD GROUP INC $90,579 31,451 0.07% Shares
Assenagon Asset Management S.A. $88,749 37,927 0.06% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $87,851 37,543 0.06% Shares
Invesco Ltd. $86,833 37,108 0.06% Shares
Worth Venture Partners, LLC $81,900 35,000 0.06% Shares
Focus Partners Wealth $76,580 32,726 0.06% Shares
Polymer Capital Management (US) LLC $66,351 28,355 0.05% Shares
CITADEL ADVISORS LLC $64,818 27,700 0.05% Call option
ENVESTNET ASSET MANAGEMENT INC $64,802 27,693 0.05% Shares
HSBC HOLDINGS PLC $62,484 26,991 0.05% Shares
Brevan Howard Capital Management LP $61,200 26,154 0.04% Shares
Abacus Wealth Partners, LLC $61,053 26,091 0.04% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $59,827 25,567 0.04% Shares
Essex Financial Services, Inc. $58,055 24,810 0.04% Shares
Police & Firemen's Retirement System of New Jersey $57,779 24,692 0.04% Shares
Susquehanna Portfolio Strategies, LLC $56,953 24,339 0.04% Shares
Global Retirement Partners, LLC $56,864 24,301 0.04% Shares
NEW YORK STATE COMMON RETIREMENT FUND $52,765 22,549 0.04% Shares
MACKENZIE FINANCIAL CORP $52,327 22,362 0.04% Shares
JANE STREET GROUP, LLC $51,202 21,881 0.04% Shares
JONES FINANCIAL COMPANIES LLLP $49,465 22,484 0.04% Shares
INTECH INVESTMENT MANAGEMENT LLC $48,532 20,740 0.04% Shares
IEQ CAPITAL, LLC $47,820 20,436 0.04% Shares
VISTA INVESTMENT PARTNERS LLC $47,736 20,400 0.03% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $47,008 20,262 0.03% Shares
SHERBROOKE PARK ADVISERS LLC $45,089 15,656 0.03% Shares
LPL Financial LLC $42,808 18,294 0.03% Shares
IRONWOOD INVESTMENT MANAGEMENT LLC $42,190 18,030 0.03% Shares
STRS OHIO $41,184 17,600 0.03% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $41,184 17,600 0.03% Call option
Balyasny Asset Management L.P. $38,114 16,288 0.03% Shares
NewEdge Wealth, LLC $38,048 16,260 0.03% Shares
Vestmark Advisory Solutions, Inc. $38,048 16,260 0.03% Shares
NORTHERN TRUST CORP $34,866 14,900 0.03% Shares
WHITE PINE CAPITAL LLC $31,204 13,335 0.02% Shares
ProShare Advisors LLC $28,728 12,277 0.02% Shares
Trilogy Capital Inc. $28,337 12,110 0.02% Shares
BNP PARIBAS FINANCIAL MARKETS $27,956 11,947 0.02% Shares
MERCER GLOBAL ADVISORS INC /ADV $27,598 11,794 0.02% Shares
UBS Group AG $27,427 11,721 0.02% Shares

Company insiders 27 insiders · 10 officers · 12 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Bruce William Mcclelland President & CEO May 16, 2025 M 1,458,287 0 0 $0
Eric S Marmurek EVP, Chief Financial Officer June 15, 2026 A 381,575 0 0 $0
Miguel A Lopez EVP, CFO Oct. 18, 2024 M 456,797 0 0 $0
Daryl E Raiford EVP & CFO June 17, 2019 A 192,439 0 0 $0
Sam Bucci EVP, Chief Operating Officer June 15, 2026 A 436,814 0 0 $0
Stephen J. Mccaffery EVP, Global Sales June 15, 2026 A 50,025 0 0 $0
Patrick W Macken EVP, Chief Legal Officer June 15, 2026 A 332,146 0 0 $0
Dan Redington EVP, Global Sales Sept. 8, 2025 S 0 0 3 $-766,587
Steven M Bruny EVP Sales, Americas Region Sept. 16, 2022 M 297,359 0 0 $0
Anthony Scarfo EVP & GM, Cloud & Edge BU Sept. 16, 2022 M 252,431 0 0 $0
Bruns H Grayson Director July 15, 2026 A 840,270 0 0 $0
Shaul Shani Director July 15, 2026 A 237,718 0 0 $0
Scott Mair Director June 16, 2026 M 208,138 0 0 $0
Tanya Tamone Director June 16, 2026 M 223,300 0 0 $0
Stewart R Ewing JR Director June 16, 2026 M 239,891 0 0 $0
Beatriz V Infante Director June 16, 2026 M 385,724 0 1 $-34,586
Louis Silver Director June 15, 2026 A 0 0 $0
Mariano De Beer Director June 15, 2023 M 56,331 0 0 $0
Krish A Prabhu Director May 25, 2022 M 58,477 0 0 $0
Kent Mathy Director Feb. 27, 2020 P 133,076 0 0 $0
Richard J. Lynch Director Feb. 25, 2020 P 172,408 0 0 $0
Swarth Investments Inc. 10% owner March 30, 2023 P 5,000 0 0 $0
Ribbon Communications Inc. 10% owner Aug. 29, 2022 J 0 0 0 $0
ECI Holding (Hungary) Kft. 10% owner July 28, 2020 J 0 0 0 $0
Kim S Fennebresque June 17, 2019 A 54,076 0 0 $0
Scott E Schubert June 17, 2019 A 116,036 0 0 $0
David A Walsh Nov. 15, 2018 F 358,671 0 0 $0

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

Activists & 5%+ owners 2 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Ribbon Communications Inc. ×3 filings Sept. 21, 2022 Initial filing SEC
Equiom (Guernsey) Ltd., Swarth Investments Ltd. ×2 filings Aug. 18, 2022 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 36 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
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.14% 342,976 NS May 31, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.04% 118,668 NS May 31, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.02% 200,293 NS May 31, 2026 N-PORT
DFAT · Dimensional ETF Trust 0.02% 899,250 NS April 30, 2026 N-PORT
DFSV · Dimensional ETF Trust 0.01% 386,637 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.01% 565,305 NS April 30, 2026 N-PORT
RSSL · Global X Funds 0.01% 41,305 NS April 30, 2026 N-PORT
ITWO · ProShares Trust 0.01% 4,414 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.01% 441,040 NS May 31, 2026 N-PORT
UWM · ProShares Trust 0.00% 3,452 NS May 31, 2026 N-PORT
URTY · ProShares Trust 0.00% 3,488 NS May 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.00% 443,308 NS April 30, 2026 N-PORT
HDG · ProShares Trust 0.00% 88 NS May 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.00% 33,051 NS April 30, 2026 N-PORT
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.00% 1,005 NS April 30, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.00% 3,335 NS April 30, 2026 N-PORT
SCHB · SCHWAB STRATEGIC TRUST 0.00% 52,315 NS May 31, 2026 N-PORT
EBI · RBB Fund Trust 0.00% 684 NS May 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.00% 2,541 NS April 30, 2026 N-PORT
AVUS · AMERICAN CENTURY ETF TRUST 0.00% 3,356 NS May 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.00% 3,681 NS April 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS July 15, 2026 Daily
VTI · VANGUARD INDEX FUNDS July 15, 2026 Daily
VFVA · VANGUARD WELLINGTON FUND July 30, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
ITOT · iShares Trust Aug. 4, 2026 Daily
IWV · iShares Trust Aug. 18, 2026 Daily
IWN · iShares Trust Aug. 17, 2026 Daily
IWM · iShares Trust Aug. 18, 2026 Daily
IGM · iShares Trust Aug. 17, 2026 Daily
IWC · iShares Trust Aug. 18, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust July 13, 2026 Daily
VGT · VANGUARD WORLD FUND July 20, 2026 Daily
QQQS · Invesco Exchange-Traded Fund Trust … July 20, 2026 Daily