RELY Remitly Global, Inc. - Common stock
$25.11
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$12–$27
86% of range
Analyst Rating
BUY
17 analysts
Price Target
$32
+28% upside
P/E (TTM)
81.0
ROE
8.3%
Net Profit Margin
4.2%
RELY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$25.11
Market Cap
$5.29B
P/E (TTM)
81.0
EPS (TTM)
$0.31
Revenue (TTM)
$1.64B
Div Yield
—
ROE
8.3%
Debt/Equity
0.2
52W Range
$12 – $27
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.64B
2019-12-31
→
2025-12-31
EPS
$0.31
2019-12-31
→
2025-12-31
Free Cash Flow
$296M
2021-12-31
→
2025-12-31
Margins
4.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RELY
Peer Median
P/E (TTM)
81.0
34.8
P/S (TTM)
3.2
3.7
P/B
6.1
6.4
EV / EBITDA
47.9
—
Price / FCF
17.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RELY
Peer Median
Operating Margin
4.7%
—
Net Profit Margin
4.2%
9.3%
ROA
5.5%
7.8%
ROE
8.3%
21.1%
ROIC
7.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RELY
Peer Median
Debt / Equity
0.2
234.5
Current Ratio
3.3
2.1
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RELY
Peer Median
Revenue YoY
29.4%
—
Revenue CAGR 3Y
35.8%
—
Revenue CAGR 5Y
44.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RELY
Peer Median
RELY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 6 35.3%
- Buy 10 58.8%
- Hold 1 5.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-18
Median
$32.00
← Below all targets
$25.11
Low
$29.00
High
$36.00
Median target
$32.00
+27.4%
Mean target
$32.22
+28.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.20%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.93 | $0.13 | 0.80% |
| March 31, 2026 | $0.23 | $0.12 | 0.11% |
| Dec. 31, 2025 | $0.19 | $0.02 | 0.17% |
| Sept. 30, 2025 | $0.04 | $0.02 | 0.02% |
| June 30, 2025 | $0.03 | $-0.00 | 0.03% |
| March 31, 2025 | $0.05 | $-0.02 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RELY | $2.91B | 44.5 | 29.4% | 4.2% | 8.3% | — |
| FIS | $42.27B | 91.0 | 5.4% | 3.6% | 2.6% | 36.9% |
| TOST | $20.92B | 63.4 | 24.1% | 5.6% | 17.3% | 25.9% |
| CHYM | $0 | -5.9 | 30.7% | -46.2% | -71.4% | 88.0% |
| JKHY | $18.81B | 28.9 | 7.2% | 19.2% | 22.2% | — |
| WEX | $5.11B | 17.6 | 1.2% | 11.4% | 27.5% | — |
| PAY | — | 60.8 | 37.2% | 5.6% | 12.4% | 24.8% |
| SEZL | — | 17.1 | 66.1% | — | — | — |
| FOUR | — | — | 25.5% | 2.9% | 10.6% | — |
| NATL | $2.81B | 17.8 | 1.1% | 3.7% | 52.1% | — |
| EEFT | — | 11.1 | 6.4% | 7.3% | 24.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.64B | $1.26B | $944M | $654M | $459M | $257M | $127M | |
| R&D Expense | $314M | $270M | $220M | $139M | $64M | $41M | $32M | |
| SG&A Expense | $225M | $196M | $179M | $131M | $71M | $32M | $26M | |
| Operating Expenses | $1.56B | $1.30B | $1.06B | $775M | $498M | $286M | $177M | |
| Operating Income | $77M | $-39M | $-114M | $-121M | $-40M | $-29M | $-51M | |
| Interest Expense | · | · | $2M | $1M | $1M | $1M | $2M | |
| Interest Income | $8M | $8M | $7M | $4M | $140.0K | $273.0K | $1M | |
| Other Non-op | $-6M | $4M | $-3M | $5M | $3M | $-1M | $-34.0K | |
| Pretax Income | $72M | $-30M | $-112M | $-113M | $-38M | $-31M | $-51M | |
| Income Tax | $4M | $7M | $6M | $1M | $1M | $1M | $259.0K | |
| Net Income | $68M | $-37M | $-118M | $-114M | $-39M | $-33M | $-51M | |
| EPS (Basic) | $0.33 | $-0.19 | $-0.65 | $-0.68 | $-0.64 | $-1.52 | $-2.98 | |
| EPS (Diluted) | $0.31 | $-0.19 | $-0.65 | $-0.68 | $-0.64 | $-1.52 | $-2.98 | |
| Shares (Basic) | 205,833,196 | 194,646,436 | 180,818,399 | 167,774,123 | 60,728,748 | 21,459,062 | 21,290,784 | |
| Shares (Diluted) | 217,569,896 | 194,646,436 | 180,818,399 | 167,774,123 | 60,728,748 | 21,459,062 | 21,290,784 | |
| EBITDA | $103M | $-21M | $-101M | $-114M | $-34M | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $542M | $368M | $324M | $301M | $403M | $187M | $182M | |
| Prepaid Expense | $46M | $47M | $33M | $19M | $17M | $6M | · | |
| Other Current Assets | $9M | $9M | $1M | $495.0K | · | · | · | |
| Current Assets | $1.32B | $898M | $932M | $669M | $608M | $345M | · | |
| PP&E (Net) | $62M | $32M | $16M | $12M | $9M | $10M | · | |
| PP&E (Gross) | $106M | $67M | $42M | $30M | $22M | $18M | · | |
| Accum. Depreciation | $45M | $36M | $26M | $19M | $13M | $8M | · | |
| Goodwill | $55M | $55M | $55M | $0 | · | · | · | |
| Intangibles | $2M | $10M | $17M | $0 | · | · | · | |
| Other Non-current Assets | $12M | $5M | $7M | $6M | $4M | $997.0K | · | |
| Total Assets | $1.46B | $1.01B | $1.04B | $696M | $626M | $363M | · | |
| Accounts Payable | $28M | $16M | $35M | $7M | $1M | $4M | · | |
| Accrued Liabilities | $142M | $117M | $146M | $88M | $67M | $40M | · | |
| Short-term Debt | $3M | $2M | $2M | $0 | · | · | · | |
| Current Liabilities | $399M | $329M | $367M | $209M | $142M | $182M | · | |
| Capital Leases | $28M | $9M | $4M | $6M | $3M | $4M | · | |
| Other Non-current Liabilities | $8M | $9M | $6M | $1M | $813.0K | $827.0K | · | |
| Total Liabilities | $590M | $347M | $507M | $216M | $145M | $187M | · | |
| Total Debt | $158M | $2M | $132M | · | · | · | · | |
| Common Stock | $21.0K | $20.0K | $19.0K | $17.0K | $16.0K | $2.0K | · | |
| Paid-in Capital | $1.33B | $1.20B | $1.02B | $854M | $740M | $9M | · | |
| Retained Earnings | $-460M | $-528M | $-491M | $-373M | $-259M | $-221M | · | |
| AOCI | $4M | $-2M | $335.0K | $-743.0K | $253.0K | $591.0K | · | |
| Stockholders' Equity | $869M | $665M | $529M | $480M | $480M | $-211M | $-187M | |
| Liabilities + Equity | $1.46B | $1.01B | $1.04B | $696M | $626M | $363M | · | |
| Shares Outstanding | 210,626,000 | 200,534,626 | 188,435,952 | 173,250,865 | 164,239,555 | 24,289,906 | · |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $25M | $18M | $13M | $7M | $5M | $4M | $3M | |
| Stock-based Comp | $155M | $152M | $137M | $95M | $17M | $5M | $4M | |
| Deferred Tax | $-2M | $550.0K | $-839.0K | $-1M | $-864.0K | $14.0K | $0 | |
| Amort. of Intangibles | $8M | $6M | $5M | $0 | $0 | · | · | |
| Restructuring | · | $800.0K | $1M | $0 | · | · | · | |
| Other Non-cash | $79M | $61M | $-85M | $-92M | $-1M | · | · | |
| Operating Cash Flow | $325M | $112M | $67M | $-109M | $-18M | $-114M | $8M | |
| CapEx | $29M | $6M | $3M | $4M | $2M | $2M | $5M | |
| Investing Cash Flow | $-70M | $-20M | $-50M | $-7M | $-5M | $-4M | $-7M | |
| Net Debt Issued | · | · | $-17M | $-384.0K | $0 | · | · | |
| Stock Issued | · | · | $0 | $0 | $305M | $0 | $0 | |
| Stock Repurchased | $24M | $0 | $0 | · | $0 | $0 | $7M | |
| Net Stock Activity | $-24M | · | $0 | $0 | $305M | · | · | |
| Financing Cash Flow | $-90M | $-42M | $6M | $15M | $238M | $122M | $117M | |
| Net Change in Cash | $174M | $45M | $24M | $-103M | $215M | $5M | $119M | |
| Taxes Paid | $3M | $3M | $5M | $2M | $756.0K | $421.0K | $186.0K | |
| Free Cash Flow | $296M | $188M | $-56M | $-109M | $-20M | · | · | |
| Levered FCF | · | · | $-59M | $-110M | $-22M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 4.7% | -3.1% | -12.1% | -18.5% | -8.7% | · | · | |
| Net Margin | 4.2% | -2.9% | -12.5% | -17.4% | -8.5% | · | · | |
| Pretax Margin | 4.4% | -2.4% | -11.8% | -17.3% | -8.2% | · | · | |
| EBITDA Margin | 6.3% | -1.7% | -10.7% | -17.5% | -7.5% | · | · | |
| ROA | 5.5% | -3.6% | -13.6% | -17.2% | -7.8% | · | · | |
| ROE | 8.3% | -5.7% | -22.3% | -24.1% | -8.0% | · | · | |
| ROIC | 7.2% | -7.1% | -18.2% | -25.4% | -8.5% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.3 | 2.7 | 2.5 | 3.2 | 4.3 | · | · | |
| Quick Ratio | 1.4 | 1.1 | 0.9 | 1.4 | 2.8 | · | · | |
| Debt / Equity | 0.2 | 0.0 | 0.3 | · | · | · | · | |
| LT Debt / Equity | 0.2 | 0.0 | 0.2 | · | · | · | · | |
| Interest Coverage | · | · | -48.6 | -93.0 | -31.6 | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.3 | 1.2 | 1.1 | 1.0 | 0.9 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 29.4% | 33.9% | 44.5% | 42.5% | 78.5% | · | · | |
| Revenue CAGR 3Y | 35.8% | 40.2% | 54.3% | · | · | · | · | |
| Revenue CAGR 5Y | 44.8% | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.64B | $1.26B | $944M | $654M | $459M | · | · | |
| Net Income TTM | $68M | $-37M | $-118M | $-114M | $-39M | · | · | |
| Market Cap | $2.91B | $4.53B | $3.66B | $1.98B | $3.39B | · | · | |
| Enterprise Value | $2.52B | $4.16B | $3.47B | · | · | · | · | |
| P/E | 44.5 | -118.8 | -29.9 | -16.8 | -32.2 | · | · | |
| P/S | 1.8 | 3.6 | 3.9 | 3.0 | 7.4 | · | · | |
| P/B | 3.3 | 6.8 | 6.9 | 4.1 | 7.1 | · | · | |
| P / Tangible Book | 3.6 | 7.5 | 8.0 | 4.1 | 7.1 | · | · | |
| P / Cash Flow | 8.9 | 23.3 | -68.3 | -18.9 | -184.1 | · | · | |
| P / FCF | 9.8 | 24.0 | -64.8 | -18.2 | -166.4 | · | · | |
| EV / EBITDA | 24.6 | -197.8 | -34.3 | · | · | · | · | |
| EV / FCF | 8.5 | 22.1 | -61.4 | · | · | · | · | |
| EV / Revenue | 1.5 | 3.3 | 3.7 | · | · | · | · | |
| Earnings Yield | 2.2% | -0.84% | -3.4% | -5.9% | -3.1% | · | · |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $495M | $453M | $442M | $419M | $412M | $362M | $352M | $337M | $306M | $269M | $265M | $242M | $234M | $204M | $191M | $169M | |
| R&D Expense | $74M | $80M | $82M | $80M | $77M | $74M | $71M | $68M | $68M | $63M | $59M | $57M | $54M | $49M | $43M | $36M | |
| SG&A Expense | $56M | $55M | $57M | $56M | $60M | $53M | $55M | $51M | $46M | $44M | $49M | $50M | $39M | $41M | $35M | $36M | |
| Operating Expenses | $428M | $399M | $403M | $408M | $397M | $349M | $356M | $336M | $322M | $289M | $296M | $279M | $252M | $232M | $214M | $205M | |
| Operating Income | $67M | $54M | $39M | $12M | $15M | $12M | $-4M | $368.0K | $-16M | $-20M | $-31M | $-37M | $-18M | $-28M | $-23M | $-36M | |
| Interest Expense | · | · | · | · | · | · | · | $760.0K | $745.0K | $769.0K | · | $585.0K | $592.0K | $389.0K | · | $330.0K | |
| Interest Income | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $2M | $1M | |
| Other Non-op | $-370.0K | $-881.0K | $-2M | $696.0K | $-7M | $2M | $-2M | $2M | $6M | $-2M | $-64.0K | $283.0K | $-2M | $-2M | $1M | $2M | |
| Pretax Income | $65M | $52M | $36M | $12M | $8M | $15M | $-5M | $4M | $-9M | $-20M | $-30M | $-35M | $-19M | $-28M | $-20M | $-33M | |
| Income Tax | $-141M | $3M | $-5M | $4M | $2M | $4M | $589.0K | $2M | $3M | $998.0K | $5M | $258.0K | $-143.0K | $370.0K | $-434.0K | $287.0K | |
| Net Income | $206M | $49M | $41M | $9M | $7M | $11M | $-6M | $2M | $-12M | $-21M | $-35M | $-36M | $-19M | $-28M | $-19M | $-33M | |
| EPS (Basic) | $0.98 | $0.23 | $0.20 | $0.04 | $0.03 | $0.06 | $-0.03 | $0.01 | $-0.06 | $-0.11 | $-0.18 | $-0.20 | $-0.11 | $-0.16 | $-0.11 | $-0.20 | |
| EPS (Diluted) | $0.93 | $0.23 | $0.19 | $0.04 | $0.03 | $0.05 | $-0.03 | $0.01 | $-0.06 | $-0.11 | $-0.18 | $-0.20 | $-0.11 | $-0.16 | $-0.11 | $-0.20 | |
| Shares (Basic) | 210,839,000 | 211,032,788 | -407,754,507 | 207,150,067 | 204,693,000 | 201,744,601 | -384,824,408 | 196,169,417 | 193,452,628 | 189,848,799 | -355,970,014 | 182,598,013 | 179,076,496 | 175,113,904 | -331,720,341 | 168,604,378 | |
| Shares (Diluted) | 221,049,000 | 217,047,399 | -437,053,590 | 217,231,102 | 218,978,000 | 218,414,823 | -393,906,537 | 205,251,546 | 193,452,628 | 189,848,799 | -355,970,014 | 182,598,013 | 179,076,496 | 175,113,904 | -331,720,341 | 168,604,378 | |
| EBITDA | $73M | $60M | · | $18M | $21M | $18M | · | $5M | $-12M | $-16M | · | $-33M | $-15M | $-25M | · | $-34M |
Balance Sheet 26
| 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 | $676M | $649M | $542M | $477M | $516M | $494M | $368M | $324M | $185M | $286M | $324M | $223M | $228M | $244M | $301M | $376M | |
| Prepaid Expense | $53M | $58M | $46M | $51M | $67M | $54M | $47M | $41M | $43M | $45M | · | $30M | $31M | $31M | · | $20M | |
| Other Current Assets | $9M | $15M | $9M | $3M | $3M | $2M | $9M | $2M | $2M | $1M | · | · | · | · | · | · | |
| Current Assets | $1.29B | $1.25B | $1.32B | $1.08B | $1.04B | $979M | $898M | $861M | $841M | $972M | · | $729M | $679M | $607M | · | $666M | |
| PP&E (Net) | $60M | $60M | $62M | $52M | $47M | $41M | $32M | $24M | $22M | $19M | · | $15M | $13M | $13M | · | $10M | |
| PP&E (Gross) | $114M | $111M | $106M | $94M | $85M | $80M | $67M | $57M | $52M | $48M | · | $39M | $36M | $33M | · | $27M | |
| Accum. Depreciation | $54M | $50M | $45M | $42M | $38M | $39M | $36M | $33M | $30M | $28M | · | $24M | $22M | $20M | · | $17M | |
| Goodwill | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | · | $55M | $55M | $55M | · | · | |
| Intangibles | $1M | $2M | $2M | $4M | $6M | $8M | $10M | $13M | $14M | $15M | · | $18M | $19M | $20M | $0 | · | |
| Other Non-current Assets | $156M | $11M | $12M | $7M | $8M | $5M | $5M | $7M | $6M | $7M | · | $6M | $6M | $7M | · | $4M | |
| Total Assets | $1.57B | $1.39B | $1.46B | $1.21B | $1.17B | $1.10B | $1.01B | $970M | $950M | $1.08B | · | $833M | $785M | $715M | · | $690M | |
| Accounts Payable | $40M | $29M | $28M | $32M | $19M | $39M | $16M | $17M | $21M | $12M | · | $18M | $18M | $3M | · | $8M | |
| Accrued Liabilities | $158M | $136M | $142M | $123M | $151M | $115M | $117M | $105M | $145M | $155M | · | $132M | $99M | $79M | · | $100M | |
| Short-term Debt | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | · | |
| Current Liabilities | $404M | $439M | $399M | $376M | $364M | $352M | $329M | $324M | $342M | $368M | · | $300M | $227M | $197M | · | $216M | |
| Capital Leases | $27M | $30M | $28M | $28M | $26M | $15M | $9M | $6M | $6M | $5M | · | $6M | $7M | $9M | · | $7M | |
| Other Non-current Liabilities | $9M | $9M | $8M | $12M | $12M | $10M | $9M | $10M | $8M | $7M | · | $812.0K | $895.0K | $14M | · | $1M | |
| Total Liabilities | $441M | $478M | $590M | $417M | $401M | $377M | $347M | $340M | $371M | $530M | · | $307M | $269M | $220M | · | $224M | |
| Total Debt | $3M | $3M | · | $3M | $3M | $2M | · | $2M | $17M | $152M | · | $2M | $36M | $2M | · | · | |
| Common Stock | $21.0K | $21.0K | $21.0K | $21.0K | $21.0K | $20.0K | $20.0K | $20.0K | $20.0K | $19.0K | · | $19.0K | $18.0K | $18.0K | · | $17.0K | |
| Paid-in Capital | $1.33B | $1.32B | $1.33B | $1.30B | $1.27B | $1.24B | $1.20B | $1.15B | $1.10B | $1.06B | · | $983M | $936M | $898M | · | $823M | |
| Retained Earnings | $-205M | $-411M | $-460M | $-502M | $-510M | $-517M | $-528M | $-523M | $-524M | $-512M | · | $-456M | $-421M | $-402M | · | $-354M | |
| AOCI | $2M | $2M | $4M | $4M | $4M | $75.0K | $-2M | $2M | $-404.0K | $-307.0K | · | $-1M | $-150.0K | $-395.0K | · | $-2M | |
| Stockholders' Equity | $1.13B | $907M | $869M | $797M | $765M | $723M | $665M | $631M | $579M | $549M | $529M | $526M | $516M | $495M | $480M | $466M | |
| Liabilities + Equity | $1.57B | $1.39B | $1.46B | $1.21B | $1.17B | $1.10B | $1.01B | $970M | $950M | $1.08B | · | $833M | $785M | $715M | · | $690M | |
| Shares Outstanding | 211,671,000 | 210,332,998 | 210,625,519 | 209,331,306 | 206,091,275 | 203,825,920 | 200,534,626 | 198,033,845 | 195,095,978 | 192,311,050 | · | 185,128,562 | 181,161,726 | 177,733,293 | · | 170,467,139 |
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 | $6M | $6M | $7M | $6M | $6M | $5M | $6M | $5M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | |
| Stock-based Comp | $34M | $28M | $41M | $40M | $38M | $36M | $42M | $39M | $37M | $34M | $36M | $37M | $35M | $29M | $27M | $26M | |
| Amort. of Intangibles | $500.0K | $500.0K | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | · | · | |
| Restructuring | $4M | $12M | · | $0 | $0 | $0 | · | $0 | $0 | $800.0K | · | $1M | · | · | · | · | |
| Other Non-cash | · | $-896.0K | · | · | · | $80M | · | · | · | $-73M | · | · | · | $-4M | · | · | |
| Operating Cash Flow | $135M | $82M | $150M | $1M | $41M | $81M | $-27M | $147M | $49M | $-57M | $92M | $26M | $-55M | $-2M | $-81M | $-54M | |
| CapEx | $1M | $6M | $6M | $-3M | $13M | $11M | $3M | $1M | $1M | $945.0K | $589.0K | $702.0K | $702.0K | $864.0K | $1M | $705.0K | |
| Investing Cash Flow | $-7M | $-14M | $-18M | $-19M | $-16M | $-17M | $-7M | $-4M | $-4M | $-4M | $-3M | $-3M | $-2M | $-43M | $-2M | $-2M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $-17M | · | · | |
| Stock Repurchased | $23M | $42M | $12M | $12M | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-42M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-100M | $39M | $-66M | $-20M | $-11M | $59M | $87M | $-10M | $-145M | $26M | $10M | $-27M | $40M | $-11M | $6M | $4M | |
| Net Change in Cash | $27M | $106M | $66M | $-39M | $22M | $126M | $43M | $138M | $-100M | $-36M | $101M | $-4M | $-16M | $-56M | $-76M | $-53M | |
| Taxes Paid | $4M | $1M | $-158.0K | $830.0K | $1M | $614.0K | $-912.0K | $832.0K | $2M | $910.0K | $614.0K | $4M | $680.0K | $124.0K | $885.0K | $568.0K | |
| Free Cash Flow | · | $76M | · | · | · | $119M | · | · | · | $-58M | · | · | · | $-431.0K | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-59M | · | · | · | $-825.2K | · | · |
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 | 13.5% | 11.9% | · | 2.8% | 3.6% | 3.4% | · | 0.11% | -5.1% | -7.4% | · | -15.3% | -7.8% | -13.8% | · | -21.0% | |
| Net Margin | 41.6% | 10.8% | · | 2.1% | 1.6% | 3.1% | · | 0.57% | -4.0% | -7.8% | · | -14.8% | -8.1% | -13.9% | · | -19.5% | |
| Pretax Margin | 13.1% | 11.5% | · | 3.0% | 2.0% | 4.1% | · | 1.1% | -2.9% | -7.5% | · | -14.6% | -8.1% | -13.7% | · | -19.4% | |
| EBITDA Margin | 14.7% | 13.2% | · | 4.3% | 5.1% | 4.9% | · | 1.5% | -3.9% | -6.0% | · | -13.9% | -6.4% | -12.3% | · | -20.0% | |
| ROA | 15.1% | 4.0% | · | 0.81% | 0.62% | 1.0% | · | 0.21% | -1.4% | -2.4% | · | -4.7% | -2.5% | -4.2% | · | -4.9% | |
| ROE | 21.8% | 6.0% | · | 1.2% | 0.97% | 1.8% | · | 0.33% | -2.2% | -4.0% | · | -7.2% | -3.8% | -5.9% | · | -6.9% | |
| ROIC | 18.8% | 5.6% | · | 1.1% | 1.5% | 1.3% | · | 0.03% | -3.6% | -3.0% | · | -7.0% | -3.3% | -5.7% | · | -7.7% |
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 | 3.2 | 2.8 | · | 2.9 | 2.9 | 2.8 | · | 2.7 | 2.5 | 2.6 | · | 2.4 | 3.0 | 3.1 | · | 3.1 | |
| Quick Ratio | 1.7 | 1.5 | · | 1.3 | 1.4 | 1.4 | · | 1.0 | 0.5 | 0.8 | · | 0.7 | 1.0 | 1.2 | · | 1.7 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.3 | · | 0.0 | 0.1 | 0.0 | · | · | |
| LT Debt / Equity | 0.0 | 0.0 | · | · | · | · | · | 0.0 | 0.0 | 0.3 | · | · | 0.1 | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | 0.5 | -21.2 | -25.9 | · | -63.1 | -30.8 | -72.2 | · | -107.9 |
Efficiency 1
| 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 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.3 | · | 0.4 | 0.4 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.2 |
Valuation (TTM) 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 TTM | $1.78B | $1.65B | · | $1.53B | $1.42B | $1.27B | · | $1.15B | $1.05B | $949M | · | $849M | $764M | $666M | · | $584M | |
| Net Income TTM | $270M | $76M | · | $29M | $8M | $-20M | · | $-67M | $-88M | $-104M | · | $-116M | $-118M | $-123M | · | $-108M | |
| Market Cap | $4.74B | $3.30B | · | $3.41B | $3.87B | $4.24B | · | $2.65B | $2.36B | $3.99B | · | $4.67B | $3.41B | $3.01B | · | $1.90B | |
| Enterprise Value | $4.07B | $2.65B | · | $2.94B | $3.36B | $3.75B | · | $2.33B | $2.20B | $3.85B | · | $4.45B | $3.22B | $2.77B | · | · | |
| P/E | 18.2 | 44.8 | · | 125.4 | 625.7 | -189.1 | · | -37.2 | -25.2 | -35.8 | · | -37.6 | -26.9 | -23.2 | · | -11.3 | |
| P/S | 2.7 | 2.0 | · | 2.2 | 2.7 | 3.3 | · | 2.3 | 2.2 | 4.2 | · | 5.5 | 4.5 | 4.5 | · | 3.2 | |
| P/B | 4.2 | 3.6 | · | 4.3 | 5.1 | 5.9 | · | 4.2 | 4.1 | 7.3 | · | 8.9 | 6.6 | 6.1 | · | 4.1 | |
| P / Tangible Book | 4.4 | 3.9 | · | 4.6 | 5.5 | 6.4 | · | 4.7 | 4.6 | 8.3 | · | 10.3 | 7.7 | 7.2 | · | 4.1 | |
| P / Cash Flow | · | 40.2 | · | · | · | 31.9 | · | · | · | -70.2 | · | · | · | 6957.5 | · | · | |
| P / FCF | · | 43.4 | · | · | · | 35.6 | · | · | · | -69.1 | · | · | · | -6989.7 | · | · | |
| EV / EBITDA | 55.8 | 44.2 | · | 161.3 | 160.0 | 212.6 | · | 463.8 | -185.3 | -236.9 | · | -132.8 | -214.0 | -110.7 | · | · | |
| EV / FCF | · | 34.9 | · | · | · | 31.5 | · | · | · | -66.7 | · | · | · | -6429.0 | · | · | |
| EV / Revenue | 2.3 | 1.6 | · | 1.9 | 2.4 | 2.9 | · | 2.0 | 2.1 | 4.1 | · | 5.2 | 4.2 | 4.2 | · | · | |
| Earnings Yield | 5.5% | 2.2% | · | 0.80% | 0.16% | -0.53% | · | -2.7% | -4.0% | -2.8% | · | -2.7% | -3.7% | -4.3% | · | -8.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.64B | $1.26B | $944M | $654M | $459M |
| Operating Margin % | 4.7% | -3.1% | -12.1% | -18.5% | -8.7% |
| Net Income | $68M | $-37M | $-118M | $-114M | $-39M |
| Diluted EPS | $0.31 | $-0.19 | $-0.65 | $-0.68 | $-0.64 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.0 | 0.3 | — | — |
| Current Ratio | 3.3 | 2.7 | 2.5 | 3.2 | 4.3 |
| Quick Ratio | 1.4 | 1.1 | 0.9 | 1.4 | 2.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $296M | $188M | $-56M | $-109M | $-20M |
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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 392 filers · $2.9B 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 |
|---|---|---|---|---|
| 106 (+39 vs prior Q) | 32 (-16 vs prior Q) | 126 (+14 vs prior Q) | 83 (+8 vs prior Q) | +20.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $296,805,278 | 13,244,323 | 10.17% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $231,250,493 | 10,319,076 | 7.93% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $179,161,563 | 7,994,715 | 6.14% | Shares |
| GOLDMAN SACHS GROUP INC | $172,355,422 | 7,691,005 | 5.91% | Shares |
| STATE STREET CORP | $154,031,393 | 6,873,333 | 5.28% | Shares |
| GENERATION INVESTMENT MANAGEMENT LLP | $109,636,891 | 4,892,320 | 3.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $91,921,505 | 4,101,029 | 3.15% | Shares |
| BAILLIE GIFFORD & CO | $87,064,755 | 3,885,085 | 2.98% | Shares |
| Divisadero Street Capital Management, LP | $83,344,717 | 3,719,086 | 2.86% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $73,935,744 | 3,299,230 | 2.53% | Shares |
| Capital International Investors | $66,913,324 | 2,985,869 | 2.29% | Shares |
| Lead Edge Capital Management, LLC | $60,232,971 | 2,687,772 | 2.06% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $54,322,423 | 2,424,026 | 1.86% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $44,344,718 | 1,978,792 | 1.52% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $44,209,821 | 1,972,772 | 1.52% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $42,377,646 | 1,891,015 | 1.45% | Shares |
| MARSHALL WACE, LLP | $39,464,816 | 1,761,036 | 1.35% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $37,449,463 | 1,671,105 | 1.28% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $35,192,664 | 1,570,400 | 1.21% | Shares |
| Siren, L.L.C. | $34,584,703 | 1,543,271 | 1.19% | Shares |
| NORGES BANK | $30,648,857 | 1,367,642 | 1.05% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $29,857,693 | 1,332,003 | 1.02% | Shares |
| LB Partners LLC | $28,415,880 | 1,268,000 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $28,155,700 | 1,256,390 | 0.96% | Shares |
| Marathon Partners Equity Management, LLC | $25,031,970 | 1,117,000 | 0.86% | Shares |
| First Eagle Investment Management, LLC | $24,040,417 | 1,072,754 | 0.82% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $23,642,550 | 1,055,000 | 0.81% | Shares |
| Portolan Capital Management, LLC | $22,804,237 | 1,017,592 | 0.78% | Shares |
| BANK OF AMERICA CORP /DE/ | $22,397,607 | 999,447 | 0.77% | Shares |
| Estuary Capital Management LP | $22,324,483 | 996,184 | 0.77% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $22,037,277 | 983,368 | 0.76% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $22,006,867 | 982,011 | 0.75% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $19,676,697 | 878,032 | 0.67% | Shares |
| LOOMIS SAYLES & CO L P | $19,469,629 | 868,792 | 0.67% | Shares |
| Ararat Capital Management LP | $19,270,135 | 859,890 | 0.66% | Shares |
| ArrowMark Colorado Holdings LLC | $18,838,070 | 840,610 | 0.65% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $18,618,609 | 830,817 | 0.64% | Shares |
| LAKEWOOD CAPITAL MANAGEMENT, LP | $16,834,392 | 751,200 | 0.58% | Shares |
| MILLENNIUM MANAGEMENT LLC | $15,096,967 | 673,671 | 0.52% | Shares |
| G2 Investment Partners Management LLC | $14,884,901 | 664,208 | 0.51% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $14,834,927 | 661,978 | 0.51% | Shares |
| Public Sector Pension Investment Board | $13,293,657 | 593,202 | 0.46% | Shares |
| Bridgewater Associates, LP | $12,915,286 | 576,318 | 0.44% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $12,161,997 | 542,704 | 0.42% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $11,491,848 | 512,800 | 0.39% | Shares |
| Bank of New York Mellon Corp | $11,416,595 | 509,442 | 0.39% | Shares |
| FIRST TRUST ADVISORS LP | $11,259,792 | 502,445 | 0.39% | Shares |
| Freestone Grove Partners LP | $10,577,408 | 471,995 | 0.36% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,485,639 | 467,900 | 0.36% | Call option |
| AMERIPRISE FINANCIAL INC | $10,266,245 | 458,110 | 0.35% | Shares |
| RHUMBLINE ADVISERS | $9,629,330 | 429,690 | 0.33% | Shares |
| RENAISSANCE GROUP LLC | $9,537,562 | 425,594 | 0.33% | Shares |
| CITIGROUP INC | $9,086,672 | 405,474 | 0.31% | Shares |
| NEUBERGER BERMAN GROUP LLC | $8,792,451 | 392,345 | 0.30% | Shares |
| BARCLAYS PLC | $8,714,218 | 388,854 | 0.30% | Shares |
| ARDSLEY ADVISORY PARTNERS LP | $8,403,750 | 375,000 | 0.29% | Shares |
| PRUDENTIAL FINANCIAL INC | $8,248,650 | 368,079 | 0.28% | Shares |
| Swiss National Bank | $8,051,913 | 359,300 | 0.28% | Shares |
| BRIGHTON JONES LLC | $7,459,259 | 332,854 | 0.26% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $7,443,840 | 332,166 | 0.26% | Shares |
| Longaeva Partners L.P. | $7,270,163 | 324,416 | 0.25% | Shares |
| ALLIANCEBERNSTEIN L.P. | $7,049,510 | 449,873 | 0.24% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $6,882,559 | 307,120 | 0.24% | Shares |
| AMERICAN CENTURY COMPANIES INC | $6,662,179 | 297,286 | 0.23% | Shares |
| Squarepoint Ops LLC | $6,282,195 | 280,330 | 0.22% | Shares |
| Balyasny Asset Management L.P. | $6,257,410 | 279,224 | 0.21% | Shares |
| SIH Partners, LLLP | $5,971,458 | 266,464 | 0.20% | Shares |
| Legal & General Group Plc | $5,959,804 | 265,944 | 0.20% | Shares |
| WOLVERINE TRADING, LLC | $5,929,028 | 358,900 | 0.20% | Call option |
| INTRINSIC EDGE CAPITAL MANAGEMENT LLC | $5,602,500 | 250,000 | 0.19% | Shares |
| JANE STREET GROUP, LLC | $5,515,392 | 246,113 | 0.19% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $5,266,350 | 235,000 | 0.18% | Shares |
| Man Group plc | $5,076,336 | 226,521 | 0.17% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $4,983,128 | 222,361 | 0.17% | Shares |
| Pathstone Holdings, LLC | $4,955,710 | 221,239 | 0.17% | Shares |
| BlackRock, Inc. | $4,942,458 | 220,547 | 0.17% | Shares |
| Badgley Phelps Wealth Managers, LLC | $4,919,287 | 219,513 | 0.17% | Shares |
| Quantinno Capital Management LP | $4,917,919 | 219,452 | 0.17% | Shares |
| IEQ CAPITAL, LLC | $4,799,056 | 214,148 | 0.16% | Shares |
| Trexquant Investment LP | $4,575,696 | 204,181 | 0.16% | Shares |
| Corient Private Wealth LP | $4,444,675 | 198,334 | 0.15% | Shares |
| Mariner, LLC | $4,378,810 | 195,391 | 0.15% | Shares |
| Lisanti Capital Growth, LLC | $4,349,109 | 194,070 | 0.15% | Shares |
| Palisades Investment Partners, LLC | $4,321,589 | 192,842 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $4,018,472 | 179,316 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,958,301 | 176,631 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,908,976 | 174,430 | 0.13% | Shares |
| JANE STREET GROUP, LLC | $3,672,999 | 163,900 | 0.13% | Call option |
| CITADEL ADVISORS LLC | $3,583,359 | 159,900 | 0.12% | Call option |
| BOOTHBAY FUND MANAGEMENT, LLC | $3,519,961 | 157,071 | 0.12% | Shares |
| Nebula Research & Development LLC | $3,480,577 | 185,433 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,265,769 | 208,409 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $3,160,908 | 141,049 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,153,602 | 140,723 | 0.11% | Shares |
| Russell Investments Group, Ltd. | $3,113,690 | 138,942 | 0.11% | Shares |
| MORGAN STANLEY | $2,709,279 | 120,896 | 0.09% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $2,702,265 | 120,583 | 0.09% | Shares |
| Cubist Systematic Strategies, LLC | $2,499,165 | 153,323 | 0.09% | Shares |
| MetLife Investment Management, LLC | $2,485,381 | 110,905 | 0.09% | Shares |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | $2,417,793 | 107,889 | 0.08% | Shares |
Company insiders 12 insiders · 1 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Pankaj Sharma | Chief Business Officer | July 16, 2026 S | 752,810 | 0 | 1 | $-375,450 |
| Matthew B. Oppenheimer | Director | June 10, 2026 A | 4,510,790 | 0 | 0 | $0 |
| Laurent Le Moal | Director | June 10, 2026 A | 92,151 | 0 | 0 | $0 |
| Bora Chung | Director | June 10, 2026 A | 159,325 | 0 | 0 | $0 |
| Adam Messinger | Director | June 10, 2026 A | 15,508 | 0 | 0 | $0 |
| Ryno Blignaut | Director | June 10, 2026 A | 68,269 | 0 | 0 | $0 |
| Margaret Mary Smyth | Director | June 10, 2026 A | 88,554 | 0 | 0 | $0 |
| CAMPBELL PHYLLIS J | Director | June 10, 2026 A | 78,424 | 0 | 0 | $0 |
| Nigel W Morris | — | Aug. 14, 2026 S | 1,851,056 | 0 | 4 | $-1,118,618 |
| Joshua Hug | — | Aug. 12, 2026 S | 2,669,889 | 0 | 13 | $-19,470,454 |
| Phillip John Riese | — | Aug. 12, 2026 M | 261,094 | 0 | 5 | $-8,011,753 |
| Sebastian J Gunningham | — | May 26, 2026 F | 764,649 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 66 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 |
|---|---|---|---|---|
| SMLL · Harbor ETF Trust | 4.53% | 28,602 NS | April 30, 2026 | N-PORT |
| AZTD · Tidal Trust I | 2.95% | 59,217 NS | April 30, 2026 | N-PORT |
| FDFF · Fidelity Covington Trust | 1.62% | 34,000 NS | May 31, 2026 | N-PORT |
| ABLS · Abacus FCF ETF Trust | 1.44% | 805 NS | April 30, 2026 | N-PORT |
| XSHQ · Invesco Exchange-Traded Fund Trust … | 0.92% | 121,431 SH | Aug. 8, 2026 | Daily |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.91% | 10,220 SH | Aug. 8, 2026 | Daily |
| HAPS · Harbor ETF Trust | 0.75% | 53,743 NS | April 30, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.68% | 87,169 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.62% | 298,086 NS | April 30, 2026 | N-PORT |
| AOTG · EA Series Trust | 0.59% | 31,053 NS | May 29, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.40% | 4,717 NS | April 30, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.35% | 14,636 NS | May 31, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.30% | 32,485 NS | May 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.29% | 30,365 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.27% | 133,587 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.25% | 1,419,569 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.25% | 203,311 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 0.25% | 802,119 SH | Aug. 8, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.25% | 17,679 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.24% | 132,912 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.21% | 603,675 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.19% | 14,114 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 60,087 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.16% | 6,841,819 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.15% | 18,245 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.15% | 5,660 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.15% | 2,042 NS | May 31, 2026 | N-PORT |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.15% | 128,230 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.14% | 123,988 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.13% | 1,093,612 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.13% | 4,046,135 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.13% | 49,374 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.13% | 27,769 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.11% | 74,202 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.11% | 2,375,316 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.11% | 153,091 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.11% | 126,886 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.10% | 648,510 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.09% | 280,813 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.09% | 8,062 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.07% | 825,604 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.06% | 6,888 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.05% | 6,305 NS | May 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.05% | 4,106,615 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.05% | 291,862 SH | Aug. 8, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.05% | 47,308 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.04% | 10,967 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 1,979,318 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.04% | 6,381 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 6,865 NS | May 31, 2026 | N-PORT |