RLI RLI Corp. Common Stock (DE)
$65.11
Price · Aug 19, 2026
Fundamentals as of Jul 24, 2026
52W Range
$47–$69
81% of range
Analyst Rating
HOLD
16 analysts
Price Target
$60
P/E (TTM)
14.9
ROE
23.0%
Net Profit Margin
21.4%
About RLI Corp. Common Stock (DE) Company overview from Wikipedia
RLI Corp. is an American insurance company specializing in property insurance and casualty insurance. It is headquartered in Peoria, Illinois.
Read more
RLI Corp. is an American insurance company specializing in property insurance and casualty insurance. It is headquartered in Peoria, Illinois.
RLI conducts its operations primarily through four insurance subsidiaries — RLI Insurance Company, Mt. Hawley Insurance Company, RLI Indemnity Company, and Contractors Bonding and Insurance Company.
History
Founded in 1965 by Gerald D. Stephens, Replacement Lens, Inc. (RLI) was one of the first insurers of contact lenses. In 1970, RLI's statistics predicted 580 losses a year for every 1,000 contact lens owners. In a Rough Notes magazine article, Stephens said, "At that time, it cost around $200 to replace a pair of lenses, and most of the people who wore them were young and couldn't afford to take that risk."
Eventually, the company emerged as one of the leading contact lens insurers in the United States. Building upon its success in the contact lens market, RLI further expanded its business into other niche insurance markets. For example, in 1982 they administered pet insurance for an Arizona veterinarian. RLI also entered the Hawaii homeowner's market in 1996 by purchasing the business of the Hawaii Property Insurance Association (HPIA). Many insurers do not offer property insurance in places with high catastrophe exposures, but RLI has introduced business lines with difference in conditions (DIC) coverage.
Over time, the demand for contact lens insurance shrank with the emergence of more affordable disposable soft lenses. In order to remain competitive, Stephens expanded RLI's offerings to include commercial property and liability insurance. In 1994, the company retired its founding contact lens insurance product and in 1996 RLI sold its RLI Vision unit to Maui Jim, a manufacturer of luxury sunglasses.
In 2013, RLI invested $20 million in renovations of their Peoria headquarters. In 2015, RLI announced a $15 million addition as the next phase of their renovation.
Key people
Jonathan E. Michael served as chief executive officer from 2001 and retired December 31, 2021. He served as chairman of the board since 2011. Craig W. Kliethermes, who had previously served as president and chief operating officer since 2016 and joined the company in 2006, became the CEO on January 1, 2022.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
RLI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$65.11
Market Cap
$5.98B
P/E (TTM)
14.9
EPS (TTM)
$4.37
Revenue (TTM)
$1.88B
Div Yield
4.0%
ROE
23.0%
Debt/Equity
0.1
52W Range
$47 – $69
RLI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.88B
2016-12-31
→
2025-12-31
EPS
$4.37
2016-12-31
→
2025-12-31
Free Cash Flow
$609M
2016-12-31
→
2025-12-31
Margins
21.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RLI
Peer Median
P/E (TTM)
14.9
10.9
P/S (TTM)
3.2
1.3
P/B
3.4
2.0
Price / FCF
9.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RLI
Peer Median
Net Profit Margin
21.4%
11.8%
ROA
6.8%
6.3%
ROE
23.0%
20.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RLI
Peer Median
Debt / Equity
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RLI
Peer Median
Revenue YoY
6.3%
—
Revenue CAGR 3Y
3.5%
—
Revenue CAGR 5Y
13.9%
—
EPS YoY
16.8%
—
Net Income YoY
16.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RLI
Peer Median
Payout Ratio
59.9%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
4.0%
Payout Ratio
59.9%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 29, 2026 | $2.1800 |
| March 2, 2026 | $0.1600 |
| Nov. 28, 2025 | $2.1600 |
| Aug. 29, 2025 | $0.1600 |
| May 30, 2025 | $0.1600 |
| Feb. 28, 2025 | $0.1500 |
| Nov. 29, 2024 | $2.1450 |
| Aug. 30, 2024 | $0.1450 |
| May 31, 2024 | $0.1450 |
| Feb. 28, 2024 | $0.1350 |
| Nov. 29, 2023 | $1.1350 |
| Aug. 30, 2023 | $0.1350 |
| May 30, 2023 | $0.1350 |
| Feb. 27, 2023 | $0.1300 |
| Nov. 29, 2022 | $3.6300 |
| Aug. 30, 2022 | $0.1300 |
| May 27, 2022 | $0.1300 |
| Feb. 25, 2022 | $0.1250 |
| Nov. 29, 2021 | $1.1250 |
| Aug. 30, 2021 | $0.1250 |
RLI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
16 analysts
- Strong Buy 0 0.0%
- Buy 1 6.2%
- Hold 9 56.2%
- Sell 5 31.2%
- Strong Sell 1 6.2%
12-Month Price Target
4 analysts · 2026-08-14
Median
$57.50
Mean
$60.50
Now
$65.11
Low
$53.00
High
$74.00
Median target
$57.50
-11.7%
Mean target
$60.50
-7.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Beat Rate
75.0%
Avg Surprise
0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.83 | $0.73 | 0.10% |
| March 31, 2026 | $0.83 | $0.79 | 0.04% |
| Dec. 31, 2025 | $0.94 | $0.82 | 0.12% |
| Sept. 30, 2025 | $0.83 | $0.72 | 0.11% |
| June 30, 2025 | $0.84 | $0.78 | 0.06% |
| March 31, 2025 | $0.92 | $0.85 | 0.07% |
| Sept. 30, 2000 | $0.09 | $0.09 | -0.00% |
| June 30, 2000 | $0.09 | $0.10 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RLI | $5.88B | 14.6 | 6.3% | 21.4% | 23.0% | — |
| AFG | $11.40B | 13.6 | -1.8% | 10.3% | 18.1% | — |
| ORI | — | 12.3 | 11.0% | 10.2% | 16.2% | — |
| KNSL | $9.05B | 18.1 | 18.0% | 26.9% | 27.4% | — |
| THG | — | 10.1 | 5.7% | 10.1% | 20.7% | — |
| FAF | $6.27B | 10.2 | 21.6% | 8.3% | 11.9% | — |
| MCY | $5.21B | 9.6 | 9.4% | 9.0% | 24.8% | — |
| SIGI | $5.03B | 11.2 | 9.8% | 8.7% | 13.9% | — |
| WTM | $5.15B | 4.8 | 66.8% | 29.6% | 22.3% | — |
| NP | — | -112.2 | 33.7% | 23.4% | -9.9% | — |
| LMND | $5.40B | -31.8 | 40.2% | -22.4% | -31.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $1.77B | $1.51B | $1.70B | $1.18B | $984M | $1.00B | $818M | $797M | $816M | $795M | $775M | |
| Operating Expenses | $116M | $112M | $98M | $82M | $77M | $67M | $69M | $54M | $57M | $53M | $51M | $54M | |
| Interest Income | $168M | $150M | $127M | $92M | $75M | $73M | $74M | $67M | $60M | $58M | $59M | $61M | |
| Pretax Income | $506M | $428M | $377M | $721M | $344M | $190M | $233M | $68M | $85M | $157M | $197M | $189M | |
| Income Tax | $103M | $82M | $73M | $137M | $65M | $33M | $41M | $3M | $-20M | $42M | $59M | $54M | |
| Net Income | $403M | $346M | $305M | $583M | $279M | $157M | $192M | $64M | $105M | $115M | · | · | |
| EPS (Basic) | $4.39 | $3.78 | $3.34 | $6.43 | $6.18 | $3.49 | $4.28 | $1.45 | $2.39 | $2.63 | $3.18 | $3.15 | |
| EPS (Diluted) | $4.37 | $3.74 | $3.31 | $6.37 | $6.11 | $3.46 | $4.23 | $1.43 | $2.36 | $2.59 | $3.12 | $3.09 | |
| Shares (Basic) | 91,829,000 | 91,529,000 | 91,191,000 | 90,735,000 | 45,230,000 | 45,000,000 | 44,734,000 | 44,358,000 | 44,033,000 | 43,772,000 | 43,299,000 | 43,020,000 | |
| Shares (Diluted) | 92,391,000 | 92,451,000 | 92,155,000 | 91,589,000 | 45,712,000 | 45,376,000 | 45,257,000 | 44,835,000 | 44,500,000 | 44,432,000 | 44,131,000 | 43,819,000 |
Balance Sheet 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $52M | $40M | $36M | $23M | $89M | $62M | $46M | $30M | $24M | $18M | $11M | $31M | |
| Short-term Investments | · | · | · | · | · | · | · | $12M | $10M | $5M | $6M | · | |
| PP&E (Net) | $41M | $43M | $47M | $50M | $52M | $51M | $53M | $55M | $56M | $55M | $47M | $43M | |
| Accum. Depreciation | $84M | $76M | $74M | $69M | $75M | $69M | $63M | $54M | $48M | $42M | $38M | $34M | |
| Goodwill | $46M | $46M | $46M | $46M | $46M | $46M | $46M | $46M | $50M | $51M | $58M | $58M | |
| Intangibles | · | · | · | · | $8M | $8M | $8M | $8M | $10M | $13M | $13M | $14M | |
| Total Assets | $6.16B | $5.63B | $5.18B | $4.77B | $4.51B | $3.94B | $3.55B | $3.11B | $2.95B | $2.78B | $2.74B | $2.78B | |
| Short-term Debt | $100M | $100M | $100M | $200M | · | · | · | · | · | · | · | · | |
| Deferred Tax | $22M | · | · | · | $84M | $80M | $57M | $24M | $54M | $64M | $64M | $82M | |
| Total Liabilities | $4.38B | $4.11B | $3.77B | $3.59B | $3.28B | $2.80B | $2.55B | $2.30B | $2.09B | $1.95B | $1.91B | $1.93B | |
| Long-term Debt | · | $100M | $100M | $200M | $200M | $149M | · | · | · | · | · | · | |
| Total Debt | $100M | $100M | · | $200M | · | · | · | · | · | · | · | · | |
| Common Stock | $1M | $1M | $1M | $684.0K | $682.0K | $681.0K | $678.0K | $674.0K | $67M | $67M | $66M | $66M | |
| Retained Earnings | $1.88B | $1.72B | $1.61B | $1.45B | $1.23B | $1.08B | $1.01B | $908M | $789M | $797M | $805M | $787M | |
| Treasury Stock | $407M | $406M | $407M | $405M | $403M | $401M | $401M | $401M | $402M | $404M | $404M | $407M | |
| AOCI | $-88M | $-174M | $-166M | $-229M | $50M | $109M | $52M | $-15M | $158M | $123M | $124M | $171M | |
| Stockholders' Equity | $1.78B | $1.52B | $1.41B | $1.18B | $1.23B | $1.14B | $995M | $807M | $854M | $824M | $823M | $845M | |
| Liabilities + Equity | $6.16B | $5.63B | $5.18B | $4.77B | $4.51B | $3.94B | $3.55B | $3.11B | $2.95B | $2.78B | $2.74B | $2.78B | |
| Shares Outstanding | 91,878,651 | 91,738,132 | 91,280,094 | 45,469,752 | 45,289,337 | 45,142,580 | 44,869,015 | 44,504,043 | 44,148,355 | 43,944,697 | 43,544,128 | 43,102,715 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $13M | $10M | $8M | $-50M | $19M | $9M | $15M | $-21M | $-30M | $1M | $7M | $5M | |
| Amort. of Intangibles | · | · | · | · | $200.0K | $400.0K | $400.0K | $400.0K | $700.0K | $900.0K | $900.0K | $900.0K | |
| Operating Cash Flow | $614M | $560M | $464M | $250M | $385M | $263M | $277M | $217M | $198M | $174M | $153M | $123M | |
| CapEx | $6M | $5M | $6M | $6M | $8M | $6M | $7M | $6M | $9M | $16M | $10M | $7M | |
| Investing Cash Flow | $-362M | $-319M | $-212M | $49M | $-275M | $-168M | $-185M | $-134M | $-81M | $-54M | $-61M | · | |
| Debt Issued | · | · | · | · | $50M | · | · | · | · | · | · | · | |
| Net Debt Issued | · | · | · | · | $50M | · | · | · | · | · | · | · | |
| Dividends Paid | $242M | $236M | $140M | $365M | $135M | $88M | $86M | $83M | $114M | $122M | $120M | $160M | |
| Financing Cash Flow | $-240M | $-238M | $-239M | $-365M | $-83M | $-79M | $-76M | $-77M | $-110M | $-114M | $-112M | · | |
| Net Change in Cash | $12M | $3M | $14M | $-66M | $27M | $16M | $16M | $6M | $6M | $7M | $-20M | · | |
| Taxes Paid | $61M | $68M | $50M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $609M | $556M | $458M | $245M | $377M | $257M | $270M | $211M | $188M | $158M | $143M | $116M |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 21.4% | 19.5% | 20.2% | 34.4% | 23.7% | 16.0% | 19.1% | 7.8% | · | · | · | · | |
| Pretax Margin | 26.9% | 24.1% | 24.9% | 42.4% | 29.2% | 19.3% | 23.2% | 8.3% | 10.6% | 19.2% | 24.8% | 24.4% | |
| ROA | 6.8% | 6.4% | 6.1% | 12.6% | 6.6% | 4.2% | 5.8% | 2.1% | · | · | · | · | |
| ROE | 23.0% | 21.1% | 22.5% | 45.4% | 22.5% | 14.1% | 19.2% | 7.6% | · | · | · | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | · | 0.2 | · | · | · | · | · | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.3% | 17.1% | -10.9% | 44.0% | 19.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.5% | 14.5% | 15.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 13.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 16.8% | 13.0% | -48.0% | 4.3% | 76.6% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -11.8% | -15.1% | -1.5% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 4.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 16.7% | 13.5% | -47.8% | 108.8% | 77.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -11.6% | 7.4% | 24.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 20.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 22.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.88B | $1.77B | $1.51B | $1.70B | $1.18B | $984M | $1.00B | $818M | $797M | $816M | $795M | $775M | |
| Net Income TTM | $403M | $346M | $305M | $583M | $279M | $157M | $192M | $64M | $105M | $115M | $137M | $137M | |
| Market Cap | $5.88B | $7.56B | $3.04B | $2.98B | $2.54B | $2.35B | $2.02B | $1.54B | $1.34B | $1.39B | $1.34B | $1.06B | |
| Enterprise Value | $5.93B | $7.62B | · | $3.16B | · | · | · | · | · | · | · | · | |
| P/E | 14.6 | 22.0 | 20.1 | 10.3 | 9.2 | 15.1 | 10.6 | 24.1 | 12.9 | 12.2 | 9.9 | 8.0 | |
| P/S | 3.1 | 4.3 | 2.0 | 1.8 | 2.2 | 2.4 | 2.0 | 1.9 | 1.7 | 1.7 | 1.7 | 1.4 | |
| P/B | 3.3 | 5.0 | 2.1 | 2.5 | 2.1 | 2.1 | 2.0 | 1.9 | 1.6 | 1.7 | 1.6 | 1.3 | |
| P / Tangible Book | 3.4 | 5.1 | 2.2 | 2.6 | 2.2 | 2.2 | · | · | · | · | · | · | |
| P / Cash Flow | 9.6 | 13.5 | 6.5 | 11.9 | 6.6 | 8.9 | 7.3 | 7.1 | 6.8 | 8.0 | 8.8 | 8.6 | |
| P / FCF | 9.7 | 13.6 | 6.6 | 12.2 | 6.7 | 9.1 | 7.5 | 7.3 | 7.1 | 8.8 | 9.4 | 9.2 | |
| EV / FCF | 9.7 | 13.7 | · | 12.9 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 3.1 | 4.3 | · | 1.9 | · | · | · | · | · | · | · | · | |
| Dividend Yield | 4.1% | 3.1% | 4.6% | 12.2% | 5.3% | 3.7% | 4.2% | 5.4% | 8.5% | 8.8% | 8.9% | 15.0% | |
| Earnings Yield | 6.8% | 4.5% | 5.0% | 9.7% | 10.9% | 6.6% | 9.4% | 4.2% | 7.8% | 8.2% | 10.1% | 12.5% | |
| Payout Ratio | 59.9% | 68.2% | 46.0% | 62.5% | 48.4% | 56.0% | 44.7% | 129.5% | · | · | · | · | |
| Annual Payout | $242M | $236M | $140M | $365M | $135M | $88M | $86M | $83M | $114M | $122M | $120M | $160M |
Income Statement 9
| 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 | $576M | $424M | $466M | $509M | $500M | $408M | $439M | $470M | $416M | $445M | $434M | $332M | $382M | $365M | $361M | $859M | |
| Operating Expenses | $33M | $28M | $29M | $30M | $30M | $27M | $28M | $29M | $27M | $29M | $28M | $22M | $25M | $24M | $23M | $21M | |
| Pretax Income | $211M | $67M | $114M | $157M | $157M | $79M | $47M | $117M | $103M | $160M | $143M | $15M | $96M | $123M | $114M | $555M | |
| Income Tax | $43M | $12M | $22M | $33M | $32M | $15M | $7M | $22M | $21M | $32M | $29M | $1M | $18M | $24M | $16M | $115M | |
| Net Income | $168M | $55M | $91M | $125M | $124M | $63M | $41M | $95M | $82M | $128M | $115M | $14M | $78M | $99M | $98M | $440M | |
| EPS (Basic) | $1.83 | $0.60 | $0.99 | $1.36 | $1.35 | $0.69 | $0.44 | $1.04 | $0.90 | $1.40 | $-0.83 | $0.30 | $1.70 | $2.17 | $-4.27 | $9.69 | |
| EPS (Diluted) | $1.82 | $0.60 | $1.00 | $1.35 | $1.34 | $0.68 | $0.43 | $1.03 | $0.89 | $1.39 | $-0.82 | $0.29 | $1.69 | $2.15 | $-4.24 | $9.61 | |
| Shares (Basic) | 91,922,000 | 91,926,000 | -183,617,000 | 91,849,000 | 91,827,000 | 91,770,000 | -182,872,000 | 91,559,000 | 91,474,000 | 91,368,000 | -45,552,000 | 45,622,000 | 45,591,000 | 45,530,000 | -45,304,000 | 45,379,000 | |
| Shares (Diluted) | 92,160,000 | 92,187,000 | -184,965,000 | 92,310,000 | 92,518,000 | 92,528,000 | -184,674,000 | 92,441,000 | 92,358,000 | 92,326,000 | -45,989,000 | 46,065,000 | 46,044,000 | 46,035,000 | -45,254,000 | 45,775,000 |
Balance Sheet 17
| 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 | $32M | $49M | $52M | $53M | $21M | $27M | $40M | $61M | $50M | $45M | · | $18M | $17M | $23M | · | $724M | |
| PP&E (Net) | $41M | $40M | $41M | $41M | $42M | $42M | $43M | $45M | $47M | $47M | · | $49M | $48M | $49M | · | $50M | |
| Accum. Depreciation | $89M | $87M | $84M | $82M | $80M | $78M | $76M | $75M | $75M | $76M | · | $74M | $72M | $70M | · | $68M | |
| Goodwill | $46M | $46M | $46M | $46M | $46M | $46M | $46M | $46M | $46M | $46M | · | $46M | $46M | $46M | · | $46M | |
| Total Assets | $6.41B | $6.40B | $6.16B | $6.25B | $5.99B | $5.73B | $5.63B | $5.79B | $5.51B | $5.34B | · | $5.08B | $5.07B | $4.84B | · | $5.21B | |
| Short-term Debt | · | $50M | $100M | · | · | · | $100M | · | · | · | · | · | $200M | $200M | · | $150M | |
| Deferred Tax | $26M | $6M | $22M | $23M | $3M | · | · | $15M | · | · | · | · | · | · | · | · | |
| Total Liabilities | $4.66B | $4.61B | $4.38B | $4.37B | $4.26B | $4.12B | $4.11B | $4.04B | $3.93B | $3.82B | · | $3.78B | $3.71B | $3.53B | · | $3.82B | |
| Long-term Debt | $297M | $297M | · | $100M | $100M | $100M | · | $100M | $100M | $100M | · | $100M | · | · | · | · | |
| Total Debt | · | $50M | · | · | · | · | · | · | · | · | · | · | $200M | $200M | · | $150M | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $687.0K | $687.0K | $687.0K | · | $686.0K | $685.0K | $685.0K | · | $683.0K | |
| Retained Earnings | $1.89B | $1.92B | $1.88B | $1.99B | $1.88B | $1.77B | $1.72B | $1.88B | $1.79B | $1.73B | · | $1.60B | $1.60B | $1.53B | · | $1.68B | |
| Treasury Stock | $418M | $405M | $407M | $406M | $406M | $405M | $406M | $405M | $406M | $406M | · | $406M | $406M | $405M | · | $402M | |
| AOCI | $-116M | $-113M | $-88M | $-97M | $-125M | $-144M | $-174M | $-107M | $-187M | $-179M | · | $-268M | $-211M | $-191M | · | $-245M | |
| Stockholders' Equity | $1.75B | $1.80B | $1.78B | $1.87B | $1.73B | $1.60B | $1.52B | $1.75B | $1.58B | $1.52B | $1.41B | $1.30B | $1.35B | $1.30B | $1.18B | $1.39B | |
| Liabilities + Equity | $6.41B | $6.40B | $6.16B | $6.25B | $5.99B | $5.73B | $5.63B | $5.79B | $5.51B | $5.34B | · | $5.08B | $5.07B | $4.84B | · | $5.21B | |
| Shares Outstanding | 91,772,634 | 91,933,931 | 91,878,651 | 91,837,835 | 91,829,470 | 91,772,734 | 91,738,132 | 45,809,920 | 45,746,054 | 45,709,881 | · | 45,625,771 | 45,596,196 | 45,554,696 | · | 45,378,171 |
Cash Flow 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 Cash Flow | $145M | $43M | $157M | $179M | $175M | $104M | $128M | $219M | $142M | $71M | $122M | $99M | $174M | $69M | $-32M | $112M | |
| CapEx | $3M | $1M | $2M | $1M | $1M | $1M | $523.0K | $347.0K | $3M | $1M | $462.0K | $3M | $2M | $1M | $1M | $1M | |
| Investing Cash Flow | $100M | $-280M | $40M | $-133M | $-166M | $-103M | $53M | $-195M | $-124M | $-53M | $-330.0K | $15M | $-168M | $-58M | $-336M | $509M | |
| Dividends Paid | $201M | $15M | $198M | $15M | $15M | $14M | $197M | $13M | $13M | $12M | $104M | $12M | $12M | $12M | $330M | $12M | |
| Financing Cash Flow | $-262M | $234M | $-198M | $-15M | $-15M | $-13M | $-202M | $-14M | $-12M | $-10M | $-104M | $-112M | $-12M | $-11M | $-333M | $-11M | |
| Net Change in Cash | $-17M | $-2M | $-1M | $31M | $-6M | $-13M | $-21M | $11M | $5M | $8M | $18M | $2M | $-6M | $-49.0K | $-701M | $610M | |
| Free Cash Flow | · | $42M | · | · | · | $102M | · | · | · | $70M | · | · | · | $68M | · | · |
Profitability 4
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 29.2% | 13.0% | · | 24.5% | 24.9% | 15.5% | · | 20.2% | 19.7% | 28.7% | · | 4.1% | 20.3% | 27.1% | · | 51.2% | |
| Pretax Margin | 36.6% | 15.9% | · | 30.9% | 31.3% | 19.3% | · | 24.9% | 24.8% | 36.0% | · | 4.5% | 25.1% | 33.7% | · | 64.5% | |
| ROA | 2.7% | 0.90% | · | 2.1% | 2.2% | 1.1% | · | 1.8% | 1.6% | 2.5% | · | 0.26% | 1.6% | 2.1% | · | 9.1% | |
| ROE | 9.6% | 3.2% | · | 6.9% | 7.5% | 4.0% | · | 6.2% | 5.6% | 9.1% | · | 1.0% | 6.5% | 8.0% | · | 33.3% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | 0.0 | · | · | · | · | · | · | · | · | · | · | 0.1 | 0.2 | · | 0.1 |
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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 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 | $2.01B | $1.84B | · | $1.89B | $1.79B | $1.74B | · | $1.66B | $1.57B | $1.52B | · | $1.94B | $1.82B | $1.70B | · | $1.61B | |
| Net Income TTM | $472M | $367M | · | $407M | $365M | $368M | · | $318M | $301M | $318M | · | $630M | $614M | $584M | · | $515M | |
| Market Cap | $5.42B | $5.24B | · | $5.99B | $6.63B | $7.37B | · | $3.55B | $3.22B | $3.39B | · | $3.10B | $3.11B | $3.03B | · | $2.32B | |
| Enterprise Value | · | $5.24B | · | · | · | · | · | · | · | · | · | · | $3.29B | $3.20B | · | $1.75B | |
| P/E | 11.6 | 14.4 | · | 14.8 | 18.3 | 20.1 | · | 21.5 | 16.5 | 13.4 | · | 4.9 | 5.1 | 5.2 | · | 4.6 | |
| P/S | 2.7 | 2.8 | · | 3.2 | 3.7 | 4.2 | · | 2.1 | 2.0 | 2.2 | · | 1.6 | 1.7 | 1.8 | · | 1.4 | |
| P/B | 3.1 | 2.9 | · | 3.2 | 3.8 | 4.6 | · | 2.0 | 2.0 | 2.2 | · | 2.4 | 2.3 | 2.3 | · | 1.7 | |
| P / Tangible Book | 3.2 | 3.0 | · | 3.3 | 3.9 | 4.7 | · | 2.1 | 2.1 | 2.3 | · | 2.5 | 2.4 | 2.4 | · | 1.7 | |
| P / Cash Flow | · | 122.4 | · | · | · | 71.2 | · | · | · | 47.8 | · | · | · | 43.7 | · | · | |
| P / FCF | · | 125.6 | · | · | · | 72.0 | · | · | · | 48.6 | · | · | · | 44.6 | · | · | |
| EV / FCF | · | 125.6 | · | · | · | · | · | · | · | · | · | · | · | 47.2 | · | · | |
| EV / Revenue | · | 2.8 | · | · | · | · | · | · | · | · | · | · | 1.8 | 1.9 | · | 1.1 | |
| Earnings Yield | 8.6% | 7.0% | · | 6.8% | 5.5% | 5.0% | · | 4.7% | 6.1% | 7.4% | · | 20.2% | 19.6% | 19.2% | · | 22.0% | |
| Payout Ratio | · | 26.8% | · | · | · | 21.8% | · | · | · | 9.7% | · | · | · | 12.0% | · | · |
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 | $1.88B | $1.77B | $1.51B | $1.70B | $1.18B |
| Net Income | $403M | $346M | $305M | $583M | $279M |
| Diluted EPS | $4.37 | $3.74 | $3.31 | $6.37 | $6.11 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | — | 0.2 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $609M | $556M | $458M | $245M | $377M |
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Institutional owners (13F) 445 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 |
|---|---|---|---|---|
| 74 (+19 vs prior Q) | 63 (+3 vs prior Q) | 143 (-3 vs prior Q) | 131 (-13 vs prior Q) | +6.4M |
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 |
|---|---|---|---|---|
| STATE STREET CORP | $528,270,820 | 8,943,750 | 18.37% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $280,641,275 | 4,750,995 | 9.76% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $244,380,446 | 4,137,133 | 8.50% | Shares |
| WASATCH ADVISORS LP | $147,160,633 | 2,579,955 | 5.12% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $133,057,254 | 2,252,095 | 4.63% | Shares |
| Maren Capital LLC | $107,352,023 | 1,817,370 | 3.73% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $94,706,439 | 1,603,292 | 3.29% | Shares |
| Port Capital LLC | $79,498,710 | 1,345,839 | 2.76% | Shares |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $78,969,502 | 1,336,880 | 2.75% | Shares |
| ROYCE & ASSOCIATES LP | $67,008,240 | 1,134,387 | 2.33% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $63,776,816 | 1,079,682 | 2.22% | Shares |
| NEUBERGER BERMAN GROUP LLC | $58,236,146 | 985,884 | 2.03% | Shares |
| Bragg Financial Advisors, Inc | $50,098,803 | 848,126 | 1.74% | Shares |
| Polar Capital Holdings Plc | $49,471,125 | 837,500 | 1.72% | Shares |
| NORGES BANK | $48,865,835 | 827,253 | 1.70% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $41,932,375 | 709,876 | 1.46% | Shares |
| Global Alpha Capital Management Ltd. | $41,388,872 | 700,675 | 1.44% | Shares |
| TWO SIGMA INVESTMENTS, LP | $35,831,330 | 606,591 | 1.25% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $34,437,692 | 582,998 | 1.20% | Shares |
| Gotham Asset Management, LLC | $31,765,424 | 537,759 | 1.10% | Shares |
| RAYMOND JAMES FINANCIAL INC | $27,207,828 | 460,603 | 0.95% | Shares |
| ProShare Advisors LLC | $26,844,893 | 454,459 | 0.93% | Shares |
| Champlain Investment Partners, LLC | $23,138,428 | 391,712 | 0.80% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $21,257,898 | 359,876 | 0.74% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $20,446,431 | 346,139 | 0.71% | Shares |
| BANK OF AMERICA CORP /DE/ | $18,829,271 | 318,762 | 0.65% | Shares |
| Nepsis Inc. | $16,692,532 | 282,589 | 0.58% | Shares |
| RHUMBLINE ADVISERS | $14,677,791 | 248,482 | 0.51% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $13,650,593 | 231,092 | 0.47% | Shares |
| CITADEL ADVISORS LLC | $13,365,887 | 226,272 | 0.46% | Shares |
| EULAV Asset Management | $13,172,610 | 223,000 | 0.46% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $12,794,253 | 216,603 | 0.44% | Shares |
| STIFEL FINANCIAL CORP | $12,346,080 | 209,007 | 0.43% | Shares |
| Markel Group Inc. | $11,397,557 | 192,950 | 0.40% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $11,226,254 | 190,050 | 0.39% | Shares |
| Swiss National Bank | $10,077,342 | 170,600 | 0.35% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $9,661,489 | 163,560 | 0.34% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $9,530,595 | 165,577 | 0.33% | Shares |
| Retirement Systems of Alabama | $8,718,082 | 147,589 | 0.30% | Shares |
| Quantinno Capital Management LP | $8,438,911 | 142,862 | 0.29% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $7,764,515 | 131,446 | 0.27% | Shares |
| Prospera Financial Services Inc | $7,143,563 | 120,932 | 0.25% | Shares |
| ALPS ADVISORS INC | $7,134,829 | 120,786 | 0.25% | Shares |
| UBS Group AG | $7,040,140 | 119,183 | 0.24% | Shares |
| LPL Financial LLC | $6,713,175 | 113,648 | 0.23% | Shares |
| California Public Employees Retirement System | $6,693,104 | 113,308 | 0.23% | Shares |
| MORGAN STANLEY | $6,522,320 | 110,416 | 0.23% | Shares |
| AMERICAN CENTURY COMPANIES INC | $6,515,657 | 110,304 | 0.23% | Shares |
| ALLIANCEBERNSTEIN L.P. | $6,307,426 | 110,579 | 0.22% | Shares |
| WINTON GROUP Ltd | $5,765,114 | 97,598 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $5,720,941 | 100,297 | 0.20% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $5,707,993 | 96,631 | 0.20% | Shares |
| BENJAMIN EDWARDS INC | $5,666,099 | 95,925 | 0.20% | Shares |
| Ilex Capital Partners (UK) LLP | $5,564,453 | 94,201 | 0.19% | Shares |
| VestGen Advisors, LLC | $5,087,109 | 86,120 | 0.18% | Shares |
| Corient Private Wealth LP | $4,931,932 | 83,493 | 0.17% | Shares |
| Callan Family Office, LLC | $4,776,164 | 80,856 | 0.17% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,770,670 | 80,763 | 0.17% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $4,552,584 | 77,071 | 0.16% | Shares |
| REGIONS FINANCIAL CORP | $4,547,799 | 76,990 | 0.16% | Shares |
| GOLDMAN SACHS GROUP INC | $4,461,080 | 75,522 | 0.16% | Shares |
| Trexquant Investment LP | $4,303,190 | 72,849 | 0.15% | Shares |
| AMERIPRISE FINANCIAL INC | $4,289,132 | 72,611 | 0.15% | Shares |
| ST. NICHOLAS PRIVATE ASSET MANAGEMENT, INC | $4,140,157 | 70,089 | 0.14% | Shares |
| BARCLAYS PLC | $4,047,358 | 68,518 | 0.14% | Shares |
| Karani Asset Management LLC | $4,023,021 | 68,106 | 0.14% | Shares |
| B. Metzler seel. Sohn & Co. AG | $3,860,992 | 65,363 | 0.13% | Shares |
| ISTHMUS PARTNERS, LLC | $3,852,014 | 65,211 | 0.13% | Shares |
| BlackRock, Inc. | $3,836,242 | 64,944 | 0.13% | Shares |
| Mariner, LLC | $3,811,490 | 64,524 | 0.13% | Shares |
| TWO SIGMA ADVISERS, LP | $3,789,599 | 59,231 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $3,724,600 | 63,054 | 0.13% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $3,666,120 | 62,064 | 0.13% | Shares |
| Wedmont Private Capital | $3,633,908 | 59,916 | 0.13% | Shares |
| ALLSTATE CORP | $3,542,192 | 59,966 | 0.12% | Shares |
| Bleakley Financial Group, LLC | $3,189,355 | 53,993 | 0.11% | Shares |
| Legal & General Group Plc | $3,116,770 | 52,764 | 0.11% | Shares |
| &PARTNERS | $3,006,125 | 50,858 | 0.10% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $2,909,309 | 49,252 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,835,360 | 48,000 | 0.10% | Put option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $2,664,738 | 46,717 | 0.09% | Shares |
| MetLife Investment Management, LLC | $2,604,928 | 44,099 | 0.09% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $2,604,042 | 44,084 | 0.09% | Shares |
| NORTHERN TRUST CORP | $2,523,293 | 42,717 | 0.09% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $2,417,912 | 40,933 | 0.08% | Shares |
| Bruce & Co., Inc. | $2,362,800 | 40,000 | 0.08% | Shares |
| Redmond Asset Management, LLC | $2,326,945 | 39,393 | 0.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,321,274 | 39,297 | 0.08% | Shares |
| FIFTH THIRD BANCORP | $2,316,883 | 39,223 | 0.08% | Shares |
| NewEdge Wealth, LLC | $2,238,221 | 37,891 | 0.08% | Shares |
| Man Group plc | $2,218,965 | 37,565 | 0.08% | Shares |
| Vestmark Advisory Solutions, Inc. | $2,214,357 | 37,487 | 0.08% | Shares |
| COLDSTREAM CAPITAL MANAGEMENT INC | $2,154,722 | 36,478 | 0.07% | Shares |
| Police & Firemen's Retirement System of New Jersey | $2,141,937 | 36,261 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,125,929 | 35,990 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $2,122,149 | 35,926 | 0.07% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $2,073,357 | 35,100 | 0.07% | Shares |
| Hingham Institution for Savings | $2,067,450 | 35,000 | 0.07% | Shares |
| State of New Jersey Common Pension Fund D | $2,063,965 | 34,941 | 0.07% | Shares |
| Invesco Ltd. | $1,974,828 | 33,432 | 0.07% | Shares |
Company insiders 39 insiders · 7 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Todd Wayne Bryant | Chief Financial Officer | Aug. 1, 2023 A | 27,501 | 0 | 0 | $0 |
| Thomas Lynn Brown | Sr. VP, CFO | May 7, 2019 M | 56,699 | 0 | 0 | $0 |
| DONDANVILLE JOSEPH E | Senior Vice President/CFO | Aug. 24, 2011 S | 58,559 | 0 | 0 | $0 |
| Aaron Paul Diefenthaler | CIO & Treasurer | May 4, 2023 A | 25,736 | 0 | 0 | $0 |
| Daniel O Kennedy | Vice President General Counsel | Aug. 15, 2016 M | 56,165 | 0 | 0 | $0 |
| John E Robison | Treasurer | May 25, 2011 M | 3,508 | 0 | 0 | $0 |
| Aaron H Jacoby | Vice President Corp. Develop. | Feb. 16, 2010 J | 3,929 | 0 | 0 | $0 |
| Debbie Sharell Roberts | Director | July 31, 2026 J | 30,402 | 0 | 0 | $0 |
| Paul Bennett Medini | Director | July 31, 2026 J | 9,932 | 0 | 0 | $0 |
| Clark C Kellogg JR | Director | June 1, 2026 P | 4,502 | 1 | 0 | $152,700 |
| STONE MICHAEL J | Director | May 14, 2026 A | 433,316 | 0 | 0 | $0 |
| Susan S. Fleming | Director | May 14, 2026 A | 22,674 | 0 | 0 | $0 |
| John Thomas Baily | Director | May 10, 2023 J | 47,828 | 0 | 0 | $0 |
| David B. Duclos | Director | May 4, 2023 M | 5,542 | 0 | 0 | $0 |
| Kaj Ahlmann | Director | May 4, 2023 M | 3,349 | 0 | 0 | $0 |
| Calvin Butler JR | Director | Feb. 22, 2023 J | 10,981 | 0 | 0 | $0 |
| MICHAEL JONATHAN E | Director | Jan. 30, 2023 M | 739,447 | 0 | 0 | $0 |
| James J. Scanlan | Director | June 10, 2019 M | 4,904 | 0 | 0 | $0 |
| VIETS ROBERT O | Director | Dec. 15, 2016 G | 78,778 | 0 | 0 | $0 |
| Charles M Linke | Director | Jan. 29, 2016 J | 42,471 | 0 | 0 | $0 |
| LENROW GERALD I | Director | Dec. 8, 2014 S | 6,960 | 0 | 0 | $0 |
| ALLEN BARBARA R | Director | Feb. 28, 2014 A | 20,992 | 0 | 0 | $0 |
| Lynn F Mcpheeters | Director | Feb. 28, 2014 A | 42,815 | 0 | 0 | $0 |
| Gerald D Stephens | Director | May 24, 2011 G | 810,917 | 0 | 0 | $0 |
| BLUM RICHARD H | Director | March 3, 2010 M | 6,915 | 0 | 0 | $0 |
| Edward F Sutkowski | Director | May 18, 2009 J | 84,266 | 0 | 0 | $0 |
| James Henderson Bradshaw | — | Aug. 13, 2026 A | — | 0 | 0 | $0 |
| Seth Anthony Davis | — | Aug. 3, 2026 A | 7,557 | 0 | 0 | $0 |
| Jennifer L Klobnak | — | Aug. 3, 2026 A | 33,237 | 0 | 0 | $0 |
| Craig W Kliethermes | — | Aug. 3, 2026 A | 153,990 | 4 | 0 | $911,250 |
| Jeffrey D Fick | — | Aug. 3, 2026 A | 62,292 | 0 | 0 | $0 |
| Michael E Angelina | — | May 14, 2026 A | 25,585 | 0 | 0 | $0 |
| Jordan W Graham | — | May 14, 2026 A | 118,176 | 0 | 0 | $0 |
| Robert P Restrepo JR | — | May 14, 2026 A | 26,501 | 0 | 0 | $0 |
| Carol Jeanne Denzer | — | Feb. 16, 2010 J | 10,456 | 0 | 0 | $0 |
| HENSEY CAMILLE J | — | May 4, 2006 A | 17,983 | 0 | 0 | $0 |
| NEBEL MARY BETH | — | May 5, 2005 A | 27,082 | 0 | 0 | $0 |
| KEANE WILLIAM R | — | April 20, 2005 S | 21,362 | 0 | 0 | $0 |
| OVERMAN EDWIN S | — | March 21, 2005 A | 944 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 92 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 |
|---|---|---|---|---|
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.51% | 176,709 SH | Aug. 8, 2026 | Daily |
| KBWP · Invesco Exchange-Traded Fund Trust … | 1.49% | 62,588 SH | Aug. 8, 2026 | Daily |
| REGL · ProShares Trust | 1.35% | 451,169 NS | May 31, 2026 | N-PORT |
| TMDV · ProShares Trust | 1.28% | 1,126 NS | May 31, 2026 | N-PORT |
| SMMV · iShares Trust | 0.82% | 37,187 SH | Aug. 8, 2026 | Daily |
| XMHQ · Invesco Exchange-Traded Fund Trust | 0.68% | 597,434 SH | Aug. 8, 2026 | Daily |
| OUSM · ALPS ETF Trust | 0.65% | 113,797 NS | May 31, 2026 | N-PORT |
| IAK · iShares Trust | 0.65% | 55,442 SH | Aug. 8, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 0.56% | 3,305 NS | April 30, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.54% | 111,760 NS | April 30, 2026 | N-PORT |
| NBSM · Neuberger Berman ETF Trust | 0.50% | 22,409 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.38% | 1,869 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.35% | 13,299 NS | May 31, 2026 | N-PORT |
| IJJ · iShares Trust | 0.34% | 469,008 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.31% | 78,966 SH | Aug. 8, 2026 | Daily |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.25% | 10,641 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.21% | 95,051 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.20% | 3,052 NS | April 30, 2026 | N-PORT |
| XJH · iShares Trust | 0.19% | 12,456 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.19% | 47,739 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.18% | 124 NS | May 29, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.16% | 11,329 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.16% | 3,174,114 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.15% | 148,337 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.14% | 10,550 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.12% | 1,339,084 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.11% | 297,913 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.10% | 179,348 NS | May 31, 2026 | N-PORT |
| MVV · ProShares Trust | 0.10% | 3,174 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.10% | 441,017 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.10% | 14,955 SH | Aug. 8, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.09% | 1,522 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.09% | 18,573 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 33,944 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.09% | 248,117 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.08% | 3,715 SH | Aug. 8, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.08% | 117,976 NS | April 30, 2026 | N-PORT |
| IYF · iShares Trust | 0.08% | 55,146 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.08% | 35,448 SH | Aug. 8, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.08% | 2,053 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.08% | 8,200 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 9,685 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.07% | 40,888 SH | Aug. 8, 2026 | Daily |
| UMDD · ProShares Trust | 0.07% | 443 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.06% | 1,055,584 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.06% | 2,110,031 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.06% | 138,564 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.06% | 117 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.05% | 3,027 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.05% | 30,236 NS | May 31, 2026 | N-PORT |