SABR Sabre Corporation - Common Stock
About Sabre Corporation - Common Stock Company overview from Wikipedia
Sabre Corporation, a travel technology company headquartered in Southlake, Texas, is the largest global distribution systems (GDS) provider for air bookings. The company's primary product, the Sabre Global Distribution System, and others like it, act as neutral intermediaries, connecting travel suppliers like airlines and hotels with travel sellers like agencies. They offer real-time availability and pricing, making them important for corporate travel management.
Read more
Sabre Corporation, a travel technology company headquartered in Southlake, Texas, is the largest global distribution systems (GDS) provider for air bookings. The company's primary product, the Sabre Global Distribution System, and others like it, act as neutral intermediaries, connecting travel suppliers like airlines and hotels with travel sellers like agencies. They offer real-time availability and pricing, making them important for corporate travel management.
Founded by American Airlines in 1960, Sabre was spun off and became an independent company in 2000. In 2007, Texas Pacific Group and Silver Lake Partners acquired Sabre Holdings, the company's former name. Sabre then went public on the NASDAQ stock exchange in 2014.
Sabre's primary competitors are Amadeus IT Group, which operates the Amadeus CRS and Travelport, which operates the Galileo GDS.
History
Early history
In 1953, C. R. Smith, the president of American Airlines, met Blair Smith, an IBM salesman, on a flight and developed the Sabre (the Semi-Automatic Business Research Environment) concept. The system was based on SAGE, the first major system to use interactive real-time computing, which IBM had developed for military use. Sabre Corporation was officially founded in 1960 by American Airlines. Sabre Corporation installed the first Sabre reservation system in Briarcliff Manor, New York that year. The system consisted of two IBM 7090 mainframe computers and processed 84,000 calls per day.
In 1964, Sabre's nationwide network was completed and became the largest commercial real-time data-processing system in the world. Sabre Corporation handled 7500 passenger reservations per hour in 1965. The Sabre system upgraded to IBM System/360 and moved to a new center in Tulsa, Oklahoma in 1972. In 1976, the Sabre system was installed into a travel agency for the first time. This allowed travel agents to have instant access to flights. By the end of the year, 130 locations installed the Sabre system. Sabre introduced BargainFinder, the industry's first automated low-fare search capability, in 1984. The following year, eAAsySabre was launched. eAAsySabre gave consumers with personal computers access to the Sabre system to make airline, hotel and car rental reservations.
By 1989, Sabre was reported as having "about 38 percent of the reservations market." In 1996, the company launched Travelocity, an online travel agency. Sabre formed a joint venture with Abacus International in 1998 to create SabreSonic, a customized version of Sabre's reservations system to Abacus subscribers in Asia.
2000 to present
In 2000, Sabre Corporation was spun off of AMR Corporation to form an independent company. The following year, Electronic Data Systems (EDS) purchased Sabre Holdings' airline hardware and communications business, and Sabre began migrating its old mainframe for air travel shopping and pricing to HP NonStop and Linux servers. In 2005, the company acquired lastminute.com, an online travel and leisure retailer.
Sabre Corporation was acquired by Texas Pacific Group and Silver Lake Partners in March 2007. In March 2010, the company acquired Calidris, a revenue integrity and business intelligence company. Sabre Corporation acquired SoftHotel, a web-based property management provider, in June 2011. The company launched Sabre Red App Centre in March 2012. In April 2014, Sabre Corporation went public on NASDAQ under the ticker symbol SABR. The IPO sold for $16 per share and valued Sabre at $3.93 billion. The company acquired Genares, a hospitality technology company, that September.
In December 2014, Bravofly Rumbo Group acquired Sabre European Online Travel Agency, lastminute.com. In January 2015, Sabre sold its Travelocity brand to Expedia, Inc. for $280 million. In July 2015, Sabre acquired Abacus International, a global distribution system based in the Asia-Pacific region. The deal included long-term distribution agreements between Sabre and the 11 Asian airlines that previously shared ownership of Abacus. In June 2016, Sabre announced Tom Klein would resign as CEO by the end of 2016.
In October 2019 Sabre announced its purchase of Radixx for $110M. Radixx is a seller of passenger service software to small and budget airlines. Sabre expects Radixx to generate $20 million in 2019. In October 2021, Sabre announced the sale of the AirCentre portfolio to CAE Inc for $392.5M.
In May 2022 Sabre announced its purchase of Nuvola, a provider of hotel and service optimization software. In August 2022, it acquired Conferma Pay, a UK-based payments company. In March 2023, Sabre announced some executive changes as part of what it called its "long-term succession plan." The changes included Sean Menke transitioning to be sole Executive Chair effective April 27. At the same time, Kurt Ekert, who served as the president of Sabre, took over as CEO.
In 2025, Sabre entered into a multi-year $1.56 billion partnership with Coforge, an Indian IT company. It also sold its Hospitality Solutions division to TPG Inc.
In 2026, the company went through a rebranding. This consisted in a new logo along with a new color scheme, with orange replacing the classical red.
Operations
The company is based in Southlake, Texas and has additional offices in London, Kraków, Bangalore, Montevideo and Singapore. As of 2024, Sabre connects travel agents to over 420 airlines including 150+ low-cost carriers, more than 2 million lodging options, 40+ car rental brands across 40,000 locations, and 30+ rail operators. Travel agents access this content via Sabre Mosaic Marketplace. Sabre operates Sabre Travel Solutions.
Acquisitions
Preview Travel (2000)
Dillion Communication Systems (2000)
Gradient Solutions (2000)
GetThere (2000)
Sabre Pacific (2001)
Nexion Inc. (2003)
David R. Bornemann Associates (2001)
Site59 (2001)
Resfeber Scandinavia (2002)
Kiehl Hendrickson Group (2002)
axsResource Airport Resource Management Solutions (2003)
World Choice Travel (2003)
RM Rocade (2004)
Showtickets.com (2004)
SynXis Corporation (2004)
Southwest Travel Systems (2005)
IgoUgo.com (2005)
Lastminute.com (2005)
E-site Marketing (2007)
Flight Explorer (2008)
EB2 (2008)
Calidris (2010)
Flightline Data Services (2010)
f:wz (2010)
SoftHotel (2011)
Prism (2012)
Genares (2014)
Abacus International (2015)
Trust International (2015)
Airpas Aviation (2016)
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
SABR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
SABR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| March 19, 2020 | $0.1400 |
| Dec. 19, 2019 | $0.1400 |
| Sept. 19, 2019 | $0.1400 |
| June 20, 2019 | $0.1400 |
| March 20, 2019 | $0.1400 |
| Dec. 20, 2018 | $0.1400 |
| Sept. 20, 2018 | $0.1400 |
| June 20, 2018 | $0.1400 |
| March 20, 2018 | $0.1400 |
| Dec. 20, 2017 | $0.1400 |
| Sept. 20, 2017 | $0.1400 |
| June 19, 2017 | $0.1400 |
| March 17, 2017 | $0.1400 |
| Dec. 19, 2016 | $0.1300 |
| Sept. 19, 2016 | $0.1300 |
| June 17, 2016 | $0.1300 |
| March 17, 2016 | $0.1300 |
| Dec. 17, 2015 | $0.0900 |
| Sept. 17, 2015 | $0.0900 |
| June 17, 2015 | $0.0900 |
SABR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 3 27.3%
- Buy 3 27.3%
- Hold 5 45.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-13Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.17 | $-0.04 | -0.13% |
| March 31, 2026 | $0.06 | $-0.03 | 0.09% |
| Dec. 31, 2025 | $-0.01 | $-0.07 | 0.06% |
| Sept. 30, 2025 | $-0.01 | $0.04 | -0.05% |
| June 30, 2025 | $-0.02 | $-0.00 | -0.02% |
| March 31, 2025 | $0.00 | $0.01 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SABR | $537M | 1.0 | 0.95% | 18.9% | -36.9% | — |
| VAC | $1.97B | -6.5 | 1.3% | -6.1% | -13.9% | — |
| HGV | $3.72B | 50.3 | 1.3% | 1.6% | 5.3% | — |
| LIND | $798M | -22.9 | 19.6% | -3.9% | 10.8% | — |
| TH | $799M | -21.6 | -17.0% | -11.6% | -9.2% | 13.3% |
| BKNG | $345.53B | 32.3 | 13.4% | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.77B | $2.74B | $2.64B | $2.54B | $1.69B | $1.33B | $3.97B | $3.87B | $3.60B | $3.37B | $2.96B | $2.63B | |
| Cost of Revenue | $1.21B | $1.15B | $1.08B | $1.04B | $691M | $579M | $1.73B | $1.65B | $2.51B | $2.29B | $1.94B | $1.74B | |
| SG&A Expense | $557M | $576M | $583M | $661M | $610M | $586M | $600M | $552M | $510M | $626M | $557M | $468M | |
| Operating Income | $295M | $242M | $32M | $-261M | $-665M | $-988M | $363M | $562M | $493M | $460M | $460M | $421M | |
| Interest Expense | · | · | $448M | $295M | $258M | $226M | $156M | $157M | $154M | $158M | $173M | $219M | |
| Other Non-op | $391.0K | $-21M | $13M | $137M | $-2M | $-67M | $-9M | $-9M | $37M | $28M | $-106M | $-304M | |
| Pretax Income | $-239M | $-267M | $-458M | $-423M | $-938M | $-1.30B | $200M | $398M | $378M | $328M | $354M | $117M | |
| Income Tax | $16M | $4M | $34M | $9M | $-15M | $-21M | $35M | $57M | $128M | $87M | $119M | $6M | |
| Net Income | $525M | $-279M | $-528M | $-435M | $-928M | $-1.28B | $159M | $338M | $243M | $243M | $549M | $69M | |
| EPS (Basic) | $1.34 | $-0.73 | $-1.56 | $-1.40 | $-2.96 | $-4.45 | $0.57 | $1.23 | $0.87 | $0.87 | $2.00 | $0.24 | |
| EPS (Diluted) | $1.34 | $-0.73 | $-1.56 | $-1.40 | $-2.96 | $-4.45 | $0.57 | $1.22 | $0.87 | $0.86 | $1.95 | $0.23 | |
| Shares (Basic) | 391,707,000 | 383,733,000 | 346,567,000 | 326,742,000 | 320,922,000 | 289,855,000 | 274,168,000 | 275,235,000 | 276,893,000 | 277,546,000 | 273,139,000 | 238,633,000 | |
| Shares (Diluted) | 391,707,000 | 383,733,000 | 346,567,000 | 326,742,000 | 320,922,000 | 289,855,000 | 276,217,000 | 277,518,000 | 278,320,000 | 282,752,000 | 280,067,000 | 246,747,000 | |
| EBITDA | $295M | $286M | $47M | $-261M | $-665M | $-988M | $674M | $866M | $758M | $693M | $673M | $421M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $792M | $724M | $648M | $795M | $978M | $1.50B | $436M | $509M | $361M | $364M | $321M | $156M | |
| Receivables | $312M | $287M | $343M | $354M | $260M | $255M | $547M | $508M | $491M | $401M | $376M | $363M | |
| Prepaid Expense | $74M | $77M | $146M | $192M | $122M | $133M | $139M | $170M | $109M | $89M | $81M | $65M | |
| Current Assets | $1.30B | $1.16B | $1.16B | $1.36B | $1.40B | $1.89B | $1.12B | $1.19B | $961M | $853M | $778M | $696M | |
| PP&E (Net) | · | · | · | · | · | · | $642M | $790M | $799M | $753M | $628M | $551M | |
| PP&E (Gross) | · | · | · | · | · | · | $2.46B | $2.32B | $2.04B | $1.74B | $1.48B | $1.34B | |
| Accum. Depreciation | · | · | · | · | $1.91B | $2.00B | $1.82B | $1.52B | $1.24B | $987M | $851M | $792M | |
| Goodwill | $2.38B | $2.38B | $2.38B | $2.54B | $2.47B | $2.64B | $2.63B | $2.55B | $2.55B | $2.55B | $2.44B | $2.15B | |
| Intangibles | $285M | $315M | $376M | $410M | $441M | $511M | $574M | $613M | $683M | $775M | $837M | $480M | |
| Other Non-current Assets | $255M | $273M | $317M | $358M | $475M | $630M | $670M | $611M | $592M | $673M | $642M | $485M | |
| Total Assets | $4.50B | $4.63B | $4.67B | $4.96B | $5.29B | $6.08B | $5.69B | $5.81B | $5.65B | $5.72B | $5.39B | $4.64B | |
| Accounts Payable | $260M | $243M | $232M | $171M | $123M | $115M | $187M | $165M | $163M | $169M | $138M | $118M | |
| Short-term Debt | · | · | · | · | · | · | $82M | $68M | $57M | $169M | $191M | $22M | |
| Current Liabilities | $1.21B | $1.14B | $915M | $816M | $717M | $622M | $1.03B | $1.02B | $972M | $1.17B | $1.00B | $897M | |
| Capital Leases | $45M | $53M | $56M | $68M | $79M | $97M | $50M | $0 | · | · | · | · | |
| Deferred Tax | $37M | $30M | $31M | $39M | $38M | $72M | $107M | $136M | $100M | $89M | $84M | $8M | |
| Other Non-current Liabilities | $173M | $204M | $259M | $264M | $297M | $381M | $348M | $340M | $480M | $567M | $656M | $614M | |
| Long-term Debt | $4.35B | $5.07B | $4.83B | $4.74B | $4.75B | $4.74B | $3.34B | $3.41B | $3.46B | $3.45B | $3.36B | $3.06B | |
| Total Debt | $4.35B | $5.07B | $4.83B | $4.74B | $4.75B | $4.67B | $3.34B | $3.41B | $3.46B | $3.45B | $3.36B | $3.06B | |
| Common Stock | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Paid-in Capital | $3.35B | $3.30B | $3.25B | $3.20B | $3.12B | $2.99B | $2.32B | $2.24B | $2.17B | $2.11B | $2.02B | $1.93B | |
| Retained Earnings | $-3.80B | $-4.33B | $-4.05B | $-3.51B | $-3.05B | $-2.10B | $-763M | $-769M | $-1.05B | $-1.14B | $-1.33B | $-1.78B | |
| Treasury Stock | $537M | $527M | $520M | $514M | $498M | $475M | $469M | $378M | $342M | $222M | $111M | $5M | |
| AOCI | $-67M | $-74M | $-74M | $-66M | $-80M | $-136M | $-149M | $-133M | $-88M | $-123M | $-97M | $-70M | |
| Stockholders' Equity | $-1.04B | $-1.60B | $-1.38B | $-873M | $-500M | $285M | $948M | $974M | $698M | $626M | $484M | $84M | |
| Liabilities + Equity | $4.50B | $4.63B | $4.67B | $4.96B | $5.29B | $6.08B | $5.69B | $5.81B | $5.65B | $5.72B | $5.39B | $4.64B | |
| Shares Outstanding | 395,004,000 | 414,753,676 | 405,914,663 | 353,436,503 | 346,430,421 | 338,661,960 | 294,319,417 | 275,352,000 | 274,342,000 | 276,949,802 | 274,955,830 | 267,800,161 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $106M | $110M | $121M | $185M | $262M | $364M | $311M | $304M | $265M | $233M | $214M | $158M | |
| Stock-based Comp | $46M | $49M | $47M | $83M | $121M | $70M | $67M | $57M | $45M | $49M | $30M | $20M | |
| Deferred Tax | $5M | $-2M | $19M | $-17M | $-28M | $-27M | $-23M | $43M | $49M | $48M | $97M | $-4M | |
| Amort. of Intangibles | $31M | $33M | $33M | $51M | $64M | $66M | $65M | $68M | $96M | $143M | $107M | $96M | |
| Restructuring | $51M | $19M | $64M | $14M | $-8M | $86M | $0 | $0 | $24M | $18M | $9M | $10M | |
| Other Non-cash | · | · | · | · | · | · | $68M | $-17M | $72M | $127M | $-357M | · | |
| Operating Cash Flow | $-109M | $70M | $67M | $-276M | $-415M | $-770M | $581M | $725M | $678M | $699M | $529M | $388M | |
| CapEx | $83M | $80M | $81M | $69M | $54M | $65M | $115M | $284M | $316M | $328M | $287M | $227M | |
| Investing Cash Flow | · | $-30M | $-110M | $174M | $-29M | $-1M | $-243M | $-275M | $-318M | $-446M | · | · | |
| Stock Issued | · | · | · | $0 | $0 | $275M | $0 | $0 | · | · | · | · | |
| Stock Repurchased | · | · | · | · | $0 | $0 | $78M | $26M | $109M | $100M | $99M | $0 | |
| Net Stock Activity | · | · | · | $0 | $0 | $275M | $-78M | $-26M | $-109M | $-100M | $-99M | · | |
| Dividends Paid | · | · | · | $0 | $0 | $39M | $154M | $154M | $155M | $144M | $99M | $48M | |
| Financing Cash Flow | $-686M | $40M | $-94M | $-75M | $-51M | $1.84B | $-410M | $-307M | $-357M | $-190M | · | · | |
| Net Change in Cash | $165M | $76M | $-147M | $-183M | $-500M | $1.06B | $-73M | $148M | $-3M | $43M | $165M | $-153M | |
| Taxes Paid | $15M | $18M | $24M | $16M | $15M | $25M | $55M | $58M | $40M | $39M | $28M | $48M | |
| Free Cash Flow | $-192M | $-14M | $-31M | $-346M | $-469M | $-836M | $466M | $441M | $362M | $372M | $243M | $160M | |
| Levered FCF | · | · | $-511M | $-647M | $-723M | $-1.06B | $337M | $306M | $260M | $255M | $128M | $-47M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 10.7% | 9.4% | 1.6% | -10.3% | -39.4% | -74.1% | 9.1% | 14.5% | 13.7% | 13.6% | 15.5% | 16.0% | |
| Net Margin | 18.9% | -9.2% | -18.1% | -17.2% | -55.0% | -95.4% | 4.0% | 8.7% | 6.9% | 7.2% | 18.4% | 2.6% | |
| Pretax Margin | -8.6% | -9.3% | -17.0% | -16.7% | -55.6% | -98.5% | 5.0% | 10.3% | 10.5% | 9.7% | 11.9% | 4.5% | |
| EBITDA Margin | 10.7% | 9.4% | 1.6% | -10.3% | -39.4% | -74.1% | 17.0% | 22.4% | 21.1% | 20.5% | 22.7% | 16.0% | |
| ROA | 11.5% | -6.0% | -10.9% | -8.5% | -16.3% | -21.6% | 2.8% | 5.9% | 4.3% | 4.4% | 10.9% | 1.5% | |
| ROE | -36.9% | 17.7% | 39.7% | 54.3% | 217.2% | -270.6% | 16.7% | 35.3% | 37.4% | 43.7% | 191.9% | -16.0% | |
| ROIC | 9.5% | 8.2% | 1.5% | -6.9% | -15.4% | -19.1% | 7.0% | 11.0% | 7.8% | 8.3% | 7.9% | 12.7% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.0 | 1.3 | 1.7 | 2.0 | 3.0 | 1.1 | 1.2 | 1.0 | 0.7 | 0.8 | 1.0 | |
| Quick Ratio | 0.9 | 0.9 | 1.1 | 1.4 | 1.7 | 2.8 | 1.0 | 1.0 | 0.9 | 0.7 | 0.7 | 0.6 | |
| Debt / Equity | -4.2 | -3.2 | -3.5 | -5.4 | -9.5 | 12.9 | 3.5 | 3.5 | 4.9 | 5.5 | 6.9 | 36.3 | |
| LT Debt / Equity | -4.0 | -3.0 | -3.5 | -5.4 | -9.5 | 12.8 | 3.4 | 3.4 | 4.9 | 5.2 | 6.5 | 36.3 | |
| Interest Coverage | · | · | 0.1 | -0.9 | -2.6 | -4.2 | 2.3 | 3.6 | 3.2 | 2.9 | 2.7 | 1.9 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.7 | 0.6 | 0.5 | 0.3 | 0.2 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | |
| Receivables Turnover | 9.3 | 8.9 | 8.3 | 8.3 | 6.6 | 3.3 | 7.5 | 7.7 | 8.1 | 8.7 | 8.0 | 6.9 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 0.95% | 3.9% | 4.1% | 50.2% | 26.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.0% | 17.6% | 25.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.77B | $2.74B | $2.64B | $2.54B | $1.69B | $1.33B | $3.97B | $3.87B | $3.60B | $3.37B | $2.96B | $2.63B | |
| Net Income TTM | $525M | $-279M | $-528M | $-435M | $-928M | $-1.28B | $159M | $338M | $243M | $243M | $549M | $69M | |
| Market Cap | $537M | $1.41B | $1.67B | $2.03B | $2.78B | $3.81B | $6.14B | $5.96B | $5.62B | $6.91B | $7.69B | $5.43B | |
| Enterprise Value | $4.10B | $5.75B | $5.86B | $5.98B | $6.55B | $6.98B | $9.05B | $8.86B | $8.72B | $9.99B | $10.73B | $8.33B | |
| P/E | 1.0 | -5.0 | -2.8 | -4.4 | -2.9 | -2.7 | 39.4 | 17.7 | 23.6 | 29.0 | 14.3 | 88.1 | |
| P/S | 0.2 | 0.5 | 0.6 | 0.8 | 1.6 | 2.9 | 1.5 | 1.5 | 1.6 | 2.0 | 2.6 | 2.1 | |
| P/B | -0.5 | -0.9 | -1.2 | -2.3 | -5.6 | 10.5 | 6.5 | 6.1 | 8.1 | 11.0 | 15.9 | 64.3 | |
| P / Cash Flow | -4.9 | 20.0 | 29.7 | -7.3 | -6.7 | -5.0 | 10.6 | 8.2 | 8.3 | 9.9 | 14.5 | 14.0 | |
| P / FCF | -2.8 | -103.9 | -53.6 | -5.9 | -5.9 | -4.6 | 13.2 | 13.5 | 15.6 | 18.6 | 31.7 | 33.8 | |
| EV / EBITDA | 13.9 | 20.1 | 124.2 | -22.9 | -9.8 | -7.1 | 13.4 | 10.2 | 11.5 | 14.4 | 15.9 | 19.8 | |
| EV / FCF | -21.4 | -424.2 | -187.8 | -17.3 | -14.0 | -8.4 | 19.4 | 20.1 | 24.1 | 26.9 | 44.2 | 51.9 | |
| EV / Revenue | 1.5 | 2.1 | 2.2 | 2.4 | 3.9 | 5.2 | 2.3 | 2.3 | 2.4 | 3.0 | 3.6 | 3.2 | |
| Dividend Yield | · | · | · | 0.00% | 0.00% | 1.0% | 2.5% | 2.6% | 2.8% | 2.1% | 1.3% | 0.88% | |
| Earnings Yield | 98.5% | -20.0% | -35.4% | -22.7% | -34.5% | -37.0% | 2.5% | 5.6% | 4.2% | 3.5% | 7.0% | 1.1% | |
| Payout Ratio | · | · | · | 0.00% | 0.00% | -3.0% | 96.8% | 45.6% | 62.5% | 59.5% | 18.1% | 69.2% | |
| Annual Payout | · | · | · | $0 | $0 | $39M | $154M | $154M | $155M | $144M | $99M | $48M |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $712M | $760M | $592M | $715M | $687M | $702M | $576M | $691M | $695M | $783M | $421M | $740M | $738M | $743M | $631M | $663M | |
| Cost of Revenue | $310M | $335M | $264M | $313M | $296M | $305M | $237M | $295M | $293M | $321M | $159M | $294M | $316M | $307M | $269M | $274M | |
| SG&A Expense | $138M | $134M | $144M | $140M | $129M | $130M | $131M | $149M | $154M | $141M | $89M | $151M | $179M | $164M | $145M | $172M | |
| Operating Income | $93M | $116M | $9M | $94M | $89M | $91M | $37M | $58M | $49M | $98M | $22M | $52M | $-42M | $-213.0K | $-55M | $-57M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $125M | · | $119M | $106M | $100M | · | $77M | |
| Other Non-op | $6M | $7M | $-7M | $7M | $-3M | $3M | $-19M | $-327.0K | $3M | $-4M | $5M | $-12M | $17M | $2M | $-3M | $-8M | |
| Pretax Income | $-25M | $-2M | $-98M | $-10M | $-110M | $-15M | $-80M | $-55M | $-64M | $-68M | $-43M | $-199M | $-118M | $-97M | $-148M | $-141M | |
| Income Tax | $12M | $-11M | $41M | $-59M | $91M | $-12M | $-12M | $7M | $6M | $3M | $17M | $8M | $6M | $2M | $11M | $-7M | |
| Net Income | $-36M | $8M | $-103M | $848M | $-257M | $36M | $-75M | $-63M | $-69M | $-71M | $-96M | $-208M | $-124M | $-99M | $-160M | $-135M | |
| EPS (Basic) | $-0.09 | $0.02 | $-0.25 | $2.15 | $-0.65 | $0.09 | $-0.20 | $-0.16 | $-0.18 | $-0.19 | $-0.24 | $-0.61 | $-0.39 | $-0.32 | $-0.51 | $-0.43 | |
| EPS (Diluted) | $-0.09 | $0.02 | $-0.08 | $1.98 | $-0.65 | $0.09 | $-0.20 | $-0.16 | $-0.18 | $-0.19 | $-0.24 | $-0.61 | $-0.39 | $-0.32 | $-0.50 | $-0.43 | |
| Shares (Basic) | 399,351,000 | 395,154,000 | -780,049,000 | 394,580,000 | 390,905,000 | 386,271,000 | -765,276,000 | 385,729,000 | 383,506,000 | 379,774,000 | -659,636,000 | 345,128,000 | 332,147,000 | 328,928,000 | -651,717,000 | 328,228,000 | |
| Shares (Diluted) | 399,351,000 | 397,564,000 | -883,711,000 | 429,253,000 | 390,905,000 | 386,271,000 | -765,276,000 | 385,729,000 | 383,506,000 | 379,774,000 | -659,636,000 | 345,128,000 | 332,147,000 | 328,928,000 | -737,437,000 | 328,228,000 | |
| EBITDA | $93M | $116M | · | $94M | $89M | $103M | · | $70M | $61M | $98M | · | $52M | $-42M | $-213.0K | · | $-57M |
Balance Sheet 24
| 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 | $644M | $792M | $662M | $426M | $651M | $724M | $669M | $613M | $629M | · | $602M | $706M | $817M | · | $783M | |
| Receivables | $378M | $367M | $312M | $380M | $329M | $397M | $287M | $409M | $376M | $411M | · | $393M | $441M | $414M | · | $401M | |
| Prepaid Expense | $93M | $102M | $74M | $95M | $105M | $155M | $77M | $97M | $156M | $165M | · | $180M | $177M | $190M | · | $188M | |
| Current Assets | $1.17B | $1.13B | $1.30B | $1.16B | $953M | $1.22B | $1.16B | $1.20B | $1.17B | $1.23B | · | $1.20B | $1.35B | $1.44B | · | $1.39B | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1.96B | |
| Goodwill | $2.38B | $2.38B | $2.38B | $2.38B | $2.39B | $2.55B | $2.38B | $2.56B | $2.55B | $2.55B | $2.38B | $2.55B | $2.56B | $2.54B | $2.54B | $2.53B | |
| Intangibles | · | · | $285M | · | · | · | $315M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $253M | $250M | $255M | $261M | $262M | $295M | $273M | $309M | $307M | $313M | · | $322M | $337M | $348M | · | $386M | |
| Total Assets | $4.37B | $4.33B | $4.50B | $4.37B | $4.42B | $4.68B | $4.63B | $4.69B | $4.67B | $4.74B | · | $4.74B | $4.92B | $5.03B | · | $5.02B | |
| Accounts Payable | $220M | $208M | $260M | $219M | $247M | $259M | $243M | $244M | $237M | $250M | · | $215M | $217M | $192M | · | $135M | |
| Current Liabilities | $1.14B | $1.23B | $1.21B | $1.02B | $947M | $1.12B | $1.14B | $1.17B | $1.09B | $893M | · | $908M | $899M | $864M | · | $738M | |
| Capital Leases | · | · | $45M | · | · | · | $53M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $38M | $36M | $37M | $41M | $59M | $22M | $30M | $31M | $28M | $28M | · | $29M | $28M | $28M | · | $27M | |
| Other Non-current Liabilities | $174M | $173M | $173M | $190M | $195M | $201M | $204M | $229M | $240M | $249M | · | $256M | $269M | $252M | · | $268M | |
| Long-term Debt | $4.32B | $4.27B | $4.35B | $4.22B | $5.04B | $5.12B | $5.07B | $5.04B | $5.01B | $4.99B | · | $4.82B | $4.80B | $4.86B | · | $4.74B | |
| Total Debt | $4.32B | $4.27B | · | $4.22B | $5.04B | $5.12B | · | $5.04B | $5.01B | $4.99B | · | $4.82B | $4.80B | $4.85B | · | $4.74B | |
| Common Stock | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | · | $4M | $4M | $4M | · | $4M | |
| Paid-in Capital | $3.36B | $3.35B | $3.35B | $3.34B | $3.33B | $3.32B | $3.30B | $3.29B | $3.28B | $3.26B | · | $3.24B | $3.22B | $3.22B | · | $3.19B | |
| Retained Earnings | $-3.83B | $-3.79B | $-3.80B | $-3.70B | $-4.55B | $-4.29B | $-4.33B | $-4.25B | $-4.19B | $-4.12B | · | $-3.95B | $-3.74B | $-3.61B | · | $-3.34B | |
| Treasury Stock | $543M | $537M | $537M | $537M | $537M | $529M | $527M | $527M | $527M | $522M | · | $520M | $520M | $520M | · | $514M | |
| AOCI | $-66M | $-67M | $-67M | $-74M | $-70M | $-75M | $-74M | $-73M | $-69M | $-70M | · | $-64M | $-63M | $-64M | · | $-77M | |
| Stockholders' Equity | $-1.06B | $-1.03B | $-1.04B | $-951M | $-1.80B | $-1.56B | $-1.60B | $-1.54B | $-1.49B | $-1.43B | $-1.38B | $-1.28B | $-1.08B | $-965M | $-873M | $-732M | |
| Liabilities + Equity | $4.37B | $4.33B | $4.50B | $4.37B | $4.42B | $4.68B | $4.63B | $4.69B | $4.67B | $4.74B | · | $4.74B | $4.92B | $5.03B | · | $5.02B | |
| Shares Outstanding | 403,568,000 | 395,311,000 | 395,004,000 | 394,879,000 | 394,498,000 | 387,662,000 | 385,932,000 | 385,831,000 | 385,663,000 | 381,610,000 | 405,914,663 | 379,458,000 | 332,297,000 | 331,909,000 | 353,436,503 | 328,327,000 |
Cash Flow 11
| 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 | $27M | $26M | $28M | $27M | $21M | $25M | $11M | $33M | $31M | $34M | $7M | $37M | $37M | $40M | $42M | $43M | |
| Stock-based Comp | $21M | $6M | $11M | $11M | $10M | $12M | $12M | $10M | $9M | $14M | $8M | $13M | $9M | $17M | $13M | $16M | |
| Deferred Tax | $5M | $-2M | $-2M | $-26M | $47M | $-5M | $4M | $797.0K | $33.0K | $-6M | $21M | $16M | $485.0K | $-19M | $2M | $-10M | |
| Restructuring | $3M | $9M | $62M | · | · | · | · | $199.0K | · | · | · | $0 | $83M | $-319.0K | · | $10M | |
| Operating Cash Flow | $36M | $-134M | $139M | $34M | $-201M | $-64M | $76M | $34M | $38M | $-68M | $107M | $59M | $-27M | $-72M | $38M | $-102M | |
| CapEx | $26M | $21M | $23M | $20M | $21M | $17M | $15M | $17M | $18M | $28M | $12M | $20M | $30M | $18M | $16M | $20M | |
| Investing Cash Flow | · | · | · | · | · | $-8M | · | $35M | $-20M | $-28M | · | $-19M | $-43M | $-18M | $-12M | $-86M | |
| Financing Cash Flow | $23M | $-92M | $119M | $-839M | $21M | $13M | $-6M | $-8M | $-24M | $78M | $-22M | $-143M | $-42M | $112M | $-14M | $-21M | |
| Net Change in Cash | $32M | $-246M | $227M | $236M | $-225M | $-73M | $56M | $56M | $-17M | $-19M | $47M | $-105M | $-111M | $22M | $12M | $-209M | |
| Free Cash Flow | · | $-155M | · | · | · | $-98M | · | · | · | $-96M | · | · | · | $-91M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-226M | · | · | · | $-193M | · | · |
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 | 13.0% | 15.2% | · | 13.1% | 13.0% | 13.3% | · | 9.2% | 7.9% | 12.5% | · | 7.0% | -5.7% | -0.03% | · | -8.5% | |
| Net Margin | -5.1% | 1.1% | · | 118.6% | -37.3% | 4.6% | · | -8.2% | -9.1% | -9.1% | · | -28.1% | -16.8% | -13.3% | · | -20.4% | |
| Pretax Margin | -3.5% | -0.26% | · | -1.5% | -16.0% | -2.8% | · | -7.3% | -8.4% | -8.7% | · | -26.9% | -16.0% | -13.1% | · | -21.3% | |
| EBITDA Margin | 13.0% | 15.2% | · | 13.1% | 13.0% | 13.3% | · | 9.2% | 7.9% | 12.5% | · | 7.0% | -5.7% | -0.03% | · | -8.5% | |
| ROA | -0.82% | 0.18% | · | 18.7% | -5.7% | 0.76% | · | -1.3% | -1.5% | -1.5% | · | -4.3% | -2.5% | -1.9% | · | -2.6% | |
| ROE | 2.5% | -0.62% | · | -68.0% | 15.6% | -2.4% | · | 4.5% | 5.4% | 6.0% | · | 20.7% | 14.7% | 14.1% | · | 24.9% | |
| ROIC | 4.2% | -16.8% | · | -13.3% | 5.1% | -4.8% | · | 2.2% | 1.9% | 2.9% | · | 1.5% | -1.2% | -0.01% | · | -1.3% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 0.9 | · | 1.1 | 1.0 | 1.1 | · | 1.0 | 1.1 | 1.4 | · | 1.3 | 1.5 | 1.7 | · | 1.9 | |
| Quick Ratio | 0.9 | 0.8 | · | 1.0 | 0.8 | 0.9 | · | 0.9 | 0.9 | 1.2 | · | 1.1 | 1.3 | 1.4 | · | 1.6 | |
| Debt / Equity | -4.1 | -4.2 | · | -4.4 | -2.8 | -3.3 | · | -3.3 | -3.4 | -3.5 | · | -3.8 | -4.4 | -5.0 | · | -6.5 | |
| LT Debt / Equity | -3.9 | -3.8 | · | -4.3 | -2.8 | -3.1 | · | -3.1 | -3.2 | -3.5 | · | -3.8 | -4.4 | -5.0 | · | -6.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 0.8 | · | 0.4 | -0.4 | -0.0 | · | -0.7 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 2.0 | 2.0 | · | 1.8 | 1.9 | 1.9 | · | 1.9 | 1.9 | 1.9 | · | 1.9 | 1.8 | 2.0 | · | 1.8 |
Valuation (TTM) 13
| 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 | $2.87B | $2.86B | · | $2.87B | $2.85B | $2.95B | · | $2.91B | $2.96B | $3.00B | · | $2.88B | $2.80B | $2.65B | · | $2.35B | |
| Net Income TTM | $564M | $636M | · | $564M | $-354M | $-168M | · | $-412M | $-473M | $-502M | · | $-567M | $-546M | $-374M | · | $-511M | |
| Market Cap | $843M | $573M | · | $723M | $1.25B | $1.09B | · | $1.42B | $1.03B | $923M | · | $1.70B | $1.06B | $1.42B | · | $1.69B | |
| Enterprise Value | $4.49B | $4.20B | · | $4.28B | $5.86B | $5.56B | · | $5.78B | $5.43B | $5.28B | · | $5.92B | $5.16B | $5.46B | · | $5.65B | |
| P/E | 1.7 | 1.0 | · | 1.5 | -3.5 | -6.4 | · | -3.2 | -1.9 | -1.6 | · | -2.6 | -1.8 | -3.5 | · | -3.1 | |
| P/S | 0.3 | 0.2 | · | 0.3 | 0.4 | 0.4 | · | 0.5 | 0.3 | 0.3 | · | 0.6 | 0.4 | 0.5 | · | 0.7 | |
| P/B | -0.8 | -0.6 | · | -0.8 | -0.7 | -0.7 | · | -0.9 | -0.7 | -0.6 | · | -1.3 | -1.0 | -1.5 | · | -2.3 | |
| P / Cash Flow | · | -4.3 | · | · | · | -13.5 | · | · | · | -13.6 | · | · | · | -19.7 | · | · | |
| P / FCF | · | -3.7 | · | · | · | -11.1 | · | · | · | -9.6 | · | · | · | -15.7 | · | · | |
| EV / EBITDA | 48.3 | 36.2 | · | 45.7 | 65.7 | 53.7 | · | 82.5 | 89.2 | 53.9 | · | 113.5 | -122.2 | -25641.9 | · | -99.9 | |
| EV / FCF | · | -27.0 | · | · | · | -56.4 | · | · | · | -55.2 | · | · | · | -60.3 | · | · | |
| EV / Revenue | 1.6 | 1.5 | · | 1.5 | 2.1 | 1.9 | · | 2.0 | 1.8 | 1.8 | · | 2.1 | 1.8 | 2.1 | · | 2.4 | |
| Earnings Yield | 60.3% | 99.3% | · | 68.8% | -28.5% | -15.7% | · | -31.1% | -51.3% | -62.4% | · | -39.0% | -54.2% | -28.4% | · | -32.0% |
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 | $2.77B | $2.74B | $2.64B | $2.54B | $1.69B |
| Operating Margin % | 10.7% | 9.4% | 1.6% | -10.3% | -39.4% |
| Net Income | $525M | $-279M | $-528M | $-435M | $-928M |
| Diluted EPS | $1.34 | $-0.73 | $-1.56 | $-1.40 | $-2.96 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -4.2 | -3.2 | -3.5 | -5.4 | -9.5 |
| Current Ratio | 1.1 | 1.0 | 1.3 | 1.7 | 2.0 |
| Quick Ratio | 0.9 | 0.9 | 1.1 | 1.4 | 1.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-192M | $-14M | $-31M | $-346M | $-469M |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 284 filers · $561.0M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 41 (-12 vs prior Q) | 25 (-26 vs prior Q) | 80 (+9 vs prior Q) | 82 (+2 vs prior Q) | +22.9M |
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 |
|---|---|---|---|---|
| Arini Capital Management Ltd | $81,719,000 | 39,100,000 | 14.57% | Shares |
| Discerene Group LP | $77,560,801 | 37,110,431 | 13.83% | Shares |
| EARNEST PARTNERS LLC | $49,525,491 | 23,696,407 | 8.83% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $32,214,723 | 15,413,743 | 5.74% | Shares |
| Apollo Management Holdings, L.P. | $30,097,712 | 14,400,819 | 5.37% | Shares |
| STATE STREET CORP | $28,850,224 | 13,803,935 | 5.14% | Shares |
| Erste Asset Management GmbH | $25,154,893 | 11,869,429 | 4.48% | Shares |
| OAK HILL ADVISORS LP | $21,270,095 | 10,177,079 | 3.79% | Shares |
| U S GLOBAL INVESTORS INC | $20,661,621 | 9,885,943 | 3.68% | Shares |
| Fundsmith LLP | $18,838,806 | 9,013,783 | 3.36% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $17,837,776 | 8,534,821 | 3.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $17,140,433 | 8,198,548 | 3.06% | Shares |
| Prescott Group Capital Management, L.L.C. | $15,468,882 | 7,401,379 | 2.76% | Shares |
| NZS Capital, LLC | $11,518,243 | 5,511,121 | 2.05% | Shares |
| Saba Capital Management, L.P. | $9,844,546 | 4,710,309 | 1.75% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,137,724 | 3,893,648 | 1.45% | Shares |
| CIBC WORLD MARKETS CORP | $7,377,355 | 5,424,526 | 1.32% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,404,951 | 2,586,101 | 0.96% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $3,975,594 | 1,902,198 | 0.71% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,974,344 | 1,901,600 | 0.71% | Call option |
| Connor, Clark & Lunn Investment Management Ltd. | $3,442,690 | 1,647,220 | 0.61% | Shares |
| Public Sector Pension Investment Board | $2,831,963 | 1,355,006 | 0.50% | Shares |
| CITADEL ADVISORS LLC | $2,714,283 | 1,298,700 | 0.48% | Call option |
| WHITEBOX ADVISORS LLC | $2,646,732 | 1,266,379 | 0.47% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $2,535,184 | 1,213,007 | 0.45% | Shares |
| CastleKnight Management LP | $2,276,846 | 1,089,400 | 0.41% | Shares |
| Penn Capital Management Company, LLC | $2,271,193 | 1,086,695 | 0.40% | Shares |
| Delta Investment Management, LLC | $2,264,586 | 1,083,534 | 0.40% | Shares |
| Bank of New York Mellon Corp | $2,094,209 | 1,002,014 | 0.37% | Shares |
| WHITEBOX ADVISORS LLC | $2,090,000 | 1,000,000 | 0.37% | Call option |
| MILLENNIUM MANAGEMENT LLC | $2,090,000 | 1,000,000 | 0.37% | Call option |
| RHUMBLINE ADVISERS | $1,902,488 | 910,292 | 0.34% | Shares |
| CM Management, LLC | $1,881,000 | 900,000 | 0.34% | Shares |
| FMR LLC | $1,709,292 | 817,843 | 0.30% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,524,206 | 729,285 | 0.27% | Shares |
| BlackRock, Inc. | $1,460,743 | 698,920 | 0.26% | Shares |
| Voleon Capital Management LP | $1,342,840 | 642,507 | 0.24% | Shares |
| GOLDMAN SACHS GROUP INC | $1,285,289 | 614,971 | 0.23% | Shares |
| Legal & General Group Plc | $1,253,820 | 599,914 | 0.22% | Shares |
| AMERIPRISE FINANCIAL INC | $1,230,316 | 588,668 | 0.22% | Shares |
| ARISTEIA CAPITAL, L.L.C. | $1,178,883 | 564,059 | 0.21% | Shares |
| Point72 Asset Management, L.P. | $1,081,671 | 517,546 | 0.19% | Shares |
| Toroso Investments, LLC | $1,045,156 | 768,497 | 0.19% | Shares |
| WOLVERINE TRADING, LLC | $958,272 | 520,800 | 0.17% | Put option |
| PRUDENTIAL FINANCIAL INC | $850,998 | 407,176 | 0.15% | Shares |
| D. E. Shaw & Co., Inc. | $844,778 | 404,200 | 0.15% | Shares |
| MARINER INVESTMENT GROUP LLC | $836,000 | 400,000 | 0.15% | Shares |
| HAP Trading, LLC | $833,166 | 263,660 | 0.15% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $826,595 | 395,500 | 0.15% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $814,904 | 389,906 | 0.15% | Shares |
| BANK OF AMERICA CORP /DE/ | $704,591 | 337,125 | 0.13% | Shares |
| UBS Group AG | $702,240 | 336,000 | 0.13% | Put option |
| WOLVERINE TRADING, LLC | $679,564 | 369,328 | 0.12% | Shares |
| SIMON QUICK ADVISORS, LLC | $657,422 | 314,556 | 0.12% | Shares |
| WELLS FARGO & COMPANY/MN | $611,743 | 292,700 | 0.11% | Shares |
| ALLIANCEBERNSTEIN L.P. | $532,328 | 367,123 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $520,061 | 248,833 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $518,320 | 248,000 | 0.09% | Put option |
| IEQ CAPITAL, LLC | $502,459 | 240,411 | 0.09% | Shares |
| Caption Management, LLC | $501,600 | 240,000 | 0.09% | Put option |
| Squarepoint Ops LLC | $492,191 | 235,498 | 0.09% | Shares |
| Nebula Research & Development LLC | $488,113 | 154,466 | 0.09% | Shares |
| Gotham Asset Management, LLC | $476,330 | 227,909 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $471,817 | 225,750 | 0.08% | Shares |
| Nuveen Asset Management, LLC | $452,757 | 124,043 | 0.08% | Shares |
| JANE STREET GROUP, LLC | $416,537 | 199,300 | 0.07% | Call option |
| MetLife Investment Management, LLC | $414,620 | 198,383 | 0.07% | Shares |
| Quadrature Capital Ltd | $406,158 | 194,334 | 0.07% | Shares |
| Louisiana State Employees Retirement System | $362,197 | 173,300 | 0.06% | Shares |
| MILLENNIUM MANAGEMENT LLC | $357,480 | 171,043 | 0.06% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $345,182 | 165,159 | 0.06% | Shares |
| RBF Capital, LLC | $334,400 | 160,000 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $328,136 | 157,003 | 0.06% | Shares |
| Walleye Trading LLC | $303,050 | 145,000 | 0.05% | Put option |
| JPMORGAN CHASE & CO | $299,666 | 141,352 | 0.05% | Shares |
| CITIGROUP INC | $296,197 | 141,721 | 0.05% | Shares |
| HAP Trading, LLC | $285,886 | 156,222 | 0.05% | Shares |
| Invesco Ltd. | $284,179 | 135,971 | 0.05% | Shares |
| AXQ CAPITAL, LP | $282,532 | 135,183 | 0.05% | Shares |
| CWM, LLC | $256,675 | 177,017 | 0.05% | Shares |
| XTX Topco Ltd | $246,146 | 117,773 | 0.04% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $242,030 | 115,804 | 0.04% | Shares |
| CONNABLE OFFICE INC | $233,085 | 111,524 | 0.04% | Shares |
| Nuveen, LLC | $229,649 | 109,880 | 0.04% | Shares |
| Caption Management, LLC | $227,534 | 108,868 | 0.04% | Shares |
| YOUSIF CAPITAL MANAGEMENT, LLC | $223,204 | 106,796 | 0.04% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $217,857 | 104,238 | 0.04% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $216,084 | 137,690 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $212,344 | 101,600 | 0.04% | Put option |
| Schonfeld Strategic Advisors LLC | $209,936 | 100,449 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $209,899 | 100,430 | 0.04% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $207,366 | 99,218 | 0.04% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $206,433 | 98,772 | 0.04% | Shares |
| VANGUARD GROUP INC | $199,201 | 146,471 | 0.04% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $195,921 | 93,742 | 0.03% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $195,820 | 93,694 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $193,758 | 92,707 | 0.03% | Shares |
| Skopos Labs, Inc. | $191,776 | 132,259 | 0.03% | Shares |
| MARSHALL WACE, LLP | $187,906 | 89,907 | 0.03% | Shares |
| OREGON PUBLIC EMPLOYEES RETIREMENT FUND | $185,926 | 88,960 | 0.03% | Shares |
Company insiders 17 insiders · 11 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Thomas Klein | CEO, President | March 13, 2015 A | 286,832 | 0 | 0 | $0 |
| Carl Sparks | EVP & CEO Travelocity | April 28, 2014 A | 274,931 | 0 | 0 | $0 |
| Richard A Simonson | Executive Vice President, CFO | March 13, 2015 A | 103,856 | 0 | 0 | $0 |
| Alexander S Alt | President & GM of SHS | May 18, 2015 M | 9,371 | 0 | 0 | $0 |
| Gregory T Webb | Executive Vice President | May 7, 2015 M | 27,189 | 0 | 0 | $0 |
| Hugh W Jones | Executive Vice President | May 6, 2015 M | 83,799 | 0 | 0 | $0 |
| Jami Cordell | VP Global Accounting | March 15, 2015 F | 706 | 0 | 0 | $0 |
| William G Robinson Jr | Executive Vice President | March 13, 2015 A | 43,524 | 0 | 0 | $0 |
| Rachel A Gonzalez | EVP and GC | March 13, 2015 A | 55,339 | 0 | 0 | $0 |
| Deborah Kerr | Executive Vice President | March 13, 2015 A | 74,974 | 0 | 0 | $0 |
| Sterling L Miller | EVP,General Counsel,Secretary | April 17, 2014 A | — | 0 | 0 | $0 |
| Joseph Osnoss | Director | March 15, 2021 A | 28,475 | 0 | 0 | $0 |
| George R Bravante Jr | Director | March 13, 2015 A | 26,772 | 0 | 0 | $0 |
| Lawrence W Kellner | Director | March 13, 2015 A | 166,772 | 0 | 0 | $0 |
| Gary M Kusin | Director | March 13, 2015 A | 30,753 | 0 | 0 | $0 |
| Judy C Odom | Director | March 13, 2015 A | 30,753 | 0 | 0 | $0 |
| CONSTELLATION SOFTWARE INC | 10% owner | Feb. 27, 2026 P | 50,157,523 | 1 | 0 | $12,336,254 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| CONSTELLATION SOFTWARE INC, CONSTELLATION CANADIAN HOLDINGS INC., MARK MILLER | March 5, 2026 | 12.70% | Initial filing | Passive investment | 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 37 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 |
|---|---|---|---|---|
| PSCD · Invesco Exchange-Traded Fund Trust … | 0.31% | 36,762 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.22% | 2,218,301 SH | Aug. 8, 2026 | Daily |
| HAPS · Harbor ETF Trust | 0.13% | 108,755 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.09% | 3,502,301 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.09% | 838,827 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.08% | 5,265 NS | April 30, 2026 | N-PORT |
| XJR · iShares Trust | 0.06% | 46,500 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.05% | 24,032,548 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.04% | 1,378,903 SH | Aug. 8, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.04% | 1,236,967 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.04% | 2,338,912 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.03% | 4,722 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 213,728 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 8,851,173 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 332,687 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 160,708 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 1,962,088 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.02% | 17,445 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 1,888,850 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.01% | 876,799 SH | Aug. 8, 2026 | Daily |
| TEXN · iShares Trust | 0.01% | 836 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 4,545,139 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 101,586 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 13,644 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 542,832 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 13,804 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 33,635 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 11,994 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 346 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 402,982 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 515,593 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 87,060 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 243,463 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 9,456 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 1,386 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 10,511,426 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 25,411 SH | Aug. 8, 2026 | Daily |