SAM Boston Beer Company, Inc. (The) Common Stock
$182.53
Price · Aug 18, 2026
Fundamentals as of Jul 23, 2026
52W Range
$159–$264
23% of range
Analyst Rating
HOLD
23 analysts
Price Target
$200
+9% upside
P/E (TTM)
19.9
ROE
12.3%
Net Profit Margin
5.5%
SAM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$182.53
Market Cap
—
P/E (TTM)
19.9
EPS (TTM)
$9.89
Revenue (TTM)
$1.96B
Div Yield
—
ROE
12.3%
Debt/Equity
—
52W Range
$159 – $264
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.96B
2016-12-31
→
2025-12-27
EPS
$9.89
2016-12-31
→
2025-12-27
Free Cash Flow
$216M
2016-12-31
→
2025-12-27
Margins
5.5%
2016-12-31
→
2025-12-27
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SAM
Peer Median
P/E (TTM)
19.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SAM
Peer Median
Gross Margin
48.5%
43.7%
Operating Margin
7.4%
—
Net Profit Margin
5.5%
-11.0%
ROA
8.9%
-7.0%
ROE
12.3%
-13.2%
ROIC
12.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SAM
Peer Median
Current Ratio
1.7
0.7
Quick Ratio
1.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SAM
Peer Median
Revenue YoY
-2.4%
—
Revenue CAGR 3Y
-2.0%
—
Revenue CAGR 5Y
2.5%
—
EPS YoY
95.5%
—
Net Income YoY
81.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SAM
Peer Median
SAM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
23 analysts
- Strong Buy 0 0.0%
- Buy 1 4.3%
- Hold 15 65.2%
- Sell 6 26.1%
- Strong Sell 1 4.3%
12-Month Price Target
13 analysts · 2026-08-17
Median
$195.00
Now
$182.53
Low
$160.00
High
$295.00
Median target
$195.00
+6.8%
Mean target
$199.85
+9.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Beat Rate
62.5%
Avg Surprise
0.37%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.65 | $4.87 | -1.2% |
| March 31, 2026 | $1.64 | $1.99 | -0.35% |
| Dec. 31, 2025 | $-2.12 | $-2.61 | 0.49% |
| Sept. 30, 2025 | $4.25 | $3.40 | 0.85% |
| June 30, 2025 | $5.45 | $3.87 | 1.6% |
| March 31, 2025 | $2.16 | $0.55 | 1.6% |
| Sept. 30, 2000 | $0.12 | $0.15 | -0.03% |
| June 30, 2000 | $0.19 | $0.18 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SAM | — | 19.9 | -2.4% | 5.5% | 12.3% | 48.5% |
| TAP | — | -4.3 | -5.1% | -16.4% | -18.4% | 32.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.96B | $2.01B | $2.01B | $2.09B | $2.06B | $1.74B | $1.25B | $996M | $863M | $906M | $960M | $903M | |
| Cost of Revenue | $1.01B | $1.12B | $1.16B | $1.23B | $1.26B | $922M | $636M | $483M | $413M | $447M | $458M | $438M | |
| Gross Profit | $953M | $894M | $852M | $862M | $798M | $814M | $614M | $512M | $450M | $460M | $502M | $465M | |
| SG&A Expense | $191M | $190M | $175M | $158M | $134M | $118M | $113M | $91M | $73M | $78M | $72M | $66M | |
| Operating Expenses | $808M | $818M | $752M | $771M | $790M | $570M | $469M | $396M | $334M | $322M | $345M | $318M | |
| Operating Income | $145M | $76M | $100M | $91M | $8M | $244M | $145M | $116M | $116M | $138M | $156M | $147M | |
| Other Non-op | $-1M | $-2M | $-1M | $-2M | $-978.0K | $222.0K | $-1M | $-887.0K | $-82.0K | $-706.0K | $-1M | $-994.0K | |
| Pretax Income | $153M | $88M | $110M | $91M | $7M | $244M | $144M | $116M | $116M | $137M | $155M | $146M | |
| Income Tax | $45M | $28M | $33M | $24M | $-8M | $52M | $34M | $24M | $17M | $50M | $57M | $55M | |
| Net Income | $108M | $60M | $76M | $67M | $15M | $192M | $110M | $93M | $99M | $87M | $98M | $91M | |
| EPS (Basic) | $9.90 | $5.07 | $6.23 | $5.46 | $1.19 | $15.73 | $9.26 | $7.90 | $8.18 | $6.93 | $7.46 | $6.96 | |
| EPS (Diluted) | $9.89 | $5.06 | $6.21 | $5.44 | $1.17 | $15.53 | $9.16 | $7.82 | $8.09 | $6.79 | $7.25 | $6.69 | |
| Shares (Basic) | 10,960,000 | 11,774,000 | 12,243,000 | 12,317,000 | 12,280,000 | 12,204,000 | 11,886,000 | 11,733,000 | 12,102,000 | 12,597,000 | · | · | |
| Shares (Diluted) | 10,937,000 | 11,766,000 | 12,258,000 | 12,345,000 | 12,436,000 | 12,283,000 | 11,908,000 | 11,734,000 | 12,180,000 | 12,796,000 | 13,520,000 | 13,484,000 | |
| EBITDA | $235M | $170M | $188M | $172M | $80M | $310M | $201M | $168M | $167M | $187M | $199M | $182M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $223M | $212M | $298M | $181M | $27M | $163M | $37M | $108M | $66M | $91M | $94M | $76M | |
| Receivables | $57M | $61M | $67M | $57M | $55M | $78M | $54M | $34M | $34M | $37M | $39M | $37M | |
| Inventory | $93M | $117M | $116M | $148M | $149M | $131M | $106M | $70M | $51M | $52M | $56M | $51M | |
| Prepaid Expense | $20M | $20M | $21M | $27M | $21M | $30M | $12M | $13M | $11M | $9M | $12M | $13M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | · | $2M | |
| Current Assets | $418M | $417M | $504M | $423M | $345M | $413M | $219M | $232M | $168M | $194M | $224M | $207M | |
| PP&E (Net) | $578M | $616M | $643M | $668M | $665M | $623M | $541M | $390M | $384M | $408M | $410M | $382M | |
| PP&E (Gross) | $1.36B | $1.34B | $1.29B | $1.24B | $1.16B | $1.06B | $930M | $734M | $684M | $662M | $617M | $554M | |
| Accum. Depreciation | $784M | $719M | $648M | $568M | $494M | $439M | $389M | $344M | $300M | $253M | $207M | $172M | |
| Goodwill | $113M | $113M | $113M | $113M | $113M | $113M | $113M | $4M | $4M | $4M | $4M | $4M | |
| Intangibles | $15M | $16M | $60M | $76M | $104M | $104M | $104M | $2M | · | · | · | · | |
| Other Non-current Assets | $22M | $28M | $43M | $36M | $19M | $11M | $24M | $13M | $13M | $10M | $8M | $12M | |
| Total Assets | $1.19B | $1.25B | $1.43B | $1.42B | $1.39B | $1.38B | $1.05B | $640M | $570M | $616M | $645M | $605M | |
| Accounts Payable | $95M | $87M | $87M | $84M | $86M | $122M | $76M | $47M | $38M | $41M | $43M | $36M | |
| Current Liabilities | $253M | $232M | $223M | $204M | $255M | $259M | $181M | $121M | $102M | $102M | $111M | $110M | |
| Capital Leases | $25M | $30M | $36M | $45M | $54M | $59M | $54M | · | · | · | · | · | |
| Deferred Tax | $65M | $66M | $86M | $97M | $87M | $93M | $75M | $49M | $35M | $57M | $56M | $51M | |
| Other Non-current Liabilities | $5M | $6M | $7M | $6M | $7M | $11M | $9M | $10M | $10M | $11M | $17M | $8M | |
| Total Liabilities | $347M | $334M | $352M | $352M | $403M | $422M | $318M | $180M | $146M | $169M | $184M | $169M | |
| Retained Earnings | $148M | $240M | $422M | $439M | $372M | $357M | $165M | $56M | $52M | $98M | $172M | $212M | |
| AOCI | $-380.0K | $-696.0K | $-57.0K | $-210.0K | $-194.0K | $-252.0K | $-2M | $-1M | $-1M | $-1M | $-951.0K | $-1M | |
| Stockholders' Equity | $846M | $916M | $1.08B | $1.07B | $983M | $957M | $736M | $460M | $424M | $447M | $461M | $436M | |
| Liabilities + Equity | $1.19B | $1.25B | $1.43B | $1.42B | $1.39B | $1.38B | $1.05B | $640M | $570M | $616M | $645M | $605M |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $90M | $94M | $88M | $81M | $72M | $66M | $56M | $52M | $51M | $50M | $43M | $35M | |
| Stock-based Comp | $22M | $19M | $17M | $14M | $19M | $15M | $12M | $10M | $6M | $6M | $7M | $7M | |
| Deferred Tax | $-1M | $-20M | $-11M | $9M | $-5M | $18M | $7M | $14M | $-22M | $8M | $7M | $15M | |
| Amort. of Intangibles | $2M | $600.0K | $253M | $253M | $253M | $253M | · | · | · | · | · | · | |
| Other Non-cash | $51M | $96M | $95M | $28M | $-44M | $-37M | $-8M | $-6M | $2M | $3M | $14M | $-7M | |
| Operating Cash Flow | $270M | $249M | $265M | $200M | $56M | $253M | $178M | $163M | $136M | $154M | $169M | $141M | |
| CapEx | $55M | $76M | $64M | $91M | $148M | $140M | $93M | $55M | $33M | $50M | $74M | $152M | |
| Investing Cash Flow | $-55M | $-96M | $-62M | $-89M | $-147M | $-139M | $-259M | $-55M | $-33M | $-46M | · | · | |
| Stock Repurchased | $202M | $239M | $93M | · | · | · | · | $88M | $145M | $165M | $136M | $8M | |
| Net Stock Activity | $-202M | $-239M | $-93M | · | · | · | · | $-88M | $-145M | $-165M | $-136M | $-8M | |
| Financing Cash Flow | $-204M | $-239M | $-85M | $3M | $-7M | $12M | $9M | $-65M | $-128M | $-111M | · | · | |
| Net Change in Cash | $12M | $-87M | $118M | $114M | $-97M | $127M | $-72M | $43M | $-25M | $-3M | $18M | $27M | |
| Taxes Paid | $-63M | $-52M | $-36M | $28M | $-41M | $36M | $31M | $11M | $43M | $31M | · | · | |
| Free Cash Flow | $216M | $173M | $201M | $109M | $-92M | $113M | $85M | $108M | $103M | $104M | $94M | $-11M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.5% | 44.4% | 42.4% | 41.2% | 38.8% | 46.9% | 49.1% | 51.4% | 52.1% | 50.7% | 52.3% | 51.5% | |
| Operating Margin | 7.4% | 3.8% | 5.0% | 4.3% | 0.39% | 14.1% | 11.6% | 11.6% | 13.4% | 15.2% | 16.3% | 16.2% | |
| Net Margin | 5.5% | 3.0% | 3.8% | 3.2% | 0.71% | 11.1% | 8.8% | 9.3% | 11.5% | 9.6% | 10.2% | 10.1% | |
| Pretax Margin | 7.8% | 4.3% | 5.5% | 4.4% | 0.34% | 14.1% | 11.6% | 11.7% | 13.5% | 15.1% | 16.2% | 16.1% | |
| EBITDA Margin | 12.0% | 8.4% | 9.4% | 8.2% | 3.9% | 17.8% | 16.1% | 16.9% | 19.3% | 20.6% | 20.7% | 20.1% | |
| ROA | 8.9% | 4.5% | 5.3% | 4.8% | 1.1% | 15.8% | 13.0% | 15.3% | 16.7% | 13.8% | 15.7% | 17.3% | |
| ROE | 12.3% | 6.2% | 6.9% | 6.3% | 1.5% | 20.5% | 15.1% | 20.7% | 22.8% | 19.2% | 21.9% | 24.6% | |
| ROIC | 12.1% | 5.7% | 6.5% | 6.2% | 1.7% | 20.1% | 15.0% | 20.1% | 23.3% | 19.6% | 21.5% | 20.9% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.8 | 2.3 | 2.1 | 1.4 | 1.6 | 1.2 | 1.9 | 1.7 | 2.0 | 2.0 | 1.9 | |
| Quick Ratio | 1.1 | 1.2 | 1.6 | 1.2 | 0.3 | 0.9 | 0.5 | 1.2 | 1.0 | 1.3 | 1.2 | 1.0 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.6 | 1.5 | 1.4 | 1.5 | 1.5 | 1.4 | 1.5 | 1.6 | 1.5 | 1.4 | 1.5 | 1.7 | |
| Inventory Turnover | 9.7 | 9.6 | 8.8 | 8.3 | 9.0 | 7.8 | 7.2 | 8.0 | 8.0 | 8.2 | 8.5 | 8.1 | |
| Receivables Turnover | 33.2 | 31.3 | 32.5 | 37.4 | 30.9 | 26.2 | 28.3 | 29.4 | 24.5 | 24.0 | 25.3 | 22.9 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -2.4% | 0.21% | -3.9% | 1.6% | 18.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -2.0% | -0.73% | 5.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 2.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 95.5% | -18.5% | 14.1% | 365.0% | -92.5% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 22.1% | 62.9% | -26.3% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -8.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 81.7% | -21.7% | 13.4% | 362.2% | -92.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 17.3% | 60.1% | -26.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -10.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.96B | $2.01B | $2.01B | $2.09B | $2.06B | $1.74B | $1.25B | $996M | $863M | $906M | $960M | $903M | |
| Net Income TTM | $108M | $60M | $76M | $67M | $15M | $192M | $110M | $93M | $99M | $87M | $98M | $91M | |
| P/E | 19.9 | 59.5 | 55.7 | 60.6 | 448.6 | 65.4 | 41.3 | 30.5 | 23.6 | 25.0 | 28.3 | 44.2 | |
| Earnings Yield | 5.0% | 1.7% | 1.8% | 1.7% | 0.22% | 1.5% | 2.4% | 3.3% | 4.2% | 4.0% | 3.5% | 2.3% |
Income Statement 15
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $568M | $434M | $386M | $537M | $588M | $454M | $402M | $605M | $579M | $426M | $394M | $602M | $410M | $448M | $596M | |
| Cost of Revenue | $282M | $220M | $218M | $264M | $295M | $235M | $242M | $325M | $313M | $240M | $246M | $327M | $254M | $282M | $339M | |
| Gross Profit | $286M | $214M | $168M | $273M | $293M | $219M | $161M | $280M | $266M | $186M | $148M | $275M | $156M | $166M | $258M | |
| SG&A Expense | $49M | $52M | $52M | $45M | $46M | $48M | $48M | $44M | $48M | $50M | $44M | $42M | $44M | $42M | $37M | |
| Operating Expenses | $216M | $404M | $201M | $211M | $210M | $185M | $217M | $234M | $196M | $171M | $174M | $213M | $170M | $182M | $219M | |
| Operating Income | $71M | $-190M | $-33M | $62M | $82M | $34M | $-56M | $46M | $71M | $15M | $-26M | $62M | $-14M | $-17M | $38M | |
| Other Non-op | $-449.0K | $-363.0K | $-193.0K | $-595.0K | $-309.0K | $-264.0K | $-825.0K | $-317.0K | $-440.0K | $-38.0K | $-271.0K | $-913.0K | $-102.0K | $-324.0K | $-891.0K | |
| Pretax Income | $72M | $-189M | $-31M | $64M | $84M | $36M | $-54M | $49M | $73M | $19M | $-22M | $64M | $-12M | $-15M | $38M | |
| Income Tax | $21M | $-44M | $-8M | $18M | $24M | $11M | $-15M | $16M | $21M | $6M | $-4M | $19M | $-3M | $-4M | $11M | |
| Net Income | $52M | $-145M | $-23M | $46M | $60M | $24M | $-39M | $34M | $52M | $13M | $-18M | $45M | $-9M | $-11M | $27M | |
| EPS (Basic) | $4.96 | $-13.88 | $-1.96 | $4.25 | $5.45 | $2.16 | $-3.25 | $2.87 | $4.40 | $1.05 | $-1.46 | $3.70 | $-0.73 | $-0.92 | $2.21 | |
| EPS (Diluted) | $4.96 | $-13.88 | $-1.97 | $4.25 | $5.45 | $2.16 | $-3.23 | $2.86 | $4.39 | $1.04 | $-1.46 | $3.70 | $-0.73 | $-0.92 | $2.21 | |
| Shares (Basic) | 10,387,000 | 10,467,000 | -22,262,000 | 10,855,000 | 11,090,000 | 11,277,000 | -23,860,000 | 11,682,000 | 11,898,000 | 12,054,000 | -25,000 | 12,228,000 | 12,309,000 | -24,623,000 | 12,321,000 | |
| Shares (Diluted) | 10,358,000 | 10,467,000 | -22,219,000 | 10,830,000 | 11,067,000 | 11,259,000 | -23,848,000 | 11,671,000 | 11,888,000 | 12,055,000 | -22,000 | 12,233,000 | 12,309,000 | -24,640,000 | 12,344,000 | |
| EBITDA | $71M | $-169M | · | $62M | $82M | $57M | · | $46M | $71M | $39M | · | $62M | $8M | · | $38M |
Balance Sheet 22
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $266M | $164M | $223M | $250M | $212M | $152M | $212M | $256M | $219M | $205M | · | $311M | $123M | · | $222M | |
| Receivables | $100M | $87M | $57M | $84M | $93M | $88M | $61M | $94M | $125M | $73M | · | $88M | $80M | · | $92M | |
| Inventory | $118M | $119M | $93M | $102M | $134M | $145M | $117M | $160M | $152M | $147M | · | $148M | $151M | · | $192M | |
| Prepaid Expense | $27M | $31M | $20M | $24M | $27M | $29M | $20M | $26M | $28M | $27M | · | $32M | $39M | · | $18M | |
| Current Assets | $516M | $417M | $418M | $462M | $466M | $414M | $417M | $536M | $526M | $453M | · | $579M | $404M | · | $529M | |
| PP&E (Net) | $555M | $564M | $578M | $580M | $591M | $604M | $616M | $619M | $627M | $635M | · | $647M | $663M | · | $671M | |
| PP&E (Gross) | · | · | $1.36B | · | · | · | $1.34B | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $784M | · | · | · | $719M | · | · | · | · | · | · | · | · | |
| Goodwill | $113M | $113M | $113M | $113M | $113M | $113M | $113M | $113M | $113M | $113M | · | $113M | $113M | · | $113M | |
| Intangibles | $14M | $14M | $15M | $15M | $16M | $16M | $16M | $17M | $60M | $60M | · | $60M | $76M | · | $76M | |
| Other Non-current Assets | $20M | $21M | $22M | $25M | $26M | $26M | $28M | $34M | $35M | $41M | · | $41M | $40M | · | $29M | |
| Total Assets | $1.26B | $1.17B | $1.19B | $1.25B | $1.27B | $1.24B | $1.25B | $1.38B | $1.44B | $1.38B | · | $1.52B | $1.39B | · | $1.53B | |
| Accounts Payable | $125M | $100M | $95M | $102M | $113M | $110M | $87M | $103M | $115M | $98M | · | $115M | $101M | · | $151M | |
| Current Liabilities | $494M | $449M | $253M | $253M | $265M | $241M | $232M | $264M | $270M | $211M | · | $265M | $208M | · | $314M | |
| Capital Leases | $22M | $23M | $25M | $28M | $32M | $35M | $30M | $32M | $33M | $34M | · | $38M | $43M | · | $47M | |
| Deferred Tax | $21M | $13M | $65M | $50M | $55M | $63M | $66M | $66M | $86M | $86M | · | $86M | $96M | · | $90M | |
| Other Non-current Liabilities | $4M | $3M | $5M | $4M | $4M | $4M | $6M | $6M | $6M | $6M | · | $7M | $4M | · | $6M | |
| Total Liabilities | $541M | $488M | $347M | $336M | $356M | $343M | $334M | $368M | $395M | $337M | · | $396M | $351M | · | $457M | |
| Retained Earnings | $5M | $-21M | $148M | $221M | $225M | $215M | $240M | $342M | $373M | $384M | · | $470M | $408M | · | $451M | |
| AOCI | $-614.0K | $-487.0K | $-380.0K | $-463.0K | $-302.0K | $-547.0K | $-696.0K | $-238.0K | $-278.0K | $-219.0K | · | $-210.0K | $-192.0K | · | $-457.0K | |
| Stockholders' Equity | $715M | $683M | $846M | $911M | $912M | $897M | $916M | $1.01B | $1.04B | $1.05B | $1.08B | $1.12B | $1.04B | $1.07B | $1.07B | |
| Liabilities + Equity | $1.26B | $1.17B | $1.19B | $1.25B | $1.27B | $1.24B | $1.25B | $1.38B | $1.44B | $1.38B | · | $1.52B | $1.39B | · | $1.53B |
Cash Flow 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $21M | $22M | $23M | $23M | $22M | $23M | $23M | $24M | $24M | $23M | $22M | $23M | $22M | $21M | $21M | |
| Stock-based Comp | $5M | $6M | $7M | $3M | $5M | $6M | $4M | $4M | $4M | $7M | $5M | $4M | $4M | $4M | $3M | |
| Deferred Tax | $8M | $-52M | $14M | $-5M | $-8M | $-3M | $-642.0K | $-19M | $198.0K | $-11.0K | $-522.0K | $-9M | $-430.0K | $7M | $-358.0K | |
| Amort. of Intangibles | $400.0K | $400.0K | $500.0K | $400.0K | $400.0K | $400.0K | $411.0K | $63.0K | $63.0K | $63.0K | · | $63.0K | $63.0K | · | $63.0K | |
| Other Non-cash | · | $148M | · | · | · | $-49M | · | · | · | $-48M | · | · | $-34M | · | · | |
| Operating Cash Flow | $138M | $-20M | $40M | $102M | $126M | $2M | $42M | $116M | $96M | $-5M | $33M | $131M | $-18M | $-25M | $103M | |
| CapEx | $11M | $12M | $18M | $13M | $14M | $10M | $24M | $17M | $20M | $16M | $15M | $14M | $17M | $20M | $20M | |
| Investing Cash Flow | $-10M | $-12M | $-18M | $-13M | $-14M | $-10M | $-24M | $-17M | $-20M | $-36M | $-15M | $-12M | $-17M | $-19M | $-20M | |
| Stock Repurchased | $27M | $23M | $50M | $51M | $52M | $49M | $63M | $63M | $63M | $50M | $30M | $17M | $21M | · | · | |
| Net Stock Activity | · | $-23M | · | · | · | $-49M | · | · | · | $-50M | · | · | $-21M | · | · | |
| Financing Cash Flow | $-26M | $-26M | $-49M | $-51M | $-52M | $-51M | $-62M | $-63M | $-62M | $-52M | $-30M | $-16M | $-23M | $2M | $311.0K | |
| Net Change in Cash | $101M | $-59M | $-27M | $38M | $60M | $-59M | $-44M | $36M | $14M | $-93M | $-12M | $103M | $-58M | $-41M | $84M | |
| Taxes Paid | $-773.0K | $-1.0K | $-9M | $-77M | $23M | $17.0K | $-17M | $-48M | $12M | $21.0K | $-22M | $-15M | $2M | $-10M | $81M | |
| Free Cash Flow | · | $-33M | · | · | · | $-8M | · | · | · | $-21M | · | · | $-35M | · | · |
Profitability 8
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.4% | 49.3% | · | 50.8% | 49.8% | 48.3% | · | 46.3% | 46.0% | 43.7% | · | 45.6% | 38.0% | · | 43.2% | |
| Operating Margin | 12.4% | -43.9% | · | 11.5% | 14.0% | 7.4% | · | 7.6% | 12.2% | 3.6% | · | 10.2% | -3.4% | · | 6.4% | |
| Net Margin | 9.1% | -33.5% | · | 8.6% | 10.3% | 5.4% | · | 5.5% | 9.0% | 3.0% | · | 7.5% | -2.2% | · | 4.6% | |
| Pretax Margin | 12.7% | -43.5% | · | 11.9% | 14.3% | 7.9% | · | 8.1% | 12.7% | 4.4% | · | 10.7% | -3.0% | · | 6.4% | |
| EBITDA Margin | 12.4% | -38.9% | · | 11.5% | 14.0% | 12.5% | · | 7.6% | 12.2% | 9.1% | · | 10.2% | 1.9% | · | 6.4% | |
| ROA | 4.1% | -12.0% | · | 3.5% | 4.5% | 1.9% | · | 2.3% | 3.6% | 0.91% | · | 3.0% | · | · | 1.8% | |
| ROE | 6.3% | -18.4% | · | 4.8% | 6.2% | 2.5% | · | 3.1% | 4.9% | 1.2% | · | 4.1% | · | · | 2.6% | |
| ROIC | 7.1% | -21.4% | · | 4.9% | 6.5% | 2.6% | · | 3.1% | 4.9% | 0.98% | · | 3.9% | · | · | 2.5% |
Liquidity & Solvency 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 0.9 | · | 1.8 | 1.8 | 1.7 | · | 2.0 | 1.9 | 2.1 | · | 2.2 | · | · | 1.7 | |
| Quick Ratio | 0.7 | 0.6 | · | 1.3 | 1.2 | 1.0 | · | 1.3 | 1.3 | 1.3 | · | 1.5 | · | · | 1.0 |
Efficiency 3
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.3 | · | 0.4 | 0.4 | 0.3 | · | 0.4 | · | · | 0.4 | |
| Inventory Turnover | 2.2 | 1.7 | · | 2.0 | 2.1 | 1.6 | · | 2.1 | 2.0 | 1.6 | · | 1.9 | · | · | 1.7 | |
| Receivables Turnover | 5.9 | 5.0 | · | 6.0 | 5.4 | 5.6 | · | 6.7 | 4.8 | 5.6 | · | 6.7 | · | · | 6.8 |
Valuation (TTM) 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.13B | $2.01B | · | $2.18B | $2.23B | $2.06B | · | $2.21B | $2.21B | $2.04B | · | $2.21B | $2.05B | · | $2.20B | |
| Net Income TTM | $13M | $-14M | · | $165M | $171M | $123M | · | $144M | $168M | $107M | · | $122M | $70M | · | $20M | |
| P/E | 246.0 | -113.7 | · | 14.6 | 12.8 | 22.9 | · | 23.6 | 22.0 | 34.9 | · | 39.3 | 58.4 | · | 198.5 | |
| Earnings Yield | 0.41% | -0.88% | · | 6.9% | 7.8% | 4.4% | · | 4.2% | 4.5% | 2.9% | · | 2.5% | 1.7% | · | 0.50% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-27 | 2024-12-28 | 2023-12-30 | 2022-12-31 | 2021-12-25 | |
|---|---|---|---|---|---|
| Revenue | $1.96B | $2.01B | $2.01B | $2.09B | $2.06B |
| Gross Margin % | 48.5% | 44.4% | 42.4% | 41.2% | 38.8% |
| Operating Margin % | 7.4% | 3.8% | 5.0% | 4.3% | 0.39% |
| Net Income | $108M | $60M | $76M | $67M | $15M |
| Diluted EPS | $9.89 | $5.06 | $6.21 | $5.44 | $1.17 |
Balance Sheet
| 2025-12-27 | 2024-12-28 | 2023-12-30 | 2022-12-31 | 2021-12-25 | |
|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.8 | 2.3 | 2.1 | 1.4 |
| Quick Ratio | 1.1 | 1.2 | 1.6 | 1.2 | 0.3 |
Cash Flow
| 2025-12-27 | 2024-12-28 | 2023-12-30 | 2022-12-31 | 2021-12-25 | |
|---|---|---|---|---|---|
| Free Cash Flow | $216M | $173M | $201M | $109M | $-92M |
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Institutional owners (13F) 371 filers · $1.1B 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 |
|---|---|---|---|---|
| 59 (-20 vs prior Q) | 76 (+32 vs prior Q) | 101 (-19 vs prior Q) | 110 (+21 vs prior Q) | +2.4M |
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 |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $107,875,001 | 609,360 | 9.44% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $95,386,419 | 538,815 | 8.35% | Shares |
| AMERICAN CENTURY COMPANIES INC | $68,214,262 | 385,326 | 5.97% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $61,220,869 | 345,822 | 5.36% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $56,840,792 | 321,080 | 4.97% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $56,792,994 | 320,810 | 4.97% | Shares |
| STATE STREET CORP | $55,807,630 | 314,732 | 4.88% | Shares |
| MILLENNIUM MANAGEMENT LLC | $50,190,129 | 283,512 | 4.39% | Shares |
| Global Alpha Capital Management Ltd. | $47,367,386 | 267,567 | 4.15% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $29,696,727 | 167,710 | 2.60% | Shares |
| SOUTHERNSUN ASSET MANAGEMENT, LLC | $23,346,185 | 131,877 | 2.04% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $22,337,999 | 126,182 | 1.95% | Shares |
| NEUBERGER BERMAN GROUP LLC | $20,296,873 | 114,351 | 1.78% | Shares |
| GOLDMAN SACHS GROUP INC | $18,776,550 | 106,064 | 1.64% | Shares |
| AMERIPRISE FINANCIAL INC | $18,226,124 | 102,955 | 1.59% | Shares |
| Quantinno Capital Management LP | $18,156,551 | 102,562 | 1.59% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,088,748 | 102,179 | 1.58% | Shares |
| Mesirow Institutional Investment Management, Inc. | $16,331,211 | 54,441 | 1.43% | Shares |
| D. E. Shaw & Co., Inc. | $13,059,326 | 73,769 | 1.14% | Shares |
| Trexquant Investment LP | $12,968,156 | 73,254 | 1.13% | Shares |
| Calamos Advisors LLC | $11,571,389 | 65,364 | 1.01% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $11,093,762 | 62,666 | 0.97% | Shares |
| Qube Research & Technologies Ltd | $11,088,097 | 62,634 | 0.97% | Shares |
| FMR LLC | $10,620,030 | 59,990 | 0.93% | Shares |
| LOOMIS SAYLES & CO L P | $10,080,265 | 56,941 | 0.88% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $9,337,978 | 52,748 | 0.82% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,257,075 | 52,291 | 0.81% | Shares |
| VANGUARD GROUP INC | $9,192,769 | 47,111 | 0.80% | Shares |
| FIRST TRUST ADVISORS LP | $8,022,645 | 45,318 | 0.70% | Shares |
| Prescott General Partners LLC | $7,966,350 | 45,000 | 0.70% | Shares |
| GABELLI FUNDS LLC | $7,506,072 | 42,400 | 0.66% | Shares |
| MARSHALL WACE, LLP | $6,755,996 | 38,163 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $6,497,001 | 36,700 | 0.57% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,249,159 | 35,300 | 0.55% | Call option |
| CAPITAL FUND MANAGEMENT S.A. | $5,921,122 | 33,447 | 0.52% | Shares |
| WINTON GROUP Ltd | $5,845,177 | 33,018 | 0.51% | Shares |
| Edgestream Partners, L.P. | $5,826,765 | 32,914 | 0.51% | Shares |
| Darwins River Capital, LP | $5,456,065 | 30,820 | 0.48% | Shares |
| TUDOR INVESTMENT CORP ET AL | $5,402,425 | 30,517 | 0.47% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,293,197 | 29,900 | 0.46% | Put option |
| ING GROEP NV | $5,186,979 | 29,300 | 0.45% | Shares |
| GAMCO INVESTORS, INC. ET AL | $5,019,155 | 28,352 | 0.44% | Shares |
| RHUMBLINE ADVISERS | $4,824,224 | 27,251 | 0.42% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $4,725,108 | 26,691 | 0.41% | Shares |
| ALGERT GLOBAL LLC | $3,856,776 | 21,786 | 0.34% | Shares |
| Squarepoint Ops LLC | $3,469,788 | 19,600 | 0.30% | Call option |
| WOLVERINE TRADING, LLC | $3,446,080 | 16,000 | 0.30% | Put option |
| ALLIANCEBERNSTEIN L.P. | $3,419,366 | 14,841 | 0.30% | Shares |
| Bridgewater Associates, LP | $3,298,069 | 18,630 | 0.29% | Shares |
| ExodusPoint Capital Management, LP | $3,160,517 | 17,853 | 0.28% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,111,302 | 17,575 | 0.27% | Shares |
| BlackRock, Inc. | $2,984,372 | 16,858 | 0.26% | Shares |
| NOMURA HOLDINGS INC | $2,927,014 | 16,534 | 0.26% | Shares |
| Odyssean, LLC | $2,893,378 | 16,344 | 0.25% | Shares |
| CWM, LLC | $2,849,587 | 12,368 | 0.25% | Shares |
| Swiss National Bank | $2,673,153 | 15,100 | 0.23% | Shares |
| Squarepoint Ops LLC | $2,561,447 | 14,469 | 0.22% | Shares |
| TWO SIGMA ADVISERS, LP | $2,497,664 | 12,800 | 0.22% | Shares |
| CenterBook Partners LP | $2,446,555 | 13,820 | 0.21% | Shares |
| XTX Topco Ltd | $2,427,435 | 13,712 | 0.21% | Shares |
| Schonfeld Strategic Advisors LLC | $2,416,812 | 13,652 | 0.21% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,297,779 | 9,973 | 0.20% | Shares |
| CAXTON ASSOCIATES LLP | $2,283,687 | 12,900 | 0.20% | Shares |
| Squarepoint Ops LLC | $2,212,875 | 12,500 | 0.19% | Put option |
| Oak Thistle LLC | $2,112,676 | 11,934 | 0.18% | Shares |
| Savoir Faire Capital Management, L.P. | $2,106,126 | 11,897 | 0.18% | Shares |
| IEQ CAPITAL, LLC | $1,892,628 | 10,691 | 0.17% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $1,849,651 | 8,028 | 0.16% | Shares |
| BCGM Wealth Management, LLC | $1,814,026 | 10,247 | 0.16% | Shares |
| Engineers Gate Manager LP | $1,701,258 | 9,610 | 0.15% | Shares |
| Quadrature Capital Ltd | $1,673,288 | 9,452 | 0.15% | Shares |
| UBS Group AG | $1,637,350 | 9,249 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $1,636,888 | 7,600 | 0.14% | Call option |
| BARCLAYS PLC | $1,588,844 | 8,975 | 0.14% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,583,887 | 8,947 | 0.14% | Shares |
| Numerai GP LLC | $1,569,725 | 8,867 | 0.14% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $1,434,828 | 8,105 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,429,517 | 8,075 | 0.13% | Shares |
| MetLife Investment Management, LLC | $1,414,293 | 7,989 | 0.12% | Shares |
| Retirement Systems of Alabama | $1,368,796 | 7,732 | 0.12% | Shares |
| ROYAL BANK OF CANADA | $1,357,000 | 7,668 | 0.12% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,316,749 | 7,438 | 0.12% | Shares |
| Bank of New York Mellon Corp | $1,303,295 | 7,362 | 0.11% | Shares |
| GAGNON SECURITIES LLC | $1,289,309 | 7,283 | 0.11% | Shares |
| Jain Global LLC | $1,254,435 | 7,086 | 0.11% | Shares |
| Nebula Research & Development LLC | $1,247,516 | 6,538 | 0.11% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $1,207,522 | 6,821 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,200,972 | 6,784 | 0.11% | Shares |
| OSSIAM | $1,189,642 | 6,720 | 0.10% | Shares |
| Atom Investors LP | $1,145,384 | 6,470 | 0.10% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $1,141,667 | 6,449 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,080,414 | 6,103 | 0.09% | Shares |
| WOLVERINE TRADING, LLC | $1,044,162 | 4,848 | 0.09% | Shares |
| Perbak Capital Partners LLP | $1,005,696 | 4,365 | 0.09% | Shares |
| denkapparat Operations GmbH | $994,200 | 5,616 | 0.09% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $975,745 | 5,519 | 0.09% | Shares |
| CIBC WORLD MARKETS CORP | $973,894 | 4,991 | 0.09% | Shares |
| Freestone Grove Partners LP | $895,949 | 5,061 | 0.08% | Shares |
| JANUS HENDERSON GROUP PLC | $881,185 | 3,826 | 0.08% | Shares |
| Focus Partners Wealth | $874,982 | 4,939 | 0.08% | Shares |
Company insiders 31 insiders · 18 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew Donal Murphy | CAO & Interim CFO | March 17, 2023 A | 3,071 | 0 | 0 | $0 |
| Frank H. Smalla | Chief Financial Officer | Feb. 23, 2016 A | 5,201 | 0 | 0 | $0 |
| William F Urich | Chief Financial Officer | Nov. 17, 2014 M | 4,029 | 0 | 0 | $0 |
| Roper Martin | President and C.E.O. | Feb. 7, 2017 M | 32,273 | 0 | 0 | $0 |
| WHITE JEFFREY D | Chief Operating Officer | April 2, 2007 M | 0 | 0 | 0 | $0 |
| Carolyn L. O'Boyle | Chief People Officer | March 17, 2023 A | 3,038 | 0 | 0 | $0 |
| James C Koch | Chairman | June 26, 2020 S | 43,212 | 0 | 0 | $0 |
| David L. Grinnell | Vice President of Brewing | May 12, 2017 S | 2,898 | 0 | 0 | $0 |
| Quincy B Troupe | Senior VP, Supply Chain | Feb. 23, 2017 S | 3,411 | 0 | 0 | $0 |
| John C Geist | Chief Sales Officer | Jan. 4, 2017 M | 268 | 0 | 0 | $0 |
| Tara L. Heath | Vice President, Legal | Jan. 3, 2017 S | 1,204 | 0 | 0 | $0 |
| Jonathan N. Potter | Chief Marketing Officer | Oct. 25, 2016 A | 3,631 | 0 | 0 | $0 |
| Robert P Pagano | VP, Brand Development | March 28, 2016 M | 0 | 0 | 0 | $0 |
| Kathleen H Wade | VP,Legal & Corporate Secretary | March 2, 2016 M | 10,824 | 0 | 0 | $0 |
| Ai-Li Lim | Vice President, HR | Feb. 27, 2016 A | 408 | 0 | 0 | $0 |
| Thomas W Lance | VP Operations | March 12, 2015 M | 3,342 | 0 | 0 | $0 |
| HALL ROBERT H | V.P. of Brand Development | March 23, 2010 M | 0 | 0 | 0 | $0 |
| Monica M Martin | Dir. of Finance & Controller | March 8, 2006 M | 996 | 0 | 0 | $0 |
| Cynthia A Fisher | Director | June 26, 2020 S | 43,212 | 0 | 0 | $0 |
| David A Burwick | Director | May 24, 2017 M | 1,094 | 0 | 0 | $0 |
| Michael Spillane | Director | May 18, 2017 A | — | 0 | 0 | $0 |
| Gregg A Tanner | Director | May 18, 2017 A | — | 0 | 0 | $0 |
| David P Fialkow | Director | May 18, 2017 A | — | 0 | 0 | $0 |
| Jean Michel Valette | Director | May 18, 2017 A | 16,500 | 0 | 0 | $0 |
| Charles Joseph Koch | Director | June 13, 2011 S | 19,086 | 0 | 0 | $0 |
| Robert N Hiatt | Director | May 4, 2005 A | — | 0 | 0 | $0 |
| James C Kautz | Director | May 25, 2004 A | 261,265 | 0 | 0 | $0 |
| Cynthia Swanson | — | May 27, 2026 A | 1,294 | 0 | 0 | $0 |
| Jay Margolis | — | Feb. 27, 2017 M | 2,500 | 0 | 0 | $0 |
| Cheryl Fisher | — | Jan. 1, 2017 A | 1,226 | 0 | 0 | $0 |
| Cummin Pearson | — | May 27, 2015 A | 6,923 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 86 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 |
|---|---|---|---|---|
| FXG · First Trust Exchange-Traded AlphaDE… | 3.36% | 34,650 NS | April 30, 2026 | N-PORT |
| PBJ · Invesco Exchange-Traded Fund Trust | 2.84% | 16,319 SH | Aug. 8, 2026 | Daily |
| SMLL · Harbor ETF Trust | 1.17% | 682 NS | April 30, 2026 | N-PORT |
| MYLD · Cambria ETF Trust | 1.04% | 1,296 NS | April 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.61% | 4,081 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.39% | 7,192 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.33% | 3,529 NS | May 31, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.25% | 36,289 NS | April 30, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.25% | 4,604 NS | April 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.24% | 1,884 NS | April 30, 2026 | N-PORT |
| FSTA · FIDELITY COVINGTON TRUST | 0.22% | 13,568 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.21% | 3,289 SH | Aug. 8, 2026 | Daily |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.20% | 310,638 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.18% | 9,038 NS | April 30, 2026 | N-PORT |
| VDC · VANGUARD WORLD FUND | 0.17% | 86,915 SH | Aug. 8, 2026 | Daily |
| FLOW · Global X Funds | 0.14% | 230 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.14% | 21,737 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 3,059 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.09% | 1,393 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.09% | 50,890 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.08% | 40,897 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.08% | 277 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.08% | 5,849 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.08% | 6,392 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.08% | 12,374 NS | May 31, 2026 | N-PORT |
| IJJ · iShares Trust | 0.08% | 37,970 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.08% | 404 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.07% | 3,039 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.06% | 48,779 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.06% | 1,665 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.06% | 5,707 SH | Aug. 8, 2026 | Daily |
| MIDE · DBX ETF Trust | 0.06% | 11 NS | May 29, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.05% | 862 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.05% | 293 NS | April 30, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.05% | 4,618 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.05% | 27,038 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.04% | 196,813 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.04% | 1,020 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.04% | 1,018 SH | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.04% | 1,529 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.04% | 12,063 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 44,713 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.04% | 258,347 SH | Aug. 8, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.04% | 127 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.03% | 109,434 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 2,122 SH | Aug. 8, 2026 | Daily |
| MVV · ProShares Trust | 0.03% | 265 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 36,977 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.03% | 22,118 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.03% | 16 NS | May 31, 2026 | N-PORT |