SBAC SBA Communications Corporation - Class A Common Stock
$181.50
Price · Aug 20, 2026
Fundamentals as of Aug 6, 2026
52W Range
$162–$225
30% of range
Analyst Rating
BUY
27 analysts
Price Target
$228
+26% upside
P/E (TTM)
18.5
ROE
-21.5%
Net Profit Margin
37.4%
About SBA Communications Corporation - Class A Common Stock Company overview from Wikipedia
SBA Communications Corporation is a real estate investment trust which owns and operates wireless infrastructure in the United States, Canada, Central America, South America, and South Africa. It was founded in 1989 as Steven Bernstein and Associates by Steven Bernstein.
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SBA Communications Corporation is a real estate investment trust which owns and operates wireless infrastructure in the United States, Canada, Central America, South America, and South Africa. It was founded in 1989 as Steven Bernstein and Associates by Steven Bernstein.
## Operations
The company develops wireless infrastructures, including small cells, indoor/outdoor distributed antenna systems, and traditional cell sites that support antennas used for wireless communication by mobile carriers and wireless broadband providers.
SBA Communications operates in two segments: Site Leasing and Site Development. It leases antenna space to wireless service providers on towers that it owns or operates, and manages rooftop and tower sites for property owners under various contractual arrangements. As of 2020, it owned 30,000 towers around North and South America. Its biggest market is Brazil, where the company owns over 10,000 towers. The company also managed or leased approximately 4,800 actual or potential towers. In addition, it provides various site development services comprising network pre-design; site audits; identification of potential locations for towers and antennas; support in buying or leasing of the location; assistance in obtaining zoning approvals and permits; tower structure construction; antenna installation; and radio equipment installation, commissioning, and maintenance.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
SBAC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$181.50
Market Cap
$19.18B
P/E (TTM)
18.5
EPS (TTM)
$9.80
Revenue (TTM)
$2.82B
Div Yield
2.5%
ROE
-21.5%
Debt/Equity
-2.7
52W Range
$162 – $225
SBAC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.82B
2016-12-31
→
2025-12-31
EPS
$9.80
2016-12-31
→
2025-12-31
Free Cash Flow
$1.07B
2016-12-31
→
2025-12-31
Margins
37.4%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SBAC
Peer Median
P/E (TTM)
18.5
26.9
P/S (TTM)
6.8
7.2
P/B
-4.0
22.6
EV / EBITDA
19.5
—
Price / FCF
18.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SBAC
Peer Median
Gross Margin
75.5%
74.0%
Operating Margin
47.7%
—
Net Profit Margin
37.4%
26.8%
ROA
9.2%
4.6%
ROE
-21.5%
21.0%
ROIC
14.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SBAC
Peer Median
Debt / Equity
-2.7
—
Current Ratio
0.3
0.3
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SBAC
Peer Median
Revenue YoY
5.1%
—
Revenue CAGR 3Y
2.2%
—
Revenue CAGR 5Y
6.2%
—
EPS YoY
41.2%
—
Net Income YoY
40.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SBAC
Peer Median
Payout Ratio
45.5%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.5%
Payout Ratio
45.5%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 22, 2026 | $1.2500 |
| March 13, 2026 | $1.2500 |
| Nov. 13, 2025 | $1.1100 |
| Aug. 21, 2025 | $1.1100 |
| May 22, 2025 | $1.1100 |
| March 13, 2025 | $1.1100 |
| Nov. 14, 2024 | $0.9800 |
| Aug. 22, 2024 | $0.9800 |
| May 22, 2024 | $0.9800 |
| March 13, 2024 | $0.9800 |
| Nov. 15, 2023 | $0.8500 |
| Aug. 23, 2023 | $0.8500 |
| May 25, 2023 | $0.8500 |
| March 9, 2023 | $0.8500 |
| Nov. 16, 2022 | $0.7100 |
| Aug. 24, 2022 | $0.7100 |
| May 18, 2022 | $0.7100 |
| March 9, 2022 | $0.7100 |
| Nov. 17, 2021 | $0.5800 |
| Aug. 25, 2021 | $0.5800 |
SBAC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
27 analysts
- Strong Buy 4 14.8%
- Buy 13 48.1%
- Hold 10 37.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-18
Median
$229.50
Now
$181.50
Low
$167.00
High
$280.00
Median target
$229.50
+26.4%
Mean target
$228.25
+25.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.19%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.87 | $1.92 | -0.05% |
| March 31, 2026 | $1.74 | $1.81 | -0.07% |
| Dec. 31, 2025 | $3.47 | $3.87 | -0.40% |
| Sept. 30, 2025 | $2.20 | $2.24 | -0.04% |
| June 30, 2025 | $2.09 | $2.16 | -0.07% |
| March 31, 2025 | $1.77 | $2.27 | -0.50% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SBAC | $20.44B | 19.7 | 5.1% | 37.4% | -21.5% | 75.5% |
| AMT | $81.87B | 32.5 | 5.1% | 24.7% | 74.7% | — |
| CCI | $38.66B | 88.0 | -4.4% | 10.4% | -29.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.82B | $2.68B | $2.71B | $2.63B | $2.31B | $2.08B | $2.01B | $1.87B | $1.73B | $1.63B | $1.64B | $1.53B | |
| Cost of Revenue | $199M | $119M | $140M | $223M | $159M | $103M | $119M | $96M | $87M | $421M | $444M | $428M | |
| Gross Profit | $2.12B | $2.10B | $2.10B | $1.96B | $1.76B | $1.61B | $1.52B | $1.40B | $1.28B | $1.21B | $1.19B | $1.10B | |
| SG&A Expense | $278M | $259M | $268M | $262M | $220M | $194M | $193M | $143M | $131M | $143M | $115M | $103M | |
| Operating Expenses | $1.47B | $1.24B | $1.79B | $1.71B | $1.53B | $1.45B | $1.43B | $1.32B | $1.27B | $1.25B | $1.33B | $1.19B | |
| Operating Income | $1.34B | $1.44B | $924M | $925M | $782M | $634M | $583M | $544M | $459M | $387M | $312M | $337M | |
| Interest Income | $32M | $42M | $18M | $10M | $3M | $3M | $6M | $7M | $11M | $11M | $4M | $677.0K | |
| Other Non-op | $366M | $-250M | $63M | $10M | $-74M | $-222M | $14M | $-86M | $-2M | $94M | $-139M | $11M | |
| Pretax Income | $1.24B | $773M | $549M | $526M | $253M | $-18M | $187M | $52M | $117M | $87M | $-167M | $-16M | |
| Income Tax | $188M | $24M | $51M | $66M | $15M | $-42M | $40M | $4M | $13M | $11M | $9M | $9M | |
| Net Income | $1.05B | $750M | $502M | $461M | $238M | $24M | $147M | $47M | $104M | $76M | $-176M | $-24M | |
| EPS (Basic) | $9.83 | $6.96 | $4.64 | $4.27 | $2.17 | $0.22 | $1.30 | $0.41 | $0.86 | $0.61 | $-1.37 | $-0.19 | |
| EPS (Diluted) | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 | $0.21 | $1.28 | $0.41 | $0.86 | $0.61 | $-1.37 | $-0.19 | |
| Shares (Basic) | 107,207,000 | 107,644,000 | 108,204,000 | 107,957,000 | 109,328,000 | 111,532,000 | 112,809,000 | 114,909,000 | 119,860,000 | 124,448,000 | 127,794,000 | 128,919,000 | |
| Shares (Diluted) | 107,533,000 | 108,080,000 | 108,907,000 | 109,386,000 | 111,177,000 | 113,465,000 | 114,693,000 | 116,515,000 | 121,022,000 | 125,144,000 | 127,794,000 | 128,919,000 | |
| EBITDA | $1.64B | $1.71B | $1.64B | $1.63B | $1.48B | $1.36B | $1.28B | $1.22B | $1.10B | $1.03B | $972M | $964M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $265M | $190M | $209M | $144M | $367M | $309M | $108M | $143M | $69M | $146M | $118M | $39M | |
| Short-term Investments | $7M | $255M | $1M | $1M | $778.0K | $700.0K | $500.0K | · | · | $223.0K | $706.0K | $6M | |
| Receivables | $171M | $146M | $183M | $184M | $102M | $74M | $132M | $111M | $91M | $78M | $83M | $104M | |
| Prepaid Expense | $142M | $417M | $39M | $33M | $31M | $24M | $37M | $63M | $50M | $52M | $50M | $95M | |
| Other Current Assets | $35M | $23M | $17M | $13M | $16M | $13M | $28M | $15M | $16M | $18M | · | · | |
| Current Assets | $773M | $1.98B | $484M | $483M | $614M | $473M | $334M | $374M | $260M | $325M | $294M | $327M | |
| PP&E (Net) | $3.40B | $2.79B | $2.71B | $2.71B | $2.58B | $2.68B | $2.79B | $2.79B | $2.81B | $2.79B | $2.78B | $2.76B | |
| PP&E (Gross) | $7.76B | $7.07B | $6.96B | $6.69B | $6.28B | $6.12B | $5.99B | $5.71B | $5.49B | $5.23B | $4.98B | $4.71B | |
| Accum. Depreciation | $4.36B | $4.28B | $4.25B | $3.97B | $3.70B | $3.45B | $3.19B | $2.92B | $2.68B | $2.44B | $2.19B | $1.95B | |
| Intangibles | $2.88B | $2.39B | $2.46B | $2.78B | $2.80B | $3.16B | $3.63B | $3.33B | $3.60B | $3.66B | $3.74B | $4.19B | |
| Other Non-current Assets | $652M | $657M | $812M | $722M | $576M | $478M | $432M | $722M | $650M | $587M | $501M | $467M | |
| Total Assets | $11.58B | $11.42B | $10.18B | $10.59B | $9.80B | $9.16B | $9.76B | $7.21B | $7.32B | $7.36B | $7.31B | $7.84B | |
| Accounts Payable | $73M | $60M | $42M | $51M | $34M | $110M | $32M | $34M | $33M | $28M | $27M | $43M | |
| Accrued Liabilities | $94M | $82M | $93M | $101M | $68M | $63M | $68M | $64M | $70M | $61M | $64M | $66M | |
| Current Liabilities | $2.68B | $1.80B | $1.36B | $697M | $616M | $615M | $1.05B | $1.21B | $279M | $873M | $273M | $331M | |
| Capital Leases | $2.11B | $1.90B | $1.86B | $2.04B | $1.98B | $2.09B | $2.28B | $811.0K | $850.0K | $2M | $2M | $1M | |
| Deferred Tax | · | · | · | · | · | · | · | $33M | $29M | $27M | $25M | $77M | |
| Other Non-current Liabilities | $588M | $368M | $404M | $248M | $191M | $186M | $271M | $387M | $350M | $335M | $314M | $343M | |
| Long-term Debt | $12.90B | $13.59B | $12.32B | $12.87B | $12.30B | $11.10B | $10.33B | $9.94B | $9.31B | $8.78B | $8.45B | $7.86B | |
| Total Debt | $12.90B | $13.59B | $12.32B | $12.87B | $12.30B | $11.10B | $10.33B | $9.94B | $9.31B | $8.78B | $8.54B | $7.86B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Paid-in Capital | $3.06B | $2.98B | $2.89B | $2.80B | $2.68B | $2.59B | $2.46B | $2.27B | $2.17B | $2.01B | $1.96B | $2.06B | |
| Retained Earnings | $-7.25B | $-7.33B | $-7.45B | $-7.48B | $-7.20B | $-6.60B | $-5.56B | $-5.14B | $-4.39B | $-3.64B | $-3.17B | $-2.54B | |
| AOCI | $-664M | $-760M | $-615M | $-591M | $-762M | $-808M | $-569M | $-512M | $-379M | $-370M | $-502M | $-182M | |
| Stockholders' Equity | $-4.85B | $-5.11B | $-5.17B | $-5.28B | $-5.28B | $-4.82B | $-3.67B | $-3.38B | $-2.60B | $-2.00B | $-1.71B | $-661M | |
| Liabilities + Equity | $11.58B | $11.42B | $10.18B | $10.59B | $9.80B | $9.16B | $9.76B | $7.21B | $7.32B | $7.36B | $7.31B | $7.84B | |
| Shares Outstanding | 105,666,000 | 107,561,000 | 108,050,000 | 107,997,000 | 108,956,000 | 109,819,000 | 111,775,000 | 112,433,000 | 116,446,000 | 121,004,000 | 125,743,000 | 129,134,000 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $292M | $270M | $716M | $708M | $700M | $722M | $697M | $672M | $643M | $638M | $660M | $627M | |
| Stock-based Comp | $76M | $74M | $88M | $100M | $84M | $69M | $73M | $42M | $38M | $33M | $29M | $23M | |
| Deferred Tax | $104M | $-13M | $5M | $33M | $-9M | $-63M | $16M | $-15M | · | $1M | $-5.0K | $530.0K | |
| Amort. of Intangibles | $115M | $107M | $397M | $406M | $412M | $434M | $415M | $403M | $384M | $370M | $363M | $338M | |
| Other Non-cash | $-235M | $255M | $234M | $-16M | $176M | $374M | $53M | $89M | $33M | $-6M | $224M | $46M | |
| Operating Cash Flow | $1.29B | $1.33B | $1.54B | $1.29B | $1.19B | $1.13B | $970M | $851M | $818M | $743M | $723M | $674M | |
| CapEx | $225M | $228M | $237M | $214M | $134M | $129M | $154M | $150M | $147M | $140M | $209M | $211M | |
| Investing Cash Flow | $-602M | $-809M | $-468M | $-1.39B | $-1.42B | $-446M | $-947M | $-618M | $-605M | $-428M | $-737M | · | |
| Stock Repurchased | $498M | $200M | $100M | $432M | $583M | $859M | $467M | $796M | $855M | $546M | $450M | · | |
| Net Stock Activity | $-498M | $-200M | $-100M | $-432M | $-583M | $-859M | $-467M | $-796M | $-855M | $-546M | $-450M | · | |
| Dividends Paid | $479M | $424M | $370M | $307M | $254M | $208M | $83M | · | · | · | · | · | |
| Financing Cash Flow | $-1.66B | $646M | $-1.02B | $-135M | $339M | $-469M | $-62M | $-149M | $-295M | $-289M | $76M | · | |
| Net Change in Cash | $-964M | $1.15B | $62M | $-246M | $93M | $202M | $-37M | $74M | $-82M | $39M | $49M | $-81M | |
| Free Cash Flow | $1.07B | $1.11B | $1.31B | $1.07B | $1.06B | $997M | $816M | $701M | $671M | $603M | $528M | $460M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.5% | 78.3% | 77.4% | 74.6% | 76.4% | 77.1% | 75.5% | 74.9% | 74.2% | 74.2% | 72.9% | 71.9% | |
| Operating Margin | 47.7% | 53.6% | 34.1% | 35.1% | 33.9% | 30.4% | 29.0% | 29.2% | 26.5% | 23.7% | 19.1% | 22.0% | |
| Net Margin | 37.4% | 28.0% | 18.5% | 17.5% | 10.3% | 1.2% | 7.3% | 2.5% | 6.0% | 4.7% | -10.7% | -1.6% | |
| Pretax Margin | 44.1% | 28.8% | 20.2% | 20.0% | 10.9% | -0.85% | 9.3% | 2.8% | 6.8% | 5.3% | -10.2% | -1.0% | |
| EBITDA Margin | 58.1% | 63.6% | 60.5% | 62.0% | 64.2% | 65.1% | 63.6% | 65.2% | 63.8% | 62.8% | 59.4% | 63.1% | |
| ROA | 9.2% | 6.9% | 4.8% | 4.5% | 2.5% | 0.25% | 1.7% | 0.65% | 1.4% | 1.0% | -2.3% | -0.33% | |
| ROE | -21.5% | -14.6% | -9.7% | -8.7% | -4.6% | -0.52% | -4.1% | -1.5% | -4.5% | -4.1% | 14.8% | 16.0% | |
| ROIC | 14.2% | 16.4% | 11.7% | 10.7% | 10.5% | -13.7% | 6.9% | 7.6% | 6.1% | 5.0% | 4.8% | 7.2% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.3 | 1.1 | 0.4 | 0.7 | 1.0 | 0.8 | 0.3 | 0.3 | 0.9 | 0.4 | 1.1 | 1.0 | |
| Quick Ratio | 0.2 | 0.3 | 0.3 | 0.5 | 0.8 | 0.6 | 0.2 | 0.2 | 0.6 | 0.3 | 0.7 | 0.5 | |
| Debt / Equity | -2.7 | -2.7 | -2.4 | -2.4 | -2.3 | -2.3 | -2.8 | -2.9 | -3.6 | -4.4 | -5.0 | -11.9 | |
| LT Debt / Equity | -2.3 | -2.4 | -2.3 | -2.4 | -2.3 | -2.3 | -2.7 | -2.7 | -3.6 | -4.1 | -5.0 | -11.8 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | |
| Receivables Turnover | 17.8 | 16.3 | 14.8 | 18.4 | 26.2 | 20.2 | 16.6 | 18.5 | 20.4 | 20.2 | 17.5 | 17.4 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.1% | -1.2% | 3.0% | 14.1% | 10.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.2% | 5.1% | 9.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 41.2% | 50.5% | 9.2% | 97.2% | 919.0% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 32.4% | 48.0% | 180.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 115.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 40.6% | 49.4% | 8.8% | 94.2% | 885.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 31.7% | 46.7% | 175.1% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 112.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 18.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.82B | $2.68B | $2.71B | $2.63B | $2.31B | $2.08B | $2.01B | $1.87B | $1.73B | $1.63B | $1.64B | $1.53B | |
| Net Income TTM | $1.05B | $750M | $502M | $461M | $238M | $24M | $147M | $47M | $104M | $76M | $-176M | $-24M | |
| Market Cap | $20.44B | $21.92B | $27.41B | $30.27B | $42.39B | $30.98B | $26.94B | $18.20B | $19.02B | $12.49B | $13.21B | · | |
| Enterprise Value | $33.07B | $35.07B | $39.53B | $43.00B | $54.32B | $41.77B | $37.16B | $28.00B | $28.26B | $21.12B | $21.64B | · | |
| P/E | 19.7 | 29.4 | 55.0 | 66.4 | 181.8 | 1343.5 | 188.3 | 394.9 | 190.0 | 169.3 | -76.7 | -582.9 | |
| P/S | 7.3 | 8.2 | 10.1 | 11.5 | 18.4 | 14.9 | 13.4 | 9.8 | 11.0 | 7.7 | 8.1 | · | |
| P/B | -4.2 | -4.3 | -5.3 | -5.7 | -8.0 | -6.4 | -7.3 | -5.4 | -7.3 | -6.3 | -7.7 | · | |
| P / Cash Flow | 15.8 | 16.4 | 17.7 | 23.5 | 35.6 | 27.5 | 27.8 | 21.4 | 23.2 | 16.8 | 17.9 | · | |
| P / FCF | 19.2 | 19.8 | 21.0 | 28.3 | 40.1 | 31.1 | 33.0 | 26.0 | 28.3 | 20.7 | 25.0 | · | |
| EV / EBITDA | 20.2 | 20.6 | 24.1 | 26.3 | 36.6 | 30.8 | 29.0 | 23.0 | 25.7 | 20.6 | 22.2 | · | |
| EV / FCF | 31.0 | 31.7 | 30.2 | 40.1 | 51.4 | 41.9 | 45.6 | 39.9 | 42.1 | 35.1 | 40.9 | · | |
| EV / Revenue | 11.7 | 13.1 | 14.6 | 16.3 | 23.5 | 20.1 | 18.4 | 15.0 | 16.4 | 12.9 | 13.2 | · | |
| Dividend Yield | 2.3% | 1.9% | 1.4% | 1.0% | 0.60% | 0.67% | 0.31% | · | · | · | · | · | |
| Earnings Yield | 5.1% | 3.4% | 1.8% | 1.5% | 0.55% | 0.07% | 0.53% | 0.25% | 0.53% | 0.59% | -1.3% | -0.17% | |
| Payout Ratio | 45.5% | 56.6% | 73.7% | 66.5% | 106.7% | 861.6% | 56.7% | · | · | · | · | · | |
| Annual Payout | $479M | $424M | $370M | $307M | $254M | $208M | $83M | · | · | · | · | · |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $715M | $703M | $720M | $732M | $699M | $664M | $694M | $668M | $660M | $658M | $675M | $683M | $678M | $676M | $686M | $676M | |
| Cost of Revenue | $42M | $39M | $45M | $63M | $54M | $38M | $36M | $32M | $27M | $23M | $25M | $31M | $39M | $44M | $57M | $66M | |
| Gross Profit | $539M | $532M | $544M | $543M | $527M | $511M | $542M | $517M | $519M | $520M | $531M | $533M | $524M | $511M | $514M | $498M | |
| SG&A Expense | $78M | $71M | $74M | $66M | $71M | $66M | $68M | $60M | $62M | $69M | $68M | $65M | $63M | $72M | $71M | $66M | |
| Operating Expenses | $363M | $361M | $421M | $358M | $364M | $329M | $311M | $292M | $306M | $335M | $465M | $434M | $437M | $451M | $451M | $433M | |
| Operating Income | $352M | $343M | $299M | $374M | $335M | $335M | $382M | $376M | $354M | $323M | $210M | $249M | $241M | $224M | $235M | $243M | |
| Interest Income | $6M | $5M | $7M | $6M | $8M | $11M | $21M | $7M | $7M | $7M | $6M | $5M | $5M | $3M | $3M | $3M | |
| Other Non-op | $10M | $23M | $254M | $36M | $44M | $32M | $-125M | $24M | $-105M | $-45M | $33M | $-48M | $41M | $38M | $8M | $-40M | |
| Pretax Income | $232M | $236M | $432M | $289M | $261M | $260M | $156M | $298M | $147M | $171M | $138M | $93M | $173M | $144M | $129M | $103M | |
| Income Tax | $36M | $51M | $62M | $49M | $35M | $42M | $-23M | $42M | $-12M | $17M | $29M | $8M | $-29M | $44M | $26M | $3M | |
| Net Income | $199M | $185M | $370M | $237M | $226M | $221M | $174M | $259M | $163M | $155M | $110M | $87M | $204M | $101M | $103M | $100M | |
| EPS (Basic) | $1.87 | $1.75 | $3.48 | $2.21 | $2.10 | $2.05 | $1.61 | $2.41 | $1.52 | $1.43 | $1.01 | $0.81 | $1.88 | $0.94 | $0.95 | $0.93 | |
| EPS (Diluted) | $1.87 | $1.74 | $3.47 | $2.20 | $2.09 | $2.04 | $1.61 | $2.40 | $1.51 | $1.42 | $1.01 | $0.80 | $1.87 | $0.93 | $0.95 | $0.91 | |
| Shares (Basic) | 106,073,000 | 105,815,000 | -215,325,000 | 107,257,000 | 107,531,000 | 107,744,000 | -215,406,000 | 107,486,000 | 107,462,000 | 108,102,000 | -216,656,000 | 108,373,000 | 108,355,000 | 108,132,000 | -215,895,000 | 107,916,000 | |
| Shares (Diluted) | 106,264,000 | 106,111,000 | -215,963,000 | 107,559,000 | 107,797,000 | 108,140,000 | -216,137,000 | 107,922,000 | 107,679,000 | 108,616,000 | -218,139,000 | 108,891,000 | 108,884,000 | 109,271,000 | -218,863,000 | 109,358,000 | |
| EBITDA | $433M | $424M | · | $451M | $405M | $400M | · | $439M | $419M | $400M | · | $429M | $423M | $407M | · | $417M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $327M | $269M | $265M | $430M | $275M | $636M | $190M | $186M | $221M | $240M | $209M | $191M | $179M | $153M | $144M | $201M | |
| Short-term Investments | $29M | $112M | $7M | $800.0K | $2M | $66M | $255M | $16M | $30M | $2M | · | $1M | $22M | $2M | · | $21M | |
| Receivables | $176M | $161M | $171M | $158M | $140M | $130M | $146M | $111M | $89M | $127M | · | $158M | $160M | $183M | · | $117M | |
| Prepaid Expense | $188M | $255M | $142M | $144M | $41M | $117M | $417M | $67M | $73M | $44M | · | $46M | $65M | $40M | · | $55M | |
| Other Current Assets | $48M | $38M | $35M | $18M | $21M | $25M | $23M | $21M | $18M | $23M | · | $21M | $24M | $24M | · | $22M | |
| Current Assets | $745M | $767M | $773M | $813M | $524M | $933M | $1.98B | $450M | $460M | $448M | · | $460M | $519M | $472M | · | $530M | |
| PP&E (Net) | $3.45B | $3.42B | $3.40B | $3.30B | $3.26B | $2.82B | $2.79B | $2.78B | $2.72B | $2.71B | · | $2.70B | $2.71B | $2.71B | · | $2.66B | |
| PP&E (Gross) | $7.88B | $7.81B | $7.76B | $7.63B | $7.60B | $7.13B | $7.07B | $7.07B | $6.98B | $6.97B | · | $6.88B | $6.83B | $6.75B | · | $6.56B | |
| Accum. Depreciation | $4.43B | $4.39B | $4.36B | $4.33B | $4.34B | $4.31B | $4.28B | $4.28B | $4.26B | $4.26B | · | $4.18B | $4.12B | $4.04B | · | $3.90B | |
| Intangibles | $2.87B | $2.88B | $2.88B | $2.73B | $2.58B | $2.40B | $2.39B | $2.49B | $2.31B | $2.40B | · | $2.52B | $2.63B | $2.69B | · | $2.70B | |
| Other Non-current Assets | $653M | $646M | $652M | $642M | $642M | $618M | $657M | $773M | $786M | $807M | · | $845M | $855M | $771M | · | $744M | |
| Total Assets | $11.74B | $11.72B | $11.58B | $11.26B | $10.77B | $10.44B | $11.42B | $10.20B | $9.79B | $10.00B | · | $10.33B | $10.60B | $10.54B | · | $9.95B | |
| Accounts Payable | $70M | $64M | $73M | $220M | $61M | $65M | $60M | $54M | $51M | $46M | · | $47M | $47M | $54M | · | $51M | |
| Accrued Liabilities | $89M | $85M | $94M | $98M | $86M | $75M | $82M | $89M | $76M | $77M | · | $93M | $84M | $93M | · | $96M | |
| Current Liabilities | $4.34B | $3.35B | $2.68B | $1.61B | $1.43B | $1.34B | $1.80B | $668M | $2.46B | $2.41B | · | $663M | $738M | $639M | · | $1.34B | |
| Capital Leases | · | · | $2.11B | · | · | · | $1.90B | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $627M | $613M | $588M | $554M | $466M | $406M | $368M | $432M | $374M | $411M | · | $332M | $331M | $303M | · | $221M | |
| Long-term Debt | $12.73B | $12.96B | $12.90B | $12.71B | $12.51B | $12.43B | $13.59B | $12.32B | $12.28B | $12.36B | · | $12.52B | $12.60B | $12.82B | · | $12.36B | |
| Total Debt | $12.73B | $12.96B | · | $12.71B | $12.51B | $12.43B | · | $12.32B | $12.28B | $12.36B | · | $12.52B | $12.60B | $12.82B | · | $12.36B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $3.11B | $3.08B | $3.06B | $3.04B | $3.02B | $2.99B | $2.98B | $2.94B | $2.93B | $2.92B | · | $2.85B | $2.82B | $2.80B | · | $2.76B | |
| Retained Earnings | $-7.14B | $-7.20B | $-7.25B | $-7.28B | $-7.25B | $-7.23B | $-7.33B | $-7.39B | $-7.55B | $-7.51B | · | $-7.42B | $-7.36B | $-7.47B | · | $-7.51B | |
| AOCI | $-608M | $-637M | $-664M | $-688M | $-712M | $-737M | $-760M | $-724M | $-702M | $-630M | · | $-594M | $-556M | $-596M | · | $-614M | |
| Stockholders' Equity | $-4.63B | $-4.75B | $-4.85B | $-4.93B | $-4.94B | $-4.97B | $-5.11B | $-5.17B | $-5.32B | $-5.22B | $-5.17B | $-5.17B | $-5.09B | $-5.27B | $-5.28B | $-5.36B | |
| Liabilities + Equity | $11.74B | $11.72B | $11.58B | $11.26B | $10.77B | $10.44B | $11.42B | $10.20B | $9.79B | $10.00B | · | $10.33B | $10.60B | $10.54B | · | $9.95B | |
| Shares Outstanding | 106,088,000 | 106,063,000 | 105,666,000 | 106,773,000 | 107,487,000 | 108,028,000 | 107,561,000 | 107,506,000 | 107,471,000 | 107,880,000 | · | 108,120,000 | 108,381,000 | 108,326,000 | · | 107,964,000 |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $81M | $81M | $80M | $77M | $70M | $65M | $65M | $64M | $64M | $77M | $171M | $181M | $182M | $182M | $183M | $174M | |
| Stock-based Comp | $27M | $19M | $19M | $19M | $22M | $16M | $18M | $16M | $19M | $21M | $22M | $21M | $18M | $26M | $26M | $25M | |
| Deferred Tax | $11M | $25M | $10M | $33M | $26M | $36M | $-30M | $30M | $-21M | $8M | $6M | $-1M | $-37M | $36M | $17M | $-7M | |
| Amort. of Intangibles | $35M | $34M | $32M | $30M | $27M | $27M | $27M | $26M | $26M | $27M | $94M | $100M | $101M | $102M | $103M | $100M | |
| Other Non-cash | · | $-55M | · | · | · | $-36M | · | · | · | $33M | · | · | · | $-35M | · | · | |
| Operating Cash Flow | $407M | $255M | $304M | $318M | $368M | $301M | $310M | $305M | $426M | $294M | $433M | $314M | $487M | $311M | $289M | $332M | |
| CapEx | $62M | $48M | $63M | $60M | $56M | $46M | $56M | $65M | $50M | $58M | $63M | $61M | $63M | $49M | $66M | $57M | |
| Investing Cash Flow | $-14M | $-297M | $-181M | $-78M | $-581M | $238M | $-329M | $-274M | $-121M | $-85M | $-106M | $-104M | $-112M | $-147M | $-802M | $-106M | |
| Stock Repurchased | · | · | $216M | $151M | · | · | $0 | $0 | $94M | $106M | $46M | · | · | · | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $-106M | · | · | · | · | · | · | |
| Dividends Paid | $133M | $135M | $118M | $119M | $119M | $122M | $105M | $105M | $105M | $108M | $92M | $92M | $92M | $94M | $77M | $77M | |
| Financing Cash Flow | $-367M | $-70M | $-143M | $-80M | $-158M | $-1.28B | $1.18B | $-66M | $-277M | $-191M | $-312M | $-231M | $-314M | $-161M | $431M | $-190M | |
| Net Change in Cash | $28M | $-105M | $-28M | $165M | $-364M | $-737M | $1.15B | $-32M | $19M | $13M | $19M | $-23M | $62M | $4M | $-91M | $29M | |
| Free Cash Flow | · | $207M | · | · | · | $255M | · | · | · | $237M | · | · | · | $262M | · | · |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.4% | 75.6% | · | 74.1% | 75.4% | 76.9% | · | 77.5% | 78.6% | 79.0% | · | 78.1% | 77.3% | 75.7% | · | 73.7% | |
| Operating Margin | 49.2% | 48.7% | · | 51.1% | 47.9% | 50.4% | · | 56.3% | 53.7% | 49.1% | · | 36.4% | 35.5% | 33.2% | · | 36.0% | |
| Net Margin | 27.8% | 26.3% | · | 32.3% | 32.3% | 33.2% | · | 38.7% | 24.6% | 23.5% | · | 12.8% | 30.0% | 15.0% | · | 14.8% | |
| Pretax Margin | 32.5% | 33.6% | · | 39.5% | 37.3% | 39.1% | · | 44.7% | 22.3% | 26.1% | · | 13.7% | 25.5% | 21.3% | · | 15.2% | |
| EBITDA Margin | 60.6% | 60.3% | · | 61.6% | 57.9% | 60.2% | · | 65.8% | 63.4% | 60.8% | · | 62.9% | 62.4% | 60.2% | · | 61.7% | |
| ROA | 1.8% | 1.7% | · | 2.2% | 2.2% | 2.2% | · | 2.5% | 1.6% | 1.5% | · | 0.86% | 2.0% | 0.98% | · | 1.0% | |
| ROE | -4.2% | -3.8% | · | -4.7% | -4.4% | -4.3% | · | -5.0% | -3.1% | -2.9% | · | -1.7% | -3.9% | -1.9% | · | -1.9% | |
| ROIC | 3.7% | 3.3% | · | 4.0% | 3.8% | 3.8% | · | 4.5% | 5.5% | 4.1% | · | 3.1% | 3.8% | 2.1% | · | 3.4% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | · | 0.5 | 0.4 | 0.7 | · | 0.7 | 0.2 | 0.2 | · | 0.7 | 0.7 | 0.7 | · | 0.4 | |
| Quick Ratio | 0.1 | 0.2 | · | 0.4 | 0.3 | 0.6 | · | 0.5 | 0.1 | 0.2 | · | 0.5 | 0.5 | 0.5 | · | 0.3 | |
| Debt / Equity | -2.7 | -2.7 | · | -2.6 | -2.5 | -2.5 | · | -2.4 | -2.3 | -2.4 | · | -2.4 | -2.5 | -2.4 | · | -2.3 | |
| LT Debt / Equity | -2.0 | -2.2 | · | -2.4 | -2.4 | -2.3 | · | -2.4 | -2.0 | -2.0 | · | -2.4 | -2.5 | -2.4 | · | -2.2 |
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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 4.5 | 4.8 | · | 5.4 | 6.1 | 5.2 | · | 5.0 | 5.3 | 4.2 | · | 5.0 | 4.9 | 4.4 | · | 7.0 |
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 | $2.87B | $2.85B | · | $2.79B | $2.72B | $2.69B | · | $2.66B | $2.68B | $2.69B | · | $2.72B | $2.72B | $2.69B | · | $2.54B | |
| Net Income TTM | $991M | $1.02B | · | $857M | $879M | $816M | · | $685M | $514M | $555M | · | $496M | $508M | $374M | · | $407M | |
| Market Cap | $18.72B | $18.25B | · | $20.64B | $25.24B | $23.77B | · | $25.88B | $21.10B | $23.38B | · | $21.64B | $25.12B | $28.28B | · | $30.73B | |
| Enterprise Value | $31.09B | $30.83B | · | $32.92B | $37.48B | $35.49B | · | $37.99B | $33.13B | $35.49B | · | $33.97B | $37.51B | $40.95B | · | $42.87B | |
| P/E | 19.0 | 18.1 | · | 24.4 | 28.9 | 29.1 | · | 38.0 | 41.4 | 42.5 | · | 44.1 | 49.8 | 76.3 | · | 76.7 | |
| P/S | 6.5 | 6.4 | · | 7.4 | 9.3 | 8.8 | · | 9.7 | 7.9 | 8.7 | · | 7.9 | 9.2 | 10.5 | · | 12.1 | |
| P/B | -4.0 | -3.8 | · | -4.2 | -5.1 | -4.8 | · | -5.0 | -4.0 | -4.5 | · | -4.2 | -4.9 | -5.4 | · | -5.7 | |
| P / Cash Flow | · | 71.6 | · | · | · | 78.9 | · | · | · | 79.4 | · | · | · | 90.9 | · | · | |
| P / FCF | · | 88.3 | · | · | · | 93.2 | · | · | · | 98.8 | · | · | · | 107.9 | · | · | |
| EV / EBITDA | 71.8 | 72.7 | · | 73.0 | 92.6 | 88.7 | · | 86.5 | 79.1 | 88.7 | · | 79.1 | 88.7 | 100.7 | · | 102.8 | |
| EV / FCF | · | 149.2 | · | · | · | 139.2 | · | · | · | 150.0 | · | · | · | 156.3 | · | · | |
| EV / Revenue | 10.8 | 10.8 | · | 11.8 | 13.8 | 13.2 | · | 14.3 | 12.4 | 13.2 | · | 12.5 | 13.8 | 15.2 | · | 16.9 | |
| Earnings Yield | 5.3% | 5.5% | · | 4.1% | 3.5% | 3.4% | · | 2.6% | 2.4% | 2.4% | · | 2.3% | 2.0% | 1.3% | · | 1.3% | |
| Payout Ratio | · | 73.2% | · | · | · | 55.4% | · | · | · | 70.0% | · | · | · | 92.8% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $2.82B | $2.68B | $2.71B | $2.63B | $2.31B |
| Gross Margin % | 75.5% | 78.3% | 77.4% | 74.6% | 76.4% |
| Operating Margin % | 47.7% | 53.6% | 34.1% | 35.1% | 33.9% |
| Net Income | $1.05B | $750M | $502M | $461M | $238M |
| Diluted EPS | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -2.7 | -2.7 | -2.4 | -2.4 | -2.3 |
| Current Ratio | 0.3 | 1.1 | 0.4 | 0.7 | 1.0 |
| Quick Ratio | 0.2 | 0.3 | 0.3 | 0.5 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.07B | $1.11B | $1.31B | $1.07B | $1.06B |
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Institutional owners (13F) 744 filers · $12.5B 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 |
|---|---|---|---|---|
| 99 (-10 vs prior Q) | 65 (-30 vs prior Q) | 245 (+33 vs prior Q) | 222 (-25 vs prior Q) | +2.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Dodge & Cox | $2,174,561,401 | 12,323,254 | 17.40% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,732,318,231 | 9,817,059 | 13.86% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,224,098,079 | 6,936,972 | 9.80% | Shares |
| STATE STREET CORP | $903,345,325 | 5,119,264 | 7.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $495,816,641 | 2,821,070 | 3.97% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $301,789,833 | 1,710,245 | 2.42% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $276,754,041 | 1,568,367 | 2.21% | Shares |
| NORGES BANK | $261,810,879 | 1,483,684 | 2.10% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $261,561,482 | 1,482,271 | 2.09% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $228,366,591 | 1,294,155 | 1.83% | Shares |
| CITADEL ADVISORS LLC | $213,326,729 | 1,208,924 | 1.71% | Shares |
| Alyeska Investment Group, L.P. | $175,058,378 | 992,057 | 1.40% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $160,195,329 | 907,828 | 1.28% | Shares |
| Long Pond Capital, LP | $158,587,249 | 898,715 | 1.27% | Shares |
| FMR LLC | $154,090,918 | 873,234 | 1.23% | Shares |
| EARNEST PARTNERS LLC | $135,516,516 | 767,973 | 1.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $123,469,238 | 699,701 | 0.99% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $111,874,471 | 636,917 | 0.90% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $105,071,695 | 595,442 | 0.84% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $101,896,827 | 577,450 | 0.82% | Shares |
| Permit Capital, LLC | $101,519,556 | 575,312 | 0.81% | Shares |
| ATLAS Infrastructure Partners (UK) Ltd. | $93,951,186 | 532,422 | 0.75% | Shares |
| Long Pond Capital, LP | $86,465,400 | 490,000 | 0.69% | Call option |
| RUSH ISLAND MANAGEMENT, LP | $80,516,933 | 456,290 | 0.64% | Shares |
| Woodline Partners LP | $65,648,767 | 372,032 | 0.53% | Shares |
| GRS Advisors, LLC | $65,090,624 | 368,869 | 0.52% | Shares |
| Quantinno Capital Management LP | $61,494,759 | 348,491 | 0.49% | Shares |
| CI INVESTMENTS INC. | $61,196,504 | 346,801 | 0.49% | Shares |
| GOLDMAN SACHS GROUP INC | $60,418,201 | 342,390 | 0.48% | Shares |
| REAVES W H & CO INC | $56,901,997 | 322,464 | 0.46% | Shares |
| Legal & General Group Plc | $53,149,928 | 301,201 | 0.43% | Shares |
| Swiss National Bank | $52,638,018 | 298,300 | 0.42% | Shares |
| AMERIPRISE FINANCIAL INC | $49,917,991 | 282,872 | 0.40% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $46,870,070 | 265,613 | 0.38% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $46,487,152 | 263,443 | 0.37% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $44,821,016 | 254,001 | 0.36% | Shares |
| BANK OF AMERICA CORP /DE/ | $41,023,597 | 232,481 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $40,909,847 | 231,837 | 0.33% | Shares |
| Vanguard Global Advisers, LLC | $40,318,287 | 228,484 | 0.32% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $36,248,413 | 205,420 | 0.29% | Shares |
| Jain Global LLC | $34,752,385 | 196,942 | 0.28% | Shares |
| NEUBERGER BERMAN GROUP LLC | $34,645,152 | 196,334 | 0.28% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $33,873,085 | 191,959 | 0.27% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $33,815,206 | 191,631 | 0.27% | Shares |
| VANGUARD GROUP INC | $33,663,203 | 174,033 | 0.27% | Shares |
| BlackRock, Inc. | $33,583,338 | 190,317 | 0.27% | Shares |
| Qube Research & Technologies Ltd | $33,338,588 | 188,930 | 0.27% | Shares |
| Clearbridge Investments, LLC | $32,767,884 | 185,696 | 0.26% | Shares |
| Ilex Capital Partners (UK) LLP | $30,701,570 | 173,986 | 0.25% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $29,324,102 | 170,380 | 0.23% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $29,287,949 | 165,975 | 0.23% | Shares |
| SORA INVESTORS LLC | $26,115,198 | 147,995 | 0.21% | Shares |
| Nuveen Asset Management, LLC | $25,838,987 | 126,786 | 0.21% | Shares |
| Kodai Capital Management LP | $25,777,692 | 117,166 | 0.21% | Shares |
| California Public Employees Retirement System | $24,495,295 | 138,815 | 0.20% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $23,167,418 | 131,116 | 0.19% | Shares |
| BARCLAYS PLC | $22,743,577 | 128,888 | 0.18% | Shares |
| Partners Group Holding AG | $22,422,596 | 127,069 | 0.18% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $21,746,577 | 123,238 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $20,945,802 | 118,700 | 0.17% | Put option |
| Magellan Asset Management Ltd | $20,462,831 | 115,963 | 0.16% | Shares |
| Benchstone Capital Management LP | $20,091,030 | 113,856 | 0.16% | Shares |
| UniSuper Management Pty Ltd | $19,355,721 | 109,689 | 0.15% | Shares |
| Skylands Capital, LLC | $19,212,965 | 108,880 | 0.15% | Shares |
| Vanguard Investments Australia, Ltd. | $19,106,912 | 108,279 | 0.15% | Shares |
| Maryland State Retirement & Pension System | $18,666,821 | 105,785 | 0.15% | Shares |
| TUDOR INVESTMENT CORP ET AL | $18,337,900 | 103,921 | 0.15% | Shares |
| AVIVA PLC | $18,316,372 | 103,799 | 0.15% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $18,167,091 | 102,953 | 0.15% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $18,080,146 | 98,390 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $18,059,502 | 104,930 | 0.14% | Shares |
| KETTLE HILL CAPITAL MANAGEMENT, LLC | $17,845,047 | 101,128 | 0.14% | Shares |
| OMERS ADMINISTRATION Corp | $16,012,157 | 90,741 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $15,892,341 | 90,062 | 0.13% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $15,862,342 | 89,892 | 0.13% | Shares |
| TORONTO DOMINION BANK | $15,469,895 | 87,668 | 0.12% | Shares |
| Swedbank AB | $15,283,376 | 86,611 | 0.12% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $14,931,869 | 84,619 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,628,534 | 82,900 | 0.12% | Call option |
| Retirement Systems of Alabama | $14,416,782 | 81,700 | 0.12% | Shares |
| Moran Wealth Management, LLC | $13,979,161 | 79,220 | 0.11% | Shares |
| TWO SIGMA ADVISERS, LP | $13,810,902 | 71,400 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $13,513,483 | 76,581 | 0.11% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $13,077,451 | 74,110 | 0.10% | Shares |
| Nuveen, LLC | $12,816,290 | 72,630 | 0.10% | Shares |
| FIRST TRUST ADVISORS LP | $12,566,888 | 71,217 | 0.10% | Shares |
| Hudson Bay Capital Management LP | $12,440,430 | 70,500 | 0.10% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $12,424,372 | 70,409 | 0.10% | Shares |
| BANK OF MONTREAL /CAN/ | $12,271,558 | 69,543 | 0.10% | Shares |
| STEADFAST CAPITAL MANAGEMENT LP | $11,822,820 | 67,000 | 0.09% | Shares |
| Pictet Asset Management Holding SA | $11,580,717 | 65,628 | 0.09% | Shares |
| Verition Fund Management LLC | $11,575,247 | 65,597 | 0.09% | Shares |
| Aberdeen Group plc | $11,531,308 | 65,348 | 0.09% | Shares |
| APG Asset Management N.V. | $11,448,524 | 74,176 | 0.09% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $11,238,561 | 63,689 | 0.09% | Shares |
| Walleye Capital LLC | $11,140,802 | 63,135 | 0.09% | Shares |
| AVENIR CORP | $10,936,814 | 61,979 | 0.09% | Shares |
| MACQUARIE GROUP LTD | $10,869,936 | 61,600 | 0.09% | Shares |
| NATIXIS | $10,733,709 | 60,828 | 0.09% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $10,710,233 | 62,229 | 0.09% | Shares |
Company insiders 31 insiders · 12 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Anthony J Macaione | Senior Vice President and CFO | Sept. 10, 2008 M | 43,875 | 0 | 0 | $0 |
| Donald Day | EVP - SITE LEASING | Aug. 1, 2026 M | 9,992 | 0 | 0 | $0 |
| Jason V Silberstein | EVP - Site Leasing | Dec. 29, 2023 G | 29,508 | 0 | 0 | $0 |
| Brian D Lazarus | SVP & Chief Accounting Officer | Dec. 13, 2023 M | 7,085 | 0 | 0 | $0 |
| Mark R Ciarfella | EVP - Operations | Nov. 29, 2023 M | 29,005 | 0 | 0 | $0 |
| Joshua Koenig | Executive VP/General Counsel | Nov. 27, 2023 S | 5,181 | 0 | 0 | $0 |
| Marc Montagner | EVP - Finance | Oct. 17, 2023 A | — | 0 | 0 | $0 |
| Richard M Cane | EVP; Pres. - International | March 6, 2023 A | 2,074 | 0 | 0 | $0 |
| Dipan D Patel | EVP Tech., Strat. & New Bus. | March 6, 2023 A | 6,540 | 0 | 0 | $0 |
| Kurt L Bagwell | EVP; Pres. - International | March 9, 2022 S | 29,529 | 0 | 0 | $0 |
| Thomas P Hunt | Executive VP/General Counsel | March 4, 2022 A | 122,743 | 0 | 0 | $0 |
| Pamela J Kline | VP-Capital Markets & Treasurer | Feb. 11, 2004 A | — | 0 | 0 | $0 |
| George R Krouse Jr | Director | Aug. 17, 2026 S | 8,512 | 0 | 1 | $-54,801 |
| Kevin L Beebe | Director | May 22, 2026 A | 16,644 | 0 | 0 | $0 |
| Jeffrey Stoops | Director | May 22, 2026 A | 141,465 | 0 | 0 | $0 |
| BERNSTEIN STEVEN E | Director | May 22, 2026 A | 7,140 | 0 | 0 | $0 |
| Laurie Bowen | Director | May 25, 2023 A | — | 0 | 0 | $0 |
| Amy E Wilson | Director | May 25, 2023 A | — | 0 | 0 | $0 |
| Jay Lecoryelle Johnson | Director | May 25, 2023 A | 110 | 0 | 0 | $0 |
| Mary S Chan | Director | May 25, 2023 A | 4,622 | 0 | 0 | $0 |
| Fidelma Russo | Director | May 1, 2023 M | 703 | 0 | 0 | $0 |
| Duncan Cocroft | Director | May 1, 2023 M | 65,842 | 0 | 0 | $0 |
| Brian C Carr | Director | May 1, 2021 M | 573 | 0 | 0 | $0 |
| Steven E Nielsen | Director | March 12, 2009 M | 10,000 | 0 | 0 | $0 |
| Philip L Hawkins | Director | March 10, 2009 M | 3,000 | 0 | 0 | $0 |
| Donald B Hebb JR | Director | July 30, 2004 A | — | 0 | 0 | $0 |
| AAT Holdings, LLC | 10% owner | May 30, 2006 S | 6,512,686 | 0 | 0 | $0 |
| Jack Langer | — | May 22, 2026 A | 8,704 | 0 | 0 | $0 |
| Brendan Thomas Cavanagh | — | March 5, 2026 A | 63,782 | 0 | 0 | $0 |
| John F Fiedor | — | June 9, 2004 M | 0 | 0 | 0 | $0 |
| Richard W Miller | — | May 6, 2004 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Richard B. Worley Not Applicable, Permit Capital Telecom, L.P., Permit Capital GP, L.P. 043713293, Permit Capital Gp, Inc. 043713287 ×3 filings | Feb. 24, 2004 | — | Initial filing | Passive investment | SEC |
| Richard B. Worley S.S. or, Permit Capital Telecom, L.P. S.S. or, Permit Capital GP, L.P. S.S. or, Permit Capital GP, Inc. S.S. or ×3 filings | Dec. 22, 2003 | — | Initial filing | Passive investment | SEC |
| Richard B. Worley, Permit Capital Telecom, L.P., Permit Capital GP, L.P. 043713293, Permit Capital GP, Inc. 043713287 | Feb. 28, 2003 | — | Initial filing | Passive investment | SEC |
| Richard B. Worley S.S or I.R.S Identification No. of Above Person: Not Applicable, Permit Capital Telecom, L.P. S.S. or, Permit Capital GP, L.P. S.S. or, Permit Capital GP, Inc. S.S. or | Feb. 18, 2003 | — | 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 168 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 |
|---|---|---|---|---|
| LPRE · Exchange Listed Funds Trust | 5.45% | 42,002 NS | May 31, 2026 | N-PORT |
| REAI · Tidal Trust I | 4.91% | 239 NS | April 30, 2026 | N-PORT |
| SRVR · Pacer Funds Trust | 4.86% | 86,875 NS | April 30, 2026 | N-PORT |
| TMFM · RBB Fund, Inc. | 4.49% | 25,794 NS | May 31, 2026 | N-PORT |
| IRET · Tidal Trust II | 3.81% | 456 NS | April 30, 2026 | N-PORT |
| DTCR · Global X Funds | 3.62% | 382,444 NS | May 31, 2026 | N-PORT |
| RNTY · Tidal Trust II | 2.66% | 612 NS | April 30, 2026 | N-PORT |
| RDOG · ALPS ETF Trust | 2.15% | 1,185 NS | May 31, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 1.80% | 137,276 NS | April 30, 2026 | N-PORT |
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 1.70% | 39,553 NS | May 31, 2026 | N-PORT |
| DRN · Direxion Shares ETF Trust | 1.64% | 3,484 NS | April 30, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 1.64% | 1,103 NS | April 30, 2026 | N-PORT |
| URE · ProShares Trust | 1.59% | 4,390 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 1.57% | 102,132 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 1.53% | 753,739 NS | May 31, 2026 | N-PORT |
| EPSB · Harbor ETF Trust | 1.48% | 311 NS | April 30, 2026 | N-PORT |
| TMFG · RBB Fund, Inc. | 1.22% | 21,376 NS | May 31, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 1.20% | 189,608 NS | April 30, 2026 | N-PORT |
| AVRE · AMERICAN CENTURY ETF TRUST | 1.19% | 47,520 NS | May 31, 2026 | N-PORT |
| EPMB · Harbor ETF Trust | 1.07% | 217 NS | April 30, 2026 | N-PORT |
| TOLZ · ProShares Trust | 0.99% | 8,535 NS | May 31, 2026 | N-PORT |
| IQRA · New York Life Investments Active ET… | 0.91% | 283 NS | April 30, 2026 | N-PORT |
| FLCV · Federated Hermes ETF Trust | 0.70% | 3,302 NS | May 31, 2026 | N-PORT |
| SOVF · Elevation Series Trust | 0.56% | 2,403 NS | April 30, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 0.55% | 10,697 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.45% | 4,169 NS | May 31, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.31% | 43,616 NS | April 30, 2026 | N-PORT |
| ESLG · Strategy Shares | 0.31% | 270 NS | April 30, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.28% | 3,544 NS | April 30, 2026 | N-PORT |
| LGDX · Tidal Trust III | 0.22% | 1,352 NS | April 30, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.18% | 15,857 NS | May 31, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 32,062 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.14% | 1,931 NS | May 29, 2026 | N-PORT |
| FQAL · FIDELITY COVINGTON TRUST | 0.14% | 8,655 NS | April 30, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.13% | 914 NS | April 30, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.12% | 28,968 NS | April 30, 2026 | N-PORT |
| USNZ · DBX ETF Trust | 0.11% | 1,680 NS | May 29, 2026 | N-PORT |
| EQL · ALPS ETF Trust | 0.09% | 5,910 NS | May 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.08% | 594 NS | April 30, 2026 | N-PORT |
| SCHG · SCHWAB STRATEGIC TRUST | 0.08% | 226,631 NS | May 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.07% | 1,027 NS | April 30, 2026 | N-PORT |
| USSG · DBX ETF Trust | 0.06% | 1,821 NS | May 29, 2026 | N-PORT |
| EGLE · Global X Funds | 0.06% | 6 NS | April 30, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.06% | 1,289 NS | May 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.06% | 3 NS | April 30, 2026 | N-PORT |
| SNPE · DBX ETF Trust | 0.05% | 7,396 NS | May 29, 2026 | N-PORT |
| SPXT · ProShares Trust | 0.05% | 715 NS | May 31, 2026 | N-PORT |
| SPXD · DBX ETF Trust | 0.05% | 18 NS | May 31, 2026 | N-PORT |
| JUST · Goldman Sachs ETF Trust | 0.05% | 1,427 NS | May 31, 2026 | N-PORT |
| XMAG · Tidal Trust II | 0.05% | 354 NS | May 31, 2026 | N-PORT |