SEI Solaris Energy Infrastructure, Inc. Class A Common Stock
$58.42
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$25–$86
55% of range
Analyst Rating
BUY
20 analysts
Price Target
$94
+62% upside
P/E (TTM)
28.9
ROE
6.6%
Net Profit Margin
4.9%
SEI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$58.42
Market Cap
—
P/E (TTM)
28.9
EPS (TTM)
—
Revenue (TTM)
$622M
Div Yield
—
ROE
6.6%
Debt/Equity
0.3
52W Range
$25 – $86
SEI 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
$622M
2016-12-31
→
2025-12-31
EPS
—
2017-12-31
→
2018-12-31
Free Cash Flow
$-438M
2017-12-31
→
2025-12-31
Margins
4.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SEI
Peer Median
P/E (TTM)
28.9
39.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SEI
Peer Median
Operating Margin
21.8%
—
Net Profit Margin
4.9%
6.2%
ROA
1.8%
4.0%
ROE
6.6%
8.1%
ROIC
14.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SEI
Peer Median
Debt / Equity
0.3
—
Current Ratio
3.0
1.7
Quick Ratio
2.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SEI
Peer Median
Revenue YoY
98.7%
—
Revenue CAGR 3Y
24.8%
—
Revenue CAGR 5Y
43.3%
—
Net Income YoY
90.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SEI
Peer Median
Payout Ratio
72.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
72.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 2, 2026 | $0.1200 |
| March 10, 2026 | $0.1200 |
| Dec. 8, 2025 | $0.1200 |
| Sept. 16, 2025 | $0.1200 |
| June 3, 2025 | $0.1200 |
| March 11, 2025 | $0.1200 |
| Dec. 6, 2024 | $0.1200 |
| Aug. 23, 2024 | $0.1200 |
| June 7, 2024 | $0.1200 |
| March 8, 2024 | $0.1200 |
| Nov. 30, 2023 | $0.1200 |
| Sept. 1, 2023 | $0.1100 |
| June 5, 2023 | $0.1100 |
| March 13, 2023 | $0.1100 |
| Dec. 5, 2022 | $0.1050 |
| Sept. 2, 2022 | $0.1050 |
| June 6, 2022 | $0.1050 |
| March 4, 2022 | $0.1050 |
| Dec. 6, 2021 | $0.1050 |
| Sept. 13, 2021 | $0.1050 |
SEI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 5 25.0%
- Buy 13 65.0%
- Hold 2 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-18
Median
$94.00
← Below all targets
$58.42
Low
$73.00
High
$120.00
Median target
$94.00
+60.9%
Mean target
$94.41
+61.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.10%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.39 | $0.35 | 0.04% |
| March 31, 2026 | $0.44 | $0.27 | 0.17% |
| Dec. 31, 2025 | $0.35 | $0.27 | 0.08% |
| Sept. 30, 2025 | $0.34 | $0.25 | 0.09% |
| June 30, 2025 | $0.34 | $0.18 | 0.16% |
| March 31, 2025 | $0.20 | $0.13 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SEI | — | 28.9 | 98.7% | 4.9% | 6.6% | — |
| AROC | — | 14.2 | 28.7% | 21.6% | 22.2% | 48.6% |
| OII | — | 6.9 | 4.6% | 12.7% | 39.6% | 20.4% |
| WHD | — | 55.0 | -4.5% | 15.4% | 14.4% | — |
| TDW | $2.50B | 7.6 | 0.52% | 24.7% | 27.0% | — |
| WBI | — | — | 66.2% | — | — | — |
| USAC | — | — | 5.0% | 11.2% | — | — |
| NESR | $1.58B | 30.1 | 1.7% | 3.9% | 5.5% | 12.4% |
| LBRT | — | 20.7 | -7.2% | 3.7% | 7.2% | — |
| EROK | — | — | — | — | — | — |
| WTTR | — | — | -3.1% | 1.5% | 2.6% | 14.4% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $622M | $313M | $293M | $320M | $159M | $103M | $242M | $197M | $67M | $18M | |
| R&D Expense | · | · | · | · | · | $0 | $0 | $0 | $210.0K | $476.0K | |
| SG&A Expense | $62M | $36M | $27M | $23M | $19M | $16M | $19M | $17M | $14M | $2M | |
| Operating Expenses | $487M | $260M | $243M | $278M | $160M | $163M | $134M | $98M | $42M | $15M | |
| Operating Income | $135M | $53M | $50M | $42M | $-387.0K | $-60M | $108M | $99M | $25M | $3M | |
| Interest Expense | · | · | · | · | · | · | $634.0K | $374.0K | $97.0K | $23.0K | |
| Interest Income | $7M | $1M | $144.0K | · | · | · | · | · | · | · | |
| Other Non-op | · | · | · | · | · | · | · | · | · | $8.0K | |
| Pretax Income | $73M | $37M | $47M | $41M | $-634.0K | $-60M | $107M | $99M | $48M | $3M | |
| Income Tax | $15M | $8M | $8M | $8M | $626.0K | $-9M | $17M | $13M | $34M | $43.0K | |
| Net Income | $30M | $16M | $24M | $21M | $-868.0K | $-29M | $52M | $42M | $-4M | · | |
| EPS (Basic) | · | · | · | · | · | · | · | $1.60 | $-0.34 | · | |
| EPS (Diluted) | · | · | · | · | · | · | · | $1.59 | $-0.34 | · | |
| Shares (Basic) | · | · | · | · | · | · | · | 25,678 | 12,117 | · | |
| Shares (Diluted) | · | · | · | · | · | · | · | 25,829 | 12,117 | · | |
| EBITDA | $220M | $100M | $86M | $72M | $27M | $-60M | $108M | $99M | $25M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $353M | $114M | $6M | $9M | $36M | $60M | $67M | $25M | $63M | $4M | |
| Receivables | $103M | $72M | · | $65M | $30M | $18M | $39M | $40M | $13M | $5M | |
| Inventory | $14M | $11M | $7M | $5M | $2M | $954.0K | $7M | $10M | $8M | $1M | |
| Prepaid Expense | $12M | $8M | $4M | $5M | $10M | $2M | $5M | $5M | $4M | $403.0K | |
| Other Current Assets | · | · | $2M | $2M | $2M | $1M | $2M | $1M | $241.0K | $94.0K | |
| Current Assets | $483M | $251M | $67M | $89M | $81M | $82M | $118M | $81M | $88M | $10M | |
| PP&E (Net) | · | · | · | · | · | · | $307M | $297M | $151M | $54M | |
| PP&E (Gross) | · | · | · | · | · | · | $366M | $330M | $166M | $63M | |
| Accum. Depreciation | · | · | · | · | · | · | $60M | $33M | $15M | $8M | |
| Goodwill | $105M | $104M | $13M | $13M | $13M | $13M | $17M | $17M | $17M | $13M | |
| Intangibles | $60M | $72M | $702.0K | $1M | $2M | $3M | $4M | $5M | $5M | $36.0K | |
| Other Non-current Assets | $15M | $1M | $342.0K | $268.0K | $57.0K | $463.0K | $625.0K | $1M | $260.0K | · | |
| Total Assets | $2.14B | $1.13B | $468M | $463M | $406M | $412M | $505M | $459M | $300M | $77M | |
| Accounts Payable | $78M | $21M | $13M | $26M | $10M | $7M | $4M | $9M | $5M | $705.0K | |
| Accrued Liabilities | $68M | $23M | $20M | $25M | $17M | $12M | $14M | $13M | $15M | $2M | |
| Short-term Debt | · | · | · | $1M | · | · | · | · | · | $169.0K | |
| Current Liabilities | $163M | $66M | $37M | $56M | $29M | $20M | $20M | $35M | $21M | $3M | |
| Capital Leases | $8M | $8M | $12M | $6M | $7M | $7M | $8M | $154.0K | $179.0K | $213.0K | |
| Deferred Tax | $7M | $8M | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $44.0K | $44.0K | $44.0K | $367.0K | $384.0K | $594.0K | $460.0K | $633.0K | · | · | |
| Total Liabilities | $1.32B | $464M | $153M | $145M | $108M | $96M | $95M | $118M | $46M | $6M | |
| Long-term Debt | $184M | $316M | $30M | · | · | · | · | · | · | · | |
| Total Debt | $184M | $316M | · | · | · | · | · | · | · | · | |
| Paid-in Capital | $538M | $338M | $188M | $203M | $197M | $180M | $192M | $164M | $118M | · | |
| Retained Earnings | $26M | $18M | $17M | $13M | $6M | $21M | $74M | $36M | $-4M | $2M | |
| Treasury Stock | · | · | · | · | · | · | $3M | $1M | $261.0K | · | |
| Stockholders' Equity | $564M | $356M | $206M | $216M | $203M | $201M | $264M | $198M | $113M | $71M | |
| Liabilities + Equity | $2.14B | $1.13B | $468M | $463M | $406M | $412M | $505M | $459M | $300M | $77M |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $84M | $47M | $36M | $30M | $27M | $27M | $27M | $18M | $7M | $4M | |
| Stock-based Comp | $23M | $11M | $8M | $6M | $5M | $5M | $4M | $4M | $4M | $127.0K | |
| Deferred Tax | $16M | $6M | $7M | $8M | $132.0K | $-9M | $16M | $12M | $33M | · | |
| Amort. of Intangibles | $12M | $3M | $700.0K | $774.0K | $779.0K | $779.0K | $779.0K | $801.0K | $46.0K | $1.0K | |
| Other Non-cash | $55M | $-21M | $14M | $3M | $-15M | · | · | · | · | · | |
| Operating Cash Flow | $209M | $59M | $89M | $68M | $16M | $44M | $115M | $116M | $27M | $5M | |
| CapEx | $647M | $188M | $64M | $81M | $20M | $5M | $35M | $161M | $94M | $11M | |
| Investing Cash Flow | $-686M | $-305M | $-62M | $-80M | $-20M | $-4M | $-34M | $-161M | $-99M | $-11M | |
| Stock Issued | $0 | $161M | $0 | · | · | · | · | · | $45M | · | |
| Stock Repurchased | $0 | $8M | $26M | · | · | $27M | $3M | · | · | · | |
| Net Stock Activity | $0 | $153M | $-26M | · | · | $-27M | $-3M | · | $45M | · | |
| Dividends Paid | $22M | $15M | $14M | $14M | $13M | $12M | $13M | $3M | · | · | |
| Financing Cash Flow | $671M | $400M | $-30M | $-16M | $-21M | $-47M | $-39M | $6M | $132M | $3M | |
| Net Change in Cash | $193M | $154M | $-3M | $-28M | $-24M | $-7M | $42M | $-38M | $60M | $-3M | |
| Taxes Paid | $799.0K | $503.0K | $478.0K | $370.0K | $325.0K | $796.0K | $663.0K | $314.0K | $45.0K | $35.0K | |
| Free Cash Flow | $-438M | $-129M | $26M | $-13M | $-3M | $39M | $80M | $-45M | $-67M | · | |
| Levered FCF | · | · | · | · | · | · | $79M | $-45M | $-67M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 21.8% | 16.9% | 17.0% | 13.1% | -0.24% | -58.2% | 44.7% | 50.3% | 37.8% | · | |
| Net Margin | 4.9% | 5.1% | 8.3% | 6.6% | -0.55% | -28.5% | 21.5% | 21.5% | 5.4% | · | |
| Pretax Margin | 11.8% | 11.8% | 15.9% | 12.9% | -0.40% | -58.3% | 44.4% | 50.2% | 71.8% | · | |
| EBITDA Margin | 35.3% | 31.9% | 29.4% | 22.6% | 16.9% | -58.2% | 44.7% | 50.3% | 37.8% | · | |
| ROA | 1.8% | 2.0% | 5.2% | 4.9% | -0.21% | -6.4% | 10.8% | · | 2.0% | · | |
| ROE | 6.6% | 5.6% | 11.5% | 10.1% | -0.43% | -12.6% | 22.5% | · | 3.7% | · | |
| ROIC | 14.5% | 6.2% | 20.2% | 15.7% | -0.38% | -25.3% | 34.4% | · | 9.4% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 3.8 | 1.8 | 1.6 | 2.8 | 4.0 | 5.8 | · | 4.3 | · | |
| Quick Ratio | 2.8 | 1.7 | 0.2 | 1.3 | 2.4 | 3.9 | 5.2 | · | 3.7 | · | |
| Debt / Equity | 0.3 | 0.9 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.3 | 0.9 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | 170.2 | 265.5 | 262.5 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.6 | 0.7 | 0.4 | 0.2 | 0.5 | · | 0.4 | · | |
| Receivables Turnover | 7.1 | · | · | 6.8 | 6.2 | 3.6 | 12.0 | · | 7.7 | · |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 98.7% | 6.9% | -8.5% | 101.0% | 54.6% | · | · | · | · | · | |
| Revenue CAGR 3Y | 24.8% | 25.3% | 41.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 43.3% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 90.8% | -35.0% | 15.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 12.6% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 11.9% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $622M | $313M | $293M | $320M | $159M | $103M | $242M | $197M | $67M | · | |
| Net Income TTM | $30M | $16M | $24M | $21M | $-868.0K | $-29M | $52M | $42M | $-4M | · | |
| P/E | 28.9 | 18.1 | 5.0 | 6.2 | 4.1 | 5.1 | 8.8 | 7.6 | -63.0 | · | |
| Earnings Yield | 3.5% | 5.5% | 20.0% | 16.0% | 24.3% | 19.5% | 11.4% | 13.2% | -1.6% | · | |
| Payout Ratio | 72.1% | 92.4% | 57.8% | 65.2% | -1544.6% | -42.2% | 24.5% | · | · | · | |
| Annual Payout | $22M | $15M | $14M | $14M | $13M | $12M | $13M | $3M | · | · |
Income Statement 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $219M | $196M | $180M | $167M | $149M | $126M | $96M | $75M | $74M | $68M | $63M | $70M | $77M | $83M | $84M | $92M | |
| SG&A Expense | $30M | $21M | $16M | $16M | $15M | $15M | $11M | $9M | $8M | $8M | $7M | $6M | $7M | $7M | $6M | $6M | |
| Operating Expenses | $163M | $146M | $140M | $129M | $114M | $104M | $71M | $70M | $62M | $58M | $54M | $60M | $61M | $68M | $74M | $78M | |
| Operating Income | $57M | $51M | $40M | $38M | $36M | $22M | $26M | $5M | $12M | $10M | $9M | $10M | $16M | $15M | $10M | $14M | |
| Interest Income | $5M | $3M | · | · | $2M | $1M | · | · | · | · | · | · | · | · | · | · | |
| Pretax Income | $30M | $47M | $-3M | $29M | $30M | $17M | $18M | $-2M | $11M | $9M | $8M | $9M | $15M | $14M | $10M | $14M | |
| Income Tax | $5M | $15M | $743.0K | $4M | $6M | $4M | $4M | $460.0K | $1M | $2M | $1M | $1M | $3M | $2M | $2M | $2M | |
| Net Income | $20M | $21M | $-2M | $15M | $12M | $5M | $6M | $-968.0K | $6M | $4M | $4M | $5M | $8M | $8M | $5M | $7M | |
| EBITDA | $57M | $75M | · | $38M | $36M | $42M | · | $16M | $21M | $20M | · | $19M | $25M | $23M | · | $22M |
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 | $824M | $344M | $353M | $107M | $100M | $17M | $114M | $19M | $5M | $3M | · | $3M | $9M | $2M | $9M | $10M | |
| Receivables | $210M | $148M | $103M | $130M | $114M | $90M | $72M | · | · | · | · | · | · | $68M | · | $68M | |
| Inventory | $25M | $18M | $14M | $12M | $12M | $11M | $11M | $11M | $9M | $7M | · | $7M | $9M | $8M | $5M | $6M | |
| Prepaid Expense | $10M | $10M | $12M | $12M | $18M | $8M | $8M | $6M | $7M | $3M | · | $6M | $6M | $4M | $5M | $9M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | |
| Current Assets | $1.07B | $521M | $483M | $262M | $282M | $126M | $251M | $197M | $75M | $63M | · | $75M | $86M | $86M | $89M | $96M | |
| Goodwill | $105M | $105M | $105M | $106M | $104M | $104M | $104M | $101M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | |
| Intangibles | $69M | $73M | $60M | $63M | $65M | $68M | $72M | $74M | $339.0K | $521.0K | · | $884.0K | $1M | $1M | $1M | $2M | |
| Other Non-current Assets | $31M | $17M | $15M | $6M | $6M | $1M | $1M | $1M | $492.0K | $291.0K | · | $275.0K | $326.0K | $239.0K | $268.0K | $295.0K | |
| Total Assets | $4.21B | $3.00B | $2.14B | $1.57B | $1.47B | $1.13B | $1.13B | $939M | $458M | $457M | · | $481M | $484M | $473M | $463M | $460M | |
| Accounts Payable | $168M | $65M | $78M | $43M | $41M | $28M | $21M | $16M | $16M | $12M | · | $20M | $29M | $30M | $26M | $26M | |
| Accrued Liabilities | $56M | $49M | $68M | $33M | $25M | $26M | $23M | $17M | $18M | $16M | · | $18M | $17M | $22M | $25M | $30M | |
| Short-term Debt | · | · | · | · | · | · | · | · | $3M | $3M | · | · | · | · | · | · | |
| Current Liabilities | $259M | $468M | $163M | $109M | $91M | $75M | $66M | $55M | $60M | $35M | · | $43M | $51M | $55M | $56M | $61M | |
| Capital Leases | $14M | $13M | $8M | $7M | $8M | $8M | $8M | $11M | $11M | $11M | · | $13M | $7M | $6M | $6M | $6M | |
| Deferred Tax | $12M | $9M | $7M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $44.0K | $44.0K | $44.0K | $44.0K | $44.0K | $44.0K | $44.0K | $44.0K | $44.0K | $44.0K | · | $120.0K | $126.0K | $364.0K | $367.0K | $372.0K | |
| Total Liabilities | $3.05B | $1.89B | $1.32B | $708M | $692M | $462M | $464M | $446M | $141M | $147M | · | $168M | $176M | $163M | $145M | $147M | |
| Long-term Debt | $1.61B | $715M | $184M | $383M | $386M | $316M | $316M | $315M | · | · | · | · | · | · | · | · | |
| Total Debt | $1.61B | $715M | · | $18M | $17M | $316M | · | $315M | $3M | $3M | · | · | · | · | · | · | |
| Paid-in Capital | $848M | $740M | $538M | $512M | $373M | $343M | $338M | $206M | $185M | $183M | · | $188M | $187M | $194M | $203M | $202M | |
| Retained Earnings | $54M | $41M | $26M | $34M | $25M | $18M | $18M | $15M | $20M | $17M | · | $17M | $15M | $13M | $13M | $12M | |
| Stockholders' Equity | $902M | $781M | $564M | $547M | $399M | $361M | $356M | $222M | $205M | $200M | · | $205M | $202M | $208M | $216M | $214M | |
| Liabilities + Equity | $4.21B | $3.00B | $2.14B | $1.57B | $1.47B | $1.13B | $1.13B | $939M | $458M | $457M | · | $481M | $484M | $473M | $463M | $460M |
Cash Flow 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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $40M | $25M | $23M | $22M | $18M | $20M | $17M | $11M | $10M | $10M | $10M | $9M | $9M | $8M | $9M | $8M | |
| Stock-based Comp | $12M | $7M | $6M | $5M | $5M | $7M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | |
| Deferred Tax | $5M | $15M | $4M | $3M | $5M | $4M | $3M | $286.0K | $1M | $2M | $1M | $1M | $3M | $2M | $3M | $2M | |
| Amort. of Intangibles | $4M | $3M | $3M | $3M | $3M | $3M | $2M | $600.0K | $200.0K | $200.0K | $200.0K | $200.0K | · | · | · | · | |
| Other Non-cash | · | $11M | · | · | · | $-11M | · | · | · | $-1M | · | · | · | $-3M | · | · | |
| Operating Cash Flow | $186M | $79M | $96M | $63M | $24M | $26M | $13M | $11M | $19M | $17M | $25M | $19M | $27M | $17M | $24M | $22M | |
| CapEx | $492M | $343M | $255M | $63M | $185M | $144M | $127M | $58M | $663.0K | $3M | $7M | $17M | $21M | $19M | $22M | $27M | |
| Investing Cash Flow | $-496M | $-455M | $-264M | $-85M | $-193M | $-144M | $-115M | $-186M | $-292.0K | $-3M | $-7M | $-15M | $-21M | $-19M | $-22M | $-26M | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $0 | $0 | $8M | $679.0K | $0 | $11M | $14M | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $-8M | · | · | · | $-14M | · | · | |
| Dividends Paid | $8M | $7M | $6M | $6M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $4M | $3M | $4M | |
| Financing Cash Flow | $860M | $367M | $415M | $-11M | $291M | $-25M | $145M | $287M | $-17M | $-16M | $-15M | $-10M | $1M | $-5M | $-4M | $-48.0K | |
| Net Change in Cash | $550M | $-9M | $247M | $-32M | $122M | $-143M | $43M | $111M | $2M | $-2M | $2M | $-6M | $7M | $-7M | $-2M | $-5M | |
| Taxes Paid | · | $187.0K | $-151.0K | $168.0K | $782.0K | $0 | $-17.0K | $0 | $444.0K | $76.0K | $0 | $280.0K | $197.0K | $1.0K | $0 | $0 | |
| Free Cash Flow | · | $-264M | · | · | · | $-119M | · | · | · | $14M | · | · | · | $-2M | · | · |
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 | 25.8% | 25.8% | · | 22.7% | 23.8% | 17.5% | · | 7.0% | 16.0% | 14.7% | · | 14.3% | 20.4% | 18.0% | · | 15.2% | |
| Net Margin | 9.3% | 10.9% | · | 8.7% | 8.0% | 4.2% | · | -1.3% | 8.4% | 6.4% | · | 7.1% | 9.8% | 9.2% | · | 8.0% | |
| Pretax Margin | 13.8% | 24.1% | · | 17.3% | 20.2% | 13.4% | · | -2.3% | 15.1% | 13.5% | · | 12.8% | 19.3% | 17.4% | · | 15.0% | |
| EBITDA Margin | 25.8% | 38.4% | · | 22.7% | 23.8% | 33.3% | · | 21.7% | 29.0% | 29.3% | · | 27.5% | 32.2% | 28.2% | · | 23.5% | |
| ROA | 0.72% | 1.0% | · | 1.2% | 1.2% | 0.67% | · | -0.14% | 1.3% | 0.93% | · | 1.1% | 1.6% | 1.7% | · | 1.7% | |
| ROE | 3.1% | 3.8% | · | 3.8% | 4.0% | 1.9% | · | -0.45% | 3.0% | 2.1% | · | 2.4% | 3.7% | 3.7% | · | 3.5% | |
| ROIC | 1.9% | 2.3% | · | 5.8% | 6.9% | 2.5% | · | 1.2% | 5.0% | 3.9% | · | 4.2% | 6.4% | 5.9% | · | 5.5% |
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 | 4.1 | 1.1 | · | 2.4 | 3.1 | 1.7 | · | 3.6 | 1.3 | 1.8 | · | 1.7 | 1.7 | 1.6 | · | 1.6 | |
| Quick Ratio | 4.0 | 1.1 | · | 2.2 | 2.4 | 1.4 | · | 0.3 | 0.1 | 0.1 | · | 0.1 | 0.2 | 1.3 | · | 1.3 | |
| Debt / Equity | 1.8 | 0.9 | · | 0.0 | 0.0 | 0.9 | · | 1.4 | 0.0 | 0.0 | · | · | · | · | · | · | |
| LT Debt / Equity | 1.8 | 0.5 | · | · | · | 0.8 | · | 1.4 | · | · | · | · | · | · | · | · |
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 | 0.2 | 0.2 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 1.4 | 1.6 | · | 1.7 | 1.7 | 1.6 | · | · | · | · | · | · | · | 1.5 | · | 1.7 |
Valuation (TTM) 6
| 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 | $732M | $639M | · | $518M | $425M | $343M | · | $286M | $289M | $297M | · | $322M | $339M | $319M | · | $285M | |
| Net Income TTM | $68M | $53M | · | $31M | $23M | $15M | · | $14M | $23M | $24M | · | $27M | $28M | $24M | · | $17M | |
| P/E | 50.6 | 35.5 | · | 25.1 | 17.8 | 13.7 | · | 8.0 | 5.4 | 5.5 | · | 6.7 | 5.2 | 5.4 | · | 5.9 | |
| Earnings Yield | 2.0% | 2.8% | · | 4.0% | 5.6% | 7.3% | · | 12.5% | 18.5% | 18.3% | · | 14.9% | 19.1% | 18.6% | · | 17.0% | |
| Payout Ratio | 36.6% | 32.3% | · | 39.9% | 41.0% | 88.1% | · | -382.2% | 58.0% | 84.5% | · | 68.9% | 45.1% | 48.3% | · | · | |
| Annual Payout | $25M | $22M | · | $19M | $17M | $16M | · | $14M | $14M | $14M | · | $14M | $14M | $14M | · | · |
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 | $622M | $313M | $293M | $320M | $159M |
| Operating Margin % | 21.8% | 16.9% | 17.0% | 13.1% | -0.24% |
| Net Income | $30M | $16M | $24M | $21M | $-868.0K |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.9 | — | — | — |
| Current Ratio | 3.0 | 3.8 | 1.8 | 1.6 | 2.8 |
| Quick Ratio | 2.8 | 1.7 | 0.2 | 1.3 | 2.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-438M | $-129M | $26M | $-13M | $-3M |
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Institutional owners (13F) 471 filers · $4.8B 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 |
|---|---|---|---|---|
| 122 (+28 vs prior Q) | 37 (-17 vs prior Q) | 144 (+22 vs prior Q) | 131 (+20 vs prior Q) | +9.6M |
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 |
|---|---|---|---|---|
| Encompass Capital Advisors LLC | $202,727,338 | 2,519,604 | 4.25% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $196,936,310 | 2,447,630 | 4.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $171,838,422 | 2,135,700 | 3.60% | Call option |
| TWO SIGMA INVESTMENTS, LP | $159,299,616 | 1,979,861 | 3.34% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $136,205,745 | 1,692,838 | 2.85% | Shares |
| Valiant Capital Management, L.P. | $129,085,680 | 1,604,346 | 2.71% | Shares |
| Driehaus Capital Management LLC | $127,527,893 | 1,584,985 | 2.67% | Shares |
| STATE STREET CORP | $119,653,594 | 1,487,464 | 2.51% | Shares |
| JENNISON ASSOCIATES LLC | $103,608,439 | 1,287,701 | 2.17% | Shares |
| VAN ECK ASSOCIATES CORP | $103,501,974 | 1,286,378 | 2.17% | Shares |
| JANE STREET GROUP, LLC | $94,669,236 | 1,176,600 | 1.98% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $92,750,955 | 1,152,488 | 1.94% | Shares |
| Clearbridge Investments, LLC | $91,576,245 | 1,138,159 | 1.92% | Shares |
| Situational Awareness LP | $90,889,306 | 1,129,621 | 1.91% | Shares |
| Korea Investment CORP | $88,184,160 | 1,096,000 | 1.85% | Shares |
| Advent International, L.P. | $88,057,596 | 1,094,427 | 1.85% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $85,940,452 | 1,068,114 | 1.80% | Shares |
| GOLDMAN SACHS GROUP INC | $72,438,509 | 900,305 | 1.52% | Shares |
| NEUBERGER BERMAN GROUP LLC | $66,232,785 | 823,309 | 1.39% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $65,634,578 | 815,742 | 1.38% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $63,900,045 | 794,184 | 1.34% | Shares |
| Situational Awareness Partners LP | $62,474,687 | 1,105,551 | 1.31% | Shares |
| Alyeska Investment Group, L.P. | $61,290,807 | 761,755 | 1.28% | Shares |
| EMERALD ADVISERS, LLC | $51,543,963 | 640,616 | 1.08% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $50,363,770 | 625,948 | 1.06% | Shares |
| Qube Research & Technologies Ltd | $49,292,853 | 612,638 | 1.03% | Shares |
| Ranger Investment Management, L.P. | $46,967,157 | 583,733 | 0.98% | Shares |
| AMERIPRISE FINANCIAL INC | $45,575,602 | 566,438 | 0.96% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $45,426,174 | 564,581 | 0.95% | Shares |
| Caption Management, LLC | $43,287,480 | 538,000 | 0.91% | Call option |
| FMR LLC | $40,100,218 | 498,387 | 0.84% | Shares |
| Greenhouse Funds LLLP | $39,831,964 | 495,053 | 0.83% | Shares |
| STEADFAST CAPITAL MANAGEMENT LP | $38,773,754 | 481,901 | 0.81% | Shares |
| BARCLAYS PLC | $38,620,800 | 480,000 | 0.81% | Call option |
| WELLINGTON MANAGEMENT GROUP LLP | $38,221,155 | 475,033 | 0.80% | Shares |
| BANK OF NOVA SCOTIA | $37,306,006 | 463,659 | 0.78% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $36,675,921 | 455,828 | 0.77% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $36,558,369 | 454,367 | 0.77% | Shares |
| CITADEL ADVISORS LLC | $36,046,080 | 448,000 | 0.76% | Call option |
| JANE STREET GROUP, LLC | $35,684,010 | 443,500 | 0.75% | Put option |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | $33,632,280 | 418,000 | 0.70% | Shares |
| MARSHALL WACE, LLP | $33,127,957 | 411,732 | 0.69% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $32,611,484 | 405,313 | 0.68% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $32,514,208 | 404,104 | 0.68% | Shares |
| GILDER GAGNON HOWE & CO LLC | $32,425,058 | 402,996 | 0.68% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $31,878,252 | 396,200 | 0.67% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $31,485,527 | 391,319 | 0.66% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $31,041,388 | 385,799 | 0.65% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $27,753,494 | 344,935 | 0.58% | Shares |
| ROYCE & ASSOCIATES LP | $26,837,192 | 333,547 | 0.56% | Shares |
| TWO SIGMA ADVISERS, LP | $25,439,798 | 553,400 | 0.53% | Shares |
| AXIOM INVESTORS LLC /DE | $24,850,876 | 308,860 | 0.52% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $23,601,493 | 293,332 | 0.49% | Shares |
| Point72 Asset Management, L.P. | $23,272,814 | 289,247 | 0.49% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $22,234,000 | 276,330 | 0.47% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $21,997,764 | 273,400 | 0.46% | Shares |
| Goodlander Investment Management, LLC | $21,724,200 | 270,000 | 0.46% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $21,589,993 | 268,332 | 0.45% | Shares |
| MILLENNIUM MANAGEMENT LLC | $21,541,154 | 267,725 | 0.45% | Shares |
| Sagefield Capital LP | $21,096,451 | 262,198 | 0.44% | Shares |
| AGF MANAGEMENT LTD | $20,580,783 | 255,789 | 0.43% | Shares |
| CITADEL ADVISORS LLC | $20,090,862 | 249,700 | 0.42% | Put option |
| LBP AM SA | $19,759,931 | 245,587 | 0.41% | Shares |
| FIRST TRUST ADVISORS LP | $19,105,387 | 237,452 | 0.40% | Shares |
| LPL Financial LLC | $18,537,137 | 230,390 | 0.39% | Shares |
| Penn Capital Management Company, LLC | $18,080,605 | 224,485 | 0.38% | Shares |
| Stephens Investment Management Group LLC | $17,854,074 | 221,900 | 0.37% | Shares |
| Schonfeld Strategic Advisors LLC | $16,826,679 | 209,131 | 0.35% | Shares |
| BARCLAYS PLC | $16,468,634 | 204,681 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $15,800,976 | 196,383 | 0.33% | Shares |
| CITIGROUP INC | $15,377,032 | 191,114 | 0.32% | Shares |
| Nuveen, LLC | $14,660,938 | 182,214 | 0.31% | Shares |
| UBS Group AG | $14,522,708 | 180,496 | 0.30% | Shares |
| VANGUARD GROUP INC | $14,371,969 | 312,638 | 0.30% | Shares |
| Zweig-DiMenna Associates LLC | $13,891,419 | 172,650 | 0.29% | Shares |
| BWCP, LP | $13,856,419 | 172,215 | 0.29% | Shares |
| Squarepoint Ops LLC | $12,734,404 | 158,270 | 0.27% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $12,526,016 | 155,680 | 0.26% | Shares |
| No Street GP LP | $12,471,300 | 155,000 | 0.26% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $12,192,587 | 151,536 | 0.26% | Shares |
| Diameter Capital Partners LP | $12,069,000 | 150,000 | 0.25% | Shares |
| HALLSTATT ADVISORS L.P. | $11,820,137 | 146,907 | 0.25% | Shares |
| Russell Investments Group, Ltd. | $11,798,091 | 146,633 | 0.25% | Shares |
| Hiddenite Capital Partners LP | $11,264,400 | 140,000 | 0.24% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $11,188,768 | 139,060 | 0.23% | Shares |
| MILLENNIUM MANAGEMENT LLC | $10,894,284 | 135,400 | 0.23% | Call option |
| D. E. Shaw & Co., Inc. | $10,660,950 | 132,500 | 0.22% | Call option |
| ING GROEP NV | $10,644,858 | 132,300 | 0.22% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $10,589,021 | 131,606 | 0.22% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $10,508,317 | 130,603 | 0.22% | Shares |
| Verition Fund Management LLC | $10,479,191 | 130,241 | 0.22% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $10,280,374 | 127,770 | 0.22% | Shares |
| Channing Capital Management, LLC | $10,157,512 | 126,243 | 0.21% | Shares |
| CASTLEARK MANAGEMENT LLC | $10,122,351 | 125,806 | 0.21% | Shares |
| Uniplan Investment Counsel, Inc. | $10,031,521 | 124,677 | 0.21% | Shares |
| PINNACLE ASSOCIATES LTD | $9,906,879 | 123,128 | 0.21% | Shares |
| Balyasny Asset Management L.P. | $9,783,775 | 121,598 | 0.21% | Shares |
| Banco Santander, S.A. | $9,765,833 | 121,375 | 0.20% | Shares |
| Meros Investment Management, LP | $9,545,292 | 118,634 | 0.20% | Shares |
| RENAISSANCE GROUP LLC | $9,478,188 | 117,800 | 0.20% | Shares |
Company insiders 18 insiders · 7 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William A Zartler | Chairman and CEO | March 1, 2023 F | 650,140 | 0 | 0 | $0 |
| Gregory A Lanham | Chief Executive Officer | May 17, 2018 F | 279,366 | 0 | 0 | $0 |
| Kyle S. Ramachandran | President and CFO | March 1, 2023 F | 248,924 | 0 | 0 | $0 |
| Kelly L. Price | Chief Operating Officer | March 1, 2023 F | 232,500 | 0 | 0 | $0 |
| Christopher M Powell | Chief Legal Officer | March 1, 2023 F | 92,735 | 0 | 0 | $0 |
| Cynthia M. Durrett | Chief Administrative Officer | March 1, 2023 F | 118,449 | 0 | 0 | $0 |
| Lindsay R. Bourg | Chief Accounting Officer | March 1, 2023 F | 34,815 | 0 | 0 | $0 |
| Aj Teague | Director | Dec. 17, 2025 P | 8,310 | 2 | 0 | $199,214 |
| Howard W Keenan JR | Director | Dec. 16, 2024 C | 7,079,234 | 0 | 0 | $0 |
| Laurie H Argo | Director | March 18, 2022 A | 5,698 | 0 | 0 | $0 |
| Edgar R. Giesinger JR. | Director | Aug. 23, 2021 A | 58,538 | 0 | 0 | $0 |
| Ray N Walker JR | Director | Aug. 23, 2021 A | 41,903 | 0 | 0 | $0 |
| PARKER F GARDNER | Director | Aug. 23, 2021 A | 48,446 | 0 | 0 | $0 |
| Yorktown Energy Partners X, L.P. | 10% owner | Dec. 16, 2024 C | 7,079,234 | 0 | 0 | $0 |
| Solaris Energy Capital, LLC | 10% owner | March 10, 2021 C | 3,513,496 | 0 | 0 | $0 |
| Yorktown X Associates LLC | 10% owner | March 14, 2019 C | 8,954,234 | 0 | 0 | $0 |
| Loadcraft Site Services LLC | 10% owner | June 16, 2017 J | 0 | 0 | 0 | $0 |
| James R Burke | — | Dec. 10, 2025 S | 5,696 | 0 | 1 | $-598,019 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| KTR Management Company, LLC, John Tuma ×3 filings | Nov. 6, 2025 | 3.94% | Amendment | — | SEC |
| J Turbines, Inc., John A. Johnson ×3 filings | July 30, 2025 | 3.10% | Amendment | — | 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 66 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SPIT · RBB Fund, Inc. | 3.44% | 13,317 NS | April 30, 2026 | N-PORT |
| PSCE · Invesco Exchange-Traded Fund Trust … | 3.14% | 53,146 SH | Aug. 8, 2026 | Daily |
| CBLS · Elevation Series Trust | 2.75% | 19,790 NS | April 30, 2026 | N-PORT |
| CBSE · Elevation Series Trust | 2.69% | 17,460 NS | April 30, 2026 | N-PORT |
| PXI · Invesco Exchange-Traded Fund Trust | 2.01% | 17,564 SH | Aug. 8, 2026 | Daily |
| PJFM · PGIM ETF Trust | 1.93% | 4,620 NS | May 29, 2026 | N-PORT |
| IEZ · iShares Trust | 1.69% | 109,000 SH | Aug. 8, 2026 | Daily |
| NBET · Neuberger Berman ETF Trust | 1.61% | 9,802 NS | April 30, 2026 | N-PORT |
| RZG · Invesco Exchange-Traded Fund Trust | 1.00% | 23,973 SH | Aug. 8, 2026 | Daily |
| ILDR · First Trust Exchange-Traded Fund VI… | 0.95% | 38,997 NS | May 31, 2026 | N-PORT |
| TNGY · Tortoise Capital Series Trust | 0.92% | 70,339 NS | May 31, 2026 | N-PORT |
| NRES · DBX ETF Trust | 0.91% | 4,853 NS | May 31, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.90% | 6,737 NS | May 31, 2026 | N-PORT |
| TPZ · Tortoise Capital Series Trust | 0.86% | 15,937 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.73% | 103,160 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.37% | 61,429 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.36% | 28,252 NS | April 30, 2026 | N-PORT |
| IJT · iShares Trust | 0.35% | 510,182 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.29% | 22,409 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.25% | 57,173 SH | Aug. 8, 2026 | Daily |
| VDE · VANGUARD WORLD FUND | 0.21% | 285,225 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.19% | 485,008 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 17,089 NS | April 30, 2026 | N-PORT |
| FENY · FIDELITY COVINGTON TRUST | 0.17% | 47,292 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.17% | 3,351,537 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.15% | 9,625 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.15% | 58,760 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.14% | 1,485 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 31,259 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.13% | 307,477 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.10% | 20,089 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.10% | 14,634 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.10% | 1,363,380 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.09% | 16,390 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.09% | 141 NS | April 30, 2026 | N-PORT |
| IGE · iShares Trust | 0.08% | 10,811 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.08% | 154,940 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.08% | 2,180 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.07% | 219,769 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.07% | 99 NS | May 31, 2026 | N-PORT |
| TEXN · iShares Trust | 0.05% | 150 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.05% | 629,528 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.05% | 1,705 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.05% | 2,328 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.04% | 18,490 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.04% | 1,302 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.03% | 1,725 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 1,690 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 14,987 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 2,845 SH | Aug. 8, 2026 | Daily |