SEZL Sezzle Inc. - Common Stock
$117.96
Price · Aug 19, 2026
Fundamentals as of Aug 7, 2026
52W Range
$50–$196
47% of range
Analyst Rating
BUY
13 analysts
Price Target
$168
+42% upside
P/E (TTM)
17.1
ROE
—
Net Profit Margin
—
SEZL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$117.96
Market Cap
—
P/E (TTM)
17.1
EPS (TTM)
$3.72
Revenue (TTM)
$450M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$50 – $196
SEZL 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
$450M
2020-12-31
→
2025-12-31
EPS
$3.72
2020-12-31
→
2025-12-31
Free Cash Flow
—
2021-12-31
→
2024-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SEZL
Peer Median
P/E (TTM)
17.1
34.8
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SEZL
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SEZL
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SEZL
Peer Median
Revenue YoY
66.1%
—
Revenue CAGR 3Y
53.1%
—
Revenue CAGR 5Y
50.3%
—
EPS YoY
69.9%
—
Net Income YoY
69.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SEZL
Peer Median
SEZL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 2 15.4%
- Buy 6 46.2%
- Hold 5 38.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-19
Median
$167.50
← Below all targets
$117.96
Low
$150.00
High
$196.00
Median target
$167.50
+42.0%
Mean target
$168.00
+42.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.24%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.13 | $1.05 | 0.08% |
| March 31, 2026 | $1.43 | $1.26 | 0.17% |
| Dec. 31, 2025 | $1.21 | $0.98 | 0.23% |
| Sept. 30, 2025 | $0.71 | $0.66 | 0.05% |
| June 30, 2025 | $0.69 | $0.59 | 0.10% |
| March 31, 2025 | $1.00 | $0.21 | 0.79% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SEZL | — | 17.1 | 66.1% | — | — | — |
| CHYM | $0 | -5.9 | 30.7% | -46.2% | -71.4% | 88.0% |
| JKHY | $18.81B | 28.9 | 7.2% | 19.2% | 22.2% | — |
| WEX | $5.11B | 17.6 | 1.2% | 11.4% | 27.5% | — |
| RELY | $2.91B | 44.5 | 29.4% | 4.2% | 8.3% | — |
| PAY | — | 60.8 | 37.2% | 5.6% | 12.4% | 24.8% |
| FOUR | — | — | 25.5% | 2.9% | 10.6% | — |
| NATL | $2.81B | 17.8 | 1.1% | 3.7% | 52.1% | — |
| EEFT | — | 11.1 | 6.4% | 7.3% | 24.4% | — |
| PAYO | $1.96B | 29.6 | 7.7% | 7.0% | 9.9% | — |
| WU | $2.94B | 6.1 | -3.8% | 12.3% | 54.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $450M | $271M | $159M | $126M | $115M | $59M | |
| SG&A Expense | $17M | $11M | $9M | $16M | $16M | $7M | |
| Operating Expenses | $273M | $189M | $137M | $154M | $183M | $87M | |
| Operating Income | $177M | $82M | $22M | $-28M | $-69M | $-28M | |
| Interest Expense | · | · | $16M | $9M | $5M | $4M | |
| Other Non-op | $123.0K | $354.0K | $2M | $-225.6K | $-65.1K | $-126.3K | |
| Pretax Income | $163M | $67M | $8M | $-38M | $-75M | $-32M | |
| Income Tax | $30M | $-11M | $611.5K | $69.4K | $58.4K | $31.0K | |
| Net Income | $133M | $79M | $7M | $-38M | $-75M | $-32M | |
| EPS (Basic) | $3.93 | $2.33 | $1.27 | $-7.00 | $-0.38 | $-0.17 | |
| EPS (Diluted) | $3.72 | $2.19 | $1.25 | $-7.00 | $-0.38 | $-0.17 | |
| Shares (Basic) | 33,910,000 | 33,711,000 | 5,606,087 | 5,443,605 | 200,344,028 | 186,842,646 | |
| Shares (Diluted) | 35,744,000 | 35,890,000 | 5,678,527 | 5,443,605 | 200,344,028 | 186,842,646 | |
| EBITDA | · | $83M | $23M | $-28M | $-68M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $64M | $73M | $68M | $68M | $77M | $84M | |
| Prepaid Expense | $3M | $11M | $6M | $5M | $3M | $2M | |
| Other Current Assets | $25M | · | · | · | · | · | |
| Current Assets | $352M | $258M | $209M | $170M | $221M | $173M | |
| PP&E (Net) | · | · | · | $281.6K | $662.5K | $375.2K | |
| PP&E (Gross) | · | · | · | · | $1M | $665.3K | |
| Accum. Depreciation | · | · | · | · | $681.2K | $290.2K | |
| Intangibles | $3M | $2M | $2M | $1M | $910.6K | $537.0K | |
| Other Non-current Assets | $5M | $331.0K | $625.5K | $1M | $233.8K | $32.5K | |
| Total Assets | $400M | $298M | $213M | $173M | $223M | $174M | |
| Accounts Payable | $56M | $69M | $74M | $83M | $97M | $61M | |
| Accrued Liabilities | $21M | $25M | $11M | $10M | $8M | $7M | |
| Current Liabilities | $90M | $106M | $187M | $99M | $108M | $68M | |
| Capital Leases | $661.0K | $823.0K | $981.7K | $0 | $91.0K | $0 | |
| Other Non-current Liabilities | $0 | $45.0K | $1M | $0 | $0 | $4M | |
| Total Liabilities | $230M | $211M | $191M | $164M | $186M | $114M | |
| Common Stock | $195M | $189M | $2.1K | $2.1K | $2.0K | $2.0K | |
| Paid-in Capital | · | $189M | $186M | $179M | $168M | $113M | |
| Retained Earnings | $-324.0K | $-90M | $-158M | $-165M | $-127M | $-52M | |
| Treasury Stock | $24M | $9M | $6M | $4M | $4M | $875.2K | |
| AOCI | $-683.0K | $-2M | $-647.0K | $-644.0K | $563.9K | $494.5K | |
| Stockholders' Equity | $170M | $88M | $22M | $9M | $38M | $60M | |
| Liabilities + Equity | $400M | $298M | $213M | $173M | $223M | $174M | |
| Shares Outstanding | 33,798,000 | 33,735,000 | 5,697,517 | 5,478,470 | 5,374,499 | 196,926,674 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $1M | $965.0K | $855.8K | $847.1K | $749.1K | $428.4K | |
| Stock-based Comp | $7M | $5M | $7M | $10M | $14M | $7M | |
| Deferred Tax | $3M | $-17M | $0 | · | · | · | |
| Amort. of Intangibles | $1M | $900.0K | $666.1K | $503.9K | $355.0K | $257.4K | |
| Other Non-cash | · | $-27M | $-41M | $35M | $-12M | · | |
| Operating Cash Flow | $210M | $131M | $-26M | $9M | $-72M | $-25M | |
| CapEx | $655.0K | $70.0K | $81.6K | $52.2K | $686.0K | $410.9K | |
| Investing Cash Flow | $-182M | $-91M | $-1M | $-1M | $-1M | $-732.9K | |
| Stock Issued | · | · | · | $0 | $30M | $60M | |
| Stock Repurchased | $65M | $24M | $2M | $381.4K | $3M | $611.2K | |
| Net Stock Activity | · | $-24M | $-2M | $-381.4K | $27M | · | |
| Financing Cash Flow | $-25M | $-10M | $28M | $-16M | $63M | $78M | |
| Free Cash Flow | · | $41M | $-26M | $8M | $-73M | · | |
| Levered FCF | · | · | $-40M | $-156.8K | $-78M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | · | 30.3% | 13.9% | -22.6% | -59.8% | · | |
| Net Margin | · | 29.0% | 4.5% | -30.3% | -65.5% | · | |
| Pretax Margin | · | 24.8% | 4.8% | -30.3% | -65.4% | · | |
| EBITDA Margin | · | 30.7% | 14.5% | -22.0% | -59.2% | · | |
| ROA | · | 30.7% | 3.7% | -19.2% | -37.8% | · | |
| ROE | · | 105.4% | 35.4% | -522.8% | -154.0% | · | |
| ROIC | · | 109.2% | 92.5% | -322.1% | -181.9% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | · | 2.4 | 1.1 | 1.7 | 2.1 | · | |
| Quick Ratio | · | 0.7 | 0.4 | 0.7 | 0.7 | · | |
| Interest Coverage | · | · | 1.4 | -3.3 | -13.0 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 1.1 | 0.8 | 0.6 | 0.6 | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 66.1% | 70.1% | 26.9% | 9.4% | 95.3% | · | |
| Revenue CAGR 3Y | 53.1% | 33.2% | 39.4% | · | · | · | |
| Revenue CAGR 5Y | 50.3% | · | · | · | · | · | |
| EPS YoY | 69.9% | 75.2% | · | · | · | · | |
| Net Income YoY | 69.5% | 1006.2% | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $450M | $271M | $159M | $126M | $115M | · | |
| Net Income TTM | $133M | $79M | $7M | $-38M | $-75M | · | |
| Market Cap | · | $240M | $19M | · | · | · | |
| P/E | 17.1 | 19.5 | 2.7 | · | · | · | |
| P/S | · | 0.9 | 0.1 | · | · | · | |
| P/B | · | 2.7 | 0.9 | · | · | · | |
| P / Tangible Book | 12.9 | 2.8 | 1.0 | · | · | · | |
| P / Cash Flow | · | 5.9 | -0.8 | · | · | · | |
| P / FCF | · | 5.9 | -0.8 | · | · | · | |
| Earnings Yield | 5.9% | 5.1% | 36.5% | · | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $150M | $136M | $130M | $117M | $99M | $105M | $98M | $70M | $56M | $47M | $49M | $41M | $35M | $35M | $38M | $30M | |
| SG&A Expense | $4M | $4M | $5M | $5M | $4M | $3M | $4M | $2M | $3M | $2M | $2M | $2M | $2M | $3M | $2M | $2M | |
| Operating Expenses | $95M | $67M | $75M | $81M | $63M | $55M | $67M | $49M | $39M | $33M | $41M | $35M | $31M | $29M | $34M | $24M | |
| Operating Income | $55M | $69M | $55M | $36M | $36M | $50M | $31M | $21M | $17M | $14M | $8M | $5M | $4M | $5M | $5M | $6M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | · | $4M | $4M | $3M | $3M | $2M | |
| Other Non-op | $1.0K | $-32.0K | $17.0K | $-6.0K | $87.0K | $25.0K | $300.0K | $95.0K | $51.0K | $-92.0K | $726.6K | $14.6K | $1M | $113.5K | $-200.3K | $47.7K | |
| Pretax Income | $52M | $66M | $52M | $32M | $33M | $47M | $28M | $18M | $14M | $8M | $4M | $1M | $1M | $2M | $655.1K | $4M | |
| Income Tax | $11M | $15M | $9M | $5M | $5M | $11M | $2M | $2M | $-16M | $393.0K | $563.5K | $15.9K | $20.5K | $11.6K | $20.8K | $10.8K | |
| Net Income | $41M | $51M | $43M | $27M | $28M | $36M | $25M | $15M | $30M | $8M | $3M | $1M | $1M | $2M | $634.3K | $4M | |
| EPS (Basic) | $1.21 | $1.52 | $1.26 | $0.78 | $0.82 | $1.07 | $0.76 | $0.46 | $0.87 | $0.24 | $0.53 | $0.23 | $0.20 | $0.31 | $0.17 | $0.80 | |
| EPS (Diluted) | $1.17 | $1.47 | $1.19 | $0.75 | $0.78 | $1.00 | $0.71 | $0.44 | $0.82 | $0.22 | $0.51 | $0.23 | $0.20 | $0.31 | $0.24 | $0.73 | |
| Shares (Basic) | 33,633,000 | 33,764,000 | -67,723,000 | 34,048,000 | 33,733,000 | 33,852,000 | -67,483,000 | 33,272,000 | 33,961,000 | 33,961,000 | -11,121,634 | 5,667,430 | 5,579,618 | 5,480,673 | -10,855,845 | 5,464,484 | |
| Shares (Diluted) | 34,724,000 | 34,932,000 | -71,609,000 | 35,675,000 | 35,507,000 | 36,171,000 | -71,457,000 | 35,435,000 | 36,147,000 | 35,765,000 | -11,263,709 | 5,729,665 | 5,655,741 | 5,556,830 | -11,369,147 | 5,977,786 | |
| EBITDA | $55M | $69M | · | $36M | $36M | $50M | · | $21M | $17M | $14M | · | $5M | $4M | $6M | · | $6M |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $80M | $120M | $64M | $104M | $89M | $89M | $73M | $80M | $58M | $78M | $68M | $65M | $62M | $59M | $68M | $58M | |
| Prepaid Expense | $3M | $3M | $18M | $23M | $23M | $12M | $11M | $9M | $7M | $5M | $6M | $5M | $4M | $4M | $5M | $4M | |
| Other Current Assets | $35M | $23M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $408M | $411M | $352M | $329M | $312M | $266M | $258M | $232M | $190M | $192M | $209M | $176M | $153M | $151M | $170M | $157M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $166.3K | $205.3K | $271.4K | · | $381.3K | |
| Intangibles | · | $4M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | |
| Other Non-current Assets | $6M | $830.0K | $620.0K | $679.0K | $620.0K | $307.0K | $331.0K | $347.5K | $402.4K | $516.3K | $625.5K | $632.2K | $693.7K | $717.0K | $1M | $232.0K | |
| Total Assets | $456M | $454M | $400M | $367M | $351M | $298M | $298M | $253M | $212M | $196M | $213M | $180M | $155M | $153M | $173M | $159M | |
| Accounts Payable | $58M | $58M | $56M | $58M | $60M | $65M | $69M | $70M | $71M | $74M | $74M | $68M | $67M | $65M | $83M | $84M | |
| Accrued Liabilities | $30M | $27M | $21M | $25M | $21M | $22M | $25M | $11M | $8M | $10M | $11M | $8M | $5M | $7M | $10M | $10M | |
| Current Liabilities | $102M | $113M | $90M | $94M | $89M | $102M | $106M | $97M | $92M | $93M | $187M | $83M | $79M | $77M | $99M | $99M | |
| Capital Leases | $312.0K | $609.0K | $661.0K | $711.0K | $759.0K | $791.0K | $823.0K | $854.5K | $884.1K | $884.2K | $981.7K | $998.3K | · | · | $0 | $4.0K | |
| Other Non-current Liabilities | · | · | $0 | $9.0K | $20.0K | $32.0K | $45.0K | $59.7K | $74.1K | $580.5K | $1M | $2M | $2M | $3M | $0 | · | |
| Total Liabilities | $223M | $258M | $230M | $212M | $220M | $172M | $211M | $192M | $162M | $166M | $191M | $162M | $139M | $140M | $164M | $153M | |
| Common Stock | $197M | $194M | $195M | $196M | $194M | $193M | $189M | $2.1K | $2.1K | $2.1K | $2.1K | $2.1K | $2.1K | $2.1K | $2.1K | $2.1K | |
| Paid-in Capital | · | · | · | · | · | · | · | $185M | $184M | $186M | $186M | $185M | $184M | $181M | $179M | $177M | |
| Retained Earnings | $66M | $28M | $-324.0K | $-19M | $-46M | $-54M | $-90M | $-115M | $-126M | $-150M | $-158M | $-160M | $-162M | $-163M | $-165M | $-166M | |
| Treasury Stock | $29M | $25M | $24M | $20M | $17M | $12M | $9M | $8M | $7M | $6M | $6M | $6M | $5M | $4M | $4M | $4M | |
| AOCI | $-836.0K | $-761.0K | $-683.0K | $-1M | $-766.0K | $-1M | $-2M | $-649.4K | $-721.0K | $-645.5K | $-647.0K | $-843.6K | $-485.1K | $-789.8K | $-644.0K | $-1M | |
| Stockholders' Equity | $233M | $197M | $170M | $155M | $130M | $126M | $88M | $61M | $50M | $30M | $22M | $18M | $16M | $14M | $9M | $6M | |
| Liabilities + Equity | $456M | $454M | $400M | $367M | $351M | $298M | $298M | $253M | $212M | $196M | $213M | $180M | $155M | $153M | $173M | $159M | |
| Shares Outstanding | 33,665,000 | 33,594,000 | 33,798,000 | 34,153,000 | 34,015,000 | 33,965,000 | 33,735,000 | 5,580,093 | 5,584,986 | 5,635,178 | 5,697,517 | 5,690,087 | 5,635,084 | 5,481,921 | 5,478,470 | 207,838,683 |
Cash Flow 12
| 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 | $502.0K | $436.0K | $389.0K | $369.0K | $324.0K | $274.0K | $258.0K | $232.8K | $247.2K | $227.0K | $231.2K | $217.7K | $206.1K | $200.8K | $197.8K | $206.7K | |
| Stock-based Comp | $2M | $1M | $1M | $2M | $1M | $1M | $1M | $1M | $1M | $905.0K | $1M | $1M | $2M | $2M | $2M | $3M | |
| Deferred Tax | $1M | $-2M | $-172.0K | $977.0K | $-3M | $5M | $-2M | $2M | $-17M | $0 | $0 | $0 | · | · | · | · | |
| Other Non-cash | · | $38M | · | · | · | $16M | · | · | · | $29M | · | · | · | $-8M | · | · | |
| Operating Cash Flow | $52M | $89M | $154M | $33M | $-36M | $52M | $91M | $6M | $-4M | $16M | $-15M | $-13M | $7M | $-4M | $1M | $950.5K | |
| CapEx | $414.0K | $351.0K | $61.0K | $163.0K | $404.0K | $27.0K | $34.0K | $10.2K | $24.2K | $2.0K | $28.1K | $-22.8K | $25.2K | $51.2K | $39.8K | $-8.5K | |
| Investing Cash Flow | $-58M | $-22M | $-179M | $-775.0K | $-1M | $6M | $-90M | $-283.9K | $-433.9K | $22M | $-327.9K | $-298.2K | $-418.3K | $-321.3K | $-221.5K | $-217.9K | |
| Stock Repurchased | $7M | $26M | $30M | $4M | $28M | $2M | $1M | $8M | $11M | $4M | $37.3K | $340.5K | $1M | $28.9K | $32.2K | $24.0K | |
| Net Stock Activity | · | $-26M | · | · | · | $-2M | · | · | · | $-4M | · | · | · | $-28.9K | · | · | |
| Financing Cash Flow | $-30M | $-21M | $-7M | $-17M | $35M | $-36M | $11M | $19M | $-13M | $-27M | $19M | $17M | $-3M | $-5M | $9M | $-4M | |
| Free Cash Flow | · | $89M | · | · | · | $59M | · | · | · | $39M | · | · | · | $-4M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $35M | · | · | · | $-7M | · | · |
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 | 36.7% | 50.9% | · | 30.4% | 36.6% | 47.6% | · | 29.8% | 29.8% | 29.4% | · | 13.1% | 10.8% | 15.6% | · | 21.4% | |
| Net Margin | 27.2% | 37.9% | · | 22.8% | 28.0% | 34.5% | · | 22.1% | 53.1% | 17.0% | · | 3.2% | 3.3% | 5.0% | · | 14.3% | |
| Pretax Margin | 34.5% | 48.7% | · | 27.1% | 33.1% | 44.8% | · | 25.2% | 24.3% | 17.9% | · | 3.2% | 3.3% | 5.0% | · | 14.3% | |
| EBITDA Margin | 36.7% | 51.3% | · | 30.4% | 36.6% | 47.8% | · | 29.8% | 29.8% | 29.9% | · | 13.1% | 10.8% | 16.2% | · | 21.4% | |
| ROA | 10.1% | 13.6% | · | 8.6% | 9.8% | 14.6% | · | 7.1% | 16.2% | 4.6% | · | 0.76% | 0.72% | 1.0% | · | 2.6% | |
| ROE | 22.4% | 31.8% | · | 24.6% | 30.6% | 46.6% | · | 39.1% | 89.2% | 37.0% | · | 10.9% | 13.9% | 13.1% | · | 13.3% | |
| ROIC | 18.6% | 27.3% | · | 19.3% | 23.4% | 30.5% | · | 29.9% | 72.6% | 44.5% | · | 29.4% | 22.7% | 39.4% | · | 113.2% |
Liquidity & Solvency 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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.0 | 3.7 | · | 3.5 | 3.5 | 2.6 | · | 2.4 | 2.1 | 2.1 | · | 2.1 | 1.9 | 2.0 | · | 1.6 | |
| Quick Ratio | 0.8 | 1.1 | · | 1.1 | 1.0 | 0.9 | · | 0.8 | 0.6 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 3.4 | · | 1.3 | 1.0 | 1.6 | · | 3.0 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 |
Valuation (TTM) 10
| 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 | $501M | $456M | · | $390M | $330M | $278M | · | $214M | $179M | $157M | · | $141M | $129M | $122M | · | $116M | |
| Net Income TTM | $146M | $142M | · | $106M | $109M | $89M | · | $54M | $40M | $12M | · | $9M | $-8M | $-37M | · | $-58M | |
| Market Cap | $5.78B | $2.13B | · | $2.72B | $6.10B | $1.19B | · | $159M | $82M | $79M | · | $12M | · | · | · | · | |
| P/E | 41.2 | 15.8 | · | 26.8 | 59.0 | 14.1 | · | 16.6 | 10.0 | 14.7 | · | 1.5 | · | · | · | · | |
| P/S | 11.5 | 4.7 | · | 7.0 | 18.5 | 4.3 | · | 0.7 | 0.5 | 0.5 | · | 0.1 | · | · | · | · | |
| P/B | 24.8 | 10.8 | · | 17.5 | 46.8 | 9.4 | · | 2.6 | 1.6 | 2.7 | · | 0.7 | · | · | · | · | |
| P / Tangible Book | 24.8 | 11.0 | · | 17.8 | 47.8 | 9.6 | · | 2.7 | 1.7 | 2.9 | · | 0.8 | · | · | · | · | |
| P / Cash Flow | · | 23.9 | · | · | · | 20.1 | · | · | · | 2.1 | · | · | · | · | · | · | |
| P / FCF | · | 24.0 | · | · | · | 20.2 | · | · | · | 2.1 | · | · | · | · | · | · | |
| Earnings Yield | 2.4% | 6.3% | · | 3.7% | 1.7% | 7.1% | · | 6.0% | 10.0% | 6.8% | · | 67.2% | · | · | · | · |
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 | $450M | $271M | $159M | $126M | $115M |
| Operating Margin % | — | 30.3% | 13.9% | -22.6% | -59.8% |
| Net Income | $133M | $79M | $7M | $-38M | $-75M |
| Diluted EPS | $3.72 | $2.19 | $1.25 | $-7.00 | $-0.38 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | — | 2.4 | 1.1 | 1.7 | 2.1 |
| Quick Ratio | — | 0.7 | 0.4 | 0.7 | 0.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $41M | $-26M | $8M | $-73M |
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Institutional owners (13F) 359 filers · $2.2B 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 |
|---|---|---|---|---|
| 146 (+99 vs prior Q) | 24 (-14 vs prior Q) | 83 (-8 vs prior Q) | 78 (+24 vs prior Q) | +4.7M |
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 |
|---|---|---|---|---|
| Divisadero Street Capital Management, LP | $283,109,006 | 1,649,531 | 12.70% | Shares |
| Accredited Investors Inc. | $138,581,271 | 807,442 | 6.22% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $130,493,378 | 760,318 | 5.85% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $113,292,963 | 660,100 | 5.08% | Call option |
| STATE STREET CORP | $113,258,465 | 659,899 | 5.08% | Shares |
| Schonfeld Strategic Advisors LLC | $100,352,061 | 584,700 | 4.50% | Put option |
| Caption Management, LLC | $92,697,363 | 540,100 | 4.16% | Put option |
| GEODE CAPITAL MANAGEMENT, LLC | $85,144,073 | 496,008 | 3.82% | Shares |
| Driehaus Capital Management LLC | $81,700,342 | 476,026 | 3.66% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $76,016,643 | 442,910 | 3.41% | Shares |
| CITADEL ADVISORS LLC | $75,946,275 | 442,500 | 3.41% | Call option |
| JANE STREET GROUP, LLC | $64,721,673 | 377,100 | 2.90% | Call option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $60,518,798 | 352,612 | 2.71% | Shares |
| Caption Management, LLC | $50,030,145 | 291,500 | 2.24% | Call option |
| PRINCIPAL FINANCIAL GROUP INC | $44,488,385 | 259,211 | 2.00% | Shares |
| BANK OF AMERICA CORP /DE/ | $44,033,908 | 256,563 | 1.98% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $39,526,389 | 230,300 | 1.77% | Put option |
| ARDSLEY ADVISORY PARTNERS LP | $36,900,450 | 215,000 | 1.66% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $27,214,683 | 158,566 | 1.22% | Shares |
| CITIGROUP INC | $26,147,316 | 152,347 | 1.17% | Shares |
| GOLDMAN SACHS GROUP INC | $23,511,422 | 136,989 | 1.05% | Shares |
| Portolan Capital Management, LLC | $23,297,571 | 135,743 | 1.05% | Shares |
| FIRST TRUST ADVISORS LP | $22,166,701 | 129,154 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $20,596,287 | 120,004 | 0.92% | Shares |
| G2 Investment Partners Management LLC | $20,408,008 | 118,907 | 0.92% | Shares |
| CITADEL ADVISORS LLC | $16,270,524 | 94,800 | 0.73% | Put option |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $16,120,176 | 93,924 | 0.72% | Shares |
| Jain Global LLC | $12,014,100 | 70,000 | 0.54% | Call option |
| Jain Global LLC | $12,014,100 | 70,000 | 0.54% | Put option |
| Madison Asset Management, LLC | $10,585,967 | 61,679 | 0.47% | Shares |
| NAVELLIER & ASSOCIATES INC | $10,139,214 | 59,076 | 0.45% | Shares |
| Public Sector Pension Investment Board | $9,907,342 | 57,725 | 0.44% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $9,356,238 | 54,514 | 0.42% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $8,895,755 | 51,831 | 0.40% | Shares |
| Walleye Capital LLC | $8,830,707 | 51,452 | 0.40% | Shares |
| Bank of New York Mellon Corp | $8,738,198 | 50,913 | 0.39% | Shares |
| LPL Financial LLC | $8,435,443 | 49,149 | 0.38% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,913,001 | 46,105 | 0.35% | Shares |
| D. E. Shaw & Co., Inc. | $7,689,024 | 44,800 | 0.34% | Call option |
| JANE STREET GROUP, LLC | $7,362,927 | 42,900 | 0.33% | Put option |
| CVFG LLC | $7,256,517 | 42,280 | 0.33% | Shares |
| PEAK6 LLC | $6,968,178 | 40,600 | 0.31% | Call option |
| RHUMBLINE ADVISERS | $6,523,636 | 38,010 | 0.29% | Shares |
| OSAIC HOLDINGS, INC. | $6,338,765 | 36,934 | 0.28% | Shares |
| Vident Advisory, LLC | $5,878,156 | 34,249 | 0.26% | Shares |
| Swiss National Bank | $5,818,257 | 33,900 | 0.26% | Shares |
| WOLVERINE TRADING, LLC | $5,567,760 | 68,400 | 0.25% | Call option |
| AQR CAPITAL MANAGEMENT LLC | $5,271,959 | 30,717 | 0.24% | Shares |
| Cetera Investment Advisers | $5,151,474 | 30,015 | 0.23% | Shares |
| AMERIPRISE FINANCIAL INC | $4,573,596 | 26,648 | 0.21% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $4,429,770 | 25,810 | 0.20% | Shares |
| Legal & General Group Plc | $4,418,100 | 25,742 | 0.20% | Shares |
| OMERS ADMINISTRATION Corp | $4,290,750 | 25,000 | 0.19% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $3,793,295 | 22,222 | 0.17% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $3,512,408 | 20,465 | 0.16% | Shares |
| Voleon Capital Management LP | $3,500,909 | 20,398 | 0.16% | Shares |
| WOLVERINE TRADING, LLC | $3,500,200 | 43,000 | 0.16% | Put option |
| AMERICAN CENTURY COMPANIES INC | $3,489,924 | 20,334 | 0.16% | Shares |
| CREDIT AGRICOLE S A | $3,432,600 | 20,000 | 0.15% | Shares |
| FIL Ltd | $3,432,600 | 20,000 | 0.15% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $3,319,000 | 19,337 | 0.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,296,396 | 52,084 | 0.15% | Shares |
| Quantinno Capital Management LP | $3,253,118 | 18,954 | 0.15% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $3,221,838 | 18,772 | 0.14% | Shares |
| TWO SIGMA INVESTMENTS, LP | $3,123,666 | 18,200 | 0.14% | Put option |
| COMMONWEALTH EQUITY SERVICES, LLC | $3,104,700 | 18,089 | 0.14% | Shares |
| TUDOR INVESTMENT CORP ET AL | $3,089,340 | 18,000 | 0.14% | Call option |
| Regal Partners Ltd | $3,051,581 | 17,780 | 0.14% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,976,236 | 17,341 | 0.13% | Shares |
| BARCLAYS PLC | $2,919,255 | 17,009 | 0.13% | Shares |
| UBS Group AG | $2,917,710 | 17,000 | 0.13% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,901,062 | 16,903 | 0.13% | Shares |
| Bleakley Financial Group, LLC | $2,868,281 | 16,712 | 0.13% | Shares |
| Lisanti Capital Growth, LLC | $2,796,711 | 16,295 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $2,568,615 | 14,966 | 0.12% | Shares |
| Quadrature Capital Ltd | $2,537,035 | 14,782 | 0.11% | Shares |
| Focus Financial Network, Inc. | $2,493,441 | 14,528 | 0.11% | Shares |
| Quantbot Technologies LP | $2,425,132 | 14,130 | 0.11% | Shares |
| FORA Capital, LLC | $2,415,661 | 14,074 | 0.11% | Shares |
| FMR LLC | $2,285,082 | 13,314 | 0.10% | Shares |
| COOKSON PEIRCE & CO INC | $2,267,061 | 13,209 | 0.10% | Shares |
| BlackRock, Inc. | $2,256,248 | 13,146 | 0.10% | Shares |
| SIMPLEX TRADING, LLC | $2,168,545 | 12,635 | 0.10% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,162,538 | 12,600 | 0.10% | Put option |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $2,090,674 | 11,655 | 0.09% | Shares |
| Aquatic Capital Management LLC | $2,086,849 | 12,159 | 0.09% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,077,238 | 12,103 | 0.09% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,956,582 | 11,400 | 0.09% | Call option |
| Sanctuary Advisors, LLC | $1,834,381 | 10,688 | 0.08% | Shares |
| Point72 Asset Management, L.P. | $1,819,278 | 10,600 | 0.08% | Call option |
| MERCER GLOBAL ADVISORS INC /ADV | $1,810,868 | 10,551 | 0.08% | Shares |
| State of New Jersey Common Pension Fund D | $1,796,108 | 10,465 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,788,702 | 28,262 | 0.08% | Shares |
| Mariner, LLC | $1,727,791 | 10,067 | 0.08% | Shares |
| Twin Tree Management, LP | $1,664,811 | 9,700 | 0.07% | Put option |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,652,797 | 9,630 | 0.07% | Shares |
| MetLife Investment Management, LLC | $1,647,476 | 9,599 | 0.07% | Shares |
| Fortis Capital Advisors, LLC | $1,560,460 | 9,092 | 0.07% | Shares |
| Belpointe Asset Management LLC | $1,560,460 | 9,092 | 0.07% | Shares |
| Point72 Asset Management, L.P. | $1,527,507 | 8,900 | 0.07% | Put option |
Company insiders 7 insiders · 2 officers · 0 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Rajeev Khurana | General Counsel | June 20, 2026 A | 3,500 | 0 | 0 | $0 |
| Veronica Katz | Chief Revenue Officer | July 15, 2021 A | 808,039 | 0 | 0 | $0 |
| Lee Dickson Brading | — | Aug. 10, 2026 F | 285,092 | 0 | 17 | $-6,055,630 |
| Amin Sabzivand | — | Aug. 10, 2026 F | 252,807 | 0 | 2 | $-1,246,786 |
| Justin Krause | — | Aug. 10, 2026 F | 70,841 | 0 | 0 | $0 |
| Paul Paradis | — | Aug. 10, 2026 F | 390,108 | 0 | 19 | $-11,408,822 |
| Charles Youakim | — | Aug. 10, 2026 F | 12,346,326 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| Charles Youakim, Cerro Gordo LLC ×3 filings | March 16, 2026 | 44.10% | Amendment | — | SEC |
| Paul Paradis, Paradis Family LLC ×2 filings | Jan. 3, 2025 | 4.50% | Amendment | — | SEC |
| ZIP CO LIMITED ×2 filings | July 13, 2022 | — | Initial filing | — | 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 63 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 |
|---|---|---|---|---|
| PFI · Invesco Exchange-Traded Fund Trust | 2.60% | 13,078 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 1.30% | 49,649 SH | Aug. 8, 2026 | Daily |
| VUSE · ETF Series Solutions | 1.10% | 63,954 NS | May 31, 2026 | N-PORT |
| XSHQ · Invesco Exchange-Traded Fund Trust … | 1.00% | 27,194 SH | Aug. 8, 2026 | Daily |
| RZG · Invesco Exchange-Traded Fund Trust | 0.96% | 11,304 SH | Aug. 8, 2026 | Daily |
| FINX · Global X Funds | 0.71% | 11,704 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.56% | 73,686 NS | April 30, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.43% | 987 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.41% | 7,502 NS | May 31, 2026 | N-PORT |
| IJT · iShares Trust | 0.33% | 156,072 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.32% | 20,015 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.26% | 21,731 NS | May 31, 2026 | N-PORT |
| ABLS · Abacus FCF ETF Trust | 0.24% | 37 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.22% | 32,909 NS | April 30, 2026 | N-PORT |
| XJR · iShares Trust | 0.19% | 1,987 SH | Aug. 8, 2026 | Daily |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.18% | 814 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.18% | 149,453 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.17% | 17,594 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.16% | 39,197 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.16% | 1,026,405 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.16% | 58,791 SH | Aug. 8, 2026 | Daily |
| GINN · Goldman Sachs ETF Trust | 0.16% | 2,867 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.15% | 3,694 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.12% | 2,662 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 6,874 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.10% | 5,355 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.09% | 418,202 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 94,393 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.09% | 205 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.08% | 7,278 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.06% | 600 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.06% | 83 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.06% | 97,974 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.05% | 848 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.05% | 766 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 82,364 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.04% | 7,069 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.03% | 511 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 192,920 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.03% | 27,559 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.03% | 5,187 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.03% | 599 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.03% | 979 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 605 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 4,741 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.02% | 4,953 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 9,334 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 636 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 15 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 35,191 NS | April 30, 2026 | N-PORT |