SHLS Shoals Technologies Group, Inc. - Class A Common Stock
$8.09
Price · Aug 18, 2026
Fundamentals as of Aug 4, 2026
52W Range
$5–$13
34% of range
Analyst Rating
BUY
25 analysts
Price Target
$11
+40% upside
P/E (TTM)
42.5
ROE
5.7%
Net Profit Margin
7.1%
SHLS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$8.09
Market Cap
—
P/E (TTM)
42.5
EPS (TTM)
$0.20
Revenue (TTM)
$475M
Div Yield
—
ROE
5.7%
Debt/Equity
—
52W Range
$5 – $13
SHLS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$475M
2019-12-31
→
2025-12-31
EPS
$0.20
2021-12-31
→
2025-12-31
Free Cash Flow
$-16M
2021-12-31
→
2025-12-31
Margins
7.1%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SHLS
Peer Median
P/E (TTM)
42.5
22.8
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SHLS
Peer Median
Gross Margin
35.0%
25.9%
Operating Margin
11.9%
—
Net Profit Margin
7.1%
-80.8%
ROA
4.0%
-22.9%
ROE
5.7%
-31.7%
ROIC
6.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SHLS
Peer Median
Current Ratio
2.0
2.6
Quick Ratio
1.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SHLS
Peer Median
Revenue YoY
19.1%
—
Revenue CAGR 3Y
13.3%
—
Revenue CAGR 5Y
22.1%
—
EPS YoY
42.9%
—
Net Income YoY
39.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SHLS
Peer Median
SHLS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
25 analysts
- Strong Buy 5 20.0%
- Buy 13 52.0%
- Hold 7 28.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-19
Median
$12.00
Mean
$11.32
Now
$8.09
Low
$6.50
High
$15.00
Median target
$12.00
+48.3%
Mean target
$11.32
+39.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.12 | $0.10 | 0.02% |
| March 31, 2026 | $0.07 | $0.06 | 0.01% |
| Dec. 31, 2025 | $0.10 | $0.14 | -0.04% |
| Sept. 30, 2025 | $0.12 | $0.13 | -0.01% |
| June 30, 2025 | $0.10 | $0.08 | 0.02% |
| March 31, 2025 | $0.03 | $0.04 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SHLS | — | 42.5 | 19.1% | 7.1% | 5.7% | 35.0% |
| FCEL | $412M | -1.2 | 41.0% | -118.8% | -28.5% | — |
| AMPX | $1.06B | -22.5 | 202.1% | -60.3% | -48.8% | 11.3% |
| AMSC | $1.61B | 11.1 | 34.3% | 44.7% | 29.8% | 30.6% |
| TE | — | -3.1 | 25572.8% | — | — | — |
| EOSE | $3.86B | -1.7 | 631.8% | -849.1% | 58.0% | -126.0% |
| LYTS | $511M | 21.5 | 22.1% | 4.2% | 10.9% | 24.7% |
| ENVX | — | -10.2 | 37.9% | — | — | — |
| ARRY | $1.41B | -12.6 | 40.2% | -4.1% | 37.7% | 23.2% |
| DFLI | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $475M | $399M | $489M | $327M | $213M | $176M | |
| Cost of Revenue | $309M | $257M | $321M | $196M | $131M | $109M | |
| Gross Profit | $167M | $142M | $168M | $131M | $83M | $67M | |
| SG&A Expense | $102M | $82M | $81M | $56M | $38M | $21M | |
| Operating Expenses | $110M | $91M | $89M | $65M | $46M | $29M | |
| Operating Income | $56M | $51M | $79M | $66M | $36M | $37M | |
| Interest Expense | · | · | $24M | $19M | $15M | $4M | |
| Interest Income | $305.0K | $518.0K | $0 | $0 | · | · | |
| Pretax Income | $49M | $38M | $55M | $152M | $4M | · | |
| Income Tax | $15M | $14M | $12M | $9M | $86.0K | $0 | |
| Net Income | $34M | $24M | $40M | $128M | $2M | $34M | |
| EPS (Basic) | $0.20 | $0.14 | $0.24 | $1.11 | $0.00 | · | |
| EPS (Diluted) | $0.20 | $0.14 | $0.24 | $0.85 | $0.00 | · | |
| Shares (Basic) | 167,257,000 | 168,570,000 | 164,165,000 | 114,495,000 | 99,269,000 | · | |
| Shares (Diluted) | 168,378,000 | 168,725,000 | 164,504,000 | 167,631,000 | 99,269,000 | · | |
| EBITDA | $70M | $64M | $90M | $77M | $46M | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7M | $24M | $23M | $9M | $5M | $10M | |
| Receivables | $129M | $78M | $107M | $51M | $31M | $27M | |
| Inventory | $90M | $56M | $53M | $73M | $38M | $15M | |
| Other Current Assets | $10M | $10M | $4M | $5M | $5M | $155.0K | |
| Current Assets | $258M | $188M | $227M | $154M | $93M | $56M | |
| PP&E (Net) | $53M | $28M | $25M | $17M | $16M | $13M | |
| PP&E (Gross) | $71M | $41M | $34M | $24M | $21M | $17M | |
| Accum. Depreciation | $17M | $13M | $10M | $7M | $6M | $4M | |
| Goodwill | $70M | $70M | $70M | $70M | $69M | $50M | |
| Intangibles | $33M | $41M | $49M | $57M | $65M | $72M | |
| Other Non-current Assets | $5M | $10M | $5M | $6M | $6M | $4M | |
| Total Assets | $904M | $793M | $844M | $595M | $426M | $195M | |
| Accounts Payable | $65M | $20M | $14M | $9M | $20M | $15M | |
| Accrued Liabilities | · | · | · | · | $10M | $6M | |
| Current Liabilities | $127M | $81M | $93M | $53M | $32M | $24M | |
| Capital Leases | $39M | $1M | $2M | $3M | · | · | |
| Other Non-current Liabilities | $991.0K | $991.0K | $3M | $4M | $931.0K | $0 | |
| Total Liabilities | $304M | $236M | $299M | $294M | $434M | $379M | |
| Long-term Debt | · | $142M | $181M | $239M | $247M | $359M | |
| Total Debt | · | $142M | $181M | $239M | $247M | · | |
| Paid-in Capital | $493M | $484M | $471M | $257M | $96M | · | |
| Retained Earnings | $132M | $99M | $74M | $34M | $-93M | · | |
| Treasury Stock | $25M | $25M | $0 | · | · | · | |
| Stockholders' Equity | $600M | $557M | $545M | $301M | $-7M | · | |
| Liabilities + Equity | $904M | $793M | $844M | $595M | $426M | $195M |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $14M | $13M | $11M | $11M | $10M | $9M | |
| Stock-based Comp | $10M | $14M | $21M | $16M | $11M | $8M | |
| Deferred Tax | $16M | $14M | $11M | $8M | $-1M | $0 | |
| Amort. of Intangibles | $8M | $8M | $8M | $9M | $8M | $8M | |
| Other Non-cash | $-56M | $15M | $9M | $-123M | $-26M | · | |
| Operating Cash Flow | $17M | $80M | $92M | $39M | $-4M | $54M | |
| CapEx | $33M | $8M | $11M | $3M | $4M | $3M | |
| Investing Cash Flow | $-28M | $-8M | $-11M | $-4M | $-17M | $-3M | |
| Stock Issued | · | $0 | $0 | $43M | $281M | $0 | |
| Stock Repurchased | $0 | $25M | $0 | $0 | · | · | |
| Net Stock Activity | $0 | $-25M | $0 | $43M | $281M | · | |
| Financing Cash Flow | $-5M | $-71M | $-67M | $-37M | $21M | $-48M | |
| Net Change in Cash | $-16M | $804.0K | $14M | $-791.0K | $-516.0K | $3M | |
| Taxes Paid | $-183.0K | $109.0K | $1M | · | · | · | |
| Free Cash Flow | $-16M | $72M | $81M | $36M | $-8M | · | |
| Levered FCF | · | · | $63M | $19M | $-22M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 35.0% | 35.6% | 34.4% | 40.2% | 38.8% | · | |
| Operating Margin | 11.9% | 12.8% | 16.2% | 20.3% | 17.0% | · | |
| Net Margin | 7.1% | 6.0% | 8.2% | 39.0% | 1.1% | · | |
| Pretax Margin | 10.2% | 9.5% | 11.2% | 46.5% | 1.9% | · | |
| EBITDA Margin | 14.8% | 16.0% | 18.3% | 23.5% | 21.7% | · | |
| ROA | 4.0% | 2.9% | 5.6% | 25.0% | 0.76% | · | |
| ROE | 5.7% | 4.4% | 7.5% | 89.9% | 183.9% | · | |
| ROIC | 6.5% | 4.7% | 8.5% | 11.8% | 14.2% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | 2.3 | 2.5 | 2.9 | 3.0 | · | |
| Quick Ratio | 1.1 | 1.3 | 1.4 | 1.1 | 1.2 | · | |
| Debt / Equity | · | 0.3 | 0.3 | 0.8 | 96.8 | · | |
| LT Debt / Equity | · | 0.3 | 0.3 | 0.8 | 96.0 | · | |
| Interest Coverage | · | · | 3.3 | 3.6 | 2.5 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.5 | 0.7 | 0.6 | 0.7 | · | |
| Inventory Turnover | 4.2 | 4.7 | 5.1 | 3.5 | 4.9 | · | |
| Receivables Turnover | 4.6 | 4.3 | 6.2 | 8.0 | 7.3 | · |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 19.1% | -18.4% | 49.5% | 53.3% | 21.5% | · | |
| Revenue CAGR 3Y | 13.3% | 23.2% | 40.7% | · | · | · | |
| Revenue CAGR 5Y | 22.1% | · | · | · | · | · | |
| EPS YoY | 42.9% | -41.7% | -71.8% | · | · | · | |
| EPS CAGR 3Y | -38.3% | · | · | · | · | · | |
| Net Income YoY | 39.2% | -39.6% | -68.7% | 5334.9% | -93.0% | · | |
| Net Income CAGR 3Y | -35.9% | 117.4% | 5.8% | · | · | · | |
| Net Income CAGR 5Y | -0.11% | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $475M | $399M | $489M | $327M | $213M | $176M | |
| Net Income TTM | $34M | $24M | $40M | $128M | $2M | $34M | |
| P/E | 42.5 | 39.5 | 64.8 | 29.0 | · | · | |
| Earnings Yield | 2.4% | 2.5% | 1.5% | 3.5% | 0.00% | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163M | $141M | $148M | $136M | $111M | $80M | $107M | $102M | $99M | $91M | $130M | $134M | $119M | $95M | $91M | |
| Cost of Revenue | $114M | $100M | $101M | $86M | $70M | $52M | $67M | $77M | $59M | $54M | $75M | $120M | $69M | $54M | $55M | |
| Gross Profit | $50M | $41M | $47M | $50M | $41M | $28M | $40M | $25M | $40M | $36M | $55M | $14M | $51M | $40M | $36M | |
| SG&A Expense | $28M | $31M | $27M | $29M | $23M | $22M | $22M | $19M | $19M | $23M | $21M | $23M | $17M | $15M | $14M | |
| Operating Expenses | $31M | $33M | $30M | $32M | $25M | $24M | $24M | $21M | $21M | $25M | $24M | $25M | $19M | $17M | $16M | |
| Operating Income | $19M | $8M | $17M | $19M | $16M | $4M | $16M | $5M | $19M | $12M | $32M | $-11M | $32M | $23M | $20M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | · | $6M | $7M | · | $5M | |
| Interest Income | $268.0K | $59.0K | $73.0K | $38.0K | $76.0K | $118.0K | $118.0K | $85.0K | $202.0K | $113.0K | · | · | · | · | · | |
| Income Tax | $3M | $-89.0K | $6M | $4M | $3M | $2M | $6M | $2M | $4M | $2M | $10M | $-7M | $6M | $4M | $2M | |
| Net Income | $12M | $-297.0K | $8M | $12M | $14M | $-282.0K | $8M | $-267.0K | $12M | $5M | $17M | $-10M | $19M | $113M | $8M | |
| EPS (Basic) | $0.07 | $0.00 | $0.05 | $0.07 | $0.08 | $0.00 | $0.04 | $0.00 | $0.07 | $0.03 | $0.09 | $-0.06 | $0.11 | $0.98 | $0.07 | |
| EPS (Diluted) | $0.07 | $0.00 | $0.05 | $0.07 | $0.08 | $0.00 | $0.04 | $0.00 | $0.07 | $0.03 | $0.09 | $-0.06 | $0.11 | $0.72 | $0.07 | |
| Shares (Basic) | 168,059,000 | 167,555,000 | -334,358,000 | 167,369,000 | 167,286,000 | 166,960,000 | -339,021,000 | 167,318,000 | 169,991,000 | 170,282,000 | -322,096,000 | 169,965,000 | 169,887,000 | -223,180,000 | 112,975,000 | |
| Shares (Diluted) | 170,023,000 | 167,555,000 | -334,894,000 | 168,750,000 | 167,562,000 | 166,960,000 | -339,270,000 | 167,381,000 | 170,100,000 | 170,514,000 | -322,809,000 | 169,965,000 | 170,241,000 | -170,809,000 | 113,584,000 | |
| EBITDA | $19M | $12M | · | $19M | $16M | $8M | · | $5M | $19M | $15M | · | $-11M | $32M | · | $20M |
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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16M | $2M | $7M | $9M | $5M | $36M | $24M | $11M | $3M | $15M | · | $9M | $6M | · | $11M | |
| Receivables | $135M | $129M | $129M | $117M | $103M | $68M | $78M | $95M | $92M | $103M | · | $109M | $97M | · | $72M | |
| Inventory | $185M | $159M | $90M | $60M | $57M | $61M | $56M | $66M | $60M | $60M | · | $61M | $68M | · | $81M | |
| Other Current Assets | $11M | $13M | $10M | $7M | $15M | $13M | $10M | $5M | $5M | $7M | · | $7M | $7M | · | $8M | |
| Current Assets | $369M | $383M | $258M | $201M | $190M | $188M | $188M | $191M | $177M | $208M | · | $214M | $200M | · | $183M | |
| PP&E (Net) | $63M | $59M | $53M | $49M | $42M | $30M | $28M | $28M | $27M | $26M | · | $23M | $20M | · | $17M | |
| PP&E (Gross) | $85M | $79M | $71M | $65M | $57M | $44M | $41M | $40M | $38M | $37M | · | $32M | $28M | · | $24M | |
| Accum. Depreciation | $22M | $20M | $17M | $16M | $15M | $14M | $13M | $12M | $11M | $11M | · | $9M | $8M | · | $7M | |
| Goodwill | $70M | $70M | $70M | $70M | $70M | $70M | $70M | $70M | $70M | $70M | · | $70M | $70M | · | $70M | |
| Intangibles | $30M | $32M | $33M | $35M | $37M | $39M | $41M | $43M | $45M | $47M | · | $51M | $53M | · | $59M | |
| Other Non-current Assets | $6M | $5M | $5M | $5M | $8M | $10M | $10M | $10M | $8M | $8M | · | $6M | $6M | · | $24M | |
| Total Assets | $1.02B | $1.03B | $904M | $852M | $795M | $788M | $793M | $801M | $788M | $825M | · | $840M | $819M | · | $530M | |
| Accounts Payable | $66M | $80M | $65M | $34M | $29M | $27M | $20M | $24M | $16M | $16M | · | $17M | $16M | · | $21M | |
| Current Liabilities | $164M | $208M | $127M | $92M | $81M | $80M | $81M | $92M | $78M | $80M | · | $84M | $77M | · | $70M | |
| Capital Leases | $37M | $38M | $39M | $39M | · | · | $1M | · | · | · | · | · | · | · | $4M | |
| Other Non-current Liabilities | $991.0K | $991.0K | $991.0K | $991.0K | $2M | $2M | $991.0K | $2M | $3M | $3M | · | $3M | $4M | · | $4M | |
| Total Liabilities | $400M | $429M | $304M | $262M | $220M | $229M | $236M | $256M | $244M | $271M | · | $316M | $289M | · | $507M | |
| Long-term Debt | · | · | · | $127M | $132M | $142M | · | $142M | $147M | $169M | · | $190M | $211M | · | $277M | |
| Total Debt | · | · | · | $127M | $132M | $142M | · | $142M | $147M | $169M | · | $190M | $211M | · | $277M | |
| Paid-in Capital | $498M | $495M | $493M | $491M | $489M | $486M | $484M | $480M | $469M | $475M | · | $467M | $462M | · | $105M | |
| Retained Earnings | $144M | $132M | $132M | $124M | $112M | $98M | $99M | $91M | $91M | $79M | · | $58M | $68M | · | $-78M | |
| Treasury Stock | $25M | $25M | $25M | $25M | $25M | $25M | $25M | $25M | $15M | · | · | · | · | · | · | |
| Stockholders' Equity | $617M | $602M | $600M | $590M | $575M | $559M | $557M | $545M | $545M | $554M | $545M | $525M | $529M | $301M | $26M | |
| Liabilities + Equity | $1.02B | $1.03B | $904M | $852M | $795M | $788M | $793M | $801M | $788M | $825M | · | $840M | $819M | · | $530M |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $5M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $4M | $3M | $2M | $2M | $3M | $3M | $4M | $1M | $4M | $5M | $4M | $5M | $4M | $4M | $4M | |
| Deferred Tax | $3M | $-89.0K | $6M | $4M | $4M | $2M | $6M | $2M | $4M | $2M | $9M | $-6M | $6M | $3M | $2M | |
| Amort. of Intangibles | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | $-48M | · | · | · | $8M | · | · | · | $-2M | · | · | · | · | · | |
| Operating Cash Flow | $7M | $-41M | $-4M | $19M | $-14M | $16M | $14M | $16M | $38M | $13M | $26M | $28M | $28M | $34M | $12M | |
| CapEx | $7M | $8M | $7M | $10M | $12M | $3M | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $761.0K | $244.0K | |
| Investing Cash Flow | $-7M | $-8M | $-7M | $-10M | $-7M | $-3M | $-2M | $-2M | $-2M | $-2M | $-3M | $-4M | $-2M | $-761.0K | $-747.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $43M | · | |
| Stock Repurchased | · | · | $0 | $0 | · | · | $0 | $100.0K | · | · | $0 | $0 | · | · | · | |
| Financing Cash Flow | $14M | $44M | $10M | $-5M | $-10M | $-251.0K | $-52.0K | $-5M | $-48M | $-18M | $-10M | $-21M | $-26M | $-57M | $-3M | |
| Net Change in Cash | $14M | $-5M | $-1M | $4M | $-31M | $12M | $12M | $8M | $-12M | $-7M | $13M | $3M | $-600.0K | $-23M | $8M | |
| Taxes Paid | $-937.0K | $-11.0K | $0 | $0 | $-151.0K | $-32.0K | $3.0K | $-14.0K | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-49M | · | · | · | $12M | · | · | · | $10M | · | · | · | · | · |
Profitability 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.3% | 29.2% | · | 37.0% | 37.2% | 35.0% | · | 24.8% | 40.3% | 40.2% | · | 10.5% | 42.4% | · | 39.7% | |
| Operating Margin | 11.5% | 5.5% | · | 13.8% | 14.4% | 5.4% | · | 4.4% | 18.7% | 12.8% | · | -7.9% | 26.5% | · | 22.0% | |
| Net Margin | 7.4% | -0.21% | · | 8.8% | 12.5% | -0.35% | · | -0.26% | 11.9% | 5.3% | · | -7.3% | 15.9% | · | 8.8% | |
| EBITDA Margin | 11.5% | 8.4% | · | 13.8% | 14.4% | 9.5% | · | 4.4% | 18.7% | 16.1% | · | -7.9% | 26.5% | · | 22.0% | |
| ROA | 1.3% | -0.03% | · | 1.4% | 1.8% | -0.03% | · | -0.03% | 1.5% | 0.58% | · | -1.4% | 2.9% | · | 1.7% | |
| ROE | 2.0% | -0.05% | · | 2.1% | 2.5% | -0.05% | · | -0.05% | 2.2% | 0.90% | · | -3.6% | 7.0% | · | 58.4% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 1.8 | · | 2.2 | 2.3 | 2.3 | · | 2.1 | 2.3 | 2.6 | · | 2.5 | 2.6 | · | 2.6 | |
| Quick Ratio | 0.9 | 0.6 | · | 1.4 | 1.3 | 1.3 | · | 1.2 | 1.2 | 1.5 | · | 1.4 | 1.3 | · | 1.2 | |
| Debt / Equity | · | · | · | 0.2 | 0.2 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | · | 10.5 | |
| LT Debt / Equity | · | · | · | 0.2 | 0.2 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | · | 10.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 2.7 | · | -1.8 | 4.9 | · | 4.2 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.9 | 0.9 | · | 1.4 | 1.2 | 0.9 | · | 1.2 | 0.9 | 0.8 | · | 1.7 | 1.0 | · | 1.0 | |
| Receivables Turnover | 1.4 | 1.4 | · | 1.3 | 1.1 | 0.9 | · | 1.0 | 1.0 | 1.0 | · | 1.5 | 1.5 | · | 1.6 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $551M | $468M | · | $429M | $393M | $373M | · | $426M | $443M | $449M | · | · | $420M | · | · | |
| Net Income TTM | $38M | $25M | · | $25M | $25M | $16M | · | $6M | $26M | $28M | · | · | $55M | · | · | |
| P/E | 45.0 | 43.9 | · | 49.4 | 28.3 | 33.2 | · | 140.2 | 41.6 | 62.1 | · | · | 67.3 | · | · | |
| Earnings Yield | 2.2% | 2.3% | · | 2.0% | 3.5% | 3.0% | · | 0.71% | 2.4% | 1.6% | · | · | 1.5% | · | · |
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 | $475M | $399M | $489M | $327M | $213M |
| Gross Margin % | 35.0% | 35.6% | 34.4% | 40.2% | 38.8% |
| Operating Margin % | 11.9% | 12.8% | 16.2% | 20.3% | 17.0% |
| Net Income | $34M | $24M | $40M | $128M | $2M |
| Diluted EPS | $0.20 | $0.14 | $0.24 | $0.85 | $0.00 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.3 | 0.3 | 0.8 | 96.8 |
| Current Ratio | 2.0 | 2.3 | 2.5 | 2.9 | 3.0 |
| Quick Ratio | 1.1 | 1.3 | 1.4 | 1.1 | 1.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-16M | $72M | $81M | $36M | $-8M |
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 316 filers · $969.6M 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 |
|---|---|---|---|---|
| 63 (+3 vs prior Q) | 36 (-17 vs prior Q) | 99 (+11 vs prior Q) | 84 (-2 vs prior Q) | +28.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $73,608,935 | 7,435,246 | 7.59% | Shares |
| STATE STREET CORP | $59,923,760 | 6,052,905 | 6.18% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $44,551,663 | 4,500,168 | 4.59% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $42,582,375 | 4,301,250 | 4.39% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $42,307,442 | 4,273,479 | 4.36% | Shares |
| Greenvale Capital LLP | $42,075,000 | 4,250,000 | 4.34% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $40,854,716 | 4,125,913 | 4.21% | Shares |
| Pictet Asset Management Holding SA | $28,113,386 | 2,839,736 | 2.90% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $23,661,475 | 2,390,048 | 2.44% | Shares |
| ACK Asset Management LLC | $22,324,500 | 2,255,000 | 2.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $21,938,400 | 2,216,000 | 2.26% | Call option |
| AMERIPRISE FINANCIAL INC | $18,011,030 | 1,819,296 | 1.86% | Shares |
| Redwood Grove Capital, LLC | $17,431,148 | 1,760,722 | 1.80% | Shares |
| ROYCE & ASSOCIATES LP | $17,067,125 | 1,723,952 | 1.76% | Shares |
| ARDSLEY ADVISORY PARTNERS LP | $16,483,500 | 1,665,000 | 1.70% | Shares |
| Woodson Capital Management, LP | $15,840,000 | 1,600,000 | 1.63% | Shares |
| HEARTLAND ADVISORS INC | $14,513,895 | 1,466,050 | 1.50% | Shares |
| Arosa Capital Management LP | $14,355,000 | 1,450,000 | 1.48% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13,930,904 | 1,407,162 | 1.44% | Shares |
| Swedbank AB | $13,026,420 | 1,315,800 | 1.34% | Shares |
| FIRST TRUST ADVISORS LP | $12,868,950 | 1,299,894 | 1.33% | Shares |
| Nishkama Capital, LLC | $12,712,244 | 1,284,065 | 1.31% | Shares |
| JANE STREET GROUP, LLC | $12,030,480 | 1,215,200 | 1.24% | Call option |
| Caption Management, LLC | $11,884,950 | 1,200,500 | 1.23% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $11,858,745 | 1,197,853 | 1.22% | Shares |
| Caption Management, LLC | $11,776,050 | 1,189,500 | 1.21% | Put option |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $11,123,115 | 1,123,547 | 1.15% | Shares |
| Centiva Capital, LP | $10,952,152 | 1,106,278 | 1.13% | Shares |
| Pier Capital, LLC | $9,389,487 | 948,433 | 0.97% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $9,372,766 | 946,744 | 0.97% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $9,174,667 | 926,734 | 0.95% | Shares |
| Raiffeisen Bank International AG | $8,825,500 | 950,000 | 0.91% | Shares |
| Erste Asset Management GmbH | $8,691,808 | 935,609 | 0.90% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $8,306,100 | 839,000 | 0.86% | Shares |
| GOLDMAN SACHS GROUP INC | $7,906,615 | 798,648 | 0.82% | Shares |
| Trexquant Investment LP | $7,898,774 | 797,856 | 0.81% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $7,860,283 | 793,968 | 0.81% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $7,070,125 | 714,154 | 0.73% | Shares |
| CITADEL ADVISORS LLC | $6,996,330 | 706,700 | 0.72% | Call option |
| RICE HALL JAMES & ASSOCIATES, LLC | $6,438,792 | 650,383 | 0.66% | Shares |
| Palo Duro Investment Partners, LP | $6,409,943 | 647,469 | 0.66% | Shares |
| SORA INVESTORS LLC | $6,031,139 | 609,206 | 0.62% | Shares |
| Aventail Capital Group, LP | $5,621,121 | 567,790 | 0.58% | Shares |
| STANSBERRY ASSET MANAGEMENT, LLC | $5,532,605 | 558,849 | 0.57% | Shares |
| AMERICAN CENTURY COMPANIES INC | $5,209,568 | 526,219 | 0.54% | Shares |
| CITADEL ADVISORS LLC | $4,409,876 | 445,442 | 0.45% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $4,319,123 | 436,275 | 0.45% | Shares |
| CenterBook Partners LP | $4,212,787 | 425,534 | 0.43% | Shares |
| Oribel Capital Management, LP | $4,153,050 | 419,500 | 0.43% | Shares |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $3,960,000 | 400,000 | 0.41% | Call option |
| DNB Asset Management AS | $3,698,333 | 373,569 | 0.38% | Shares |
| Squarepoint Ops LLC | $3,637,131 | 367,387 | 0.38% | Shares |
| Defiance ETFs, LLC | $3,627,028 | 358,402 | 0.37% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,402,630 | 343,700 | 0.35% | Put option |
| Swiss National Bank | $3,332,340 | 336,600 | 0.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,314,075 | 334,755 | 0.34% | Shares |
| IMC-Chicago, LLC | $3,133,845 | 316,550 | 0.32% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $3,030,430 | 306,104 | 0.31% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,029,935 | 306,054 | 0.31% | Shares |
| Jefferies Financial Group Inc. | $2,819,520 | 284,800 | 0.29% | Call option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $2,614,996 | 264,141 | 0.27% | Shares |
| HUSSMAN STRATEGIC ADVISORS, INC. | $2,494,800 | 252,000 | 0.26% | Shares |
| ALPS ADVISORS INC | $2,481,712 | 250,678 | 0.26% | Shares |
| SCALAR GAUGE MANAGEMENT, LLC | $2,475,000 | 250,000 | 0.26% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $2,410,304 | 243,465 | 0.25% | Shares |
| Bank of New York Mellon Corp | $2,269,308 | 229,223 | 0.23% | Shares |
| RHUMBLINE ADVISERS | $2,163,040 | 218,490 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $2,044,350 | 206,500 | 0.21% | Put option |
| LMR Partners LLP | $1,980,000 | 200,000 | 0.20% | Call option |
| WOLVERINE TRADING, LLC | $1,926,000 | 256,800 | 0.20% | Call option |
| BlackRock, Inc. | $1,910,532 | 192,983 | 0.20% | Shares |
| Aperture Investors, LLC | $1,862,190 | 188,100 | 0.19% | Call option |
| Round Rock Advisors LLC | $1,840,677 | 185,927 | 0.19% | Shares |
| BARCLAYS PLC | $1,830,510 | 184,900 | 0.19% | Call option |
| CREDIT AGRICOLE S A | $1,691,732 | 170,882 | 0.17% | Shares |
| Torrey Growth & Income Advisors | $1,680,869 | 170,560 | 0.17% | Shares |
| CAXTON ASSOCIATES LLP | $1,678,367 | 169,532 | 0.17% | Shares |
| GREAT LAKES ADVISORS, LLC | $1,603,097 | 161,929 | 0.17% | Shares |
| CoreCommodity Management, LLC | $1,583,911 | 159,991 | 0.16% | Shares |
| NORGES BANK | $1,497,385 | 151,251 | 0.15% | Shares |
| UBS Group AG | $1,489,376 | 150,442 | 0.15% | Shares |
| LMR Partners LLP | $1,485,000 | 150,000 | 0.15% | Put option |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,450,855 | 146,551 | 0.15% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,432,362 | 144,683 | 0.15% | Shares |
| D. E. Shaw & Co., Inc. | $1,407,849 | 142,207 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $1,406,790 | 142,100 | 0.15% | Put option |
| Edgestream Partners, L.P. | $1,337,332 | 135,084 | 0.14% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,315,362 | 199,903 | 0.14% | Shares |
| CIDEL ASSET MANAGEMENT INC | $1,300,270 | 131,340 | 0.13% | Shares |
| Walleye Trading LLC | $1,286,010 | 129,900 | 0.13% | Call option |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,216,750 | 122,904 | 0.13% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,124,392 | 113,575 | 0.12% | Shares |
| Pekin Hardy Strauss, Inc. | $1,123,650 | 113,500 | 0.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,101,716 | 167,434 | 0.11% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,075,298 | 108,616 | 0.11% | Shares |
| State of New Jersey Common Pension Fund D | $1,053,053 | 106,369 | 0.11% | Shares |
| J. Goldman & Co LP | $1,039,500 | 105,000 | 0.11% | Put option |
| Headlands Technologies LLC | $996,970 | 100,704 | 0.10% | Shares |
| MetLife Investment Management, LLC | $991,574 | 100,159 | 0.10% | Shares |
| WOLVERINE TRADING, LLC | $990,000 | 132,000 | 0.10% | Put option |
Company insiders 16 insiders · 8 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dominic Bardos | Chief Financial Officer | June 1, 2026 F | 364,775 | 0 | 0 | $0 |
| Philip A Garton | Chief Financial Officer | March 23, 2022 S | 27,842 | 0 | 0 | $0 |
| Jeffery Tolnar | President | June 1, 2026 F | 273,800 | 0 | 0 | $0 |
| John Joseph White JR | Chief Operating Officer | Feb. 1, 2022 A | 98,621 | 0 | 0 | $0 |
| Bobbie Lee King Jr | Chief Legal Officer | June 16, 2026 G | 97,918 | 0 | 1 | $-104,100 |
| James Ryan Hart | Chief People Officer | June 1, 2026 F | 102,173 | 0 | 0 | $0 |
| Mehgan Peetz | General Counsel | Sept. 14, 2022 S | 90,395 | 0 | 0 | $0 |
| Alan D Neal | Chief Technology Officer | Feb. 1, 2022 A | 8,026 | 0 | 0 | $0 |
| Toni Volpe | Director | Aug. 19, 2021 A | 10,156 | 0 | 0 | $0 |
| John Bradford Forth | Director | Aug. 19, 2021 A | 397,851 | 0 | 0 | $0 |
| Peter Joseph Jonna | Director | Aug. 19, 2021 A | 7,617 | 0 | 0 | $0 |
| Ty P. Daul | Director | Aug. 19, 2021 A | 10,156 | 0 | 0 | $0 |
| Lori S Sundberg | Director | Aug. 19, 2021 A | 10,156 | 0 | 0 | $0 |
| Peter M Wilver | Director | Aug. 19, 2021 A | 11,617 | 0 | 0 | $0 |
| Brandon Moss | — | Aug. 13, 2026 F | 1,041,482 | 0 | 0 | $0 |
| Jason R Whitaker | — | March 15, 2023 A | 500,068 | 0 | 0 | $0 |
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 |
|---|---|---|---|---|---|
| Dean Solon, Solon Holdco I, LLC, Solon Holdco II, LLC, Solon Holdco III, LLC ×5 filings | March 10, 2023 | — | Initial filing | — | SEC |
| Oaktree Power Opportunities Fund IV (Delaware) Holdings, L.P., Brookfield Asset Management Inc., BAM Partners Trust, Oaktree Power Opportunities Fund IV, L.P., Oaktree Fund GP, LLC, Oaktree Power Opportunities Fund IV (Parallel), L.P., Oaktree Capital Management LP, Oaktree Capital Group, LLC, Atlas OCM Holdings, LLC, Oaktree Capital Group Holdings, L.P. ×2 filings | July 21, 2021 | — | 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 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 |
|---|---|---|---|---|
| CTEX · ProShares Trust | 3.47% | 20,565 NS | May 31, 2026 | N-PORT |
| UPGR · DBX ETF Trust | 3.37% | 17,697 NS | May 29, 2026 | N-PORT |
| TAN · Invesco Exchange-Traded Fund Trust … | 2.95% | 4,446,677 SH | Aug. 8, 2026 | Daily |
| ACES · ALPS ETF Trust | 2.26% | 263,418 NS | May 31, 2026 | N-PORT |
| CTEC · Global X Funds | 1.39% | 37,644 NS | May 31, 2026 | N-PORT |
| PBW · Invesco Exchange-Traded Fund Trust | 1.37% | 699,847 SH | Aug. 8, 2026 | Daily |
| ICLN · iShares Trust | 1.30% | 3,137,599 SH | Aug. 8, 2026 | Daily |
| PBD · Invesco Exchange-Traded Fund Trust … | 1.04% | 223,226 SH | Aug. 8, 2026 | Daily |
| AIPO · Tidal Trust II | 0.71% | 427,344 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.40% | 522,362 NS | April 30, 2026 | N-PORT |
| CCNR · Financial Investors Trust | 0.32% | 160,001 NS | April 30, 2026 | N-PORT |
| ERTH · Invesco Exchange-Traded Fund Trust | 0.21% | 33,009 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.16% | 5,340 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.15% | 342,841 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.14% | 210,450 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.11% | 176,205 NS | April 30, 2026 | N-PORT |
| CCSO · Tidal Trust II | 0.11% | 6,218 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.09% | 171,349 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.09% | 68,457 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.09% | 1,453,256 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.08% | 48,707 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.07% | 23,270 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.06% | 172,116 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.06% | 180,234 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.05% | 7,913 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.05% | 743 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.05% | 97,086 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 982,299 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 4,347,683 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 799,841 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.04% | 50,237 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.04% | 145,266 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.04% | 72,843 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.03% | 557,572 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 6,210 NS | May 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.03% | 251,394 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 6,261 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.02% | 7,349 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,924,993 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.02% | 1,103,481 SH | Aug. 8, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.02% | 204,051 SH | Aug. 8, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.02% | 49,775 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.02% | 323,639 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.02% | 7,990 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 10,017 SH | Aug. 8, 2026 | Daily |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.01% | 4,450 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 7,023 NS | May 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.01% | 1,918,526 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 9,601 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.01% | 157 NS | May 31, 2026 | N-PORT |