SMA SmartStop Self Storage REIT, Inc. Common Stock
$34.91
Price · Aug 19, 2026
Fundamentals as of Aug 7, 2026
52W Range
$29–$40
53% of range
Analyst Rating
BUY
15 analysts
Price Target
$37
+5% upside
P/E (TTM)
-51.3
ROE
-1.2%
Net Profit Margin
-3.1%
SMA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$34.91
Market Cap
$1.93B
P/E (TTM)
-51.3
EPS (TTM)
$-0.20
Revenue (TTM)
$281M
Div Yield
3.9%
ROE
-1.2%
Debt/Equity
—
52W Range
$29 – $40
SMA 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
$281M
2016-12-31
→
2025-12-31
EPS
$-0.20
2020-12-31
→
2024-12-31
Free Cash Flow
—
Margins
-3.1%
2024-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SMA
Peer Median
P/E (TTM)
-51.3
31.0
P/S (TTM)
6.9
8.2
P/B
1.6
2.6
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SMA
Peer Median
Gross Margin
61.4%
68.3%
Operating Margin
21.0%
—
Net Profit Margin
-3.1%
27.7%
ROA
-0.39%
3.2%
ROE
-1.2%
7.0%
ROIC
-53.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SMA
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SMA
Peer Median
Revenue YoY
18.6%
—
Revenue CAGR 3Y
9.8%
—
Revenue CAGR 5Y
17.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SMA
Peer Median
Payout Ratio
-854.4%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
3.9%
Payout Ratio
-854.4%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $0.1360 |
| June 30, 2026 | $0.1320 |
| May 29, 2026 | $0.1360 |
| April 30, 2026 | $0.1320 |
| March 31, 2026 | $0.1360 |
| Feb. 27, 2026 | $0.1230 |
| Jan. 30, 2026 | $0.1360 |
| Dec. 31, 2025 | $0.1360 |
| Nov. 28, 2025 | $0.1320 |
| Oct. 31, 2025 | $0.1360 |
| Sept. 30, 2025 | $0.1320 |
| Aug. 29, 2025 | $0.1360 |
| July 31, 2025 | $0.1360 |
| June 30, 2025 | $0.1320 |
| May 30, 2025 | $0.1360 |
| April 30, 2025 | $0.1320 |
SMA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 4 26.7%
- Buy 8 53.3%
- Hold 2 13.3%
- Sell 1 6.7%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-15
Median
$37.00
Now
$34.91
Low
$33.00
High
$40.00
Median target
$37.00
+6.0%
Mean target
$36.82
+5.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.20 | $0.11 | 0.09% |
| March 31, 2026 | $0.17 | $0.09 | 0.08% |
| Dec. 31, 2025 | $0.05 | $0.15 | -0.10% |
| Sept. 30, 2025 | $0.09 | $0.09 | 0.00% |
| June 30, 2025 | $-0.16 | $-0.01 | -0.15% |
| March 31, 2025 | $-0.35 | $-0.30 | -0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SMA | $1.71B | -45.5 | 18.6% | -3.1% | -1.2% | 61.4% |
| PSA | — | 28.8 | 2.7% | 37.0% | 18.8% | — |
| PSA | — | 28.8 | 2.7% | 37.0% | 18.8% | — |
| EXR | $27.50B | 28.4 | 3.7% | 28.8% | 7.1% | — |
| CUBE | $8.19B | 24.7 | 5.3% | 29.5% | 11.8% | — |
| SELF | $58M | 28.3 | 1.4% | 16.0% | 4.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $281M | $237M | $233M | $213M | $169M | $124M | $110M | $80M | $76M | $45M | $18M | $465.3K | |
| Cost of Revenue | · | · | · | · | · | · | · | $25M | $24M | $16M | $7M | $167.4K | |
| Gross Profit | $172M | $156M | $158M | $147M | · | · | · | · | · | · | · | · | |
| SG&A Expense | $38M | $30M | $27M | $28M | $23M | $16M | $10M | $5M | $3M | $3M | $2M | $943.9K | |
| Operating Expenses | $222M | $168M | $162M | $163M | $152M | $145M | $102M | $64M | $73M | $60M | $23M | $3M | |
| Operating Income | $59M | $69M | $71M | $66M | $17M | $-21M | $12M | $16M | $4M | $-15M | $-5M | $-2M | |
| Interest Expense | $60M | $72M | $62M | $42M | $33M | $36M | $38M | $18M | $16M | $7M | $3M | $116.9K | |
| Interest Income | $4M | $3M | $3M | $2M | · | · | · | · | · | · | · | · | |
| Other Non-op | $-21.0K | $-1M | $-231.0K | $-998.0K | $-937.6K | $160.5K | $-625.0K | $-701.2K | $-367.4K | $-286.4K | $-32.4K | $0 | |
| Pretax Income | $164.0K | $-4M | $9M | $21M | $-21M | · | · | · | · | · | · | · | |
| Income Tax | $2M | $1M | $-3M | $-555.0K | $-2M | $-6M | · | · | · | · | · | · | |
| Net Income | $-9M | $-18M | $-3M | $22M | $-20M | $-51M | $-25M | $-4M | $-15M | $-26M | $-9M | $-2M | |
| EPS (Basic) | · | $-0.20 | $-0.03 | $0.07 | $-0.37 | $-0.91 | · | · | · | · | · | · | |
| EPS (Diluted) | · | $-0.20 | $-0.03 | $0.07 | $-0.37 | $-0.91 | · | · | · | · | · | · | |
| Shares (Basic) | · | · | · | 91,939,172 | 79,438,374 | 59,616,407 | · | · | · | · | · | · | |
| Shares (Diluted) | · | · | · | 92,056,438 | 79,438,374 | 59,616,407 | · | · | · | · | · | · | |
| EBITDA | $59M | $69M | $71M | $66M | $17M | $-21M | $12M | $16M | $4M | $-15M | $-5M | $-2M |
Balance Sheet 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $54M | $23M | $45M | $39M | $37M | $73M | $62M | $10M | $7M | $15M | $28M | $7M | |
| Goodwill | $70M | $54M | $54M | $54M | $54M | $54M | $78M | · | · | · | · | · | |
| Intangibles | $18M | $7M | $1M | $16M | $14M | $12M | $30M | $2M | $4M | $13M | $4M | $2M | |
| Total Assets | $2.43B | $2.04B | $1.90B | $1.95B | $1.62B | $1.28B | $1.31B | $796M | $817M | $753M | $193M | $35M | |
| Deferred Tax | $7M | $6M | $6M | $6M | $8M | $8M | $7M | · | · | · | · | · | |
| Total Liabilities | $1.15B | $1.37B | $1.13B | $1.11B | $943M | $785M | $776M | $419M | $410M | $331M | $26M | $19M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | $321M | $23M | · | |
| Common Stock | $55.0K | $0 | · | · | · | · | · | · | · | · | · | $1.8K | |
| Retained Earnings | $-194M | $-186M | $-167M | $-165M | $-171M | $-141M | $-87M | $-62M | $-59M | $-44M | $-18M | $-2M | |
| AOCI | $733.0K | $-2M | $847.0K | $4M | $-280.0K | $-4M | $-2M | $1M | $1M | $1M | $0 | · | |
| Stockholders' Equity | $1.18B | $326M | $404M | $467M | $343M | $183M | $274M | $345M | $379M | $411M | $166M | $11M | |
| Liabilities + Equity | $2.43B | $2.04B | $1.90B | $1.95B | $1.62B | $1.28B | $1.31B | $796M | $817M | $753M | $193M | $35M | |
| Shares Outstanding | 55,359,250 | 0 | · | · | · | · | · | · | · | · | · | 1,765,515 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $73M | $56M | $60M | $65M | $53M | $42M | $41M | $23M | $33M | $22M | $9M | $257.0K | |
| Stock-based Comp | $17M | $5M | $5M | $4M | $3M | $2M | $404.5K | $75.3K | $34.0K | · | · | · | |
| Deferred Tax | $1M | $845.0K | $-3M | $-1M | $-2M | $-6M | $-800.0K | · | · | · | · | · | |
| Amort. of Intangibles | $10M | $935.0K | $7M | $15M | $12M | $10M | $11M | $2M | $14M | $11M | $5M | $158.6K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | · | · | $2M | |
| Operating Cash Flow | $85M | $64M | $73M | $88M | $59M | $27M | $10M | $18M | $20M | $-874.5K | $-1M | $-334.4K | |
| Investing Cash Flow | $-381M | $-181M | $262.0K | $-205M | $-120M | $-29M | $-348M | $-3M | $-58M | $-508M | · | · | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | $19M | $327M | $191M | $17M | |
| Net Stock Activity | · | · | · | · | · | · | $0 | $0 | $19M | $327M | $191M | $17M | |
| Dividends Paid | $75M | $37M | $41M | $49M | $26M | $19M | $18M | $18M | $17M | $11M | $1M | $158.0K | |
| Financing Cash Flow | $325M | $95M | $-66M | $120M | $26M | $14M | $392M | $-13M | $31M | $499M | · | · | |
| Net Change in Cash | $30M | $-24M | $7M | $1M | $-36M | $12M | $55M | $2M | $-6M | $-10M | $22M | $6M | |
| Taxes Paid | $470.0K | · | · | · | · | · | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.4% | 65.7% | · | · | · | · | · | · | · | · | · | · | |
| Operating Margin | 21.0% | 29.2% | 30.3% | 31.0% | 9.8% | · | · | 20.1% | 4.7% | -32.8% | -28.3% | -485.0% | |
| Net Margin | -3.1% | -2.5% | 5.0% | 10.2% | -11.6% | · | · | -4.6% | -19.7% | -57.5% | · | -515.0% | |
| Pretax Margin | 0.06% | -1.9% | 3.9% | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 21.0% | 29.2% | 30.3% | 31.0% | 9.8% | · | · | 20.1% | 4.7% | -32.8% | -28.3% | -429.8% | |
| ROA | -0.39% | -0.30% | 0.61% | 1.2% | -1.4% | -4.0% | -2.4% | -0.46% | -1.9% | -5.5% | · | -13.6% | |
| ROE | -1.2% | -1.6% | 2.7% | 5.3% | -7.4% | -22.4% | -8.1% | -1.0% | -3.8% | -9.1% | · | -42.4% | |
| ROIC | -53.0% | 28.4% | 22.5% | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 1.0 | 1.0 | 1.1 | 1.6 | 0.5 | -0.6 | 0.3 | 0.9 | 0.2 | -2.0 | -1.7 | -19.3 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · | 0.1 | 0.1 | 0.1 | 0.2 | 0.0 |
Growth Rates 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 18.6% | 1.7% | 9.6% | 26.0% | 36.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.8% | 12.0% | 23.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 17.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 31.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $281M | $237M | $233M | $213M | $169M | $124M | $110M | $80M | $76M | $45M | $18M | $465.3K | |
| Net Income TTM | $-9M | $-18M | $-3M | $22M | $-20M | $-51M | $-25M | $-4M | $-15M | $-26M | $-9M | $-2M | |
| Market Cap | $1.71B | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -45.5 | · | · | · | · | · | · | · | · | · | · | · | |
| P/S | 6.1 | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 1.5 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.6 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 20.2 | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend Yield | 4.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -2.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Payout Ratio | -854.4% | -634.9% | 348.6% | 227.9% | -133.7% | -37.4% | -72.5% | -472.1% | -111.2% | -43.5% | · | -6.6% | |
| Annual Payout | $75M | $37M | $41M | $49M | $26M | $19M | $18M | $18M | $17M | $11M | $1M | $158.0K |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $79M | $78M | $78M | $70M | $67M | $65M | $61M | $60M | $59M | $57M | $58M | $59M | $60M | $57M | $56M | $56M | |
| Gross Profit | $48M | $45M | $48M | $43M | $40M | $42M | $40M | $39M | $39M | $37M | · | · | · | · | · | · | |
| SG&A Expense | $10M | $9M | $8M | $10M | $12M | $8M | $7M | $7M | $8M | $7M | $7M | $6M | $7M | $7M | $7M | $7M | |
| Operating Expenses | $62M | $63M | $60M | $58M | $57M | $48M | $43M | $42M | $41M | $41M | $41M | $41M | $41M | $40M | $40M | $44M | |
| Operating Income | $18M | $16M | $19M | $13M | $10M | $17M | $18M | $18M | $18M | $16M | $17M | $18M | $19M | $17M | $16M | $13M | |
| Interest Expense | $13M | $13M | $13M | $13M | $12M | $22M | $19M | $19M | $17M | $17M | $16M | $16M | $15M | $15M | $13M | $12M | |
| Interest Income | · | $2M | $1M | $2M | $723.0K | $725.0K | $873.0K | $1M | $667.0K | $684.0K | $823.0K | $699.0K | · | · | · | · | |
| Other Non-op | $6M | $6M | $-4M | $5M | $-1M | $454.0K | $2M | $-2M | $-792.0K | $-176.0K | $-2M | $-266.0K | $1M | $751.0K | $-2M | $2M | |
| Income Tax | $379.0K | $331.0K | $362.0K | $615.0K | $318.0K | $606.0K | $391.0K | $404.0K | $347.0K | $342.0K | $-2M | $-1M | $-134.0K | $277.2K | $-145.3K | $102.2K | |
| Net Income | $11M | $10M | $-4M | $5M | $-8M | $-8M | $-10M | $-6M | $-705.0K | $-2M | $-12M | $3M | $4M | $2M | $2M | $2M | |
| EPS (Basic) | · | · | · | $0.09 | $-0.16 | $-0.35 | · | $-0.26 | $-0.16 | $-0.20 | · | $-0.01 | $0.00 | $-0.02 | $-0.02 | $-0.01 | |
| EPS (Diluted) | · | · | · | $0.09 | $-0.16 | $-0.35 | · | $-0.26 | $-0.16 | $-0.20 | · | $-0.01 | $0.00 | $-0.02 | $-0.02 | $-0.01 | |
| Shares (Basic) | · | · | · | 55,097,961 | 54,419,801 | 24,018,553 | · | 24,119,247 | 24,193,932 | 24,207,976 | · | 96,837,584 | 96,815,006 | 96,820,723 | · | 96,786,669 | |
| Shares (Diluted) | · | · | · | 55,345,663 | 54,419,801 | 24,018,553 | · | 24,119,247 | 24,193,932 | 24,207,976 | · | 96,837,584 | 97,251,835 | 96,820,723 | · | 2,936,091 | |
| EBITDA | $18M | $16M | · | $13M | $10M | $17M | · | $18M | $18M | $16M | · | $18M | $19M | $17M | · | $13M |
Balance Sheet 13
| 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 | $38M | $38M | $54M | $48M | $38M | $35M | $23M | $37M | $35M | $39M | · | $34M | $34M | $26M | · | $41M | |
| Goodwill | $70M | $70M | $70M | $54M | $54M | $54M | $54M | $54M | $54M | $54M | · | $54M | $54M | $54M | · | $54M | |
| Intangibles | $13M | $15M | $18M | $13M | $13M | $8M | $7M | $3M | $2M | $1M | · | $2M | $12M | $14M | · | $17M | |
| Total Assets | $2.44B | $2.42B | $2.43B | $2.39B | $2.30B | $2.11B | $2.04B | $1.94B | $1.88B | $1.89B | · | $1.89B | $1.89B | $1.94B | · | $1.94B | |
| Deferred Tax | $6M | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | · | $6M | $6M | $6M | · | $6M | |
| Total Liabilities | $1.18B | $1.15B | $1.15B | $1.10B | $1.00B | $1.46B | $1.37B | $1.25B | $1.16B | $1.15B | · | $1.11B | $1.10B | $1.13B | · | $1.08B | |
| Long-term Debt | $1.12B | $1.10B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $55.0K | $55.0K | $55.0K | $31.0K | $31.0K | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Retained Earnings | $-174M | $-185M | $-194M | $-197M | $-202M | $-194M | $-186M | $-182M | $-176M | $-172M | · | $-166M | $-166M | $-166M | · | $-163M | |
| AOCI | $-383.0K | $245.0K | $733.0K | $268.0K | $840.0K | $-2M | $-2M | $-2M | $-360.0K | $432.6K | · | $2M | $3M | $2M | · | $3M | |
| Stockholders' Equity | $1.16B | $1.17B | $1.18B | $1.20B | $1.22B | $303M | $326M | $344M | $366M | $385M | · | $422M | $437M | $451M | · | $483M | |
| Liabilities + Equity | $2.44B | $2.42B | $2.43B | $2.39B | $2.30B | $2.11B | $2.04B | $1.94B | $1.88B | $1.89B | · | $1.89B | $1.89B | $1.94B | · | $1.94B | |
| Shares Outstanding | 55,368,903 | 55,377,467 | 55,359,250 | 31,050,000 | 31,050,000 | 0 | 0 | · | · | · | · | · | · | · | · | · |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $20M | $20M | $20M | $19M | $17M | $17M | $15M | $14M | $14M | $14M | $15M | $15M | $15M | $15M | $15M | $18M | |
| Stock-based Comp | $3M | $3M | $2M | $6M | $7M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $1M | $925.1K | $925.6K | |
| Deferred Tax | $159.0K | $109.0K | $164.0K | $443.0K | $176.0K | $263.0K | $242.0K | $231.0K | $154.0K | $218.0K | $-2M | $-1M | $-305.0K | $120.3K | $-151.2K | $-123.6K | |
| Amort. of Intangibles | $3M | $3M | $4M | $3M | $2M | $2M | $474.0K | $215.0K | $173.0K | $73.0K | $1M | $2M | $2M | $2M | $2M | $5M | |
| Operating Cash Flow | $20M | $24M | $14M | $52M | $8M | $11M | $11M | $22M | $17M | $14M | $4M | $23M | $29M | $16M | $18M | $29M | |
| Investing Cash Flow | $-32M | $-16M | $-30M | $-116M | $-165M | $-70M | $-101M | $-67M | $-13M | $-609.0K | $-3M | $-15M | $39M | $-21M | $-32M | $-28M | |
| Dividends Paid | $22M | $22M | $22M | $22M | $20M | $11M | $11M | $9M | $9M | $9M | $9M | $8M | $9M | $15M | $14M | $15M | |
| Financing Cash Flow | $13M | $-23M | $20M | $75M | $160M | $70M | $76M | $48M | $-8M | $-21M | $8M | $-7M | $-59M | $-8M | $10M | $-3M | |
| Net Change in Cash | $337.0K | $-16M | $5M | $11M | $3M | $11M | $-16M | $3M | $-4M | $-7M | $10M | $1M | $9M | $-13M | $-4M | $-3M |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.1% | 57.3% | · | 60.9% | 59.3% | 64.1% | · | · | · | · | · | · | · | · | · | · | |
| Operating Margin | 22.6% | 20.7% | · | 18.1% | 15.4% | 26.3% | · | 29.4% | 29.9% | 28.1% | · | 30.9% | 31.2% | 29.6% | · | 22.9% | |
| Net Margin | 14.2% | 12.2% | · | 7.4% | -7.2% | -8.3% | · | -5.6% | -1.2% | -2.9% | · | 5.1% | 7.2% | 3.6% | · | 4.0% | |
| EBITDA Margin | 22.6% | 20.7% | · | 18.1% | 15.4% | 26.3% | · | 29.4% | 29.9% | 28.1% | · | 30.9% | 31.2% | 29.6% | · | 22.9% | |
| ROA | 0.47% | 0.42% | · | 0.24% | -0.23% | -0.27% | · | -0.18% | -0.04% | -0.09% | · | 0.16% | 0.22% | 0.11% | · | 0.13% | |
| ROE | 0.95% | 1.3% | · | 0.68% | -0.61% | -1.6% | · | -0.89% | -0.18% | -0.39% | · | 0.66% | 0.92% | 0.52% | · | 0.53% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 1.3 | 1.2 | · | 1.0 | 0.9 | 0.8 | · | 0.9 | 1.0 | 1.0 | · | 1.1 | 1.2 | 1.1 | · | 1.1 |
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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
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 | $295M | $281M | · | $263M | $252M | $242M | · | $235M | $234M | $232M | · | $232M | $225M | $213M | · | $201M | |
| Net Income TTM | $18M | $2M | · | $-11M | $-17M | $-14M | · | $-6M | $5M | $8M | · | $12M | $23M | $22M | · | $21M | |
| Market Cap | $1.80B | $1.68B | · | $1.17B | $1.12B | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -47.8 | -44.5 | · | -55.4 | -39.0 | · | · | · | · | · | · | · | · | · | · | · | |
| P/S | 6.1 | 6.0 | · | 4.4 | 4.5 | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 1.6 | 1.4 | · | 1.0 | 0.9 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.7 | 1.5 | · | 1.0 | 1.0 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 69.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -2.1% | -2.2% | · | -1.8% | -2.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Payout Ratio | · | 228.0% | · | · | · | -197.7% | · | · | · | -537.1% | · | · | · | 722.5% | · | · |
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 | $281M | $237M | $233M | $213M | $169M |
| Gross Margin % | 61.4% | 65.7% | — | — | — |
| Operating Margin % | 21.0% | 29.2% | 30.3% | 31.0% | 9.8% |
| Net Income | $-9M | $-18M | $-3M | $22M | $-20M |
| Diluted EPS | — | $-0.20 | $-0.03 | $0.07 | $-0.37 |
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Institutional owners (13F) 269 filers · $949.6M 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 |
|---|---|---|---|---|
| 44 (-18 vs prior Q) | 28 (-9 vs prior Q) | 93 (+2 vs prior Q) | 84 (+17 vs prior Q) | +14.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $94,239,113 | 2,899,665 | 9.92% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $76,929,223 | 2,367,053 | 8.10% | Shares |
| STATE STREET CORP | $73,231,894 | 2,244,402 | 7.71% | Shares |
| GOLDMAN SACHS GROUP INC | $59,978,523 | 1,845,493 | 6.32% | Shares |
| NORGES BANK | $52,986,895 | 1,630,366 | 5.58% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $44,239,382 | 1,360,949 | 4.66% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $43,712,175 | 1,344,990 | 4.60% | Shares |
| Alyeska Investment Group, L.P. | $31,088,753 | 956,577 | 3.27% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $30,282,558 | 931,771 | 3.19% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $29,149,218 | 896,899 | 3.07% | Shares |
| Irenic Capital Management LP | $28,489,760 | 876,608 | 3.00% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $21,962,699 | 675,774 | 2.31% | Shares |
| GOLDENTREE ASSET MANAGEMENT LP | $16,279,825 | 501,768 | 1.71% | Shares |
| Long Pond Capital, LP | $14,457,268 | 444,839 | 1.52% | Shares |
| Zimmer Partners, LP | $14,218,750 | 437,500 | 1.50% | Shares |
| LPL Financial LLC | $12,667,850 | 389,780 | 1.33% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $12,305,705 | 375,764 | 1.30% | Shares |
| INDEPENDENT FINANCIAL GROUP, LLC | $12,175,547 | 374,632 | 1.28% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,021,718 | 369,899 | 1.27% | Shares |
| Aberdeen Group plc | $10,423,660 | 320,728 | 1.10% | Shares |
| Cetera Investment Advisers | $9,866,259 | 303,577 | 1.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,056,003 | 247,877 | 0.85% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $7,551,280 | 232,347 | 0.80% | Shares |
| AXA Investment Managers S.A. | $7,448,994 | 197,901 | 0.78% | Shares |
| CHILTON CAPITAL MANAGEMENT LLC | $7,084,309 | 217,244 | 0.75% | Shares |
| Clearbridge Investments, LLC | $6,880,651 | 211,712 | 0.72% | Shares |
| 1832 Asset Management L.P. | $6,651,385 | 204,658 | 0.70% | Shares |
| CHOREO, LLC | $6,523,660 | 200,728 | 0.69% | Shares |
| Lighthouse Investment Partners, LLC | $6,213,123 | 191,173 | 0.65% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $6,207,728 | 191,007 | 0.65% | Shares |
| Argosy-Lionbridge Management, LLC | $5,745,578 | 176,787 | 0.61% | Shares |
| Quantinno Capital Management LP | $5,138,120 | 158,096 | 0.54% | Shares |
| CITADEL ADVISORS LLC | $5,065,710 | 155,868 | 0.53% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $4,713,443 | 145,029 | 0.50% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $4,662,645 | 143,466 | 0.49% | Shares |
| AMERIPRISE FINANCIAL INC | $4,479,866 | 137,842 | 0.47% | Shares |
| Nuveen, LLC | $4,358,120 | 134,096 | 0.46% | Shares |
| Bank of New York Mellon Corp | $4,356,073 | 134,033 | 0.46% | Shares |
| DigitalBridge Group, Inc. | $4,004,000 | 123,200 | 0.42% | Shares |
| Prime Capital Investment Advisors, LLC | $3,977,104 | 122,372 | 0.42% | Shares |
| Swiss National Bank | $3,607,500 | 111,000 | 0.38% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $3,607,390 | 110,997 | 0.38% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $3,365,768 | 103,562 | 0.35% | Shares |
| Verition Fund Management LLC | $3,039,238 | 93,515 | 0.32% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $2,899,000 | 89,200 | 0.31% | Shares |
| HSBC HOLDINGS PLC | $2,798,835 | 86,118 | 0.29% | Shares |
| RHUMBLINE ADVISERS | $2,634,640 | 81,066 | 0.28% | Shares |
| XTX Topco Ltd | $2,573,870 | 79,196 | 0.27% | Shares |
| STRS OHIO | $2,570,750 | 79,100 | 0.27% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,558,530 | 78,724 | 0.27% | Shares |
| FRANKLIN RESOURCES INC | $2,542,150 | 78,220 | 0.27% | Shares |
| Kestra Advisory Services, LLC | $2,401,196 | 73,883 | 0.25% | Shares |
| CITIGROUP INC | $2,379,195 | 73,206 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $2,369,179 | 72,898 | 0.25% | Shares |
| Asset Management One Co., Ltd. | $2,336,465 | 77,162 | 0.25% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $2,333,760 | 71,808 | 0.25% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $2,258,392 | 69,463 | 0.24% | Shares |
| OVERSEA-CHINESE BANKING Corp Ltd | $2,191,540 | 67,432 | 0.23% | Shares |
| Jain Global LLC | $2,131,090 | 65,572 | 0.22% | Shares |
| Paralel Advisors LLC | $2,112,500 | 65,000 | 0.22% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,109,123 | 69,654 | 0.22% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $2,049,125 | 63,050 | 0.22% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,981,130 | 65,427 | 0.21% | Shares |
| Sequent Planning LLC | $1,971,353 | 60,657 | 0.21% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $1,945,353 | 59,857 | 0.20% | Shares |
| Advisory Services Network, LLC | $1,872,929 | 57,629 | 0.20% | Shares |
| PFG Investments, LLC | $1,767,177 | 54,375 | 0.19% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,753,830 | 53,964 | 0.18% | Shares |
| Vanguard Investments Australia, Ltd. | $1,679,925 | 51,690 | 0.18% | Shares |
| WESBANCO BANK INC | $1,660,750 | 51,100 | 0.17% | Shares |
| MML INVESTORS SERVICES, LLC | $1,632,011 | 50,216 | 0.17% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,612,000 | 49,600 | 0.17% | Shares |
| BlackRock, Inc. | $1,605,825 | 49,410 | 0.17% | Shares |
| BARCLAYS PLC | $1,581,971 | 48,676 | 0.17% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $1,565,525 | 48,170 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,503,743 | 46,269 | 0.16% | Shares |
| Premier Private Wealth Management LLC | $1,373,504 | 42,262 | 0.14% | Shares |
| SCOTIA CAPITAL INC. | $1,299,794 | 39,993 | 0.14% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $1,253,948 | 38,583 | 0.13% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $1,248,391 | 38,412 | 0.13% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,224,113 | 37,665 | 0.13% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,211,015 | 37,262 | 0.13% | Shares |
| MARSHALL WACE, LLP | $1,175,038 | 36,155 | 0.12% | Shares |
| Vanderbilt University | $1,156,740 | 35,592 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,137,500 | 35,000 | 0.12% | Call option |
| MetLife Investment Management, LLC | $1,127,685 | 34,698 | 0.12% | Shares |
| Private Capital Management, LLC | $1,007,500 | 31,000 | 0.11% | Shares |
| Engineers Gate Manager LP | $956,475 | 29,430 | 0.10% | Shares |
| CWM, LLC | $854,562 | 28,222 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $845,293 | 26,009 | 0.09% | Shares |
| AMERICAN CENTURY COMPANIES INC | $843,928 | 25,967 | 0.09% | Shares |
| JANUS HENDERSON GROUP PLC | $826,871 | 27,312 | 0.09% | Shares |
| AlphaCentric Advisors LLC | $812,500 | 25,000 | 0.09% | Shares |
| Crossingbridge Advisors, LLC | $812,500 | 25,000 | 0.09% | Shares |
| Amundi | $808,340 | 24,872 | 0.09% | Shares |
| Resona Asset Management Co.,Ltd. | $805,652 | 24,524 | 0.08% | Shares |
| Daiwa Securities Group Inc. | $798,460 | 24,568 | 0.08% | Shares |
| Apollon Wealth Management, LLC | $795,373 | 24,473 | 0.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $767,000 | 23,600 | 0.08% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $761,053 | 23,417 | 0.08% | Shares |
Company insiders 5 insiders · 1 officers · 4 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Nicholas Look | General Counsel and Secretary | Aug. 14, 2026 S | 588 | 0 | 1 | $-35,219 |
| David J Mueller | Director | Aug. 17, 2026 S | 4,640 | 0 | 3 | $-42,295 |
| Lora A. Gotcheva | Director | June 23, 2026 A | — | 0 | 0 | $0 |
| Harold Perry | Director | June 23, 2026 A | — | 0 | 0 | $0 |
| Timothy S. Morris | Director | June 23, 2026 A | 18,253 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| H. Michael Schwartz ×5 filings | April 7, 2025 | 4.80% | 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 33 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 |
|---|---|---|---|---|
| SRHR · Elevation Series Trust | 4.03% | 65,000 NS | April 30, 2026 | N-PORT |
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.89% | 134,227 NS | May 31, 2026 | N-PORT |
| REZ · iShares Trust | 0.39% | 97,091 SH | Aug. 8, 2026 | Daily |
| USRT · iShares Trust | 0.16% | 208,076 SH | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 0.12% | 390,806 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.12% | 515,603 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.12% | 49,583 SH | Aug. 8, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.11% | 49,104 NS | April 30, 2026 | N-PORT |
| REET · iShares Trust | 0.10% | 150,735 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.10% | 2,109,802 SH | Aug. 8, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.09% | 23,392 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 324,981 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.06% | 1,399,106 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.05% | 24,146 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 20,115 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.04% | 2,620 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 3,598 | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.04% | 11,688 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 265,655 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 2,534 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.03% | 2,049 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 18,156 | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 4,306 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 637,893 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 2,075 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 3,370 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.01% | 52 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,429 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 86,996 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 15,018 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 33,994 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,678,879 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,708 SH | Aug. 8, 2026 | Daily |