STAG Stag Industrial, Inc. Common Stock
$37.08
Price · Aug 24, 2026
Fundamentals as of Jul 28, 2026
52W Range
$34–$43
33% of range
Analyst Rating
HOLD
18 analysts
Price Target
$42
+13% upside
P/E (TTM)
—
ROE
7.8%
Net Profit Margin
32.4%
STAG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$37.08
Market Cap
$7.08B
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$845M
Div Yield
4.0%
ROE
7.8%
Debt/Equity
—
52W Range
$34 – $43
STAG 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
$845M
2016-12-31
→
2025-12-31
EPS
—
Free Cash Flow
—
Margins
32.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
STAG
Peer Median
P/S (TTM)
8.4
9.5
P/B
2.0
1.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
STAG
Peer Median
Net Profit Margin
32.4%
34.0%
ROA
3.9%
3.6%
ROE
7.8%
6.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
STAG
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
STAG
Peer Median
Revenue YoY
10.1%
—
Revenue CAGR 3Y
8.7%
—
Revenue CAGR 5Y
11.8%
—
Net Income YoY
44.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
STAG
Peer Median
Payout Ratio
103.8%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
4.0%
Payout Ratio
103.8%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.3880 |
| March 31, 2026 | $0.3880 |
| Dec. 31, 2025 | $0.1240 |
| Nov. 28, 2025 | $0.1240 |
| Oct. 31, 2025 | $0.1240 |
| Sept. 30, 2025 | $0.1240 |
| Aug. 29, 2025 | $0.1240 |
| July 31, 2025 | $0.1240 |
| June 30, 2025 | $0.1240 |
| May 30, 2025 | $0.1240 |
| April 30, 2025 | $0.1240 |
| March 31, 2025 | $0.1240 |
| Feb. 28, 2025 | $0.1240 |
| Jan. 31, 2025 | $0.1240 |
| Dec. 31, 2024 | $0.1230 |
| Nov. 29, 2024 | $0.1230 |
| Oct. 31, 2024 | $0.1230 |
| Sept. 30, 2024 | $0.1230 |
| Aug. 30, 2024 | $0.1230 |
| July 31, 2024 | $0.1230 |
STAG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 3 16.7%
- Buy 6 33.3%
- Hold 8 44.4%
- Sell 1 5.6%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-24
Median
$42.00
← Below all targets
$37.08
Low
$40.00
High
$46.00
Median target
$42.00
+13.3%
Mean target
$42.08
+13.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.11%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.28 | $0.27 | 0.01% |
| March 31, 2026 | $0.32 | $0.23 | 0.09% |
| Dec. 31, 2025 | $0.44 | $0.23 | 0.21% |
| Sept. 30, 2025 | $0.26 | $0.23 | 0.03% |
| June 30, 2025 | $0.27 | $0.22 | 0.05% |
| March 31, 2025 | $0.49 | $0.19 | 0.30% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| STAG | $7.02B | — | 10.1% | 32.4% | 7.8% | — |
| EGP | $9.50B | 36.6 | 12.7% | 35.7% | 7.6% | — |
| LINE | $7.95B | -81.4 | 0.28% | -1.9% | -1.2% | — |
| FR | $7.59B | 30.6 | 8.6% | 34.0% | 9.3% | — |
| REXR | $8.97B | 45.0 | 7.1% | 21.1% | 2.5% | — |
| TRNO | $6.08B | 15.0 | 24.5% | 84.6% | 10.0% | — |
| COLD | $3.66B | -32.1 | -2.4% | -4.4% | -3.7% | — |
| LXP | $2.93B | 27.2 | -2.3% | 32.3% | 5.5% | — |
| IIPR | $1.33B | 12.1 | -13.8% | 44.5% | 6.3% | — |
| ILPT | $369M | -5.5 | — | — | -12.6% | — |
| OLP | $424M | 17.6 | — | — | 8.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $845M | $767M | $708M | $657M | $562M | $483M | $406M | $351M | $301M | $250M | |
| SG&A Expense | $52M | $49M | $47M | $47M | $49M | $40M | $36M | $34M | $33M | $33M | |
| Operating Expenses | $528M | $504M | $470M | $454M | $398M | $352M | $308M | $278M | $251M | $230M | |
| Interest Expense | · | $113M | $95M | $78M | $63M | $62M | $55M | $49M | $42M | $43M | |
| Other Non-op | $-38M | $-70M | $-40M | $-21M | $32M | $75M | $-47M | $23M | $-18M | $16M | |
| Net Income | $274M | $189M | $193M | $178M | $192M | $202M | $49M | $93M | $31M | $35M | |
| Shares (Basic) | 186,844,000 | 182,160,000 | 180,221,000 | 178,753,000 | 163,442,000 | 148,791,000 | 125,389,000 | 103,401,000 | 89,538,000 | 70,637,000 | |
| Shares (Diluted) | 187,174,000 | 182,404,000 | 180,555,000 | 178,940,000 | 164,090,000 | 149,215,000 | 125,678,000 | 103,807,000 | 90,004,000 | 70,853,000 | |
| EBITDA | $302M | $293M | $278M | $275M | $239M | $215M | $185M | $168M | $151M | $125M |
Balance Sheet 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15M | $36M | $21M | $26M | $19M | $16M | $9M | $8M | $25M | $12M | |
| Goodwill | · | · | · | $5M | $5M | $5M | · | · | · | · | |
| Intangibles | $395M | $429M | $436M | $509M | $568M | $500M | $475M | $342M | $313M | $295M | |
| Total Assets | $7.21B | $6.83B | $6.28B | $6.18B | $5.83B | $4.69B | $4.16B | $3.10B | $2.68B | $2.19B | |
| Total Liabilities | $3.54B | $3.30B | $2.84B | $2.73B | $2.44B | $1.92B | $1.80B | $1.43B | $1.27B | $1.12B | |
| Long-term Debt | $3.27B | $3.03B | $2.62B | $2.50B | $2.22B | $1.70B | $1.65B | $1.33B | $1.17B | $1.04B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $970.0K | $804.0K | |
| Paid-in Capital | $4.62B | $4.45B | $4.27B | $4.19B | $4.13B | $3.42B | $2.97B | $2.12B | $1.73B | $1.29B | |
| Retained Earnings | $-1.03B | $-1.03B | $-949M | $-876M | $-792M | $-742M | $-723M | $-585M | $-517M | $-411M | |
| AOCI | $12M | $36M | $49M | $70M | $-12M | $-40M | $-18M | $4M | $4M | $-1M | |
| Stockholders' Equity | $3.60B | $3.46B | $3.37B | $3.38B | $3.33B | $2.72B | $2.31B | $1.61B | $1.36B | $1.03B | |
| Liabilities + Equity | $7.21B | $6.83B | $6.28B | $6.18B | $5.83B | $4.69B | $4.16B | $3.10B | $2.68B | $2.19B | |
| Shares Outstanding | 191,005,261 | 186,517,523 | 181,690,867 | 179,248,980 | 177,769,342 | 158,209,823 | 142,815,593 | 112,165,786 | 97,012,543 | 80,352,304 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $302M | $293M | $278M | $275M | $239M | $215M | $185M | $168M | $151M | $125M | |
| Stock-based Comp | $13M | $12M | $11M | $12M | $15M | $12M | $10M | $9M | $10M | $10M | |
| Other Non-cash | $-125M | $-34M | $-92M | $-78M | $-110M | $-135M | $-11M | $-72M | $-29M | $-34M | |
| Operating Cash Flow | $463M | $460M | $391M | $388M | $336M | $294M | $233M | $198M | $162M | $136M | |
| Investing Cash Flow | $-497M | $-731M | $-320M | $-448M | $-1.22B | $-555M | $-1.22B | $-507M | $-572M | $-346M | |
| Stock Issued | $157M | $167M | $69M | $55M | $707M | $438M | $852M | $386M | $422M | $283M | |
| Net Stock Activity | $157M | $167M | $69M | $55M | $707M | $438M | $852M | $390M | $428M | $283M | |
| Dividends Paid | $284M | $275M | $268M | $267M | $246M | $224M | $190M | $159M | $141M | $117M | |
| Financing Cash Flow | $97M | $286M | $-76M | $63M | $887M | $269M | $979M | $304M | $416M | $212M | |
| Net Change in Cash | $63M | $16M | $-5M | $4M | $3M | $8M | $-11M | $-6M | $6M | $1M |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 32.4% | 24.7% | 27.2% | 27.1% | 34.2% | 41.8% | 12.1% | 26.5% | · | · | |
| EBITDA Margin | 35.7% | 38.2% | 39.3% | 41.8% | 42.5% | 44.4% | 45.7% | 47.8% | · | · | |
| ROA | 3.9% | 2.9% | 3.1% | 3.0% | 3.6% | 4.6% | 1.4% | 3.2% | 1.3% | 1.7% | |
| ROE | 7.8% | 5.5% | 5.7% | 5.3% | 6.4% | 8.1% | 2.5% | 6.2% | 2.6% | 3.7% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.1% | 8.4% | 7.7% | 16.9% | 16.3% | · | · | · | · | · | |
| Revenue CAGR 3Y | 8.7% | 10.9% | 13.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.8% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 44.5% | -1.9% | 8.1% | -7.3% | -4.9% | · | · | · | · | · | |
| Net Income CAGR 3Y | 15.3% | -0.54% | -1.6% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 6.2% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.8% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $845M | $767M | $708M | $657M | $562M | $483M | $406M | $351M | $301M | $250M | |
| Net Income TTM | $274M | $189M | $193M | $178M | $192M | $202M | $49M | $93M | $31M | $35M | |
| Market Cap | $7.02B | $6.31B | $7.13B | $5.79B | $8.53B | $4.96B | $4.51B | $2.79B | $2.65B | $1.92B | |
| P/S | 8.3 | 8.2 | 10.1 | 8.8 | 15.2 | 10.3 | 11.1 | 8.0 | 8.8 | 7.7 | |
| P/B | 2.0 | 1.8 | 2.1 | 1.7 | 2.6 | 1.8 | 2.0 | 1.7 | 2.0 | 1.9 | |
| P / Tangible Book | 2.2 | 2.1 | 2.4 | 2.0 | 3.1 | 2.2 | · | · | · | · | |
| P / Cash Flow | 15.2 | 13.7 | 18.2 | 14.9 | 25.4 | 16.9 | 19.3 | 14.1 | 16.3 | 14.2 | |
| Dividend Yield | 4.0% | 4.4% | 3.8% | 4.6% | 2.9% | 4.5% | 4.2% | 5.7% | 5.3% | 6.1% | |
| Payout Ratio | 103.8% | 145.3% | 138.8% | 149.6% | 127.8% | 110.9% | 384.7% | 171.0% | 451.1% | 340.2% | |
| Annual Payout | $284M | $275M | $268M | $267M | $246M | $224M | $190M | $159M | $141M | $117M |
Income Statement 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $224M | $224M | $221M | $211M | $208M | $206M | $199M | $191M | $190M | $188M | $183M | $179M | $172M | $174M | $170M | $166M | |
| SG&A Expense | $14M | $14M | $14M | $12M | $13M | $13M | $12M | $12M | $12M | $13M | $12M | $11M | $12M | $13M | $12M | $11M | |
| Operating Expenses | $141M | $140M | $137M | $131M | $129M | $131M | $127M | $123M | $130M | $124M | $120M | $116M | $114M | $120M | $118M | $113M | |
| Interest Expense | · | · | · | · | $34M | $33M | · | $29M | $27M | $25M | · | $24M | $23M | $23M | $22M | $21M | |
| Other Non-op | $-29M | $-21M | $2M | $-31M | $-28M | $19M | $-20M | $-25M | $1M | $-26M | $-21M | $-12M | $-5M | $-2M | $-22M | $11M | |
| Net Income | $53M | $62M | $83M | $49M | $50M | $91M | $51M | $42M | $60M | $37M | $42M | $50M | $52M | $49M | $30M | $63M | |
| Shares (Basic) | 191,180,000 | 190,996,000 | -372,752,000 | 186,593,000 | 186,535,000 | 186,468,000 | -363,536,000 | 182,027,000 | 181,961,000 | 181,708,000 | -359,191,000 | 180,803,000 | 179,413,000 | 179,196,000 | -357,177,000 | 179,054,000 | |
| Shares (Diluted) | 191,332,000 | 191,238,000 | -373,334,000 | 186,840,000 | 186,910,000 | 186,758,000 | -364,069,000 | 182,297,000 | 182,185,000 | 181,991,000 | -359,643,000 | 181,163,000 | 179,738,000 | 179,297,000 | -357,431,000 | 179,162,000 | |
| EBITDA | · | $79M | · | · | · | $74M | · | · | · | $71M | · | · | · | $69M | · | · |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $66M | $9M | $15M | $17M | $15M | $9M | $36M | $70M | $33M | $12M | · | $11M | $14M | $17M | · | $13M | |
| Intangibles | $402M | $383M | $395M | $382M | $393M | $412M | $429M | $414M | $422M | $422M | · | $458M | $464M | $484M | · | $533M | |
| Total Assets | $7.48B | $7.18B | $7.21B | $6.90B | $6.83B | $6.85B | $6.83B | $6.57B | $6.44B | $6.29B | · | $6.28B | $6.11B | $6.12B | · | $6.20B | |
| Total Liabilities | $3.77B | $3.52B | $3.54B | $3.40B | $3.30B | $3.30B | $3.30B | $3.20B | $3.03B | $2.87B | · | $2.78B | $2.66B | $2.69B | · | $2.70B | |
| Long-term Debt | $3.45B | $3.20B | $3.25B | $3.10B | $3.04B | $3.03B | $3.03B | $2.93B | $2.80B | $2.66B | · | $2.55B | $2.44B | $2.46B | · | $2.46B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Paid-in Capital | $4.68B | $4.62B | $4.62B | $4.46B | $4.45B | $4.45B | $4.45B | $4.28B | $4.28B | $4.27B | · | $4.27B | $4.20B | $4.19B | · | $4.18B | |
| Retained Earnings | $-1.07B | $-1.05B | $-1.03B | $-1.05B | $-1.03B | $-1.01B | $-1.03B | $-1.01B | $-987M | $-980M | · | $-924M | $-907M | $-893M | · | $-841M | |
| AOCI | $19M | $15M | $12M | $15M | $18M | $25M | $36M | $25M | $53M | $56M | · | $75M | $70M | $55M | · | $76M | |
| Stockholders' Equity | $3.63B | $3.59B | $3.60B | $3.43B | $3.44B | $3.47B | $3.46B | $3.30B | $3.34B | $3.35B | · | $3.42B | $3.37B | $3.35B | · | $3.42B | |
| Liabilities + Equity | $7.48B | $7.18B | $7.21B | $6.90B | $6.83B | $6.85B | $6.83B | $6.57B | $6.44B | $6.29B | · | $6.28B | $6.11B | $6.12B | · | $6.20B | |
| Shares Outstanding | 192,803,274 | 191,201,600 | 191,005,261 | 186,744,593 | 186,691,274 | 186,612,226 | 186,517,523 | 182,205,640 | 182,105,303 | 182,074,776 | · | 181,513,614 | 179,660,771 | 179,372,871 | · | 179,214,795 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $82M | $79M | $77M | $76M | $74M | $74M | $74M | $73M | $75M | $71M | $71M | $70M | $68M | $69M | $69M | $69M | |
| Stock-based Comp | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $3M | |
| Other Non-cash | · | $-27M | · | · | · | $-65M | · | · | · | $-6M | · | · | · | $-35M | · | · | |
| Operating Cash Flow | $111M | $117M | $104M | $144M | $112M | $104M | $105M | $128M | $122M | $105M | $92M | $103M | $110M | $86M | $90M | $107M | |
| Investing Cash Flow | $-316M | $-92M | $-260M | $-147M | $-65M | $-25M | $-341M | $-143M | $-171M | $-76M | $-87M | $-208M | $-35M | $10M | $-50M | $-62M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $-131.0K | $61M | $9M | $-76.0K | $62.0K | $-106.0K | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $-76.0K | · | · | |
| Dividends Paid | $76M | $24M | $71M | $71M | $71M | $71M | $69M | $69M | $69M | $69M | $68M | $68M | $68M | $64M | $66M | $67M | |
| Financing Cash Flow | $233M | $-87M | $238M | $-14M | $-59M | $-68M | $202M | $52M | $71M | $-38M | $5M | $102M | $-78M | $-105M | $-28M | $-46M | |
| Net Change in Cash | $27M | $-62M | $82M | $-17M | $-12M | $11M | $-34M | $37M | $21M | $-9M | $10M | $-3M | $-4M | $-9M | $12M | $-1M |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 23.6% | 27.7% | · | 23.0% | 24.1% | 44.5% | · | 21.9% | 31.5% | 19.5% | · | 27.9% | 30.1% | 28.5% | · | 38.1% | |
| EBITDA Margin | · | 35.0% | · | · | · | 35.9% | · | · | · | 38.1% | · | · | · | 39.7% | · | · | |
| ROA | 0.74% | 0.88% | · | 0.72% | 0.75% | 1.4% | · | 0.65% | 0.95% | 0.59% | · | 0.80% | 0.84% | 0.82% | · | 1.1% | |
| ROE | 1.5% | 1.8% | · | 1.5% | 1.5% | 2.7% | · | 1.2% | 1.8% | 1.1% | · | 1.5% | 1.5% | 1.5% | · | 2.0% |
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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $867M | $848M | · | $815M | $794M | $774M | · | $747M | $728M | $712M | · | $691M | $673M | $661M | · | $629M | |
| Net Income TTM | $214M | $252M | · | $232M | $243M | $230M | · | $188M | $198M | $188M | · | $214M | $197M | $198M | · | $197M | |
| Market Cap | $7.34B | $6.89B | · | $6.59B | $6.77B | $6.74B | · | $7.12B | $6.57B | $7.00B | · | $6.26B | $6.45B | $6.07B | · | $5.10B | |
| P/S | 8.5 | 8.1 | · | 8.1 | 8.5 | 8.7 | · | 9.5 | 9.0 | 9.8 | · | 9.1 | 9.6 | 9.2 | · | 8.1 | |
| P/B | 2.0 | 1.9 | · | 1.9 | 2.0 | 1.9 | · | 2.2 | 2.0 | 2.1 | · | 1.8 | 1.9 | 1.8 | · | 1.5 | |
| P / Tangible Book | 2.3 | 2.2 | · | 2.2 | 2.2 | 2.2 | · | 2.5 | 2.2 | 2.4 | · | 2.1 | 2.2 | 2.1 | · | 1.8 | |
| P / Cash Flow | · | 58.7 | · | · | · | 65.1 | · | · | · | 66.6 | · | · | · | 70.2 | · | · | |
| Payout Ratio | · | 39.1% | · | · | · | 77.6% | · | · | · | 187.4% | · | · | · | 129.2% | · | · |
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 | $845M | $767M | $708M | $657M | $562M |
| Net Income | $274M | $189M | $193M | $178M | $192M |
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Institutional owners (13F) 595 filers · $5.2B 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 |
|---|---|---|---|---|
| 54 (-10 vs prior Q) | 37 (-14 vs prior Q) | 224 (+12 vs prior Q) | 150 (-18 vs prior Q) | +7.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $889,010,714 | 24,184,187 | 17.04% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $654,010,785 | 17,183,678 | 12.53% | Shares |
| STATE STREET CORP | $352,899,856 | 9,180,417 | 6.76% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $329,349,888 | 8,653,439 | 6.31% | Shares |
| NORGES BANK | $304,727,124 | 8,006,493 | 5.84% | Shares |
| FMR LLC | $263,756,229 | 6,930,011 | 5.05% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $142,576,338 | 3,746,094 | 2.73% | Shares |
| ALLIANCEBERNSTEIN L.P. | $132,718,938 | 3,680,503 | 2.54% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $126,001,099 | 3,309,688 | 2.41% | Shares |
| EARNEST PARTNERS LLC | $125,966,192 | 3,309,674 | 2.41% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $105,664,526 | 2,776,262 | 2.02% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $98,289,379 | 2,582,485 | 1.88% | Shares |
| Channing Capital Management, LLC | $83,277,259 | 2,188,052 | 1.60% | Shares |
| TWO SIGMA INVESTMENTS, LP | $75,466,928 | 1,982,841 | 1.45% | Shares |
| Nuveen Asset Management, LLC | $63,122,561 | 1,866,427 | 1.21% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $57,312,537 | 1,505,847 | 1.10% | Shares |
| Woodline Partners LP | $55,016,948 | 1,445,532 | 1.05% | Shares |
| Boston Trust Walden Corp | $53,690,263 | 1,410,674 | 1.03% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $50,689,892 | 1,331,842 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $46,064,094 | 1,210,302 | 0.88% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $43,022,872 | 1,130,396 | 0.82% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $33,457,252 | 879,066 | 0.64% | Shares |
| Gotham Asset Management, LLC | $32,167,513 | 845,179 | 0.62% | Shares |
| GOLDMAN SACHS GROUP INC | $31,769,595 | 834,724 | 0.61% | Shares |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | $29,037,420 | 762,938 | 0.56% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $28,701,046 | 754,100 | 0.55% | Shares |
| ProShare Advisors LLC | $25,730,958 | 676,063 | 0.49% | Shares |
| Heitman Real Estate Securities LLC | $22,957,069 | 603,181 | 0.44% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $22,336,736 | 586,882 | 0.43% | Shares |
| State of Tennessee, Department of Treasury | $20,108,963 | 528,349 | 0.39% | Shares |
| RHUMBLINE ADVISERS | $20,084,823 | 527,716 | 0.38% | Shares |
| Pacific Heights Asset Management LLC | $19,030,000 | 500,000 | 0.36% | Shares |
| MetLife Investment Management, LLC | $18,943,490 | 497,727 | 0.36% | Shares |
| Aristotle Capital Boston, LLC | $18,368,378 | 482,616 | 0.35% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $17,509,007 | 460,037 | 0.34% | Shares |
| APG Asset Management US Inc. | $17,332,402 | 452,071 | 0.33% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $16,443,975 | 432,054 | 0.32% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $16,426,594 | 416,707 | 0.31% | Shares |
| Leeward Investments, LLC - MA | $16,334,439 | 429,176 | 0.31% | Shares |
| AXA Investment Managers S.A. | $15,699,921 | 444,883 | 0.30% | Shares |
| California Public Employees Retirement System | $15,387,125 | 404,286 | 0.29% | Shares |
| BANK OF AMERICA CORP /DE/ | $15,001,159 | 394,145 | 0.29% | Shares |
| Swiss National Bank | $14,603,622 | 383,700 | 0.28% | Shares |
| AMERIPRISE FINANCIAL INC | $14,046,914 | 368,975 | 0.27% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $13,488,236 | 354,394 | 0.26% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $12,797,409 | 336,243 | 0.25% | Shares |
| Susquehanna Portfolio Strategies, LLC | $11,902,504 | 312,730 | 0.23% | Shares |
| Asset Management One Co., Ltd. | $11,732,049 | 325,348 | 0.22% | Shares |
| HSBC HOLDINGS PLC | $11,684,001 | 306,989 | 0.22% | Shares |
| Mesirow Institutional Investment Management, Inc. | $11,273,559 | 333,340 | 0.22% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $11,229,886 | 305,492 | 0.22% | Shares |
| TWO SIGMA ADVISERS, LP | $11,108,872 | 302,200 | 0.21% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $10,660,796 | 280,105 | 0.20% | Shares |
| RAYMOND JAMES FINANCIAL INC | $10,322,063 | 271,205 | 0.20% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $10,064,967 | 264,450 | 0.19% | Shares |
| Fisher Asset Management, LLC | $9,495,747 | 249,494 | 0.18% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $9,328,269 | 245,094 | 0.18% | Shares |
| BlackRock, Inc. | $9,148,749 | 240,377 | 0.18% | Shares |
| MILLENNIUM MANAGEMENT LLC | $8,819,149 | 231,717 | 0.17% | Shares |
| MARSHALL WACE, LLP | $8,557,677 | 224,847 | 0.16% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $8,286,408 | 229,795 | 0.16% | Shares |
| Cubist Systematic Strategies, LLC | $8,169,600 | 231,499 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $7,988,011 | 221,520 | 0.15% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $7,804,812 | 205,066 | 0.15% | Shares |
| Retirement Systems of Alabama | $7,526,784 | 197,761 | 0.14% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $7,179,563 | 188,638 | 0.14% | Shares |
| State of New Jersey Common Pension Fund D | $7,136,821 | 187,515 | 0.14% | Shares |
| CRAWFORD INVESTMENT COUNSEL INC | $7,073,320 | 185,847 | 0.14% | Shares |
| Keeley-Teton Advisors, LLC | $6,704,378 | 185,614 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $6,636,408 | 174,367 | 0.13% | Shares |
| Vanguard Investments Australia, Ltd. | $6,615,551 | 173,819 | 0.13% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $6,414,670 | 168,541 | 0.12% | Shares |
| COMMERCE BANK | $6,261,326 | 164,512 | 0.12% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $6,236,055 | 163,848 | 0.12% | Shares |
| LPL Financial LLC | $6,193,599 | 162,732 | 0.12% | Shares |
| PineBridge Investments, L.P. | $6,067,022 | 171,919 | 0.12% | Shares |
| OPPENHEIMER & CO INC | $5,965,715 | 156,745 | 0.11% | Shares |
| SEI INVESTMENTS CO | $5,904,010 | 155,110 | 0.11% | Shares |
| FineMark National Bank & Trust | $5,780,252 | 157,243 | 0.11% | Shares |
| GABELLI FUNDS LLC | $5,732,140 | 150,608 | 0.11% | Shares |
| Man Group plc | $5,692,863 | 149,576 | 0.11% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $5,488,100 | 144,196 | 0.11% | Shares |
| Waverly Advisors, LLC | $5,223,798 | 137,252 | 0.10% | Shares |
| Waterfront Capital Partners, LLC | $5,218,685 | 147,880 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5,106,853 | 134,179 | 0.10% | Shares |
| Bridge Creek Capital Management LLC | $5,061,433 | 143,424 | 0.10% | Shares |
| PINEBRIDGE INVESTMENTS LLC | $4,789,014 | 125,828 | 0.09% | Shares |
| MACQUARIE GROUP LTD | $4,642,369 | 121,975 | 0.09% | Shares |
| Bayhunt Capital LLC | $4,458,841 | 121,296 | 0.09% | Shares |
| Amundi | $4,320,267 | 113,512 | 0.08% | Shares |
| Legal & General Group Plc | $4,289,019 | 112,691 | 0.08% | Shares |
| Quantinno Capital Management LP | $4,278,314 | 112,409 | 0.08% | Shares |
| DEAN INVESTMENT ASSOCIATES, LLC | $4,260,360 | 111,938 | 0.08% | Shares |
| UBS Group AG | $4,004,140 | 105,206 | 0.08% | Shares |
| Sophron Capital Management L.P. | $3,952,607 | 103,852 | 0.08% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,930,532 | 103,272 | 0.08% | Shares |
| TUDOR INVESTMENT CORP ET AL | $3,789,863 | 99,576 | 0.07% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $3,770,224 | 99,060 | 0.07% | Shares |
| Vert Asset Management LLC | $3,703,504 | 97,307 | 0.07% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $3,623,731 | 95,211 | 0.07% | Shares |
Company insiders 24 insiders · 12 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William R Crooker | CEO AND PRESIDENT | Jan. 7, 2025 A | 0 | 0 | 0 | $0 |
| Matts Pinard | EVP, CFO AND TREASURER | Jan. 7, 2025 A | — | 0 | 0 | $0 |
| Geoffrey G Jervis | CFO, EVP and Treasurer | Jan. 8, 2016 A | 34,584 | 0 | 0 | $0 |
| Gregory W Sullivan | CFO, EVP and Treasurer | Jan. 2, 2014 A | 130,704 | 0 | 0 | $0 |
| Stephen C Mecke | COO and EVP | Jan. 10, 2022 A | 17,158 | 0 | 0 | $0 |
| Steven T. Kimball | EVP | Jan. 7, 2025 A | — | 0 | 0 | $0 |
| Michael Chase | EVP AND CIO | Jan. 7, 2025 A | 9,422 | 0 | 0 | $0 |
| Jaclyn Paul | CHIEF ACCOUNTING OFFICER | Jan. 7, 2025 A | 10,916 | 0 | 0 | $0 |
| Jeffrey M Sullivan | EVP, GC AND SECRETARY | Jan. 7, 2025 A | 0 | 0 | 0 | $0 |
| David G King | EVP and Director-Real Estate | Jan. 7, 2021 A | 509 | 0 | 0 | $0 |
| Peter S Fearey | EVP/Chief Technology Officer | Jan. 7, 2019 A | 7,823 | 0 | 0 | $0 |
| Kathryn Arnone | EVP and General Counsel | Sept. 23, 2014 A | 4,200 | 0 | 0 | $0 |
| Vicki Lundy Wilbon | Director | July 15, 2026 A | 3,581 | 0 | 0 | $0 |
| Jit Kee Chin | Director | July 15, 2026 A | 11,633 | 0 | 0 | $0 |
| Michelle Dilley | Director | July 15, 2026 A | 14,553 | 0 | 0 | $0 |
| Larry T Guillemette | Director | July 15, 2026 A | 42,424 | 0 | 0 | $0 |
| Francis X Jacoby III | Director | July 15, 2026 A | 34,225 | 0 | 0 | $0 |
| Benjamin S Butcher | Director | July 15, 2026 A | 9,305 | 0 | 1 | $-922,750 |
| Jeffrey D. Furber | Director | July 15, 2026 A | 55,544 | 0 | 0 | $0 |
| Hans S Weger | Director | July 15, 2026 A | 12,033 | 0 | 0 | $0 |
| Virgis Colbert | Director | July 15, 2026 A | 5,067 | 0 | 2 | $-685,496 |
| Christopher P Marr | Director | July 15, 2026 A | 8,717 | 0 | 0 | $0 |
| Alexander F Fraser | Director | June 12, 2013 P | 1,000 | 0 | 0 | $0 |
| Edward F Lange JR | Director | April 13, 2012 P | 3,378 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 102 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 |
|---|---|---|---|---|
| REAI · Tidal Trust I | 4.30% | 1,200 NS | April 30, 2026 | N-PORT |
| DTRE · First Trust Exchange-Traded Fund II | 4.17% | 15,530 NS | June 30, 2026 | N-PORT |
| NETL · ETF Series Solutions | 3.91% | 50,790 NS | May 31, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 3.12% | 12,054 NS | April 30, 2026 | N-PORT |
| INDS · Pacer Funds Trust | 2.92% | 86,058 NS | April 30, 2026 | N-PORT |
| TMFS · RBB Fund, Inc. | 2.43% | 37,935 NS | May 31, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 1.89% | 12,302 NS | May 31, 2026 | N-PORT |
| REGL · ProShares Trust | 1.51% | 670,951 NS | May 31, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.31% | 17,339 NS | April 30, 2026 | N-PORT |
| EPSV · Harbor ETF Trust | 1.24% | 1,601 NS | April 30, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.19% | 242,502 | Aug. 21, 2026 | Daily |
| GQRE · FlexShares Trust | 0.88% | 87,703 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.63% | 203,938 NS | May 31, 2026 | N-PORT |
| FTKI · First Trust Exchange-Traded Fund VI | 0.61% | 3,825 NS | June 30, 2026 | N-PORT |
| PPI · INVESTMENT MANAGERS SERIES TRUST II | 0.61% | 24,681 NS | June 30, 2026 | N-PORT |
| USRT · iShares Trust | 0.58% | 738,926 SH | Aug. 21, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.56% | 246,397 NS | April 30, 2026 | N-PORT |
| IQRA · New York Life Investments Active ET… | 0.56% | 1,009 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.51% | 1,351,550 NS | May 31, 2026 | N-PORT |
| IYR · iShares Trust | 0.50% | 629,967 SH | Aug. 21, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.46% | 171,577 NS | April 30, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.39% | 7,276,118 SH | Aug. 19, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.39% | 83,159 NS | May 31, 2026 | N-PORT |
| REET · iShares Trust | 0.37% | 521,435 SH | Aug. 21, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.37% | 333,515 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.36% | 3,012 NS | May 31, 2026 | N-PORT |
| ERET · iShares Trust | 0.31% | 1,200 SH | Aug. 21, 2026 | Daily |
| IQSM · New York Life Investments ETF Trust | 0.30% | 24,661 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.29% | 258 NS | May 29, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 29,910 NS | April 30, 2026 | N-PORT |
| RITA · ETF Series Solutions | 0.23% | 540 NS | April 30, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.23% | 115,086 SH | Aug. 19, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.22% | 21,914 NS | April 30, 2026 | N-PORT |
| USAF · 2023 ETF Series Trust | 0.22% | 990 NS | June 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.21% | 25,426 | Aug. 21, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.21% | 24,204 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.20% | 308,498 SH | Aug. 19, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 0.20% | 1,536 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.18% | 36,495 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.18% | 29,228 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.17% | 106,468 NS | April 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.16% | 64,019 SH | Aug. 19, 2026 | Daily |
| MVV · ProShares Trust | 0.16% | 6,599 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.15% | 918,351 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.15% | 2,783,508 SH | Aug. 19, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.15% | 3,164 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 75,701 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.14% | 19,014 NS | April 30, 2026 | N-PORT |
| RDIV · Invesco Exchange-Traded Fund Trust … | 0.14% | 54,727 | Aug. 21, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.14% | 31,453 | Aug. 21, 2026 | Daily |