STLD Steel Dynamics, Inc. - Common Stock
$253.62
Price · Aug 18, 2026
Fundamentals as of Jul 28, 2026
52W Range
$125–$289
79% of range
Analyst Rating
BUY
22 analysts
Price Target
$273
+8% upside
P/E (TTM)
31.7
ROE
13.2%
Net Profit Margin
6.5%
About Steel Dynamics, Inc. - Common Stock Company overview from Wikipedia
Steel Dynamics, Inc. (SDI) is an American steel producer based in Fort Wayne, Indiana. With a production capacity of 13 million tons of steel, the company is the third largest producer of carbon steel products in the United States. It is among the most profitable American steel companies in terms of profit margins and operating margin per ton. Based on its 2021 revenue, the company ranked 196th on the 2022 edition of the Fortune 500.
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Steel Dynamics, Inc. (SDI) is an American steel producer based in Fort Wayne, Indiana. With a production capacity of 13 million tons of steel, the company is the third largest producer of carbon steel products in the United States. It is among the most profitable American steel companies in terms of profit margins and operating margin per ton. Based on its 2021 revenue, the company ranked 196th on the 2022 edition of the Fortune 500.
History
Steel Dynamics was founded in 1993 by three former executives of Nucor with $370 million in funding. It began production at its $275 million Butler, Indiana, flat roll mill in 1996 and reported its first annual profit in 1997.
During the early 2000s recession, the company offered many incentive programs for employees to cut costs and improve standards and outperformed most other steel manufacturers.
In 2007, the company acquired The Techs, three hot-dip galvanization plants in Pittsburgh that coat flat-rolled steel, and OmniSource Corporation, a scrap metal processor and trader.
In 2014, the company acquired Severstal Columbus for $1.625 billion. The acquisition increased the company's production capacity to 11 million tons.
In 2016, the company acquired Vulcan Threaded Products for $126 million.
In 2016, the company began construction of a $100 million facility in Columbus, Mississippi.
In 2017, the company began a $28 million expansion of its Roanoke Bar Division.
In 2017, the company began a $75 million expansion of its Structural and Rail Division.
In 2018, the company acquired the former Kentucky Electric Steel plant in Coalton, Kentucky.
in 2020, production for the Sinton, TX, facility commenced. It is a 2,400-acre complex which is supposed to also house several other businesses who work with SDI in other cities. 3,000 jobs should be created when complete.
Controversies
Clean Air Act violation settlement
In 2021, the company agreed to pay $475,000 in civil penalties and spend $3 million to upgrade air pollution control equipment to reduce air emissions at its facilities in Butler, Indiana. Following on-site inspections, the United States Environmental Protection Agency accused Steel Dynamics of violating the Clean Air Act of 1963.
Price-fixing allegations
The company was accused in a lawsuit of participating in a conspiracy with other steel manufacturers to restrict steel production in 2008. In October 2016, the company settled the case, agreeing to pay $4.6 million.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
STLD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$253.62
Market Cap
$36.76B
P/E (TTM)
31.7
EPS (TTM)
$7.99
Revenue (TTM)
$18.18B
Div Yield
0.80%
ROE
13.2%
Debt/Equity
0.5
52W Range
$125 – $289
STLD 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
$18.18B
2016-12-31
→
2025-12-31
EPS
$7.99
2016-12-31
→
2025-12-31
Free Cash Flow
$502M
2016-12-31
→
2025-12-31
Margins
6.5%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
STLD
Peer Median
P/E (TTM)
31.7
24.9
P/S (TTM)
2.0
0.9
P/B
4.1
1.7
EV / EBITDA
19.8
—
Price / FCF
73.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
STLD
Peer Median
Gross Margin
13.2%
14.0%
Operating Margin
8.1%
—
Net Profit Margin
6.5%
4.5%
ROA
7.6%
5.3%
ROE
13.2%
8.7%
ROIC
8.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
STLD
Peer Median
Debt / Equity
0.5
—
Current Ratio
3.1
2.6
Quick Ratio
1.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
STLD
Peer Median
Revenue YoY
3.6%
—
Revenue CAGR 3Y
-6.5%
—
Revenue CAGR 5Y
13.6%
—
EPS YoY
-18.8%
—
Net Income YoY
-22.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
STLD
Peer Median
Payout Ratio
24.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.80%
Payout Ratio
24.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.5300 |
| March 31, 2026 | $0.5300 |
| Dec. 31, 2025 | $0.5000 |
| Sept. 30, 2025 | $0.5000 |
| June 30, 2025 | $0.5000 |
| March 31, 2025 | $0.5000 |
| Dec. 31, 2024 | $0.4600 |
| Sept. 30, 2024 | $0.4600 |
| June 28, 2024 | $0.4600 |
| March 27, 2024 | $0.4600 |
| Dec. 28, 2023 | $0.4250 |
| Sept. 28, 2023 | $0.4250 |
| June 29, 2023 | $0.4250 |
| March 30, 2023 | $0.4250 |
| Dec. 29, 2022 | $0.3400 |
| Sept. 29, 2022 | $0.3400 |
| June 29, 2022 | $0.3400 |
| March 30, 2022 | $0.3400 |
| Dec. 30, 2021 | $0.2600 |
| Sept. 29, 2021 | $0.2600 |
STLD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 4 18.2%
- Buy 10 45.5%
- Hold 7 31.8%
- Sell 1 4.5%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-15
Median
$271.00
Now
$253.62
Low
$221.00
High
$310.00
Median target
$271.00
+6.9%
Mean target
$272.64
+7.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.81 | $3.71 | 0.10% |
| March 31, 2026 | $2.78 | $2.84 | -0.06% |
| Dec. 31, 2025 | $1.82 | $1.72 | 0.10% |
| Sept. 30, 2025 | $2.74 | $2.69 | 0.05% |
| June 30, 2025 | $2.01 | $2.14 | -0.13% |
| March 31, 2025 | $1.44 | $1.41 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| STLD | $24.56B | 21.2 | 3.6% | 6.5% | 13.2% | 13.2% |
| NUE | — | 21.7 | 5.7% | 5.4% | 8.5% | — |
| RS | $14.94B | 20.7 | 3.3% | 5.2% | 10.3% | — |
| CMC | $6.41B | 77.9 | -1.6% | 1.1% | 2.0% | — |
| CLF | $7.57B | -4.6 | -3.0% | -7.9% | -23.2% | — |
| HCC | $4.64B | 81.6 | -14.1% | 4.3% | 2.7% | — |
| AMR | $2.56B | -42.1 | -28.0% | -2.9% | -3.9% | — |
| WS | $2.11B | 248.2 | 11.3% | 0.25% | 0.80% | 11.7% |
| RYZ | — | -14.3 | -0.60% | -1.2% | -7.2% | 17.1% |
| MTUS | — | -572.0 | 6.9% | -0.10% | -0.17% | 8.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.18B | $17.54B | $18.80B | $22.26B | $18.41B | $9.60B | $10.46B | $11.82B | $9.54B | $7.78B | $7.59B | $8.76B | |
| Cost of Revenue | $15.78B | $14.74B | $14.75B | $16.14B | $13.05B | $8.17B | $8.93B | $9.50B | $7.96B | $6.44B | $6.86B | $7.79B | |
| Gross Profit | $2.39B | $2.80B | $4.05B | $6.12B | $5.36B | $1.43B | $1.53B | $2.32B | $1.58B | $1.33B | $732M | $966M | |
| SG&A Expense | $765M | $664M | $589M | $546M | $644M | · | · | $600M | $515M | $474M | $376M | $386M | |
| Operating Income | $1.48B | $1.94B | $3.15B | $5.09B | $4.30B | $847M | $987M | $1.72B | $1.07B | $728M | $-73M | $320M | |
| Interest Expense | · | · | $76M | $92M | $57M | $95M | $127M | $127M | $134M | $146M | $154M | $137M | |
| Interest Income | $37M | $90M | $112M | $29M | · | · | · | · | · | · | · | · | |
| Other Non-op | $87M | $96M | $144M | $21M | $-35M | $-47M | $16M | $24M | $3M | $-18M | $-15M | $-18M | |
| Pretax Income | $1.49B | $1.98B | $3.22B | $5.02B | $4.21B | $705M | $875M | $1.62B | $935M | $564M | $-242M | $165M | |
| Income Tax | $306M | $433M | $752M | $1.14B | $962M | $135M | $197M | $364M | $129M | $204M | $-97M | $73M | |
| Net Income | $1.19B | $1.54B | $2.45B | $3.86B | $3.21B | $571M | $678M | $1.26B | $806M | $360M | $-145M | $92M | |
| EPS (Basic) | $8.02 | $9.89 | $14.72 | $21.06 | $15.67 | $2.61 | $3.06 | $5.38 | $3.38 | $1.57 | $-0.54 | $0.68 | |
| EPS (Diluted) | $7.99 | $9.84 | $14.64 | $20.92 | $15.56 | $2.59 | $3.04 | $5.35 | $3.36 | $1.56 | $-0.54 | $0.67 | |
| Shares (Basic) | 147,806,000 | 155,420,000 | 166,552,000 | 183,393,000 | 205,115,000 | 211,140,000 | 219,639,000 | 233,923,000 | 240,132,000 | 243,576,000 | 242,017,000 | 232,547,000 | |
| Shares (Diluted) | 148,404,000 | 156,136,000 | 167,431,000 | 184,622,000 | 206,615,000 | 212,345,000 | 220,748,000 | 235,193,000 | 241,781,000 | 245,298,000 | 242,017,000 | 242,078,000 | |
| EBITDA | $2.03B | $2.42B | $3.59B | $5.48B | $4.65B | $1.17B | $1.31B | $2.04B | $1.37B | $1.02B | $222M | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $770M | $589M | $1.40B | $1.63B | $1.24B | $1.37B | $1.38B | $828M | $1.03B | $841M | $727M | $361M | |
| Short-term Investments | $0 | $148M | $721M | $628M | · | $0 | $262M | $229M | · | · | · | · | |
| Receivables | $1.68B | $1.42B | $1.61B | $2.06B | $1.91B | $968M | $841M | $1.04B | $846M | $704M | $579M | $860M | |
| Inventory | $3.74B | $3.11B | $2.89B | $3.13B | $3.53B | $1.84B | $1.69B | $1.86B | $1.52B | $1.28B | $1.15B | $1.62B | |
| Other Current Assets | $293M | $163M | $163M | $195M | $210M | $74M | $76M | $73M | $92M | $83M | $48M | $56M | |
| Current Assets | $6.48B | $5.43B | $6.79B | $7.64B | $6.90B | $4.26B | $4.25B | $4.03B | $3.51B | $2.93B | $2.54B | $2.94B | |
| PP&E (Net) | $8.57B | $8.12B | $6.73B | $5.37B | $4.75B | $4.11B | $3.14B | $2.95B | $2.68B | $2.79B | $2.95B | $3.12B | |
| PP&E (Gross) | $13.62B | $12.72B | $10.93B | $9.22B | $8.26B | $7.33B | $6.12B | $5.68B | $5.17B | $5.07B | $5.08B | $5.01B | |
| Accum. Depreciation | $5.05B | $4.60B | $4.20B | $3.85B | $3.51B | $3.23B | $2.99B | $2.74B | $2.49B | $2.28B | $2.13B | $1.89B | |
| Goodwill | $477M | $477M | $477M | $502M | $454M | $457M | $453M | $430M | $387M | $393M | $397M | $745M | |
| Intangibles | $331M | $227M | $258M | $268M | $295M | $325M | $328M | $270M | $257M | $284M | $279M | $371M | |
| Other Non-current Assets | $557M | $681M | $651M | $379M | $130M | $120M | $106M | $25M | $28M | $11M | $17M | $36M | |
| Total Assets | $16.42B | $14.94B | $14.91B | $14.16B | $12.53B | $9.27B | $8.28B | $7.70B | $6.86B | $6.42B | $6.20B | $7.23B | |
| Accounts Payable | · | · | · | $1.01B | $1.27B | $761M | $510M | $537M | $474M | $382M | $277M | $490M | |
| Accrued Liabilities | $427M | $367M | $309M | $341M | $296M | $179M | $175M | $147M | $125M | $114M | $100M | $108M | |
| Current Liabilities | $2.12B | $2.15B | $2.33B | $2.03B | $2.23B | $1.26B | $1.01B | $1.02B | $869M | $713M | $535M | $851M | |
| Capital Leases | $147M | $94M | $107M | $92M | $82M | $73M | $58M | · | · | · | · | · | |
| Deferred Tax | $1.00B | $902M | $945M | $889M | $855M | $536M | $484M | $436M | $306M | $448M | $401M | $506M | |
| Other Non-current Liabilities | $186M | $133M | $181M | $130M | $120M | $106M | $75M | $9M | $22M | $21M | $17M | $19M | |
| Total Liabilities | $7.49B | $5.99B | $6.07B | $6.06B | $6.21B | $4.92B | $4.21B | $3.82B | $3.55B | $3.54B | $3.53B | $4.31B | |
| Long-term Debt | $4.20B | $3.23B | $3.07B | $3.07B | $3.11B | $3.10B | $2.73B | $2.38B | $2.38B | $2.36B | $2.59B | $2.98B | |
| Total Debt | $4.21B | $3.23B | $3.07B | $3.07B | $3.11B | $3.10B | $2.73B | $2.38B | $2.38B | $2.36B | $2.59B | · | |
| Common Stock | $653.0K | $652.0K | $651.0K | $650.0K | $649.0K | $648.0K | $646.0K | $645.0K | $644.0K | $641.0K | $638.0K | $635.0K | |
| Retained Earnings | $15.69B | $14.80B | $13.55B | $11.38B | $7.76B | $4.76B | $4.42B | $3.96B | $2.87B | $2.21B | $1.97B | $2.23B | |
| Treasury Stock | $7.98B | $7.09B | $5.90B | $4.46B | $2.67B | $1.62B | $1.53B | $1.18B | $665M | $417M | $396M | $399M | |
| AOCI | $-598.0K | · | $421.0K | $889.0K | $-2M | $2M | $-7.0K | $301.0K | · | · | · | · | |
| Stockholders' Equity | $8.96B | $8.93B | $8.87B | $8.13B | $6.30B | $4.35B | $4.08B | $3.94B | $3.35B | $2.93B | $2.68B | $2.91B | |
| Liabilities + Equity | $16.42B | $14.94B | $14.91B | $14.16B | $12.53B | $9.27B | $8.28B | $7.70B | $6.86B | $6.42B | $6.20B | $7.23B | |
| Shares Outstanding | 144,940,102 | 151,117,153 | 160,018,000 | 172,936,000 | 194,998,000 | 210,914,000 | 214,503,000 | 225,272,000 | 237,397,000 | 243,785,000 | 243,090,000 | 241,449,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $551M | $479M | $438M | $384M | $348M | $326M | $321M | $317M | $299M | $296M | $295M | $263M | |
| Stock-based Comp | $69M | $67M | $62M | $59M | $58M | $56M | $48M | $43M | $36M | $32M | $30M | $24M | |
| Deferred Tax | $95M | $-43M | $56M | $34M | $319M | $46M | $48M | $59M | $-140M | $51M | $-103M | $-21M | |
| Amort. of Intangibles | $28M | $31M | $34M | $28M | $29M | $29M | $30M | $28M | $29M | $29M | $24M | $26M | |
| Other Non-cash | $-452M | $-196M | $514M | $103M | $-1.77B | $-11M | $301M | $-260M | $-261M | $114M | $970M | · | |
| Operating Cash Flow | $1.45B | $1.84B | $3.52B | $4.46B | $2.20B | $987M | $1.40B | $1.42B | $739M | $853M | $1.05B | $628M | |
| CapEx | $948M | $1.87B | $1.66B | $909M | $1.01B | $1.20B | $452M | $239M | $165M | $198M | $115M | $112M | |
| Investing Cash Flow | $-975M | $-1.30B | $-1.97B | $-1.88B | $-999M | $-993M | $-577M | $-895M | $-139M | $-313M | · | · | |
| Stock Repurchased | $901M | $1.21B | $1.45B | $1.80B | $1.06B | $107M | $349M | $524M | $252M | $25M | · | · | |
| Net Stock Activity | $-901M | $-1.21B | $-1.45B | $-1.80B | $-1.06B | $-107M | $-349M | $-524M | $-252M | $-25M | · | · | |
| Dividends Paid | $291M | $283M | $271M | $237M | $213M | $209M | $200M | $169M | $146M | $136M | $128M | $105M | |
| Financing Cash Flow | $-294M | $-1.35B | $-1.78B | $-2.20B | $-1.33B | $-7M | $-267M | $-721M | $-413M | $-425M | · | · | |
| Net Change in Cash | $180M | $-811M | $-227M | $385M | $-125M | $-13M | $553M | $-201M | $187M | $114M | · | · | |
| Taxes Paid | $152M | $464M | $643M | $1.06B | $737M | $50M | $156M | $288M | $296M | $160M | $-10M | $121M | |
| Free Cash Flow | $502M | $-24M | $1.86B | $3.55B | $1.20B | $-211M | $944M | $1.18B | $575M | $655M | $924M | · | |
| Levered FCF | · | · | $1.80B | $3.48B | $1.15B | $-288M | $846M | $1.08B | $459M | $561M | $832M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.2% | 16.0% | 21.5% | 27.5% | 29.1% | 14.9% | 14.6% | 19.7% | 16.6% | 17.2% | 9.6% | · | |
| Operating Margin | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% | 8.8% | 9.4% | 14.6% | 11.2% | 9.4% | -0.96% | · | |
| Net Margin | 6.5% | 8.8% | 13.0% | 17.4% | 17.6% | 5.9% | 6.5% | 10.6% | 8.5% | 4.6% | -1.9% | · | |
| Pretax Margin | 8.2% | 11.3% | 17.1% | 22.6% | 22.9% | 7.3% | 8.4% | 13.7% | 9.8% | 7.2% | -3.2% | · | |
| EBITDA Margin | 11.2% | 13.8% | 19.1% | 24.6% | 25.2% | 12.2% | 12.5% | 17.2% | 14.3% | 13.2% | 2.9% | · | |
| ROA | 7.6% | 10.3% | 16.9% | 29.1% | 29.8% | 6.5% | 8.5% | 17.2% | 12.1% | 5.7% | -2.2% | · | |
| ROE | 13.2% | 17.3% | 28.8% | 53.8% | 61.0% | 13.6% | 16.9% | 34.5% | 25.7% | 12.8% | -5.2% | · | |
| ROIC | 8.9% | 12.5% | 20.2% | 35.1% | 35.3% | 9.2% | 11.2% | 21.2% | 16.0% | 8.8% | -0.83% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.1 | 2.5 | 2.9 | 3.8 | 3.1 | 3.4 | 4.2 | 4.0 | 4.0 | 4.1 | 4.7 | · | |
| Quick Ratio | 1.2 | 1.0 | 1.6 | 2.1 | 1.4 | 1.9 | 2.5 | 2.1 | 2.2 | 2.2 | 2.4 | · | |
| Debt / Equity | 0.5 | 0.4 | 0.3 | 0.4 | 0.5 | 0.7 | 0.7 | 0.6 | 0.7 | 0.8 | 1.0 | · | |
| LT Debt / Equity | 0.5 | 0.3 | 0.3 | 0.4 | 0.5 | 0.7 | 0.6 | 0.6 | 0.7 | 0.8 | 1.0 | · | |
| Interest Coverage | · | · | 41.2 | 55.6 | 75.2 | 8.9 | 7.8 | 13.6 | 7.9 | 5.0 | -0.5 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.2 | 1.2 | 1.3 | 1.7 | 1.7 | 1.1 | 1.3 | 1.6 | 1.4 | 1.2 | 1.2 | · | |
| Inventory Turnover | 4.6 | 4.9 | 4.9 | 4.8 | 4.9 | 4.6 | 5.0 | 5.6 | 5.7 | 5.3 | 5.0 | · | |
| Receivables Turnover | 11.7 | 11.6 | 10.3 | 11.5 | 12.8 | 10.6 | 11.1 | 12.5 | 12.3 | 12.1 | 10.6 | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.6% | -6.7% | -15.6% | 20.9% | 91.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -6.5% | -1.6% | 25.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 13.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -18.8% | -32.8% | -30.0% | 34.4% | 500.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -27.5% | -14.2% | 78.1% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 25.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -22.9% | -37.3% | -36.5% | 20.2% | 463.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -32.5% | -21.8% | 62.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 15.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 6.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18.18B | $17.54B | $18.80B | $22.26B | $18.41B | $9.60B | $10.46B | $11.82B | $9.54B | $7.78B | $7.59B | $8.76B | |
| Net Income TTM | $1.19B | $1.54B | $2.45B | $3.86B | $3.21B | $571M | $678M | $1.26B | $806M | $360M | $-145M | $92M | |
| Market Cap | $24.56B | $17.24B | $18.90B | $16.90B | $12.10B | $7.78B | $7.30B | $6.77B | $10.24B | $8.67B | $4.34B | · | |
| Enterprise Value | $28.00B | $19.73B | $19.85B | $17.71B | $13.97B | $9.51B | $8.39B | $8.09B | $11.59B | $10.19B | $6.21B | · | |
| P/E | 21.2 | 11.6 | 8.1 | 4.7 | 4.0 | 14.2 | 11.2 | 5.6 | 12.8 | 22.8 | -33.1 | 29.5 | |
| P/S | 1.4 | 1.0 | 1.0 | 0.8 | 0.7 | 0.8 | 0.7 | 0.6 | 1.1 | 1.1 | 0.6 | · | |
| P/B | 2.7 | 1.9 | 2.1 | 2.1 | 1.9 | 1.8 | 1.8 | 1.7 | 3.1 | 3.0 | 1.6 | · | |
| P / Tangible Book | 3.0 | 2.1 | 2.3 | 2.3 | 2.2 | 2.2 | · | · | · | · | · | · | |
| P / Cash Flow | 16.9 | 9.3 | 5.4 | 3.8 | 5.5 | 7.9 | 5.2 | 4.8 | 13.8 | 10.2 | 4.2 | · | |
| P / FCF | 49.0 | -733.4 | 10.1 | 4.8 | 10.1 | -36.9 | 7.7 | 5.8 | 17.8 | 13.3 | 4.7 | · | |
| EV / EBITDA | 13.8 | 8.1 | 5.5 | 3.2 | 3.0 | 8.1 | 6.4 | 4.0 | 8.5 | 9.9 | 28.0 | · | |
| EV / FCF | 55.8 | -839.5 | 10.7 | 5.0 | 11.7 | -45.1 | 8.9 | 6.9 | 20.2 | 15.6 | 6.7 | · | |
| EV / Revenue | 1.5 | 1.1 | 1.1 | 0.8 | 0.8 | 1.0 | 0.8 | 0.7 | 1.2 | 1.3 | 0.8 | · | |
| Dividend Yield | 1.2% | 1.6% | 1.4% | 1.4% | 1.8% | 2.7% | 2.7% | 2.5% | 1.4% | 1.6% | 2.9% | · | |
| Earnings Yield | 4.7% | 8.6% | 12.4% | 21.4% | 25.1% | 7.0% | 8.9% | 17.8% | 7.8% | 4.4% | -3.0% | 3.4% | |
| Payout Ratio | 24.6% | 18.4% | 11.1% | 6.1% | 6.6% | 36.7% | 29.5% | 13.5% | 18.1% | 37.7% | -87.9% | · | |
| Annual Payout | $291M | $283M | $271M | $237M | $213M | $209M | $200M | $169M | $146M | $136M | $128M | $105M |
Income Statement 16
| 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 | $6.09B | $5.20B | $4.41B | $4.83B | $4.57B | $4.37B | $3.87B | $4.34B | $4.63B | $4.69B | $4.23B | $4.59B | $5.08B | $4.89B | $4.83B | $5.65B | |
| Cost of Revenue | $5.13B | $4.44B | $3.88B | $4.07B | $3.95B | $3.88B | $3.43B | $3.74B | $3.86B | $3.71B | $3.50B | $3.64B | $3.77B | $3.84B | $3.84B | $4.19B | |
| Gross Profit | $959M | $763M | $529M | $758M | $618M | $487M | $442M | $605M | $775M | $981M | $731M | $952M | $1.31B | $1.06B | $988M | $1.46B | |
| SG&A Expense | $193M | $175M | $185M | $201M | $198M | $182M | $177M | $168M | $160M | $160M | $157M | $146M | $141M | $144M | · | · | |
| Operating Income | $700M | $538M | $310M | $508M | $383M | $275M | $238M | $395M | $559M | $751M | $519M | $734M | $1.06B | $835M | $759M | $1.22B | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $12M | · | $18M | $21M | $23M | · | $25M | |
| Interest Income | · | · | $10M | $7M | $10M | $10M | $18M | $25M | $21M | $26M | $32M | $29M | $26M | $26M | · | · | |
| Other Non-op | $22M | $8M | $27M | $20M | $22M | $18M | $21M | $30M | $19M | $27M | $38M | $39M | $31M | $35M | $23M | $14M | |
| Pretax Income | $683M | $513M | $311M | $514M | $388M | $281M | $244M | $408M | $565M | $766M | $542M | $755M | $1.07B | $848M | $758M | $1.21B | |
| Income Tax | $153M | $113M | $46M | $110M | $87M | $63M | $34M | $87M | $133M | $178M | $115M | $175M | $258M | $203M | $119M | $290M | |
| Net Income | $534M | $403M | $266M | $404M | $299M | $217M | $207M | $318M | $428M | $584M | $424M | $577M | $812M | $637M | $631M | $914M | |
| EPS (Basic) | $3.71 | $2.79 | $1.81 | $2.75 | $2.01 | $1.45 | $1.42 | $2.06 | $2.73 | $3.68 | $2.69 | $3.49 | $4.83 | $3.71 | $3.76 | $5.07 | |
| EPS (Diluted) | $3.69 | $2.78 | $1.80 | $2.74 | $2.01 | $1.44 | $1.40 | $2.05 | $2.72 | $3.67 | $2.66 | $3.47 | $4.81 | $3.70 | $3.74 | $5.03 | |
| Shares (Basic) | 143,997,000 | 144,797,000 | -297,790,000 | 146,947,000 | 148,387,000 | 150,262,000 | -314,163,000 | 154,061,000 | 156,856,000 | 158,666,000 | -338,224,000 | 165,170,000 | 168,009,000 | 171,597,000 | -375,471,000 | 180,264,000 | |
| Shares (Diluted) | 144,591,000 | 145,321,000 | -298,965,000 | 147,600,000 | 148,960,000 | 150,809,000 | -315,607,000 | 154,810,000 | 157,579,000 | 159,354,000 | -340,018,000 | 166,105,000 | 168,865,000 | 172,479,000 | -377,972,000 | 181,613,000 | |
| EBITDA | $874M | $697M | · | $646M | $516M | $409M | · | $516M | $676M | $866M | · | $841M | $1.17B | $943M | · | $1.32B |
Balance Sheet 29
| 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 | $568M | $557M | $770M | $770M | $458M | $1.19B | $589M | $1.02B | $830M | $1.04B | · | $1.77B | $1.48B | $1.60B | · | $1.42B | |
| Short-term Investments | · | · | $0 | · | $40M | $20M | $148M | $645M | $418M | $653M | · | $501M | $612M | $715M | · | $583M | |
| Receivables | $2.44B | $2.06B | $1.68B | $1.76B | $1.70B | $1.72B | $1.42B | $1.56B | $1.78B | $1.74B | · | $1.88B | $2.14B | $2.07B | · | $2.26B | |
| Inventory | $3.96B | $3.91B | $3.74B | $3.20B | $3.26B | $3.10B | $3.11B | $3.04B | $3.07B | $3.03B | · | $2.94B | $3.04B | $2.99B | · | $3.38B | |
| Other Current Assets | $315M | $274M | $293M | $351M | $231M | $190M | $163M | $173M | $142M | $139M | · | $139M | $122M | $127M | · | $99M | |
| Current Assets | $7.28B | $6.80B | $6.48B | $6.08B | $5.69B | $6.22B | $5.43B | $6.44B | $6.24B | $6.60B | · | $7.23B | $7.40B | $7.56B | · | $7.81B | |
| PP&E (Net) | $8.49B | $8.55B | $8.57B | $8.49B | $8.47B | $8.32B | $8.12B | $7.83B | $7.43B | $7.06B | · | $6.31B | $5.78B | $5.49B | · | $5.15B | |
| PP&E (Gross) | · | · | $13.62B | · | · | · | $12.72B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $5.05B | · | · | · | $4.60B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $477M | $477M | $477M | $477M | $477M | $477M | $477M | $477M | $477M | $477M | · | $477M | $477M | $502M | · | $452M | |
| Intangibles | $316M | $323M | $331M | $207M | $213M | $220M | $227M | $235M | $242M | $250M | · | $266M | $274M | $261M | · | $277M | |
| Other Non-current Assets | $547M | $574M | $557M | $708M | $702M | $693M | $681M | $678M | $669M | $638M | · | $644M | $620M | $403M | · | $359M | |
| Total Assets | $17.11B | $16.72B | $16.42B | $15.97B | $15.55B | $15.93B | $14.94B | $15.66B | $15.06B | $15.03B | · | $14.93B | $14.55B | $14.22B | · | $14.05B | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | · | · | · | $1.13B | · | $1.15B | |
| Accrued Liabilities | $457M | $408M | $427M | $435M | $355M | $373M | $367M | $389M | $344M | $329M | · | $336M | $293M | $297M | · | $323M | |
| Current Liabilities | $2.29B | $2.17B | $2.12B | $1.96B | $1.82B | $2.27B | $2.15B | $2.69B | $2.66B | $2.30B | · | $1.92B | $1.76B | $1.82B | · | $2.13B | |
| Capital Leases | · | · | $147M | · | · | · | $94M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $1.07B | $1.04B | $1.00B | $1.11B | $958M | $918M | $902M | $943M | $928M | $924M | · | $961M | $941M | $898M | · | $857M | |
| Other Non-current Liabilities | $211M | $194M | $186M | $152M | $148M | $135M | $133M | $143M | $144M | $144M | · | $182M | $175M | $180M | · | $112M | |
| Total Liabilities | $7.75B | $7.59B | $7.49B | $6.99B | $6.70B | $7.10B | $5.99B | $6.58B | $5.94B | $5.98B | · | $6.07B | $5.89B | $5.91B | · | $6.11B | |
| Long-term Debt | $4.20B | $4.20B | $4.21B | $3.80B | $3.80B | $4.20B | $3.23B | $3.70B | $3.10B | $3.10B | · | $3.10B | $3.10B | $3.10B | · | $3.10B | |
| Total Debt | $4.18B | $4.20B | · | $3.78B | $3.78B | $4.20B | · | $3.68B | $3.03B | $3.04B | · | $3.10B | $3.07B | $3.06B | · | $3.04B | |
| Common Stock | $653.0K | $653.0K | $653.0K | $652.0K | $652.0K | $652.0K | $652.0K | $651.0K | $651.0K | $651.0K | · | $650.0K | $650.0K | $650.0K | · | $649.0K | |
| Retained Earnings | $16.47B | $16.02B | $15.69B | $15.50B | $15.17B | $14.94B | $14.80B | $14.66B | $14.41B | $14.06B | · | $13.19B | $12.68B | $11.94B | · | $10.80B | |
| Treasury Stock | $8.29B | $8.09B | $7.98B | $7.74B | $7.53B | $7.33B | $7.09B | $6.80B | $6.49B | $6.18B | · | $5.51B | $5.18B | $4.80B | · | $4.05B | |
| AOCI | $3M | $-858.0K | $-598.0K | $-1M | $1M | · | · | $-445.0K | $-1M | $-13.0K | · | $-494.0K | $1M | $2M | · | $-3M | |
| Stockholders' Equity | $9.42B | $9.16B | $8.96B | $9.00B | $8.86B | $8.82B | $8.93B | $9.08B | $9.13B | $9.07B | · | $8.89B | $8.71B | $8.34B | · | $7.97B | |
| Liabilities + Equity | $17.11B | $16.72B | $16.42B | $15.97B | $15.55B | $15.93B | $14.94B | $15.66B | $15.06B | $15.03B | · | $14.93B | $14.55B | $14.22B | · | $14.05B | |
| Shares Outstanding | 143,610,058 | 144,443,460 | 144,940,102 | 146,156,096 | 147,788,364 | 149,380,035 | 151,117,153 | 153,042,184 | 155,617,909 | 157,878,760 | 160,018,000 | 163,489,456 | 166,383,336 | 170,170,375 | 172,936,000 | 176,563,632 |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $174M | $159M | $146M | $138M | $133M | $134M | $126M | $121M | $117M | $115M | $112M | $107M | $111M | $108M | $102M | $99M | |
| Stock-based Comp | $14M | $17M | $24M | $14M | $14M | $17M | $25M | $13M | $13M | $16M | $22M | $12M | $12M | $16M | $20M | $12M | |
| Amort. of Intangibles | $8M | $8M | $7M | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $8M | $8M | $11M | $7M | $7M | $7M | |
| Other Non-cash | $-294M | $-432M | · | $166M | $-144M | $-215M | · | $308M | $-176M | $-360M | · | $417M | $-127M | $-34M | · | $467M | |
| Operating Cash Flow | $428M | $148M | $273M | $723M | $302M | $153M | $347M | $760M | $383M | $355M | $865M | $1.11B | $808M | $734M | $1.14B | $1.50B | |
| CapEx | $124M | $138M | $188M | $166M | $288M | $306M | $453M | $621M | $419M | $374M | $515M | $558M | $358M | $226M | $344M | $241M | |
| Investing Cash Flow | $-118M | $-139M | $-370M | $-121M | $-306M | $-179M | $51M | $-852M | $-210M | $-293M | $-735M | $-453M | $-473M | $-310M | $-469M | $-518M | |
| Stock Repurchased | $200M | $115M | $240M | $210M | $200M | $250M | $295M | $310M | $309M | $298M | $387M | $331M | $380M | $354M | $413M | $482M | |
| Net Stock Activity | $-200M | $-115M | · | $-210M | $-200M | $-250M | · | $-310M | $-309M | $-298M | · | $-331M | $-380M | $-354M | · | $-482M | |
| Dividends Paid | $77M | $72M | $73M | $74M | $75M | $70M | $70M | $72M | $73M | $68M | $69M | $71M | $72M | $59M | $60M | $62M | |
| Financing Cash Flow | $-299M | $-223M | $97M | $-290M | $-725M | $623M | $-824M | $277M | $-382M | $-424M | $-494M | $-371M | $-464M | $-448M | $-467M | $-565M | |
| Net Change in Cash | $11M | $-214M | $-425.0K | $312M | $-729M | $597M | $-426M | $185M | $-209M | $-362M | $-365M | $290M | $-130M | $-23M | $208M | $413M | |
| Taxes Paid | $231M | $4M | $1M | $22M | $125M | $4M | $80M | $82M | $273M | $28M | $170M | $160M | $308M | $5M | $196M | $277M | |
| Free Cash Flow | $304M | $10M | · | $557M | $13M | $-153M | · | $138M | $-37M | $-19M | · | $555M | $450M | $507M | · | $1.25B | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-28M | · | $541M | $434M | $490M | · | $1.24B |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 14.7% | · | 15.7% | 13.6% | 11.1% | · | 13.9% | 16.7% | 20.9% | · | 20.8% | 25.7% | 21.6% | · | 25.9% | |
| Operating Margin | 11.5% | 10.3% | · | 10.5% | 8.4% | 6.3% | · | 9.1% | 12.1% | 16.0% | · | 16.0% | 20.9% | 17.1% | · | 21.6% | |
| Net Margin | 8.8% | 7.8% | · | 8.4% | 6.5% | 5.0% | · | 7.3% | 9.2% | 12.4% | · | 12.6% | 16.0% | 13.2% | · | 16.2% | |
| Pretax Margin | 11.2% | 9.9% | · | 10.6% | 8.5% | 6.4% | · | 9.4% | 12.2% | 16.3% | · | 16.4% | 21.1% | 17.3% | · | 21.4% | |
| EBITDA Margin | 14.3% | 13.4% | · | 13.4% | 11.3% | 9.4% | · | 11.9% | 14.6% | 18.4% | · | 18.3% | 23.1% | 19.3% | · | 23.3% | |
| ROA | 3.3% | 2.5% | · | 2.5% | 1.9% | 1.4% | · | 2.1% | 2.9% | 4.0% | · | 4.0% | 5.8% | 4.7% | · | 7.2% | |
| ROE | 5.8% | 4.5% | · | 4.5% | 3.3% | 2.4% | · | 3.5% | 4.8% | 6.7% | · | 6.9% | 10.0% | 8.4% | · | 13.5% | |
| ROIC | 4.0% | 3.1% | · | 3.1% | 2.4% | 1.6% | · | 2.4% | 3.5% | 4.8% | · | 4.7% | 6.9% | 5.6% | · | 8.4% |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.1 | · | 3.1 | 3.1 | 2.7 | · | 2.4 | 2.3 | 2.9 | · | 3.8 | 4.2 | 4.2 | · | 3.7 | |
| Quick Ratio | 1.3 | 1.2 | · | 1.3 | 1.2 | 1.3 | · | 1.2 | 1.1 | 1.5 | · | 2.2 | 2.4 | 2.4 | · | 2.0 | |
| Debt / Equity | 0.4 | 0.5 | · | 0.4 | 0.4 | 0.5 | · | 0.4 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.4 | · | 0.4 | |
| LT Debt / Equity | 0.4 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.2 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 62.7 | · | 39.8 | 51.2 | 37.1 | · | 48.1 |
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 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.4 | · | 0.4 | |
| Inventory Turnover | 1.4 | 1.3 | · | 1.3 | 1.2 | 1.3 | · | 1.2 | 1.3 | 1.2 | · | 1.2 | 1.1 | 1.2 | · | 1.3 | |
| Receivables Turnover | 2.9 | 2.8 | · | 2.9 | 2.6 | 2.5 | · | 2.5 | 2.4 | 2.5 | · | 2.2 | 2.2 | 2.2 | · | 2.7 |
Valuation (TTM) 17
| 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 | $20.69B | $18.97B | · | $18.10B | $17.91B | $18.04B | · | $18.26B | $19.00B | $19.26B | · | $20.21B | $21.84B | $22.33B | · | $22.52B | |
| Net Income TTM | $1.64B | $1.32B | · | $1.24B | $1.26B | $1.55B | · | $1.91B | $2.40B | $2.61B | · | $2.94B | $3.57B | $3.87B | · | $4.23B | |
| Market Cap | $32.95B | $26.00B | · | $20.38B | $18.92B | $18.68B | · | $19.30B | $20.15B | $23.40B | · | $17.53B | $18.12B | $19.24B | · | $12.53B | |
| Enterprise Value | $36.57B | $29.64B | · | $23.39B | $22.20B | $21.67B | · | $21.32B | $21.93B | $24.75B | · | $18.36B | $19.10B | $19.98B | · | $13.56B | |
| P/E | 20.5 | 20.1 | · | 16.9 | 15.6 | 12.7 | · | 10.6 | 8.8 | 9.5 | · | 6.3 | 5.5 | 5.4 | · | 3.2 | |
| P/S | 1.6 | 1.4 | · | 1.1 | 1.1 | 1.0 | · | 1.1 | 1.1 | 1.2 | · | 0.9 | 0.8 | 0.9 | · | 0.6 | |
| P/B | 3.5 | 2.8 | · | 2.3 | 2.1 | 2.1 | · | 2.1 | 2.2 | 2.6 | · | 2.0 | 2.1 | 2.3 | · | 1.6 | |
| P / Tangible Book | 3.8 | 3.1 | · | 2.5 | 2.3 | 2.3 | · | 2.3 | 2.4 | 2.8 | · | 2.2 | 2.3 | 2.5 | · | 1.7 | |
| P / Cash Flow | 77.0 | 175.3 | · | 28.2 | 62.7 | 122.4 | · | 25.4 | 52.7 | 65.9 | · | 15.7 | 22.4 | 26.2 | · | 8.4 | |
| P / FCF | 108.4 | 2515.2 | · | 36.6 | 1424.6 | -122.2 | · | 139.3 | -550.5 | -1225.7 | · | 31.6 | 40.3 | 37.9 | · | 10.0 | |
| EV / EBITDA | 41.8 | 42.5 | · | 36.2 | 43.1 | 53.0 | · | 41.3 | 32.4 | 28.6 | · | 21.8 | 16.3 | 21.2 | · | 10.3 | |
| EV / FCF | 120.2 | 2867.8 | · | 42.0 | 1671.8 | -141.7 | · | 153.9 | -599.2 | -1296.2 | · | 33.1 | 42.5 | 39.4 | · | 10.8 | |
| EV / Revenue | 1.8 | 1.6 | · | 1.3 | 1.2 | 1.2 | · | 1.2 | 1.2 | 1.3 | · | 0.9 | 0.9 | 0.9 | · | 0.6 | |
| Dividend Yield | 0.90% | 1.1% | · | 1.4% | 1.5% | 1.5% | · | 1.5% | 1.4% | 1.1% | · | 1.5% | 1.4% | 1.2% | · | 1.8% | |
| Earnings Yield | 4.9% | 5.0% | · | 5.9% | 6.4% | 7.9% | · | 9.4% | 11.3% | 10.6% | · | 15.9% | 18.3% | 18.5% | · | 31.1% | |
| Payout Ratio | 14.3% | 18.0% | · | 18.3% | 25.0% | 32.0% | · | 22.5% | 17.0% | 11.6% | · | 12.2% | 8.9% | 9.1% | · | 6.8% | |
| Annual Payout | $298M | $291M | · | $290M | $288M | $282M | · | $283M | $284M | $270M | · | $264M | $258M | $236M | · | $231M |
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 | $18.18B | $17.54B | $18.80B | $22.26B | $18.41B |
| Gross Margin % | 13.2% | 16.0% | 21.5% | 27.5% | 29.1% |
| Operating Margin % | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% |
| Net Income | $1.19B | $1.54B | $2.45B | $3.86B | $3.21B |
| Diluted EPS | $7.99 | $9.84 | $14.64 | $20.92 | $15.56 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.5 | 0.4 | 0.3 | 0.4 | 0.5 |
| Current Ratio | 3.1 | 2.5 | 2.9 | 3.8 | 3.1 |
| Quick Ratio | 1.2 | 1.0 | 1.6 | 2.1 | 1.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $502M | $-24M | $1.86B | $3.55B | $1.20B |
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Institutional owners (13F) 1,111 filers · $18.0B 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 |
|---|---|---|---|---|
| 165 (+27 vs prior Q) | 61 (-27 vs prior Q) | 337 (+12 vs prior Q) | 366 (+41 vs prior Q) | +20.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $2,042,702,483 | 8,902,216 | 11.36% | Shares |
| STATE STREET CORP | $1,696,482,301 | 7,376,476 | 9.43% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,550,026,164 | 6,755,104 | 8.62% | Shares |
| FMR LLC | $1,316,839,588 | 5,738,863 | 7.32% | Shares |
| Capital Research Global Investors | $835,206,406 | 3,639,878 | 4.64% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $761,986,610 | 3,335,321 | 4.24% | Shares |
| NORGES BANK | $568,217,764 | 2,476,326 | 3.16% | Shares |
| Life Cycle Investment Partners Ltd | $527,523,033 | 2,298,976 | 2.93% | Shares |
| Holocene Advisors, LP | $378,322,863 | 1,648,753 | 2.10% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $365,674,220 | 1,593,629 | 2.03% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $333,220,206 | 1,452,193 | 1.85% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $329,832,426 | 1,427,846 | 1.83% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $294,194,567 | 1,282,117 | 1.64% | Shares |
| Boston Partners | $264,699,466 | 1,151,663 | 1.47% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $248,457,913 | 1,082,794 | 1.38% | Shares |
| Robeco Institutional Asset Management B.V. | $248,031,342 | 1,080,935 | 1.38% | Shares |
| CITADEL ADVISORS LLC | $183,661,390 | 800,407 | 1.02% | Shares |
| FIL Ltd | $181,187,123 | 789,624 | 1.01% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $175,242,732 | 763,718 | 0.97% | Shares |
| VANGUARD GROUP INC | $130,590,879 | 770,675 | 0.73% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $115,414,020 | 502,981 | 0.64% | Shares |
| GOLDMAN SACHS GROUP INC | $104,325,366 | 454,656 | 0.58% | Shares |
| Caisse de depot et placement du Quebec | $103,281,782 | 450,108 | 0.57% | Shares |
| SAPIENT CAPITAL LLC | $102,958,243 | 447,664 | 0.57% | Shares |
| NEUBERGER BERMAN GROUP LLC | $98,323,367 | 427,412 | 0.55% | Shares |
| AustralianSuper Pty Ltd | $93,377,600 | 406,945 | 0.52% | Shares |
| Qube Research & Technologies Ltd | $90,426,285 | 394,083 | 0.50% | Shares |
| Swiss National Bank | $89,076,372 | 388,200 | 0.50% | Shares |
| Bridgewater Associates, LP | $86,848,315 | 378,490 | 0.48% | Shares |
| BlackRock, Inc. | $85,633,554 | 373,196 | 0.48% | Shares |
| BANK OF AMERICA CORP /DE/ | $85,500,237 | 372,615 | 0.48% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $84,464,226 | 368,100 | 0.47% | Call option |
| AQR CAPITAL MANAGEMENT LLC | $78,842,529 | 343,600 | 0.44% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $75,886,782 | 330,719 | 0.42% | Shares |
| Allianz Asset Management GmbH | $74,950,126 | 326,637 | 0.42% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $70,534,857 | 307,395 | 0.39% | Shares |
| Vanguard Global Advisers, LLC | $68,248,747 | 297,432 | 0.38% | Shares |
| California Public Employees Retirement System | $67,362,802 | 293,571 | 0.37% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $65,574,260 | 285,776 | 0.36% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $65,435,108 | 285,170 | 0.36% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $64,524,152 | 281,200 | 0.36% | Put option |
| National Pension Service | $64,167,112 | 279,644 | 0.36% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $61,794,037 | 269,302 | 0.34% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $61,310,199 | 267,193 | 0.34% | Shares |
| VAN ECK ASSOCIATES CORP | $58,182,107 | 253,561 | 0.32% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $57,947,828 | 252,540 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $57,738,331 | 251,627 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $56,553,520 | 246,464 | 0.31% | Shares |
| ALLIANCEBERNSTEIN L.P. | $53,431,560 | 296,842 | 0.30% | Shares |
| AEGON ASSET MANAGEMENT UK Plc | $53,271,434 | 232,160 | 0.30% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $51,542,911 | 224,627 | 0.29% | Shares |
| JANE STREET GROUP, LLC | $48,806,142 | 212,700 | 0.27% | Call option |
| BARCLAYS PLC | $48,084,719 | 209,556 | 0.27% | Shares |
| JANE STREET GROUP, LLC | $47,865,356 | 208,600 | 0.27% | Put option |
| FIRST TRUST ADVISORS LP | $46,633,619 | 203,232 | 0.26% | Shares |
| Swedbank AB | $45,426,196 | 197,970 | 0.25% | Shares |
| Korea Investment CORP | $44,621,709 | 194,464 | 0.25% | Shares |
| Baird Financial Group, Inc. | $42,893,469 | 186,932 | 0.24% | Shares |
| RAYMOND JAMES FINANCIAL INC | $37,343,776 | 162,746 | 0.21% | Shares |
| Legal & General Group Plc | $34,796,461 | 151,645 | 0.19% | Shares |
| Hosking Partners LLP | $33,979,355 | 148,084 | 0.19% | Shares |
| MORGAN STANLEY | $33,284,501 | 145,055 | 0.19% | Shares |
| CITADEL ADVISORS LLC | $31,803,156 | 138,600 | 0.18% | Call option |
| LPL Financial LLC | $31,543,369 | 137,468 | 0.18% | Shares |
| Fisher Asset Management, LLC | $30,633,999 | 133,504 | 0.17% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $29,688,912 | 129,386 | 0.17% | Shares |
| FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND | $29,539,992 | 128,737 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $29,088,000 | 161,600 | 0.16% | Shares |
| Ensign Peak Advisors, Inc | $27,914,497 | 121,653 | 0.16% | Shares |
| AVIVA PLC | $27,641,669 | 120,464 | 0.15% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $27,523,099 | 119,400 | 0.15% | Call option |
| Gotham Asset Management, LLC | $27,440,433 | 119,587 | 0.15% | Shares |
| Ninety One UK Ltd | $26,861,738 | 117,065 | 0.15% | Shares |
| JENNISON ASSOCIATES LLC | $26,815,893 | 116,865 | 0.15% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $26,571,468 | 115,800 | 0.15% | Shares |
| BAILARD, INC. | $26,538,949 | 115,658 | 0.15% | Shares |
| Castle Hook Partners LP | $24,213,537 | 105,524 | 0.13% | Shares |
| Paradiem, LLC | $23,725,246 | 103,396 | 0.13% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $23,704,455 | 103,305 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $22,747,747 | 99,136 | 0.13% | Shares |
| Man Group plc | $22,105,947 | 96,339 | 0.12% | Shares |
| Quantinno Capital Management LP | $21,839,501 | 95,177 | 0.12% | Shares |
| STRS OHIO | $21,300,772 | 92,830 | 0.12% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $21,272,000 | 92,705 | 0.12% | Shares |
| PFA Pension, Forsikringsaktieselskab | $21,042,443 | 91,704 | 0.12% | Shares |
| APG Asset Management N.V. | $20,474,784 | 102,017 | 0.11% | Shares |
| DNB Asset Management AS | $20,471,962 | 89,218 | 0.11% | Shares |
| Brandywine Global Investment Management, LLC | $20,384,835 | 120,300 | 0.11% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $20,097,484 | 87,586 | 0.11% | Shares |
| AMERICAN CENTURY COMPANIES INC | $19,966,096 | 87,013 | 0.11% | Shares |
| UBS Group AG | $19,862,975 | 86,564 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $19,228,748 | 83,800 | 0.11% | Put option |
| NEW YORK STATE COMMON RETIREMENT FUND | $18,804,247 | 81,950 | 0.10% | Shares |
| Distillate Capital Partners LLC | $18,518,110 | 80,703 | 0.10% | Shares |
| Weiss Asset Management LP | $18,067,680 | 78,740 | 0.10% | Shares |
| PRUDENTIAL FINANCIAL INC | $17,804,031 | 77,591 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $17,611,284 | 76,751 | 0.10% | Shares |
| Pictet Asset Management Holding SA | $17,096,835 | 74,509 | 0.10% | Shares |
| PointState Capital LP | $17,029,603 | 74,216 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $16,908,907 | 73,690 | 0.09% | Shares |
Company insiders 42 insiders · 14 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mark D Millett | Chairman and CEO | July 28, 2026 G | 3,016,401 | 0 | 0 | $0 |
| Theresa E Wagler | Executive Vice President & CFO | March 13, 2026 F | 495,038 | 0 | 0 | $0 |
| Barry Schneider | President and COO | March 13, 2026 F | 246,399 | 0 | 0 | $0 |
| James Stanley Anderson | Senior Vice President | June 5, 2026 S | 102,837 | 0 | 4 | $-2,687,029 |
| Richard A Poinsatte | Senior Vice President | May 14, 2026 G | 28,418 | 0 | 1 | $-538,453 |
| Christopher A Graham | Senior Vice President | May 13, 2026 S | 68,747 | 0 | 3 | $-2,131,290 |
| Chad Bickford | Vice President | May 1, 2026 F | 24,025 | 0 | 0 | $0 |
| Miguel Alvarez | Senior Vice President | April 23, 2026 S | 122,257 | 0 | 4 | $-2,431,608 |
| Matthew Lane Bell | Vice President | Feb. 20, 2026 A | 2,017 | 0 | 0 | $0 |
| Glenn Pushis | Senior Vice President | Jan. 9, 2026 F | 133,008 | 0 | 0 | $0 |
| Russell B Rinn | Executive Vice President | Aug. 29, 2022 F | 301,502 | 0 | 0 | $0 |
| STEEL DYNAMICS INC | Senior Vice President | Feb. 11, 2019 A | — | 0 | 0 | $0 |
| Daniel M Rifkin | Executive Vice President | May 21, 2008 A | — | 0 | 0 | $0 |
| John W Nolan | Vice President | May 21, 2008 A | 56,458 | 0 | 0 | $0 |
| Luis Manuel Sierra | Director | July 10, 2026 A | 11,523 | 0 | 0 | $0 |
| Bradley S Seaman | Director | July 10, 2026 A | 51,600 | 0 | 0 | $0 |
| Kenneth W. Cornew | Director | July 10, 2026 A | 32,013 | 0 | 2 | $-1,124,358 |
| Traci M Dolan | Director | July 10, 2026 A | 58,970 | 0 | 0 | $0 |
| Sheree L Bargabos | Director | July 10, 2026 A | 27,105 | 0 | 0 | $0 |
| Richard P Teets JR | Director | May 6, 2026 A | 4,980,252 | 0 | 0 | $0 |
| Gabriel Shaheen | Director | April 10, 2026 A | 82,520 | 0 | 0 | $0 |
| James C Marcuccilli | Director | Oct. 11, 2024 A | 61,985 | 0 | 0 | $0 |
| Steven Alan Sonnenberg | Director | April 12, 2024 A | 19,561 | 0 | 0 | $0 |
| Keith E Busse | Director | April 14, 2023 A | 701,717 | 0 | 0 | $0 |
| Jurgen Kolb DR | Director | April 12, 2019 A | 36,533 | 0 | 0 | $0 |
| EDGERLEY PAUL B | Director | Nov. 18, 2015 A | 375,856 | 0 | 0 | $0 |
| Richard J Freeland | Director | Jan. 11, 2013 A | 74,691 | 0 | 0 | $0 |
| Joseph D Ruffolo | Director | June 1, 2011 A | 31,936 | 0 | 0 | $0 |
| Naoki Hidaka | Director | May 21, 2005 A | 524,197 | 0 | 0 | $0 |
| James E Kelley | Director | Nov. 21, 2004 A | — | 0 | 0 | $0 |
| Jennifer L Hamann | — | Aug. 13, 2026 A | 5,376 | 0 | 0 | $0 |
| Frank D Byrne | — | April 21, 2022 A | 82,326 | 0 | 0 | $0 |
| John C Bates | — | July 7, 2017 A | 46,733 | 0 | 0 | $0 |
| James A Trethewey | — | Oct. 11, 2013 A | 18,157 | 0 | 0 | $0 |
| Gary E Heasley | — | Nov. 21, 2012 A | 73,870 | 0 | 0 | $0 |
| Mary Fink | — | May 21, 2008 A | 3,377 | 0 | 0 | $0 |
| Richard J Brady | — | May 21, 2008 A | 6,023 | 0 | 0 | $0 |
| Bert D Hollman | — | May 21, 2008 A | 330 | 0 | 0 | $0 |
| Timothy R Duke | — | May 21, 2008 A | 35,596 | 0 | 0 | $0 |
| Thomas J Crawford | — | May 21, 2008 A | 44,599 | 0 | 0 | $0 |
| Thomas Hartman | — | Feb. 1, 2008 F | 7,573 | 0 | 0 | $0 |
| Tracy L Shellabarger | — | May 21, 2004 A | 176,782 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 192 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 |
|---|---|---|---|---|
| FXZ · First Trust Exchange-Traded AlphaDE… | 5.77% | 96,743 NS | April 30, 2026 | N-PORT |
| PYZ · Invesco Exchange-Traded Fund Trust | 3.63% | 10,796 SH | Aug. 8, 2026 | Daily |
| RSPM · Invesco Exchange-Traded Fund Trust | 3.59% | 25,328 SH | Aug. 8, 2026 | Daily |
| UYM · ProShares Trust | 3.17% | 4,873 NS | May 31, 2026 | N-PORT |
| IYM · iShares Trust | 3.10% | 118,091 SH | Aug. 8, 2026 | Daily |
| CCSO · Tidal Trust II | 2.62% | 5,335 NS | April 30, 2026 | N-PORT |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 2.22% | 2,141 NS | April 30, 2026 | N-PORT |
| PICK · iShares, Inc. | 2.16% | 189,710 SH | Aug. 8, 2026 | Daily |
| VAW · VANGUARD WORLD FUND | 2.06% | 403,859 SH | Aug. 8, 2026 | Daily |
| PAVE · Global X Funds | 2.06% | 1,071,221 NS | May 31, 2026 | N-PORT |
| FMAT · FIDELITY COVINGTON TRUST | 2.03% | 53,619 NS | April 30, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 2.01% | 37,842 NS | April 30, 2026 | N-PORT |
| MGNR · AMERICAN BEACON SELECT FUNDS | 1.95% | 68,084 NS | April 30, 2026 | N-PORT |
| BOBP · EXCHANGE TRADED CONCEPTS TRUST | 1.87% | 146 NS | April 30, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 1.82% | 82,237 SH | Aug. 8, 2026 | Daily |
| NUDV · Nushares ETF Trust | 1.41% | 2,794 NS | April 30, 2026 | N-PORT |
| IFRA · iShares Trust | 1.28% | 224,688 SH | Aug. 8, 2026 | Daily |
| SZNE · Pacer Funds Trust | 1.27% | 741 NS | April 30, 2026 | N-PORT |
| DRES · GMO ETF Trust | 1.18% | 1,651 NS | May 31, 2026 | N-PORT |
| MXI · iShares Trust | 1.13% | 15,282 SH | Aug. 8, 2026 | Daily |
| AMOM · Exchange Listed Funds Trust | 1.08% | 1,435 NS | April 30, 2026 | N-PORT |
| NULV · Nushares ETF Trust | 0.81% | 73,692 NS | April 30, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 0.80% | 538 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.66% | 371,193 NS | May 31, 2026 | N-PORT |
| KRMA · Global X Funds | 0.57% | 2,626 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.57% | 224 NS | May 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 0.55% | 31,839 SH | Aug. 8, 2026 | Daily |
| ESLV · Strategy Shares | 0.54% | 280 NS | April 30, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.53% | 13,890 NS | April 30, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.49% | 9,513 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.48% | 9,201 NS | April 30, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.44% | 25,074 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.43% | 6,631 NS | May 31, 2026 | N-PORT |
| NULC · Nushares ETF Trust | 0.40% | 1,002 NS | April 30, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.35% | 90,068 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.35% | 3,616 NS | May 29, 2026 | N-PORT |
| SPXD · DBX ETF Trust | 0.33% | 86 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.33% | 997,219 SH | Aug. 8, 2026 | Daily |
| IMCG · iShares Trust | 0.33% | 51,261 SH | Aug. 8, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.31% | 20,475 NS | April 30, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.31% | 29,642 NS | April 30, 2026 | N-PORT |
| SFGV · EA Series Trust | 0.31% | 13,654 NS | May 29, 2026 | N-PORT |
| IWS · iShares Trust | 0.31% | 186,566 SH | Aug. 8, 2026 | Daily |
| CLSE · Trust for Professional Managers | 0.29% | 6,787 NS | May 31, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.27% | 440,029 SH | Aug. 8, 2026 | Daily |
| FLCC · Federated Hermes ETF Trust | 0.26% | 1,196 NS | May 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.25% | 548,653 SH | Aug. 8, 2026 | Daily |
| NBCR · Neuberger Berman ETF Trust | 0.25% | 8,393 NS | May 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.24% | 15,502 SH | Aug. 8, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.24% | 2,975 NS | April 30, 2026 | N-PORT |