TDG Transdigm Group Incorporated Common Stock
About Transdigm Group Incorporated Common Stock Company overview from Wikipedia
TransDigm Group Incorporated is an American publicly traded aerospace manufacturing company headquartered in Cleveland, Ohio. TransDigm develops and manufactures engineered aerospace components. It was founded in 1993, when four industrial aerospace companies were combined by a private equity firm in a leveraged buyout. TransDigm expanded the range of aerospace components it manufactures through acquisitions over the years. It filed an initial public offering on the New York Stock Exchange in 2006.
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TransDigm Group Incorporated is an American publicly traded aerospace manufacturing company headquartered in Cleveland, Ohio. TransDigm develops and manufactures engineered aerospace components. It was founded in 1993, when four industrial aerospace companies were combined by a private equity firm in a leveraged buyout. TransDigm expanded the range of aerospace components it manufactures through acquisitions over the years. It filed an initial public offering on the New York Stock Exchange in 2006.
Corporate history
Early history
TransDigm was formed in 1993 under the name TD Holding Corporation. It was founded with an initial equity investment of $10 million. The company was created by founders W. Nicholas Howley and Douglas Peacock, along with private equity firm Kelso & Company, in order to acquire and consolidate four industrial aerospace companies from IMO Industries Inc. in a leveraged buyout. Those four companies were Adel Fasteners, Aero Products Component Services, Controlex Corporation and Wiggins Connectors. Once the acquisitions were completed, TD Holding was renamed to TransDigm, Inc. and based in Richmond Heights, Ohio.
Originally, TransDigm manufactured and marketed a small group of aircraft components, such as batteries, pumps and fuel connectors. TransDigm expanded its range of aircraft component products over time through acquisitions of other aerospace component manufacturers, growing in revenues by about 25% per-year from 1993 to 1998. In 1998, Odyssey Investment Partners, a private equity firm, acquired TransDigm from Kelso & Company. After the September 11th attacks, the aerospace industry declined temporarily, resulting in losses and layoffs for TransDigm.
By 2002, TransDigm had grown to $300 million in annual revenues, up from $131 million in 1999. TransDigm was acquired from Odyssey Investment Partners by another private equity firm, Warburg Pincus, in 2003 for $1.1 billion. In 2006, the company went public on the New York Stock Exchange. By the following year, TransDigm had grown to $593 million in annual revenues.
Acquisitions
TransDigm focuses largely on acquiring other aerospace component manufacturers for expansion and growth. The company acquired more than 60 businesses in its first 25 years of operations, 49 of which were completed after TransDigm's initial public offering in 2006.
In 2010, TransDigm acquired competing aftermarket aerospace parts company McKechnie Aerospace Holdings for $1.27 billion. In 2016, it bought Data Device Corp., a power, networking and electronics company, for $1 billion. Two years later, TransDigm purchased a competing parts manufacturer, Esterline, for $4 billion. This was the largest acquisition in TransDigm's history.
In March 2022, TransDigm acquired the Montreal-based helicopter mission equipment company, DART Aerospace for approximately $360 million in cash. In May 2023, TransDigm acquired aviation and transportation research company Calspan for $725 million. In November 2023, TransDigm acquired Electron Device Business of Communications & Power Industries for $1.39 billion. In January 2026, TransDigm agreed to acquire Jet Parts Engineering and Victor Sierra Aviation Holdings from PE firm Vance Street Capital for $2.2 billion in cash.
Products
TransDigm's subsidiaries manufacture engineered aircraft components. These components include items like pumps, valves and avionics. Most of the aerospace parts the company sells are proprietary products where TransDigm is the only manufacturer that currently makes the part. As of 2016, about half of its revenues are from aftermarket parts and half are from OEM parts. As of 2008, about three-fourths of its revenues were from commercial aircraft parts and one-fourth was from military aircraft parts.
TransDigm's products fall into three segments. Power and control products, such as pumps, valves and ignition systems, account for about half of TransDigm's revenue. Airframe products like latching and locking devices, cockpit security components and audio systems, account for most of the other half of TransDigm's revenues. A smaller portion of the company's business is from non-aviation products, such as restraints, space systems and parts for heavy industrial equipment.
Accusations of price gouging
In 2019, the Department of Defense audited TransDigm's pricing practices for government contracts. It concluded that the Pentagon was purchasing parts from TransDigm at very high profit margins, such as a 9,400% markup on a metal pin. According to the authors of Lessons from the Titans, this is because older aerospace components are not expensive to produce individually, but require keeping expensive dated manufacturing lines active for small-batch production. After a congressional hearing criticizing TransDigm's pricing practices, the company agreed to refund the Pentagon $16 million.
TransDigm's revenues grew by 15-fold from TransDigm's IPO in 2006 to 2020. However, business declined in 2020 due to the COVID-19 pandemic's impact on the aerospace industry.
In 2022, founder Nick Howley was again called to testify before Congress on accusations of price gouging. A Department of Defense review alleged that the company charged $119 million for parts that should have cost $28 million, with an earlier 2021 report alleging that TransDigm made an excess profit of $20.8 million on 105 spare parts on 150 contracts.
The company's practices and position have also reached the commercial aviation industry, ranging from employees to executives within the aviation industry. A former employee of AvtechTyee, a firm later acquired by TransDigm, commented on how airlines are stuck with TransDigm's parts with a refusal to utilize the company equating to an airline's plane not flying. Concurring on the situation was Abdol Moabery, CEO of the aircraft maintenance company GA Telesis, TransDigm's pricing practices have made it costlier for airlines to repair their planes, with aircraft manufacturers like Boeing and Airbus often caught in the middle when TransDigm acquires companies that Boeing contracted with to make its parts. TransDigm counterargues, though, that its pricing practices are justified when considering its efforts to ensure that planes always fly safely, and that the high prices are necessary to continue providing quality service.
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TDG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
TDG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Sept. 2, 2025 | $90.0000 |
| Oct. 4, 2024 | $75.0000 |
| Nov. 17, 2023 | $35.0000 |
| Aug. 18, 2022 | $18.5000 |
| Dec. 27, 2019 | $32.5000 |
| Aug. 15, 2019 | $30.0000 |
| Aug. 31, 2017 | $22.0000 |
| Oct. 20, 2016 | $24.0000 |
| June 12, 2014 | $25.0000 |
| July 11, 2013 | $22.0000 |
| Oct. 23, 2012 | $12.8500 |
| Oct. 14, 2009 | $7.6500 |
TDG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 6 22.2%
- Buy 9 33.3%
- Hold 11 40.7%
- Sell 1 3.7%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $10.87 | $10.40 | 0.47% |
| March 31, 2026 | $9.85 | $9.53 | 0.32% |
| Dec. 31, 2025 | $8.23 | $8.18 | 0.05% |
| Sept. 30, 2025 | $10.82 | $10.14 | 0.68% |
| June 30, 2025 | $9.60 | $10.08 | -0.48% |
| March 31, 2025 | $9.11 | $9.04 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TDG | — | 41.1 | 11.2% | 23.5% | -26.0% | 60.1% |
| BA | $219.78B | 87.5 | 34.5% | 2.5% | 289.1% | 4.8% |
| LMT | $110.76B | 22.5 | 5.6% | 6.7% | 83.2% | 10.2% |
| HWM | $82.34B | 55.3 | 11.1% | 18.3% | 29.0% | — |
| GD | $91.03B | 21.8 | 10.1% | 8.0% | 17.1% | — |
| NOC | $80.97B | 19.6 | 2.2% | 10.0% | 26.4% | — |
| HONA | — | — | — | — | — | — |
| AXON | $45.55B | 376.1 | 33.5% | 4.5% | 4.2% | 59.7% |
| LHX | $56.89B | 35.7 | 9.8% | — | 8.2% | — |
| RKLB | $37.92B | -188.5 | 38.0% | -32.9% | -16.4% | 34.4% |
| HEI | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.83B | $7.94B | $6.58B | $5.43B | $4.80B | $5.10B | $5.22B | $3.81B | $3.50B | $3.17B | $2.71B | $2.37B | |
| Cost of Revenue | $3.52B | $3.27B | $2.74B | $2.33B | $2.29B | $2.46B | $2.41B | $1.63B | $1.52B | $1.44B | $1.26B | $1.11B | |
| Gross Profit | $5.31B | $4.67B | $3.84B | $3.10B | $2.51B | $2.65B | $2.81B | $2.18B | $1.98B | $1.73B | $1.45B | $1.27B | |
| R&D Expense | $118M | $107M | $105M | $95M | $106M | $131M | $117M | $74M | $74M | $59M | $48M | $42M | |
| SG&A Expense | $945M | $980M | $780M | $748M | $685M | $727M | $748M | $450M | $413M | $383M | $322M | $276M | |
| Operating Income | $4.17B | $3.53B | $2.92B | $2.21B | $1.69B | $1.75B | $1.93B | $1.66B | $1.48B | $1.27B | $1.07B | $928M | |
| Other Non-op | $47M | $28M | $13M | $-11M | $51M | $46M | $-1M | $0 | $-3M | · | · | · | |
| Pretax Income | $2.63B | $2.21B | $1.72B | $1.13B | $715M | $740M | $1.06B | $986M | $837M | $768M | $637M | $449M | |
| Income Tax | $555M | $500M | $417M | $261M | $34M | $87M | $222M | $24M | $209M | $182M | $190M | $142M | |
| Net Income | $2.07B | $1.71B | $1.30B | $866M | $680M | $699M | $890M | $957M | $597M | $586M | $447M | $307M | |
| EPS (Basic) | $32.08 | $25.62 | $22.03 | $13.40 | $10.41 | $8.96 | · | · | · | · | · | · | |
| EPS (Diluted) | $32.08 | $25.62 | $22.03 | $13.40 | $10.41 | $8.96 | · | · | · | · | · | · | |
| Shares (Basic) | 58,200,000 | 57,800,000 | 57,200,000 | 58,200,000 | 58,400,000 | 57,300,000 | 53,100,000 | 52,300,000 | 52,517,000 | 53,326,000 | 53,112,000 | 52,748,000 | |
| Shares (Diluted) | 58,200,000 | 57,800,000 | 57,200,000 | 58,200,000 | 58,400,000 | 57,300,000 | · | · | · | · | · | · | |
| EBITDA | $4.53B | $3.84B | $3.19B | $2.47B | · | $2.03B | $2.15B | $1.78B | $1.62B | · | $1.17B | $1.02B |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.81B | $6.26B | $3.47B | $3.00B | $4.79B | $4.72B | $1.47B | $2.07B | $651M | $1.59B | $714M | $820M | |
| Receivables | $1.62B | $1.38B | $1.23B | $967M | $791M | $720M | $1.07B | $704M | $636M | $576M | $444M | $351M | |
| Inventory | $2.10B | $1.88B | $1.62B | $1.33B | $1.19B | $1.28B | $1.23B | $805M | $731M | $724M | $591M | $459M | |
| Prepaid Expense | $492M | $511M | $420M | $349M | $267M | $240M | $135M | $75M | $39M | $43M | $37M | $22M | |
| Current Assets | $7.01B | $10.03B | $6.74B | $5.65B | $7.03B | $6.96B | $4.87B | $3.66B | $2.13B | $2.93B | $1.79B | $1.69B | |
| PP&E (Net) | $1.58B | $1.49B | $1.25B | $807M | $770M | $752M | $757M | $388M | $325M | $311M | $261M | $212M | |
| PP&E (Gross) | $2.77B | $2.50B | $2.12B | $1.59B | $1.41B | $1.29B | $1.18B | $728M | $617M | $566M | $480M | $396M | |
| Accum. Depreciation | $1.19B | $1.02B | $870M | $780M | $635M | $540M | $427M | $340M | $292M | $255M | $219M | $183M | |
| Goodwill | $10.61B | $10.42B | $8.99B | $8.64B | $8.57B | $7.89B | $7.82B | $6.22B | $5.75B | $5.68B | $4.69B | $3.53B | |
| Intangibles | $3.45B | $3.45B | $2.75B | $2.75B | $2.79B | $2.61B | $2.74B | $1.79B | $1.72B | $1.76B | $1.54B | $1.22B | |
| Other Non-current Assets | $252M | $204M | $242M | $260M | $156M | $167M | $69M | $140M | $38M | $41M | $31M | $113M | |
| Total Assets | $22.91B | $25.59B | $19.97B | $18.11B | $19.32B | $18.39B | $16.25B | $12.20B | $9.98B | $10.73B | $8.30B | $6.76B | |
| Accounts Payable | $368M | $323M | $305M | $279M | $227M | $218M | $276M | $174M | $149M | $156M | $143M | $116M | |
| Accrued Liabilities | $966M | $1.22B | $854M | $721M | $810M | $773M | $675M | $351M | $336M | $344M | $272M | $231M | |
| Current Liabilities | $2.18B | $6.34B | $1.58B | $1.43B | $1.66B | $1.62B | $1.54B | $900M | $871M | $753M | $658M | $586M | |
| Capital Leases | $51M | $43M | $51M | $71M | $79M | · | · | · | · | · | · | · | |
| Deferred Tax | $759M | $766M | $627M | $596M | $485M | $430M | $441M | $399M | $501M | $492M | $405M | $402M | |
| Other Non-current Liabilities | $480M | $468M | $412M | $482M | $705M | $933M | $691M | $204M | $161M | $190M | $173M | $91M | |
| Total Liabilities | $32.59B | $31.87B | $21.95B | $21.87B | $22.23B | $22.36B | $19.14B | $14.01B | $12.93B | $11.38B | $9.34B | $8.31B | |
| Long-term Debt | $29.29B | $24.39B | $19.40B | $19.45B | $19.65B | $19.66B | $16.55B | $12.58B | $11.46B | $10.00B | $8.15B | $7.27B | |
| Total Debt | $124M | $98M | $71M | $76M | · | $19.66B | $16.55B | $12.58B | $11.46B | · | $8.23B | $7.27B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $569.0K | $561.0K | $558.0K | $551.0K | $538.0K | |
| Retained Earnings | $-10.61B | $-7.36B | $-2.62B | $-3.91B | $-3.71B | $-4.36B | $-3.12B | $-2.25B | $-3.19B | $-1.15B | $-1.72B | $-2.15B | |
| Treasury Stock | $2.21B | $1.71B | $1.71B | $1.71B | $794M | $794M | $775M | $775M | $775M | $384M | $176M | $176M | |
| AOCI | $-10M | $-42M | $-98M | $-267M | $-248M | $-401M | $-379M | $4M | $-85M | $-150M | $-96M | $-25M | |
| Stockholders' Equity | $-9.69B | $-6.29B | $-1.98B | $-3.77B | $-2.92B | $-3.97B | $-2.89B | $-1.81B | $-2.95B | $-651M | $-1.04B | $-1.56B | |
| Liabilities + Equity | $22.91B | $25.59B | $19.97B | $18.11B | $19.32B | $18.39B | $16.25B | $12.20B | $9.98B | $10.73B | $8.30B | $6.76B |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $367M | $312M | $268M | $253M | $253M | $283M | $226M | $129M | $141M | $122M | $94M | $96M | |
| Stock-based Comp | $152M | $188M | $135M | $153M | $129M | $93M | $93M | $58M | $46M | $48M | $32M | $26M | |
| Deferred Tax | $-10M | $10M | $3M | $-22M | $34M | $24M | $-1M | $-152M | $-918.0K | $6M | $660.0K | $-9M | |
| Amort. of Intangibles | $201M | $161M | $139M | $136M | $137M | $169M | $135M | $72M | $89M | $77M | $54M | $64M | |
| Other Non-cash | $-545M | $-179M | $-329M | $-302M | · | $114M | $-193M | $28M | $6M | · | $-52M | $121M | |
| Operating Cash Flow | $2.04B | $2.04B | $1.38B | $948M | $913M | $1.21B | $1.01B | $1.02B | $789M | $683M | $521M | $541M | |
| CapEx | $222M | $165M | $139M | $119M | $105M | $105M | $102M | $73M | $71M | $44M | $55M | $34M | |
| Investing Cash Flow | $-595M | $-2.44B | $-900M | $-553M | $-785M | $799M | $-3.89B | $-684M | $-287M | · | · | · | |
| Debt Issued | · | · | $0 | $0 | $1.93B | $4.11B | $4.48B | $12.78B | $2.94B | $1.71B | $1.52B | · | |
| Net Debt Issued | · | · | $0 | $0 | · | $-75M | $-76M | $605M | $1.65B | · | · | · | |
| Stock Repurchased | $500M | $0 | $0 | $912M | $0 | $19M | $0 | $0 | $390M | $208M | $0 | $160M | |
| Net Stock Activity | $-500M | $0 | $0 | $-912M | · | $-19M | $0 | $0 | $-390M | · | $0 | $-160M | |
| Dividends Paid | $9.63B | $2.04B | $38M | $1.09B | $73M | $1.93B | $1.71B | $56M | $2.58B | $3M | $3M | $1.45B | |
| Financing Cash Flow | $-4.90B | $3.17B | $-16M | $-2.15B | $-70M | $1.23B | $2.27B | $1.09B | $-1.44B | · | · | · | |
| Net Change in Cash | $-3.45B | $2.79B | $471M | $-1.79B | $70M | $3.25B | $-606M | $1.42B | $-936M | $873M | $-106M | $255M | |
| Taxes Paid | $640M | $539M | $260M | $220M | $83M | $223M | $215M | $129M | $185M | $183M | $127M | · | |
| Free Cash Flow | $1.82B | $1.88B | $1.24B | $829M | · | $1.11B | $914M | $949M | $718M | · | $466M | $507M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.1% | 58.8% | 58.3% | 57.1% | · | 51.9% | 53.8% | 57.1% | 56.6% | · | 53.6% | 53.4% | |
| Operating Margin | 47.2% | 44.5% | 44.4% | 40.8% | · | 34.3% | 36.9% | 43.4% | 42.2% | · | 39.7% | 39.1% | |
| Net Margin | 23.5% | 21.6% | 19.7% | 16.0% | · | 13.7% | 17.0% | 25.1% | 17.0% | · | 16.5% | 12.9% | |
| Pretax Margin | 29.8% | 27.9% | 26.1% | 20.8% | · | 14.5% | 20.3% | 25.9% | 23.9% | · | 23.5% | 18.9% | |
| EBITDA Margin | 51.3% | 48.4% | 48.5% | 45.5% | · | 39.9% | 41.2% | 46.8% | 46.2% | · | 43.1% | 43.2% | |
| ROA | 8.6% | 7.5% | 6.8% | 4.6% | · | 4.0% | 6.2% | 8.6% | 5.8% | · | 5.9% | 4.8% | |
| ROE | -26.0% | -41.4% | -45.1% | -25.9% | · | -20.4% | -39.0% | -49.0% | -33.1% | · | -34.5% | -32.4% | |
| ROIC | -34.4% | -44.1% | -115.7% | -46.0% | · | 9.8% | 11.2% | 15.0% | 13.1% | · | 10.5% | 11.1% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 1.6 | 4.3 | 4.0 | · | 4.3 | 3.2 | 4.1 | 2.4 | · | 2.8 | 2.9 | |
| Quick Ratio | 2.0 | 1.2 | 3.0 | 2.8 | · | 3.4 | 1.6 | 3.1 | 1.5 | · | 1.8 | 2.0 | |
| Debt / Equity | -0.0 | -0.0 | -0.0 | -0.0 | · | -4.9 | -5.7 | -7.0 | -3.9 | · | -7.9 | -4.7 | |
| LT Debt / Equity | · | · | · | · | · | -4.9 | -5.7 | -6.9 | -3.9 | · | -7.9 | -4.6 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.3 | 0.3 | · | 0.4 | 0.4 | |
| Inventory Turnover | 1.8 | 1.9 | 1.9 | 1.9 | · | 2.0 | 2.4 | 2.1 | 2.1 | · | 2.4 | 2.5 | |
| Receivables Turnover | 5.9 | 6.1 | 6.0 | 6.2 | · | 5.7 | 5.9 | 5.7 | 5.8 | · | 6.8 | 7.4 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 11.2% | 20.6% | 21.3% | 13.2% | -6.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 17.6% | 18.3% | 8.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 25.2% | 16.3% | 64.4% | 28.7% | 16.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 33.8% | 35.0% | 35.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 29.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 21.0% | 32.0% | 49.9% | 27.4% | -2.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 33.8% | 36.1% | 22.9% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 24.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 37.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.83B | $7.94B | $6.58B | $5.43B | $4.80B | $5.10B | $5.22B | $3.81B | $3.50B | $3.17B | $2.71B | $2.37B | |
| Net Income TTM | $2.07B | $1.71B | $1.30B | $866M | $680M | $699M | $890M | $957M | $597M | $586M | $447M | $307M | |
| P/E | 41.1 | 55.7 | 38.3 | 39.2 | 60.0 | 53.0 | · | · | · | · | · | · | |
| Earnings Yield | 2.4% | 1.8% | 2.6% | 2.5% | 1.7% | 1.9% | · | · | · | · | · | · | |
| Payout Ratio | 464.3% | 118.9% | 2.9% | 126.0% | · | 275.8% | 192.4% | 5.9% | 432.5% | · | 0.75% | 472.9% | |
| Annual Payout | $9.63B | $2.04B | $38M | $1.09B | $73M | $1.93B | $1.71B | $56M | $2.58B | $3M | $3M | $1.45B |
Income Statement 14
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.74B | $2.54B | $2.29B | $2.44B | $2.24B | $2.15B | $2.01B | $2.19B | $2.05B | $1.92B | $1.79B | $1.85B | $1.59B | $1.40B | $1.51B | |
| Cost of Revenue | $1.11B | $1.03B | $933M | $968M | $905M | $876M | $771M | $928M | $826M | $767M | $747M | $760M | $664M | $604M | $624M | |
| Gross Profit | $1.63B | $1.51B | $1.35B | $1.47B | $1.33B | $1.27B | $1.24B | $1.26B | $1.22B | $1.15B | $1.04B | $1.09B | $928M | $793M | $886M | |
| SG&A Expense | $332M | $273M | $254M | $256M | $242M | $236M | $211M | $264M | $248M | $248M | $220M | $202M | $200M | $169M | $211M | |
| Operating Income | $1.23B | $1.18B | $1.04B | $1.16B | $1.04B | $991M | $974M | $943M | $934M | $867M | $787M | $856M | $694M | $590M | $641M | |
| Other Non-op | $0 | · | · | $23M | $-7M | · | · | $7M | $14M | $6M | $1M | $1M | $2M | $1M | $-2M | |
| Pretax Income | $713M | $700M | $572M | $753M | $635M | $622M | $619M | $606M | $602M | $519M | $488M | $550M | $396M | $301M | $361M | |
| Income Tax | $173M | $164M | $127M | $144M | $142M | $143M | $126M | $138M | $141M | $115M | $106M | $136M | $92M | $72M | $96M | |
| Net Income | $539M | $535M | $445M | $610M | $492M | $479M | $493M | $468M | $461M | $403M | $382M | $415M | $304M | $228M | $266M | |
| EPS (Basic) | $9.39 | $9.20 | $6.62 | $7.75 | $8.47 | $8.24 | $7.62 | $5.82 | $7.96 | $6.97 | $4.87 | $7.23 | $5.32 | $3.33 | $3.96 | |
| EPS (Diluted) | $9.39 | $9.20 | $6.62 | $7.75 | $8.47 | $8.24 | $7.62 | $5.82 | $7.96 | $6.97 | $4.87 | $7.23 | $5.32 | $3.33 | $3.96 | |
| Shares (Basic) | 57,400,000 | 58,200,000 | 58,200,000 | -116,300,000 | 58,100,000 | 58,100,000 | 58,300,000 | -115,600,000 | 57,900,000 | 57,800,000 | 57,700,000 | 100,000 | 0 | 57,100,000 | -500,000 | |
| Shares (Diluted) | 57,400,000 | 58,200,000 | 58,200,000 | -116,300,000 | 58,100,000 | 58,100,000 | 58,300,000 | -115,600,000 | 57,900,000 | 57,800,000 | 57,700,000 | 100,000 | 0 | 57,100,000 | -500,000 | |
| EBITDA | $1.34B | $1.28B | $1.14B | · | $1.04B | $991M | $974M | · | $934M | $867M | $787M | · | $695M | $590M | · |
Balance Sheet 27
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.77B | $3.88B | $2.53B | $2.81B | $2.79B | $2.43B | $2.46B | $6.26B | $3.36B | $4.29B | · | · | $3.42B | $3.29B | · | |
| Receivables | $1.82B | $1.72B | $1.56B | $1.62B | $1.52B | $1.44B | $1.28B | $1.38B | $1.30B | $1.20B | $1.15B | · | $1.02B | $860M | · | |
| Inventory | $2.59B | $2.40B | $2.37B | $2.10B | $2.08B | $2.01B | $1.93B | $1.88B | $1.88B | $1.75B | $1.71B | · | $1.53B | $1.44B | · | |
| Prepaid Expense | $595M | $575M | $506M | $492M | $522M | $530M | $482M | $511M | $523M | $490M | $408M | · | $391M | $342M | · | |
| Current Assets | $7.77B | $8.58B | $6.97B | $7.01B | $6.92B | $6.41B | $6.16B | $10.03B | $7.06B | $8.28B | $7.40B | · | $7.46B | $5.93B | · | |
| PP&E (Net) | $1.74B | $1.68B | $1.65B | $1.58B | $1.54B | $1.52B | $1.48B | $1.49B | $1.43B | $1.29B | $1.33B | · | $872M | $864M | · | |
| PP&E (Gross) | · | · | · | $2.77B | · | · | · | $2.50B | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | · | $1.19B | · | · | · | $1.02B | · | · | · | · | · | · | · | |
| Goodwill | $12.17B | $11.04B | $11.07B | $10.61B | $10.55B | $10.36B | $10.30B | $10.42B | $10.02B | $9.05B | $9.04B | $8.99B | $8.74B | $8.72B | $8.64B | |
| Intangibles | $4.72B | $3.84B | $3.78B | $3.45B | $3.46B | $3.42B | $3.36B | $3.45B | $3.12B | $2.71B | $2.73B | · | $2.73B | $2.75B | · | |
| Other Non-current Assets | $353M | $303M | $275M | $252M | $235M | $201M | $218M | $204M | $202M | $247M | $185M | · | $212M | $227M | · | |
| Total Assets | $26.75B | $25.44B | $23.76B | $22.91B | $22.70B | $21.91B | $21.52B | $25.59B | $21.83B | $21.58B | $20.68B | $19.97B | $20.01B | $18.49B | · | |
| Accounts Payable | $434M | $425M | $385M | $368M | $328M | $319M | $315M | $323M | $320M | $302M | $288M | · | $292M | $271M | · | |
| Accrued Liabilities | $1.28B | $1.16B | $1.30B | $966M | $1.14B | $1.01B | $1.22B | $1.22B | $1.00B | $858M | $1.00B | · | $718M | $709M | · | |
| Current Liabilities | $2.57B | $2.44B | $2.54B | $2.18B | $2.21B | $2.07B | $2.28B | $6.34B | $1.85B | $2.23B | $1.82B | · | $2.52B | $1.41B | · | |
| Capital Leases | · | · | · | $51M | $41M | $37M | $40M | $43M | $38M | $44M | $45M | · | $49M | $48M | · | |
| Deferred Tax | · | · | · | $759M | · | · | · | $766M | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $549M | $531M | $567M | $480M | $451M | $428M | $418M | $468M | $415M | $427M | $416M | · | $431M | $427M | · | |
| Total Liabilities | $36.47B | $34.84B | $33.02B | $32.59B | $27.70B | $27.57B | $27.77B | $31.87B | $24.34B | $24.60B | $24.19B | · | $22.90B | $21.82B | · | |
| Long-term Debt | $32.76B | $31.28B | $29.32B | $29.29B | $24.36B | $24.40B | $24.40B | $24.39B | $21.44B | $21.96B | $21.43B | · | $20.51B | $19.45B | · | |
| Total Debt | $139M | $129M | $125M | · | $94M | $94M | $98M | · | $78M | $625M | $81M | · | · | $78M | · | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | · | |
| Retained Earnings | $-9.11B | $-9.64B | $-10.17B | $-10.61B | $-5.92B | $-6.41B | $-6.88B | $-7.36B | $-3.42B | $-3.87B | $-4.27B | · | $-3.38B | $-3.69B | · | |
| Treasury Stock | $4.03B | $3.04B | $2.31B | $2.21B | $2.21B | $2.08B | $2.02B | $1.71B | $1.71B | $1.71B | $1.71B | · | $1.71B | $1.71B | · | |
| AOCI | $-54M | $-20M | $22M | $-10M | $48M | $-171M | $-247M | $-42M | $-146M | $-118M | $-60M | · | $-96M | $-108M | $-267M | |
| Stockholders' Equity | $-9.81B | $-9.40B | $-9.27B | $-9.69B | $-5.00B | $-5.67B | $-6.26B | $-6.29B | $-2.52B | $-3.03B | $-3.51B | · | $-2.90B | $-3.34B | · | |
| Liabilities + Equity | $26.75B | $25.44B | $23.76B | $22.91B | $22.70B | $21.91B | $21.52B | $25.59B | $21.83B | $21.58B | $20.68B | · | $20.01B | $18.49B | · |
Cash Flow 14
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $118M | $105M | $100M | $97M | $91M | $89M | $90M | · | · | · | · | · | · | · | · | |
| Stock-based Comp | $65M | $26M | $27M | $28M | $51M | $48M | $25M | $30M | $47M | $60M | $51M | $4M | $48M | $35M | $24M | |
| Amort. of Intangibles | $69M | $60M | $56M | $53M | $51M | $47M | $50M | $51M | $38M | $37M | $35M | $34M | $34M | $34M | $34M | |
| Other Non-cash | · | · | $260M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $724M | $135M | $832M | $507M | $631M | $148M | $752M | $572M | $608M | $229M | $636M | $462M | $130M | $377M | $273M | |
| CapEx | $74M | $71M | $60M | $66M | $58M | $56M | $42M | $41M | $40M | $48M | $36M | $37M | $35M | $31M | $33M | |
| Investing Cash Flow | $-2.23B | $-164M | $-973M | $-246M | $-158M | $-167M | $-24M | $-702M | $-1.57B | $-121M | $-50M | $-48M | $-35M | $-41M | $-48M | |
| Stock Repurchased | $1.09B | $615M | $106M | $0 | $131M | $53M | $316M | $0 | $0 | $0 | $0 | $0 | · | · | $0 | |
| Net Stock Activity | · | · | $-106M | · | · | · | $-316M | · | · | · | · | · | · | · | · | |
| Dividends Paid | $0 | $0 | $59M | $5.23B | $0 | $0 | $4.40B | $0 | $0 | $0 | $2.04B | $0 | $0 | $38M | $1.04B | |
| Financing Cash Flow | $403M | $1.39B | $-141M | $-231M | $-129M | $-24M | $-4.52B | $3.02B | $-516M | $601M | $67M | $-5M | $1.13B | $-65M | $-1.03B | |
| Net Change in Cash | $-1.11B | $1.36B | $-280M | $16M | $366M | $-33M | $-3.80B | $2.90B | $-1.48B | $703M | $663M | $401M | $1.23B | $287M | $-807M | |
| Taxes Paid | $134M | $259M | $58M | $136M | $132M | $335M | $37M | $67M | $122M | $339M | $11M | $29M | $156M | $-2M | $82M | |
| Free Cash Flow | · | · | $772M | · | · | · | $710M | · | · | · | $600M | · | · | $346M | · |
Profitability 8
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.4% | 59.4% | 59.2% | · | 59.5% | 59.3% | 61.6% | · | 59.6% | 60.0% | 58.2% | · | 58.4% | 56.8% | · | |
| Operating Margin | 44.8% | 46.3% | 45.6% | · | 46.5% | 46.1% | 48.5% | · | 45.6% | 45.2% | 44.0% | · | 43.7% | 42.2% | · | |
| Net Margin | 19.7% | 21.0% | 19.5% | · | 22.0% | 22.3% | 24.6% | · | 22.5% | 21.0% | 21.3% | · | 19.1% | 16.3% | · | |
| Pretax Margin | 26.0% | 27.5% | 25.0% | · | 28.4% | 28.9% | 30.9% | · | 29.4% | 27.1% | 27.3% | · | 24.9% | 21.6% | · | |
| EBITDA Margin | 49.1% | 50.4% | 50.0% | · | 46.5% | 46.1% | 48.5% | · | 45.6% | 45.2% | 44.0% | · | 43.7% | 42.2% | · | |
| ROA | 2.2% | 2.3% | 2.0% | · | 2.2% | 2.2% | 2.3% | · | 2.2% | 1.9% | 1.9% | · | · | 1.2% | · | |
| ROE | -7.3% | -7.1% | -5.7% | · | -13.1% | -11.0% | -10.1% | · | -18.8% | -13.6% | -11.2% | · | · | -7.6% | · | |
| ROIC | -9.6% | -9.7% | -8.9% | · | -16.4% | -13.7% | -12.6% | · | -29.3% | -28.1% | -17.9% | · | · | -13.8% | · |
Liquidity & Solvency 3
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 3.5 | 2.7 | · | 3.1 | 3.1 | 2.7 | · | 3.8 | 3.7 | 4.1 | · | · | 4.2 | · | |
| Quick Ratio | 1.8 | 2.3 | 1.6 | · | 1.9 | 1.9 | 1.6 | · | 2.5 | 2.5 | 0.6 | · | · | 2.9 | · | |
| Debt / Equity | -0.0 | -0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | -0.0 | -0.2 | -0.0 | · | · | -0.0 | · |
Efficiency 3
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | 0.1 | · | |
| Inventory Turnover | 0.5 | 0.5 | 0.4 | · | 0.5 | 0.5 | 0.4 | · | 0.5 | 0.5 | 0.5 | · | · | 0.5 | · | |
| Receivables Turnover | 1.6 | 1.6 | 1.6 | · | 1.6 | 1.6 | 1.7 | · | 1.7 | 1.7 | 1.8 | · | · | 1.8 | · |
Valuation (TTM) 5
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.81B | $9.22B | $8.68B | · | $8.44B | $8.12B | $7.76B | · | $7.50B | $7.04B | $6.52B | · | $5.71B | $5.32B | · | |
| Net Income TTM | $2.01B | $1.95B | $1.91B | · | $1.93B | $1.84B | $1.74B | · | $1.60B | $1.44B | $1.26B | · | $969M | $828M | · | |
| P/E | 39.3 | 35.0 | 42.3 | · | 46.4 | 44.7 | 47.1 | · | 49.3 | 52.9 | 51.5 | · | 45.7 | 49.2 | · | |
| Earnings Yield | 2.5% | 2.9% | 2.4% | · | 2.1% | 2.2% | 2.1% | · | 2.0% | 1.9% | 1.9% | · | 2.2% | 2.0% | · | |
| Payout Ratio | · | · | 13.3% | · | · | · | 891.7% | · | · | · | 533.5% | · | · | 16.7% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Revenue | $8.83B | $7.94B | $6.58B | $5.43B | $4.80B |
| Gross Margin % | 60.1% | 58.8% | 58.3% | 57.1% | — |
| Operating Margin % | 47.2% | 44.5% | 44.4% | 40.8% | — |
| Net Income | $2.07B | $1.71B | $1.30B | $866M | $680M |
| Diluted EPS | $32.08 | $25.62 | $22.03 | $13.40 | $10.41 |
Balance Sheet
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | -0.0 | -0.0 | -0.0 | -0.0 | — |
| Current Ratio | 3.2 | 1.6 | 4.3 | 4.0 | — |
| Quick Ratio | 2.0 | 1.2 | 3.0 | 2.8 | — |
Cash Flow
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.82B | $1.88B | $1.24B | $829M | — |
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Institutional owners (13F) 1,241 filers · $51.5B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 143 (+10 vs prior Q) | 85 (-39 vs prior Q) | 445 (+42 vs prior Q) | 361 (-40 vs prior Q) | +19K |
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 |
|---|---|---|---|---|
| Capital International Investors | $6,743,529,491 | 5,062,682 | 13.10% | Shares |
| Capital World Investors | $5,693,274,985 | 4,274,109 | 11.06% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $4,866,622,793 | 3,653,511 | 9.46% | Shares |
| Capital Research Global Investors | $4,155,104,974 | 3,119,490 | 8.07% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,437,987,248 | 2,580,994 | 6.68% | Shares |
| STATE STREET CORP | $3,408,818,236 | 2,559,096 | 6.62% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,464,947,765 | 1,105,765 | 2.85% | Shares |
| Soroban Capital Partners LP | $1,196,434,332 | 898,197 | 2.32% | Shares |
| ALTAROCK PARTNERS LP | $1,166,540,690 | 875,755 | 2.27% | Shares |
| NORGES BANK | $1,041,296,961 | 781,731 | 2.02% | Shares |
| FMR LLC | $947,977,313 | 711,673 | 1.84% | Shares |
| WINDACRE PARTNERSHIP LLC | $911,248,564 | 684,100 | 1.77% | Shares |
| Stockbridge Partners LLC | $578,479,663 | 434,281 | 1.12% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $546,425,452 | 410,217 | 1.06% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $522,754,463 | 392,447 | 1.02% | Shares |
| Select Equity Group, L.P. | $470,516,489 | 353,230 | 0.91% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $423,332,968 | 317,808 | 0.82% | Shares |
| VANGUARD GROUP INC | $420,354,946 | 316,092 | 0.82% | Shares |
| EDGEWOOD MANAGEMENT LLC | $370,626,810 | 278,240 | 0.72% | Shares |
| UBS Group AG | $305,097,102 | 229,045 | 0.59% | Shares |
| Temasek Holdings (Private) Ltd | $270,962,245 | 203,419 | 0.53% | Shares |
| Heard Capital LLC | $248,144,400 | 186,289 | 0.48% | Shares |
| BlackRock, Inc. | $245,817,326 | 184,542 | 0.48% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $241,638,716 | 181,405 | 0.47% | Shares |
| Vulcan Value Partners, LLC | $227,018,245 | 170,429 | 0.44% | Shares |
| BLAIR WILLIAM & CO/IL | $219,733,476 | 164,960 | 0.43% | Shares |
| Swiss National Bank | $212,167,331 | 159,280 | 0.41% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $210,937,858 | 158,357 | 0.41% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $192,985,955 | 144,880 | 0.37% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $192,246,812 | 144,325 | 0.37% | Shares |
| Veritas Asset Management LLP | $183,780,227 | 137,969 | 0.36% | Shares |
| National Pension Service | $180,135,765 | 135,233 | 0.35% | Shares |
| Vanguard Global Advisers, LLC | $160,332,327 | 120,366 | 0.31% | Shares |
| Skye Global Management LP | $159,844,800 | 120,000 | 0.31% | Shares |
| DF DENT & CO INC | $149,110,271 | 111,941 | 0.29% | Shares |
| BRISTOL JOHN W & CO INC /NY/ | $143,278,219 | 107,563 | 0.28% | Shares |
| BANK OF MONTREAL /CAN/ | $143,190,304 | 107,497 | 0.28% | Shares |
| Legal & General Group Plc | $142,565,579 | 107,028 | 0.28% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $142,399,072 | 106,903 | 0.28% | Shares |
| Douglass Winthrop Advisors, LLC | $140,271,804 | 105,306 | 0.27% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $136,528,862 | 102,444 | 0.27% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $132,919,963 | 114,689 | 0.26% | Shares |
| JANE STREET GROUP, LLC | $129,341,084 | 97,100 | 0.25% | Put option |
| California Public Employees Retirement System | $127,155,206 | 95,459 | 0.25% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $125,506,141 | 94,221 | 0.24% | Shares |
| RHUMBLINE ADVISERS | $123,286,844 | 92,555 | 0.24% | Shares |
| JANE STREET GROUP, LLC | $122,947,292 | 92,300 | 0.24% | Call option |
| SANDS CAPITAL MANAGEMENT, LLC | $119,442,695 | 89,669 | 0.23% | Shares |
| Atalan Capital Partners, LP | $116,593,461 | 87,530 | 0.23% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $114,619,378 | 86,048 | 0.22% | Shares |
| Douglas Lane & Associates, LLC | $110,651,752 | 83,069 | 0.21% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $108,073,020 | 93,250 | 0.21% | Shares |
| Third Point LLC | $105,231,160 | 79,000 | 0.20% | Shares |
| BAMCO INC /NY/ | $104,566,472 | 78,501 | 0.20% | Shares |
| AMERIPRISE FINANCIAL INC | $96,710,343 | 72,603 | 0.19% | Shares |
| GOLDMAN SACHS GROUP INC | $92,422,315 | 69,384 | 0.18% | Shares |
| PNC Financial Services Group, Inc. | $92,422,263 | 69,384 | 0.18% | Shares |
| US BANCORP \DE\ | $91,652,345 | 68,806 | 0.18% | Shares |
| ARGENT CAPITAL MANAGEMENT LLC | $88,700,954 | 66,590 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $88,181,048 | 66,200 | 0.17% | Put option |
| RAYMOND JAMES FINANCIAL INC | $87,124,178 | 65,407 | 0.17% | Shares |
| Corient Private Wealth LP | $86,395,575 | 64,860 | 0.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $86,025,807 | 64,582 | 0.17% | Shares |
| CAT ROCK CAPITAL MANAGEMENT LP | $84,370,082 | 63,339 | 0.16% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $81,938,347 | 61,513 | 0.16% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $79,906,416 | 59,988 | 0.16% | Shares |
| Focus Partners Wealth | $75,353,663 | 56,568 | 0.15% | Shares |
| Chicago Capital, LLC | $70,710,307 | 53,084 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $67,688,945 | 50,816 | 0.13% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $67,683,616 | 50,812 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $67,476,969 | 58,222 | 0.13% | Shares |
| Hudson Way Capital Management LLC | $67,148,136 | 50,410 | 0.13% | Shares |
| UBS Group AG | $67,134,816 | 50,400 | 0.13% | Put option |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $66,460,804 | 49,894 | 0.13% | Shares |
| Holocene Advisors, LP | $65,539,032 | 49,202 | 0.13% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $64,984,903 | 48,786 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $64,847,703 | 48,683 | 0.13% | Shares |
| AVIVA PLC | $63,659,524 | 47,791 | 0.12% | Shares |
| PFA Pension, Forsikringsaktieselskab | $63,501,191 | 47,672 | 0.12% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $61,970,497 | 46,523 | 0.12% | Shares |
| YCG, LLC | $61,596,194 | 46,242 | 0.12% | Shares |
| Retirement Systems of Alabama | $61,228,551 | 45,966 | 0.12% | Shares |
| Blacksheep Fund Management Ltd | $60,946,158 | 1,332 | 0.12% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $59,836,568 | 44,921 | 0.12% | Shares |
| TWO SIGMA INVESTMENTS, LP | $59,827,245 | 44,914 | 0.12% | Shares |
| Capital International, Inc./CA/ | $56,434,539 | 42,367 | 0.11% | Shares |
| BARCLAYS PLC | $55,772,514 | 41,870 | 0.11% | Shares |
| APG Asset Management N.V. | $54,846,307 | 47,075 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $54,613,640 | 41,000 | 0.11% | Put option |
| National Philanthropic Trust | $53,201,678 | 39,940 | 0.10% | Shares |
| CITADEL ADVISORS LLC | $52,615,580 | 39,500 | 0.10% | Call option |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $52,081,432 | 39,099 | 0.10% | Shares |
| Gotham Asset Management, LLC | $52,068,112 | 39,089 | 0.10% | Shares |
| Korea Investment CORP | $51,671,164 | 38,791 | 0.10% | Shares |
| 1832 Asset Management L.P. | $50,886,592 | 38,202 | 0.10% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $49,462,641 | 37,133 | 0.10% | Shares |
| MILFORD FUNDS LTD | $49,073,686 | 36,841 | 0.10% | Shares |
| CI INVESTMENTS INC. | $49,063,029 | 36,833 | 0.10% | Shares |
| KLP KAPITALFORVALTNING AS | $47,929,463 | 35,982 | 0.09% | Shares |
| CAPITAL INTERNATIONAL SARL | $47,183,521 | 35,422 | 0.09% | Shares |
Company insiders 46 insiders · 24 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Lisman | President & CEO | Feb. 6, 2026 P | 3,259 | 7 | 0 | $3,836,719 |
| Sarah Wynne | Chief Financial Officer | Feb. 5, 2026 M | 4,894 | 0 | 0 | $0 |
| Terrance M Paradie | Exec. VP and CFO | April 2, 2018 J | 2,107 | 0 | 0 | $0 |
| Joel Reiss | Co-Chief Operating Officer | Aug. 17, 2026 M | 3,600 | 0 | 215 | $-52,953,032 |
| Patrick Joseph Murphy | Co-Chief Operating Officer | Feb. 24, 2026 M | 2,515 | 0 | 5 | $-2,357,616 |
| Armani Vadiee | GC, CCO, Secretary | Nov. 4, 2025 A | — | 0 | 0 | $0 |
| Jessica L Warren | GC, CCO, Secretary | May 13, 2025 M | 575 | 0 | 0 | $0 |
| Halle Fine Terrion | GC, CCO, Secretary | Nov. 12, 2021 A | 878 | 0 | 0 | $0 |
| Robert S Henderson | Exec.V.P. | Feb. 24, 2021 M | 0 | 0 | 0 | $0 |
| Bernt G Iversen II | Executive Vice President | Sept. 14, 2020 M | 5,010 | 0 | 0 | $0 |
| James Skulina | Executive Vice President | Oct. 10, 2019 M | 4,000 | 0 | 0 | $0 |
| Roger Jones | Executive Vice President | June 18, 2018 M | 4,000 | 0 | 0 | $0 |
| Alex Feil | Executive Vice President | Feb. 9, 2018 M | 3,300 | 0 | 0 | $0 |
| John F Leary | Executive Vice President | June 13, 2016 M | 9,260 | 0 | 0 | $0 |
| Gregory Rufus | Sr. Exec. VP | May 10, 2016 M | 12,000 | 0 | 0 | $0 |
| John Tenerowicz | Corporate Controller | Aug. 17, 2015 M | 4,000 | 0 | 0 | $0 |
| Sean P Maroney | Treasurer | May 15, 2015 M | 200 | 0 | 0 | $0 |
| Kevin Frailey | Executive Vice President | Nov. 13, 2014 A | — | 0 | 0 | $0 |
| Vince Ciolli | Corporate Controller | Nov. 13, 2014 A | 0 | 0 | 0 | $0 |
| Michael D Borowski | Controller | Nov. 13, 2014 A | 0 | 0 | 0 | $0 |
| Albert J Rodriguez | Exec. V.P., Mergers & Aquis. | May 7, 2012 M | 0 | 0 | 0 | $0 |
| James M Riley | Executive Vice President | Dec. 15, 2011 M | 0 | 0 | 0 | $0 |
| Christopher S W Anderson | Pres. (Avtech Corporation) | Nov. 17, 2008 A | — | 0 | 0 | $0 |
| Ralph Mcclelland | Pres., MarathonNorco Aerospace | March 12, 2008 M | 500 | 0 | 0 | $0 |
| Nicholas W Howley | Director | Aug. 18, 2026 M | 21,548 | 0 | 200 | $-126,040,033 |
| Jane M. Cronin | Director | March 20, 2026 A | 700 | 0 | 0 | $0 |
| Michele Santana | Director | March 20, 2026 A | 771 | 0 | 0 | $0 |
| Peter Palmer | Director | March 20, 2026 A | 4,030 | 0 | 0 | $0 |
| Michael Graff | Director | March 20, 2026 A | 1,683 | 0 | 5 | $-2,467,690 |
| David Barr | Director | March 20, 2026 A | 32,179 | 0 | 0 | $0 |
| Sean P Hennessy | Director | March 20, 2026 A | 33,790 | 0 | 0 | $0 |
| Gary E Mccullough | Director | March 20, 2026 A | 952 | 0 | 0 | $0 |
| Robert J Small | Director | Feb. 25, 2026 P | 366,142 | 1 | 19 | $-133,935,276 |
| Kevin M Stein | Director | Feb. 2, 2026 S | 8,158 | 0 | 87 | $-186,468,344 |
| Jorge Valladares | Director | May 14, 2025 M | 0 | 0 | 0 | $0 |
| John Staer | Director | Feb. 10, 2023 S | 91 | 0 | 0 | $0 |
| Mervin Dunn | Director | Nov. 16, 2022 M | 1,562 | 0 | 0 | $0 |
| Raymond F Laubenthal | Director | March 28, 2022 A | 156,595 | 0 | 0 | $0 |
| William Dries | Director | March 17, 2020 J | 2,316 | 0 | 0 | $0 |
| Douglas W Peacock | Director | Feb. 16, 2018 M | 787 | 0 | 0 | $0 |
| Dudley P Sheffler | Director | Sept. 22, 2009 A | 1,630 | 0 | 0 | $0 |
| Kevin Kruse | Director | Dec. 10, 2007 J | 2,019 | 0 | 0 | $0 |
| Kewsong Lee | Director | Dec. 10, 2007 J | 17,591 | 0 | 0 | $0 |
| TD Group Holdings, LLC | 10% owner | Feb. 19, 2009 S | 8,683,201 | 0 | 0 | $0 |
| Howard Skurka | — | Oct. 4, 2006 M | 0 | 0 | 0 | $0 |
| Todd W Littleton | — | March 20, 2006 M | 19,868 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Nov. 26, 2019 | — | Initial filing | — | SEC | |
| Berkshire Partners Holdings LLC (2), BPSP, L.P. (2), Berkshire Partners LLC (2), Stockbridge Partners LLC (2), Berkshire Fund VIII, L.P. (2), Berkshire Fund VIII-A, L.P. (2), Berkshire Fund VII, L.P. (2), Berkshire Fund VII-A, L.P. (2), Berkshire Investors LLC (2), Berkshire Investors III LLC (2), Berkshire Investors IV LLC (2), Stockbridge Fund, L.P. (2), Stockbridge Absolute Return Fund, L.P. (2) ×2 filings | Aug. 29, 2019 | — | Initial filing | — | SEC |
| TransDigm Group Incorporated, Hook Acquisition Sub Inc. | Nov. 25, 2015 | — | Initial filing | M&A / sale | SEC |
| Berkshire Fund VII, L.P. (2), Berkshire Fund VII-A, L.P. (2), Berkshire Investors LLC (2), Berkshire Investors III LLC (2), Stockbridge Fund, L.P. (2), Stockbridge Partners LLC (2), Stockbridge Fund M, L.P. (2), Stockbridge Absolute Return Fund, L.P. (2), Stockbridge Master Fund (OS), L.P. (2) ×4 filings | March 10, 2014 | — | Initial filing | — | SEC |
| Berkshire Fund VII, L.P., Berkshire Fund VII-A, L.P., Berkshire Investors LLC, Berkshire Investors III LLC, Stockbridge Fund, L.P., Stockbridge Partners LLC, Stockbridge Fund M, L.P., Stockbridge Absolute Return Fund, L.P. ×2 filings | Dec. 9, 2010 | — | Initial filing | Passive investment | SEC |
| TD Group Holdings, LLC I.R.S., Warburg Pincus Private Equity VIII, L.P. I.R.S., Warburg Pincus & Co. I.R.S., Warburg Pincus LLC I.R.S., Warburg Pincus Partners, LLC I.R.S. ×8 filings | Aug. 7, 2009 | — | Initial filing | — | SEC |
| TD Group Holdings, LLC, Warburg Pincus Private Equity VIII, L.P. I.R.S., Warburg Pincus & Co. I.R.S., Warburg Pincus LLC I.R.S., Warburg Pincus Partners LLC I.R.S. ×2 filings | May 29, 2007 | — | Initial filing | Passive investment | 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 162 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 |
|---|---|---|---|---|
| GRW · TCW ETF Trust | 7.51% | 4,648 NS | April 30, 2026 | N-PORT |
| SUPP · TCW ETF Trust | 5.00% | 523 NS | April 30, 2026 | N-PORT |
| BCHP · Principal Exchange-Traded Funds | 4.84% | 7,930 NS | June 30, 2026 | N-PORT |
| ABIG · EA Series Trust | 4.28% | 1,893 NS | May 29, 2026 | N-PORT |
| ITA · iShares Trust | 4.15% | 500,531 SH | Aug. 20, 2026 | Daily |
| BSJR · Invesco Exchange-Traded Self-Indexe… | 3.27% | 29,350,000 | Aug. 20, 2026 | Daily |
| DFEN · Direxion Shares ETF Trust | 3.20% | 10,096 NS | April 30, 2026 | N-PORT |
| PPA · Invesco Exchange-Traded Fund Trust | 2.93% | 204,070 SH | Aug. 20, 2026 | Daily |
| RW · EA Series Trust | 2.70% | 406 NS | April 30, 2026 | N-PORT |
| CGGR · Capital Group Growth ETF | 2.02% | 391,432 NS | May 31, 2026 | N-PORT |
| BKLN · Invesco Exchange-Traded Fund Trust … | 1.89% | 130,435,448.64 | Aug. 20, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 1.63% | 428,526 SH | Aug. 19, 2026 | Daily |
| FMAG · FIDELITY COVINGTON TRUST | 1.27% | 2,768 NS | April 30, 2026 | N-PORT |
| RSPN · Invesco Exchange-Traded Fund Trust | 1.15% | 9,993 SH | Aug. 20, 2026 | Daily |
| AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 1.08% | 992 NS | April 30, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 1.01% | 68,574 SH | Aug. 19, 2026 | Daily |
| MADE · iShares Trust | 0.95% | 479 SH | Aug. 20, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.93% | 16,704 NS | April 30, 2026 | N-PORT |
| LGRO · ALPS ETF Trust | 0.91% | 973 NS | May 31, 2026 | N-PORT |
| IMCG · iShares Trust | 0.88% | 29,644 SH | Aug. 20, 2026 | Daily |
| DUSL · Direxion Shares ETF Trust | 0.85% | 397 NS | April 30, 2026 | N-PORT |
| SAWG · ETF Series Solutions | 0.83% | 18 NS | April 30, 2026 | N-PORT |
| UXI · ProShares Trust | 0.81% | 184 NS | May 31, 2026 | N-PORT |
| IYJ · iShares Trust | 0.81% | 12,774 SH | Aug. 20, 2026 | Daily |
| RPG · Invesco Exchange-Traded Fund Trust | 0.80% | 12,974 SH | Aug. 20, 2026 | Daily |
| FLCV · Federated Hermes ETF Trust | 0.79% | 602 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.72% | 1,212,165 SH | Aug. 19, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.68% | 822,000 | Aug. 20, 2026 | Daily |
| EXI · iShares Trust | 0.66% | 7,930 SH | Aug. 20, 2026 | Daily |
| CGGO · Capital Group Global Growth Equity … | 0.61% | 54,859 NS | May 31, 2026 | N-PORT |
| FOWF · Pacer Funds Trust | 0.56% | 72 NS | April 30, 2026 | N-PORT |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.52% | 16,536 NS | May 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.49% | 653 NS | April 30, 2026 | N-PORT |
| FDLO · FIDELITY COVINGTON TRUST | 0.46% | 5,536 NS | April 30, 2026 | N-PORT |
| IMCB · iShares Trust | 0.44% | 6,243 SH | Aug. 20, 2026 | Daily |
| FQAL · FIDELITY COVINGTON TRUST | 0.42% | 4,912 NS | April 30, 2026 | N-PORT |
| WINN · Harbor ETF Trust | 0.40% | 3,740 NS | April 30, 2026 | N-PORT |
| LRND · New York Life Investments ETF Trust | 0.39% | 953 NS | April 30, 2026 | N-PORT |
| XOEF · iShares Trust | 0.37% | 70 SH | Aug. 20, 2026 | Daily |
| CRTC · DBX ETF Trust | 0.33% | 338 NS | May 31, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.32% | 10,990 NS | April 30, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.31% | 5,902 NS | April 30, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 0.29% | 33 NS | April 30, 2026 | N-PORT |
| TMFC · RBB Fund, Inc. | 0.27% | 4,550 NS | May 31, 2026 | N-PORT |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 71 NS | April 30, 2026 | N-PORT |
| SCHG · SCHWAB STRATEGIC TRUST | 0.25% | 119,501 NS | May 31, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.23% | 55 NS | June 30, 2026 | N-PORT |
| VUG · VANGUARD INDEX FUNDS | 0.22% | 631,604 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.21% | 41,557 SH | Aug. 19, 2026 | Daily |
| ILCG · iShares Trust | 0.20% | 5,326 SH | Aug. 20, 2026 | Daily |