TH Target Hospitality Corp. - Common Stock
$17.43
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$6–$21
77% of range
Analyst Rating
BUY
13 analysts
Price Target
$23
+33% upside
P/E (TTM)
-47.3
ROE
-9.2%
Net Profit Margin
-11.6%
TH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$17.43
Market Cap
$1.75B
P/E (TTM)
-47.3
EPS (TTM)
$-0.37
Revenue (TTM)
$321M
Div Yield
—
ROE
-9.2%
Debt/Equity
—
52W Range
$6 – $21
TH 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
$321M
2017-12-31
→
2025-12-31
EPS
$-0.37
2019-12-31
→
2025-12-31
Free Cash Flow
—
Margins
-11.6%
2019-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TH
Peer Median
P/E (TTM)
-47.3
20.7
P/S (TTM)
5.4
1.1
P/B
4.5
13.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TH
Peer Median
Gross Margin
13.3%
46.0%
Operating Margin
-10.8%
—
Net Profit Margin
-11.6%
2.9%
ROA
-5.9%
1.3%
ROE
-9.2%
-11.1%
ROIC
-7.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TH
Peer Median
Current Ratio
0.9
1.1
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TH
Peer Median
Revenue YoY
-17.0%
—
Revenue CAGR 3Y
-13.9%
—
Revenue CAGR 5Y
7.3%
—
EPS YoY
-55.1%
—
Net Income YoY
-59.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TH
Peer Median
TH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 5 38.5%
- Buy 6 46.2%
- Hold 2 15.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-15
Median
$23.50
Mean
$23.25
← Below all targets
$17.43
Low
$22.00
High
$24.00
Median target
$23.50
+34.8%
Mean target
$23.25
+33.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.09 | $-0.11 | 0.02% |
| March 31, 2026 | $-0.13 | $-0.10 | -0.03% |
| Dec. 31, 2025 | $-0.15 | $-0.09 | -0.06% |
| Sept. 30, 2025 | $-0.01 | $-0.04 | 0.03% |
| June 30, 2025 | $-0.15 | $-0.11 | -0.04% |
| March 31, 2025 | $-0.04 | $-0.02 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TH | $799M | -21.6 | -17.0% | -11.6% | -9.2% | 13.3% |
| TNL | $4.45B | 20.5 | 4.1% | 5.7% | -24.7% | — |
| VAC | $1.97B | -6.5 | 1.3% | -6.1% | -13.9% | — |
| HGV | $3.72B | 50.3 | 1.3% | 1.6% | 5.3% | — |
| LIND | $798M | -22.9 | 19.6% | -3.9% | 10.8% | — |
| SABR | $537M | 1.0 | 0.95% | 18.9% | -36.9% | — |
| BKNG | $345.53B | 32.3 | 13.4% | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $321M | $386M | $564M | $502M | $291M | $225M | $321M | $241M | $134M | |
| Gross Profit | $43M | $178M | $313M | $247M | $101M | $57M | $147M | $90M | $53M | |
| SG&A Expense | $59M | $54M | $56M | $58M | $46M | $38M | $77M | $41M | $24M | |
| Operating Income | $-35M | $109M | $241M | $174M | $37M | $4M | $48M | $41M | $21M | |
| Interest Income | $2M | $7M | $4M | $2M | · | · | · | $6M | · | |
| Pretax Income | $-43M | $93M | $225M | $106M | $-3M | $-34M | $20M | $17M | $27M | |
| Income Tax | $-6M | $21M | $51M | $32M | $2M | $-8M | $8M | $12M | $26M | |
| Net Income | $-37M | $71M | $174M | $74M | $-5M | $-25M | $12M | $5M | $981.0K | |
| EPS (Basic) | $-0.37 | $0.71 | $1.71 | $0.76 | $-0.05 | $-0.26 | $0.13 | · | · | |
| EPS (Diluted) | $-0.37 | $0.70 | $1.56 | $0.74 | $-0.05 | $-0.26 | $0.13 | · | · | |
| Shares (Basic) | 99,520,649 | 100,135,249 | 101,350,910 | 97,213,166 | 96,611,022 | 96,018,338 | 94,501,789 | · | · | |
| Shares (Diluted) | 99,520,649 | 101,434,754 | 105,319,405 | 100,057,748 | 96,611,022 | 96,018,338 | 94,501,789 | · | · | |
| EBITDA | $-35M | $109M | $241M | $174M | $37M | $4M | $48M | $-2M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8M | $191M | $104M | $182M | $23M | $7M | $7M | $12M | $13M | |
| Receivables | $56M | $49M | $67M | $42M | $29M | $28M | $48M | $57M | · | |
| Inventory | $2M | $2M | $2M | $2M | $2M | $900.0K | $1M | $900.0K | · | |
| Prepaid Expense | $9M | $9M | $9M | $13M | $8M | $7M | $5M | $4M | $0 | |
| Other Current Assets | $4M | $4M | $4M | $4M | $3M | $3M | $1M | $1M | · | |
| Current Assets | $73M | $249M | $180M | $236M | $61M | $44M | $61M | $75M | $0 | |
| PP&E (Net) | · | $321M | $349M | $357M | $292M | $311M | $354M | $294M | · | |
| Accum. Depreciation | $519M | $461M | $406M | $346M | $294M | $242M | $200M | $157M | · | |
| Goodwill | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $34M | · | |
| Intangibles | $39M | $53M | $66M | $75M | $88M | $103M | $118M | $127M | · | |
| Other Non-current Assets | · | · | $661.0K | $2M | $3M | $5M | $5M | · | · | |
| Total Assets | $530M | $726M | $694M | $772M | $513M | $534M | $534M | $565M | $242.1K | |
| Accounts Payable | $44M | $16M | $21M | $18M | $12M | $11M | $8M | $22M | $225.9K | |
| Accrued Liabilities | $22M | $26M | $34M | $40M | $33M | $25M | $35M | $23M | · | |
| Current Liabilities | $84M | $233M | $70M | $191M | $73M | $46M | $61M | $65M | $225.9K | |
| Capital Leases | $1M | $17M | $8M | $11M | · | · | $996.0K | $14.0K | · | |
| Deferred Tax | $42M | $49M | $53M | $15M | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | $6M | $1M | $479.0K | · | $101.0K | · | |
| Total Liabilities | $141M | $305M | $317M | $571M | $416M | $435M | $480M | $216M | $225.9K | |
| Long-term Debt | · | · | · | · | $341M | $392M | $422M | · | · | |
| Total Debt | · | $180M | $178M | · | · | · | · | · | · | |
| Common Stock | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $7.0K | · | |
| Paid-in Capital | $154M | $149M | $142M | $139M | $110M | $107M | $103M | $320M | $24.1K | |
| Retained Earnings | $295M | $332M | $261M | $88M | $14M | $18M | $43M | $31M | $-8.8K | |
| Treasury Stock | $57M | $57M | $24M | $24M | $24M | $24M | $24M | · | · | |
| Stockholders' Equity | $389M | $421M | $377M | $201M | $97M | $99M | $121M | $349M | $25M | |
| Liabilities + Equity | $530M | $726M | $694M | $772M | $513M | $534M | $601M | $565M | $242.1K | |
| Shares Outstanding | 99,797,242 | 98,952,054 | 101,660,601 | 100,316,701 | 101,952,683 | 101,170,915 | 100,840,162 | 74,786,327 | · |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $73M | $73M | $84M | $68M | $71M | $66M | $59M | $39M | $30M | |
| Stock-based Comp | $8M | $7M | $11M | $19M | $5M | $4M | $2M | · | · | |
| Deferred Tax | $-7M | $-4M | $38M | $30M | $469.0K | $-9M | $6M | $11M | $22M | |
| Amort. of Intangibles | $13M | $13M | $13M | $13M | $15M | $15M | $14M | $7M | $5M | |
| Restructuring | · | · | · | · | $0 | $0 | $168.0K | $9M | $2M | |
| Operating Cash Flow | $74M | $152M | $157M | $306M | $105M | $47M | $60M | $26M | $41M | |
| Investing Cash Flow | $-68M | $-29M | $-68M | $-140M | $-36M | $-11M | $-113M | $-221M | $-130M | |
| Stock Issued | · | · | · | · | · | · | · | $325M | · | |
| Stock Repurchased | · | $33M | · | · | · | $5M | $18M | · | · | |
| Net Stock Activity | · | $-33M | · | · | · | $-5M | $-18M | $325M | · | |
| Financing Cash Flow | $-189M | $-36M | $-166M | $-7M | $-52M | $-36M | $47M | $195M | $98M | |
| Net Change in Cash | $-182M | $87M | $-78M | $158M | $16M | $140.0K | $-6M | $-82.0K | $9M | |
| Taxes Paid | $3M | $29M | $6M | $5M | $765.0K | $1M | $1M | · | $620.0K |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.3% | 46.1% | 55.6% | 49.2% | 34.8% | 25.4% | 45.8% | · | · | |
| Operating Margin | -10.8% | 28.2% | 42.7% | 34.7% | 12.7% | 1.8% | 15.0% | · | · | |
| Net Margin | -11.6% | 18.4% | 30.8% | 14.7% | -1.6% | -11.2% | 1.9% | · | · | |
| Pretax Margin | -13.5% | 24.0% | 39.9% | 21.2% | -0.92% | -14.9% | 4.3% | · | · | |
| EBITDA Margin | -10.8% | 28.2% | 42.7% | 34.7% | 12.7% | 1.8% | 15.0% | · | · | |
| ROA | -5.9% | 10.0% | 23.7% | 11.5% | -0.87% | · | 1.1% | 2.4% | · | |
| ROE | -9.2% | 17.9% | 52.0% | 42.7% | -4.8% | · | 4.8% | 5.6% | · | |
| ROIC | -7.7% | 13.9% | 33.5% | 60.4% | 65.3% | · | 17.6% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.1 | 2.6 | 1.2 | 0.8 | · | 1.0 | 0.5 | · | |
| Quick Ratio | 0.8 | 1.0 | 2.4 | 1.2 | 0.7 | · | 0.9 | 0.5 | · | |
| Debt / Equity | · | 0.4 | 0.5 | · | · | · | · | · | · | |
| LT Debt / Equity | · | · | 0.5 | · | · | · | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.8 | 0.8 | 0.6 | · | 0.6 | 0.0 | · | |
| Receivables Turnover | 6.1 | 6.6 | 10.3 | 14.2 | 10.2 | · | 6.1 | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -17.0% | -31.5% | 12.3% | 72.3% | 29.4% | · | · | · | · | |
| Revenue CAGR 3Y | -13.9% | 9.9% | 35.8% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.3% | · | · | · | · | · | · | · | · | |
| EPS YoY | · | -55.1% | 110.8% | · | · | · | · | · | · | |
| Net Income YoY | · | -59.0% | 134.9% | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $321M | $386M | $564M | $502M | $291M | $225M | $321M | $241M | · | |
| Net Income TTM | $-37M | $71M | $174M | $74M | $-5M | $-25M | $12M | $5M | · | |
| Market Cap | $799M | $956M | $989M | $1.52B | $363M | · | $504M | · | · | |
| Enterprise Value | · | $946M | $1.06B | · | · | · | · | · | · | |
| P/E | -21.6 | 13.8 | 6.2 | 20.5 | -71.2 | -6.1 | 38.5 | · | · | |
| P/S | 2.5 | 2.5 | 1.8 | 3.0 | 1.2 | · | 1.6 | · | · | |
| P/B | 2.1 | 2.3 | 2.6 | 7.6 | 3.7 | · | 4.1 | · | · | |
| P / Tangible Book | 2.6 | 2.9 | 3.7 | 17.9 | · | · | · | · | · | |
| P / Cash Flow | 10.8 | 6.3 | 6.3 | 5.0 | 3.5 | · | 8.3 | · | · | |
| EV / EBITDA | · | 8.7 | 4.4 | · | · | · | · | · | · | |
| EV / Revenue | · | 2.4 | 1.9 | · | · | · | · | · | · | |
| Earnings Yield | -4.6% | 7.2% | 16.0% | 4.9% | -1.4% | -16.5% | 2.6% | · | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $85M | $73M | $90M | $99M | $62M | $70M | $84M | $95M | $101M | $107M | $126M | $146M | $144M | $148M | $152M | $160M | |
| Gross Profit | $16M | $7M | $7M | $18M | $-328.0K | $18M | $37M | $45M | $47M | $49M | $62M | $87M | $82M | $82M | $84M | $83M | |
| SG&A Expense | $19M | $15M | $18M | $13M | $13M | $15M | $13M | $13M | $13M | $15M | $12M | $15M | $13M | $15M | $16M | $19M | |
| Operating Income | $-7M | $-14M | $-17M | $69.0K | $-17M | $-1M | $21M | $28M | $30M | $30M | $46M | $68M | $65M | $62M | $64M | $60M | |
| Interest Income | $49.0K | $18.0K | $76.0K | $153.0K | $210.0K | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $652.0K | $1M | $1M | $150.0K | |
| Pretax Income | $-9M | $-15M | $-17M | $-389.0K | $-18M | $-8M | $17M | $24M | $25M | $27M | $48M | $60M | $60M | $56M | $45M | $31M | |
| Income Tax | $473.0K | $-2M | $-2M | $368.0K | $-3M | $-1M | $4M | $4M | $7M | $6M | $11M | $15M | $14M | $12M | $13M | $12M | |
| Net Income | $-9M | $-13M | $-15M | $-795.0K | $-15M | $-6M | $13M | $20M | $18M | $20M | $38M | $46M | $46M | $44M | $32M | $19M | |
| EPS (Basic) | $-0.09 | $-0.13 | $-0.14 | $-0.01 | $-0.15 | $-0.07 | $0.13 | $0.20 | $0.18 | $0.20 | $0.36 | $0.45 | $0.46 | $0.44 | $0.31 | $0.20 | |
| EPS (Diluted) | $-0.09 | $-0.13 | $-0.14 | $-0.01 | $-0.15 | $-0.07 | $0.12 | $0.20 | $0.18 | $0.20 | $0.31 | $0.43 | $0.44 | $0.38 | $0.29 | $0.20 | |
| Shares (Basic) | 100,214,415 | 99,930,789 | -198,766,506 | 99,778,834 | 99,396,381 | 99,111,940 | -201,222,980 | 100,438,559 | 100,261,964 | 100,657,706 | -202,377,986 | 101,620,537 | 101,465,088 | 100,643,271 | -194,042,724 | 97,242,170 | |
| Shares (Diluted) | 100,214,415 | 99,930,789 | -198,766,506 | 99,778,834 | 99,396,381 | 99,111,940 | -203,477,472 | 101,296,504 | 101,253,180 | 102,362,542 | -211,077,345 | 105,093,694 | 105,045,608 | 106,257,448 | -191,198,142 | 97,242,170 | |
| EBITDA | $-7M | $-14M | · | $69.0K | $-17M | $-1M | · | $28M | $30M | $30M | · | $68M | $65M | $62M | · | $60M |
Balance Sheet 28
| 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 | $6M | $5M | $8M | $30M | $19M | $34M | $191M | $178M | $154M | $124M | · | $105M | $70M | $42M | · | $177M | |
| Receivables | $50M | $46M | $56M | $43M | $57M | $57M | $49M | $47M | $49M | $54M | · | $59M | $53M | $53M | · | $42M | |
| Inventory | · | · | $2M | · | · | · | $2M | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $7M | $8M | $9M | $6M | $6M | $8M | $9M | $6M | $6M | $8M | · | $7M | $7M | $8M | · | $9M | |
| Other Current Assets | · | · | $4M | · | · | · | $4M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $64M | $59M | $73M | $79M | $83M | $100M | $249M | $231M | $209M | $186M | · | $172M | $130M | $103M | · | $228M | |
| PP&E (Net) | · | · | · | $332M | $317M | $326M | · | $332M | $336M | $343M | · | $360M | $366M | $370M | · | $348M | |
| Accum. Depreciation | $545M | $528M | $519M | $503M | $489M | $475M | $461M | $449M | $435M | $420M | · | $390M | $373M | $355M | · | $329M | |
| Goodwill | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $41M | |
| Intangibles | $33M | $36M | $39M | $43M | $46M | $49M | $53M | $56M | $60M | $63M | · | $70M | $73M | $76M | · | $78M | |
| Other Non-current Assets | $34M | $7M | · | · | · | · | · | · | · | $234.0K | · | $1M | $1M | $2M | · | $2M | |
| Total Assets | $654M | $540M | $530M | $541M | $534M | $563M | $726M | $710M | $697M | $687M | · | $697M | $666M | $650M | · | $730M | |
| Accounts Payable | $47M | $33M | $44M | $46M | $21M | $23M | $16M | $17M | $18M | $17M | · | $21M | $17M | $27M | · | $32M | |
| Accrued Liabilities | $24M | $18M | $22M | $18M | $17M | $17M | $26M | $23M | $26M | $36M | · | $31M | $32M | $29M | · | $27M | |
| Current Liabilities | $99M | $69M | $84M | $82M | $57M | $51M | $233M | $229M | $236M | $67M | · | $294M | $323M | $366M | · | $202M | |
| Capital Leases | $323.0K | $669.0K | $1M | $2M | $2M | $3M | $17M | $6M | $6M | $7M | · | $8M | $9M | $10M | · | · | |
| Deferred Tax | $40M | $40M | $42M | $45M | $44M | $48M | $49M | $53M | $54M | $52M | · | $48M | $35M | $23M | · | $208.0K | |
| Other Non-current Liabilities | · | · | · | · | · | $44.0K | · | · | · | · | · | · | $182.0K | $72.0K | · | $5M | |
| Total Liabilities | $284M | $163M | $141M | $139M | $133M | $147M | $305M | $292M | $300M | $312M | · | $358M | $376M | $408M | · | $584M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $341M | |
| Total Debt | · | · | · | · | · | · | · | $180M | $179M | $179M | · | $208M | $207M | $207M | · | · | |
| Common Stock | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | · | $10.0K | $10.0K | $10.0K | · | $10.0K | |
| Paid-in Capital | $157M | $155M | $154M | $152M | $150M | $149M | $149M | $146M | $145M | $142M | · | $141M | $139M | $137M | · | $116M | |
| Retained Earnings | $273M | $282M | $295M | $310M | $311M | $326M | $332M | $320M | $300M | $281M | · | $223M | $178M | $131M | · | $56M | |
| Treasury Stock | $57M | $57M | $57M | $57M | $57M | $57M | $57M | $46M | $45M | $45M | · | $24M | $24M | $24M | · | $24M | |
| Stockholders' Equity | $370M | $377M | $389M | $402M | $401M | $415M | $421M | $418M | $397M | $376M | · | $338M | $290M | $242M | · | $146M | |
| Liabilities + Equity | $654M | $540M | $530M | $541M | $534M | $563M | $726M | $710M | $697M | $687M | · | $697M | $666M | $650M | · | $730M | |
| Shares Outstanding | 100,285,443 | 100,153,997 | 99,797,242 | 99,779,532 | 99,778,072 | 99,364,716 | 98,952,054 | 100,303,879 | 100,430,681 | 100,105,423 | 101,660,601 | 101,660,601 | 101,595,246 | 101,373,458 | 100,316,701 | 97,257,392 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $22M | $20M | $20M | $18M | $18M | $18M | $17M | $18M | $19M | $19M | $19M | $21M | $22M | $21M | $20M | $15M | |
| Stock-based Comp | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $3M | $-3M | $5M | $3M | $6M | $6M | $8M | |
| Deferred Tax | $78.0K | $-2M | $-2M | $216.0K | $-3M | $-2M | $-3M | $-1M | $2M | $-874.0K | $5M | $14M | $12M | $8M | $15M | $9M | |
| Amort. of Intangibles | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Operating Cash Flow | $104M | $7M | $6M | $53M | $11M | $4M | $31M | $31M | $39M | $51M | $38M | $48M | $56M | $15M | $48M | $261M | |
| CapEx | $8M | · | · | · | · | $16M | · | · | · | · | · | $5M | $5M | $19M | · | $22M | |
| Investing Cash Flow | $-112M | $-39M | $-27M | $-16M | $-8M | $-17M | $-5M | $-7M | $-7M | $-9M | $-7M | $-12M | $-20M | $-28M | $-37M | $-73M | |
| Stock Repurchased | · | · | · | · | · | · | $12M | $1M | $-23.0K | $21M | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | $-1M | · | $-21M | · | · | · | · | · | · | |
| Financing Cash Flow | $8M | $29M | $-1M | $-26M | $-19M | $-143M | $-12M | $-692.0K | $-2M | $-21M | $-32M | $-592.0K | $-8M | $-125M | $-7M | $-21M | |
| Net Change in Cash | $607.0K | $-3M | $-22M | $11M | $-15M | $-156M | $13M | $23M | $30M | $20M | $-1M | $36M | $27M | $-139M | $5M | $167M | |
| Free Cash Flow | · | · | · | · | · | $-12M | · | · | · | · | · | · | · | $-4M | · | · |
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 | 18.5% | 9.5% | · | 18.1% | -0.53% | 25.7% | · | 47.5% | 46.5% | 46.0% | · | 59.5% | 57.4% | 55.5% | · | 51.9% | |
| Operating Margin | -8.8% | -19.7% | · | 0.07% | -27.5% | -1.5% | · | 29.4% | 29.3% | 28.5% | · | 46.4% | 45.1% | 41.9% | · | 37.6% | |
| Net Margin | -10.6% | -17.8% | · | -0.80% | -24.2% | -9.2% | · | 21.0% | 18.2% | 19.1% | · | 31.2% | 32.3% | 29.6% | · | 11.9% | |
| Pretax Margin | -10.0% | -20.9% | · | -0.39% | -29.0% | -11.1% | · | 25.4% | 25.1% | 24.9% | · | 41.2% | 41.9% | 37.9% | · | 19.5% | |
| EBITDA Margin | -8.8% | -19.7% | · | 0.07% | -27.5% | -1.5% | · | 29.4% | 29.3% | 28.5% | · | 46.4% | 45.1% | 41.9% | · | 37.6% | |
| ROA | -1.5% | -2.3% | · | -0.13% | -2.4% | -1.0% | · | 2.8% | 2.7% | 3.0% | · | 6.4% | 7.7% | 7.7% | · | 3.0% | |
| ROE | -2.3% | -3.3% | · | -0.19% | -3.7% | -1.6% | · | 5.3% | 5.3% | 6.6% | · | 18.8% | 22.4% | 25.8% | · | 15.9% | |
| ROIC | -2.1% | -3.2% | · | 0.03% | -3.5% | -0.22% | · | 3.9% | 3.7% | 4.2% | · | 9.4% | 10.1% | 10.8% | · | 25.2% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.8 | · | 1.0 | 1.5 | 2.0 | · | 1.0 | 0.9 | 2.8 | · | 0.6 | 0.4 | 0.3 | · | 1.1 | |
| Quick Ratio | 0.6 | 0.7 | · | 0.9 | 1.4 | 1.8 | · | 1.0 | 0.9 | 2.7 | · | 0.6 | 0.4 | 0.3 | · | 1.1 | |
| Debt / Equity | · | · | · | · | · | · | · | 0.4 | 0.5 | 0.5 | · | 0.6 | 0.7 | 0.9 | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | 0.5 | · | · | · | · | · | · |
Efficiency 2
| 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 | 0.1 | 0.1 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.3 | · | 0.3 | |
| Receivables Turnover | 1.6 | 1.4 | · | 2.2 | 1.2 | 1.3 | · | 1.8 | 2.0 | 2.0 | · | 2.9 | 2.2 | 3.1 | · | 4.2 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $319M | $304M | · | $326M | $327M | $372M | · | $449M | $497M | $544M | · | $597M | $561M | $497M | · | $439M | |
| Net Income TTM | $-38M | $-35M | · | $-2M | $17M | $52M | · | $104M | $131M | $156M | · | $155M | $132M | $86M | · | $49M | |
| Market Cap | $2.04B | $929M | · | $846M | $710M | $654M | · | $780M | $875M | $1.09B | · | $1.61B | $1.36B | $1.33B | · | $1.23B | |
| Enterprise Value | · | · | · | · | · | · | · | $782M | $900M | $1.14B | · | $1.72B | $1.50B | $1.50B | · | · | |
| P/E | -53.6 | -25.8 | · | -282.7 | 44.5 | 12.9 | · | 7.7 | 7.0 | 7.5 | · | 11.0 | 10.7 | 15.8 | · | 24.3 | |
| P/S | 6.4 | 3.1 | · | 2.6 | 2.2 | 1.8 | · | 1.7 | 1.8 | 2.0 | · | 2.7 | 2.4 | 2.7 | · | 2.8 | |
| P/B | 5.5 | 2.5 | · | 2.1 | 1.8 | 1.6 | · | 1.9 | 2.2 | 2.9 | · | 4.8 | 4.7 | 5.5 | · | 8.4 | |
| P / Tangible Book | 6.9 | 3.1 | · | 2.7 | 2.3 | 2.0 | · | 2.4 | 2.9 | 4.0 | · | 7.1 | 7.7 | 10.7 | · | 46.9 | |
| P / Cash Flow | · | 132.0 | · | · | · | 166.0 | · | · | · | 21.5 | · | · | · | 91.7 | · | · | |
| P / FCF | · | · | · | · | · | -56.6 | · | · | · | · | · | · | · | -327.2 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | 28.0 | 30.4 | 37.5 | · | 25.4 | 23.2 | 24.2 | · | · | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | -367.6 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 1.7 | 1.8 | 2.1 | · | 2.9 | 2.7 | 3.0 | · | · | |
| Earnings Yield | -1.9% | -3.9% | · | -0.35% | 2.2% | 7.8% | · | 13.0% | 14.3% | 13.3% | · | 9.1% | 9.4% | 6.3% | · | 4.1% |
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 | $321M | $386M | $564M | $502M | $291M |
| Gross Margin % | 13.3% | 46.1% | 55.6% | 49.2% | 34.8% |
| Operating Margin % | -10.8% | 28.2% | 42.7% | 34.7% | 12.7% |
| Net Income | $-37M | $71M | $174M | $74M | $-5M |
| Diluted EPS | $-0.37 | $0.70 | $1.56 | $0.74 | $-0.05 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.4 | 0.5 | — | — |
| Current Ratio | 0.9 | 1.1 | 2.6 | 1.2 | 0.8 |
| Quick Ratio | 0.8 | 1.0 | 2.4 | 1.2 | 0.7 |
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Institutional owners (13F) 189 filers · $880.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 63 (+41 vs prior Q) | 14 (-13 vs prior Q) | 57 (+20 vs prior Q) | 38 (-10 vs prior Q) | +18.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Private Capital Management, LLC | $66,395,548 | 3,261,078 | 7.54% | Shares |
| Ophir Asset Management Pty Ltd | $54,782,102 | 2,690,673 | 6.22% | Shares |
| Rubric Capital Management LP | $52,658,880 | 2,586,389 | 5.98% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $42,833,633 | 2,103,813 | 4.87% | Shares |
| HighTower Advisors, LLC | $37,508,556 | 1,842,267 | 4.26% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $37,500,860 | 1,841,889 | 4.26% | Shares |
| Driehaus Capital Management LLC | $34,203,273 | 1,679,925 | 3.89% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $31,066,876 | 1,525,878 | 3.53% | Shares |
| AMERICAN CENTURY COMPANIES INC | $27,710,795 | 1,361,041 | 3.15% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $25,539,808 | 1,254,411 | 2.90% | Shares |
| Point72 Asset Management, L.P. | $24,242,469 | 1,190,691 | 2.75% | Shares |
| 71 West Capital Partners | $18,473,076 | 907,322 | 2.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $18,224,062 | 894,920 | 2.07% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,019,496 | 885,044 | 2.05% | Shares |
| STATE STREET CORP | $17,668,452 | 867,734 | 2.01% | Shares |
| MILLENNIUM MANAGEMENT LLC | $16,199,332 | 795,645 | 1.84% | Shares |
| TWO SIGMA INVESTMENTS, LP | $14,798,259 | 726,830 | 1.68% | Shares |
| JENNISON ASSOCIATES LLC | $14,288,954 | 701,815 | 1.62% | Shares |
| Qube Research & Technologies Ltd | $14,246,096 | 699,710 | 1.62% | Shares |
| VANGUARD GROUP INC | $13,748,716 | 1,716,444 | 1.56% | Shares |
| Hood River Capital Management LLC | $13,719,525 | 673,847 | 1.56% | Shares |
| Appian Way Asset Management LP | $11,537,964 | 1,360,609 | 1.31% | Shares |
| KR Capital LP | $11,322,053 | 556,093 | 1.29% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $11,235,177 | 551,826 | 1.28% | Shares |
| ROYCE & ASSOCIATES LP | $10,667,439 | 523,941 | 1.21% | Shares |
| Shay Capital LLC | $10,281,800 | 505,000 | 1.17% | Shares |
| SEVEN GRAND MANAGERS, LLC | $10,180,000 | 500,000 | 1.16% | Shares |
| Archon Capital Management LLC | $9,414,912 | 462,422 | 1.07% | Shares |
| BW Gestao de Investimentos Ltda. | $9,162,000 | 450,000 | 1.04% | Shares |
| Yaupon Capital Management LP | $8,858,575 | 435,097 | 1.01% | Shares |
| Kore Advisors LP | $8,833,247 | 433,853 | 1.00% | Shares |
| LONESTAR CAPITAL MANAGEMENT LLC | $8,817,916 | 433,100 | 1.00% | Shares |
| D. E. Shaw & Co., Inc. | $8,618,734 | 423,317 | 0.98% | Shares |
| FIRST SABREPOINT CAPITAL MANAGEMENT LP | $8,551,200 | 420,000 | 0.97% | Shares |
| Walleye Trading LLC | $8,245,800 | 405,000 | 0.94% | Put option |
| Counterpoint Mutual Funds LLC | $7,229,734 | 355,095 | 0.82% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,639,396 | 326,100 | 0.75% | Call option |
| Vinva Investment Management Ltd | $6,457,890 | 48,222 | 0.73% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,898,923 | 289,731 | 0.67% | Shares |
| FRED ALGER MANAGEMENT, LLC | $5,771,694 | 283,482 | 0.66% | Shares |
| GROUP ONE TRADING LLC | $5,559,013 | 273,036 | 0.63% | Shares |
| Nicholas Investment Partners, LP | $5,488,954 | 269,595 | 0.62% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,770,124 | 234,289 | 0.54% | Shares |
| CITADEL ADVISORS LLC | $4,633,936 | 227,600 | 0.53% | Put option |
| JANE STREET GROUP, LLC | $3,896,700 | 191,390 | 0.44% | Shares |
| Informed Momentum Co LLC | $3,844,070 | 188,805 | 0.44% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,506,298 | 172,215 | 0.40% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,191,389 | 156,748 | 0.36% | Shares |
| CITIGROUP INC | $3,122,715 | 153,375 | 0.35% | Shares |
| Burkehill Global Management, LP | $3,054,000 | 150,000 | 0.35% | Shares |
| Crestmont Private Wealth LLC | $2,984,084 | 146,566 | 0.34% | Shares |
| CITADEL ADVISORS LLC | $2,950,164 | 144,900 | 0.34% | Call option |
| SIMPLEX TRADING, LLC | $2,794,002 | 137,230 | 0.32% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,755,930 | 135,360 | 0.31% | Shares |
| Squarepoint Ops LLC | $2,698,128 | 132,521 | 0.31% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $2,485,121 | 122,059 | 0.28% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,433,020 | 119,500 | 0.28% | Put option |
| EQUITABLE TRUST CO | $2,422,270 | 118,972 | 0.28% | Shares |
| ExodusPoint Capital Management, LP | $2,324,684 | 114,179 | 0.26% | Shares |
| Centiva Capital, LP | $2,273,642 | 111,672 | 0.26% | Shares |
| CITADEL ADVISORS LLC | $2,265,539 | 111,274 | 0.26% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,212,643 | 108,676 | 0.25% | Shares |
| Aquatic Capital Management LLC | $2,111,312 | 103,699 | 0.24% | Shares |
| JANE STREET GROUP, LLC | $2,052,288 | 100,800 | 0.23% | Put option |
| SummerHaven Investment Management, LLC | $1,923,694 | 94,484 | 0.22% | Shares |
| Bank of New York Mellon Corp | $1,557,866 | 76,516 | 0.18% | Shares |
| HSBC HOLDINGS PLC | $1,505,915 | 75,108 | 0.17% | Shares |
| WINTON GROUP Ltd | $1,497,804 | 73,566 | 0.17% | Shares |
| ANTIPODES PARTNERS Ltd | $1,489,477 | 73,157 | 0.17% | Shares |
| Walleye Capital LLC | $1,335,596 | 65,599 | 0.15% | Shares |
| Swiss National Bank | $1,329,508 | 65,300 | 0.15% | Shares |
| CREDIT AGRICOLE S A | $1,221,600 | 60,000 | 0.14% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,119,800 | 55,000 | 0.13% | Shares |
| Weiss Asset Management LP | $1,101,232 | 54,088 | 0.13% | Shares |
| Walleye Trading LLC | $1,097,404 | 53,900 | 0.12% | Call option |
| Quantinno Capital Management LP | $1,090,400 | 53,556 | 0.12% | Shares |
| IMC-Chicago, LLC | $1,034,858 | 50,828 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $1,000,094 | 49,121 | 0.11% | Shares |
| Calamos Advisors LLC | $943,523 | 46,342 | 0.11% | Shares |
| Walleye Trading LLC | $927,764 | 45,568 | 0.11% | Shares |
| LPL Financial LLC | $865,707 | 42,520 | 0.10% | Shares |
| MORGAN STANLEY | $864,404 | 42,456 | 0.10% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $831,930 | 40,861 | 0.09% | Shares |
| STRS OHIO | $767,572 | 37,700 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $739,190 | 36,306 | 0.08% | Shares |
| BlackRock, Inc. | $710,930 | 34,918 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $664,021 | 32,614 | 0.08% | Shares |
| GOLDMAN SACHS GROUP INC | $649,952 | 31,923 | 0.07% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $582,866 | 28,628 | 0.07% | Shares |
| US BANCORP \DE\ | $546,564 | 26,845 | 0.06% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $541,698 | 26,606 | 0.06% | Shares |
| OMERS ADMINISTRATION Corp | $541,576 | 26,600 | 0.06% | Shares |
| PDT Partners, LLC | $518,101 | 25,447 | 0.06% | Shares |
| Bleakley Financial Group, LLC | $509,672 | 25,033 | 0.06% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $509,000 | 25,000 | 0.06% | Shares |
| MetLife Investment Management, LLC | $486,299 | 23,885 | 0.06% | Shares |
| OP Asset Management Ltd | $481,473 | 23,648 | 0.05% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $475,773 | 23,368 | 0.05% | Shares |
| MANGROVE PARTNERS IM, LLC | $475,080 | 23,334 | 0.05% | Shares |
| AXQ CAPITAL, LP | $471,232 | 23,145 | 0.05% | Shares |
Company insiders 18 insiders · 6 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| James B. Archer | President, CEO, and Director | April 4, 2024 M | 1,455,699 | 0 | 0 | $0 |
| Jason Paul Vlacich | CFO & CAO | April 12, 2024 M | 55,190 | 0 | 0 | $0 |
| Eric Kalamaras | EVP and CFO | March 20, 2023 M | 81,134 | 0 | 0 | $0 |
| Andrew A. Aberdale | Chief Financial Officer | May 21, 2019 A | 95,938 | 0 | 0 | $0 |
| Heidi Diane Lewis | EVP, General Counsel & Sec | April 9, 2024 M | 122,863 | 0 | 0 | $0 |
| Troy C. Schrenk | SEVP, Operations & CCO | April 9, 2024 M | 93,158 | 0 | 0 | $0 |
| Stephen Robertson | Director | June 17, 2026 J | 655,689 | 0 | 0 | $0 |
| Jeffrey Sagansky | Director | Aug. 26, 2019 P | 3,370,000 | 0 | 0 | $0 |
| Martin L. Jimmerson | Director | Aug. 23, 2019 P | 10,000 | 0 | 0 | $0 |
| STUDDERT ANDREW P | Director | Aug. 20, 2019 P | 50,000 | 0 | 0 | $0 |
| Gary Lindsay | Director | Aug. 19, 2019 P | 35,935 | 0 | 0 | $0 |
| Eli Baker | Director | Aug. 19, 2019 P | 814,500 | 0 | 0 | $0 |
| Joshua A Kazam | Director | March 5, 2019 P | 10,000 | 0 | 0 | $0 |
| ROSEN FREDRIC D | Director | Feb. 28, 2019 P | 5,000 | 0 | 0 | $0 |
| James A Graf | Director | Feb. 27, 2019 P | 1,000 | 0 | 0 | $0 |
| Alan G. Mnuchin | Director | Jan. 22, 2019 P | — | 0 | 0 | $0 |
| Erich Sanchack | — | Aug. 4, 2026 A | — | 0 | 0 | $0 |
| Margaret Mary Smyth | — | Aug. 4, 2026 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Manjit Dale, Gary Lindsay, Thomas Mitchell, TDR Capital LLP, TDR Capital II Investments L.P., Sapphire Holding S.a r.l., Arrow Holdings S.a.r.l., MFA Holding S.a.r.l., MFA Limited Partnership SLP, MFA Global S.a r.l. (in liquidation) ×8 filings | June 22, 2026 | 46.20% | Amendment | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 49 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 |
|---|---|---|---|---|
| TEKX · SSGA Active Trust | 1.12% | 4,697 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.15% | 145,296 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.14% | 1,102 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.07% | 1,043,389 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 23,722 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 28,666 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.05% | 72,452 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.04% | 73,431 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 32,315 SH | Aug. 8, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.04% | 127,303 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.03% | 276,685 SH | Aug. 8, 2026 | Daily |
| FDIS · FIDELITY COVINGTON TRUST | 0.03% | 36,743 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 234,145 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.03% | 266,948 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 45,892 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 1,049,587 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 2,730 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.02% | 80,270 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 14,089 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 1,512 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.01% | 8,161 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 152,945 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.01% | 106,779 NS | April 30, 2026 | N-PORT |
| TEXN · iShares Trust | 0.01% | 115 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.01% | 99,060 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 1,886 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 372,329 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 9,161 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 1,183 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.01% | 3,563 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 1,766 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 37,275 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,196 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,147 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 467 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,300 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 21,792 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 30 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 4,460 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 63,416 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 15,065 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 61,359 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 9,774 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 18,754 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 4,102 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 20 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,112,972 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,606 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 60 NS | April 30, 2026 | N-PORT |