TRUP Trupanion, Inc. - Common Stock
$30.83
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$21–$48
35% of range
Analyst Rating
STRONG BUY
12 analysts
Price Target
$37
+21% upside
P/E (TTM)
68.9
ROE
—
Net Profit Margin
—
About Trupanion, Inc. - Common Stock Company overview from Wikipedia
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
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Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
History
Originally known as Vetinsurance, Trupanion was founded in Canada by current chairman Darryl Rawlings in 1999.
Trupanion raised $22 million in 2007 from investors including Maveron, RenaissanceRe, and a large private equity group. Subsequently, a Series B round was completed in 2008, followed by a $9 million Series C round of financing led by the Highland Consumer Fund in 2011.
In 2014, Trupanion went public, raising $71 million during its initial public offering (IPO). The company continued its growth trajectory, culminating in October 2020 with the completion of a Private Investment in Public Equity (PIPE) funding round amounting to $200 million. By the end of the 2020 fiscal year, Trupanion reported revenue of $502 million.
PHI Direct and Furkin
In 2021, Trupanion introduced two new pet insurance products, namely PHI Direct and Furkin.
These insurance offerings were specifically launched in Canada and were designed to provide pet medical coverage through online platforms, offering various price points to cater to different needs and budgets.
Recognition and Company Culture
In 2010, The Seattle Times Company recognized Trupanion as Seattle's 'Most Pet-Friendly Company,' noting its policy allowing employees to bring pets to work and the provision of an on-site dog walking service.
Additionally, The Seattle Times recognized Trupanion with the 'Most Unusual Perk' title for offering employees the option to insure their pets with a $0 deductible. In the Best of KOMO Communities survey conducted by KOMO News, Trupanion was awarded both 'Best Place to Work' and 'Best Local Business' accolades.
In 2011, The Huffington Post recognized Trupanion as one of nine companies in the nation that promote a healthy work-life balance for their employees. Notable companies on the list included Google, Netflix, and Zappos.
On August 9, 2012, The Puget Sound Business Journal announced Washington's Best Workplaces at Safeco Field in Seattle and honored Trupanion with the Washington's Best Workplaces 2012 Large Company Bronze Medal.
Charitable donations
In May 2011, Trupanion forged a partnership with the American Humane Association to support the Second Chance Fund, an initiative dedicated to providing financial aid to animal welfare organizations.
Additionally, in August 2012, the American Humane Association announced Trupanion's sponsorship of the service dog category in the 2012 American Humane Association Hero Dog Awards.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
TRUP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$30.83
Market Cap
$1.34B
P/E (TTM)
68.9
EPS (TTM)
$0.45
Revenue (TTM)
$1.44B
Div Yield
—
ROE
—
Debt/Equity
0.0
52W Range
$21 – $48
TRUP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.44B
2016-12-31
→
2025-12-31
EPS
$0.45
2020-12-31
→
2025-12-31
Free Cash Flow
$75M
2016-12-31
→
2025-12-31
Margins
—
2016-12-31
→
2019-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TRUP
Peer Median
P/E (TTM)
68.9
13.8
P/S (TTM)
0.9
1.1
P/B
3.5
1.9
EV / EBITDA
33.2
—
Price / FCF
17.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TRUP
Peer Median
Operating Margin
0.96%
—
ROIC
3.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TRUP
Peer Median
Debt / Equity
0.0
—
Current Ratio
1.7
0.3
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TRUP
Peer Median
Revenue YoY
11.9%
—
Revenue CAGR 3Y
16.7%
—
Revenue CAGR 5Y
23.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TRUP
Peer Median
TRUP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 4 33.3%
- Buy 4 33.3%
- Hold 4 33.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-14
Median
$38.00
Now
$30.83
Low
$28.00
High
$45.00
Median target
$38.00
+23.3%
Mean target
$37.25
+20.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.16 | $0.12 | 0.04% |
| March 31, 2026 | $0.11 | $0.07 | 0.04% |
| Dec. 31, 2025 | $0.13 | $0.16 | -0.03% |
| Sept. 30, 2025 | $0.13 | $0.10 | 0.03% |
| June 30, 2025 | $0.06 | $-0.03 | 0.09% |
| March 31, 2025 | $-0.03 | $-0.05 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TRUP | $1.62B | 83.0 | 11.9% | — | — | — |
| STC | $2.12B | 17.3 | 17.3% | 4.0% | 7.6% | — |
| KMPR | — | — | — | — | — | — |
| SAFT | — | 11.6 | 12.8% | 7.8% | 11.2% | — |
| XZO | $2.20B | 24.5 | 62.0% | 38.1% | 61.4% | 60.4% |
| UFCS | $928M | 8.1 | 10.6% | 8.5% | 13.7% | — |
| UVE | $947M | 5.3 | 5.5% | 11.4% | 36.3% | — |
| ASIC | $1.01B | 13.3 | 23.4% | 17.4% | 14.6% | — |
| BOW | $936M | 17.9 | 29.6% | 9.8% | 13.1% | — |
| HRTG | $902M | 4.6 | 3.7% | 23.1% | 44.0% | — |
| ROOT | — | 30.6 | 28.9% | 2.7% | 15.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.29B | $1.11B | $905M | $699M | $502M | $384M | $304M | $243M | $188M | $147M | $116M | |
| Cost of Revenue | $1.21B | $1.11B | $978M | $783M | $595M | $420M | $319M | $253M | · | · | · | · | |
| Gross Profit | · | · | · | · | · | · | $65M | $51M | $43M | $33M | $25M | $20M | |
| R&D Expense | · | · | · | · | · | · | · | · | · | · | · | $10M | |
| SG&A Expense | $77M | $64M | $60M | $39M | $32M | $22M | $18M | $17M | $17M | $15M | $16M | $14M | |
| Operating Expenses | $217M | $188M | $171M | $165M | $139M | $87M | $66M | $52M | $46M | $40M | $42M | $36M | |
| Operating Income | $14M | $-10M | $-41M | $-43M | $-35M | $-5M | $-2M | $-1M | $-3M | $-7M | $-17M | $-16M | |
| Interest Expense | $14M | $14M | $12M | $4M | $10.0K | $1M | $1M | $1M | $533.0K | $218.0K | $325.0K | $7M | |
| Other Non-op | $22M | $14M | $8M | $3M | $-14.0K | $581.0K | $2M | $1M | $1M | $58.0K | $9.0K | $1M | |
| Pretax Income | $22M | $-10M | $-45M | $-44M | $-35M | $-6M | $-2M | $-934.0K | $-2M | $-7M | $-17M | $-21M | |
| Income Tax | $3M | $-5.0K | $-342.0K | $476.0K | $310.0K | $113.0K | $169.0K | $-7.0K | $-428.0K | $38.0K | $114.0K | $-7.0K | |
| Net Income | · | · | · | · | · | · | · | · | · | · | · | $-21M | |
| EPS (Basic) | $0.45 | $-0.23 | $-1.08 | $-1.10 | $-0.89 | $-0.16 | · | · | · | · | · | · | |
| EPS (Diluted) | $0.45 | $-0.23 | $-1.08 | $-1.10 | $-0.89 | $-0.16 | · | · | · | · | · | · | |
| Shares (Basic) | 42,958,654 | 42,158,773 | 41,436,882 | 40,765,355 | 40,137,505 | 35,858,869 | · | · | · | · | · | · | |
| Shares (Diluted) | 43,555,884 | 42,158,773 | 41,436,882 | 40,765,355 | 40,137,505 | 35,858,869 | · | · | · | · | · | · | |
| EBITDA | $30M | $7M | $-28M | $-32M | $-23M | $2M | $4M | $3M | $2M | $-3M | $-14M | $-14M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $138M | $160M | $148M | $66M | $87M | $140M | $29M | $27M | $26M | $24M | $18M | $53M | |
| Short-term Investments | $233M | $147M | $130M | $157M | $126M | $90M | $70M | $55M | $38M | $30M | $25M | $22M | |
| Current Assets | $691M | $597M | $562M | $469M | $391M | $337M | $159M | $118M | $87M | $65M | $54M | $85M | |
| PP&E (Net) | $105M | $102M | $104M | $91M | $78M | $73M | $70M | $70M | $8M | $8M | $10M | $8M | |
| PP&E (Gross) | $164M | $152M | $146M | $128M | $109M | $97M | $90M | $86M | $20M | $17M | $15M | $11M | |
| Accum. Depreciation | $59M | $50M | $42M | $37M | $31M | $25M | $20M | $16M | $12M | $8M | $6M | $3M | |
| Goodwill | $39M | $37M | $44M | $42M | $33M | $33M | $0 | · | · | · | · | · | |
| Intangibles | $24M | $13M | $19M | $24M | $23M | $27M | $8M | $8M | $5M | $5M | $5M | $5M | |
| Other Non-current Assets | $21M | $18M | $19M | $19M | $18M | $17M | $15M | $7M | $3M | $134.0K | $23.0K | $0 | |
| Total Assets | $915M | $807M | $783M | $672M | $563M | $498M | $257M | $208M | $106M | $82M | $71M | $98M | |
| Accounts Payable | $16M | $12M | $11M | $9M | $9M | $6M | $4M | $3M | $3M | $2M | $1M | $2M | |
| Accrued Liabilities | $57M | $33M | $34M | $33M | $28M | $23M | $14M | $11M | $8M | $5M | $4M | $5M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Current Liabilities | $410M | $350M | $344M | $290M | $224M | $150M | $92M | $63M | $46M | $30M | $24M | $23M | |
| Capital Leases | $13M | $362.0K | · | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $2M | $2M | $3M | $3M | $3M | $5M | $1M | $1M | $1M | $2M | $1M | $1M | |
| Other Non-current Liabilities | $18M | $4M | $4M | $5M | $4M | $3M | $2M | $1M | $1M | $834.0K | $511.0K | $92.0K | |
| Total Liabilities | $531M | $484M | $479M | $366M | $230M | $158M | $120M | $78M | $57M | $38M | $26M | $39M | |
| Long-term Debt | $102M | $128M | $128M | $68M | $0 | · | · | · | · | · | · | $15M | |
| Total Debt | $10M | $1M | $1M | $1M | · | $0 | $26M | $13M | $9M | $5M | $0 | $15M | |
| Paid-in Capital | $605M | $568M | $536M | $500M | $467M | $439M | $233M | $220M | $135M | $130M | $123M | $119M | |
| Retained Earnings | $-206M | $-226M | $-216M | $-172M | $-127M | $-91M | $-86M | $-84M | $-83M | $-81M | $-74M | $-57M | |
| Treasury Stock | $17M | $17M | $17M | $17M | $11M | $11M | $11M | $6M | $3M | $3M | $3M | $3M | |
| AOCI | $2M | $-3M | $403.0K | $-6M | $3M | $3M | $250.0K | $-753.0K | $-92.0K | $-377.0K | $-502.0K | $11.0K | |
| Stockholders' Equity | $384M | $323M | $304M | $305M | $332M | $340M | $137M | $129M | $48M | $45M | $45M | $59M | |
| Liabilities + Equity | $915M | $807M | $783M | $672M | $563M | $498M | $257M | $208M | $106M | $82M | $71M | $98M | |
| Shares Outstanding | 43,402,081 | 42,488,445 | 41,858,866 | 41,013,158 | 40,475,185 | 39,450,807 | 34,947,017 | 34,025,136 | 30,121,496 | 29,498,947 | 28,396,189 | 27,830,941 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $16M | $16M | $12M | $11M | $12M | $7M | $6M | $5M | $4M | $4M | $3M | $2M | |
| Stock-based Comp | $38M | $33M | $33M | $33M | $28M | $9M | $7M | $5M | $3M | $3M | $3M | $4M | |
| Deferred Tax | $-579.0K | $-735.0K | $-798.0K | $-420.0K | $-2M | $-130.0K | $105.0K | $-34.0K | $-626.0K | $0 | $-1.0K | $-3.0K | |
| Amort. of Intangibles | $5M | $5M | $6M | $5M | $5M | $2M | $900.0K | $200.0K | $0 | · | · | · | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | · | · | $5M | |
| Operating Cash Flow | $89M | $48M | $19M | $-8M | $7M | $22M | $16M | $13M | $10M | $5M | $-10M | $-11M | |
| CapEx | $14M | $10M | $18M | $17M | $12M | $7M | $5M | $57M | $3M | $2M | $5M | $6M | |
| Investing Cash Flow | $-96M | $-13M | $8M | $-68M | $-52M | $-77M | $-28M | $-81M | $-13M | $-7M | $-10M | $-12M | |
| Net Debt Issued | $-134M | $-1M | $-2M | $-571.0K | $0 | $-32M | $0 | $-10M | · | · | · | · | |
| Stock Issued | · | · | · | $0 | $0 | $192M | $0 | $66M | · | · | · | · | |
| Stock Repurchased | · | $0 | $0 | $6M | $0 | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $0 | $0 | $-6M | $0 | $192M | · | · | · | · | · | · | |
| Financing Cash Flow | $-23M | $-4M | $59M | $61M | $-1M | $171M | $14M | $71M | $5M | $8M | $-14M | $58M | |
| Net Change in Cash | $-28M | $29M | $86M | $-16M | $-45M | $116M | $3M | $2M | $2M | · | $-35M | $38M | |
| Taxes Paid | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $75M | $39M | $358.0K | $-25M | $-5M | $14M | $11M | $-44M | $7M | $3M | $-15M | $-16M | |
| Levered FCF | $63M | $24M | $-12M | $-29M | $-5M | $13M | $9M | $-45M | $6M | $3M | $-16M | $-23M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | 16.9% | 16.9% | 17.7% | 17.7% | 17.2% | 17.2% | |
| Operating Margin | 0.96% | -0.74% | -3.7% | -4.8% | -5.0% | -0.98% | -0.50% | -0.34% | -1.1% | -3.6% | -11.4% | -13.8% | |
| Net Margin | · | · | · | · | · | · | · | · | · | · | · | -18.3% | |
| Pretax Margin | 1.5% | -0.75% | -4.1% | -4.9% | -5.0% | -1.1% | -0.43% | -0.31% | -0.80% | -3.6% | -11.6% | -18.3% | |
| EBITDA Margin | 2.1% | 0.54% | -2.5% | -3.5% | -3.3% | 0.43% | 0.97% | 1.1% | 0.66% | -1.5% | -9.7% | -12.4% | |
| ROA | · | · | · | · | · | · | · | · | · | · | · | -28.2% | |
| ROE | · | · | · | · | · | · | · | · | · | · | · | -161.2% | |
| ROIC | 3.1% | -2.9% | -13.2% | -14.2% | -10.7% | -1.5% | -1.3% | -0.73% | -3.6% | -13.6% | -37.2% | -21.5% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.7 | 1.6 | 1.6 | 1.7 | 2.2 | 1.7 | 1.9 | 1.9 | 2.1 | 2.3 | 3.8 | |
| Quick Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 1.0 | 1.5 | 1.1 | 1.3 | 1.4 | 1.7 | 1.8 | 3.3 | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.2 | 0.1 | 0.2 | 0.1 | 0.0 | 0.3 | |
| LT Debt / Equity | · | · | · | · | · | 0.0 | 0.2 | 0.1 | 0.2 | 0.1 | 0.0 | 0.3 | |
| Interest Coverage | 1.0 | -0.7 | -3.4 | -10.1 | -3519.6 | -3.6 | -1.4 | -0.9 | -5.0 | -30.7 | -51.6 | -2.4 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.7 | 1.6 | 1.5 | 1.5 | 1.3 | 1.3 | 1.7 | 1.9 | 2.6 | 2.5 | 1.7 | 1.5 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 11.9% | 16.0% | 22.5% | 29.5% | 39.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 16.7% | 22.5% | 30.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 23.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.44B | $1.29B | $1.11B | $905M | $699M | $502M | $384M | $304M | $243M | $188M | $147M | $116M | |
| Net Income TTM | $-21M | $-21M | $-21M | $-21M | $-21M | $-21M | $-21M | $-21M | $-21M | $-21M | $-21M | $-21M | |
| Market Cap | $1.62B | $2.05B | $1.28B | $1.95B | $5.34B | $4.72B | $1.31B | $866M | $882M | $458M | $277M | $193M | |
| Enterprise Value | $1.26B | $1.74B | $1.00B | $1.73B | · | $4.49B | $1.24B | $798M | $828M | $409M | $234M | $132M | |
| P/E | 83.0 | -209.6 | -28.2 | -43.2 | -148.3 | -748.2 | -624.3 | -636.5 | · | · | · | · | |
| P/S | 1.1 | 1.6 | 1.2 | 2.2 | 7.6 | 9.4 | 3.4 | 2.9 | 3.6 | 2.4 | 1.9 | 1.7 | |
| P/B | 4.2 | 6.3 | 4.2 | 6.4 | 16.1 | 13.9 | 9.6 | 6.7 | 18.2 | 10.2 | 6.1 | 3.3 | |
| P / Tangible Book | 5.1 | 7.5 | 5.3 | 8.1 | 19.3 | 16.9 | · | · | · | · | · | · | |
| P / Cash Flow | 18.1 | 42.4 | 68.5 | -243.7 | 716.5 | 219.2 | 81.0 | 68.3 | 91.2 | 91.5 | -26.6 | -17.9 | |
| P / FCF | 21.5 | 53.1 | 3567.4 | -77.7 | -1091.3 | 335.1 | 121.4 | -19.6 | 134.9 | 149.4 | -18.1 | -11.7 | |
| EV / EBITDA | 42.5 | 250.6 | -35.5 | -53.9 | · | 2095.6 | 333.1 | 230.2 | 520.6 | -143.5 | -16.4 | -9.2 | |
| EV / FCF | 16.7 | 45.2 | 2796.9 | -68.9 | · | 318.8 | 114.6 | -18.0 | 126.7 | 133.6 | -15.3 | -8.1 | |
| EV / Revenue | 0.9 | 1.4 | 0.9 | 1.9 | · | 8.9 | 3.2 | 2.6 | 3.4 | 2.2 | 1.6 | 1.1 | |
| Earnings Yield | 1.2% | -0.48% | -3.5% | -2.3% | -0.67% | -0.13% | -0.16% | -0.16% | · | · | · | · |
Income Statement 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 | $393M | $384M | $377M | $367M | $354M | $342M | $337M | $327M | $315M | $306M | $296M | $286M | $271M | $256M | $246M | $234M | |
| Cost of Revenue | $328M | $323M | $312M | $307M | $299M | $291M | $284M | $278M | $275M | $270M | $256M | $251M | $241M | $230M | $212M | $204M | |
| SG&A Expense | $20M | $19M | $18M | $18M | $20M | $20M | $17M | $17M | $15M | $15M | $13M | $13M | $13M | $21M | $10M | $10M | |
| Operating Expenses | $59M | $57M | $58M | $54M | $53M | $52M | $53M | $48M | $46M | $42M | $40M | $39M | $42M | $51M | $43M | $42M | |
| Operating Income | $6M | $5M | $7M | $6M | $2M | $-1M | $348.0K | $2M | $-5M | $-6M | $408.0K | $-3M | $-13M | $-24M | $-9M | $-12M | |
| Interest Expense | $2M | $2M | $4M | $3M | $4M | $3M | $3M | $4M | $4M | $4M | $4M | $3M | $3M | $2M | $2M | $1M | |
| Other Non-op | $3M | $3M | $3M | $4M | $12M | $3M | $5M | $4M | $3M | $3M | $1M | $2M | $2M | $2M | $2M | $889.0K | |
| Pretax Income | $7M | $6M | $6M | $7M | $11M | $-1M | $2M | $1M | $-6M | $-7M | $-2M | $-4M | $-14M | $-25M | $-9M | $-12M | |
| Income Tax | $542.0K | $1M | $663.0K | $726.0K | $1M | $39.0K | $38.0K | $39.0K | $-44.0K | $-38.0K | $130.0K | $-43.0K | $-238.0K | $-191.0K | $-15.0K | $496.0K | |
| EPS (Basic) | $0.16 | $0.11 | $0.12 | $0.14 | $0.22 | $-0.03 | $0.04 | $0.03 | $-0.14 | $-0.16 | $-0.05 | $-0.10 | $-0.33 | $-0.60 | $-0.23 | $-0.32 | |
| EPS (Diluted) | $0.16 | $0.11 | $0.13 | $0.13 | $0.22 | $-0.03 | $0.04 | $0.03 | $-0.14 | $-0.16 | $-0.05 | $-0.10 | $-0.33 | $-0.60 | $-0.23 | $-0.32 | |
| Shares (Basic) | 43,730,573 | 43,505,604 | -85,766,149 | 43,076,695 | 42,872,153 | 42,775,955 | -84,070,495 | 42,233,903 | 42,078,271 | 41,917,094 | -82,590,993 | 41,536,575 | 41,383,411 | 41,107,889 | -81,355,191 | 40,799,819 | |
| Shares (Diluted) | 43,821,061 | 43,681,740 | -86,107,907 | 43,562,132 | 43,325,704 | 42,775,955 | -84,659,097 | 42,822,505 | 42,078,271 | 41,917,094 | -82,590,993 | 41,536,575 | 41,383,411 | 41,107,889 | -81,355,191 | 40,799,819 | |
| EBITDA | $10M | $8M | · | $10M | $6M | $2M | · | $6M | $-1M | $-2M | · | $-501.0K | $-10M | $-21M | · | $-9M |
Balance Sheet 26
| 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 | $149M | $153M | $138M | $155M | $123M | $166M | $160M | $137M | $124M | $146M | · | $150M | $118M | $127M | · | $86M | |
| Short-term Investments | $249M | $230M | $233M | $194M | $197M | $156M | $147M | $156M | $153M | $129M | · | $116M | $118M | $118M | · | $97M | |
| Current Assets | $719M | $705M | $691M | $668M | $629M | $628M | $597M | $600M | $579M | $571M | · | $561M | $521M | $510M | · | $422M | |
| PP&E (Net) | $101M | $103M | $105M | $105M | $102M | $102M | $102M | $103M | $104M | $104M | · | $101M | $98M | $94M | · | $87M | |
| PP&E (Gross) | · | · | $164M | · | · | · | $152M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $59M | · | · | · | $50M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $39M | $39M | $39M | $40M | $41M | $38M | $37M | $45M | $43M | $43M | · | $42M | $44M | $43M | $42M | $30M | |
| Intangibles | $23M | $24M | $24M | $25M | $26M | $12M | $13M | $15M | $16M | $17M | · | $20M | $22M | $23M | · | $19M | |
| Other Non-current Assets | $18M | $21M | $21M | $7M | $8M | $16M | $18M | $16M | $17M | $18M | · | $19M | $18M | $20M | · | $22M | |
| Total Assets | $931M | $922M | $915M | $880M | $848M | $837M | $807M | $816M | $796M | $789M | · | $772M | $730M | $718M | · | $648M | |
| Accounts Payable | $12M | $13M | $16M | $13M | $9M | $10M | $12M | $10M | $7M | $8M | · | $9M | $7M | $7M | · | $8M | |
| Accrued Liabilities | $45M | $42M | $57M | $44M | $38M | $37M | $33M | $33M | $35M | $30M | · | $29M | $30M | $30M | · | $31M | |
| Current Liabilities | $405M | $408M | $410M | $391M | $372M | $369M | $350M | $362M | $356M | $352M | · | $348M | $331M | $312M | · | $281M | |
| Capital Leases | · | · | $13M | · | · | · | $362.0K | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $639.0K | $955.0K | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $3M | $3M | $3M | · | $3M | |
| Other Non-current Liabilities | $18M | $18M | $18M | $5M | $5M | $5M | $4M | $4M | $4M | $5M | · | $5M | $5M | $5M | · | $5M | |
| Total Liabilities | $521M | $527M | $531M | $512M | $492M | $503M | $484M | $496M | $490M | $486M | · | $483M | $441M | $423M | · | $342M | |
| Long-term Debt | $107M | $109M | $102M | $115M | $114M | $129M | $128M | $129M | $129M | $129M | · | $129M | $104M | $104M | · | $60M | |
| Total Debt | $107M | $109M | · | $115M | $114M | $129M | · | $129M | $129M | $129M | · | $129M | $104M | $104M | · | $54M | |
| Paid-in Capital | $624M | $614M | $605M | $596M | $587M | $578M | $568M | $561M | $553M | $545M | · | $527M | $519M | $512M | · | $491M | |
| Retained Earnings | $-195M | $-202M | $-206M | $-212M | $-218M | $-227M | $-226M | $-228M | $-229M | $-223M | · | $-214M | $-210M | $-196M | · | $-162M | |
| Treasury Stock | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | · | $17M | $17M | $17M | · | $17M | |
| AOCI | $-3M | $-693.0K | $2M | $1M | $3M | $-715.0K | $-3M | $3M | $-2M | $-2M | · | $-7M | $-4M | $-4M | · | $-6M | |
| Stockholders' Equity | $410M | $395M | $384M | $369M | $355M | $334M | $323M | $320M | $306M | $303M | $304M | $289M | $289M | $295M | $305M | $306M | |
| Liabilities + Equity | $931M | $922M | $915M | $880M | $848M | $837M | $807M | $816M | $796M | $789M | · | $772M | $730M | $718M | · | $648M | |
| Shares Outstanding | 43,871,541 | 43,620,614 | 43,402,081 | 43,192,339 | 42,987,772 | 42,775,955 | 42,488,445 | 42,340,695 | 42,159,631 | 42,004,619 | 41,858,866 | 41,627,208 | 41,470,738 | 41,327,702 | 41,013,158 | 40,873,362 |
Cash Flow 11
| 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 | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $10M | $9M | $10M | $9M | $9M | $10M | $8M | $8M | $9M | $8M | $7M | $7M | $7M | $12M | $9M | $9M | |
| Operating Cash Flow | $21M | $15M | $29M | $29M | $15M | $16M | $24M | $15M | $7M | $2M | $18M | $11M | $-3M | $-7M | $1M | $-2M | |
| CapEx | $2M | $847.0K | $4M | $5M | $3M | $2M | $2M | $2M | $3M | $3M | $4M | $4M | $5M | $5M | $5M | $4M | |
| Investing Cash Flow | $-23M | $113.0K | $-42M | $-2M | $-42M | $-9M | $18M | $-1M | $-28M | $-3M | $-17M | $-3M | $-6M | $34M | $-31M | $-12M | |
| Net Debt Issued | · | · | · | · | $-15M | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | $0 | $4.0K | |
| Financing Cash Flow | $-3M | $-3M | $-5M | $-1M | $-16M | $-459.0K | $-2M | $-1M | $-958.0K | $-286.0K | $569.0K | $25M | $-93.0K | $34M | $15M | $-710.0K | |
| Net Change in Cash | $-5M | $11M | $-17M | $24M | $-42M | $6M | $39M | $13M | $-22M | $-902.0K | $2M | $32M | $-9M | $61M | $-14M | $-16M | |
| Free Cash Flow | · | $14M | · | · | · | $14M | · | · | · | $-631.0K | · | · | · | $-12M | · | · | |
| Levered FCF | · | $12M | · | · | · | $11M | · | · | · | $-4M | · | · | · | $-14M | · | · |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 1.6% | 1.2% | · | 1.6% | 0.65% | -0.43% | · | 0.53% | -1.7% | -2.0% | · | -1.2% | -4.8% | -9.6% | · | -5.1% | |
| Pretax Margin | 1.9% | 1.6% | · | 1.8% | 3.0% | -0.42% | · | 0.45% | -1.9% | -2.2% | · | -1.4% | -5.2% | -9.7% | · | -5.3% | |
| EBITDA Margin | 2.6% | 2.2% | · | 2.7% | 1.8% | 0.68% | · | 1.9% | -0.35% | -0.77% | · | -0.18% | -3.6% | -8.3% | · | -4.0% | |
| ROIC | 1.1% | 0.78% | · | 1.1% | 0.44% | -0.33% | · | 0.38% | -1.2% | -1.4% | · | -0.83% | -3.3% | -6.1% | · | -3.4% |
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 | 1.8 | 1.7 | · | 1.7 | 1.7 | 1.7 | · | 1.7 | 1.6 | 1.6 | · | 1.6 | 1.6 | 1.6 | · | 1.5 | |
| Quick Ratio | 1.0 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | 0.7 | 0.8 | · | 0.7 | |
| Debt / Equity | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.2 | |
| LT Debt / Equity | 0.2 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.3 | · | 0.2 | |
| Interest Coverage | 3.5 | 2.5 | · | 2.1 | 0.6 | -0.5 | · | 0.5 | -1.5 | -1.7 | · | -1.1 | -4.5 | -10.3 | · | -8.5 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 |
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 | $1.50B | $1.45B | · | $1.39B | $1.34B | $1.29B | · | $1.23B | $1.18B | $1.12B | · | $1.05B | $980M | $915M | · | $841M | |
| Net Income TTM | $-21M | $-21M | · | $-21M | $-21M | $-21M | · | $-21M | $-21M | $-21M | · | $-21M | $-21M | $-21M | · | $-21M | |
| Market Cap | $1.09B | $1.12B | · | $1.87B | $2.38B | $1.59B | · | $1.78B | $1.24B | $1.16B | · | $1.17B | $816M | $1.77B | · | $2.43B | |
| Enterprise Value | $795M | $843M | · | $1.64B | $2.17B | $1.40B | · | $1.61B | $1.09B | $1.01B | · | $1.04B | $684M | $1.63B | · | $2.30B | |
| P/E | 40.0 | 59.6 | · | 123.7 | 691.9 | -124.2 | · | -113.5 | -40.3 | -23.2 | · | -20.9 | -12.5 | -29.2 | · | -57.1 | |
| P/S | 0.7 | 0.8 | · | 1.3 | 1.8 | 1.2 | · | 1.4 | 1.1 | 1.0 | · | 1.1 | 0.8 | 1.9 | · | 2.9 | |
| P/B | 2.7 | 2.8 | · | 5.1 | 6.7 | 4.8 | · | 5.6 | 4.1 | 3.8 | · | 4.1 | 2.8 | 6.0 | · | 7.9 | |
| P / Tangible Book | 3.1 | 3.4 | · | 6.2 | 8.3 | 5.6 | · | 6.8 | 5.0 | 4.8 | · | 5.2 | 3.7 | 7.7 | · | 9.5 | |
| P / Cash Flow | · | 76.5 | · | · | · | 99.9 | · | · | · | 476.5 | · | · | · | -258.3 | · | · | |
| P / FCF | · | 81.3 | · | · | · | 113.6 | · | · | · | -1838.0 | · | · | · | -147.1 | · | · | |
| EV / EBITDA | 79.1 | 99.4 | · | 165.0 | 346.4 | 604.5 | · | 263.3 | -996.5 | -430.9 | · | -2069.7 | -69.5 | -76.7 | · | -247.4 | |
| EV / FCF | · | 61.3 | · | · | · | 99.8 | · | · | · | -1606.0 | · | · | · | -135.5 | · | · | |
| EV / Revenue | 0.5 | 0.6 | · | 1.2 | 1.6 | 1.1 | · | 1.3 | 0.9 | 0.9 | · | 1.0 | 0.7 | 1.8 | · | 2.7 | |
| Earnings Yield | 2.5% | 1.7% | · | 0.81% | 0.14% | -0.80% | · | -0.88% | -2.5% | -4.3% | · | -4.8% | -8.0% | -3.4% | · | -1.8% |
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 | $1.44B | $1.29B | $1.11B | $905M | $699M |
| Operating Margin % | 0.96% | -0.74% | -3.7% | -4.8% | -5.0% |
| Diluted EPS | $0.45 | $-0.23 | $-1.08 | $-1.10 | $-0.89 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | — |
| Current Ratio | 1.7 | 1.7 | 1.6 | 1.6 | 1.7 |
| Quick Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 1.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $75M | $39M | $358.0K | $-25M | $-5M |
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Institutional owners (13F) 219 filers · $627.9M 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 |
|---|---|---|---|---|
| 45 (+15 vs prior Q) | 32 (-1 vs prior Q) | 61 (-7 vs prior Q) | 55 (-20 vs prior Q) | -322K |
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 World Investors | $95,123,463 | 3,840,269 | 15.15% | Shares |
| Aflac Inc | $90,072,736 | 3,636,364 | 14.35% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $44,623,105 | 1,801,498 | 7.11% | Shares |
| Polar Capital Holdings Plc | $43,347,500 | 1,750,000 | 6.90% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $36,817,558 | 1,486,377 | 5.86% | Shares |
| STATE STREET CORP | $33,827,448 | 1,365,662 | 5.39% | Shares |
| FMR LLC | $25,772,863 | 1,040,487 | 4.10% | Shares |
| GREENLEA LANE CAPITAL MANAGEMENT, LLC | $19,233,657 | 776,490 | 3.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $18,603,433 | 750,855 | 2.96% | Shares |
| Kopion Asset Management, LLC | $12,954,685 | 522,999 | 2.06% | Shares |
| BANK OF AMERICA CORP /DE/ | $12,661,061 | 511,145 | 2.02% | Shares |
| Qube Research & Technologies Ltd | $10,061,995 | 406,217 | 1.60% | Shares |
| Clearbridge Investments, LLC | $9,806,603 | 395,906 | 1.56% | Shares |
| MORGAN STANLEY | $9,544,054 | 385,307 | 1.52% | Shares |
| TUDOR INVESTMENT CORP ET AL | $8,835,385 | 356,697 | 1.41% | Shares |
| GOLDMAN SACHS GROUP INC | $8,583,152 | 346,514 | 1.37% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $8,533,661 | 344,516 | 1.36% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,099,914 | 327,005 | 1.29% | Shares |
| Hosking Partners LLP | $7,408,608 | 299,096 | 1.18% | Shares |
| RENAISSANCERE HOLDINGS LTD | $6,514,510 | 263,000 | 1.04% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,012,174 | 242,720 | 0.96% | Shares |
| BARCLAYS PLC | $5,576,990 | 225,151 | 0.89% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,549,347 | 224,035 | 0.88% | Shares |
| CITIGROUP INC | $4,542,818 | 183,400 | 0.72% | Shares |
| Public Sector Pension Investment Board | $3,944,672 | 159,252 | 0.63% | Shares |
| Trexquant Investment LP | $2,937,152 | 118,577 | 0.47% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,869,332 | 115,839 | 0.46% | Shares |
| BlackRock, Inc. | $2,839,063 | 114,617 | 0.45% | Shares |
| TWO SIGMA ADVISERS, LP | $2,813,961 | 75,300 | 0.45% | Shares |
| Quantinno Capital Management LP | $2,506,996 | 101,211 | 0.40% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $2,414,010 | 97,457 | 0.38% | Shares |
| Allianz Asset Management GmbH | $2,385,059 | 93,130 | 0.38% | Shares |
| Balyasny Asset Management L.P. | $2,373,065 | 95,804 | 0.38% | Shares |
| Bank of New York Mellon Corp | $2,283,943 | 92,206 | 0.36% | Shares |
| RHUMBLINE ADVISERS | $2,002,784 | 80,856 | 0.32% | Shares |
| Lagoda Investment Management, L.P. | $1,958,069 | 79,050 | 0.31% | Shares |
| MARSHALL WACE, LLP | $1,936,073 | 78,162 | 0.31% | Shares |
| Numerai GP LLC | $1,773,012 | 71,579 | 0.28% | Shares |
| Squarepoint Ops LLC | $1,768,132 | 71,382 | 0.28% | Shares |
| Swiss National Bank | $1,726,717 | 69,710 | 0.28% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $1,678,911 | 67,780 | 0.27% | Shares |
| WOLVERINE TRADING, LLC | $1,678,306 | 38,300 | 0.27% | Put option |
| Voleon Capital Management LP | $1,652,976 | 66,733 | 0.26% | Shares |
| ProShare Advisors LLC | $1,639,006 | 66,169 | 0.26% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,578,270 | 63,717 | 0.25% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,512,853 | 61,076 | 0.24% | Shares |
| Liontrust Investment Partners LLP | $1,502,300 | 60,650 | 0.24% | Shares |
| CITADEL ADVISORS LLC | $1,463,907 | 59,100 | 0.23% | Call option |
| AMERIPRISE FINANCIAL INC | $1,380,532 | 55,734 | 0.22% | Shares |
| JANE STREET GROUP, LLC | $1,369,781 | 55,300 | 0.22% | Call option |
| FIRST TRUST ADVISORS LP | $1,352,119 | 54,587 | 0.22% | Shares |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $1,326,756 | 53,563 | 0.21% | Shares |
| Schonfeld Strategic Advisors LLC | $1,319,050 | 53,252 | 0.21% | Shares |
| Legal & General Group Plc | $1,285,439 | 51,895 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,269,667 | 49,577 | 0.20% | Shares |
| ExodusPoint Capital Management, LP | $1,267,060 | 51,153 | 0.20% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,250,563 | 50,487 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,236,656 | 48,288 | 0.20% | Shares |
| WINTON GROUP Ltd | $1,182,743 | 47,749 | 0.19% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,174,098 | 47,400 | 0.19% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,115,864 | 45,049 | 0.18% | Shares |
| CITADEL ADVISORS LLC | $1,103,826 | 44,563 | 0.18% | Shares |
| PDT Partners, LLC | $1,043,932 | 42,145 | 0.17% | Shares |
| DEUTSCHE BANK AG\ | $967,789 | 39,071 | 0.15% | Shares |
| ALLSTATE CORP | $940,244 | 37,959 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $930,634 | 37,571 | 0.15% | Shares |
| PRUDENTIAL FINANCIAL INC | $878,716 | 35,475 | 0.14% | Shares |
| Dynamic Technology Lab Private Ltd | $863,000 | 34,825 | 0.14% | Shares |
| NJ State Employees Deferred Compensation Plan | $779,040 | 18,000 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $715,853 | 28,900 | 0.11% | Put option |
| FOX RUN MANAGEMENT, L.L.C. | $659,600 | 26,629 | 0.11% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $631,511 | 25,495 | 0.10% | Shares |
| Bryce Point Capital, LLC | $606,266 | 14,008 | 0.10% | Shares |
| Saranac Partners Ltd | $604,883 | 24,420 | 0.10% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $604,165 | 24,391 | 0.10% | Shares |
| OP Asset Management Ltd | $590,467 | 23,838 | 0.09% | Shares |
| Nuveen, LLC | $567,307 | 22,903 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $517,693 | 20,900 | 0.08% | Call option |
| Inspire Investing, LLC | $513,071 | 20,034 | 0.08% | Shares |
| MetLife Investment Management, LLC | $512,739 | 20,700 | 0.08% | Shares |
| Corecam Pte. Ltd. | $457,385 | 18,465 | 0.07% | Shares |
| State of Wyoming | $452,226 | 18,257 | 0.07% | Shares |
| Optimize Financial Inc | $444,590 | 17,360 | 0.07% | Shares |
| D. E. Shaw & Co., Inc. | $439,395 | 17,739 | 0.07% | Shares |
| WOLVERINE TRADING, LLC | $429,436 | 9,800 | 0.07% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $422,378 | 17,052 | 0.07% | Shares |
| Illinois Municipal Retirement Fund | $416,186 | 16,802 | 0.07% | Shares |
| WOLVERINE TRADING, LLC | $410,988 | 9,379 | 0.07% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $395,255 | 15,957 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $385,595 | 15,567 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $382,838 | 14,940 | 0.06% | Shares |
| Graham Capital Management, L.P. | $371,104 | 14,982 | 0.06% | Shares |
| RAYMOND JAMES FINANCIAL INC | $369,321 | 14,910 | 0.06% | Shares |
| Louisiana State Employees Retirement System | $369,073 | 14,900 | 0.06% | Shares |
| AdvisorNet Financial, Inc | $358,075 | 14,456 | 0.06% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $340,687 | 13,754 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $335,683 | 13,552 | 0.05% | Shares |
| Invesco Ltd. | $335,287 | 13,536 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $325,775 | 13,152 | 0.05% | Shares |
| Steward Partners Investment Advisory, LLC | $304,721 | 12,302 | 0.05% | Shares |
Company insiders 41 insiders · 3 officers · 0 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John R Gallagher | Chief Operating Officer | July 28, 2026 S | 32,203 | 0 | 6 | $-262,781 |
| Steve Weinrauch | EVP, North Am & Vet Strategy | June 5, 2026 M | 78,062 | 0 | 2 | $-149,098 |
| Simon Wheeler | EVP, Trupanion International | Feb. 22, 2026 M | 24,239 | 0 | 0 | $0 |
| Maveron General Partner III LLC | 10% owner | May 15, 2017 S | 0 | 0 | 0 | $0 |
| Margaret Tooth | — | Aug. 11, 2026 S | 175,401 | 0 | 2 | $-39,144 |
| Fawwad Qureshi | — | May 25, 2026 M | 2,081 | 0 | 6 | $-749,876 |
| Brenna Mcgibney | — | May 25, 2026 M | 11,445 | 0 | 1 | $-107,956 |
| Asher Bearman | — | May 25, 2026 M | 72,244 | 0 | 0 | $0 |
| Howard E Rubin | — | May 22, 2026 M | 232,868 | 0 | 0 | $0 |
| Darryl Rawlings | — | May 22, 2026 M | 24,838 | 0 | 2 | $-2,236,766 |
| Bradley S Powell | — | May 22, 2026 M | 1,906 | 0 | 0 | $0 |
| Max Broden | — | May 11, 2026 A | 8,571 | 0 | 0 | $0 |
| Paulette R. Dodson | — | May 11, 2026 A | 8,526 | 0 | 0 | $0 |
| Elizabeth Mclaughlin | — | May 11, 2026 A | 10,635 | 0 | 0 | $0 |
| Emily Dreyer | — | March 4, 2026 S | 35,627 | 0 | 1 | $-219,345 |
| Murray B Low | — | Jan. 9, 2026 M | 154,534 | 0 | 0 | $0 |
| Jason Wasdin | — | Feb. 27, 2025 A | 4,553 | 0 | 0 | $0 |
| Melissa Joy Hewitt | — | Feb. 27, 2025 A | 9,779 | 0 | 0 | $0 |
| Christopher J Kearns | — | Feb. 27, 2025 A | 8,159 | 0 | 0 | $0 |
| Jacqueline L Davidson | — | Dec. 31, 2024 M | 16,564 | 0 | 0 | $0 |
| Kalpesh Raval | — | Nov. 25, 2024 M | 3,886 | 0 | 0 | $0 |
| Travis Worra | — | Nov. 25, 2024 M | 4,179 | 0 | 0 | $0 |
| Zay Satchu | — | March 31, 2024 M | 4,788 | 0 | 0 | $0 |
| Dan Levitan | — | March 31, 2024 M | 95,116 | 0 | 0 | $0 |
| Richard Enthoven | — | Dec. 31, 2023 M | 485 | 0 | 0 | $0 |
| Michael Doak | — | Aug. 30, 2023 M | 5,866 | 0 | 0 | $0 |
| Wei Li | — | Aug. 25, 2023 M | 4,909 | 0 | 0 | $0 |
| Andrew D. Wolff | — | May 25, 2023 A | 7,895 | 0 | 0 | $0 |
| Tricia Plouf | — | Feb. 8, 2023 S | 41,023 | 0 | 0 | $0 |
| Gavin Friedman | — | Feb. 1, 2023 S | 9,591 | 0 | 0 | $0 |
| Eric L Johnson | — | Dec. 31, 2022 M | 2,691 | 0 | 0 | $0 |
| Hays H Lindsley | — | June 16, 2021 M | 9,105 | 0 | 0 | $0 |
| Robin A Ferracone | — | June 16, 2021 M | 74,747 | 0 | 0 | $0 |
| Thomas J Houk | — | Nov. 25, 2019 M | 21,970 | 0 | 0 | $0 |
| Chad M Cohen | — | March 31, 2019 M | 4,119 | 0 | 0 | $0 |
| Glenn W Novotny | — | March 31, 2018 M | 19,636 | 0 | 0 | $0 |
| Ian Moffat | — | Feb. 20, 2018 A | 0 | 0 | 0 | $0 |
| Timothy Graff | — | July 22, 2016 A | 33,053 | 0 | 0 | $0 |
| Craig Susen | — | Feb. 24, 2016 M | 0 | 0 | 0 | $0 |
| Peter R. Beaumont | — | Nov. 6, 2015 A | 169,674 | 0 | 0 | $0 |
| Michael O Banks | — | July 24, 2015 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 60 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 |
|---|---|---|---|---|
| PAWZ · ProShares Trust | 4.03% | 59,869 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.11% | 1,157 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.10% | 44,737 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.05% | 680 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 13,331 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.03% | 42,157 NS | May 31, 2026 | N-PORT |
| SAA · ProShares Trust | 0.03% | 406 NS | May 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.03% | 501 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.03% | 1,464 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 16,098 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 143,226 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.02% | 4,170 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 1,746 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 164,344 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 1,366 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.01% | 8,506 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,380 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.01% | 31 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,684 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 35 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 291 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 38,429 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 1,747 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 2,196 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 8,355 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 6,025 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 19,538 NS | May 31, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.00% | 10,953 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 4,621 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 462 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | — | — | July 30, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IJR · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| IJT · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IJS · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IAK · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| XJR · iShares Trust | — | — | Aug. 18, 2026 | Daily |