TWST Twist Bioscience Corporation - Common Stock
$134.18
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$23–$141
94% of range
Analyst Rating
BUY
16 analysts
Price Target
$105
P/E (TTM)
-105.8
ROE
-17.0%
Net Profit Margin
-20.6%
TWST Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$134.18
Market Cap
$8.34B
P/E (TTM)
-105.8
EPS (TTM)
$-1.30
Revenue (TTM)
$377M
Div Yield
—
ROE
-17.0%
Debt/Equity
—
52W Range
$23 – $141
TWST 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
$377M
2017-09-30
→
2025-09-30
EPS
$-1.30
2020-09-30
→
2025-09-30
Free Cash Flow
$-76M
2019-09-30
→
2025-09-30
Margins
-20.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TWST
Peer Median
P/E (TTM)
-105.8
16.0
P/S (TTM)
22.1
47.5
P/B
17.6
8.5
Price / FCF
-110.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TWST
Peer Median
Operating Margin
-36.2%
—
Net Profit Margin
-20.6%
-140.2%
ROA
-12.4%
-45.0%
ROE
-17.0%
-86.5%
ROIC
-29.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TWST
Peer Median
Current Ratio
3.6
5.8
Quick Ratio
3.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TWST
Peer Median
Revenue YoY
20.3%
—
Revenue CAGR 3Y
22.8%
—
Revenue CAGR 5Y
33.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TWST
Peer Median
TWST Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 7 43.8%
- Buy 8 50.0%
- Hold 1 6.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-17
Median
$115.00
Mean
$105.30
Above all targets →
$134.18
Low
$36.00
High
$120.00
Median target
$115.00
-14.3%
Mean target
$105.30
-21.5%
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 | $-0.56 | $-0.50 | -0.06% |
| March 31, 2026 | $-0.59 | $-0.49 | -0.10% |
| Dec. 31, 2025 | $-0.50 | $-0.44 | -0.06% |
| Sept. 30, 2025 | $-0.45 | $-0.44 | -0.01% |
| June 30, 2025 | $-0.47 | $-0.57 | 0.10% |
| March 31, 2025 | $-0.66 | $-0.59 | -0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | — |
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
| SYRE | $2.56B | 10.1 | -62.0% | — | -26.5% | — |
| IMVT | $5.07B | -9.0 | 229.2% | — | -73.7% | — |
| PCVX | $6.05B | -8.2 | — | — | -26.6% | — |
| IBRX | $2.00B | -5.2 | 668.3% | -310.2% | 71.0% | — |
| RYTM | $7.19B | -34.4 | 45.8% | -103.6% | -309.1% | — |
| TGTX | $4.63B | 10.8 | 87.3% | 72.6% | 96.7% | — |
| ORKA | $1.48B | -3.3 | — | — | -25.9% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $377M | $313M | $245M | $204M | $132M | $90M | $54M | $25M | $11M | |
| Cost of Revenue | $186M | $180M | $155M | $119M | $81M | $61M | $47M | $32M | $24M | |
| R&D Expense | $80M | $91M | $107M | $120M | $69M | $43M | $36M | $20M | $19M | |
| SG&A Expense | $247M | $218M | $190M | $213M | $136M | $103M | $80M | $43M | $26M | |
| Operating Expenses | $513M | $534M | $462M | $438M | $285M | $230M | $163M | $96M | $69M | |
| Operating Income | $-136M | $-221M | $-217M | $-235M | $-153M | $-140M | $-109M | $-71M | $-58M | |
| Interest Expense | · | · | $5.0K | $80.0K | $367.0K | $787.0K | $1M | $1M | $905.0K | |
| Interest Income | $0 | $15M | $14M | $3M | $435.0K | $1M | $3M | $999.0K | $412.0K | |
| Other Non-op | $-903.0K | $-3M | $-672.0K | $-1M | $-1M | $-182.0K | $-265.0K | $-121.0K | $-55.0K | |
| Pretax Income | $-77M | $-208M | $-203M | $-228M | $-154M | $-140M | $-107M | $-71M | $-59M | |
| Income Tax | $719.0K | $560.0K | $1M | $-10M | $-2M | $382.0K | $292.0K | $242.0K | $280.0K | |
| Net Income | $-78M | $-209M | $-205M | $-218M | $-152M | $-140M | $-108M | $-71M | $-59M | |
| EPS (Basic) | $-1.30 | $-3.60 | $-3.60 | $-4.04 | $-3.15 | $-3.57 | · | · | · | |
| EPS (Diluted) | $-1.30 | $-3.60 | $-3.60 | $-4.04 | $-3.15 | $-3.57 | · | · | · | |
| Shares (Basic) | 59,808,000 | 58,016,000 | 56,885,000 | 53,885,000 | 48,251,000 | 39,190,000 | · | · | · | |
| Shares (Diluted) | 59,808,000 | 58,016,000 | 56,885,000 | 53,885,000 | 48,251,000 | 39,190,000 | · | · | · | |
| EBITDA | $-111M | $-189M | $-188M | $-218M | $-143M | $-133M | $-103M | · | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $183M | $226M | $286M | $379M | $466M | $94M | $47M | $81M | $31M | |
| Short-term Investments | $49M | $50M | $50M | $126M | $12M | $196M | $91M | · | · | |
| Receivables | $57M | $35M | $44M | $40M | $29M | $26M | $12M | $5M | · | |
| Inventory | $28M | $24M | $32M | $39M | $32M | $12M | $7M | $6M | · | |
| Prepaid Expense | $15M | $11M | $12M | $12M | $8M | $6M | $3M | $3M | · | |
| Other Current Assets | $2M | · | · | · | · | · | · | · | · | |
| Current Assets | $333M | $347M | $424M | $596M | $546M | $335M | $160M | $96M | · | |
| PP&E (Net) | $102M | $103M | $132M | $139M | $44M | $25M | $21M | $12M | · | |
| PP&E (Gross) | $197M | $178M | $182M | $171M | $80M | $55M | $44M | $30M | · | |
| Accum. Depreciation | $95M | $76M | $51M | $32M | $35M | $29M | $23M | $17M | · | |
| Goodwill | $82M | $86M | $86M | $86M | $22M | $1M | $1M | $1M | · | |
| Intangibles | $13M | $14M | $54M | $60M | $18M | $307.0K | $508.0K | $712.0K | · | |
| Other Non-current Assets | $5M | $2M | $6M | $3M | $8M | $3M | $4M | $5M | · | |
| Total Assets | $642M | $614M | $776M | $961M | $702M | $399M | $187M | $116M | · | |
| Accounts Payable | $11M | $2M | $14M | $20M | $15M | $5M | $10M | $8M | · | |
| Accrued Liabilities | $23M | $15M | $11M | $10M | $6M | $4M | $6M | $2M | · | |
| Current Liabilities | $91M | $71M | $73M | $91M | $63M | $36M | $30M | $19M | · | |
| Capital Leases | $62M | $70M | $79M | $81M | $53M | $25M | · | · | · | |
| Other Non-current Liabilities | $747.0K | $407.0K | $475.0K | $60.0K | $5M | $351.0K | $158.0K | $344.0K | · | |
| Total Liabilities | $169M | $142M | $153M | $172M | $121M | $63M | $35M | $27M | · | |
| Long-term Debt | · | · | · | · | · | $4M | $8M | $10M | · | |
| Total Debt | · | · | · | $0 | $2M | $5M | $8M | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | · | · | · | · | |
| Paid-in Capital | $1.79B | $1.72B | $1.66B | $1.62B | $1.19B | $795M | $470M | $9M | · | |
| Retained Earnings | $-1.32B | $-1.24B | $-1.03B | $-828M | $-611M | $-458M | $-319M | $-211M | · | |
| AOCI | $-627.0K | $-522.0K | $-756.0K | $-2M | $546.0K | $87.0K | $181.0K | $87.0K | · | |
| Stockholders' Equity | $473M | $473M | $623M | $789M | $581M | $336M | $152M | $-201M | $-133M | |
| Liabilities + Equity | $642M | $614M | $776M | $961M | $702M | $399M | $187M | $116M | · | |
| Shares Outstanding | 60,632,000 | 58,877,000 | 57,557,000 | 56,523,000 | 49,499,000 | 45,083,000 | 32,873,000 | 3,206,048 | · |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $25M | $31M | $29M | $17M | $10M | $7M | $6M | $6M | $5M | |
| Stock-based Comp | $64M | $51M | $30M | $80M | $37M | $17M | $11M | $3M | $2M | |
| Deferred Tax | $0 | $0 | $0 | $-11M | $-2M | $0 | · | · | · | |
| Amort. of Intangibles | $1M | $4M | $5M | $5M | $500.0K | $200.0K | · | · | · | |
| Other Non-cash | $-59M | $62M | $3M | $8M | $-5M | $-26M | $2M | · | · | |
| Operating Cash Flow | $-48M | $-64M | $-142M | $-124M | $-112M | $-142M | $-88M | $-66M | $-51M | |
| CapEx | $28M | $5M | $28M | $102M | $27M | $10M | $15M | $4M | $7M | |
| Investing Cash Flow | $-25M | $-3M | $51M | $-233M | $156M | $-115M | $-105M | $27M | $-10M | |
| Debt Issued | · | · | · | · | · | · | · | · | $2M | |
| Net Debt Issued | · | $0 | $0 | $-2M | $-3M | $-3M | $-2M | · | · | |
| Financing Cash Flow | $29M | $7M | $911.0K | $271M | $329M | $304M | $159M | $89M | $64M | |
| Net Change in Cash | $-44M | $-60M | $-91M | $-87M | $373M | $47M | $-34M | $50M | $3M | |
| Taxes Paid | $683.0K | $344.0K | $420.0K | $246.0K | $101.0K | $172.0K | $291.0K | $179.0K | $6.0K | |
| Free Cash Flow | $-76M | $-69M | $-170M | $-226M | $-139M | $-152M | $-103M | · | · | |
| Levered FCF | · | · | $-170M | $-226M | $-140M | $-153M | $-104M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -36.2% | -70.6% | -88.6% | -115.3% | -115.4% | -155.5% | -200.2% | · | · | |
| Net Margin | -20.6% | -66.7% | -83.5% | -107.0% | -114.9% | -155.3% | -198.0% | · | · | |
| Pretax Margin | -20.4% | -66.5% | -83.0% | -112.1% | -116.4% | -154.9% | -197.4% | · | · | |
| EBITDA Margin | -29.6% | -60.5% | -76.6% | -107.2% | -108.0% | -148.1% | -188.9% | · | · | |
| ROA | -12.4% | -30.0% | -23.5% | -26.2% | -27.6% | -47.8% | -71.1% | · | · | |
| ROE | -17.0% | -43.3% | -31.9% | -27.1% | -25.5% | -40.8% | -65.6% | · | · | |
| ROIC | -29.1% | -46.8% | -35.0% | -28.4% | -25.9% | -41.2% | -68.3% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.6 | 4.9 | 5.8 | 6.6 | 8.7 | 9.3 | 5.3 | · | · | |
| Quick Ratio | 3.2 | 4.4 | 5.2 | 6.0 | 8.0 | 8.8 | 4.9 | · | · | |
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.0 | 0.1 | · | · | |
| LT Debt / Equity | · | · | · | · | · | 0.0 | 0.0 | · | · | |
| Interest Coverage | · | · | -43431.8 | -2934.7 | -416.1 | -178.0 | -84.1 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.5 | 0.3 | 0.2 | 0.2 | 0.3 | 0.4 | · | · | |
| Inventory Turnover | 7.1 | 6.4 | 4.4 | 3.4 | 3.7 | 6.3 | 7.1 | · | · | |
| Receivables Turnover | 8.2 | 7.9 | 5.8 | 5.9 | 4.8 | 4.7 | 6.2 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 20.3% | 27.7% | 20.4% | 53.8% | 46.9% | · | · | · | · | |
| Revenue CAGR 3Y | 22.8% | 33.2% | 39.6% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 33.1% | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $377M | $313M | $245M | $204M | $132M | $90M | $54M | $25M | · | |
| Net Income TTM | $-78M | $-209M | $-205M | $-218M | $-152M | $-140M | $-108M | $-71M | · | |
| Market Cap | $1.71B | $2.66B | $1.17B | $1.99B | $5.29B | $3.42B | $785M | · | · | |
| Enterprise Value | · | · | · | $1.49B | $4.82B | $3.14B | $655M | · | · | |
| P/E | -21.6 | -12.6 | -5.6 | -8.7 | -34.0 | -21.3 | · | · | · | |
| P/S | 4.5 | 8.5 | 4.8 | 9.8 | 40.0 | 38.0 | 14.4 | · | · | |
| P/B | 3.6 | 5.6 | 1.9 | 2.5 | 9.1 | 10.2 | 5.2 | · | · | |
| P / Tangible Book | 4.5 | 7.1 | 2.4 | 3.1 | 9.8 | 10.2 | · | · | · | |
| P / Cash Flow | -35.8 | -41.5 | -8.2 | -16.0 | -47.2 | -24.1 | -8.9 | · | · | |
| P / FCF | -22.6 | -38.5 | -6.8 | -8.8 | -38.0 | -22.5 | -7.6 | · | · | |
| EV / EBITDA | · | · | · | -6.8 | -33.7 | -23.5 | -6.4 | · | · | |
| EV / FCF | · | · | · | -6.6 | -34.6 | -20.6 | -6.4 | · | · | |
| EV / Revenue | · | · | · | 7.3 | 36.4 | 34.8 | 12.0 | · | · | |
| Earnings Yield | -4.6% | -8.0% | -17.8% | -11.5% | -2.9% | -4.7% | · | · | · |
Income Statement 17
| 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 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $118M | $111M | $104M | $99M | $96M | $93M | $89M | $85M | $81M | $75M | $71M | $67M | $64M | $60M | $54M | $57M | |
| Cost of Revenue | $56M | $54M | $50M | $48M | $45M | $47M | $46M | $46M | $46M | $44M | $43M | $42M | $42M | $42M | $29M | $32M | |
| R&D Expense | $18M | $20M | $17M | $17M | $18M | $24M | $21M | $21M | $22M | $24M | $23M | $24M | $25M | $27M | $31M | $30M | |
| SG&A Expense | $81M | $76M | $70M | $64M | $63M | $64M | $56M | $53M | $57M | $56M | $53M | $47M | $46M | $54M | $42M | $54M | |
| Operating Expenses | $155M | $157M | $137M | $129M | $126M | $134M | $123M | $121M | $170M | $124M | $118M | $117M | $125M | $122M | $99M | $114M | |
| Operating Income | $-36M | $-46M | $-33M | $-30M | $-30M | $-42M | $-35M | $-36M | $-89M | $-49M | $-47M | $-50M | $-61M | $-62M | $-45M | $-57M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $0 | $0 | · | $1.0K | $2.0K | $1.0K | · | |
| Interest Income | $2M | $2M | $100.0K | $-3M | $3M | $3M | $0 | · | $4M | $4M | $4M | · | $4M | $3M | $3M | $2M | |
| Other Non-op | $40.0K | $175.0K | $471.0K | $277.0K | $-836.0K | $-394.0K | $-93.0K | $-2M | $-121.0K | $-199.0K | $-31.0K | $-251.0K | $41.0K | $-305.0K | $-157.0K | $-461.0K | |
| Pretax Income | $-35M | $-44M | $-30M | $-27M | $21M | $-39M | $-31M | $-35M | $-85M | $-45M | $-43M | $-46M | $-57M | $-58M | $-42M | $-51M | |
| Income Tax | $311.0K | $43.0K | $253.0K | $256.0K | $191.0K | $175.0K | $97.0K | $-96.0K | $191.0K | $345.0K | $120.0K | $-222.0K | $622.0K | $676.0K | $76.0K | $292.0K | |
| Net Income | $-35M | $-44M | $-31M | $-27M | $20M | $-39M | $-32M | $-35M | $-86M | $-45M | $-43M | $-46M | $-57M | $-59M | $-42M | $-51M | |
| EPS (Basic) | $-0.56 | $-0.71 | $-0.50 | $-0.45 | $0.34 | $-0.66 | $-0.53 | $-0.59 | $-1.47 | $-0.79 | $-0.75 | $-0.81 | $-1.01 | $-1.04 | $-0.74 | $-0.92 | |
| EPS (Diluted) | $-0.56 | $-0.71 | $-0.50 | $-0.44 | $0.33 | $-0.66 | $-0.53 | $-0.59 | $-1.47 | $-0.79 | $-0.75 | $-0.81 | $-1.01 | $-1.04 | $-0.74 | $-0.92 | |
| Shares (Basic) | 62,403,000 | 61,702,000 | 61,080,000 | -118,998,000 | 59,995,000 | 59,649,000 | 59,162,000 | -115,405,000 | 58,145,000 | 57,779,000 | 57,497,000 | -113,377,000 | 57,041,000 | 56,777,000 | 56,444,000 | -105,786,000 | |
| Shares (Diluted) | 62,403,000 | 61,702,000 | 61,080,000 | -120,167,000 | 61,164,000 | 59,649,000 | 59,162,000 | -115,405,000 | 58,145,000 | 57,779,000 | 57,497,000 | -113,377,000 | 57,041,000 | 56,777,000 | 56,444,000 | -105,786,000 | |
| EBITDA | $-36M | $-46M | $-27M | · | $-30M | $-42M | $-28M | · | $-89M | $-49M | $-39M | · | $-61M | $-62M | $-39M | · |
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 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $117M | $123M | $149M | $183M | $201M | $210M | $221M | $226M | $239M | $243M | $266M | · | $307M | $315M | $317M | · | |
| Short-term Investments | $49M | $49M | $49M | $49M | $49M | $47M | $49M | $50M | $50M | $50M | $45M | · | $50M | $72M | $122M | · | |
| Receivables | $65M | $64M | $50M | $57M | $50M | $50M | $39M | $35M | $32M | $36M | $35M | · | $43M | $48M | $44M | · | |
| Inventory | $35M | $34M | $33M | $28M | $26M | $21M | $24M | $24M | $28M | $30M | $31M | · | $36M | $40M | $45M | · | |
| Prepaid Expense | $54M | $54M | $23M | $15M | $13M | $10M | $12M | $11M | $12M | $12M | $13M | · | $9M | $14M | $14M | · | |
| Other Current Assets | $2M | $1M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $321M | $323M | $304M | $333M | $340M | $338M | $345M | $347M | $362M | $372M | $390M | · | $446M | $489M | $542M | · | |
| PP&E (Net) | $112M | $111M | $105M | $102M | $95M | $97M | $101M | $103M | $106M | $121M | $126M | · | $141M | $147M | $145M | · | |
| PP&E (Gross) | $224M | $217M | $205M | $197M | $185M | $185M | $182M | $178M | $177M | $186M | $184M | · | $186M | $188M | $181M | · | |
| Accum. Depreciation | $112M | $106M | $100M | $95M | $89M | $87M | $81M | $76M | $71M | $65M | $58M | · | $46M | $41M | $36M | · | |
| Goodwill | $82M | $82M | $82M | $82M | $82M | $86M | $86M | $86M | $86M | $86M | $86M | $86M | $86M | $86M | $86M | $86M | |
| Intangibles | $13M | $13M | $13M | $13M | $14M | $14M | $14M | $14M | $15M | $52M | $53M | · | $56M | $57M | $58M | · | |
| Other Non-current Assets | $5M | $5M | $5M | $5M | $4M | $4M | $3M | $2M | $5M | $5M | $5M | · | $6M | $2M | $3M | · | |
| Total Assets | $672M | $676M | $638M | $642M | $644M | $596M | $609M | $614M | $638M | $703M | $733M | · | $810M | $854M | $910M | · | |
| Accounts Payable | $17M | $15M | $12M | $11M | $12M | $8M | $8M | $2M | $7M | $8M | $9M | · | $12M | $13M | $20M | · | |
| Accrued Liabilities | $20M | $25M | $23M | $23M | $20M | $20M | $20M | $15M | $15M | $15M | $14M | · | $10M | $11M | $10M | · | |
| Current Liabilities | $120M | $120M | $80M | $91M | $87M | $75M | $70M | $71M | $74M | $67M | $65M | · | $73M | $72M | $84M | · | |
| Capital Leases | $85M | $85M | $86M | $62M | $63M | $65M | $68M | $70M | $73M | $75M | $77M | · | $80M | $78M | $80M | · | |
| Other Non-current Liabilities | $6M | $746.0K | $741.0K | $747.0K | $688.0K | $451.0K | $407.0K | $407.0K | $597.0K | $421.0K | $475.0K | · | $60.0K | $60.0K | $60.0K | · | |
| Total Liabilities | $227M | $221M | $182M | $169M | $165M | $156M | $153M | $142M | $147M | $143M | $143M | · | $153M | $150M | $164M | · | |
| Common Stock | $1.0K | $1.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | |
| Paid-in Capital | $1.88B | $1.85B | $1.81B | $1.79B | $1.77B | $1.75B | $1.73B | $1.72B | $1.70B | $1.68B | $1.67B | · | $1.64B | $1.63B | $1.62B | · | |
| Retained Earnings | $-1.43B | $-1.39B | $-1.35B | $-1.32B | $-1.29B | $-1.31B | $-1.27B | $-1.24B | $-1.21B | $-1.12B | $-1.08B | · | $-987M | $-929M | $-870M | · | |
| AOCI | $-655.0K | $-639.0K | $-571.0K | $-627.0K | $-864.0K | $-662.0K | $-649.0K | $-522.0K | $-735.0K | $-660.0K | $-565.0K | · | $-635.0K | $111.0K | $-609.0K | · | |
| Stockholders' Equity | $446M | $455M | $456M | $473M | $478M | $440M | $456M | $473M | $491M | $560M | $590M | $623M | $658M | $704M | $746M | $789M | |
| Liabilities + Equity | $672M | $676M | $638M | $642M | $644M | $596M | $609M | $614M | $638M | $703M | $733M | · | $810M | $854M | $910M | · | |
| Shares Outstanding | 62,674,000 | 62,154,000 | 61,274,000 | 60,631,000 | 60,174,000 | 59,857,000 | 59,582,000 | 58,877,000 | 58,519,000 | 58,162,000 | 57,779,000 | 57,557,000 | 57,367,000 | 57,105,000 | 56,645,000 | 56,523,000 |
Cash Flow 12
| 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 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $7M | $8M | $8M | $8M | $8M | $8M | $7M | $5M | $5M | |
| Stock-based Comp | $18M | $19M | $13M | $16M | $16M | $20M | $12M | $12M | $14M | $14M | $11M | $12M | $11M | $10M | $-2M | $19M | |
| Amort. of Intangibles | $300.0K | $300.0K | $300.0K | $200.0K | $300.0K | $300.0K | $300.0K | $200.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Other Non-cash | · | · | $-14M | · | · | · | $-8M | · | · | · | $844.0K | · | · | · | $-15M | · | |
| Operating Cash Flow | $1M | $-18M | $-25M | $-12M | $-1M | $-13M | $-21M | $-15M | $-6M | $-19M | $-23M | $-21M | $-23M | $-44M | $-54M | $-1M | |
| CapEx | $10M | $8M | $10M | $12M | $9M | $4M | $2M | $2M | $965.0K | $603.0K | $2M | $2M | $5M | $9M | $12M | $16M | |
| Investing Cash Flow | $-10M | $-13M | $-10M | $-12M | $-9M | $-1M | $-2M | $-1M | $-711.0K | $-5M | $4M | $-2M | $19M | $41M | $-7M | $3M | |
| Financing Cash Flow | $4M | $4M | $298.0K | $6M | $2M | $3M | $18M | $4M | $3M | $2M | $-1M | $442.0K | $-661.0K | $2M | $-395.0K | $1M | |
| Net Change in Cash | $-5M | $-26M | $-34M | $-18M | $-9M | $-11M | $-5M | $-13M | $-4M | $-23M | $-20M | $-23M | $-6M | $-2M | $-61M | $2M | |
| Taxes Paid | $-129.0K | $474.0K | $184.0K | $660.0K | $7.0K | $13.0K | $3.0K | $-19.0K | $24.0K | $299.0K | $40.0K | $179.0K | $104.0K | $85.0K | $52.0K | $116.0K | |
| Free Cash Flow | · | · | $-35M | · | · | · | $-24M | · | · | · | $-24M | · | · | · | $-66M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | $-24M | · | · | · | $-66M | · |
Profitability 7
| 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 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -30.6% | -41.4% | -31.7% | · | -31.4% | -44.8% | -39.1% | · | -109.1% | -64.9% | -65.7% | · | -95.4% | -102.4% | -82.3% | · | |
| Net Margin | -29.6% | -39.8% | -29.4% | · | 21.2% | -42.4% | -35.6% | · | -105.0% | -60.4% | -60.2% | · | -90.0% | -98.3% | -77.1% | · | |
| Pretax Margin | -29.3% | -39.7% | -29.2% | · | 21.4% | -42.2% | -35.5% | · | -104.8% | -60.0% | -60.0% | · | -89.1% | -97.2% | -77.0% | · | |
| EBITDA Margin | -30.6% | -41.4% | -25.8% | · | -31.4% | -44.8% | -31.9% | · | -109.1% | -64.9% | -54.3% | · | -95.4% | -102.4% | -72.5% | · | |
| ROA | -5.3% | -6.9% | -4.9% | · | 3.2% | -6.1% | -4.7% | · | -11.8% | -5.8% | -5.2% | · | -6.4% | -6.3% | -4.9% | · | |
| ROE | -7.6% | -9.8% | -6.7% | · | 4.2% | -7.9% | -6.0% | · | -14.9% | -7.2% | -6.4% | · | -7.8% | -7.5% | -6.1% | · | |
| ROIC | -8.2% | -10.1% | -7.3% | · | -6.2% | -9.5% | -7.6% | · | -18.1% | -8.8% | -8.0% | · | -9.3% | -8.9% | -6.0% | · |
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 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 2.7 | 3.8 | · | 3.9 | 4.5 | 5.0 | · | 4.9 | 5.5 | 6.0 | · | 6.1 | 6.8 | 6.5 | · | |
| Quick Ratio | 1.9 | 2.0 | 3.1 | · | 3.5 | 4.1 | 4.5 | · | 4.4 | 4.9 | 5.3 | · | 5.5 | 6.0 | 5.8 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | · | -60781.0 | -30818.5 | -44630.0 | · |
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 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | |
| Inventory Turnover | 1.8 | 2.0 | 1.8 | · | 1.6 | 1.8 | 1.7 | · | 1.4 | 1.3 | 1.1 | · | 1.1 | 1.0 | 0.7 | · | |
| Receivables Turnover | 2.1 | 1.9 | 2.3 | · | 2.3 | 2.2 | 2.4 | · | 2.2 | 1.8 | 1.8 | · | 1.5 | 1.4 | 1.4 | · |
Valuation (TTM) 10
| 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 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $429M | $403M | $381M | · | $359M | $338M | $317M | · | $292M | $271M | $250M | · | $234M | $219M | $201M | · | |
| Net Income TTM | $-89M | $-93M | $-81M | · | $-136M | $-202M | $-206M | · | $-231M | $-205M | $-201M | · | $-219M | $-222M | $-209M | · | |
| Market Cap | $6.45B | $2.95B | $1.94B | · | $2.21B | $2.35B | $2.77B | · | $2.88B | $2.00B | $2.13B | · | $1.17B | $861M | $1.35B | · | |
| P/E | -71.4 | -30.9 | -23.3 | · | -15.8 | -11.4 | -13.1 | · | -12.3 | -9.6 | -10.4 | · | -5.3 | -3.8 | -6.2 | · | |
| P/S | 15.0 | 7.3 | 5.1 | · | 6.2 | 6.9 | 8.7 | · | 9.9 | 7.4 | 8.5 | · | 5.0 | 3.9 | 6.7 | · | |
| P/B | 14.5 | 6.5 | 4.3 | · | 4.6 | 5.3 | 6.1 | · | 5.9 | 3.6 | 3.6 | · | 1.8 | 1.2 | 1.8 | · | |
| P / Tangible Book | 18.4 | 8.2 | 5.4 | · | 5.8 | 6.9 | 7.8 | · | 7.4 | 4.7 | 4.7 | · | 2.3 | 1.5 | 2.2 | · | |
| P / Cash Flow | · | · | -78.3 | · | · | · | -129.2 | · | · | · | -92.7 | · | · | · | -24.9 | · | |
| P / FCF | · | · | -55.9 | · | · | · | -116.8 | · | · | · | -87.0 | · | · | · | -20.5 | · | |
| Earnings Yield | -1.4% | -3.2% | -4.3% | · | -6.3% | -8.8% | -7.6% | · | -8.2% | -10.5% | -9.6% | · | -18.9% | -26.5% | -16.2% | · |
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 | $377M | $313M | $245M | $204M | $132M |
| Operating Margin % | -36.2% | -70.6% | -88.6% | -115.3% | -115.4% |
| Net Income | $-78M | $-209M | $-205M | $-218M | $-152M |
| Diluted EPS | $-1.30 | $-3.60 | $-3.60 | $-4.04 | $-3.15 |
Balance Sheet
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.0 | 0.0 |
| Current Ratio | 3.6 | 4.9 | 5.8 | 6.6 | 8.7 |
| Quick Ratio | 3.2 | 4.4 | 5.2 | 6.0 | 8.0 |
Cash Flow
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-76M | $-69M | $-170M | $-226M | $-139M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 360 filers · $5.5B 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 97 (+28 vs prior Q) | 31 (+2 vs prior Q) | 92 (+14 vs prior Q) | 100 (+20 vs prior Q) | +4.3M |
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 |
|---|---|---|---|---|
| Artisan Partners Limited Partnership | $494,031,558 | 4,802,017 | 8.91% | Shares |
| FMR LLC | $473,967,543 | 4,606,994 | 8.54% | Shares |
| ARK Investment Management LLC | $468,083,756 | 4,549,803 | 8.44% | Shares |
| STATE STREET CORP | $332,562,892 | 3,232,532 | 6.00% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $290,634,868 | 2,824,989 | 5.24% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $277,701,926 | 2,699,280 | 5.01% | Shares |
| EdgePoint Investment Group Inc. | $259,425,809 | 2,521,635 | 4.68% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $223,722,231 | 2,174,594 | 4.03% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $219,792,832 | 2,136,400 | 3.96% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $143,064,065 | 1,390,273 | 2.58% | Shares |
| Driehaus Capital Management LLC | $105,197,475 | 1,022,526 | 1.90% | Shares |
| D. E. Shaw & Co., Inc. | $104,465,689 | 1,015,413 | 1.88% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $102,915,391 | 1,000,344 | 1.86% | Shares |
| Amova Asset Management Americas, Inc. | $102,842,637 | 999,734 | 1.85% | Shares |
| MORGAN STANLEY | $99,254,200 | 964,757 | 1.79% | Shares |
| GOLDMAN SACHS GROUP INC | $87,915,487 | 854,544 | 1.58% | Shares |
| Stephens Investment Management Group LLC | $78,946,408 | 767,364 | 1.42% | Shares |
| First Light Asset Management, LLC | $74,889,747 | 727,933 | 1.35% | Shares |
| CITADEL ADVISORS LLC | $70,424,961 | 684,535 | 1.27% | Shares |
| LOOMIS SAYLES & CO L P | $68,807,893 | 668,817 | 1.24% | Shares |
| FIL Ltd | $65,955,956 | 641,096 | 1.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $57,602,512 | 559,900 | 1.04% | Shares |
| FRED ALGER MANAGEMENT, LLC | $57,423,192 | 558,157 | 1.04% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $57,317,637 | 557,131 | 1.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $56,239,043 | 546,647 | 1.01% | Shares |
| AMERICAN CENTURY COMPANIES INC | $50,105,932 | 487,031 | 0.90% | Shares |
| Tao Capital Management LP | $49,260,487 | 478,815 | 0.89% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $47,545,478 | 462,145 | 0.86% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $45,624,605 | 443,474 | 0.82% | Shares |
| JENNISON ASSOCIATES LLC | $36,411,289 | 353,920 | 0.66% | Shares |
| MILLENNIUM MANAGEMENT LLC | $35,714,586 | 347,148 | 0.64% | Shares |
| AMERIPRISE FINANCIAL INC | $33,015,885 | 320,914 | 0.60% | Shares |
| Granahan Investment Management, LLC | $32,395,060 | 314,882 | 0.58% | Shares |
| BANK OF AMERICA CORP /DE/ | $31,566,670 | 306,830 | 0.57% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $26,576,990 | 258,330 | 0.48% | Shares |
| BLAIR WILLIAM & CO/IL | $26,394,481 | 256,556 | 0.48% | Shares |
| Trexquant Investment LP | $26,262,280 | 255,271 | 0.47% | Shares |
| USS Investment Management Ltd | $24,832,805 | 241,224 | 0.45% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $20,215,508 | 196,496 | 0.36% | Shares |
| IQ EQ FUND MANAGEMENT (IRELAND) Ltd | $19,737,014 | 191,845 | 0.36% | Shares |
| FIRST TRUST ADVISORS LP | $19,637,631 | 190,879 | 0.35% | Shares |
| STATE OF MICHIGAN RETIREMENT SYSTEM | $18,251,015 | 177,401 | 0.33% | Shares |
| Metavasi Capital LP | $18,107,292 | 176,004 | 0.33% | Shares |
| BAILLIE GIFFORD & CO | $17,398,037 | 169,110 | 0.31% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $15,809,260 | 153,667 | 0.28% | Shares |
| ARMISTICE CAPITAL, LLC | $14,608,960 | 142,000 | 0.26% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $14,297,234 | 138,970 | 0.26% | Shares |
| Science & Technology Partners, L.P. | $13,294,977 | 129,228 | 0.24% | Shares |
| PARNASSUS INVESTMENTS, LLC | $12,345,703 | 120,001 | 0.22% | Shares |
| PEAK6 LLC | $11,759,184 | 114,300 | 0.21% | Call option |
| Swiss National Bank | $11,707,744 | 113,800 | 0.21% | Shares |
| OSTERWEIS CAPITAL MANAGEMENT INC | $11,466,799 | 111,458 | 0.21% | Shares |
| Soleus Capital Management, L.P. | $10,764,232 | 104,629 | 0.19% | Shares |
| TD Asset Management Inc | $10,698,080 | 103,986 | 0.19% | Shares |
| Pictet Asset Management Holding SA | $10,689,976 | 108,267 | 0.19% | Shares |
| NEUBERGER BERMAN GROUP LLC | $10,273,905 | 99,863 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $10,225,024 | 99,388 | 0.18% | Shares |
| Mawer Investment Management Ltd. | $10,210,943 | 99,251 | 0.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $9,732,448 | 94,600 | 0.18% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $9,184,000 | 89,273 | 0.17% | Shares |
| BlackRock, Inc. | $9,094,180 | 88,396 | 0.16% | Shares |
| ODDO BHF ASSET MANAGEMENT SAS | $9,054,057 | 88,006 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,991,712 | 87,400 | 0.16% | Call option |
| Vestmark Advisory Solutions, Inc. | $8,759,409 | 85,142 | 0.16% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $8,214,762 | 79,848 | 0.15% | Shares |
| Freshford Capital Management, LLC | $8,078,961 | 78,528 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $8,034,928 | 78,100 | 0.14% | Call option |
| CITADEL ADVISORS LLC | $7,839,456 | 76,200 | 0.14% | Call option |
| Ensign Peak Advisors, Inc | $7,645,424 | 74,314 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,427,936 | 72,200 | 0.13% | Put option |
| UBS Group AG | $7,395,323 | 71,883 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $6,854,563 | 66,627 | 0.12% | Shares |
| LPL Financial LLC | $6,573,723 | 63,897 | 0.12% | Shares |
| Atika Capital Management LLC | $6,471,461 | 62,903 | 0.12% | Shares |
| Informed Momentum Co LLC | $6,436,584 | 62,564 | 0.12% | Shares |
| WELLS FARGO & COMPANY/MN | $6,032,266 | 58,634 | 0.11% | Shares |
| Man Group plc | $5,997,390 | 58,295 | 0.11% | Shares |
| Bank of New York Mellon Corp | $5,829,387 | 56,662 | 0.11% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $5,690,293 | 55,310 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $5,638,853 | 54,810 | 0.10% | Shares |
| Susquehanna Portfolio Strategies, LLC | $5,618,997 | 54,617 | 0.10% | Shares |
| ExodusPoint Capital Management, LP | $5,349,657 | 51,999 | 0.10% | Shares |
| IEQ CAPITAL, LLC | $5,258,094 | 51,109 | 0.09% | Shares |
| Baird Financial Group, Inc. | $5,129,803 | 49,862 | 0.09% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $4,873,322 | 47,369 | 0.09% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $4,790,299 | 46,562 | 0.09% | Shares |
| Night Owl Capital Management, LLC | $4,715,711 | 45,837 | 0.09% | Shares |
| KEYSTONE INVESTORS PTE LTD | $4,704,702 | 45,730 | 0.08% | Shares |
| Conestoga Capital Advisors, LLC | $4,427,955 | 43,040 | 0.08% | Shares |
| Rafferty Asset Management, LLC | $4,190,508 | 40,732 | 0.08% | Shares |
| Squarepoint Ops LLC | $4,113,245 | 39,981 | 0.07% | Shares |
| HighMark Wealth Management LLC | $4,015,406 | 39,030 | 0.07% | Shares |
| BARCLAYS PLC | $3,928,370 | 38,184 | 0.07% | Shares |
| Quantinno Capital Management LP | $3,913,658 | 38,041 | 0.07% | Shares |
| Clearstead Advisors, LLC | $3,870,758 | 37,624 | 0.07% | Shares |
| Verition Fund Management LLC | $3,844,523 | 37,369 | 0.07% | Shares |
| PERCEPTIVE ADVISORS LLC | $3,787,219 | 36,812 | 0.07% | Shares |
| Nuveen, LLC | $3,763,762 | 36,584 | 0.07% | Shares |
| MetLife Investment Management, LLC | $3,716,334 | 36,123 | 0.07% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $3,677,960 | 35,750 | 0.07% | Shares |
Company insiders 24 insiders · 8 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Adam Laponis | Chief Financial Officer | July 9, 2026 S | 110,276 | 0 | 16 | $-2,398,543 |
| James M Thorburn | Chief Financial Officer | Jan. 2, 2024 F | 86,334 | 0 | 0 | $0 |
| Patrick Weiss | Chief Operating Officer | April 1, 2022 F | 47,401 | 0 | 0 | $0 |
| William Banyai | See Remark | May 3, 2024 S | 345,188 | 0 | 0 | $0 |
| Kevin Bruce Yankton | Chief Accounting Officer | May 17, 2023 F | 9,115 | 0 | 0 | $0 |
| Mark Daniels | Senior Vice President, Chief Legal Officer, Chief Ethics and Compliance Officer, and Secretary | April 1, 2021 F | 66,736 | 0 | 0 | $0 |
| Martin Kunz | SVP, Operations | Oct. 24, 2019 A | 20,346 | 0 | 0 | $0 |
| Bill Peck | Chief Technology Officer | Oct. 24, 2019 A | 646,112 | 0 | 0 | $0 |
| Melissa A. Starovasnik | Director | May 28, 2026 S | 22,222 | 0 | 4 | $-282,435 |
| Jan Johannessen | Director | May 12, 2026 M | 17,754 | 0 | 3 | $-953,322 |
| Nelson C Chan | Director | Feb. 5, 2026 A | 33,251 | 0 | 0 | $0 |
| Robert P Ragusa | Director | Feb. 5, 2026 A | 28,983 | 0 | 0 | $0 |
| Keith Crandell | Director | Feb. 5, 2026 A | 27,571 | 0 | 0 | $0 |
| Xiaoying Mai | Director | Feb. 6, 2024 A | 31,057 | 0 | 0 | $0 |
| Nicolas Barthelemy | Director | Nov. 21, 2022 M | 23,021 | 0 | 0 | $0 |
| Fred B Craves | Director | July 23, 2019 A | 66,771 | 0 | 0 | $0 |
| Ever Alpha Fund L.P. | 10% owner | Nov. 2, 2018 C | 3,294,961 | 0 | 0 | $0 |
| Emily M. Leproust | — | Aug. 12, 2026 M | 818,938 | 0 | 32 | $-28,136,542 |
| Katryn Blake | — | Aug. 12, 2026 S | 17,208 | 0 | 1 | $-275,251 |
| Robert Chess | — | Aug. 7, 2026 M | 21,084 | 0 | 3 | $-2,617,661 |
| Dennis Cho | — | Aug. 5, 2026 S | 89,866 | 0 | 24 | $-4,988,863 |
| Patrick John Finn | — | Aug. 3, 2026 S | 269,678 | 0 | 22 | $-7,748,849 |
| Paula Green | — | Aug. 3, 2026 S | 119,281 | 0 | 22 | $-5,372,493 |
| Robert F. Werner | — | Aug. 3, 2026 S | 46,160 | 0 | 20 | $-1,080,537 |
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 |
|---|---|---|---|---|
| ARKG · ARK ETF Trust | 8.99% | 1,900,539 NS | April 30, 2026 | N-PORT |
| IDNA · iShares Trust | 5.52% | 99,937 SH | Aug. 8, 2026 | Daily |
| GNOM · Global X Funds | 3.97% | 33,087 NS | May 31, 2026 | N-PORT |
| ARKK · ARK ETF Trust | 3.05% | 3,382,664 NS | April 30, 2026 | N-PORT |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 2.34% | 21,324 NS | April 30, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.93% | 41,264 SH | Aug. 8, 2026 | Daily |
| HAPS · Harbor ETF Trust | 1.40% | 37,629 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 1.17% | 103,603 NS | April 30, 2026 | N-PORT |
| LFSC · RBB Fund, Inc. | 1.14% | 17,850 NS | May 31, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.79% | 6,191 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.55% | 98,295 NS | April 30, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.53% | 20,793 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.50% | 437,166 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.49% | 3,387 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.42% | 562,532 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.38% | 66,442 SH | Aug. 8, 2026 | Daily |
| ESSC · Strategy Shares | 0.30% | 1,335 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.28% | 58,436 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.21% | 1,574,240 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.21% | 18,862 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.21% | 2,266 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.19% | 357,374 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 22,958 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.18% | 4,550 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.18% | 70,797 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.18% | 45,049 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.17% | 783,540 SH | Aug. 8, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.15% | 34,130 NS | April 30, 2026 | N-PORT |
| TECB · iShares Trust | 0.13% | 5,906 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 9,158 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.11% | 26,268 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.10% | 2,699 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.10% | 2,852 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.10% | 26,976 SH | Aug. 8, 2026 | Daily |
| GINN · Goldman Sachs ETF Trust | 0.09% | 2,969 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.09% | 170,681 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.09% | 293,984 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.07% | 714,640 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.07% | 1,356,818 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.06% | 3,752 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.06% | 2,231 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.06% | 27,593 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.05% | 121,271 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 7,422 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.04% | 2,259 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 2,384 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.02% | 57 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 100,200 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 20,417 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 1,874,863 SH | Aug. 8, 2026 | Daily |