TXNM TXNM Energy, Inc. Common Stock
$57.57
Price · Aug 19, 2026
Fundamentals as of Jul 31, 2026
52W Range
$56–$60
50% of range
Analyst Rating
HOLD
11 analysts
Price Target
$61
+5% upside
P/E (TTM)
38.9
ROE
5.7%
Net Profit Margin
7.8%
About TXNM Energy, Inc. Common Stock Company overview from Wikipedia
TXNM Energy, Inc. is an energy holding company based in Albuquerque, New Mexico. TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM Energy owns both PNM and Texas - New Mexico Power (TNMP). In 2025, Blackstone Inc.'s infrastructure business agreed to acquire the company for an enterprise value of $11.5 billion.
Read more
TXNM Energy, Inc. (formerly PNM Resources) is an energy holding company based in Albuquerque, New Mexico. TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM Energy owns both PNM and Texas - New Mexico Power (TNMP). In 2025, Blackstone Inc.'s infrastructure business agreed to acquire the company for an enterprise value of $11.5 billion.
Headquartered in Albuquerque, TXNM Energy has a diverse energy portfolio and combined with their purchased power resources contribute to a total generation capacity of approximately 2.7 gigawatts and serves electricity to 800,000 residential and business customers across New Mexico and Texas.
Primary holdings
TNMP
Texas-New Mexico Power is a corporation that is wholly owned by TXNM Energy. It is a regulated electric utility operating in Texas. TNMP was sold in a leveraged buyout in 2000. TXNM acquired Texas—New Mexico Power in 2005 and moved the New Mexico properties to TXNM in 2006. TNMP is headquartered in Lewisville, Texas.
Corporate organization and history
TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM sold the gas part of the business to Southern Union Gas Company of Dallas in 1949. These sold portions became the Gas Company of New Mexico. In 1985, however, PNM reacquired the Gas Company of New Mexico after Southern Union Gas Company reached a settlement stemming from federal antitrust litigation. In 1994, both electric and gas operations began serving customers as PNM.
In May 2003, TXNM Energy' utility subsidiary, PNM, was recognized by the American Wind Energy Association's Utility Leadership Award for PNM's role in the creation of the New Mexico Wind Energy Center. The award was presented at the National Wind Energy Conference in Austin, Texas.
In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by the private equity firm Lindsay Goldberg. It was later acquired by TECO Energy. It will soon become a division of Halifax, Canada-based Emera when its acquisition of TECO Energy closes by mid-2016.
On October 21, 2020, the company announced a strategic merger with Avangrid, a subsidiary of Iberdrola.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
TXNM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$57.57
Market Cap
$6.27B
P/E (TTM)
38.9
EPS (TTM)
$1.48
Revenue (TTM)
$2.17B
Div Yield
2.6%
ROE
5.7%
Debt/Equity
1.6
52W Range
$56 – $60
TXNM 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
$2.17B
2023-12-31
→
2025-12-31
EPS
$1.48
2023-12-31
→
2025-12-31
Free Cash Flow
$-611M
2023-12-31
→
2025-12-31
Margins
7.8%
2023-12-31
→
2023-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TXNM
Peer Median
P/E (TTM)
38.9
22.4
P/S (TTM)
2.9
4.3
P/B
1.8
1.9
EV / EBITDA
12.8
—
Price / FCF
-10.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TXNM
Peer Median
Operating Margin
20.4%
—
Net Profit Margin
7.8%
14.4%
ROA
1.5%
2.9%
ROE
5.7%
9.4%
ROIC
4.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TXNM
Peer Median
Debt / Equity
1.6
—
Current Ratio
0.6
0.7
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TXNM
Peer Median
Revenue YoY
9.9%
—
Revenue CAGR 3Y
-1.3%
—
Revenue CAGR 5Y
7.3%
—
EPS YoY
-44.6%
—
Net Income YoY
-34.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TXNM
Peer Median
Payout Ratio
96.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.6%
Payout Ratio
96.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 3, 2026 | $0.4230 |
| April 27, 2026 | $0.4230 |
| Jan. 30, 2026 | $0.4230 |
| Oct. 24, 2025 | $0.4080 |
| Aug. 8, 2025 | $0.4080 |
| April 25, 2025 | $0.4080 |
| Jan. 31, 2025 | $0.4080 |
| Oct. 28, 2024 | $0.3880 |
| July 26, 2024 | $0.3880 |
| April 25, 2024 | $0.3880 |
| Feb. 1, 2024 | $0.3880 |
| Oct. 26, 2023 | $0.3680 |
| Aug. 10, 2023 | $0.3680 |
| April 27, 2023 | $0.3680 |
| Feb. 2, 2023 | $0.3680 |
| Oct. 26, 2022 | $0.3480 |
| Aug. 16, 2022 | $0.3480 |
| April 28, 2022 | $0.3480 |
| Feb. 11, 2022 | $0.3480 |
| Oct. 29, 2021 | $0.3280 |
TXNM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 2 18.2%
- Buy 4 36.4%
- Hold 5 45.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-19
Median
$61.00
Mean
$60.70
← Below all targets
$57.57
Low
$59.00
High
$61.25
Median target
$61.00
+6.0%
Mean target
$60.70
+5.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.10%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.58 | $0.55 | 0.03% |
| March 31, 2026 | $0.21 | $0.31 | -0.10% |
| Dec. 31, 2025 | $0.48 | $0.64 | -0.16% |
| Sept. 30, 2025 | $1.33 | $1.51 | -0.18% |
| June 30, 2025 | $0.25 | $0.42 | -0.17% |
| March 31, 2025 | $0.19 | $0.20 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TXNM | $6.41B | 39.8 | 9.9% | 7.8% | 5.7% | — |
| PNW | — | 17.6 | 4.2% | 11.8% | 9.2% | — |
| OGE | $8.80B | 18.4 | 9.2% | 14.4% | 9.8% | — |
| IDA | — | 21.5 | -1.2% | 18.5% | 9.4% | — |
| OKLO | $11.52B | -99.7 | — | — | -9.7% | — |
| POR | $5.55B | 17.3 | 4.0% | 8.6% | 7.7% | — |
| OTTR | $3.39B | 12.3 | -2.3% | 21.2% | 15.2% | — |
| MGEE | $2.87B | 21.1 | — | -402.1% | 10.6% | — |
| HE | $2.12B | 17.3 | -4.1% | 4.1% | 8.0% | — |
| GNE | — | 15.3 | 18.1% | 4.8% | 9.7% | 24.8% |
| NEE | $167.22B | 24.3 | 9.8% | 26.5% | 13.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $1.97B | $1.94B | $2.25B | $1.78B | $1.52B | $1.46B | $1.44B | $1.45B | $1.36B | |
| Gross Profit | · | · | $656M | $740M | $649M | $607M | · | · | · | · | |
| SG&A Expense | $274M | $247M | $228M | $227M | $230M | $216M | $189M | $188M | $178M | $185M | |
| Operating Income | $441M | $453M | $231M | $394M | $308M | $285M | $144M | $236M | $315M | $285M | |
| Interest Expense | · | · | $190M | $128M | $97M | $114M | $121M | $127M | $128M | $129M | |
| Interest Income | $20M | $24M | $22M | $16M | $15M | $14M | $14M | $16M | $16M | $22M | |
| Other Non-op | $10M | $55M | $50M | $-55M | $33M | $37M | $44M | $254.0K | $38M | $39M | |
| Pretax Income | $180M | $280M | $91M | $211M | $244M | $208M | $67M | $109M | $226M | $195M | |
| Income Tax | $10M | $22M | $-16M | $26M | $33M | $21M | $-25M | $8M | $130M | $63M | |
| Net Income | $170M | $259M | $107M | $185M | $212M | $187M | $92M | · | $80M | $117M | |
| EPS (Basic) | $1.49 | $2.67 | $1.02 | $1.97 | $2.28 | $2.16 | $0.97 | $1.07 | $1.00 | $1.47 | |
| EPS (Diluted) | $1.48 | $2.67 | $1.02 | $1.97 | $2.27 | $2.15 | $0.97 | $1.07 | $1.00 | $1.46 | |
| Shares (Basic) | 101,507,000 | 90,534,000 | 86,296,000 | 86,122,000 | 86,070,000 | 80,157,000 | 79,931,000 | 79,890,000 | 79,891,000 | 79,758,000 | |
| Shares (Diluted) | 102,392,000 | 90,591,000 | 86,369,000 | 86,169,000 | 86,111,000 | 80,303,000 | 79,990,000 | 80,012,000 | 80,141,000 | 80,132,000 | |
| EBITDA | $925M | $876M | $585M | $735M | $628M | $600M | $445M | $512M | $575M | $520M |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18M | $4M | $2M | $4M | $1M | $48M | $4M | $2M | $4M | $6M | |
| Receivables | $152M | $130M | $126M | $184M | $123M | $113M | $86M | $93M | $90M | $87M | |
| Inventory | $181M | $167M | $98M | $67M | $65M | $66M | $78M | $72M | $67M | $73M | |
| Prepaid Expense | $29M | $25M | $20M | $18M | $37M | $42M | · | · | · | · | |
| Other Current Assets | $12M | $16M | $9M | $32M | $2M | $22M | $44M | $55M | $47M | $73M | |
| Current Assets | $565M | $499M | $476M | $411M | $325M | $377M | $294M | $303M | $294M | $378M | |
| Goodwill | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | |
| Total Assets | $12.06B | $11.21B | $10.25B | $9.26B | $8.67B | $7.94B | $7.30B | $6.87B | $6.65B | $6.47B | |
| Accounts Payable | $243M | $204M | $205M | $216M | $173M | $169M | $103M | $112M | $121M | $87M | |
| Short-term Debt | $181M | $609M | $262M | $232M | $63M | $32M | $185M | $236M | $305M | $287M | |
| Current Liabilities | $1.02B | $1.78B | $1.23B | $890M | $664M | $978M | $967M | $512M | $836M | $805M | |
| Capital Leases | $97M | $255M | $167M | $41M | $56M | $81M | $106M | · | · | · | |
| Deferred Tax | $961M | $899M | $845M | $823M | $765M | $695M | $626M | $601M | $547M | $941M | |
| Total Liabilities | $8.60B | $8.62B | $7.84B | $7.00B | $6.43B | $5.82B | $5.55B | $5.10B | $4.87B | $4.71B | |
| Long-term Debt | $5.42B | $4.92B | $4.52B | $4.08B | $3.70B | $3.30B | $3.01B | $2.67B | $2.44B | $2.39B | |
| Total Debt | $5.60B | $5.53B | $4.78B | $4.31B | $3.76B | $3.33B | $3.19B | $2.91B | $2.74B | $2.68B | |
| Common Stock | $2.56B | $1.72B | $1.62B | $1.43B | $1.43B | $1.43B | $1.15B | $1.15B | $1.16B | $1.16B | |
| Retained Earnings | $867M | $888M | $787M | $829M | $810M | $699M | $628M | $644M | $634M | $605M | |
| AOCI | $-27M | $-76M | $-63M | $-66M | $-72M | $-79M | $-99M | $-109M | $-96M | $-92M | |
| Stockholders' Equity | $3.40B | $2.54B | $2.35B | $2.19B | $2.17B | $2.05B | $1.68B | $1.69B | $1.70B | $1.68B | |
| Liabilities + Equity | $12.06B | $11.21B | $10.25B | $9.26B | $8.67B | $7.94B | $7.30B | $6.87B | $6.65B | $6.47B | |
| Shares Outstanding | 108,921,356 | 92,659,335 | 90,200,384 | 85,834,874 | 85,834,874 | 85,834,874 | 79,653,624 | 79,653,624 | 79,653,624 | 79,653,624 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $483M | $423M | $354M | $341M | $320M | $315M | $301M | $276M | $268M | $242M | |
| Stock-based Comp | $9M | $9M | $7M | $8M | $9M | $8M | $6M | $7M | $6M | $6M | |
| Deferred Tax | $8M | $43M | $-14M | $25M | $31M | $20M | $-25M | $8M | $131M | $64M | |
| Other Non-cash | $-86M | $-226M | $97M | $9M | $-24M | · | · | · | $40M | $-13M | |
| Operating Cash Flow | $584M | $508M | $551M | $567M | $548M | $486M | $503M | $428M | $523M | $408M | |
| CapEx | $1.20B | $1.25B | $1.08B | $913M | $935M | $679M | $616M | $501M | $500M | $600M | |
| Investing Cash Flow | $-1.22B | $-1.17B | $-1.09B | $-950M | $-952M | $-734M | $-674M | $-476M | $-466M | $-699M | |
| Debt Issued | $3.69B | $1.23B | $1.36B | $558M | $1.82B | $1.27B | $745M | $985M | $317M | $604M | |
| Net Debt Issued | $503M | $413M | $448M | $378M | $405M | $290M | $338M | $234M | $43M | $300M | |
| Stock Issued | $843M | $99M | $198M | $0 | $0 | $283M | $0 | $0 | · | · | |
| Stock Repurchased | $12M | $8M | $10M | $8M | $10M | $12M | $10M | $13M | $14M | $15M | |
| Net Stock Activity | $831M | $90M | $189M | $-8M | $-10M | $271M | $-10M | $-13M | $-14M | $-15M | |
| Dividends Paid | $163M | $140M | $127M | $120M | $113M | $99M | $93M | $85M | $78M | · | |
| Financing Cash Flow | $643M | $684M | $537M | $386M | $358M | $292M | $172M | $46M | $-59M | $242M | |
| Net Change in Cash | $10M | $18M | $-135.0K | $3M | $-47M | $44M | $2M | $-2M | $-2M | $-49M | |
| Taxes Paid | $2M | $-998.0K | $2M | $-1M | $1M | $969.0K | $-3M | $842.0K | $625.0K | $-307.0K | |
| Free Cash Flow | $-611M | $-739M | $-525M | $-345M | $-387M | $-193M | $-113M | $-73M | $24M | $-185M | |
| Levered FCF | · | · | $-749M | $-457M | $-471M | $-296M | $-280M | $-191M | $-30M | $-272M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | 33.8% | 32.9% | · | · | · | · | · | · | |
| Operating Margin | 20.4% | 23.0% | 11.9% | 17.5% | 17.3% | 18.7% | 9.9% | 16.4% | · | · | |
| Net Margin | 7.8% | 13.1% | 5.5% | 8.2% | 11.9% | · | · | · | · | · | |
| Pretax Margin | 8.3% | 14.2% | 4.7% | 9.4% | 13.7% | 13.7% | 4.6% | 7.6% | · | · | |
| EBITDA Margin | 42.7% | 44.5% | 30.2% | 32.7% | 35.3% | 39.4% | 30.6% | 35.6% | · | · | |
| ROA | 1.5% | 2.4% | 1.1% | 2.0% | 2.5% | · | · | · | 1.2% | 1.8% | |
| ROE | 5.7% | 10.6% | 4.7% | 8.5% | 10.1% | · | · | · | 4.7% | 7.0% | |
| ROIC | 4.6% | 5.2% | 3.8% | 5.3% | 4.5% | 4.8% | 4.1% | 4.8% | 2.9% | 4.3% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.3 | 0.4 | 0.5 | 0.5 | 0.4 | 0.3 | 0.6 | 0.4 | 0.5 | |
| Quick Ratio | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | |
| Debt / Equity | 1.6 | 2.2 | 2.0 | 2.0 | 1.7 | 1.6 | 1.9 | 1.7 | 1.6 | 1.6 | |
| LT Debt / Equity | 1.5 | 1.7 | 1.8 | 1.8 | 1.6 | 1.3 | 1.5 | 1.6 | 1.3 | 1.3 | |
| Interest Coverage | · | · | 1.2 | 3.1 | 3.2 | 2.5 | 1.2 | 1.9 | 2.4 | 2.2 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · | · | |
| Receivables Turnover | 15.4 | 15.4 | 12.5 | 14.7 | 15.0 | 15.3 | 16.3 | 15.7 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 9.9% | 1.7% | -13.8% | 26.4% | 16.9% | · | · | · | · | · | |
| Revenue CAGR 3Y | -1.3% | 3.5% | 8.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.3% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -44.6% | 161.8% | -48.2% | -13.2% | 5.6% | · | · | · | · | · | |
| EPS CAGR 3Y | -9.1% | 5.6% | -22.0% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -7.2% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -34.4% | 142.1% | -42.3% | -12.6% | 13.1% | · | · | · | · | · | |
| Net Income CAGR 3Y | -2.8% | 6.9% | -17.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -1.9% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 10.7% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.17B | $1.97B | $1.94B | $2.25B | $1.78B | $1.52B | $1.46B | $1.44B | $1.45B | $1.36B | |
| Net Income TTM | $170M | $259M | $107M | $185M | $212M | $187M | $92M | $86M | $80M | $117M | |
| Market Cap | $6.41B | $4.44B | $3.57B | $4.19B | $3.91B | $3.87B | $4.04B | $3.27B | $3.22B | $2.73B | |
| Enterprise Value | $11.99B | $9.96B | $8.35B | $8.49B | $7.68B | $7.14B | $7.23B | $6.18B | $5.96B | $5.41B | |
| P/E | 39.8 | 18.4 | 40.8 | 24.8 | 20.1 | 22.6 | 52.3 | 38.4 | 40.5 | 23.5 | |
| P/S | 3.0 | 2.2 | 1.8 | 1.9 | 2.2 | 2.5 | 2.8 | 2.3 | 2.2 | 2.0 | |
| P/B | 1.9 | 1.7 | 1.5 | 1.9 | 1.8 | 1.9 | 2.4 | 1.9 | 1.9 | 1.6 | |
| P / Tangible Book | 2.1 | 2.0 | 1.7 | 2.2 | 2.1 | 2.2 | · | · | · | · | |
| P / Cash Flow | 11.0 | 8.7 | 6.5 | 7.4 | 7.1 | 8.0 | 8.0 | 7.6 | 6.1 | 6.6 | |
| P / FCF | -10.5 | -6.0 | -6.8 | -12.1 | -10.1 | -20.0 | -35.7 | -44.8 | 134.2 | -14.8 | |
| EV / EBITDA | 13.0 | 11.4 | 14.3 | 11.6 | 12.2 | 11.9 | 16.2 | 12.1 | 10.4 | 10.4 | |
| EV / FCF | -19.6 | -13.5 | -15.9 | -24.6 | -19.8 | -37.0 | -63.9 | -84.6 | 248.4 | -29.3 | |
| EV / Revenue | 5.5 | 5.1 | 4.3 | 3.8 | 4.3 | 4.7 | 5.0 | 4.3 | 4.1 | 4.0 | |
| Dividend Yield | 2.5% | 3.2% | 3.5% | 2.9% | 2.9% | 2.5% | 2.3% | 2.6% | 2.4% | · | |
| Earnings Yield | 2.5% | 5.4% | 2.5% | 4.0% | 5.0% | 4.4% | 1.9% | 2.6% | 2.5% | 4.3% | |
| Payout Ratio | 96.2% | 54.2% | 118.5% | 64.7% | 53.3% | · | · | · | · | · | |
| Annual Payout | $163M | $140M | $127M | $120M | $113M | $99M | $93M | $85M | $78M | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $549M | $505M | $533M | $647M | $502M | $483M | $477M | $569M | $488M | $437M | $412M | $506M | $477M | $544M | $576M | $730M | |
| Gross Profit | · | · | · | · | · | · | · | $297M | $198M | $176M | · | $177M | $182M | $187M | · | $269M | |
| SG&A Expense | $65M | $67M | $69M | $68M | $76M | $61M | $67M | $65M | $60M | $55M | $60M | $58M | $54M | $55M | $62M | $58M | |
| Operating Income | $123M | $77M | $94M | $203M | $73M | $72M | $76M | $191M | $106M | $81M | $-47M | $87M | $92M | $99M | $57M | $183M | |
| Interest Expense | $69M | $69M | · | $70M | $72M | $64M | · | $60M | $56M | $54M | · | $50M | $46M | $41M | · | $35M | |
| Interest Income | $4M | $4M | $5M | $6M | $4M | $4M | $6M | $9M | $4M | $5M | $6M | $5M | $5M | $5M | $5M | $4M | |
| Other Non-op | $34M | $-420.0K | $-44M | $23M | $27M | $5M | $4M | $28M | $11M | $11M | $26M | $835.0K | $11M | $12M | $11M | $-8M | |
| Pretax Income | $88M | $8M | $-16M | $155M | $27M | $14M | $22M | $160M | $61M | $38M | $-75M | $38M | $58M | $70M | $29M | $140M | |
| Income Tax | $12M | $-9.0K | $-11M | $19M | $1M | $1M | $2M | $23M | $9M | $-13M | $-29M | $-5M | $8M | $10M | $9M | $13M | |
| Net Income | $75M | $8M | $-5M | $136M | $26M | $13M | $20M | $136M | $52M | $50M | $-46M | $43M | $49M | $60M | $20M | $127M | |
| EPS (Basic) | $0.64 | $0.03 | $-0.05 | $1.22 | $0.22 | $0.10 | $0.17 | $1.45 | $0.53 | $0.52 | $-0.59 | $0.44 | $0.53 | $0.64 | $0.18 | $1.42 | |
| EPS (Diluted) | $0.64 | $0.03 | $-0.06 | $1.22 | $0.22 | $0.10 | $0.17 | $1.45 | $0.53 | $0.52 | $-0.59 | $0.44 | $0.53 | $0.64 | $0.18 | $1.42 | |
| Shares (Basic) | 111,182,000 | 109,848,000 | -195,003,000 | 107,361,000 | 96,132,000 | 93,017,000 | -180,983,000 | 90,530,000 | 90,504,000 | 90,483,000 | -171,979,000 | 86,089,000 | 86,085,000 | 86,101,000 | -172,256,000 | 86,101,000 | |
| Shares (Diluted) | 111,232,000 | 112,860,000 | -194,401,000 | 107,417,000 | 96,197,000 | 93,179,000 | -181,080,000 | 90,605,000 | 90,552,000 | 90,514,000 | -172,030,000 | 86,129,000 | 86,129,000 | 86,141,000 | -172,364,000 | 86,136,000 | |
| EBITDA | $123M | $202M | · | $203M | $73M | $186M | · | $191M | $106M | $184M | · | $87M | $92M | $186M | · | $183M |
Balance Sheet 22
| 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 | $15M | $6M | $18M | $32M | $22M | $6M | $4M | $7M | $3M | $3M | · | $8M | $8M | $4M | · | $6M | |
| Receivables | $145M | $136M | $152M | $191M | $146M | $132M | $130M | $150M | $122M | $105M | · | $175M | $121M | $129M | · | $180M | |
| Inventory | $194M | $190M | $181M | $173M | $171M | $168M | $167M | $121M | $115M | $104M | · | $83M | $81M | $64M | · | $65M | |
| Prepaid Expense | $33M | $25M | $29M | $31M | $40M | $26M | $25M | $34M | $30M | $17M | · | $22M | $23M | $22M | · | $18M | |
| Other Current Assets | $16M | $5M | $12M | $6M | $14M | $8M | $16M | $9M | $22M | $16M | · | $6M | $10M | $11M | · | $6M | |
| Current Assets | $660M | $562M | $565M | $595M | $574M | $489M | $499M | $496M | $538M | $408M | · | $489M | $405M | $352M | · | $410M | |
| Goodwill | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | $278M | |
| Total Assets | $12.51B | $12.14B | $12.06B | $11.97B | $11.68B | $11.39B | $11.21B | $10.84B | $10.58B | $10.26B | $10.25B | $10.05B | $9.63B | $9.35B | $9.26B | $9.03B | |
| Accounts Payable | $195M | $157M | $243M | $154M | $148M | $163M | $204M | $136M | $140M | $133M | · | $157M | $148M | $122M | · | $127M | |
| Short-term Debt | $483M | $263M | $181M | $314M | $346M | $594M | $609M | $459M | $326M | $244M | · | $406M | $326M | $409M | · | $60M | |
| Current Liabilities | $1.18B | $1.02B | $1.02B | $1.18B | $1.12B | $1.69B | $1.78B | $1.37B | $1.14B | $1.11B | · | $1.48B | $1.11B | $1.20B | · | $666M | |
| Capital Leases | $35M | $41M | $97M | $300M | $246M | $253M | $255M | $158M | $160M | $166M | · | $169M | $35M | $40M | · | $42M | |
| Deferred Tax | $991M | $970M | $961M | $946M | $918M | $910M | $899M | $886M | $854M | $836M | · | $859M | $861M | $839M | · | $807M | |
| Total Liabilities | $8.89B | $8.61B | $8.60B | $8.50B | $8.45B | $8.83B | $8.62B | $8.32B | $8.12B | $7.84B | · | $7.75B | $7.30B | $7.08B | · | $6.76B | |
| Long-term Debt | $5.42B | $5.42B | $5.42B | $5.08B | $5.20B | $5.25B | $4.92B | $4.92B | $4.84B | $4.64B | · | $4.41B | $4.35B | $4.08B | · | $4.08B | |
| Total Debt | $5.90B | $5.68B | · | $5.40B | $5.54B | $5.85B | · | $5.38B | $5.16B | $4.88B | · | $4.81B | $4.68B | $4.49B | · | $4.14B | |
| Common Stock | $2.69B | $2.67B | $2.56B | $2.57B | $2.37B | $1.72B | $1.72B | $1.62B | $1.63B | $1.62B | · | $1.43B | $1.42B | $1.42B | · | $1.43B | |
| Retained Earnings | $895M | $824M | $867M | $924M | $879M | $858M | $888M | $909M | $847M | $799M | · | $872M | $898M | $852M | · | $845M | |
| AOCI | $-26M | $-26M | $-27M | $-74M | $-75M | $-75M | $-76M | $-73M | $-70M | $-68M | · | $-62M | $-59M | $-64M | · | $-70M | |
| Stockholders' Equity | $3.55B | $3.46B | $3.40B | $3.42B | $3.17B | $2.50B | $2.54B | $2.46B | $2.40B | $2.36B | · | $2.24B | $2.26B | $2.21B | · | $2.20B | |
| Liabilities + Equity | $12.51B | $12.14B | $12.06B | $11.97B | $11.68B | $11.39B | $11.21B | $10.84B | $10.58B | $10.26B | · | $10.05B | $9.63B | $9.35B | · | $9.03B | |
| Shares Outstanding | 111,045,010 | 110,707,257 | 108,921,356 | 108,921,356 | 105,378,979 | 92,659,335 | 92,659,335 | 90,200,384 | 90,200,384 | 90,200,384 | · | 85,834,874 | 85,834,874 | 85,834,874 | · | 85,834,874 |
Cash Flow 18
| 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 | $128M | $125M | $122M | $126M | $121M | $114M | $109M | $108M | $103M | $103M | $91M | $89M | $87M | $87M | $85M | $86M | |
| Stock-based Comp | $-832.0K | $5M | $2M | $1M | $2M | $3M | $2M | $1M | $2M | $5M | $1M | $2M | $853.0K | $3M | $2M | $1M | |
| Deferred Tax | $12M | $-547.0K | $-11M | $18M | $1M | $618.0K | $5M | $23M | $8M | $7M | $-24M | $-6M | $8M | $10M | $9M | $13M | |
| Other Non-cash | · | $15M | · | · | · | $11M | · | · | · | $-72M | · | · | · | $-29M | · | · | |
| Operating Cash Flow | $70M | $153M | $158M | $282M | $4M | $141M | $159M | $180M | $77M | $93M | $139M | $170M | $111M | $132M | $140M | $210M | |
| CapEx | $265M | $313M | $310M | $277M | $266M | $343M | $342M | $324M | $293M | $289M | $268M | $271M | $273M | $264M | $210M | $227M | |
| Investing Cash Flow | $-266M | $-315M | $-327M | $-279M | $-266M | $-345M | $-369M | $-326M | $-295M | $-184M | $-277M | $-282M | $-279M | $-251M | $-239M | $-232M | |
| Debt Issued | $0 | $0 | $540M | $1.43B | $1.38B | $335M | $0 | $168M | $948M | $117M | $343M | $55M | $960M | $0 | $0 | $320M | |
| Net Debt Issued | · | $-4M | · | · | · | $332M | · | · | · | $117M | · | · | · | $0 | · | · | |
| Stock Issued | $20M | $104M | $-152.0K | $198M | $645M | $0 | $99M | $0 | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $980.0K | $5M | $4M | $184.0K | $2M | $6M | $477.0K | $2M | $808.0K | $5M | $15.0K | $13.0K | $1M | $8M | $134.0K | $221.0K | |
| Net Stock Activity | · | $98M | · | · | · | $-6M | · | · | · | $-5M | · | · | · | $-8M | · | · | |
| Dividends Paid | $47M | $46M | $45M | $43M | $38M | $38M | $35M | $35M | $35M | $35M | $32M | $32M | $32M | $32M | $30M | $30M | |
| Financing Cash Flow | $211M | $142M | $161M | $-314.0K | $284M | $198M | $216M | $142M | $227M | $100M | $134M | $112M | $171M | $120M | $98M | $25M | |
| Net Change in Cash | $15M | $-20M | $-8M | $2M | $22M | $-6M | $6M | $-4M | $8M | $8M | $-4M | $128.0K | $4M | $54.0K | $-2M | $2M | |
| Taxes Paid | $2M | $0 | $0 | $0 | $2M | $0 | $-603.0K | $0 | $93.0K | $-488.0K | $105.0K | $0 | $1M | $0 | $-2M | $0 | |
| Free Cash Flow | · | $-160M | · | · | · | $-201M | · | · | · | $-196M | · | · | · | $-133M | · | · | |
| Levered FCF | · | $-228M | · | · | · | $-260M | · | · | · | $-268M | · | · | · | $-168M | · | · |
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 | · | · | · | · | · | · | · | 52.2% | 40.7% | 40.3% | · | 35.0% | 38.1% | 34.3% | · | 36.9% | |
| Operating Margin | 22.5% | 15.2% | · | 31.4% | 14.5% | 14.9% | · | 33.6% | 21.6% | 18.4% | · | 17.1% | 19.4% | 18.2% | · | 25.0% | |
| Net Margin | 13.7% | 1.6% | · | 21.1% | 5.2% | 2.6% | · | 24.0% | 10.7% | 11.5% | · | 8.5% | 10.4% | 11.1% | · | 17.4% | |
| Pretax Margin | 16.0% | 1.6% | · | 24.0% | 5.4% | 2.9% | · | 28.1% | 12.5% | 8.6% | · | 7.4% | 12.1% | 12.9% | · | 19.2% | |
| EBITDA Margin | 22.5% | 40.1% | · | 31.4% | 14.5% | 38.6% | · | 33.6% | 21.6% | 42.0% | · | 17.1% | 19.4% | 34.2% | · | 25.0% | |
| ROA | 0.62% | 0.07% | · | 1.2% | 0.23% | 0.12% | · | 1.3% | 0.51% | 0.51% | · | 0.45% | 0.56% | 0.66% | · | 1.5% | |
| ROE | 2.2% | 0.27% | · | 4.6% | 0.93% | 0.53% | · | 5.8% | 2.2% | 2.2% | · | 1.9% | 2.3% | 2.8% | · | 5.8% | |
| ROIC | 1.1% | 0.84% | · | 2.0% | 0.79% | 0.80% | · | 2.1% | 1.2% | 1.5% | · | 1.4% | 1.1% | 1.3% | · | 2.6% |
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 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.3 | · | 0.4 | 0.5 | 0.4 | · | 0.3 | 0.4 | 0.3 | · | 0.6 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.3 | |
| Debt / Equity | 1.7 | 1.6 | · | 1.6 | 1.7 | 2.3 | · | 2.2 | 2.1 | 2.1 | · | 2.2 | 2.1 | 2.0 | · | 1.9 | |
| LT Debt / Equity | 1.5 | 1.5 | · | 1.4 | 1.5 | 1.8 | · | 1.8 | 1.9 | 1.8 | · | 1.7 | 1.7 | 1.7 | · | 1.8 | |
| Interest Coverage | 1.8 | 1.1 | · | 2.9 | 1.0 | 1.1 | · | 3.2 | 1.9 | 1.5 | · | 1.7 | 2.0 | 2.4 | · | 5.3 |
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 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 3.8 | 3.8 | · | 3.8 | 3.7 | 4.1 | · | 3.5 | 4.0 | 3.7 | · | 2.9 | 3.9 | 3.9 | · | 4.6 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.20B | $2.14B | · | $2.20B | $2.04B | $1.98B | · | $2.00B | $1.91B | $1.96B | · | $2.26B | $2.25B | $2.22B | · | $2.23B | |
| Net Income TTM | $246M | $183M | · | $312M | $227M | $252M | · | $282M | $195M | $203M | · | $279M | $256M | $225M | · | $283M | |
| Market Cap | $6.31B | $6.47B | · | $6.16B | $5.93B | $4.96B | · | $3.95B | $3.33B | $3.40B | · | $3.83B | $3.87B | $4.18B | · | $3.93B | |
| Enterprise Value | $12.19B | $12.14B | · | $11.52B | $11.46B | $10.80B | · | $9.32B | $8.49B | $8.28B | · | $8.63B | $8.54B | $8.66B | · | $8.06B | |
| P/E | 26.9 | 37.2 | · | 18.9 | 24.5 | 20.6 | · | 14.9 | 18.3 | 17.7 | · | 14.7 | 16.3 | 20.0 | · | 14.7 | |
| P/S | 2.9 | 3.0 | · | 2.8 | 2.9 | 2.5 | · | 2.0 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.9 | · | 1.8 | |
| P/B | 1.8 | 1.9 | · | 1.8 | 1.9 | 2.0 | · | 1.6 | 1.4 | 1.4 | · | 1.7 | 1.7 | 1.9 | · | 1.8 | |
| P / Tangible Book | 1.9 | 2.0 | · | 2.0 | 2.1 | 2.2 | · | 1.8 | 1.6 | 1.6 | · | 2.0 | 2.0 | 2.2 | · | 2.0 | |
| P / Cash Flow | · | 42.2 | · | · | · | 35.1 | · | · | · | 36.6 | · | · | · | 31.8 | · | · | |
| P / FCF | · | -40.6 | · | · | · | -24.6 | · | · | · | -17.3 | · | · | · | -31.4 | · | · | |
| EV / EBITDA | 98.9 | 60.0 | · | 56.8 | 157.6 | 58.0 | · | 48.8 | 80.4 | 45.1 | · | 99.6 | 92.5 | 46.5 | · | 44.1 | |
| EV / FCF | · | -76.1 | · | · | · | -53.6 | · | · | · | -42.2 | · | · | · | -65.2 | · | · | |
| EV / Revenue | 5.5 | 5.7 | · | 5.2 | 5.6 | 5.5 | · | 4.7 | 4.5 | 4.2 | · | 3.8 | 3.8 | 3.9 | · | 3.6 | |
| Earnings Yield | 3.7% | 2.7% | · | 5.3% | 4.1% | 4.9% | · | 6.7% | 5.5% | 5.7% | · | 6.8% | 6.1% | 5.0% | · | 6.8% | |
| Payout Ratio | · | 576.5% | · | · | · | 296.1% | · | · | · | 69.7% | · | · | · | 52.6% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $2.17B | — | — | $1.97B | — |
| Operating Margin % | 20.4% | — | — | 23.0% | — |
| Net Income | $170M | — | — | $259M | — |
| Diluted EPS | $1.48 | — | — | $2.67 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.6 | — | — | 2.2 | — |
| Current Ratio | 0.6 | — | — | 0.3 | — |
| Quick Ratio | 0.2 | — | — | 0.1 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-611M | — | — | $-739M | — |
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Institutional owners (13F) 410 filers · $4.9B 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 |
|---|---|---|---|---|
| 56 (+7 vs prior Q) | 36 (+1 vs prior Q) | 145 (+8 vs prior Q) | 107 (-3 vs prior Q) | +23.9M |
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 |
|---|---|---|---|---|
| Blackstone Inc. | $454,240,000 | 8,000,000 | 9.31% | Shares |
| Balyasny Asset Management L.P. | $403,879,604 | 7,113,061 | 8.28% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $382,708,329 | 6,740,196 | 7.85% | Shares |
| Pentwater Capital Management LP | $368,360,250 | 6,487,500 | 7.55% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $274,944,602 | 4,842,279 | 5.64% | Shares |
| STATE STREET CORP | $234,215,683 | 4,124,968 | 4.80% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $141,592,318 | 2,493,228 | 2.90% | Shares |
| MILLENNIUM MANAGEMENT LLC | $140,292,535 | 2,470,809 | 2.88% | Shares |
| NORGES BANK | $128,590,915 | 2,264,722 | 2.64% | Shares |
| Qube Research & Technologies Ltd | $118,343,885 | 2,084,253 | 2.43% | Shares |
| GOLDMAN SACHS GROUP INC | $107,450,302 | 1,892,397 | 2.20% | Shares |
| AQR Arbitrage LLC | $102,910,514 | 1,812,443 | 2.11% | Shares |
| Melqart Asset Management (UK) Ltd | $77,802,454 | 1,370,244 | 1.60% | Shares |
| ALLIANCEBERNSTEIN L.P. | $77,672,177 | 1,328,638 | 1.59% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $71,672,542 | 1,262,285 | 1.47% | Shares |
| Verition Fund Management LLC | $68,312,529 | 1,203,109 | 1.40% | Shares |
| Governors Lane LP | $61,275,273 | 1,079,170 | 1.26% | Shares |
| Magnetar Financial LLC | $56,432,734 | 993,884 | 1.16% | Shares |
| LMR Partners LLP | $53,571,249 | 943,488 | 1.10% | Shares |
| GABELLI FUNDS LLC | $53,005,322 | 933,521 | 1.09% | Shares |
| HSBC HOLDINGS PLC | $50,712,733 | 889,385 | 1.04% | Shares |
| Empyrean Capital Partners, LP | $46,136,816 | 812,554 | 0.95% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $44,952,953 | 791,704 | 0.92% | Shares |
| Alberta Investment Management Corp | $44,934,954 | 791,387 | 0.92% | Shares |
| NEXPOINT ASSET MANAGEMENT, L.P. | $44,352,845 | 781,135 | 0.91% | Shares |
| GAMCO INVESTORS, INC. ET AL | $42,388,768 | 746,544 | 0.87% | Shares |
| WATER ISLAND CAPITAL LLC | $41,888,537 | 737,734 | 0.86% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $39,120,512 | 688,984 | 0.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $37,836,318 | 666,367 | 0.78% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $36,654,783 | 645,558 | 0.75% | Shares |
| TWO SIGMA INVESTMENTS, LP | $34,582,995 | 609,070 | 0.71% | Shares |
| FIRST TRUST ADVISORS LP | $31,195,196 | 549,405 | 0.64% | Shares |
| Sand Grove Capital Management LLP | $28,761,682 | 506,546 | 0.59% | Shares |
| HBK INVESTMENTS L P | $27,534,780 | 484,938 | 0.56% | Shares |
| ALPINE ASSOCIATES MANAGEMENT INC. | $24,606,635 | 433,368 | 0.50% | Shares |
| Squarepoint Ops LLC | $24,468,603 | 430,937 | 0.50% | Shares |
| MARSHALL WACE, LLP | $24,189,189 | 426,016 | 0.50% | Shares |
| Weiss Asset Management LP | $23,365,708 | 411,513 | 0.48% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $22,432,472 | 395,077 | 0.46% | Shares |
| GABELLI & Co INVESTMENT ADVISERS, INC. | $22,237,092 | 391,636 | 0.46% | Shares |
| Calamos Advisors LLC | $21,615,351 | 380,686 | 0.44% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $21,327,306 | 375,613 | 0.44% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $21,176,896 | 372,964 | 0.43% | Shares |
| CAXTON ASSOCIATES LLP | $21,136,582 | 372,254 | 0.43% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $20,009,897 | 352,411 | 0.41% | Shares |
| CITADEL ADVISORS LLC | $19,903,661 | 350,540 | 0.41% | Shares |
| RHUMBLINE ADVISERS | $19,093,210 | 336,267 | 0.39% | Shares |
| Bank of New York Mellon Corp | $18,328,414 | 322,797 | 0.38% | Shares |
| River Road Asset Management, LLC | $17,962,467 | 316,352 | 0.37% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $17,886,325 | 315,011 | 0.37% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $17,034,005 | 300,000 | 0.35% | Shares |
| CIBRA Capital Ltd | $16,570,955 | 283,458 | 0.34% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $16,253,900 | 286,261 | 0.33% | Shares |
| Woodline Partners LP | $15,941,553 | 280,760 | 0.33% | Shares |
| Trexquant Investment LP | $15,368,415 | 270,666 | 0.32% | Shares |
| PSquared Asset Management AG | $15,349,048 | 274,400 | 0.31% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $14,949,890 | 263,295 | 0.31% | Shares |
| TUDOR INVESTMENT CORP ET AL | $13,320,758 | 234,603 | 0.27% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $12,783,563 | 225,142 | 0.26% | Shares |
| Nearwater Capital Markets, Ltd | $12,667,618 | 223,100 | 0.26% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $12,123,950 | 213,525 | 0.25% | Shares |
| Polar Asset Management Partners Inc. | $12,086,645 | 212,868 | 0.25% | Shares |
| Swiss National Bank | $11,168,626 | 196,700 | 0.23% | Shares |
| BANK OF AMERICA CORP /DE/ | $10,681,738 | 188,125 | 0.22% | Shares |
| Public Sector Pension Investment Board | $10,106,840 | 178,000 | 0.21% | Shares |
| California Public Employees Retirement System | $9,831,343 | 173,148 | 0.20% | Shares |
| Man Group plc | $9,659,414 | 170,120 | 0.20% | Shares |
| CREDIT INDUSTRIEL ET COMMERCIAL | $9,100,642 | 160,279 | 0.19% | Shares |
| CITIGROUP INC | $8,803,625 | 155,048 | 0.18% | Shares |
| BlackRock, Inc. | $8,492,982 | 149,577 | 0.17% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $8,464,762 | 149,080 | 0.17% | Shares |
| NINE MASTS CAPITAL Ltd | $7,865,222 | 138,521 | 0.16% | Shares |
| ProShare Advisors LLC | $7,622,545 | 134,247 | 0.16% | Shares |
| Amundi | $7,513,073 | 132,319 | 0.15% | Shares |
| AMERIPRISE FINANCIAL INC | $7,230,025 | 127,334 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,872,441 | 117,558 | 0.14% | Shares |
| Magellan Asset Management Ltd | $6,588,013 | 116,027 | 0.14% | Shares |
| Capula Management Ltd | $6,506,080 | 114,584 | 0.13% | Shares |
| Legal & General Group Plc | $6,404,273 | 112,791 | 0.13% | Shares |
| TORONTO DOMINION BANK | $6,387,466 | 112,495 | 0.13% | Shares |
| Lighthouse Investment Partners, LLC | $6,368,672 | 112,164 | 0.13% | Shares |
| MetLife Investment Management, LLC | $6,073,189 | 106,960 | 0.12% | Shares |
| Retirement Systems of Alabama | $5,851,349 | 103,053 | 0.12% | Shares |
| STANSBERRY ASSET MANAGEMENT, LLC | $5,826,918 | 102,623 | 0.12% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $5,766,265 | 101,968 | 0.12% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $5,758,571 | 101,419 | 0.12% | Shares |
| Phocas Financial Corp. | $5,528,328 | 97,364 | 0.11% | Shares |
| FMR LLC | $5,526,852 | 97,338 | 0.11% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $5,265,039 | 92,727 | 0.11% | Shares |
| SONA ASSET MANAGEMENT (US) LLC | $5,110,200 | 90,000 | 0.10% | Shares |
| TRUIST FINANCIAL CORP | $5,099,706 | 89,815 | 0.10% | Shares |
| Yaupon Capital Management LP | $4,758,618 | 83,808 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,610,536 | 81,200 | 0.09% | Shares |
| Quantinno Capital Management LP | $4,490,879 | 79,092 | 0.09% | Shares |
| Vanguard Investments Australia, Ltd. | $4,437,868 | 78,159 | 0.09% | Shares |
| Bridgewater Associates, LP | $4,435,029 | 78,109 | 0.09% | Shares |
| Quarry LP | $4,432,417 | 78,063 | 0.09% | Shares |
| Birnam Oak Advisors, LP | $4,425,206 | 77,936 | 0.09% | Shares |
| Hudson Bay Capital Management LP | $4,258,500 | 75,000 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $4,223,694 | 74,387 | 0.09% | Shares |
Company insiders 42 insiders · 18 officers · 23 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Charles N Eldred | EXEC VP, CFO | Nov. 4, 2015 S | 87,323 | 0 | 0 | $0 |
| Terry R Horn | SR. VP, CORP SECY & A/CFO | Feb. 13, 2006 A | 7,134 | 0 | 0 | $0 |
| John R Loyack | SR VP AND CFO | Aug. 3, 2005 M | 6,806 | 0 | 0 | $0 |
| Ronald E Talbot | SR VP, CHIEF OPERATING OFFICER | Nov. 5, 2015 S | 25,269 | 0 | 0 | $0 |
| FLYNN ROGER J | EXEC VP AND COO | March 24, 2004 A | 6,210 | 0 | 0 | $0 |
| Ronald N. Darnell | SVP, PUBLIC POLICY | Nov. 5, 2015 S | 25,347 | 0 | 0 | $0 |
| Thomas G Sategna | VP AND CORP CNTRL | March 12, 2015 M | 0 | 0 | 0 | $0 |
| Patrick V Apodaca | SR VP, GEN COUNSEL & SECY | March 4, 2015 M | 53,079 | 0 | 0 | $0 |
| Alice A Cobb | SR VP, CAO | Nov. 9, 2011 M | 45,920 | 0 | 0 | $0 |
| James E Ferland Jr | SR VP, UTILITY OPS | Feb. 26, 2010 A | 26,325 | 0 | 0 | $0 |
| ORTIZ PATRICK T | SVP, GEN COUNSEL & SECY | Dec. 22, 2009 A | 51,591 | 0 | 0 | $0 |
| Cynthia E Mcgill | SR. VP, CORP STRAT & PUB POL | Feb. 19, 2008 A | 17,524 | 0 | 0 | $0 |
| REAL WILLIAM J | SR VP, PUB POLICY | Aug. 21, 2007 S | 10,330 | 0 | 0 | $0 |
| William Douglas Hobbs | SR. VP, CUST & DEL SRV | March 21, 2007 M | 12,124 | 0 | 0 | $0 |
| Hugh W Smith | SR VP, ENERGY RES | Feb. 16, 2007 A | 21,220 | 0 | 0 | $0 |
| Jeffrey D Shorter | SR. VP, PNM RES. | Feb. 13, 2006 A | 5,000 | 0 | 0 | $0 |
| Edward Padilla JR | SR VP, CUST & DEL SRV | June 1, 2005 A | 12,777 | 0 | 0 | $0 |
| MAERKI MAX H | SR VP, CORP STRAT | Feb. 16, 2004 A | 2,225 | 0 | 0 | $0 |
| Steven Maestas | Director | June 10, 2026 A | 8,992 | 0 | 0 | $0 |
| Lillian J Montoya | Director | June 10, 2026 A | 8,992 | 0 | 0 | $0 |
| Norman P. Becker | Director | June 10, 2026 A | 30,802 | 0 | 0 | $0 |
| Sidney M. Gutierrez | Director | June 10, 2026 A | 32,135 | 0 | 0 | $0 |
| Vicky A Bailey | Director | June 10, 2026 A | 11,692 | 0 | 1 | $-103,932 |
| James Alton Hughes | Director | June 10, 2026 A | 22,217 | 0 | 0 | $0 |
| Maureen T Mullarkey | Director | June 10, 2026 A | 34,487 | 0 | 0 | $0 |
| Renae E Conley | Director | June 10, 2026 A | 39,971 | 0 | 0 | $0 |
| Bruce W Wilkinson | Director | Nov. 10, 2015 P | 33,301 | 0 | 0 | $0 |
| Robert R Nordhaus | Director | May 15, 2015 M | 18,017 | 0 | 0 | $0 |
| Adelmo E Archuleta | Director | May 15, 2015 M | 27,103 | 0 | 0 | $0 |
| Alan J Fohrer | Director | May 15, 2015 M | 8,746 | 0 | 0 | $0 |
| SCHWANZ DONALD K | Director | May 15, 2015 M | 21,714 | 0 | 0 | $0 |
| Joan B Woodard | Director | May 12, 2015 M | 26,503 | 0 | 0 | $0 |
| Julie A Dobson | Director | May 15, 2014 M | 29,030 | 0 | 0 | $0 |
| Bonnie S Reitz | Director | May 15, 2014 M | 11,580 | 0 | 0 | $0 |
| Manuel T Pacheco | Director | May 15, 2012 A | 18,513 | 0 | 0 | $0 |
| STERBA JEFFRY E | Director | May 17, 2011 A | 227,596 | 0 | 0 | $0 |
| PRICE ROBERT M | Director | May 19, 2009 A | 10,400 | 0 | 0 | $0 |
| Woody L Hunt | Director | May 28, 2008 A | 6,850 | 0 | 0 | $0 |
| Charles E Mcmahen | Director | May 22, 2007 A | 9,200 | 0 | 0 | $0 |
| ARMSTRONG ROBERT G | Director | March 31, 2006 M | 9,840 | 0 | 0 | $0 |
| CHAVEZ R. MARTIN | Director | May 18, 2004 A | 1,427 | 0 | 0 | $0 |
| VINCENT PATRICIA K | — | Aug. 14, 2026 A | 776,472 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Troy TopCo LP, Troy GP LLC, BIP Holdings Manager L.L.C., Blackstone Infrastructure Associates L.P., BIA GP L.P., BIA GP L.L.C., Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., Blackstone Inc., Blackstone Group Management L.L.C., Stephen A. Schwarzman | May 23, 2025 | 7.90% | Initial filing | M&A / sale | SEC |
| Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., Gabelli & Company Investment Advisers, Inc. I.D. No ., MJG Associates, Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×4 filings | July 5, 2022 | — | Initial filing | — | SEC |
| Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×5 filings | Jan. 10, 2020 | — | Initial filing | — | 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 76 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 |
|---|---|---|---|---|
| EVNT · AltShares Trust | 3.58% | 7,400 NS | May 31, 2026 | N-PORT |
| MNA · New York Life Investments ETF Trust | 3.49% | 147,102 NS | April 30, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 2.82% | 365,585 SH | Aug. 8, 2026 | Daily |
| AUSF · Global X Funds | 1.50% | 214,502 NS | May 31, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 1.04% | 3,223 NS | April 30, 2026 | N-PORT |
| SMDV · ProShares Trust | 0.96% | 106,073 NS | May 31, 2026 | N-PORT |
| ARB · AltShares Trust | 0.79% | 13,796 NS | May 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.66% | 19,959 NS | April 30, 2026 | N-PORT |
| ZAP · Global X Funds | 0.64% | 49,796 NS | April 30, 2026 | N-PORT |
| XMMO · Invesco Exchange-Traded Fund Trust | 0.52% | 674,382 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.38% | 19,388 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.38% | 964,284 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.38% | 90,619 SH | Aug. 8, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 0.36% | 149,965 NS | April 30, 2026 | N-PORT |
| VPU · VANGUARD WORLD FUND | 0.35% | 671,095 SH | Aug. 8, 2026 | Daily |
| PAMC · Pacer Funds Trust | 0.27% | 2,919 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.26% | 3,574 NS | April 30, 2026 | N-PORT |
| POWR · iShares, Inc. | 0.22% | 17,559 SH | Aug. 8, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 21,881 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.22% | 109,764 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.19% | 376 NS | April 30, 2026 | N-PORT |
| IJJ · iShares Trust | 0.19% | 299,560 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.19% | 50,464 SH | Aug. 8, 2026 | Daily |
| AIPO · Tidal Trust II | 0.19% | 23,948 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.19% | 2,634,520 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.18% | 43,701 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.18% | 599,857 SH | Aug. 8, 2026 | Daily |
| IFRA · iShares Trust | 0.18% | 140,908 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.18% | 13,434 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.18% | 265,613 NS | May 31, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.17% | 11,248 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.16% | 3,437,759 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.15% | 160,789 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.15% | 4,743 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.13% | 22,468 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.13% | 1,610,853 SH | Aug. 8, 2026 | Daily |
| IJK · iShares Trust | 0.13% | 239,201 SH | Aug. 8, 2026 | Daily |
| MVV · ProShares Trust | 0.13% | 3,386 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.12% | 470,130 NS | May 31, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.12% | 40,308 SH | Aug. 8, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.11% | 1,623 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 38,386 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.10% | 12,681 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.09% | 4,507 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.09% | 3,710 NS | May 31, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.09% | 473 NS | May 31, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.09% | 20,207 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.09% | 1,836 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.08% | 2,537,634 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.08% | 13,700 SH | Aug. 8, 2026 | Daily |