ULCC Frontier Group Holdings, Inc. - Common Stock
$6.11
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$3–$8
57% of range
Analyst Rating
HOLD
17 analysts
Price Target
$7
+11% upside
P/E (TTM)
-10.2
ROE
-27.5%
Net Profit Margin
-3.7%
ULCC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.11
Market Cap
$1.40B
P/E (TTM)
-10.2
EPS (TTM)
$-0.60
Revenue (TTM)
$3.72B
Div Yield
—
ROE
-27.5%
Debt/Equity
1.3
52W Range
$3 – $8
ULCC 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
$3.72B
2019-12-31
→
2025-12-31
EPS
$-0.60
2019-12-31
→
2025-12-31
Free Cash Flow
$-600M
2021-12-31
→
2025-12-31
Margins
-3.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ULCC
Peer Median
P/E (TTM)
-10.2
20.2
P/S (TTM)
0.4
0.7
P/B
2.9
2.2
EV / EBITDA
-9.0
—
Price / FCF
-2.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ULCC
Peer Median
Operating Margin
-4.0%
—
Net Profit Margin
-3.7%
0.43%
ROA
-2.1%
0.34%
ROE
-27.5%
6.3%
ROIC
-13.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ULCC
Peer Median
Debt / Equity
1.3
—
Current Ratio
0.5
0.5
Quick Ratio
0.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ULCC
Peer Median
Revenue YoY
-1.4%
—
Revenue CAGR 3Y
3.8%
—
Revenue CAGR 5Y
24.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ULCC
Peer Median
ULCC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
17 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 11 64.7%
- Sell 4 23.5%
- Strong Sell 2 11.8%
12-Month Price Target
9 analysts · 2026-08-15
Median
$7.00
Now
$6.11
Low
$4.00
High
$9.00
Median target
$7.00
+14.7%
Mean target
$6.78
+11.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.10 | $-0.49 | 0.39% |
| March 31, 2026 | $-0.30 | $-0.37 | 0.07% |
| Dec. 31, 2025 | $0.23 | $0.12 | 0.11% |
| Sept. 30, 2025 | $-0.34 | $-0.36 | 0.02% |
| June 30, 2025 | $-0.31 | $-0.26 | -0.05% |
| March 31, 2025 | $-0.19 | $-0.10 | -0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ULCC | $1.08B | -7.8 | -1.4% | -3.7% | -27.5% | — |
| JOBY | $12.08B | -11.7 | 39183.1% | -1740.5% | -80.6% | — |
| ALK | $5.81B | 60.6 | 21.3% | 0.70% | 2.5% | — |
| SKYW | $8.46B | 9.7 | 15.0% | 10.5% | 16.1% | — |
| ALGT | — | -34.4 | 3.7% | — | — | — |
| JBLU | $1.68B | -2.7 | -2.3% | -6.6% | -26.6% | — |
| RJET | $840M | 9.8 | 251.9% | 4.5% | 11.8% | — |
| UP | $474M | -1.6 | -7.0% | -40.0% | 99.0% | — |
| DAL | $45.80B | 9.1 | 2.8% | 7.9% | 26.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.72B | $3.77B | $3.59B | $3.33B | $2.06B | $1.25B | $2.51B | |
| Operating Expenses | $3.87B | $3.72B | $3.59B | $3.37B | $2.18B | $1.61B | $2.20B | |
| Operating Income | $-149M | $58M | $-3M | $-45M | $-117M | $-365M | $309M | |
| Interest Income | $26M | $32M | $36M | $10M | $2M | $5M | $16M | |
| Other Non-op | $15M | $28M | $35M | $0 | $-27M | $-7M | $16M | |
| Pretax Income | $-134M | $86M | $32M | $-45M | $-144M | $-372M | $325M | |
| Income Tax | $3M | $1M | $43M | $-8M | $-42M | $-147M | $74M | |
| Net Income | $-137M | $85M | $-11M | $-37M | $-102M | $-225M | $251M | |
| EPS (Basic) | $-0.60 | $0.37 | $-0.05 | $-0.17 | $-0.48 | $-1.13 | $1.19 | |
| EPS (Diluted) | $-0.60 | $0.37 | $-0.05 | $-0.17 | $-0.48 | $-1.13 | $1.19 | |
| Shares (Basic) | 227,773,074 | 224,333,034 | 220,097,989 | 217,601,373 | 211,436,542 | 199,260,410 | 199,141,090 | |
| Shares (Diluted) | 227,773,074 | 226,492,134 | 220,097,989 | 217,601,373 | 211,436,542 | 199,260,410 | 199,593,100 | |
| EBITDA | $-149M | $58M | $-3M | $-45M | $-117M | · | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $671M | $740M | $609M | $761M | $918M | $378M | · | |
| Receivables | $85M | $73M | $93M | $90M | $50M | $28M | · | |
| Prepaid Expense | $26M | $18M | $21M | $20M | $14M | $24M | · | |
| Other Current Assets | $112M | $98M | $90M | $114M | $40M | $226M | · | |
| Current Assets | $958M | $990M | $871M | $1.02B | $1.04B | $650M | · | |
| PP&E (Net) | $510M | $376M | $309M | $226M | $186M | $176M | · | |
| Accum. Depreciation | $333M | $252M | $183M | $151M | $130M | $107M | · | |
| Intangibles | $27M | $27M | $28M | $28M | $29M | $29M | · | |
| Other Non-current Assets | $491M | $426M | $330M | $265M | $199M | $143M | · | |
| Total Assets | $7.22B | $6.15B | $4.99B | $4.50B | $4.24B | $3.55B | · | |
| Accounts Payable | $130M | $115M | $134M | $89M | $86M | $71M | · | |
| Current Liabilities | $2.10B | $1.85B | $1.66B | $1.55B | $1.33B | $1.00B | · | |
| Capital Leases | $4.07B | $3.30B | $2.44B | $2.03B | $1.99B | $1.85B | · | |
| Deferred Tax | · | · | · | · | $0 | $9M | · | |
| Other Non-current Liabilities | $199M | $123M | $134M | $97M | $60M | $96M | · | |
| Total Liabilities | $6.73B | $5.55B | $4.49B | $3.99B | $3.71B | $3.24B | · | |
| Long-term Debt | $620M | $507M | $474M | $431M | $423M | $348M | · | |
| Total Debt | $614M | $502M | $470M | $429M | $414M | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | · | |
| Paid-in Capital | $437M | $414M | $403M | $393M | $381M | $60M | · | |
| Retained Earnings | $59M | $196M | $111M | $122M | $159M | $261M | · | |
| AOCI | $-5M | $-6M | $-7M | $-6M | $-10M | $-11M | · | |
| Stockholders' Equity | $491M | $604M | $507M | $509M | $530M | $310M | $542M | |
| Liabilities + Equity | $7.22B | $6.15B | $4.99B | $4.50B | $4.24B | $3.55B | · | |
| Shares Outstanding | 229,010,827 | 225,440,496 | 222,998,790 | 217,875,890 | 217,065,096 | 199,438,098 | 199,242,854 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $91M | $72M | $50M | $45M | $38M | $33M | $46M | |
| Stock-based Comp | $21M | $16M | $14M | $15M | $11M | $8M | $8M | |
| Deferred Tax | $3M | $0 | $43M | $-8M | $-32M | $-14M | $52M | |
| Amort. of Intangibles | $0 | $1M | $0 | $1M | $0 | $1M | $1M | |
| Operating Cash Flow | $-525M | $-82M | $-261M | $-78M | $216M | $-557M | $171M | |
| CapEx | $75M | $76M | $51M | $41M | $27M | $16M | $45M | |
| Investing Cash Flow | $-99M | $-75M | $-90M | $-154M | $-67M | $11M | $-62M | |
| Debt Issued | · | · | · | $273M | $163M | $236M | $170M | |
| Net Debt Issued | $-380M | $-447M | $-131M | $7M | $66M | · | · | |
| Dividends Paid | · | $0 | $1M | $1M | $0 | $0 | $159M | |
| Financing Cash Flow | $555M | $288M | $199M | $75M | $391M | $156M | $-39M | |
| Net Change in Cash | $-69M | $131M | $-152M | $-157M | $540M | $-390M | $70M | |
| Taxes Paid | $1M | $1M | $1M | $1M | $-158M | $9M | $56M | |
| Free Cash Flow | $-600M | $-158M | $-312M | $-119M | $189M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -4.0% | 1.5% | -0.08% | -1.4% | -5.7% | · | · | |
| Net Margin | -3.7% | 2.2% | -0.31% | -1.1% | -5.0% | · | · | |
| Pretax Margin | -3.6% | 2.3% | 0.89% | -1.4% | -7.0% | · | · | |
| EBITDA Margin | -4.0% | 1.5% | -0.08% | -1.4% | -5.7% | · | · | |
| ROA | -2.1% | 1.5% | -0.23% | -0.85% | -2.6% | · | · | |
| ROE | -27.5% | 14.7% | -2.1% | -7.6% | -18.4% | · | · | |
| ROIC | -13.8% | 5.2% | 0.11% | -3.9% | -8.8% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 0.5 | 0.5 | 0.7 | 0.8 | · | · | |
| Quick Ratio | 0.4 | 0.4 | 0.4 | 0.5 | 0.7 | · | · | |
| Debt / Equity | 1.3 | 0.8 | 0.9 | 0.8 | 0.8 | · | · | |
| LT Debt / Equity | 0.6 | 0.4 | 0.4 | 0.5 | 0.5 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.7 | 0.8 | 0.8 | 0.5 | · | · | |
| Receivables Turnover | 47.1 | 45.5 | 39.2 | 47.5 | 52.8 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.4% | 5.2% | 7.9% | 61.5% | 64.8% | · | · | |
| Revenue CAGR 3Y | 3.8% | 22.4% | 42.1% | · | · | · | · | |
| Revenue CAGR 5Y | 24.4% | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.72B | $3.77B | $3.59B | $3.33B | $2.06B | · | · | |
| Net Income TTM | $-137M | $85M | $-11M | $-37M | $-102M | · | · | |
| Market Cap | $1.08B | $1.60B | $1.22B | $2.24B | $2.95B | · | · | |
| Enterprise Value | $1.02B | $1.36B | $1.08B | $1.91B | $2.44B | · | · | |
| P/E | -7.8 | 19.2 | -109.2 | -60.4 | -28.3 | · | · | |
| P/S | 0.3 | 0.4 | 0.3 | 0.7 | 1.4 | · | · | |
| P/B | 2.2 | 2.7 | 2.4 | 4.4 | 5.6 | · | · | |
| P / Tangible Book | 2.3 | 2.8 | 2.5 | 4.7 | 5.9 | · | · | |
| P / Cash Flow | -2.1 | -19.5 | -4.7 | -28.7 | 13.6 | · | · | |
| P / FCF | -1.8 | -10.1 | -3.9 | -18.8 | 15.6 | · | · | |
| EV / EBITDA | -6.9 | 23.5 | -359.5 | -42.3 | -20.9 | · | · | |
| EV / FCF | -1.7 | -8.6 | -3.5 | -16.0 | 12.9 | · | · | |
| EV / Revenue | 0.3 | 0.4 | 0.3 | 0.6 | 1.2 | · | · | |
| Dividend Yield | · | 0.00% | 0.08% | 0.04% | 0.00% | · | · | |
| Earnings Yield | -12.7% | 5.2% | -0.92% | -1.7% | -3.5% | · | · | |
| Payout Ratio | · | 0.00% | · | · | 0.00% | · | · | |
| Annual Payout | · | $0 | $1M | $1M | $0 | · | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $992M | $997M | $886M | $929M | $912M | $1.00B | $935M | $973M | $865M | $891M | $883M | $967M | $848M | $906M | $906M | |
| Operating Expenses | $1.38B | $1.27B | $948M | $963M | $1.00B | $958M | $957M | $916M | $948M | $896M | $894M | $937M | $888M | $873M | $861M | $850M | |
| Operating Income | $-97M | $-283M | $49M | $-77M | $-75M | $-46M | $45M | $19M | $25M | $-31M | $-3M | $-54M | $79M | $-25M | $45M | $56M | |
| Interest Income | $7M | $6M | $6M | $6M | $7M | $7M | $7M | $10M | $8M | $7M | $8M | $10M | $10M | $8M | $5M | $3M | |
| Other Non-op | $3M | $2M | $3M | $1M | $5M | $6M | $6M | $8M | $7M | $7M | $9M | $9M | $9M | $8M | $5M | $2M | |
| Pretax Income | $-94M | $-281M | $52M | $-76M | $-70M | $-40M | $51M | $27M | $32M | $-24M | $6M | $-45M | $88M | $-17M | $50M | $58M | |
| Income Tax | $-4M | $-9M | $-1M | $1M | $0 | $3M | $-3M | $1M | $1M | $2M | $43M | $-13M | $17M | $-4M | $10M | $27M | |
| Net Income | $-90M | $-272M | $53M | $-77M | $-70M | $-43M | $54M | $26M | $31M | $-26M | $-37M | $-32M | $71M | $-13M | $40M | $31M | |
| EPS (Basic) | $-0.39 | $-1.18 | $0.24 | $-0.34 | $-0.31 | $-0.19 | $0.24 | $0.11 | $0.14 | $-0.12 | $-0.17 | $-0.14 | $0.32 | $-0.06 | $0.20 | $0.13 | |
| EPS (Diluted) | $-0.39 | $-1.18 | $0.24 | $-0.34 | $-0.31 | $-0.19 | $0.24 | $0.11 | $0.14 | $-0.12 | $-0.16 | $-0.14 | $0.31 | $-0.06 | $0.20 | $0.13 | |
| Shares (Basic) | 229,978,266 | 229,416,506 | -455,333,246 | 228,174,036 | 227,941,534 | 226,990,750 | -447,793,765 | 224,484,159 | 224,214,030 | 223,428,610 | -438,324,027 | 220,837,983 | 219,402,647 | 218,181,386 | -434,985,947 | 217,720,426 | |
| Shares (Diluted) | 229,978,266 | 229,416,506 | -455,333,246 | 228,174,036 | 227,941,534 | 226,990,750 | -449,256,526 | 225,716,252 | 226,603,798 | 223,428,610 | -439,347,039 | 220,837,983 | 220,425,659 | 218,181,386 | -438,478,526 | 219,878,940 | |
| EBITDA | $-97M | $-283M | · | $-77M | $-75M | $-46M | · | $19M | $25M | $-31M | · | $-54M | $79M | $-25M | · | $56M |
Balance Sheet 24
| 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 | $955M | $772M | $671M | $566M | $563M | $686M | $740M | $576M | $658M | $622M | · | $640M | $780M | $790M | · | $674M | |
| Receivables | $147M | $118M | $85M | $93M | $98M | $89M | $73M | $147M | $95M | $98M | · | $109M | $91M | $96M | · | $65M | |
| Prepaid Expense | $35M | $32M | $26M | $24M | $20M | $22M | $18M | $19M | $18M | $19M | · | $29M | $23M | $27M | · | $25M | |
| Other Current Assets | $113M | $102M | $112M | $98M | $85M | $97M | $98M | $111M | $116M | $108M | · | $112M | $78M | $99M | · | $99M | |
| Current Assets | $1.31B | $1.10B | $958M | $847M | $832M | $953M | $990M | $910M | $947M | $903M | · | $936M | $1.01B | $1.04B | · | $892M | |
| PP&E (Net) | $474M | $485M | $510M | $492M | $458M | $396M | $376M | $367M | $350M | $330M | · | $282M | $260M | $242M | · | $213M | |
| Accum. Depreciation | · | · | $333M | · | · | · | $252M | · | · | · | · | · | · | · | · | · | |
| Intangibles | $27M | $27M | $27M | $27M | $27M | $27M | $27M | $27M | $27M | $27M | · | $28M | $28M | $28M | · | $28M | |
| Other Non-current Assets | $420M | $425M | $491M | $505M | $471M | $448M | $426M | $409M | $384M | $348M | · | $349M | $308M | $302M | · | $258M | |
| Total Assets | $7.24B | $7.02B | $7.22B | $6.70B | $6.52B | $6.48B | $6.15B | $5.83B | $5.69B | $5.21B | · | $4.93B | $4.71B | $4.67B | · | $4.25B | |
| Accounts Payable | $95M | $115M | $130M | $159M | $169M | $120M | $115M | $128M | $137M | $131M | · | $109M | $91M | $79M | · | $78M | |
| Current Liabilities | $2.24B | $2.24B | $2.10B | $2.11B | $2.04B | $1.94B | $1.85B | $1.72B | $1.82B | $1.80B | · | $1.69B | $1.65B | $1.68B | · | $1.45B | |
| Capital Leases | $3.98B | $3.87B | $4.07B | $3.65B | $3.61B | $3.60B | $3.30B | $3.13B | $3.02B | $2.56B | · | $2.32B | $2.16B | $2.15B | · | $1.97B | |
| Other Non-current Liabilities | $507M | $297M | $199M | $170M | $95M | $95M | $123M | $114M | $110M | $125M | · | $128M | $115M | $106M | · | $92M | |
| Total Liabilities | $7.11B | $6.79B | $6.73B | $6.27B | $6.02B | $5.91B | $5.55B | $5.28B | $5.17B | $4.72B | · | $4.39B | $4.14B | $4.18B | · | $3.78B | |
| Long-term Debt | $511M | $588M | $620M | $673M | $565M | $512M | $502M | $474M | $455M | $469M | · | $490M | $433M | $429M | · | $423M | |
| Total Debt | $506M | $583M | · | $668M | $560M | $507M | · | $469M | $452M | $466M | · | $486M | $430M | $427M | · | $421M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Paid-in Capital | $444M | $440M | $437M | $434M | $429M | $423M | $414M | $414M | $411M | $406M | · | $399M | $396M | $392M | · | $389M | |
| Retained Earnings | $-303M | $-213M | $59M | $6M | $83M | $153M | $196M | $142M | $116M | $85M | · | $148M | $180M | $109M | · | $82M | |
| AOCI | $-5M | $-5M | $-5M | $-6M | $-6M | $-6M | $-6M | $-7M | $-7M | $-7M | · | $-6M | $-10M | $-13M | · | $-3M | |
| Stockholders' Equity | $136M | $222M | $491M | $434M | $506M | $570M | $604M | $549M | $520M | $484M | $507M | $541M | $566M | $488M | $509M | $468M | |
| Liabilities + Equity | $7.24B | $7.02B | $7.22B | $6.70B | $6.52B | $6.48B | $6.15B | $5.83B | $5.69B | $5.21B | · | $4.93B | $4.71B | $4.67B | · | $4.25B | |
| Shares Outstanding | 230,198,520 | 229,732,124 | 229,010,827 | 228,229,561 | 228,134,548 | 227,740,207 | 225,440,496 | 224,518,145 | 224,471,666 | 223,886,304 | 222,998,790 | 221,054,287 | 220,677,393 | 218,503,854 | 217,875,890 | 217,762,284 |
Cash Flow 10
| 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 | $56M | $62M | $26M | $24M | $21M | $20M | $19M | $19M | $18M | $16M | $14M | $13M | $12M | $11M | $9M | $8M | |
| Stock-based Comp | $4M | $5M | $5M | $5M | $6M | $5M | $4M | $3M | $5M | $4M | $4M | $3M | $3M | $4M | $4M | $4M | |
| Deferred Tax | $-3M | $-9M | $-1M | $1M | $0 | $3M | $-3M | $0 | $1M | $2M | $43M | $-13M | $17M | $-4M | $10M | $27M | |
| Operating Cash Flow | $151M | $40M | $-91M | $-215M | $-133M | $-86M | $87M | $-156M | $9M | $-22M | $-54M | $-173M | $-9M | $-25M | $94M | $-105M | |
| CapEx | $13M | $12M | $22M | $2M | $33M | $18M | $14M | $14M | $31M | $17M | $14M | $14M | $12M | $11M | $10M | $17M | |
| Investing Cash Flow | $47M | $33M | $59M | $-45M | $-84M | $-29M | $-29M | $-12M | $-27M | $-7M | $1M | $-58M | $-43M | $10M | $-37M | $-60M | |
| Net Debt Issued | · | $-83M | · | · | · | $-28M | · | · | · | $-74M | · | · | · | $-38M | · | · | |
| Financing Cash Flow | $-15M | $28M | $137M | $263M | $94M | $61M | $106M | $86M | $54M | $42M | $22M | $91M | $42M | $44M | $30M | $73M | |
| Net Change in Cash | $183M | $101M | $105M | $3M | $-123M | $-54M | $164M | $-82M | $36M | $13M | $-31M | $-140M | $-10M | $29M | $87M | $-92M | |
| Free Cash Flow | · | $28M | · | · | · | $-104M | · | · | · | $-39M | · | · | · | $-36M | · | · |
Profitability 7
| 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 | -7.6% | -28.5% | · | -8.7% | -8.1% | -5.0% | · | 2.0% | 2.6% | -3.6% | · | -6.1% | 8.2% | -2.9% | · | 6.2% | |
| Net Margin | -7.0% | -27.4% | · | -8.7% | -7.5% | -4.7% | · | 2.8% | 3.2% | -3.0% | · | -3.6% | 7.3% | -1.5% | · | 3.4% | |
| Pretax Margin | -7.3% | -28.3% | · | -8.6% | -7.5% | -4.4% | · | 2.9% | 3.3% | -2.8% | · | -5.1% | 9.1% | -2.0% | · | 6.4% | |
| EBITDA Margin | -7.6% | -28.5% | · | -8.7% | -8.1% | -5.0% | · | 2.0% | 2.6% | -3.6% | · | -6.1% | 8.2% | -2.9% | · | 6.2% | |
| ROA | -1.3% | -4.0% | · | -1.2% | -1.1% | -0.74% | · | 0.48% | 0.60% | -0.53% | · | -0.70% | 1.6% | -0.30% | · | 0.73% | |
| ROE | -28.0% | -68.7% | · | -15.7% | -13.7% | -8.2% | · | 4.8% | 5.7% | -5.3% | · | -6.3% | 14.3% | -2.9% | · | 5.9% | |
| ROIC | -14.5% | -34.0% | · | -7.1% | -7.0% | -4.6% | · | 1.8% | 2.5% | -3.5% | · | -3.7% | 6.4% | -2.1% | · | 3.4% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.5 | · | 0.4 | 0.4 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | |
| Quick Ratio | 0.5 | 0.4 | · | 0.3 | 0.3 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.5 | 0.5 | · | 0.5 | |
| Debt / Equity | 3.7 | 2.6 | · | 1.5 | 1.1 | 0.9 | · | 0.9 | 0.9 | 1.0 | · | 0.9 | 0.8 | 0.9 | · | 0.9 | |
| LT Debt / Equity | 2.2 | 1.5 | · | 0.7 | 0.5 | 0.4 | · | 0.5 | 0.4 | 0.4 | · | 0.4 | 0.3 | 0.4 | · | 0.5 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 10.4 | 9.6 | · | 7.4 | 9.6 | 9.8 | · | 7.3 | 10.5 | 8.9 | · | 10.1 | 12.6 | 10.9 | · | 15.9 |
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 | $4.09B | $3.72B | · | $3.66B | $3.75B | $3.69B | · | $3.66B | $3.69B | $3.56B | · | $3.60B | $3.63B | $3.27B | · | $3.05B | |
| Net Income TTM | $-509M | $-462M | · | $-164M | $-56M | $-12M | · | $-1M | $44M | $0 | · | $57M | $102M | $-90M | · | $-54M | |
| Market Cap | $1.82B | $811M | · | $1.01B | $828M | $988M | · | $1.20B | $1.11B | $1.82B | · | $1.07B | $2.13B | $2.15B | · | $2.11B | |
| Enterprise Value | $1.37B | $622M | · | $1.11B | $825M | $809M | · | $1.09B | $901M | $1.66B | · | $916M | $1.78B | $1.79B | · | $1.86B | |
| P/E | -3.6 | -1.7 | · | -6.0 | -14.5 | -72.3 | · | -535.0 | 25.9 | -811.0 | · | 20.2 | 22.0 | -22.9 | · | -35.9 | |
| P/S | 0.4 | 0.2 | · | 0.3 | 0.2 | 0.3 | · | 0.3 | 0.3 | 0.5 | · | 0.3 | 0.6 | 0.7 | · | 0.7 | |
| P/B | 13.4 | 3.7 | · | 2.3 | 1.6 | 1.7 | · | 2.2 | 2.1 | 3.8 | · | 2.0 | 3.8 | 4.4 | · | 4.5 | |
| P / Tangible Book | 16.7 | 4.2 | · | 2.5 | 1.7 | 1.8 | · | 2.3 | 2.2 | 4.0 | · | 2.1 | 4.0 | 4.7 | · | 4.8 | |
| P / Cash Flow | · | 20.3 | · | · | · | -11.5 | · | · | · | -82.5 | · | · | · | -86.0 | · | · | |
| P / FCF | · | 29.0 | · | · | · | -9.5 | · | · | · | -46.6 | · | · | · | -59.7 | · | · | |
| EV / EBITDA | -14.1 | -2.2 | · | -14.4 | -11.0 | -17.6 | · | 57.6 | 36.0 | -53.5 | · | -17.0 | 22.6 | -71.5 | · | 33.2 | |
| EV / FCF | · | 22.2 | · | · | · | -7.8 | · | · | · | -42.6 | · | · | · | -49.6 | · | · | |
| EV / Revenue | 0.3 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.5 | · | 0.3 | 0.5 | 0.5 | · | 0.6 | |
| Earnings Yield | -28.1% | -57.2% | · | -16.5% | -6.9% | -1.4% | · | -0.19% | 3.9% | -0.12% | · | 5.0% | 4.5% | -4.4% | · | -2.8% |
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 | $3.72B | $3.77B | $3.59B | $3.33B | $2.06B |
| Operating Margin % | -4.0% | 1.5% | -0.08% | -1.4% | -5.7% |
| Net Income | $-137M | $85M | $-11M | $-37M | $-102M |
| Diluted EPS | $-0.60 | $0.37 | $-0.05 | $-0.17 | $-0.48 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.3 | 0.8 | 0.9 | 0.8 | 0.8 |
| Current Ratio | 0.5 | 0.5 | 0.5 | 0.7 | 0.8 |
| Quick Ratio | 0.4 | 0.4 | 0.4 | 0.5 | 0.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-600M | $-158M | $-312M | $-119M | $189M |
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Institutional owners (13F) 204 filers · $914.2M 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 |
|---|---|---|---|---|
| 52 (+25 vs prior Q) | 21 (-2 vs prior Q) | 63 (+21 vs prior Q) | 47 (-19 vs prior Q) | +13.1M |
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 |
|---|---|---|---|---|
| Indigo Partners LLC | $253,847,775 | 32,092,007 | 27.77% | Shares |
| Wildcat Capital Management, LLC | $221,965,286 | 28,061,351 | 24.28% | Shares |
| U S GLOBAL INVESTORS INC | $38,874,921 | 4,914,655 | 4.25% | Shares |
| TWO SIGMA INVESTMENTS, LP | $37,031,171 | 4,681,564 | 4.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,904,516 | 3,654,174 | 3.16% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $26,685,366 | 3,373,624 | 2.92% | Shares |
| MILLENNIUM MANAGEMENT LLC | $22,764,988 | 2,878,001 | 2.49% | Shares |
| STATE STREET CORP | $19,099,462 | 2,414,597 | 2.09% | Shares |
| Ancient Art, L.P. | $18,945,391 | 2,395,119 | 2.07% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $18,528,202 | 2,342,377 | 2.03% | Shares |
| Balyasny Asset Management L.P. | $13,905,994 | 1,758,027 | 1.52% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $12,944,474 | 1,635,946 | 1.42% | Shares |
| TUDOR INVESTMENT CORP ET AL | $12,795,809 | 1,617,675 | 1.40% | Shares |
| Silver Point Capital L.P. | $12,141,850 | 1,535,000 | 1.33% | Shares |
| Point72 Asset Management, L.P. | $11,397,820 | 1,440,938 | 1.25% | Shares |
| JANE STREET GROUP, LLC | $11,253,937 | 1,422,748 | 1.23% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $11,039,196 | 1,395,600 | 1.21% | Shares |
| D. E. Shaw & Co., Inc. | $9,567,366 | 1,209,528 | 1.05% | Shares |
| Jump Financial, LLC | $7,185,444 | 908,400 | 0.79% | Shares |
| GOLDMAN SACHS GROUP INC | $7,070,970 | 893,928 | 0.77% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,719,908 | 849,546 | 0.74% | Shares |
| TWO SIGMA ADVISERS, LP | $5,671,617 | 1,204,165 | 0.62% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,300,950 | 670,158 | 0.58% | Shares |
| Prentice Capital Management, LP | $4,971,965 | 628,567 | 0.54% | Shares |
| MARSHALL WACE, LLP | $4,698,636 | 594,012 | 0.51% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,634,358 | 585,886 | 0.51% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $4,507,893 | 569,898 | 0.49% | Shares |
| Walleye Capital LLC | $4,477,408 | 566,044 | 0.49% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $3,914,659 | 494,900 | 0.43% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $3,536,877 | 447,140 | 0.39% | Shares |
| Blueshift Asset Management, LLC | $2,753,313 | 348,080 | 0.30% | Shares |
| CITADEL ADVISORS LLC | $2,615,283 | 330,630 | 0.29% | Shares |
| Voleon Capital Management LP | $2,473,449 | 312,699 | 0.27% | Shares |
| CastleKnight Management LP | $2,379,328 | 300,800 | 0.26% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,239,487 | 283,121 | 0.24% | Shares |
| Squarepoint Ops LLC | $2,104,060 | 266,000 | 0.23% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $2,040,590 | 257,976 | 0.22% | Shares |
| Aquatic Capital Management LLC | $1,983,211 | 250,722 | 0.22% | Shares |
| BlackRock, Inc. | $1,953,746 | 246,997 | 0.21% | Shares |
| ExodusPoint Capital Management, LP | $1,948,897 | 246,384 | 0.21% | Shares |
| ALGERT GLOBAL LLC | $1,858,929 | 235,010 | 0.20% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,590,701 | 201,100 | 0.17% | Call option |
| PDT Partners, LLC | $1,585,939 | 200,498 | 0.17% | Shares |
| Quinn Opportunity Partners LLC | $1,504,482 | 190,200 | 0.16% | Shares |
| Engineers Gate Manager LP | $1,463,730 | 185,048 | 0.16% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,459,609 | 184,527 | 0.16% | Shares |
| VARCOV Co. | $1,456,104 | 184,084 | 0.16% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $1,445,995 | 182,806 | 0.16% | Shares |
| OneDigital Investment Advisors LLC | $1,411,271 | 178,416 | 0.15% | Shares |
| Longaeva Partners L.P. | $1,378,729 | 174,302 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,252,343 | 158,324 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $1,171,471 | 148,100 | 0.13% | Call option |
| Weiss Asset Management LP | $1,069,305 | 135,184 | 0.12% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,036,685 | 131,060 | 0.11% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,016,055 | 128,452 | 0.11% | Shares |
| Man Group plc | $989,430 | 125,086 | 0.11% | Shares |
| State of Wyoming | $924,576 | 116,887 | 0.10% | Shares |
| Qube Research & Technologies Ltd | $923,825 | 116,792 | 0.10% | Shares |
| Quantbot Technologies LP | $887,668 | 112,221 | 0.10% | Shares |
| Swiss National Bank | $870,891 | 110,100 | 0.10% | Shares |
| Mountain Capital Investment Advisors Inc. | $866,374 | 109,529 | 0.09% | Shares |
| MORGAN STANLEY | $864,927 | 109,346 | 0.09% | Shares |
| Numerai GP LLC | $845,429 | 106,881 | 0.09% | Shares |
| Crawford Fund Management, LLC | $792,582 | 100,200 | 0.09% | Put option |
| JANE STREET GROUP, LLC | $778,344 | 98,400 | 0.09% | Call option |
| CITADEL ADVISORS LLC | $753,823 | 95,300 | 0.08% | Put option |
| DEUTSCHE BANK AG\ | $707,138 | 89,398 | 0.08% | Shares |
| Quadrature Capital Ltd | $664,132 | 83,961 | 0.07% | Shares |
| RHUMBLINE ADVISERS | $602,740 | 76,201 | 0.07% | Shares |
| CITIGROUP INC | $598,787 | 75,700 | 0.07% | Call option |
| COMMONWEALTH EQUITY SERVICES, LLC | $569,800 | 72,036 | 0.06% | Shares |
| Point72 Europe (London) LLP | $565,120 | 128,000 | 0.06% | Shares |
| UBS Group AG | $479,995 | 60,682 | 0.05% | Shares |
| Boston Partners | $474,690 | 60,012 | 0.05% | Shares |
| AXQ CAPITAL, LP | $470,329 | 59,460 | 0.05% | Shares |
| Schonfeld Strategic Advisors LLC | $463,090 | 58,545 | 0.05% | Shares |
| Brevan Howard Capital Management LP | $402,200 | 50,847 | 0.04% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $386,183 | 48,822 | 0.04% | Shares |
| MIRABELLA FINANCIAL SERVICES LLP | $385,177 | 48,695 | 0.04% | Shares |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $369,500 | 46,713 | 0.04% | Shares |
| WOLVERINE TRADING, LLC | $353,788 | 73,400 | 0.04% | Call option |
| Centiva Capital, LP | $347,645 | 43,950 | 0.04% | Shares |
| Optimize Financial Inc | $342,541 | 97,037 | 0.04% | Shares |
| Bank of New York Mellon Corp | $337,259 | 42,637 | 0.04% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $323,464 | 40,893 | 0.04% | Shares |
| ALLIANCEBERNSTEIN L.P. | $309,616 | 87,710 | 0.03% | Shares |
| JANE STREET GROUP, LLC | $300,580 | 38,000 | 0.03% | Put option |
| BARCLAYS PLC | $292,939 | 37,034 | 0.03% | Shares |
| MetLife Investment Management, LLC | $284,871 | 36,014 | 0.03% | Shares |
| Vanguard Global Advisers, LLC | $247,029 | 31,230 | 0.03% | Shares |
| OXFORD ASSET MANAGEMENT LLP | $243,169 | 30,742 | 0.03% | Shares |
| Quantinno Capital Management LP | $241,326 | 30,509 | 0.03% | Shares |
| McGowan Group Asset Management, Inc. | $237,300 | 30,000 | 0.03% | Shares |
| Nebula Research & Development LLC | $236,171 | 65,061 | 0.03% | Shares |
| CAXTON ASSOCIATES LLP | $229,350 | 28,995 | 0.03% | Shares |
| Vanguard Personalized Indexing Management, LLC | $218,593 | 27,635 | 0.02% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $215,903 | 27,295 | 0.02% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $211,197 | 26,700 | 0.02% | Put option |
| STRAIGHTLINE GROUP LLC | $210,961 | 26,670 | 0.02% | Shares |
| HSBC HOLDINGS PLC | $193,533 | 24,796 | 0.02% | Shares |
Company insiders 24 insiders · 6 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Barry Biffle | President & CEO | March 8, 2023 S | 293,672 | 0 | 0 | $0 |
| Alexandre Clerc | SVP, Customers | Aug. 4, 2026 S | 37,488 | 0 | 3 | $-105,994 |
| Steve Schuller | SVP, Human Resources | Aug. 3, 2026 S | 87,175 | 0 | 2 | $-135,511 |
| Daniel M. Shurz | Senior Vice President, Customers | Feb. 3, 2022 A | 18,202 | 0 | 0 | $0 |
| Jacob F. Filene | Sr. Vice President, Customers | Feb. 3, 2022 A | 68,594 | 0 | 0 | $0 |
| Craig R. Maccubbin | SVP & CIO | Feb. 3, 2022 A | — | 0 | 0 | $0 |
| Barron Elliot Steele | Director | June 15, 2026 A | — | 0 | 0 | $0 |
| Anthony David Salcido | Director | Feb. 5, 2026 A | — | 0 | 0 | $0 |
| Josh T. Connor | Director | Aug. 3, 2021 A | 102,312 | 0 | 0 | $0 |
| Robert J. Genise | Director | Aug. 3, 2021 A | 326,191 | 0 | 0 | $0 |
| Andrew S. Broderick | Director | Aug. 3, 2021 A | — | 0 | 0 | $0 |
| Patricia Salas Pineda | Director | Aug. 3, 2021 A | 51,190 | 0 | 0 | $0 |
| Alejandro Daniel Wolff | Director | Aug. 3, 2021 A | — | 0 | 0 | $0 |
| Michael R Macdonald | Director | Aug. 3, 2021 A | — | 0 | 0 | $0 |
| FRANKE WILLIAM A | Director | Aug. 3, 2021 A | 178,834,034 | 0 | 0 | $0 |
| Group Holdings - Frontier LLC | 10% owner | July 9, 2026 S | 22,706,526 | 0 | 1 | $-84,240,000 |
| Indigo Frontier Holdings Company, LLC | 10% owner | April 5, 2024 J | 0 | 0 | 0 | $0 |
| Mark Christopher Mitchell | — | Aug. 5, 2026 S | 53,785 | 0 | 1 | $-1,011,250 |
| Josh A Wetzel | — | Aug. 4, 2026 S | 10,061 | 0 | 1 | $-16,000 |
| Trevor J. Stedke | — | Aug. 4, 2026 S | 0 | 0 | 1 | $-1,343,234 |
| Howard Diamond | — | Aug. 4, 2026 S | 133,126 | 0 | 1 | $-199,609 |
| Bernard L Han | — | May 14, 2026 A | 448,857 | 0 | 0 | $0 |
| James G. Dempsey | — | Feb. 3, 2022 A | 21,394 | 0 | 0 | $0 |
| Brian H. Franke | — | Aug. 3, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 40 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 |
|---|---|---|---|---|
| PEZ · Invesco Exchange-Traded Fund Trust | 2.03% | 63,353 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.42% | 253,284 SH | Aug. 8, 2026 | Daily |
| IYT · iShares Trust | 0.08% | 238,826 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 150,588 SH | Aug. 8, 2026 | Daily |
| TPOR · Direxion Shares ETF Trust | 0.03% | 1,556 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 63,843 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.03% | 545,474 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.02% | 1,057,969 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 79,654 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 563,585 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 1,545,624 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.01% | 14,549 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 406,779 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 981,479 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 1,839,321 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 342,551 SH | Aug. 8, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.01% | 65,517 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 3,816 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.01% | 8,225 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 2,700 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 24,845 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 6,515 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 5,054 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 2,111 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 25,256 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 2,134 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 416,448 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 26,705 NS | April 30, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.00% | 16,573 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,552 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 54 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 28,342 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 136,372 SH | Aug. 8, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 442 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 47,651 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 9,987 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 8,626 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 11,391 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,588,340 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,423 SH | Aug. 8, 2026 | Daily |