UPWK Upwork Inc. - Common Stock
$8.73
Price · Aug 20, 2026
Fundamentals as of Aug 10, 2026
52W Range
$7–$23
8% of range
Analyst Rating
HOLD
17 analysts
Price Target
$11
+24% upside
P/E (TTM)
9.8
ROE
18.6%
Net Profit Margin
14.6%
About Upwork Inc. - Common Stock Company overview from Wikipedia
Upwork Inc. is an American freelancing platform headquartered in Palo Alto and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
Read more
Upwork Inc. (formerly Elance-oDesk) is an American freelancing platform headquartered in Palo Alto and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
History
Elance was founded in 1998 by Bernard Sheth and Srini Anumolu in Jersey City. In December 1999, the company's 22 employees relocated to Sunnyvale, in California's Silicon Valley. Elance's first product was the Elance Small Business Marketplace.
oDesk was founded in 2003 by two friends, Odysseas Tsatalos and Stratis Karamanlakis, who walked to work together even though one of them was in the U.S. and the other was in Greece. Originally created as a staffing firm, oDesk eventually became an online marketplace that allowed registered users to find, hire, and collaborate with remote workers.
In 2009, a hacker breached Elance and obtained the personal details of more than 1.3 million registered users including names, addresses, passwords, and associated email account data.
Elance and oDesk announced their merger on December 18, 2013, to create Elance-oDesk. In 2015, the new company was rebranded as Upwork, which coincided with an upgrade of the oDesk platform under the same name. The newly named Upwork also planned to phase out the Elance platform within a couple of years.
The company was listed on the Inc. magazine 5000 list from 2009 to 2014 and filed for an initial public offering on October 3, 2018.
In January 2020, Hayden Brown was appointed CEO of Upwork.
In March 2022, Upwork was named to Time's list of TIME100 Most Influential Companies of 2022.
On March 7, 2022, Upwork started suspending operations for freelancers and clients in Russia and Belarus as a sanction following Russia's invasion of Ukraine in February 2022.
In 2023, job postings related to AI became the fastest growing category on the Upwork platform and the company created an AI services hub to address the increasing activity. In 2025, Upwork partnered with OpenAI.
In 2024, the company introduced "Uma", an AI assistant. The system was built on large language models trained on platform data.
Beginning in 2023, Upwork acquired the AI video conferencing platform Headroom; the search-as-service company ObjectiveAI in 2024; and in 2025 the workforce management company Bubty and Ascen, a compliance and EOR company. In 2025, Upwork created a wholly owned subsidiary, Lifted, to provide services to enterprise clients.
On May 7, 2026, Upwork announced its second layoff of 25% of its workforce within two years.
Service and business model
Businesses and individuals connect through Upwork platform to conduct business. Clients post a description of their job and a price range they are willing to pay for a freelancer to complete it. The client may invite specific freelancers to apply for their jobs, or post the job for any freelancer who is interested to apply. Once the client has chosen who they want to complete the job, they hire that freelancer by sending a contract with set hours, pay rate, and a deadline for the work to be completed. Freelancers are also required to purchase "connects" in order to be able to bid for jobs.
Size, scope, and changes
In March 2017, Upwork reported 14 million users in 180 countries with US$1 billion in annual freelancer billings.
In 2020, the company purged 1.8 million freelancers. In 2019, CEO Hayden Brown said that Upwork would be focusing more on serving the needs of Fortune 500 companies rather than smaller companies just looking for a quick job with a single gig worker. Many of the freelancers purged were rated as "less skilled" or had lower rankings on the platform.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
UPWK Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$8.73
Market Cap
$1.08B
P/E (TTM)
9.8
EPS (TTM)
$0.84
Revenue (TTM)
$788M
Div Yield
—
ROE
18.6%
Debt/Equity
0.6
52W Range
$7 – $23
UPWK 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
$788M
2016-12-31
→
2025-12-31
EPS
$0.84
2019-12-31
→
2025-12-31
Free Cash Flow
$242M
2018-12-31
→
2025-12-31
Margins
14.6%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
UPWK
Peer Median
P/E (TTM)
9.8
21.3
P/S (TTM)
1.4
0.7
P/B
1.7
3.4
EV / EBITDA
4.9
—
Price / FCF
4.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
UPWK
Peer Median
Gross Margin
77.8%
30.3%
Operating Margin
16.4%
—
Net Profit Margin
14.6%
1.1%
ROA
9.2%
2.1%
ROE
18.6%
3.1%
ROIC
9.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
UPWK
Peer Median
Debt / Equity
0.6
57.2
Current Ratio
1.5
1.4
Quick Ratio
1.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
UPWK
Peer Median
Revenue YoY
2.4%
—
Revenue CAGR 3Y
8.4%
—
Revenue CAGR 5Y
16.1%
—
EPS YoY
-44.7%
—
Net Income YoY
-46.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
UPWK
Peer Median
UPWK Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 3 17.6%
- Buy 5 29.4%
- Hold 9 52.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-14
Median
$10.00
Mean
$10.81
Now
$8.73
Low
$8.00
High
$18.00
Median target
$10.00
+14.5%
Mean target
$10.81
+23.9%
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 | $0.20 | $0.35 | -0.15% |
| March 31, 2026 | $0.35 | $0.28 | 0.07% |
| Dec. 31, 2025 | $0.36 | $0.32 | 0.04% |
| Sept. 30, 2025 | $0.36 | $0.29 | 0.07% |
| June 30, 2025 | $0.35 | $0.28 | 0.07% |
| March 31, 2025 | $0.34 | $0.26 | 0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| UPWK | $2.59B | 23.6 | 2.4% | 14.6% | 18.6% | 77.8% |
| TNET | $2.80B | 18.5 | -0.85% | 3.1% | 192.6% | — |
| MAN | — | -102.5 | 0.58% | -0.07% | -0.64% | 16.7% |
| NSP | $1.46B | -203.8 | 3.5% | -0.10% | -8.9% | 13.2% |
| KFRC | — | 15.8 | -5.4% | 2.6% | 26.9% | 27.2% |
| BBSI | $912M | 17.4 | 8.4% | 4.4% | 23.3% | 21.0% |
| KELYA | — | -1.2 | -1.9% | -6.0% | -23.0% | 20.1% |
| ALIT | — | -0.3 | -3.0% | -136.9% | -115.7% | 33.8% |
| TBI | $139M | -2.9 | 3.1% | -3.0% | -16.3% | 22.8% |
| ADP | $89.09B | 20.5 | 6.7% | 20.1% | 71.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $788M | $769M | $689M | $618M | $503M | $374M | $301M | $253M | $203M | |
| Cost of Revenue | $175M | $174M | $170M | $160M | $136M | $104M | $88M | $81M | $65M | |
| Gross Profit | $613M | $595M | $519M | $458M | $367M | $269M | $212M | $172M | $137M | |
| R&D Expense | $186M | $209M | $177M | $155M | $119M | $83M | $64M | $55M | $46M | |
| SG&A Expense | $147M | $129M | $119M | $124M | $113M | $72M | $67M | $49M | $37M | |
| Operating Expenses | $484M | $530M | $530M | $551M | $422M | $292M | $231M | $184M | $140M | |
| Operating Income | $129M | $65M | $-11M | $-93M | $-54M | $-22M | $-19M | $-12M | $-3M | |
| Interest Expense | · | · | · | $4M | $2M | $778.0K | $1M | $2M | $960.0K | |
| Interest Income | $27M | $28M | $24M | $8M | · | · | · | · | · | |
| Other Non-op | $24M | $25M | $60M | $3M | $-2M | $469.0K | $3M | $-6M | $-62.0K | |
| Pretax Income | $153M | $90M | $49M | $-89M | $-56M | $-23M | $-17M | $-20M | $-4M | |
| Income Tax | $38M | $-125M | $2M | $536.0K | $122.0K | $150.0K | $28.0K | $15.0K | $-22.0K | |
| Net Income | $115M | $216M | $47M | $-90M | $-56M | $-23M | $-17M | $-20M | $-4M | |
| EPS (Basic) | $0.87 | $1.61 | $0.35 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | · | · | |
| EPS (Diluted) | $0.84 | $1.52 | $0.06 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | · | · | |
| Shares (Basic) | 132,485,000 | 133,621,000 | 134,774,000 | 130,518,000 | 127,164,000 | 118,699,000 | 109,815,000 | · | · | |
| Shares (Diluted) | 140,660,000 | 143,152,000 | 137,263,000 | 130,518,000 | 127,164,000 | 118,699,000 | 109,815,000 | · | · | |
| EBITDA | $155M | $80M | $-11M | $-93M | $-54M | $-22M | $-19M | $-12M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $294M | $306M | $80M | $129M | $187M | $94M | $48M | $129M | $22M | |
| Short-term Investments | $378M | $316M | $470M | $557M | $498M | $76M | $85M | $0 | · | |
| Receivables | $76M | $75M | $103M | $65M | $67M | $47M | $30M | $22M | $31M | |
| Prepaid Expense | $21M | $18M | $18M | $18M | $17M | $9M | $8M | $6M | $5M | |
| Current Assets | $951M | $911M | $883M | $931M | $930M | $361M | $281M | $256M | $144M | |
| PP&E (Net) | $44M | $30M | $27M | $22M | $21M | $28M | $21M | $11M | $4M | |
| PP&E (Gross) | $100M | $74M | $68M | $55M | $46M | $44M | $29M | $18M | $11M | |
| Accum. Depreciation | $56M | $44M | $41M | $33M | $25M | $15M | $8M | $7M | $8M | |
| Goodwill | $149M | $121M | $118M | $118M | $118M | $118M | $118M | $118M | $118M | |
| Intangibles | $37M | $13M | $3M | $0 | $0 | $667.0K | $3M | $6M | $9M | |
| Other Non-current Assets | $1M | $2M | $1M | $1M | $1M | $2M | $829.0K | $653.0K | $658.0K | |
| Total Assets | $1.30B | $1.21B | $1.04B | $1.08B | $1.08B | $529M | $446M | $392M | $275M | |
| Accounts Payable | $8M | $6M | $5M | $8M | $5M | $6M | $652.0K | $2M | $462.0K | |
| Current Liabilities | $650M | $268M | $293M | $248M | $234M | $199M | $149M | $128M | $115M | |
| Capital Leases | $10M | $10M | $6M | $11M | $17M | $21M | $21M | · | · | |
| Other Non-current Liabilities | $9M | $308.0K | $1M | $8M | $10M | $8M | $6M | $2M | $2M | |
| Total Liabilities | $669M | $636M | $656M | $831M | $822M | $230M | $187M | $148M | $140M | |
| Long-term Debt | $360M | $358M | · | · | $561M | $11M | $18M | $24M | $34M | |
| Total Debt | $360M | $358M | $356M | $564M | $561M | $11M | $18M | $24M | · | |
| Common Stock | $13.0K | $14.0K | $14.0K | $13.0K | $13.0K | $12.0K | $11.0K | $11.0K | $3.0K | |
| Retained Earnings | $37M | $-78M | $-294M | $-341M | $-251M | $-195M | $-172M | $-143M | $-124M | |
| Treasury Stock | · | · | $0 | · | · | · | · | · | · | |
| AOCI | $754.0K | $264.0K | $205.0K | $-3M | $-528.0K | · | · | · | · | |
| Stockholders' Equity | $630M | $575M | $381M | $249M | $260M | $299M | $259M | $244M | $-31M | |
| Liabilities + Equity | $1.30B | $1.21B | $1.04B | $1.08B | $1.08B | $529M | $446M | $392M | $275M | |
| Shares Outstanding | 130,545,236 | 135,348,453 | 137,272,754 | 132,368,265 | 129,130,478 | 124,795,222 | 113,604,398 | 106,454,321 | 33,740,323 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $15M | $9M | $8M | · | · | · | · | · | |
| Stock-based Comp | $65M | $68M | $74M | $76M | $54M | $26M | $19M | $10M | $7M | |
| Deferred Tax | $18M | $-129M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Amort. of Intangibles | $9M | $2M | $0 | $0 | $700.0K | $3M | $3M | $3M | $3M | |
| Other Non-cash | $23M | $-16M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $248M | $154M | $53M | $11M | $11M | $22M | $1M | $14M | $-4M | |
| CapEx | $6M | $4M | $692.0K | $1M | $1M | $6M | $11M | $3M | $2M | |
| Investing Cash Flow | $-137M | $138M | $88M | $-69M | $-429M | $-4M | $-101M | $-7M | $-2M | |
| Stock Repurchased | $136M | $100M | $0 | $0 | · | · | · | · | · | |
| Net Stock Activity | $-136M | $-100M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-138M | $-82M | $-140M | $1M | $538M | $55M | $29M | $112M | $28M | |
| Net Change in Cash | $-27M | $209M | $1M | $-57M | $120M | $73M | $-70M | $119M | $21M | |
| Taxes Paid | $13M | $5M | $2M | · | · | · | · | · | · | |
| Free Cash Flow | $242M | $150M | $27M | $5M | $10M | $16M | $-10M | $11M | · | |
| Levered FCF | · | · | · | $801.1K | $8M | $15M | $-11M | $9M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% | · | |
| Operating Margin | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% | · | |
| Net Margin | 14.6% | 28.0% | 6.8% | -14.5% | -11.2% | -6.1% | -5.5% | -7.9% | · | |
| Pretax Margin | 19.4% | 11.8% | 7.1% | -14.4% | -11.2% | -6.1% | -5.5% | -7.8% | · | |
| EBITDA Margin | 19.7% | 10.4% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% | · | |
| ROA | 9.2% | 19.2% | 4.4% | -8.3% | -7.0% | -4.7% | -4.0% | -6.0% | · | |
| ROE | 18.6% | 43.7% | 13.0% | -36.6% | -21.4% | -7.9% | -6.6% | -18.9% | · | |
| ROIC | 9.8% | 16.7% | -1.5% | -11.5% | -6.6% | -7.3% | -6.8% | -4.4% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.5 | 3.4 | 3.0 | 3.8 | 4.0 | 1.8 | 1.9 | 2.0 | · | |
| Quick Ratio | 1.2 | 2.6 | 2.2 | 3.0 | 3.2 | 1.1 | 1.1 | 1.2 | · | |
| Debt / Equity | 0.6 | 0.6 | 0.9 | 2.3 | 2.2 | 0.0 | 0.1 | 0.1 | · | |
| LT Debt / Equity | 0.0 | 0.6 | 0.9 | 2.3 | 2.2 | 0.0 | 0.0 | 0.1 | · | |
| Interest Coverage | · | · | · | -20.7 | -24.9 | -28.8 | -14.3 | -5.7 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.7 | 0.7 | 0.6 | 0.6 | 0.8 | 0.7 | 0.8 | · | |
| Receivables Turnover | 10.4 | 8.6 | 8.2 | 9.4 | 8.8 | 9.7 | 11.9 | 9.5 | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 2.4% | 11.6% | 11.5% | 23.0% | 34.6% | · | · | · | · | |
| Revenue CAGR 3Y | 8.4% | 15.2% | 22.6% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 16.1% | · | · | · | · | · | · | · | · | |
| EPS YoY | -44.7% | 2433.3% | · | · | · | · | · | · | · | |
| Net Income YoY | -46.5% | 359.8% | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $788M | $769M | $689M | $618M | $503M | $374M | $301M | $253M | · | |
| Net Income TTM | $115M | $216M | $47M | $-90M | $-56M | $-23M | $-17M | $-20M | · | |
| Market Cap | $2.59B | $2.21B | $2.04B | $1.38B | $4.41B | $4.31B | $1.21B | · | · | |
| Enterprise Value | $2.27B | $1.95B | $1.85B | $1.26B | $4.29B | $4.15B | $1.10B | · | · | |
| P/E | 23.6 | 10.8 | 247.8 | -15.1 | -77.6 | -181.7 | -71.1 | · | · | |
| P/S | 3.3 | 2.9 | 3.0 | 2.2 | 8.8 | 11.5 | 4.0 | · | · | |
| P/B | 4.1 | 3.8 | 5.4 | 5.6 | 17.0 | 14.4 | 4.7 | · | · | |
| P / Tangible Book | 5.8 | 5.0 | 7.9 | 10.6 | 31.2 | 23.9 | · | · | · | |
| P / Cash Flow | 10.4 | 14.4 | 75.0 | 210.7 | 407.1 | 192.6 | 1145.7 | · | · | |
| P / FCF | 10.7 | 14.7 | 76.9 | 260.2 | 449.7 | 268.5 | -125.0 | · | · | |
| EV / EBITDA | 14.7 | 24.4 | -164.1 | -13.6 | -79.1 | -185.2 | -58.5 | · | · | |
| EV / FCF | 9.4 | 13.0 | 69.6 | 237.2 | 437.1 | 258.6 | -113.1 | · | · | |
| EV / Revenue | 2.9 | 2.5 | 2.7 | 2.0 | 8.5 | 11.1 | 3.6 | · | · | |
| Earnings Yield | 4.2% | 9.3% | 0.40% | -6.6% | -1.3% | -0.55% | -1.4% | · | · |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $192M | $195M | $198M | $202M | $195M | $193M | $191M | $194M | $193M | $191M | $184M | $176M | $169M | $161M | $161M | $159M | |
| Cost of Revenue | $45M | $45M | $44M | $46M | $43M | $42M | $43M | $43M | $44M | $44M | $46M | $43M | $41M | $40M | $41M | $40M | |
| Gross Profit | $146M | $151M | $155M | $156M | $152M | $151M | $149M | $150M | $149M | $147M | $138M | $132M | $128M | $120M | $120M | $118M | |
| R&D Expense | $44M | $43M | $47M | $47M | $45M | $46M | $53M | $50M | $52M | $53M | $46M | $43M | $43M | $44M | $42M | $39M | |
| SG&A Expense | $37M | $35M | $42M | $41M | $36M | $28M | $36M | $31M | $30M | $32M | $32M | $29M | $29M | $29M | $30M | $31M | |
| Operating Expenses | $118M | $118M | $126M | $126M | $119M | $112M | $135M | $130M | $131M | $134M | $130M | $121M | $134M | $145M | $141M | $144M | |
| Operating Income | $28M | $33M | $28M | $30M | $33M | $39M | $14M | $21M | $18M | $13M | $8M | $11M | $-6M | $-25M | $-20M | $-25M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $711.0K | $713.0K | $1M | · | $1M | |
| Interest Income | $5M | $6M | $7M | $7M | $7M | $7M | $6M | $8M | $6M | $8M | · | · | · | · | · | · | |
| Other Non-op | $4M | $5M | $6M | $6M | $6M | $6M | $5M | $8M | $6M | $7M | $7M | $6M | $4M | $43M | $1M | $2M | |
| Pretax Income | $32M | $38M | $34M | $36M | $38M | $45M | $18M | $29M | $23M | $20M | $16M | $17M | $-2M | $18M | $-16M | $-25M | |
| Income Tax | $7M | $6M | $18M | $6M | $6M | $7M | $-129M | $1M | $1M | $1M | $-2M | $895.0K | $2M | $795.0K | $440.0K | $40.0K | |
| Net Income | $25M | $31M | $16M | $29M | $33M | $38M | $147M | $28M | $22M | $18M | $17M | $16M | $-4M | $17M | $-16M | $-25M | |
| EPS (Basic) | $0.21 | $0.25 | $0.12 | $0.22 | $0.25 | $0.28 | $1.09 | $0.21 | $0.17 | $0.14 | $0.13 | $0.12 | $-0.03 | $0.13 | $-0.13 | $-0.19 | |
| EPS (Diluted) | $0.20 | $0.24 | $0.12 | $0.21 | $0.24 | $0.27 | $1.02 | $0.20 | $0.17 | $0.13 | $0.12 | $0.12 | $-0.03 | $-0.15 | $-0.13 | $-0.19 | |
| Shares (Basic) | 123,918,000 | 128,116,000 | -266,893,000 | 131,987,000 | 132,183,000 | 135,208,000 | -266,775,000 | 132,603,000 | 131,436,000 | 136,357,000 | -267,654,000 | 135,450,000 | 134,142,000 | 132,836,000 | -259,732,000 | 130,830,000 | |
| Shares (Diluted) | 129,958,000 | 135,656,000 | -281,981,000 | 139,666,000 | 140,198,000 | 142,777,000 | -278,065,000 | 139,294,000 | 138,266,000 | 143,657,000 | -270,136,000 | 137,291,000 | 134,142,000 | 135,966,000 | -259,732,000 | 130,830,000 | |
| EBITDA | $28M | $42M | · | $30M | $33M | $44M | · | $21M | $18M | $13M | · | $11M | $-6M | $-25M | · | $-25M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $476M | $328M | $294M | $261M | $291M | $304M | $306M | $288M | $183M | $25M | $80M | $147M | $154M | $102M | $129M | $156M | |
| Short-term Investments | $138M | $251M | $378M | $382M | $344M | $318M | $316M | $313M | $315M | $466M | · | $408M | $363M | $408M | · | $519M | |
| Receivables | $76M | $76M | $76M | $76M | $71M | $78M | $75M | $69M | $117M | $114M | · | $60M | $66M | $59M | · | $67M | |
| Prepaid Expense | $25M | $24M | $21M | $18M | $21M | $22M | $18M | $19M | $23M | $20M | · | $17M | $19M | $19M | · | $17M | |
| Current Assets | $909M | $883M | $951M | $949M | $939M | $938M | $911M | $904M | $856M | $848M | · | $810M | $780M | $768M | · | $930M | |
| PP&E (Net) | $59M | $49M | $44M | $40M | $38M | $35M | $30M | $30M | $28M | $27M | · | $27M | $25M | $23M | · | $21M | |
| PP&E (Gross) | $126M | $111M | $100M | $91M | $85M | $82M | $74M | $80M | $75M | $71M | · | $65M | $61M | $58M | · | $52M | |
| Accum. Depreciation | $67M | $61M | $56M | $51M | $46M | $47M | $44M | $50M | $47M | $44M | · | $38M | $37M | $35M | · | $31M | |
| Goodwill | $149M | $149M | $149M | $150M | $141M | $121M | $121M | $118M | $118M | $118M | · | $118M | $118M | $118M | · | $118M | |
| Intangibles | $31M | $34M | $37M | $40M | $10M | $11M | $13M | $2M | $2M | $3M | · | · | · | · | · | · | |
| Other Non-current Assets | $4M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | · | $1M | $1M | $2M | · | $1M | |
| Total Assets | $1.27B | $1.24B | $1.30B | $1.31B | $1.26B | $1.24B | $1.21B | $1.06B | $1.01B | $1.00B | · | $961M | $931M | $918M | · | $1.08B | |
| Accounts Payable | $7M | $11M | $8M | $9M | $1M | $4M | $6M | $6M | $6M | $6M | · | $2M | $4M | $4M | · | $5M | |
| Current Liabilities | $638M | $647M | $650M | $660M | $280M | $275M | $268M | $284M | $285M | $289M | · | $253M | $255M | $257M | · | $252M | |
| Capital Leases | $14M | $15M | $10M | $10M | $10M | $10M | $10M | $9M | $5M | $5M | · | $7M | $8M | $10M | · | $13M | |
| Other Non-current Liabilities | $11M | $10M | $9M | $12M | $4M | $2M | $308.0K | $361.0K | $528.0K | $596.0K | · | $3M | $6M | $8M | · | $8M | |
| Total Liabilities | $663M | $672M | $669M | $683M | $653M | $646M | $636M | $651M | $647M | $652M | · | $618M | $624M | $629M | · | $837M | |
| Long-term Debt | $361M | $360M | $360M | $359M | · | · | $358M | · | · | · | · | · | · | · | · | $564M | |
| Total Debt | $361M | $360M | · | $359M | $359M | $358M | · | $357M | $357M | $357M | · | $356M | $355M | $355M | · | $564M | |
| Common Stock | $12.0K | $12.0K | $13.0K | $13.0K | $13.0K | $13.0K | $14.0K | $13.0K | $13.0K | $13.0K | · | $14.0K | $13.0K | $13.0K | · | $13.0K | |
| Retained Earnings | $94M | $68M | $37M | $21M | $-8M | $-41M | $-78M | $-226M | $-253M | $-276M | · | $-311M | $-328M | $-324M | · | $-324M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | $2M | · | · | · | · | · | · | |
| AOCI | $-39.0K | $139.0K | $754.0K | $867.0K | $724.0K | $548.0K | $264.0K | $1M | $-529.0K | $-386.0K | · | $-393.0K | $-865.0K | $-1M | · | $-5M | |
| Stockholders' Equity | $611M | $570M | $630M | $628M | $609M | $594M | $575M | $411M | $361M | $349M | $381M | $343M | $307M | $289M | $249M | $243M | |
| Liabilities + Equity | $1.27B | $1.24B | $1.30B | $1.31B | $1.26B | $1.24B | $1.21B | $1.06B | $1.01B | $1.00B | · | $961M | $931M | $918M | · | $1.08B | |
| Shares Outstanding | 124,797,586 | 123,574,974 | 130,545,236 | 131,393,994 | 132,506,031 | 134,048,900 | 135,348,453 | 133,497,277 | 132,006,676 | 133,118,345 | 137,272,754 | 136,109,497 | 134,883,597 | 133,464,264 | 132,368,265 | 131,342,482 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $9M | $9M | $7M | $8M | $6M | $5M | $4M | $4M | $4M | $3M | · | · | · | · | · | · | |
| Stock-based Comp | $14M | $15M | $17M | $20M | $16M | $12M | $14M | $19M | $19M | $17M | $18M | $18M | $18M | $20M | $19M | $20M | |
| Deferred Tax | $2M | $93.0K | $19M | $-2M | $2M | $0 | $-129M | $0 | · | · | · | · | · | · | · | · | |
| Restructuring | · | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-33M | · | · | · | $-18M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $47M | $23M | $64M | $75M | $73M | $37M | $39M | $72M | $48M | $15M | $20M | $37M | $4M | $-9M | $13M | $10M | |
| CapEx | $2M | $2M | $455.0K | $482.0K | $2M | $2M | $2M | $1M | $598.0K | $177.0K | $134.0K | $423.0K | $-23.0K | $158.0K | $355.0K | $291.0K | |
| Investing Cash Flow | $103M | $118M | $1M | $-81M | $-51M | $-5M | $-21M | $2M | $150M | $6M | $-63M | $-45M | $45M | $152M | $-37M | $11M | |
| Stock Repurchased | $2M | $108M | $34M | $31M | $38M | $33M | $0 | $0 | $33M | $67M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-108M | · | · | · | $-33M | · | · | · | $-67M | · | · | · | · | · | · | |
| Financing Cash Flow | $-13M | $-84M | $-62M | $-24M | $-38M | $-13M | $-19M | $27M | $-45M | $-65M | $11M | $1M | $400.0K | $-152M | $-12M | $-18M | |
| Net Change in Cash | $137M | $57M | $3M | $-31M | $-17M | $19M | $-1M | $101M | $154M | $-44M | $-33M | $-7M | $50M | $-9M | $-35M | $3M | |
| Free Cash Flow | · | $21M | · | · | · | $34M | · | · | · | $5M | · | · | · | $-9M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $-10M | · | · |
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 | 76.4% | 77.2% | · | 77.3% | 77.7% | 78.3% | · | 77.6% | 77.3% | 76.8% | · | 75.4% | 75.8% | 74.9% | · | 74.5% | |
| Operating Margin | 14.7% | 16.7% | · | 14.8% | 16.7% | 20.1% | · | 10.7% | 9.2% | 6.8% | · | 6.5% | -3.6% | -15.6% | · | -16.0% | |
| Net Margin | 13.2% | 16.1% | · | 14.5% | 16.8% | 19.6% | · | 14.3% | 11.5% | 9.7% | · | 9.3% | -2.4% | 10.7% | · | -15.7% | |
| Pretax Margin | 16.8% | 19.3% | · | 17.7% | 19.7% | 23.4% | · | 14.9% | 12.1% | 10.3% | · | 9.8% | -1.3% | 11.2% | · | -15.6% | |
| EBITDA Margin | 14.7% | 21.4% | · | 14.8% | 16.7% | 22.6% | · | 10.7% | 9.2% | 6.8% | · | 6.5% | -3.6% | -15.6% | · | -16.0% | |
| ROA | 2.0% | 2.5% | · | 2.5% | 2.9% | 3.4% | · | 2.7% | 2.3% | 1.9% | · | 1.6% | -0.39% | 1.7% | · | -2.3% | |
| ROE | 4.2% | 5.4% | · | 5.7% | 6.8% | 8.0% | · | 7.4% | 6.7% | 5.8% | · | 5.6% | -1.4% | 6.4% | · | -9.8% | |
| ROIC | 2.3% | 2.9% | · | 2.5% | 2.9% | 3.4% | · | 2.6% | 2.4% | 1.7% | · | 1.6% | -1.7% | -3.7% | · | -3.2% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.4 | · | 1.4 | 3.4 | 3.4 | · | 3.2 | 3.0 | 2.9 | · | 3.2 | 3.1 | 3.0 | · | 3.7 | |
| Quick Ratio | 1.1 | 1.0 | · | 1.1 | 2.5 | 2.5 | · | 2.4 | 2.2 | 2.1 | · | 2.4 | 2.3 | 2.2 | · | 2.9 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.9 | 1.0 | 1.0 | · | 1.0 | 1.2 | 1.2 | · | 2.3 | |
| LT Debt / Equity | · | · | · | 0.0 | 0.6 | 0.6 | · | 0.9 | 1.0 | 1.0 | · | 1.0 | 1.2 | 1.2 | · | 2.3 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | 16.1 | -8.6 | -22.7 | · | -22.8 |
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 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | |
| Receivables Turnover | 2.6 | 2.5 | · | 2.8 | 2.1 | 2.0 | · | 3.0 | 2.1 | 2.2 | · | 2.8 | 2.5 | 2.7 | · | 2.5 |
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 | $784M | $785M | · | $783M | $775M | $771M | · | $754M | $728M | $696M | · | $664M | $645M | $618M | · | $585M | |
| Net Income TTM | $119M | $131M | · | $128M | $120M | $106M | · | $85M | $53M | $48M | · | $5M | $-35M | $-56M | · | $-83M | |
| Market Cap | $1.04B | $1.35B | · | $2.44B | $1.78B | $1.75B | · | $1.40B | $1.42B | $1.63B | · | $1.55B | $1.26B | $1.51B | · | $1.79B | |
| Enterprise Value | $790M | $1.13B | · | $2.16B | $1.51B | $1.49B | · | $1.15B | $1.28B | $1.50B | · | $1.35B | $1.10B | $1.36B | · | $1.68B | |
| P/E | 9.4 | 11.4 | · | 20.2 | 15.3 | 16.9 | · | 16.9 | 27.6 | 175.1 | · | -45.4 | -17.0 | -15.9 | · | -21.6 | |
| P/S | 1.3 | 1.7 | · | 3.1 | 2.3 | 2.3 | · | 1.9 | 1.9 | 2.3 | · | 2.3 | 2.0 | 2.4 | · | 3.1 | |
| P/B | 1.7 | 2.4 | · | 3.9 | 2.9 | 2.9 | · | 3.4 | 3.9 | 4.7 | · | 4.5 | 4.1 | 5.2 | · | 7.4 | |
| P / Tangible Book | 2.4 | 3.5 | · | 5.6 | 3.9 | 3.8 | · | 4.8 | 5.9 | 7.2 | · | 6.9 | 6.7 | 8.8 | · | 14.4 | |
| P / Cash Flow | · | 58.8 | · | · | · | 47.3 | · | · | · | 288.5 | · | · | · | -173.6 | · | · | |
| P / FCF | · | 63.6 | · | · | · | 50.7 | · | · | · | 297.9 | · | · | · | -170.5 | · | · | |
| EV / EBITDA | 28.1 | 27.1 | · | 72.5 | 46.2 | 34.1 | · | 55.4 | 71.9 | 114.8 | · | 117.4 | -179.6 | -54.2 | · | -65.9 | |
| EV / FCF | · | 53.3 | · | · | · | 43.1 | · | · | · | 273.4 | · | · | · | -153.1 | · | · | |
| EV / Revenue | 1.0 | 1.4 | · | 2.8 | 1.9 | 1.9 | · | 1.5 | 1.8 | 2.2 | · | 2.0 | 1.7 | 2.2 | · | 2.9 | |
| Earnings Yield | 10.7% | 8.8% | · | 5.0% | 6.6% | 5.9% | · | 5.9% | 3.6% | 0.57% | · | -2.2% | -5.9% | -6.3% | · | -4.6% |
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 | $788M | $769M | $689M | $618M | $503M |
| Gross Margin % | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% |
| Operating Margin % | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% |
| Net Income | $115M | $216M | $47M | $-90M | $-56M |
| Diluted EPS | $0.84 | $1.52 | $0.06 | $-0.69 | $-0.44 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | 0.6 | 0.9 | 2.3 | 2.2 |
| Current Ratio | 1.5 | 3.4 | 3.0 | 3.8 | 4.0 |
| Quick Ratio | 1.2 | 2.6 | 2.2 | 3.0 | 3.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $242M | $150M | $27M | $5M | $10M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 337 filers · $733.4M 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 |
|---|---|---|---|---|
| 58 (-7 vs prior Q) | 48 (-7 vs prior Q) | 111 (-4 vs prior Q) | 93 (-1 vs prior Q) | +8.1M |
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 |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $66,033,508 | 7,898,745 | 9.00% | Shares |
| Ancient Art, L.P. | $60,430,511 | 7,228,530 | 8.24% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $44,423,092 | 5,313,767 | 6.06% | Shares |
| STATE STREET CORP | $43,432,365 | 5,195,259 | 5.92% | Shares |
| Capital International Investors | $40,609,636 | 4,857,612 | 5.54% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $36,967,193 | 4,421,913 | 5.04% | Shares |
| GOLDMAN SACHS GROUP INC | $23,825,022 | 2,849,883 | 3.25% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $23,333,541 | 2,790,477 | 3.18% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $23,214,090 | 2,776,805 | 3.17% | Shares |
| Invenomic Capital Management LP | $20,121,868 | 2,406,922 | 2.74% | Shares |
| MILLENNIUM MANAGEMENT LLC | $15,494,825 | 1,853,448 | 2.11% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $14,053,327 | 1,681,020 | 1.92% | Shares |
| TWO SIGMA INVESTMENTS, LP | $12,535,628 | 1,499,477 | 1.71% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $12,387,756 | 1,481,789 | 1.69% | Shares |
| AMERICAN CENTURY COMPANIES INC | $10,933,409 | 1,307,824 | 1.49% | Shares |
| Cubist Systematic Strategies, LLC | $9,881,908 | 532,144 | 1.35% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $9,321,291 | 1,114,987 | 1.27% | Shares |
| Kent Lake PR LLC | $9,285,000 | 500,000 | 1.27% | Shares |
| ROYCE & ASSOCIATES LP | $9,001,120 | 1,076,689 | 1.23% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $8,928,839 | 1,068,043 | 1.22% | Shares |
| OP Asset Management Ltd | $8,196,654 | 980,461 | 1.12% | Shares |
| CITADEL ADVISORS LLC | $8,094,896 | 968,289 | 1.10% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,875,463 | 942,041 | 1.07% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,986,210 | 835,671 | 0.95% | Shares |
| Squarepoint Ops LLC | $6,163,276 | 737,234 | 0.84% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $6,032,258 | 721,562 | 0.82% | Shares |
| FMR LLC | $5,743,588 | 687,032 | 0.78% | Shares |
| Fiera Capital Corp | $5,733,823 | 685,864 | 0.78% | Shares |
| ALLIANCEBERNSTEIN L.P. | $5,067,312 | 462,346 | 0.69% | Shares |
| Public Sector Pension Investment Board | $4,945,542 | 591,572 | 0.67% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,680,496 | 559,868 | 0.64% | Shares |
| Financial Gravity Wealth, Inc. | $4,655,392 | 424,762 | 0.63% | Shares |
| Hillsdale Investment Management Inc. | $4,530,284 | 541,900 | 0.62% | Shares |
| OneDigital Investment Advisors LLC | $4,151,108 | 496,544 | 0.57% | Shares |
| AMERIPRISE FINANCIAL INC | $4,088,668 | 489,075 | 0.56% | Shares |
| Allianz Asset Management GmbH | $4,047,955 | 369,339 | 0.55% | Shares |
| GOLDMAN SACHS GROUP INC | $3,922,512 | 469,200 | 0.53% | Put option |
| Robeco Institutional Asset Management B.V. | $3,891,104 | 465,443 | 0.53% | Shares |
| KESTREL INVESTMENT MANAGEMENT CORP | $3,619,880 | 433,000 | 0.49% | Shares |
| Man Group plc | $3,391,167 | 405,642 | 0.46% | Shares |
| Bank of New York Mellon Corp | $3,370,551 | 403,176 | 0.46% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $3,276,668 | 391,946 | 0.45% | Shares |
| Point72 Asset Management, L.P. | $3,259,355 | 389,875 | 0.44% | Shares |
| Circumference Group LLC | $3,193,520 | 382,000 | 0.44% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,112,854 | 372,351 | 0.42% | Shares |
| ALGERT GLOBAL LLC | $3,018,629 | 361,080 | 0.41% | Shares |
| Jump Financial, LLC | $2,947,736 | 352,600 | 0.40% | Shares |
| WOLVERINE TRADING, LLC | $2,826,787 | 148,700 | 0.39% | Call option |
| JPMORGAN CHASE & CO | $2,612,822 | 309,375 | 0.36% | Shares |
| Engineers Gate Manager LP | $2,512,732 | 300,566 | 0.34% | Shares |
| Parallax Volatility Advisers, L.P. | $2,508,000 | 300,000 | 0.34% | Put option |
| Sparta 24 Ltd. | $2,479,810 | 296,628 | 0.34% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $2,471,174 | 295,595 | 0.34% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,460,289 | 294,293 | 0.34% | Shares |
| CITADEL ADVISORS LLC | $2,405,172 | 287,700 | 0.33% | Call option |
| RHUMBLINE ADVISERS | $2,381,936 | 284,923 | 0.32% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,205,987 | 263,874 | 0.30% | Shares |
| Swiss National Bank | $2,077,460 | 248,500 | 0.28% | Shares |
| State of Wyoming | $1,964,959 | 235,043 | 0.27% | Shares |
| Boston Partners | $1,913,460 | 228,883 | 0.26% | Shares |
| Brevan Howard Capital Management LP | $1,902,034 | 227,516 | 0.26% | Shares |
| Freestone Grove Partners LP | $1,825,130 | 218,317 | 0.25% | Shares |
| Avestar Capital, LLC | $1,740,167 | 208,154 | 0.24% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,712,094 | 156,213 | 0.23% | Shares |
| Baader Bank Aktiengesellschaft | $1,672,000 | 200,000 | 0.23% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $1,612,477 | 192,880 | 0.22% | Shares |
| STIFEL FINANCIAL CORP | $1,571,239 | 187,947 | 0.21% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $1,527,347 | 182,697 | 0.21% | Shares |
| Gotham Asset Management, LLC | $1,497,903 | 179,175 | 0.20% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,447,116 | 173,100 | 0.20% | Put option |
| PRUDENTIAL FINANCIAL INC | $1,443,354 | 172,650 | 0.20% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $1,407,381 | 168,347 | 0.19% | Shares |
| Aviance Capital Partners, LLC | $1,365,364 | 163,321 | 0.19% | Shares |
| D. E. Shaw & Co., Inc. | $1,323,814 | 158,351 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $1,308,340 | 156,500 | 0.18% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,283,410 | 153,518 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $1,218,888 | 145,800 | 0.17% | Put option |
| XTX Topco Ltd | $1,211,280 | 144,890 | 0.17% | Shares |
| LPL Financial LLC | $1,204,317 | 144,057 | 0.16% | Shares |
| PEAK6 LLC | $1,201,332 | 143,700 | 0.16% | Put option |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $1,103,002 | 131,938 | 0.15% | Shares |
| CAXTON ASSOCIATES LLP | $1,059,454 | 126,729 | 0.14% | Shares |
| AlphaCore Capital LLC | $1,025,981 | 122,725 | 0.14% | Shares |
| AlphaQuest LLC | $1,024,298 | 51,680 | 0.14% | Shares |
| BlackRock, Inc. | $966,775 | 115,643 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $938,535 | 112,265 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $913,815 | 109,308 | 0.12% | Shares |
| Amundi | $895,724 | 107,144 | 0.12% | Shares |
| KLP KAPITALFORVALTNING AS | $844,360 | 101,000 | 0.12% | Shares |
| Parallax Volatility Advisers, L.P. | $836,000 | 100,000 | 0.11% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $834,178 | 99,782 | 0.11% | Shares |
| SummitTX Capital, L.P. | $821,679 | 98,287 | 0.11% | Shares |
| Campbell & CO Investment Adviser LLC | $820,994 | 98,205 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $787,512 | 94,200 | 0.11% | Call option |
| WOLVERINE TRADING, LLC | $739,489 | 38,900 | 0.10% | Put option |
| State of Tennessee, Department of Treasury | $713,050 | 85,293 | 0.10% | Shares |
| CARY STREET PARTNERS FINANCIAL LLC | $712,431 | 85,219 | 0.10% | Shares |
| STRAIGHTLINE GROUP LLC | $697,276 | 83,406 | 0.10% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $679,961 | 81,335 | 0.09% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $675,087 | 80,752 | 0.09% | Shares |
Company insiders 23 insiders · 8 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Hayden Brown | President & CEO | June 18, 2026 M | 797,495 | 0 | 1 | $-191,264 |
| Erica Gessert | Chief Financial Officer | June 18, 2026 M | 341,609 | 0 | 1 | $-74,727 |
| Jeff Mccombs | Chief Financial Officer | Nov. 18, 2022 M | 97,264 | 0 | 0 | $0 |
| Brian K Kinion | Chief Financial Officer | Feb. 29, 2020 M | 4,806 | 0 | 0 | $0 |
| Anthony Ray Kappus | GM & Chief Operating Officer | July 18, 2026 M | 4,063 | 0 | 1 | $-5,055 |
| Sabrina Mekhalfa | Chief Accounting Officer | June 18, 2026 M | 4,396 | 0 | 1 | $-10,399 |
| Olivier Marie | Chief Accounting Officer | June 18, 2023 M | 15,708 | 0 | 0 | $0 |
| Eric Gilpin | Chief Sales Officer | Feb. 18, 2023 M | 51,188 | 0 | 0 | $0 |
| Claire Bramley | Director | June 4, 2026 A | 45,146 | 0 | 0 | $0 |
| Gary Steele | Director | June 4, 2026 A | 112,216 | 0 | 0 | $0 |
| Dana L Evan | Director | June 4, 2026 A | 56,835 | 0 | 0 | $0 |
| Glenn Kelman | Director | June 4, 2026 A | 66,422 | 0 | 0 | $0 |
| David H Lissy | Director | June 4, 2026 A | 66,026 | 0 | 0 | $0 |
| Kevin Harvey | Director | June 4, 2026 A | 147,216 | 0 | 0 | $0 |
| Thomas Layton | Director | June 4, 2026 A | 52,296 | 0 | 0 | $0 |
| Anilu Vazquez-Ubarri | Director | June 9, 2023 A | 56,299 | 0 | 0 | $0 |
| Leela Srinivasan | Director | June 9, 2023 A | 61,634 | 0 | 0 | $0 |
| Gregory C. Gretsch | Director | June 9, 2023 A | 268,939 | 0 | 0 | $0 |
| NELSON ELIZABETH A | Director | June 9, 2023 A | 32,616 | 0 | 0 | $0 |
| Dan Marriott | Director | June 1, 2020 A | 190,730 | 0 | 0 | $0 |
| Stephane Kasriel | Director | Feb. 29, 2020 M | 281,567 | 0 | 0 | $0 |
| Steven M Spurlock | 10% owner | Aug. 19, 2019 S | 0 | 0 | 0 | $0 |
| Bruce W. Dunlevie | 10% owner | Aug. 12, 2019 S | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 73 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 |
|---|---|---|---|---|
| RNIN · EA Series Trust | 1.06% | 156,377 NS | April 30, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 0.44% | 9,745 NS | April 30, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.41% | 61,663 NS | April 30, 2026 | N-PORT |
| PSCI · Invesco Exchange-Traded Fund Trust … | 0.32% | 71,967 SH | Aug. 19, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.21% | 714,387 NS | April 30, 2026 | N-PORT |
| RZG · Invesco Exchange-Traded Fund Trust | 0.20% | 31,265 SH | Aug. 19, 2026 | Daily |
| PSC · Principal Exchange-Traded Funds | 0.18% | 514,743 NS | June 30, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.17% | 40,518 NS | May 31, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.16% | 15,048 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.12% | 36,889 NS | May 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.11% | 147,025 SH | Aug. 19, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.10% | 129,336 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.09% | 11,001 NS | April 30, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.08% | 71,526 SH | Aug. 19, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.07% | 21,464 SH | Aug. 19, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 45,425 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.06% | 430,566 SH | Aug. 19, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.06% | 61,760 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.05% | 165,086 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 172,491 SH | Aug. 19, 2026 | Daily |
| SAA · ProShares Trust | 0.05% | 1,562 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.05% | 75,976 SH | Aug. 19, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.05% | 118,739 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | 0.05% | 823,361 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 159,021 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.04% | 53,302 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.03% | 3,121,992 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.03% | 415,954 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.03% | 402,062 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.03% | 1,543,614 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 693,268 SH | Aug. 19, 2026 | Daily |
| ISCV · iShares Trust | 0.03% | 23,795 SH | Aug. 19, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.03% | 59,308 SH | Aug. 19, 2026 | Daily |
| ITWO · ProShares Trust | 0.03% | 5,793 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 624,845 NS | May 31, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.02% | 695,119 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 35,756 SH | Aug. 19, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.02% | 5,390 NS | May 31, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.02% | 36,911 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.02% | 304,758 SH | Aug. 19, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 4,530 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.02% | 5,860 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 4,804 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 26,776 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 4,581 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 22,275 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,419,310 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 2,683,985 SH | Aug. 19, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.01% | 151,461 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 7,597 SH | Aug. 19, 2026 | Daily |