VCTR Victory Capital Holdings, Inc. - Common Stock
$118.71
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$57–$120
99% of range
Analyst Rating
HOLD
14 analysts
Price Target
$108
P/E (TTM)
29.1
ROE
13.5%
Net Profit Margin
25.3%
VCTR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$118.70
Market Cap
$7.61B
P/E (TTM)
29.1
EPS (TTM)
$4.08
Revenue (TTM)
$1.31B
Div Yield
2.1%
ROE
13.5%
Debt/Equity
—
52W Range
$57 – $120
VCTR 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
$1.31B
2017-12-31
→
2025-12-31
EPS
$4.08
2017-12-31
→
2025-12-31
Free Cash Flow
$381M
2017-12-31
→
2025-12-31
Margins
25.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
VCTR
Peer Median
P/E (TTM)
29.1
16.1
P/S (TTM)
5.8
4.0
P/B
3.1
1.8
Price / FCF
20.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
VCTR
Peer Median
Operating Margin
36.6%
—
Net Profit Margin
25.3%
23.0%
ROA
9.7%
3.4%
ROE
13.5%
8.4%
ROIC
14.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
VCTR
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
VCTR
Peer Median
Revenue YoY
46.2%
—
Revenue CAGR 3Y
15.2%
—
Revenue CAGR 5Y
11.0%
—
EPS YoY
-6.9%
—
Net Income YoY
14.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
VCTR
Peer Median
Payout Ratio
47.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.1%
Payout Ratio
47.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 10, 2026 | $0.5000 |
| March 10, 2026 | $0.4900 |
| Dec. 10, 2025 | $0.4900 |
| Sept. 10, 2025 | $0.4900 |
| June 10, 2025 | $0.4900 |
| Feb. 18, 2025 | $0.4700 |
| Dec. 9, 2024 | $0.4400 |
| Sept. 10, 2024 | $0.4100 |
| June 10, 2024 | $0.3700 |
| March 8, 2024 | $0.3350 |
| Dec. 8, 2023 | $0.3200 |
| Sept. 8, 2023 | $0.3200 |
| June 9, 2023 | $0.3200 |
| March 9, 2023 | $0.3200 |
| Dec. 8, 2022 | $0.2500 |
| Sept. 9, 2022 | $0.2500 |
| June 9, 2022 | $0.2500 |
| March 9, 2022 | $0.2500 |
| Dec. 9, 2021 | $0.1700 |
| Sept. 9, 2021 | $0.1500 |
VCTR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 3 21.4%
- Buy 4 28.6%
- Hold 7 50.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-13
Median
$106.50
Now
$118.70
Low
$91.00
High
$123.00
Median target
$106.50
-10.3%
Mean target
$107.50
-9.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.21 | $1.83 | 0.38% |
| March 31, 2026 | $1.69 | $1.64 | 0.05% |
| Dec. 31, 2025 | $1.66 | $1.67 | -0.01% |
| Sept. 30, 2025 | $1.51 | $1.58 | -0.07% |
| June 30, 2025 | $1.45 | $1.47 | -0.02% |
| March 31, 2025 | $1.20 | $1.38 | -0.18% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VCTR | $4.05B | 15.5 | 46.2% | 25.3% | 13.5% | — |
| IVZ | $11.66B | -16.4 | 5.1% | -2.7% | -1.3% | — |
| ARCC | — | 10.9 | — | — | — | — |
| SEIC | $10.03B | 14.6 | 8.1% | 31.1% | 29.9% | 35.2% |
| AMG | — | 12.7 | 1.6% | 34.5% | 21.8% | — |
| GLXY | — | — | 41.8% | -0.40% | -11.6% | — |
| STEP | — | -7.0 | 69.7% | -26.9% | 457.6% | — |
| BXSL | $6.11B | 10.7 | — | — | 9.0% | — |
| HLNE | — | — | 6.5% | 32.8% | 30.5% | — |
| OBDC | $6.21B | 10.0 | — | — | 8.3% | — |
| MAIN | $5.43B | 15.3 | — | — | 16.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $893M | $821M | $855M | $890M | $775M | $612M | $413M | $413M | $298M | $241M | |
| SG&A Expense | $83M | $57M | $56M | $52M | $54M | $51M | $47M | $30M | $34M | $27M | $23M | |
| Operating Expenses | $828M | $466M | $493M | $456M | $516M | $461M | $448M | $299M | $319M | $273M | $208M | |
| Operating Income | $478M | $428M | $328M | $399M | $374M | $315M | $165M | $115M | $90M | $24M | $33M | |
| Other Non-op | $-40M | $-54M | $-53M | $-49M | $-23M | $-36M | $-44M | $-30M | $-52M | $-34M | $-26M | |
| Pretax Income | $438M | $374M | $276M | $350M | $351M | $279M | $121M | $85M | $38M | $-9M | $7M | |
| Income Tax | $108M | $85M | $63M | $75M | $72M | $66M | $28M | $21M | $13M | $-3M | $3M | |
| Net Income | $330M | $289M | $213M | $276M | $278M | $213M | $92M | $64M | $26M | $-6M | $4M | |
| EPS (Basic) | $4.13 | $4.47 | $3.22 | $4.02 | $4.10 | $3.14 | $1.37 | $0.96 | $0.47 | $-0.12 | $0.08 | |
| EPS (Diluted) | $4.08 | $4.38 | $3.12 | $3.81 | $3.75 | $2.88 | $1.26 | $0.90 | $0.43 | $-0.12 | $0.08 | |
| Shares (Basic) | 65,439,000 | 64,607,000 | 66,202,000 | 68,481,000 | 67,976,000 | 67,710,000 | 67,616,000 | 66,295,000 | 54,931,000 | 50,017,712 | 46,408,891 | |
| Shares (Diluted) | 66,376,000 | 65,928,000 | 68,214,000 | 72,266,000 | 74,151,000 | 73,719,000 | 73,466,000 | 70,511,000 | 59,577,000 | 50,017,712 | 48,090,753 | |
| EBITDA | $551M | $458M | $370M | $442M | $393M | $331M | $188M | $138M | $120M | · | · |
Balance Sheet 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $164M | $127M | $124M | $38M | $70M | $23M | $37M | $51M | $13M | $16M | $15M | |
| PP&E (Net) | $24M | $12M | $20M | $21M | $25M | $19M | $13M | $9M | $9M | $10M | · | |
| PP&E (Gross) | $72M | $49M | $48M | $41M | $39M | $28M | $27M | $22M | $19M | $17M | · | |
| Accum. Depreciation | $48M | $37M | $29M | $20M | $14M | $9M | $14M | $13M | $10M | $7M | · | |
| Goodwill | $1.24B | $982M | $982M | $982M | $982M | $405M | $405M | $284M | $284M | $284M | $220M | |
| Intangibles | $2.48B | $1.26B | $1.28B | $1.31B | $1.35B | $1.16B | $1.18B | $388M | $408M | $434M | · | |
| Total Assets | $4.25B | $2.55B | $2.54B | $2.54B | $2.58B | $1.73B | $1.75B | $802M | $793M | $851M | · | |
| Capital Leases | $38M | $18M | $6M | $10M | · | · | · | · | · | · | · | |
| Deferred Tax | $480M | $157M | $129M | $108M | $63M | $38M | $5M | $6M | $4M | · | · | |
| Total Liabilities | $1.82B | $1.43B | $1.49B | $1.48B | $1.65B | $1.02B | $1.22B | $346M | $561M | $520M | · | |
| Long-term Debt | $970M | $964M | $989M | $986M | $1.13B | $769M | $925M | $269M | $483M | $419M | · | |
| Common Stock | $879.0K | $839.0K | $824.0K | $805.0K | $772.0K | · | · | · | $572.0K | $565.0K | · | |
| Paid-in Capital | · | · | · | · | · | · | · | $604M | $435M | $422M | · | |
| Retained Earnings | $1.10B | $925M | $737M | $609M | $403M | $162M | $-35M | $-120M | $-184M | $-75M | · | |
| Treasury Stock | $786M | $575M | $444M | $285M | $153M | · | · | · | $21M | $16M | · | |
| AOCI | $9M | $19M | $31M | $35M | $6M | $-7M | · | $-86.0K | $64.0K | $-537.0K | · | |
| Stockholders' Equity | $2.42B | $1.12B | $1.05B | $1.07B | $930M | $708M | $538M | $456M | $231M | $331M | $249M | |
| Liabilities + Equity | $4.25B | $2.55B | $2.54B | $2.54B | $2.58B | $1.73B | $1.75B | $802M | $793M | $851M | · | |
| Shares Outstanding | 64,150,000 | 63,653,000 | 64,254,714 | 67,325,534 | 68,662,779 | 16,205,689 | · | 0 | 55,118,673 | 56,505,321 | 47,066,744 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $73M | $30M | $42M | $43M | $19M | $16M | $24M | $23M | $30M | $30M | $27M | |
| Deferred Tax | $34M | $33M | $22M | $36M | $19M | $35M | $-745.0K | $4M | $11M | $-3M | $2M | |
| Amort. of Intangibles | $62M | $21M | $29M | $35M | $13M | $13M | $21M | $20M | $26M | $27M | $25M | |
| Other Non-cash | $-52M | $-12M | $54M | $-19M | $59M | $-13M | $112M | $43M | $29M | · | · | |
| Operating Cash Flow | $385M | $340M | $330M | $335M | $376M | $251M | $227M | $134M | $96M | $40M | $41M | |
| CapEx | $4M | $1M | $5M | $5M | $13M | $8M | $5M | $3M | $5M | $1M | $2M | |
| Investing Cash Flow | $77M | $-4M | $-8M | $-6M | $-557M | $-12M | $-850M | $-12M | $-9M | $-210M | $-20M | |
| Stock Issued | $2M | $9M | $6M | $14M | $8M | $5M | $4M | · | $3M | $89M | $2M | |
| Stock Repurchased | $196M | $104M | $139M | $101M | $32M | $30M | $16M | $8M | $5M | $11M | $1M | |
| Net Stock Activity | $-194M | $-95M | $-133M | $-87M | $-23M | $-30M | $-16M | $-8M | $-1M | · | · | |
| Dividends Paid | $157M | $101M | $85M | $69M | $37M | $16M | $7M | $831.0K | $135M | $627.0K | $60M | |
| Financing Cash Flow | $-425M | $-333M | $-237M | $-360M | $227M | $-253M | $608M | $-84M | $-91M | $172M | $-31M | |
| Net Change in Cash | $37M | $3M | $85M | $-31M | $47M | $-14M | $-14M | $39M | $-4M | $1M | $-11M | |
| Taxes Paid | $73M | $52M | $39M | $36M | $55M | $38M | $25M | $18M | $758.0K | $495.0K | $613.0K | |
| Free Cash Flow | $381M | $339M | $325M | $330M | $364M | $243M | $222M | $132M | $91M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 36.6% | 47.9% | 40.0% | 46.7% | 42.0% | 40.6% | · | 27.7% | 22.0% | · | · | |
| Net Margin | 25.3% | 32.3% | 26.0% | 32.2% | 31.3% | 27.4% | · | 15.4% | 6.3% | · | · | |
| Pretax Margin | 33.6% | 41.8% | 33.6% | 40.9% | 39.4% | 35.9% | · | 20.5% | 9.4% | · | · | |
| EBITDA Margin | 42.2% | 51.2% | 45.1% | 51.7% | 44.1% | 42.7% | · | 33.3% | 29.3% | · | · | |
| ROA | 9.7% | 11.3% | 8.4% | 10.7% | 12.9% | 12.2% | 7.2% | 8.0% | 3.1% | · | · | |
| ROE | 13.5% | 25.2% | 20.0% | 25.8% | 31.0% | 31.1% | 17.7% | 14.2% | 11.2% | · | · | |
| ROIC | 14.9% | 29.5% | 24.1% | 29.5% | 31.9% | 33.9% | 23.5% | 18.9% | 26.2% | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | 0.3 | 0.4 | 0.4 | · | 0.5 | 0.5 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 46.2% | 8.8% | -4.0% | -4.0% | 14.8% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 15.2% | 0.12% | 1.9% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.0% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -6.9% | 40.4% | -18.1% | 1.6% | 30.2% | · | · | · | · | · | · | |
| EPS CAGR 3Y | 2.3% | 5.3% | 2.7% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 7.2% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 14.3% | 35.5% | -22.6% | -1.0% | 31.0% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 6.2% | 1.2% | 0.10% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 9.2% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 57.4% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.31B | $893M | $821M | $855M | $890M | $775M | $612M | $413M | $413M | · | · | |
| Net Income TTM | $330M | $289M | $213M | $276M | $278M | $213M | $92M | $64M | $26M | · | · | |
| Market Cap | $4.05B | $4.17B | $2.21B | $1.81B | $2.51B | · | · | $0 | · | · | · | |
| P/E | 15.5 | 14.9 | 11.0 | 7.0 | 9.7 | 8.6 | 16.6 | 11.4 | · | · | · | |
| P/S | 3.1 | 4.7 | 2.7 | 2.1 | 2.8 | · | · | 0.0 | · | · | · | |
| P/B | 1.7 | 3.7 | 2.1 | 1.7 | 2.7 | · | · | · | · | · | · | |
| P / Cash Flow | 10.5 | 12.3 | 6.7 | 5.4 | 6.7 | · | · | 0.0 | · | · | · | |
| P / FCF | 10.6 | 12.3 | 6.8 | 5.5 | 6.9 | · | · | 0.0 | · | · | · | |
| Dividend Yield | 3.9% | 2.4% | 3.9% | 3.8% | 1.5% | · | · | · | · | · | · | |
| Earnings Yield | 6.5% | 6.7% | 9.1% | 14.2% | 10.3% | 11.6% | 6.0% | 8.8% | · | · | · | |
| Payout Ratio | 47.6% | 35.0% | 40.1% | 25.1% | 13.4% | 7.6% | 8.0% | 1.3% | 523.4% | · | · | |
| Annual Payout | $157M | $101M | $85M | $69M | $37M | $16M | $7M | $831.0K | $135M | · | · |
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 | $435M | $388M | $374M | $361M | $351M | $220M | $232M | $226M | $220M | $216M | $206M | $210M | $204M | $201M | $202M | $207M | |
| SG&A Expense | $23M | $21M | $22M | $23M | $23M | $14M | $14M | $14M | $14M | $14M | $17M | $14M | $13M | $12M | $13M | $12M | |
| Operating Expenses | $242M | $229M | $221M | $223M | $257M | $127M | $121M | $105M | $109M | $131M | $119M | $130M | $117M | $127M | $122M | $109M | |
| Operating Income | $194M | $159M | $153M | $138M | $94M | $93M | $112M | $120M | $111M | $85M | $86M | $80M | $88M | $75M | $80M | $99M | |
| Other Non-op | $-6M | $-11M | $-12M | $-9M | $-7M | $-13M | $-13M | $-13M | $-15M | $-13M | $-13M | $-14M | $-13M | $-13M | $-10M | $-13M | |
| Pretax Income | $187M | $148M | $142M | $129M | $87M | $80M | $99M | $108M | $96M | $72M | $74M | $66M | $75M | $62M | $69M | $85M | |
| Income Tax | $48M | $36M | $29M | $33M | $28M | $18M | $22M | $26M | $22M | $16M | $18M | $14M | $18M | $13M | $17M | $13M | |
| Net Income | $139M | $112M | $113M | $97M | $59M | $62M | $77M | $82M | $74M | $56M | $55M | $52M | $57M | $49M | $52M | $73M | |
| EPS (Basic) | $1.70 | $1.34 | $1.35 | $1.12 | $0.69 | $0.97 | $1.20 | $1.26 | $1.15 | $0.86 | $0.85 | $0.79 | $0.85 | $0.73 | $0.76 | $1.06 | |
| EPS (Diluted) | $1.68 | $1.33 | $1.33 | $1.11 | $0.68 | $0.96 | $1.18 | $1.24 | $1.12 | $0.84 | $0.81 | $0.77 | $0.83 | $0.71 | $0.74 | $1.01 | |
| Shares (Basic) | 62,151,000 | 63,635,000 | -131,717,000 | 66,206,000 | 67,239,000 | 63,711,000 | -129,391,000 | 64,875,000 | 64,734,000 | 64,389,000 | -133,326,000 | 65,774,000 | 66,466,000 | 67,288,000 | -137,396,000 | 68,609,000 | |
| Shares (Diluted) | 62,782,000 | 64,388,000 | -133,282,000 | 66,964,000 | 67,980,000 | 64,714,000 | -132,176,000 | 66,057,000 | 66,075,000 | 65,972,000 | -137,689,000 | 67,676,000 | 68,500,000 | 69,727,000 | -146,130,000 | 71,877,000 | |
| EBITDA | $214M | $180M | · | $160M | $116M | $100M | · | $128M | $118M | $92M | · | $92M | $97M | $86M | · | $109M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $70M | $76M | $164M | $116M | $108M | $176M | $127M | $188M | $119M | $80M | · | $108M | $44M | $38M | · | $67M | |
| PP&E (Net) | $21M | $22M | $24M | $26M | $28M | $11M | $12M | $14M | $16M | $18M | · | $21M | $22M | $20M | · | $23M | |
| PP&E (Gross) | · | · | $72M | $71M | $70M | · | $49M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $48M | $45M | $42M | · | $37M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $1.24B | $1.24B | $1.24B | $1.24B | $1.23B | $982M | $982M | $982M | $982M | $982M | $982M | $982M | $982M | $982M | $982M | $982M | |
| Intangibles | $2.44B | $2.46B | $2.48B | $2.50B | $2.52B | $1.26B | $1.26B | $1.27B | $1.27B | $1.28B | · | $1.29B | $1.30B | $1.30B | · | $1.32B | |
| Total Assets | $4.18B | $4.14B | $4.25B | $4.21B | $4.25B | $2.58B | $2.55B | $2.61B | $2.54B | $2.51B | · | $2.59B | $2.54B | $2.53B | · | $2.59B | |
| Capital Leases | · | · | $38M | $40M | $41M | $17M | $18M | $19M | · | · | · | $7M | $8M | $9M | · | $15M | |
| Deferred Tax | $492M | $487M | $480M | $478M | $466M | $163M | $157M | $152M | $142M | $133M | · | $125M | $120M | $111M | · | $103M | |
| Total Liabilities | $1.80B | $1.78B | $1.82B | $1.81B | $1.78B | $1.44B | $1.43B | $1.44B | $1.42B | $1.43B | · | $1.52B | $1.49B | $1.48B | · | $1.52B | |
| Long-term Debt | $968M | $968M | $970M | $972M | $966M | $965M | $964M | $983M | $982M | $990M | · | $988M | $987M | $986M | · | $1000M | |
| Common Stock | $886.0K | $884.0K | $879.0K | $877.0K | $877.0K | $844.0K | $839.0K | $837.0K | $835.0K | $832.0K | · | $822.0K | $817.0K | $815.0K | · | $803.0K | |
| Retained Earnings | $1.27B | $1.17B | $1.10B | $1.03B | $972M | $956M | $925M | $876M | $820M | $770M | · | $702M | $671M | $636M | · | $574M | |
| Treasury Stock | $1.03B | $930M | $786M | $735M | $607M | $584M | $575M | $471M | $465M | $458M | · | $384M | $378M | $330M | · | $244M | |
| AOCI | $7M | $9M | $9M | $9M | $13M | $16M | $19M | $22M | $25M | $28M | · | $34M | $34M | $30M | · | $37M | |
| Stockholders' Equity | $2.38B | $2.36B | $2.42B | $2.40B | $2.47B | $1.14B | $1.12B | $1.17B | $1.12B | $1.08B | $1.05B | $1.08B | $1.05B | $1.05B | $1.07B | $1.07B | |
| Liabilities + Equity | $4.18B | $4.14B | $4.25B | $4.21B | $4.25B | $2.58B | $2.55B | $2.61B | $2.54B | $2.51B | · | $2.59B | $2.54B | $2.53B | · | $2.59B | |
| Shares Outstanding | 61,561,000 | 62,544,000 | 64,150,000 | 65,082,104 | 66,925,722 | 63,925,017 | 63,653,000 | 64,924,081 | 64,808,655 | 64,671,237 | · | 65,911,628 | 65,618,689 | 66,880,947 | · | 68,481,824 |
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 | $21M | $21M | $22M | $22M | $22M | $7M | $8M | $8M | $8M | $8M | $8M | $12M | $10M | $12M | $11M | $11M | |
| Amort. of Intangibles | · | · | $19M | $19M | $19M | · | $5M | $5M | $5M | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-12M | · | · | · | $12M | · | · | · | $5M | · | · | · | $3M | · | · | |
| Operating Cash Flow | $135M | $121M | $145M | $166M | $-7M | $81M | $92M | $100M | $80M | $69M | $97M | $92M | $77M | $64M | $67M | $103M | |
| CapEx | $1M | $849.0K | $599.0K | $1M | $890.0K | $2M | $155.0K | $398.0K | $225.0K | $500.0K | $796.0K | $2M | $2M | $572.0K | $959.0K | $1M | |
| Investing Cash Flow | $-3M | $17M | $-1M | $-458.0K | $80M | $-2M | $-2M | $-68.0K | $-605.0K | $-910.0K | $-2M | $-2M | $-2M | $-2M | $1M | $-505.0K | |
| Stock Issued | $434.0K | $2M | $118.0K | $342.0K | $831.0K | $549.0K | $2M | $2M | $2M | $3M | $874.0K | $2M | $1M | $2M | $2M | $9M | |
| Stock Repurchased | $91M | $127M | $51M | $119M | $26M | $451.0K | $97M | $2M | $2M | $3M | $57M | $2M | $45M | $34M | $40M | $32M | |
| Net Stock Activity | · | $-125M | · | · | · | $98.0K | · | · | · | $326.0K | · | · | · | $-33M | · | · | |
| Dividends Paid | $41M | $42M | $41M | $42M | $44M | $30M | $28M | $27M | $24M | $22M | $21M | $21M | $21M | $22M | $17M | $17M | |
| Financing Cash Flow | $-138M | $-225M | $-96M | $-157M | $-141M | $-31M | $-151M | $-31M | $-40M | $-111M | $-80M | $-25M | $-70M | $-62M | $-97M | $-78M | |
| Net Change in Cash | $-6M | $-88M | $48M | $8M | $-68M | $49M | $-62M | $69M | $39M | $-44M | $16M | $64M | $5M | $164.0K | $-28M | $24M | |
| Taxes Paid | $73M | $2M | $18M | $12M | $42M | $2M | $12M | $10M | $29M | $1M | $5M | $10M | $23M | $995.0K | $10M | $3M | |
| Free Cash Flow | · | $120M | · | · | · | $80M | · | · | · | $68M | · | · | · | $64M | · | · |
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 | 44.5% | 41.0% | · | 38.2% | 26.8% | 42.3% | · | 53.3% | 50.4% | 39.3% | · | 38.2% | 42.9% | 37.0% | · | 47.6% | |
| Net Margin | 32.0% | 28.9% | · | 26.7% | 16.7% | 28.2% | · | 36.3% | 33.8% | 25.8% | · | 24.8% | 27.8% | 24.5% | · | 35.1% | |
| Pretax Margin | 43.0% | 38.1% | · | 35.8% | 24.8% | 36.6% | · | 47.6% | 43.6% | 33.3% | · | 31.4% | 36.5% | 30.7% | · | 41.2% | |
| EBITDA Margin | 49.2% | 46.3% | · | 44.3% | 33.0% | 45.7% | · | 56.7% | 53.8% | 42.8% | · | 44.1% | 47.6% | 42.8% | · | 52.8% | |
| ROA | 3.3% | 3.3% | · | 2.8% | 1.7% | 2.4% | · | 3.1% | 2.9% | 2.2% | · | 2.0% | 2.2% | 1.9% | · | 3.3% | |
| ROE | 5.8% | 6.4% | · | 5.4% | 3.3% | 5.6% | · | 7.3% | 6.9% | 5.2% | · | 4.9% | 5.4% | 4.8% | · | 7.5% | |
| ROIC | 6.1% | 5.1% | · | 4.3% | 2.6% | 6.3% | · | 7.8% | 7.6% | 6.1% | · | 5.9% | 6.4% | 5.7% | · | 7.9% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.54B | $1.32B | · | $1.16B | $1.02B | $881M | · | $871M | $849M | $831M | · | $822M | $829M | $855M | · | $880M | |
| Net Income TTM | $407M | $329M | · | $299M | $277M | $274M | · | $264M | $239M | $214M | · | $231M | $258M | $273M | · | $297M | |
| Market Cap | $5.17B | $4.10B | · | $4.21B | $4.26B | $3.70B | · | $3.60B | $3.09B | $2.74B | · | $2.20B | $2.07B | $1.96B | · | $1.60B | |
| P/E | 17.5 | 16.0 | · | 16.2 | 15.9 | 13.9 | · | 14.0 | 13.4 | 13.5 | · | 10.0 | 8.7 | 7.7 | · | 5.7 | |
| P/S | 3.4 | 3.1 | · | 3.6 | 4.2 | 4.2 | · | 4.1 | 3.6 | 3.3 | · | 2.7 | 2.5 | 2.3 | · | 1.8 | |
| P/B | 2.2 | 1.7 | · | 1.8 | 1.7 | 3.2 | · | 3.1 | 2.8 | 2.5 | · | 2.0 | 2.0 | 1.9 | · | 1.5 | |
| P / Cash Flow | · | 33.9 | · | · | · | 45.6 | · | · | · | 40.0 | · | · | · | 30.5 | · | · | |
| P / FCF | · | 34.1 | · | · | · | 46.5 | · | · | · | 40.2 | · | · | · | 30.8 | · | · | |
| Earnings Yield | 5.7% | 6.2% | · | 6.2% | 6.3% | 7.2% | · | 7.2% | 7.5% | 7.4% | · | 10.0% | 11.5% | 12.9% | · | 17.5% | |
| Payout Ratio | · | 37.1% | · | 43.6% | · | 48.3% | · | · | · | 40.2% | · | · | · | 44.9% | · | · |
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 | 2022-01-01 | |
|---|---|---|---|---|---|
| Revenue | $1.31B | $893M | $821M | $855M | — |
| Operating Margin % | 36.6% | 47.9% | 40.0% | 46.7% | — |
| Net Income | $330M | $289M | $213M | $276M | — |
| Diluted EPS | $4.08 | $4.38 | $3.12 | $3.81 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-01-01 | |
|---|---|---|---|---|---|
| Free Cash Flow | $381M | $339M | $325M | $330M | — |
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Institutional owners (13F) 381 filers · $2.5B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 73 (+22 vs prior Q) | 30 (-1 vs prior Q) | 110 (-4 vs prior Q) | 108 (+14 vs prior Q) | +725K |
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 |
|---|---|---|---|---|
| Amundi | $248,819,617 | 2,960,024 | 9.84% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $185,337,085 | 2,204,819 | 7.33% | Shares |
| Crestview Partners II GP, L.P. | $167,770,899 | 1,995,847 | 6.64% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $165,804,483 | 1,972,454 | 6.56% | Shares |
| Capital World Investors | $164,040,316 | 1,951,467 | 6.49% | Shares |
| STATE STREET CORP | $158,900,383 | 1,890,321 | 6.29% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $145,628,318 | 1,732,434 | 5.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $86,581,105 | 1,029,754 | 3.43% | Shares |
| Granahan Investment Management, LLC | $85,349,733 | 1,015,343 | 3.38% | Shares |
| AMERICAN CENTURY COMPANIES INC | $84,154,904 | 1,001,129 | 3.33% | Shares |
| FMR LLC | $54,488,533 | 648,210 | 2.16% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $49,010,006 | 583,036 | 1.94% | Shares |
| ROYCE & ASSOCIATES LP | $44,488,671 | 529,249 | 1.76% | Shares |
| Impax Asset Management Group plc | $44,131,500 | 525,000 | 1.75% | Shares |
| Annex Advisory Services, LLC | $38,753,844 | 591,842 | 1.53% | Shares |
| TWO SIGMA INVESTMENTS, LP | $37,137,960 | 441,803 | 1.47% | Shares |
| TimesSquare Capital Management, LLC | $34,482,488 | 526,611 | 1.36% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $31,890,027 | 379,372 | 1.26% | Shares |
| Bank of New York Mellon Corp | $31,655,483 | 376,582 | 1.25% | Shares |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. | $28,492,725 | 338,957 | 1.13% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $26,640,547 | 316,923 | 1.05% | Shares |
| Public Sector Pension Investment Board | $26,049,437 | 309,891 | 1.03% | Shares |
| Mariner, LLC | $25,626,220 | 304,855 | 1.01% | Shares |
| GOLDMAN SACHS GROUP INC | $25,435,715 | 302,590 | 1.01% | Shares |
| Swedbank AB | $21,015,000 | 250,000 | 0.83% | Shares |
| JB CAPITAL PARTNERS LP | $20,326,717 | 241,812 | 0.80% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $20,085,626 | 238,944 | 0.79% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $19,612,123 | 233,311 | 0.78% | Shares |
| FRANKLIN RESOURCES INC | $14,175,794 | 168,639 | 0.56% | Shares |
| RBF Capital, LLC | $12,530,236 | 149,063 | 0.50% | Shares |
| BARCLAYS PLC | $12,238,884 | 145,597 | 0.48% | Shares |
| FIRST TRUST ADVISORS LP | $11,459,479 | 136,325 | 0.45% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $11,403,876 | 135,664 | 0.45% | Shares |
| Aptus Capital Advisors, LLC | $9,796,101 | 116,537 | 0.39% | Shares |
| RHUMBLINE ADVISERS | $8,979,098 | 106,818 | 0.36% | Shares |
| BANK OF AMERICA CORP /DE/ | $8,796,543 | 104,646 | 0.35% | Shares |
| Brandywine Global Investment Management, LLC | $8,659,039 | 137,249 | 0.34% | Shares |
| ARGENT CAPITAL MANAGEMENT LLC | $8,548,061 | 101,690 | 0.34% | Shares |
| TUDOR INVESTMENT CORP ET AL | $8,218,294 | 97,767 | 0.33% | Shares |
| Quantinno Capital Management LP | $8,117,234 | 96,564 | 0.32% | Shares |
| Emerald Investment Advisers, LLC | $7,852,381 | 93,414 | 0.31% | Shares |
| AMERIPRISE FINANCIAL INC | $7,363,572 | 87,599 | 0.29% | Shares |
| Kendall Capital Management | $7,319,693 | 87,077 | 0.29% | Shares |
| GABELLI FUNDS LLC | $7,118,033 | 84,678 | 0.28% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $7,074,069 | 84,155 | 0.28% | Shares |
| Steamboat Capital Partners, LLC | $7,053,895 | 83,915 | 0.28% | Shares |
| MOODY NATIONAL BANK TRUST DIVISION | $7,023,801 | 83,557 | 0.28% | Shares |
| Swiss National Bank | $6,867,702 | 81,700 | 0.27% | Shares |
| Pembroke Management, LTD | $6,784,651 | 80,712 | 0.27% | Shares |
| RAYMOND JAMES FINANCIAL INC | $6,435,550 | 76,559 | 0.25% | Shares |
| Keeley-Teton Advisors, LLC | $6,363,964 | 109,970 | 0.25% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $6,177,653 | 73,491 | 0.24% | Shares |
| Legal & General Group Plc | $5,931,190 | 70,559 | 0.23% | Shares |
| Savant Capital, LLC | $5,837,533 | 78,456 | 0.23% | Shares |
| ALPS ADVISORS INC | $5,721,796 | 68,068 | 0.23% | Shares |
| CITIGROUP INC | $5,291,745 | 62,952 | 0.21% | Shares |
| Holt Capital Advisors, L.L.C. dba Holt Capital Partners, L.P. | $5,136,991 | 61,111 | 0.20% | Shares |
| Livforsakringsbolaget Skandia, Omsesidigt | $4,710,156 | 56,100 | 0.19% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $4,519,234 | 53,762 | 0.18% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $4,434,165 | 52,750 | 0.18% | Shares |
| Aquatic Capital Management LLC | $4,380,703 | 52,114 | 0.17% | Shares |
| ExodusPoint Capital Management, LP | $4,338,841 | 51,616 | 0.17% | Shares |
| Huntleigh Advisors, Inc. | $4,075,481 | 48,483 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,984,024 | 47,395 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,831,104 | 58,508 | 0.15% | Shares |
| Squarepoint Ops LLC | $3,619,203 | 43,055 | 0.14% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $3,580,366 | 42,593 | 0.14% | Shares |
| UBS Group AG | $3,520,685 | 41,883 | 0.14% | Shares |
| Brevan Howard Capital Management LP | $3,519,256 | 41,866 | 0.14% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $3,467,223 | 41,247 | 0.14% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,450,731 | 52,699 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,247,154 | 38,629 | 0.13% | Shares |
| CREDIT AGRICOLE S A | $3,217,649 | 38,278 | 0.13% | Shares |
| Campbell & CO Investment Adviser LLC | $3,164,691 | 37,648 | 0.13% | Shares |
| Redhawk Wealth Advisors, Inc. | $3,062,640 | 36,434 | 0.12% | Shares |
| Voleon Capital Management LP | $3,047,175 | 36,250 | 0.12% | Shares |
| Qube Research & Technologies Ltd | $3,000,101 | 35,690 | 0.12% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,992,536 | 35,600 | 0.12% | Shares |
| BlackRock, Inc. | $2,859,553 | 34,018 | 0.11% | Shares |
| PEAK6 LLC | $2,748,762 | 32,700 | 0.11% | Put option |
| Moran Wealth Management, LLC | $2,471,448 | 29,401 | 0.10% | Shares |
| Gator Capital Management, LLC | $2,431,099 | 28,921 | 0.10% | Shares |
| Nebula Research & Development LLC | $2,411,119 | 37,869 | 0.10% | Shares |
| POLEN CAPITAL MANAGEMENT LLC | $2,372,425 | 28,223 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,364,103 | 28,124 | 0.09% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $2,340,819 | 27,847 | 0.09% | Shares |
| Bard Financial Services, Inc. | $2,328,770 | 35,960 | 0.09% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $2,325,689 | 27,667 | 0.09% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $2,308,518 | 27,463 | 0.09% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $2,286,516 | 27,201 | 0.09% | Shares |
| DAYMARK WEALTH PARTNERS, LLC | $2,281,136 | 27,137 | 0.09% | Shares |
| Allianz Asset Management GmbH | $2,259,518 | 34,507 | 0.09% | Shares |
| MetLife Investment Management, LLC | $2,113,689 | 25,145 | 0.08% | Shares |
| Fisher Asset Management, LLC | $2,049,802 | 24,385 | 0.08% | Shares |
| Illinois Municipal Retirement Fund | $2,026,518 | 24,108 | 0.08% | Shares |
| LPL Financial LLC | $1,897,576 | 22,574 | 0.08% | Shares |
| Elo Mutual Pension Insurance Co | $1,861,341 | 22,143 | 0.07% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $1,849,000 | 22,000 | 0.07% | Shares |
| State of Tennessee, Department of Treasury | $1,843,604 | 21,932 | 0.07% | Shares |
| OSAIC HOLDINGS, INC. | $1,836,476 | 21,846 | 0.07% | Shares |
Company insiders 16 insiders · 2 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Terence Francis Sullivan | CFO and Head of Strategy | March 1, 2019 D | 14,000 | 0 | 0 | $0 |
| Kelly Stevenson Cliff | Pres., Investment Franchises | Feb. 23, 2023 S | 431,422 | 0 | 0 | $0 |
| Mary M. Jackson | Director | July 10, 2026 A | 7,404 | 0 | 0 | $0 |
| Alan Rappaport | Director | July 10, 2026 A | 156,804 | 0 | 0 | $0 |
| Lawrence Davanzo | Director | July 10, 2026 A | 1,587 | 0 | 0 | $0 |
| Karin Hirtler-Garvey | Director | July 10, 2026 A | 41,860 | 0 | 0 | $0 |
| Richard M Demartini | Director | July 10, 2026 A | 274,063 | 0 | 0 | $0 |
| HURST ROBERT J/NY | Director | July 10, 2025 A | 28,772 | 0 | 0 | $0 |
| Milton R. Berlinski | Director | Jan. 10, 2024 A | 301,946 | 0 | 0 | $0 |
| James B Hawkes | Director | July 10, 2023 A | 424,605 | 0 | 0 | $0 |
| Alex J. Binderow | Director | July 11, 2022 A | 4,541 | 0 | 0 | $0 |
| Mannik S. Dhillon | — | Aug. 13, 2026 M | 317,624 | 0 | 0 | $0 |
| David Craig Brown | — | Aug. 13, 2026 M | 2,442,311 | 0 | 0 | $0 |
| Michael Dennis Policarpo | — | Aug. 13, 2026 M | 1,274,887 | 0 | 0 | $0 |
| Nina Gupta | — | Aug. 13, 2026 M | 254,742 | 0 | 0 | $0 |
| Thomas Michael Sipp | — | Aug. 13, 2026 M | 140,405 | 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 |
|---|---|---|---|---|---|
| Amundi S.A., Amundi Asset Management S.A.S ×2 filings | May 20, 2025 | 0.00% | Amendment | Board campaign | SEC |
| Amundi S.A. (2), Amundi Asset Management S.A.S. (2) | July 15, 2024 | — | Initial filing | — | SEC |
| David C. Brown (In his capacity as a member of the Employee Shareholders Committee), Michael D. Policarpo (In his capacity as a member of the Employee Shareholders Committee), Mannik S. Dhillon (In his capacity as a member of the Employee Shareholders Committee) ×8 filings | July 10, 2024 | — | Initial filing | Board campaign | 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 88 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 |
|---|---|---|---|---|
| ALIL · EA Series Trust | 4.71% | 14,276 NS | May 29, 2026 | N-PORT |
| PFI · Invesco Exchange-Traded Fund Trust | 4.31% | 23,594 SH | Aug. 8, 2026 | Daily |
| AMID · EA Series Trust | 3.98% | 49,464 NS | May 29, 2026 | N-PORT |
| OSCV · ETF Series Solutions | 1.34% | 116,093 NS | April 30, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 1.09% | 359,741 NS | May 31, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 1.08% | 2,736 SH | Aug. 8, 2026 | Daily |
| SAWS · ETF Series Solutions | 0.97% | 869 NS | April 30, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.94% | 39,161 SH | Aug. 8, 2026 | Daily |
| JSML · Janus Detroit Street Trust | 0.91% | 36,546 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.82% | 21,696 SH | Aug. 8, 2026 | Daily |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.68% | 18,619 NS | April 30, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 0.55% | 56,976 NS | May 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.41% | 69,473 NS | April 30, 2026 | N-PORT |
| IJT · iShares Trust | 0.36% | 279,308 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.31% | 5,468 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.31% | 7,309 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.29% | 7,487 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.28% | 411 NS | April 30, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.28% | 35,800 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.27% | 2,822,035 SH | Aug. 8, 2026 | Daily |
| FSCC · Federated Hermes ETF Trust | 0.23% | 7,476 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.22% | 58,838 SH | Aug. 8, 2026 | Daily |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.22% | 4,140 NS | May 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.21% | 161,799 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.21% | 279,326 SH | Aug. 8, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.20% | 3,598 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.20% | 627,428 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 17,732 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 13,943 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.19% | 144,836 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.18% | 569 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.16% | 26,095 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.16% | 1,616 NS | April 30, 2026 | N-PORT |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.15% | 34,366 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.15% | 1,104,916 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.13% | 43,576 NS | May 31, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.13% | 1,456 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.12% | 31,461 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.11% | 202,276 NS | April 30, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.11% | 21,884 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.11% | 247,804 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.11% | 19,505 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.10% | 110,495 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.10% | 11,571 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.10% | 2,120 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.09% | 160,009 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.09% | 123,745 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.08% | 228,469 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.08% | 7,898 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.08% | 2,090 SH | Aug. 8, 2026 | Daily |