VLTO Veralto Corp Common Stock
$99.05
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$80–$110
63% of range
Analyst Rating
BUY
26 analysts
Price Target
$113
+14% upside
P/E (TTM)
26.3
ROE
36.5%
Net Profit Margin
17.1%
VLTO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$99.05
Market Cap
$24.60B
P/E (TTM)
26.3
EPS (TTM)
$3.76
Revenue (TTM)
$5.50B
Div Yield
0.44%
ROE
36.5%
Debt/Equity
0.9
52W Range
$80 – $110
VLTO 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
$5.50B
2021-12-31
→
2025-12-31
EPS
$3.76
2021-12-31
→
2025-12-31
Free Cash Flow
$1.01B
2023-12-31
→
2025-12-31
Margins
17.1%
2023-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
VLTO
Peer Median
P/E (TTM)
26.3
33.5
P/S (TTM)
4.5
3.0
P/B
7.9
5.0
EV / EBITDA
18.6
—
Price / FCF
24.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
VLTO
Peer Median
Gross Margin
60.0%
33.7%
Operating Margin
23.2%
—
Net Profit Margin
17.1%
6.5%
ROA
13.3%
5.8%
ROE
36.5%
14.6%
ROIC
17.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
VLTO
Peer Median
Debt / Equity
0.9
42.9
Current Ratio
1.7
1.3
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
VLTO
Peer Median
Revenue YoY
6.0%
—
Revenue CAGR 3Y
4.2%
—
EPS YoY
12.6%
—
Net Income YoY
12.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
VLTO
Peer Median
Payout Ratio
11.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.44%
Payout Ratio
11.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.1300 |
| March 31, 2026 | $0.1300 |
| Dec. 31, 2025 | $0.1300 |
| Sept. 30, 2025 | $0.1100 |
| June 30, 2025 | $0.1100 |
| March 31, 2025 | $0.1100 |
| Dec. 31, 2024 | $0.1100 |
| Sept. 27, 2024 | $0.0900 |
| June 28, 2024 | $0.0900 |
| March 27, 2024 | $0.0900 |
| Dec. 28, 2023 | $0.0900 |
VLTO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
26 analysts
- Strong Buy 7 26.9%
- Buy 10 38.5%
- Hold 9 34.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
17 analysts · 2026-08-18
Median
$111.00
← Below all targets
$99.05
Low
$100.00
High
$136.00
Median target
$111.00
+12.1%
Mean target
$113.29
+14.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.11 | $1.03 | 0.08% |
| March 31, 2026 | $1.07 | $1.03 | 0.04% |
| Dec. 31, 2025 | $1.04 | $1.00 | 0.04% |
| Sept. 30, 2025 | $0.99 | $0.97 | 0.02% |
| June 30, 2025 | $0.93 | $0.90 | 0.03% |
| March 31, 2025 | $0.95 | $0.89 | 0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VLTO | $24.79B | 26.5 | 6.0% | 17.1% | 36.5% | 60.0% |
| WM | $88.52B | 32.8 | 14.2% | 10.7% | 29.7% | — |
| RSG | — | 30.9 | 3.3% | 11.2% | 18.3% | — |
| ROL | $28.88B | 55.1 | 11.0% | 14.0% | 37.4% | — |
| CLH | $12.40B | 32.2 | 2.4% | 6.5% | 14.3% | — |
| TTEK | $8.71B | 35.8 | 4.7% | 4.6% | 13.7% | 17.7% |
| CWST | — | 816.2 | 17.9% | 0.43% | 0.50% | — |
| ABM | $2.59B | 16.6 | 4.6% | 1.9% | 9.1% | — |
| BV | $1.27B | 103.1 | -3.4% | 2.1% | 4.4% | 23.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $5.50B | $5.19B | $5.02B | $4.87B | |
| Cost of Revenue | $2.20B | $2.09B | $2.12B | $2.11B | |
| Gross Profit | $3.30B | $3.10B | $2.90B | $2.76B | |
| R&D Expense | $266M | $253M | $225M | $217M | |
| SG&A Expense | $1.76B | $1.64B | $1.54B | $1.43B | |
| Operating Income | $1.28B | $1.21B | $1.14B | $1.11B | |
| Interest Expense | · | · | $30M | $0 | |
| Other Non-op | $-8M | $-9M | $-14M | $1M | |
| Pretax Income | $1.17B | $1.09B | $1.10B | $1.11B | |
| Income Tax | $233M | $253M | $257M | $268M | |
| Net Income | $940M | $833M | $839M | $845M | |
| EPS (Basic) | $3.79 | $3.37 | $3.41 | $3.43 | |
| EPS (Diluted) | $3.76 | $3.34 | $3.40 | $3.43 | |
| Shares (Basic) | 248,300,000 | 247,300,000 | 246,400,000 | 246,300,000 | |
| Shares (Diluted) | 250,300,000 | 249,600,000 | 246,800,000 | 246,300,000 | |
| EBITDA | $1.35B | $1.29B | $1.23B | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.03B | $1.10B | $762M | $0 | |
| Receivables | $897M | $812M | $826M | $816M | |
| Inventory | $307M | $288M | $297M | $345M | |
| Prepaid Expense | $197M | $186M | $188M | $119M | |
| Current Assets | $3.43B | $2.39B | $2.07B | $1.28B | |
| PP&E (Net) | $294M | $268M | $262M | $247M | |
| PP&E (Gross) | $820M | $753M | $734M | $707M | |
| Accum. Depreciation | $526M | $485M | $472M | $460M | |
| Goodwill | $2.84B | $2.69B | $2.53B | $2.48B | |
| Intangibles | $524M | $535M | $427M | $479M | |
| Other Non-current Assets | $605M | $523M | $398M | $343M | |
| Total Assets | $7.69B | $6.41B | $5.69B | $4.83B | |
| Accrued Liabilities | $940M | $850M | $834M | $683M | |
| Current Liabilities | $2.06B | $1.25B | $1.26B | $1.12B | |
| Capital Leases | $158M | $129M | $115M | $91M | |
| Other Non-current Liabilities | $558M | $517M | $410M | $462M | |
| Long-term Debt | $2.67B | $2.60B | $2.63B | $0 | |
| Total Debt | $2.67B | $2.60B | $2.63B | · | |
| Common Stock | $2M | $2M | $2M | $0 | |
| Retained Earnings | $1.74B | $917M | $178M | $0 | |
| Treasury Stock | $0 | · | · | · | |
| AOCI | $-913M | $-1.07B | $-954M | $-954M | |
| Stockholders' Equity | $3.10B | $2.04B | $1.38B | $3.23B | |
| Liabilities + Equity | $7.69B | $6.41B | $5.69B | $4.83B | |
| Shares Outstanding | 248,400,000 | 247,400,000 | 246,300,000 | 100 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $78M | $78M | $87M | $90M | |
| Stock-based Comp | $74M | $65M | $55M | $41M | |
| Amort. of Intangibles | $36M | $38M | $48M | $50M | |
| Other Non-cash | $-15M | $-101M | $-18M | · | |
| Operating Cash Flow | $1.08B | $875M | $963M | $870M | |
| CapEx | $63M | $55M | $54M | $34M | |
| Investing Cash Flow | $-98M | $-434M | $-55M | $-89M | |
| Debt Issued | · | · | $2.61B | $0 | |
| Net Debt Issued | · | · | $2.61B | · | |
| Dividends Paid | $109M | $89M | $0 | $0 | |
| Financing Cash Flow | $-102M | $-65M | $-135M | $-781M | |
| Net Change in Cash | $930M | $339M | $762M | $0 | |
| Taxes Paid | $235M | $293M | $113M | $0 | |
| Free Cash Flow | $1.01B | $820M | $909M | · | |
| Levered FCF | · | · | $886M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Gross Margin | 60.0% | 59.8% | 57.8% | · | |
| Operating Margin | 23.2% | 23.3% | 22.7% | · | |
| Net Margin | 17.1% | 16.0% | 16.7% | · | |
| Pretax Margin | 21.3% | 20.9% | 21.8% | · | |
| EBITDA Margin | 24.6% | 24.8% | 24.4% | · | |
| ROA | 13.3% | 13.8% | 16.0% | · | |
| ROE | 36.5% | 48.7% | 36.3% | · | |
| ROIC | 17.7% | 20.0% | 21.8% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.9 | 1.6 | · | |
| Quick Ratio | 1.4 | 1.5 | 1.3 | · | |
| Debt / Equity | 0.9 | 1.3 | 1.9 | · | |
| LT Debt / Equity | 0.6 | 1.3 | 1.9 | · | |
| Interest Coverage | · | · | 38.0 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.9 | 1.0 | · | |
| Inventory Turnover | 7.4 | 7.1 | 6.6 | · | |
| Receivables Turnover | 6.4 | 6.3 | 6.1 | · |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 6.0% | 3.4% | 3.1% | 3.6% | |
| Revenue CAGR 3Y | 4.2% | 3.4% | · | · | |
| EPS YoY | 12.6% | -1.8% | -0.87% | -2.0% | |
| EPS CAGR 3Y | 3.1% | -1.6% | · | · | |
| Net Income YoY | 12.8% | -0.72% | -0.71% | -1.9% | |
| Net Income CAGR 3Y | 3.6% | -1.1% | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $5.50B | $5.19B | $5.02B | · | |
| Net Income TTM | $940M | $833M | $839M | · | |
| Market Cap | $24.79B | $25.20B | $20.27B | · | |
| Enterprise Value | $25.43B | $26.70B | $22.14B | · | |
| P/E | 26.5 | 30.5 | 24.2 | · | |
| P/S | 4.5 | 4.9 | 4.0 | · | |
| P/B | 8.0 | 12.4 | 14.7 | · | |
| P / Cash Flow | 23.0 | 28.8 | 21.0 | · | |
| P / FCF | 24.4 | 30.7 | 22.3 | · | |
| EV / EBITDA | 18.8 | 20.8 | 18.0 | · | |
| EV / FCF | 25.1 | 32.6 | 24.4 | · | |
| EV / Revenue | 4.6 | 5.1 | 4.4 | · | |
| Dividend Yield | 0.44% | 0.35% | 0.00% | · | |
| Earnings Yield | 3.8% | 3.3% | 4.1% | · | |
| Payout Ratio | 11.6% | 10.7% | · | · | |
| Annual Payout | $109M | $89M | $0 | · |
Income Statement 16
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.42B | $1.40B | $1.37B | $1.33B | $1.34B | $1.31B | $1.29B | $1.25B | $1.29B | $1.25B | $1.25B | $1.23B | $1.25B | |
| Cost of Revenue | $572M | $568M | $568M | $549M | $527M | $544M | $531M | $514M | $499M | $542M | $532M | $529M | $517M | $537M | |
| Gross Profit | $902M | $854M | $828M | $822M | $805M | $801M | $783M | $774M | $747M | $746M | $723M | $724M | $708M | $711M | |
| R&D Expense | $73M | $68M | $68M | $67M | $64M | $69M | $63M | $61M | $60M | $57M | $55M | $57M | $56M | $53M | |
| SG&A Expense | $514M | $448M | $444M | $442M | $419M | $424M | $412M | $414M | $394M | $403M | $395M | $378M | $360M | $364M | |
| Operating Income | $315M | $338M | $316M | $313M | $322M | $308M | $308M | $299M | $293M | $286M | $273M | $289M | $292M | $294M | |
| Interest Expense | · | · | · | · | · | · | · | $30M | $28M | · | $5M | $0 | $0 | · | |
| Other Non-op | $1M | $7M | $-3M | $0 | $-6M | $0 | $5M | $1M | $-15M | $0 | $0 | $-14M | $0 | $1M | |
| Pretax Income | $289M | $321M | $293M | $285M | $289M | $280M | $286M | $270M | $250M | $261M | $268M | $275M | $292M | $295M | |
| Income Tax | $48M | $67M | $39M | $63M | $64M | $53M | $67M | $67M | $66M | $61M | $63M | $66M | $67M | $79M | |
| Net Income | $241M | $254M | $254M | $222M | $225M | $227M | $219M | $203M | $184M | $200M | $205M | $209M | $225M | $216M | |
| EPS (Basic) | $0.98 | $1.03 | $1.03 | $0.89 | $0.91 | $0.91 | $0.89 | $0.82 | $0.75 | $0.82 | $0.83 | $0.85 | $0.91 | $0.88 | |
| EPS (Diluted) | $0.98 | $1.02 | $1.02 | $0.89 | $0.90 | $0.91 | $0.88 | $0.81 | $0.74 | $0.81 | $0.83 | $0.85 | $0.91 | $0.88 | |
| Shares (Basic) | 245,200,000 | 247,600,000 | 100,000 | 248,200,000 | 247,900,000 | -494,200,000 | 247,400,000 | 247,200,000 | 246,900,000 | -492,500,000 | 246,300,000 | 246,300,000 | 246,300,000 | 0 | |
| Shares (Diluted) | 245,800,000 | 249,200,000 | 100,000 | 249,900,000 | 250,100,000 | -498,500,000 | 250,000,000 | 249,300,000 | 248,800,000 | -492,100,000 | 246,300,000 | 246,300,000 | 246,300,000 | 0 | |
| EBITDA | $344M | $362M | · | $332M | $341M | · | $308M | $299M | $293M | · | $273M | · | · | · |
Balance Sheet 25
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.12B | $1.43B | $2.03B | $1.56B | $1.24B | $1.10B | $1.27B | $1.04B | $827M | · | $426M | · | · | · | |
| Receivables | $921M | $922M | $897M | $878M | $832M | $812M | $839M | $803M | $815M | · | $816M | · | · | · | |
| Inventory | $336M | $332M | $307M | $329M | $310M | $288M | $326M | $312M | $308M | · | $316M | · | · | · | |
| Prepaid Expense | $276M | $259M | $197M | $187M | $177M | $186M | $185M | $175M | $167M | · | $102M | · | · | · | |
| Current Assets | $3.65B | $2.94B | $3.43B | $2.95B | $2.56B | $2.39B | $2.62B | $2.33B | $2.12B | · | $1.66B | · | · | · | |
| PP&E (Net) | $298M | $297M | $294M | $284M | $274M | $268M | $261M | $263M | $264M | $262M | $248M | · | · | $247M | |
| PP&E (Gross) | · | · | $820M | · | · | $753M | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $541M | $533M | $526M | $517M | $494M | $485M | $491M | $481M | $474M | · | $462M | · | · | · | |
| Goodwill | $3.17B | $3.04B | $2.84B | $2.83B | $2.74B | $2.69B | $2.54B | $2.49B | $2.50B | $2.53B | $2.48B | · | · | $2.48B | |
| Intangibles | $828M | $750M | $524M | $539M | $531M | $535M | $401M | $401M | $413M | · | $433M | · | · | · | |
| Other Non-current Assets | $613M | $620M | $605M | $560M | $544M | $523M | $445M | $416M | $415M | · | $339M | · | · | · | |
| Total Assets | $8.56B | $7.65B | $7.69B | $7.17B | $6.64B | $6.41B | $6.26B | $5.90B | $5.71B | $5.69B | $5.16B | · | · | $4.83B | |
| Accrued Liabilities | $932M | $858M | $940M | $864M | $763M | $850M | $802M | $793M | $754M | · | $680M | · | · | · | |
| Current Liabilities | $2.06B | $1.98B | $2.06B | $1.27B | $1.17B | $1.25B | $1.23B | $1.19B | $1.16B | · | $1.03B | · | · | · | |
| Capital Leases | · | · | $158M | · | · | $129M | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $724M | $701M | $558M | $563M | $536M | $517M | $438M | $426M | $446M | · | $479M | · | · | · | |
| Long-term Debt | $3.38B | $2.66B | $2.67B | $2.67B | $2.63B | $2.60B | $2.64B | $2.62B | $2.62B | · | $2.60B | · | · | · | |
| Total Debt | · | · | · | · | · | · | $2.64B | $2.62B | $2.62B | · | $2.60B | · | · | · | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | · | · | · | |
| Retained Earnings | $2.17B | $1.97B | $1.74B | $1.31B | $1.11B | $917M | $717M | $521M | $340M | · | · | · | · | · | |
| Treasury Stock | $438M | $303M | · | · | · | · | · | · | · | · | · | · | · | · | |
| AOCI | $-960M | $-948M | $-913M | $-892M | $-1.01B | $-1.07B | $-938M | $-1.01B | $-981M | · | $-985M | · | · | · | |
| Stockholders' Equity | $3.10B | $3.00B | $3.10B | $2.65B | $2.30B | $2.04B | $1.95B | $1.67B | $1.48B | · | $1.04B | · | · | · | |
| Liabilities + Equity | $8.56B | $7.65B | $7.69B | $7.17B | $6.64B | $6.41B | $6.26B | $5.90B | $5.71B | · | $5.16B | · | · | · | |
| Shares Outstanding | 244,200,000 | 245,600,000 | 248,400,000 | 248,100,000 | 247,800,000 | 247,400,000 | 247,200,000 | 247,100,000 | 246,800,000 | · | 246,300,000 | · | · | · |
Cash Flow 16
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $29M | $24M | $20M | $19M | $19M | $20M | $17M | $20M | $21M | · | · | · | · | · | |
| Stock-based Comp | · | $16M | $13M | · | $16M | $13M | $17M | $20M | $15M | $20M | $13M | $13M | $9M | $11M | |
| Amort. of Intangibles | · | $13M | $9M | · | $9M | $10M | $7M | $10M | $11M | $12M | $12M | $12M | $12M | $12M | |
| Other Non-cash | · | $-112M | · | · | $-103M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | · | $182M | $311M | · | $157M | $285M | $224M | $251M | $115M | $263M | $243M | $301M | $156M | $337M | |
| CapEx | · | $12M | $20M | · | $15M | $22M | $9M | $11M | $13M | $22M | $11M | $12M | $9M | $8M | |
| Investing Cash Flow | · | $-439M | $-35M | · | $-11M | $-394M | $-6M | $-11M | $-23M | $-22M | $-14M | $-10M | $-9M | $-12M | |
| Stock Issued | · | · | · | · | · | · | $7M | $9M | $2M | · | $0 | $0 | $0 | · | |
| Stock Repurchased | · | $300M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-300M | · | · | · | · | · | · | $2M | · | · | · | · | · | |
| Dividends Paid | · | $32M | $27M | · | $27M | $22M | $23M | $22M | $22M | $0 | $0 | $0 | $0 | · | |
| Financing Cash Flow | · | $-332M | $-25M | · | $-26M | $-16M | $-16M | $-13M | $-20M | $97M | $206M | $-291M | $-147M | $-325M | |
| Net Change in Cash | · | $-600M | $256M | · | $138M | $-166M | $224M | $216M | $65M | $336M | $426M | $0 | $0 | $0 | |
| Taxes Paid | · | $30M | $111M | · | $38M | $84M | $67M | $110M | $32M | $113M | $0 | $0 | $0 | · | |
| Free Cash Flow | · | $170M | · | · | $142M | · | · | · | $102M | · | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | $81M | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.2% | 60.1% | · | 60.0% | 60.4% | · | 59.6% | 60.1% | 60.0% | · | 57.6% | · | · | · | |
| Operating Margin | 21.4% | 23.8% | · | 22.8% | 24.2% | · | 23.4% | 23.2% | 23.5% | · | 21.8% | · | · | · | |
| Net Margin | 16.4% | 17.9% | · | 16.2% | 16.9% | · | 16.7% | 15.8% | 14.8% | · | 16.3% | · | · | · | |
| Pretax Margin | 19.6% | 22.6% | · | 20.8% | 21.7% | · | 21.8% | 21.0% | 20.1% | · | 21.3% | · | · | · | |
| EBITDA Margin | 23.3% | 25.5% | · | 24.2% | 25.6% | · | 23.4% | 23.2% | 23.5% | · | 21.8% | · | · | · | |
| ROA | · | · | · | · | · | · | 3.8% | 6.9% | 6.5% | · | 8.0% | · | · | · | |
| ROE | · | · | · | · | · | · | 14.6% | 24.4% | 24.8% | · | 39.5% | · | · | · | |
| ROIC | · | · | · | · | · | · | 5.1% | 5.2% | 5.3% | · | 5.7% | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | · | · | · | · | 2.1 | 2.0 | 1.8 | · | 1.6 | · | · | · | |
| Quick Ratio | · | · | · | · | · | · | 1.7 | 1.6 | 1.4 | · | 1.2 | · | · | · | |
| Debt / Equity | · | · | · | · | · | · | 1.4 | 1.6 | 1.8 | · | 2.5 | · | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | 1.4 | 1.6 | 1.8 | · | 2.5 | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | 10.0 | 10.5 | · | 54.6 | · | · | · |
Efficiency 3
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | 0.2 | 0.4 | 0.4 | · | 0.5 | · | · | · | |
| Inventory Turnover | · | · | · | · | · | · | 1.7 | 3.3 | 3.2 | · | 3.4 | · | · | · | |
| Receivables Turnover | · | · | · | · | · | · | 1.6 | 3.2 | 3.1 | · | 3.1 | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.67B | $5.53B | · | $5.30B | $5.18B | · | $5.10B | $5.04B | $4.98B | · | $4.95B | · | · | · | |
| Net Income TTM | $956M | $940M | · | $869M | $831M | · | $811M | $801M | $823M | · | $857M | · | · | · | |
| Market Cap | · | · | · | · | · | · | $27.27B | $23.59B | $21.88B | · | · | · | · | · | |
| Enterprise Value | · | · | · | · | · | · | $28.64B | $25.16B | $23.67B | · | · | · | · | · | |
| P/E | 24.1 | 23.4 | · | 29.8 | 26.7 | · | 33.8 | 29.6 | 26.6 | · | · | · | · | · | |
| P/S | · | · | · | · | · | · | 5.3 | 4.7 | 4.4 | · | · | · | · | · | |
| P/B | · | · | · | · | · | · | 14.0 | 14.2 | 14.8 | · | · | · | · | · | |
| P / Cash Flow | · | · | · | · | · | · | · | · | 190.3 | · | · | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | 214.5 | · | · | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | 93.0 | 84.2 | 80.8 | · | · | · | · | · | |
| EV / FCF | · | · | · | · | · | · | · | · | 232.1 | · | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | 5.6 | 5.0 | 4.8 | · | · | · | · | · | |
| Earnings Yield | 4.2% | 4.3% | · | 3.4% | 3.8% | · | 3.0% | 3.4% | 3.8% | · | · | · | · | · | |
| Payout Ratio | · | 12.6% | · | · | 12.0% | · | · | · | 12.0% | · | · | · | · | · |
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 | $5.50B | $5.19B | $5.02B | $4.87B | $4.70B |
| Gross Margin % | 60.0% | 59.8% | 57.8% | — | — |
| Operating Margin % | 23.2% | 23.3% | 22.7% | — | — |
| Net Income | $940M | $833M | $839M | $845M | $861M |
| Diluted EPS | $3.76 | $3.34 | $3.40 | $3.43 | $3.50 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.9 | 1.3 | 1.9 | — | — |
| Current Ratio | 1.7 | 1.9 | 1.6 | — | — |
| Quick Ratio | 1.4 | 1.5 | 1.3 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.01B | $820M | $909M | — | — |
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Institutional owners (13F) 1,046 filers · $11.8B 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 |
|---|---|---|---|---|
| 77 (-21 vs prior Q) | 113 (-23 vs prior Q) | 294 (+3 vs prior Q) | 367 (-27 vs prior Q) | +40.2M |
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 CAPITAL MANAGEMENT LLC | $1,422,711,863 | 16,043,210 | 12.06% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,077,455,438 | 12,149,926 | 9.14% | Shares |
| STATE STREET CORP | $988,531,146 | 11,131,069 | 8.38% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $581,637,280 | 6,584,919 | 4.93% | Shares |
| Impax Asset Management Group plc | $459,946,666 | 5,186,589 | 3.90% | Shares |
| ALLIANCEBERNSTEIN L.P. | $330,306,880 | 3,735,658 | 2.80% | Shares |
| Pictet Asset Management Holding SA | $268,714,612 | 3,030,189 | 2.28% | Shares |
| NORGES BANK | $244,231,016 | 2,754,071 | 2.07% | Shares |
| Rudius Management LP | $228,156,968 | 2,572,812 | 1.93% | Shares |
| FIL Ltd | $224,502,554 | 2,531,603 | 1.90% | Shares |
| MILLENNIUM MANAGEMENT LLC | $183,045,275 | 2,064,110 | 1.55% | Shares |
| GOLDMAN SACHS GROUP INC | $162,011,532 | 1,826,923 | 1.37% | Shares |
| FMR LLC | $157,667,843 | 1,777,941 | 1.34% | Shares |
| Robeco Institutional Asset Management B.V. | $154,348,429 | 1,740,510 | 1.31% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $150,761,152 | 1,700,059 | 1.28% | Shares |
| Mirova US LLC | $144,373,966 | 1,628,033 | 1.22% | Shares |
| Liontrust Investment Partners LLP | $130,693,740 | 1,309,819 | 1.11% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $124,235,980 | 1,400,947 | 1.05% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $122,245,380 | 1,378,500 | 1.04% | Shares |
| CITADEL ADVISORS LLC | $117,698,047 | 1,327,222 | 1.00% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $95,650,248 | 1,078,600 | 0.81% | Shares |
| Swedbank AB | $90,543,077 | 1,021,009 | 0.77% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $89,199,399 | 1,005,857 | 0.76% | Shares |
| Caisse de depot et placement du Quebec | $86,491,821 | 975,325 | 0.73% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $81,675,610 | 921,015 | 0.69% | Shares |
| Gates Capital Management, Inc. | $78,904,804 | 889,770 | 0.67% | Shares |
| Robeco Schweiz AG | $78,230,747 | 882,169 | 0.66% | Shares |
| FIRST MANHATTAN CO. LLC. | $72,987,104 | 821,834 | 0.62% | Shares |
| BlackRock, Inc. | $72,561,080 | 818,235 | 0.62% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $70,470,773 | 794,664 | 0.60% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $67,312,022 | 759,044 | 0.57% | Shares |
| BANK OF AMERICA CORP /DE/ | $66,720,526 | 752,374 | 0.57% | Shares |
| Swiss National Bank | $61,408,151 | 692,469 | 0.52% | Shares |
| Clearbridge Investments, LLC | $55,229,539 | 622,796 | 0.47% | Shares |
| VANGUARD GROUP INC | $53,848,971 | 539,677 | 0.46% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $53,420,832 | 602,400 | 0.45% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $51,220,237 | 577,585 | 0.43% | Shares |
| MACKENZIE FINANCIAL CORP | $51,184,322 | 577,180 | 0.43% | Shares |
| RAYMOND JAMES FINANCIAL INC | $50,203,542 | 566,120 | 0.43% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $50,162,817 | 565,661 | 0.43% | Shares |
| TD Asset Management Inc | $49,338,182 | 556,362 | 0.42% | Shares |
| Freestone Grove Partners LP | $48,412,008 | 545,918 | 0.41% | Shares |
| Vanguard Global Advisers, LLC | $46,958,100 | 529,523 | 0.40% | Shares |
| MORGAN STANLEY | $44,812,138 | 505,324 | 0.38% | Shares |
| AVIVA PLC | $44,615,263 | 503,104 | 0.38% | Shares |
| CAPITAL ADVISORS INC/OK | $44,359,894 | 500,224 | 0.38% | Shares |
| BARCLAYS PLC | $44,100,209 | 497,296 | 0.37% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $44,055,426 | 496,791 | 0.37% | Shares |
| Balyasny Asset Management L.P. | $43,953,355 | 495,640 | 0.37% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $43,853,058 | 494,509 | 0.37% | Shares |
| Gotham Asset Management, LLC | $43,105,220 | 486,076 | 0.37% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $42,379,881 | 480,552 | 0.36% | Shares |
| Boston Trust Walden Corp | $42,087,351 | 474,598 | 0.36% | Shares |
| RHUMBLINE ADVISERS | $41,053,147 | 462,936 | 0.35% | Shares |
| PFA Pension, Forsikringsaktieselskab | $38,255,696 | 431,390 | 0.32% | Shares |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA | $37,789,079 | 426,129 | 0.32% | Shares |
| MIROVA | $37,085,887 | 418,199 | 0.31% | Shares |
| Sone Capital Management, LLC | $37,007,139 | 417,311 | 0.31% | Shares |
| California Public Employees Retirement System | $36,147,919 | 407,622 | 0.31% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $36,075,024 | 406,800 | 0.31% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $36,036,190 | 407,557 | 0.31% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $35,593,846 | 401,374 | 0.30% | Shares |
| Triodos Investment Management BV | $35,161,620 | 396,500 | 0.30% | Shares |
| Eurizon Capital SGR S.p.A. | $33,274,192 | 375,234 | 0.28% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $31,902,187 | 359,745 | 0.27% | Shares |
| NEUBERGER BERMAN GROUP LLC | $31,636,137 | 356,745 | 0.27% | Shares |
| NATIXIS | $31,232,209 | 352,190 | 0.26% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $31,013,347 | 349,722 | 0.26% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $30,422,029 | 343,054 | 0.26% | Shares |
| Arbejdsmarkedets Tillaegspension | $29,610,252 | 333,900 | 0.25% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $29,462,334 | 332,232 | 0.25% | Shares |
| ABN AMRO Bank N.V. | $28,343,170 | 319,764 | 0.24% | Shares |
| SEB Asset Management AB | $28,221,440 | 318,239 | 0.24% | Shares |
| FACTORY MUTUAL INSURANCE CO | $27,696,183 | 312,316 | 0.23% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $26,937,525 | 303,761 | 0.23% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $26,247,950 | 295,985 | 0.22% | Shares |
| OVERSEA-CHINESE BANKING Corp Ltd | $25,259,345 | 284,837 | 0.21% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $25,088,193 | 282,907 | 0.21% | Shares |
| Artisan Partners Limited Partnership | $25,027,092 | 282,218 | 0.21% | Shares |
| Legal & General Group Plc | $24,664,124 | 278,125 | 0.21% | Shares |
| Candriam S.C.A. | $24,593,263 | 277,593 | 0.21% | Shares |
| Defender Capital, LLC. | $22,037,040 | 248,501 | 0.19% | Shares |
| Northwest & Ethical Investments L.P. | $21,945,728 | 247,471 | 0.19% | Shares |
| Quantinno Capital Management LP | $21,664,744 | 244,302 | 0.18% | Shares |
| BROWN ADVISORY INC | $21,331,908 | 240,550 | 0.18% | Shares |
| Schonfeld Strategic Advisors LLC | $21,273,887 | 239,895 | 0.18% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $21,269,356 | 239,844 | 0.18% | Shares |
| Allianz Asset Management GmbH | $21,162,152 | 238,635 | 0.18% | Shares |
| Champlain Investment Partners, LLC | $20,837,938 | 234,979 | 0.18% | Shares |
| Rathbones Group PLC | $20,727,797 | 233,737 | 0.18% | Shares |
| M&G PLC | $20,147,998 | 226,382 | 0.17% | Shares |
| AMERICAN CENTURY COMPANIES INC | $20,122,560 | 226,912 | 0.17% | Shares |
| Andra AP-fonden | $19,328,612 | 218,600 | 0.16% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $18,030,001 | 203,315 | 0.15% | Shares |
| Perpetual Ltd | $17,056,002 | 192,332 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $16,762,826 | 189,026 | 0.14% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $16,722,330 | 167,592 | 0.14% | Shares |
| BANK OF NOVA SCOTIA | $16,512,635 | 186,205 | 0.14% | Shares |
| Corient Private Wealth LP | $16,402,697 | 184,969 | 0.14% | Shares |
| AMERIPRISE FINANCIAL INC | $16,145,264 | 182,034 | 0.14% | Shares |
Company insiders 18 insiders · 7 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jennifer Honeycutt | President and CEO | July 29, 2026 M | 124,085 | 0 | 2 | $-1,394,702 |
| Sameer Ralhan | SVP, Chief Financial Officer | July 15, 2026 F | 53,694 | 0 | 0 | $0 |
| Surekha Trivedi | SVP, Strategy & Sustainability | Sept. 30, 2023 A | 12,976 | 0 | 0 | $0 |
| Mattias Bystrom | SVP-Prod. Quality & Innovation | Sept. 30, 2023 A | 30,810 | 0 | 0 | $0 |
| Lesley Beneteau | SVP, Human Resources | Sept. 30, 2023 A | 9,353 | 0 | 0 | $0 |
| Melissa Aquino | SVP, Water Quality | Sept. 30, 2023 A | 29,388 | 0 | 0 | $0 |
| Sylvia Ann Stein | SVP, General Counsel | Sept. 30, 2023 A | 17,428 | 0 | 0 | $0 |
| Cindy L. Wallis-Lage | Director | July 24, 2026 A | 3,380 | 0 | 0 | $0 |
| Heath A Mitts | Director | July 24, 2026 A | 3,500 | 0 | 0 | $0 |
| Thomas L Williams | Director | July 24, 2026 A | 3,380 | 0 | 0 | $0 |
| Vijay P. Sankaran | Director | July 15, 2026 A | 2,669 | 0 | 0 | $0 |
| Francoise Colpron | Director | July 15, 2026 A | 3,470 | 0 | 0 | $0 |
| Shyam Kambeyanda | Director | July 15, 2026 A | 3,470 | 0 | 0 | $0 |
| William King | Director | July 15, 2026 A | 9,557 | 0 | 0 | $0 |
| Linda P Hefner | Director | July 15, 2026 A | 13,544 | 0 | 0 | $0 |
| Walter G Lohr | Director | July 15, 2026 A | 3,380 | 0 | 0 | $0 |
| Daniel L Comas | Director | July 15, 2026 A | 18,509 | 0 | 0 | $0 |
| John T Schwieters | Director | July 15, 2026 A | 6,498 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 183 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 |
|---|---|---|---|---|
| CSD · Invesco Exchange-Traded Fund Trust | 8.25% | 190,405 SH | Aug. 8, 2026 | Daily |
| EFRA · iShares Trust | 6.28% | 3,732 SH | Aug. 8, 2026 | Daily |
| CGW · Invesco Exchange-Traded Fund Trust … | 4.66% | 510,599 SH | Aug. 8, 2026 | Daily |
| PHO · Invesco Exchange-Traded Fund Trust | 4.33% | 922,209 SH | Aug. 8, 2026 | Daily |
| TBLU · Tortoise Capital Series Trust | 3.70% | 23,759 NS | May 31, 2026 | N-PORT |
| PIO · Invesco Exchange-Traded Fund Trust … | 2.23% | 64,317 SH | Aug. 8, 2026 | Daily |
| UPGR · DBX ETF Trust | 1.73% | 1,376 NS | May 29, 2026 | N-PORT |
| NUMG · Nushares ETF Trust | 1.57% | 62,785 NS | April 30, 2026 | N-PORT |
| RSPN · Invesco Exchange-Traded Fund Trust | 1.33% | 146,018 SH | Aug. 8, 2026 | Daily |
| ABLD · Abacus FCF ETF Trust | 1.30% | 12,580 NS | April 30, 2026 | N-PORT |
| FLCV · Federated Hermes ETF Trust | 1.22% | 14,239 NS | May 31, 2026 | N-PORT |
| RDVI · First Trust Exchange-Traded Fund IV | 1.20% | 419,095 NS | April 30, 2026 | N-PORT |
| CZA · Invesco Exchange-Traded Fund Trust | 1.12% | 21,988 SH | Aug. 8, 2026 | Daily |
| FLCC · Federated Hermes ETF Trust | 1.07% | 15,762 NS | May 31, 2026 | N-PORT |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.01% | 740,532 SH | Aug. 8, 2026 | Daily |
| NUMV · Nushares ETF Trust | 1.00% | 48,743 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.99% | 3,885 NS | May 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 0.90% | 9,783 NS | April 30, 2026 | N-PORT |
| LRGC · AB Active ETFs, Inc. | 0.78% | 119,331 NS | May 31, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 0.60% | 4,933 NS | April 30, 2026 | N-PORT |
| CCNR · Financial Investors Trust | 0.58% | 25,732 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.54% | 50,677 NS | April 30, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.48% | 1,881,632 SH | Aug. 8, 2026 | Daily |
| BKDV · BNY Mellon ETF Trust II | 0.47% | 73,794 NS | April 30, 2026 | N-PORT |
| FLCG · Federated Hermes ETF Trust | 0.45% | 31,083 NS | May 31, 2026 | N-PORT |
| FBUF · Fidelity Greenwood Street Trust | 0.44% | 937 NS | April 30, 2026 | N-PORT |
| FYEE · Fidelity Greenwood Street Trust | 0.40% | 7,563 NS | April 30, 2026 | N-PORT |
| EVUS · iShares Trust | 0.40% | 15,272 SH | Aug. 8, 2026 | Daily |
| FHEQ · Fidelity Greenwood Street Trust | 0.39% | 36,641 NS | April 30, 2026 | N-PORT |
| ESMV · iShares Trust | 0.36% | 288 SH | Aug. 8, 2026 | Daily |
| BSCQ · Invesco Exchange-Traded Self-Indexe… | 0.36% | 12,473,000 | Aug. 8, 2026 | Daily |
| SUSA · iShares Trust | 0.34% | 145,585 SH | Aug. 8, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.31% | 73,730 NS | April 30, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 0.29% | 447 NS | April 30, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.29% | 298,195 SH | Aug. 8, 2026 | Daily |
| DUSL · Direxion Shares ETF Trust | 0.28% | 1,743 NS | April 30, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.28% | 14,789 SH | Aug. 8, 2026 | Daily |
| IYJ · iShares Trust | 0.28% | 55,745 SH | Aug. 8, 2026 | Daily |
| NULG · Nushares ETF Trust | 0.25% | 73,515 NS | April 30, 2026 | N-PORT |
| CSM · ProShares Trust | 0.25% | 15,750 NS | May 31, 2026 | N-PORT |
| UXI · ProShares Trust | 0.24% | 822 NS | May 31, 2026 | N-PORT |
| EXI · iShares Trust | 0.23% | 34,566 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.23% | 370,524 SH | Aug. 8, 2026 | Daily |
| VFMV · VANGUARD WELLINGTON FUND | 0.23% | 10,740 SH | Aug. 8, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.23% | 4,644 NS | April 30, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.22% | 2,244,752 SH | Aug. 8, 2026 | Daily |
| FXR · First Trust Exchange-Traded AlphaDE… | 0.21% | 16,850 NS | April 30, 2026 | N-PORT |
| JSTC · Tidal Trust I | 0.21% | 8,651 NS | May 31, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.21% | 5,484 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.21% | 5,322,515 SH | Aug. 8, 2026 | Daily |