W Wayfair Inc. Class A Common Stock
$74.47
Price · May 29, 2026
Fundamentals as of Apr 30, 2026
52W Range
$40–$120
43% of range
Analyst Rating
BUY
40 analysts
Price Target
$93
+25% upside
P/E (TTM)
-41.2
ROE
11.4%
Net Profit Margin
-2.5%
W Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$74.47
Market Cap
$13.05B
P/E (TTM)
-41.2
EPS (TTM)
$-2.44
Revenue (TTM)
$12.46B
Div Yield
—
ROE
11.4%
Debt/Equity
-1.2
52W Range
$40 – $120
W 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
$12.46B
2016-12-31
→
2025-12-31
EPS
$-2.44
2018-12-31
→
2025-12-31
Free Cash Flow
$464M
2016-12-31
→
2025-12-31
Margins
-2.5%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
W
Peer Median
P/E (TTM)
-41.2
19.1
P/S (TTM)
1.0
0.7
P/B
-4.7
12.3
EV / EBITDA
45.9
—
Price / FCF
28.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
W
Peer Median
Gross Margin
30.2%
44.1%
Operating Margin
0.14%
—
Net Profit Margin
-2.5%
2.6%
ROA
-9.1%
2.6%
ROE
11.4%
17.3%
ROIC
3.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
W
Peer Median
Debt / Equity
-1.2
—
Current Ratio
0.9
1.2
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
W
Peer Median
Revenue YoY
5.1%
—
Revenue CAGR 3Y
0.65%
—
Revenue CAGR 5Y
-2.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
W
Peer Median
W Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
40 analysts
- Strong Buy 9 22.5%
- Buy 16 40.0%
- Hold 15 37.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
28 analysts · 2026-05-25
Median
$92.50
Now
$74.47
Low
$60.00
High
$144.00
Median target
$92.50
+24.2%
Mean target
$93.43
+25.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.26%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $0.26 | $0.27 | -0.01% |
| Dec. 31, 2025 | $0.85 | $0.67 | 0.18% |
| Sept. 30, 2025 | $0.70 | $0.44 | 0.26% |
| June 30, 2025 | $0.87 | $0.34 | 0.53% |
| March 31, 2025 | $0.10 | $-0.22 | 0.32% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| W | $13.05B | -41.2 | 5.1% | -2.5% | 11.4% | 30.2% |
| WSM | $24.31B | 23.2 | 1.2% | 13.9% | 51.4% | 46.2% |
| RH | $3.74B | 31.5 | 8.1% | 3.6% | 1266.9% | 44.1% |
| BOBS | — | — | — | — | — | — |
| ARHS | — | 23.4 | 8.5% | 4.9% | 16.7% | 38.9% |
| BBBY | $376M | -3.9 | -25.1% | -8.1% | -44.5% | 24.6% |
| HVT | $716M | 20.1 | 5.0% | 2.6% | 6.4% | 60.7% |
| SNBR | $196M | -1.5 | -16.1% | -9.3% | 24.9% | 59.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.46B | $11.85B | $12.00B | $12.22B | $13.71B | $14.14B | $9.13B | $6.78B | $4.72B | $3.38B | $2.25B | $1.32B | |
| Cost of Revenue | $8.69B | $8.28B | $8.34B | $8.80B | $9.81B | $10.03B | $6.98B | $5.19B | $3.60B | $2.57B | $1.71B | $1.01B | |
| Gross Profit | $3.77B | $3.57B | $3.67B | $3.42B | $3.90B | $4.11B | $2.15B | $1.59B | $1.12B | $808M | $541M | $311M | |
| Operating Expenses | $3.75B | $4.04B | $4.48B | $4.80B | $3.99B | $3.75B | $3.08B | $2.06B | $1.35B | $1.00B | $622M | $459M | |
| Operating Income | $17M | $-461M | $-813M | $-1.38B | $-94M | $360M | $-930M | $-473M | $-235M | $-196M | $-81M | $-148M | |
| Interest Expense | $165M | $83M | $63M | · | · | · | · | · | · | · | · | · | |
| Interest Income | $45M | $54M | $47M | $13M | $5M | $6M | · | · | · | · | · | · | |
| Other Non-op | $31M | $-21M | $1M | $-4M | $-4M | $-9M | $3M | $-204.0K | $758.0K | $2M | $3M | $-489.0K | |
| Pretax Income | $-304M | $-482M | $-729M | $-1.32B | $-130M | $205M | $-982M | $-502M | $-244M | $-194M | $-77M | $-148M | |
| Income Tax | $9M | $10M | $9M | $12M | $1M | $20M | $3M | $2M | $486.0K | $608.0K | $95.0K | $175.0K | |
| Net Income | $-313M | $-492M | $-738M | $-1.33B | $-131M | $185M | $-985M | $-504M | $-245M | $-194M | $-77M | $-148M | |
| EPS (Basic) | $-2.44 | $-4.01 | $-6.47 | $-12.54 | $-1.26 | $1.93 | $-10.68 | $-5.63 | · | · | · | · | |
| EPS (Diluted) | $-2.44 | $-4.01 | $-6.47 | $-12.54 | $-1.26 | $1.86 | $-10.68 | $-5.63 | · | · | · | · | |
| Shares (Basic) | 128,000,000 | 123,000,000 | 114,000,000 | 106,000,000 | 104,000,000 | 96,000,000 | 92,000,000 | 89,472,000 | · | · | · | · | |
| Shares (Diluted) | 128,000,000 | 123,000,000 | 114,000,000 | 106,000,000 | 104,000,000 | 99,000,000 | 92,000,000 | 89,472,000 | · | · | · | · | |
| EBITDA | $322M | $-74M | $-396M | $-1.01B | $228M | $646M | $-738M | $-350M | $-148M | $-141M | · | $-126M |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.48B | $1.32B | $1.32B | $1.05B | $1.71B | $2.13B | · | $849M | $559M | $280M | $334M | $356M | |
| Short-term Investments | $66M | $56M | $29M | $228M | $693M | $462M | $404M | $114M | $61M | $69M | $52M | $60M | |
| Receivables | $132M | $155M | $140M | $272M | $226M | $110M | $100M | $51M | $38M | $19M | $10M | $6M | |
| Inventory | $71M | $76M | $75M | $90M | $69M | $52M | $62M | $46M | $28M | $19M | $20M | $20M | |
| Prepaid Expense | $256M | $274M | $289M | $293M | $318M | $292M | $229M | $195M | $131M | $91M | $76M | $45M | |
| Other Current Assets | $46M | $41M | $35M | $33M | $33M | $24M | $29M | · | · | · | · | · | |
| Current Assets | $2.00B | $1.88B | $1.85B | $1.93B | $3.01B | $3.05B | $1.38B | $1.26B | $817M | $477M | $492M | $487M | |
| PP&E (Net) | $516M | $603M | $748M | $774M | $674M | $684M | $625M | $607M | $361M | $239M | $112M | $61M | |
| PP&E (Gross) | $2.28B | $2.30B | $2.23B | $2.00B | $1.64B | $1.39B | $1.08B | $897M | $545M | $350M | $176M | $104M | |
| Accum. Depreciation | $1.76B | $1.70B | $1.48B | $1.23B | $967M | $703M | $456M | $290M | $184M | $110M | $64M | $43M | |
| Goodwill | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $2M | $2M | $2M | $2M | $4M | |
| Intangibles | · | · | · | · | · | · | $18M | $500.0K | $1M | $2M | $2M | $3M | |
| Other Non-current Assets | $61M | $54M | $51M | $34M | $35M | $32M | $32M | $19M | $11M | $10M | $6M | $2M | |
| Total Assets | $3.44B | $3.46B | $3.47B | $3.58B | $4.57B | $4.57B | $2.95B | $1.89B | $1.21B | $762M | $695M | $556M | |
| Accounts Payable | $1.20B | $1.25B | $1.23B | $1.20B | $1.17B | $1.16B | $908M | $650M | $440M | $379M | $271M | $148M | |
| Accrued Liabilities | · | · | · | · | · | · | $299M | $213M | $120M | $68M | $52M | $42M | |
| Short-term Debt | · | · | · | $0 | $0 | · | · | · | · | · | · | · | |
| Current Liabilities | $2.13B | $2.37B | $2.18B | $2.07B | $2.22B | $2.17B | $1.61B | $1.14B | $740M | $557M | $397M | $233M | |
| Capital Leases | $835M | $929M | $862M | $893M | $892M | $870M | $823M | $183M | $83M | $29M | $0 | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | $13.0K | $0 | |
| Other Non-current Liabilities | $25M | $33M | $44M | $28M | $28M | $67M | $7M | $160M | $106M | $96M | $55M | $17M | |
| Total Liabilities | $6.22B | $6.21B | $6.18B | $6.13B | $6.19B | $5.76B | $3.90B | $2.22B | $1.26B | $682M | $452M | $250M | |
| Long-term Debt | $3.27B | $3.12B | $3.21B | $3.14B | $3.05B | $2.66B | $1.46B | $739M | $333M | $0 | · | · | |
| Total Debt | $3.27B | $3.12B | $3.21B | $0 | · | · | · | · | · | · | · | · | |
| Paid-in Capital | $2.07B | $1.75B | $1.32B | $737M | $337M | $699M | $1.12B | $754M | $537M | $409M | $378M | $364M | |
| Retained Earnings | $-4.82B | $-4.51B | $-4.02B | $-3.28B | $-1.95B | $-1.89B | $-2.07B | $-1.08B | $-583M | $-330M | $-136M | $-58M | |
| AOCI | $-32M | $4M | $-5M | $-7M | $-7M | $-5M | $-1M | $-2M | $2M | $-13.0K | $136.0K | $-366.0K | |
| Stockholders' Equity | $-2.78B | $-2.75B | $-2.71B | $-2.55B | $-1.62B | $-1.19B | $-944M | $-331M | $-48M | $79M | $243M | $306M | |
| Liabilities + Equity | $3.44B | $3.46B | $3.47B | $3.58B | $4.57B | $4.57B | $2.95B | $1.89B | $1.21B | $762M | $695M | $556M | |
| Shares Outstanding | 130,000,000 | 125,000,000 | 118,000,000 | 109,000,000 | 105,000,000 | 100,000,000 | 94,000,000 | 91,000,000 | 88,209,000 | 85,831,000 | 84,311,000 | 83,182,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $305M | $387M | $417M | $371M | $322M | $286M | $192M | $124M | $87M | $56M | $32M | $22M | |
| Stock-based Comp | $335M | $395M | $605M | $513M | $344M | $276M | $227M | $128M | $68M | $49M | $31M | $61M | |
| Deferred Tax | · | · | · | · | · | · | $0 | $1M | $-996.0K | $-6.0K | $-34.0K | $36.0K | |
| Amort. of Intangibles | $1M | $1M | $1M | $1M | $1M | $2M | $1M | $900.0K | $1M | $900.0K | $900.0K | $1M | |
| Restructuring | · | $79M | $65M | $31M | $0 | $4M | · | · | · | · | · | · | |
| Other Non-cash | $207M | $27M | $65M | $-227M | $-125M | $670M | $368M | $337M | $124M | $152M | · | $69M | |
| Operating Cash Flow | $534M | $317M | $349M | $-674M | $410M | $1.42B | $-197M | $85M | $34M | $63M | $135M | $4M | |
| CapEx | $70M | $73M | $148M | $186M | $101M | $186M | $272M | $159M | $100M | $97M | $45M | $32M | |
| Investing Cash Flow | $-219M | $-262M | $-152M | $1M | $-515M | $-236M | $-855M | $-260M | $-130M | $-96M | $-138M | · | |
| Stock Repurchased | · | $0 | $0 | $75M | $300M | $380M | $0 | $0 | · | $0 | $0 | $24M | |
| Net Stock Activity | · | $0 | $0 | $-75M | $-300M | $-380M | · | · | · | $0 | · | $-24M | |
| Dividends Paid | · | · | · | · | · | · | · | · | · | $0 | $0 | $40M | |
| Financing Cash Flow | $-129M | $-69M | $77M | $16M | $-303M | $353M | $787M | $467M | $375M | $-21M | $-19M | · | |
| Net Change in Cash | $156M | $-6M | $276M | $-656M | $-424M | $1.55B | $-267M | $291M | $279M | $-54M | $-22M | · | |
| Free Cash Flow | $464M | $244M | $201M | $-860M | $309M | $1.23B | $-469M | $-74M | $-67M | $-34M | · | $-28M | |
| Levered FCF | $294M | · | · | · | · | · | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.2% | 30.2% | 30.6% | 28.0% | 28.4% | 29.1% | 23.5% | 23.4% | 23.7% | 23.9% | · | 23.6% | |
| Operating Margin | 0.14% | -3.9% | -6.8% | -11.3% | -0.69% | 2.5% | -10.2% | -7.0% | -5.0% | -5.8% | · | -11.2% | |
| Net Margin | -2.5% | -4.2% | -6.2% | -10.9% | -0.96% | 1.3% | -10.8% | -7.4% | -5.2% | -5.8% | · | -11.2% | |
| Pretax Margin | -2.4% | -4.1% | -6.1% | -10.8% | -0.95% | 1.5% | -10.8% | -7.4% | -5.2% | -5.7% | · | -11.2% | |
| EBITDA Margin | 2.6% | -0.62% | -3.3% | -8.3% | 1.7% | 4.6% | -8.1% | -5.2% | -3.1% | -4.2% | · | -9.5% | |
| ROA | -9.1% | -14.2% | -20.9% | -32.7% | -2.9% | 4.9% | -40.6% | -32.5% | -24.8% | -26.7% | · | -39.4% | |
| ROE | 11.4% | 17.9% | 27.3% | 54.0% | 8.3% | -14.0% | 121.1% | 156.8% | -1575.4% | -120.8% | · | -259.0% | |
| ROIC | 3.6% | -129.6% | -163.9% | 54.8% | 5.9% | -27.2% | 98.8% | 143.7% | 488.2% | -247.9% | · | -48.4% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.8 | 0.8 | 0.9 | 1.4 | 1.4 | 0.9 | 1.1 | 1.1 | 0.9 | · | 2.1 | |
| Quick Ratio | 0.8 | 0.6 | 0.7 | 0.2 | 0.4 | 0.3 | 0.3 | 0.9 | 0.9 | 0.7 | · | 1.8 | |
| Debt / Equity | -1.2 | -1.1 | -1.2 | 0.0 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | -1.2 | -1.0 | -1.1 | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | 0.1 | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 3.6 | 3.4 | 3.4 | 3.0 | 3.0 | 3.8 | 3.8 | 4.4 | 4.8 | 4.6 | · | 3.5 | |
| Inventory Turnover | 118.3 | 109.6 | 101.0 | 110.7 | 162.2 | 176.3 | 129.4 | 139.9 | 154.6 | 133.8 | · | 58.0 | |
| Receivables Turnover | 86.8 | 80.3 | 58.3 | 49.1 | 81.6 | 134.7 | 121.4 | 153.1 | 165.5 | 233.0 | · | 193.4 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.1% | -1.3% | -1.8% | -10.9% | -3.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 0.65% | -4.7% | -5.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -2.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.46B | $11.85B | $12.00B | $12.22B | $13.71B | $14.14B | $9.13B | $6.78B | $4.72B | $3.38B | $2.25B | $1.32B | |
| Net Income TTM | $-313M | $-492M | $-738M | $-1.33B | $-131M | $185M | $-985M | $-504M | $-245M | $-194M | $-77M | $-148M | |
| Market Cap | $13.05B | $5.54B | $7.28B | $3.59B | $19.95B | $22.48B | $8.46B | $8.17B | $7.08B | $3.01B | · | $1.65B | |
| Enterprise Value | $14.78B | $7.29B | $9.14B | · | · | · | · | · | · | · | · | · | |
| P/E | -41.2 | -11.1 | -9.5 | -2.6 | -150.8 | 121.4 | -8.5 | -16.0 | · | · | · | · | |
| P/S | 1.0 | 0.5 | 0.6 | 0.3 | 1.5 | 1.6 | 0.9 | 1.2 | 1.5 | 0.9 | · | 1.3 | |
| P/B | -4.7 | -2.0 | -2.7 | -1.4 | -12.3 | -18.9 | -9.0 | -24.7 | -146.5 | 37.9 | · | 5.4 | |
| P / Cash Flow | 24.4 | 17.5 | 20.9 | -5.3 | 48.7 | 15.9 | -43.0 | 96.3 | 210.5 | 47.9 | · | 400.3 | |
| P / FCF | 28.1 | 22.7 | 36.2 | -4.2 | 64.6 | 18.3 | -18.1 | -110.0 | -106.0 | -88.8 | · | -59.5 | |
| EV / EBITDA | 45.9 | -98.5 | -23.1 | · | · | · | · | · | · | · | · | · | |
| EV / FCF | 31.9 | 29.9 | 45.5 | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 1.2 | 0.6 | 0.8 | · | · | · | · | · | · | · | · | · | |
| Dividend Yield | · | · | · | · | · | · | · | · | · | 0.00% | · | 2.4% | |
| Earnings Yield | -2.4% | -9.0% | -10.5% | -38.1% | -0.66% | 0.82% | -11.8% | -6.2% | · | · | · | · | |
| Payout Ratio | · | · | · | · | · | · | · | · | · | 0.00% | · | -26.7% | |
| Annual Payout | · | · | · | · | · | · | · | · | · | $0 | $0 | $40M |
Income Statement 15
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.93B | $3.34B | $3.12B | $3.27B | $2.73B | $3.12B | $2.88B | $3.12B | $2.73B | $3.11B | $2.94B | $3.17B | $2.77B | $3.10B | $2.84B | $3.28B | |
| Cost of Revenue | $2.05B | $2.33B | $2.18B | $2.29B | $1.89B | $2.18B | $2.01B | $2.18B | $1.91B | $2.17B | $2.03B | $2.19B | $1.95B | $2.21B | $2.02B | $2.39B | |
| Gross Profit | $880M | $1.01B | $934M | $984M | $837M | $941M | $873M | $941M | $819M | $944M | $917M | $985M | $821M | $893M | $824M | $896M | |
| Operating Expenses | $891M | $926M | $896M | $967M | $959M | $1.06B | $947M | $976M | $1.05B | $1.12B | $1.07B | $1.13B | $1.17B | $1.22B | $1.20B | $1.27B | |
| Operating Income | $-11M | $84M | $38M | $17M | $-122M | $-117M | $-74M | $-35M | $-235M | $-172M | $-152M | $-142M | $-347M | $-330M | $-372M | $-372M | |
| Interest Income | $11M | $11M | $11M | $13M | $10M | $15M | $13M | $14M | $12M | $16M | $13M | $11M | $7M | · | · | · | |
| Other Non-op | $-11M | $3M | $-5M | $23M | $10M | $-24M | $8M | $-1M | $-4M | $3M | $-4M | $3M | $-1M | $-4M | $-1M | $1M | |
| Pretax Income | $-104M | $-114M | $-97M | $17M | $-110M | $-126M | $-71M | $-40M | $-245M | $-171M | $-161M | $-44M | $-353M | $-342M | $-282M | $-377M | |
| Income Tax | $1M | $2M | $2M | $2M | $3M | $2M | $3M | $2M | $3M | $3M | $2M | $2M | $2M | $9M | $1M | $1M | |
| Net Income | $-105M | $-116M | $-99M | $15M | $-113M | $-128M | $-74M | $-42M | $-248M | $-174M | $-163M | $-46M | $-355M | $-351M | $-283M | $-378M | |
| EPS (Basic) | $-0.80 | $-0.90 | $-0.76 | $0.11 | $-0.89 | $-1.01 | $-0.60 | $-0.34 | $-2.06 | $-1.44 | $-1.40 | $-0.41 | $-3.22 | $-3.25 | $-2.66 | $-3.59 | |
| EPS (Diluted) | $-0.80 | $-0.90 | $-0.76 | $0.11 | $-0.89 | $-1.01 | $-0.60 | $-0.34 | $-2.06 | $-1.44 | $-1.40 | $-0.41 | $-3.22 | $-3.25 | $-2.66 | $-3.59 | |
| Shares (Basic) | 131,000,000 | -257,000,000 | 130,000,000 | 128,000,000 | 127,000,000 | -242,000,000 | 123,000,000 | 122,000,000 | 120,000,000 | -224,000,000 | 116,000,000 | 112,000,000 | 110,000,000 | -210,000,000 | 106,000,000 | 105,000,000 | |
| Shares (Diluted) | 131,000,000 | -258,000,000 | 130,000,000 | 129,000,000 | 127,000,000 | -242,000,000 | 123,000,000 | 122,000,000 | 120,000,000 | -224,000,000 | 116,000,000 | 112,000,000 | 110,000,000 | -210,000,000 | 106,000,000 | 105,000,000 | |
| EBITDA | $56M | · | $113M | $95M | $-41M | · | $20M | $64M | $-131M | · | $-46M | $-40M | $-243M | · | $-278M | $-281M |
Balance Sheet 27
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.00B | $1.48B | $1.17B | $1.33B | $1.34B | $1.32B | $1.30B | $1.30B | $1.11B | $1.32B | $1.28B | · | · | $1.05B | $731M | $1.09B | |
| Short-term Investments | $58M | $66M | $54M | $52M | $30M | $56M | $32M | $39M | $50M | · | $0 | $4M | $78M | · | · | $644M | |
| Receivables | $158M | $132M | $129M | $110M | $140M | $155M | $155M | $161M | $113M | · | $132M | $128M | $181M | · | $332M | $308M | |
| Inventory | $78M | $71M | $70M | $89M | $90M | $76M | $81M | $78M | $81M | · | $79M | $77M | $83M | · | $103M | $98M | |
| Prepaid Expense | $270M | $256M | $254M | $233M | $295M | $274M | $248M | $240M | $237M | · | $292M | $316M | $295M | · | $281M | $316M | |
| Other Current Assets | · | $46M | · | · | · | $41M | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $1.57B | $2.00B | $1.68B | $1.81B | $1.89B | $1.88B | $1.81B | $1.82B | $1.59B | · | $1.78B | $1.77B | $1.61B | · | $2.00B | $2.46B | |
| PP&E (Net) | $502M | $516M | $523M | $540M | $556M | $603M | $658M | $680M | $714M | · | $751M | $759M | $762M | · | $763M | $730M | |
| PP&E (Gross) | · | $2.28B | · | · | · | $2.30B | · | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | $1.76B | · | · | · | $1.70B | · | · | · | · | · | · | · | · | · | · | |
| Goodwill | · | $400.0K | · | · | · | $400.0K | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $59M | $61M | $61M | $60M | $58M | $54M | $56M | $54M | $51M | · | $47M | $43M | $34M | · | $34M | $32M | |
| Total Assets | $2.87B | $3.44B | $3.12B | $3.28B | $3.42B | $3.46B | $3.41B | $3.44B | $3.24B | · | $3.36B | $3.38B | $3.21B | · | $3.65B | $4.10B | |
| Accounts Payable | $1.09B | $1.20B | $1.20B | $1.14B | $1.12B | $1.25B | $1.19B | $1.17B | $1.05B | · | $1.17B | $1.10B | $1.06B | · | $1.06B | $1.23B | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | · | · | |
| Current Liabilities | $2.06B | $2.13B | $2.25B | $2.21B | $2.28B | $2.37B | $2.17B | $2.21B | $2.02B | · | $2.00B | $1.97B | $1.91B | · | $1.96B | $2.22B | |
| Capital Leases | $704M | $835M | $857M | $869M | $914M | $929M | $884M | $893M | $905M | · | $827M | $861M | $867M | · | $909M | $939M | |
| Other Non-current Liabilities | $22M | $25M | $25M | $29M | $31M | $33M | $33M | $37M | $40M | · | $38M | $40M | $43M | · | $27M | $32M | |
| Total Liabilities | $5.71B | $6.22B | $5.88B | $6.00B | $6.23B | $6.21B | $6.15B | $6.20B | $6.07B | · | $6.07B | $6.08B | $5.96B | · | $6.03B | $6.24B | |
| Long-term Debt | $2.97B | $3.27B | $2.94B | $3.04B | $3.24B | $3.12B | $3.22B | $3.21B | $3.21B | · | $3.21B | $3.21B | $3.14B | · | $3.13B | $3.05B | |
| Total Debt | $2.93B | · | $2.94B | $2.88B | $3.00B | · | $3.22B | $3.21B | $3.21B | · | $0 | $0 | $0 | · | · | · | |
| Paid-in Capital | $2.11B | $2.07B | $1.97B | $1.92B | $1.82B | $1.75B | $1.66B | $1.55B | $1.45B | · | $1.14B | $988M | $894M | · | $565M | $513M | |
| Retained Earnings | $-4.93B | $-4.82B | $-4.71B | $-4.61B | $-4.62B | $-4.51B | $-4.38B | $-4.31B | $-4.27B | · | $-3.84B | $-3.68B | $-3.63B | · | $-2.93B | $-2.65B | |
| AOCI | $-28M | $-32M | $-32M | $-32M | $-7M | $4M | $-8M | $-4M | $-5M | · | $-6M | $-5M | $-4M | · | $-14M | $-12M | |
| Stockholders' Equity | $-2.84B | $-2.78B | $-2.77B | $-2.72B | $-2.81B | $-2.75B | $-2.73B | $-2.76B | $-2.83B | $-2.71B | $-2.71B | $-2.70B | $-2.75B | $-2.55B | $-2.38B | $-2.15B | |
| Liabilities + Equity | $2.87B | $3.44B | $3.12B | $3.28B | $3.42B | $3.46B | $3.41B | $3.44B | $3.24B | · | $3.36B | $3.38B | $3.21B | · | $3.65B | $4.10B | |
| Shares Outstanding | 132,000,000 | 130,000,000 | 130,000,000 | 128,000,000 | 127,000,000 | 125,000,000 | 124,000,000 | 122,000,000 | 120,000,000 | 118,000,000 | 116,000,000 | 113,000,000 | 111,000,000 | 109,000,000 | 106,000,000 | 106,000,000 |
Cash Flow 13
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $67M | $71M | $75M | $78M | $81M | $90M | $94M | $99M | $104M | $105M | $106M | $102M | $104M | $101M | $94M | $91M | |
| Stock-based Comp | $67M | $83M | $88M | $100M | $64M | $86M | $95M | $95M | $119M | $158M | $139M | $164M | $144M | $158M | $122M | $129M | |
| Restructuring | · | · | $3M | $9M | $56M | · | $0 | $0 | $79M | · | $0 | $0 | $65M | $0 | $31M | $0 | |
| Other Non-cash | $-81M | · | · | · | $-128M | · | · | · | $-114M | · | · | · | $-40M | · | · | · | |
| Operating Cash Flow | $-52M | $202M | $155M | $273M | $-96M | $162M | $49M | $245M | $-139M | $158M | $121M | $217M | $-147M | $98M | $-431M | $-115M | |
| CapEx | $25M | $25M | $27M | $13M | $5M | $20M | $17M | $23M | $13M | $47M | $30M | $37M | $34M | $50M | $43M | $53M | |
| Investing Cash Flow | $-46M | $-69M | $-67M | $-66M | $-17M | $-84M | $-51M | $-52M | $-75M | $-122M | $-79M | $-15M | $64M | $212M | $-22M | $12M | |
| Net Debt Issued | $-250M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | |
| Financing Cash Flow | $-378M | $174M | $-243M | $-200M | $140M | $-72M | $0 | $3M | $0 | $0 | $0 | $77M | $0 | $0 | $91M | $0 | |
| Net Change in Cash | $-472M | $305M | $-155M | $-12M | $18M | $20M | $-8M | $197M | $-215M | $35M | $42M | $279M | $-80M | $319M | $-363M | $-106M | |
| Free Cash Flow | $-77M | · | · | · | $-101M | · | · | · | $-152M | · | · | · | $-181M | · | · | · |
Profitability 8
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.0% | · | 30.0% | 30.1% | 30.7% | · | 30.3% | 30.2% | 30.0% | · | 31.1% | 31.1% | 29.6% | · | 29.0% | 27.3% | |
| Operating Margin | -0.38% | · | 1.2% | 0.52% | -4.5% | · | -2.6% | -1.1% | -8.6% | · | -5.2% | -4.5% | -12.5% | · | -13.1% | -11.3% | |
| Net Margin | -3.6% | · | -3.2% | 0.46% | -4.1% | · | -2.6% | -1.4% | -9.1% | · | -5.5% | -1.5% | -12.8% | · | -10.0% | -11.5% | |
| Pretax Margin | -3.5% | · | -3.1% | 0.52% | -4.0% | · | -2.5% | -1.3% | -9.0% | · | -5.5% | -1.4% | -12.7% | · | -9.9% | -11.5% | |
| EBITDA Margin | 1.9% | · | 3.6% | 2.9% | -1.5% | · | 0.69% | 2.1% | -4.8% | · | -1.6% | -1.3% | -8.8% | · | -9.8% | -8.6% | |
| ROA | -3.3% | · | -3.0% | 0.45% | -3.4% | · | -2.2% | -1.2% | -7.7% | · | -4.7% | -1.2% | -9.5% | · | -7.0% | -8.6% | |
| ROE | 3.7% | · | 3.6% | -0.55% | 4.0% | · | 2.7% | 1.5% | 8.9% | · | 6.4% | 1.9% | 15.3% | · | 14.5% | 20.5% | |
| ROIC | -12.5% | · | 22.0% | 9.1% | -65.6% | · | -16.0% | -8.1% | -61.5% | · | 5.7% | 5.5% | 12.7% | · | 15.7% | 17.4% |
Liquidity & Solvency 4
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.8 | · | 1.0 | 1.1 | |
| Quick Ratio | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.6 | · | 0.7 | 0.1 | 0.1 | · | 0.5 | 0.9 | |
| Debt / Equity | -1.0 | · | -1.1 | -1.1 | -1.1 | · | -1.2 | -1.2 | -1.1 | · | 0.0 | 0.0 | 0.0 | · | · | · | |
| LT Debt / Equity | -1.0 | · | -1.0 | -1.1 | -1.1 | · | -1.1 | -1.1 | -1.1 | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | · | 1.0 | 1.0 | 0.8 | · | 0.9 | 0.9 | 0.8 | · | 0.8 | 0.8 | 0.7 | · | 0.7 | 0.7 | |
| Inventory Turnover | 24.4 | · | 28.9 | 27.4 | 22.1 | · | 25.1 | 28.1 | 23.3 | · | 22.3 | 25.0 | 24.0 | · | 23.8 | 30.2 | |
| Receivables Turnover | 19.7 | · | 22.0 | 24.2 | 21.6 | · | 20.1 | 21.6 | 18.6 | · | 12.7 | 14.5 | 12.3 | · | 11.4 | 15.0 |
Valuation (TTM) 13
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.05B | · | $12.00B | $12.00B | $11.46B | · | $11.67B | $11.96B | $11.62B | · | $11.73B | $12.07B | $11.89B | · | $12.24B | $13.26B | |
| Net Income TTM | $-302M | · | $-271M | $-214M | $-477M | · | $-527M | $-499M | $-812M | · | $-847M | $-1.06B | $-1.33B | · | $-1.06B | $-644M | |
| Market Cap | $9.93B | · | $11.61B | $6.55B | $4.07B | · | $6.97B | $6.43B | $8.15B | · | $7.03B | $7.35B | $3.81B | · | $3.45B | $4.62B | |
| Enterprise Value | $11.80B | · | $13.33B | $8.05B | $5.70B | · | $8.85B | $8.30B | $10.20B | · | $5.75B | · | · | · | · | · | |
| P/E | -32.1 | · | -41.7 | -29.7 | -8.2 | · | -12.8 | -12.5 | -9.6 | · | -7.9 | -6.6 | -2.7 | · | -3.2 | -7.0 | |
| P/S | 0.8 | · | 1.0 | 0.5 | 0.4 | · | 0.6 | 0.5 | 0.7 | · | 0.6 | 0.6 | 0.3 | · | 0.3 | 0.3 | |
| P/B | -3.5 | · | -4.2 | -2.4 | -1.4 | · | -2.5 | -2.3 | -2.9 | · | -2.6 | -2.7 | -1.4 | · | -1.5 | -2.2 | |
| P / Cash Flow | -190.9 | · | · | · | -42.4 | · | · | · | -58.6 | · | · | · | -25.9 | · | · | · | |
| P / FCF | -128.9 | · | · | · | -40.3 | · | · | · | -53.6 | · | · | · | -21.1 | · | · | · | |
| EV / EBITDA | 210.7 | · | 118.0 | 84.8 | -139.0 | · | 442.7 | 129.8 | -77.9 | · | -124.9 | · | · | · | · | · | |
| EV / FCF | -153.2 | · | · | · | -56.4 | · | · | · | -67.1 | · | · | · | · | · | · | · | |
| EV / Revenue | 1.0 | · | 1.1 | 0.7 | 0.5 | · | 0.8 | 0.7 | 0.9 | · | 0.5 | · | · | · | · | · | |
| Earnings Yield | -3.1% | · | -2.4% | -3.4% | -12.1% | · | -7.8% | -8.0% | -10.4% | · | -12.7% | -15.2% | -36.4% | · | -30.8% | -14.3% |
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 | $12.46B | $11.85B | $12.00B | $12.22B | $13.71B |
| Gross Margin % | 30.2% | 30.2% | 30.6% | 28.0% | 28.4% |
| Operating Margin % | 0.14% | -3.9% | -6.8% | -11.3% | -0.69% |
| Net Income | $-313M | $-492M | $-738M | $-1.33B | $-131M |
| Diluted EPS | $-2.44 | $-4.01 | $-6.47 | $-12.54 | $-1.26 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -1.2 | -1.1 | -1.2 | 0.0 | — |
| Current Ratio | 0.9 | 0.8 | 0.8 | 0.9 | 1.4 |
| Quick Ratio | 0.8 | 0.6 | 0.7 | 0.2 | 0.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $464M | $244M | $201M | $-860M | $309M |
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