WEST Westrock Coffee Company - Common Stock
$8.29
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$4–$10
71% of range
Analyst Rating
BUY
10 analysts
Price Target
$10
+18% upside
P/E (TTM)
-8.8
ROE
-1104.4%
Net Profit Margin
-7.6%
WEST Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$8.29
Market Cap
$803M
P/E (TTM)
-8.8
EPS (TTM)
$-0.94
Revenue (TTM)
$1.19B
Div Yield
—
ROE
-1104.4%
Debt/Equity
-247.7
52W Range
$4 – $10
WEST 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
$1.19B
2023-12-31
→
2025-12-31
EPS
$-0.94
2023-12-31
→
2025-12-31
Free Cash Flow
$-108M
2023-12-31
→
2025-12-31
Margins
-7.6%
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
WEST
Peer Median
P/E (TTM)
-8.8
30.9
P/S (TTM)
0.7
1.6
P/B
-429.9
3.4
EV / EBITDA
117.1
—
Price / FCF
-7.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WEST
Peer Median
Gross Margin
12.7%
28.1%
Operating Margin
-3.8%
—
Net Profit Margin
-7.6%
3.1%
ROA
-7.9%
4.2%
ROE
-1104.4%
10.1%
ROIC
-9.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WEST
Peer Median
Debt / Equity
-247.7
38.9
Current Ratio
1.0
1.9
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WEST
Peer Median
Revenue YoY
39.8%
—
Revenue CAGR 3Y
11.1%
—
Revenue CAGR 5Y
16.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WEST
Peer Median
WEST Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 3 30.0%
- Buy 6 60.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-15
Median
$10.00
Mean
$9.75
← Below all targets
$8.29
Low
$9.00
High
$10.00
Median target
$10.00
+20.6%
Mean target
$9.75
+17.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.14 | $-0.07 | -0.07% |
| March 31, 2026 | $-0.09 | $-0.07 | -0.02% |
| Dec. 31, 2025 | $-0.23 | $-0.16 | -0.07% |
| Sept. 30, 2025 | $-0.20 | $-0.13 | -0.07% |
| June 30, 2025 | $-0.23 | $-0.15 | -0.08% |
| March 31, 2025 | $-0.29 | $-0.21 | -0.08% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.19B | $851M | $865M | $868M | $698M | $551M | |
| Cost of Revenue | $1.04B | $697M | $725M | $715M | $553M | $444M | |
| Gross Profit | $151M | $154M | $140M | $153M | $145M | $107M | |
| SG&A Expense | $185M | $185M | $145M | $130M | $129M | $116M | |
| Operating Expenses | $196M | $203M | $160M | $144M | $138M | $228M | |
| Operating Income | $-45M | $-49M | $-20M | $9M | $8M | $-121M | |
| Interest Expense | · | · | $29M | $35M | $33M | $25M | |
| Pretax Income | $-97M | $-76M | $-41M | $-55M | $-25M | $-146M | |
| Income Tax | $-2M | $4M | $-6M | $111.0K | $-3M | $-18M | |
| Net Income | $-90M | $-80M | $-35M | $-55M | $-22M | $-129M | |
| EPS (Basic) | $-0.94 | $-0.89 | $-0.43 | $-1.60 | $-1.34 | $-4.32 | |
| EPS (Diluted) | $-0.94 | $-0.89 | $-0.43 | $-1.60 | $-1.34 | $-4.32 | |
| Shares (Basic) | 95,351,000 | 89,795,000 | 80,684,000 | 48,444,000 | 34,472,000 | 34,202,000 | |
| Shares (Diluted) | 95,351,000 | 89,795,000 | 80,684,000 | 48,444,000 | 34,472,000 | 34,202,000 | |
| EBITDA | $10M | $-14M | $6M | $33M | · | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50M | $26M | $37M | $17M | $19M | · | |
| Receivables | $94M | $100M | $99M | $102M | $86M | · | |
| Inventory | $200M | $163M | $150M | $146M | $109M | · | |
| Prepaid Expense | $16M | $15M | $12M | $9M | $6M | · | |
| Current Assets | $396M | $334M | $313M | $298M | $238M | · | |
| PP&E (Net) | $484M | $467M | $344M | $185M | $128M | · | |
| PP&E (Gross) | $632M | $572M | $427M | $252M | $180M | · | |
| Accum. Depreciation | $148M | $105M | $83M | $67M | $53M | · | |
| Goodwill | $116M | $116M | $116M | $114M | $97M | $97M | |
| Intangibles | $107M | $115M | $123M | $131M | $126M | · | |
| Other Non-current Assets | $12M | $7M | $8M | $7M | $4M | · | |
| Total Assets | $1.18B | $1.10B | $972M | $746M | $593M | $548M | |
| Accounts Payable | $91M | $84M | $69M | $117M | $80M | · | |
| Accrued Liabilities | · | · | $2M | · | · | · | |
| Short-term Debt | $83M | $55M | $44M | $43M | $5M | · | |
| Current Liabilities | $414M | $278M | $240M | $216M | $168M | · | |
| Capital Leases | $58M | $61M | $64M | $8M | · | · | |
| Deferred Tax | $10M | $15M | $11M | $14M | $26M | · | |
| Other Non-current Liabilities | $865.0K | $1M | $2M | $3M | $3M | · | |
| Total Liabilities | $904M | $730M | $584M | $460M | $487M | · | |
| Long-term Debt | $444M | $393M | $235M | $177M | $286M | · | |
| Total Debt | $463M | $395M | $277M | $217M | · | · | |
| Common Stock | $969.0K | $942.0K | $880.0K | $750.0K | $345.0K | · | |
| Paid-in Capital | $545M | $520M | $472M | $343M | $61M | · | |
| Retained Earnings | $-534M | $-443M | $-363M | $-328M | $-252M | · | |
| AOCI | $-13M | $20M | $4M | $-6M | $12M | · | |
| Stockholders' Equity | $-2M | $97M | $114M | $12M | $-179M | · | |
| Liabilities + Equity | $1.18B | $1.10B | $972M | $746M | $593M | · | |
| Shares Outstanding | 96,866,000 | 94,221,000 | 88,051,000 | 75,020,000 | 34,523,000 | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $56M | $35M | $27M | $24M | $26M | $24M | |
| Stock-based Comp | $15M | $12M | $9M | $3M | $1M | $2M | |
| Deferred Tax | $-3M | $3M | $-7M | $-2M | $-3M | $-18M | |
| Amort. of Intangibles | $8M | $8M | $8M | $7M | $7M | $6M | |
| Restructuring | $0 | · | · | · | · | $14M | |
| Other Non-cash | $4M | $17M | $-58M | $-26M | · | · | |
| Operating Cash Flow | $-19M | $-13M | $-64M | $-57M | $3M | $-13M | |
| CapEx | $89M | $160M | $165M | $63M | $25M | $19M | |
| Investing Cash Flow | $-82M | $-146M | $-168M | $-74M | $-23M | $-412M | |
| Stock Issued | $12M | $635.0K | $119M | $256M | · | · | |
| Net Stock Activity | $12M | $635.0K | $119M | $256M | · | · | |
| Financing Cash Flow | $137M | $157M | $244M | $135M | $24M | $443M | |
| Net Change in Cash | $35M | $-2M | $11M | $4M | $4M | $17M | |
| Taxes Paid | $1M | $411.0K | $1M | $814.0K | $1M | $98.0K | |
| Free Cash Flow | $-108M | $-173M | $-229M | $-120M | · | · | |
| Levered FCF | · | · | $-253M | $-155M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 12.7% | 18.1% | 16.2% | 17.6% | · | · | |
| Operating Margin | -3.8% | -5.8% | -2.4% | 1.0% | · | · | |
| Net Margin | -7.6% | -9.4% | -4.0% | -6.4% | · | · | |
| Pretax Margin | -8.2% | -9.0% | -4.7% | -6.4% | · | · | |
| EBITDA Margin | 0.87% | -1.7% | 0.71% | 3.8% | · | · | |
| ROA | -7.9% | -7.4% | -3.7% | -7.4% | · | · | |
| ROE | -1104.4% | -77.3% | -28.8% | 65.1% | · | · | |
| ROIC | -9.7% | -10.5% | -4.4% | 3.8% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.2 | 1.3 | 1.4 | · | · | |
| Quick Ratio | 0.3 | 0.5 | 0.6 | 0.5 | · | · | |
| Debt / Equity | -247.7 | 4.0 | 2.4 | 23.4 | · | · | |
| LT Debt / Equity | -193.1 | 3.3 | 2.0 | 17.5 | · | · | |
| Interest Coverage | · | · | -0.7 | 0.2 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 0.8 | 0.9 | 1.2 | · | · | |
| Inventory Turnover | 5.7 | 4.4 | 4.9 | 5.6 | · | · | |
| Receivables Turnover | 12.3 | 8.6 | 8.6 | 9.3 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 39.8% | -1.6% | -0.36% | 24.3% | 26.7% | · | |
| Revenue CAGR 3Y | 11.1% | 6.8% | 16.2% | · | · | · | |
| Revenue CAGR 5Y | 16.6% | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.19B | $851M | $865M | $868M | · | · | |
| Net Income TTM | $-90M | $-80M | $-35M | $-55M | · | · | |
| Market Cap | $394M | $605M | $899M | $1.00B | · | · | |
| Enterprise Value | $807M | $973M | $1.14B | $1.20B | · | · | |
| P/E | -4.3 | -7.2 | -23.7 | -8.3 | · | · | |
| P/S | 0.3 | 0.7 | 1.0 | 1.2 | · | · | |
| P/B | -211.1 | 6.2 | 7.9 | 108.1 | · | · | |
| P / Cash Flow | -20.7 | -45.7 | -14.0 | -17.7 | · | · | |
| P / FCF | -3.7 | -3.5 | -3.9 | -8.4 | · | · | |
| EV / EBITDA | 77.8 | -67.7 | 185.0 | 36.6 | · | · | |
| EV / FCF | -7.5 | -5.6 | -5.0 | -10.0 | · | · | |
| EV / Revenue | 0.7 | 1.1 | 1.3 | 1.4 | · | · | |
| Earnings Yield | -23.1% | -13.9% | -4.2% | -12.0% | · | · |
Income Statement 15
| 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 | $306M | $309M | $339M | $355M | $281M | $214M | $229M | $221M | $208M | $192M | $215M | $220M | $225M | $205M | $228M | $230M | |
| Cost of Revenue | $268M | $263M | $301M | $313M | $239M | $185M | $191M | $184M | $167M | $155M | $180M | $185M | $189M | $171M | $193M | $189M | |
| Gross Profit | $38M | $46M | $39M | $41M | $41M | $29M | $38M | $37M | $41M | $37M | $35M | $35M | $36M | $34M | $34M | $41M | |
| SG&A Expense | $36M | $38M | $44M | $47M | $54M | $40M | $43M | $46M | $52M | $44M | $39M | $37M | $34M | $34M | $29M | $31M | |
| Operating Expenses | $39M | $43M | $48M | $50M | $56M | $42M | $48M | $50M | $58M | $47M | $41M | $40M | $37M | $42M | $33M | $36M | |
| Operating Income | $-1M | $3M | $-9M | $-9M | $-15M | $-13M | $-10M | $-13M | $-16M | $-10M | $-6M | $-5M | $-1M | $-7M | $1M | $5M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $8M | · | $8M | $7M | $6M | · | $13M | |
| Pretax Income | $-14M | $-10M | $-25M | $-22M | $-25M | $-25M | $-22M | $-14M | $-22M | $-18M | $-23M | $11M | $-21M | $-9M | $-28M | $-13M | |
| Income Tax | $-400.0K | $2M | $-3M | $-122.0K | $-370.0K | $2M | $2M | $84.0K | $-5M | $6M | $-3M | $-5M | $6M | $-4M | $4M | $-428.0K | |
| Net Income | $-14M | $-9M | $-23M | $-19M | $-22M | $-27M | $-25M | $-14M | $-18M | $-24M | $-20M | $17M | $-27M | $-4M | $-32M | $-13M | |
| EPS (Basic) | $-0.14 | $-0.09 | $-0.22 | $-0.20 | $-0.23 | $-0.29 | $-0.26 | $-0.16 | $-0.20 | $-0.27 | $-0.17 | $0.15 | $-0.35 | $-0.06 | $-0.48 | $-0.41 | |
| EPS (Diluted) | $-0.14 | $-0.09 | $-0.22 | $-0.20 | $-0.23 | $-0.29 | $-0.26 | $-0.16 | $-0.20 | $-0.27 | $-0.10 | $0.15 | $-0.35 | $-0.13 | $-0.48 | $-0.41 | |
| Shares (Basic) | 97,579,000 | 97,013,000 | -189,177,000 | 95,569,000 | 94,661,000 | 94,298,000 | -175,163,000 | 88,540,000 | 88,323,000 | 88,095,000 | -153,837,000 | 83,437,000 | 75,726,000 | 75,358,000 | -70,847,000 | 49,795,000 | |
| Shares (Diluted) | 97,579,000 | 97,013,000 | -189,177,000 | 95,569,000 | 94,661,000 | 94,298,000 | -175,163,000 | 88,540,000 | 88,323,000 | 88,095,000 | -178,815,000 | 107,080,000 | 75,726,000 | 76,693,000 | -70,847,000 | 49,795,000 | |
| EBITDA | $16M | $20M | · | $5M | $3.0K | $-1M | · | $-5M | $-8M | $-3M | · | $995.0K | $5M | $-1M | · | $11M |
Balance Sheet 29
| 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 | $38M | $28M | $50M | $34M | $44M | $33M | $26M | $22M | $24M | $13M | · | $44M | $25M | $24M | · | $91M | |
| Receivables | $77M | $83M | $94M | $98M | $86M | $83M | $100M | $103M | $102M | $90M | · | $100M | $101M | $115M | · | $98M | |
| Inventory | $168M | $181M | $200M | $213M | $194M | $187M | $163M | $161M | $164M | $140M | · | $161M | $155M | $143M | · | $162M | |
| Prepaid Expense | $13M | $14M | $16M | $21M | $16M | $24M | $15M | $24M | $23M | $13M | · | $15M | $14M | $13M | · | $10M | |
| Current Assets | $330M | $344M | $396M | $394M | $377M | $364M | $334M | $337M | $333M | $273M | · | $340M | $316M | $310M | · | $380M | |
| PP&E (Net) | $459M | $472M | $484M | $485M | $481M | $476M | $467M | $439M | $418M | $401M | · | $288M | $240M | $195M | · | $134M | |
| PP&E (Gross) | $629M | $635M | $632M | $621M | $604M | $587M | $572M | $537M | $512M | $489M | · | $365M | $314M | $265M | · | $197M | |
| Accum. Depreciation | $170M | $162M | $148M | $136M | $124M | $111M | $105M | $99M | $93M | $88M | · | $77M | $74M | $70M | · | $63M | |
| Goodwill | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $114M | $97M | |
| Intangibles | $103M | $105M | $107M | $109M | $111M | $113M | $115M | $117M | $119M | $121M | · | $125M | $127M | $129M | · | $121M | |
| Other Non-current Assets | $15M | $15M | $12M | $13M | $11M | $7M | $7M | $7M | $8M | $8M | · | $8M | $7M | $7M | · | $18M | |
| Total Assets | $1.09B | $1.12B | $1.18B | $1.18B | $1.16B | $1.14B | $1.10B | $1.08B | $1.06B | $983M | $972M | $891M | $822M | $773M | $746M | $750M | |
| Accounts Payable | $68M | $85M | $91M | $76M | $76M | $67M | $84M | $52M | $43M | $44M | · | $62M | $102M | $102M | · | $111M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | $25M | · | · | · | · | · | · | · | |
| Short-term Debt | $56M | $60M | $83M | $84M | $75M | $59M | $55M | $58M | $55M | $34M | · | $53M | $46M | $43M | · | $62M | |
| Current Liabilities | $342M | $354M | $414M | $385M | $361M | $309M | $278M | $242M | $254M | $220M | · | $222M | $230M | $194M | · | $226M | |
| Capital Leases | $59M | $61M | $58M | $59M | $60M | $60M | $61M | $59M | $59M | $60M | · | $12M | $12M | $13M | · | $9M | |
| Deferred Tax | $11M | $11M | $10M | $15M | $16M | $17M | $15M | $14M | $13M | $17M | · | $13M | $18M | $11M | · | $16M | |
| Other Non-current Liabilities | $866.0K | $865.0K | $865.0K | $1M | $1M | $1M | $1M | $1M | $1M | $2M | · | $14M | $15M | $15M | · | $11M | |
| Total Liabilities | $844M | $863M | $904M | $893M | $866M | $794M | $730M | $693M | $701M | $617M | · | $491M | $562M | $485M | · | $451M | |
| Long-term Debt | $388M | $396M | $444M | $401M | $394M | $372M | $340M | $338M | $292M | $236M | · | $215M | $247M | $225M | · | $177M | |
| Total Debt | $444M | $456M | · | $486M | $469M | $430M | · | $396M | $347M | $271M | · | $268M | $293M | $267M | · | $238M | |
| Common Stock | $976.0K | $976.0K | $969.0K | $968.0K | $947.0K | $946.0K | $942.0K | $941.0K | $884.0K | $883.0K | · | $880.0K | $760.0K | $759.0K | · | $730.0K | |
| Paid-in Capital | $547M | $545M | $545M | $542M | $527M | $522M | $520M | $516M | $477M | $473M | · | $469M | $349M | $346M | · | $317M | |
| Retained Earnings | $-557M | $-543M | $-534M | $-511M | $-492M | $-470M | $-443M | $-418M | $-404M | $-386M | · | $-343M | $-359M | $-332M | · | $-296M | |
| AOCI | $-23M | $-24M | $-13M | $-20M | $-18M | $19M | $20M | $12M | $8M | $4M | · | $-1M | $-5M | $-4M | · | $2M | |
| Stockholders' Equity | $-31M | $-20M | $-2M | $11M | $18M | $71M | $97M | $110M | $82M | $92M | · | $126M | $-14M | $10M | · | $23M | |
| Liabilities + Equity | $1.09B | $1.12B | $1.18B | $1.18B | $1.16B | $1.14B | $1.10B | $1.08B | $1.06B | $983M | · | $891M | $822M | $773M | · | $750M | |
| Shares Outstanding | 97,627,000 | 97,541,000 | 96,866,000 | 96,825,000 | 94,708,000 | 94,622,000 | 94,221,000 | 94,073,000 | 88,366,000 | 88,282,000 | · | 88,039,000 | 75,728,000 | 75,628,000 | · | 73,034,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $17M | $17M | $15M | $14M | $15M | $12M | $12M | $8M | $8M | $8M | $8M | $6M | $6M | $6M | $6M | $6M | |
| Stock-based Comp | $2M | $2M | $3M | $4M | $5M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $705.0K | |
| Deferred Tax | $398.0K | $918.0K | $-4M | $-122.0K | $-370.0K | $2M | $2M | $-37.0K | $-5M | $6M | $-3M | $-5M | $6M | $-4M | $1M | $-428.0K | |
| Amort. of Intangibles | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | $-22M | · | · | · | $-12M | · | · | · | $16M | · | · | · | $-24M | · | · | |
| Operating Cash Flow | $27M | $-12M | $37M | $-27M | $-7M | $-22M | $3M | $-332.0K | $-24M | $8M | $11M | $-39M | $-11M | $-25M | $3M | $-13M | |
| CapEx | $7M | $7M | $9M | $18M | $21M | $41M | $18M | $36M | $36M | $69M | $43M | $66M | $36M | $20M | $40M | $8M | |
| Investing Cash Flow | $-3M | $-3M | $-4M | $-14M | $-23M | $-41M | $-6M | $-36M | $-36M | $-69M | $-43M | $-67M | $-36M | $-22M | $-54M | $-7M | |
| Stock Issued | · | · | $0 | · | · | · | $0 | $0 | · | · | $0 | · | · | · | · | · | |
| Financing Cash Flow | $-18M | $-15M | $-10M | $37M | $38M | $72M | $5M | $43M | $71M | $37M | $21M | $127M | $50M | $46M | $-18M | $97M | |
| Net Change in Cash | $6M | $-29M | $23M | $-4M | $7M | $9M | $3M | $7M | $12M | $-24M | $-11M | $20M | $3M | $-835.0K | $-69M | $77M | |
| Free Cash Flow | · | $-19M | · | · | · | $-63M | · | · | · | $-61M | · | · | · | $-45M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-71M | · | · | · | $-48M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.3% | 14.8% | · | 11.7% | 14.7% | 13.6% | · | 16.8% | 19.9% | 19.4% | · | 16.0% | 15.9% | 16.7% | · | 17.9% | |
| Operating Margin | -0.44% | 1.0% | · | -2.4% | -5.3% | -6.1% | · | -5.8% | -7.9% | -5.3% | · | -2.4% | -0.62% | -3.6% | · | 2.4% | |
| Net Margin | -4.5% | -2.8% | · | -5.4% | -7.7% | -12.7% | · | -6.5% | -8.5% | -12.3% | · | 7.6% | -11.9% | -2.1% | · | -5.6% | |
| Pretax Margin | -4.7% | -3.2% | · | -6.1% | -9.1% | -11.9% | · | -6.4% | -10.7% | -9.2% | · | 5.2% | -9.2% | -4.2% | · | -5.8% | |
| EBITDA Margin | 5.1% | 6.4% | · | 1.5% | 0.00% | -0.61% | · | -2.3% | -4.0% | -1.3% | · | 0.45% | 2.1% | -0.73% | · | 4.9% | |
| ROA | -1.2% | -0.76% | · | -1.7% | -1.9% | -2.6% | · | -1.5% | -1.9% | -2.7% | · | 2.0% | -3.6% | -1.1% | · | -3.5% | |
| ROE | 209.7% | -33.3% | · | -31.4% | -43.2% | -33.4% | · | -12.1% | -52.8% | -46.4% | · | 22.3% | 376.0% | -84.0% | · | -114.3% | |
| ROIC | -0.32% | 0.87% | · | -1.7% | -3.0% | -2.8% | · | -2.5% | -3.0% | -3.7% | · | -2.0% | -0.65% | -1.3% | · | 2.0% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.2 | · | 1.4 | 1.3 | 1.2 | · | 1.5 | 1.4 | 1.6 | · | 1.7 | |
| Quick Ratio | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.4 | · | 0.5 | 0.5 | 0.5 | · | 0.6 | 0.5 | 0.7 | · | 0.8 | |
| Debt / Equity | -14.2 | -22.6 | · | 42.4 | 25.7 | 6.0 | · | 3.6 | 4.3 | 3.0 | · | 2.1 | -20.6 | 25.9 | · | 10.5 | |
| LT Debt / Equity | -11.7 | -18.6 | · | 33.5 | 20.7 | 5.0 | · | 3.0 | 3.4 | 2.4 | · | 1.6 | -16.7 | 20.8 | · | 7.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -1.3 | · | -0.7 | -0.2 | -1.2 | · | 0.4 |
Efficiency 3
| 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 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.5 | · | 0.6 | |
| Inventory Turnover | 1.5 | 1.4 | · | 1.7 | 1.3 | 1.1 | · | 1.1 | 1.0 | 1.1 | · | 1.1 | 1.2 | 2.4 | · | 2.3 | |
| Receivables Turnover | 3.8 | 3.7 | · | 3.5 | 3.0 | 2.5 | · | 2.2 | 2.1 | 1.9 | · | 2.2 | 2.3 | 3.6 | · | 4.7 |
Valuation (TTM) 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 TTM | $1.25B | $1.16B | · | $1.07B | $924M | $836M | · | $841M | $845M | $842M | · | $880M | $884M | $846M | · | $821M | |
| Net Income TTM | $-63M | $-76M | · | $-82M | $-81M | $-83M | · | $-39M | $-52M | $-38M | · | $-28M | $-50M | $-28M | · | $-28M | |
| Market Cap | $792M | $415M | · | $471M | $543M | $683M | · | $611M | $904M | $912M | · | $780M | $823M | $926M | · | $754M | |
| Enterprise Value | $1.20B | $843M | · | $922M | $968M | $1.08B | · | $985M | $1.23B | $1.17B | · | $1.00B | $1.09B | $1.17B | · | $902M | |
| P/E | -12.3 | -5.2 | · | -5.5 | -6.5 | -7.8 | · | -13.5 | -15.3 | -17.2 | · | -12.0 | -8.6 | -9.8 | · | -7.3 | |
| P/S | 0.6 | 0.4 | · | 0.4 | 0.6 | 0.8 | · | 0.7 | 1.1 | 1.1 | · | 0.9 | 0.9 | 1.1 | · | 0.9 | |
| P/B | -25.3 | -20.5 | · | 41.1 | 29.7 | 9.6 | · | 5.5 | 11.1 | 9.9 | · | 6.2 | -57.7 | 89.6 | · | 33.2 | |
| P / Cash Flow | · | -35.2 | · | · | · | -30.9 | · | · | · | 114.3 | · | · | · | -36.8 | · | · | |
| P / FCF | · | -22.0 | · | · | · | -10.8 | · | · | · | -15.0 | · | · | · | -20.7 | · | · | |
| EV / EBITDA | 76.0 | 42.7 | · | 175.1 | 322646.6 | -822.4 | · | -194.7 | -145.3 | -452.8 | · | 1008.8 | 228.0 | -784.8 | · | 79.7 | |
| EV / FCF | · | -44.7 | · | · | · | -17.0 | · | · | · | -19.2 | · | · | · | -26.1 | · | · | |
| EV / Revenue | 1.0 | 0.7 | · | 0.9 | 1.0 | 1.3 | · | 1.2 | 1.5 | 1.4 | · | 1.1 | 1.2 | 1.4 | · | 1.1 | |
| Earnings Yield | -8.1% | -19.1% | · | -18.1% | -15.4% | -12.7% | · | -7.4% | -6.6% | -5.8% | · | -8.3% | -11.6% | -10.2% | · | -13.7% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $1.19B | — | — | $851M | — |
| Gross Margin % | 12.7% | — | — | 18.1% | — |
| Operating Margin % | -3.8% | — | — | -5.8% | — |
| Net Income | $-90M | — | — | $-80M | — |
| Diluted EPS | $-0.94 | — | — | $-0.89 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | -247.7 | — | — | 4.0 | — |
| Current Ratio | 1.0 | — | — | 1.2 | — |
| Quick Ratio | 0.3 | — | — | 0.5 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-108M | — | — | $-173M | — |
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Institutional owners (13F) 159 filers · $311.6M 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 |
|---|---|---|---|---|
| 42 (+28 vs prior Q) | 14 (+3 vs prior Q) | 47 (+8 vs prior Q) | 30 (-13 vs prior Q) | -5.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| HF Capital, LLC | $103,400,513 | 12,749,755 | 33.19% | Shares |
| STEPHENS GROUP, LLC | $34,467,683 | 8,110,043 | 11.06% | Shares |
| FMR LLC | $32,816,028 | 4,046,366 | 10.53% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $17,700,416 | 2,182,542 | 5.68% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $15,219,940 | 1,876,688 | 4.89% | Shares |
| Silverleafe Capital Partners, LLC | $7,852,240 | 968,217 | 2.52% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $7,166,087 | 883,411 | 2.30% | Shares |
| AGMAN CAPITAL LLC | $6,803,041 | 838,846 | 2.18% | Shares |
| STATE STREET CORP | $6,437,905 | 793,823 | 2.07% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $5,253,869 | 647,826 | 1.69% | Shares |
| MILLENNIUM MANAGEMENT LLC | $4,879,065 | 601,611 | 1.57% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $3,709,465 | 457,394 | 1.19% | Shares |
| ZAZOVE ASSOCIATES LLC | $3,653,620 | 450,508 | 1.17% | Shares |
| JANE STREET GROUP, LLC | $3,373,387 | 415,954 | 1.08% | Shares |
| UBS Group AG | $3,344,256 | 412,362 | 1.07% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,940,005 | 362,516 | 0.94% | Shares |
| ALGERT GLOBAL LLC | $2,816,125 | 347,241 | 0.90% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,570,692 | 316,978 | 0.83% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,403,820 | 296,402 | 0.77% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,319,971 | 286,063 | 0.74% | Shares |
| LEE DANNER & BASS INC | $2,295,130 | 283,000 | 0.74% | Shares |
| GOLDMAN SACHS GROUP INC | $2,263,882 | 279,147 | 0.73% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,127,602 | 262,343 | 0.68% | Shares |
| Trexquant Investment LP | $2,031,409 | 250,482 | 0.65% | Shares |
| STEPHENS INC /AR/ | $1,967,389 | 242,588 | 0.63% | Shares |
| BlackRock, Inc. | $1,901,933 | 234,517 | 0.61% | Shares |
| CITADEL ADVISORS LLC | $1,771,029 | 218,376 | 0.57% | Shares |
| Mariner, LLC | $1,574,910 | 194,193 | 0.51% | Shares |
| DAVENPORT & Co LLC | $1,573,543 | 194,025 | 0.51% | Shares |
| Point72 Asset Management, L.P. | $1,513,667 | 186,642 | 0.49% | Shares |
| Horrell Capital Management, Inc. | $1,285,549 | 158,514 | 0.41% | Shares |
| Sovereign's Capital Management, LLC | $1,251,860 | 154,500 | 0.40% | Shares |
| Piedmont Capital Management, LLC/NC | $1,115,028 | 137,488 | 0.36% | Shares |
| VANGUARD GROUP INC | $1,084,053 | 266,352 | 0.35% | Shares |
| ARKANSAS FINANCIAL GROUP, INC. | $1,033,887 | 127,483 | 0.33% | Shares |
| Quantinno Capital Management LP | $987,822 | 121,803 | 0.32% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $919,674 | 113,400 | 0.30% | Put option |
| Walleye Capital LLC | $807,067 | 99,515 | 0.26% | Shares |
| TWO SIGMA INVESTMENTS, LP | $782,785 | 96,521 | 0.25% | Shares |
| D. E. Shaw & Co., Inc. | $779,858 | 96,160 | 0.25% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $678,807 | 83,700 | 0.22% | Shares |
| Inspire Investing, LLC | $531,412 | 125,038 | 0.17% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $521,514 | 64,305 | 0.17% | Shares |
| DIVERSIFIED TRUST CO | $510,394 | 62,934 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $507,110 | 62,529 | 0.16% | Shares |
| GREENWOOD GEARHART LLC | $471,734 | 58,167 | 0.15% | Shares |
| Susquehanna Portfolio Strategies, LLC | $467,250 | 57,614 | 0.15% | Shares |
| HSBC HOLDINGS PLC | $464,325 | 57,716 | 0.15% | Shares |
| Centiva Capital, LP | $460,453 | 56,776 | 0.15% | Shares |
| REGIONS FINANCIAL CORP | $384,657 | 47,430 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $378,443 | 46,665 | 0.12% | Shares |
| Pillsbury Lake Capital LLC | $361,620 | 5,166 | 0.12% | Put option |
| IEQ CAPITAL, LLC | $344,278 | 42,451 | 0.11% | Shares |
| Aquatic Capital Management LLC | $306,947 | 37,848 | 0.10% | Shares |
| Legacy Capital Wealth Partners, LLC | $279,795 | 34,500 | 0.09% | Shares |
| BARCLAYS PLC | $278,789 | 34,376 | 0.09% | Shares |
| Jain Global LLC | $233,195 | 28,754 | 0.07% | Shares |
| XTX Topco Ltd | $223,868 | 27,604 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $214,193 | 26,411 | 0.07% | Shares |
| Bank of New York Mellon Corp | $197,341 | 24,333 | 0.06% | Shares |
| ALLIANCEBERNSTEIN L.P. | $186,235 | 43,820 | 0.06% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $185,330 | 22,852 | 0.06% | Shares |
| Arvest Bank Trust Division | $183,569 | 22,635 | 0.06% | Shares |
| Inscription Capital, LLC | $181,948 | 22,435 | 0.06% | Shares |
| MetLife Investment Management, LLC | $177,877 | 21,933 | 0.06% | Shares |
| MORGAN STANLEY | $175,249 | 21,609 | 0.06% | Shares |
| RAYMOND JAMES FINANCIAL INC | $172,638 | 21,287 | 0.06% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $167,455 | 20,648 | 0.05% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $161,000 | 230,000 | 0.05% | Put option |
| HighTower Advisors, LLC | $156,977 | 19,356 | 0.05% | Shares |
| SEI INVESTMENTS CO | $153,409 | 18,916 | 0.05% | Shares |
| Nuveen, LLC | $153,409 | 18,916 | 0.05% | Shares |
| Cerity Partners LLC | $147,943 | 18,242 | 0.05% | Shares |
| Balyasny Asset Management L.P. | $146,880 | 18,111 | 0.05% | Shares |
| CITIGROUP INC | $143,936 | 17,748 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $139,581 | 17,211 | 0.04% | Shares |
| Red Door Wealth Management, LLC | $137,870 | 17,000 | 0.04% | Shares |
| Magnetar Financial LLC | $134,334 | 16,564 | 0.04% | Shares |
| Cetera Investment Advisers | $125,527 | 15,478 | 0.04% | Shares |
| TWO SIGMA SECURITIES, LLC | $125,081 | 15,423 | 0.04% | Shares |
| Invesco Ltd. | $120,758 | 14,890 | 0.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $119,217 | 14,700 | 0.04% | Call option |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $113,857 | 15,324 | 0.04% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $108,147 | 13,335 | 0.03% | Shares |
| WINTON GROUP Ltd | $99,753 | 12,300 | 0.03% | Shares |
| Arax Advisory Partners | $99,396 | 12,256 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $97,888 | 12,070 | 0.03% | Shares |
| PATRIOT INVESTMENT MANAGEMENT GROUP, INC. | $97,815 | 12,061 | 0.03% | Shares |
| Pathstone Holdings, LLC | $97,320 | 12,000 | 0.03% | Shares |
| Nuveen Asset Management, LLC | $91,723 | 14,287 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $90,402 | 11,147 | 0.03% | Shares |
| Sequoia Financial Advisors, LLC | $87,686 | 10,812 | 0.03% | Shares |
| Summit Asset Management, LLC | $87,183 | 10,750 | 0.03% | Shares |
| Waterloo Capital, L.P. | $87,012 | 10,729 | 0.03% | Shares |
| FTB Advisors, Inc. | $85,950 | 15,000 | 0.03% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $85,544 | 10,548 | 0.03% | Shares |
| Gotham Asset Management, LLC | $82,308 | 10,149 | 0.03% | Shares |
| AlphaQuest LLC | $76,528 | 18,803 | 0.02% | Shares |
| MARSHALL WACE, LLP | $66,226 | 8,166 | 0.02% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $53,850 | 6,640 | 0.02% | Shares |
Company insiders 17 insiders · 7 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Scott T Ford | CHIEF EXECUTIVE OFFICER | Feb. 3, 2026 G | 55,000 | 2 | 0 | $631,500 |
| Thomas Christopher Pledger | CHIEF FINANCIAL OFFICER | June 2, 2026 A | 440,590 | 0 | 0 | $0 |
| William A Ford | CHIEF OPERATING OFFICER | June 2, 2026 A | 485,914 | 0 | 0 | $0 |
| Larry Keith Harvey | SVP - CHIEF LEGAL OFFICER | June 8, 2026 A | 20,389 | 0 | 0 | $0 |
| Samuel Ford | CHIEF TRADE & RISK OFFICER | June 2, 2026 A | 215,660 | 0 | 0 | $0 |
| Kyle Newkirk | CHIEF COMMERCIAL OFFICER | June 2, 2026 A | 178,125 | 0 | 0 | $0 |
| Blake Schuhmacher | CHIEF ACCOUNTING OFFICER | June 2, 2026 A | 75,844 | 0 | 0 | $0 |
| Robert Patrick Kruczek | Director | June 5, 2026 A | 349,009 | 0 | 0 | $0 |
| Hugh Mccoll III | Director | June 5, 2026 A | 49,009 | 0 | 0 | $0 |
| Oluwatoyin Umesiri | Director | June 5, 2026 A | 37,509 | 0 | 0 | $0 |
| Mark A Edmunds | Director | June 5, 2026 A | 119,178 | 0 | 0 | $0 |
| Kenneth M. Parent | Director | June 5, 2026 A | 202,943 | 0 | 0 | $0 |
| Leslie Starr Keating | Director | June 5, 2026 A | 141,395 | 0 | 0 | $0 |
| Wellford A Tabor | Director | June 5, 2026 A | 89,798 | 0 | 0 | $0 |
| Jeffrey H Fox | Director | June 5, 2026 A | 49,009 | 0 | 0 | $0 |
| Joe T Ford | Director | Feb. 3, 2026 G | 0 | 8 | 0 | $802,550 |
| HF Direct Investments Pool, LLC | 10% owner | Feb. 15, 2024 P | 13,008,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Riverview Sponsor Partners, LLC, RBM Investments, LLC, R. Brad Martin ×2 filings | Aug. 31, 2023 | — | Initial filing | — | 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 24 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 |
|---|---|---|---|---|
| SOVF · Elevation Series Trust | 0.49% | 78,591 NS | April 30, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.10% | 3,098,000 | Aug. 8, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.04% | 50,000 | Aug. 8, 2026 | Daily |
| VDC · VANGUARD WORLD FUND | 0.03% | 388,746 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 37,900 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 324,295 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 4,551 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 216,581 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 946,787 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 31,459 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 1,735 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 15,850 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 178,910 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 1,357 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,371 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,249 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 34 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.00% | 16,254 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 10,233 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 22,000 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 443,529 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,683,200 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,919 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,680 SH | Aug. 8, 2026 | Daily |