XPER Xperi Inc. Common Stock
$6.46
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$5–$9
38% of range
Analyst Rating
BUY
11 analysts
Price Target
$11
+76% upside
P/E (TTM)
-5.3
ROE
-13.5%
Net Profit Margin
-12.6%
XPER Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.46
Market Cap
$303M
P/E (TTM)
-5.3
EPS (TTM)
$-1.23
Revenue (TTM)
$448M
Div Yield
—
ROE
-13.5%
Debt/Equity
0.1
52W Range
$5 – $9
XPER 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
$448M
2020-12-31
→
2025-12-31
EPS
$-1.23
2020-12-31
→
2025-12-31
Free Cash Flow
$-6M
2022-12-31
→
2025-12-31
Margins
-12.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
XPER
Peer Median
P/E (TTM)
-5.3
24.3
P/S (TTM)
0.7
3.1
P/B
0.7
3.9
EV / EBITDA
-5.6
—
Price / FCF
-51.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
XPER
Peer Median
Operating Margin
-9.8%
—
Net Profit Margin
-12.6%
-6.1%
ROA
-8.8%
-4.1%
ROE
-13.5%
-6.2%
ROIC
-13.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
XPER
Peer Median
Debt / Equity
0.1
26.9
Current Ratio
2.4
1.4
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
XPER
Peer Median
Revenue YoY
-9.2%
—
Revenue CAGR 3Y
-3.7%
—
Revenue CAGR 5Y
3.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
XPER
Peer Median
XPER Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 2 18.2%
- Buy 8 72.7%
- Hold 1 9.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-18
Median
$12.00
Mean
$11.40
← Below all targets
$6.46
Low
$10.00
High
$13.00
Median target
$12.00
+85.6%
Mean target
$11.40
+76.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.28 | $0.21 | 0.07% |
| March 31, 2026 | $0.23 | $0.13 | 0.10% |
| Dec. 31, 2025 | $0.24 | $0.22 | 0.02% |
| Sept. 30, 2025 | $0.28 | $0.21 | 0.07% |
| June 30, 2025 | $0.11 | $0.10 | 0.01% |
| March 31, 2025 | $0.16 | $0.02 | 0.14% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| XPER | $275M | -4.8 | -9.2% | -12.6% | -13.5% | — |
| AIP | $686M | -18.9 | 22.3% | -49.2% | 313.6% | 90.2% |
| RPD | — | 42.2 | 1.9% | — | — | — |
| NABL | — | -74.8 | 9.3% | -3.7% | — | 76.9% |
| OSPN | $480M | 6.8 | 0.00% | 30.0% | 28.3% | 73.8% |
| TLS | $371M | -10.2 | 52.2% | -22.2% | -34.1% | 37.0% |
| DUOT | $230M | -17.6 | 271.2% | -36.4% | -36.9% | 29.1% |
| SVCO | $125M | -2.9 | 5.7% | -65.3% | -53.3% | 78.3% |
| AISP | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $448M | $494M | $521M | $502M | $486M | |
| R&D Expense | $135M | $191M | $223M | $216M | $195M | |
| SG&A Expense | $182M | $218M | $233M | $217M | $200M | |
| Operating Expenses | $492M | $581M | $651M | $1.25B | $648M | |
| Operating Income | $-44M | $-87M | $-130M | $-749M | $-162M | |
| Interest Expense | $3M | $3M | $3M | $2M | · | |
| Other Non-op | · | · | $-9.0K | $2M | $2M | |
| Pretax Income | $-41M | $12M | $-130M | $-748M | $-160M | |
| Income Tax | $16M | $12M | $10M | $14M | $19M | |
| Net Income | $-56M | $-14M | $-137M | $-757M | $-176M | |
| EPS (Basic) | $-1.23 | $-0.31 | $-3.18 | $-18.02 | $-4.18 | |
| EPS (Diluted) | $-1.23 | $-0.31 | $-3.18 | $-18.02 | $-4.18 | |
| Shares (Basic) | 45,869,000 | 45,057,000 | 43,012,000 | 42,029,000 | 42,024,000 | |
| Shares (Diluted) | 45,869,000 | 45,057,000 | 43,012,000 | 42,029,000 | 42,024,000 | |
| EBITDA | $-44M | $-87M | $-130M | $-749M | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $97M | $131M | $142M | $160M | $121M | |
| Receivables | $57M | $59M | $56M | $65M | $79M | |
| Inventory | · | · | · | $7M | $5M | |
| Prepaid Expense | $24M | $32M | $39M | $42M | $15M | |
| Other Current Assets | $24M | $32M | $39M | $42M | $26M | |
| Current Assets | $267M | $305M | $317M | $332M | $277M | |
| PP&E (Net) | $52M | $44M | $42M | $48M | $57M | |
| PP&E (Gross) | $139M | $125M | $113M | $120M | $110M | |
| Accum. Depreciation | $87M | $80M | $72M | $72M | $52M | |
| Goodwill | $0 | · | · | $0 | $537M | |
| Intangibles | $129M | $164M | $207M | $264M | $271M | |
| Other Non-current Assets | $27M | $24M | $33M | $33M | $19M | |
| Total Assets | $616M | $668M | $674M | $737M | $1.23B | |
| Accounts Payable | $12M | $17M | $21M | $15M | $7M | |
| Accrued Liabilities | $82M | $94M | $110M | $110M | $84M | |
| Short-term Debt | $0 | $50M | · | · | · | |
| Current Liabilities | $111M | $185M | $165M | $150M | $120M | |
| Capital Leases | $21M | $20M | $31M | $43M | $49M | |
| Deferred Tax | $1M | $1M | $7M | $13M | $14M | |
| Other Non-current Liabilities | $13M | $11M | $5M | $13M | $6M | |
| Total Liabilities | $202M | $239M | $286M | $288M | $213M | |
| Long-term Debt | $28M | $28M | · | · | · | |
| Total Debt | $40M | $50M | $50M | $50M | · | |
| Common Stock | $47.0K | $44.0K | $44.0K | $42.0K | · | |
| Retained Earnings | $-896M | $-839M | $-805M | $-669M | · | |
| AOCI | $-4M | $-6M | $-3M | $-4M | $-676.0K | |
| Stockholders' Equity | $414M | $429M | $387M | $449M | $1.03B | |
| Liabilities + Equity | $616M | $668M | $674M | $737M | $1.23B | |
| Shares Outstanding | 46,925,000 | 44,328,000 | 44,211,000 | 42,066,000 | 0 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Stock-based Comp | $41M | $61M | $70M | $45M | $34M | |
| Deferred Tax | $2M | $-3M | $-9M | $-9M | $7M | |
| Amort. of Intangibles | $35M | $43M | $58M | $62M | $105M | |
| Restructuring | $14M | · | · | · | · | |
| Operating Cash Flow | $-515.0K | $-55M | $62.0K | $-28M | $-23M | |
| CapEx | $5M | $5M | $7M | $13M | $9M | |
| Investing Cash Flow | $-21M | $51M | $-13M | $-65M | $-21M | |
| Debt Issued | $41M | $0 | $0 | · | · | |
| Net Debt Issued | $40M | · | · | · | · | |
| Stock Issued | $6M | $8M | $12M | · | · | |
| Stock Repurchased | $0 | $20M | $0 | · | · | |
| Net Stock Activity | $6M | $-12M | $12M | · | · | |
| Financing Cash Flow | $-12M | $-19M | $7M | $136M | $83M | |
| Net Change in Cash | $-34M | $-24M | $-6M | $39M | $35M | |
| Taxes Paid | $13M | $19M | $21M | · | · | |
| Free Cash Flow | $-6M | $-60M | $-13M | $-43M | · | |
| Levered FCF | $-10M | $-60M | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | -9.8% | -17.6% | -24.9% | -149.2% | · | |
| Net Margin | -12.6% | -2.8% | -26.2% | -150.8% | · | |
| Pretax Margin | -9.1% | 2.4% | -24.9% | -148.8% | · | |
| EBITDA Margin | -9.8% | -17.6% | -24.9% | -149.2% | · | |
| ROA | -8.8% | -2.1% | -19.4% | -77.1% | · | |
| ROE | -13.5% | -3.6% | -32.0% | -101.8% | · | |
| ROIC | -13.4% | 1.4% | -30.8% | -148.6% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 1.6 | 1.9 | 2.2 | · | |
| Quick Ratio | 1.4 | 1.0 | 1.2 | 1.5 | · | |
| Debt / Equity | 0.1 | 0.1 | 0.1 | 0.1 | · | |
| LT Debt / Equity | 0.1 | · | 0.1 | 0.1 | · | |
| Interest Coverage | -14.7 | -28.9 | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.7 | 0.7 | 0.5 | · | |
| Receivables Turnover | 7.8 | 8.6 | 8.6 | 7.0 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | -9.2% | -5.3% | 3.8% | 3.2% | 29.3% | |
| Revenue CAGR 3Y | -3.7% | 0.49% | 11.5% | · | · | |
| Revenue CAGR 5Y | 3.6% | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $448M | $494M | $521M | $502M | · | |
| Net Income TTM | $-56M | $-14M | $-137M | $-757M | · | |
| Market Cap | $275M | $455M | $487M | $362M | · | |
| Enterprise Value | $218M | $375M | $395M | $252M | · | |
| P/E | -4.8 | -33.1 | -3.5 | -0.5 | · | |
| P/S | 0.6 | 0.9 | 0.9 | 0.7 | · | |
| P/B | 0.7 | 1.1 | 1.2 | 0.8 | · | |
| P / Tangible Book | 1.0 | 1.7 | 2.7 | 2.0 | · | |
| P / Cash Flow | -533.9 | -8.2 | 7858.1 | -12.7 | · | |
| P / FCF | -46.6 | -7.5 | -38.4 | -8.5 | · | |
| EV / EBITDA | -5.0 | -4.3 | -3.0 | -0.3 | · | |
| EV / FCF | -37.0 | -6.2 | -31.1 | -5.9 | · | |
| EV / Revenue | 0.5 | 0.8 | 0.8 | 0.5 | · | |
| Earnings Yield | -21.0% | -3.0% | -28.9% | -209.3% | · |
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 | $114M | $114M | $117M | $112M | $106M | $114M | $122M | $133M | $120M | $119M | $137M | $130M | $127M | $127M | $136M | $122M | |
| R&D Expense | $22M | $27M | $36M | $30M | $30M | $40M | $42M | $54M | $45M | $50M | $56M | $56M | $56M | $55M | $58M | $57M | |
| SG&A Expense | $41M | $42M | $49M | $43M | $41M | $49M | $52M | $56M | $53M | $56M | $60M | $60M | $56M | $58M | $61M | $57M | |
| Operating Expenses | $112M | $112M | $131M | $113M | $117M | $130M | $137M | $151M | $141M | $151M | $167M | $161M | $162M | $160M | $435M | $521M | |
| Operating Income | $3M | $2M | $-15M | $-1M | $-11M | $-16M | $-14M | $-19M | $-22M | $-32M | $-30M | $-31M | $-35M | $-34M | $-299M | $-399M | |
| Interest Expense | $684.0K | $678.0K | $727.0K | $761.0K | $759.0K | $732.0K | $756.0K | $756.0K | $748.0K | $748.0K | $754.0K | $756.0K | $750.0K | $740.0K | · | · | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | · | $-1M | $908.0K | $368.0K | · | $-527.0K | |
| Pretax Income | $3M | $2M | $-14M | $-1M | $-10M | $-15M | $59M | $-17M | $-21M | $-9M | $-30M | $-32M | $-34M | $-33M | $-297M | $-400M | |
| Income Tax | $5M | $10M | $3M | $5M | $5M | $3M | $-4M | $3M | $9M | $4M | $-4M | $10M | $5M | $-294.0K | $1M | $2M | |
| Net Income | $-2M | $-8M | $-17M | $-6M | $-15M | $-18M | $46M | $-17M | $-30M | $-13M | $-25M | $-41M | $-38M | $-32M | $-297M | $-401M | |
| EPS (Basic) | $-0.03 | $-0.17 | $-0.37 | $-0.13 | $-0.32 | $-0.41 | $1.02 | $-0.37 | $-0.67 | $-0.29 | $-0.56 | $-0.96 | $-0.90 | $-0.76 | $-7.06 | $-9.54 | |
| EPS (Diluted) | $-0.03 | $-0.17 | $-0.37 | $-0.13 | $-0.32 | $-0.41 | $1.02 | $-0.37 | $-0.67 | $-0.29 | $-0.56 | $-0.96 | $-0.90 | $-0.76 | $-7.06 | $-9.54 | |
| Shares (Basic) | 48,421,000 | 47,352,000 | -91,026,000 | 46,276,000 | 45,846,000 | 44,773,000 | -90,478,000 | 45,683,000 | 45,331,000 | 44,521,000 | -85,298,000 | 43,316,000 | 42,770,000 | 42,224,000 | -84,043,000 | 42,024,000 | |
| Shares (Diluted) | 48,421,000 | 47,352,000 | -91,026,000 | 46,276,000 | 45,846,000 | 44,773,000 | -90,478,000 | 45,683,000 | 45,331,000 | 44,521,000 | -85,298,000 | 43,316,000 | 42,770,000 | 42,224,000 | -84,043,000 | 42,024,000 | |
| EBITDA | $3M | $2M | · | $-1M | $-11M | $-16M | · | $-19M | $-22M | $-32M | · | $-31M | $-35M | $-34M | · | $-399M |
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 | $91M | $70M | $97M | $97M | $95M | $88M | $131M | $73M | $92M | $95M | $142M | $132M | $112M | $111M | $160M | $180M | |
| Receivables | $62M | $60M | $57M | $57M | $60M | $58M | $59M | $62M | $57M | $64M | · | $64M | $76M | $71M | · | $64M | |
| Inventory | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $9M | |
| Prepaid Expense | $27M | $29M | $24M | $30M | $36M | $37M | $32M | $38M | $36M | $43M | · | $39M | $40M | $22M | · | $18M | |
| Other Current Assets | $27M | $29M | $24M | $30M | $36M | $37M | $32M | $38M | $36M | $43M | · | $39M | $40M | $47M | · | $40M | |
| Current Assets | $284M | $261M | $267M | $273M | $284M | $267M | $305M | $259M | $266M | $272M | · | $296M | $288M | $297M | · | $336M | |
| PP&E (Net) | $55M | $51M | $52M | $50M | $47M | $46M | $44M | $44M | $42M | $42M | · | $45M | $46M | $47M | · | $52M | |
| PP&E (Gross) | $150M | $143M | $139M | $139M | $133M | $129M | $125M | $124M | $120M | $117M | · | $127M | $125M | $122M | · | $121M | |
| Accum. Depreciation | $95M | $91M | $87M | $89M | $86M | $83M | $80M | $81M | $78M | $75M | · | $83M | $79M | $75M | · | $69M | |
| Goodwill | $3M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $251M | |
| Intangibles | $113M | $121M | $129M | $137M | $145M | $154M | $164M | $174M | $185M | $196M | · | $220M | $235M | $250M | · | $280M | |
| Other Non-current Assets | $29M | $28M | $27M | $28M | $24M | $26M | $24M | $27M | $28M | $30M | · | $35M | $35M | $34M | · | $32M | |
| Total Assets | $616M | $607M | $616M | $629M | $629M | $633M | $668M | $616M | $619M | $630M | · | $664M | $671M | $687M | · | $1.01B | |
| Accounts Payable | $17M | $13M | $12M | $17M | $15M | $15M | $17M | $19M | $14M | $20M | · | $16M | $11M | $14M | · | $19M | |
| Accrued Liabilities | $82M | $82M | $82M | $78M | $78M | $79M | $94M | $106M | $90M | $84M | · | $110M | $91M | $87M | · | $97M | |
| Short-term Debt | · | · | $0 | $0 | $0 | · | $50M | $50M | · | · | · | · | · | · | · | · | |
| Current Liabilities | $114M | $110M | $111M | $113M | $113M | $118M | $185M | $201M | $133M | $130M | · | $151M | $127M | $126M | · | $142M | |
| Capital Leases | $18M | $20M | $21M | $23M | $24M | $24M | $20M | $20M | $24M | $27M | · | $34M | $38M | $37M | · | $42M | |
| Deferred Tax | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $7M | $7M | $7M | · | $12M | $12M | $13M | · | $21M | |
| Other Non-current Liabilities | $16M | $14M | $13M | $13M | $12M | $12M | $11M | $11M | $13M | $13M | · | $11M | $11M | $12M | · | $5M | |
| Total Liabilities | $201M | $199M | $202M | $208M | $209M | $215M | $239M | $260M | $249M | $249M | · | $278M | $257M | $257M | · | $280M | |
| Long-term Debt | $28M | $28M | $28M | $28M | $28M | $28M | · | $28M | $28M | $28M | · | · | · | · | · | · | |
| Total Debt | $40M | $40M | · | $40M | $40M | $40M | · | $50M | $50M | $50M | · | $50M | $50M | $50M | · | $50M | |
| Common Stock | $49.0K | $48.0K | $47.0K | $46.0K | $46.0K | $45.0K | $44.0K | $45.0K | $46.0K | $45.0K | · | $43.0K | $43.0K | $42.0K | · | $42.0K | |
| Retained Earnings | $-905M | $-904M | $-896M | $-879M | $-873M | $-858M | $-839M | $-876M | $-849M | $-819M | · | $-781M | $-739M | $-701M | · | $-372M | |
| AOCI | $-6M | $-6M | $-4M | $-4M | $-2M | $-4M | $-6M | $-3M | $-4M | $-4M | · | $-5M | $-3M | $-3M | · | $-5M | |
| Stockholders' Equity | $415M | $408M | $414M | $421M | $420M | $419M | $429M | $377M | $389M | $399M | $387M | $403M | $431M | $446M | · | $744M | |
| Liabilities + Equity | $616M | $607M | $616M | $629M | $629M | $633M | $668M | $616M | $619M | $630M | · | $664M | $671M | $687M | · | $1.01B | |
| Shares Outstanding | 48,745,000 | 48,086,000 | 46,925,000 | 46,295,000 | 46,221,000 | 45,519,000 | 44,328,000 | 44,776,000 | 45,746,000 | 45,031,000 | · | 43,387,000 | 43,214,000 | 42,497,000 | · | 42,024,000 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $7M | $8M | $9M | $10M | $10M | $12M | $15M | $15M | $15M | $15M | $18M | $18M | $18M | $16M | $16M | $11M | |
| Amort. of Intangibles | $8M | $8M | $8M | $8M | $9M | $10M | $10M | $11M | $11M | $11M | $13M | $15M | $15M | $15M | $16M | $17M | |
| Restructuring | $-9.0K | $306.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $15M | $-18M | $4M | $8M | $10M | $-22M | $1M | $-5M | $-2M | $-50M | $21M | $24M | $-2M | $-43M | $-17M | $11M | |
| CapEx | $497.0K | $1M | $3M | $812.0K | $561.0K | $1M | $2M | $997.0K | $462.0K | $2M | $2M | $-1M | $-1M | $2M | $3M | $3M | |
| Investing Cash Flow | $-7M | $-5M | $-6M | $-6M | $-5M | $-4M | $64M | $-4M | $-4M | $-5M | $-3M | $-3M | $-2M | $-4M | $-4M | $-54M | |
| Debt Issued | $0 | $0 | $1M | $0 | $0 | $40M | $0 | $0 | · | · | · | · | · | · | · | · | |
| Net Debt Issued | · | $0 | · | · | · | $40M | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | $3M | $0 | · | · | $4M | $0 | · | · | $6M | $0 | · | · | · | · | |
| Stock Repurchased | · | · | $0 | · | · | · | $10M | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $13M | $-4M | $2M | $-279.0K | $2M | $-16M | $-7M | $-11M | $3M | $-5M | $6M | $-1M | $6M | $-3M | $-286.0K | $92M | |
| Net Change in Cash | $20M | $-26M | $40.0K | $2M | $7M | $-43M | $58M | $-20M | $-3M | $-59M | $23M | $19M | $1M | $-49M | $-20M | $47M | |
| Free Cash Flow | · | $-19M | · | · | · | $-23M | · | · | · | $-52M | · | · | · | $-47M | · | · | |
| Levered FCF | · | $-17M | · | · | · | $-24M | · | · | · | $-53M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 2.5% | 1.9% | · | -1.2% | -10.5% | -14.4% | · | -14.0% | -18.3% | -27.2% | · | -23.8% | -27.7% | -26.5% | · | -328.1% | |
| Net Margin | -1.3% | -6.9% | · | -5.5% | -14.0% | -16.1% | · | -12.7% | -25.3% | -11.0% | · | -31.8% | -30.3% | -25.2% | · | -329.5% | |
| Pretax Margin | 2.9% | 2.0% | · | -1.2% | -9.6% | -13.1% | · | -12.7% | -17.9% | -7.7% | · | -24.8% | -27.0% | -26.2% | · | -328.6% | |
| EBITDA Margin | 2.5% | 1.9% | · | -1.2% | -10.5% | -14.4% | · | -14.0% | -18.3% | -27.2% | · | -23.8% | -27.7% | -26.5% | · | -328.1% | |
| ROA | -0.24% | -1.3% | · | -0.98% | -2.4% | -2.9% | · | -2.6% | -4.7% | -2.0% | · | -5.0% | -11.4% | -9.3% | · | -79.3% | |
| ROE | -0.36% | -1.9% | · | -1.5% | -3.7% | -4.5% | · | -4.3% | -7.4% | -3.1% | · | -7.2% | -17.8% | -14.3% | · | -107.7% | |
| ROIC | -0.29% | -1.6% | · | -1.4% | -3.5% | -4.4% | · | -5.1% | -7.2% | -10.6% | · | -8.9% | -8.4% | -6.7% | · | -50.5% |
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 | 2.5 | 2.4 | · | 2.4 | 2.5 | 2.3 | · | 1.3 | 2.0 | 2.1 | · | 2.0 | 2.3 | 2.4 | · | 2.4 | |
| Quick Ratio | 1.3 | 1.2 | · | 1.4 | 1.4 | 1.2 | · | 0.7 | 1.1 | 1.2 | · | 1.3 | 1.5 | 1.4 | · | 1.7 | |
| Debt / Equity | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| LT Debt / Equity | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Interest Coverage | 4.3 | 3.2 | · | -1.8 | -14.7 | -22.5 | · | -24.5 | -29.3 | -43.2 | · | · | · | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.4 | 0.4 | · | 0.2 | |
| Receivables Turnover | 1.9 | 1.9 | · | 1.9 | 1.8 | 1.9 | · | 2.1 | 1.8 | 1.8 | · | 2.0 | 3.3 | 3.6 | · | 3.8 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $446M | $446M | · | $464M | $472M | $485M | · | $502M | $496M | $503M | · | $506M | $502M | $494M | · | $484M | |
| Net Income TTM | $-30M | $-47M | · | $-56M | $-80M | $-79M | · | $-102M | $-123M | $-125M | · | $-513M | $-501M | $-492M | · | $-507M | |
| Market Cap | $401M | $269M | · | $300M | $366M | $351M | · | $414M | $376M | $543M | · | $428M | $568M | $464M | · | $1.09B | |
| Enterprise Value | $351M | $239M | · | $243M | $310M | $303M | · | $391M | $333M | $498M | · | $346M | $506M | $404M | · | $963M | |
| P/E | -12.7 | -5.4 | · | -5.3 | -4.5 | -4.4 | · | -4.0 | -2.9 | -4.1 | · | -0.8 | -1.1 | -0.9 | · | -2.2 | |
| P/S | 0.9 | 0.6 | · | 0.6 | 0.8 | 0.7 | · | 0.8 | 0.8 | 1.1 | · | 0.8 | 1.1 | 0.9 | · | 2.3 | |
| P/B | 1.0 | 0.7 | · | 0.7 | 0.9 | 0.8 | · | 1.1 | 1.0 | 1.4 | · | 1.1 | 1.3 | 1.0 | · | 1.5 | |
| P / Tangible Book | 1.3 | 0.9 | · | 1.1 | 1.3 | 1.3 | · | 2.0 | 1.8 | 2.7 | · | 2.3 | 2.9 | 2.4 | · | 5.1 | |
| P / Cash Flow | · | -14.9 | · | · | · | -15.8 | · | · | · | -10.9 | · | · | · | -10.8 | · | · | |
| P / FCF | · | -14.1 | · | · | · | -15.1 | · | · | · | -10.5 | · | · | · | -9.9 | · | · | |
| EV / EBITDA | 120.4 | 111.0 | · | -178.6 | -27.9 | -18.5 | · | -21.1 | -15.2 | -15.4 | · | -11.2 | -14.4 | -12.0 | · | -2.4 | |
| EV / FCF | · | -12.5 | · | · | · | -13.0 | · | · | · | -9.6 | · | · | · | -8.6 | · | · | |
| EV / Revenue | 0.8 | 0.5 | · | 0.5 | 0.7 | 0.6 | · | 0.8 | 0.7 | 1.0 | · | 0.7 | 1.0 | 0.8 | · | 2.0 | |
| Earnings Yield | -7.9% | -18.4% | · | -19.0% | -22.4% | -22.5% | · | -24.8% | -34.4% | -24.1% | · | -123.3% | -90.6% | -107.2% | · | -46.4% |
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 | $448M | $494M | $521M | $502M | $486M |
| Operating Margin % | -9.8% | -17.6% | -24.9% | -149.2% | — |
| Net Income | $-56M | $-14M | $-137M | $-757M | $-176M |
| Diluted EPS | $-1.23 | $-0.31 | $-3.18 | $-18.02 | $-4.18 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | 0.1 | 0.1 | — |
| Current Ratio | 2.4 | 1.6 | 1.9 | 2.2 | — |
| Quick Ratio | 1.4 | 1.0 | 1.2 | 1.5 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-6M | $-60M | $-13M | $-43M | — |
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Institutional owners (13F) 172 filers · $336.5M 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 |
|---|---|---|---|---|
| 37 (+15 vs prior Q) | 17 (+3 vs prior Q) | 62 (+10 vs prior Q) | 35 (-3 vs prior Q) | +6.5M |
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 |
|---|---|---|---|---|
| Rubric Capital Management LP | $34,103,013 | 4,143,744 | 10.14% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $25,450,584 | 3,092,416 | 7.56% | Shares |
| NEUBERGER BERMAN GROUP LLC | $22,836,414 | 2,774,185 | 6.79% | Shares |
| VANGUARD GROUP INC | $22,097,415 | 3,770,890 | 6.57% | Shares |
| Clearline Capital LP | $20,370,361 | 2,475,135 | 6.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,836,490 | 2,045,746 | 5.00% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $16,755,342 | 2,035,886 | 4.98% | Shares |
| Caption Management, LLC | $16,636,945 | 2,021,500 | 4.94% | Put option |
| WELLINGTON MANAGEMENT GROUP LLP | $16,423,887 | 1,995,612 | 4.88% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $9,914,294 | 1,204,653 | 2.95% | Shares |
| Caption Management, LLC | $9,140,361 | 1,110,615 | 2.72% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $8,406,424 | 1,021,159 | 2.50% | Shares |
| STATE STREET CORP | $8,283,108 | 1,006,453 | 2.46% | Shares |
| TSP Capital Management Group, LLC | $7,234,797 | 879,076 | 2.15% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $5,786,628 | 703,114 | 1.72% | Shares |
| FMR LLC | $5,645,953 | 686,021 | 1.68% | Shares |
| Potomac Capital Management, Inc. | $5,137,989 | 624,300 | 1.53% | Shares |
| Waterfront Wealth Inc. | $4,842,490 | 621,629 | 1.44% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $4,703,725 | 571,534 | 1.40% | Shares |
| D. E. Shaw & Co., Inc. | $4,627,729 | 562,300 | 1.38% | Shares |
| IMMERSION CORP | $4,465,976 | 542,646 | 1.33% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,197,160 | 509,983 | 1.25% | Shares |
| AMERICAN CENTURY COMPANIES INC | $4,180,437 | 507,951 | 1.24% | Shares |
| ALGERT GLOBAL LLC | $3,610,238 | 438,668 | 1.07% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3,436,971 | 417,615 | 1.02% | Shares |
| JPMORGAN CHASE & CO | $3,262,141 | 395,411 | 0.97% | Shares |
| Assenagon Asset Management S.A. | $3,220,769 | 391,345 | 0.96% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,200,968 | 388,939 | 0.95% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,616,070 | 317,870 | 0.78% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,532,741 | 307,745 | 0.75% | Shares |
| Vanguard Global Advisers, LLC | $1,893,295 | 230,048 | 0.56% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,820,674 | 221,224 | 0.54% | Shares |
| BlackRock, Inc. | $1,586,012 | 192,711 | 0.47% | Shares |
| JANE STREET GROUP, LLC | $1,515,102 | 184,095 | 0.45% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $1,502,082 | 182,513 | 0.45% | Shares |
| GOLDMAN SACHS GROUP INC | $1,211,843 | 147,247 | 0.36% | Shares |
| JANE STREET GROUP, LLC | $1,145,616 | 139,200 | 0.34% | Put option |
| Bank of New York Mellon Corp | $1,082,977 | 131,589 | 0.32% | Shares |
| AMERIPRISE FINANCIAL INC | $1,057,514 | 128,495 | 0.31% | Shares |
| WOLVERINE TRADING, LLC | $1,038,016 | 156,800 | 0.31% | Put option |
| CITADEL ADVISORS LLC | $944,804 | 114,800 | 0.28% | Put option |
| WOLVERINE TRADING, LLC | $911,091 | 137,627 | 0.27% | Shares |
| Quantinno Capital Management LP | $893,885 | 108,613 | 0.27% | Shares |
| RAYMOND JAMES FINANCIAL INC | $846,661 | 102,875 | 0.25% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $803,865 | 97,675 | 0.24% | Shares |
| Trexquant Investment LP | $784,607 | 95,335 | 0.23% | Shares |
| TWO SIGMA INVESTMENTS, LP | $772,616 | 93,878 | 0.23% | Shares |
| Point72 Asset Management, L.P. | $713,492 | 86,694 | 0.21% | Shares |
| Mariner, LLC | $712,497 | 86,573 | 0.21% | Shares |
| AMERICAN FINANCIAL GROUP INC | $667,213 | 81,071 | 0.20% | Shares |
| PEAK6 LLC | $658,400 | 80,000 | 0.20% | Put option |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $573,763 | 69,716 | 0.17% | Shares |
| HSBC HOLDINGS PLC | $531,735 | 64,688 | 0.16% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $519,132 | 63,078 | 0.15% | Shares |
| RHUMBLINE ADVISERS | $484,343 | 58,852 | 0.14% | Shares |
| Campbell & CO Investment Adviser LLC | $441,844 | 53,687 | 0.13% | Shares |
| Schonfeld Strategic Advisors LLC | $426,091 | 51,773 | 0.13% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $425,310 | 51,678 | 0.13% | Shares |
| Hillsdale Investment Management Inc. | $397,509 | 48,300 | 0.12% | Shares |
| PRUDENTIAL FINANCIAL INC | $393,748 | 47,843 | 0.12% | Shares |
| CITIGROUP INC | $393,303 | 47,789 | 0.12% | Shares |
| Y-Intercept (Hong Kong) Ltd | $392,769 | 47,724 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $388,925 | 47,257 | 0.12% | Shares |
| BANK OF AMERICA CORP /DE/ | $358,968 | 43,617 | 0.11% | Shares |
| DEUTSCHE BANK AG\ | $345,207 | 41,945 | 0.10% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $308,469 | 37,481 | 0.09% | Shares |
| SIMPLEX TRADING, LLC | $300,905 | 36,562 | 0.09% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $286,363 | 34,795 | 0.09% | Shares |
| Walleye Capital LLC | $280,610 | 34,096 | 0.08% | Shares |
| FRANKLIN RESOURCES INC | $272,907 | 33,160 | 0.08% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $258,563 | 32,040 | 0.08% | Shares |
| PEAK6 LLC | $239,238 | 29,069 | 0.07% | Shares |
| ALLIANCEBERNSTEIN L.P. | $236,751 | 42,277 | 0.07% | Shares |
| nVerses Capital, LLC | $230,728 | 28,035 | 0.07% | Shares |
| Nebula Research & Development LLC | $229,002 | 28,951 | 0.07% | Shares |
| MetLife Investment Management, LLC | $224,967 | 27,335 | 0.07% | Shares |
| IEQ CAPITAL, LLC | $218,778 | 26,583 | 0.07% | Shares |
| Cerity Partners LLC | $207,141 | 25,169 | 0.06% | Shares |
| MACKENZIE FINANCIAL CORP | $205,018 | 24,911 | 0.06% | Shares |
| MARSHALL WACE, LLP | $204,549 | 24,854 | 0.06% | Shares |
| Skopos Labs, Inc. | $203,409 | 36,323 | 0.06% | Shares |
| XTX Topco Ltd | $192,524 | 23,393 | 0.06% | Shares |
| PROEQUITIES, INC. | $180,129 | 19,970 | 0.05% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $173,480 | 21,079 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $164,600 | 20,000 | 0.05% | Put option |
| ExodusPoint Capital Management, LP | $150,469 | 18,283 | 0.04% | Shares |
| Invesco Ltd. | $150,436 | 18,279 | 0.04% | Shares |
| Tactive Advisors, LLC | $144,033 | 17,501 | 0.04% | Shares |
| Abel Hall, LLC | $136,025 | 16,528 | 0.04% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $126,899 | 16,290 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $122,940 | 14,938 | 0.04% | Shares |
| Brevan Howard Capital Management LP | $117,656 | 14,296 | 0.03% | Shares |
| CWM, LLC | $112,426 | 20,076 | 0.03% | Shares |
| ENDEAVOR PRIVATE WEALTH, INC. | $112,060 | 13,616 | 0.03% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $111,451 | 13,542 | 0.03% | Shares |
| Police & Firemen's Retirement System of New Jersey | $110,792 | 13,462 | 0.03% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $106,134 | 12,896 | 0.03% | Shares |
| WINTON GROUP Ltd | $101,229 | 12,300 | 0.03% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $100,159 | 12,170 | 0.03% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $98,390 | 11,955 | 0.03% | Shares |
Company insiders 11 insiders · 5 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jon Kirchner | CEO & President | March 2, 2026 A | 822,730 | 0 | 0 | $0 |
| Robert J Andersen | Chief Financial Officer | March 2, 2026 A | 386,461 | 0 | 0 | $0 |
| Matthew Milne | Chief Revenue Officer and President of TiVo Ads | March 2, 2026 A | 403,463 | 0 | 0 | $0 |
| Rebecca Marquez | CLO and Secretary | March 2, 2026 A | 226,034 | 0 | 0 | $0 |
| Geir Skaaden | Chief Prod. & Servs Off. | March 2, 2026 A | 401,307 | 0 | 0 | $0 |
| Roderick K. Randall | Director | April 17, 2026 A | 78,018 | 0 | 0 | $0 |
| Jeremi Gorman | Director | April 17, 2026 A | 78,018 | 0 | 0 | $0 |
| Darcy Antonellis | Director | April 17, 2026 A | 125,606 | 0 | 0 | $0 |
| Laura Durr | Director | April 17, 2026 A | 111,561 | 0 | 0 | $0 |
| Christopher A Seams | Director | April 17, 2026 A | 130,269 | 0 | 0 | $0 |
| David C Habiger | — | April 17, 2026 A | 129,115 | 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 |
|---|---|---|---|---|---|
| Rubric Capital Management LP, David Rosen ×5 filings | June 11, 2024 | — | 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 36 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 |
|---|---|---|---|---|
| VFVA · VANGUARD WELLINGTON FUND | 0.18% | 185,886 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.07% | 156,480 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.06% | 57,991 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 58,338 NS | May 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.04% | 24,444 SH | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.04% | 31,309 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.03% | 90,032 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.02% | 444,338 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 40,048 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.02% | 174,428 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 52,703 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 1,220,226 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 264,171 SH | Aug. 8, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.01% | 1,073,748 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 20,152 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 2,137 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 226,636 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 154,259 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 1,671 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,691 NS | May 31, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.00% | 109,459 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 7,000 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 42 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 592 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 15,018 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 4,000 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.00% | 784 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 53,632 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 25,564 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 56,718 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 12,613 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 7,490 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 3,500 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 558,573 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,438,219 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,264 SH | Aug. 8, 2026 | Daily |