ZBH Zimmer Biomet Holdings, Inc. Common Stock
$100.01
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$79–$108
72% of range
Analyst Rating
HOLD
33 analysts
Price Target
$108
+8% upside
P/E (TTM)
28.2
ROE
5.6%
Net Profit Margin
8.6%
About Zimmer Biomet Holdings, Inc. Common Stock Company overview from Wikipedia
Zimmer Biomet Holdings, Inc. is a publicly traded American medical device company. It was founded in 1927 to produce aluminum splints. The firm is headquartered in Warsaw, Indiana, where it is part of the medical devices business cluster.
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Zimmer Biomet Holdings, Inc. is a publicly traded American medical device company. It was founded in 1927 to produce aluminum splints. The firm is headquartered in Warsaw, Indiana, where it is part of the medical devices business cluster.
In 2001, Zimmer was spun off from Bristol Myers Squibb and began trading on the New York Stock Exchange, on August 7, under the ticker symbol “ZMH”. In November 2011, the company acquired ExtraOrtho, Inc. (ExtraOrtho). In January 2012, the company acquired Reno, Nevada-based Synvasive Technology, Inc. On June 29, 2015, the company changed the ticker symbol to "ZBH" to reflect its acquisition of Biomet.
On January 12, 2017, Zimmer Biomet announced a resolution with the DOJ and the SEC in which it agreed to pay a fine of approximately $30.5 million, an amount which would not affect its 2017 outlook.
History
Zimmer Biomet was established in 1927 by Justin O. Zimmer (1884–1951) in Warsaw, Indiana.
On April 24, 2014, it was announced that Zimmer had agreed to purchase Biomet Inc. for $13.4 billion. In October 2014, however, it was announced that the EU's antitrust regulators had opened an extensive investigation into Zimmer's bid for Biomet due to concern that it would substantially lessen competition in certain markets. In March 2016, European Commission (“EC”) conditionally cleared Zimmer's proposed acquisition of Biomet, Inc. and on June 24, 2015, Zimmer completed its acquisition of Biomet forming Zimmer Biomet Holdings.
In October 2014, the company announced it would acquire ETEX Holdings, Inc.
In March 2016, Zimmer Biomet announced it would acquire Ortho Transmission, LLC. The company also announced it would acquire sports medicine company, Cayenne Medical, Inc. Later in the same year the company acquired medical device manufacturer, LDR Holding Corporation for $37 per share ($1 billion in total), merging it into their Spine division. In July, the company acquired French surgical robotics company Medtech. In August, the company announced it was acquiring Delaware-based CD Diagnostics, a diagnostics company developing immunoassays and biomarker testing. In September, Zimmer announced the acquisition of Clinical Graphics, B.V.
The Justin Zimmer House in Warsaw is listed on the National Register of Historic Places.
In January 2023, the company announced its intention to acquire Embody, Inc. for $155 million (plus a potential $120 million in milestones).
In August 2024, Zimmer Biomet announced plans to acquire OrthoGrid Systems, an AI surgical guidance company, in order to expand its market share in hip replacement procedures.
In 2026, Zimmer Biomet acquired the iovera pain therapy business from Pacira BioSciences Inc. for $140 million.
Products
Zimmer designs, develops, manufactures and markets orthopedics products, including knee, hip, shoulder, elbow, foot and ankle artificial joints and dental prostheses. In 2024, Zimmer introduced the ROSA Shoulder, said to be the world's first robotic surgery system for shoulder replacement, and the fourth application for the company's ROSA Robotics portfolio, which includes the ROSA Knee System for total knee arthroplasty and ROSA Hip System for total hip replacement. Zimmer has operations in more than 40 countries around the world (US, Australia, Austria, Belgium, Canada, China, Czech Republic, Finland, France, Germany, India, Ireland, Israel, Italy, Japan, Latin America, Netherlands, Brasil, Poland, Portugal, Russia, South Africa, Spain etc.) and sells products in more than 100 countries.
Acquisition history
The following is an illustration of the company's major mergers, acquisitions and historical predecessors:
Company data
Zimmer's 2023 sales were approximately $7.4 billion. The company has approximately 18,000 employees worldwide.
Leadership
Raymond Elliott was president and CEO from August 2001 to May 2007.
David C. Dvorak, was president and CEO from May 1, 2007, to July 11, 2017.
Dan Florin, Interim President and CEO from July 11, 2017, to December 19, 2017.
Bryan C. Hanson, President and CEO from December 19, 2017 to August 22, 2023.
Ivan Tornos, President and CEO from August 22, 2023, to present.
Recognition
In 2016, the company was recognized on the Fortune 500 list for the first time, ranking in position #431. As of 2026, the company is ranked 463rd on the list.
Criticism
During the 2022 Russian invasion of Ukraine, Zimmer Biomet continued to sell to the Russian market. Research from Yale University updated on April 28, 2022, identifying how companies were reacting to Russia's invasion identified Zimmer Biomet as continuing business-as-usual in Russia: companies defying demands for exit/reduction of activities.
Public-private engagement
Activism
Zimmer Biomet is a corporate partner of Human Rights Campaign, a large LGBT advocacy organization.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ZBH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$100.00
Market Cap
$31.93B
P/E (TTM)
28.2
EPS (TTM)
$3.55
Revenue (TTM)
$8.23B
Div Yield
0.59%
ROE
5.6%
Debt/Equity
0.6
52W Range
$79 – $108
ZBH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$8.23B
2016-12-31
→
2025-12-31
EPS
$3.55
2016-12-31
→
2025-12-31
Free Cash Flow
$1.47B
2016-12-31
→
2025-12-31
Margins
8.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ZBH
Peer Median
P/E (TTM)
28.2
27.5
P/S (TTM)
3.9
3.7
P/B
2.5
3.4
EV / EBITDA
17.7
—
Price / FCF
21.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ZBH
Peer Median
Operating Margin
13.3%
—
Net Profit Margin
8.6%
9.8%
ROA
3.2%
5.1%
ROE
5.6%
8.6%
ROIC
4.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ZBH
Peer Median
Debt / Equity
0.6
—
Current Ratio
2.0
2.7
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ZBH
Peer Median
Revenue YoY
7.2%
—
Revenue CAGR 3Y
5.9%
—
Revenue CAGR 5Y
6.1%
—
EPS YoY
-19.9%
—
Net Income YoY
-22.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ZBH
Peer Median
Payout Ratio
27.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.59%
Payout Ratio
27.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 25, 2026 | $0.2400 |
| March 31, 2026 | $0.2400 |
| Dec. 30, 2025 | $0.2400 |
| Sept. 30, 2025 | $0.2400 |
| June 26, 2025 | $0.2400 |
| March 31, 2025 | $0.2400 |
| Dec. 30, 2024 | $0.2400 |
| Sept. 30, 2024 | $0.2400 |
| June 26, 2024 | $0.2400 |
| March 27, 2024 | $0.2400 |
| Dec. 26, 2023 | $0.2400 |
| Sept. 28, 2023 | $0.2400 |
| June 23, 2023 | $0.2400 |
| March 28, 2023 | $0.2400 |
| Dec. 23, 2022 | $0.2400 |
| Sept. 29, 2022 | $0.2400 |
| June 24, 2022 | $0.2400 |
| March 28, 2022 | $0.2400 |
| Dec. 27, 2021 | $0.2330 |
| Sept. 29, 2021 | $0.2330 |
ZBH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
33 analysts
- Strong Buy 3 9.1%
- Buy 8 24.2%
- Hold 22 66.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-18
Median
$106.00
Now
$100.00
Low
$93.00
High
$130.00
Median target
$106.00
+6.0%
Mean target
$107.57
+7.6%
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 | $2.07 | $2.03 | 0.04% |
| March 31, 2026 | $2.09 | $1.88 | 0.21% |
| Dec. 31, 2025 | $2.42 | $2.42 | 0.00% |
| Sept. 30, 2025 | $1.90 | $1.89 | 0.01% |
| June 30, 2025 | $2.07 | $2.00 | 0.07% |
| March 31, 2025 | $1.81 | $1.79 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ZBH | $28.66B | 25.3 | 7.2% | 8.6% | 5.6% | — |
| BDX | — | 25.3 | 8.2% | 7.7% | 6.5% | — |
| IDXX | $53.93B | 51.7 | 10.4% | 24.6% | 69.2% | 61.8% |
| DXCM | $25.54B | 31.8 | 15.6% | 17.9% | 31.4% | 60.1% |
| GEHC | — | 18.0 | 4.8% | 10.1% | 22.1% | 40.0% |
| RMD | $28.11B | 18.7 | 9.8% | 26.9% | 23.6% | 61.1% |
| BAX | $13.05B | -10.2 | 5.7% | -8.5% | -14.6% | 30.0% |
| PEN | $12.20B | 68.8 | 17.5% | 12.7% | 13.1% | 67.1% |
| GMED | — | 22.3 | 16.7% | 18.3% | 12.1% | — |
| GKOS | $6.49B | -34.4 | 32.3% | -37.0% | -26.4% | 55.7% |
| PODD | $20.01B | 81.7 | 30.7% | 9.1% | 16.6% | 71.6% |
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 | $8.23B | $7.68B | $7.39B | $6.94B | $6.83B | $6.13B | $7.98B | $7.93B | $7.80B | $7.67B | $6.00B | $4.67B | |
| Cost of Revenue | $2.49B | $2.19B | $2.08B | $2.02B | $1.96B | $1.82B | $2.25B | $2.27B | $2.13B | $2.38B | $1.80B | $1.24B | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | $3.42B | |
| SG&A Expense | $3.26B | $2.93B | $2.84B | $2.76B | $2.84B | $2.71B | $3.34B | $3.38B | $3.10B | $2.94B | $2.28B | $1.75B | |
| Operating Expenses | $7.13B | $6.39B | $6.12B | $6.24B | $5.97B | $6.04B | $6.84B | $7.90B | $7.00B | $6.85B | $5.53B | $3.64B | |
| Operating Income | $1.10B | $1.29B | $1.28B | $696M | $860M | $83M | $1.14B | $34M | $799M | $821M | $467M | $1.04B | |
| Interest Income | · | · | · | · | · | · | · | · | $2M | $3M | $9M | $12M | |
| Other Non-op | $26M | $-31M | $-9M | $-128M | $12M | $24M | $-5M | $-16M | $-9M | $-66M | $-37M | $-47M | |
| Pretax Income | $831M | $1.04B | $1.07B | $404M | $499M | $-105M | $906M | $-271M | $465M | $400M | $153M | $939M | |
| Income Tax | $126M | $131M | $42M | $112M | $54M | $-96M | $-226M | $108M | $-1.35B | $95M | $7M | $220M | |
| Net Income | $705M | $904M | $1.02B | $231M | $402M | $-139M | $1.13B | $-379M | $1.81B | $306M | $147M | $720M | |
| EPS (Basic) | $3.56 | $4.45 | $4.91 | $1.10 | $1.93 | $-0.67 | $5.52 | $-1.86 | $8.98 | $1.53 | $0.78 | $4.26 | |
| EPS (Diluted) | $3.55 | $4.43 | $4.88 | $1.10 | $1.91 | $-0.67 | $5.47 | $-1.86 | $8.90 | $1.51 | $0.77 | $4.20 | |
| Shares (Basic) | 198,000,000 | 203,100,000 | 208,700,000 | 209,600,000 | 208,600,000 | 207,000,000 | 205,100,000 | 203,500,000 | 201,900,000 | 200,000,000 | 187,400,000 | 169,000,000 | |
| Shares (Diluted) | 198,700,000 | 203,900,000 | 209,700,000 | 210,300,000 | 210,400,000 | 207,000,000 | 206,700,000 | 203,500,000 | 203,700,000 | 202,400,000 | 189,800,000 | 171,700,000 | |
| EBITDA | $2.19B | $2.28B | $2.23B | $1.62B | $1.85B | $945M | $2.14B | $1.07B | $1.87B | $1.87B | $1.18B | $1.41B |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $592M | $526M | $416M | $376M | $378M | $802M | $618M | $543M | $524M | $634M | $1.46B | $1.08B | |
| Receivables | $1.70B | $1.48B | $1.44B | $1.38B | $1.26B | $1.45B | $1.36B | $1.28B | $1.54B | $1.60B | $1.45B | $912M | |
| Inventory | $2.29B | $2.24B | $2.39B | $2.15B | $2.15B | $2.45B | $2.38B | $2.26B | $2.07B | $1.96B | $2.25B | $1.19B | |
| Prepaid Expense | $537M | $430M | $366M | $523M | $271M | $169M | $357M | $352M | $428M | $466M | $529M | $317M | |
| Current Assets | $5.12B | $4.67B | $4.61B | $4.43B | $4.88B | $5.08B | $4.72B | $4.43B | $4.56B | $4.66B | $5.85B | $4.31B | |
| PP&E (Net) | $2.21B | $2.05B | $2.06B | $1.87B | $1.84B | $2.05B | $2.08B | $2.02B | $2.04B | $2.04B | $2.06B | $1.29B | |
| PP&E (Gross) | $7.26B | $6.69B | $6.77B | $6.46B | $6.14B | $6.32B | $5.92B | $5.44B | $5.08B | $4.67B | $4.43B | $3.41B | |
| Accum. Depreciation | $5.05B | $4.64B | $4.71B | $4.59B | $4.30B | $4.28B | $3.84B | $3.42B | $3.05B | $2.63B | $2.37B | $2.12B | |
| Goodwill | $9.95B | $8.95B | $8.82B | $8.58B | $8.92B | $8.98B | $9.60B | $9.59B | $10.67B | $10.64B | $9.93B | $2.51B | |
| Intangibles | $4.72B | $4.60B | $4.86B | $5.06B | $5.53B | $7.06B | $7.26B | $7.68B | $8.35B | $8.79B | $8.75B | $604M | |
| Other Non-current Assets | $1.10B | $1.10B | $1.15B | $1.12B | $1.00B | $969M | $980M | $405M | $389M | $554M | $564M | $942M | |
| Total Assets | $23.09B | $21.37B | $21.50B | $21.07B | $23.46B | $24.42B | $24.64B | $24.13B | $26.01B | $26.68B | $27.16B | $9.66B | |
| Accounts Payable | $303M | $195M | $411M | $354M | $306M | $330M | $401M | $363M | $330M | $364M | $285M | $145M | |
| Accrued Liabilities | $834M | $706M | $804M | $582M | $536M | $873M | $778M | $671M | $775M | $789M | $726M | $351M | |
| Current Liabilities | $2.58B | $2.45B | $2.86B | $2.36B | $3.47B | $2.56B | $3.44B | $2.42B | $3.07B | $2.38B | $1.62B | $1.02B | |
| Capital Leases | $176M | $190M | $174M | $167M | $175M | $218M | $216M | · | · | · | · | · | |
| Deferred Tax | $244M | $352M | $358M | $475M | $558M | $790M | $840M | $1000M | $1.10B | $3.03B | $3.15B | $46M | |
| Other Non-current Liabilities | $626M | $744M | $926M | $633M | $548M | $656M | $558M | $350M | $446M | $463M | $1.01B | $611M | |
| Total Liabilities | $10.39B | $8.89B | $9.01B | $9.04B | $10.79B | $12.22B | $12.25B | $12.85B | $14.28B | $17.01B | $17.27B | $3.11B | |
| Long-term Debt | $7.52B | $6.20B | $5.77B | $5.70B | $1.00B | $8.13B | $8.22B | $8.94B | $10.14B | $11.24B | · | · | |
| Total Debt | $7.52B | $6.20B | $5.77B | $5.70B | $7.07B | $8.13B | $8.22B | $8.94B | $10.14B | $11.24B | $11.56B | $1.43B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Retained Earnings | $11.61B | $11.10B | $10.38B | $9.56B | $10.29B | $10.09B | $10.43B | $9.49B | $10.02B | $8.47B | $8.35B | $8.36B | |
| Treasury Stock | $8.89B | $8.41B | $7.56B | $6.87B | $6.72B | $6.72B | $6.72B | $6.72B | $6.72B | $6.74B | $6.33B | $6.18B | |
| AOCI | $-206M | $-263M | $-191M | $-179M | $-232M | $-298M | $-242M | $-187M | $-83M | $-434M | $-329M | $38M | |
| Stockholders' Equity | $12.70B | $12.47B | $12.48B | $12.02B | $12.66B | $12.19B | $12.39B | $11.27B | $11.74B | $9.67B | $9.89B | $6.55B | |
| Liabilities + Equity | $23.09B | $21.37B | $21.50B | $21.07B | $23.46B | $24.42B | $24.64B | $24.13B | $26.01B | $26.68B | $27.16B | $9.66B | |
| Shares Outstanding | 318,700,000 | 317,500,000 | 316,200,000 | 313,800,000 | 312,800,000 | 311,400,000 | 309,900,000 | 307,900,000 | 306,500,000 | 304,700,000 | 302,700,000 | 268,400,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.09B | $996M | $952M | $926M | $938M | $898M | $1.01B | $1.04B | $1.06B | $1.04B | $712M | $376M | |
| Stock-based Comp | $90M | $101M | $100M | $105M | $76M | $74M | $84M | $66M | $54M | $57M | $46M | $49M | |
| Deferred Tax | $-87M | $-48M | $-96M | $-64M | $-102M | $39M | $-539M | $13M | $-1.78B | $-153M | $-164M | $-90M | |
| Amort. of Intangibles | $666M | $592M | $562M | $527M | $530M | $512M | $584M | $596M | $604M | $566M | $337M | $92M | |
| Restructuring | · | · | · | · | $32M | · | · | · | $17M | $91M | $196M | · | |
| Other Non-cash | $-105M | $-454M | $-398M | $158M | $95M | $219M | $-98M | $1.01B | $428M | $383M | $75M | $-8M | |
| Operating Cash Flow | $1.70B | $1.50B | $1.58B | $1.36B | $1.40B | $1.08B | $1.59B | $1.75B | $1.58B | $1.63B | $850M | $1.06B | |
| CapEx | $224M | $204M | $291M | $188M | $144M | $112M | $207M | $163M | $156M | $185M | $168M | $145M | |
| Investing Cash Flow | $-1.98B | $-888M | $-779M | · | $-504M | $-614M | $-729M | $-417M | $-511M | $-1.69B | · | · | |
| Debt Issued | · | · | · | · | · | · | · | · | · | $750M | $3.00B | · | |
| Net Debt Issued | · | · | · | · | · | · | · | $-1.43B | $-940M | $-50M | $2.50B | · | |
| Stock Repurchased | $487M | $868M | $692M | $126M | · | · | · | · | · | $416M | $150M | $401M | |
| Net Stock Activity | $-487M | $-868M | $-692M | $-126M | · | · | · | · | · | $-416M | $-150M | $-400M | |
| Dividends Paid | $190M | $196M | $201M | $201M | $200M | $198M | $197M | $195M | $194M | $188M | $157M | $146M | |
| Financing Cash Flow | $326M | $-484M | $-764M | · | $-1.31B | $-422M | $-780M | $-1.30B | $-1.21B | $-743M | · | · | |
| Net Change in Cash | $66M | $110M | $40M | $-103M | $-324M | $184M | $75M | $18M | $-110M | $-825M | $376M | $3M | |
| Taxes Paid | $377M | $328M | $215M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $1.47B | $1.30B | $1.29B | $1.17B | $1.33B | $1.09B | $1.38B | $1.58B | $1.43B | $1.45B | $649M | $908M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | · | · | · | 73.3% | |
| Operating Margin | 13.3% | 16.7% | 17.3% | 10.0% | 10.0% | -1.2% | 14.2% | 0.43% | 10.3% | 10.8% | 7.8% | 22.1% | |
| Net Margin | 8.6% | 11.8% | 13.9% | 3.3% | 5.1% | -2.0% | 14.2% | -4.8% | 23.2% | 4.0% | 2.5% | 15.4% | |
| Pretax Margin | 10.1% | 13.5% | 14.4% | 5.8% | 5.3% | -3.9% | 11.3% | -3.4% | 5.9% | 5.2% | 2.5% | 20.2% | |
| EBITDA Margin | 26.6% | 29.7% | 30.1% | 23.4% | 23.6% | 13.5% | 26.9% | 13.5% | 23.9% | 24.3% | 19.7% | 30.2% | |
| ROA | 3.2% | 4.2% | 4.8% | 1.0% | 1.7% | -0.57% | 4.6% | -1.5% | 6.9% | 1.1% | 0.54% | 7.5% | |
| ROE | 5.6% | 7.2% | 8.4% | 1.9% | 3.2% | -1.1% | 9.6% | -3.3% | 17.0% | 3.1% | 1.5% | 11.2% | |
| ROIC | 4.6% | 6.0% | 6.7% | 2.8% | 3.8% | -0.22% | 6.9% | 0.23% | 14.4% | 3.0% | 2.1% | 9.9% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | 1.9 | 1.6 | 1.9 | 1.4 | 2.0 | 1.4 | 1.8 | 1.5 | 2.0 | 3.6 | 4.1 | |
| Quick Ratio | 0.9 | 0.8 | 0.7 | 0.7 | 0.5 | 0.9 | 0.6 | 0.8 | 0.7 | 0.9 | 1.8 | 1.9 | |
| Debt / Equity | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 | 0.7 | 0.7 | 0.8 | 0.9 | 1.2 | 1.2 | 0.2 | |
| LT Debt / Equity | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.6 | 0.5 | 0.7 | 0.8 | 1.1 | 1.2 | 0.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.5 | |
| Inventory Turnover | 1.1 | 0.9 | 0.9 | 0.9 | 1.0 | 0.9 | 1.0 | 1.1 | 1.1 | 1.1 | 0.8 | 1.1 | |
| Receivables Turnover | 5.2 | 5.3 | 5.2 | 5.3 | 5.5 | 5.0 | 6.0 | 5.6 | 5.0 | 5.0 | 5.1 | 5.1 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.2% | 3.9% | 6.6% | 1.7% | 11.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.9% | 4.0% | 6.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -19.9% | -9.2% | 343.6% | -42.4% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 47.8% | 32.4% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -22.0% | -11.7% | 342.5% | -42.4% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 45.0% | 31.1% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -0.84% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.23B | $7.68B | $7.39B | $6.94B | $6.83B | $6.13B | $7.98B | $7.93B | $7.80B | $7.67B | $6.00B | $4.67B | |
| Net Income TTM | $705M | $904M | $1.02B | $231M | $402M | $-139M | $1.13B | $-379M | $1.81B | $306M | $147M | $720M | |
| Market Cap | $28.66B | $33.54B | $38.48B | $40.01B | $38.58B | $46.59B | $45.03B | $31.01B | $35.91B | $30.53B | $30.15B | · | |
| Enterprise Value | $35.58B | $39.22B | $43.83B | $45.33B | $45.17B | $53.91B | $52.64B | $39.40B | $45.53B | $41.14B | $40.25B | · | |
| P/E | 25.3 | 23.8 | 24.9 | 115.9 | 64.6 | -223.3 | 26.6 | -54.1 | 13.2 | 66.4 | 129.4 | 26.2 | |
| P/S | 3.5 | 4.4 | 5.2 | 5.8 | 5.7 | 7.6 | 5.6 | 3.9 | 4.6 | 4.0 | 5.0 | · | |
| P/B | 2.3 | 2.7 | 3.1 | 3.3 | 3.0 | 3.8 | 3.6 | 2.8 | 3.1 | 3.2 | 3.0 | · | |
| P / Cash Flow | 16.9 | 22.4 | 24.3 | 29.5 | 25.7 | 38.7 | 28.4 | 17.7 | 22.7 | 18.7 | 36.9 | · | |
| P / FCF | 19.5 | 25.9 | 29.8 | 34.2 | 29.1 | 42.9 | 32.7 | 19.6 | 25.2 | 21.1 | 46.5 | · | |
| EV / EBITDA | 16.2 | 17.2 | 19.7 | 27.9 | 24.4 | 57.1 | 24.6 | 36.7 | 24.3 | 22.1 | 34.1 | · | |
| EV / FCF | 24.2 | 30.3 | 34.0 | 38.8 | 34.0 | 49.6 | 38.2 | 24.9 | 31.9 | 28.4 | 62.0 | · | |
| EV / Revenue | 4.3 | 5.1 | 5.9 | 6.5 | 6.6 | 8.8 | 6.6 | 5.0 | 5.8 | 5.4 | 6.7 | · | |
| Dividend Yield | 0.66% | 0.58% | 0.52% | 0.50% | 0.52% | 0.43% | 0.44% | 0.63% | 0.54% | 0.62% | 0.52% | · | |
| Earnings Yield | 4.0% | 4.2% | 4.0% | 0.86% | 1.6% | -0.45% | 3.8% | -1.8% | 7.6% | 1.5% | 0.77% | 3.8% | |
| Payout Ratio | 27.0% | 21.7% | 19.6% | 87.0% | 49.8% | -142.9% | 17.4% | -51.5% | 10.7% | 61.6% | 106.9% | 20.2% | |
| Annual Payout | $190M | $196M | $201M | $201M | $200M | $198M | $197M | $195M | $194M | $188M | $157M | $146M |
Income Statement 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 | $2.18B | $2.09B | $2.24B | $2.00B | $2.08B | $1.91B | $2.02B | $1.82B | $1.94B | $1.89B | $1.94B | $1.75B | $1.87B | $1.83B | $1.83B | $1.67B | |
| Cost of Revenue | $636M | $576M | $792M | $559M | $592M | $550M | $587M | $539M | $554M | $512M | $539M | $519M | $526M | $501M | $520M | $488M | |
| SG&A Expense | $899M | $850M | $872M | $811M | $815M | $759M | $747M | $710M | $737M | $736M | $722M | $675M | $726M | $716M | $727M | $655M | |
| Operating Expenses | $1.85B | $1.71B | $2.09B | $1.65B | $1.78B | $1.62B | $1.63B | $1.54B | $1.59B | $1.62B | $1.59B | $1.49B | $1.54B | $1.50B | $1.85B | $1.42B | |
| Operating Income | $326M | $373M | $154M | $351M | $300M | $292M | $389M | $280M | $351M | $266M | $354M | $267M | $330M | $327M | $-28M | $245M | |
| Other Non-op | $2M | $-3M | $15M | $3M | $4M | $3M | $-38M | $5M | $2M | $-100.0K | $-20M | $4M | $-1M | $8M | $-4M | $-25M | |
| Pretax Income | $255M | $301M | $98M | $279M | $225M | $229M | $289M | $230M | $302M | $215M | $284M | $219M | $277M | $287M | $-75M | $178M | |
| Income Tax | $56M | $63M | $-40M | $48M | $71M | $46M | $49M | $-19M | $59M | $42M | $-135M | $56M | $67M | $54M | $55M | $-17M | |
| Net Income | $198M | $238M | $139M | $231M | $153M | $182M | $240M | $249M | $243M | $172M | $419M | $163M | $210M | $232M | $-130M | $194M | |
| EPS (Basic) | $1.03 | $1.22 | $0.70 | $1.17 | $0.77 | $0.92 | $1.20 | $1.23 | $1.18 | $0.84 | $2.02 | $0.78 | $1.00 | $1.11 | $-0.62 | $0.92 | |
| EPS (Diluted) | $1.03 | $1.22 | $0.71 | $1.16 | $0.77 | $0.91 | $1.18 | $1.23 | $1.18 | $0.84 | $2.00 | $0.77 | $1.00 | $1.11 | $-0.62 | $0.92 | |
| Shares (Basic) | 192,200,000 | 195,000,000 | -396,900,000 | 198,100,000 | 197,900,000 | 198,900,000 | -410,100,000 | 202,300,000 | 205,700,000 | 205,200,000 | -418,200,000 | 208,900,000 | 208,600,000 | 209,400,000 | -419,000,000 | 209,800,000 | |
| Shares (Diluted) | 192,800,000 | 195,800,000 | -398,100,000 | 198,800,000 | 198,300,000 | 199,700,000 | -411,700,000 | 203,000,000 | 206,400,000 | 206,200,000 | -420,600,000 | 210,000,000 | 209,900,000 | 210,400,000 | -420,400,000 | 210,300,000 | |
| EBITDA | $326M | $643M | · | $351M | $300M | $547M | · | $280M | $351M | $504M | · | $267M | $330M | $559M | · | $245M |
Balance Sheet 28
| 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 | $410M | $424M | $592M | $1.29B | $557M | $1.38B | $526M | $569M | $420M | $393M | · | $292M | $320M | $330M | · | $545M | |
| Receivables | $1.77B | $1.73B | $1.70B | $1.60B | $1.61B | $1.53B | $1.48B | $1.48B | $1.42B | $1.45B | · | $1.34B | $1.37B | $1.38B | · | $1.28B | |
| Inventory | $2.27B | $2.25B | $2.29B | $2.48B | $2.45B | $2.24B | $2.24B | $2.37B | $2.37B | $2.39B | · | $2.32B | $2.28B | $2.24B | · | $2.13B | |
| Prepaid Expense | $647M | $563M | $537M | $460M | $431M | $428M | $430M | $445M | $431M | $404M | · | $416M | $425M | $460M | · | $347M | |
| Current Assets | $5.10B | $4.96B | $5.12B | $5.83B | $5.05B | $5.59B | $4.67B | $4.86B | $4.64B | $4.63B | · | $4.37B | $4.39B | $4.41B | · | $4.53B | |
| PP&E (Net) | $2.24B | $2.21B | $2.21B | $2.19B | $2.18B | $2.06B | $2.05B | $2.11B | $2.10B | $2.09B | · | $2.03B | $1.98B | $1.91B | · | $1.80B | |
| PP&E (Gross) | $7.42B | $7.30B | $7.26B | $7.22B | $7.15B | $6.82B | $6.69B | $6.90B | $6.74B | $6.85B | · | $6.65B | $6.72B | $6.59B | · | $6.34B | |
| Accum. Depreciation | $5.18B | $5.09B | $5.05B | $5.03B | $4.97B | $4.76B | $4.64B | $4.79B | $4.64B | $4.76B | · | $4.61B | $4.74B | $4.69B | · | $4.54B | |
| Goodwill | $9.92B | $9.93B | $9.95B | $9.70B | $9.71B | $8.99B | $8.95B | $8.91B | $8.82B | $8.79B | $8.82B | $8.71B | $8.74B | $8.73B | $8.58B | $8.80B | |
| Intangibles | $4.46B | $4.55B | $4.72B | $4.74B | $4.89B | $4.47B | $4.60B | $4.67B | $4.71B | $4.73B | · | $4.89B | $5.03B | $5.07B | · | $5.14B | |
| Other Non-current Assets | $1.08B | $1.07B | $1.10B | $1.02B | $1.04B | $1.07B | $1.10B | $1.17B | $1.25B | $1.20B | · | $1.21B | $1.16B | $1.12B | · | $1.06B | |
| Total Assets | $22.80B | $22.72B | $23.09B | $23.49B | $22.87B | $22.18B | $21.37B | $21.72B | $21.52B | $21.45B | · | $21.22B | $21.29B | $21.24B | · | $21.33B | |
| Accounts Payable | $352M | $361M | $303M | $315M | $349M | $301M | $195M | $322M | $342M | $370M | · | $320M | $355M | $397M | · | $334M | |
| Accrued Liabilities | · | · | $834M | · | · | · | $706M | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $3.01B | $2.86B | $2.58B | $2.40B | $2.70B | $2.29B | $2.45B | $3.57B | $3.61B | $2.80B | · | $2.07B | $2.23B | $2.34B | · | $2.30B | |
| Capital Leases | · | · | $176M | · | · | · | $190M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $236M | $250M | $244M | · | · | · | $352M | · | · | $370M | · | $465M | $475M | $485M | · | $541M | |
| Other Non-current Liabilities | $639M | $631M | $626M | $806M | $879M | $909M | $744M | $1.03B | $1.21B | $577M | · | $632M | $642M | $637M | · | $609M | |
| Total Liabilities | $10.17B | $10.04B | $10.39B | $10.72B | $10.33B | $9.78B | $8.89B | $9.34B | $8.77B | $8.85B | · | $8.70B | $8.92B | $9.09B | · | $9.08B | |
| Long-term Debt | $7.48B | $7.47B | $7.52B | $8.11B | $7.57B | $7.18B | $6.20B | $6.45B | $5.83B | $5.80B | · | $5.48B | $5.71B | $5.79B | · | $5.71B | |
| Total Debt | $7.48B | $7.47B | · | $8.11B | $7.57B | $7.18B | · | $6.45B | $5.83B | $5.80B | · | $5.48B | $5.71B | $5.79B | · | $5.71B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | |
| Retained Earnings | $11.96B | $11.80B | $11.61B | $11.52B | $11.34B | $11.23B | $11.10B | $10.90B | $10.70B | $10.51B | · | $10.01B | $9.90B | $9.74B | · | $9.74B | |
| Treasury Stock | $9.39B | $9.14B | $8.89B | $8.64B | $8.64B | $8.64B | $8.41B | $8.35B | $7.74B | $7.65B | · | $7.12B | $7.12B | $7.11B | · | $6.72B | |
| AOCI | $-164M | $-190M | $-206M | $-284M | $-284M | $-287M | $-263M | $-202M | $-195M | $-211M | · | $-186M | $-178M | $-178M | · | $-245M | |
| Stockholders' Equity | $12.62B | $12.67B | $12.70B | $12.76B | $12.53B | $12.40B | $12.47B | $12.37B | $12.74B | $12.60B | · | $12.51B | $12.37B | $12.15B | · | $12.24B | |
| Liabilities + Equity | $22.80B | $22.72B | $23.09B | $23.49B | $22.87B | $22.18B | $21.37B | $21.72B | $21.52B | $21.45B | · | $21.22B | $21.29B | $21.24B | · | $21.33B | |
| Shares Outstanding | 319,400,000 | 319,300,000 | 318,700,000 | 318,700,000 | 318,400,000 | 318,400,000 | 317,500,000 | 317,400,000 | 317,200,000 | 317,200,000 | 316,200,000 | 316,000,000 | 315,800,000 | 315,400,000 | 313,800,000 | 313,600,000 |
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 | $271M | $270M | $284M | $284M | $272M | $254M | $264M | $251M | $243M | $239M | $241M | $241M | $238M | $232M | $228M | $231M | |
| Stock-based Comp | $25M | $24M | $24M | $25M | $21M | $20M | $21M | $24M | $26M | $29M | $25M | $16M | $34M | $25M | $27M | $27M | |
| Amort. of Intangibles | $163M | $162M | $178M | $176M | $161M | $151M | $158M | $148M | $144M | $142M | $145M | $145M | $138M | $133M | $132M | $132M | |
| Other Non-cash | · | $-173M | · | · | · | $-73M | · | · | · | $-212M | · | · | · | $-182M | · | · | |
| Operating Cash Flow | $448M | $359M | $517M | $419M | $378M | $383M | $506M | $396M | $369M | $228M | $588M | $338M | $348M | $308M | $244M | $451M | |
| CapEx | $54M | $36M | $75M | $55M | $50M | $45M | $52M | $44M | $53M | $55M | $63M | $84M | $97M | $47M | $63M | $47M | |
| Investing Cash Flow | $-191M | $-159M | $-322M | $-163M | $-1.38B | $-106M | $-291M | $-155M | $-247M | $-195M | $-221M | $-166M | $-243M | $-149M | · | · | |
| Stock Repurchased | $251M | $250M | $250M | $0 | $7M | $230M | $72M | $596M | $86M | $114M | $410M | $0 | $14M | $268M | · | · | |
| Net Stock Activity | · | $-250M | · | · | · | $-230M | · | · | · | $-114M | · | · | · | $-268M | · | · | |
| Dividends Paid | $46M | $47M | $48M | $48M | $48M | $48M | $48M | $49M | $49M | $49M | $50M | $50M | $50M | $50M | $50M | $50M | |
| Financing Cash Flow | $-271M | $-369M | $-897M | $484M | $164M | $575M | $-241M | $-102M | $-92M | $-50M | $-251M | $-196M | $-109M | $-207M | · | · | |
| Net Change in Cash | $-14M | $-168M | $-701M | $736M | $-828M | $859M | $-44M | $149M | $27M | $-23M | $124M | $-28M | $-10M | $-46M | $-170M | $159M | |
| Free Cash Flow | · | $323M | · | · | · | $338M | · | · | · | $173M | · | · | · | $261M | · | · |
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 | 15.0% | 17.9% | · | 17.5% | 14.4% | 15.3% | · | 15.3% | 18.1% | 14.1% | · | 15.2% | 17.6% | 17.9% | · | 14.7% | |
| Net Margin | 9.1% | 11.4% | · | 11.5% | 7.4% | 9.5% | · | 13.7% | 12.5% | 9.1% | · | 9.3% | 11.2% | 12.7% | · | 11.6% | |
| Pretax Margin | 11.7% | 14.4% | · | 14.0% | 10.8% | 12.0% | · | 12.6% | 15.6% | 11.4% | · | 12.5% | 14.8% | 15.7% | · | 10.6% | |
| EBITDA Margin | 15.0% | 30.8% | · | 17.5% | 14.4% | 28.6% | · | 15.3% | 18.1% | 26.7% | · | 15.2% | 17.6% | 30.5% | · | 14.7% | |
| ROA | 0.87% | 1.1% | · | 1.0% | 0.69% | 0.83% | · | 1.2% | 1.1% | 0.81% | · | 0.76% | 0.98% | 1.1% | · | 0.86% | |
| ROE | 1.6% | 1.9% | · | 1.8% | 1.2% | 1.5% | · | 2.0% | 1.9% | 1.4% | · | 1.3% | 1.7% | 1.9% | · | 1.6% | |
| ROIC | 1.3% | 1.5% | · | 1.4% | 1.0% | 1.2% | · | 1.6% | 1.5% | 1.2% | · | 1.1% | 1.4% | 1.5% | · | 1.5% |
Liquidity & Solvency 4
| 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 | 1.7 | 1.7 | · | 2.4 | 1.9 | 2.4 | · | 1.4 | 1.3 | 1.7 | · | 2.1 | 2.0 | 1.9 | · | 2.0 | |
| Quick Ratio | 0.7 | 0.8 | · | 1.2 | 0.8 | 1.3 | · | 0.6 | 0.5 | 0.7 | · | 0.8 | 0.8 | 0.7 | · | 0.8 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.4 | 0.5 | 0.5 | · | 0.5 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.6 | 0.5 | 0.5 | · | 0.4 | 0.3 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 1.3 | 1.3 | · | 1.3 | 1.4 | 1.3 | · | 1.3 | 1.4 | 1.3 | · | 1.3 | 1.4 | 1.4 | · | 1.3 |
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 | $8.34B | $8.07B | · | $7.81B | $7.75B | $7.56B | · | $7.41B | $7.45B | $7.34B | · | $7.12B | $7.15B | $6.95B | · | $6.80B | |
| Net Income TTM | $820M | $804M | · | $815M | $827M | $846M | · | $827M | $788M | $777M | · | $799M | $790M | $594M | · | $508M | |
| Market Cap | $27.50B | $28.87B | · | $31.39B | $29.04B | $36.04B | · | $34.26B | $34.43B | $41.86B | · | $35.46B | $45.98B | $40.75B | · | $32.79B | |
| Enterprise Value | $34.57B | $35.92B | · | $38.21B | $36.06B | $41.83B | · | $40.15B | $39.84B | $47.27B | · | $40.65B | $51.37B | $46.21B | · | $37.96B | |
| P/E | 20.6 | 22.3 | · | 24.2 | 22.3 | 27.2 | · | 26.9 | 28.6 | 35.5 | · | 29.5 | 38.7 | 45.7 | · | 43.4 | |
| P/S | 3.3 | 3.6 | · | 4.0 | 3.7 | 4.8 | · | 4.6 | 4.6 | 5.7 | · | 5.0 | 6.4 | 5.9 | · | 4.8 | |
| P/B | 2.2 | 2.3 | · | 2.5 | 2.3 | 2.9 | · | 2.8 | 2.7 | 3.3 | · | 2.8 | 3.7 | 3.4 | · | 2.7 | |
| P / Cash Flow | · | 80.3 | · | · | · | 94.1 | · | · | · | 183.6 | · | · | · | 132.4 | · | · | |
| P / FCF | · | 89.4 | · | · | · | 106.6 | · | · | · | 242.1 | · | · | · | 156.1 | · | · | |
| EV / EBITDA | 106.0 | 55.8 | · | 108.8 | 120.2 | 76.5 | · | 143.6 | 113.4 | 93.7 | · | 152.5 | 155.9 | 82.6 | · | 154.7 | |
| EV / FCF | · | 111.2 | · | · | · | 123.7 | · | · | · | 273.4 | · | · | · | 177.0 | · | · | |
| EV / Revenue | 4.1 | 4.4 | · | 4.9 | 4.7 | 5.5 | · | 5.4 | 5.3 | 6.4 | · | 5.7 | 7.2 | 6.7 | · | 5.6 | |
| Earnings Yield | 4.9% | 4.5% | · | 4.1% | 4.5% | 3.7% | · | 3.7% | 3.5% | 2.8% | · | 3.4% | 2.6% | 2.2% | · | 2.3% | |
| Payout Ratio | · | 19.7% | · | · | · | 26.3% | · | · | · | 28.6% | · | · | · | 21.6% | · | · |
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 | $8.23B | $7.68B | $7.39B | $6.94B | $6.83B |
| Operating Margin % | 13.3% | 16.7% | 17.3% | 10.0% | 10.0% |
| Net Income | $705M | $904M | $1.02B | $231M | $402M |
| Diluted EPS | $3.55 | $4.43 | $4.88 | $1.10 | $1.91 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 |
| Current Ratio | 2.0 | 1.9 | 1.6 | 1.9 | 1.4 |
| Quick Ratio | 0.9 | 0.8 | 0.7 | 0.7 | 0.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.47B | $1.30B | $1.29B | $1.17B | $1.33B |
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Institutional owners (13F) 988 filers · $13.8B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 97 (-11 vs prior Q) | 80 (-21 vs prior Q) | 309 (+10 vs prior Q) | 285 (-9 vs prior Q) | +42.9M |
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 |
|---|---|---|---|---|
| Dodge & Cox | $2,076,898,436 | 24,124,735 | 15.04% | Shares |
| VANGUARD GROUP INC | $1,933,855,758 | 21,506,403 | 14.01% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,087,741,726 | 12,634,937 | 7.88% | Shares |
| Capital International Investors | $1,048,887,329 | 12,183,614 | 7.60% | Shares |
| STATE STREET CORP | $766,342,640 | 8,877,171 | 5.55% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $726,749,999 | 8,441,747 | 5.26% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $404,158,240 | 4,715,128 | 2.93% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $328,577,983 | 3,816,680 | 2.38% | Shares |
| CITADEL ADVISORS LLC | $291,791,380 | 3,389,376 | 2.11% | Shares |
| VAN ECK ASSOCIATES CORP | $272,449,712 | 3,164,708 | 1.97% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $237,731,423 | 2,761,429 | 1.72% | Shares |
| AMERICAN CENTURY COMPANIES INC | $236,270,951 | 2,744,463 | 1.71% | Shares |
| EQUITY INVESTMENT CORP | $144,748,296 | 1,681,360 | 1.05% | Shares |
| NORGES BANK | $136,661,935 | 1,587,431 | 0.99% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $134,484,547 | 1,562,139 | 0.97% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $130,516,582 | 1,516,049 | 0.95% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $125,541,517 | 1,458,259 | 0.91% | Shares |
| Vestal Point Capital, LP | $120,526,000 | 1,400,000 | 0.87% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $118,547,135 | 1,377,014 | 0.86% | Shares |
| Holocene Advisors, LP | $101,367,617 | 1,177,461 | 0.73% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $99,065,937 | 1,150,725 | 0.72% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $93,508,375 | 1,086,170 | 0.68% | Shares |
| Camber Capital Management LP | $91,210,000 | 1,000,000 | 0.66% | Shares |
| AMERIPRISE FINANCIAL INC | $84,139,928 | 977,319 | 0.61% | Shares |
| TORONTO DOMINION BANK | $81,590,162 | 947,731 | 0.59% | Shares |
| Woodline Partners LP | $81,122,607 | 942,300 | 0.59% | Shares |
| Point72 Asset Management, L.P. | $75,746,373 | 879,851 | 0.55% | Shares |
| Sound Shore Management Inc /CT/ | $68,407,286 | 794,602 | 0.50% | Shares |
| CAUSEWAY CAPITAL MANAGEMENT LLC | $67,908,650 | 788,810 | 0.49% | Shares |
| Quantinno Capital Management LP | $62,169,005 | 722,139 | 0.45% | Shares |
| Meridiem Capital Partners LP | $54,973,200 | 638,555 | 0.40% | Shares |
| BANK OF AMERICA CORP /DE/ | $53,807,541 | 625,015 | 0.39% | Shares |
| Nuveen Asset Management, LLC | $52,849,964 | 500,331 | 0.38% | Shares |
| SHAPIRO CAPITAL MANAGEMENT LLC | $52,119,833 | 605,411 | 0.38% | Shares |
| Magellan Asset Management Ltd | $49,106,511 | 570,409 | 0.36% | Shares |
| Swiss National Bank | $47,005,140 | 546,000 | 0.34% | Shares |
| RHUMBLINE ADVISERS | $42,395,593 | 492,458 | 0.31% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $41,500,115 | 482,055 | 0.30% | Shares |
| BARCLAYS PLC | $41,350,664 | 480,319 | 0.30% | Shares |
| Douglas Lane & Associates, LLC | $41,132,119 | 477,780 | 0.30% | Shares |
| BANK OF MONTREAL /CAN/ | $40,852,890 | 474,537 | 0.30% | Shares |
| Vanguard Global Advisers, LLC | $38,276,991 | 444,616 | 0.28% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $38,269,846 | 444,533 | 0.28% | Shares |
| Legal & General Group Plc | $37,993,324 | 441,321 | 0.28% | Shares |
| WILSEY ASSET MANAGEMENT INC | $36,318,495 | 421,867 | 0.26% | Shares |
| BlackRock, Inc. | $36,112,517 | 419,474 | 0.26% | Shares |
| HARRIS ASSOCIATES L P | $34,583,300 | 401,711 | 0.25% | Shares |
| FIRST TRUST ADVISORS LP | $34,081,553 | 395,884 | 0.25% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $33,676,170 | 391,174 | 0.24% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $33,194,840 | 385,583 | 0.24% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $32,542,881 | 378,010 | 0.24% | Shares |
| RAYMOND JAMES FINANCIAL INC | $31,339,310 | 364,030 | 0.23% | Shares |
| California Public Employees Retirement System | $30,898,218 | 358,906 | 0.22% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $30,323,251 | 335,360 | 0.22% | Shares |
| Boston Trust Walden Corp | $28,067,664 | 326,027 | 0.20% | Shares |
| Defilade Capital Management, L.P. | $27,327,204 | 317,426 | 0.20% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $26,564,879 | 308,571 | 0.19% | Shares |
| Boston Partners | $26,551,020 | 308,410 | 0.19% | Shares |
| Alberta Investment Management Corp | $25,645,694 | 297,894 | 0.19% | Shares |
| Minneapolis Portfolio Management Group, LLC | $25,207,094 | 292,799 | 0.18% | Shares |
| GOLDMAN SACHS GROUP INC | $25,087,753 | 291,413 | 0.18% | Shares |
| Parkman Healthcare Partners LLC | $20,020,832 | 232,557 | 0.14% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $19,777,893 | 212,437 | 0.14% | Shares |
| GAMCO INVESTORS, INC. ET AL | $19,685,167 | 228,658 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $19,434,604 | 214,937 | 0.14% | Shares |
| MILLENNIUM MANAGEMENT LLC | $19,117,576 | 222,065 | 0.14% | Shares |
| National Pension Service | $17,169,531 | 199,437 | 0.12% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $17,101,090 | 198,642 | 0.12% | Shares |
| Capital International, Inc./CA/ | $15,768,158 | 183,159 | 0.11% | Shares |
| ST GERMAIN D J CO INC | $15,673,459 | 182,059 | 0.11% | Shares |
| ExodusPoint Capital Management, LP | $15,572,304 | 180,884 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $15,414,156 | 179,047 | 0.11% | Shares |
| Invenomic Capital Management LP | $15,383,508 | 178,691 | 0.11% | Shares |
| Eurizon Capital SGR S.p.A. | $15,141,875 | 175,862 | 0.11% | Shares |
| AVIVA PLC | $14,285,947 | 165,942 | 0.10% | Shares |
| EASTERLY INVESTMENT PARTNERS LLC | $13,890,966 | 161,354 | 0.10% | Shares |
| M&G PLC | $13,584,818 | 157,963 | 0.10% | Shares |
| QSM Asset Management Ltd | $13,189,800 | 154,375 | 0.10% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $13,033,753 | 151,274 | 0.09% | Shares |
| ARMOR ADVISORS, L.L.C. | $13,022,318 | 151,264 | 0.09% | Shares |
| Schonfeld Strategic Advisors LLC | $12,725,613 | 603,216 | 0.09% | Shares |
| MACKENZIE FINANCIAL CORP | $12,604,781 | 146,414 | 0.09% | Shares |
| Brandywine Global Investment Management, LLC | $12,512,458 | 139,151 | 0.09% | Shares |
| GABELLI FUNDS LLC | $12,470,137 | 144,850 | 0.09% | Shares |
| MARSHALL WACE, LLP | $12,440,005 | 144,500 | 0.09% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $12,356,412 | 143,529 | 0.09% | Shares |
| Northside Capital Management, LLC | $12,266,648 | 135,663 | 0.09% | Shares |
| SECTOR GAMMA AS | $12,251,210 | 142,307 | 0.09% | Shares |
| SPEECE THORSON CAPITAL GROUP INC | $11,928,000 | 138,547 | 0.09% | Shares |
| FRANKLIN RESOURCES INC | $11,460,043 | 133,117 | 0.08% | Shares |
| Sio Capital Management, LLC | $11,316,100 | 131,445 | 0.08% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $11,052,000 | 128,379 | 0.08% | Shares |
| NEUBERGER BERMAN GROUP LLC | $10,942,599 | 127,107 | 0.08% | Shares |
| Bellevue Group AG | $10,908,206 | 126,707 | 0.08% | Shares |
| KLCM Advisors, Inc. | $10,810,149 | 125,568 | 0.08% | Shares |
| United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund | $10,566,256 | 122,735 | 0.08% | Shares |
| State of Tennessee, Department of Treasury | $10,467,770 | 121,591 | 0.08% | Shares |
| APG Asset Management N.V. | $10,354,444 | 137,510 | 0.07% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $10,320,358 | 114,138 | 0.07% | Shares |
| Tredje AP-fonden | $10,157,243 | 117,984 | 0.07% | Shares |
Company insiders 63 insiders · 36 officers · 24 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ivan Tornos | President & CEO | March 6, 2025 M | 51,753 | 0 | 0 | $0 |
| Bryan C Hanson | President and CEO | March 6, 2023 A | 102,797 | 0 | 0 | $0 |
| John Raymond Elliott | Chairman, Pres. & CEO | Feb. 12, 2007 M | 62,751 | 0 | 0 | $0 |
| Suketu Upadhyay | Exec. VP, CFO | March 6, 2025 M | 48,853 | 0 | 0 | $0 |
| Florin Daniel P | Exec. VP, CFO | May 8, 2019 G | 25,471 | 0 | 0 | $0 |
| James T Crines | EVP, Finance and CFO | March 19, 2015 M | 56,313 | 0 | 0 | $0 |
| Sang Yi | Group President, Asia Pacific | May 29, 2026 S | 27,251 | 0 | 2 | $-413,216 |
| Mark Bezjak | President, Americas | March 6, 2025 M | 13,134 | 0 | 0 | $0 |
| Didier Deltort | President, EMEA | Feb. 26, 2021 M | 4,619 | 0 | 0 | $0 |
| Aure Bruneau | Group President | Nov. 11, 2019 M | 757 | 0 | 0 | $0 |
| Robert D. Delp | President, Americas | March 20, 2018 A | — | 0 | 0 | $0 |
| David A. Nolan Jr. | Group President | March 20, 2018 A | 9,102 | 0 | 0 | $0 |
| Daniel E. Williamson | Group President | March 20, 2018 A | 2,000 | 0 | 0 | $0 |
| Adam Rudolph Johnson | Group President | June 24, 2017 M | 11,093 | 0 | 0 | $0 |
| Stuart G. Kleopfer | President, Americas | Aug. 23, 2016 S | 3,000 | 0 | 0 | $0 |
| Stephen H L Ooi | President, Asia Pacific | March 19, 2015 M | 45,411 | 0 | 0 | $0 |
| Joseph A. Cucolo | President, Americas | Oct. 1, 2014 M | 11,226 | 0 | 0 | $0 |
| Jon E Kramer | President, U.S. Sales | Dec. 12, 2008 M | 4,461 | 0 | 0 | $0 |
| Kevin R Thornal | Grp Pres-Global Business | Aug. 1, 2026 M | 5,691 | 0 | 0 | $0 |
| Jehanzeb Noor | Senior Vice President, Chief Strategy, Innovation & Business Development Officer | June 1, 2026 A | — | 0 | 0 | $0 |
| Wilfred Van Zuilen | Group Pres, EMEA | July 1, 2025 M | 21,473 | 0 | 0 | $0 |
| Paul A Stellato | VP, Controller & CAO | June 1, 2025 M | 2,772 | 0 | 0 | $0 |
| Lori Winkler | SVP and CHRO | March 6, 2025 M | 9,833 | 0 | 0 | $0 |
| Rachel Ellingson | Chief Administrative Officer | Feb. 20, 2025 M | 11,906 | 0 | 0 | $0 |
| Derek M Davis | Interim Controller & CAO | March 1, 2022 A | 6,809 | 0 | 0 | $0 |
| Carrie Ann Nichol | VP, Controller & CAO | Oct. 1, 2021 M | 338 | 0 | 0 | $0 |
| Tony W. Collins | VP, Controller and CAO | July 31, 2018 M | 368 | 0 | 0 | $0 |
| Katarzyna Mazur-Hofsaess | Pres., Eur., M. East & Afr. | May 22, 2018 M | 16,682 | 0 | 0 | $0 |
| Jeffery A Mccaulley | Pres - Zimmer Reconstructive | Jan. 8, 2014 M | 5,211 | 0 | 0 | $0 |
| Jeffrey B Paulsen | Group Pres., Global Businesses | March 16, 2013 M | 6,095 | 0 | 0 | $0 |
| Cheryl R Blanchard | Sr. VP, Chief Scientific Off. | March 19, 2012 A | 18,357 | 0 | 0 | $0 |
| Mark C Throdahl | Group Pres - Global Business | June 12, 2009 D | 844 | 0 | 0 | $0 |
| Sheryl L Conley | Group Pres., Americas & Mktg. | Feb. 12, 2008 A | 2,559 | 0 | 0 | $0 |
| Sam R Leno | EVP | May 4, 2007 D | 27,513 | 0 | 0 | $0 |
| Richard Fritschi | Pres. Zimmer Europe & Austral. | Jan. 18, 2005 A | — | 0 | 0 | $0 |
| Bruce Edward Peterson | Chairman, Zimmer Americas | March 17, 2004 M | 17,975 | 0 | 0 | $0 |
| Louis Shapiro | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Devdatt Kurdikar | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Sreelakshmi Kolli | Director | June 30, 2026 A | 1,000 | 0 | 0 | $0 |
| Maria Teresa Hilado | Director | June 30, 2026 A | 1,650 | 0 | 0 | $0 |
| Michael J. Farrell | Director | June 30, 2026 A | 2,000 | 0 | 0 | $0 |
| Robert Hagemann | Director | June 30, 2026 A | 4,000 | 0 | 0 | $0 |
| HIGGINS ARTHUR J | Director | June 30, 2026 A | 3,400 | 0 | 0 | $0 |
| Betsy J Bernard | Director | May 22, 2026 A | 5,271 | 0 | 0 | $0 |
| Syed A. Jafry | Director | June 30, 2025 A | 4,060 | 0 | 0 | $0 |
| Christopher B Begley | Director | March 31, 2025 A | 3,540 | 0 | 0 | $0 |
| Michael W Michelson | Director | May 10, 2024 A | 3,385 | 0 | 0 | $0 |
| Gail Boudreaux | Director | March 31, 2021 A | 2,095 | 0 | 0 | $0 |
| Larry C Glasscock | Director | May 8, 2020 A | 10,861 | 0 | 0 | $0 |
| Jeffrey K. Rhodes | Director | March 31, 2018 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Zimmer Biomet Holdings, Inc., Honey Badger Merger Sub, Inc. | July 15, 2025 | 27.00% | Initial filing | M&A / sale | SEC |
| KKR Biomet LLC, KKR 2006 Fund L.P., OPERF Co-Investment LLC, KKR PEI Investments, L.P., 8 North America Investor L.P., KKR Partners III, L.P., KKR Associates 2006 LP, KKR 2006 GP LLC, KKR PEI Associates, L.P., KKR PEI GP Limited, KKR Associates 8 NA L.P., KKR 8 NA Limited, KKR III GP LLC, KKR Fund Holdings L.P., KKR Fund Holdings GP Limited, KKR Group Holdings L.P., KKR Group Limited, KKR & Co. L.P., KKR Management LLC, Henry R. Kravis, George R. Roberts ×3 filings | June 16, 2016 | — | Initial filing | — | SEC |
| TPG Group Holdings (SBS) Advisors, Inc., David Bonderman, James G. Coulter ×3 filings | June 16, 2016 | — | Initial filing | Capital structure | SEC |
| Blackstone Capital Partners V, L.P., Blackstone Capital Partners V-AC L.P., BCP V-S L.P., Blackstone Family Investment Partnership V L.P., Blackstone Family Investment Partnership V-SMD L.P., Blackstone Participation Partnership V L.P., BCP V Co-Investors L.P., Blackstone Management Associates V L.L.C., BMA V L.L.C., BCP V Side-By-Side GP L.L.C., Blackstone Family GP L.L.C., Blackstone Holdings III L.P., Blackstone Holdings III GP L.P., Blackstone Holdings III GP Management L.L.C., The Blackstone Group L.P., Blackstone Group Management L.L.C., Stephen A. Schwarzman ×3 filings | Feb. 12, 2016 | — | Initial filing | — | SEC |
| LVB Acquisition Holding, LLC ×2 filings | Feb. 9, 2016 | — | Initial filing | — | SEC |
| Zimmer Holdings, Inc., Zimmer, Inc., Zimmer CEP USA Holding Co. ×3 filings | Aug. 10, 2006 | — | 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 166 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 |
|---|---|---|---|---|
| IHI · iShares Trust | 2.66% | 916,732 SH | Aug. 8, 2026 | Daily |
| FXH · First Trust Exchange-Traded AlphaDE… | 1.97% | 209,273 NS | April 30, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.66% | 134,444 SH | Aug. 8, 2026 | Daily |
| AGNG · Global X Funds | 1.14% | 11,291 NS | May 31, 2026 | N-PORT |
| CVAR · ETF Opportunities Trust | 0.86% | 4,059 NS | April 30, 2026 | N-PORT |
| SOVF · Elevation Series Trust | 0.70% | 8,041 NS | April 30, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.64% | 100,144 NS | April 30, 2026 | N-PORT |
| ABCS · EA Series Trust | 0.62% | 857 NS | May 29, 2026 | N-PORT |
| UPSD · ETF Series Solutions | 0.45% | 5,488 NS | April 30, 2026 | N-PORT |
| AUSF · Global X Funds | 0.44% | 45,318 NS | May 31, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.38% | 8,729 NS | May 31, 2026 | N-PORT |
| RPV · Invesco Exchange-Traded Fund Trust | 0.36% | 62,758 SH | Aug. 8, 2026 | Daily |
| COWZ · Pacer Funds Trust | 0.32% | 714,689 NS | April 30, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.32% | 1,835 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.31% | 5,282 NS | April 30, 2026 | N-PORT |
| IYH · iShares Trust | 0.31% | 115,801 SH | Aug. 8, 2026 | Daily |
| ITAN · EA Series Trust | 0.30% | 3,279 NS | May 29, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.30% | 54,347 NS | April 30, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.26% | 91,433 NS | April 30, 2026 | N-PORT |
| IMCV · iShares Trust | 0.26% | 30,985 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.25% | 581,880 SH | Aug. 8, 2026 | Daily |
| IXJ · iShares Trust | 0.24% | 101,995 SH | Aug. 8, 2026 | Daily |
| RXL · ProShares Trust | 0.24% | 2,067 NS | May 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 0.24% | 3,951 NS | April 30, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.21% | 640 NS | March 31, 2026 | N-PORT |
| SIZE · iShares Trust | 0.21% | 9,450 SH | Aug. 8, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 2,104,987 SH | Aug. 8, 2026 | Daily |
| EUSA · iShares, Inc. | 0.20% | 39,545 SH | Aug. 8, 2026 | Daily |
| VLUE · iShares Trust | 0.20% | 190,720 SH | Aug. 8, 2026 | Daily |
| GSEW · Goldman Sachs ETF Trust | 0.19% | 41,670 NS | May 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.18% | 292,628 SH | Aug. 8, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.18% | 1,408,631 SH | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.17% | 8,204 NS | May 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.15% | 3,949,000 | Aug. 8, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.15% | 15,020 SH | Aug. 8, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.14% | 621,372 SH | Aug. 8, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.14% | 6,177,000 | Aug. 8, 2026 | Daily |
| IWR · iShares Trust | 0.13% | 788,276 SH | Aug. 8, 2026 | Daily |
| IMCB · iShares Trust | 0.13% | 22,265 SH | Aug. 8, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.12% | 150,000 | Aug. 8, 2026 | Daily |
| GINN · Goldman Sachs ETF Trust | 0.12% | 3,104 NS | May 31, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.12% | 4,159,000 | Aug. 8, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 10,471 NS | April 30, 2026 | N-PORT |
| XOEF · iShares Trust | 0.11% | 248 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.10% | 2,218,373 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.10% | 8,531 SH | Aug. 8, 2026 | Daily |
| CSM · ProShares Trust | 0.10% | 6,106 NS | May 31, 2026 | N-PORT |
| USNZ · DBX ETF Trust | 0.09% | 3,290 NS | May 29, 2026 | N-PORT |
| CAPE · DoubleLine ETF Trust | 0.08% | 2,439 NS | March 31, 2026 | N-PORT |
| GSLC · Goldman Sachs ETF Trust | 0.08% | 155,905 NS | May 31, 2026 | N-PORT |