ZS Zscaler, Inc. - Common Stock
$178.92
Price · Aug 24, 2026
Fundamentals as of May 26, 2026
52W Range
$115–$337
29% of range
Analyst Rating
BUY
57 analysts
Price Target
$194
+8% upside
P/E (TTM)
-672.2
ROE
-2.4%
Net Profit Margin
-1.6%
About Zscaler, Inc. - Common Stock Company overview from Wikipedia
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
Read more
Zscaler, Inc. () is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
History
Zscaler was founded in 2007 by Jay Chaudhry and K. Kailash. The company launched its cybersecurity platform in 2008. In August 2012, Zscaler secured $38 million in funding from investors. The company's second funding round, led by TPG Capital, raised $100 million in August 2015. In March 2018, the company had an initial public offering (IPO) in which it raised $192 million. The company is traded on the Nasdaq using the symbol ZS. Zscaler stock was added to the Nasdaq-100 index on December 17, 2021.
Zero Trust Exchange
Zscaler's Zero Trust Exchange platform features cyberthreat protection, data protection, zero trust connectivity, and business analytics. It was first announced at Zenith Live in June 2023.
In January 2024, the company announced Zscaler Zero Trust SASE (secure access service edge), enabling it to offer its first single-vendor SASE. It is built on the company's AI-powered SSE platform to securely connect users, locations, and cloud services through its Zero Trust Exchange. It also offers a cloud-based cybersecurity platform, Zscaler Internet Access.
Acquisitions
Zscaler acquired the AI and machine-learning technology of TrustPath in August 2018; the browser security company Appsulate for $13 million in May 2019; cloud security posture management startup Cloudneeti in April 2020; and microsegmentation firm Edgewise Networks in May 2020. The company purchased cybersecurity startup Trustdome in April 2021; Indian cybersecurity startup Smokescreen Technologies in May 2021; and cloud security firm ShiftRight for $25.6 million in September 2022.
On February 14, 2023, Zscaler announced it would acquire Israeli application security company Canonic, a company focused on protecting against attacks that target software as a service. In March 2024, the company acquired Israel-based data security startup Avalor, which uses AI to analyze data in search of identifying security vulnerabilities, for $310 million; and network segmentation startup Airgap Network, for an undisclosed amount.
On May 17, 2025, Zscaler announced it would acquire Red Canary for an undisclosed amount. Red Canary is a US based provider of Managed Detection and Response services. In February 2026, the company announced it the acquisition of browser security company SquareX for an undisclosed amount.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ZS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$178.92
Market Cap
$28.73B
P/E (TTM)
-672.2
EPS (TTM)
$-0.27
Revenue (TTM)
$2.67B
Div Yield
—
ROE
-2.4%
Debt/Equity
—
52W Range
$115 – $337
ZS 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
$2.67B
2016-07-31
→
2025-07-31
EPS
$-0.27
2019-07-31
→
2025-07-31
Free Cash Flow
$808M
2018-07-31
→
2025-07-31
Margins
-1.6%
2018-07-31
→
2025-07-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ZS
Peer Median
P/E (TTM)
-672.2
32.4
P/S (TTM)
10.7
9.4
P/B
16.0
8.5
Price / FCF
35.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ZS
Peer Median
Gross Margin
76.9%
78.4%
Operating Margin
-4.8%
—
Net Profit Margin
-1.6%
12.7%
ROA
-0.75%
5.5%
ROE
-2.4%
15.0%
ROIC
-16.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ZS
Peer Median
Current Ratio
2.0
1.4
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ZS
Peer Median
Revenue YoY
23.3%
—
Revenue CAGR 3Y
34.8%
—
Revenue CAGR 5Y
44.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ZS
Peer Median
ZS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
57 analysts
- Strong Buy 16 28.1%
- Buy 30 52.6%
- Hold 11 19.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
44 analysts · 2026-08-19
Median
$200.00
Now
$178.92
Low
$145.00
High
$250.00
Median target
$200.00
+11.8%
Mean target
$194.02
+8.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
Next Report
Sep 03, 2026
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| Sept. 30, 2026 | $1.08 | $1.04 | — |
| June 30, 2026 | $1.08 | $1.04 | 0.04% |
| March 31, 2026 | $1.01 | $0.92 | 0.09% |
| Dec. 31, 2025 | $0.96 | $0.89 | 0.07% |
| Sept. 30, 2025 | $0.89 | $0.82 | 0.07% |
| June 30, 2025 | $0.84 | $0.78 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ZS | $45.20B | -1057.6 | 23.3% | -1.6% | -2.4% | 76.9% |
| ORCL | $650.25B | 38.7 | 17.3% | 25.4% | 54.3% | — |
| PANW | $115.95B | 108.5 | 14.9% | 12.3% | 16.0% | 73.4% |
| CRWD | — | -685.9 | 21.7% | -3.4% | -4.2% | 74.7% |
| NOW | $160.43B | 91.7 | 20.9% | 13.2% | 14.6% | 77.5% |
| FTNT | $59.00B | 32.8 | 14.2% | 27.3% | 135.7% | 80.5% |
| RBRK | $11.32B | -31.4 | 48.5% | -26.5% | 64.4% | 80.1% |
| GEN | $11.30B | 12.0 | 27.1% | 19.5% | 38.4% | 78.5% |
| FROG | $7.47B | -100.7 | 24.1% | -13.5% | -8.4% | 76.8% |
| PATH | — | 24.2 | 12.7% | 17.5% | 15.1% | 83.2% |
| S | — | -10.2 | 21.9% | -45.0% | -30.6% | 74.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.67B | $2.17B | $1.62B | $1.09B | $673M | $431M | $303M | $190M | $126M | |
| Cost of Revenue | $618M | $477M | $363M | $242M | $150M | $96M | $14M | $9M | $7M | |
| Gross Profit | $2.05B | $1.69B | $1.25B | $849M | $523M | $336M | $243M | $152M | $98M | |
| R&D Expense | $672M | $500M | $351M | $289M | $175M | $98M | $62M | $39M | $34M | |
| SG&A Expense | $252M | $212M | $179M | $152M | $97M | $74M | $47M | $31M | $21M | |
| Operating Expenses | $2.18B | $1.81B | $1.49B | $1.18B | $731M | $449M | $278M | $187M | $133M | |
| Operating Income | $-128M | $-121M | $-235M | $-327M | $-208M | $-114M | $-35M | $-35M | $-35M | |
| Interest Expense | · | · | $7M | $57M | $53M | $5M | $0 | $0 | · | |
| Interest Income | $125M | $109M | $60M | $5M | $3M | $6M | $8M | $2M | · | |
| Other Non-op | $-6M | $-4M | $-2M | $-4M | $1M | $-224.0K | $-329.0K | $79.0K | $-107.0K | |
| Pretax Income | $-18M | $-29M | $-183M | $-384M | $-257M | $-113M | $-28M | $-32M | $-35M | |
| Income Tax | $23M | $28M | $20M | $7M | $5M | $2M | $743.0K | $1M | $877.0K | |
| Net Income | $-41M | $-58M | $-202M | $-390M | $-262M | $-115M | $-29M | $-34M | $-35M | |
| EPS (Basic) | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 | $-0.89 | $-0.23 | · | · | |
| EPS (Diluted) | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 | $-0.89 | $-0.23 | · | · | |
| Shares (Basic) | 154,404,000 | 149,586,000 | 144,942,000 | 140,895,000 | 135,654,000 | 129,323,000 | 123,566,000 | · | · | |
| Shares (Diluted) | 154,404,000 | 149,586,000 | 144,942,000 | 140,895,000 | 135,654,000 | 129,323,000 | 123,566,000 | · | · | |
| EBITDA | $-128M | $-121M | $-235M | $-327M | $-208M | $-114M | $-35M | $-35M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.39B | $1.42B | $1.26B | $1.01B | $276M | $142M | $78M | $136M | $88M | |
| Receivables | $992M | $737M | $583M | $400M | $257M | $148M | $93M | $62M | $39M | |
| Prepaid Expense | $149M | $102M | $92M | $39M | $31M | $31M | $17M | $11M | $5M | |
| Current Assets | $4.89B | $3.40B | $2.89B | $2.26B | $1.85B | $1.58B | $496M | $387M | $143M | |
| PP&E (Net) | $543M | $383M | $242M | $161M | $109M | $76M | $41M | $20M | $13M | |
| PP&E (Gross) | $915M | $633M | $419M | $280M | $186M | $126M | $75M | $44M | $30M | |
| Accum. Depreciation | $372M | $250M | $176M | $119M | $77M | $51M | $34M | $24M | $17M | |
| Goodwill | $418M | $417M | $89M | $79M | $59M | $30M | $7M | $0 | · | |
| Intangibles | $47M | $64M | $26M | $32M | $32M | $24M | $9M | $0 | · | |
| Other Non-current Assets | $99M | $58M | $31M | $22M | $16M | $8M | $2M | $1M | $3M | |
| Total Assets | $6.42B | $4.70B | $3.61B | $2.83B | $2.26B | $1.83B | $604M | $448M | $183M | |
| Accounts Payable | $47M | $23M | $18M | $26M | $13M | $5M | $6M | $5M | $4M | |
| Current Liabilities | $2.43B | $3.11B | $1.54B | $1.13B | $720M | $424M | $262M | $183M | $120M | |
| Capital Leases | $43M | $45M | $42M | $51M | $31M | $28M | · | · | · | |
| Other Non-current Liabilities | $33M | $22M | $13M | $8M | $4M | $3M | $4M | $1M | $1M | |
| Total Liabilities | $4.62B | $3.43B | $2.88B | $2.26B | $1.73B | $1.35B | $296M | $208M | $133M | |
| Long-term Debt | · | $1.14B | $1.13B | $969M | $914M | $862M | · | · | · | |
| Common Stock | $159.0K | $152.0K | $147.0K | $143.0K | $139.0K | $133.0K | $127.0K | $119.0K | $18.0K | |
| Paid-in Capital | $2.98B | $2.43B | $1.82B | $1.59B | $1.13B | $824M | $533M | $438M | $19M | |
| Retained Earnings | $-1.19B | $-1.15B | $-1.09B | $-992M | $-602M | $-340M | $-224M | $-196M | $-162M | |
| AOCI | $8M | $-5M | $-2M | $-26M | $-650.0K | $463.0K | $268.0K | $-124.0K | $0 | |
| Stockholders' Equity | $1.80B | $1.27B | $725M | $573M | $529M | $485M | $309M | $240M | $-151M | |
| Liabilities + Equity | $6.42B | $4.70B | $3.61B | $2.83B | $2.26B | $1.83B | $604M | $448M | $183M | |
| Shares Outstanding | 158,301,000 | 152,490,000 | 147,169,000 | 143,038,000 | 138,662,000 | 132,817,000 | 127,253,000 | 119,764,000 | 32,359,000 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $661M | $528M | $445M | $410M | $259M | $121M | $46M | $11M | $10M | |
| Deferred Tax | $-14M | $-6M | $352.0K | $-747.0K | $-2M | $-2M | $-2M | $-141.0K | $-28.0K | |
| Amort. of Intangibles | $17M | $15M | $11M | $9M | $7M | $3M | $908.0K | $0 | $0 | |
| Restructuring | $5M | · | $8M | · | · | · | · | · | · | |
| Operating Cash Flow | $972M | $780M | $462M | $322M | $202M | $79M | $58M | $17M | $-6M | |
| CapEx | $164M | $145M | $97M | $69M | $48M | $43M | $26M | $13M | $8M | |
| Investing Cash Flow | $-427M | $-683M | $-259M | $374M | $-110M | $-1.04B | $-162M | $-178M | $-8M | |
| Stock Repurchased | · | · | · | · | $0 | $0 | $22.0K | $4M | $0 | |
| Net Stock Activity | · | · | · | · | $0 | $0 | $-22.0K | $-4M | · | |
| Financing Cash Flow | $421M | $64M | $46M | $41M | $42M | $1.02B | $46M | $208M | $9M | |
| Net Change in Cash | $966M | $161M | $249M | $737M | $134M | $63M | $-58M | $48M | $-5M | |
| Taxes Paid | $23M | $23M | $15M | $6M | $4M | $3M | $2M | $870.0K | $385.0K | |
| Free Cash Flow | $808M | $635M | $365M | $253M | $154M | $36M | $33M | $4M | · | |
| Levered FCF | · | · | $358M | $195M | $100M | $31M | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.9% | 78.0% | 77.6% | 77.8% | 77.7% | 77.8% | 80.3% | 80.1% | · | |
| Operating Margin | -4.8% | -5.6% | -14.5% | -30.0% | -30.9% | -26.4% | -11.7% | -18.2% | · | |
| Net Margin | -1.6% | -2.7% | -12.5% | -35.8% | -38.9% | -26.7% | -9.5% | -17.7% | · | |
| Pretax Margin | -0.68% | -1.4% | -11.3% | -35.2% | -38.2% | -26.1% | -9.2% | -17.0% | · | |
| EBITDA Margin | -4.8% | -5.6% | -14.5% | -30.0% | -30.9% | -26.4% | -11.7% | -18.2% | · | |
| ROA | -0.75% | -1.4% | -6.3% | -15.3% | -12.8% | -9.4% | -5.5% | -10.7% | · | |
| ROE | -2.4% | -4.9% | -30.5% | -70.7% | -50.5% | -28.1% | -9.6% | -13.9% | · | |
| ROIC | -16.2% | -18.8% | -35.9% | -58.1% | -40.0% | -24.0% | -11.8% | -15.0% | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | 1.1 | 1.9 | 2.0 | 2.6 | 3.7 | 1.9 | 2.1 | · | |
| Quick Ratio | 1.4 | 0.7 | 1.2 | 1.2 | 0.7 | 0.7 | 0.7 | 1.1 | · | |
| Interest Coverage | · | · | -35.9 | -5.8 | -3.9 | -22.7 | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.4 | 0.3 | 0.4 | 0.6 | 0.6 | · | |
| Receivables Turnover | 3.1 | 3.3 | 3.3 | 3.3 | 3.3 | 3.6 | 3.9 | 3.8 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 23.3% | 34.1% | 48.2% | 62.1% | 56.1% | · | · | · | · | |
| Revenue CAGR 3Y | 34.8% | 47.7% | 55.4% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 44.0% | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.67B | $2.17B | $1.62B | $1.09B | $673M | $431M | $303M | $190M | · | |
| Net Income TTM | $-41M | $-58M | $-202M | $-390M | $-262M | $-115M | $-29M | $-34M | · | |
| Market Cap | $45.20B | $27.35B | $23.60B | $22.18B | $32.71B | $17.25B | $11M | $4.23B | · | |
| P/E | -1057.6 | -459.9 | -114.6 | -56.0 | -122.2 | -145.9 | -366.4 | · | · | |
| P/S | 16.9 | 12.6 | 14.6 | 20.3 | 48.6 | 40.0 | 0.0 | 22.2 | · | |
| P/B | 25.1 | 21.5 | 32.6 | 38.7 | 61.8 | 35.6 | 0.0 | 17.6 | · | |
| P / Tangible Book | 33.9 | 34.5 | 38.7 | 47.9 | 74.7 | 40.0 | · | · | · | |
| P / Cash Flow | 46.5 | 35.1 | 51.1 | 68.9 | 161.9 | 217.4 | 0.2 | 244.3 | · | |
| P / FCF | 55.9 | 43.1 | 64.6 | 87.8 | 212.6 | 475.8 | 0.3 | 1081.6 | · | |
| Earnings Yield | -0.09% | -0.22% | -0.87% | -1.8% | -0.82% | -0.69% | -0.27% | · | · |
Income Statement 18
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $850M | $816M | $788M | $719M | $678M | $648M | $628M | $593M | $553M | $525M | $497M | $455M | $419M | $388M | $356M | $318M | |
| Cost of Revenue | $193M | $191M | $185M | $172M | $156M | $148M | $141M | $130M | $118M | $117M | $111M | $103M | $96M | $88M | $77M | $68M | |
| Gross Profit | $658M | $624M | $603M | $547M | $522M | $499M | $486M | $463M | $435M | $408M | $385M | $352M | $323M | $300M | $279M | $250M | |
| R&D Expense | $232M | $229M | $200M | $178M | $170M | $171M | $154M | $139M | $125M | $122M | $114M | $97M | $93M | $86M | $75M | $78M | |
| SG&A Expense | $83M | $78M | $66M | $71M | $63M | $61M | $57M | $56M | $50M | $55M | $51M | $48M | $43M | $44M | $44M | $40M | |
| Operating Expenses | $687M | $676M | $640M | $579M | $547M | $540M | $517M | $490M | $438M | $453M | $431M | $397M | $379M | $365M | $348M | $332M | |
| Operating Income | $-30M | $-52M | $-36M | $-32M | $-25M | $-40M | $-31M | $-27M | $-3M | $-45M | $-46M | $-45M | $-56M | $-65M | $-69M | $-83M | |
| Interest Expense | · | · | · | · | · | · | · | · | $3M | $4M | $3M | · | $1M | $1M | $1M | · | |
| Interest Income | $34M | $34M | $33M | $33M | $31M | $31M | $30M | $27M | $28M | $28M | $26M | $21M | $19M | $13M | $8M | $3M | |
| Other Non-op | $-4M | $803.0K | $-3M | $-762.0K | $677.0K | $-5M | $-652.0K | $-2M | $-927.0K | $172.0K | $-1M | $-331.0K | $-809.0K | $141.0K | $-863.0K | $-774.0K | |
| Pretax Income | $-2M | $-21M | $-8M | $-2M | $5M | $-17M | $-4M | $-5M | $21M | $-21M | $-24M | $-26M | $-39M | $-54M | $-63M | $-95M | |
| Income Tax | $12M | $13M | $3M | $16M | $9M | $-9M | $8M | $10M | $2M | $8M | $9M | $5M | $7M | $4M | $5M | $2M | |
| Net Income | $-14M | $-34M | $-12M | $-18M | $-4M | $-8M | $-12M | $-15M | $19M | $-28M | $-33M | $-31M | $-46M | $-57M | $-68M | $-98M | |
| EPS (Basic) | $-0.09 | $-0.21 | $-0.07 | $-0.11 | $-0.03 | $-0.05 | $-0.08 | $-0.10 | $0.13 | $-0.19 | $-0.23 | $-0.20 | $-0.32 | $-0.40 | $-0.48 | $-0.69 | |
| EPS (Diluted) | $-0.09 | $-0.21 | $-0.07 | $-0.11 | $-0.03 | $-0.05 | $-0.08 | $-0.09 | $0.12 | $-0.19 | $-0.23 | $-0.20 | $-0.32 | $-0.40 | $-0.48 | $-0.69 | |
| Shares (Basic) | 160,741,000 | 159,683,000 | 158,596,000 | -306,734,000 | 154,909,000 | 153,672,000 | 152,557,000 | -297,280,000 | 150,290,000 | 148,951,000 | 147,625,000 | -288,399,000 | 145,354,000 | 144,511,000 | 143,476,000 | -280,338,000 | |
| Shares (Diluted) | 160,741,000 | 159,683,000 | 158,596,000 | -306,734,000 | 154,909,000 | 153,672,000 | 152,557,000 | -301,071,000 | 154,081,000 | 148,951,000 | 147,625,000 | -288,399,000 | 145,354,000 | 144,511,000 | 143,476,000 | -280,338,000 | |
| EBITDA | $-30M | $-52M | $-36M | · | $-25M | $-40M | $-31M | · | $-3M | $-45M | $-46M | · | $-56M | $-65M | $-69M | · |
Balance Sheet 24
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $982M | $1.20B | $1.34B | $2.39B | $1.99B | $1.76B | $1.55B | $1.42B | $1.26B | $1.44B | $1.36B | · | $1.28B | $1.26B | $1.08B | · | |
| Receivables | $730M | $552M | $530M | $992M | $616M | $514M | $425M | $737M | $506M | $480M | $367M | · | $376M | $359M | $269M | · | |
| Prepaid Expense | $188M | $197M | $172M | $149M | $128M | $115M | $109M | $102M | $89M | $78M | $81M | · | $79M | $56M | $50M | · | |
| Current Assets | $4.65B | $4.45B | $4.21B | $4.89B | $3.92B | $3.67B | $3.39B | $3.40B | $2.97B | $3.14B | $2.89B | · | $2.53B | $2.42B | $2.23B | · | |
| PP&E (Net) | $575M | $545M | $542M | $543M | $499M | $422M | $409M | $383M | $331M | $294M | $266M | · | $223M | $200M | $183M | · | |
| PP&E (Gross) | $1.07B | $996M | $952M | $915M | $835M | $726M | $684M | $633M | $559M | $503M | $458M | · | $385M | $348M | $315M | · | |
| Accum. Depreciation | $496M | $451M | $410M | $372M | $336M | $303M | $275M | $250M | $228M | $208M | $193M | · | $163M | $147M | $132M | · | |
| Goodwill | $1.09B | $1.00B | $994M | $418M | $418M | $418M | $417M | $417M | $417M | $92M | $92M | · | $89M | $79M | $79M | · | |
| Intangibles | $192M | $193M | $215M | $47M | $51M | $56M | $60M | $64M | $69M | $23M | $26M | · | $29M | $27M | $29M | · | |
| Other Non-current Assets | $97M | $95M | $95M | $99M | $87M | $77M | $59M | $58M | $52M | $38M | $30M | · | $32M | $29M | $23M | · | |
| Total Assets | $7.10B | $6.75B | $6.50B | $6.42B | $5.34B | $5.01B | $4.71B | $4.70B | $4.20B | $3.93B | $3.64B | · | $3.20B | $3.04B | $2.84B | · | |
| Accounts Payable | $34M | $29M | $48M | $47M | $55M | $25M | $25M | $23M | $28M | $17M | $23M | · | $25M | $34M | $30M | · | |
| Current Liabilities | $2.50B | $2.34B | $2.31B | $2.43B | $3.17B | $3.05B | $2.96B | $3.11B | $1.70B | $1.58B | $1.47B | · | $1.29B | $1.20B | $1.11B | · | |
| Capital Leases | $95M | $94M | $66M | $43M | $33M | $41M | $42M | $45M | $47M | $48M | $44M | · | $43M | $46M | $51M | · | |
| Other Non-current Liabilities | $56M | $48M | $44M | $33M | $26M | $26M | $24M | $22M | $19M | $17M | $21M | · | $10M | $9M | $10M | · | |
| Total Liabilities | $4.73B | $4.56B | $4.52B | $4.62B | $3.53B | $3.40B | $3.28B | $3.43B | $3.11B | $2.98B | $2.83B | · | $2.60B | $2.51B | $2.40B | · | |
| Long-term Debt | · | · | · | · | $1.15B | $1.15B | $1.15B | · | $1.14B | $1.14B | $1.13B | · | $1.14B | $1.14B | $1.14B | · | |
| Common Stock | $162.0K | $161.0K | $159.0K | $159.0K | $156.0K | $155.0K | $153.0K | $152.0K | $151.0K | $150.0K | $148.0K | · | $146.0K | $145.0K | $144.0K | · | |
| Paid-in Capital | $3.62B | $3.42B | $3.18B | $2.98B | $2.96B | $2.80B | $2.59B | $2.43B | $2.24B | $2.11B | $1.95B | · | $1.66B | $1.55B | $1.43B | · | |
| Retained Earnings | $-1.25B | $-1.24B | $-1.20B | $-1.19B | $-1.17B | $-1.17B | $-1.16B | $-1.15B | $-1.13B | $-1.15B | $-1.12B | · | $-1.06B | $-1.01B | $-956M | · | |
| AOCI | $-8M | $15M | $8M | $8M | $16M | $-22M | $-4M | $-5M | $-16M | $-3M | $-18M | · | $-102.0K | $-5M | $-38M | · | |
| Stockholders' Equity | $2.37B | $2.20B | $1.98B | $1.80B | $1.80B | $1.61B | $1.43B | $1.27B | $1.09B | $959M | $808M | $725M | $601M | $529M | $431M | $573M | |
| Liabilities + Equity | $7.10B | $6.75B | $6.50B | $6.42B | $5.34B | $5.01B | $4.71B | $4.70B | $4.20B | $3.93B | $3.64B | · | $3.20B | $3.04B | $2.84B | · | |
| Shares Outstanding | 161,710,000 | 160,570,000 | 159,468,000 | 158,301,000 | 155,696,000 | 154,725,000 | 153,415,000 | 152,490,000 | 151,304,000 | 149,758,000 | 148,313,000 | 147,169,000 | 145,874,000 | 145,087,000 | 144,210,000 | 143,038,000 |
Cash Flow 12
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $38M | · | · | · | $28M | · | · | · | · | · | · | · | · | · | · | · | |
| Stock-based Comp | $205M | $217M | $189M | $173M | $159M | $172M | $157M | $145M | $113M | $140M | $129M | $122M | $108M | $110M | $105M | $115M | |
| Amort. of Intangibles | $11M | $11M | $9M | $4M | $4M | $4M | $4M | $5M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Restructuring | $0 | $41.0K | $5M | · | · | · | · | · | · | · | · | · | $5M | · | · | · | |
| Operating Cash Flow | $198M | $204M | $448M | $251M | $211M | $179M | $331M | $204M | $173M | $142M | $261M | $136M | $108M | $89M | $128M | $103M | |
| CapEx | $42M | $18M | $17M | $60M | $72M | $15M | $17M | $49M | $36M | $31M | $29M | $27M | $26M | $19M | $25M | $21M | |
| Investing Cash Flow | $-419M | $-361M | $-1.50B | $-248M | $22M | $518.0K | $-202M | $-74M | $-360M | $-86M | $-163M | $-180M | $-91M | $70M | $-58M | $291M | |
| Financing Cash Flow | $0 | $21M | $3M | $395M | $-399.0K | $25M | $890.0K | $35M | $7M | $21M | $1M | $31M | $1M | $13M | $980.0K | $24M | |
| Net Change in Cash | $-221M | $-135M | $-1.05B | $398M | $232M | $205M | $131M | $164M | $-179M | $77M | $100M | $-13M | $18M | $172M | $72M | $418M | |
| Taxes Paid | $11M | $12M | $12M | $6M | $934.0K | $8M | $9M | $4M | $8M | $6M | $5M | $8M | $4M | $5.0K | $3M | $2M | |
| Free Cash Flow | · | · | $431M | · | · | · | $314M | · | · | · | $232M | · | · | · | $103M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | $228M | · | · | · | $102M | · |
Profitability 8
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.3% | 76.5% | 76.6% | · | 77.0% | 77.1% | 77.5% | · | 78.6% | 77.7% | 77.6% | · | 77.1% | 77.4% | 78.4% | · | |
| Operating Margin | -3.5% | -6.3% | -4.6% | · | -3.8% | -6.2% | -4.9% | · | -0.54% | -8.7% | -9.3% | · | -13.3% | -16.8% | -19.4% | · | |
| Net Margin | -1.6% | -4.2% | -1.5% | · | -0.61% | -1.2% | -1.9% | · | 3.5% | -5.4% | -6.7% | · | -11.0% | -14.8% | -19.2% | · | |
| Pretax Margin | -0.28% | -2.6% | -1.1% | · | 0.67% | -2.5% | -0.70% | · | 3.8% | -3.9% | -4.9% | · | -9.4% | -13.9% | -17.8% | · | |
| EBITDA Margin | -3.5% | -6.3% | -4.6% | · | -3.8% | -6.2% | -4.9% | · | -0.54% | -8.7% | -9.3% | · | -13.3% | -16.8% | -19.4% | · | |
| ROA | -0.22% | -0.58% | -0.21% | · | -0.09% | -0.17% | -0.29% | · | 0.52% | -0.82% | -1.0% | · | -1.6% | -2.1% | -2.7% | · | |
| ROE | -0.67% | -1.8% | -0.68% | · | -0.28% | -0.60% | -1.1% | · | 2.3% | -3.8% | -5.4% | · | -8.1% | -10.8% | -14.2% | · | |
| ROIC | -7.3% | -3.8% | -2.5% | · | 1.3% | -1.2% | -5.9% | · | -0.25% | -6.6% | -7.8% | · | -10.8% | -13.2% | -17.2% | · |
Liquidity & Solvency 3
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 1.9 | 1.8 | · | 1.2 | 1.2 | 1.1 | · | 1.7 | 2.0 | 2.0 | · | 2.0 | 2.0 | 2.0 | · | |
| Quick Ratio | 0.7 | 0.7 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 1.0 | 1.2 | 1.2 | · | 1.3 | 1.3 | 1.2 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -1.1 | -12.6 | -14.6 | · | -40.3 | -48.9 | -51.9 | · |
Efficiency 2
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | |
| Receivables Turnover | 1.3 | 1.5 | 1.7 | · | 1.2 | 1.3 | 1.6 | · | 1.3 | 1.3 | 1.6 | · | 1.3 | 1.2 | 1.6 | · |
Valuation (TTM) 10
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.13B | $2.93B | $2.74B | · | $2.51B | $2.35B | $2.20B | · | $1.99B | $1.83B | $1.66B | · | $1.45B | $1.29B | $1.13B | · | |
| Net Income TTM | $-64M | $-58M | $-36M | · | $-5M | $-29M | $-55M | · | $-89M | $-165M | $-205M | · | $-273M | $-327M | $-361M | · | |
| Market Cap | $21.13B | $32.58B | $52.81B | · | $35.21B | $31.35B | $27.74B | · | $26.17B | $35.29B | $23.54B | · | $13.14B | $18.01B | $22.22B | · | |
| P/E | -326.7 | -563.5 | -1439.7 | · | -5654.2 | -1013.0 | -475.8 | · | -278.9 | -206.7 | -111.0 | · | -46.9 | -53.7 | -60.2 | · | |
| P/S | 6.7 | 11.1 | 19.3 | · | 14.0 | 13.3 | 12.6 | · | 13.1 | 19.3 | 14.2 | · | 9.1 | 14.0 | 19.7 | · | |
| P/B | 8.9 | 14.8 | 26.6 | · | 19.5 | 19.5 | 19.4 | · | 23.9 | 36.8 | 29.1 | · | 21.9 | 34.1 | 51.5 | · | |
| P / Tangible Book | 19.6 | 32.5 | 68.4 | · | 26.4 | 27.6 | 29.1 | · | 43.1 | 41.8 | 34.1 | · | 27.2 | 42.5 | 68.7 | · | |
| P / Cash Flow | · | · | 117.8 | · | · | · | 83.7 | · | · | · | 90.2 | · | · | · | 173.0 | · | |
| P / FCF | · | · | 122.5 | · | · | · | 88.2 | · | · | · | 101.4 | · | · | · | 215.2 | · | |
| Earnings Yield | -0.31% | -0.18% | -0.07% | · | -0.02% | -0.10% | -0.21% | · | -0.36% | -0.48% | -0.90% | · | -2.1% | -1.9% | -1.7% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 | 2021-07-31 | |
|---|---|---|---|---|---|
| Revenue | $2.67B | $2.17B | $1.62B | $1.09B | $673M |
| Gross Margin % | 76.9% | 78.0% | 77.6% | 77.8% | 77.7% |
| Operating Margin % | -4.8% | -5.6% | -14.5% | -30.0% | -30.9% |
| Net Income | $-41M | $-58M | $-202M | $-390M | $-262M |
| Diluted EPS | $-0.27 | $-0.39 | $-1.40 | $-2.77 | $-1.93 |
Balance Sheet
| 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 | 2021-07-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.0 | 1.1 | 1.9 | 2.0 | 2.6 |
| Quick Ratio | 1.4 | 0.7 | 1.2 | 1.2 | 0.7 |
Cash Flow
| 2025-07-31 | 2024-07-31 | 2023-07-31 | 2022-07-31 | 2021-07-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $808M | $635M | $365M | $253M | $154M |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 890 filers · $8.8B 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 |
|---|---|---|---|---|
| 152 (+29 vs prior Q) | 129 (-70 vs prior Q) | 313 (+2 vs prior Q) | 244 (-24 vs prior Q) | -2.9M |
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 |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $874,667,875 | 6,196,726 | 9.99% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $666,424,622 | 4,721,393 | 7.61% | Shares |
| FIRST TRUST ADVISORS LP | $498,148,352 | 3,529,213 | 5.69% | Shares |
| STATE STREET CORP | $351,981,803 | 2,493,672 | 4.02% | Shares |
| Pictet Asset Management Holding SA | $296,893,304 | 2,104,621 | 3.39% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $256,574,650 | 1,823,322 | 2.93% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $236,428,880 | 1,675,008 | 2.70% | Shares |
| JANE STREET GROUP, LLC | $210,271,155 | 1,489,700 | 2.40% | Put option |
| Jericho Capital Asset Management L.P. | $192,367,972 | 1,362,862 | 2.20% | Shares |
| JANE STREET GROUP, LLC | $175,943,475 | 1,246,500 | 2.01% | Call option |
| MILLENNIUM MANAGEMENT LLC | $159,455,885 | 1,129,691 | 1.82% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $124,543,420 | 882,348 | 1.42% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $123,943,533 | 878,098 | 1.42% | Shares |
| AMERICAN CENTURY COMPANIES INC | $122,305,628 | 866,494 | 1.40% | Shares |
| GOLDMAN SACHS GROUP INC | $120,734,549 | 855,363 | 1.38% | Shares |
| BARCLAYS PLC | $116,292,216 | 823,891 | 1.33% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $111,281,672 | 788,393 | 1.27% | Shares |
| Squarepoint Ops LLC | $108,718,811 | 770,236 | 1.24% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $94,323,770 | 668,252 | 1.08% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $94,085,791 | 666,566 | 1.07% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $93,193,582 | 660,245 | 1.06% | Shares |
| MILLENNIUM MANAGEMENT LLC | $87,865,875 | 622,500 | 1.00% | Call option |
| D. E. Shaw & Co., Inc. | $81,457,665 | 577,100 | 0.93% | Call option |
| WOLVERINE TRADING, LLC | $70,038,710 | 235,900 | 0.80% | Call option |
| MILLENNIUM MANAGEMENT LLC | $69,572,835 | 492,900 | 0.79% | Put option |
| D. E. Shaw & Co., Inc. | $62,995,245 | 446,300 | 0.72% | Put option |
| CITADEL ADVISORS LLC | $61,989,410 | 439,174 | 0.71% | Shares |
| NORGES BANK | $58,043,138 | 411,216 | 0.66% | Shares |
| Liontrust Investment Partners LLP | $56,247,005 | 398,491 | 0.64% | Shares |
| GOLDMAN SACHS GROUP INC | $50,545,815 | 358,100 | 0.58% | Put option |
| BlackRock, Inc. | $50,441,646 | 357,362 | 0.58% | Shares |
| CIBC Private Wealth Group LLC | $46,194,687 | 154,157 | 0.53% | Shares |
| WOLVERINE TRADING, LLC | $45,514,770 | 153,300 | 0.52% | Put option |
| UBS Group AG | $44,427,668 | 314,755 | 0.51% | Shares |
| Swiss National Bank | $41,611,020 | 294,800 | 0.48% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $40,638,927 | 289,678 | 0.46% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $39,656,375 | 280,952 | 0.45% | Shares |
| LBP AM SA | $36,536,396 | 258,848 | 0.42% | Shares |
| Candriam S.C.A. | $36,464,156 | 258,585 | 0.42% | Shares |
| BANK OF NOVA SCOTIA | $35,781,526 | 253,500 | 0.41% | Shares |
| Optimus Prime Fund Management Co., Ltd. | $33,890,115 | 240,100 | 0.39% | Shares |
| PineBridge Investments, L.P. | $33,250,573 | 110,961 | 0.38% | Shares |
| SEB Asset Management AB | $32,286,175 | 228,737 | 0.37% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $31,373,975 | 222,274 | 0.36% | Shares |
| Caisse de depot et placement du Quebec | $31,140,513 | 220,620 | 0.36% | Shares |
| Point72 Asset Management, L.P. | $30,319,020 | 214,800 | 0.35% | Put option |
| Sumitomo Mitsui Trust Group, Inc. | $29,766,418 | 210,885 | 0.34% | Shares |
| NICHOLAS COMPANY, INC. | $29,595,767 | 209,676 | 0.34% | Shares |
| UBS Group AG | $29,305,563 | 207,620 | 0.33% | Put option |
| Squarepoint Ops LLC | $28,978,095 | 205,300 | 0.33% | Call option |
| VANGUARD ASSET MANAGEMENT, Ltd | $28,639,053 | 202,898 | 0.33% | Shares |
| Thematics Asset Management | $28,199,205 | 94,104 | 0.32% | Shares |
| NEUBERGER BERMAN GROUP LLC | $27,526,343 | 195,015 | 0.31% | Shares |
| Walleye Trading LLC | $27,496,020 | 194,800 | 0.31% | Call option |
| Assenagon Asset Management S.A. | $27,283,872 | 193,297 | 0.31% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $27,044,340 | 191,600 | 0.31% | Call option |
| D. E. Shaw & Co., Inc. | $26,969,389 | 191,069 | 0.31% | Shares |
| JIA INVESTMENT ALLIANCE PTE. LTD. | $26,968,119 | 191,060 | 0.31% | Shares |
| Robeco Institutional Asset Management B.V. | $26,817,089 | 189,990 | 0.31% | Shares |
| TUDOR INVESTMENT CORP ET AL | $26,451,510 | 187,400 | 0.30% | Put option |
| Balyasny Asset Management L.P. | $25,966,660 | 183,965 | 0.30% | Shares |
| Eurizon Capital SGR S.p.A. | $25,931,843 | 183,735 | 0.30% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $25,868,561 | 183,270 | 0.30% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $25,862,209 | 183,225 | 0.30% | Shares |
| TWO SIGMA ADVISERS, LP | $25,186,542 | 111,980 | 0.29% | Shares |
| Oribel Capital Management, LP | $23,628,510 | 167,400 | 0.27% | Call option |
| ShawSpring Partners LLC | $23,615,101 | 167,305 | 0.27% | Shares |
| Squarepoint Ops LLC | $23,346,210 | 165,400 | 0.27% | Put option |
| STIFEL FINANCIAL CORP | $23,039,394 | 163,223 | 0.26% | Shares |
| Optiver Holding B.V. | $22,905,963 | 162,281 | 0.26% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $22,849,785 | 161,883 | 0.26% | Shares |
| Erste Asset Management GmbH | $22,667,398 | 164,734 | 0.26% | Shares |
| Legal & General Group Plc | $22,072,334 | 156,375 | 0.25% | Shares |
| Champlain Investment Partners, LLC | $22,000,909 | 155,869 | 0.25% | Shares |
| Man Group plc | $21,848,044 | 154,786 | 0.25% | Shares |
| Qube Research & Technologies Ltd | $21,835,905 | 154,700 | 0.25% | Put option |
| Vontobel Holding Ltd. | $21,670,477 | 153,528 | 0.25% | Shares |
| Ensign Peak Advisors, Inc | $21,408,785 | 151,674 | 0.24% | Shares |
| LPL Financial LLC | $21,352,043 | 151,272 | 0.24% | Shares |
| FMR LLC | $21,316,755 | 151,022 | 0.24% | Shares |
| AMERIPRISE FINANCIAL INC | $21,234,760 | 150,441 | 0.24% | Shares |
| Stephens Investment Management Group LLC | $20,757,801 | 147,062 | 0.24% | Shares |
| Meridiem Capital Partners LP | $20,395,752 | 144,497 | 0.23% | Shares |
| Intesa Sanpaolo S.p.A. | $19,997,107 | 142,515 | 0.23% | Shares |
| BAMCO INC /NY/ | $19,895,516 | 140,953 | 0.23% | Shares |
| Point72 Asset Management, L.P. | $19,845,690 | 140,600 | 0.23% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $19,515,461 | 139,108 | 0.22% | Shares |
| Walleye Trading LLC | $19,464,585 | 137,900 | 0.22% | Put option |
| Qube Research & Technologies Ltd | $19,309,320 | 136,800 | 0.22% | Call option |
| California Public Employees Retirement System | $18,700,399 | 132,486 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,674,145 | 132,300 | 0.21% | Put option |
| BANK OF AMERICA CORP /DE/ | $18,514,645 | 131,170 | 0.21% | Shares |
| RHUMBLINE ADVISERS | $18,137,016 | 128,495 | 0.21% | Shares |
| Cresset Asset Management, LLC | $17,983,780 | 127,409 | 0.21% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $17,930,849 | 127,034 | 0.20% | Shares |
| ING GROEP NV | $17,446,140 | 123,600 | 0.20% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $17,134,904 | 121,395 | 0.20% | Shares |
| Quadrature Capital Ltd | $16,437,764 | 116,456 | 0.19% | Shares |
| Schonfeld Strategic Advisors LLC | $16,192,021 | 114,715 | 0.18% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $16,145,160 | 114,383 | 0.18% | Shares |
Company insiders 16 insiders · 9 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jagtar Singh Chaudhry | CEO & Chairman | June 16, 2026 S | 343,038 | 0 | 1 | $-363,866 |
| Kevin Rubin | Chief Financial Officer | July 27, 2026 S | 41,398 | 0 | 11 | $-659,837 |
| Remo Canessa | Chief Financial Officer | June 10, 2019 M | 307,812 | 0 | 0 | $0 |
| Michael J. Rich | CRO and President of WW Sales | June 16, 2026 S | 100,301 | 0 | 1 | $-528,983 |
| Robert Schlossman | Chief Legal Officer | July 6, 2026 S | 69,244 | 0 | 2 | $-416,049 |
| Adam Geller | Chief Product Officer | June 22, 2026 S | 42,314 | 0 | 2 | $-590,638 |
| Manoj Apte | Chief Strategy Officer | June 1, 2020 M | 145,850 | 0 | 0 | $0 |
| Dali Rajic | Pres Go-To-Mkt/ Chief Rev Ofcr | Sept. 12, 2019 A | — | 0 | 0 | $0 |
| Amit Sinha | CTO & EVP of Eng/Cloud Ops | Aug. 29, 2019 S | 571,509 | 0 | 0 | $0 |
| James A Beer | Director | June 17, 2026 S | 4,207 | 0 | 1 | $-22,214 |
| Karen Blasing | Director | Sept. 3, 2019 M | 2,595 | 0 | 0 | $0 |
| Nehal Raj | Director | June 21, 2019 G | 2,422 | 0 | 0 | $0 |
| Andrew William Fraser Brown | Director | June 7, 2019 M | 43,213 | 0 | 0 | $0 |
| Scott C Darling | Director | Dec. 18, 2018 A | 67,095 | 0 | 0 | $0 |
| Charles H Giancarlo | Director | Dec. 18, 2018 A | 184,456 | 0 | 0 | $0 |
| Lane Bess | Director | March 20, 2018 C | 2,191,792 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 148 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 |
|---|---|---|---|---|
| IHAK · iShares Trust | 4.90% | 291,767 SH | Aug. 21, 2026 | Daily |
| BUG · Global X Funds | 4.76% | 400,442 NS | May 31, 2026 | N-PORT |
| PSWD · DBX ETF Trust | 3.82% | 2,423 NS | May 29, 2026 | N-PORT |
| CLOU · Global X Funds | 3.62% | 69,678 NS | May 31, 2026 | N-PORT |
| CIBR · First Trust Exchange-Traded Fund II | 3.04% | 2,981,860 NS | June 30, 2026 | N-PORT |
| EQRR · ProShares Trust | 2.28% | 10,100 NS | May 31, 2026 | N-PORT |
| NUMG · Nushares ETF Trust | 1.62% | 43,920 NS | April 30, 2026 | N-PORT |
| IVES · Wedbush Series Trust | 1.40% | 106,431 NS | April 30, 2026 | N-PORT |
| FCTR · First Trust Exchange-Traded Fund | 1.26% | 5,116 NS | June 30, 2026 | N-PORT |
| ABOT · Abacus FCF ETF Trust | 1.17% | 396 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 1.11% | 2,542 NS | May 31, 2026 | N-PORT |
| OGIG · ALPS ETF Trust | 1.10% | 9,089 NS | May 31, 2026 | N-PORT |
| GTEK · Goldman Sachs ETF Trust | 1.04% | 18,178 NS | May 31, 2026 | N-PORT |
| DTEC · ALPS ETF Trust | 0.92% | 4,874 NS | May 31, 2026 | N-PORT |
| TMFM · RBB Fund, Inc. | 0.79% | 6,609 NS | May 31, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 0.78% | 72,277 NS | April 30, 2026 | N-PORT |
| QQQG · Pacer Funds Trust | 0.71% | 612 NS | April 30, 2026 | N-PORT |
| SKYY · First Trust Exchange-Traded Fund II | 0.66% | 127,202 NS | June 30, 2026 | N-PORT |
| FFF · Founder Funds Trust | 0.65% | 232 NS | June 30, 2026 | N-PORT |
| IGV · iShares Trust | 0.62% | 494,274 SH | Aug. 21, 2026 | Daily |
| IWP · iShares Trust | 0.52% | 602,644 SH | Aug. 21, 2026 | Daily |
| TRFK · Pacer Funds Trust | 0.45% | 21,302 NS | April 30, 2026 | N-PORT |
| FOWF · Pacer Funds Trust | 0.45% | 509 NS | April 30, 2026 | N-PORT |
| NULG · Nushares ETF Trust | 0.44% | 88,161 NS | April 30, 2026 | N-PORT |
| ESLG · Strategy Shares | 0.44% | 652 NS | April 30, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0.38% | 62,626 NS | April 30, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.33% | 805,227 SH | Aug. 19, 2026 | Daily |
| TECB · iShares Trust | 0.30% | 8,296 SH | Aug. 21, 2026 | Daily |
| SKYU · ProShares Trust | 0.25% | 65 NS | May 31, 2026 | N-PORT |
| PEPS · Morgan Stanley ETF Trust | 0.25% | 508 NS | June 30, 2026 | N-PORT |
| PHEQ · Morgan Stanley ETF Trust | 0.24% | 2,427 NS | June 30, 2026 | N-PORT |
| TMFE · RBB Fund, Inc. | 0.24% | 1,471 NS | May 31, 2026 | N-PORT |
| IMCG · iShares Trust | 0.24% | 56,673 SH | Aug. 21, 2026 | Daily |
| ESUM · Strategy Shares | 0.24% | 2,833 NS | April 30, 2026 | N-PORT |
| KNCT · Invesco Exchange-Traded Fund Trust | 0.21% | 1,921 SH | Aug. 21, 2026 | Daily |
| GSEW · Goldman Sachs ETF Trust | 0.20% | 25,055 NS | May 31, 2026 | N-PORT |
| SIZE · iShares Trust | 0.18% | 4,552 SH | Aug. 21, 2026 | Daily |
| XT · iShares Trust | 0.18% | 40,565 SH | Aug. 21, 2026 | Daily |
| FAI · First Trust Exchange-Traded Fund II | 0.18% | 1,223 NS | June 30, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.18% | 19,523 SH | Aug. 21, 2026 | Daily |
| CVMC · Morgan Stanley ETF Trust | 0.17% | 1,225 NS | June 30, 2026 | N-PORT |
| AIQ · Global X Funds | 0.16% | 126,140 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.16% | 1,180,950 SH | Aug. 19, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.15% | 1,836 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.15% | 2,313 NS | May 31, 2026 | N-PORT |
| AIS · Tidal Trust III | 0.14% | 7,024 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.14% | 2,277,750 SH | Aug. 19, 2026 | Daily |
| XAIX · DBX ETF Trust | 0.14% | 1,509 NS | May 31, 2026 | N-PORT |
| QGRO · AMERICAN CENTURY ETF TRUST | 0.13% | 21,152 NS | May 31, 2026 | N-PORT |
| JSTC · Tidal Trust I | 0.13% | 3,166 NS | May 31, 2026 | N-PORT |