Unity Software (U)
Market Price (11/14/2026): $52.34 | Market Cap: $23.2 BilSector: Information Technology | Industry: Application Software
Unity Software (U)
Market Price (11/14/2026): $52.34Market Cap: $23.2 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Metaverse. Themes include Gaming Content & Platforms, Augmented Reality, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -389 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7% Key risksU key risks include [1] a persistent inability to achieve profitability amid declining revenues and [2] a significant trust deficit with its developer community stemming from past strategic blunders. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Metaverse. Themes include Gaming Content & Platforms, Augmented Reality, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -389 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7% |
| Key risksU key risks include [1] a persistent inability to achieve profitability amid declining revenues and [2] a significant trust deficit with its developer community stemming from past strategic blunders. |
Qualitative Assessment
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Prices as of 11/13/2026
Nov 13: up 5.2% in one day (S&P 500 down 0.4%)
Unity Software's stock rose without company-specific news in our feed. The gain occurred on a day when the S&P 500 index declined.
Up 208.3% since its Feb 23 low (S&P 500 up 11.4%)
Unity Software's substantial gain reflected consistently strong financial results and strategic business shifts, including exiting non-strategic ad businesses. Key days included March 27 on preliminary first quarter results, August 6 for second quarter earnings, and November 5 on third quarter earnings.
Nov 5: up 14.9% on its earnings report (S&P 500 down 4.4%)
The company's stock jumped after reporting third quarter 2026 financial results that surpassed estimates. Unity posted strong revenue and net income growth, with earnings per share beating consensus expectations.
Nov 13: up 5.2% in one day (S&P 500 down 0.4%)
Unity Software's stock rose without company-specific news in our feed. The gain occurred on a day when the S&P 500 index declined.
Up 208.3% since its Feb 23 low (S&P 500 up 11.4%)
Unity Software's substantial gain reflected consistently strong financial results and strategic business shifts, including exiting non-strategic ad businesses. Key days included March 27 on preliminary first quarter results, August 6 for second quarter earnings, and November 5 on third quarter earnings.
Nov 5: up 14.9% on its earnings report (S&P 500 down 4.4%)
The company's stock jumped after reporting third quarter 2026 financial results that surpassed estimates. Unity posted strong revenue and net income growth, with earnings per share beating consensus expectations.
Prices as of 11/13/2026
Nov 13: up 5.2% in one day (S&P 500 down 0.4%)
Unity Software's stock rose without company-specific news in our feed. The gain occurred on a day when the S&P 500 index declined.
Up 208.3% since its Feb 23 low (S&P 500 up 11.4%)
Unity Software's substantial gain reflected consistently strong financial results and strategic business shifts, including exiting non-strategic ad businesses. Key days included March 27 on preliminary first quarter results, August 6 for second quarter earnings, and November 5 on third quarter earnings.
Nov 5: up 14.9% on its earnings report (S&P 500 down 4.4%)
The company's stock jumped after reporting third quarter 2026 financial results that surpassed estimates. Unity posted strong revenue and net income growth, with earnings per share beating consensus expectations.
Show less
Nov 13: up 5.2% in one day (S&P 500 down 0.4%)
Unity Software's stock rose without company-specific news in our feed. The gain occurred on a day when the S&P 500 index declined.
Up 208.3% since its Feb 23 low (S&P 500 up 11.4%)
Unity Software's substantial gain reflected consistently strong financial results and strategic business shifts, including exiting non-strategic ad businesses. Key days included March 27 on preliminary first quarter results, August 6 for second quarter earnings, and November 5 on third quarter earnings.
Nov 5: up 14.9% on its earnings report (S&P 500 down 4.4%)
The company's stock jumped after reporting third quarter 2026 financial results that surpassed estimates. Unity posted strong revenue and net income growth, with earnings per share beating consensus expectations.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 66.5% change in U stock from 7/31/2026 to 11/13/2026 was primarily driven by a 49.4% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.71 | 52.81 | 66.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,923 | 2,180 | 13.4% |
| P/S Multiple | 7.2 | 10.7 | 49.4% |
| Shares Outstanding (Mil) | 434 | 442 | -1.7% |
| Cumulative Contribution | 66.5% |
Market Drivers
7/31/2026 to 11/13/2026| Return | Correlation | |
|---|---|---|
| U | 66.5% | |
| Market (SPY) | 1.2% | 4.1% |
| Sector (XLK) | -2.9% | 4.3% |
Fundamental Drivers
The 99.9% change in U stock from 4/30/2026 to 11/13/2026 was primarily driven by a 74.2% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.42 | 52.81 | 99.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,850 | 2,180 | 17.9% |
| P/S Multiple | 6.1 | 10.7 | 74.2% |
| Shares Outstanding (Mil) | 430 | 442 | -2.6% |
| Cumulative Contribution | 99.9% |
Market Drivers
4/30/2026 to 11/13/2026| Return | Correlation | |
|---|---|---|
| U | 99.9% | |
| Market (SPY) | 5.5% | 17.9% |
| Sector (XLK) | 6.9% | 15.9% |
Fundamental Drivers
The 39.3% change in U stock from 10/31/2025 to 11/13/2026 was primarily driven by a 22.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.90 | 52.81 | 39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,780 | 2,180 | 22.5% |
| P/S Multiple | 8.9 | 10.7 | 20.3% |
| Shares Outstanding (Mil) | 418 | 442 | -5.4% |
| Cumulative Contribution | 39.3% |
Market Drivers
10/31/2025 to 11/13/2026| Return | Correlation | |
|---|---|---|
| U | 39.3% | |
| Market (SPY) | 11.8% | 27.9% |
| Sector (XLK) | 13.7% | 28.4% |
Fundamental Drivers
The 108.2% change in U stock from 10/31/2023 to 11/13/2026 was primarily driven by a 100.4% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.37 | 52.81 | 108.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,808 | 2,180 | 20.6% |
| P/S Multiple | 5.3 | 10.7 | 100.4% |
| Shares Outstanding (Mil) | 380 | 442 | -13.9% |
| Cumulative Contribution | 108.2% |
Market Drivers
10/31/2023 to 11/13/2026| Return | Correlation | |
|---|---|---|
| U | 108.2% | |
| Market (SPY) | 87.0% | 40.7% |
| Sector (XLK) | 111.3% | 37.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| U Return | -7% | -80% | 43% | -45% | 97% | 20% | -66% |
| Peers Return | 41% | -52% | 97% | 162% | 46% | -17% | 319% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| U Win Rate | 42% | 33% | 58% | 33% | 67% | 55% | |
| Peers Win Rate | 65% | 22% | 68% | 70% | 57% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| U Max Drawdown | -48% | -85% | -48% | -66% | -41% | -64% | |
| Peers Max Drawdown | -15% | -58% | -24% | -24% | -35% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: APP, RBLX, ADSK, GOOGL, MSFT. See U Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/13/2026 (YTD)
How Low Can It Go
| Event | U | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.0% | -18.8% |
| % Gain to Breakeven | 28.2% | 23.1% |
| Time to Breakeven | 16 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -41.9% | -9.5% |
| % Gain to Breakeven | 72.2% | 10.5% |
| Time to Breakeven | 676 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.7% | -6.7% |
| % Gain to Breakeven | 50.9% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
In The Past
Unity Software's stock fell -22.0% during the 2025 US Tariff Shock. Such a loss loss requires a 28.2% gain to breakeven.
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Asset Allocation
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| Event | U | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.0% | -18.8% |
| % Gain to Breakeven | 28.2% | 23.1% |
| Time to Breakeven | 16 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -41.9% | -9.5% |
| % Gain to Breakeven | 72.2% | 10.5% |
| Time to Breakeven | 676 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.7% | -6.7% |
| % Gain to Breakeven | 50.9% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
In The Past
Unity Software's stock fell -22.0% during the 2025 US Tariff Shock. Such a loss loss requires a 28.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Unity Software (U)
Unity Software Inc. (U) develops and operates a leading platform for creating, running, and monetizing interactive real-time 2D and 3D content. The company essentially provides a comprehensive suite of software solutions that empower creators and developers to build immersive digital experiences, from games to complex simulations, across a wide array of devices.
The core of Unity's offering is its real-time 3D development platform. This platform provides essential tools for designing and developing content for mobile phones, tablets, personal computers, gaming consoles, and cutting-edge augmented and virtual reality (AR/VR) devices. Beyond content creation, Unity's solutions also include functionalities for optimizing content performance and enabling monetization strategies for developers.
Unity primarily serves a diverse global customer base, including content creators, software developers, artists, designers, engineers, and architects. While widely recognized for its impact in the video game industry, its versatile tools are increasingly adopted across various sectors where interactive 3D visualization and simulation are crucial, such as film, automotive, architecture, and engineering. The company distributes its solutions globally through direct sales, an online store, and independent distributors.
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Unity Software is like:
Adobe for interactive 3D content.
Autodesk for real-time 3D applications.
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- Creation Tools: Software solutions for developing interactive 2D and 3D content.
- Runtime Solutions: Services enabling content to be deployed and run across diverse devices.
- Monetization Solutions: Tools and services designed to help creators generate revenue from their content.
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Unity Software (U) sells its interactive real-time 3D content platform and software solutions primarily to professionals and organizations across various industries. While the company does not typically disclose specific major customer companies, its customer base can be categorized into the following groups of professionals:
- Content Creators and Developers: This includes individuals and teams involved in creating video games, mobile applications, and other interactive experiences.
- Artists and Designers: Professionals who leverage Unity for visual development, animation, architectural visualization, and product design.
- Engineers and Architects: Users in industries such as automotive, manufacturing, and architecture who utilize Unity for simulations, digital twins, real-time visualizations, and design collaboration.
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- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
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Matthew Bromberg, Chief Executive Officer
Matthew Bromberg was appointed CEO and President of Unity in May 2024. He brings over two decades of experience in the gaming industry. Prior to Unity, he served as Chief Operating Officer of Zynga, where he was instrumental in the company's turnaround and managed its global game studios. He also held multiple leadership roles at Electronic Arts (EA), including Senior Vice President of Strategy and Operations for their mobile division and Group General Manager for BioWare studios. Bromberg founded I'mOK Inc. and pioneered the esports industry as President and CEO of Major League Gaming. He has served as a Senior Advisor to Blackstone, a global alternative asset manager, demonstrating a pattern of involvement with private equity-backed entities. He also sat on the board of directors for companies such as Bumble, Monzo (a privately held bank), and Fitbit, which was acquired by Google.
Matthew Bromberg was appointed CEO and President of Unity in May 2024. He brings over two decades of experience in the gaming industry. Prior to Unity, he served as Chief Operating Officer of Zynga, where he was instrumental in the company's turnaround and managed its global game studios. He also held multiple leadership roles at Electronic Arts (EA), including Senior Vice President of Strategy and Operations for their mobile division and Group General Manager for BioWare studios. Bromberg founded I'mOK Inc. and pioneered the esports industry as President and CEO of Major League Gaming. He has served as a Senior Advisor to Blackstone, a global alternative asset manager, demonstrating a pattern of involvement with private equity-backed entities. He also sat on the board of directors for companies such as Bumble, Monzo (a privately held bank), and Fitbit, which was acquired by Google.
Jarrod Yahes, Chief Financial Officer
Jarrod Yahes joined Unity as Chief Financial Officer, effective January 1, 2025. Before his appointment at Unity, he served as the Chief Financial Officer for Shutterstock for five years. During his tenure at Shutterstock, he was responsible for overseeing the company's expansion into areas such as 3D content, data monetization, and digital advertising.
Alexander Blum, Chief Operating Officer
Alexander Blum serves as the Chief Operating Officer at Unity.
Steve Collins, Chief Technology Officer
Steve Collins was appointed Chief Technology Officer of Unity in November 2024. He is also recognized as a co-founder of Havoc.
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The key risks to Unity Software (U) are:
- Intense Competition and Rapid Technological Changes, particularly from AI: Unity operates in a highly competitive and rapidly evolving market for interactive real-time 3D content platforms. The company faces significant competition from other content development tools, such as Epic Games' Unreal Engine. A prominent and emerging risk is the rapid advancement of AI-native creation tools, like Google's Project Genie, which have the potential to disrupt traditional game engines and development workflows. This could intensify competition and potentially bypass existing platforms, leading to a repricing of Unity's risk profile and impacting its market position. There is also a risk that Unity's own AI-powered advertising and creation platforms may not scale as expected or face significant challenges.
- Lack of GAAP Profitability and History of Losses: Unity Software has a consistent history of net losses on a Generally Accepted Accounting Principles (GAAP) basis, and its future profitability remains uncertain despite reporting strong free cash flow in some recent quarters. The company continues to incur high operating expenses due to aggressive investments in research and development, AI innovation, sales, marketing, and global expansion, which negatively impact its ability to achieve and sustain GAAP profitability.
- Developer Relations and Pricing Model Issues: Unity has faced challenges related to its developer community and past pricing policy changes. The controversial "Runtime Fee" policy introduced in 2024 led to "trust issues" and a strategic reset for the company, resulting in negative developer sentiment. While Unity has since modified its approach and replaced top management, the lingering impact on developer confidence and the potential for developers to migrate to alternative solutions remain critical factors for the business. Additionally, a significant portion of Unity's ongoing expenses is associated with third-party cloud service providers, and inefficiencies or disruptions in these services could impact gross margins and customer satisfaction.
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The rapid advancement and adoption of generative artificial intelligence (AI) tools for 3D asset creation, environment generation, and animation pose an emerging threat. As these AI tools become more sophisticated, accessible, and integrated into content creation workflows, they could significantly reduce the manual effort traditionally required within content creation engines. This shift could potentially diminish the reliance on traditional engine-centric development and enable new, AI-native content platforms or pipelines, thus disrupting Unity's core business model.
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The addressable markets for Unity Software (U) are as follows:
- The broader gaming market, which effectively defines Unity's total addressable market (TAM) for its Create Solutions (CS) segment, is estimated by Goldman Sachs (using data from IDC and Newzoo) to reach approximately $305 billion by 2028 globally.
- Unity's management estimates that its exposure to the mobile gaming monetization market alone represents an opportunity of approximately $30 billion globally.
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Unity Software Inc. (U) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Growth of Vector and AI Platform Revenue: Unity's advertising platform, Vector, is a significant driver of future revenue, demonstrating exceptional growth. The company anticipates Vector's quarterly revenue run rate to comfortably exceed $1 billion annually by the end of 2026, shifting the revenue mix towards higher-margin, differentiated AI platform revenue. This growth is also supported by the integration of runtime engine data into Vector, enhancing the quality of AI models and providing more value to advertising customers.
- Expansion and Performance of Create Solutions: The Create segment is forecasted for double-digit year-over-year growth in Q1 2026, excluding non-strategic revenue. This growth is fueled by strong subscription performance, successful implementation of price increases, and significant expansion in key markets such as China. The accelerated adoption of Unity 6, the company's latest engine version, is also contributing to the Create business's momentum.
- Diversification into Non-Gaming Enterprise Markets: Unity is actively expanding its reach beyond traditional game development into broader real-time 3D and digital twin markets. This strategy involves targeting enterprise customers in sectors like architecture, engineering, and construction (AEC), automotive, and energy with specialized Unity Industry bundles, cloud services, and Software-as-a-Service (SaaS) offerings.
- Advancements in AI and Engine Development: Continued investment and innovation in AI and engine development are crucial for future growth. The rapid adoption of Unity 6 and the launch of new AI platforms, such as Unity Sentis and Unity Muse, are expected to enhance developer tools and user experiences. These AI-powered creation tools aim to streamline development processes, allowing creators to build faster with fewer manual steps.
- Improved Monetization and Platform Integration: Unity is enhancing its monetization strategies through efforts like integrating ironSource LevelPlay mediation to improve ad supply aggregation and demand quality. Additionally, new in-app purchase commerce offerings are being launched to remove friction from both game creation and monetization, aiming to increase overall monetization yield. The near completion of the decline of the ironSource ad network is shifting the revenue mix towards higher-margin AI platform revenue.
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Share Repurchases
- Unity Software had annual share buybacks of $250 million in 2023.
Share Issuance
- Unity's annual shares outstanding increased from 385 million in December 2023 to 409 million in December 2024, indicating new shares were issued.
- Unity Software's shares outstanding grew to 428 million in September 2025 from 420 million in June 2025, reflecting new share issuances.
- Proceeds from the issuance of common stock from employee equity plans were a primary driver of increased cash and cash equivalents in Q2 2025.
Inbound Investments
- Neo Ivy Capital Management acquired a stake of 94,818 shares in Unity Software, valued at approximately $3.797 million, during the third quarter (prior to March 7, 2026).
- Shannon River Fund Management LLC acquired 1,065,452 shares of Unity Software on February 13, 2026, with an estimated trade value of $47.06 million.
Outbound Investments
- Unity completed a merger with ironSource in November 2022.
- In fiscal year 2021, Unity made payments for business acquisitions totaling $1,580 million and purchases of investments amounting to $524.3 million.
- For fiscal year 2022, payments for business acquisitions were $121.53 million, and purchases of investments were $165.91 million.
Capital Expenditures
- Unity Software's capital expenditures were -$19.02 million in fiscal year 2025, -$29.55 million in fiscal year 2024, and -$55.92 million in fiscal year 2023.
- In Q4 2025, capital expenditures totaled $2.8 million.
Peer Outperformance in Application Software
U has trailed 67% of its 125 Application Software peers over 5Y. Among the peers that beat it is MSTR. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that U has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
86%
of 151 industry peers · 42.1% return
3Y
86%
of 136 industry peers · 81.0% return
5Y
33%
of 125 industry peers · -73.1% return
Application Software peers with revenue growth within 4pp of U's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| U | Unity Software | 3.2% | -68.6x | 42.1% | 81.0% | -73.1% | — |
| MSTR | Strategy | -0.5% | -3.3x | -46.5% | 132.5% | 37.5% | +111pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is U's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 21.7% | 94.9% | 168.2% | FLEX 438% · TTMI 419% · JBL 301% |
| Technology Distributors | 9 | 50.8% | 54.3% | 61.9% | AVT 138% · SNX 125% · CNXN 79% |
| Electronic Components | 23 | 22.9% | 66.0% | 39.7% | CLS 1972% · BELFA 1109% · APH 289% |
| Semiconductor Materials & Equipment | 28 | 47.7% | 49.2% | 35.3% | AXTI 359% · KLAC 286% · LRCX 281% |
| Communications Equipment | 35 | 19.0% | 81.8% | 34.7% | AAOI 721% · LITE 550% · ANET 500% |
| Electronic Equipment & Instruments | 27 | -4.0% | 23.1% | 1.7% | PI 116% · OSIS 102% · KEYS 60% |
| Semiconductors | 55 | 13.8% | 29.7% | -8.6% | MU 931% · AVGO 573% · NVDA 438% |
| Technology Hardware, Storage & Peripherals | 21 | -12.6% | 78.4% | -19.8% | DELL 578% · WDC 556% · SMCI 515% |
| IT Consulting & Other Services | 30 | -16.6% | -7.7% | -23.9% | APLD 299% · IBM 150% · GIB -7% |
| Internet Services & Infrastructure | 6 | -8.3% | 39.5% | -26.9% | GDDY 61% · VRSN 35% · AKAM -23% |
| Application Software ← | 126 | -9.0% | -15.4% | -54.7% | PLTR 636% · FROG 207% · AGYS 155% |
| Systems Software | 71 | -5.8% | 16.0% | -62.4% | ZETA 287% · CRWD 219% · CVLT 127% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 279.16 |
| Mkt Cap | 95.4 |
| Rev LTM | 7,699 |
| Op Inc LTM | 4,047 |
| FCF LTM | 3,854 |
| FCF 3Y Avg | 2,618 |
| CFO LTM | 3,900 |
| CFO 3Y Avg | 2,664 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.5% |
| Rev Chg 3Y Avg | 16.7% |
| Rev Chg Q | 21.7% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 24.0% |
| Op Inc Chg 3Y Avg | 23.1% |
| Op Mgn LTM | 30.6% |
| Op Mgn 3Y Avg | 28.3% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 37.6% |
| CFO/Rev 3Y Avg | 32.6% |
| FCF/Rev LTM | 27.1% |
| FCF/Rev 3Y Avg | 23.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 95.4 |
| P/S | 9.1 |
| P/Op Inc | 22.9 |
| P/EBIT | 16.9 |
| P/E | 21.1 |
| P/CFO | 19.9 |
| Total Yield | 3.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.8% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Price Behavior
Price Behavior
| Market Price | $52.81 | |
| Market Cap ($ Bil) | 23.3 | |
| First Trading Date | 09/18/2020 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $43.39 | $31.95 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 21.7% | 65.3% |
| 3M | 1YR | |
| Volatility | 57.5% | 70.9% |
| Downside Capture | 129.24 | 242.30 |
| Upside Capture | 181.58 | 239.41 |
| Correlation (S&P 500) | -2.6% | 27.7% |
U Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.11 | 2.59 | 2.47 | 1.85 | 2.15 | 1.98 |
| Up Beta | -5.33 | 0.95 | 2.69 | 1.63 | 1.84 | 1.83 |
| Down Beta | 4.47 | 3.58 | 4.26 | 2.36 | 1.08 | 1.84 |
| Up Capture | 263% | 244% | 265% | 257% | 556% | 1630% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 16 | 29 | 61 | 124 | 375 |
| Down Capture | 313% | 255% | 141% | 131% | 170% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 26 | 34 | 64 | 125 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with U | |
|---|---|---|---|---|
| U | 32.0% | 70.9% | 0.70 | - |
| Sector ETF (XLK) | 16.4% | 28.7% | 0.52 | 27.5% |
| Equity (SPY) | 11.6% | 13.7% | 0.54 | 26.7% |
| Gold (GLD) | -7.9% | 28.9% | -0.29 | 26.1% |
| Commodities (DBC) | 33.8% | 21.3% | 1.26 | -3.3% |
| Real Estate (VNQ) | 10.7% | 14.2% | 0.47 | 4.8% |
| Bitcoin (BTCUSD) | -30.9% | 43.5% | -0.73 | 21.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with U | |
|---|---|---|---|---|
| U | -21.3% | 77.7% | 0.03 | - |
| Sector ETF (XLK) | 16.1% | 26.5% | 0.55 | 48.9% |
| Equity (SPY) | 11.5% | 17.3% | 0.49 | 51.5% |
| Gold (GLD) | 15.9% | 19.2% | 0.66 | 12.7% |
| Commodities (DBC) | 7.8% | 19.6% | 0.28 | 6.9% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 37.4% |
| Bitcoin (BTCUSD) | 2.8% | 51.5% | 0.24 | 29.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with U | |
|---|---|---|---|---|
| U | -3.9% | 75.3% | 0.25 | - |
| Sector ETF (XLK) | 23.3% | 25.3% | 0.84 | 48.2% |
| Equity (SPY) | 15.5% | 18.0% | 0.73 | 48.8% |
| Gold (GLD) | 11.1% | 16.6% | 0.54 | 11.8% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 6.5% |
| Real Estate (VNQ) | 6.3% | 20.7% | 0.26 | 34.2% |
| Bitcoin (BTCUSD) | 58.8% | 66.2% | 0.99 | 23.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 14.9% | 16.9% | |
| 8/6/2026 | 15.1% | 25.5% | 18.6% |
| 5/7/2026 | -2.0% | -1.4% | 6.9% |
| 2/11/2026 | -26.3% | -36.2% | -33.1% |
| 11/5/2025 | 18.1% | 15.6% | 27.6% |
| 8/6/2025 | -6.0% | 9.9% | 18.4% |
| 5/7/2025 | -3.1% | 3.0% | 16.3% |
| 2/20/2025 | 30.4% | 23.5% | -2.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 13 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 13.3% | 14.3% | 23.3% |
| Median Negative | -6.9% | -16.3% | -19.2% |
| Max Positive | 30.4% | 54.8% | 57.8% |
| Max Negative | -37.0% | -36.2% | -38.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 14.9% | 16.9% | |
| 8/6/2026 | 15.1% | 25.5% | 18.6% |
| 5/7/2026 | -2.0% | -1.4% | 6.9% |
| 2/11/2026 | -26.3% | -36.2% | -33.1% |
| 11/5/2025 | 18.1% | 15.6% | 27.6% |
| 8/6/2025 | -6.0% | 9.9% | 18.4% |
| 5/7/2025 | -3.1% | 3.0% | 16.3% |
| 2/20/2025 | 30.4% | 23.5% | -2.0% |
| 11/7/2024 | -7.7% | -15.2% | 23.3% |
| 8/8/2024 | 8.2% | 13.6% | 19.6% |
| 5/9/2024 | -10.2% | -8.6% | -25.6% |
| 2/26/2024 | -6.1% | -18.3% | -19.2% |
| 11/9/2023 | 7.0% | 14.5% | 28.4% |
| 8/2/2023 | -0.8% | -9.4% | -10.6% |
| 5/10/2023 | 12.9% | 4.7% | 26.3% |
| 2/22/2023 | -15.9% | -21.5% | -22.9% |
| 11/9/2022 | 29.4% | 54.8% | 57.8% |
| 8/9/2022 | 10.4% | 6.5% | -23.0% |
| 5/10/2022 | -37.0% | -20.3% | -14.2% |
| 2/3/2022 | 17.4% | 21.8% | -11.6% |
| 11/9/2021 | 2.8% | 14.2% | -18.4% |
| 8/10/2021 | 13.3% | 12.7% | 25.2% |
| 5/11/2021 | -0.4% | 6.0% | 19.2% |
| 2/4/2021 | -14.1% | -16.3% | -38.1% |
| 11/12/2020 | 12.8% | 14.3% | 44.2% |
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 13 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 13.3% | 14.3% | 23.3% |
| Median Negative | -6.9% | -16.3% | -19.2% |
| Max Positive | 30.4% | 54.8% | 57.8% |
| Max Negative | -37.0% | -36.2% | -38.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 09/18/2020 | 424B4 |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Strategic Revenue | Reported | 683.00 Mil | 687.00 Mil | 691.00 Mil | 26.1% | Higher New | Guidance: 545.00 Mil for Q3 2026 | |
| Q4 2026 Strategic Revenue Growth | Reported | 65.0% | 66.0% | 67.0% | ||||
| Q4 2026 Strategic Grow Revenue | Reported | 515.00 Mil | 517.50 Mil | 520.00 Mil | 35.3% | Higher New | Guidance: 382.50 Mil for Q3 2026 | |
| Q4 2026 Strategic Grow Revenue Growth | Reported | 105.0% | 106.0% | 107.0% | ||||
| Q4 2026 Strategic Create Revenue | Reported | 168.00 Mil | 169.50 Mil | 171.00 Mil | 5.3% | Higher New | Guidance: 161.00 Mil for Q3 2026 | |
| Q4 2026 Strategic Create Revenue Growth | Reported | 4.0% | 5.0% | 6.0% | ||||
| Q4 2026 Non-Strategic Revenue | Reported | 5.00 Mil | -75.0% | Lower New | Guidance: 20.00 Mil for Q3 2026 | |||
| Q4 2026 Adjusted EBITDA | Reported | 290.00 Mil | 292.50 Mil | 295.00 Mil | 56.0% | Higher New | Guidance: 187.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA Growth | Reported | 132.0% | 134.0% | 136.0% | ||||
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Strategic Revenue | Reported | 540.00 Mil | 545.00 Mil | 550.00 Mil | 18.5% | Higher New | Guidance: 460.00 Mil for Q2 2026 | |
| Q3 2026 Strategic Grow Revenue | Reported | 380.00 Mil | 382.50 Mil | 385.00 Mil | 25.8% | Higher New | Guidance: 304.00 Mil for Q2 2026 | |
| Q3 2026 Strategic Create Revenue | Reported | 159.00 Mil | 161.00 Mil | 163.00 Mil | 3.2% | Higher New | Guidance: 156.00 Mil for Q2 2026 | |
| Q3 2026 Non-Strategic Revenue | Reported | 20.00 Mil | ||||||
| Q3 2026 Adjusted EBITDA | Reported | 185.00 Mil | 187.50 Mil | 190.00 Mil | 41.5% | Higher New | Guidance: 132.50 Mil for Q2 2026 | |
Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Revenue | Reported | 505.00 Mil | 510.00 Mil | 515.00 Mil | 5.2% | Higher New | Guidance: 485.00 Mil for Q1 2026 | |
| Q2 2026 Strategic Revenue | Reported | 455.00 Mil | 460.00 Mil | 465.00 Mil | ||||
| Q2 2026 Strategic Grow Revenue | Reported | 302.00 Mil | 304.00 Mil | 306.00 Mil | ||||
| Q2 2026 Strategic Create Revenue | Reported | 154.00 Mil | 156.00 Mil | 158.00 Mil | ||||
| Q2 2026 Adjusted EBITDA | Reported | 130.00 Mil | 132.50 Mil | 135.00 Mil | 23.3% | Higher New | Guidance: 107.50 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 480.00 Mil | 485.00 Mil | 490.00 Mil | 0 | Same New | Guidance: 485.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | 105.00 Mil | 107.50 Mil | 110.00 Mil | -4.4% | Lower New | Guidance: 112.50 Mil for Q4 2025 | |
Insider Activity
Updated 11/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bromberg, Matthew S | President and CEO | Direct | Sell | 11102026 | 51.30 | 100,000 | 5,130,000 | 73,930,020 | Form |
| 2 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 8312026 | 43.51 | 43,556 | 1,895,194 | 28,798,409 | Form |
| 3 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 8272026 | 44.81 | 1,964 | 88,007 | 31,609,467 | Form |
| 4 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 8272026 | 45.31 | 20,595 | 933,088 | 32,048,709 | Form |
| 5 | Boyden, Rebecca Berenice | SVP, Chief Legal Officer | Direct | Sell | 8262026 | 45.32 | 1,032 | 46,769 | 13,976,919 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bromberg, Matthew S | President and CEO | Direct | Sell | 11102026 | 51.30 | 100,000 | 5,130,000 | 73,930,020 | Form |
| 2 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 8312026 | 43.51 | 43,556 | 1,895,194 | 28,798,409 | Form |
| 3 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 8272026 | 44.81 | 1,964 | 88,007 | 31,609,467 | Form |
| 4 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 8272026 | 45.31 | 20,595 | 933,088 | 32,048,709 | Form |
| 5 | Boyden, Rebecca Berenice | SVP, Chief Legal Officer | Direct | Sell | 8262026 | 45.32 | 1,032 | 46,769 | 13,976,919 | Form |
| 6 | Bromberg, Matthew S | President and CEO | Direct | Sell | 8262026 | 45.31 | 16,383 | 742,278 | 69,825,269 | Form |
| 7 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 8262026 | 45.31 | 26,017 | 1,178,854 | 30,736,334 | Form |
| 8 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 5282026 | 27.37 | 2,099 | 57,450 | 19,924,539 | Form |
| 9 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 5282026 | 27.18 | 24,021 | 652,891 | 19,144,505 | Form |
| 10 | Bromberg, Matthew S | CEO and President | Direct | Sell | 5282026 | 27.18 | 138,993 | 3,777,830 | 42,333,231 | Form |
| 11 | Boyden, Rebecca Berenice | SVP, Chief Legal Officer | Direct | Sell | 5282026 | 27.20 | 952 | 25,894 | 8,416,904 | Form |
| 12 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 5282026 | 27.18 | 19,009 | 516,665 | 19,843,275 | Form |
| 13 | Barrysmith, Mark | Chief Accounting Officer | Direct | Sell | 5282026 | 27.18 | 13,247 | 360,053 | 10,074,376 | Form |
| 14 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 3062026 | 21.03 | 6,205 | 130,491 | 15,317,852 | Form |
| 15 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 2272026 | 18.76 | 2,541 | 47,669 | 10,288,453 | Form |
| 16 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 2272026 | 18.07 | 12,196 | 220,382 | 9,648,169 | Form |
| 17 | Barrysmith, Mark | Chief Accounting Officer | Direct | Sell | 2272026 | 18.07 | 10,578 | 191,144 | 6,937,091 | Form |
| 18 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 2272026 | 18.07 | 10,164 | 183,663 | 9,955,956 | Form |
| 19 | Bar-Zeev, Tomer | See footnote | Sell | 12152025 | 47.00 | 50,000 | 2,350,000 | 41,037,862 | Form | |
| 20 | Bar-Zeev, Tomer | See footnote | Sell | 12152025 | 50.85 | 125,000 | 6,355,814 | 46,938,750 | Form | |
| 21 | Helgason, David | See Footnote | Sell | 12122025 | 49.64 | 393,312 | 19,522,637 | 269,981,595 | Form | |
| 22 | Helgason, David | Direct | Sell | 12122025 | 49.16 | 8,347 | 410,351 | 375,348 | Form | |
| 23 | Helgason, David | See Footnote | Sell | 12122025 | 50.16 | 306,688 | 15,383,347 | 292,555,115 | Form | |
| 24 | Barrysmith, Mark | Chief Accounting Officer | Direct | Sell | 12122025 | 50.01 | 14,407 | 720,494 | 19,727,895 | Form |
| 25 | Bar-Zeev, Tomer | See footnote | Sell | 12012025 | 41.93 | 250,000 | 10,482,692 | 43,949,568 | Form | |
| 26 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 12012025 | 42.47 | 1,988 | 84,430 | 23,831,191 | Form |
| 27 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 11262025 | 42.79 | 27,742 | 1,187,080 | 23,368,860 | Form |
| 28 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 11262025 | 41.38 | 34,719 | 1,436,708 | 23,747,372 | Form |
| 29 | Blum, Alexander | SVP, Chief Operating Officer | Direct | Sell | 11262025 | 41.38 | 40,693 | 1,683,722 | 23,299,689 | Form |
| 30 | Bromberg, Matthew S | CEO and President | Direct | Sell | 11262025 | 41.38 | 41,025 | 1,697,610 | 49,347,226 | Form |
| 31 | Barrysmith, Mark | Chief Accounting Officer | Direct | Sell | 11262025 | 41.38 | 13,684 | 566,244 | 16,919,697 | Form |
| 32 | Barrysmith, Mark | Chief Accounting Officer | Direct | Sell | 11262025 | 41.41 | 29,599 | 1,225,695 | 17,498,624 | Form |
| 33 | Barrysmith, Mark | Chief Accounting Officer | Direct | Sell | 11182025 | 36.60 | 817 | 29,902 | 16,549,385 | Form |
| 34 | Dovrat, Shlomo | Y.T.D. Dovrat Investments Ltd. | Sell | 11132025 | 42.87 | 30,000 | 1,286,100 | 6,820,145 | Form | |
| 35 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 11102025 | 42.75 | 14,914 | 637,574 | 26,017,222 | Form |
| 36 | Yahes, Jarrod | SVP, Chief Financial Officer | Direct | Sell | 11072025 | 41.15 | 15,000 | 617,244 | 25,656,956 | Form |
| 37 | Bar-Zeev, Tomer | See footnote | Sell | 11042025 | 37.98 | 250,000 | 9,494,332 | 49,300,118 | Form |
Investor Activity (13F)
Updated Nov 14, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Broad Peak Investment Advisers Pte Ltd | $58.0 Mil | 11.8% | 23 | Hold | 13F |
| Infinitum Asset Management, LLC | $93.2 Mil | 11.7% | 21 | ADD +203.6% | 13F |
| SC US (TTGP), LTD. | $758.2 Mil | 8.2% | 36 | Hold | 13F |
| Kora Management LP | $35.0 Mil | 5.0% | 9 | ADD +5547.9% | 13F |
| Two Creeks Capital Management, LP | $43.5 Mil | 4.6% | 21 | ADD +86.5% | 13F |
| Arohi Asset Management PTE Ltd. | $12.5 Mil | 4.5% | 7 | ADD +1038.8% | 13F |
| Slate Path Capital LP | $249.0 Mil | 3.7% | 44 | ADD +38.4% | 13F |
| Optimus Prime Fund Management Co., Ltd. | $12.8 Mil | 1.2% | 27 | Hold | 13F |
| KR Capital LP | $5.9 Mil | 1.2% | 49 | New | 13F |
| WT Asset Management Ltd | $47.2 Mil | 1.0% | 32 | ADD +64.9% | 13F |
| Tairen Capital Ltd | $7.2 Mil | 0.8% | 44 | TRIM -25.9% | 13F |
| D1 Capital Partners L.P. | $71.5 Mil | 0.6% | 44 | New | 13F |
| Eminence Capital, LP | $15.9 Mil | 0.4% | 33 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $71.5 Mil | 0.6% | 44 | New | 13F |
| Eminence Capital, LP | $15.9 Mil | 0.4% | 33 | New | 13F |
| KR Capital LP | $5.9 Mil | 1.2% | 49 | New | 13F |
| Kora Management LP | $35.0 Mil | 5.0% | 9 | ADD +5547.9% | 13F |
| Arohi Asset Management PTE Ltd. | $12.5 Mil | 4.5% | 7 | ADD +1038.8% | 13F |
| Infinitum Asset Management, LLC | $93.2 Mil | 11.7% | 21 | ADD +203.6% | 13F |
| Two Creeks Capital Management, LP | $43.5 Mil | 4.6% | 21 | ADD +86.5% | 13F |
| WT Asset Management Ltd | $47.2 Mil | 1.0% | 32 | ADD +64.9% | 13F |
| Slate Path Capital LP | $249.0 Mil | 3.7% | 44 | ADD +38.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| FengHe Fund Management Pte. Ltd. | $76.5 Mil | 4.3% | 38 | Exited | Dec 31, 2025 | 13F |
| Anomaly Capital Management, LP | $51.4 Mil | 1.8% | 32 | Exited | Dec 31, 2025 | 13F |
| Shannon River Fund Management LLC | $47.1 Mil | 7.4% | 26 | Exited | Dec 31, 2025 | 13F |
| Ariose Capital Management Ltd | $40.8 Mil | 13.7% | 14 | Exited | Dec 31, 2025 | 13F |
| Newbrook Capital Advisors LP | $33.1 Mil | 4.1% | 20 | Exited | Dec 31, 2025 | 13F |
| Kettle Hill Capital Management, LLC | $29.1 Mil | 6.5% | 39 | Exited | Dec 31, 2025 | 13F |
| Woodson Capital Management, LP | $15.9 Mil | 2.5% | 28 | Exited | Dec 31, 2025 | 13F |
| Alta Park Capital, LP | $13.8 Mil | 1.7% | 34 | Exited | Dec 31, 2025 | 13F |
| Nishkama Capital, LLC | $12.0 Mil | 1.6% | 49 | Exited | Dec 31, 2025 | 13F |
| Potrero Capital Research LLC | $8.8 Mil | 3.0% | 37 | Exited | Dec 31, 2025 | 13F |
| Ratan Capital Management LP | $5.6 Mil | 1.5% | 39 | Exited | Dec 31, 2025 | 13F |
| Tairen Capital Ltd | $7.2 Mil | 0.8% | 44 | TRIM -25.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SC US (TTGP), LTD. | $758.2 Mil | 8.2% | 36 | Hold | 13F |
| Slate Path Capital LP | $249.0 Mil | 3.7% | 44 | ADD +38.4% | 13F |
| Infinitum Asset Management, LLC | $93.2 Mil | 11.7% | 21 | ADD +203.6% | 13F |
| D1 Capital Partners L.P. | $71.5 Mil | 0.6% | 44 | New | 13F |
| Broad Peak Investment Advisers Pte Ltd | $58.0 Mil | 11.8% | 23 | Hold | 13F |
| WT Asset Management Ltd | $47.2 Mil | 1.0% | 32 | ADD +64.9% | 13F |
| Two Creeks Capital Management, LP | $43.5 Mil | 4.6% | 21 | ADD +86.5% | 13F |
| Kora Management LP | $35.0 Mil | 5.0% | 9 | ADD +5547.9% | 13F |
| Eminence Capital, LP | $15.9 Mil | 0.4% | 33 | New | 13F |
| Optimus Prime Fund Management Co., Ltd. | $12.8 Mil | 1.2% | 27 | Hold | 13F |
| Arohi Asset Management PTE Ltd. | $12.5 Mil | 4.5% | 7 | ADD +1038.8% | 13F |
| Tairen Capital Ltd | $7.2 Mil | 0.8% | 44 | TRIM -25.9% | 13F |
| KR Capital LP | $5.9 Mil | 1.2% | 49 | New | 13F |
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Introducing the official Unity plugin for Antigravity
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Announcing the UI Toolkit Connector for Figma Design
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Introducing the Unity Industry HMI Template
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Introducing Unity Spark | Prompt it. Perfect it. Publish it.
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Announcing day-one support for Meta VR Glasses
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Introducing the official Unity plugin for OpenAI Codex
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Introducing the official Unity plugin for Claude Code
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Launching Blast Ships with 11 Languages | Creator Spotlight
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The road to Unity 7 | Unite Seoul Keynote Engine highlights
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Introducing the new Unity CLI
Industry Resources
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| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 11/13/2026