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    Via Transportation (VIA)

    Market Price (10/7/2026): $30.49 | Market Cap: $2.5 BilSector: Information Technology | Industry: Application Software

    Via Transportation (VIA)

    Market Price (10/7/2026): $30.49
    Market Cap: $2.5 Bil
    Sector: Information Technology
    Industry: Application Software

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%

    Megatrend and thematic drivers
    Megatrends include Future of Mobility, and Cloud Computing. Themes include On-Demand Transit, Shared Mobility Platforms, Show more.

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.31

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -89 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 compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%

    Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 94%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.7%

    Key risks
    VIA key risks include [1] its ongoing operating losses and an unclear path to profitability and [2] a heavy reliance on large public sector contracts.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
    2 Megatrend and thematic drivers
    Megatrends include Future of Mobility, and Cloud Computing. Themes include On-Demand Transit, Shared Mobility Platforms, Show more.
    3 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.31
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -89 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18%
    5 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%
    7 Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 94%
    8 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.7%
    9 Key risks
    VIA key risks include [1] its ongoing operating losses and an unclear path to profitability and [2] a heavy reliance on large public sector contracts.

    VIA in ETFs

    Weight = VIA's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.05%
    VB0.01%
    VTWO0.05%
    SCHA0.04%
    IWO0.02%
    VBK0.02%
    +5 more covered ETFs

    Valuation & Metrics

    FYE: 12/31VIA [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$491.7 Mil—
    FY 2026 Sales$551.7 Mil—
    FY 2027 Sales$674.4 Mil—
    FY 2026 Sales Growth12.2%—
    FY 2027 Sales Growth22.2%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-98.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-2.6 Mil—
    FY 2027 Net Income (Non-GAAP)$36.6 Mil—
    FY 2027 Net Income Growth—18.7%
    FY 2026 EPS (Non-GAAP)$-0.04—
    FY 2027 EPS (Non-GAAP)$0.40—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S4.51.7
    FY 2027 P/S3.7—
    FY 2026 P/E—7.8
    FY 2027 P/E67.7—

    [1] VIA forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    VIAS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.5
    Rev Chg Q26.7%9.3%
    Rev Chg LTM29.1%8.3%
    Rev Chg 3Y Avg29.1%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.1
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.1
    Op Mgn LTM-18.0%18.5%
    CFO/Rev LTM-8.3%21.9%
    Net Inc Mgn-20.0%13.2%
    VALUATIONHIGH
    P/S5.03.1
    P/CFO-60.714.4
    P/FCF-51.318.8
    P/E-25.221.5
    STABILITYVERY GOOD
    Debt/Equity0.010.21
    Cash/Assets0.470.06

    AI Analysis | Feedback

    MetricValueDateSource
    Dollar-Based Net Revenue Retention Rate120%12312024Link
    Number of Cities of Operationhundreds8152025Link
    Number of Countries of Operationmore than 308152025Link

    Price Chart

    Upcoming
    11/13/2026Earnings ReleaseRev: $137 Mil (E)
    EPS: $-0.02 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Via Transportation (VIA) stock has gained about 70% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Performance and Narrowing Losses.

    Via Transportation announced robust financial results for fiscal Q2 2026, which ended June 30, 2026, reporting revenue of $136 million, a 27% increase year-over-year. The company significantly narrowed its Adjusted EBITDA loss to negative $3.4 million from negative $28.8 million in fiscal Q2 2025, demonstrating substantial progress towards profitability. Via also exceeded analyst EPS estimates, reporting a loss of $0.01 per share against a consensus estimate of a $0.20 loss.

    2. Raised Fiscal Year 2026 Guidance and Reiterated Profitability Target.

    Following the strong quarterly performance, Via raised its full-year fiscal 2026 revenue guidance to a range of $550 million to $553 million. The company also reaffirmed its commitment to achieving its first quarter of positive Adjusted EBITDA in fiscal Q4 2026, signaling confidence in its operational efficiency and growth trajectory.

    Show more
    Updated on 10/1/2026

    Via Transportation (VIA) stock has gained about 70% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Performance and Narrowing Losses.

    Via Transportation announced robust financial results for fiscal Q2 2026, which ended June 30, 2026, reporting revenue of $136 million, a 27% increase year-over-year. The company significantly narrowed its Adjusted EBITDA loss to negative $3.4 million from negative $28.8 million in fiscal Q2 2025, demonstrating substantial progress towards profitability. Via also exceeded analyst EPS estimates, reporting a loss of $0.01 per share against a consensus estimate of a $0.20 loss.

    2. Raised Fiscal Year 2026 Guidance and Reiterated Profitability Target.

    Following the strong quarterly performance, Via raised its full-year fiscal 2026 revenue guidance to a range of $550 million to $553 million. The company also reaffirmed its commitment to achieving its first quarter of positive Adjusted EBITDA in fiscal Q4 2026, signaling confidence in its operational efficiency and growth trajectory.

    3. Significant Customer Growth and Expanding Pipeline.

    Via reported a substantial increase in its customer base, reaching 847 customers in fiscal Q2 2026, a 23% rise year-over-year. This growth was complemented by a doubling of its pipeline year-over-year for the second consecutive quarter, exceeding $700 million in growth annual contract value, which indicates a strong outlook for future revenue generation.

    4. Strategic Leverage of AI and Stable Government Contracts.

    Via highlighted its strategic advantage through the extensive use of AI, with 95% of its engineering code now AI-generated, enhancing its platform's capabilities for public transit optimization. The company's revenue stream is further stabilized by its focus on government contracts, which constituted approximately 93% of its fiscal year 2025 revenue, providing a reliable and defensible business foundation.

    5. Inclusion in S&P Index and Positive Analyst Revisions.

    In September 2026, Via Transportation was added to the S&P Software & Services Select Industry Index, a move that typically enhances visibility and institutional interest. Concurrently, analysts adjusted their price targets upwards for Via, with an increase from $34.00 to approximately $35.78 by September 24, 2026, reflecting a more optimistic outlook on the company's valuation.

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    Stock Movement Drivers

    Fundamental Drivers

    The 70.0% change in VIA stock from 6/30/2026 to 10/6/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610062026Change
    Stock Price ($)18.1430.8370.0%
    Change Contribution By: 
    Total Revenues ($ Mil)�4920.0%
    P/S Multiple�5.10.0%
    Shares Outstanding (Mil)7981-2.4%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/6/2026
    ReturnCorrelation
    VIA70.0% 
    Market (SPY)4.3%14.8%
    Sector (XLK)6.0%-5.5%

    Fundamental Drivers

    The 105.5% change in VIA stock from 3/31/2026 to 10/6/2026 was primarily driven by a 82.0% change in the company's P/S Multiple.
    (LTM values as of)331202610062026Change
    Stock Price ($)15.0030.83105.5%
    Change Contribution By: 
    Total Revenues ($ Mil)43449213.2%
    P/S Multiple2.85.182.0%
    Shares Outstanding (Mil)8181-0.3%
    Cumulative Contribution105.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/6/2026
    ReturnCorrelation
    VIA105.5% 
    Market (SPY)20.1%12.8%
    Sector (XLK)52.2%10.0%

    Fundamental Drivers

    The -35.9% change in VIA stock from 9/30/2025 to 10/6/2026 was primarily driven by a -11.4% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202510062026Change
    Stock Price ($)48.0830.83-35.9%
    Change Contribution By: 
    Total Revenues ($ Mil)�4920.0%
    P/S Multiple�5.10.0%
    Shares Outstanding (Mil)7281-11.4%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/6/2026
    ReturnCorrelation
    VIA-35.9% 
    Market (SPY)17.9%20.0%
    Sector (XLK)43.9%19.4%

    Fundamental Drivers

    null
    null

    Market Drivers

    9/30/2023 to 10/6/2026
    ReturnCorrelation
    VIA319.5% 
    Market (SPY)88.5%3.4%
    Sector (XLK)150.8%2.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    VIA Return28%-51%-62%17%164%6%-23%
    Peers Return13%-5%36%28%-10%-48%-13%
    S&P 500 Return27%-19%24%23%16%14%107%

    Monthly Win Rates [3]
    VIA Win Rate58%42%50%33%17%70% 
    Peers Win Rate50%44%67%58%50%33% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    VIA Max Drawdown-19%-54%-84%-4%-46%-54% 
    Peers Max Drawdown-21%-29%-21%-23%-33%-58% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: TRMB, PSN, VRRM.
    [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 10/6/2026 (YTD)

    How Low Can It Go

    EventVIAS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-41.8%-9.5%
      % Gain to Breakeven71.8%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-79.3%-6.7%
      % Gain to Breakeven382.5%7.1%
      Time to Breakeven798 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-49.6%-24.5%
      % Gain to Breakeven98.5%32.4%
      Time to Breakeven1068 days427 days
    2020 COVID-19 Crash
      % Loss-46.7%-33.7%
      % Gain to Breakeven87.8%50.9%
      Time to Breakeven235 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-12.4%-19.2%
      % Gain to Breakeven14.2%23.8%
      Time to Breakeven6 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-19.5%-3.7%
      % Gain to Breakeven24.2%3.9%
      Time to Breakeven45 days6 days

    Compare to TRMB, PSN, VRRM

    In The Past

    Via Transportation's stock fell -41.8% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 71.8% 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.

    EventVIAS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-41.8%-9.5%
      % Gain to Breakeven71.8%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-79.3%-6.7%
      % Gain to Breakeven382.5%7.1%
      Time to Breakeven798 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-49.6%-24.5%
      % Gain to Breakeven98.5%32.4%
      Time to Breakeven1068 days427 days
    2020 COVID-19 Crash
      % Loss-46.7%-33.7%
      % Gain to Breakeven87.8%50.9%
      Time to Breakeven235 days140 days
    2014-2016 Oil Price Collapse
      % Loss-28.2%-6.8%
      % Gain to Breakeven39.3%7.3%
      Time to Breakeven57 days15 days

    Compare to TRMB, PSN, VRRM

    In The Past

    Via Transportation's stock fell -41.8% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 71.8% 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 Via Transportation (VIA)

    Via Renewables, Inc. (VIA) is an independent retail energy services company that provides electricity and natural gas to customers across the United States. The company operates through two main segments: Retail Electricity and Retail Natural Gas. Essentially, Via Renewables acquires energy from wholesale markets and then directly sells and distributes it to end-users.

    In its Retail Electricity segment, the company manages the transmission and sale of electricity. Concurrently, the Retail Natural Gas segment handles the transportation, distribution, and sale of natural gas. Via Renewables primarily targets and serves both residential and commercial customers with these essential energy services.

    The company has established a broad market presence, operating in 101 utility service territories across 19 states and the District of Columbia as of early 2022. With approximately 408,000 residential customer equivalents, Via Renewables is a significant participant in the deregulated retail energy markets it serves.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Here are the major services provided by Via Renewables, Inc.:
    • Retail Electricity: The company provides the transmission and sale of electricity to residential and commercial customers.
    • Retail Natural Gas: The company handles the transportation, distribution, and sale of natural gas to residential and commercial customers.

    AI Analysis | Feedback

    Via Renewables, Inc. (symbol: VIA) primarily serves the following categories of customers:

    • Residential customers
    • Commercial customers

    AI Analysis | Feedback

    Here are some of the major suppliers for Via Renewables, Inc. (symbol: VIA):

    • CenterPoint Energy (CNP)
    • Exelon Corporation (EXC)
    • Consolidated Edison, Inc. (ED)
    • American Electric Power Company, Inc. (AEP)
    • NiSource Inc. (NI)

    AI Analysis | Feedback

    W. Keith Maxwell III, Chief Executive Officer & Chairman of the Board of Directors

    Mr. Maxwell founded the predecessor of Spark Energy in 1999. He also serves as Chief Executive Officer of several privately owned energy-related companies. Before founding the predecessor of Spark Energy, Mr. Maxwell was a founding partner in Wickford Energy, an oil and natural gas services company that was sold to Black Hills Utilities in 1997. He has served as Chief Executive Officer of Via Renewables, Inc. since November 2020 and as a director and non-executive Chairman of the Board of Directors since August 2014, having also served as interim Chief Executive Officer from March 2020 to November 2020.

    Mike Barajas, Chief Financial Officer

    Mr. Barajas was appointed Chief Financial Officer in November 2021. Immediately prior to this role, he served as the Vice President of Finance and Investor Relations. He is responsible for the company's accounting, tax, SEC reporting, treasury, financial planning and analysis, and investor relations functions, and also serves as the Chief Risk Officer. Before rejoining Via Renewables in 2019, Mr. Barajas worked for various energy companies, including Spark Energy (from 2009 to 2014), Marlin Midstream, Xcalibur Logistics, and National Gas & Electric, gaining leadership experience in accounting, finance, mergers & acquisitions, and treasury. He is a Certified Public Accountant in Texas.

    Paul Konikowski, Chief Operating Officer

    Mr. Konikowski was appointed Chief Operating Officer in November 2021. Previously, he served as Senior Vice President of National Gas and Electric ("NG&E") from April 2015. Before his time at NG&E, Mr. Konikowski held positions as Chief Operating Officer of Glacial Energy and Senior Vice President and Chief Information Officer of Via Renewables, Inc. (formerly Spark Energy, Inc.). He has more than 20 years of experience in the retail energy sector, encompassing sales, operations, risk, and IT.

    Chris Leonard, Executive Vice President of Structuring and Supply

    Misti Day, Vice President, Operations

    AI Analysis | Feedback

    Here are the key risks to Via Renewables, Inc.'s business:

    1. Commodity Price Volatility, Weather Dependence, and Decarbonization Policies: As a retail energy services company, Via Renewables is highly susceptible to fluctuating wholesale commodity prices for electricity and natural gas, which can significantly impact its margins and financial results. Extreme and unpredictable weather conditions directly influence consumer demand and energy prices, adding another layer of volatility. Furthermore, evolving decarbonization policies and the broader energy transition could reduce demand for certain products, increase operational costs, and necessitate substantial changes to the company's business model.
    2. Intense Regulatory Scrutiny, Compliance Requirements, and Legal Proceedings: The retail energy sector is subject to extensive and evolving federal, state, and local regulations. Via Renewables faces risks related to maintaining necessary operating licenses, complying with various rules (including those concerning consumer protection, telemarketing, data privacy, and cybersecurity for critical infrastructure), and adapting to stricter sustainability reporting demands. The company has also recently faced a securities fraud investigation amidst allegations of misrepresenting its business model during its Initial Public Offering (IPO), which could lead to substantial legal costs, reputational damage, and financial penalties.
    3. Competition, Customer Acquisition and Retention Challenges, and Integration Risks from Acquisitions: Via Renewables operates in a competitive market, making customer acquisition and retention a continuous challenge. The company's growth strategy often involves acquiring customer portfolios, which carries inherent risks related to successfully integrating new operations and realizing the anticipated financial benefits from these acquisitions.

    AI Analysis | Feedback

    • Increased adoption of distributed energy resources (DERs) such as rooftop solar and battery storage by residential and commercial customers. As these technologies become more affordable and efficient, customers can generate and store their own power, reducing their reliance on purchasing electricity and natural gas from retail energy providers like Via Renewables. This represents a long-term shift away from centralized energy consumption that could erode Via Renewables' customer base and revenue.
    • Expansion of Community Choice Aggregation (CCA) programs in states with deregulated energy markets. CCAs allow local governments to procure electricity on behalf of their residents and businesses, often offering competitive rates and a higher percentage of renewable energy options. When a CCA is formed in a service territory, it effectively consolidates the customer base and removes them from the competitive market, directly reducing the potential pool of customers for independent retail energy providers like Via Renewables.

    AI Analysis | Feedback

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    AI Analysis | Feedback

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    AI Analysis | Feedback

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    Peer Outperformance in Application Software

    VIA has outperformed 60% of its 124 Application Software peers over 5Y. Among the peers that beat it are DDOG, SNPS and APPF. 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 VIA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    42%
    of 151 industry peers · -34.3% return
    3Y
    99%
    of 139 industry peers · 336.1% return
    5Y
    60%
    of 124 industry peers · -32.4% return
    Application Software peers with revenue growth within 4pp of VIA'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 1Y3Y5Y 5Y Gap
    VIA Via Transportation 29.1% -25.5x -34.3%336.1%-32.4% —
    DDOG Datadog 27.9% 558.2x 76.8%194.7%95.8% +128pp
    SNPS Synopsys 26.2% 89.9x 5.6%6.7%69.3% +102pp
    APPF AppFolio 25.3% 45.7x -16.5%5.1%59.0% +91pp
    GRND Grindr 31.9% 25.8x -1.1%134.7%37.7% +70pp
    SHOP Shopify 28.2% 110.5x 0.0%206.5%17.6% +50pp
    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 VIA's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Electronic Manufacturing Services 9 58.0%192.2%380.9% TTMI 911% · FLEX 788% · SANM 472%
    Semiconductor Materials & Equipment 27 88.5%113.4%129.1% AXTI 947% · LRCX 532% · KLAC 528%
    Technology Distributors 9 44.2%91.7%105.0% CLMB 420% · AVT 230% · SNX 180%
    Electronic Components 26 37.7%79.8%76.0% CLS 4129% · BELFA 1425% · COHR 488%
    Communications Equipment 36 3.5%95.1%72.7% AAOI 1786% · LITE 1236% · FEIM 982%
    Semiconductors 55 25.0%64.1%38.2% POET 1793% · MU 1418% · NVDA 1040%
    Technology Hardware, Storage & Peripherals 20 20.5%121.1%35.2% DELL 1072% · SMCI 1065% · STX 1035%
    Internet Services & Infrastructure 6 -9.4%39.9%22.4% DOCN 54% · VRSN 42% · GDDY 40%
    Electronic Equipment & Instruments 26 -18.6%32.7%-3.4% PI 236% · KEYS 138% · VPG 119%
    IT Consulting & Other Services 28 -23.1%-8.4%-19.4% CHRN 507268% · APLD 922% · TSSI 845%
    Application Software ← 125 -27.5%-15.3%-44.5% VIDA 1509900% · INLX 4618% · PLTR 709%
    Systems Software 70 -16.0%27.0%-52.2% QNC 616% · PAYS 434% · PANW 410%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Via Transportation Market Price07/26/2023
    2Day 5 of Loss Streak for Via Renewables Stock with -19% Return (vs. 98% YTD) [5/26/2023]05/26/2023
    3Day 5 of Gains Streak for Via Renewables Stock with 25% Return (vs. 144% YTD) [5/12/2023]05/12/2023
    4Better Bet Than VIA Stock: Pay Less Than Via Renewables To Get More From Stocks SAH, LEVI 05/08/2023
    5Day 5 of Loss Streak for Via Renewables Stock with -44% Return (vs. 100% YTD) [4/26/2023]04/26/2023
    6Better Bet Than VIA Stock: Pay Less Than Via Renewables To Get More From Stocks CLF, PLXS, LBTYA, DELL, LEVI 04/01/2023
    7Better Bet Than VIA Stock: Pay Less Than Via Renewables To Get More From S&P 500 Stock CZR 04/01/2023
    8Day 8 of Loss Streak for Viacom Stock with -34% Return (vs. -9.8% YTD) [3/10/2023]03/10/2023
    9Better Bet Than VIA Stock: Pay Less Than Viacom To Get More From S&P 500 Stocks PXD, WRK, DOW, CZR 03/05/2023
    10Better Bet Than VIA Stock: Pay Less Than Viacom To Get More From Stocks KLIC, CLF, LBTYA, PLXS, DELL 03/05/2023
    Title
    0ARTICLES

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    HTZHertz Global0.722.6%-59.9%
    FCELFuelCell Energy1.522.2%182.5%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    LQDALiquidia2.3-63.3%-24.9%
    AVBPArriVent BioPharma0.7-48.9%-25.0%
    EMATEvolution Metals & Technologies1.2-34.0%-91.0%
    NKTRNektar Therapeutics1.3-32.6%-5.6%
    ACRSAclaris Therapeutics0.5-29.9%22.9%
    GLASGlass House Brands0.5-24.0%-41.7%
    APMDApnimed0.7-22.0%-25.4%
    SPHRSphere Entertainment3.8-21.5%10.8%
    IARTIntegra Lifesciences1.0-20.0%7.2%
    SECZSecuritize1.9-19.8%3.3%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    MYPSPLAYSTUDIOS0.6780.8%602.5%
    KODKodiak Sciences5.8161.1%230.3%
    PACBPacific Biosciences of California0.8100.0%44.4%
    DNAGinkgo Bioworks0.878.6%49.3%
    MXLMaxLinear9.874.2%527.1%
    SECZSecuritize1.971.2%3.3%
    GRALGRAIL5.970.9%60.4%
    VICRVicor13.758.7%173.1%
    BALYBallys0.853.2%-15.3%
    PSPershing Square23.952.9%147.8%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva9.3-84.2%-79.1%
    LQDALiquidia2.3-62.3%-24.9%
    AVBPArriVent BioPharma0.7-51.2%-25.0%
    QUREuniQure1.5-48.2%-3.6%
    XNDUXanadu Quantum Technologies1.5-47.9%-56.0%
    NKTRNektar Therapeutics1.3-46.2%-5.6%
    GLASGlass House Brands0.5-41.9%-41.7%
    ACRSAclaris Therapeutics0.5-40.0%22.9%
    XENEXenon Pharmaceuticals3.6-38.8%-18.4%
    ALHCAlignment Healthcare1.7-38.2%-57.6%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    VIATRMBPSNVRRMMedian
    NameVia Tran.Trimble Parsons Verra Mo. 
    Mkt Price30.4960.0642.042.9336.27
    Mkt Cap2.514.04.50.43.5
    Rev LTM4923,7836,2931,0072,395
    Op Inc LTM-89669334241288
    FCF LTM-4877330897203
    FCF 3Y Avg-528426134426
    CFO LTM-41799384215300
    CFO 3Y Avg-560483225483

    Growth & Margins

    VIATRMBPSNVRRMMedian
    NameVia Tran.Trimble Parsons Verra Mo. 
    Rev Chg LTM29.1%5.8%-5.8%11.1%8.5%
    Rev Chg 3Y Avg-1.3%10.6%8.9%8.9%
    Rev Chg Q26.7%11.0%-0.5%11.7%11.3%
    QoQ Delta Rev Chg LTM6.2%2.6%-0.1%2.8%2.7%
    Op Inc Chg LTM-25.0%26.7%-21.5%1.3%-10.1%
    Op Inc Chg 3Y Avg-12.9%17.8%7.9%12.9%
    Op Mgn LTM-18.0%17.7%5.3%24.0%11.5%
    Op Mgn 3Y Avg-14.7%6.3%24.5%14.7%
    QoQ Delta Op Mgn LTM-0.1%-0.1%-1.0%0.2%-0.1%
    CFO/Rev LTM-8.3%21.1%6.1%21.3%13.6%
    CFO/Rev 3Y Avg-15.0%7.6%24.4%15.0%
    FCF/Rev LTM-9.8%20.4%4.9%9.6%7.3%
    FCF/Rev 3Y Avg-14.2%6.7%14.7%14.2%

    Valuation

    VIATRMBPSNVRRMMedian
    NameVia Tran.Trimble Parsons Verra Mo. 
    Mkt Cap2.514.04.50.43.5
    P/S5.03.70.70.42.2
    P/Op Inc-28.020.913.51.87.7
    P/EBIT-26.4184.113.42.88.1
    P/E-25.2-133.728.610.1-7.6
    P/CFO-60.717.511.72.16.9
    Total Yield-3.9%-0.7%3.5%10.3%1.4%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-4.0%5.8%7.4%5.8%
    D/E0.00.10.42.40.2
    Net D/E-0.10.10.32.30.2

    Returns

    VIATRMBPSNVRRMMedian
    NameVia Tran.Trimble Parsons Verra Mo. 
    1M Rtn8.4%1.0%-11.6%-28.0%-5.3%
    3M Rtn67.1%11.8%-25.6%-30.6%-6.9%
    6M Rtn92.1%-6.5%-25.3%-79.9%-15.9%
    12M Rtn-35.0%-25.7%-52.4%-87.7%-43.7%
    3Y Rtn331.3%17.0%-23.4%-84.8%-3.2%
    1M Excs Rtn7.1%-0.3%-12.9%-29.4%-6.6%
    3M Excs Rtn65.7%10.2%-30.3%-35.3%-10.0%
    6M Excs Rtn74.2%-24.4%-43.4%-98.8%-33.9%
    12M Excs Rtn-50.0%-41.8%-68.3%-104.7%-59.2%
    3Y Excs Rtn233.4%-69.6%-104.9%-169.9%-87.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/2024
    Filing Date8/6/20265/12/20263/6/202611/14/20259/15/20255/12/20269/15/202511/14/2025
    Key Financials Quarterly        
    Total Revenue136127119110107999283
    Ebitda-17-17-19-32-16-11-14-18
    Operating Income-22-24-24-19-16-17-17-21
    Net Income-20-20-22-37-21-16-19-21
    EPS-0.24-0.25-0.27-1.49-0.27-0.21-0.26-0.30
    Key Financials TTM        
    Total Revenue TTM492463434407381---
    Ebitda TTM-85-84-78-73-59---
    Operating Income TTM-89-83-77-69-71---
    Net Income TTM-99-100-96-93-78---
    Growth Rates Quarterly        
    Total Revenue Growth26.7%29.2%29.7%31.6%----
    EBITDA Growth-5.4%-56.2%-31.9%-81.2%----
    Operating Income Growth-35.0%-36.9%-44.7%8.7%----
    Net Income Growth7.8%-23.5%-16.8%-73.0%----
    Margins Quarterly        
    EBITDA Margin-12.3%-13.3%-16.1%-29.3%-14.8%-11.0%-15.8%-21.3%
    Operating Income Margin-16.0%-18.5%-20.5%-17.2%-15.0%-17.5%-18.4%-24.8%
    Net Income Margin-14.4%-15.8%-18.4%-33.6%-19.8%-16.5%-20.5%-25.6%
    Cash & Debt        
    Total Cash33634837137878-78-
    Total Debt18191942880830
    Net Debt / (Cash)-318-329-352-33710-5-
    Cash Flows Quarterly        
    FCF from Operations-11-21-0-9-16-6-18-19
    Cash Flows TTM        
    FCF from Operations TTM-41-46-31-48-58---
    Returns to Shareholders Quarterly        
    Dividends00000000
    Share Repurchases-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly        
    ROIC-5.7%-6.3%-6.6%-5.4%-46.3%--59.9%-
    Return on Invested Capital (ROIC) TTM        
    ROIC TTM-5.8%-5.5%-5.2%-4.9%-51.0%---

    Segment Financials

    Revenue by Segment
    $ Mil202520242023
    Platform434331237
    Other0712
    Total434338249


    Net Income by Segment
    $ Mil202520242023
    Platform-96-91-116
    Total-96-91-116


    Price Behavior

    Price Behavior
    Market Price$30.83 
    Market Cap ($ Bil)2.5 
    First Trading Date07/29/2014 
    Distance from 52W High-42.8% 
       50 Days200 Days
    DMA Price$40.59$47.35
    DMA Trenddownup
    Distance from DMA-24.0%-34.9%
     3M1YR
    Volatility48.2%68.8%
    Downside Capture-63.46187.81
    Upside Capture217.79105.96
    Correlation (SPY)17.1%20.1%
    VIA Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta-0.140.970.710.681.060.29
    Up Beta0.600.52-1.68-0.440.840.27
    Down Beta3.443.632.460.140.211.23
    Up Capture-31%218%250%228%110%22%
    Bmk +ve Days6162766132424
    Stock +ve Days12274077133230
    Down Capture-126%-177%-72%55%147%2%
    Bmk -ve Days16263760120328
    Stock -ve Days10152449118199

    [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 VIA
    VIA-33.1%68.7%-0.30-
    Sector ETF (XLK)42.7%26.5%1.3119.5%
    Equity (SPY)17.5%13.0%0.9620.2%
    Gold (GLD)6.9%29.6%0.239.3%
    Commodities (DBC)46.1%20.8%1.71-4.9%
    Real Estate (VNQ)2.1%13.7%-0.10-0.9%
    Bitcoin (BTCUSD)-29.8%44.3%-0.6721.1%

    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 VIA
    VIA-31.3%62.6%-0.54-
    Sector ETF (XLK)22.7%25.9%0.7717.1%
    Equity (SPY)13.9%17.1%0.6222.0%
    Gold (GLD)18.7%18.9%0.806.6%
    Commodities (DBC)10.3%19.5%0.407.3%
    Real Estate (VNQ)1.2%18.8%-0.0419.7%
    Bitcoin (BTCUSD)16.0%52.2%0.4712.6%

    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 VIA
    VIA-17.4%54.6%-0.17-
    Sector ETF (XLK)25.2%25.0%0.9121.6%
    Equity (SPY)15.6%17.9%0.7427.2%
    Gold (GLD)11.6%16.4%0.584.4%
    Commodities (DBC)8.3%18.1%0.378.8%
    Real Estate (VNQ)4.2%20.7%0.1628.8%
    Bitcoin (BTCUSD)64.1%66.2%1.047.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity6.3 Mil
    Short Interest: % Change Since 83120269.4%
    Average Daily Volume0.6 Mil
    Days-to-Cover Short Interest11.3 days
    Basic Shares Quantity81.3 Mil
    Short % of Basic Shares7.7%

    Earnings Returns History

    Updated 9/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20260.9%17.3%29.1%
    2/27/2026-7.5%3.1%-26.6%
    SUMMARY STATS   
    # Positive121
    # Negative101
    Median Positive0.9%10.2%29.1%
    Median Negative-7.5% -26.6%
    Max Positive0.9%17.3%29.1%
    Max Negative-7.5% -26.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20260.9%17.3%29.1%
    2/27/2026-7.5%3.1%-26.6%
    SUMMARY STATS   
    # Positive121
    # Negative101
    Median Positive0.9%10.2%29.1%
    Median Negative-7.5% -26.6%
    Max Positive0.9%17.3%29.1%
    Max Negative-7.5% -26.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/12/202610-Q
    12/31/202503/06/202610-K
    09/30/202511/14/202510-Q
    06/30/202509/15/2025424B4
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/12/202610-Q
    12/31/202503/06/202610-K
    09/30/202511/14/202510-Q
    06/30/202509/15/2025424B4

    Recent Forward Guidance

    Updated 10/4/2026

    Latest: Q2 2026 Earnings Reported 8/6/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 YoY Growth %Reported25.5%25.75%26.0%   
    Q3 2026 Platform RevenueReported137.60 Mil137.90 Mil138.20 Mil   
    Q3 2026 Adjusted EBITDAReported-4.50 Mil-4.00 Mil-3.50 Mil   
    Q3 2026 Adjusted EBITDA MarginReported-3.3%-2.9%-2.5%   
    2026 YoY Growth %Reported26.6%26.95%27.3% 1.7%RaisedGuidance: 25.25% for 2026
    2026 Platform RevenueReported550.00 Mil551.50 Mil553.00 Mil1.4% RaisedGuidance: 544.00 Mil for 2026
    2026 Adjusted EBITDAReported-12.50 Mil-10.00 Mil-7.50 Mil0.0% AffirmedGuidance: -10.00 Mil for 2026
    2026 Adjusted EBITDA MarginReported-2.3%-1.85%-1.4%   

    null

    Insider Activity

    Updated 8/20/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Peres, Nechemia Jacob DirectBuy812202624.7410,080249,3701,002,280Form
    2Dinur, Arnon DirectBuy812202622.3144,780998,9841,120,210Form
    3Fain, ClaraChief Financial OfficerDirectBuy616202614.007149,9969,157,022Form
    4Ramot, DanielChief Executive OfficerDirectBuy616202614.003,57149,99433,893,398Form
    5Fain, ClaraChief Financial OfficerDirectBuy616202615.006669,9909,800,385Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Peres, Nechemia Jacob DirectBuy812202624.7410,080249,3701,002,280Form
    2Dinur, Arnon DirectBuy812202622.3144,780998,9841,120,210Form
    3Fain, ClaraChief Financial OfficerDirectBuy616202614.007149,9969,157,022Form
    4Ramot, DanielChief Executive OfficerDirectBuy616202614.003,57149,99433,893,398Form
    5Fain, ClaraChief Financial OfficerDirectBuy616202615.006669,9909,800,385Form
    6Ramot, DanielChief Executive OfficerDirectBuy616202614.943,33349,81136,127,592Form
    7Peres, Nechemia Jacob DirectBuy611202614.7025,000367,500447,380Form
    8Peres, Nechemia Jacob Pitango Continuation Fund 2021, LPSell915202543.1048,1602,075,69627,409,833Form
    9Peres, Nechemia Jacob Pitango Growth Fund I, L.P.Sell915202543.10135,3395,833,11177,027,415Form
    10Peres, Nechemia Jacob Pitango Growth Fund II, L.P.Sell915202543.1024,4891,055,47613,937,462Form
    11Peres, Nechemia Jacob Pitango Growth Principals Fund I, L.P.Sell915202543.102,717117,1031,545,997Form
    12Peres, Nechemia Jacob Pitango Growth Principals Fund II, L.P.Sell915202543.1058024,998330,275Form
    13Peres, Nechemia Jacob Pitango Principals Continuation Fund 2021, LPSell915202543.1048620,947276,918Form
    14Peres, Nechemia Jacob Pitango Venture Capital Fund VI, L.P.Sell915202543.10153,4446,613,43687,332,237Form
    15Peres, Nechemia Jacob Pitango Venture Capital Fund VI-A, L.P.Sell915202543.1019,768852,00111,250,479Form
    16Peres, Nechemia Jacob Pitango Venture Capital Principals Fund VI, L.P.Sell915202543.103,662157,8322,083,626Form
    17Abrams, ErinChief Legal OfficerDirectSell915202543.1025,0001,077,5005,215,703Form
    18Fain, ClaraChief Financial OfficerDirectSell915202543.10150,0006,465,00027,171,705Form
    19Ramot, DanielChief Executive OfficerDirectSell915202543.10500,00021,550,000104,045,684Form

    Investor Activity (13F)

    Updated Oct 7, 2026
    13F 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
    Exor N.V.$211.8 Mil3.9%3Hold13F
    Koch, Inc.$25.5 Mil2.8%8Hold13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    SC US (TTGP), LTD.$12.2 Mil0.1%34Exited13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Exor N.V.$211.8 Mil3.9%3Hold13F
    Koch, Inc.$25.5 Mil2.8%8Hold13F

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    Industry Resources

    External Quote Links


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