Via Transportation (VIA)
Market Price (11/11/2026): $44.695 | Market Cap: $3.7 BilSector: Information Technology | Industry: Application Software
Via Transportation (VIA)
Market Price (11/11/2026): $44.695Market Cap: $3.7 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Future of Mobility, and Cloud Computing. Themes include On-Demand Transit, Shared Mobility Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -83% Meaningful short interestShort 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 11.25 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -91 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -17% Stock price has recently run up significantly6M Rtn6 month market price return is 216% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.9%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 131% 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 -7.5% Key risksVIA key risks include [1] its ongoing operating losses and an unclear path to profitability and [2] a heavy reliance on large public sector contracts. |
| Megatrend and thematic driversMegatrends include Future of Mobility, and Cloud Computing. Themes include On-Demand Transit, Shared Mobility Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -83% |
| Meaningful short interestShort 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 11.25 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -91 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -17% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 216% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.9%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 131% |
| 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 -7.5% |
| Key risksVIA key risks include [1] its ongoing operating losses and an unclear path to profitability and [2] a heavy reliance on large public sector contracts. |
Qualitative Assessment
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Nov 9: up 12.8% on its earnings report (S&P 500 up 2.4%)
Via Transportation rose following its Q3 2026 earnings, which showed revenue up 31% and significantly reduced net income and EPS losses year-over-year. The broader market also experienced a relief rally.
Up 235.5% since its May 13 low (S&P 500 up 1.3%)
The stock significantly rose without specific company headlines for most of this period, while the broader market saw only a slight gain. Major increases included June 1 and June 26, plus the November 9 earnings reaction.
Nov 9: up 12.8% on its earnings report (S&P 500 up 2.4%)
Via Transportation rose following its Q3 2026 earnings, which showed revenue up 31% and significantly reduced net income and EPS losses year-over-year. The broader market also experienced a relief rally.
Up 235.5% since its May 13 low (S&P 500 up 1.3%)
The stock significantly rose without specific company headlines for most of this period, while the broader market saw only a slight gain. Major increases included June 1 and June 26, plus the November 9 earnings reaction.
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Stock Movement Drivers
Fundamental Drivers
The 119.5% change in VIA stock from 7/31/2026 to 11/10/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.34 | 44.65 | 119.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 526 | 0.0% |
| P/S Multiple | � | 6.9 | 0.0% |
| Shares Outstanding (Mil) | 79 | 82 | -2.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VIA | 119.5% | |
| Market (SPY) | 0.4% | 41.5% |
| Sector (XLK) | -3.7% | 25.8% |
Fundamental Drivers
The 193.6% change in VIA stock from 4/30/2026 to 11/10/2026 was primarily driven by a 144.2% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.21 | 44.65 | 193.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 434 | 526 | 21.0% |
| P/S Multiple | 2.8 | 6.9 | 144.2% |
| Shares Outstanding (Mil) | 81 | 82 | -0.7% |
| Cumulative Contribution | 193.6% |
Market Drivers
4/30/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VIA | 193.6% | |
| Market (SPY) | 4.6% | 22.5% |
| Sector (XLK) | 6.0% | 13.1% |
Fundamental Drivers
The -16.4% change in VIA stock from 10/31/2025 to 11/10/2026 was primarily driven by a -11.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.43 | 44.65 | -16.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 526 | 0.0% |
| P/S Multiple | � | 6.9 | 0.0% |
| Shares Outstanding (Mil) | 72 | 82 | -11.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VIA | -16.4% | |
| Market (SPY) | 10.9% | 23.9% |
| Sector (XLK) | 12.8% | 20.0% |
Fundamental Drivers
nullnull
Market Drivers
10/31/2023 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VIA | ||
| Market (SPY) | 85.5% | 23.3% |
| Sector (XLK) | 109.6% | 19.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VIA Return | - | - | - | - | -41% | 54% | -10% |
| Peers Return | 13% | -5% | 36% | 28% | -10% | -46% | -9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| VIA Win Rate | - | - | - | - | 25% | 73% | |
| Peers Win Rate | 50% | 44% | 67% | 58% | 50% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| VIA Max Drawdown | - | - | - | - | - | -54% | |
| Peers Max Drawdown | -21% | -29% | -21% | -23% | -33% | -59% | |
| 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 11/10/2026 (YTD)
How Low Can It Go
VIA has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.0% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 92 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.0% | -9.5% |
| % Gain to Breakeven | 11.2% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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VIA has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 797 days | 1085 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% 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.
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- 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.
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Via Renewables, Inc. (symbol: VIA) primarily serves the following categories of customers:
- Residential customers
- Commercial customers
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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)
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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
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Here are the key risks to Via Renewables, Inc.'s business:
- 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.
- 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.
- 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.
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- 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.
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Peer Outperformance in Application Software
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 8.7% | 105.3% | 182.1% | FLEX 481% · TTMI 407% · JBL 298% |
| Technology Distributors | 9 | 52.0% | 61.1% | 61.1% | AVT 145% · SNX 122% · CNXN 79% |
| Semiconductor Materials & Equipment | 28 | 37.5% | 48.1% | 42.4% | AXTI 350% · KLAC 297% · LRCX 286% |
| Communications Equipment | 36 | 6.5% | 99.5% | 38.9% | AAOI 740% · LITE 541% · ANET 467% |
| Electronic Components | 24 | 18.4% | 82.4% | 33.7% | CLS 1885% · BELFA 1079% · APH 306% |
| Electronic Equipment & Instruments | 27 | -4.5% | 31.5% | 0.9% | PI 135% · OSIS 106% · MIR 64% |
| Semiconductors | 55 | 11.2% | 41.5% | -4.2% | MU 912% · AVGO 561% · NVDA 476% |
| Technology Hardware, Storage & Peripherals | 21 | 9.7% | 81.0% | -11.6% | WDC 603% · DELL 551% · SMCI 534% |
| IT Consulting & Other Services | 30 | -14.4% | 0.2% | -23.1% | APLD 307% · IBM 145% · GIB -5% |
| Internet Services & Infrastructure | 6 | -8.9% | 41.0% | -25.0% | GDDY 59% · VRSN 37% · AKAM -24% |
| Application Software ← | 126 | -12.6% | -11.4% | -54.8% | PLTR 650% · FROG 178% · AGYS 151% |
| Systems Software | 71 | -9.6% | 12.4% | -59.8% | ZETA 254% · CRWD 221% · CVLT 151% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.10 |
| Mkt Cap | 4.6 |
| Rev LTM | 2,426 |
| Op Inc LTM | 281 |
| FCF LTM | 273 |
| FCF 3Y Avg | 446 |
| CFO LTM | 371 |
| CFO 3Y Avg | 505 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 8.2% |
| Rev Chg Q | 4.5% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -13.2% |
| Op Inc Chg 3Y Avg | 13.5% |
| Op Mgn LTM | 11.3% |
| Op Mgn 3Y Avg | 15.0% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 14.6% |
| CFO/Rev 3Y Avg | 15.0% |
| FCF/Rev LTM | 10.1% |
| FCF/Rev 3Y Avg | 14.2% |
Price Behavior
| Market Price | $44.65 | |
| Market Cap ($ Bil) | 3.6 | |
| First Trading Date | 07/29/2014 | |
| Distance from 52W High | -13.4% | |
| 50 Days | 200 Days | |
| DMA Price | $31.79 | $21.54 |
| DMA Trend | up | up |
| Distance from DMA | 40.5% | 107.3% |
| 3M | 1YR | |
| Volatility | 51.4% | 70.6% |
| Downside Capture | 5.55 | 163.92 |
| Upside Capture | 295.06 | 121.96 |
| Correlation (S&P 500) | 42.1% | 23.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.85 | 0.36 | 0.93 | 0.65 | 1.09 | -0.16 |
| Up Beta | -6.28 | -2.70 | -0.10 | -0.54 | 0.73 | -0.36 |
| Down Beta | -0.18 | 0.91 | 1.22 | 0.38 | 0.30 | -0.81 |
| Up Capture | 371% | 168% | 289% | 248% | 128% | 14% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 25 | 40 | 76 | 131 | 151 |
| Down Capture | 24% | -70% | -96% | -1% | 145% | 86% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 18 | 24 | 50 | 119 | 133 |
[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 | -12.3% | 70.6% | 0.11 | - |
| Sector ETF (XLK) | 17.8% | 28.5% | 0.56 | 19.0% |
| Equity (SPY) | 12.7% | 13.7% | 0.62 | 22.9% |
| Gold (GLD) | 0.3% | 28.9% | 0.00 | 10.4% |
| Commodities (DBC) | 34.5% | 21.3% | 1.28 | -8.7% |
| Real Estate (VNQ) | 11.7% | 14.2% | 0.53 | 5.9% |
| Bitcoin (BTCUSD) | -27.7% | 43.5% | -0.63 | 21.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIA | |
|---|---|---|---|---|
| VIA | -2.0% | 67.3% | 0.14 | - |
| Sector ETF (XLK) | 16.6% | 26.5% | 0.57 | 19.9% |
| Equity (SPY) | 11.6% | 17.3% | 0.50 | 23.3% |
| Gold (GLD) | 17.2% | 19.1% | 0.72 | 10.8% |
| Commodities (DBC) | 7.4% | 19.6% | 0.26 | -7.6% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.04 | 4.9% |
| Bitcoin (BTCUSD) | 3.4% | 51.5% | 0.25 | 20.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIA | |
|---|---|---|---|---|
| VIA | -1.0% | 67.3% | 0.14 | - |
| Sector ETF (XLK) | 22.9% | 25.3% | 0.83 | 19.9% |
| Equity (SPY) | 15.2% | 18.0% | 0.71 | 23.3% |
| Gold (GLD) | 11.7% | 16.6% | 0.58 | 10.8% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | -7.6% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 4.9% |
| Bitcoin (BTCUSD) | 59.5% | 66.3% | 0.99 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/9/2026 | 12.8% | ||
| 8/6/2026 | 0.9% | 17.3% | 29.1% |
| 5/12/2026 | -16.6% | -11.9% | -12.9% |
| 2/27/2026 | -7.5% | 3.1% | -26.6% |
| 11/13/2025 | -14.6% | -28.1% | -42.0% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 3 | 2 | 3 |
| Median Positive | 6.9% | 10.2% | 29.1% |
| Median Negative | -14.6% | -20.0% | -26.6% |
| Max Positive | 12.8% | 17.3% | 29.1% |
| Max Negative | -16.6% | -28.1% | -42.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/9/2026 | 12.8% | ||
| 8/6/2026 | 0.9% | 17.3% | 29.1% |
| 5/12/2026 | -16.6% | -11.9% | -12.9% |
| 2/27/2026 | -7.5% | 3.1% | -26.6% |
| 11/13/2025 | -14.6% | -28.1% | -42.0% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 3 | 2 | 3 |
| Median Positive | 6.9% | 10.2% | 29.1% |
| Median Negative | -14.6% | -20.0% | -26.6% |
| Max Positive | 12.8% | 17.3% | 29.1% |
| Max Negative | -16.6% | -28.1% | -42.0% |
Recent Forward Guidance
Updated 11/10/2026Latest: Q3 2026 Earnings Reported 11/9/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 YoY Growth % | Reported | 26.1% | 26.85% | 27.6% | 1.1% | Higher New | Guidance: 25.75% for Q3 2026 | |
| Q4 2026 Platform Revenue | Reported | 150.00 Mil | 150.85 Mil | 151.70 Mil | 9.4% | Higher New | Guidance: 137.90 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 0 | 0.75 Mil | 1.50 Mil | -118.8% | Higher New | Guidance: -4.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA Margin | Reported | 0.0% | 0.5% | 1.0% | 3.4% | Higher New | Guidance: -2.9% for Q3 2026 | |
| 2026 YoY Growth % | Reported | 28.2% | 28.4% | 28.6% | 1.4% | Raised | Guidance: 26.95% for 2026 | |
| 2026 Platform Revenue | Reported | 556.70 Mil | 557.55 Mil | 558.40 Mil | 1.1% | Raised | Guidance: 551.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | -12.50 Mil | -11.75 Mil | -11.00 Mil | 17.5% | Lowered | Guidance: -10.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | -2.2% | -2.1% | -2.0% | -0.2% | Lowered | Guidance: -1.85% for 2026 | |
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 YoY Growth % | Reported | 25.5% | 25.75% | 26.0% | 1.4% | Higher New | Guidance: 24.4% for Q2 2026 | |
| Q3 2026 Platform Revenue | Reported | 137.60 Mil | 137.90 Mil | 138.20 Mil | 3.5% | Higher New | Guidance: 133.25 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | -4.50 Mil | -4.00 Mil | -3.50 Mil | 14.3% | Lower New | Guidance: -3.50 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA Margin | Reported | -3.3% | -2.9% | -2.5% | -0.3% | Lower New | Guidance: -2.6% for Q2 2026 | |
| 2026 YoY Growth % | Reported | 26.6% | 26.95% | 27.3% | 0.6% | Raised | Guidance: 26.3% for 2026 | |
| 2026 Platform Revenue | Reported | 550.00 Mil | 551.50 Mil | 553.00 Mil | 0.5% | Raised | Guidance: 548.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | -12.50 Mil | -10.00 Mil | -7.50 Mil | 0.0% | Affirmed | Guidance: -10.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | -2.3% | -1.85% | -1.4% | 0.0% | Affirmed | Guidance: -1.85% for 2026 | |
Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 YoY Growth % | Reported | 23.7% | 24.4% | 25.1% | -0.8% | Lower New | Guidance: 25.25% for Q1 2026 | |
| Q2 2026 Platform Revenue | Reported | 132.50 Mil | 133.25 Mil | 134.00 Mil | 7.9% | Higher New | Guidance: 123.55 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | -4.00 Mil | -3.50 Mil | -3.00 Mil | -50.0% | Higher New | Guidance: -7.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA Margin | Reported | -3.0% | -2.6% | -2.2% | ||||
| Q4 2026 Adjusted EBITDA | Reported | 0 | ||||||
| 2026 YoY Growth % | Reported | 26.0% | 26.3% | 26.6% | 1.0% | Raised | Guidance: 25.25% for 2026 | |
| 2026 Platform Revenue | Reported | 547.00 Mil | 548.50 Mil | 550.00 Mil | 0.8% | Raised | Guidance: 544.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | -12.50 Mil | -10.00 Mil | -7.50 Mil | 0.0% | Affirmed | Guidance: -10.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | -2.3% | -1.85% | -1.4% | ||||
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Peres, Nechemia Jacob | Direct | Buy | 8122026 | 24.74 | 10,080 | 249,370 | 1,002,280 | Form | |
| 2 | Dinur, Arnon | Direct | Buy | 8122026 | 22.31 | 44,780 | 998,984 | 1,120,210 | Form | |
| 3 | Fain, Clara | Chief Financial Officer | Direct | Buy | 6162026 | 14.00 | 714 | 9,996 | 9,157,022 | Form |
| 4 | Ramot, Daniel | Chief Executive Officer | Direct | Buy | 6162026 | 14.00 | 3,571 | 49,994 | 33,893,398 | Form |
| 5 | Fain, Clara | Chief Financial Officer | Direct | Buy | 6162026 | 15.00 | 666 | 9,990 | 9,800,385 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Peres, Nechemia Jacob | Direct | Buy | 8122026 | 24.74 | 10,080 | 249,370 | 1,002,280 | Form | |
| 2 | Dinur, Arnon | Direct | Buy | 8122026 | 22.31 | 44,780 | 998,984 | 1,120,210 | Form | |
| 3 | Fain, Clara | Chief Financial Officer | Direct | Buy | 6162026 | 14.00 | 714 | 9,996 | 9,157,022 | Form |
| 4 | Ramot, Daniel | Chief Executive Officer | Direct | Buy | 6162026 | 14.00 | 3,571 | 49,994 | 33,893,398 | Form |
| 5 | Fain, Clara | Chief Financial Officer | Direct | Buy | 6162026 | 15.00 | 666 | 9,990 | 9,800,385 | Form |
| 6 | Ramot, Daniel | Chief Executive Officer | Direct | Buy | 6162026 | 14.94 | 3,333 | 49,811 | 36,127,592 | Form |
| 7 | Peres, Nechemia Jacob | Direct | Buy | 6112026 | 14.70 | 25,000 | 367,500 | 447,380 | Form | |
| 8 | Peres, Nechemia Jacob | Pitango Continuation Fund 2021, LP | Sell | 9152025 | 43.10 | 48,160 | 2,075,696 | 27,409,833 | Form | |
| 9 | Peres, Nechemia Jacob | Pitango Growth Fund I, L.P. | Sell | 9152025 | 43.10 | 135,339 | 5,833,111 | 77,027,415 | Form | |
| 10 | Peres, Nechemia Jacob | Pitango Growth Fund II, L.P. | Sell | 9152025 | 43.10 | 24,489 | 1,055,476 | 13,937,462 | Form | |
| 11 | Peres, Nechemia Jacob | Pitango Growth Principals Fund I, L.P. | Sell | 9152025 | 43.10 | 2,717 | 117,103 | 1,545,997 | Form | |
| 12 | Peres, Nechemia Jacob | Pitango Growth Principals Fund II, L.P. | Sell | 9152025 | 43.10 | 580 | 24,998 | 330,275 | Form | |
| 13 | Peres, Nechemia Jacob | Pitango Principals Continuation Fund 2021, LP | Sell | 9152025 | 43.10 | 486 | 20,947 | 276,918 | Form | |
| 14 | Peres, Nechemia Jacob | Pitango Venture Capital Fund VI, L.P. | Sell | 9152025 | 43.10 | 153,444 | 6,613,436 | 87,332,237 | Form | |
| 15 | Peres, Nechemia Jacob | Pitango Venture Capital Fund VI-A, L.P. | Sell | 9152025 | 43.10 | 19,768 | 852,001 | 11,250,479 | Form | |
| 16 | Peres, Nechemia Jacob | Pitango Venture Capital Principals Fund VI, L.P. | Sell | 9152025 | 43.10 | 3,662 | 157,832 | 2,083,626 | Form | |
| 17 | Abrams, Erin | Chief Legal Officer | Direct | Sell | 9152025 | 43.10 | 25,000 | 1,077,500 | 5,215,703 | Form |
| 18 | Fain, Clara | Chief Financial Officer | Direct | Sell | 9152025 | 43.10 | 150,000 | 6,465,000 | 27,171,705 | Form |
| 19 | Ramot, Daniel | Chief Executive Officer | Direct | Sell | 9152025 | 43.10 | 500,000 | 21,550,000 | 104,045,684 | Form |
Investor Activity (13F)
Updated Nov 11, 2026Active 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 |
|---|
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