OakChart

Piedmont Realty Trust Inc

PDMReal Estate·REIT - Office·USA·Small·NYSE·Nov 13 • 6:57 AM ET

10.04+0.09 (0.90%)
2026-11-13 13:15 CET
Market cap
$1.24B
Revenue, TTM
581.51 USD m
Net income, TTM
-88.29 USD m
Free cash flow, TTM
-26.06 USD m
EPS diluted, TTM
-0.71
-
Compare

Price

PDM against its 20, 50 and 200-day averages
Terms2050200Miss
Patternshover a marker to name it
RS 35Sales 150Price1341498.009.0010.006.1M12.2MVolumeMay 26Jun 26Jul 26Aug 26Sep 26Oct 26Nov 26PDMclose 10.0420-day 9.6650-day 9.37200-day 8.6810.0452w high 10.2352-week range, not 6 months

1.9% under the 52-week high of 10.23 on 5 Nov 2026. 52-week low 6.32 on 27 Mar 2026. Last 15 sessions, 12.6% high to low

Volume 0.00× normal · the line is the 50-bar volume average

Setup. RS line 35
CANSLIM 4 of 6 — fails: EPS Growth Qtr Over Qtr: High (>25%); Performance: Year +50%
VCP 5 of 6 — fails: RSI (14): Not Overbought (<60)
Minervini 3 of 4 — fails: Performance: Year +50%
Zanger 3 of 5 — fails: Performance: Week +10%; Relative Volume: Over 1.5
Leaders 4 of 5 — fails: Performance: Year +50%
Breakout 2 of 4 — fails: 52-Week High/Low: New High; Relative Volume: Over 2
Growth 2 of 4 — fails: EPS Growth Qtr Over Qtr: High (>25%); Return on Equity: Over +15%
Quality 1 of 5 — fails: Return on Equity: Over +15%; Net Profit Margin: High (>20%); Debt/Equity: Low (<0.1) — not on the tape: P/E: Under 25
Value 1 of 4 — fails: Return on Equity: Over +15%; Debt/Equity: Low (<0.1) — not on the tape: P/E: Under 15
Income 0 of 4 — fails: Dividend Growth: Growing 2+ Years — not on the tape: Dividend Yield: Over 2%; Payout Ratio: Low (<20%); P/E: Under 25
Small Cap 2 of 4 — fails: Float: Under 100M; Performance: Year +50%
Accumulation 3 of 4 — fails: Institutional Transactions: Over +10%
Relative Strength 2 of 3 — fails: Performance: Year +100%

Profile

PDM
52-week range, 95% of the way up
6.3210.23

Piedmont Realty Trust, Inc. engages in the provision of ownership, management, development, redevelopment, and operation of office properties. It operates through the following geographical segments: Atlanta, Dallas, Orlando, Northern Virginia/Washington, D.C., Minneapolis, New York, and Boston. The company was founded on July 3, 1997 and is headquartered in Atlanta, GA.

IndexRUT
Employees140
IPOFeb 10, 2010
Beta1.42
ATR, 14d0.26
Rel volume0.00
Short float8.44%
Insider own1.32%
Inst own95.50%

Snapshot

6 groups

Valuation

IndexRUT
Market Cap$1.24B
Enterprise Value3.58B
Income-88.29M
Sales581.51M
Book / share11.69
Cash / share0.05
Dividend Est.-
Dividend TTM-
Dividend Ex-DateFeb 21, 2025
Dividend Gr. 3/5Y- -
Payout-
Employees140
IPOFeb 10, 2010

Ratios

Price / earnings-
Forward price / earnings40.36
Price / earnings / growth-
Price / sales2.14
Price / book0.86
Price / cash191.85
Price / free cash flow-
Value / cash profit11.29
Value / sales6.15
Quick Ratio1.88
Current Ratio1.88
Debt / equity1.62
Long-term debt / equity1.62
Options and shortYes / Yes

Earnings

Earnings / share-0.71
Earnings next year0.25
Earnings next quarter0.03
Earnings this year74.54%
Earnings next year245.84%
Earnings growth, 5 years-
Past earnings growth- -
Past sales growth2.53% -0.27%
Earnings vs last year-25.01%
Sales vs last year2.85%
Earnings vs last quarter-55.60%
Sales vs last quarter8.68%
EarningsOct 26 AMC
Surprise-206.86% -18.97%

Ownership

Insiders own1.32%
Insider trades-0.27%
Institutions own95.50%
Institution trades4.47%
Return on assets-2.18%
Return on equity-5.92%
Return on capital-2.33%
Gross Margin19.42%
Operating margin13.80%
Profit Margin-15.18%
20-day average3.96%
50-day average7.10%
200-day average15.60%

Technical

Shares out123.81M
Shares floating122.19M
Short / float8.44%
Short ratio6.69
Short interest10.32M
52-week high10.23 -1.9%
52-week low6.32 +59.0%
Volatility2.08% 2.75%
Average range0.26
Strength index60.66
Market sensitivity1.42
Relative volume0.00
Avg Volume1.54M
Volume5

Performance

Perf Week0.70%
Perf Month11.18%
Perf Quarter7.26%
Perf Half Y28.72%
Perf YTD20.38%
Perf Year22.14%
Perf 3Y92.52%
Perf 5Y-43.49%
Perf 10Y-41.73%
Recommendation2.00
Target Price10.75
Prev Close9.95
Price10.04
Change %0.90%

Analyst ratings

latest 10 of 20
DateActionAnalystRating changeTargetImplied
Jan 16, 2025DowngradeRobert W. BairdOutperform → Neutral$11+9.6%
Jan 07, 2020UpgradeRobert W. BairdNeutral → Outperform$26+159.0%
Feb 07, 2019UpgradeStifelSell → Hold
Jan 09, 2019DowngradeRobert W. BairdOutperform → Neutral
Nov 30, 2018UpgradeSunTrustHold → Buy
Mar 13, 2018DowngradeStifelHold → Sell$18 → $15+49.4%
Aug 28, 2017UpgradeRobert W. BairdNeutral → Outperform$23 → $24+139.0%
Jan 23, 2017UpgradeStifelSell → Hold$18 → $20.50+104.2%
Aug 08, 2016ReiteratedDA DavidsonNeutral$22 → $23+129.1%
May 10, 2016ReiteratedStifelSell$16.50 → $18+79.3%

Peers

Mkt cap
TickerCompanyMkt cap
CUZCousins Properties Inc4.86B
HIWHighwoods Properties Inc3.41B
BDNBrandywine Realty Trust521.92M
CDPCOPT Defense Properties7.39B
BXPBXP Inc11.16B
KRCKilroy Realty Corp4.21B
HPPHudson Pacific Properties Inc497.60M
OPIOffice Properties Income Trust321.18M
DEIDouglas Emmett Inc1.65B
JBGSJBG SMITH Properties891.62M

Insider trading

1 filings
InsiderRelationshipDateTransactionCostSharesValueTotal heldForm
REXROAD SHERRY LEVP-CFOOct 01 '26Sale8.814,44639,16953,857Oct 02 04:35 PM

Held by

AUM
TickerCompanyAUM
VNQVanguard Real Estate Index Fund ETFAUM: 39.24B
VTIVanguard Morningstar Total Stock Market ETFAUM: 696.31B
IWMiShares Russell 2000 Index FundAUM: 77.86B
VBVanguard Morningstar Small-Cap ETFAUM: 80.23B
VBRVanguard Morningstar Small-Cap Value ETFAUM: 37.88B
VXFVanguard Extended Market Index ETFAUM: 30.79B
IWNiShares Russell 2000 Value ETFAUM: 14.17B
SCHHSchwab U.S. REIT ETFAUM: 11.93B
SCHASchwab U.S. Small-Cap ETFAUM: 22.44B
VTWOVanguard Russell 2000 Index ETFAUM: 16.90B

News

latest 14 of 200

Quarterly earnings

2026Q3 EPS -0.170 missed -0.055, from -0.110 a year earlier. Sales 118.96 missed 146.8, from 110.75 a year earlier
EPS
0.0000-0.3502024Q4 EPS -0.240 against -0.03124Q42025Q1 EPS -0.080 against -0.06725Q12025Q2 EPS -0.14025Q22025Q3 EPS -0.110 against -0.04625Q32025Q4 EPS -0.350 against -0.05025Q42026Q1 EPS -0.100 against -0.03226Q12026Q2 EPS -0.090 against -0.06026Q22026Q3 EPS -0.170 against -0.05526Q3
Sales, USD millions
146.802024Q4 sales 143.23 against 126.9224Q42025Q1 sales 136.06 against 125.7525Q12025Q2 sales 111.13 against 126.4825Q22025Q3 sales 110.75 against 123.8225Q32025Q4 sales 111.99 against 139.5525Q42026Q1 sales 136.44 against 128.6726Q12026Q2 sales 115.38 against 133.6826Q22026Q3 sales 118.96 against 146.826Q3

The outline behind the bar is the estimate. The filled bar is the print. Green beat it, red missed it.

PeriodReportedEPS adjustedEPS estEPS reportedSales act, USD mSales est, USD mSurpriseYear-ago quarterAnalystsNext session
2026Q3ended 2026-09-302026-10-26 16:30-0.170-0.055-0.170118.96146.8EPS +206.9% · sales -19.0%vs 2025Q3, year-ago quarter · EPS +54.5% · sales +7.4%2 EPS · 3 salesOpen +0.83% vs SPY +0.26%. Close -3.85% vs SPY +0.56%
2026Q2ended 2026-06-302026-07-28 16:30-0.090-0.060-0.089115.38133.68EPS +49.5% · sales -13.7%vs 2025Q2, year-ago quarter · EPS -35.7% · sales +3.8%2 EPS · 3 salesOpen +0.31% vs SPY -0.12%. Close +3.01% vs SPY -1.54%
2026Q1ended 2026-03-312026-04-30 16:30-0.100-0.032-0.104136.44128.67EPS +212.5% · sales +6.0%vs 2025Q1, year-ago quarter · EPS +25.0% · sales +0.3%1 EPS · 2 salesOpen -1.56% vs SPY +0.36%. Close -0.36% vs SPY +0.28%
2025Q4ended 2025-12-312026-02-11 16:30-0.350-0.050-0.347111.99139.55EPS +601.4% · sales -19.7%vs 2024Q4, year-ago quarter · EPS +45.8% · sales -21.8%1 EPS · 2 salesOpen +4.01% vs SPY +0.33%. Close -7.78% vs SPY -1.54%
2025Q3ended 2025-09-302025-10-27 16:30-0.110-0.046-0.108110.75123.82EPS +138.6% · sales -10.6%vs 2024Q3, year-ago quarter · EPS +22.2% · sales -16.6%1 EPS · 2 salesOpen +0.47% vs SPY +0.26%. Close +0.82% vs SPY +0.27%
2025Q2ended 2025-06-302025-07-28 16:30-0.140--0.135111.13126.48EPS - · sales -12.1%vs 2024Q2, year-ago quarter · EPS +75.0% · sales -21.3%2Open +1.20% vs SPY +0.22%. Close +4.42% vs SPY -0.26%
2025Q1ended 2025-03-312025-04-28 16:30-0.080-0.067-0.081136.06125.75EPS +19.4% · sales +8.2%vs 2024Q1, year-ago quarter · EPS -63.6% · sales -5.8%1 EPS · 2 salesOpen -8.82% vs SPY -0.35%. Close -15.44% vs SPY +0.63%
2024Q4ended 2024-12-312025-02-13 16:30-0.240-0.031-0.242143.23126.92EPS +684.3% · sales +12.9%vs 2023Q4, year-ago quarter · EPS +4.3% · sales -1.4%1 EPS · 2 salesOpen -0.38% vs SPY +0.03%. Close -8.17% vs SPY 0.00%
2024Q3ended 2024-09-302024-10-24 16:30-0.090-0.051-0.093132.83128.29EPS +77.2% · sales +3.5%vs 2023Q3, year-ago quarter · EPS -35.7% · sales -8.3%1 EPS · 2 salesOpen -3.13% vs SPY +0.39%. Close -5.06% vs SPY -0.03%
2024Q2ended 2024-06-302024-07-31 16:30-0.080-0.049-0.079141.23126.29EPS +64.9% · sales +11.8%vs 2023Q2, year-ago quarter · EPS +300.0% · sales +10.8%1 EPS · 2 salesOpen -0.81% vs SPY +0.32%. Close +0.58% vs SPY -1.42%
2024Q1ended 2024-03-312024-04-30 16:30-0.220-0.093-0.224144.39127.81EPS +137.3% · sales +13.0%vs 2023Q1, year-ago quarter · EPS +2100.0% · sales +1.1%1 EPS · 2 salesOpen -0.73% vs SPY -0.12%. Close -2.18% vs SPY -0.32%
2023Q4ended 2023-12-312024-02-07 16:30-0.230-0.021-0.227145.28146.17EPS +984.9% · sales -0.6%vs 2022Q4, year-ago quarter · EPS -137.7% · sales -3.8%1 EPS · 2 salesOpen +1.35% vs SPY 0.00%. Close +5.41% vs SPY +0.04%
2023Q3ended 2023-09-302023-10-30 16:30-0.140-0.039-0.137144.89144.13EPS +259.0% · sales +0.5%vs 2022Q3, year-ago quarter · EPS -566.7% · sales +5.0%1-
2023Q2ended 2023-06-302023-07-20 16:30-0.020-0.002-0.016127.44143.21EPS +769.6% · sales -11.0%vs 2022Q2, year-ago quarter · EPS -133.3% · sales -6.5%1 EPS · 2 sales-
2023Q1ended 2023-03-312023-05-01 16:30-0.010-0.011-0.011142.86129.44EPS -5.7% · sales +10.4%vs 2022Q1, year-ago quarter · EPS -102.0% · sales +5.8%1 EPS · 2 sales-
2022Q4ended 2022-12-312023-02-08 16:300.6100.0310.611151151.33EPS +1861.4% · sales -0.2%vs 2021Q4, year-ago quarter · EPS -334.6% · sales +10.6%1 EPS · 2 sales-

Annual earnings

2025FY EPS -0.670 missed -0.370, from -0.640 a year earlier. Sales 445.65 missed 561.47, from 570.32 a year earlier
EPS
1.8500-0.6702018FY EPS 1.000 against 0.77120182019FY EPS 1.820 against 0.63620192020FY EPS 1.850 against 1.70320202021FY EPS -0.010 against 0.32420212022FY EPS 1.190 against 0.60820222023FY EPS -0.390 against -0.18620232024FY EPS -0.640 against -0.42320242025FY EPS -0.670 against -0.3702025
Sales, USD millions
577.9302018FY sales 526 against 507.6620182019FY sales 533.2 against 525.6120192020FY sales 535 against 531.6820202021FY sales 476.59 against 524.5220212022FY sales 564.78 against 567.2820222023FY sales 576.87 against 577.9320232024FY sales 570.32 against 506.5620242025FY sales 445.65 against 561.472025

Reported years only. The outline behind the bar is the estimate. A later year with no print stays in the table.

earnings feed, not the snapshot. Not the statement ratio.

PeriodEPS adjustedEPS estEPS reportedSales act, USD mSales est, USD mP/E, earnings feed
2030FYestimate--0.110--651.4-
2029FYestimate--0.090--636.74-
2028FYestimate-0.446--616.9222.52
2027FYestimate-0.249--593.6240.37
2026FYestimate--0.171--585.97-
2025FY-0.670-0.370-0.670445.65561.47-
2024FY-0.640-0.423-0.638570.32506.56-
2023FY-0.390-0.186-0.391576.87577.93-
2022FY1.1900.6081.189564.78567.287.18
2021FY-0.0100.324-0.009476.59524.5252.89
2020FY1.8501.7031.845535531.688.17
2019FY1.8200.6361.817533.2525.6111.38
2018FY1.0000.7710.997526507.6615.87
2017FY0.9201.2510.919574.17571.3719.85
2016FY0.7400.6060.043555.72552.0525.65
2015FY1.1500.4200.011584.77592.58.73
2014FY0.2590.1900.280566.25563.8938.78
2013FY0.4400.5250.600554.51558.3122.82
2012FY0.3800.4550.550536.38489.6726.42
2011FY0.5900.6131.300541.6530.3717.02
2010FY0.7000.7450.700588.8533.9414.34

Quarterly results

2026Q3 revenue 151.24, from 139.16 a year earlier. Operating margin 14.5%, from 13.2% a year earlier
Revenue, USD millions
151.2402024Q4 revenue 143.2324Q42025Q1 revenue 142.6925Q12025Q2 revenue 140.2925Q22025Q3 revenue 139.1625Q32025Q4 revenue 142.8525Q42026Q1 revenue 143.2926Q12026Q2 revenue 144.1226Q22026Q3 revenue 151.2426Q3
Operating margin
15.202024Q4 operating margin 10.8%24Q42025Q1 operating margin 14.6%25Q12025Q2 operating margin 15.2%25Q22025Q3 operating margin 13.2%25Q32025Q4 operating margin 13.2%25Q42026Q1 operating margin 13.1%26Q12026Q2 operating margin 14.3%26Q22026Q3 operating margin 14.5%26Q3

From the quarterly statement. Not an estimate.

Estimate revisions

Latest snapshot of each period and type. 2026FY E -0.17 per share.
PeriodTypeScaleDateMeanvs prior date
2026Q4S-2026-11-07149.570.0%
2026FYEper share2026-10-31-0.17-27.5%
2026Q4Eper share2026-10-310.03+196.2%
2026Q4Rper share2026-10-270.030.0%
2026FYS-2026-10-27585.97+0.4%
2026Q3Eper share2026-10-14-0.06+14.7%
2026FYRper share2026-10-14-0.17-0.6%
2026Q3Rper share2026-10-14-0.01-417.6%
2026Q3S-2026-10-14146.8+0.0%
2026Q2Eper share2026-07-23-0.06+98.0%
2026Q2S-2026-07-23133.68+3.6%
2026Q2Rper share2026-06-09-0.03-2.6%
2026Q1Eper share2026-04-07-0.03-
2026Q1Rper share2026-04-07-0.03-
2026Q1S-2026-04-07128.67+0.1%
2025FYEper share2026-01-28-0.370.0%
2025FYRper share2026-01-28-0.370.0%
2025FYS-2026-01-19561.470.0%
2025Q4S-2026-01-19139.55+12.1%
2025Q4Eper share2026-01-16-0.05+4.6%
2025Q4Rper share2026-01-16-0.05+4.6%
2025Q3S-2025-10-21123.820.0%
2025Q3Eper share2025-09-30-0.05+23.3%
2025Q3Rper share2025-09-30-0.05+23.3%
2025Q2S-2025-06-12126.48+13.0%
2025Q2Eper share2025-04-29-0.050.0%
2025Q2Rper share2025-04-29-0.050.0%
2025Q1Eper share2025-03-03-0.07-
2025Q1Rper share2025-03-03-0.07-
2025Q1S-2025-02-28125.75+13.8%
2024FYEper share2025-01-23-0.42+6.6%
2024Q4Eper share2025-01-23-0.03-30.8%
2024FYRper share2025-01-23-0.42+6.6%
2024Q4Rper share2025-01-23-0.03-30.8%
2024FYS-2025-01-23506.56+14.1%
2024Q4S-2025-01-23126.92+15.6%
2024Q3Eper share2024-09-17-0.05-2.3%
2024Q3Rper share2024-09-17-0.05-2.3%
2024Q3S-2024-09-17128.29-0.2%
2024Q2S-2024-07-24126.290.0%
2024Q2Eper share2024-07-09-0.05-55.8%
2024Q2Rper share2024-07-09-0.05-55.8%
2024Q1Eper share2024-04-05-0.09-
2024Q1Rper share2024-04-05-0.09-
2024Q1S-2024-04-05127.81+12.5%
2023FYEper share2024-02-07-0.190.0%
2023FYRper share2024-02-07-0.190.0%
2023FYS-2024-01-15577.93+11.9%

Estimate history

Annual
Metric201720182019202020212022202320242025TTMMRQ
EPS per share0.9190.9971.8171.845-0.0091.189-0.391-0.638-0.672-0.7078-
Sales USD millions574526533535459490509522528582-
Shares million shares142126126124123123124124125-124
Quarterly
MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
EPS per share-0.093-0.242-0.081-0.135-0.108-0.347-0.104-0.089-0.168
Sales USD millions139143143140139143143144151
Shares million shares124124124124125125125125124

Income statement, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
MetricTTM2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/20202019FY12/31/20192018FY12/31/2018
Total Revenue581.51527.74+1.2%521.67+2.5%509.11+4.0%489.60+6.6%459.32-14.1%535.02+0.3%533.18+1.4%525.97
Total Expenses501.24448.30+0.2%447.43+3.6%431.85+6.5%405.57+7.2%378.40-15.2%446.27+3.3%431.96+5.3%410.30
Operating Income80.2779.44+7.0%74.24-3.9%77.26-8.1%84.03+3.8%80.92-8.8%88.76-12.3%101.22-12.5%115.67
Unusual Expense50.0237.79+10.4%34.22+13.0%30.27+16.5%25.98-36.6%41.00+339.0%9.34+4.4%8.95+432.7%1.68
Net Income Before Taxes-88.28-83.60-79.06-48.38-132.9%146.83-1.17-100.5%232.69+1.5%229.26+76.0%130.29
Income Taxes0.000.000.000.000.000.000.000.000.00
Consolidated Net Income-88.28-83.60-79.06-48.38-132.6%148.42-1.17-100.5%232.69+1.5%229.26+76.0%130.29
Net Income From Continuing Operations-88.29-83.62-79.07-48.39-133.0%146.83-1.15-100.5%232.69+1.5%229.26+75.9%130.30
Net Income-88.29-83.62-79.07-48.39-133.0%146.83-1.15-100.5%232.69+1.5%229.26+75.9%130.30
EPS (Recurring) per share-0.43-0.46-0.44-0.22-116.4%1.34+509.1%0.22-88.4%1.90+1.6%1.87+85.1%1.01
EPS (Basic, Before Extraordinaries) per share-0.71-0.67-0.64-0.39-132.8%1.19-0.01-100.5%1.85+1.6%1.82+82.0%1.00
EPS (Diluted) per share-0.71-0.67-0.64-0.39-132.8%1.19-0.01-100.5%1.85+1.6%1.82+82.0%1.00
Non-Operating Income (Expense)7.531.88-75.3%7.61-17.7%9.25-94.0%153.17+2012.7%7.25-96.5%206.53+3.0%200.42+154.0%78.89
Other After Tax Adjustments0.000.000.000.000.000.000.000.000.00
Stock Option Compensation Expense9.709.70+15.5%8.40+3.7%8.10-8.0%8.80-20.0%11.00+13.4%9.70-35.8%15.10+55.7%9.70
Price To Earnings Ratio ratio statement ratio, not the snapshot---15.9228.63-8.8212.2417.17
Price To Sales Ratio ratio1.911.972.171.732.314.963.835.264.23
Gross Margin %19.4220.8521.0220.9123.1124.2021.7226.0927.66
Operating Margin %13.8015.0514.2315.1817.1617.6216.5918.9821.99
Net Margin %-15.18-15.84-15.16-9.5029.99-0.2543.4943.0024.77
Shares Outstanding million shares123.81124.52+0.4%124.08+0.3%123.72+0.2%123.44+0.3%123.08-0.6%123.84-1.5%125.78-0.3%126.22
Market Capitalization1,232.061,232.06+8.6%1,134.60+29.0%879.60-22.3%1,131.53-50.4%2,281.64+11.5%2,045.45-26.9%2,797.41+27.9%2,187.44

Income statement, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Total Revenue151.24+8.7%144.12+2.7%143.29+0.4%142.85-0.3%139.16-0.1%140.29-2.1%142.69-1.3%143.23-1.4%
Total Expenses129.25+7.0%123.53+3.8%124.50+2.2%123.94-3.0%120.81+0.3%119.00-3.9%121.79-1.8%127.83-0.5%
Operating Income21.98+19.8%20.59-3.3%18.79-10.1%18.91+22.8%18.35-3.0%21.29+9.6%20.89+2.0%15.40-8.3%
Unusual Expense20.240.00-100.0%0.00-100.0%29.79+93.4%0.007.500.50-97.3%15.40-16.7%
Net Income Before Taxes-21.02-11.10-12.91-43.24-13.46-16.81-10.10-29.98
Income Taxes0.000.000.000.000.000.000.000.00
Consolidated Net Income-21.02-11.10-12.91-43.24-13.46-16.81-10.10-29.98
Net Income From Continuing Operations-21.02-11.10-12.92-43.25-13.46-16.81-10.10-29.98
Net Income-21.02-11.10-12.92-43.25-13.46-16.81-10.10-29.98
EPS (Recurring) per share-0.05-0.09-0.10-0.18-0.11-0.09-0.08-0.15
EPS (Basic, Before Extraordinaries) per share-0.17-0.09-0.10-0.35-0.11-0.14-0.08-0.24
EPS (Diluted) per share-0.17-0.09-0.10-0.35-0.11-0.14-0.08-0.24
Non-Operating Income (Expense)8.70-0.32-129.9%-0.37-126.4%-0.49-121.4%-0.11-104.1%1.07-14.4%1.40+1.4%2.29-27.3%
Other After Tax Adjustments0.000.000.000.000.000.000.000.00
Stock Option Compensation Expense2.50-3.8%2.500.0%2.200.0%2.50+19.0%2.60+18.2%2.50+13.6%2.20+15.8%2.100.0%
Price To Sales Ratio ratio1.912.011.451.841.981.601.611.99
Gross Margin %20.5220.0018.6318.4618.6520.8519.9419.59
Operating Margin %14.5314.2913.1113.2413.1915.1814.6410.75
Net Margin %-13.90-7.70-9.02-30.27-9.67-11.98-7.08-20.93
Shares Outstanding million shares123.81-0.6%125.13+0.5%125.02+0.5%124.52+0.4%124.50+0.4%124.49+0.4%124.41+0.4%124.08+0.3%
Market Capitalization1,232.06+10.0%1,143.92+26.1%820.26-10.5%1,038.49-8.5%1,120.54-10.5%906.93+1.0%916.89+5.4%1,134.60+29.0%

Balance sheet, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/20202019FY12/31/20192018FY12/31/20182017FY12/31/2017
Cash & Short Term Investments3.79-96.7%113.88+2605.0%4.21-78.5%19.60+121.2%8.86-3.8%9.21-40.2%15.39+155.2%6.03-31.2%8.76
Short Term Receivables220.44+10.6%199.31+3.9%191.75+8.5%176.78-37.8%284.13+2.2%278.10+74.5%159.34+8.0%147.56-5.8%156.61
Investments3,421.71-1.2%3,461.91-1.5%3,515.56+0.3%3,504.81+10.2%3,181.42+4.1%3,056.03+3.9%2,942.51+9.5%2,686.72-4.9%2,823.98
Investment in Unconsolidated Affiliates0.000.000.000.000.000.000.000.00-100.0%0.01
Net Property, Plant & Equipment0.000.000.000.000.000.000.000.000.00
Other Intangible Assets385.41+13.5%339.55-1.7%345.56-10.0%384.14-15.8%456.25+15.1%396.46-0.8%399.52-46.9%752.11-25.6%1,010.61
Total Assets4,031.35-2.0%4,114.65+1.4%4,057.08-0.7%4,085.53+3.9%3,930.66+5.1%3,739.81+6.3%3,516.76-2.1%3,592.43-10.2%3,999.97
Total Debt2,249.54-0.2%2,255.14+7.5%2,097.52+2.8%2,040.63+6.4%1,917.13+15.7%1,657.44+9.5%1,514.13-12.0%1,721.18-2.5%1,765.38
Long Term Debt2,239.67+11.9%2,001.85+15.8%1,729.20+2.3%1,690.63+3.9%1,627.13+22.4%1,329.83-12.1%1,513.14-12.0%1,720.25-2.6%1,765.38
Provision for Risks Charges0.000.000.000.000.000.000.000.000.00
Other Liabilities285.12+5.1%271.38+14.7%236.59+20.9%195.64-13.5%226.11+22.6%184.41+0.4%183.65+15.4%159.11-35.9%248.09
Total Liabilities2,534.65+0.3%2,526.52+8.2%2,334.11+4.4%2,236.27+4.3%2,143.24+16.4%1,841.85+8.5%1,697.78-9.7%1,880.29-6.6%2,013.48
Preferred Stock - Carrying Value0.000.000.000.000.000.000.000.000.00
Common Equity1,495.20-5.8%1,586.60-7.8%1,721.41-6.8%1,847.67+3.5%1,785.79-5.8%1,896.28+4.3%1,817.25+6.2%1,710.37-13.8%1,984.67
Total Shareholders Equity1,495.20-5.8%1,586.60-7.8%1,721.41-6.8%1,847.67+3.5%1,785.79-5.8%1,896.28+4.3%1,817.25+6.2%1,710.37-13.8%1,984.67
Accumulated Minority Interest1.50-1.3%1.52-2.6%1.56-1.9%1.59-2.5%1.63-3.0%1.68-2.9%1.73-2.3%1.77-2.7%1.82
Total Equity1,496.70-5.8%1,588.13-7.8%1,722.97-6.8%1,849.26+3.5%1,787.42-5.8%1,897.96+4.3%1,818.97+6.2%1,712.14-13.8%1,986.49
Total Liabilities & Stockholders Equity4,031.35-2.0%4,114.65+1.4%4,057.08-0.7%4,085.53+3.9%3,930.66+5.1%3,739.81+6.3%3,516.76-2.1%3,592.43-10.2%3,999.97
Book Value Per Share per share12.01-6.1%12.79-8.1%13.91-7.1%14.97+3.2%14.51-5.2%15.31+6.0%14.45+6.6%13.55-2.8%13.94
Tangible Book Value Per Share per share11.58-6.3%12.36-8.3%13.48-5.7%14.30+4.3%13.71-5.5%14.51+6.2%13.66+7.0%12.77-3.6%13.25
Full-Time Employees people140-6.7%1500.0%150+0.7%149+11.2%134-2.2%137+2.2%1340.0%134-1.5%136
Price to Book Ratio ratio0.850.700.500.631.271.061.541.261.31
Return on Assets %-2.05-1.94-1.193.66-0.036.416.453.433.19
Return on Equity %-5.43-4.78-2.718.08-0.0612.5313.007.056.55
Return on Invested Capital %-2.24-2.20-1.404.15-0.037.216.883.803.56
Quick Ratio ratio1.300.751.340.400.850.621.214.193.74
Current Ratio ratio1.300.751.340.400.850.621.214.193.74

Cash flow, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
MetricTTM2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/20202019FY12/31/20192018FY12/31/2018
Funds from Operations209.44194.07+0.6%192.89-12.0%219.20-11.0%246.20-2.6%252.81+5.9%238.83+1.9%234.36+1.0%232.05
Extraordinary Item0.000.000.000.000.000.000.000.000.00
Changes in Working Capital-41.63-53.51-1125.1%5.22-9.07-30.98-10.60-45.54-25.87-29.18
Cash from Operating Activities167.81140.56-29.0%198.11-5.7%210.13-2.4%215.22-11.1%242.20+25.3%193.28-7.3%208.48+2.8%202.87
Capital Expenditures-217.89-157.24-212.11-158.19-392.27-348.64-529.64-429.75-224.02
Net Assets From Acquisitions0.000.000.000.000.000.000.000.000.00
Sale of Fixed Assets and Businesses3.750.000.000.000.000.000.000.000.00
Purchase or Sale of Investments11.7631.35-58.1%74.89+3740.5%1.95-99.5%415.890.00-100.0%360.09-38.9%589.77+2.5%575.23
Purchase of Investments0.000.000.000.000.000.000.000.00-3.20
Sale Or Maturity of Investments11.7631.35-58.1%74.89+3740.5%1.95-99.5%415.890.00-100.0%360.09-38.9%589.77+2.0%578.43
Other Uses-46.51-49.46-49.40-39.77-24.87-20.30-28.33-25.64-27.43
Other Sources1.940.000.000.000.000.000.000.000.00
Cash from Investing Activities-246.95-175.35-186.62-196.02-1.25-368.93-197.88-247.3%134.38-58.5%323.78
Cash Dividends Paid-0.16-30.87-61.86-93.12-104.37-103.91-106.31-106.43-184.09
Change in Capital Stock-10.870.000.000.000.00-19.54-29.99-16.90-298.54
Repurchase of Common Pref Stock-50.000.000.000.000.00-19.54-29.99-16.90-298.54
Sale of Common Pref Stock39.130.000.000.000.000.000.000.000.00
Proceedsfrom Stock Options39.130.000.000.000.000.000.000.000.00
Issuance or Reduction of Debt, Net0.00-39.87-124.3%164.36+142.8%67.69-93.58-136.8%253.97+82.3%139.31-206.02-43.39
Change in Long Term Debt0.000.000.000.000.000.000.000.000.00
Issuance of Long Term Debt0.000.000.000.000.000.000.000.000.00
Reduction of Long Term Debt0.000.000.000.000.000.000.000.000.00
Net Financing Active Other Cash Flow-4.86-4.56-4.32-4.08-5.27-4.15-4.59-4.16-3.34
Other Financing Activities Uses-3.03-2.27-1.76-1.76-3.94-3.06-4.59-3.45-3.26
Cash from Financing Activities77.48-75.31-176.7%98.18-29.50-203.23-260.8%126.38-1.58-333.51-529.37
Net Change in Cash-1.66-110.09-200.4%109.68-15.39-243.3%10.74-0.35-6.17-166.0%9.35-2.72
Free Cash Flow-26.06-16.68-14.00-127.0%51.94-44.7%93.86-21.5%119.58+48.2%80.70-23.1%104.93-19.8%130.76
Preferred Dividends (Cash Flow)-0.000.000.000.000.000.000.000.00
Price to Free Cash Flow ratio-----145.40---

Balance sheet, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Cash & Short Term Investments6.48-20.3%21.75+178.1%6.33-4.5%3.79-96.7%8.13-94.1%7.82-94.6%6.63-14.6%113.88+2605.0%
Short Term Receivables224.65+3.4%231.08+9.3%223.32+7.2%220.44+10.6%217.32+10.4%211.41+8.7%208.25+6.7%199.31+3.9%
Investments3,398.07-1.0%3,406.43-0.3%3,418.85-0.9%3,421.71-1.2%3,431.26-0.9%3,417.30-1.0%3,449.14-0.2%3,461.91-1.5%
Investment in Unconsolidated Affiliates0.000.000.000.000.000.000.000.00
Net Property, Plant & Equipment0.000.000.000.000.000.000.000.00
Other Intangible Assets462.42+33.3%388.73+13.1%385.42+13.4%385.41+13.5%347.01+1.6%343.73-6.4%339.93+1.6%339.55-1.7%
Total Assets4,091.61+2.2%4,047.98+1.7%4,033.93+0.7%4,031.35-2.0%4,003.73-3.2%3,980.26-4.3%4,003.96+0.2%4,114.65+1.4%
Total Debt2,340.84+5.4%2,250.94+2.0%2,275.23+2.6%2,249.54-0.2%2,220.11-1.6%2,206.50-2.3%2,216.95+5.1%2,255.14+7.5%
Long Term Debt2,340.84+5.4%2,250.94+2.0%2,275.23+2.6%2,239.67+11.9%2,220.11+10.6%2,206.50+9.8%2,216.95+5.1%2,001.85+15.8%
Provision for Risks Charges0.000.000.000.000.000.000.000.00
Other Liabilities302.34+22.6%322.05+42.7%275.77+22.4%285.12+5.1%246.57-1.8%225.75-6.3%225.28+11.6%271.38+14.7%
Total Liabilities2,643.18+7.2%2,572.99+5.8%2,551.01+4.5%2,534.65+0.3%2,466.68-1.6%2,432.25-2.7%2,442.23+5.6%2,526.52+8.2%
Preferred Stock - Carrying Value0.000.000.000.000.000.000.000.00
Common Equity1,446.94-5.8%1,473.50-4.7%1,481.43-5.0%1,495.20-5.8%1,535.54-5.7%1,546.50-6.7%1,560.21-7.2%1,586.60-7.8%
Total Shareholders Equity1,446.94-5.8%1,473.50-4.7%1,481.43-5.0%1,495.20-5.8%1,535.54-5.7%1,546.50-6.7%1,560.21-7.2%1,586.60-7.8%
Accumulated Minority Interest1.49-1.3%1.50-0.7%1.50-1.3%1.50-1.3%1.51-1.3%1.51-1.9%1.52-1.9%1.52-2.6%
Total Equity1,448.43-5.8%1,474.99-4.7%1,482.93-5.0%1,496.70-5.8%1,537.05-5.7%1,548.01-6.7%1,561.73-7.1%1,588.13-7.8%
Total Liabilities & Stockholders Equity4,091.61+2.2%4,047.98+1.7%4,033.93+0.7%4,031.35-2.0%4,003.73-3.2%3,980.26-4.3%4,003.96+0.2%4,114.65+1.4%
Book Value Per Share per share11.69-5.2%11.78-5.2%11.85-5.5%12.01-6.1%12.33-6.1%12.42-7.0%12.54-7.5%12.79-8.1%
Tangible Book Value Per Share per share11.25-5.5%11.35-5.3%11.42-5.7%11.58-6.3%11.90-6.3%11.99-7.3%12.11-7.8%12.36-8.3%
Full-Time Employees people---140-6.7%---1500.0%
Price to Book Ratio ratio0.850.770.550.680.720.580.580.70
Return on Assets %-2.18-2.01-2.15-2.05-1.73-1.68-1.54-1.94
Return on Equity %-5.92-5.35-5.68-5.43-4.45-4.27-3.79-4.78
Return on Invested Capital %-0.55-0.30-0.34-1.16-0.36-0.45-0.27-0.84
Quick Ratio ratio1.881.381.471.301.671.671.760.75
Current Ratio ratio1.881.381.471.301.671.671.760.75

Cash flow, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Funds from Operations55.95+17.5%53.57+10.3%51.06+4.1%48.86+6.4%47.62+0.1%48.55-2.0%49.04-1.7%45.90-12.9%
Extraordinary Item0.000.000.000.000.000.000.000.00
Changes in Working Capital-31.5310.77+594.8%-22.952.08-89.1%-11.811.55-91.0%-45.3319.14
Cash from Operating Activities24.42-31.8%64.35+28.4%28.11+657.7%50.94-21.7%35.81-16.5%50.10-25.0%3.71-84.1%65.04+31.1%
Capital Expenditures-104.61-33.57-38.28-41.43-34.24-41.94-39.63-72.12
Net Assets From Acquisitions0.000.000.000.000.000.000.000.00
Sale of Fixed Assets and Businesses3.750.000.000.000.000.000.000.00
Purchase or Sale of Investments11.760.00-100.0%0.00-100.0%0.000.00-100.0%25.695.66-89.4%0.00-100.0%
Purchase of Investments0.000.000.000.000.000.000.000.00
Sale Or Maturity of Investments11.760.00-100.0%0.00-100.0%0.000.00-100.0%25.695.66-89.4%0.00-100.0%
Other Uses-10.67-12.04-10.06-13.73-14.90-15.02-5.80-13.93
Other Sources1.940.000.000.000.000.000.000.00
Cash from Investing Activities-97.83-45.61-48.34-55.16-49.15-31.27-39.77-86.06
Cash Dividends Paid-0.01-0.01-0.13-0.01-0.01-0.01-30.84-0.22
Preferred Dividends (Cash Flow)0.000.000.000.000.000.000.000.00
Change in Capital Stock-10.870.000.000.000.000.000.000.00
Repurchase of Common Pref Stock-50.000.000.000.000.000.000.000.00
Sale of Common Pref Stock39.130.000.000.000.000.000.000.00
Proceedsfrom Stock Options39.130.000.000.000.000.000.000.00
Issuance or Reduction of Debt, Net68.85+388.3%-2.9326.081.3714.10-17.53-111.6%-37.80-362.7%-0.88-124.4%
Change in Long Term Debt0.000.000.000.000.000.000.000.00
Issuance of Long Term Debt0.000.000.000.000.000.000.000.00
Reduction of Long Term Debt0.000.000.000.000.000.000.000.00
Net Financing Active Other Cash Flow0.17-0.39-3.17-1.47-0.43-0.10-2.56-0.98
Other Financing Activities Uses0.00-0.07-2.960.00-0.07-0.06-2.14-0.73
Cash from Financing Activities58.14+325.9%-3.3222.78-0.1213.65-17.65-113.1%-71.20-2.07-179.6%
Net Change in Cash-15.27-4871.9%15.41+1205.9%2.54-4.340.321.18-99.1%-107.25-3112.6%-23.09
Free Cash Flow-56.18-3678.3%30.78+277.2%-10.179.511.578.16-48.7%-35.91-7.08-247.5%
Price to Free Cash Flow ratio-36.3092.08-----

Revenue breakdown

USD millions, so a column adds up to the income statement. Share is of the latest year in that split. The change is versus the older year shown, not TTM.

Region
Name20242025vs 20242025 share
United States570.32564.99-0.9%100.0%
Total570.32564.99-0.9%100.0%
Segment
Name20242025vs 20242025 share
Atlanta172.13180.00+4.6%31.9%
Boston45.7741.42-9.5%7.3%
Consolidation, Policy21.2820.09-5.6%3.6%
Dallas108.27102.29-5.5%18.1%
Minneapolis48.5845.19-7.0%8.0%
New York55.9258.50+4.6%10.4%
Northern Virginia/Washington D.C.58.8551.67-12.2%9.1%
Orlando59.5465.82+10.5%11.6%
Total570.32564.99-0.9%100.0%

Short interest

shares short against float, oldest to newest
SettlementOf floatShares shortFloatAvg volume
2026-10-308.44%10.3M122.2M1.47M
2026-10-157.90%9.8M123.5M1.35M
2026-09-307.59%9.4M123.5M1.28M
2026-09-154.03%5.0M123.5M1.26M
2026-08-315.93%7.3M123.5M1.07M
2026-08-144.59%5.7M123.5M1.05M
2026-07-312.85%3.5M123.5M1.08M
2026-07-153.05%3.8M123.4M1.21M
2026-06-303.27%4.0M123.4M1.27M
2026-06-153.20%3.9M123.4M1.17M
2026-05-293.71%4.6M123.4M1.10M
2026-05-153.48%4.3M123.4M1.10M
2026-04-304.05%5.0M123.5M1.09M
2026-04-153.08%3.8M123.3M989.31K
2026-03-312.80%3.5M123.3M903.39K
2026-03-132.57%3.2M123.2M838.73K
2026-02-272.36%2.9M123.2M791.21K
2026-02-132.66%3.3M122.7M771.93K
2026-01-302.65%3.3M122.9M725.71K
2026-01-153.30%4.1M123.2M739.19K

Option chain

expiry 2026-11-20
TypeStrikeBidAskLastIVOpen intVolumeDeltaThetaVega
call2.506.109.200.001906.7%0.000.000.962-0.1260.001
call5.003.506.700.00954.6%0.000.000.880-0.1590.003
call7.502.003.200.00338.4%0.000.000.774-0.1410.004
call10.000.001.650.00288.8%0.000.000.579-0.1040.006
call12.500.001.450.00391.0%0.000.000.456-0.1450.006
call15.000.001.450.00481.5%0.000.000.410-0.1740.006
call17.500.001.500.00549.8%0.000.000.383-0.1960.006
put2.500.001.450.001633.5%0.000.00-0.038-0.1250.001
put5.000.001.450.00852.2%0.000.00-0.120-0.1580.003
put7.500.001.450.00502.4%0.000.00-0.226-0.1400.004
put10.000.001.650.00280.7%0.000.00-0.422-0.1030.006
put12.501.803.400.00286.0%0.000.00-0.544-0.1430.006
put15.004.205.800.00353.2%0.000.00-0.590-0.1730.006
put17.506.109.100.00569.2%0.000.00-0.617-0.1940.006

Latest SEC filings

30
FiledFormDescriptionPeriodLink
2026-10-268-KCurrent report2026-10-26SEC
2026-10-2610-QQuarterly report pursuant to Section 13 or 15(d)2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-10-01SEC
2026-09-178-KCurrent report2026-09-17SEC
2026-09-158-KCurrent report2026-09-14SEC
2026-09-148-KCurrent report2026-09-14SEC
2026-08-14SCHEDULE 13G/ASEC
2026-07-288-KCurrent report2026-07-28SEC
2026-07-2810-QQuarterly report pursuant to Section 13 or 15(d)2026-06-30SEC
2026-05-288-KCurrent report2026-05-28SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-134Statement of changes in beneficial ownership of securities2026-05-12SEC
2026-05-12S-8Initial registration statement for securities to be offered to employees pursuant to employee benefit plansSEC
2026-05-128-KCurrent report2026-05-12SEC
2026-04-30SCHEDULE 13GSEC
2026-04-308-KCurrent report2026-04-30SEC
2026-04-3010-QQuarterly report pursuant to Section 13 or 15(d)2026-03-31SEC
2026-04-10DEFA14AProxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934SEC
2026-03-26SCHEDULE 13G/ASEC
2026-03-18DEFA14AProxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934SEC
2026-03-18DEF 14AProxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 19342026-05-12SEC
2026-02-254Statement of changes in beneficial ownership of securities2026-02-23SEC
2026-02-254Statement of changes in beneficial ownership of securities2026-02-23SEC
2026-02-254Statement of changes in beneficial ownership of securities2026-02-23SEC

Insider activity by month

MonthBoughtBuysSoldSells
2026-110000
2026-100039.17K1
2026-090000
2026-080000
2026-070000
2026-060000
2026-050000
2026-040000
2026-030000
2026-020000
2026-010000
2025-120000
2025-110000

Institutional holders

Manager% owned
BlackRock, Inc.12.24%
VANGUARD PORTFOLIO MANAGEMENT LLC10.14%
COHEN & STEERS, INC.6.47%
DEUTSCHE BANK AG\5.03%
VANGUARD CAPITAL MANAGEMENT LLC4.45%
STATE STREET CORP4.25%
WILSEY ASSET MANAGEMENT INC3.95%
PRIVATE MANAGEMENT GROUP INC3.16%
LSV ASSET MANAGEMENT2.91%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC2.71%

Funds

Fund% owned
Nuveen Flexible Income Fund7.66%
Diversified Bond Fund4.10%
VANGUARD REAL ESTATE INDEX FUND3.80%
Nuveen Strategic Income Fund3.26%
VANGUARD TOTAL STOCK MARKET INDEX FUND3.19%
American Century Diversified Corporate Bond ETF2.83%
Global Bond Fund2.69%
iShares Russell 2000 ETF2.64%
Short Duration Bond Fund2.50%
VANGUARD SMALL-CAP INDEX FUND2.29%

OakChart. PDM. Cached 15 minutes. Terms