List of Spinoff Companies: Corporate Splits That Create Value

A corporate spinoff is a non-cash transaction in which a parent company separates one of its divisions into a new, independent publicly traded entity. Existing shareholders receive shares in the new company proportional to their holdings, and both entities then trade separately — each with its own management team and board of directors. The transaction is generally tax-free for shareholders.

Since the 1980s, spinoffs have become a major area of study in corporate finance. The rationale is straightforward: as The Economist has noted, stock markets often value a diversified group at less than the sum of its parts — a phenomenon known as the “conglomerate discount.” Separating a high-growth division from slower-growing siblings can allow each business to command a valuation that reflects its own prospects rather than the blended whole.

Why companies pursue spinoffs:

  • Strategic focus: Each entity can pursue its own strategy without internal competition for capital and management attention.
  • Analyst coverage: A more focused, less complex business is easier to evaluate, and the separation can attract new specialist analysts.
  • Regulatory or structural needs: Spinoffs can separate conflicting or regulated business units, reducing legal complexity.
  • No-buyer alternative: A parent can divest a division even when no satisfactory acquisition offer exists.

Spinoffs differ from related corporate actions. In a split-off, shareholders must surrender parent shares to receive subsidiary shares. In a carve-out, the subsidiary’s stock is sold to the public through an IPO rather than distributed to existing holders. It is fairly common for a carve-out to precede a full spinoff, since the IPO establishes a market valuation and transaction history for the subsidiary. Important details about any spinoff — including the company’s rationale and the new entity’s strategy — are disclosed in an SEC filing known as Form 10-12B.

One factor worth understanding is short-term selling pressure. After a spinoff, index funds may be forced to sell shares of a spun-off entity that falls outside their tracked index, and institutional holders may divest due to mandate restrictions on market capitalization or dividend requirements. Some shareholders of the original parent simply do not want ownership in the new company. This initial churn can create temporary price dislocations.

Academic research on spinoff performance dates back to Cusatis et al. (1993), and subsequent studies by McConnell and Ovtchinnikov (2004), Veld and Veld-Merkoulova (2004), and others have confirmed that spinoff subsidiaries tend to generate excess returns over one- and three-year horizons. However, not all spinoffs succeed — McConnell et al. (2015) found that fewer than half generated positive excess returns after one year. A Harvard Business Review analysis of 350 large spinoffs concluded that the average separation creates negligible value, and that success depends on a well-defined separation thesis covering the equity story, target financials, asset perimeter, and program design.

For those interested in how newly listed companies enter public markets through other paths, or how the largest companies in the world have evolved through restructuring, those pages offer additional context.

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The table below lists notable publicly traded spinoff companies, primarily on U.S. exchanges. Prices, market capitalizations, and performance figures are updated regularly to reflect current market conditions.

List of Spinoff companies
StockSymbolPriceChange %Marketcap
GEV
GE Vernova
GEV
GEV$1,123.301.22%301.85B
SOLV
Solventum
SOLV
SOLV$73.322.80%12.70B
NXT
Nextracker
NXT
NXT$128.682.20%19.58B
WS
Worthington Steel
WS
WS$40.191.34%2.04B
NATL
NCR Atleos Corporation
NATL
NATL$43.520.26%3.21B
SDZNY
Sandoz Group AG
SDZNY
SDZNY$85.561.47%37.12B
LAC
Lithium Americas
LAC
LAC$4.340.80%1.52B
VLTO
Veralto
VLTO
VLTO$82.691.58%20.31B
VSTS
Vestis
VSTS
VSTS$13.212.56%1.75B
PODC
Courtside Group (PodcastOne)
PODC
PODC$4.070.73%111.88M
LLYVK
Liberty Live Holdings, Inc. - S
LLYVK
LLYVK$97.600.87%8.98B
LLYVA
Liberty Live Holdings, Inc. - S
LLYVA
LLYVA$94.050.94%8.65B
BATRK
Braves Group
BATRK
BATRK$50.490.22%3.24B
PHIN
PHINIA
PHIN
PHIN$80.690.12%2.99B
FTRE
Fortrea
FTRE
FTRE$15.501.21%1.47B
METCB
Ramaco Resources, Inc.
METCB
METCB$9.620.31%628.29M
CISS
C3is Inc.
CISS
CISS$2.104.55%1.14M
KNF
Knife River Corporation
KNF
KNF$86.970.84%4.94B
LAES
SEALSQ
LAES
LAES$3.150.80%700.62M
MSGE
Madison Square Garden
MSGE
MSGE$74.160.99%3.51B
CR
Crane Co.
CR
CR$214.990.04%12.41B
STHO
Star Holdings - Shares of Benef
STHO
STHO$8.920.56%107.83M
TORO
Toro Corp.
TORO
TORO$5.101.59%176.25M
VTS
Vitesse Energy
VTS
VTS$15.801.31%659.06M
GEHC
GE HealthCare Technologies
GEHC
GEHC$60.801.28%27.66B
MBC
MasterBrand
MBC
MBC$8.921.60%1.14B
BAM
Brookfield Asset Management
BAM
BAM$46.901.14%74.89B
RXO
RXO
RXO
RXO$25.691.18%4.24B
MPTI
M-tron Industries
MPTI
MPTI$96.290.36%416.11M
BHM
Bluerock Homes Trust, Inc.
BHM
BHM$9.494.52%39.00M
BHVN
Biohaven Pharmaceutical
BHVN
BHVN$15.2712.53%2.30B
XPER
Xperi
XPER
XPER$7.900.50%381.34M
FIP
FTAI Infrastructure Inc.
FIP
FIP$4.800.31%566.59M
HLN
Haleon
HLN
HLN$8.821.56%38.93B
OCTO
Eightco Holdings Inc.
OCTO
OCTO$24.110.00%0.00000000000000
CNF
CNFinance Holdings Limited
CNF
CNF$3.091.31%52.09M
WDS
Woodside Energy
WDS
WDS$20.251.00%38.50B
WBD
Warner Bros. Discovery
WBD
WBD$26.902.65%67.43B
ESAB
ESAB
ESAB
ESAB$101.734.21%6.19B
EMBC
Embecta
EMBC
EMBC$3.080.96%182.73M
BBUC
Brookfield Business Corporation
BBUC
BBUC$33.320.70%6.88B
BRBR
BellRing Brands
BRBR
BRBR$9.985.44%1.16B
IVCGF
IVECO GROUP NV
IVCGF
IVCGF$15.960.87%4.25B
DOUG
Douglas Elliman
DOUG
DOUG$1.672.89%151.81M
IMPPP
Imperial Petroleum Inc. - 8.75%
IMPPP
IMPPP$26.351.89%0.00000000000000
IMPP
Imperial Petroleum
IMPP
IMPP$4.930.82%222.90M
ONL
Orion Office REIT
ONL
ONL$2.860.35%162.53M
KD
Kyndryl
KD
KD$10.405.50%2.29B
CCSI
Consensus Cloud Solutions
CCSI
CCSI$33.162.87%610.08M
RRX
Regal Rexnord
RRX
RRX$228.450.73%15.21B
XP
XP Inc.
XP
XP$15.964.28%8.24B
SLVM
Sylvamo
SLVM
SLVM$39.061.51%1.55B
JXN
Jackson Financial
JXN
JXN$108.001.11%7.53B
GXO
GXO Logistics
GXO
GXO$49.932.65%5.74B
NABL
N-Able
NABL
NABL$2.963.43%556.66M
ACUT
Accustem Sciences Inc.
ACUT
ACUT$0.2070.67%3.33M
DTM
DT Midstream
DTM
DTM$146.172.00%14.91B
DK
Delek US
DK
DK$41.941.13%2.57B
OGN
Organon
OGN
OGN$13.400.26%3.52B
THNPY
Technip Energies NV
THNPY
THNPY$41.792.41%7.26B
CGNT
Cognyte Software
CGNT
CGNT$8.082.94%595.18M
FTCO
Fortitude Gold Corporation
FTCO
FTCO$4.820.62%131.05M
CNXC
Concentrix
CNXC
CNXC$23.874.82%1.46B
VTRS
Viatris
VTRS
VTRS$15.350.13%17.88B
VNT
Vontier
VNT
VNT$30.190.94%4.25B
LNSR
LENSAR
LNSR
LNSR$5.641.67%68.32M
BBXIA
BBX Capital Corporation
BBXIA
BBXIA$3.850.00%64.74M
AOUT
American Outdoor Brands, Inc.
AOUT
AOUT$9.872.57%124.32M
BEPC
Brookfield Renewable
BEPC
BEPC$38.202.08%6.97B
EVFM
Evofem Biosciences
EVFM
EVFM$0.00755.06%993.98K
OTIS
Otis Worldwide
OTIS
OTIS$71.951.81%27.61B
CARR
Carrier
CARR
CARR$71.930.17%59.74B
BIPC
Brookfield Infrastructure Corpo
BIPC
BIPC$38.263.41%4.71B
IR
Ingersoll Rand
IR
IR$77.330.75%30.26B
MDIA
MediaCo Holding
MDIA
MDIA$0.7853.22%64.17M
CRNC
Cerence
CRNC
CRNC$10.601.58%478.99M
PNTG
The Pennant Group
PNTG
PNTG$33.801.08%1.18B
CTVA
Corteva
CTVA
CTVA$78.500.11%52.50B
KTB
Kontoor Brands
KTB
KTB$76.322.37%4.22B
ALC
Alcon
ALC
ALC$65.170.76%31.78B
CYCN
Cyclerion Therapeutics
CYCN
CYCN$3.251.56%14.07M
DOW
Dow
DOW
DOW$30.763.07%22.17B
FOX
Fox Corporation
FOX
FOX$44.734.73%18.78B
FOXA
Fox Corporation
FOXA
FOXA$49.026.15%20.58B
WAB
Wabtec
WAB
WAB$275.590.64%46.76B
ARLO
Arlo Technologies
ARLO
ARLO$13.130.54%1.43B
ILPT
Industrial Logistics Properties Trust
ILPT
ILPT$8.170.80%544.32M
NMRK
Newmark
NMRK
NMRK$14.910.27%3.72B
ACA
Arcosa
ACA
ACA$144.986.72%7.12B
REZI
Resideo Technologies
REZI
REZI$31.291.94%4.74B
FTDR
Frontdoor
FTDR
FTDR$71.820.36%5.04B
GTX
Garrett Motion
GTX
GTX$34.280.12%6.42B
KLXE
KLX Energy Services
KLXE
KLXE$2.185.37%44.80M
AMTB
Amerant Bancorp
AMTB
AMTB$23.790.78%931.97M
WH
Wyndham Hotels & Resorts
WH
WH$82.162.42%6.15B
EDRY
EuroDry Ltd.
EDRY
EDRY$22.462.77%64.92M
NVT
nVent Electric
NVT
NVT$182.713.21%29.55B
RFL
Rafael Holdings
RFL
RFL$2.672.20%138.84M
RDVT
Red Violet
RDVT
RDVT$53.762.43%758.50M
BRSP
BrightSpire Capital
BRSP
BRSP$5.510.63%717.18M
HBB
Hamilton Beach Brands
HBB
HBB$20.400.17%276.27M
BHF
Brighthouse Financial
BHF
BHF$62.930.51%3.62B
JBGS
JBG SMITH
JBGS
JBGS$14.431.91%875.21M
BKR
Baker Hughes
BKR
BKR$58.590.30%58.12B
SMHI
SEACOR Marine
SMHI
SMHI$7.5813.40%205.00M
CARS
Cars.com
CARS
CARS$9.920.30%554.56M
VVV
Valvoline
VVV
VVV$37.621.20%4.80B
DXC
DXC Technology
DXC
DXC$7.977.33%1.29B
VREX
Varex Imaging
VREX
VREX$10.470.57%441.27M
AQB
AquaBounty
AQB
AQB$0.9763.78%5.02M
PK
Park Hotels & Resorts
PK
PK$14.730.03%2.97B
HGV
Hilton Grand Vacations
HGV
HGV$51.911.56%4.08B
CNDT
Conduent
CNDT
CNDT$1.307.50%200.85M
INSW
International Seaways
INSW
INSW$87.904.04%4.35B
LW
Lamb Weston
LW
LW$43.413.66%5.99B
YUMC
Yum China
YUMC
YUMC$41.852.53%14.50B
AA
Alcoa
AA
AA$57.682.85%15.22B
ADNT
Adient
ADNT
ADNT$20.411.64%1.60B
DFIN
Donnelley Financial Solutions
DFIN
DFIN$38.072.73%951.08M
ASIX
AdvanSix
ASIX
ASIX$19.024.23%512.76M
APVO
Aptevo Therapeutics Inc.
APVO
APVO$4.782.36%5.96M
FTV
Fortive
FTV
FTV$61.641.10%18.79B
HRI
Herc Holdings
HRI
HRI$152.181.90%5.08B
ZDGE
Zedge, Inc.
ZDGE
ZDGE$3.032.19%39.66M
NGVT
Ingevity
NGVT
NGVT$73.220.26%2.55B
AFIIQ
Armstrong Flooring, Inc.
AFIIQ
AFIIQ$0.00010.00%2.18K
RACE
Ferrari
RACE
RACE$348.253.83%61.31B
FCPT
Four Corners Property Trust
FCPT
FCPT$24.560.29%2.70B
HPE
Hewlett Packard Enterprise
HPE
HPE$48.281.83%63.93B
MSGS
MSG Sports
MSGS
MSGS$368.080.55%8.86B
PJT
PJT Partners
PJT
PJT$154.510.62%6.30B
FLOW
Global X U.S. Cash Flow Kings 100 ETF
FLOW
FLOW$37.340.48%0.00000000000000
LITE
Lumentum
LITE
LITE$896.815.51%69.77B
BNED
Barnes & Noble Education
BNED
BNED$10.811.82%370.74M
PYPL
PayPal
PYPL
PYPL$42.230.67%37.25B
BLD
TopBuild
BLD
BLD$415.882.49%11.70B
CABO
Cable One
CABO
CABO$40.650.84%230.57M
ENR
Energizer Holdings
ENR
ENR$21.131.81%1.45B
CC
Chemours
CC
CC$21.132.92%3.18B
BW
Babcock & Wilcox
BW
BW$17.691.78%2.63B
TCRT
Alaunos Therapeutics
TCRT
TCRT$2.170.93%5.30M
FSV
FirstService
FSV
FSV$131.564.55%6.05B
UNIT
UNITI
UNIT
UNIT$11.273.18%2.74B
NXRT
NexPoint Residential
NXRT
NXRT$26.880.35%1.39B
XHR
Xenia Hotels & Resorts
XHR
XHR$20.341.60%1.99B
UE
Urban Edge Properties
UE
UE$22.511.06%2.99B
LBRDB
Liberty Broadband Corporation
LBRDB
LBRDB$30.004.00%4.42B
ENVA
Enova International
ENVA
ENVA$204.280.85%5.08B
LBRDA
Liberty Broadband
LBRDA
LBRDA$29.911.25%4.30B
AVNS
Avanos Medical
AVNS
AVNS$24.930.06%1.17B
KE
Kimball Electronics
KE
KE$25.791.94%620.22M
KEYS
Keysight
KEYS
KEYS$371.332.11%63.46B
VVX
V2X
VVX
VVX$81.974.19%2.57B
SYF
Synchrony
SYF
SYF$75.470.28%25.39B
OUT
Outfront Media
OUT
OUT$31.050.42%5.47B
RYAM
Rayonier Advanced Materials
RYAM
RYAM$8.219.28%553.67M
DBRG
DigitalBridge Group
DBRG
DBRG$15.740.22%2.91B
TBPH
Theravance Biopharma
TBPH
TBPH$16.761.09%864.03M
CTRE
CareTrust REIT
CTRE
CTRE$37.491.16%8.86B
CVEO
Civeo
CVEO
CVEO$32.981.82%360.91M
DNOW
DNOW Inc.
DNOW
DNOW$13.741.74%2.51B
NAVI
Navient
NAVI
NAVI$7.833.28%735.47M
LE
Lands' End
LE
LE$11.329.04%347.83M
KN
Knowles
KN
KN$42.312.27%3.62B
HEPA
Hepion Pharmaceuticals
HEPA
HEPA$0.0583.17%1.69M
OGS
ONE Gas
OGS
OGS$76.490.36%4.80B
ALLE
Allegion
ALLE
ALLE$130.432.35%11.21B
BHR
Braemar Hotels & Resorts
BHR
BHR$2.051.68%151.19M
GLPI
Gaming and Leisure Properties
GLPI
GLPI$44.230.81%12.53B
SAIC
SAIC
SAIC
SAIC$99.023.29%4.19B
MUSA
Murphy USA
MUSA
MUSA$555.590.79%10.26B
NWS
News Corp
NWS
NWS$27.942.82%15.20B
NWSA
News Corporation
NWSA
NWSA$24.443.34%13.30B
RITM
Rithm Capital
RITM
RITM$9.140.54%5.10B
CWGL
Crimson Wine Group Ltd.
CWGL
CWGL$4.300.47%88.52M
VTOL
Bristow Group
VTOL
VTOL$41.791.32%1.24B
MEIP
MEI Pharma, Inc.
MEIP
MEIP$3.0710.43%0.00000000000000
FWONB
Liberty Media Corporation
FWONB
FWONB$82.500.61%20.67B
FWONA
Liberty Media Corporation - Ser
FWONA
FWONA$82.621.74%20.71B
ABBV
AbbVie
ABBV
ABBV$230.396.42%407.04B
PRTA
Prothena
PRTA
PRTA$9.081.68%475.37M
SRSCQ
SEARS CANADA INC
SRSCQ
SRSCQ$0.00010.00%10.19K
NTRU
NATUR INTERNATIONAL CORP
NTRU
NTRU$0.00010.00%32.22K
PNR
Pentair
PNR
PNR$73.600.97%11.89B
HY
Hyster-Yale Materials Handling
HY
HY$38.611.77%691.64M
PHIO
Phio Pharmaceuticals
PHIO
PHIO$1.062.90%12.31M
ACCO
Acco Brands
ACCO
ACCO$3.851.28%355.19M
PSX
Phillips 66
PSX
PSX$168.251.27%67.46B
POST
Post Holdings
POST
POST$86.751.88%3.93B
SXC
SunCoke Energy
SXC
SXC$8.452.26%716.59M
TRIP
TripAdvisor
TRIP
TRIP$12.592.93%1.46B
VAC
Marriott Vacations Worldwide
VAC
VAC$95.422.60%3.28B
XYL
Xylem
XYL
XYL$111.270.13%26.45B
GNE
Genie Energy
GNE
GNE$13.970.11%368.73M
MPC
Marathon Petroleum
MPC
MPC$247.551.91%72.27B
AMCX
AMC Networks
AMCX
AMCX$9.320.43%409.41M
HII
Huntington Ingalls Industries
HII
HII$277.552.76%10.94B
APEMY
Aperam
APEMY
APEMY$52.5411.67%3.80B
CDXS
Codexis
CDXS
CDXS$2.426.02%219.52M
KHDHF
KHD HUMBOLDT WEDAG INTL (DT) AG
KHDHF
KHDHF$2.080.00%109.53M
BWXT
BWX Technologies
BWXT
BWXT$210.512.49%19.29B
VPG
Vishay Precision Group
VPG
VPG$142.400.75%1.89B
SOWG
Sow Good
SOWG
SOWG$3.1718.04%63.78M
FAF
First American
FAF
FAF$68.420.31%6.97B
CVE
Cenovus Energy
CVE
CVE$25.531.47%47.61B
ASPS
Altisource Portfolio
ASPS
ASPS$7.001.01%78.95M
MYRX
Myrexis, Inc.
MYRX
MYRX$0.00080.00%27.58K
AVNW
Aviat Networks
AVNW
AVNW$20.050.02%259.37M
VRTS
Virtus Investment Partners
VRTS
VRTS$140.800.56%940.84M
CLW
Clearwater Paper
CLW
CLW$15.636.91%252.04M
DMRC
Digimarc
DMRC
DMRC$8.748.77%195.14M
SPWR
SunPower
SPWR
SPWR$0.718.93%103.56M
MHH
Mastech Digital, Inc
MHH
MHH$7.372.96%88.37M
RGA
Reinsurance Group of America
RGA
RGA$209.000.73%13.69B
TREE
LendingTree
TREE
TREE$36.317.06%506.63M
IBIO
iBio
IBIO
IBIO$1.690.00%83.96M
KDP
Keurig Dr Pepper
KDP
KDP$30.970.67%42.13B
PM
Philip Morris
PM
PM$173.492.75%270.39B
SLS
Sellas Life Sciences
SLS
SLS$8.647.27%1.70B
SATS
EchoStar
SATS
SATS$107.341.68%31.11B
FOR
Forestar Group
FOR
FOR$29.030.96%1.48B
TDC
Teradata
TDC
TDC$29.335.04%2.76B
TEL
TE Connectivity
TEL
TEL$212.792.23%62.11B
BR
Broadridge Financial Solutions
BR
BR$134.312.39%15.53B
SBH
Sally Beauty Holdings
SBH
SBH$12.936.51%1.23B
FNF
Fidelity National Financial
FNF
FNF$46.820.00%12.60B
WU
Western Union
WU
WU$7.090.49%2.21B
HOMB
Home BancShares
HOMB
HOMB$27.820.61%5.60B
XPL
Solitario Zinc
XPL
XPL$0.7991.25%74.38M
TNL
Travel + Leisure
TNL
TNL$74.792.50%4.67B
LYV
Live Nation
LYV
LYV$169.800.84%39.51B
AMP
Ameriprise Financial
AMP
AMP$469.140.37%42.17B
EXPE
Expedia Group
EXPE
EXPE$236.951.64%28.44B
OFLX
Omega Flex
OFLX
OFLX$30.681.51%309.69M
LBTYB
Liberty Global
LBTYB
LBTYB$13.200.00%4.46B
LBTYA
Liberty Global Ltd.
LBTYA
LBTYA$11.100.89%3.75B
EXP
Eagle Materials
EXP
EXP$221.691.29%6.85B
PIPR
Piper Sandler
PIPR
PIPR$81.640.20%5.52B
KRO
Kronos Worldwide
KRO
KRO$6.721.75%773.17M
CVCO
Cavco Industries
CVCO
CVCO$591.921.59%4.56B
CEVA
CEVA
CEVA
CEVA$47.923.62%1.34B
SAIA
Saia
SAIA
SAIA$438.550.79%11.67B
KMX
CarMax
KMX
KMX$53.011.22%7.52B
WHG
Westwood Holdings Group
WHG
WHG$18.003.12%170.78M
NPO
EnPro Industries
NPO
NPO$386.951.92%8.17B
KAI
Kadant
KAI
KAI$303.190.43%3.58B
ZBH
Zimmer Biomet
ZBH
ZBH$87.530.50%16.93B
FIS
Fidelity National Information Services
FIS
FIS$37.511.83%19.39B
FLO
Flowers Foods
FLO
FLO$7.483.92%1.58B
EPC
Edgewell Personal Care
EPC
EPC$22.582.29%1.04B
EW
Edwards Lifesciences
EW
EW$85.651.96%49.31B
TDY
Teledyne
TDY
TDY$616.300.53%28.55B
LICT
LICT Corp.
LICT
LICT$11,700.001.74%179.31M
IT
Gartner
IT
IT$125.441.61%8.40B
IOSP
Innospec
IOSP
IOSP$82.580.18%2.03B
INGR
Ingredion
INGR
INGR$97.930.00%6.18B