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.
Regulated brokerThe 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.
| Stock | Symbol | Price | Change % | Marketcap |
|---|---|---|---|---|
 GE Vernova GEV | GEV | $770.51 | 7.48% | 203.94B |
 Solventum SOLV | SOLV | $87.18 | 2.43% | 14.84B |
 Nextracker NXT | NXT | $99.58 | 6.67% | 15.30B |
 Worthington Steel WS | WS | $35.90 | 11.31% | 1.84B |
NCR Atleos Corporation NATL | NATL | $46.99 | 0.80% | 3.47B |
Sandoz Group AG SDZNY | SDZNY | $101.69 | 0.47% | 44.11B |
 Lithium Americas LAC | LAC | $1.84 | 5.64% | 668.00M |
 Veralto VLTO | VLTO | $116.55 | 0.40% | 28.34B |
Vestis VSTS | VSTS | $14.12 | 4.59% | 1.87B |
 Courtside Group (PodcastOne) PODC | PODC | $1.77 | 17.67% | 53.55M |
Liberty Live Holdings, Inc. - S LLYVK | LLYVK | $108.34 | 1.82% | 9.97B |
Liberty Live Holdings, Inc. - S LLYVA | LLYVA | $103.85 | 2.37% | 9.55B |
 Braves Group BATRK | BATRK | $50.10 | 1.24% | 3.23B |
PHINIA PHIN | PHIN | $69.09 | 3.68% | 2.48B |
 Fortrea FTRE | FTRE | $20.46 | 1.78% | 1.97B |
 Ramaco Resources, Inc. METCB | METCB | $3.68 | 7.54% | 234.35M |
 C3is Inc. CISS | CISS | $0.383 | 22.07% | 1.32M |
 Knife River Corporation KNF | KNF | $57.25 | 8.02% | 3.25B |
SEALSQ LAES | LAES | $1.23 | 13.99% | 276.66M |
Madison Square Garden MSGE | MSGE | $75.40 | 4.23% | 3.58B |
Crane Co. CR | CR | $197.79 | 4.16% | 11.44B |
Star Holdings - Shares of Benef STHO | STHO | $7.57 | 3.07% | 91.51M |
 Toro Corp. TORO | TORO | $3.91 | 3.46% | 135.13M |
Vitesse Energy VTS | VTS | $15.00 | 2.25% | 631.98M |
GE HealthCare Technologies GEHC | GEHC | $83.75 | 2.40% | 37.87B |
MasterBrand MBC | MBC | $7.08 | 5.73% | 1.44B |
Brookfield Asset Management BAM | BAM | $52.46 | 3.05% | 83.79B |
 RXO RXO | RXO | $27.88 | 1.83% | 4.60B |
M-tron Industries MPTI | MPTI | $57.30 | 10.36% | 249.05M |
Bluerock Homes Trust, Inc. BHM | BHM | $7.01 | 2.48% | 80.37M |
Biohaven Pharmaceutical BHVN | BHVN | $13.90 | 8.79% | 2.10B |
 Xperi XPER | XPER | $5.71 | 6.53% | 278.49M |
FTAI Infrastructure Inc. FIP | FIP | $2.94 | 6.91% | 347.45M |
 Haleon HLN | HLN | $9.15 | 0.87% | 40.22B |
 Enhabit EHAB | EHAB | $0.00000000000000 | 0.00% | 0.00000000000000 |
CNFinance Holdings Limited CNF | CNF | $1.99 | 4.78% | 33.55M |
Woodside Energy WDS | WDS | $21.44 | 0.33% | 40.76B |
ESAB ESAB | ESAB | $79.12 | 0.97% | 4.92B |
Embecta EMBC | EMBC | $6.33 | 2.91% | 358.66M |
Brookfield Business Corporation BBUC | BBUC | $30.24 | 2.29% | 6.21B |
BellRing Brands BRBR | BRBR | $9.81 | 4.01% | 1.14B |
 IVECO GROUP NV IVCGF | IVCGF | $16.04 | 0.00% | 4.27B |
 Douglas Elliman DOUG | DOUG | $1.57 | 5.99% | 142.70M |
Imperial Petroleum Inc. - 8.75% IMPPP | IMPPP | $25.76 | 0.00% | 0.00000000000000 |
Imperial Petroleum IMPP | IMPP | $4.32 | 6.49% | 197.08M |
 Orion Office REIT ONL | ONL | $2.35 | 5.24% | 134.06M |
Kyndryl KD | KD | $16.18 | 3.92% | 3.52B |
Consensus Cloud Solutions CCSI | CCSI | $36.47 | 1.91% | 668.31M |
Regal Rexnord RRX | RRX | $160.30 | 7.54% | 10.68B |
XP Inc. XP | XP | $14.78 | 2.57% | 7.50B |
Sylvamo SLVM | SLVM | $33.07 | 1.58% | 1.31B |
 Jackson Financial JXN | JXN | $132.73 | 3.36% | 8.77B |
Victoria's Secret & Co VSCO | VSCO | $0.00000000000000 | 0.00% | 0.00000000000000 |
GXO Logistics GXO | GXO | $55.18 | 3.13% | 6.24B |
N-Able NABL | NABL | $4.92 | 2.96% | 929.42M |
 Accustem Sciences Inc. ACUT | ACUT | $0.13 | 0.00% | 2.09M |
DT Midstream DTM | DTM | $112.88 | 4.00% | 11.52B |
Delek US DK | DK | $62.49 | 4.54% | 3.83B |
Organon OGN | OGN | $13.79 | 0.29% | 3.62B |
Technip Energies NV THNPY | THNPY | $37.61 | 1.03% | 6.48B |
Cognyte Software CGNT | CGNT | $8.09 | 8.48% | 597.41M |
Fortitude Gold Corporation FTCO | FTCO | $4.48 | 0.44% | 121.81M |
Concentrix CNXC | CNXC | $31.11 | 0.58% | 1.90B |
Viatris VTRS | VTRS | $18.97 | 1.30% | 21.79B |
Vontier VNT | VNT | $39.90 | 6.17% | 5.39B |
LENSAR LNSR | LNSR | $5.50 | 5.82% | 67.57M |
BBX Capital Corporation BBXIA | BBXIA | $3.65 | 0.00% | 50.47M |
American Outdoor Brands, Inc. AOUT | AOUT | $17.25 | 3.74% | 217.72M |
Brookfield Renewable BEPC | BEPC | $31.27 | 0.92% | 5.81B |
IAC/InterActiveCorp IAC | IAC | $0.00000000000000 | 0.00% | 0.00000000000000 |
Evofem Biosciences EVFM | EVFM | $0.006 | 0.00% | 795.18K |
Otis Worldwide OTIS | OTIS | $79.49 | 0.38% | 30.26B |
Carrier CARR | CARR | $53.21 | 4.40% | 43.53B |
Brookfield Infrastructure Corpo BIPC | BIPC | $37.92 | 1.22% | 4.66B |
Ingersoll Rand IR | IR | $81.85 | 2.77% | 31.43B |
MediaCo Holding MDIA | MDIA | $1.000 | 3.05% | 84.00M |
Cerence CRNC | CRNC | $8.03 | 8.39% | 363.20M |
The Pennant Group PNTG | PNTG | $40.00 | 9.17% | 1.40B |
Corteva CTVA | CTVA | $12.04 | 1.79% | 8.03B |
Kontoor Brands KTB | KTB | $79.18 | 3.39% | 4.33B |
Alcon ALC | ALC | $76.55 | 0.98% | 37.00B |
Dow DOW | DOW | $31.98 | 2.20% | 23.15B |
Fox Corporation FOX | FOX | $59.99 | 2.65% | 25.30B |
Fox Corporation FOXA | FOXA | $67.67 | 2.84% | 28.54B |
Wabtec WAB | WAB | $278.48 | 5.59% | 46.73B |
Arlo Technologies ARLO | ARLO | $14.84 | 2.50% | 1.60B |
Industrial Logistics Properties Trust ILPT | ILPT | $6.03 | 6.37% | 403.91M |
Newmark NMRK | NMRK | $11.94 | 3.40% | 2.92B |
Resideo Technologies REZI | REZI | $19.59 | 4.49% | 2.97B |
Frontdoor FTDR | FTDR | $95.98 | 3.36% | 6.61B |
Garrett Motion GTX | GTX | $19.36 | 2.07% | 3.57B |
KLX Energy Services KLXE | KLXE | $0.959 | 5.07% | 101.32M |
Amerant Bancorp AMTB | AMTB | $29.54 | 1.76% | 1.17B |
Wyndham Hotels & Resorts WH | WH | $77.83 | 3.32% | 5.78B |
EuroDry Ltd. EDRY | EDRY | $35.51 | 7.28% | 101.79M |
nVent Electric NVT | NVT | $98.38 | 12.80% | 15.90B |
Rafael Holdings RFL | RFL | $1.06 | 0.93% | 55.32M |
Red Violet RDVT | RDVT | $72.12 | 9.85% | 1.16B |
BrightSpire Capital BRSP | BRSP | $3.46 | 5.72% | 431.38M |
Hamilton Beach Brands HBB | HBB | $32.42 | 6.41% | 435.80M |
Brighthouse Financial BHF | BHF | $41.10 | 3.18% | 2.36B |
JBG SMITH JBGS | JBGS | $12.45 | 1.30% | 961.52M |
Baker Hughes BKR | BKR | $46.20 | 7.36% | 45.88B |
SEACOR Marine SMHI | SMHI | $8.66 | 2.59% | 235.13M |
Cars.com CARS | CARS | $13.56 | 6.35% | 725.90M |
Valvoline VVV | VVV | $35.83 | 0.97% | 4.57B |
DXC Technology DXC | DXC | $15.17 | 1.95% | 2.36B |
Varex Imaging VREX | VREX | $18.44 | 0.38% | 783.03M |
AquaBounty AQB | AQB | $0.95 | 13.64% | 12.63M |
Park Hotels & Resorts PK | PK | $15.55 | 8.31% | 3.13B |
Hilton Grand Vacations HGV | HGV | $43.60 | 0.37% | 3.31B |
Conduent CNDT | CNDT | $1.64 | 0.61% | 255.05M |
International Seaways INSW | INSW | $94.47 | 4.92% | 4.83B |
Lamb Weston LW | LW | $55.08 | 2.69% | 7.59B |
 Yum China YUMC | YUMC | $49.77 | 0.18% | 16.73B |
Alcoa AA | AA | $38.42 | 5.32% | 10.14B |
Adient ADNT | ADNT | $17.07 | 0.70% | 1.28B |
Donnelley Financial Solutions DFIN | DFIN | $67.22 | 3.42% | 1.64B |
AdvanSix ASIX | ASIX | $16.24 | 4.64% | 438.57M |
Aptevo Therapeutics Inc. APVO | APVO | $1.27 | 7.30% | 2.68M |
Fortive FTV | FTV | $65.42 | 4.27% | 19.47B |
Herc Holdings HRI | HRI | $149.81 | 5.43% | 5.01B |
BBU | BBU | $0.00000000000000 | 0.00% | 0.00000000000000 |
 Zedge, Inc. ZDGE | ZDGE | $2.30 | 0.86% | 35.70M |
Ingevity NGVT | NGVT | $63.71 | 13.59% | 2.19B |
Armstrong Flooring, Inc. AFIIQ | AFIIQ | $0.0001 | 0.00% | 2.18K |
Ferrari RACE | RACE | $422.40 | 2.32% | 74.02B |
Four Corners Property Trust FCPT | FCPT | $23.68 | 0.04% | 2.60B |
Hewlett Packard Enterprise HPE | HPE | $44.16 | 11.84% | 58.62B |
PJT Partners PJT | PJT | $153.48 | 2.93% | 6.54B |
Global X U.S. Cash Flow Kings 100 ETF FLOW | FLOW | $45.59 | 1.98% | 0.00000000000000 |
Lumentum LITE | LITE | $509.70 | 18.68% | 46.22B |
Barnes & Noble Education BNED | BNED | $12.54 | 5.07% | 434.70M |
 PayPal PYPL | PYPL | $58.96 | 2.06% | 48.98B |
Cable One CABO | CABO | $5.16 | 1.90% | 29.28M |
Energizer Holdings ENR | ENR | $24.47 | 2.86% | 1.68B |
Chemours CC | CC | $12.75 | 7.54% | 1.92B |
Babcock & Wilcox BW | BW | $3.10 | 15.99% | 461.79M |
Alaunos Therapeutics TCRT | TCRT | $1.84 | 2.22% | 6.33M |
FirstService FSV | FSV | $153.62 | 1.05% | 6.44B |
 UNITI UNIT | UNIT | $5.37 | 1.56% | 1.30B |
NexPoint Residential NXRT | NXRT | $16.97 | 3.19% | 875.72M |
Xenia Hotels & Resorts XHR | XHR | $21.21 | 3.15% | 2.10B |
Urban Edge Properties UE | UE | $20.83 | 1.33% | 2.87B |
Enova International ENVA | ENVA | $174.28 | 3.81% | 4.26B |
Liberty Broadband LBRDA | LBRDA | $35.99 | 0.00% | 5.18B |
Avanos Medical AVNS | AVNS | $0.00000000000000 | 0.00% | 0.00000000000000 |
Kimball Electronics KE | KE | $20.45 | 21.30% | 490.64M |
Keysight KEYS | KEYS | $260.61 | 8.83% | 44.37B |
V2X VVX | VVX | $74.01 | 4.47% | 2.32B |
Synchrony SYF | SYF | $74.07 | 0.83% | 24.10B |
Outfront Media OUT | OUT | $32.00 | 1.48% | 5.64B |
Rayonier Advanced Materials RYAM | RYAM | $6.49 | 9.23% | 439.01M |
CareTrust REIT CTRE | CTRE | $37.18 | 2.03% | 8.79B |
Civeo CVEO | CVEO | $32.68 | 6.28% | 337.81M |
DNOW Inc. DNOW | DNOW | $13.72 | 10.74% | 2.48B |
Navient NAVI | NAVI | $8.82 | 2.76% | 827.17M |
Lands' End LE | LE | $9.46 | 7.16% | 279.49M |
Knowles KN | KN | $30.33 | 10.00% | 2.57B |
Hepion Pharmaceuticals HEPA | HEPA | $0.115 | 14.81% | 14.17M |
ONE Gas OGS | OGS | $81.85 | 0.45% | 5.14B |
Allegion ALLE | ALLE | $187.14 | 2.88% | 15.91B |
Braemar Hotels & Resorts BHR | BHR | $1.54 | 4.35% | 113.07M |
Gaming and Leisure Properties GLPI | GLPI | $39.44 | 0.98% | 11.81B |
SAIC SAIC | SAIC | $146.86 | 2.39% | 6.15B |
Murphy USA MUSA | MUSA | $514.53 | 2.41% | 9.31B |
News Corp NWS | NWS | $28.97 | 13.24% | 15.58B |
News Corporation NWSA | NWSA | $26.48 | 13.35% | 14.24B |
Rithm Capital RITM | RITM | $9.45 | 0.53% | 5.28B |
Crimson Wine Group Ltd. CWGL | CWGL | $3.90 | 1.76% | 80.29M |
Bristow Group VTOL | VTOL | $36.68 | 5.85% | 1.07B |
Liberty Media Corporation FWONB | FWONB | $104.99 | 23.52% | 26.32B |
Liberty Media Corporation - Ser FWONA | FWONA | $99.72 | 9.55% | 25.00B |
 AbbVie ABBV | ABBV | $288.24 | 2.24% | 509.50B |
Prothena PRTA | PRTA | $7.89 | 5.96% | 405.05M |
SEARS CANADA INC SRSCQ | SRSCQ | $0.0001 | 0.00% | 10.19K |
NATUR INTERNATIONAL CORP NTRU | NTRU | $0.0001 | 0.00% | 32.22K |
Pentair PNR | PNR | $69.77 | 3.14% | 11.14B |
Hyster-Yale Materials Handling HY | HY | $26.95 | 10.23% | 482.83M |
Alexander & Baldwin ALEX | ALEX | $0.00000000000000 | 0.00% | 0.00000000000000 |
Phio Pharmaceuticals PHIO | PHIO | $0.8 | 8.04% | 9.29M |
Acco Brands ACCO | ACCO | $5.26 | 4.54% | 485.72M |
Phillips 66 PSX | PSX | $247.04 | 4.85% | 96.36B |
Post Holdings POST | POST | $84.72 | 0.15% | 3.72B |
SunCoke Energy SXC | SXC | $9.70 | 7.18% | 823.29M |
TripAdvisor TRIP | TRIP | $7.38 | 27.65% | 864.93M |
Marriott Vacations Worldwide VAC | VAC | $107.18 | 6.32% | 3.69B |
Xylem XYL | XYL | $100.05 | 0.99% | 22.94B |
Genie Energy GNE | GNE | $16.71 | 2.22% | 439.80M |
Marathon Petroleum MPC | MPC | $377.32 | 3.91% | 102.74B |
AMC Networks AMCX | AMCX | $8.43 | 0.35% | 347.74M |
Huntington Ingalls Industries HII | HII | $289.41 | 4.80% | 11.40B |
Aperam APEMY | APEMY | $37.75 | 6.12% | 2.74B |
Codexis CDXS | CDXS | $1.02 | 5.56% | 111.70M |
KHD HUMBOLDT WEDAG INTL (DT) AG KHDHF | KHDHF | $2.08 | 0.00% | 109.53M |
BWX Technologies BWXT | BWXT | $114.96 | 5.38% | 10.53B |
Vishay Precision Group VPG | VPG | $41.22 | 16.51% | 549.07M |
Sow Good SOWG | SOWG | $2.25 | 1.81% | 45.22M |
First American FAF | FAF | $68.20 | 0.78% | 6.96B |
Cenovus Energy CVE | CVE | $27.61 | 2.75% | 49.90B |
Altisource Portfolio ASPS | ASPS | $5.72 | 0.17% | 65.40M |
MYREXIS INC MYRX | MYRX | $0.0008 | 0.00% | 27.58K |
Aviat Networks AVNW | AVNW | $16.97 | 14.72% | 218.21M |
Virtus Investment Partners VRTS | VRTS | $124.87 | 3.12% | 826.98M |
Clearwater Paper CLW | CLW | $13.89 | 1.14% | 224.21M |
Digimarc DMRC | DMRC | $7.37 | 15.48% | 166.18M |
SunPower SPWR | SPWR | $0.245 | 1.40% | 78.89M |
Mastech Digital, Inc MHH | MHH | $6.37 | 2.25% | 76.63M |
Reinsurance Group of America RGA | RGA | $261.96 | 1.76% | 17.11B |
LendingTree TREE | TREE | $38.73 | 0.99% | 543.85M |
iBio IBIO | IBIO | $0.73 | 8.74% | 36.27M |
Keurig Dr Pepper KDP | KDP | $36.89 | 0.27% | 50.21B |
 Philip Morris PM | PM | $201.50 | 4.63% | 314.06B |
Sellas Life Sciences SLS | SLS | $7.88 | 13.79% | 1.59B |
EchoStar SATS | SATS | $94.61 | 0.42% | 0.00000000000000 |
Forestar Group FOR | FOR | $24.46 | 2.04% | 1.25B |
Teradata TDC | TDC | $32.72 | 5.46% | 3.04B |
TE Connectivity TEL | TEL | $206.36 | 6.29% | 59.33B |
Broadridge Financial Solutions BR | BR | $193.92 | 2.45% | 21.93B |
Sally Beauty Holdings SBH | SBH | $18.74 | 2.60% | 1.75B |
Fidelity National Financial FNF | FNF | $42.89 | 0.90% | 11.50B |
Western Union WU | WU | $7.02 | 6.53% | 2.19B |
Home BancShares HOMB | HOMB | $30.07 | 1.25% | 5.99B |
Solitario Zinc XPL | XPL | $0.46 | 2.34% | 43.55M |
Travel + Leisure TNL | TNL | $75.05 | 3.31% | 4.52B |
Live Nation LYV | LYV | $181.25 | 1.05% | 42.22B |
Ameriprise Financial AMP | AMP | $509.32 | 3.43% | 44.22B |
Expedia Group EXPE | EXPE | $272.48 | 13.74% | 32.70B |
Omega Flex OFLX | OFLX | $24.38 | 6.05% | 246.10M |
Liberty Global LBTYB | LBTYB | $11.24 | 0.09% | 3.74B |
Liberty Global Ltd. LBTYA | LBTYA | $9.71 | 1.36% | 3.23B |
Eagle Materials EXP | EXP | $189.24 | 4.52% | 5.77B |
Piper Sandler PIPR | PIPR | $67.14 | 4.39% | 4.74B |
Kronos Worldwide KRO | KRO | $7.12 | 8.01% | 819.49M |
Cavco Industries CVCO | CVCO | $643.97 | 5.12% | 4.91B |
CEVA CEVA | CEVA | $24.56 | 12.35% | 691.46M |
Saia SAIA | SAIA | $335.17 | 7.34% | 8.94B |
CarMax KMX | KMX | $52.60 | 4.61% | 7.47B |
Westwood Holdings Group WHG | WHG | $18.50 | 3.85% | 176.55M |
EnPro Industries NPO | NPO | $257.26 | 7.28% | 5.45B |
Kadant KAI | KAI | $299.45 | 2.95% | 3.54B |
Zimmer Biomet ZBH | ZBH | $106.85 | 3.00% | 20.38B |
Fidelity National Information Services FIS | FIS | $29.39 | 1.24% | 15.19B |
Flowers Foods FLO | FLO | $7.10 | 0.00% | 1.51B |
Marine Products Corporation MPX | MPX | $0.00000000000000 | 0.00% | 0.00000000000000 |
Edgewell Personal Care EPC | EPC | $28.56 | 3.71% | 1.32B |
Edwards Lifesciences EW | EW | $100.82 | 1.46% | 58.05B |
Teledyne TDY | TDY | $591.72 | 6.37% | 27.41B |
LICT Corp. LICT | LICT | $12,250.00 | 0.41% | 187.39M |
Gartner IT | IT | $198.07 | 4.40% | 12.49B |
Innospec IOSP | IOSP | $79.13 | 1.88% | 1.95B |
Ingredion INGR | INGR | $97.42 | 0.06% | 6.14B |