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$1,124.041.29%302.05B
SOLV
Solventum
SOLV
SOLV$73.282.86%12.69B
NXT
Nextracker
NXT
NXT$129.142.57%19.65B
WS
Worthington Steel
WS
WS$40.161.41%2.04B
NATL
NCR Atleos Corporation
NATL
NATL$43.510.28%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$82.861.38%20.35B
VSTS
Vestis
VSTS
VSTS$13.152.10%1.74B
PODC
Courtside Group (PodcastOne)
PODC
PODC$4.070.85%111.74M
LLYVK
Liberty Live Holdings, Inc. - S
LLYVK
LLYVK$98.690.23%9.08B
LLYVA
Liberty Live Holdings, Inc. - S
LLYVA
LLYVA$94.940.00%8.73B
BATRK
Braves Group
BATRK
BATRK$50.580.39%3.24B
PHIN
PHINIA
PHIN
PHIN$81.060.35%3.00B
FTRE
Fortrea
FTRE
FTRE$15.601.86%1.48B
METCB
Ramaco Resources, Inc.
METCB
METCB$9.432.28%615.88M
CISS
C3is Inc.
CISS
CISS$2.123.64%1.15M
KNF
Knife River Corporation
KNF
KNF$87.060.95%4.94B
LAES
SEALSQ
LAES
LAES$3.192.08%709.54M
MSGE
Madison Square Garden
MSGE
MSGE$74.381.29%3.52B
CR
Crane Co.
CR
CR$216.000.51%12.47B
STHO
Star Holdings - Shares of Benef
STHO
STHO$8.910.72%107.65M
TORO
Toro Corp.
TORO
TORO$5.101.59%176.25M
VTS
Vitesse Energy
VTS
VTS$15.870.87%661.98M
GEHC
GE HealthCare Technologies
GEHC
GEHC$60.901.13%27.70B
MBC
MasterBrand
MBC
MBC$8.931.49%1.14B
BAM
Brookfield Asset Management
BAM
BAM$47.060.80%75.14B
RXO
RXO
RXO
RXO$25.671.10%4.23B
MPTI
M-tron Industries
MPTI
MPTI$95.630.32%413.26M
BHM
Bluerock Homes Trust, Inc.
BHM
BHM$9.292.31%38.18M
BHVN
Biohaven Pharmaceutical
BHVN
BHVN$15.4013.49%2.32B
XPER
Xperi
XPER
XPER$7.841.26%378.45M
FIP
FTAI Infrastructure Inc.
FIP
FIP$4.770.94%563.05M
HLN
Haleon
HLN
HLN$8.821.62%38.91B
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$20.230.90%38.46B
WBD
Warner Bros. Discovery
WBD
WBD$26.752.10%67.07B
ESAB
ESAB
ESAB
ESAB$102.583.41%6.25B
EMBC
Embecta
EMBC
EMBC$3.100.48%183.62M
BBUC
Brookfield Business Corporation
BBUC
BBUC$33.260.51%6.87B
BRBR
BellRing Brands
BRBR
BRBR$9.773.22%1.14B
IVCGF
IVECO GROUP NV
IVCGF
IVCGF$15.960.87%4.25B
DOUG
Douglas Elliman
DOUG
DOUG$1.692.03%153.18M
IMPPP
Imperial Petroleum Inc. - 8.75%
IMPPP
IMPPP$26.351.89%0.00000000000000
IMPP
Imperial Petroleum
IMPP
IMPP$4.920.51%222.23M
ONL
Orion Office REIT
ONL
ONL$2.841.22%161.11M
KD
Kyndryl
KD
KD$10.395.59%2.29B
CCSI
Consensus Cloud Solutions
CCSI
CCSI$33.302.48%612.56M
RRX
Regal Rexnord
RRX
RRX$228.840.91%15.23B
XP
XP Inc.
XP
XP$15.913.95%8.22B
SLVM
Sylvamo
SLVM
SLVM$39.211.15%1.56B
JXN
Jackson Financial
JXN
JXN$108.041.15%7.54B
GXO
GXO Logistics
GXO
GXO$49.952.69%5.75B
NABL
N-Able
NABL
NABL$2.953.76%554.77M
ACUT
Accustem Sciences Inc.
ACUT
ACUT$0.2070.67%3.33M
DTM
DT Midstream
DTM
DTM$146.252.06%14.92B
DK
Delek US
DK
DK$41.800.79%2.56B
OGN
Organon
OGN
OGN$13.390.30%3.52B
THNPY
Technip Energies NV
THNPY
THNPY$41.792.41%7.26B
CGNT
Cognyte Software
CGNT
CGNT$8.013.79%590.02M
FTCO
Fortitude Gold Corporation
FTCO
FTCO$4.820.62%131.05M
CNXC
Concentrix
CNXC
CNXC$23.914.69%1.46B
VTRS
Viatris
VTRS
VTRS$15.350.16%17.87B
VNT
Vontier
VNT
VNT$30.221.04%4.25B
LNSR
LENSAR
LNSR
LNSR$5.780.70%69.96M
BBXIA
BBX Capital Corporation
BBXIA
BBXIA$3.850.00%64.74M
AOUT
American Outdoor Brands, Inc.
AOUT
AOUT$9.753.75%122.81M
BEPC
Brookfield Renewable
BEPC
BEPC$37.881.23%6.91B
EVFM
Evofem Biosciences
EVFM
EVFM$0.00755.06%993.98K
OTIS
Otis Worldwide
OTIS
OTIS$72.151.53%27.69B
CARR
Carrier
CARR
CARR$72.010.27%59.81B
BIPC
Brookfield Infrastructure Corpo
BIPC
BIPC$38.323.27%4.71B
IR
Ingersoll Rand
IR
IR$77.630.36%30.38B
MDIA
MediaCo Holding
MDIA
MDIA$0.7853.21%64.16M
CRNC
Cerence
CRNC
CRNC$10.641.25%480.61M
PNTG
The Pennant Group
PNTG
PNTG$33.650.63%1.17B
CTVA
Corteva
CTVA
CTVA$78.540.06%52.53B
KTB
Kontoor Brands
KTB
KTB$76.492.16%4.23B
ALC
Alcon
ALC
ALC$65.200.80%31.80B
CYCN
Cyclerion Therapeutics
CYCN
CYCN$3.151.72%13.62M
DOW
Dow
DOW
DOW$30.812.92%22.20B
FOX
Fox Corporation
FOX
FOX$44.904.37%18.85B
FOXA
Fox Corporation
FOXA
FOXA$49.275.67%20.69B
WAB
Wabtec
WAB
WAB$276.190.86%46.86B
ARLO
Arlo Technologies
ARLO
ARLO$13.090.22%1.42B
ILPT
Industrial Logistics Properties Trust
ILPT
ILPT$8.140.43%542.32M
NMRK
Newmark
NMRK
NMRK$14.960.61%3.73B
ACA
Arcosa
ACA
ACA$144.926.68%7.11B
REZI
Resideo Technologies
REZI
REZI$31.242.12%4.73B
FTDR
Frontdoor
FTDR
FTDR$71.820.36%5.04B
GTX
Garrett Motion
GTX
GTX$34.510.55%6.46B
KLXE
KLX Energy Services
KLXE
KLXE$2.194.99%44.98M
AMTB
Amerant Bancorp
AMTB
AMTB$23.800.85%932.55M
WH
Wyndham Hotels & Resorts
WH
WH$82.342.21%6.16B
EDRY
EuroDry Ltd.
EDRY
EDRY$22.263.64%64.34M
NVT
nVent Electric
NVT
NVT$182.403.04%29.50B
RFL
Rafael Holdings
RFL
RFL$2.604.73%135.20M
RDVT
Red Violet
RDVT
RDVT$53.532.86%755.18M
BRSP
BrightSpire Capital
BRSP
BRSP$5.520.45%718.48M
HBB
Hamilton Beach Brands
HBB
HBB$20.400.17%276.27M
BHF
Brighthouse Financial
BHF
BHF$63.030.35%3.62B
JBGS
JBG SMITH
JBGS
JBGS$14.351.34%870.36M
BKR
Baker Hughes
BKR
BKR$58.380.06%57.91B
SMHI
SEACOR Marine
SMHI
SMHI$7.4411.38%201.34M
CARS
Cars.com
CARS
CARS$9.950.05%555.96M
VVV
Valvoline
VVV
VVV$37.870.53%4.83B
DXC
DXC Technology
DXC
DXC$7.997.15%1.29B
VREX
Varex Imaging
VREX
VREX$10.480.52%441.48M
AQB
AquaBounty
AQB
AQB$0.9885.09%5.08M
PK
Park Hotels & Resorts
PK
PK$14.780.41%2.98B
HGV
Hilton Grand Vacations
HGV
HGV$52.141.12%4.09B
CNDT
Conduent
CNDT
CNDT$1.325.75%204.73M
INSW
International Seaways
INSW
INSW$88.104.27%4.36B
LW
Lamb Weston
LW
LW$43.583.30%6.02B
YUMC
Yum China
YUMC
YUMC$41.732.80%14.46B
AA
Alcoa
AA
AA$57.812.63%15.26B
ADNT
Adient
ADNT
ADNT$20.560.94%1.61B
DFIN
Donnelley Financial Solutions
DFIN
DFIN$38.092.70%951.45M
ASIX
AdvanSix
ASIX
ASIX$18.944.63%510.61M
APVO
Aptevo Therapeutics Inc.
APVO
APVO$4.772.14%5.94M
FTV
Fortive
FTV
FTV$61.951.60%18.88B
HRI
Herc Holdings
HRI
HRI$153.001.37%5.11B
ZDGE
Zedge, Inc.
ZDGE
ZDGE$3.021.68%39.47M
NGVT
Ingevity
NGVT
NGVT$73.650.33%2.56B
AFIIQ
Armstrong Flooring, Inc.
AFIIQ
AFIIQ$0.00010.00%2.18K
RACE
Ferrari
RACE
RACE$349.113.60%61.46B
FCPT
Four Corners Property Trust
FCPT
FCPT$24.560.29%2.70B
HPE
Hewlett Packard Enterprise
HPE
HPE$48.682.67%64.46B
MSGS
MSG Sports
MSGS
MSGS$366.620.94%8.83B
PJT
PJT Partners
PJT
PJT$154.230.80%6.29B
FLOW
Global X U.S. Cash Flow Kings 100 ETF
FLOW
FLOW$37.340.48%0.00000000000000
LITE
Lumentum
LITE
LITE$901.446.05%70.13B
BNED
Barnes & Noble Education
BNED
BNED$10.831.63%371.43M
PYPL
PayPal
PYPL
PYPL$42.210.72%37.23B
BLD
TopBuild
BLD
BLD$417.022.23%11.74B
CABO
Cable One
CABO
CABO$41.020.07%232.70M
ENR
Energizer Holdings
ENR
ENR$20.783.44%1.42B
CC
Chemours
CC
CC$21.282.25%3.20B
BW
Babcock & Wilcox
BW
BW$17.701.84%2.63B
TCRT
Alaunos Therapeutics
TCRT
TCRT$2.170.93%5.30M
FSV
FirstService
FSV
FSV$133.123.42%6.12B
UNIT
UNITI
UNIT
UNIT$11.342.58%2.75B
NXRT
NexPoint Residential
NXRT
NXRT$26.880.33%1.39B
XHR
Xenia Hotels & Resorts
XHR
XHR$20.311.45%1.99B
UE
Urban Edge Properties
UE
UE$22.460.83%2.98B
LBRDB
Liberty Broadband Corporation
LBRDB
LBRDB$30.004.00%4.42B
ENVA
Enova International
ENVA
ENVA$203.860.65%5.07B
LBRDA
Liberty Broadband
LBRDA
LBRDA$29.610.22%4.26B
AVNS
Avanos Medical
AVNS
AVNS$24.920.08%1.17B
KE
Kimball Electronics
KE
KE$25.972.65%624.55M
KEYS
Keysight
KEYS
KEYS$371.582.17%63.50B
VVX
V2X
VVX
VVX$82.134.00%2.57B
SYF
Synchrony
SYF
SYF$75.690.57%25.46B
OUT
Outfront Media
OUT
OUT$31.250.22%5.50B
RYAM
Rayonier Advanced Materials
RYAM
RYAM$8.268.73%557.04M
DBRG
DigitalBridge Group
DBRG
DBRG$15.710.41%2.90B
TBPH
Theravance Biopharma
TBPH
TBPH$16.710.78%861.45M
CTRE
CareTrust REIT
CTRE
CTRE$37.531.25%8.86B
CVEO
Civeo
CVEO
CVEO$32.752.50%358.39M
DNOW
DNOW Inc.
DNOW
DNOW$13.731.67%2.51B
NAVI
Navient
NAVI
NAVI$7.862.90%738.29M
LE
Lands' End
LE
LE$11.408.36%350.44M
KN
Knowles
KN
KN$42.111.78%3.60B
HEPA
Hepion Pharmaceuticals
HEPA
HEPA$0.0583.17%1.69M
OGS
ONE Gas
OGS
OGS$76.520.32%4.80B
ALLE
Allegion
ALLE
ALLE$131.081.86%11.26B
BHR
Braemar Hotels & Resorts
BHR
BHR$2.051.44%151.56M
GLPI
Gaming and Leisure Properties
GLPI
GLPI$44.300.65%12.55B
SAIC
SAIC
SAIC
SAIC$98.653.65%4.17B
MUSA
Murphy USA
MUSA
MUSA$556.921.03%10.29B
NWS
News Corp
NWS
NWS$28.162.05%15.32B
NWSA
News Corporation
NWSA
NWSA$24.722.23%13.45B
RITM
Rithm Capital
RITM
RITM$9.140.60%5.10B
CWGL
Crimson Wine Group Ltd.
CWGL
CWGL$4.402.80%90.58M
VTOL
Bristow Group
VTOL
VTOL$41.861.16%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$82.531.84%20.68B
ABBV
AbbVie
ABBV
ABBV$231.336.85%408.71B
PRTA
Prothena
PRTA
PRTA$9.132.24%477.99M
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$73.960.48%11.95B
HY
Hyster-Yale Materials Handling
HY
HY$38.771.35%694.60M
PHIO
Phio Pharmaceuticals
PHIO
PHIO$1.051.94%12.20M
ACCO
Acco Brands
ACCO
ACCO$3.861.03%356.12M
PSX
Phillips 66
PSX
PSX$168.051.15%67.38B
POST
Post Holdings
POST
POST$86.622.03%3.93B
SXC
SunCoke Energy
SXC
SXC$8.491.79%719.98M
TRIP
TripAdvisor
TRIP
TRIP$12.751.66%1.48B
VAC
Marriott Vacations Worldwide
VAC
VAC$95.362.66%3.27B
XYL
Xylem
XYL
XYL$111.860.39%26.59B
GNE
Genie Energy
GNE
GNE$14.010.21%369.92M
MPC
Marathon Petroleum
MPC
MPC$246.761.58%72.04B
AMCX
AMC Networks
AMCX
AMCX$9.280.85%407.65M
HII
Huntington Ingalls Industries
HII
HII$276.243.22%10.88B
APEMY
Aperam
APEMY
APEMY$52.5411.67%3.80B
CDXS
Codexis
CDXS
CDXS$2.406.81%217.70M
KHDHF
KHD HUMBOLDT WEDAG INTL (DT) AG
KHDHF
KHDHF$2.080.00%109.53M
BWXT
BWX Technologies
BWXT
BWXT$211.302.87%19.36B
VPG
Vishay Precision Group
VPG
VPG$141.040.21%1.88B
SOWG
Sow Good
SOWG
SOWG$2.8626.23%57.44M
FAF
First American
FAF
FAF$68.640.01%6.99B
CVE
Cenovus Energy
CVE
CVE$25.551.55%47.65B
ASPS
Altisource Portfolio
ASPS
ASPS$6.821.59%76.92M
MYRX
Myrexis, Inc.
MYRX
MYRX$0.00080.00%27.58K
AVNW
Aviat Networks
AVNW
AVNW$20.120.40%260.34M
VRTS
Virtus Investment Partners
VRTS
VRTS$139.871.22%934.63M
CLW
Clearwater Paper
CLW
CLW$15.587.21%251.23M
DMRC
Digimarc
DMRC
DMRC$8.877.46%197.93M
SPWR
SunPower
SPWR
SPWR$0.7197.76%104.89M
MHH
Mastech Digital, Inc
MHH
MHH$7.402.57%88.73M
RGA
Reinsurance Group of America
RGA
RGA$209.030.72%13.69B
TREE
LendingTree
TREE
TREE$36.456.71%508.59M
IBIO
iBio
IBIO
IBIO$1.721.48%85.20M
KDP
Keurig Dr Pepper
KDP
KDP$30.890.42%42.03B
PM
Philip Morris
PM
PM$172.673.21%269.12B
SLS
Sellas Life Sciences
SLS
SLS$8.708.05%1.71B
SATS
EchoStar
SATS
SATS$105.653.22%30.62B
FOR
Forestar Group
FOR
FOR$29.180.44%1.49B
TDC
Teradata
TDC
TDC$29.225.40%2.75B
TEL
TE Connectivity
TEL
TEL$214.051.65%62.48B
BR
Broadridge Financial Solutions
BR
BR$135.061.85%15.62B
SBH
Sally Beauty Holdings
SBH
SBH$13.025.86%1.24B
FNF
Fidelity National Financial
FNF
FNF$46.820.00%12.60B
WU
Western Union
WU
WU$7.100.28%2.22B
HOMB
Home BancShares
HOMB
HOMB$27.880.81%5.61B
XPL
Solitario Zinc
XPL
XPL$0.7853.00%73.06M
TNL
Travel + Leisure
TNL
TNL$75.052.16%4.68B
LYV
Live Nation
LYV
LYV$171.600.21%39.93B
AMP
Ameriprise Financial
AMP
AMP$470.280.61%42.28B
EXPE
Expedia Group
EXPE
EXPE$238.261.10%28.60B
OFLX
Omega Flex
OFLX
OFLX$30.432.31%307.17M
LBTYB
Liberty Global
LBTYB
LBTYB$13.200.00%4.46B
LBTYA
Liberty Global Ltd.
LBTYA
LBTYA$11.140.58%3.76B
EXP
Eagle Materials
EXP
EXP$223.930.29%6.92B
PIPR
Piper Sandler
PIPR
PIPR$81.650.19%5.52B
KRO
Kronos Worldwide
KRO
KRO$6.731.61%774.31M
CVCO
Cavco Industries
CVCO
CVCO$591.781.62%4.56B
CEVA
CEVA
CEVA
CEVA$48.542.37%1.35B
SAIA
Saia
SAIA
SAIA$439.050.90%11.68B
KMX
CarMax
KMX
KMX$53.490.33%7.59B
WHG
Westwood Holdings Group
WHG
WHG$18.251.78%173.16M
NPO
EnPro Industries
NPO
NPO$387.312.02%8.18B
KAI
Kadant
KAI
KAI$304.090.13%3.59B
ZBH
Zimmer Biomet
ZBH
ZBH$87.980.01%17.02B
FIS
Fidelity National Information Services
FIS
FIS$37.571.69%19.42B
FLO
Flowers Foods
FLO
FLO$7.562.89%1.60B
EPC
Edgewell Personal Care
EPC
EPC$22.801.34%1.05B
EW
Edwards Lifesciences
EW
EW$85.921.65%49.47B
TDY
Teledyne
TDY
TDY$614.380.84%28.46B
LICT
LICT Corp.
LICT
LICT$11,700.001.74%179.31M
IT
Gartner
IT
IT$126.061.12%8.44B
IOSP
Innospec
IOSP
IOSP$82.520.26%2.03B
INGR
Ingredion
INGR
INGR$98.240.32%6.19B