{"schemaVersion":1,"research":true,"symbol":"azo","name":"Autozone","topic":"moat","path":"/stock/azo/moat","status":"stale","version":6,"updatedAt":"2026-10-19T11:08:04.663Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"AutoZone has demonstrated substantial distribution capacity, same-day access to expanded inventory and supplier-supported working capital. These are current operating strengths, but the passages do not establish a durable cost or service advantage over competitors. Fiscal 2026 sales and earnings growth support continued execution; pricing power remains unproven because price realization is not separated from demand and mix. Margin changes reflect LIFO, tariff refunds and commercial mix, while declining capital returns warrant monitoring without proving competitive erosion.","advantages":[{"mechanism":"cost_advantage","claim":"Candidate advantage: the existing hub network pools expanded inventory across stores, supported by proprietary inventory visibility and accounts payable exceeding inventory. These capabilities are demonstrated; superior delivered costs or service relative to rivals are not established.","durability":"The network existed across successive annual disclosures and expanded from 109 domestic mega hubs in fiscal 2024 to 133 in fiscal 2025. Replication requires inventory, facilities and execution, but the passages do not establish competitors' replication costs or a defensible duration.","risks":"Customers can compare prices and availability online. Competitors may have stronger sourcing capabilities. Supplier funding has weakened on a per-store basis, and expansion requires continuing investment. These risks coexist with fiscal 2026 sales and profit growth.","invalidation":"The candidate thesis would be undermined by sustained deterioration in availability or delivery performance alongside lost customer demand, by evidence that competitors match service at lower delivered cost, or by supplier terms tightening enough to eliminate the working-capital benefit. Conversely, sustained comparative service and cost results would help establish the currently uncertain moat.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Store Operations: same-day access to hub inventory","excerpt":"Stores are replenished primarily by the nearest distribution center but also typically have same-day access to one of our 367 domestic and 53 international hub stores’ expanded inventory assortment."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Store Formats: hub and mega hub assortment","excerpt":"Hub stores carry approximately 40,000 to 50,000 unique SKUs and mega hub stores carry approximately 80,000 to 110,000 unique SKUs with 70% to 85% of their space utilized for hard parts."},{"id":"e3","sourceId":"filing-1","location":"Item 1, Store Automation: inventory visibility","excerpt":"Z-net provides parts information based on year, make, model and engine type of a vehicle and also tracks inventory availability at the store, at other nearby stores and through special order."},{"id":"e4","sourceId":"filing-4","location":"Item 1, Store Operations: fiscal 2024 mega hub count","excerpt":"As a subset of our domestic hub stores, we ended fiscal 2024 with 109 mega hub stores, an increase of 11 since the end of fiscal 2023."},{"id":"e5","sourceId":"filing-1","location":"Item 1, Store Operations: fiscal 2025 mega hub count","excerpt":"As a subset of our domestic hub stores, we ended fiscal 2025 with 133 mega hub stores, an increase of 24 since the end of fiscal 2024."},{"id":"e6","sourceId":"filing-2","location":"MD&A, Liquidity and Capital Resources: accounts payable to inventory","excerpt":"We had an accounts payable to inventory ratio of 111.1% at May 9, 2026, and 115.6% at May 10, 2025."},{"id":"e7","sourceId":"filing-1","location":"Item 1A, Competition: online comparison","excerpt":"​ With the increasing use of digital tools, our customers often begin their shopping experience online and are quickly able to compare prices, product assortment, product availability and feedback from other customers before purchasing products."},{"id":"e8","sourceId":"filing-1","location":"Item 1A, Competition: possible competitor capabilities","excerpt":"Although we believe we compete effectively, our competitors may have greater financial resources allowing them to invest more in their business, greater sourcing capabilities allowing them to sell merchandise at lower prices, larger stores with more merchandise, longer operating histories with deeper customer relationships, more frequent customer visits, more effective advertising and more successful utilization of data analytics, artificial intelligence and other new and emerging technologies."},{"id":"e9","sourceId":"filing-7","location":"Fiscal 2026 earnings release: net inventory per store","excerpt":"Net inventory, defined as merchandise inventories less accounts payable, on a per store basis, was negative $107 thousand versus negative $131 thousand last year and negative $107 thousand last quarter."},{"id":"e10","sourceId":"filing-7","location":"Fiscal 2026 earnings release: adjusted ROIC reconciliation","excerpt":"(203,281\n(190,588\nAdjusted after-tax return\n$\n3,342,130\n$\n3,246,514\nAverage debt(3)\n$\n8,884,947\n$\n8,948,381\nAverage stockholders' deficit(3)\n(2,967,742\n(4,253,805\nAdd: Rent x 6(1)\n3,000,120\n2,778,186\nAverage financing lease liabilities(3)\n415,701\n396,323\nInvested capital\n$\n9,333,026\n$\n7,869,085\nAdjusted After-Tax ROIC\n35.8\n%\n41.3\n%\n(1)The table below outlines the calculation of rent expense and reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the 52 weeks ended August 29, 2026, and August 30, 2025."},{"id":"e11","sourceId":"filing-7","location":"Fiscal 2026 earnings release: annual net sales","excerpt":"For the fiscal year ended August 29, 2026, net sales were $20.3 billion, an increase of 7.4% from the prior year."},{"id":"e12","sourceId":"filing-7","location":"Fiscal 2026 earnings release: annual operating profit and earnings","excerpt":"Operating profit increased 3.1% to $3.7 billion, net income increased 3.0% to $2.6 billion and diluted earnings per share increased 5.3% to $152.55 from $144.87."},{"id":"e13","sourceId":"filing-7","location":"Fiscal 2026 earnings release: annual gross margin","excerpt":"Gross profit, as a percentage of sales, was 52.3% versus last year at 52.6%."},{"id":"e14","sourceId":"filing-7","location":"Fiscal 2026 earnings release: LIFO and tariff refund effects","excerpt":"The decrease in gross margin was impacted by a 61 basis point net non-cash LIFO impact, partially offset by a 48 basis point benefit from tariff refunds."},{"id":"e15","sourceId":"filing-7","location":"Fiscal 2026 earnings release: fourth-quarter gross margin drivers","excerpt":"The increase in gross margin was driven by a 145 basis point impact from tariff refunds and a 105 basis point net non-cash LIFO impact, partially offset by higher commercial mix."},{"id":"e16","sourceId":"filing-3","location":"2025 proxy, operating review: same-store sales results","excerpt":"All this while we built upon our exceptional prior-period performance by delivering $18.9 billion in sales, domestic same store sales growth of 3.2%, international same store sales growth (on a constant currency basis) of 9.33% and total company same store sales growth (on a constant currency basis) of 3.9%."},{"id":"e17","sourceId":"filing-1","location":"Item 1A, Growth: demand and pricing contributions to same-store sales","excerpt":"Same store sales are impacted both by customer demand levels and by the prices we are able to charge for our products, which can also be negatively impacted by economic pressures."},{"id":"e18","sourceId":"filing-7","location":"Fiscal 2026 earnings release: cash generation, capital spending, shares and domestic commercial programs","excerpt":"Other Selected Financial Information\n(in thousands)\nAugust 29, 2026\nCumulative share repurchases ($ since fiscal 1998)\n$\n40,543,302\n$\n38,517,689\nRemaining share repurchase authorization ($)\n1,606,698\n632,311\nCumulative share repurchases (shares since fiscal 1998)\n156,208\n155,629\nShares outstanding, end of quarter\n16,173\n16,665\n16 Weeks Ended\n16 Weeks Ended\n52 Weeks Ended\n52 Weeks Ended\nAugust 29, 2026\nAugust 29, 2026\nDepreciation and amortization\n$\n220,139\n$\n197,412\n$\n684,265\n$\n613,199\nCash flow from operations\n1,183,259\n990,819\n3,302,846\n3,155,401\nCapital spending\n498,769\n479,698\n1,496,255\n1,365,321\nSelected Operating Highlights\nStore Count & Square Footage\n16 Weeks Ended\n16 Weeks Ended\n52 Weeks Ended\n52 Weeks Ended\nAugust 29, 2026\nAugust 29, 2026\nDomestic:\nBeginning stores\n6,766\n6,537\n6,627\n6,432\nStores opened\n97\n91\n236\n196\nStores closed\n(1\n(1\nEnding domestic stores\n6,863\n6,627\n6,863\n6,627\nRelocated stores\nStores with commercial programs\n6,443\n6,098\n6,443\n6,098\nSquare footage (in thousands)\n45,934\n44,138\n45,934\n44,138\nMexico:\nBeginning stores\n933\n838\n883\n794\nStores opened\n68\n45\n118"},{"id":"e19","sourceId":"filing-7","location":"Fiscal 2026 earnings release: completed annual repurchases","excerpt":"For the fiscal year, the Company repurchased 579 thousand shares of its common stock, at an average price of $3,496, for a total investment of $2.0 billion."},{"id":"e20","sourceId":"filing-2","location":"MD&A, Capital Resources: realized adjusted leverage","excerpt":"Our adjusted debt to earnings before interest, taxes, depreciation, amortization, rent and share-based compensation expense (“EBITDAR”) ratio, which is a non-GAAP measure, was 2.5:1 as of May 9, 2026, and May 10, 2025."},{"id":"e21","sourceId":"filing-3","location":"2025 proxy, Pay versus Performance: measures linking compensation to performance","excerpt":"​ Most Important Financial Performance Measures: Economic Profit; Return on Invested Capital; Adjusted Earnings Before Interest and Taxes; and Stock Price."},{"id":"e22","sourceId":"filing-3","location":"2025 proxy, Annual Incentive Plan: economic profit payout hurdle","excerpt":"Performance Hurdle. The annual incentive plan is subject to a pre-established threshold or hurdle such that no annual incentive awards are paid out unless the Company achieves 90% of target Economic Profit."},{"id":"e23","sourceId":"filing-2","location":"Share-based Payments: actual option vesting terms","excerpt":"Option-vesting periods range from four to five years, with the majority of options vesting ratably over four years."},{"id":"e24","sourceId":"filing-3","location":"2025 proxy, Annual Incentive Plan: committee adjustment discretion","excerpt":"The Compensation Committee may (but is not required to) adjust for the effect of one-time charges and extraordinary events such as asset write-downs, litigation judgments or settlements, changes in tax laws, accounting principles or other laws or provisions affecting reported results, accruals for reorganization or restructuring, and any other extraordinary non-recurring items, acquisitions or divestitures and any foreign exchange gains or losses on the calculation of performance."},{"id":"e25","sourceId":"filing-3","location":"2025 proxy summary: independent committees and governance practices","excerpt":"​ ​ ​ ​ CORPORATE GOVERNANCE ● Board Leadership consists of Executive Chairman and Lead Independent Director ● Intentional Board refreshment and succession planning resulted in two new independent candidates to further enhance the Board’s diverse skillset ● Disciplined CEO succession planning resulted in appointment of new President and Chief Executive Officer in FY24 ● Audit, Compensation and Nominating & Corporate Governance Committees (the “Standing Committees”) made up entirely of Independent Directors ● Use of Third-Party Firm for 2021 and 2024 Board Evaluations ● Review and update of Corporate Governance Principles in FY24 and Committee Charters in FY25 For more information, see: Corporate Governance beginning on page 7."},{"id":"e26","sourceId":"filing-3","location":"2025 proxy, Governance Framework: lead independent director authority","excerpt":"Our Corporate Governance Principles provide our Lead Independent Director with clearly defined responsibilities as follows: ● Presides at all executive sessions of the independent directors of the Board (without management present) at every regularly scheduled Board meeting; ● Chairs Board meetings when the Chairman is not present; ● Works with management to determine the information and materials to be provided to the Board; ● With Executive Chairman, approves Board meeting agendas, schedules, and other information to be provided to the Board; ● Consults with the Executive Chairman and the CEO on such other matters as are pertinent to the Board and the Company; ● Has the authority to call meetings of the independent directors; ● Is available for direct communication and consultation with stockholders upon reasonable request; and ● Serves as a liaison between the Executive Chairman and the independent directors."},{"id":"e27","sourceId":"filing-3","location":"2025 proxy, Annual Incentive Plan: implemented response to shareholder feedback","excerpt":"In response to shareholder feedback, the individual modifier component of the annual incentive plan has been eliminated effective FY25."},{"id":"e28","sourceId":"filing-3","location":"2025 proxy, Director Elections: discretion over resignation acceptance","excerpt":"The Board may consider any factors it deems relevant in deciding whether to accept a director’s resignation."},{"id":"e29","sourceId":"filing-8","location":"Fiscal 2026 third-quarter release: international underperformance and management market-share belief","excerpt":"While international performance has been below our plan, we believe our market share continues to grow as we outpace our competition in both international marketplaces."},{"id":"e30","sourceId":"filing-7","location":"Fiscal 2026 fourth-quarter release: management market-share claim and growth expectation","excerpt":"Based on the data we have, we continued to gain share and we expect sales in each of the three countries in which we operate to accelerate in the new fiscal year."},{"id":"e31","sourceId":"filing-1","location":"Item 1A, Demand: potential electric vehicle effects","excerpt":"prevalence of electric vehicles. Increased prevalence of electric vehicles, whether due to changes in consumer preferences or regulatory actions incentivizing the purchase of electric vehicles, can result in less frequent parts failures and reduced need for parts."},{"id":"e32","sourceId":"filing-1","location":"Item 1A, Demand: potential diagnostic information restrictions","excerpt":"restrictions on access to telematics and diagnostic tools and repair information imposed by the original vehicle manufacturers or by governmental regulation."}],"changes":["Retain the previous uncertain verdict: current operating strengths still lack evidence establishing a durable relative advantage.","Update the operating assessment through fiscal 2026: sales rose 7.4%, operating profit rose 3.1%, and annual gross margin declined modestly. Fourth-quarter margin improvement included tariff refunds and LIFO effects, so it does not establish stronger pricing power.","Add assessments supported by actual proxy compensation and governance disclosures, and explicitly distinguish management market-share claims from comparative evidence."],"limitations":["All source dates have dateKind filed; filing dates are distinguished from the fiscal periods and events described.","No competing company is identified as a competitor in the supplied competitive passages. Company names appearing in director biographies or financing disclosures do not establish competitor coverage.","The passages establish network capacity but provide no comparative delivered costs, delivery times, local market concentration or competitor investment requirements.","Market-share gains, brand contributions and expected service benefits include issuer assertions without supplied comparative measurements. Generic competitive and technology risks are possibilities, not demonstrated losses.","Realized prices, transaction counts, customer cohorts and customer pricing restrictions are not disclosed sufficiently to isolate pricing power. Same-store sales provide indirect repeat-demand evidence only.","The proxy supplies actual incentive and governance arrangements, but the supplied ownership-table passages omit individual holdings and compliance data. Scheduled future transitions are not assumed completed.","Fiscal 2026 release figures are issuer-reported results. Earlier release cash-flow and capital-spending figures differ from the subsequently filed quarterly report; no conclusion relies on treating those earlier figures as interchangeable.","No exceptional durability is established, and no grade of 4 is assigned."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Inventory pooling and supplier-supported working capital are demonstrated capabilities, but comparative cost or service superiority is not established.","evidenceIds":["e1","e2","e3","e6","e8"]},{"criterion":"durability","grade":null,"rationale":"Successive disclosures show an expanding network, but do not establish a durable barrier to competitors replicating its economics.","evidenceIds":["e4","e5"]},{"criterion":"customer_dependency","grade":null,"rationale":"Same-store growth supports demand, but customer dependence, switching friction and unique supplier status are not established.","evidenceIds":["e7","e16","e17"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Fiscal 2026 growth counters an assumption of realized competitive weakness. Lower capital returns and weaker supplier funding warrant monitoring, while electric vehicles and diagnostic restrictions remain potential threats.","evidenceIds":["e9","e10","e11","e12","e31","e32"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Sales and same-store growth combine demand and pricing. No supplied passage isolates observed price realization, discount intensity or pass-through.","evidenceIds":["e11","e16","e17"]},{"criterion":"retention","grade":2,"rationale":"Positive fiscal 2025 same-store sales and subsequent annual sales growth provide indirect evidence of recurring demand. They do not identify retained customers, repeat-purchase rates or retention following price changes; online comparison limits confidence in loyalty.","evidenceIds":["e7","e11","e16","e17"]},{"criterion":"margin_resilience","grade":2,"rationale":"Fiscal 2026 gross margin declined from 52.6% to 52.3% while operating profit grew. LIFO, tariff refunds and commercial mix materially affected results, supporting mixed resilience rather than demonstrated pricing strength.","evidenceIds":["e12","e13","e14","e15"]},{"criterion":"contractual_freedom","grade":null,"rationale":"The supplied passages do not establish customer contract repricing rights or restrictions. Retail sales accounting and supplier financing alone cannot establish freedom to change customer prices and terms.","evidenceIds":[]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2026 operating cash flow of about $3.3 billion supported about $1.5 billion of capital spending, but $2.0 billion of repurchases exceeded the remaining operating cash flow. Shares outstanding declined and interim adjusted leverage remained stable, while annual adjusted ROIC fell from 41.3% to 35.8%. Actual outcomes support mixed discipline; repurchase value and expansion paybacks are unproven.","evidenceIds":["e10","e18","e19","e20"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Disclosed compensation links to economic profit, ROIC, adjusted EBIT and stock price, with a minimum economic-profit hurdle and multiyear option vesting. These are actual arrangements, not merely proposed awards. Adjustment discretion and missing ownership amounts limit the assessment.","evidenceIds":["e21","e22","e23","e24"]},{"criterion":"execution","grade":3,"rationale":"Hub expansion, increased domestic commercial-program coverage, cash generation and fiscal 2026 sales and profit growth demonstrate execution through operating results. Customer-service effectiveness is partly inferred from these outcomes. International results below plan and declining ROIC temper the grade; management's market-share statements are not treated as independently demonstrated gains.","evidenceIds":["e4","e5","e10","e11","e12","e18","e29","e30"]},{"criterion":"governance","grade":3,"rationale":"Independent standing committees, defined lead independent director powers and elimination of the incentive modifier in response to feedback support functioning oversight. Board discretion over director resignations limits shareholder enforcement. These disclosures support strong governance practices, without establishing exceptional effectiveness.","evidenceIds":["e25","e26","e27","e28"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"4c274620b1fc13612774b8046f6dbf8463f448034361bfe1332cb70c000e6866","updatedAt":"2026-10-19T11:08:04.663Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/866787/000110465925102611/azo-20250830x10k.htm","publishedAt":"2025-10-27","sha256":"29f0505c72ea937621e832f18db6f01da4201f847ab61637cf3de1acf82f26c8","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/866787/000110465926073525/azo-20260509x10q.htm","publishedAt":"2026-06-12","sha256":"b972a5201af16af8ae6f5c89eb84fed99d0ede79441c85d8a64b3191195fbe9c","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/866787/000110465925103210/azo-20251217xdef14a.htm","publishedAt":"2025-10-28","sha256":"e25ef184ccb716221adc09483aabf75945cc4351b7d829c7f3bf4f3d2342631d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/866787/000155837024013758/azo-20240831x10k.htm","publishedAt":"2024-10-28","sha256":"1e751df28216a250031efd89e319526ee12423456d3dd9b45c3cfedc93e45478","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/866787/000155837023016668/azo-20230826x10k.htm","publishedAt":"2023-10-24","sha256":"0a20d7e0971fcce8b6106f8a5a2c2ba6d11e6dfcc3748d0972a08c838ebecceb","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/866787/000110465926032757/azo-20260214x10q.htm","publishedAt":"2026-03-20","sha256":"5e6b1af672afb3075e466259f7e6f5b210dca08cd51e37cd477dc19cf1428391","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/866787/000117184326006159/exh_991.htm","publishedAt":"2026-09-22","sha256":"88f38663b0854862c8fd444399792b0f67024748a321b988780037c5a14c7b5c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/866787/000117184326003674/exh_991.htm","publishedAt":"2026-05-26","sha256":"617d29a6267809da583b6fb73ed62cceb41fb038d4c88de4b17589578eaccf17","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/866787/000117184326001288/exh_991.htm","publishedAt":"2026-03-03","sha256":"aaed64a39b3b0196769df4d12237ebda4743e67a3f37a56f0c603ef5566f0337","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:10252c43bcb4f3d08ab07936ccf32b38fbbcd6a17138e431bb5dae45725866c5","usage":{"input_tokens":134830,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3610,"reasoning_output_tokens":90}},"signals":[{"period":"2021","end":"2021-08-28","values":{"gross_margin":52.75464068187854,"operating_margin":20.12720798300157,"roic":89.13537244147535,"fcf_margin":19.800807746767937,"sbc_revenue":0.3835515498218166},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2022","end":"2022-08-27","values":{"gross_margin":52.13223046929559,"operating_margin":20.124801334955265,"roic":110.26228562063946,"fcf_margin":15.620896332380235,"sbc_revenue":0.4344757611724668},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-08-26","values":{"gross_margin":51.95803063364826,"operating_margin":19.900008071164184,"roic":102.0835145158198,"fcf_margin":12.282209601775405,"sbc_revenue":0.5332295672234891},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-08-31","values":{"gross_margin":53.09307577369889,"operating_margin":20.490281698458887,"roic":84.96870304127685,"fcf_margin":10.445603059944832,"sbc_revenue":0.5746049759797964},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2025","end":"2025-08-30","values":{"gross_margin":52.62486365892685,"operating_margin":19.06230501253068,"roic":62.59056515437628,"fcf_margin":9.45196023574353,"sbc_revenue":0.65852929741756},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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