{"schemaVersion":1,"research":true,"symbol":"cmg","name":"Chipotle Mexican Grill","topic":"moat","path":"/stock/cmg/moat","status":"stale","version":8,"updatedAt":"2026-10-19T16:04:19.724Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Chipotle demonstrates established brand demand, expanding access and realized menu pricing, but the supplied passages do not establish a durable competitive moat. Transactions recovered in early 2026 after declining 2025 comparable sales, while pricing only partly offset rising costs. Digital adoption and restaurant expansion demonstrate convenience and execution without establishing customer lock-in, network effects or a structural cost advantage.","advantages":[{"mechanism":"intangible_assets","claim":"Chipotle's established brand and differentiated sourcing position support a potential intangible-asset advantage. Positive transactions alongside menu price increases demonstrate current demand, but the evidence does not establish durable superiority over competing restaurants.","durability":"The operating history and expanding footprint support persistence of the business. They do not establish how long a competitive advantage could endure. Equipment and Chipotlane benefits are management-reported opportunities without quantified comparative durability.","risks":"Competing restaurants offer similar quality, price and convenience propositions. Actual comparable-sales weakness, subsequent sales headwinds and incomplete cost pass-through constrain evidence of brand protection. Food-safety and sourcing exposures could further impair demand or economics.","invalidation":"Persistent comparable-transaction declines across several reporting periods despite stable or lower menu prices, combined with continued deterioration in restaurant economics, would undermine the proposed brand advantage. Demonstrated inability to sustain demand without increasing discounts would also contradict it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: restaurant operating history","excerpt":"Our first Chipotle restaurant opened in Denver, Colorado in 1993."},{"id":"e2","sourceId":"filing-1","location":"Business: sourcing standards","excerpt":"In Chipotle-owned restaurants, we strive to serve only animal products that are raised in accordance with criteria we have established to improve sustainability and promote animal welfare, and without the use of non-therapeutic antibiotics or added growth hormones."},{"id":"e3","sourceId":"filing-2","location":"MD&A: second-quarter average check and transactions","excerpt":"The increase is attributable to a 1.2% increase in average check and a 1.0% increase in transactions."},{"id":"e4","sourceId":"filing-2","location":"MD&A: digital sales adoption","excerpt":"Digital sales represented 38.3% of total food and beverage revenue for the three months ended June 30, 2026, an increase from 35.5% for the three months ended June 30, 2025."},{"id":"e5","sourceId":"filing-2","location":"MD&A: realized menu-pricing benefit to labor cost ratio","excerpt":"These increases were partially offset by a 0.4% benefit from menu price increases."},{"id":"e6","sourceId":"filing-3","location":"Shareholder letter: management's equipment-performance claims","excerpt":"The results in restaurants with the new equipment are compelling with higher taste-of-food and overall guest satisfaction scores, improved throughput and a meaningful increase in comparable sales."},{"id":"e7","sourceId":"filing-7","location":"Quarterly release: management's Chipotlane-performance claims","excerpt":"Chipotlanes continue to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins and returns."},{"id":"e8","sourceId":"filing-1","location":"Business: competitive dimensions","excerpt":"Competition \nThe fast-casual, quick-service, and casual dining segments of the restaurant industry are highly competitive with respect to, among other things, taste, price, food quality and presentation, customer service, location, convenience, brand reputation, and cleanliness and ambience of each restaurant."},{"id":"e9","sourceId":"filing-1","location":"Business: competing service channels","excerpt":"Many of our competitors also offer dine-in, carry-out, online, catering, and delivery services."},{"id":"e10","sourceId":"filing-1","location":"Business: competitors' ingredient-quality and value propositions","excerpt":"Among our main competitors are restaurant formats that claim to serve higher quality ingredients without artificial flavors, colors and preservatives, and that serve food quickly and at a reasonable price."},{"id":"e11","sourceId":"filing-3","location":"Compensation discussion: 2025 comparable-sales decline","excerpt":"Comparable restaurant sales decreased 1.7%."},{"id":"e12","sourceId":"filing-2","location":"MD&A: recently experienced comparable-sales headwinds","excerpt":"We have recently experienced low-single-digit headwinds to our comparable restaurant sales trends that we believe are tied to that environment as customers respond to, among other things, recent U.S."},{"id":"e13","sourceId":"filing-2","location":"MD&A: second-quarter and first-half labor cost ratios","excerpt":"Labor Costs Three months ended June 30, Percentage Six months ended June 30, Percentage 2026 2025 change 2026 2025 change (dollars in millions) (dollars in millions) Labor costs $ 836.5 $ 756.3 10.6 % $ 1,641.9 $ 1,474.5 11.4 % As a percentage of total revenue 25.0 % 24.7 % 0.3 % 25.5 % 24.8 % 0.7 % Labor costs increased 0.3% as a percentage of total revenue for the three months ended June 30, 2026 compared to the three months ended June 30, 2025."},{"id":"e14","sourceId":"filing-7","location":"Quarterly release: operating and restaurant-level margin reconciliation","excerpt":"CHIPOTLE MEXICAN GRILL, INC.\nRECONCILIATION OF NON-GAAP FINANCIAL MEASURES\nRestaurant Level Operating Margin\n(in thousands)\n(unaudited)\nThree months ended June 30,\n2026\nPercent of total revenue\n2025\nPercent of total revenue\nIncome from operations\n$\n525,595 \n15.7 \n%\n$\n559,057 \n18.2 \n%\nNon-GAAP Adjustments\nGeneral and administrative expenses\n190,471 \n5.7 \n172,151 \n5.6 \nDepreciation and amortization\n98,327 \n2.9 \n90,945 \n3.0 \nPre-opening costs\n16,364 \n0.5 \n10,610 \n0.3 \nImpairment, closure costs, and asset disposals\n13,808 \n0.4 \n5,467 \n0.2 \nTotal non-GAAP Adjustments\n318,970 \n9.5 \n279,173 \n9.1 \nRestaurant level operating margin\n$\n844,565 \n25.2 \n%\n$\n838,230 \n27.4 \n%"},{"id":"e15","sourceId":"filing-6","location":"MD&A: first-quarter transactions and average check","excerpt":"The increase is attributable to an increase in transactions of 0.6%, partially offset by a 0.1% decrease in average check."},{"id":"e16","sourceId":"filing-2","location":"Market risk: menu-pricing discretion and guest resistance","excerpt":"Increases in ingredient prices could adversely affect our results if we choose for competitive or other reasons not to increase menu prices at the same rate at which ingredient costs increase, or if menu price increases result in guest resistance."},{"id":"e17","sourceId":"filing-1","location":"Accounting policies: point-of-sale revenue recognition","excerpt":"Revenue Recognition We generally recognize revenue, net of discounts and incentives, when payment is tendered at the point of sale."},{"id":"e18","sourceId":"filing-5","location":"Risk factors: potential delivery-platform bargaining leverage","excerpt":"In addition, the delivery business has been consolidating and may continue to consolidate, which may give third-party delivery companies more leverage in negotiating the terms and pricing of contracts, which in turn could negatively impact our profits from this channel."},{"id":"e19","sourceId":"filing-1","location":"Liquidity and capital resources: actual 2025 capital expenditures","excerpt":"Our total capital expenditures for 2025 were $666.3 million."},{"id":"e20","sourceId":"filing-1","location":"Liquidity and capital resources: 2025 operating cash flow","excerpt":"Cash provided by operating activities was $2.1 billion for the year ended December 31, 2025, compared to $2.1 billion for the year ended December 31, 2024."},{"id":"e21","sourceId":"filing-2","location":"Shareholders' equity: first-half 2026 repurchases","excerpt":"During the six months ended June 30, 2026 and 2025, we repurchased $1,331,572 and $989,580 of stock at an average price of $34.35 and $52.32, respectively."},{"id":"e22","sourceId":"filing-7","location":"Cash-flow statement: first-half operating cash, investment and financing outlays","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n(in thousands)\n(unaudited)\nSix months ended\nJune 30,\n2026\n2025\nOperating activities\nNet income \n$\n706,371 \n$\n822,726 \nAdjustments to reconcile net income to net cash provided by operating activities:\nDepreciation and amortization\n195,045 \n178,156 \nDeferred income tax provision\n37,805 \n(9,890)\nImpairment, closure costs, and asset disposals\n22,981 \n11,056 \nProvision for credit losses\n(335)\n(1,247)\nStock-based compensation expense\n54,518 \n75,150 \nOther\n906 \n7,622 \nChanges in operating assets and liabilities:\nAccounts receivable\n54,640 \n39,946 \nInventory\n2,773 \n8,493 \nPrepaid expenses and other current assets\n(1,809)\n(3,606)\nOperating lease assets\n164,061 \n150,957 \nOther assets\n3,354 \n(362)\nAccounts payable \n37,130 \n12,360 \nAccrued payroll and benefits\n36,433 \n(24,689)\nAccrued liabilities\n45,300 \n2,126 \nUnearned revenue\n(12,652)\n(25,555)\nIncome tax payable/receivable\n111,882 \n(13,433)\nOperating lease liabilities\n(127,943)\n(113,450)\nOther long-term liabilities\n1,543 \n2,042 \nNet cash provided by operating activities\n1,332,003 \n1,118,402 \nInvesting activities\nPurchases of leasehold improvements, property and equipment\n(397,601)\n(305,395)\nPurchases of investments\n(5,520)\n(6,500)\nMaturities of investments\n349,766 \n319,962 \nNet cash (used in)/provided by investing activities\n(53,355)\n8,067 \nFinancing activities\nRepurchase of common stock\n(1,354,905)\n(997,055)\nTax withholding on stock-based compensation awards\n(49,397)\n(33,319)\nOther financing activities\n2,798 \n1,540 \nNet cash used in financing activities\n(1,401,504)\n(1,028,834)\nEffect of exchange rate changes on cash, cash equivalents and restricted cash"},{"id":"e23","sourceId":"filing-2","location":"Liquidity and capital resources: tax timing contribution to cash-flow growth","excerpt":"The increase was primarily due to timing of tax-related payments, and to a lesser extent other changes in non-tax operating assets and liabilities."},{"id":"e24","sourceId":"filing-2","location":"Market risk: June 2026 cash and investments","excerpt":"As of June 30, 2026, we had $810.5 million in cash and cash equivalents, current and long-term investments, and restricted cash, of which the majority are interest bearing."},{"id":"e25","sourceId":"filing-1","location":"Market risk: December 2025 cash and investments","excerpt":"As of December 31, 2025, we had $1.3 billion in cash and cash equivalents, current and long-term investments, and restricted cash, of which the substantial majority are interest bearing."},{"id":"e26","sourceId":"filing-3","location":"Compensation discussion: actual 2025 long-term incentive structure","excerpt":"Key features: Our LTI mix for 2025 was 60% PSUs with a three-year performance period, 20% seven-year term stock only stock appreciation rights (“SOSARs”) that vest in two equal installments on the 2nd and 3rd anniversaries of the grant date, and 20% in either SOSARs or restricted stock units (“RSUs”), at the executive’s election, that vest in two equal installments on the 2nd and 3rd anniversaries of the grant date."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion: 2025 PSU metrics and performance period","excerpt":"2025 PSU Awards For the 2025 PSU awards, the Compensation, People and Culture Committee maintained the two metrics used in the 2024 PSU awards: (i) 3-year cumulative base RCF Dollars, weighted 90%, and (ii) total number of new restaurant openings (“NROs”), weighted 10%, both measured over the 3-year performance period of January 1, 2025 – December 31, 2027."},{"id":"e28","sourceId":"filing-3","location":"Compensation discussion: below-threshold outcomes and reduced performance factor","excerpt":"As shown in the chart below, in 2025 Chipotle’s performance was below threshold for CRS and RCF Margin %, and above target for SARs, which resulted in an overall CPF of 40%."},{"id":"e29","sourceId":"filing-3","location":"Compensation discussion: year-end executive ownership compliance","excerpt":"As of December 31, 2025, all of our NEOs who were employed by us at year end satisfied or exceeded these requirements."},{"id":"e30","sourceId":"filing-3","location":"Compensation policies: hedging, pledging and margin-account restrictions","excerpt":"No hedging, pledging or short sales of Chipotle common stock and no holding Chipotle common stock in margin accounts by executive officers or directors."},{"id":"e31","sourceId":"filing-3","location":"Compensation discussion: mandatory restatement-related recovery policy","excerpt":"Chipotle’s Executive Compensation Recovery Policy requires the Board to pursue reimbursement of incentive-based compensation paid or awarded to an executive officer if the payment or award was based on the achievement of certain financial results that subsequently were the subject of a restatement, and a lower payment or award would have been made to the executive officer based upon the restated financial results."},{"id":"e32","sourceId":"filing-3","location":"Business achievements: actual 2025 restaurant openings","excerpt":"In 2025, we opened 334 new company-owned restaurants, with 257 locations including a Chipotlane, and 11 international partner-operated restaurants, which brings our total international partner-operated restaurants to 14."},{"id":"e33","sourceId":"filing-7","location":"Quarterly release: actual second-quarter 2026 openings","excerpt":"During the second quarter we opened 100 company-owned restaurants, of which 80 included a Chipotlane, and one international partner-operated restaurant."},{"id":"e34","sourceId":"filing-3","location":"Corporate governance: independent chairman and committee leadership","excerpt":"Board Leadership Structure Our current Board leadership structure consists of an independent Chairman of the Board, a position held by Scott Maw; Board committees led by independent directors; executive sessions of the directors at each regular Board meeting; and active oversight by all directors."},{"id":"e35","sourceId":"filing-3","location":"Governance summary: annual director elections","excerpt":"All directors stand for election on an annual basis."},{"id":"e36","sourceId":"filing-3","location":"Governance summary: majority voting and resignation requirement","excerpt":"Directors are elected by a majority of votes cast in uncontested elections and any director who does not receive a majority of votes cast is required to submit his or her resignation for consideration by the Board."},{"id":"e37","sourceId":"filing-3","location":"Corporate governance: related-person transaction approval procedures","excerpt":"Accordingly, our Board has adopted written policies and procedures requiring the Audit & Risk Committee to approve in advance, with limited exceptions, any transactions in which any person or entity in the categories named above has any material interest, whether direct or indirect, unless the value of all such transactions in which a related person has an interest during a year total less than $120,000."},{"id":"e38","sourceId":"filing-3","location":"Compensation arrangements: change-in-control PSU vesting terms","excerpt":"In addition, all unvested LTI held by the named executive officer at the time of termination would vest in full, with PSUs vesting at the greater of (a) target or (b) actual performance, as determined based on the company’s performance through the date of the change in control."},{"id":"e39","sourceId":"filing-3","location":"Compensation tables: 2025 PSU threshold conditions","excerpt":"The 2025 annual PSU awards will only pay out to the extent the two performance metrics (three-year cumulative base restaurant cash flow (“RCF”) dollars and total number of new restaurant openings (“NROs”)) equal or exceed the predetermined threshold performance levels over the 2025 through 2027 performance period."},{"id":"e40","sourceId":"filing-3","location":"Compensation discussion: 2025 operating-margin decline","excerpt":"Operating margin was 16.2%, a decrease from 16.9% in 2024."}],"changes":["Retained the uncertain moat verdict and null moat grades; current operating evidence establishes demand and pricing outcomes without establishing durable competitive protection.","Revalidated all eight previously graded pricing and management criteria against the current catalog; their grades remain unchanged.","Removed reliance on previous-analysis assertions as evidence. Explicitly distinguished equipment and Chipotlane claims from quantified comparative proof, and incorporated the disclosed change-in-control vesting limitation."],"limitations":["All supplied sources are issuer filings or issuer releases. Reported operating results and disclosed policies support assessments, while qualitative claims of competitive superiority remain management assertions.","Competition passages identify generic restaurant categories rather than named rivals. Named compensation peers are not established as competitors, so competitor arrays are empty.","The catalog provides no comparative market-share, customer-cohort retention, price-elasticity or structural unit-cost evidence. Digital sales include third-party channels and do not establish proprietary customer lock-in.","The source dates retain dateKind filed. Latest supplied operating results cover June 30, 2026; no subsequent operating performance is established.","Actual ownership compliance is disclosed, but the supplied ownership-table passages do not establish executives' individual economic stakes. Governance mechanisms do not establish exceptional oversight outcomes.","Falsification conditions are prospective analytical tests, not predictions or reported events."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Brand demand and digital adoption are demonstrated, but similar competing propositions and absent comparative economics leave a structural advantage unestablished.","evidenceIds":["e2","e3","e4","e8","e9","e10"]},{"criterion":"durability","grade":null,"rationale":"Operating longevity establishes business persistence, while recent demand and cost results do not establish durable competitive protection.","evidenceIds":["e1","e11","e13","e14"]},{"criterion":"customer_dependency","grade":null,"rationale":"Transactions and digital sales demonstrate usage, but establish neither customer dependency nor meaningful switching friction.","evidenceIds":["e3","e4","e9"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Recovering transactions coexist with sales headwinds and margin compression; this cannot establish resilience of an underlying moat whose existence remains uncertain.","evidenceIds":["e3","e11","e12","e14","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Menu increases delivered an observed labor-cost-ratio benefit while second-quarter check and transactions increased. First-quarter check declined, and average-check changes cannot be attributed wholly to pricing.","evidenceIds":["e3","e5","e15"]},{"criterion":"retention","grade":2,"rationale":"Positive transactions in both early-2026 quarters support demand resilience indirectly, following declining 2025 comparable sales. Recent sales headwinds temper the recovery. These are operating proxies, not measured customer retention rates.","evidenceIds":["e3","e11","e12","e15"]},{"criterion":"margin_resilience","grade":1,"rationale":"Realized pricing only partly absorbed labor pressure, and second-quarter operating margin fell from 18.2% to 15.7% following 2025 compression. The adverse evidence concerns incomplete cost pass-through rather than hypothetical risk alone.","evidenceIds":["e5","e13","e14","e40"]},{"criterion":"contractual_freedom","grade":3,"rationale":"Disclosed choice over menu increases, actual implemented increases and point-of-sale payment support substantial pricing discretion. Guest resistance constrains economic freedom; delivery-platform bargaining exposure and incomplete contract coverage limit the assessment.","evidenceIds":["e5","e16","e17","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"2025 operating cash of $2.1 billion substantially exceeded $666.3 million of capital expenditures and supported expansion. First-half 2026 operating cash of $1.332 billion faced $397.6 million of capital investment and approximately $1.33 billion of disclosed repurchases. Cash and investments declined, and cash-flow growth chiefly reflected tax timing. Repurchase value creation is unproven.","evidenceIds":["e19","e20","e21","e22","e23","e24","e25","e32"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 awards emphasized three-year PSUs tied to cash flow and openings; below-threshold annual results reduced the performance factor to 40%. Ownership compliance, trading restrictions and recovery provisions support alignment. The 2025 PSUs remain conditional through 2027, and change-in-control terms can vest PSUs at the greater of target or actual performance.","evidenceIds":["e26","e27","e28","e29","e30","e31","e38","e39"]},{"criterion":"execution","grade":2,"rationale":"Record 2025 openings and another 100 company-owned openings in second-quarter 2026 demonstrate expansion execution. Declining 2025 comparable sales, missed incentive thresholds and margin compression offset that achievement. Transaction recovery is indirect operating evidence of improvement and does not establish management causation.","evidenceIds":["e3","e11","e14","e15","e28","e32","e33"]},{"criterion":"governance","grade":3,"rationale":"An independent chairman and committee leadership, annual elections, majority voting with a resignation requirement, compensation recovery and related-person approval procedures demonstrate substantive safeguards. The resignation requirement permits Board consideration, and these structures do not prove exceptional oversight outcomes.","evidenceIds":["e31","e34","e35","e36","e37"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"6486fa4ecf3b9c267eb6ba1c7d84e1348c7089de18db2eb0a426bf1baccd7528","updatedAt":"2026-10-19T16:04:19.724Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","publishedAt":"2026-02-04","sha256":"6af5db84a786063de0344d0fd0bc33019d7c034ca62b657a28b2f9c8bad001da","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000066/cmg-20260630.htm","publishedAt":"2026-07-31","sha256":"20fc3cfc6f28c611e869c6638c917d812a5f3f494f56eb89ce556b1cb1df59d9","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1058090/000114036126017294/ny20063214x1_def14a.htm","publishedAt":"2026-04-28","sha256":"c4e465ab07e7e2929273fbe98d6fbdf4c42905357e6a5186f4242d23fc67ca2f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809025000014/cmg-20241231.htm","publishedAt":"2025-02-05","sha256":"914e66ab7d61e19666b48e130a6e144bd9e5673243871938f2720a2f6a31a1d5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1058090/000156276224000023/cmg-20231231x10k.htm","publishedAt":"2024-02-08","sha256":"36f1dc24ae5da9e9daa64b18235747afade2fad5e3ce02f1d9c4746392ea1ef6","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000028/cmg-20260331.htm","publishedAt":"2026-04-30","sha256":"82d2e75c7725ecf97b877ffc716eee18bbfcba40a5238d976dce267c090c241f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000063/cmg-20260729xex991.htm","publishedAt":"2026-07-29","sha256":"c9c75d2094f37472f64bc72b6776a0d2ffc5b5c95898b5bd3fad774cf5a8f5c5","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000027/cmg-20260429xex991.htm","publishedAt":"2026-04-29","sha256":"78df5004fa15823c89d980a54152dc82197addca48cf75693ed93bc66711b7e0","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:729b0c54e59cec93fd604d5aa32549b61c14e3ae6594c22ec7c4ffc6b6165c0a","usage":{"input_tokens":106649,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3621,"reasoning_output_tokens":124}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":10.665648521987565,"roic":44.6902724950407,"fcf_margin":11.124939893820917,"sbc_revenue":2.337227696980321},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":13.438908713402695,"roic":50.95311718532375,"fcf_margin":9.77474251423219,"sbc_revenue":1.1353092168624745},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":15.780676561737558,"roic":52.666085003832066,"fcf_margin":12.386441211594944,"sbc_revenue":1.2562845376694411},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":16.937934406607546,"roic":54.07870697448136,"fcf_margin":13.35948946835353,"sbc_revenue":1.1643248325747206},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable 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