{"schemaVersion":1,"research":true,"symbol":"dd","name":"DuPont de Nemours","topic":"moat","path":"/stock/dd/moat","status":"published","version":7,"updatedAt":"2026-10-19T20:53:09.788Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"DuPont has current patents, trade secrets, recognized brands and specialized application capabilities, but the passages do not establish durable protection against substitution or sustained price premiums. Patent-life disclosures strengthen the case for potential intangible-asset protection; customer switching costs remain unproven. Continuing operations show improving but uneven profitability and cash generation. This supports an uncertain moat, rather than demonstrated competitive weakness.","advantages":[{"mechanism":"intangible_assets","claim":"Current intellectual property and specialized application capabilities provide a plausible competitive advantage. Approximately 4,700 patents and applications relate to continuing operations, and recognized brands complement manufacturing know-how. Their economic protection is not demonstrated by patent counts or management's competitive-position assertions alone.","durability":"More than 70% of the continuing-operations patent estate had over five years remaining at December 31, 2025. Trade secrets and maintained trademarks could extend protection, but revenue coverage, patent importance and resistance to alternative technologies are undisclosed.","risks":"Technologically capable competitors, variable patent enforceability and substitution could weaken protection. Actual intellectual-property litigation costs demonstrate a cost of defending the portfolio, without establishing an adverse judgment.","invalidation":"The advantage thesis would fail if competing products routinely matched relevant performance without infringing, protected products lost customer specifications or share, or economically important rights became unenforceable without effective replacements.","competitors":["3M","Ecolab","Hydranautics","Toray"],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11"]},{"mechanism":"switching_costs","claim":"Medical design and manufacturing support, stringent product requirements and technical testing could create qualification and integration friction. The supplied issuer descriptions establish these activities, but do not demonstrate customers' actual costs or difficulty replacing DuPont.","durability":"Potential dependency could persist while products remain embedded in regulated or demanding applications. Neither customer qualification duration nor repeat purchasing by existing customers is disclosed.","risks":"Regulatory requirements also burden DuPont and do not establish exclusive supplier approval. Aggregate organic sales growth cannot distinguish retained customers from new business, volume changes or pricing.","invalidation":"The switching-cost thesis would fail if customers routinely qualified alternatives quickly and cheaply, transferred designs without disruption, or replaced DuPont following modest price increases.","competitors":[],"evidenceIds":["e12","e13","e14"],"counterEvidenceIds":["e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Intellectual Property: patent estate at December 31, 2025","excerpt":"At December 31, 2025, the Company owned about 6,100 patents and patent applications globally, about 4,700 of which are associated with the Company's continuing operations."},{"id":"e2","sourceId":"filing-1","location":"Intellectual Property: remaining patent terms","excerpt":"More than 70 percent of the Company’s patent estate associated with its continuing operations has a remaining term of more than 5 years."},{"id":"e3","sourceId":"filing-1","location":"Intellectual Property: trademark recognition","excerpt":"Trademarks: The Company owns or licenses many trademarks that have significant recognition at the consumer retail level and/or the product line level."},{"id":"e4","sourceId":"filing-1","location":"Intellectual Property: manufacturing trade secrets","excerpt":"Many of the processes used to make products are kept as trade secrets which, from time to time, may be licensed to third parties."},{"id":"e5","sourceId":"filing-1","location":"Healthcare & Water Technologies: application and manufacturing capabilities","excerpt":"The segment leverages application development expertise, specialized manufacturing capabilities, and recognized brands to support customers’ product development, scale‑up, and operational requirements across regulated and mission‑critical applications."},{"id":"e6","sourceId":"filing-1","location":"Competition: management's assessment of competitive strengths","excerpt":"The Company believes that its proprietary product and process technologies, robust product and application development pipelines, well-known brands, customer intimacy, global manufacturing capability, and local service capability help strengthen its competitive position and enable it to compete successfully."},{"id":"e7","sourceId":"filing-1","location":"Competition: multinational and regional competitors","excerpt":"COMPETITION The markets in which the Company participates are served by a variety of competitors including multinational companies with significant sales, marketing, research, and financial capabilities, as well as well-established regional companies."},{"id":"e8","sourceId":"filing-1","location":"Intellectual Property: limitations of patent protection","excerpt":"The protection afforded by patents varies based on country, scope of individual patent coverage, as well as the availability of legal remedies in each country and type of patent protection."},{"id":"e9","sourceId":"filing-2","location":"Significant items: first-half 2026 intellectual-property and product litigation costs","excerpt":"3. Includes legal costs within the Healthcare & Water Technologies segment associated with a pending intellectual property matter ($10 million pre-tax cost), and legal costs associated with personal injury cases associated with Corian® Quartz, a product within the Diversified Industrials segment ($11 million pre-tax cost), offset by a benefit related to an adjustment within Healthcare & Water Technologies of the Donatelle contingent earn-out liability ($14 million pre-tax benefit) and accrued interest earned on employee retention credits ($3 million pre-tax benefit)."},{"id":"e10","sourceId":"filing-4","location":"Competition: historical Water & Protection competitor list","excerpt":"•Water & Protection: 3M, Honeywell, Hydranautics, Kingspan, Kolon, Lanxess, Owens-Corning, Ecolab, Avient, Toray, Teijin, and Yantai."},{"id":"e11","sourceId":"filing-16","location":"3M competitor disclosure: its own assessment of intellectual-property advantages","excerpt":"The Company believes that its trademarks, patents, and trade secrets provide an important competitive advantage in many of its businesses, particularly in connection with new product introductions in markets around the world."},{"id":"e12","sourceId":"filing-1","location":"Healthcare Technologies: design, prototyping and manufacturing services","excerpt":"Healthcare Technologies delivers specialized materials and product design, prototyping, and manufacturing services tailored for situations where technological advancement is paramount, and the assurance of quality and performance is required."},{"id":"e13","sourceId":"filing-1","location":"Healthcare Technologies: performance, quality and regulatory requirements","excerpt":"This business produces medical packaging, high-performance parts and components to meet stringent performance, quality, and regulatory requirements for the biopharma and medical device markets."},{"id":"e14","sourceId":"filing-1","location":"Competition: customer technical and testing services","excerpt":"The Company provides its customers with extensive support and technical and testing services, in addition to new product development informed by specific industry technological, sustainability and regulatory needs and evolving customer demands."},{"id":"e15","sourceId":"filing-1","location":"Risk factors: regulatory approval process","excerpt":"The regulatory approvals process is lengthy, complex and in some markets unpredictable, with requirements that can vary by product, technology, industry and country."},{"id":"e16","sourceId":"filing-2","location":"Results of operations: second-quarter and first-half 2026 organic sales","excerpt":"48 Table of Contents RESULTS OF OPERATIONS Summary of Sales Results Three Months Ended June 30, Six Months Ended June 30, In millions 2026 2025 2026 2025 Net sales $ 1,819 $ 1,749 $ 3,500 $ 3,361 The following table summarizes sales variances by segment from the prior year: Sales Variances by Segment Percentage change from prior year Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Organic Sales 1 Currency Portfolio & Other Total Organic Sales 1 Currency Portfolio & Other Total Healthcare & Water Technologies 4 % 1 % — % 5 % 3 % 2 % — % 5 % Diversified Industrials 3 — — 3 2 1 — 3 Total 4 % — % — % 4 % 3 % 1 % — % 4 % 1.Organic sales (which includes both volume and selling price impacts), is defined as the change in net sales, absent the impacts from currency and portfolio."},{"id":"e17","sourceId":"filing-1","location":"Note 24: comparable quarterly sales and cost of sales for 2025 and 2024","excerpt":"Quarterly Financial Information (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter In millions Year ending December 31, 2025: Net sales $ 1,612 $ 1,749 $ 1,795 $ 1,693 Cost of sales 1,069 1,143 1,179 1,095 Income (loss) from continuing operations before income taxes $ 97 $ 78 $ 91 $ (66) Income (loss) from continuing operations, net of tax $ 80 $ 24 $ 102 $ (108) (Loss) income from discontinued operations, net of tax $ (661) $ 46 $ (209) $ (12) Net (loss) income $ (581) $ 70 $ (107) $ (120) Net (loss) income available for DuPont common stockholders $ (589) $ 59 $ (123) $ (126) Per common share data: Earnings (loss) per common share from continuing operations - basic 1 $ 0.19 $ 0.06 $ 0.23 $ (0.27) (Loss) earnings per common share from discontinued operations - basic 1 (1.59) 0.08 (0.53) (0.03) (Loss) earnings per common share - basic 1 $ (1.41) $ 0.14 $ (0.29) $ (0.30) Earnings (loss) per common share from continuing operations - diluted 1 $ 0.19 $ 0.06 $ 0.23 $ (0.27) (Loss) earnings per common share from discontinued operations - diluted 1 (1.59) 0.08 (0.53) (0.03) (Loss) earnings per common share - diluted 1 $ (1.40) $ 0.14 $ (0.29) $ (0.30) Year ending December 31, 2024: Net sales $ 1,599 $ 1,717 $ 1,714 $ 1,689 Cost of sales 1,098 1,131 1,134 1,136 Income (loss) from continuing operations before income taxes $ 28 $ 1 $ 287 $ (199) Income (loss) from continuing operations, net of tax $ 2 $ (28) $ 221 $ (291) Income from discontinued operations, net of tax $ 196 $ 210 $ 243 $ 185 Net income (loss) $ 198 $ 182 $ 464 $ (106) Net income (loss) available for DuPont common stockholders $ 188 $ 178 $ 454 $ (117) Per common share data: Earnings (loss) per common share from continuing operations - basic 1 $ — $ (0.06) $ 0.53 $ (0.70) Earnings per common share from discontinued operations - basic 1 0.44 0.49 0.56 0.42 Earnings (loss) per common share - basic 1 $ 0.44 $ 0.43 $ 1.09 $ (0.28) Earnings (loss) per common share from continuing operations - diluted 1 $ — $ (0.06) $ 0.52 $ (0.70) Earnings per common share from discontinued operations - diluted 1 0.44 0.49 0.56 0.42 Earnings (loss) per common share - diluted 1 $ 0.44 $ 0.43 $ 1.08 $ (0.28) 1.Earnings (loss) per share amounts for the year may not equal the sum of the quarterly earnings (loss) per common share amounts due to the change in average share calculations."},{"id":"e18","sourceId":"filing-1","location":"Segment results: 2023–2025 Operating EBITDA reconciliation","excerpt":"Reconciliation of Segment Operating EBITDA to Income from continuing operations before income taxes For the years ended December 31, In millions 2025 2024 2023 Healthcare & Water Technologies Segment Operating EBITDA $ 972 $ 844 $ 866 Diversified Industrials Segment Operating EBITDA 800 839 792 Reportable Segment Operating EBITDA $ 1,772 $ 1,683 $ 1,658 + Corporate Operating EBITDA 1 $ (144) $ (152) $ (114) - Depreciation and amortization 647 635 580 + Interest income 2 72 74 155 - Interest expense 3 311 365 396 + Non-operating pension/OPEB benefit credits (costs) 1 5 9 (13) + Foreign exchange gains (losses), net 1 (34) (3) (77) - Future reimbursable indirect costs 89 100 106 - Remediation costs associated with divested businesses 12 14 22 + Significant items charge (412) (380) (784) Income from continuing operations before income taxes $ 200 $ 117 $ (279) 1.Corporate includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, non-business aligned litigation expenses, DuPont's equity interest in Derby related to the Delrin® Divestiture and other costs not absorbed by reportable segments."},{"id":"e19","sourceId":"filing-8","location":"Second-quarter 2026 results: Operating EBITDA and margin comparison","excerpt":"Operating EBITDA(2)\n$448\n$423\n6%\nOperating EBITDA margin(2) %\n24.6\n%\n24.2\n%\n40 bps\nGAAP EPS from continuing operations\n$1.37\n$0.17\nn.m."},{"id":"e20","sourceId":"filing-8","location":"Healthcare & Water Technologies: second-quarter 2026 margin drivers","excerpt":"• Operating EBITDA margin of 30.1% decreased 30 basis points as organic growth and productivity were more than offset by less favorable mix and growth investments."},{"id":"e21","sourceId":"filing-10","location":"Reviewed March 2022 inge GmbH sales conditions, section 2: price adjustments","excerpt":"may be subject to price adjustments as communicated by Seller."},{"id":"e22","sourceId":"filing-10","location":"Reviewed March 2022 inge GmbH sales conditions, section 2: cancellation of undelivered goods","excerpt":"Buyer shall cancel its order as to the undelivered balance of goods"},{"id":"e23","sourceId":"filing-8","location":"First-half 2026 cash flows: operations, investment and financing","excerpt":"(Earnings) losses of nonconsolidated affiliates (in excess of) less than dividends received\n(6)\n7 \nNet periodic pension benefit costs\n6 \n2 \nPeriodic benefit plan contributions\n(28)\n(23)\nRestructuring and asset related charges - net\n43 \n39 \nInterest rate swap gain\n— \n(51)\nStock based compensation\n27 \n22 \nDonatelle contingent earn-out true-up\n(14)\n(12)\nOther net (income) loss\n(2)\n16 \nChanges in assets and liabilities, net of effects of acquired and divested companies:\nAccounts and notes receivable\n(88)\n(213)\nInventories\n(29)\n(51)\nAccounts payable\n92 \n(19)\nOther assets and liabilities, net\n(64)\n(5)\nCash provided by operating activities - continuing operations\n$\n632 \n$\n151 \nInvesting Activities\nCapital expenditures\n(178)\n(172)\nProceeds and adjustments to proceeds from sales of businesses, net of cash divested\n1,158 \n— \nOther investing activities, net\n9 \n7 \nCash provided by (used for) investing activities - continuing operations\n$\n989 \n$\n(165)\nFinancing Activities\nChanges in short-term borrowings\n(60)\n— \nPurchases of common stock and forward contracts\n(275)\n— \nProceeds from issuance of Company stock\n107 \n4 \nEmployee taxes paid for share-based payment arrangements\n(22)\n(22)\nDistributions to noncontrolling interests\n(11)\n(5)\nDividends paid to stockholders\n(163)\n(343)\nOther financing activities, net\n(1)\n(7)\nCash used for financing activities - continuing operations\n$\n(425)\n$\n(373)\nCash Flows from Discontinued Operations"},{"id":"e24","sourceId":"filing-1","location":"Discontinued operations: 2025 Aramids impairment and held-for-sale losses","excerpt":"(Loss) Income from Discontinued Operations, Net of Tax\nFor the Years Ended December 31,\n775 \nAramids Divestiture 1\n(1,095)\nM&M Divestitures 2\n(27)\n423 \nMOU Activity 3\n(201)\n(36)\n(426)\nIndemnification activity - environmental and legal 4\n(35)\n(24)\n(50)\nTax related matters 5\n(6)\n(10)\n(10)\n(Loss) income from discontinued operations, net of tax 6\n(836)\n834 \n524 \n1.The year ended December 31, 2025 reflects the loss from classification to held for sale of $444 million and goodwill impairment charges of $768 million."},{"id":"e25","sourceId":"filing-2","location":"Overview: completed Aramids sale and consideration","excerpt":"On April 1, 2026, DuPont completed the sale of the Aramids business (the \"Aramids Business\" and the divestiture of the Aramids Business, the \"Aramids Divestiture\") to Arclin, a portfolio company of an affiliate of TJC LP for pre-tax cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, a note receivable in the principal amount of $300 million (the \"Aramids Note Receivable\") and a non-controlling common equity interest (the \"Aramids Equity Consideration\"), valued at $325 million, in New Arclin U.S."},{"id":"e26","sourceId":"filing-15","location":"Completed Electronics separation on November 1, 2025","excerpt":"on November 1, 2025 (the “Effective Time”), DuPont de Nemours, Inc., a Delaware corporation (the “Company”), completed the previously announced separation of the Company’s Electronics business, Qnity Electronics, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Qnity”), into a separate and independent public company (the “Separation”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Qnity’s common stock, par value $0.01 per share (the “Qnity Common Stock”), to holders of the Company’s common stock, par value $0.01 per share (the “Company Common Stock”), as of the close of business on October 22, 2025 (the “Distribution”)."},{"id":"e27","sourceId":"filing-2","location":"Acquisition, integration and separation costs: 2026 versus 2025","excerpt":"The Company recorded $7 million and $55 million in costs for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $105 million for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation: ownership requirements, clawbacks and restrictions","excerpt":"The following summarizes key governance elements related to the executive compensation programs in which our executive officers participate: Key Executive Compensation Practices What We Do What We Don’t Do Maintain a pay mix that is heavily performance-based Provide single-trigger change in control agreements or excise tax gross ups Actively engage with stockholders Grant options below market value, extend original option terms, reprice, reload or exchange underwater options without stockholder approval Align executive compensation outcomes with company and individual performance Annually assess peer group composition and competitive compensation practices Permit hedging or pledging of the Company’s securities Include a liberal share counting provision in our equity plan Seek annual stockholder advisory approval of executive compensation Maintain strong stock ownership requirements of six times base salary for the CEO and three times base salary for the other executive officers Guaranteed annual salary increases or bonuses Provide minimum payouts under the Long-Term Incentive Plan Conduct an annual executive talent review and discussion on succession planning Provide uncapped short and long-term incentive payouts Provide excessive perks Maintain a robust compensation clawback policy covering both cash and equity Review executive compensation statements (“tally sheets”) Conduct annual compensation risk assessments 2026 Proxy Statement 5 Table of Contents Voting, Question and Attendance Procedures In this Proxy Statement, you will find information on the Board, the candidates for election to the Board, and three other items to be voted upon at the Annual Meeting and any adjournment or postponement of the Annual Meeting."},{"id":"e29","sourceId":"filing-3","location":"2025 short-term incentive: CEO actual payout","excerpt":"Koch 1,250,000 150 % 1,875,000 101.2% 100% 1,897,500 Antonella B."},{"id":"e30","sourceId":"filing-3","location":"Outstanding 2023 and 2024 PSUs: early measurement and conversion","excerpt":"2023 and 2024 PSU Award Performance Results Impact of Electronics Separation on Outstanding PSU Awards The Committee determined that performance outcomes for the 2023 and 2024 PSU awards would be measured effective immediately prior to the closing of the Electronics Separation, and that all such outstanding PSU awards would be automatically converted into RSUs."},{"id":"e31","sourceId":"filing-3","location":"PSU conversion: use of projected performance outcomes","excerpt":"As described below, the outstanding awards were converted based on projected performance outcomes relative to the applicable targets."},{"id":"e32","sourceId":"filing-3","location":"Corporate governance practices and stockholder rights","excerpt":"Board Independence Director Elections Board Practices Stock Ownership Requirements Stockholder Rights 9 of 11 director nominees are independent Independent Board Committees Annual Board elections Directors are elected by a majority of votes cast Directors not elected by a majority of votes cast are subject to the Company’s resignation policy Independent directors meet in executive session without management at each regularly scheduled Board meeting Annual Board and Committee self- evaluations Annual director evaluations Retirement policy Directors are required to hold Company granted shares until retirement Executives and directors prohibited from hedging or pledging Company stock Stockholder right to call special meetings No super- majority stockholder voting requirements Eligible stockholders are able to nominate directors through proxy access Executive Compensation Our executive compensation philosophy and practices reflect a commitment to paying for performance — both short-term and long- term."},{"id":"e33","sourceId":"filing-3","location":"Audit Committee report: actual committee independence","excerpt":"The Audit Committee of the Board is comprised entirely of independent directors who meet the independence, experience and other qualification requirements of the New York Stock Exchange (“NYSE”) and the Company’s Corporate Governance Guidelines."},{"id":"e34","sourceId":"filing-3","location":"Audit Committee report: eight meetings in 2025","excerpt":"The Audit Committee held eight meetings during 2025."},{"id":"e35","sourceId":"filing-3","location":"Auditor services and fees: completed 2025 and 2024 pre-approvals","excerpt":"Independent Registered Public Accounting Firm Fees The Audit Committee pre-approved all services rendered by and associated fees paid to the Company’s independent public accounting firm PricewaterhouseCoopers LLP for the 2025 and 2024 fiscal years."},{"id":"e36","sourceId":"filing-12","location":"May 21, 2026 annual meeting: actual election of ten directors","excerpt":"The Company’s stockholders elected the following 10 nominees to serve on the Board of Directors of the Company until the next annual meeting of stockholders or until their successors have been duly elected and qualified."},{"id":"e37","sourceId":"filing-7","location":"September 2026 settlement disclosure: treatment of future MOU escrow contributions","excerpt":"In addition, since the companies’ aggregate New Jersey and North Carolina settlement payments will qualify for withdrawal from the companies’ MOU escrow account and exceed their required future MOU escrow contributions, including escrow replenishment obligations, these contributions will be considered satisfied by such settlement payments, including the contribution otherwise due in September 2026."},{"id":"e38","sourceId":"filing-4","location":"Historical competition disclosure: value-in-use and factors affecting price","excerpt":"Against this competitive backdrop, value-in-use is the primary driver of price for the Company’s products, although price is impacted by many factors including, among others, fluctuations in supply and demand, and availability and cost of key manufacturing inputs including raw materials and energy."},{"id":"e39","sourceId":"filing-2","location":"Risk factors: competitive constraints on input-cost pass-through","excerpt":"Success in offsetting higher raw material costs with price increases is largely influenced by competitive and economic conditions and could vary significantly depending on the market served."}],"changes":["Retain the uncertain verdict. Current catalog patent counts and remaining terms establish more concrete intellectual-property assets, but do not demonstrate their economic exclusivity.","Historical disclosures now identify named competitors. Their relevance is bounded by the former segment structure and subsequent divestitures.","Retain margin resilience at 2, contractual freedom at 2, capital discipline at 2, incentive alignment at 2, execution at 2 and governance at 3 after reassessing current catalog evidence.","Actual May 2026 director elections now supplement the earlier proxy's nominee disclosures. No current board independence percentage is inferred.","Exclude the former Electronics and sold Aramids businesses from current moat claims."],"limitations":["Most competitive strengths and customer benefits are issuer assertions; patent inventories and operating results are more concrete but do not alone establish a moat.","The historical competitor list covers a broader portfolio. Current product-level overlap and comparative customer outcomes are not established. No named competitor is mapped specifically to medical qualification friction.","3M's intellectual-property assertion shows a competing technology capability, not DuPont's advantage or demonstrated superiority. Its customer requalification disclosures are not evidence of DuPont switching costs.","Organic sales combine price and volume. Realized price changes, price premiums and customer-level repeat demand remain undisclosed.","The inge GmbH conditions cover one named seller. Their March 2022 version was retrieved on October 19, 2026; that retrieval date is not a publication or adoption date. The fragments require the supplied catalog description for their bounded context.","Beneficial ownership and compliance with executive ownership requirements are absent. Compensation policies and actual payouts do not prove exceptional alignment.","Filed dates retain their supplied dateKind. Forward guidance, expected restructuring benefits and proposed actions are not counted as achieved results."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Current patents, brands and know-how establish assets, but their ability to prevent economically viable substitution is unestablished. The moat verdict remains uncertain.","evidenceIds":["e1","e3","e4","e6","e7"]},{"criterion":"durability","grade":null,"rationale":"Remaining patent terms support potential legal longevity, but revenue coverage, commercial importance and resistance to design-arounds are missing.","evidenceIds":["e2","e8"]},{"criterion":"customer_dependency","grade":null,"rationale":"Design support and stringent requirements suggest potential integration friction. Actual replacement costs, customer qualification times and retained customer relationships are not demonstrated.","evidenceIds":["e12","e13","e14","e15"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Improving aggregate results coexist with uneven segment performance. They do not isolate resilience of competitive protection against substitution.","evidenceIds":["e16","e18","e19","e20"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Organic growth combines volume and selling prices. Historical value-in-use pricing and stated pass-through constraints establish pricing context, but no observed price outcome can be isolated.","evidenceIds":["e16","e38","e39"]},{"criterion":"retention","grade":null,"rationale":"Aggregate organic growth supports continuing demand but cannot distinguish repeat purchases from new customers, volume or price. Application services alone do not establish realized switching friction.","evidenceIds":["e12","e14","e16"]},{"criterion":"margin_resilience","grade":2,"rationale":"Comparable annual gross margin calculated from quarterly sales and cost of sales improved from approximately 33.0% in 2024 to 34.5% in 2025. Second-quarter 2026 Operating EBITDA margin rose from 24.2% to 24.6%, while Healthcare & Water fell 30 basis points and annual segment EBITDA trends diverged. This is mixed demonstrated resilience, without identifying a pricing contribution.","evidenceIds":["e17","e18","e19","e20"]},{"criterion":"contractual_freedom","grade":2,"rationale":"The reviewed inge GmbH conditions permit communicated adjustments for shipments beyond thirty days, subject to buyer cancellation before effectiveness and exclusion of seller-caused delays. This establishes mixed discretion for one seller; companywide terms remain unknown.","evidenceIds":["e21","e22"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 continuing operating cash of $632 million covered $178 million of capital expenditures. Financing included $275 million of repurchases, $60 million of borrowing reductions and $107 million of stock issuance proceeds. Completed divestiture consideration and clarified settlement funding obligations demonstrate action, but Aramids impairments temper the record. Acquisition returns and repurchase value creation remain unestablished.","evidenceIds":["e23","e24","e25","e37"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Existing ownership requirements, clawbacks and hedging restrictions support alignment, alongside the CEO's actual performance-linked 2025 incentive payout. Early PSU conversion using projected outcomes weakened the original long-term performance test. Beneficial holdings and ownership compliance remain undisclosed.","evidenceIds":["e28","e29","e30","e31"]},{"criterion":"execution","grade":2,"rationale":"Completed Electronics separation and Aramids sale, first-half organic growth, stronger operating cash and lower transaction expenses provide indirect operating and transaction evidence of execution. Uneven segment results and historical Aramids impairments keep the record mixed. Expected savings are not treated as achieved.","evidenceIds":["e16","e18","e23","e24","e25","e26","e27"]},{"criterion":"governance","grade":3,"rationale":"Annual elections, majority voting and stockholder rights accompany an actually independent Audit Committee, eight meetings in 2025 and completed auditor service pre-approvals. The subsequent filing confirms election of ten directors. 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