{"schemaVersion":1,"research":true,"symbol":"gnrc","name":"Generac Holdings","topic":"moat","path":"/stock/gnrc/moat","status":"published","version":6,"updatedAt":"2026-10-19T16:24:44.475Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Generac's established dealer, installation and service network supports a plausible distribution advantage, but the passages do not establish durable protection against competitors. Data-center commitments and repeat orders demonstrate traction rather than a proven moat. Pricing power is mixed: realized increases offset costs in some periods, while tariff-related increases also hurt demand and margins. Tariff refunds explain most second-quarter 2026 gross-margin improvement. Insufficient evidence of durable barriers supports uncertain rather than none.","advantages":[{"mechanism":"intangible_assets","claim":"The established dealer network, training and aftermarket support are current capabilities that could protect customer access and service quality. Their durable competitive advantage remains unproven; dealer breadth alone does not establish network effects or customer lock-in.","durability":"The issuer reports developing its North American dealer network over two decades. Replication could require time and investment, but dealer exclusivity, comparative service performance and sustained economic benefits are not disclosed.","risks":"Larger, established competitors, supplier constraints and product-quality costs could weaken differentiation. Data-center growth currently benefits from industry supply constraints, which need not persist. Monitoring and ecosystem integration offer potential switching friction without demonstrated customer dependency.","invalidation":"The distribution thesis would weaken if competing networks matched installation and service coverage while Generac lost dealer participation or customer wins, or required persistent discounting to maintain demand. Repeated service failures or contract cancellations would weaken the emerging data-center thesis.","competitors":["Champion"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / North American dealer network history and claimed scale","excerpt":"For over two decades, we have established the industry's largest network of factory direct independent generator dealers in North America."},{"id":"e2","sourceId":"filing-1","location":"Business / dealer sales, installation and service functions","excerpt":"These dealers sell, install and service our residential and light commercial generators to end users."},{"id":"e3","sourceId":"filing-1","location":"Business / distribution partner training and factory support","excerpt":"We offer a broad set of tools, programs, factory support, training, and sales leads to help our distribution partners be successful."},{"id":"e4","sourceId":"filing-1","location":"Business / dealer access to installed-base remote monitoring","excerpt":"This remote monitoring information can also be accessed by our dealers to help them monitor their installed base of products and proactively support their customers."},{"id":"e5","sourceId":"filing-2","location":"MD&A / management's data-center competitive positioning claims","excerpt":"As we continue to ramp our capacity and capabilities for large megawatt generators, we believe that we are well positioned to take share in this market over time given (i) our long-standing historical focus on backup power generation, (ii) our global presence in markets around the world, (iii) our ability to provide customized product solutions via our extensive sales, engineering, and project management resources, and (iv) our robust aftermarket support through a combination of direct service teams and our global service network provided by our industrial distributor partners."},{"id":"e6","sourceId":"filing-7","location":"Second-quarter results / finalized 2027 supply commitment","excerpt":"In addition, product specific terms related to this agreement were recently finalized, which committed nearly $700 million of volume for 2027."},{"id":"e7","sourceId":"filing-7","location":"CEO commentary / additional orders from new and existing customers","excerpt":"In addition, we increased our backlog for both hyperscale and non-hyperscale customers as we have received approximately $1 billion in additional orders from both new and existing customers since our prior update."},{"id":"e8","sourceId":"filing-1","location":"Risk factors / established and better-resourced competitors","excerpt":"Some of our competitors have established brands and are larger in size or are divisions of large, diversified companies which have substantially greater financial resources than we do."},{"id":"e9","sourceId":"filing-1","location":"Risk factors / supplier delays that impaired deliveries","excerpt":"Delays in our suppliers' deliveries have sometimes impaired, and may continue to impair, our ability to deliver products to our customers."},{"id":"e10","sourceId":"filing-1","location":"2025 results / legal provisions, settlements and patent-related costs","excerpt":"2025 operating expenses also include $142.3 million of legal provisions, settlements, patent related costs, and other costs related to certain legal matters."},{"id":"e11","sourceId":"filing-7","location":"Forward-looking risk disclosures / customer cancellation and performance exposure","excerpt":"our dependence on a small number of contract manufacturers and component suppliers, including single-source suppliers;\n ●\nchanges and volatility with respect to the trade policies of various countries, which may result in new or increased tariffs, trade restrictions, or other unfavorable trade actions;\n ●\nour ability to protect our intellectual property rights or successfully defend against third party infringement claims;\n ●\nchanges in durable goods spending by consumers and businesses or other global macroeconomic conditions, impacting demand for our products;\n ●\nchanges in governmental policies, particularly with respect to tax incentives, tax credits, or grant programs, which could: (i) affect the demand for certain of our products; or (ii) result in a withdrawal or reduction of grants previously awarded to the Company;\n ●\nincrease in product and other liability claims, warranty costs, recalls, or other claims;\n ●\nsignificant legal proceedings, claims, fines, penalties, tax assessments, lawsuits or government investigations;\n ●\nour ability to consummate our share repurchase programs;\n ●\nour failure or inability to adapt to, or comply with, current or future changes in applicable laws, regulations, and product standards;\n ●\nour ability to develop and enhance products and gain customer acceptance including our offerings that serve the data center and energy technology markets;\n ●\nuncertainty regarding the growth of the data center market;\n ●\nincrease in contract risk related to terms with certain data center customers, including cancellation rights, delivery requirements, and potential liability exposure tied to our performance obligations or other claimed damages;"},{"id":"e12","sourceId":"filing-2","location":"MD&A / realized demand and margin effects of tariffs and price increases","excerpt":"Despite our efforts, these tariff actions and resulting price increases have created inflationary pressures for consumers, negatively impacting demand and margins for certain of our products."},{"id":"e13","sourceId":"filing-1","location":"Commitments and contingencies / Champion portable-generator patent dispute","excerpt":"24-cv-01281-LA). Champion claims that certain Generac and Powermate branded multi-fuel portable generators infringe on Champion’s portfolio of dual and multi-fuel patents."},{"id":"e14","sourceId":"filing-5","location":"MD&A / realized 2022–2023 price increases and partial cost offset","excerpt":"We implemented multiple price increases to help mitigate the impact of these rising commodity costs, and the realization of these price increases in 2022 and 2023 helped to partially offset the higher commodity costs."},{"id":"e15","sourceId":"filing-1","location":"2025 results / annual gross-margin comparison","excerpt":"Gross profit margin for the year ended December 31, 2025 was 38.3% compared to 38.8% for the year ended December 31, 2024."},{"id":"e16","sourceId":"filing-1","location":"2025 results / favorable price realization","excerpt":"This decline was partially offset by higher price realization."},{"id":"e17","sourceId":"filing-6","location":"First-quarter 2026 results / pricing exceeded input-cost increases","excerpt":"In addition, higher input costs, including the impact of tariffs and commodities, were more than offset by increased price realization."},{"id":"e18","sourceId":"filing-2","location":"Second-quarter 2026 results / tariff-refund contribution to gross margin","excerpt":"The increase was primarily driven by tariff refunds which contributed approximately 6% to gross margin growth during the quarter."},{"id":"e19","sourceId":"filing-2","location":"Second-quarter 2026 results / pricing partially offset mix and input pressures","excerpt":"Additionally, unfavorable sales mix and higher input costs were partially offset by favorable price realization."},{"id":"e20","sourceId":"filing-1","location":"Revenue accounting / contractual discounts and rebates","excerpt":"Discounts and rebates offered to customers are typically defined in the master sales agreements with customers and, therefore, are recorded using the most likely amount method based on the terms of the contract."},{"id":"e21","sourceId":"filing-1","location":"Revenue accounting / predominantly sub-year product contracts","excerpt":"As the Company’s product sale contracts and standard payment terms predominantly have a duration of less than one year, it uses the practical expedient applicable to such contracts and does not consider the time value of money."},{"id":"e22","sourceId":"filing-2","location":"Cash-flow statement / first-half 2026 investment, financing and cash generation","excerpt":"Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2026 2025 Operating activities Net income $ 216,122 $ 118,708 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and finance lease amortization 53,189 43,292 Amortization of intangible assets 61,195 51,170 Amortization of deferred financing costs and original issue discount 1,081 1,278 Change in fair value of investments (4,542 ) 11,471 Deferred income tax expense (benefit) 26,447 (18,668 ) Share-based compensation expense 27,447 26,360 Loss on disposal of assets 211 602 Loss attributable to business dispositions 18,238 3,905 Other noncash charges 2,159 1,513 Excess tax benefits from equity awards (3,447 ) 90 Net changes in operating assets and liabilities: Accounts receivable (64,430 ) (485 ) Inventories 14,869 (199,279 ) Other assets (105,336 ) 7,990 Accounts payable 116,387 129,489 Accrued wages and employee benefits (8,098 ) (28,297 ) Other accrued liabilities (110,996 ) (18,798 ) Net cash provided by operating activities 240,496 130,341 Investing activities Proceeds from sale of property and equipment 10 - Purchase of long-term investments - (2,656 ) Expenditures for property and equipment (87,687 ) (88,653 ) Acquisition of businesses, net of cash acquired (211,820 ) - Proceeds (payments) from sale of businesses, net of cash disposed 23,654 (1,999 ) Net cash used in investing activities (275,843 ) (93,308 ) Financing activities Proceeds from short-term borrowings 22,736 21,860 Proceeds from long-term borrowings 82,538 92,585 Repayments of short-term borrowings (25,571 ) (30,171 ) Repayments of long-term borrowings and finance lease obligations (93,096 ) (29,032 ) Stock repurchases - (147,917 ) Payment of deferred acquisition consideration (958 ) - Cash dividends paid to noncontrolling interest of subsidiary - (293 ) Taxes paid related to equity awards (36,702 ) (9,393 ) Proceeds from the exercise of stock options 10,275 1,043 Net cash used in financing activities (40,778 ) (101,318 ) Effect of foreign exchange rate changes on cash and cash equivalents (367 ) 6,539 Net decrease in cash and cash equivalents (76,492 ) (57,746 ) Cash and cash equivalents at beginning of period 341,413 281,277 Cash and cash equivalents at end of period $ 264,921 $ 223,531 See notes to condensed consolidated financial statements."},{"id":"e23","sourceId":"filing-2","location":"MD&A / cash tariff refunds received in 2026","excerpt":"During the three and six months ended June 30, 2026, we received tariff refunds totaling approximately $61 million."},{"id":"e24","sourceId":"filing-6","location":"Subsequent events / Enercon contingent cash and share consideration","excerpt":"Additional contingent consideration may be earned up to a maximum amount of $112,043, with 35% paid in restricted shares and the remainder in cash, upon the achievement of certain conditions."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation / 2025 actual targets, results and incentive payout","excerpt":"Jagdfeld, Ragen, and Kanuru. ​ ​ ​ ​ 2025 Financial Goals ​ ​ ​ ​ ​ Annual Performance Bonus Metrics – Consolidated ​ ​ Threshold ​ ​ Target ​ ​ Maximum ​ ​ 2025 Achievement ​ ​ Weighted Payout % ​ ​ Adjusted EBITDA (75%)* ​ ​ $677.0 million ​ ​ $846.3 million ​ ​ $1,015.6 million ​ ​ $715.5 million ​ ​ 46.0% ​ ​ PWC as % of Net Sales (25%) ​ ​ 32.9% ​ ​ 29.9% ​ ​ 26.9% ​ ​ 35.1% ​ ​ 0.0% ​ ​ Overall Payout ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 46.0% ​ ​ * Adjusted EBITDA under the AIP excludes the impact of acquisitions that occurred during the performance period and is calculated before deduction for noncontrolling interests."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation / actual three-year performance and award vesting","excerpt":"For the three-year period from 2023 to 2025, the Committee determined that the revenue CAGR and average adjusted EBITDA margin did not achieve threshold levels, while FCF Conversion exceeded the maximum level, resulting in vesting of the awards at 66.7% of Target."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation / adopted share-retention requirements","excerpt":"Specifically, it simplified the retention ratios to be 50% of after-tax shares received from compensatory equity awards; however, if an executive is not in compliance after 5 years, the retention ratio is 100% of after-tax shares."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation / ownership compliance as of March 31, 2026","excerpt":"As of March 31, 2026, all NEOs have met their ownership requirements."},{"id":"e29","sourceId":"filing-6","location":"First-quarter 2026 results / operational efficiencies and price realization","excerpt":"This margin increase was primarily driven by operational efficiencies resulting in lower operating expenses and favorable price realization that more than offset higher input costs."},{"id":"e30","sourceId":"filing-7","location":"Second-quarter 2026 results / C&I sales growth and acquisition effects","excerpt":"Second Quarter Business Segment Results\n Commercial & Industrial Segment\n Commercial & Industrial segment total sales increased approximately 29% to $556.5 million from $430.6 million in the prior year quarter, including an approximate 6% net favorable impact to sales growth from the combination of acquisitions, divestitures, and foreign currency."},{"id":"e31","sourceId":"filing-3","location":"Corporate governance / audit meetings without management","excerpt":"The Audit Committee meets with our independent registered public accounting firm without management present on a regular basis."},{"id":"e32","sourceId":"filing-3","location":"Corporate governance / combined chairman, president and CEO roles","excerpt":"Board of Directors Leadership Structure Aaron Jagdfeld has served as a director of the Company since 2006 and is the Company’s Chairman of the Board, President, and Chief Executive Officer."},{"id":"e33","sourceId":"filing-3","location":"Corporate governance / independent lead director","excerpt":"Bennett Morgan serves as the Board’s independent Lead Director."},{"id":"e34","sourceId":"filing-1","location":"Auditor report / effective internal control opinion at December 31, 2025","excerpt":"In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO."},{"id":"e35","sourceId":"filing-1","location":"Commitments and contingencies / CPSC settlement obligations and civil fine","excerpt":"The terms of the settlement agreement require the Company to (i) abide by certain customary agency requirements regarding the ongoing commitment to the Company’s internal CPSA compliance practices and program, and (ii) pay a civil fine of $15,800."},{"id":"e36","sourceId":"filing-1","location":"Commitments and contingencies / settlement did not establish a CPSA violation","excerpt":"The agreement does not constitute an admission by Generac or a determination by the CPSC that Generac violated the CPSA."},{"id":"e37","sourceId":"filing-2","location":"MD&A / management's description of data-center generator supply constraints","excerpt":"Due to all of these factors, the market for large-megawatt backup generators has become significantly supply-constrained."},{"id":"e38","sourceId":"filing-2","location":"Unregistered securities / shares actually issued for Enercon","excerpt":"On April 1, 2026, the Company issued 247,321 shares of its common stock to the former owners of Enercon, as partial consideration for the acquisition of all of the outstanding shares of Enercon."}],"changes":["The uncertain verdict is unchanged after reassessing the current catalog; all four moat criteria remain null.","Previously assessed pricing and management grades are supported again with current catalog references rather than carried forward as evidence.","Competitor coverage now explicitly identifies Champion from the portable-generator dispute; compensation peers are not treated as established competitors.","The potential distribution advantage is distinguished from demonstrated network effects, switching costs and durable data-center differentiation."],"limitations":["The supplied materials are issuer filings and issuer results releases, apart from the embedded auditor opinion. Comparative dealer scale and competitive-strength statements remain issuer assertions.","Champion is identified in portable generators. Named competitor coverage for residential standby, industrial generators and energy technology is incomplete; compensation-peer listings do not establish competition.","Dealer exclusivity, comparative installation economics, customer switching costs, sustained market-share protection and ecosystem retention are not established.","Repeat-order evidence is management-reported and specific to data centers. The existing-customer share of orders and company-wide retention are undisclosed.","Full pricing schedules, repricing clauses, individual ownership holdings, board-independence coverage and shareholder-rights provisions are incomplete.","Source dates are treated as filed dates, retaining dateKind filed. Commitments, guidance and prospective capacity expansion are not treated as realized revenue or completed returns."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Dealer installation, service and training capabilities are established, but comparative protection against competitors is insufficiently demonstrated to establish a moat.","evidenceIds":["e1","e2","e3","e8"]},{"criterion":"durability","grade":null,"rationale":"Two decades of network development support persistence of a capability, but do not establish durable economic protection. Current data-center supply constraints could be temporary.","evidenceIds":["e1","e5","e37"]},{"criterion":"customer_dependency","grade":null,"rationale":"Monitoring and repeat data-center orders indicate engagement, but customer dependency, exclusivity and meaningful switching friction are not established.","evidenceIds":["e4","e6","e7","e11"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Pricing offsets and commercial wins coexist with demand sensitivity and delivery impairments. The passages cannot establish resilience of a structural advantage through competitive erosion.","evidenceIds":["e7","e9","e12","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Realized increases partially offset costs in 2022–2023 and supported 2025 results. First-quarter 2026 pricing exceeded input-cost increases, but tariff-related increases also hurt demand and margins, and second-quarter offsets were partial. Outcomes are mixed.","evidenceIds":["e12","e14","e16","e17","e19"]},{"criterion":"retention","grade":2,"rationale":"Management reports additional orders from existing data-center customers, and finalized terms committed nearly $700 million of 2027 volume. These support repeat demand and engagement, but their representativeness is unknown and cancellation exposure qualifies commitments. No retention rate is inferred.","evidenceIds":["e6","e7","e11"]},{"criterion":"margin_resilience","grade":2,"rationale":"Annual gross margin declined from 38.8% to 38.3% in 2025 despite favorable pricing. First-quarter 2026 pricing and efficiencies demonstrate mitigation capability, but tariff refunds drove most second-quarter improvement. This is mixed resilience rather than moat proof.","evidenceIds":["e15","e16","e17","e18","e19","e29"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented price increases and predominantly sub-year contracts demonstrate some ability to reset terms for new business. Master agreements define discounts and rebates, and data-center contracts carry cancellation and performance exposure. Unrestricted repricing of existing commitments is not disclosed.","evidenceIds":["e12","e17","e20","e21","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $240.5 million exceeded $87.7 million of capital expenditure, with no program buybacks. However, acquisitions used $211.8 million of cash plus issued shares, dispositions incurred losses, and cash declined $76.5 million. Refunds aided cash generation; contingent Enercon consideration and unproven acquisition returns temper the assessment.","evidenceIds":["e22","e23","e24","e38"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual enterprise incentive payouts fell to 46% of target after missed objectives. Three-year awards vested at 66.7% as growth and margin missed thresholds while cash conversion exceeded maximum. Adopted retention requirements and reported ownership compliance demonstrate alignment, although individual holdings and long-term effectiveness are incompletely covered.","evidenceIds":["e25","e26","e27","e28"]},{"criterion":"execution","grade":2,"rationale":"Indirect operating evidence shows first-quarter efficiencies, improved cash generation, C&I sales growth and repeat data-center orders. Missed annual and three-year growth and margin objectives, plus substantial legal costs, temper that record. Refunds and acquisitions qualify the subsequent improvement.","evidenceIds":["e7","e10","e22","e23","e25","e26","e29","e30"]},{"criterion":"governance","grade":2,"rationale":"An independent lead director, audit meetings without management and the auditor's effective-controls opinion provide concrete oversight evidence. Combined chairman and CEO roles concentrate authority. The actual CPSC settlement and fine temper the record, while the settlement expressly did not establish a violation. Broader shareholder-rights coverage is incomplete.","evidenceIds":["e31","e32","e33","e34","e35","e36"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"73c89b9ada69f3372c067d073163307c797ce6a45c276bf06b132f391016914d","updatedAt":"2026-10-19T16:24:44.475Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm","publishedAt":"2026-02-18","sha256":"bec18bdaf2ff18dc75ac8b81cdbeb66c8dcd486542b66ff5f6a2bbd58f7327b9","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926025669/gnrc20260630_10q.htm","publishedAt":"2026-08-04","sha256":"da47fb16a437ef97eb1e5bc0e9fe98335fcd44eec8182161bc8087b5c9b5cd38","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1474735/000110465926051499/tm261388-1_def14a.htm","publishedAt":"2026-04-29","sha256":"2973818a1980ef2253bbb62b9c15305f241ad9a613362f42bed40cae18393da0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774925004353/gnrc20241231_10k.htm","publishedAt":"2025-02-19","sha256":"e059373ebacf58434c6051038fdf955d16933d6b30791178a6a3ba63d597f9ba","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774924005040/gnrc20231231_10k.htm","publishedAt":"2024-02-21","sha256":"fd84a21ee24d0bfd6468c9cf23bbc1ae46c92ee916153e66a4b4696f82156abc","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926014882/gnrc20260331_10q.htm","publishedAt":"2026-05-05","sha256":"1d56e6965397226bcdb73c88f36566e27a0b9d3915eaf5867de31d86f4883783","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926024731/ex_994826.htm","publishedAt":"2026-07-29","sha256":"b4b12f3c2eed69abc37c3660522674e72937150a8b6ebb654de15b5ffaf0e328","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926013726/ex_952511.htm","publishedAt":"2026-04-29","sha256":"c2e40b4d0e6d456abc7ee7251a490a9deef93d67347ae1307956351c0cfa6d01","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926013726/ex_952512.htm","publishedAt":"2026-04-29","sha256":"485f008f8084cd4854b05e276cf692a0cdcd708059146064de1d9590612ac906","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926009685/ex_936934.htm","publishedAt":"2026-03-25","sha256":"7ff56880041c13b9b56c125a2d6e9a310f1a9bf351459c03ef53ddc42e6da0c1","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:8f8e7e3da731fe516269d704c550e36f39af9daebd4030cef92481ff51b5b8e1","usage":{"input_tokens":139530,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4029,"reasoning_output_tokens":131}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":36.39323083904887,"operating_margin":19.29624016371685,"roic":24.872135678543007,"fcf_margin":8.058581006447636,"sbc_revenue":0.6409638915290229},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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a growth-adjusted multiple requires positive growth.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":38.77305314870174,"operating_margin":12.494477207452617,"roic":11.4351191171698,"fcf_margin":14.07335572091473,"sbc_revenue":1.1464130131657786},"issues":{"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. 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