{"schemaVersion":1,"research":true,"symbol":"lvmh","name":"LVMH","topic":"moat","path":"/stock/lvmh/moat","status":"published","version":7,"updatedAt":"2026-10-19T16:34:57.673Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"LVMH has an evidenced but uneven intangible-asset moat. Champagne sustained market share through weaker demand, while established fragrance and fashion lines demonstrate brand appeal. Champagne's firm pricing policy alongside high volumes supports limited pricing power, but group-wide pricing outcomes are not isolated. Falling revenue and profitability through 2025 constrain evidence of erosion resilience and do not support a wide moat.","advantages":[{"mechanism":"intangible_assets","claim":"Established brands and accumulated product expertise support differentiated demand. Champagne achieved record shipment share under a firm pricing policy in 2023 and retained 22% volume share in 2025; fragrance leadership and fashion market-share gains provide additional, uneven evidence.","durability":"Heritage, production expertise and sustained champagne share support persistence across multiple years. Evidence is insufficient to establish exceptional durability across the portfolio.","risks":"Brand appeal requires continued product and marketing investment. Wines and Spirits demand weakened, Fashion and Leather Goods contracted organically in 2025, and group profitability declined. These outcomes show that differentiation does not insulate demand or earnings.","invalidation":"Sustained champagne share losses from the disclosed 22% baseline, loss of fragrance leadership, and persistent fashion underperformance accompanied by discounting or weaker repeat demand would undermine the brand advantage. The supplied passages do not establish that these conditions have occurred.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Wines and Spirits, 2023 highlights: pricing policy, volumes and champagne shipment share","excerpt":"While maintaining a firm pricing policy as part of their value strategy, the champagne houses continued to achieve high sales volumes, achieving a record market share of Champagne - appellation shipments."},{"id":"e2","sourceId":"filing-2","location":"Wines and Spirits, 2025 highlights: champagne volume market share","excerpt":"LVMH’s champagne houses held their market share at 22% by volume, and updated their organization to boost efficiency while ensuring each Maison remained in control of its own management."},{"id":"e3","sourceId":"filing-1","location":"Perfumes and Cosmetics, 2023 highlights: Sauvage sales leadership","excerpt":"Sauvage confirmed its position as the world’s best - selling fragrance across all categories."},{"id":"e4","sourceId":"filing-1","location":"Fashion and Leather Goods, 2023 highlights: Loro Piana market-share gains","excerpt":"Loro Piana confirmed its excellent momentum and gained market share."},{"id":"e5","sourceId":"filing-4","location":"History: origins of champagne and Louis Vuitton businesses","excerpt":"2025 Universal Registration Document 1 HISTORY Although the history of the LVMH Group began in 1987 with the merger of Moët Hennessy and Louis Vuitton, the roots of the Group actually stretch back much further, to eighteenth‑century Champagne, when a man named Claude Moët decided to build on the work of Dom Pérignon, a contemporary of Louis XIV; and to nineteenth‑century Paris, famous for its imperial celebrations, where Louis Vuitton, a craftsman trunk‑maker, invented modern luggage."},{"id":"e6","sourceId":"filing-4","location":"Perfumes and Cosmetics, competitive position in 2025","excerpt":"B USINESS OVERVIEW , HIGHLIGHTS AND OUTLOOK Perfumes and Cosmetics 17 2025 Universal Registration Document 3.2 Competitive position LVMH’s Beauty division has maintained its global competitive position thanks to the success of its fragrances, particularly in Europe and the United States, and the recovery in makeup in the United States, despite the ongoing impact on the skincare market of the economic situation in China."},{"id":"e7","sourceId":"filing-2","location":"Financial highlights: 2023–2025 revenue and recurring profit; 2025 organic segment changes","excerpt":"2 Financial Documents - December 31, 2025 FINANCIAL HIGHLIGHTS Revenue ( EUR millions) 86,153 84,683 2023 2024 2025 80,807 Profit from recurring operations ( EUR millions) 22,802 19,571 2023 2024 2025 17,755 Stores ( number) 6,283 6,307 6,097 2023 2024 2025 Change in revenue by business group ( EUR millions and percentage) 2025 2024 2025/2024 Change 2023 Published Organic (a) Wines and Spirits 5,358 5,862 -9% -5% 6,602 Fashion and Leather Goods 37,770 41,060 -8% -5% 42,169 Perfumes and Cosmetics 8,174 8,418 -3% 0% 8,271 Watches and Jewelry 10,486 10,577 -1% 3% 10,902 Selective Retailing 18,348 18,262 0% 4% 17,885 Other activities and eliminations 671 504 - - 324 Total 80,807 84,683 -5% -1% 86,153 (a) On a constant consolidation scope and currency basis."},{"id":"e8","sourceId":"filing-2","location":"Wines and Spirits: profitability and realized demand slowdown","excerpt":"Japan) 16 18 21 Other markets 16 15 14 Total 100 100 100 Profit from recurring operations (EUR millions) 1,016 1,356 2,109 Operating margin (%) 19.0 23.1 31.9 Highlights 2025 confirmed the slowdown in demand observed since 2023, following several exceptional years."},{"id":"e9","sourceId":"filing-3","location":"Investor key figures: 2023–2025 gross and recurring operating margins and segment profits","excerpt":"Wines & Spirits\nHome Wines & Spirits\nBack\nPopular searches\nHennessy \nMoët & Chandon\nMaisons\nAo Yun\nArdbeg\nArmand de Brignac\nBelvedere\nBodega Numanthia\nChandon\nCheval des Andes\nChâteau Cheval Blanc\nChâteau Galoupet\nChâteau d'Yquem\nChâteau d’Esclans\nCloudy Bay\nColgin Cellars\nDom Pérignon\nDomaine des Lambrays\nEminente\nGlenmorangie\nHennessy \nJoseph Phelps\nKrug\nMercier\nMinuty\nMoët & Chandon\nRuinart\nTerrazas de los Andes\nVeuve Clicquot\nVolcan de mi Tierra\nWoodinville\nHome Wines & Spirits\n& PRESS RELEASES\nevents\nPress releases\nKEY FIGURES\nINCOME STATEMENT\nREVENUE BY REGION\nREVENUE BY CURRENCY\nREVENUE BY BUSINESS GROUP\nPROFIT FROM RECURRING OPERATIONS\nINCOME STATEMENT\nIn millions of euros\nINCOME STATEMENT\n202320242025\nRevenue\n86,153\n84,683\n80,807\nGross margin\n59,277\n56,765\n53,528\nin % of revenue\n69 %\n67 %\n66 %\nProfit from recurring operations\n22,802\n19,571\n17,755\nin % of revenue\n26.5 %\n23.1 %\n22.0 %\nNet profit\n15,952\n12,958\n11,222\nGroup share of net profit\n15,174\n12,550\n10,878\nREVENUE BY REGION\nREVENUE BY REGION\nas a % of total revenue\n:2025\n2024\n2023\nTable view\nREVENUE BY CURRENCY\nREVENUE BY CURRENCY\nas a % of total revenue\n:2025\n2024\n2023\nTable view\nREVENUE BY BUSINESS GROUP\nREVENUE BY BUSINESS GROUP\nas a % of total revenue\n:2025\n2024\n2023\nTable view\nPROFIT FROM RECURRING OPERATIONS\nIn millions of euros\nPROFIT FROM RECURRING OPERATIONS\n202320242025\nWines & Spirits\n2,109\n1,356\n1,016\nFashion & Leather goods\n16,836\n15,230\n13,209\nPerfumes & Cosmetics\n713\n671\n727\nWatches & Jewelry\n2,162\n1,546\n1,514\nSelective retailing\n1,391\n1,385\n1,780\nOther activities and eliminations\n(409)\n(617)\n(491)\nTOTAL\n22,802\n19,571"},{"id":"e10","sourceId":"filing-1","location":"Fashion and Leather Goods: Celine product-line demand","excerpt":"Growth was fueled by the success of leather goods, especially the iconic Triomphe line, as well as the steady rise in ready - to - wear and the increasing popularity of its range of accessories."},{"id":"e11","sourceId":"filing-2","location":"2025 highlights: Sephora revenue and profit growth","excerpt":"• Remarkable performance by Sephora, which continued to achieve growth in both revenue and profit, and consolidated its position as world leader in beauty retail."},{"id":"e12","sourceId":"filing-4","location":"Financial highlights: operating cash generation, investments and free cash flow","excerpt":"2025 Universal Registration Document 3 Net profit (EUR millions) Net profit, Group share (EUR millions) Basic Group share of net earnings per share (EUR) 11 ,222 15,952 12,958 2023 2024 2025 15,174 10,878 12,550 2023 2024 2025 21.86 30.34 25.13 2023 2024 2025 Net cash from operating activities (EUR millions) Operating investments (EUR millions) Operating free cash flow (a) (EUR millions) 18,400 18,924 18,874 2023 2024 2025 4,567 7,478 5,531 2023 2024 2025 8,104 10,478 11,333 2023 2024 2025 (a) See the consolidated cash flow statement on p."},{"id":"e13","sourceId":"filing-4","location":"Financial highlights: net financial debt and equity ratios","excerpt":"Dividend per share (a) (EUR) Net financial debt (a) (EUR millions) Equity and Net financial debt/Equity ratio (EUR millions and percentage) 13.00 13.00 13.00 (b) 2023 2024 2025 9,228 10,746 6,857 2023 2024 2025 68,949 62,701 69,287 13.3 % 9.9 % 17.1 % 2023 2024 2025 (a) Gross amount paid for the fiscal year, excluding the impact of tax regulations applicable to the recipient."},{"id":"e14","sourceId":"filing-4","location":"Financial highlights: exclusions from net financial debt","excerpt":"(a) Excluding “Lease liabilities” and “Purchase commitments for minority interests’ shares”."},{"id":"e15","sourceId":"filing-2","location":"Note 15.4: actual capital increases and transactions in LVMH shares","excerpt":"CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Notes to the condensed consolidated f nancial statements 47 Financial Documents - December 31, 2025 Other equity - related transactions comprise the following elements for the fiscal years presented: (EUR millions) Notes 2025 2024 2023 Capital increases of LVMH SE 16 - 53 - Capital increases of subsidiaries subscribed by minority interests 6 35 15 Acquisition and disposal of LVMH shares 16 (1,640) (312) (1,584) Other equity - related transactions (1,634) (224) (1,569) 16."},{"id":"e16","sourceId":"filing-4","location":"General information: actual 2025 CEO variable-compensation criteria","excerpt":"For the fiscal year ended December 31, 2025, the criteria used to determine variable compensation for the Chairman and Chief Executive Officer are broken down as follows: • 50% of total variable compensation depends on financial (quantifiable) criteria relating to growth in the Group’s revenue, operating profit and cash flow relative to the budget trajectory for the year in question; • 50% of the total variable compensation is based on criteria related to strategy , management, corporate social responsibility and sustainability , broken down as follows: – criteria related to strategy and management (qualitative): 70%; – criteria related to CSR and sustainability (quantifiable and qualitative): 30%."},{"id":"e17","sourceId":"filing-4","location":"General information: bonus-share service and performance vesting conditions","excerpt":"The vesting of bonus shares is subject to a continued service condition under which recipients must still be with the Group on the date the shares vest and subject to the achievement of performance conditions."},{"id":"e18","sourceId":"filing-1","location":"Share capital and voting rights as of December 31, 2023","excerpt":"SHARE CAPITAL AND VOTING RIGHTS AS OF DECEMBER 31, 2023 Shareholders Number of shares Number of voting rights (a) % of share capital % of voting rights (a) Arnault family group 243,981,074 471,305,051 48.60 64.33 Other shareholders 258,067,326 (b) 261,329,171 51.40 (b) 35.67 Total 502,048,400 732,634,222 100.00 100.00 (a) Voting rights that may be exercised at Shareholders’ Meetings."},{"id":"e19","sourceId":"filing-2","location":"Executive and supervisory bodies as of January 1, 2026: board and committee composition","excerpt":"Board of Directors Bernard Arnault Chairman and Chief Executive Officer Alexandre Arnault Antoine Arnault Delphine Arnault Frédéric Arnault Dominique Aumont Director representing employees Marie-Véronique Belloeil-Melkin Director representing employees Henri de Castries (1) Lead Director Sophie Chassat (1) Wei Sun Christianson (1) Clara Gaymard (1) Marie-Josée Kravis (1) Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Hubert Védrine (1) Advisory Board members Diego Della Valle Lord Powell of Bayswater Executive Committee Bernard Arnault Chairman and Chief Executive Officer Stéphane Bianchi Group Managing Director Maud Alvarez-Pereyre Human Resources Delphine Arnault Christian Dior Couture Nicolas Bazire Development and Acquisitions Pietro Beccari Fashion Group & Louis Vuitton Damien Bertrand Louis Vuitton Cécile Cabanis Finance Jean-Jacques Guiony Wines & Spirits Guillaume Motte Sephora Stéphane Rinderknech Hospitality Excellence & Beauty Jérôme Sibille General Administration & Legal Affairs Jean Baptiste Voisin Strategy General Secretary Marc-Antoine Jamet Performance Audit Committee Clara Gaymard (1) Chairman Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Compensation Committee Natacha Valla (1) Chairman Marie-Véronique Belloeil-Melkin Sophie Chassat (1) Marie-Josée Kravis (1) Sustainability & Governance Committee Henri de Castries (1) Chairman Sophie Chassat (1) Marie-Laure Sauty de Chalon (1) Hubert Védrine (1) Statutory Auditors Deloitte & Associés represented by Guillaume Troussicot and Bénédicte Sabadie Forvis Mazars SA represented by Jérôme de Pastors and Simon Beillevaire Statutory Auditor in charge of certifying sustainability information Deloitte & Associés represented by Guillaume Troussicot"},{"id":"e20","sourceId":"filing-2","location":"Note 32: related-party transactions in 2025","excerpt":"32. RELATED‑PARTY TRANSACTIONS No significant related - party transactions occurred during the fiscal year."},{"id":"e21","sourceId":"filing-1","location":"Income-statement commentary: advertising and promotion expenditure","excerpt":"Among these marketing and selling expenses, advertising and promotion expenses amounted to 12% of revenue, increasing by 10% on a constant consolidation scope and currency basis."},{"id":"completion-792cc9017828-e1","sourceId":"filing-1","location":"Revenue recognition: distributor listing and advertising agreements","excerpt":"In particular, payments made in order to have products referenced or, in accordance with agreements, to participate in advertising campaigns with the distributors, are deducted from related revenue."},{"id":"completion-792cc9017828-e2","sourceId":"filing-1","location":"Provisions for product returns","excerpt":"Provisions for product returns Perfumes and Cosmetics companies and, to a lesser extent, Fashion and Leather Goods and Watches and Jewelry companies may accept the return of unsold or outdated products from their customers and distributors."},{"id":"completion-792cc9017828-e3","sourceId":"filing-1","location":"Businesses undertaken in partnership with Diageo","excerpt":"Businesses undertaken in partnership with Diageo A significant proportion of revenue for the Group’s Wines and Spirits businesses is generated within the framework of distribution agreements with Diageo, generally taking the form of shared entities that sell and deliver both groups’ products to customers; the income statement and balance sheet of these entities is apportioned between LVMH and Diageo based on distribution agreements."},{"id":"completion-792cc9017828-e4","sourceId":"filing-1","location":"Wines and Spirits: champagne pricing policy","excerpt":"While maintaining a firm pricing policy as part of their value strategy, the champagne houses continued to achieve high sales volumes, achieving a record market share of Champagne - appellation shipments."},{"id":"completion-98a4c968800b-e1","sourceId":"filing-5","location":"Louis Vuitton UK consumer sale terms, Store Distance Sales: price confirmation","excerpt":"The sales associate will then confirm to you in writing the details of your order, including the total price (including VAT and any delivery costs, if any)."},{"id":"completion-98a4c968800b-e2","sourceId":"filing-5","location":"Louis Vuitton UK consumer sale terms: order acceptance subject to availability","excerpt":"Our acceptance of orders is subject to availability and will be confirmed to you by email or SMS."},{"id":"completion-98a4c968800b-e3","sourceId":"filing-5","location":"Louis Vuitton UK consumer sale terms: purchase quantity and transaction limits","excerpt":"- Within 4 consecutive weeks a client cannot: (i) purchase more than 6 Leather Goods (including Small Leather Goods), 6 Accessories, 6 Perfumes, 6 Pairs of Shoes or 6 pieces per type of Ready to Wear; (ii) purchase more than 2 of the same identical products; and/or (iii) conduct more than 8 transactions of all kinds of products."}],"changes":["Retain the previous narrow verdict.","Remove the previous reference to a 2026 fashion and jewelry recovery: the supplied passages disclose plans for 2026, not demonstrated recovery results.","Recognize the specific 2023 champagne pricing-and-volume evidence, while retaining uncertainty about group-wide realized pricing.","Do not carry forward Sephora market-share gains or successful exclusive launches as established facts; the supplied passages support revenue and profit growth and issuer-described leadership."],"limitations":["All supplied sources are issuer materials. Reported operating results support assessment, while leadership, desirability and market-share statements remain issuer-reported rather than independently corroborated.","No passage establishes named rival comparisons. Named entities appearing as investments, partners or transaction counterparties are not established competitor coverage.","The catalog dates have dateKind retrieved and are not publication dates. The assessment uses the financial periods and disclosure dates stated within the passages.","No group-wide price/volume/mix bridge, discounting history, customer retention rates or customer pricing contracts is supplied.","Ownership evidence is dated December 31, 2023. Compensation conditions establish incentive design, not actual vesting or exceptional alignment.","Heritage and production requirements support possible persistence but do not alone prove superior economics, exclusive supply access or a cost advantage."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Champagne share sustained through weaker demand, fragrance sales leadership and fashion share gains demonstrate differentiated brand demand. Breadth and superiority against named rivals remain unverified.","evidenceIds":["e1","e2","e3","e4","e6"]},{"criterion":"durability","grade":2,"rationale":"Long-established brands and champagne share persistence support durability, but heritage is not proof of future returns and the portfolio experienced material contraction through 2025.","evidenceIds":["e1","e2","e5","e7","e8"]},{"criterion":"customer_dependency","grade":2,"rationale":"Continuing fragrance success, established fashion-line demand and maintained champagne share indirectly support recurring preference. They do not establish customer lock-in, switching friction or measured repeat-purchase rates.","evidenceIds":["e2","e3","e6","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Champagne share and beauty positioning held, and Sephora grew revenue and profit. However, organic fashion contraction and declining group margins demonstrate uneven resilience.","evidenceIds":["e2","e6","e7","e9","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"The reported firm champagne pricing policy coexisted with high volumes and record shipment share in 2023, supporting limited realized pricing strength. No quantified price increases or current group-wide pricing bridge is supplied.","evidenceIds":["e1","e2"]},{"criterion":"retention","grade":2,"rationale":"Maintained champagne share, continuing fragrance success and Sephora growth indirectly indicate continuing demand. This assesses operating evidence rather than measured customer retention, and does not prove retention after specific price changes.","evidenceIds":["e2","e6","e11"]},{"criterion":"margin_resilience","grade":2,"rationale":"Recurring operating margin declined from 26.5% in 2023 to 22.0% in 2025, while Wines and Spirits profitability weakened substantially. Sephora's profit growth provides countervailing evidence; margins do not isolate pricing effects.","evidenceIds":["e8","e9","e11"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Louis Vuitton’s UK consumer terms demonstrate control over order acceptance and purchase limits, while requiring written confirmation of the total price for distance sales. This supports mixed contractual freedom within that channel; the passages do not establish repricing rights for accepted orders or equivalent freedom across other LVMH Maisons and wholesale agreements.","evidenceIds":["completion-98a4c968800b-e1","completion-98a4c968800b-e2","completion-98a4c968800b-e3"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Operating cash generation remained near EUR 18.9 billion in 2025, investment spending fell, free cash flow rose to EUR 11.333 billion and net financial debt declined to EUR 6.857 billion. These demonstrate financial adjustment during weaker earnings; debt excludes leases and minority purchase commitments, and investment returns are not established.","evidenceIds":["e7","e12","e13","e14","e15"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 CEO variable pay used revenue, operating profit and cash-flow criteria alongside qualitative objectives; bonus shares require service and performance. Disclosed family ownership supports economic exposure as of 2023, but current executive holdings, realized vesting and target rigor are not established.","evidenceIds":["e16","e17","e18"]},{"criterion":"execution","grade":2,"rationale":"Champagne share preservation, maintained beauty positioning and Sephora growth demonstrate achievements. Group revenue and profit declines through 2025 make overall execution mixed. Assessment relies on operating outcomes, which do not isolate management's contribution.","evidenceIds":["e2","e6","e7","e11","e12"]},{"criterion":"governance","grade":2,"rationale":"An independent lead director, independent committee members and no significant reported related-party transactions support oversight. Combined chairman/CEO roles and the family's disclosed 2023 voting majority concentrate authority; oversight effectiveness is not demonstrated.","evidenceIds":["e18","e19","e20"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"1d93d7a9e9bd4eed53d6337c57fea022323702a3d83da8161d875734f538fe6f","updatedAt":"2026-10-19T16:34:57.673Z","sources":[{"id":"filing-1","url":"https://lvmh-com.cdn.prismic.io/lvmh-com/ZmMq-pm069VX1j0w_financial-documents-lvmh-december-31-2023.pdf","publishedAt":"2026-10-19","sha256":"3ed441446ccfdd90bf86386a1e2be31eaaf8ca0d75e36a0eb6e08f8d7cde68c0","citationPolicy":"numeric-lines-1","dateKind":"retrieved"},{"id":"filing-2","url":"https://lvmh-com.cdn.prismic.io/lvmh-com/aXjqHgIvOtkhB_8I_Financialdocuments-December31%2C2025.pdf","publishedAt":"2026-09-28","sha256":"9028959c33ff08d311b02645098618b6632e540ec0ba601170857faa083814db","citationPolicy":"numeric-lines-1","dateKind":"retrieved"},{"id":"filing-3","url":"https://www.lvmh.com/en/investors/investors-and-analysts","publishedAt":"2026-09-28","sha256":"43dc483f571ff6a7dd63417035809eb1ed456fa2f245ae06dfe9ab31f1695288","citationPolicy":"numeric-lines-1","dateKind":"retrieved"},{"id":"filing-4","url":"https://lvmh-com.cdn.prismic.io/lvmh-com/aczo-pGXnQHGZKQ5_UniversalRegistrationDocument2025.pdf","publishedAt":"2026-10-19","sha256":"985a389418660116b4a165cc19ac09fd1a274e9c4683543ad28479c3f2beccf3","citationPolicy":"numeric-lines-1","dateKind":"retrieved"},{"id":"filing-5","url":"https://uk.louisvuitton.com/eng-gb/legal-privacy","publishedAt":"2026-10-19","sha256":"5e180cca494ddf607cc3a3df432ce86248c9ccba0a9f2b5d262b552d48849a95","citationPolicy":"numeric-lines-1","dateKind":"retrieved","label":"Louis Vuitton UK direct consumer sale terms; not every LVMH maison or wholesale agreement"}],"model":"gpt-6.1-sol","providerId":"codex:f26b6b8e49c2055aa6dbd934e656dd0ae51664842506f37410c357d08548a688","usage":{"input_tokens":39393,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":329,"reasoning_output_tokens":114},"basisSupplement":{"previousHash":"736aa77668e88bafe63588cb05f0503fcc16c59d2a2ecf732d14ca1ad18df88f","checkedAt":"2026-10-19T12:42:50.868Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"},"assessmentCompletion":{"policy":"missing-assessments-1","priorProviderId":"codex:dacbe215317f9c3707840abe565f39b797cd1e29fad74622a5383794134a97a7","priorResearchAt":"2026-10-19T15:37:40.453Z","criteria":["pricing_power:contractual_freedom"],"completedAt":"2026-10-19T16:34:57.673Z"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":68.30179864517636,"operating_margin":26.71494199174648,"roic":null,"fcf_margin":24.87425056450985,"sbc_revenue":null},"issues":{"peg":"The matching period one year earlier is unavailable.","pfcf_growth":"The matching period one year earlier is unavailable.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The matching period one year earlier is unavailable.","buybacks":"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":68.4431198221863,"operating_margin":26.521772075166698,"roic":23.66466379476091,"fcf_margin":16.968074358456253,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"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%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"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":68.80433647116178,"operating_margin":26.185971469362645,"roic":22.816093738960777,"fcf_margin":13.456292874305015,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"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%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"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":67.03234415408052,"operating_margin":22.326795224543297,"roic":16.965894534208086,"fcf_margin":16.77904656188373,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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