{"schemaVersion":1,"research":true,"symbol":"spot","name":"Spotify","topic":"moat","path":"/stock/spot/moat","status":"stale","version":11,"updatedAt":"2026-10-19T13:05:52.766Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Spotify demonstrates Premium pricing power and continuing subscriber demand through June 2026, with improving operating profit and cash generation. The supplied passages do not establish durable switching costs, network effects, proprietary content advantages or relative cost leadership. Personalization and sharing are delivered capabilities, but their competitive defensibility remains unproven. Licensing dependence, platform access and weaker advertising results create erosion risks; these do not establish that Spotify lacks a moat.","advantages":[{"mechanism":"switching_costs","claim":"Personalized discovery, customizable playlists and messaging provide current product differentiation and potential switching friction. The passages do not demonstrate that accumulated personalization or social connections materially prevent switching.","durability":"Unestablished. Repeated Premium price increases alongside subscriber growth demonstrate demand, but do not identify the structural cause or establish lasting customer dependency.","risks":"Dependence on licensed content and external distribution platforms could impair value or access. Feature launches alone do not establish superiority over alternatives, and trial-supported acquisition can obscure customer departures.","invalidation":"Evidence of easy migration without meaningful loss of personalization or social utility would invalidate the switching-cost hypothesis. Sustained subscriber contraction or price reversals following increases would weaken the observed demand advantage. Conversely, demonstrated cohort retention and measurable migration friction would support a stronger conclusion.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Enhancing the listening and user experience / playlist mixing launch","excerpt":"On August 19, 2025, we launched playlist mixing features, giving subscribers the ability to add and customize transitions between tracks."},{"id":"e2","sourceId":"filing-1","location":"Enhancing the listening and user experience / Messages launch","excerpt":"We also introduced Messages on August 26, 2025, giving mobile users in select markets a fast and convenient way to share and discuss music, podcasts, and audiobooks with friends."},{"id":"e3","sourceId":"filing-1","location":"Enhancing the listening and user experience / AI Playlist expansion","excerpt":"In April 2025, we expanded our AI Playlist feature to over 40 markets, enabling users to generate personalized playlists using written prompts."},{"id":"e4","sourceId":"filing-4","location":"MD&A / Overview / Premium Subscriber growth","excerpt":"Our Premium Subscribers have grown 9% year-over-year, as of June 30, 2026, to 300 million."},{"id":"e5","sourceId":"filing-4","location":"MD&A / Premium ARPU / quarterly and six-month results","excerpt":"Three months ended June 30,\nSix months ended June 30,\n2026\n2025\nChange\n2026\n2025\nChange\nPremium ARPU\n€\n4.89 \n€\n4.57 \n€\n0.32 \n7 \n%\n€\n4.82 \n€\n4.65 \n€\n0.17 \n4 \n%\nFor the three months ended June 30, 2026 and 2025, Premium ARPU was €4.89 and €4.57, respectively, which represented an increase of 7%."},{"id":"e6","sourceId":"filing-4","location":"MD&A / Premium ARPU / quarterly price-increase contribution","excerpt":"This increase of €0.32 is primarily attributable to price increases, resulting in a €0.49 increase in Premium ARPU."},{"id":"e7","sourceId":"filing-4","location":"MD&A / Premium ARPU / six-month price-increase contribution","excerpt":"This increase of €0.17 is primarily attributable to price increases, resulting in a €0.45 increase in Premium ARPU."},{"id":"e8","sourceId":"filing-4","location":"MD&A / Overview / trial-program contribution to subscriber growth","excerpt":"Historically, Premium Subscriber growth benefits when we run such trial programs."},{"id":"e9","sourceId":"filing-4","location":"Financial statement notes / dependence on content licenses","excerpt":"The Group depends on securing content licenses from a number of major and minor content owners and other rights holders in order to provide its service."},{"id":"e10","sourceId":"filing-1","location":"Platform-access risks / user information and retention","excerpt":"Online platforms may limit our access to information about users, limiting our ability to convert and retain them."},{"id":"e11","sourceId":"filing-2","location":"MD&A / 2024 Premium ARPU / price, mix and currency contributions","excerpt":"The increase of €0.30 was primarily driven by price increases resulting in an increase in Premium ARPU of €0.49, partially offset by changes in product and market mix, decreasing Premium ARPU by €0.12, as well as unfavorable movements in foreign exchange rates, decreasing Premium ARPU by €0.07."},{"id":"e12","sourceId":"filing-1","location":"MD&A / 2025 Premium ARPU / price-increase contribution","excerpt":"These decreases were largely offset by an increase in Premium ARPU of €0.25 as a result of price increases."},{"id":"e13","sourceId":"filing-1","location":"MD&A / 2025 Ad-Supported revenue / fixed-CPM and impression weakness","excerpt":"This decrease was due primarily to a decrease in our direct music channels and ad sales from podcasts of €116 million due to a decrease in fixed-CPM rates as well as a decrease in music impressions sold."},{"id":"e14","sourceId":"filing-4","location":"MD&A / six-month 2026 Ad-Supported revenue decline","excerpt":"For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, Ad-Supported revenue decreased €16 million, or 2%."},{"id":"e15","sourceId":"filing-4","location":"MD&A / six-month 2026 Ad-Supported revenue / foreign-exchange explanation","excerpt":"This decrease was due primarily to the impact of foreign exchange as discussed below."},{"id":"e16","sourceId":"filing-4","location":"Unaudited interim consolidated statement of operations / June 2026","excerpt":"Financial Statements\nInterim condensed consolidated statement of operations\n(Unaudited)\n(in € millions, except share and per share data)\n \nThree months ended June 30,\nSix months ended June 30,\nNote\n2026\n2025\n2026\n2025\nRevenue\n20\n4,777 \n4,193 \n9,310 \n8,383 \nCost of revenue\n3,181 \n2,873 \n6,219 \n5,737 \nGross profit\n1,596 \n1,320 \n3,091 \n2,646 \nResearch and development\n403 \n415 \n734 \n794 \nSales and marketing\n390 \n364 \n732 \n678 \nGeneral and administrative\n148 \n135 \n255 \n259 \n941 \n914 \n1,721 \n1,731 \nOperating income\n655 \n406 \n1,370 \n915 \nFinance income\n4\n86 \n89 \n334 \n160 \nFinance costs\n4\n(21)\n(447)\n(47)\n(699)\nFinance income/(costs) - net\n65 \n(358)\n287 \n(539)\nIncome before tax\n720 \n48 \n1,657 \n376 \nIncome tax expense\n5\n175 \n134 \n391 \n237 \nNet income/(loss) attributable to owners of the parent\n545 \n(86)\n1,266 \n139 \nEarnings/(loss) per share attributable to owners of the parent\nBasic\n6\n2.65 \n(0.42)\n6.15 \n0.68 \nDiluted\n6\n2.61 \n(0.42)\n6.06 \n0.66 \nWeighted-average ordinary shares outstanding\nBasic\n6\n205,788,241 \n205,426,999 \n205,752,745 \n204,950,112 \nDiluted\n6\n208,858,469 \n205,426,999 \n209,078,186 \n210,475,453 \n The accompanying notes are an integral part of the interim condensed consolidated financial statements."},{"id":"e17","sourceId":"filing-4","location":"MD&A / Operating activities / six-month 2026 operating cash flow","excerpt":"Operating activities\nNet cash flows from operating activities increased by €404 million to €1,652 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025."},{"id":"e18","sourceId":"filing-4","location":"Note 21 / content guarantees and non-cancelable purchase commitments","excerpt":"21.Commitments and contingencies\nCommitments\nThe Group is subject to the following minimum guarantees relating to the content on its Service, the majority of which relate to minimum royalty payments associated with its license agreements for the use of licensed content:\nJune 30, 2026\nDecember 31, 2025\n(in € millions)\nNot later than one year\n979 \n1,123 \nLater than one year but not more than five years\n1,311 \n1,490 \n2,290 \n2,613 \nIn addition, the Group is subject to various non-cancelable purchase obligations and service agreements with minimum spend commitments, including a service agreement with Google for the use of Google Cloud Platform and certain content and marketing commitments:\nJune 30, 2026\nDecember 31, 2025\n(in € millions)\nNot later than one year\n665 \n626 \nLater than one year but not more than five years\n960 \n896 \nMore than five years\n49 \n53 \n1,674 \n1,575 \nContingencies\nVarious legal and regulatory actions, proceedings, claims, and inquiries are pending or may be instituted or asserted against the Group."},{"id":"e19","sourceId":"filing-2","location":"Risk factors / realized operating income and historical losses","excerpt":"While for the year ended December 31, 2024, we had operating income of €1,365 million, for the years ended December 31, 2023 and December 31, 2022, our operating losses were €446 million and €659 million, respectively."},{"id":"e20","sourceId":"filing-4","location":"MD&A / Ad-Supported revenue / biddable offerings","excerpt":"This decrease was partially offset by an increase in our automated sales channels of €120 million due primarily to an increase in music impressions sold on our biddable offerings."},{"id":"e21","sourceId":"filing-1","location":"Platform-access risks / payment-processing requirements","excerpt":"F-54\nSimilarly, online platforms may force us to use the platform’s payment processing systems that may be inferior to, and more costly than, other payment processing services available in the market."},{"id":"e22","sourceId":"filing-5","location":"MD&A / Financing activities / Exchangeable Notes repayment","excerpt":"The change was due primarily to the repayment of the Exchangeable Notes of €1,304 million."},{"id":"e23","sourceId":"filing-4","location":"MD&A / Liquidity / cash and short-term investment balances","excerpt":"Cash and cash equivalents and short term investments decreased by €79 million from €9,467 million as of December 31, 2025 to €9,388 million as of June 30, 2026."},{"id":"e24","sourceId":"filing-4","location":"Issuer Purchases of Equity / second-quarter 2026 open-market repurchases","excerpt":"Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)\nApril 1, 2026 - April 30, 2026\n500,000 \n'(4)\n€\n— \n— \n€\n896,462,543 \nMay 1, 2026 - May 31, 2026\n— \n€\n— \n— \n€\n896,462,543 \nJune 1, 2026 - June 30, 2026\n575,866 \n€\n417.77 \n575,866 \n€\n653,925,775 \nTotal\n1,075,866 \n€\n417.77 \n575,866 \n€\n653,925,775 \n(1)Represents the average price paid per share for open market repurchases."},{"id":"e25","sourceId":"filing-4","location":"Note 13 / issued shares and treasury shares","excerpt":"13.Equity and other reserves\nAs of June 30, 2026 and December 31, 2025, the Company had 210,241,268 and 209,485,215 ordinary shares issued and fully paid, respectively, with 4,657,063 and 3,652,688 ordinary shares held as treasury shares, respectively."},{"id":"e26","sourceId":"filing-1","location":"Executive compensation / actual 2025 long-term incentive awards and allocations","excerpt":"The following table shows the dollar amount of incentive compensation awarded to each named executive officer, as well as the allocations chosen by each such individual: Named Executive Officer Aggregate Long-Term Incentive Award Dollar Value ($) 2025 At-the-Money Stock Option Allocation 2025 Out-of-the-Money Stock Option Allocation 2025 RSU Allocation 2025 Cash Allocation ($) Daniel Ek — — — — — Alex Norström 12,500,000 31,133 — 10,378 — Gustav Söderström 12,500,000 31,133 — 10,378 — Christian Luiga 5,000,000 6,227 — — 3,750,000 Dustee Jenkins 4,500,000 11,208 — 3,736 — 65 Table of Contents Long-Term Incentive Award Decisions Each year our people experience and compensation committee reviews and, if needed, recommends updates to our current equity program to our board of directors for approval in order to incentivize our employees, including our named executive officers."},{"id":"e27","sourceId":"filing-1","location":"Related party transactions / recognized key-management compensation","excerpt":"2025 2024 2023 (in € millions) Key management compensation Short term employee benefits 5 7 10 Share-based compensation 32 37 33 Total 37 44 43 Other related party transactions On August 23, 2021, the Company issued, for €31 million, warrants to acquire 800,000 ordinary shares to Mr."},{"id":"e28","sourceId":"filing-1","location":"Related Party Transaction Policy / audit committee approval","excerpt":"Related Party Transaction Policy\nOur board of directors has adopted the Related Party Transaction Policy, which requires that any material transaction between us and any related party, including our directors and senior management as well as their family members, be reviewed and approved by the audit committee to ensure that the transaction is on terms comparable to those that could be obtained in arm’s length dealings with an unrelated third party."},{"id":"e29","sourceId":"filing-1","location":"Corporate Governance / absence of nominating and governance committee","excerpt":"We do not have a nominating and corporate governance committee."},{"id":"e30","sourceId":"filing-1","location":"Corporate Governance / shareholder approval of equity plans","excerpt":"Under home country practice, shareholder approval of stock option plans and other equity compensation arrangements is not required; however, we are required to seek shareholder approval of the compensation paid to our directors."},{"id":"e31","sourceId":"filing-1","location":"Executive compensation / leadership roles and January 2026 succession","excerpt":"domestic issuers. Our “named executive officers” for 2025 are: •Daniel Ek, who is our Founder, Executive Chairman, and Director, and served as our Chief Executive Officer (“CEO”) and our principal executive officer until December 31, 2025; •Alex Norström, who served as our Co-President, Chief Business Officer until he became our Co-CEO and Director, effective as of January 1, 2026; •Gustav Söderström, who served as our Co-President, Chief Product & Technology Officer until he became our Co-CEO and Director, effective as of January 1, 2026; •Christian Luiga, who serves as our Chief Financial Officer (“CFO”) and principal financial officer; and •Dustee Jenkins, who serves as our Chief Public Affairs Officer."},{"id":"e32","sourceId":"filing-1","location":"Metrics risks / internally calculated user metrics","excerpt":"These metrics are calculated using internal company data and have not been validated by an independent third party."},{"id":"e33","sourceId":"filing-1","location":"Platform-access risks / disclosed European Commission decision concerning Apple","excerpt":"In March 2024, the European Commission found that Apple’s conduct was illegal under the European Union (the “EU”)’s antitrust rules and fined Apple €1.84 billion."},{"id":"e34","sourceId":"filing-1","location":"Platform-access risks / uncertain commercial benefit of Apple decision","excerpt":"While the decision marked a historic milestone in our ongoing efforts to stop Apple’s anticompetitive behavior, we cannot assure you that Apple will comply with the decision in ways that materially improve our business."},{"id":"e35","sourceId":"filing-4","location":"MD&A / six-month Premium revenue share","excerpt":"For the six months ended June 30, 2026 and 2025, Premium revenue comprised 91% and 90% of our total revenue, respectively."},{"id":"e36","sourceId":"filing-4","location":"MD&A / six-month Premium revenue growth","excerpt":"For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, Premium revenue increased €943 million, or 13%."}],"changes":["Verdict remains uncertain: the 2026 interim evidence strengthens observed pricing and execution without establishing a durable structural mechanism.","Realized pricing remains 3 and retention remains 2. June 2026 Premium Subscribers reached 300 million, up 9% year over year, while second-quarter ARPU increased 7% and price increases contributed €0.49.","Margin resilience rises from 2 to 3 because first-half 2026 gross profit, operating income and operating cash flow improved alongside realized price increases. This does not establish a moat or isolate pricing's margin contribution.","Capital discipline rises from 2 to 3 based on cash generation, actual debt repayment, continued open-market repurchases and substantial remaining liquidity. Incentive alignment remains 2, execution 3 and governance 2 after reassessment against the current catalog."],"limitations":["Only the supplied issuer filings are used. Their dates are filing dates: February 8, 2024; February 5, 2025; February 10, April 28 and August 4, 2026. June 2026 interim financial information is unaudited and does not establish full-year results.","No supplied passage establishes comparative costs, exclusive content dominance, recommendation superiority, migration costs or a self-reinforcing user network. Scale and profitability alone do not prove these mechanisms.","Apple is named in a platform-access dispute, but the passages do not establish comparative streaming economics or product performance against it. Other named entities are not established as competitors in the supplied passages; the competitor array is therefore empty.","Subscriber growth provides indirect demand evidence rather than cohort retention. Trial programs assist growth, and user metrics are internally calculated without independent validation.","Management descriptions of value, personalization and engagement are assertions unless accompanied by delivered features or operating outcomes. No exceptional durability is established.","Full ownership and voting-control percentages, executive performance conditions and complete customer pricing terms are absent. Actual awards establish equity exposure, not vesting or exceptional alignment.","The uncertain verdict requires null moat grades. Numerical pricing and management grades reflect separately assessable operating and contractual evidence."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Delivered personalization and sharing features establish capabilities, but no supplied comparison demonstrates defensible switching costs, network effects or relative cost advantages.","evidenceIds":["e1","e2","e3","e9"]},{"criterion":"durability","grade":null,"rationale":"Price realization across several periods is demonstrated; its structural protection and longevity are not. Content licensing and platform access remain external dependencies.","evidenceIds":["e11","e12","e6","e9","e10"]},{"criterion":"customer_dependency","grade":null,"rationale":"Subscriber growth alongside price increases indicates demand but cannot establish customer dependency, migration friction or cohort retention, particularly with trial-supported acquisition.","evidenceIds":["e4","e6","e8"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Premium demand and improving operations are favorable, but the passages cannot establish preservation of a structural advantage against competition. Advertising weakness is realized; platform restrictions are chiefly prospective risks.","evidenceIds":["e4","e16","e13","e14","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Price increases contributed €0.49 to 2024 Premium ARPU, €0.25 in 2025 and €0.45 in first-half 2026. Second-quarter 2026 reported ARPU rose 7% alongside 9% subscriber growth. Premium supplied 91% of first-half revenue. Actual advertising CPM weakness limits breadth and precludes an exceptional grade.","evidenceIds":["e11","e12","e5","e6","e7","e4","e35","e13"]},{"criterion":"retention","grade":2,"rationale":"Subscribers reached 300 million, up 9% year over year, despite implemented price increases. This is indirect evidence of continuing demand; acquisition and trials could conceal departures, and no churn or cohort renewal rates are supplied.","evidenceIds":["e4","e6","e8","e32"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half 2026 revenue rose to €9,310 million, gross profit to €3,091 million and operating income to €1,370 million, while operating cash flow reached €1,652 million. These results alongside realized pricing demonstrate improving resilience. Historical losses, advertising softness and content commitments limit durability; the passages do not isolate pricing's contribution to margins.","evidenceIds":["e16","e17","e7","e19","e14","e15","e18"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented subscription increases demonstrate practical pricing discretion, and biddable advertising permits market-based pricing. Content guarantees and potential platform payment requirements constrain commercial flexibility. Complete subscription and advertiser contractual terms are unavailable.","evidenceIds":["e7","e20","e18","e21"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"First-half operating cash flow of €1,652 million, €1,304 million of note repayment, actual open-market repurchases and €9,388 million of remaining cash and short-term investments demonstrate strong current funding discipline. Content guarantees declined while other purchase commitments increased. Equity issuance and compensation continue; repurchases do not prove undervaluation or exceptional investment returns.","evidenceIds":["e17","e22","e23","e24","e18","e25"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 option and RSU awards and €32 million of recognized key-management share-based compensation establish equity-linked incentives. Executives selected differing award mixes, including substantial cash for the CFO. Ownership percentages and complete performance conditions are absent, and awards are not assumed to have vested.","evidenceIds":["e26","e27"]},{"criterion":"execution","grade":3,"rationale":"Subscriber growth, realized pricing, 13% first-half Premium revenue growth and higher operating profit and cash generation demonstrate strong operating execution. Delivered features add implementation evidence. Advertising remains weaker. First-half 2026 results provide initial operating evidence after the January co-CEO transition, without proving individual causation or long-term leadership performance.","evidenceIds":["e4","e7","e36","e16","e17","e1","e2","e14","e31"]},{"criterion":"governance","grade":2,"rationale":"Required audit committee review of material related-party transactions provides a concrete safeguard. The absence of a nominating and governance committee and lack of required shareholder approval for employee equity plans weaken oversight. Current full-board independence and voting-control percentages are not established.","evidenceIds":["e28","e29","e30"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"75c8756e2b515e8ec62549f1a38ae96127a3ee325c66f699ada50ced60f8d3c5","updatedAt":"2026-10-19T13:05:52.766Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/ck0001639920-20251231.htm","publishedAt":"2026-02-10","sha256":"048603b2570cb0d981cbe91a713c76acff9f9a22a3e79b54c947f2aa189e3c23","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1639920/000163992025000003/ck0001639920-20241231.htm","publishedAt":"2025-02-05","sha256":"b70c3248ce8e0770092b7e9af1c503cbc11f60c511979937ec07fb48ceeed565","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1639920/000163992024000004/ck0001639920-20231231.htm","publishedAt":"2024-02-08","sha256":"7a70d293ff51aaa5e5a9a831543b275a0e76035c35c69f4525bab04b443abf29","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1639920/000162828026052543/spot-20260630x6xk.htm","publishedAt":"2026-08-04","sha256":"cc92e6507dfc34f4b28be351faa769293b9286a71c5e6e909409f9fc4bf44c86","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1639920/000162828026027951/spot-20260331x6xk.htm","publishedAt":"2026-04-28","sha256":"42d27c5ccde9c47100fd940ec62929eccddb672555b311a2d20c04a37c4d1f5e","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:7393b6b382082ead9ce458cecab6f044a5e1f22859dbbc3b33ce69eded6fff61","usage":{"input_tokens":77112,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3756,"reasoning_output_tokens":146},"basisSupplement":{"previousHash":"787cd8613307d5ff1b0b71e0c39dba28e7d703875b1d44246ba564f92d022ba3","checkedAt":"2026-10-19T16:53:05.174Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":26.799751758378154,"operating_margin":0.9722796855606123,"roic":null,"fcf_margin":2.8547786512205215,"sbc_revenue":2.306578402978899},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted 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price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances 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":25.643541934022796,"operating_margin":-3.366800030195516,"roic":null,"fcf_margin":5.087944440250623,"sbc_revenue":2.4231901562617955},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the 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period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":31.979518212498547,"operating_margin":12.78947980914698,"roic":null,"fcf_margin":16.71127662050506,"sbc_revenue":1.4372163388804842},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted 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