{"schemaVersion":1,"research":true,"symbol":"tel","name":"TE Connectivity plc","topic":"moat","path":"/stock/tel/moat","status":"stale","version":8,"updatedAt":"2026-10-19T20:41:44.264Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"TE demonstrates longstanding customer relationships, growing automotive content and repeated manufacturing productivity gains. These support its competitive position, but the passages do not establish material switching barriers or a sustained technology or cost advantage over named rivals. Pricing power is mixed: consolidated pricing contributed $51 million in the first half of fiscal 2026, while Transportation experienced $46 million of erosion over nine months. Strong operating execution does not by itself establish a durable moat.","advantages":[{"mechanism":"switching_costs","claim":"Longstanding customer relationships and collaboration on product development support repeat business and could create switching friction. Material customer switching costs are not demonstrated.","durability":"Relationships typically span many years, but TE-specific qualification requirements, redesign costs and program retention are undisclosed.","risks":"Orders can be cancelled, and realized Transportation price erosion demonstrates continuing customer bargaining pressure. Aptiv's vehicle-life relationships show that long relationships are not necessarily unique to TE; its contractual terms cannot be attributed to TE.","invalidation":"Persistent declines in content per vehicle, disclosed losses of established customer programs or demonstrated low-cost substitution would undermine this candidate advantage. Evidence of substantial qualification costs and repeated program retention would strengthen it.","competitors":["Yazaki","Aptiv","Sumitomo","Sensata","Honeywell","Molex","Amphenol"],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8"]},{"mechanism":"intangible_assets","claim":"Engineering capabilities, manufacturing know-how and proprietary rights are current capabilities supporting competition. Their ability to exclude rivals or sustain superior economics remains unestablished; management describes the portfolio and engineering advantage as potential.","durability":"Continued innovation and productivity gains support ongoing competitiveness, but the passages establish neither a protected technology lead nor its likely duration.","risks":"Named rivals offer overlapping capabilities. Amphenol also discloses global engineering and low-cost manufacturing operations. TE's productivity improvements demonstrate execution rather than a comparative cost advantage, and historical price erosion requires continuing cost reductions.","invalidation":"Repeated losses of technical awards, declining automotive content or productivity gains persistently failing to offset price erosion would weaken this thesis. Demonstrated proprietary performance advantages and sustained award wins against named rivals would strengthen it.","competitors":["Amphenol","Hubbell","Carlisle Companies","Integer Holdings","Molex","Omron","JST","Korea Electric Terminal (KET)"],"evidenceIds":["e9","e10","e11","e12","e13"],"counterEvidenceIds":["e14","e15","e16","e17","e18"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business—Customers; product development relationships","excerpt":"These relationships allow us to better anticipate and respond to customer needs when designing new products and new technical solutions."},{"id":"e2","sourceId":"filing-1","location":"Business—Customers; relationship longevity","excerpt":"Our customers include many of the leaders in their respective industries, and our relationships with them typically date back many years."},{"id":"e3","sourceId":"filing-2","location":"MD&A—Transportation Solutions; nine-month automotive content growth","excerpt":"Overall, our organic net sales growth was due primarily to increased content per vehicle."},{"id":"e4","sourceId":"filing-1","location":"Business—Transportation Solutions; named competitors","excerpt":"The Transportation Solutions segment’s major competitors include Yazaki, Aptiv, Sumitomo, Sensata, Honeywell, Molex, and Amphenol."},{"id":"e5","sourceId":"filing-1","location":"Business—Seasonality and Backlog; cancellation rights","excerpt":"Backlog is not necessarily indicative of future net sales as unfilled orders may be cancelled prior to shipment of goods."},{"id":"e6","sourceId":"filing-2","location":"MD&A—Transportation Solutions; nine-month price erosion","excerpt":"currency translation of 3.4%. Net price erosion negatively affected organic net sales by $46 million in the first nine months of fiscal 2026."},{"id":"e7","sourceId":"filing-15","location":"Aptiv business disclosure; vehicle-life customer relationships, comparison only","excerpt":"These relationships typically extend over the life of the related vehicle."},{"id":"e8","sourceId":"filing-15","location":"Aptiv customer terms; termination and pricing pressure, comparison only","excerpt":"In addition, many of our OEM customers have the option to terminate for convenience on certain programs, which permits our customers to impose pressure on pricing during the life of the vehicle program, and issue purchase contracts for less than the duration of the vehicle program, which potentially reduces our profit margins and increases the risk of our losing future sales under those purchase contracts."},{"id":"e9","sourceId":"filing-1","location":"Business—Intellectual Property; know-how and innovation","excerpt":"We also rely upon trade secrets, manufacturing know-how, continuing technological innovations, and licensing opportunities to maintain and improve our competitive position."},{"id":"e10","sourceId":"filing-1","location":"Business—Customers; management's potential competitive advantage claim","excerpt":"We believe that as electronic component technologies continue to proliferate, our broad product portfolio and engineering capability give us a potential competitive advantage when addressing the needs of our global customers."},{"id":"e11","sourceId":"filing-2","location":"MD&A—Geographic Sales and Gross Margin; organic growth and productivity","excerpt":"The following table provides an analysis of the change in our net sales by geographic region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in Net Sales for the Quarter Ended June 26, 2026 ​ Change in Net Sales for the Nine Months Ended June 26, 2026 ​ ​ ​ versus Net Sales for the Quarter Ended June 27, 2025 ​ versus Net Sales for the Nine Months Ended June 27, 2025 ​ ​ ​ Net Sales ​ Organic Net Sales ​ ​ ​ ​ Net Sales ​ Organic Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ Growth ​ ​ ​ Translation ​ ​ ​ Growth ​ ​ ​ Growth ​ Translation ​ Acquisitions ​ ​ ​ ​ ​ ($ in millions) Asia–Pacific ​ $ 291 17.5 % $ 254 15.3 % $ 37 ​ $ 903 18.8 % $ 813 ​ 16.9 % $ 90 ​ $ — ​ EMEA ​ ​ 106 ​ 6.9 ​ ​ 79 ​ 5.2 ​ ​ 27 ​ ​ 515 12.3 ​ ​ 269 6.4 ​ ​ 246 ​ ​ — ​ Americas ​ 229 17.2 ​ 221 16.5 ​ 8 ​ 642 18.2 ​ 346 9.8 ​ 24 ​ 272 ​ Total ​ $ 626 13.8 % $ 554 12.2 % $ 72 ​ $ 2,060 16.5 % $ 1,428 ​ 11.4 % $ 360 ​ $ 272 ​ Cost of Sales and Gross Margin The following table presents cost of sales and gross margin information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ ​ ​ For the ​ ​ ​ ​ ​ ​ ​ Quarters Ended ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ ​ ​ ​ ​ June 26, ​ ​ June 27, ​ ​ ​ ​ June 26, ​ ​ June 27, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ 2026 ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ($ in millions) ​ Cost of sales ​ $ 3,325 ​ ​ $ 2,934 ​ ​ $ 391 ​ $ 9,254 ​ ​ $ 8,094 ​ ​ $ 1,160 ​ As a percentage of net sales ​ 64.4 % ​ 64.7 % ​ ​ ​ 63.5 % ​ 64.7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross margin ​ $ 1,835 ​ ​ $ 1,600 ​ ​ $ 235 ​ $ 5,319 ​ ​ $ 4,419 ​ ​ $ 900 ​ As a percentage of net sales ​ 35.6 % ​ 35.3 % ​ ​ ​ 36.5 % ​ 35.3 % ​ ​ ​ 24 Table of Contents Gross margin increased $235 million and $900 million in the third quarter and first nine months of fiscal 2026, respectively, as compared to the same periods of fiscal 2025 due primarily to higher volume and improved manufacturing productivity."},{"id":"e12","sourceId":"filing-1","location":"MD&A—Transportation Solutions; fiscal 2024 productivity","excerpt":"Excluding the items below, operating income increased in fiscal 2024 due primarily to improved manufacturing productivity."},{"id":"e13","sourceId":"filing-1","location":"Business—Industrial Solutions; named competitors","excerpt":"The Industrial Solutions segment competes primarily against Amphenol, Hubbell, Carlisle Companies, Integer Holdings, Molex, Omron, JST, and Korea Electric Terminal (KET)."},{"id":"e14","sourceId":"filing-1","location":"Business—Intellectual Property; absence of dependence on particular patents","excerpt":"While we consider our patents and trademarks to be valued assets, we do not believe that our competitive position or our operations are dependent upon or would be materially impacted by any single patent or group of related patents."},{"id":"e15","sourceId":"filing-1","location":"Business—Competition; broad competitive landscape","excerpt":"The industries in which we operate are highly competitive, and we compete with thousands of companies that range from large multinational corporations to local manufacturers."},{"id":"e16","sourceId":"filing-1","location":"Risk Factors—Pricing; positive actions and historical annual erosion","excerpt":"Although pricing actions initiated in recent years have positively impacted our net sales, we have historically experienced price erosion averaging from 1% to 2% each year."},{"id":"e17","sourceId":"filing-1","location":"Risk Factors—Pricing; continuing cost reduction requirement","excerpt":"To maintain our margins, we must continue to reduce our costs by similar amounts."},{"id":"e18","sourceId":"filing-16","location":"Amphenol strategy; global low-cost manufacturing, comparison only","excerpt":"The Company is also able to take advantage of the lower manufacturing costs in some regions, and has established low-cost manufacturing and assembly facilities around the world."},{"id":"e19","sourceId":"filing-6","location":"MD&A—Consolidated Net Sales; first-half fiscal 2026 pricing contribution","excerpt":"Net pricing actions positively affected organic net sales by $51 million in the first six months of fiscal 2026."},{"id":"e20","sourceId":"filing-1","location":"Revenue accounting; fixed prices and customer incentives","excerpt":"Although products are generally sold at fixed prices, certain distributors and customers receive incentives or awards, such as sales rebates, return allowances, scrap allowances, and other rights, which are accounted for as variable consideration."},{"id":"e21","sourceId":"filing-2","location":"MD&A—Transportation Solutions; GAAP operating results","excerpt":"Operating Income. The following table presents the Transportation Solutions segment’s operating income and operating margin information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ ​ For the ​ ​ ​ ​ ​ ​ Quarters Ended ​ ​ ​ ​ Nine Months Ended ​ ​ ​ ​ ​ ​ June 26, ​ June 27, ​ ​ ​ ​ June 26, ​ June 27, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ ​ ​ ($ in millions) ​ Operating income ​ $ 444 ​ $ 462 ​ $ (18) ​ $ 1,448 ​ $ 1,353 ​ $ 95 ​ Operating margin ​ 17.2 % 19.1 % ​ ​ 19.4 % 19.4 % ​ ​ Operating income in the Transportation Solutions segment decreased $18 million in the third quarter of fiscal 2026 and increased $95 million in the first nine months of fiscal 2026 as compared to the same periods of fiscal 2025."},{"id":"e22","sourceId":"filing-2","location":"MD&A—Transportation Solutions; productivity offset by erosion","excerpt":"Excluding the items below, operating income increased in the first nine months of fiscal 2026 primarily as a result of improved manufacturing productivity, partially offset by price erosion."},{"id":"e23","sourceId":"filing-1","location":"MD&A—Transportation Solutions; fiscal 2025 underlying profit decline","excerpt":"Excluding the items below, operating income decreased in fiscal 2025 primarily as a result of net price erosion."},{"id":"e24","sourceId":"filing-7","location":"Third-quarter fiscal 2026 results; orders across businesses","excerpt":"●Record orders in both segments totaling $5.7 billion, an increase of 27% year over year with double-digit order growth in all businesses."},{"id":"e25","sourceId":"filing-1","location":"MD&A—Operating Cash Flows; fiscal 2025 cash generation","excerpt":"Net cash provided by operating activities increased $662 million to $4,139 million in fiscal 2025 as compared to $3,477 million in fiscal 2024."},{"id":"e26","sourceId":"filing-1","location":"MD&A—Operating Cash Flows; income and tax-payment drivers","excerpt":"The increase resulted primarily from higher pre-tax income and a reduction in income tax payments."},{"id":"e27","sourceId":"filing-1","location":"MD&A—Investing Cash Flows; capital expenditure","excerpt":"Capital expenditures were $936 million and $680 million in fiscal 2025 and 2024, respectively."},{"id":"e28","sourceId":"filing-7","location":"Cash flow statements; nine-month investment, financing and shareholder distributions","excerpt":"​\n 638\n​\n​\n 2,354\n​\n​\n 1,179\nLoss from discontinued operations, net of income taxes\n​\n —\n​\n​\n —\n​\n​\n (1)\n​\n​\n —\nNet income\n$\n 748\n​\n$\n 638\n​\n$\n 2,353\n​\n$\n 1,179\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nBasic earnings per share:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nIncome from continuing operations\n$\n 2.57\n​\n$\n 2.16\n​\n$\n 8.03\n​\n$\n 3.96\nLoss from discontinued operations\n​\n —\n​\n​\n —\n​\n​\n —\n​\n​\n —\nNet income\n​\n 2.57\n​\n​\n 2.16\n​\n​\n 8.03\n​\n​\n 3.96\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nDiluted earnings per share:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nIncome from continuing operations\n$\n 2.55\n​\n$\n 2.14\n​\n$\n 7.98\n​\n$\n 3.93\nLoss from discontinued operations\n​\n —\n​\n​\n —\n​\n​\n —\n​\n​\n —\nNet income\n​\n 2.55\n​\n​\n 2.14\n​\n​\n 7.98\nDepreciation and amortization\n​\n 256\n​\n​\n 216\n​\n​\n 758\n​\n​\n 594\nDeferred income taxes\n​\n 102\n​\n​\n 71\n​\n​\n 261\n​\n​\n 772\nNon-cash lease cost\n​\n 40\n​\n​\n 37\n​\n​\n 118\n​\n​\n 106\nProvision for losses on accounts receivable and inventories\n​\n 12\n​\n​\n 19\n​\n​\n 61\n​\n​\n 62\nShare-based compensation expense\n​\n 38\n​\n​\n 36\n​\n​\n 130\n​\n​\n 105\nOther \n​\n (26)\n​\n​\n 26\n​\n​\n (51)\n​\n​\n 60\nChanges in assets and liabilities, net of the effects of acquisitions and divestitures:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nAccounts receivable, net\n​\n (296)\n​\n​\n (220)\n​\n​\n (355)\n​\n​\n (391)\nInventories\n​\n (34)\n​\n​\n (167)\n​\n​\n (365)\n​\n​\n (299)\nPrepaid expenses and other current assets\n​\n 52\n​\n​\n (109)\n​\n​\n 38\n​\n​\n 31\nAccounts payable\n​\n 256\n​\n​\n 152\n​\n​\n 433\n​\n​\n 298\nAccrued and other current liabilities\n​\n 24\n​\n​\n 222\n​\n​\n (240)\n​\n​\n (76)\nIncome taxes\n​\n (10)\n​\n​\n 117\n​\n​\n (94)\n​\n​\n 172\nOther\n​\n 23\n​\n​\n 149\n​\n​\n (51)\n​\n​\n 105\nNet cash provided by operating activities\n​\n 1,185\n​\n​\n 1,187\n​\n​\n 2,997\n​\n​\n 2,718\nCash flows from investing activities:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nCapital expenditures\n​\n (304)\n​\n​\n (230)\n​\n​\n (832)\n​\n​\n (665)\nProceeds from sale of property, plant, and equipment\n​\n 2\n​\n​\n 5\n​\n​\n 6\n​\n​\n 7\nAcquisition of businesses, net of cash acquired\n​\n —\n​\n​\n (2,307)\n​\n​\n (200)\n​\n​\n (2,628)\nOther\n​\n (6)\n​\n​\n (5)\n​\n​\n (6)\n​\n​\n (12)\nNet cash used in investing activities\n​\n (308)\n​\n​\n (2,537)\n​\n​\n (1,032)\n​\n​\n (3,298)\nCash flows from financing activities:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nNet increase (decrease) in commercial paper\n​\n —\n​\n​\n (1,500)\n​\n​\n 100\n​\n​\n (255)\nProceeds from issuance of debt\n​\n —\n​\n​\n 1,458\n​\n​\n 750\n​\n​\n 2,231\nRepayment of debt\n​\n —\n​\n​\n (1)\n​\n​\n (851)\n​\n​\n (580)\nProceeds from exercise of share options\n​\n 15\n​\n​\n 42\n​\n​\n 79\n​\n​\n 101\nRepurchase of ordinary shares\n​\n (529)\n​\n​\n (301)\n​\n​\n (1,348)\n​\n​\n (910)\nPayment of ordinary share dividends to shareholders\n​\n (226)\n​\n​\n (212)\n​\n​\n (643)\n​\n​\n (594)\nOther\n​\n (9)\n​\n​\n (23)\n​\n​\n (67)\n​\n​\n (56)"},{"id":"e29","sourceId":"filing-2","location":"MD&A—Acquisitions; July 22, 2026 acquisition agreement","excerpt":"Acquisitions On July 22, 2026, we entered into a definitive agreement to acquire Astrodyne TDI, a leading manufacturer of power and filter solutions, for approximately $1.4 billion in cash."},{"id":"e30","sourceId":"filing-2","location":"Condensed Consolidated Statements of Operations; operating income and diluted shares","excerpt":"FINANCIAL STATEMENTS TE CONNECTIVITY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in millions, except per share data) ​ Net sales ​ $ 5,160 ​ $ 4,534 ​ $ 14,573 ​ $ 12,513 ​ Cost of sales ​ 3,325 ​ 2,934 ​ 9,254 ​ 8,094 ​ Gross margin ​ 1,835 ​ 1,600 ​ 5,319 ​ 4,419 ​ Selling, general, and administrative expenses ​ 532 ​ ​ 491 ​ 1,606 ​ ​ 1,372 ​ Research, development, and engineering expenses ​ 230 ​ ​ 211 ​ 692 ​ ​ 602 ​ Acquisition and integration costs ​ 9 ​ ​ 27 ​ 20 ​ ​ 41 ​ Restructuring and other charges, net ​ 83 ​ ​ 14 ​ 103 ​ ​ 109 ​ Operating income ​ ​ 981 ​ ​ 857 ​ ​ 2,898 ​ ​ 2,295 ​ Interest income ​ ​ 21 ​ ​ 17 ​ ​ 67 ​ ​ 62 ​ Interest expense ​ (31) ​ ​ (28) ​ (93) ​ ​ (48) ​ Other income (expense), net ​ — ​ ​ — ​ 2 ​ ​ (2) ​ Income from continuing operations before income taxes ​ 971 ​ 846 ​ 2,874 ​ 2,307 ​ Income tax expense ​ (223) ​ ​ (208) ​ (520) ​ ​ (1,128) ​ Income from continuing operations ​ 748 ​ 638 ​ 2,354 ​ 1,179 ​ Loss from discontinued operations, net of income taxes ​ — ​ ​ — ​ (1) ​ ​ — ​ Net income ​ $ 748 ​ $ 638 ​ $ 2,353 ​ $ 1,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from continuing operations ​ $ 2.57 ​ $ 2.16 ​ $ 8.03 ​ $ 3.96 ​ Loss from discontinued operations ​ — ​ — ​ — ​ — ​ Net income ​ 2.57 ​ 2.16 ​ 8.03 ​ 3.96 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from continuing operations ​ $ 2.55 ​ $ 2.14 ​ $ 7.98 ​ $ 3.93 ​ Loss from discontinued operations ​ — ​ — ​ — ​ — ​ Net income ​ 2.55 ​ 2.14 ​ 7.98 ​ 3.93 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 291 ​ ​ 296 ​ 293 ​ ​ 298 ​ Diluted ​ 293 ​ ​ 298 ​ 295 ​ ​ 300 ​ See accompanying Notes to Condensed Consolidated Financial Statements."},{"id":"e31","sourceId":"filing-3","location":"Compensation Discussion and Analysis; actual fiscal 2025 grants and vesting terms","excerpt":"The following table describes the general terms and conditions of the fiscal 2025 grants: Description Performance Stock Units (PSU) Stock Options (SO) Definition Promise to deliver a share of TE stock at a specified point in the future as long as certain performance metrics are achieved Right to purchase an ordinary share of TE at a future date for a predetermined, fixed price Performance Period 3 Years 4 Years Performance Measure Three-year average Relative Earnings Per Share (EPS) Growth against S&P 500 Non-Financial Index – Award Vesting (% of Target) Threshold (25th) – 50% Target (50th) – 100% Maximum (75th) – 200% – Vesting Cliff Vesting upon the MDCC certification following the third anniversary of the grant date 25% Ratable beginning on or after the first anniversary of the grant date Expiration – 10 years Dividends Dividend Equivalent Units (DEU) vesting on the third anniversary proportional to the PSUs earned Not applicable ​ ​ ​ 2026 Annual General Meeting Proxy Statement 59 ​ Table of Contents ​ Grant of Fiscal 2025 Long-Term Incentive Awards The MDCC granted long-term equity incentive awards for fiscal year 2025 in November 2024."},{"id":"e32","sourceId":"filing-3","location":"Compensation Discussion and Analysis; fiscal 2023 PSU outcome","excerpt":"Kroeger ​ $ 2,300,000 Mr. Jenkins ​ $ 2,100,000 ​ Payout for Fiscal 2023 PSU Grant Fiscal year 2025 was the third year of our fiscal year 2023 PSU grant and recipients earned shares for the period calculated at 136% of target which reflected the Company’s performance relative to the index over the three-year period."},{"id":"e33","sourceId":"filing-3","location":"Compensation Discussion and Analysis; executive ownership requirements","excerpt":"Additional market samples are also referenced to meet unique circumstances where appropriate Focus on executive stock ownership – Designed to ensure that our leaders own stock and directly align their long-term financial interests with all other shareholders – The TE Connectivity Stock Ownership and Retention Requirement Plan, together with long-term equity awards, drives executive stock ownership – The CEO is required to hold shares equal to six times his base salary, and the other named executive officers are required to hold shares equal to three times their respective base salaries Simple and transparent – Designed to ensure both our leaders and external stakeholders understand our priorities and expectations – Our executive compensation programs are designed to be readily understood by our executives, and transparent to our investors Fair and Equitable – Designed to deliver fair and equitable pay based on roles and responsibilities and on company and individual performance, regardless of gender, race/ethnicity or any other individual demographics ​ ​ Industry Peer Group As part of its oversight of executive compensation, the MDCC periodically reviews market data to ensure that pay levels, mix, and practices for senior executives remain competitive and aligned with shareholder interests."},{"id":"e34","sourceId":"filing-3","location":"Compensation Discussion and Analysis; discretionary incentive reserve","excerpt":"In addition, there is a reserve pool of 10% of the total target annual incentive award pool amount that, with the MDCC’s approval, can be used by the CEO to reward exceptional performance at either the business unit or individual level, regardless of performance results against the established financial measures."},{"id":"e35","sourceId":"filing-3","location":"Corporate Governance—Board Committees; independence","excerpt":"​ To conduct its business the Board maintains three standing committees: Audit, Management Development and Compensation, and Nominating, Governance and Compliance Committee, each of which are comprised entirely of independent directors."},{"id":"e36","sourceId":"filing-3","location":"Compensation Discussion and Analysis; existing compensation recovery policy","excerpt":"Clawbacks and Other Remedies for Potential Misconduct In accordance with the TE Connectivity plc Incentive-Based Compensation Recovery Policy, the Board will seek reimbursement from covered executive officers (which includes our NEOs) for the amount of erroneously awarded compensation (i.e., the amount of incentive-based compensation received that exceeds the amount of incentive-based compensation that otherwise would have been received had it been determined based on restated amounts) resulting from an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement (i) to correct an error in previously issued financial statements that is material to the previously issued financial statements or (ii) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period."},{"id":"e37","sourceId":"filing-3","location":"Audit Committee Report; auditor-service approval requirement","excerpt":"The independent auditor may not begin any work without confirmation of Audit Committee approval from the Corporate Controller or his/her delegate."},{"id":"e38","sourceId":"filing-8","location":"Segment Summary; quarterly and nine-month adjusted Transportation margins","excerpt":"Transportation Solutions $ 541 21.0 % $ 486 20.1 % $ 1,586 21.2 % $ 1,476 21.2 %"},{"id":"e39","sourceId":"filing-16","location":"Amphenol strategy; international new-product development capabilities","excerpt":"The majority of the Company’s international operations have broad capabilities, including new product development."}],"changes":["Retained the uncertain moat verdict after reassessing the supplied current catalog; all four moat grades remain null.","Retained mixed pricing assessments, with the $51 million consolidated contribution explicitly separated from Transportation's $46 million erosion because their periods and scopes differ.","Added explicit competitor comparison: Aptiv also reports long customer relationships, while Amphenol discloses global development and low-cost manufacturing capabilities. Neither establishes TE's relative disadvantage, but both limit claims of uniqueness.","Re-established management grades from current catalog disclosures rather than carrying forward prior evidence references."],"limitations":["TE's filings and presentations provide operating evidence, but its leadership, resilience and potential competitive advantage descriptions remain issuer assertions.","Named competitor coverage is established, but detailed comparative passages cover only Aptiv and Amphenol. Relative technical performance, costs, market shares and customer award outcomes are missing.","TE-specific qualification costs, redesign burdens, program retention rates and contract repricing rights are undisclosed. Competitor contractual terms are not attributed to TE.","Actual compensation grants, vesting terms and ownership requirements are disclosed; executive ownership balances and compliance with those requirements are not established.","All cited source dates retain dateKind filed. Interim operating evidence extends through June 26, 2026; later filing dates do not establish later operating outcomes.","No network effects or efficient-scale barriers are demonstrated. Intangible asset accounting balances and margin levels alone are not treated as moat evidence."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Engineering and longstanding relationships are established capabilities, but the passages do not establish material barriers or superiority over named competitors.","evidenceIds":["e2","e9","e10","e18","e39"]},{"criterion":"durability","grade":null,"rationale":"Relationship longevity does not establish durable switching barriers, and no protected technology lead or comparative cost advantage is demonstrated.","evidenceIds":["e2","e10","e14"]},{"criterion":"customer_dependency","grade":null,"rationale":"Customer collaboration and increased content support repeat demand, but customer dependence on TE and material replacement costs remain unestablished.","evidenceIds":["e1","e3","e5"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Productivity has offset pressure operationally, but resilience of an identifiable structural moat cannot be assessed when that moat remains uncertain.","evidenceIds":["e11","e16","e22"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Observed pricing is mixed: consolidated first-half fiscal 2026 pricing added $51 million, while Transportation lost $46 million over nine months. Historical annual erosion of 1%–2% limits evidence of sustained pricing strength; the scopes and periods differ.","evidenceIds":["e19","e6","e16"]},{"criterion":"retention","grade":2,"rationale":"Longstanding relationships, increased automotive content and broad order growth support repeat demand indirectly. Orders remain cancellable; customer-level retention and retention following repricing are undisclosed.","evidenceIds":["e2","e3","e24","e5"]},{"criterion":"margin_resilience","grade":2,"rationale":"Nine-month gross margin improved from 35.3% to 36.5%, primarily through volume and productivity. Transportation's nine-month GAAP and adjusted margins were unchanged; its quarterly adjusted margin improved despite a GAAP decline. Fiscal 2025 underlying profit erosion and continuing cost reductions make the evidence mixed rather than proof of price-led protection.","evidenceIds":["e11","e21","e22","e23","e38","e17"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Positive implemented pricing demonstrates some practical discretion, while persistent erosion and customer incentives show constraints. Fixed transaction prices do not establish unilateral reset rights; escalation clauses and contract durations remain undisclosed.","evidenceIds":["e19","e16","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2025 operating cash flow of $4.139 billion supported $936 million of capital expenditure, partly benefiting from lower tax payments. Fiscal 2026 nine-month cash generation supported investment and distributions while diluted shares declined. Financing included debt issuance and repayments; the $1.4 billion acquisition agreement adds a commitment. Acquisition returns and repurchase value creation remain unestablished.","evidenceIds":["e25","e26","e27","e28","e29","e30"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual fiscal 2025 grants combine three-year relative-EPS PSUs with options vesting over four years; the fiscal 2023 PSU cycle earned 136% of target. Ownership requirements reinforce alignment. Discretionary incentives and missing ownership balances limit confidence in outcomes and compliance; grant terms do not establish future vesting.","evidenceIds":["e31","e32","e33","e34"]},{"criterion":"execution","grade":3,"rationale":"Repeated productivity improvements, 11.4% nine-month organic growth and operating income increasing from $2.295 billion to $2.898 billion support strong demonstrated execution. Attribution to management is indirect: demand and volume contributed, and Transportation pricing pressure persists.","evidenceIds":["e11","e12","e22","e30"]},{"criterion":"governance","grade":3,"rationale":"Entirely independent standing committees, an existing executive compensation recovery policy and mandatory auditor-service preapproval establish strong governance arrangements. Observed enforcement effectiveness and exceptional durability are not demonstrated.","evidenceIds":["e35","e36","e37"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"31770ad8bf0634ee64511882f66ef85aff95f421017b4fe505d8e067ec245827","updatedAt":"2026-10-19T20:41:44.264Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","publishedAt":"2025-11-10","sha256":"a3fc7e78d33062aaf37c53cf9d70c119498beba0e094fffa4b8c8b36488b235b","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926086509/tel-20260626x10q.htm","publishedAt":"2026-07-24","sha256":"a53d7ea73a88c4934599a00fe95035cb5f5e6dea4c27bf3547401cc5761ddb8e","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926003934/tel-20260311xdef14a.htm","publishedAt":"2026-01-15","sha256":"b9d18e66eb883e7aacf6968a7a82d7041fcb5c5a75dc7247584d3a8f8f2ba915","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1385157/000155837024015227/tel-20240927x10k.htm","publishedAt":"2024-11-12","sha256":"c04479baead3f3089799154cf3309cfbf9a9a9fcba718706c3412f1e60fe63f4","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1385157/000155837023018833/tel-20230929x10k.htm","publishedAt":"2023-11-13","sha256":"f3857f6f0a7e4f93ef559d88000fa4ba0f5c7ca2879249b41fcedc0b8567d3af","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926048160/tel-20260327x10q.htm","publishedAt":"2026-04-24","sha256":"1e30f54f9ba8febdba9f1b9c2cb969e41d1f99e6b708f984c57bbb50aee1ee7f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926085589/tel-20260722xex99d1.htm","publishedAt":"2026-07-22","sha256":"7fc6d655a9894141c8993f9629baa25dcdc6e0dd6910a71853afa725585b5db3","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926085589/tel-20260722xex99d2.htm","publishedAt":"2026-07-22","sha256":"740e6e652ba2ad37c3ffdf8c25c8c4436be73b13b30dd2a742f53efb7ff909c0","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926046285/tel-20260422xex99d1.htm","publishedAt":"2026-04-22","sha256":"d3604f1310e4fa26ec0b503c44400e5b44d987371c70e271c1524a86b6b63981","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926046285/tel-20260422xex99d2.htm","publishedAt":"2026-04-22","sha256":"21d205a70871cae3ae2e216ccf4dc36e2bb964bfdc1307ba2019be1adea271c0","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926005219/tel-20260121xex99d1.htm","publishedAt":"2026-01-21","sha256":"d8a3ea46362fd8eb1c9b9952aa2a84b59fc4269e6d3bdefa6989db11b40238d7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926005219/tel-20260121xex99d2.htm","publishedAt":"2026-01-21","sha256":"e6b8ab13a46a69a8b5afcc0830dd86f2f4670521632c3ca1c67fdd6af88d294c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-13","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926114188/tm2627096d1_8k.htm","publishedAt":"2026-10-07","sha256":"11ce37a505c30a5eb5d6f57c504323cc2a82628cb706c0b7ebe8cbede085832c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-14","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926026421/tm268474d1_8k.htm","publishedAt":"2026-03-11","sha256":"0d610183c4a3f790eb04de5cd6a0e03006875387938b02cf900a0d64cbaef8ca","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-15","url":"https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm","publishedAt":"2026-02-06","sha256":"a2a501e4576c62cbfd1274a4b1c0d194a2612ce0864079a320a8a6d785cfe91d","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"Aptiv PLC annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."},{"id":"filing-16","url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","publishedAt":"2026-02-11","sha256":"54f346a13f4f1480c529e402fd8c084792a28cc43c58b59f75ace932df22e680","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"Amphenol Corporation annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."}],"model":"gpt-6.1-sol","providerId":"codex:d00cc99e5079d14acbd20f76efc7a8277907143590267a97ba1e60087b1d8126","usage":{"input_tokens":177659,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4265,"reasoning_output_tokens":105}},"signals":[{"period":"2021","end":"2021-09-24","values":{"gross_margin":32.74810694900489,"operating_margin":16.310393352543056,"roic":17.68187419677375,"fcf_margin":13.308316022247539,"sbc_revenue":0.6299001541245057},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pb":"The reported inputs required for this metric 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.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"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%."}},{"period":"2022","end":"2022-09-30","values":{"gross_margin":32.20932375161231,"operating_margin":16.927707143295866,"roic":17.836423189180504,"fcf_margin":10.441619065167988,"sbc_revenue":0.7309133345617591},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric 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.","roe":"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%."}},{"period":"2023","end":"2023-09-29","values":{"gross_margin":31.526755644255957,"operating_margin":14.36946488711488,"roic":13.805518876715478,"fcf_margin":14.968192590744668,"sbc_revenue":0.7671198702756643},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"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%."}},{"period":"2024","end":"2024-09-27","values":{"gross_margin":34.43357526033449,"operating_margin":17.645945093089303,"roic":null,"fcf_margin":17.652256232249922,"sbc_revenue":0.8015146733985484},"issues":{"pb":"The reported inputs required for this metric 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.","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%.","roe":"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%."}},{"period":"2025","end":"2025-09-26","values":{"gross_margin":35.216081566446526,"operating_margin":18.601552543158384,"roic":11.449812660560562,"fcf_margin":18.555207971266366,"sbc_revenue":0.8631676514888195},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric 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.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"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%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465925109150/tel-20250926x10k.htm","publishedAt":"2025-11-10","sha256":"a3fc7e78d33062aaf37c53cf9d70c119498beba0e094fffa4b8c8b36488b235b","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926086509/tel-20260626x10q.htm","publishedAt":"2026-07-24","sha256":"a53d7ea73a88c4934599a00fe95035cb5f5e6dea4c27bf3547401cc5761ddb8e","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926003934/tel-20260311xdef14a.htm","publishedAt":"2026-01-15","sha256":"b9d18e66eb883e7aacf6968a7a82d7041fcb5c5a75dc7247584d3a8f8f2ba915","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1385157/000155837024015227/tel-20240927x10k.htm","publishedAt":"2024-11-12","sha256":"c04479baead3f3089799154cf3309cfbf9a9a9fcba718706c3412f1e60fe63f4","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1385157/000155837023018833/tel-20230929x10k.htm","publishedAt":"2023-11-13","sha256":"f3857f6f0a7e4f93ef559d88000fa4ba0f5c7ca2879249b41fcedc0b8567d3af","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926048160/tel-20260327x10q.htm","publishedAt":"2026-04-24","sha256":"1e30f54f9ba8febdba9f1b9c2cb969e41d1f99e6b708f984c57bbb50aee1ee7f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926085589/tel-20260722xex99d1.htm","publishedAt":"2026-07-22","sha256":"7fc6d655a9894141c8993f9629baa25dcdc6e0dd6910a71853afa725585b5db3","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926085589/tel-20260722xex99d2.htm","publishedAt":"2026-07-22","sha256":"740e6e652ba2ad37c3ffdf8c25c8c4436be73b13b30dd2a742f53efb7ff909c0","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926046285/tel-20260422xex99d1.htm","publishedAt":"2026-04-22","sha256":"d3604f1310e4fa26ec0b503c44400e5b44d987371c70e271c1524a86b6b63981","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926046285/tel-20260422xex99d2.htm","publishedAt":"2026-04-22","sha256":"21d205a70871cae3ae2e216ccf4dc36e2bb964bfdc1307ba2019be1adea271c0","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926005219/tel-20260121xex99d1.htm","publishedAt":"2026-01-21","sha256":"d8a3ea46362fd8eb1c9b9952aa2a84b59fc4269e6d3bdefa6989db11b40238d7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926005219/tel-20260121xex99d2.htm","publishedAt":"2026-01-21","sha256":"e6b8ab13a46a69a8b5afcc0830dd86f2f4670521632c3ca1c67fdd6af88d294c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-13","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926114188/tm2627096d1_8k.htm","publishedAt":"2026-10-07","sha256":"11ce37a505c30a5eb5d6f57c504323cc2a82628cb706c0b7ebe8cbede085832c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-14","url":"https://www.sec.gov/Archives/edgar/data/1385157/000110465926026421/tm268474d1_8k.htm","publishedAt":"2026-03-11","sha256":"0d610183c4a3f790eb04de5cd6a0e03006875387938b02cf900a0d64cbaef8ca","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-15","url":"https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm","publishedAt":"2026-02-06","sha256":"a2a501e4576c62cbfd1274a4b1c0d194a2612ce0864079a320a8a6d785cfe91d","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"Aptiv PLC annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."},{"id":"filing-16","url":"https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm","publishedAt":"2026-02-11","sha256":"54f346a13f4f1480c529e402fd8c084792a28cc43c58b59f75ace932df22e680","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"Amphenol Corporation annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."}],"history":[{"version":8,"updatedAt":"2026-10-23T17:55:08.367Z","verdict":"uncertain","value":null},{"version":7,"updatedAt":"2026-10-22T22:15:08.892Z","verdict":"uncertain","value":null},{"version":6,"updatedAt":"2026-10-19T22:04:21.334Z","verdict":"uncertain","value":null},{"version":5,"updatedAt":"2026-10-19T18:33:29.802Z","verdict":"uncertain","value":null},{"version":4,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"queued","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}