{"schemaVersion":1,"research":true,"symbol":"cost","name":"Costco Wholesale","topic":"moat","path":"/stock/cost/moat","status":"published","version":5,"updatedAt":"2026-10-19T10:37:53.119Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Costco demonstrates a narrow moat through its membership value proposition and brand loyalty: high multiyear renewals coexist with growing paid membership and realized membership fee increases. Kirkland Signature adds differentiation. Pricing power is clearer in membership fees than merchandise. Improved inventory turns and supplier terms demonstrate execution, but comparative cost superiority is unproven. Renewals stabilized in 2026 below 2024 levels, while full-year core merchandise margins improved despite quarterly pressure.","advantages":[{"mechanism":"intangible_assets","claim":"Costco's membership franchise supports repeat demand and the ability to raise membership fees while maintaining high renewals. Kirkland Signature's growing sales contribution reinforces differentiation, although its separate contribution to retention is unquantified.","durability":"High renewals across 2024–2026, paid membership growth and recognized revenue from the September 2024 fee increase support a current, repeatable advantage. The supplied history supports a narrow moat, without establishing exceptional long-term durability.","risks":"Renewals remain below 2024 levels, and digitally acquired members renew less frequently on average. Vigorous price and convenience competition, easier comparison shopping and potential changes from AI could weaken perceived membership value. Kirkland product quality and acceptance remain important; disclosed litigation allegations do not establish actual product defects or lost loyalty.","invalidation":"The thesis would fail if successive renewal cohorts showed sustained deterioration alongside stalled paid membership growth, or if future fee increases required concessions that eliminated incremental fee income. Sustained loss of Kirkland acceptance and sales contribution would weaken the supporting brand advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9","e10","e11","e12","e13"],"counterEvidenceIds":["e14","e15","e16","e17","e18","e19","e20"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"MD&A / Membership Fees / 2024 renewal rates","excerpt":"At the end of 2024, our member renewal rates were 92.9% in the U.S."},{"id":"e2","sourceId":"filing-3","location":"MD&A / Membership Fees / worldwide renewals and Executive membership","excerpt":"and Canada and 90.5% worldwide. Renewal rates benefited from higher penetration of Executive members."},{"id":"e3","sourceId":"filing-2","location":"MD&A / Membership Fees / 2025 renewal rates","excerpt":"At the end of 2025, our member renewal rates were 92.3% in the U.S."},{"id":"e4","sourceId":"filing-2","location":"MD&A / Membership Fees / worldwide renewals and digital acquisition","excerpt":"and Canada and 89.8% worldwide. Renewal rates were negatively impacted by a higher number of memberships sold online, \n26\nTable of Contents\nincluding through digital promotions, entering the renewal rate calculation."},{"id":"e5","sourceId":"filing-1","location":"MD&A / Membership Fees / 2026 renewal rates","excerpt":"At the end of 2026, member renewal rates were 92.3% in the U.S."},{"id":"e6","sourceId":"filing-1","location":"MD&A / Membership Fees / 2026 worldwide renewal rate","excerpt":"and Canada and 89.8% worldwide.\n26\nTable of Contents\nAs previously reported, we increased annual membership fees in the U.S."},{"id":"e7","sourceId":"filing-4","location":"MD&A / Membership Fees / paid membership and fee revenue growth","excerpt":"Membership Fees\n12 Weeks Ended\n36 Weeks Ended\nMay 10,\n2026\nMay 11,\n2025\nMay 10,\n2026\nMay 11,\n2025\nMembership fees\n$\n1,373 \n$\n1,240 \n$\n4,057 \n$\n3,599 \nTotal paid members (000s)\n82,900 \n79,600 \n— \n— \nTotal cardholders (000s)\n148,500 \n142,800 \n— \n— \nMembership fee revenue increased 11% and 13% in the third quarter and first thirty-six weeks of 2026, driven by new member sign-ups, membership fee increases and upgrades to Executive Membership."},{"id":"e8","sourceId":"filing-3","location":"MD&A / Membership Fees / fee increase effective date","excerpt":"Effective September 1, 2024, we increased our membership fees in the U.S."},{"id":"e9","sourceId":"filing-3","location":"MD&A / Membership Fees / annual membership price","excerpt":"and Canada for Gold Star (individual), Business, and Business affiliates to $65 per year."},{"id":"e10","sourceId":"filing-3","location":"MD&A / Membership Fees / Executive fee and reward changes","excerpt":"The Executive membership fee increased from $120 to $130 (membership fee of $65, plus Executive upgrade of $65), and the maximum annual 2% reward associated with the Executive Membership increased from $1,000 to $1,250."},{"id":"e11","sourceId":"filing-1","location":"MD&A / Membership Fees / 2024–2026 revenue and growth drivers","excerpt":"Membership Fees\n2026\n2025\n2024\nMembership fees\n$\n5,907\n$\n5,323\n$\n4,828\nMembership fee revenue increased 11% in 2026, driven by new member sign-ups, membership fee increases, and upgrades to Executive memberships."},{"id":"e12","sourceId":"filing-1","location":"MD&A / Membership Fees / realized contribution from fee increases","excerpt":"The fee income increase accounted for approximately 30% and 40% of membership income growth during 2026 and 2025."},{"id":"e13","sourceId":"filing-1","location":"Risk Factors / Kirkland Signature / sales contribution and margins","excerpt":"These products also generally carry higher margins than national brand products and represent a growing portion of our overall sales."},{"id":"e14","sourceId":"filing-2","location":"MD&A / Membership Fees / lower renewal propensity of online members","excerpt":"These members renew at a slightly lower rate on average."},{"id":"e15","sourceId":"filing-1","location":"Risk Factors / competitive categories","excerpt":"We compete for members, employees, sites, products and services, and in other important respects with a wide range of local, regional and national wholesalers and retailers, both in the United States and in foreign countries, including other warehouse-club operators, supermarkets, supercenters, online retailers, gasoline stations, pharmacies, hard discounters, department and specialty stores and operators selling a single category or narrow range of merchandise or services."},{"id":"e16","sourceId":"filing-1","location":"Risk Factors / competition on price, selection and convenience","excerpt":"Such retailers and warehouse club operators compete vigorously and in a variety of ways, including pricing, selection and availability, services, location, convenience, store hours, and the attractiveness, and ease of use of websites and mobile applications."},{"id":"e17","sourceId":"filing-1","location":"Risk Factors / comparison shopping and competition","excerpt":"The evolution of retailing in online and mobile channels has improved the ability of customers to comparison shop, which has enhanced competition."},{"id":"e18","sourceId":"filing-1","location":"Risk Factors / potential AI effects on membership value perception","excerpt":"AI may also present inaccurate pricing or product data, or fail to capture the full value of our membership offering, impacting member purchasing decisions by prioritizing immediate or inaccurate price comparison or logistics over member loyalty."},{"id":"e19","sourceId":"filing-1","location":"Risk Factors / potential loss of Kirkland acceptance","excerpt":"If the Kirkland Signature brand experiences a loss of member acceptance or confidence, our sales and gross margin results could be adversely affected."},{"id":"e20","sourceId":"filing-1","location":"Legal Proceedings / Kirkland tequila labeling allegations","excerpt":"2:25-cv-02277 (W.D. Wash.). Plaintiffs allege that the Company's Kirkland Signature tequilas are labeled “100% de Agave” but contain alcohol derived from non-agave sugars."},{"id":"e21","sourceId":"filing-4","location":"MD&A / management's pricing philosophy","excerpt":"We do not focus in the short-term on maximizing prices charged, but instead seek to maintain what we believe is a perception among our members of our “pricing authority” – consistently providing the most competitive values."},{"id":"e22","sourceId":"filing-4","location":"MD&A / pricing investments and possible margin effects","excerpt":"Our investments in merchandise pricing may include reducing prices on merchandise to drive sales or meet competition and holding prices steady despite cost increases instead of passing the increases on to our members, negatively impacting gross margin and gross margin as a percentage of net sales (gross margin percentage) in the near term."},{"id":"e23","sourceId":"filing-1","location":"MD&A / Gross Margin / reported annual results","excerpt":"Gross Margin\n2026\n2025\n2024\nNet sales\n$\n297,247\n$\n269,912\n$\n249,625\nLess merchandise costs\n264,279\n239,886\n222,358\nGross margin\n$\n32,968\n$\n30,026\n$\n27,267\nGross margin percentage\n11.09 \n%\n11.12 \n%\n10.92 \n%\nGross margin percentage decreased three basis points."},{"id":"e24","sourceId":"filing-1","location":"MD&A / Gross Margin / gasoline-adjusted annual result","excerpt":"Excluding the impact of gasoline price inflation on net sales, gross margin percentage was 11.22%, an increase of 10 basis points."},{"id":"e25","sourceId":"filing-1","location":"MD&A / Gross Margin / core merchandise margin on own sales","excerpt":"The gross margin in core merchandise categories when expressed as a percentage of their own sales increased 15 basis points."},{"id":"e26","sourceId":"filing-4","location":"MD&A / Gross Margin / third-quarter core merchandise margin on own sales","excerpt":"22\nTable of Contents\nThe gross margin in core merchandise categories, when expressed as a percentage of core merchandise sales (rather than total net sales), decreased nine basis points."},{"id":"e27","sourceId":"filing-1","location":"MD&A / Gross Margin / tariff refunds and actual member price reductions","excerpt":"IEEPA tariff refunds, net of investment in price reductions for members, positively impacted gross margin by three basis points."},{"id":"e28","sourceId":"filing-1","location":"MD&A / operating cash flow / 2026 and 2025","excerpt":"Net cash provided by operating activities totaled $15,817 in 2026, compared to $13,335 in 2025."},{"id":"e29","sourceId":"filing-1","location":"MD&A / operating cash flow / inventory turns and supplier terms","excerpt":"The latter was a result of faster inventory turns and improved payment terms with suppliers."},{"id":"e30","sourceId":"filing-1","location":"MD&A / capital expenditures / actual 2026 spending and 2027 intention","excerpt":"In 2026, we spent $6,435 on capital expenditures, and it is our current intention to spend approximately $7,500 during fiscal 2027."},{"id":"e31","sourceId":"filing-1","location":"MD&A / 2026 highlights / actual warehouse openings","excerpt":"Highlights for 2026 include:\n•We opened 28 new warehouses, including three relocations, for a total of 25 net new warehouses: 18 in the U.S., five in our Canadian segment, and two in our Other International segment, compared to 27 new warehouses, including three relocations, in 2025;"},{"id":"e32","sourceId":"filing-1","location":"Consolidated Statements of Equity / earnings, dividends, equity issuance and repurchases","excerpt":"Earnings\nTotal\nEquity\nShares (000’s)\nAmount\nBALANCE AT SEPTEMBER 3, 2023\n442,793 \n$\n2 \n$\n7,340 \n$\n(1,805)\n$\n19,521 \n$\n25,058 \nNet income\n— \n— \n— \n— \n7,367 \n7,367 \nForeign-currency translation adjustment and other, net\n— \n— \n— \n(23)\n— \n(23)\nStock-based compensation\n— \n— \n822 \n— \n— \n822 \nRelease of vested restricted stock units (RSUs), including tax effects\n1,337 \n— \n(315)\n— \n— \n(315)\nRepurchases of common stock\n(1,004)\n— \n(18)\n— \n(680)\n(698)\nCash dividends declared\n— \n— \n— \n— \n(8,589)\n(8,589)\nBALANCE AT SEPTEMBER 1, 2024\n443,126 \n2 \n7,829 \n(1,828)\n17,619 \n23,622 \nNet income\n— \n— \n— \n— \n8,099 \n8,099 \nForeign-currency translation adjustment and other, net\n— \n— \n— \n58 \n— \n58 \nStock-based compensation\n— \n— \n864 \n— \n— \n864 \nRelease of vested RSUs, including tax effects\n1,054 \n— \n(393)\n— \n— \n(393)\nRepurchases of common stock\n(943)\n— \n(18)\n— \n(885)\n(903)\nCash dividend declared\n— \n— \n— \n— \n(2,183)\n(2,183)\nBALANCE AT AUGUST 31, 2025\n443,237 \n2 \n8,282 \n(1,770)\n22,650 \n29,164 \nNet income\n— \n— \n— \n— \n9,226 \n9,226 \nForeign-currency translation adjustment and other, net\n— \n— \n— \n150 \n— \n150 \nStock-based compensation\n— \n— \n929 \n— \n— \n929 \nRelease of vested RSUs, including tax effects\n920 \n— \n(361)\n— \n— \n(361)\nRepurchases of common stock\n(891)\n— \n(20)\n— \n(827)\n(847)\nCash dividend declared\n— \n— \n— \n— \n(2,458)\n(2,458)\nBALANCE AT AUGUST 30, 2026\n443,266 \n$\n2 \n$\n8,830 \n$\n(1,620)\n$\n28,591 \n$\n35,803 \nThe accompanying notes are an integral part of these consolidated financial statements."},{"id":"e33","sourceId":"filing-6","location":"Compensation Discussion and Analysis / fiscal 2025 performance conditions","excerpt":"The criteria for the fiscal 2025 performance-based grants were (versus fiscal 2024) a 3% increase in net sales or a 2% increase in pre-tax income (both adjusted for changes in foreign currencies)."},{"id":"e34","sourceId":"filing-6","location":"Compensation Discussion and Analysis / earned RSUs and remaining vesting conditions","excerpt":"Accordingly, the executive officers who received performance-based grants earned all of the RSUs granted, subject to time-based and long-service vesting."},{"id":"e35","sourceId":"filing-6","location":"Compensation Discussion and Analysis / actual long-service vesting","excerpt":"For awards vested on October 22, 2025, all other Named Executive Officers received 100% long-service vesting."},{"id":"e36","sourceId":"filing-6","location":"Compensation Discussion and Analysis / executive stock ownership requirements","excerpt":"Stock Ownership Requirements\n Executive officers are required by the end of each calendar year to own and retain shares of Company common stock representing in value at least three times (seven times for the Chief Executive Officer) the base salary of the officer in effect at the beginning of the fiscal year."},{"id":"e37","sourceId":"filing-6","location":"Compensation Discussion and Analysis / ownership compliance at calendar 2024 year-end","excerpt":"All executive officers were in compliance at the end of calendar 2024."},{"id":"e38","sourceId":"filing-6","location":"Compensation Discussion and Analysis / hedging and pledging prohibitions","excerpt":"Hedging and Pledging Policies\n The Corporate Governance Guidelines prohibit transactions involving hedging of the Company's equity securities by directors, officers, and employees and prohibit pledging of the Company's equity securities by directors and executive officers."},{"id":"e39","sourceId":"filing-6","location":"Election of Directors / annual director terms","excerpt":"Directors are elected annually for terms expiring at the next annual meeting of shareholders."},{"id":"e40","sourceId":"filing-6","location":"Corporate Governance / shareholder proxy access","excerpt":"Our bylaws provide for proxy access shareholder nominations for director candidates by eligible shareholders."},{"id":"e41","sourceId":"filing-6","location":"Board Structure / separate chair and CEO positions","excerpt":"Currently the positions of Chairman and Chief Executive Officer are filled separately."},{"id":"e42","sourceId":"filing-6","location":"Committees of the Board / actual Audit Committee meetings","excerpt":"The Audit Committee met eight times during fiscal 2025."},{"id":"e43","sourceId":"filing-1","location":"Independent auditor report / unqualified opinion on financial reporting controls","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of August 30, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated October 6, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting."},{"id":"e44","sourceId":"filing-1","location":"MD&A / net sales / actual core merchandise growth","excerpt":"Sales increased $17,136 or 8% in core merchandise categories, increasing in all categories."},{"id":"e45","sourceId":"filing-5","location":"MD&A / capital expenditure plans / earlier fiscal 2026 opening expectations","excerpt":"We opened 12 new warehouses, including two relocations, in the first half of 2026, and plan to open 21 additional new warehouses, including three relocations, in the remainder of fiscal 2026."}],"changes":["Retain the previous narrow verdict; membership loyalty and realized fee increases remain the best-supported advantage.","Correct the erosion narrative: fiscal 2026 renewal rates matched fiscal 2025 at 92.3% in the U.S. and Canada and 89.8% worldwide, although both remained below fiscal 2024.","Qualify merchandise margin pressure: third-quarter core margin on core sales fell nine basis points, but the full-year measure increased 15 basis points. A declining contribution to total-sales margin does not establish deterioration in core merchandise economics.","Add assessments grounded in the supplied proxy's actual incentive, ownership and governance disclosures; do not infer alignment from management reputation."],"limitations":["Only supplied passages were used. Source dates are filing dates: filing-1 October 7, 2026; filing-2 October 8, 2025; filing-3 October 9, 2024; filing-4 June 3, 2026; filing-5 March 11, 2026; filing-6 December 4, 2025.","Competitive passages disclose generic categories without naming competitors. Competitor arrays are therefore empty; relative cost, pricing and retention superiority cannot be established.","Operating results support the assessment, but most business disclosures are issuer-reported. Management's pricing-authority philosophy is an assertion, not independent proof of the lowest prices.","High renewals demonstrate loyalty rather than contractual lock-in or customer dependence. Renewal calculations are trailing, and the passages do not isolate the fee increase's causal effect on retention.","Kirkland's growing sales contribution supports differentiation, but separate brand retention, market share and customer willingness to pay are unquantified.","The compensation evidence concerns disclosed fiscal 2025 arrangements and subsequent interim awards; ownership compliance is specifically dated to calendar 2024 year-end. Later compensation and ownership outcomes are not established.","Full membership cancellation, refund and repricing provisions are absent. Enacted fee changes demonstrate some pricing discretion, without proving unrestricted contractual freedom."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"High renewals, paid membership growth and realized fee increases demonstrate a monetizable membership franchise, reinforced by Kirkland's growing sales contribution. Comparative cost superiority and network effects are unproven.","evidenceIds":["e5","e6","e7","e12","e13"]},{"criterion":"durability","grade":3,"rationale":"Renewals remained high across three annual observations and stabilized in 2026 following the fee increase. The limited history and lower renewals than 2024 preclude exceptional durability.","evidenceIds":["e1","e2","e3","e4","e5","e6","e12"]},{"criterion":"customer_dependency","grade":2,"rationale":"Renewals and paid membership growth establish repeat demand directly. They do not establish essential customer dependence or material switching friction; customers face numerous competing retail formats.","evidenceIds":["e5","e6","e7","e15","e16"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Stable latest annual renewals and growing membership revenue counter an erosion thesis, but renewals remain below 2024 and online-acquired cohorts renew less often. Comparison shopping is an observed competitive pressure; AI effects remain potential.","evidenceIds":["e1","e2","e4","e5","e6","e11","e14","e17","e18"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Membership fee increases produced recognized revenue growth in 2025 and 2026 while renewals remained high. This is strong fee-pricing evidence, tempered by a higher Executive reward cap and actual merchandise price reductions; broad merchandise pricing power is unproven.","evidenceIds":["e8","e9","e10","e12","e5","e6","e27"]},{"criterion":"retention","grade":3,"rationale":"Direct renewal disclosures show 92.3% in the U.S. and Canada and 89.8% worldwide in both 2025 and 2026. Paid membership also grew. Lower renewals than 2024 and weaker online cohorts limit the grade.","evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e14"]},{"criterion":"margin_resilience","grade":3,"rationale":"Annual gross margin remained broadly stable, rising 10 basis points excluding gasoline price inflation, and core margin on core sales increased 15 basis points. Quarterly core pressure and tariff refund benefits temper the result. These outcomes demonstrate resilience without independently proving a moat or pricing causation.","evidenceIds":["e23","e24","e25","e26","e27"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented membership fee and reward changes demonstrate discretion to alter commercial terms. Competition constrains merchandise pricing, and full refund, cancellation and repricing provisions are unavailable, leaving unrestricted freedom unestablished.","evidenceIds":["e8","e9","e10","e16","e21","e22"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Operating cash flow of $15.817 billion exceeded actual capital spending of $6.435 billion, alongside completed warehouse expansion and shareholder distributions. Share count stayed broadly stable despite stock compensation. These are demonstrated funding and deployment outcomes; project-level returns and repurchase value are unestablished, and 2027 spending is an intention.","evidenceIds":["e28","e30","e31","e32"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual earned performance RSUs, ownership requirements with dated compliance, and hedging restrictions support alignment. However, fiscal 2025 awards could qualify through either 3% sales growth or 2% pre-tax income growth, and long-service acceleration weakened deferred vesting for several executives. These are adopted arrangements, not proposed awards.","evidenceIds":["e33","e34","e35","e36","e37","e38"]},{"criterion":"execution","grade":3,"rationale":"Completed warehouse openings, 8% core merchandise sales growth, growing paid membership, higher operating cash flow and improved inventory turns and supplier terms demonstrate execution. Earlier opening expectations exceeded the eventual 28 openings, limiting claims of exact plan delivery. Aggregate operating results do not establish each project's success.","evidenceIds":["e31","e44","e7","e28","e29","e45"]},{"criterion":"governance","grade":3,"rationale":"Annual director terms, proxy access, separate chair and CEO positions, eight actual Audit Committee meetings and an unqualified auditor opinion on financial reporting controls provide concrete oversight evidence. These mechanisms do not establish exceptional governance or eliminate misconduct risk.","evidenceIds":["e39","e40","e41","e42","e43"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"41b43095d4a36fe93341233f80a92d22c6c0214e5677f4c3dd1cd33dd7c9f6e8","updatedAt":"2026-10-19T10:37:53.119Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm","publishedAt":"2026-10-07","sha256":"2fc7ba3a101d0765bd80233ab30e2164a6da3346711c0e30d349779f66428233","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm","publishedAt":"2025-10-08","sha256":"d5b202b602e29cd16a45fb89c0f4cd2e48847a035a298ecde7c078f02ecc317f","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/909832/000090983224000049/cost-20240901.htm","publishedAt":"2024-10-09","sha256":"0470441f24a5ac185b5381f308e1cd90a22e4bb6b68a2c97fd068bb874b453a7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/909832/000090983226000051/cost-20260510.htm","publishedAt":"2026-06-03","sha256":"be69d7450792dc7b46278463c7fd9c8134e51275f177c987177fe5a60a67d583","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/909832/000090983226000029/cost-20260215.htm","publishedAt":"2026-03-11","sha256":"ea95ba911ff20afe869ab8e448bd6b035b0e3f306d5944682d0a146e6281df2f","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/909832/000090983225000159/cost-20251204.htm","publishedAt":"2025-12-04","sha256":"7cf37dd88b4e3bb5387c140eb6f38ef42bf3c348ac9bdb31a1cd2b7c49013e3e","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:0fdc8b9b18644e4fe9b9f0a824512e2baf4166922f2e7a651fcf4710d0a0f5fb","usage":{"input_tokens":88698,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4630,"reasoning_output_tokens":164}},"signals":[{"period":"2022","end":"2022-08-28","values":{"gross_margin":12.148717361227385,"operating_margin":3.4337354706240033,"roic":37.55454891780422,"fcf_margin":1.54260334693374,"sbc_revenue":0.3190073759440239},"issues":{"pfcf_growth":"TTM FCF 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.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-09-03","values":{"gross_margin":12.259688802674482,"operating_margin":3.3488794419910026,"roic":34.554782468319544,"fcf_margin":2.783854059185274,"sbc_revenue":0.31945189648768},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-09-01","values":{"gross_margin":12.61333134213391,"operating_margin":3.6490039417888567,"roic":37.52626944934976,"fcf_margin":2.605196244493089,"sbc_revenue":0.32147390677256704},"issues":{"pfcf_growth":"TTM FCF 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.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-08-31","values":{"gross_margin":12.843206714262356,"operating_margin":3.7724126655403563,"roic":38.47803710532495,"fcf_margin":2.8473849619416134,"sbc_revenue":0.31246026123131143},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2026","end":"2026-08-30","values":{"gross_margin":12.823515440996985,"operating_margin":3.8544766026507977,"roic":41.362927158291626,"fcf_margin":3.094796703985433,"sbc_revenue":0.30479558244324667},"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.","roic_wacc":"Enter a WACC assumption from 0 to 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