{"schemaVersion":1,"research":true,"symbol":"ctsh","name":"Cognizant Technology Solutions","topic":"moat","path":"/stock/ctsh/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:02:00.829Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Cognizant demonstrates client demand, delivery capabilities and improving operating efficiency, but the supplied disclosures establish weak contractual protection and continuing competitive pressure rather than a durable moat. Client knowledge and critical engagements offer some relationship advantages, yet clients use multiple providers and many contracts allow inexpensive exits. Historical services have already been displaced by technology. Pricing power remains unproven: margin improvements reflect efficiencies and currency benefits rather than demonstrated price realization.","advantages":[{"mechanism":"switching_costs","claim":"Client-specific knowledge, operationally critical engagements and upfront transition fees support limited relationship friction. These are current operating advantages, but the evidence does not establish switching costs sufficient for a narrow moat.","durability":"Conditional and weakly protected. Large deal wins and subsequent revenue ramp demonstrate demand, while reported client satisfaction supports relationship quality. Neither establishes durable customer dependence or pricing premiums.","risks":"Many contracts permit termination on short notice without significant cost. Clients concurrently use multiple service providers. Technology has already replaced historical services, and AI may further reduce demand and favorable pricing.","invalidation":"The limited relationship advantage would be invalidated by falling repeat engagement, large-deal cancellations before revenue conversion, or lost incumbent work despite satisfactory delivery. The no-moat conclusion would warrant reconsideration if sustained renewals, costly provider transitions and favorable realized pricing demonstrated durable incumbent protection.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A, Executive Summary: client knowledge and industry-specific solutions","excerpt":"As an AI builder, we provide deep expertise at the intersection of industry and technology, combining our perspective with extensive knowledge of our clients' organizations to build industry-specific platforms and incorporate context into systems, AI models and custom solutions."},{"id":"e2","sourceId":"filing-1","location":"Client engagement liability disclosure: operationally critical projects","excerpt":"Many of our engagements involve projects that are critical to the operations of our clients’ business and provide benefits that are difficult to quantify."},{"id":"e3","sourceId":"filing-4","location":"Revenue recognition: upfront setup and transition fees","excerpt":"We do not consider set up or transition fees paid upfront by our customers to represent a financing component, as such fees are required to encourage customer commitment to the project and protect us from early termination of the contract."},{"id":"e4","sourceId":"filing-3","location":"Shareholder letter: 2025 large-deal signings","excerpt":"Cognizant sustained its large deal momentum by signing 28 deals, each with a total contract value (TCV) exceeding $100 million."},{"id":"e5","sourceId":"filing-3","location":"Shareholder letter: reported net promoter score","excerpt":"The Company’s net promoter score—a key indicator of client satisfaction and loyalty—reached its highest level in four years."},{"id":"e6","sourceId":"filing-6","location":"MD&A, Executive Summary: large-deal ramp and service demand","excerpt":"Revenue growth was positively impacted by the ramp up of several recently won large deals and increasing demand for our intuitive operations and automation services as well as our AI and analytics services."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors: contract duration and termination rights","excerpt":"Consistent with industry practice, many of our contracts with clients are short-term or can be terminated by our clients with short notice and without significant early termination cost."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors: client spending discretion and renegotiation","excerpt":"Even if not terminated, clients may be able to delay, reduce or eliminate spending on the services and solutions we provide, choose not to retain us for additional stages of a project, try to renegotiate the terms of a contract or cancel or delay additional planned work."},{"id":"e9","sourceId":"filing-5","location":"Risk Factors, competition: concurrent use of multiple providers","excerpt":"In addition, concurrent use by many clients of multiple professional service providers means that we are required to be continually competitive on the quality, scope and pricing of our offerings or face a reduction or elimination of our business."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors: realized technological displacement of historical services","excerpt":"Some of these technological changes have reduced or replaced the demand for some of our historical services and solutions and will continue to do so in the future."},{"id":"e11","sourceId":"filing-2","location":"MD&A, Business Outlook: potential automation effects on demand and pricing","excerpt":"As AI-based technologies or other forms of automation evolve, demand for some services that we currently perform for our clients may be reduced, and our ability to obtain favorable pricing or other terms for some of our services may be diminished."},{"id":"e12","sourceId":"filing-2","location":"Non-GAAP reconciliation: first-half 2026 operating margins and adjustments","excerpt":"The following table presents a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure for the six months ended June 30: (Dollars in millions, except per share amounts) 2026 % of Revenues 2025 % of Revenues GAAP income from operations and operating margin $ 1,717 15.8 $ 1,670 16.1 Project Leap(1) 84 0.8 — — India Defined Contribution Obligation(2) (81) (0.8) — — (Gain) on sale of property and equipment(3) — — (62) (0.6) Adjusted Income from Operations and Adjusted Operating Margin $ 1,720 15.8 $ 1,608 15.5 GAAP diluted EPS $ 2.75 $ 2.65 Effect of above adjustments, pre-tax 0.01 (0.13) Non-operating foreign currency exchange (gains) losses, pre-tax (4) (0.05) (0.02) Tax effect of above adjustments (5) 0.05 0.05 Adjusted Diluted EPS $ 2.76 $ 2.55 (1)Consists of employee separation, facility exit and other costs incurred in connection with Project Leap."},{"id":"e13","sourceId":"filing-2","location":"Segment results: efficiencies, currency benefits and cost pressures","excerpt":"In the second quarter of 2026, segment operating margins across all our segments were positively impacted by operational efficiencies and the beneficial impact of foreign currency exchange rate movements, partially offset by increased compensation costs and the dilutive impact of our recently completed acquisitions."},{"id":"e14","sourceId":"filing-3","location":"GAAP reconciliation: 2023–2025 operating results, operating cash flow and capital spending","excerpt":"(Dollars in millions, except per share data) 2023 % of Revenues 2024 % of Revenues 2025 % of Revenues GAAP income from operations and operating margin $ 2,689 13.9% $ 2,892 14.7% $ 3,389 16.1% (Gain) on sale of property and equipment(1) — — — — (62) (0.3) NextGen charges(2) 229 1.2 134 0.6 — — Adjusted income from operations and adjusted operating margin $ 2,918 15.1% $ 3,026 15.3% $ 3,327 15.8% GAAP diluted EPS $ 4.21 $ 4.51 $ 4.56 Effect of the above adjustments, pre-tax 0.45 0.27 (0.13) Effect of non-operating foreign currency exchange losses (gains), pre-tax(3) — 0.04 (0.04) Tax effect of above adjustments(4) (0.11) (0.07) 0.09 One-time income tax expense related to the enactment of the OBBBA(5) — — 0.80 Adjusted diluted EPS $ 4.55 $ 4.75 $ 5.28 Net cash provided by operating activities $ 2,330 $ 2,124 $ 2,883 Purchases of property and equipment (317) (297) (288) Proceeds from sale of property and equipment — — 70 Free cash flow $ 2,013 $ 1,827 $ 2,665 (1) During 2025, we realized a gain of $62 million on the sale of an office complex in India."},{"id":"e15","sourceId":"filing-2","location":"Statements of stockholders' equity: first-half 2026 repurchases, issuance and dividends","excerpt":"Cognizant Technology Solutions 6 June 30, 2026 Form 10-Q Table of Contents COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (in millions, except per share data) Class A Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Shares Amount Balance, December 31, 2025 479 $ 5 $ 12 $ 15,158 $ (160) $ 15,015 Net income — — — 662 — 662 Other comprehensive income (loss) — — — — (66) (66) Common stock issued, stock-based compensation plans 1 — 17 — — 17 Stock-based compensation expense — — 46 — — 46 Repurchases of common stock (6) — (58) (390) — (448) Dividends declared, $0.33 per share — — — (158) — (158) Balance, March 31, 2026 474 5 17 15,272 (226) 15,068 Net income — — — 636 — 636 Other comprehensive income (loss) — — — — 25 25 Common stock issued, stock-based compensation plans 1 — 12 — — 12 Stock-based compensation expense — — 53 — — 53 Repurchases of common stock (23) — (71) (1,103) — (1,174) Dividends declared, $0.33 per share — — — (158) — (158) Balance, June 30, 2026 452 $ 5 $ 11 $ 14,647 $ (201) $ 14,462 (in millions, except per share data) Class A Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Shares Amount Balance, December 31, 2024 495 $ 5 $ 13 $ 14,686 $ (296) $ 14,408 Net income — — — 663 — 663 Other comprehensive income (loss) — — — — 131 131 Common stock issued, stock-based compensation plans 1 — 19 — — 19 Stock-based compensation expense — — 42 — — 42 Repurchases of common stock (3) — (55) (155) — (210) Dividends declared, $0.31 per share — — — (154) — (154) Balance, March 31, 2025 493 5 19 15,040 (165) 14,899 Net income — — — 645 — 645 Other comprehensive income (loss) — — — — 208 208 Common stock issued, stock-based compensation plans — — 14 — — 14 Stock-based compensation expense — — 48 — — 48 Repurchases of common stock (4) — (67) (305) — (372) Dividends declared, $0.31 per share — — — (154) — (154) Balance, June 30, 2025 489 $ 5 $ 14 $ 15,226 $ 43 $ 15,288 The accompanying notes are an integral part of the unaudited consolidated financial statements."},{"id":"e16","sourceId":"filing-2","location":"Note 3, Business Combinations: acquisition consideration and preliminary asset allocations","excerpt":"The allocations of preliminary purchase price to the fair value of the aggregate assets acquired and liabilities assumed were as follows: (in millions) 3Cloud Astreya Total Weighted Average Useful Life Cash $ 3 $ 31 $ 34 Trade accounts receivable 26 45 71 Other current assets 2 24 26 Property and equipment and other noncurrent assets 2 18 20 Operating lease assets — 2 2 Non-deductible goodwill 119 407 526 Tax-deductible goodwill 477 — 477 Customer relationship assets 130 250 380 9.2 years Other definite-lived intangible assets 2 1 3 1.0 year Other current liabilities (30) (32) (62) Deferred income tax liabilities, net (3) (68) (71) Other noncurrent liabilities — (13) $ (13) Purchase price, inclusive of contingent consideration1 $ 728 $ 665 $ 1,393 (1)The purchase price for Astreya includes a contingent consideration component with a maximum payout of $25 million, valued at $25 million at the date of acquisition, which is contingent upon achievement of certain business outcomes."},{"id":"e17","sourceId":"filing-2","location":"Note 4, Restructuring Charges: incurred Project Leap costs","excerpt":"See Note 12. Project Leap charges for each of the three and six months ended June 30, 2026 were $84 million and included $56 million of employee separation costs and $28 million of other costs."},{"id":"e18","sourceId":"filing-3","location":"Compensation discussion: relative TSR metric for PSU awards","excerpt":"Relative total shareholder return (TSR) To incentivize shareholder return, relative TSR is utilized as a performance metric for our PSU awards."},{"id":"e19","sourceId":"filing-3","location":"Compensation discussion: approved 2025 annual cash incentive and actual payment date","excerpt":"2025 Annual cash incentive (ACI) The 2025 ACI award design, as well as the target award amounts for applicable senior executives, including our NEOs, were approved by the Compensation Committee on March 3, 2025, cover a performance period of January 1 through December 31, 2025 and were paid on March 13, 2026."},{"id":"e20","sourceId":"filing-3","location":"Compensation discussion: discretionary strategic-initiative payout determination","excerpt":"the Committee determined that a payout of 200% of target was appropriate for the portion of the ACI tied to strategic initiatives."},{"id":"e21","sourceId":"filing-3","location":"Corporate governance: board structure and shareholder rights","excerpt":"Key governance practices Shareholder rights and engagement Board of Directors Annual director elections / no classified Board Each share of Company common stock is entitled to one vote on matters put to a shareholder vote Shareholder right to call a special meeting (10% threshold) Annual vote to ratify executive compensation Annual vote to ratify selection of independent registered public accounting firm No poison pill Proxy access Majority of independent directors (12 of 13 director nominees) Separate independent Chair of the Board and CEO positions Annual Board and committee self-evaluations Majority voting in uncontested director elections A director who experiences a material change in job responsibilities (other than retirement) is required to offer to resign Regular executive sessions of independent directors Directors limited to service on no more than three other public company boards (or one other board if the director is a public company NEO) Board member independence Other than Mr."},{"id":"e22","sourceId":"filing-2","location":"Litigation disclosure: October 2024 jury verdict","excerpt":"The case proceeded to a retrial on September 24, 2024, and on October 4, 2024, the jury returned a verdict in favor of plaintiffs."},{"id":"e23","sourceId":"filing-2","location":"Litigation disclosure: December 2025 court finding and interim fee award","excerpt":"On December 5, 2025, the USDC-CDCA awarded plaintiffs $16 million in interim attorneys’ fees and costs; and separately found in plaintiffs’ favor on their claim that Cognizant policies had a disparate impact on non-South Asian and non-Indian employees in view of the same evidence presented at the retrial."},{"id":"e24","sourceId":"filing-1","location":"Liquidity discussion: purchase commitments","excerpt":"Additionally, we have purchase commitments of approximately $2.3 billion that will be paid over the next five years, of which approximately $800 million will be paid during the next twelve months."},{"id":"e25","sourceId":"filing-3","location":"Shareholder letter: reported 2025 revenue growth and operating performance","excerpt":"The Company delivered full year revenue of $21.1 billion, or year-over-year growth of 7.0% (6.4% in constant currency(2)) and expanded GAAP and adjusted operating margin by 140 and 50 basis points year-over-year,(2)respectively, while advancing our talent strategy, partnership ecosystem and AI platforms."}],"changes":["Retains the previous none verdict; demand and operating achievements do not establish durable competitive protection.","Explicitly recognizes transition fees as partial contractual protection, balanced against widespread inexpensive termination rights.","Adds criterion-level pricing and management assessments using supplied operating results, compensation disclosures and governance evidence."],"limitations":["All supplied sources are issuer filings. Client expertise and satisfaction statements have limited methodological detail; reported operating outcomes provide stronger support than strategic assertions.","No supplied passage establishes named service-market competitors. Companies mentioned as acquisition targets, compensation peers, technology providers or litigation parties are not treated as demonstrated competitors.","No realized pricing series, quantified renewal rate, customer cohort history or comparative switching-cost measurement is supplied. Revenue growth and margin improvement cannot isolate pricing.","Actual executive ownership and compliance with ownership guidelines are not established by the supplied passages. Compensation design and actual incentive payment support only a partial alignment assessment.","AI capabilities and acquired customer-relationship asset valuations do not establish exclusivity, acquisition returns or durable differentiation. Project Leap benefits remain prospective beyond disclosed incurred costs.","Source dates are filing dates, retaining dateKind filed. The latest supplied filing is dated July 29, 2026; later litigation outcomes and shareholder voting results are not established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Client knowledge, critical projects and transition fees provide limited relationship friction. Inexpensive termination and concurrent use of providers weaken structural protection; no exclusive resource or comparative cost advantage is demonstrated.","evidenceIds":["e1","e2","e3","e7","e9"]},{"criterion":"durability","grade":1,"rationale":"Historical technological displacement is realized adverse evidence. Current deal demand provides an offset, but does not establish protection across technology cycles.","evidenceIds":["e6","e7","e10"]},{"criterion":"customer_dependency","grade":2,"rationale":"Operationally critical work and large-deal revenue conversion support meaningful engagement indirectly. Customer dependency is mixed because clients retain exit and spending flexibility; no renewal rate or measured migration burden is supplied.","evidenceIds":["e2","e6","e7","e8"]},{"criterion":"erosion_resilience","grade":1,"rationale":"New demand and efficiencies show adaptation, but historical service displacement and continuous provider competition leave protection fragile. Prospective AI pricing risks are not treated as realized price declines.","evidenceIds":["e6","e9","e10","e11","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The supplied results do not isolate realized service prices, discounts or successful cost pass-through. Competitive pressure and prospective AI pricing risk cannot establish an observed pricing outcome.","evidenceIds":["e9","e11","e13"]},{"criterion":"retention","grade":2,"rationale":"Reported satisfaction and large-deal revenue ramp support ongoing engagement indirectly. Deal wins include new demand and do not prove renewals; inexpensive exits limit retention protection.","evidenceIds":["e4","e5","e6","e7"]},{"criterion":"margin_resilience","grade":2,"rationale":"Adjusted operating margin improved from 15.1% in 2023 to 15.8% in 2025 and from 15.5% to 15.8% in first-half comparisons. Efficiencies and currency benefits offset compensation and acquisition pressures. This demonstrates operating resilience, with adjustment and currency limitations, rather than pricing power.","evidenceIds":["e12","e13","e14"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Many clients can terminate cheaply, reduce spending and seek renegotiation, limiting Cognizant's ability to preserve favorable terms. Upfront transition fees offer partial protection.","evidenceIds":["e3","e7","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash flow of $2.883 billion in 2025 exceeded property purchases of $288 million. First-half 2026 repurchases reduced outstanding shares despite equity issuance. Substantial acquisition consideration, purchase commitments and new restructuring costs make the assessment mixed; acquisition returns and current cash-flow coverage of all spending are not established.","evidenceIds":["e14","e15","e16","e17","e24"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Existing PSU awards use relative TSR, and the approved 2025 cash incentive was actually paid in March 2026. The committee's discretionary 200% strategic-initiative payout tempers confidence in objective alignment. Actual executive holdings and full award outcomes are missing.","evidenceIds":["e18","e19","e20"]},{"criterion":"execution","grade":3,"rationale":"Reported 2025 growth, large-deal conversion into revenue, improved multi-year adjusted margins and cash generation demonstrate strong operating execution. This uses operating outcomes rather than CEO reputation. Acquisition contributions and currency benefits limit attribution, while Project Leap's ultimate results remain unproven.","evidenceIds":["e6","e12","e14","e17","e25"]},{"criterion":"governance","grade":2,"rationale":"Annual elections, an independent chair, shareholder meeting rights and a predominantly independent board support accountability. The adverse discrimination verdict and subsequent court finding are concrete counterevidence to governance effectiveness, although the supplied record does not establish final individual liabilities.","evidenceIds":["e21","e22","e23"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"5225c5ffed8dfda4cdda3dc9c0f29be138f957192a0dced664956be145b141bc","updatedAt":"2026-10-18T14:02:00.829Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829026000008/ctsh-20251231.htm","publishedAt":"2026-02-12","sha256":"c3b5c5f0a229aecd5e666b5140ea41eb1773c5e1ff69a3e45c6007771efe53cf","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829026000031/ctsh-20260630.htm","publishedAt":"2026-07-29","sha256":"29d2ee8e7fc6d3852ca2f74bc1d9452641587aa17f35ca5bf199ff58fbd354d7","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1058290/000130817926000290/ctsh014861-def14a.htm","publishedAt":"2026-04-17","sha256":"e85c77e1cc58eecc3f065088637d3fa346783be1e31d4cf0d544d76ddce09783","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829025000017/ctsh-20241231.htm","publishedAt":"2025-02-12","sha256":"3c0d73a637121649c42c49db54f747d27412849ca311d344644a8de1d1b6265f","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829024000017/ctsh-20231231.htm","publishedAt":"2024-02-14","sha256":"cd2b592cb6fa1241406b70b2ab64dddff46b7bb2604ac60e2f069c4487b1ed6c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829026000016/ctsh-20260331.htm","publishedAt":"2026-04-29","sha256":"bf349df08099420218079f4d2dff31bfecf5cdaf206bad452696067ebdb4faf1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:2a5727bab90a70163729f027690b621cd1c348ec451acd1191439c62582e2f23","usage":{"input_tokens":85232,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3260,"reasoning_output_tokens":120},"basisSupplement":{"previousHash":"c3694841dfde0472448860d71256450d9e4bd008f8d1598116d9724c87c27874","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":37.29940022694116,"operating_margin":15.269897876479169,"roic":null,"fcf_margin":11.973847733290107,"sbc_revenue":1.3292267790565733},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","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.","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 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."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":35.92752728021412,"operating_margin":15.2769199094091,"roic":null,"fcf_margin":11.509162034177475,"sbc_revenue":1.343421865348981},"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.","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 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."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":34.563116829432126,"operating_margin":13.894486642897741,"roic":null,"fcf_margin":10.40148814137343,"sbc_revenue":0.909419728207513},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","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.","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 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."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":34.34333198216457,"operating_margin":14.65342521280908,"roic":null,"fcf_margin":9.25719497365221,"sbc_revenue":0.886704499391974},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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