{"schemaVersion":1,"research":true,"symbol":"dd","name":"DuPont de Nemours","topic":"moat","path":"/stock/dd/moat","status":"published","version":3,"updatedAt":"2026-10-18T14:20:30.195Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"DuPont has documented intellectual property, recognized brands and technical capabilities that support differentiation, but the passages do not establish durable competitive protection or customer dependency. Patent coverage strengthens the case for a potential moat without demonstrating its commercial exclusivity. Recent organic growth and improved aggregate profitability support current operating performance, but price and volume are combined, leaving realized pricing power unresolved. Insufficient evidence, rather than established low barriers or competitive weakness, drives the verdict.","advantages":[{"mechanism":"intangible_assets","claim":"A current patent estate, recognized trademarks and application support provide credible differentiation. Their ability to sustain an economic moat remains unestablished because product-level exclusivity, substitution and customer purchasing outcomes are not disclosed.","durability":"At December 31, 2025, about 4,700 patents and applications related to continuing operations, and more than 70% of that estate had remaining terms above five years. This supports a protection runway, but patent counts and remaining terms do not establish commercially effective barriers.","risks":"Technological substitution, limited patent scope, enforcement difficulties and competing innovation could erode differentiation. Intellectual property litigation has already generated costs; adverse litigation outcomes remain possibilities rather than demonstrated losses of commercial rights.","invalidation":"The potential moat thesis would fail if commercially important protected products lose business to equivalent alternatives, patent expiry or adverse rulings remove effective exclusivity, or sustained price concessions and share losses show that differentiation does not influence purchasing.","competitors":["3M","Honeywell","Hydranautics","Kingspan","Kolon","Lanxess","Owens-Corning","Ecolab","Avient","Toray","Teijin","Yantai"],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: patents associated with continuing operations","excerpt":"At December 31, 2025, the Company owned about 6,100 patents and patent applications globally, about 4,700 of which are associated with the Company's continuing operations."},{"id":"e2","sourceId":"filing-1","location":"Business: remaining patent estate terms","excerpt":"More than 70 percent of the Company’s patent estate associated with its continuing operations has a remaining term of more than 5 years."},{"id":"e3","sourceId":"filing-1","location":"Business: trademark recognition","excerpt":"Trademarks: The Company owns or licenses many trademarks that have significant recognition at the consumer retail level and/or the product line level."},{"id":"e4","sourceId":"filing-1","location":"Competition: technical support and testing services","excerpt":"The Company provides its customers with extensive support and technical and testing services, in addition to new product development informed by specific industry technological, sustainability and regulatory needs and evolving customer demands."},{"id":"e5","sourceId":"filing-1","location":"Competition: management assessment of competitive strengths","excerpt":"The Company believes that its proprietary product and process technologies, robust product and application development pipelines, well-known brands, customer intimacy, global manufacturing capability, and local service capability help strengthen its competitive position and enable it to compete successfully."},{"id":"e6","sourceId":"filing-1","location":"Business: variation in patent protection","excerpt":"The protection afforded by patents varies based on country, scope of individual patent coverage, as well as the availability of legal remedies in each country and type of patent protection."},{"id":"e7","sourceId":"filing-1","location":"Competition: multinational and regional competitors","excerpt":"COMPETITION The markets in which the Company participates are served by a variety of competitors including multinational companies with significant sales, marketing, research, and financial capabilities, as well as well-established regional companies."},{"id":"e8","sourceId":"filing-2","location":"Note 18: realized intellectual property and product litigation costs","excerpt":"3. Includes legal costs within the Healthcare & Water Technologies segment associated with a pending intellectual property matter ($10 million pre-tax cost), and legal costs associated with personal injury cases associated with Corian® Quartz, a product within the Diversified Industrials segment ($11 million pre-tax cost), offset by a benefit related to an adjustment within Healthcare & Water Technologies of the Donatelle contingent earn-out liability ($14 million pre-tax benefit) and accrued interest earned on employee retention credits ($3 million pre-tax benefit)."},{"id":"e9","sourceId":"filing-4","location":"2024 business: named Water & Protection competitors","excerpt":"•Water & Protection: 3M, Honeywell, Hydranautics, Kingspan, Kolon, Lanxess, Owens-Corning, Ecolab, Avient, Toray, Teijin, and Yantai."},{"id":"e10","sourceId":"filing-2","location":"Results of operations: organic sales and combined price-volume definition","excerpt":"48 Table of Contents RESULTS OF OPERATIONS Summary of Sales Results Three Months Ended June 30, Six Months Ended June 30, In millions 2026 2025 2026 2025 Net sales $ 1,819 $ 1,749 $ 3,500 $ 3,361 The following table summarizes sales variances by segment from the prior year: Sales Variances by Segment Percentage change from prior year Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Organic Sales 1 Currency Portfolio & Other Total Organic Sales 1 Currency Portfolio & Other Total Healthcare & Water Technologies 4 % 1 % — % 5 % 3 % 2 % — % 5 % Diversified Industrials 3 — — 3 2 1 — 3 Total 4 % — % — % 4 % 3 % 1 % — % 4 % 1.Organic sales (which includes both volume and selling price impacts), is defined as the change in net sales, absent the impacts from currency and portfolio."},{"id":"e11","sourceId":"filing-4","location":"Competition: value-in-use pricing and market influences","excerpt":"Against this competitive backdrop, value-in-use is the primary driver of price for the Company’s products, although price is impacted by many factors including, among others, fluctuations in supply and demand, and availability and cost of key manufacturing inputs including raw materials and energy."},{"id":"e12","sourceId":"filing-2","location":"Risk factors: conditions affecting cost pass-through","excerpt":"Success in offsetting higher raw material costs with price increases is largely influenced by competitive and economic conditions and could vary significantly depending on the market served."},{"id":"e13","sourceId":"filing-1","location":"Note 24: comparable quarterly continuing sales and cost of sales","excerpt":"Quarterly Financial Information (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter In millions Year ending December 31, 2025: Net sales $ 1,612 $ 1,749 $ 1,795 $ 1,693 Cost of sales 1,069 1,143 1,179 1,095 Income (loss) from continuing operations before income taxes $ 97 $ 78 $ 91 $ (66) Income (loss) from continuing operations, net of tax $ 80 $ 24 $ 102 $ (108) (Loss) income from discontinued operations, net of tax $ (661) $ 46 $ (209) $ (12) Net (loss) income $ (581) $ 70 $ (107) $ (120) Net (loss) income available for DuPont common stockholders $ (589) $ 59 $ (123) $ (126) Per common share data: Earnings (loss) per common share from continuing operations - basic 1 $ 0.19 $ 0.06 $ 0.23 $ (0.27) (Loss) earnings per common share from discontinued operations - basic 1 (1.59) 0.08 (0.53) (0.03) (Loss) earnings per common share - basic 1 $ (1.41) $ 0.14 $ (0.29) $ (0.30) Earnings (loss) per common share from continuing operations - diluted 1 $ 0.19 $ 0.06 $ 0.23 $ (0.27) (Loss) earnings per common share from discontinued operations - diluted 1 (1.59) 0.08 (0.53) (0.03) (Loss) earnings per common share - diluted 1 $ (1.40) $ 0.14 $ (0.29) $ (0.30) Year ending December 31, 2024: Net sales $ 1,599 $ 1,717 $ 1,714 $ 1,689 Cost of sales 1,098 1,131 1,134 1,136 Income (loss) from continuing operations before income taxes $ 28 $ 1 $ 287 $ (199) Income (loss) from continuing operations, net of tax $ 2 $ (28) $ 221 $ (291) Income from discontinued operations, net of tax $ 196 $ 210 $ 243 $ 185 Net income (loss) $ 198 $ 182 $ 464 $ (106) Net income (loss) available for DuPont common stockholders $ 188 $ 178 $ 454 $ (117) Per common share data: Earnings (loss) per common share from continuing operations - basic 1 $ — $ (0.06) $ 0.53 $ (0.70) Earnings per common share from discontinued operations - basic 1 0.44 0.49 0.56 0.42 Earnings (loss) per common share - basic 1 $ 0.44 $ 0.43 $ 1.09 $ (0.28) Earnings (loss) per common share from continuing operations - diluted 1 $ — $ (0.06) $ 0.52 $ (0.70) Earnings per common share from discontinued operations - diluted 1 0.44 0.49 0.56 0.42 Earnings (loss) per common share - diluted 1 $ 0.44 $ 0.43 $ 1.08 $ (0.28) 1.Earnings (loss) per share amounts for the year may not equal the sum of the quarterly earnings (loss) per common share amounts due to the change in average share calculations."},{"id":"e14","sourceId":"filing-1","location":"Segment reporting: operating EBITDA and continuing pretax income reconciliation","excerpt":"Reconciliation of Segment Operating EBITDA to Income from continuing operations before income taxes For the years ended December 31, In millions 2025 2024 2023 Healthcare & Water Technologies Segment Operating EBITDA $ 972 $ 844 $ 866 Diversified Industrials Segment Operating EBITDA 800 839 792 Reportable Segment Operating EBITDA $ 1,772 $ 1,683 $ 1,658 + Corporate Operating EBITDA 1 $ (144) $ (152) $ (114) - Depreciation and amortization 647 635 580 + Interest income 2 72 74 155 - Interest expense 3 311 365 396 + Non-operating pension/OPEB benefit credits (costs) 1 5 9 (13) + Foreign exchange gains (losses), net 1 (34) (3) (77) - Future reimbursable indirect costs 89 100 106 - Remediation costs associated with divested businesses 12 14 22 + Significant items charge (412) (380) (784) Income from continuing operations before income taxes $ 200 $ 117 $ (279) 1.Corporate includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, non-business aligned litigation expenses, DuPont's equity interest in Derby related to the Delrin® Divestiture and other costs not absorbed by reportable segments."},{"id":"e15","sourceId":"filing-2","location":"Note 4: customer purchase orders and master supply agreements","excerpt":"DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer."},{"id":"e16","sourceId":"filing-2","location":"Overview: completed Aramids divestiture and consideration","excerpt":"On April 1, 2026, DuPont completed the sale of the Aramids business (the \"Aramids Business\" and the divestiture of the Aramids Business, the \"Aramids Divestiture\") to Arclin, a portfolio company of an affiliate of TJC LP for pre-tax cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, a note receivable in the principal amount of $300 million (the \"Aramids Note Receivable\") and a non-controlling common equity interest (the \"Aramids Equity Consideration\"), valued at $325 million, in New Arclin U.S."},{"id":"e17","sourceId":"filing-2","location":"Segment information: capital expenditures and cash reconciliation","excerpt":"Segment and Corporate Information Healthcare & Water Technologies Diversified Industrials Corporate Total In millions As of June 30, 2026 Assets of continuing operations $ 9,319 $ 6,939 $ 4,803 $ 21,061 Investment in nonconsolidated affiliates 1 — 457 458 As of December 31, 2025 Assets of continuing operations $ 9,463 $ 7,512 $ 2,744 $ 19,719 Investment in nonconsolidated affiliates — — 111 111 Capital Expenditure Reconciliation to Consolidated Financial Statements Three Months Ended June 30, Six Months Ended June 30, In millions 2026 2025 2026 2025 Healthcare & Water Technologies $ 34 $ 31 $ 63 $ 53 Diversified Industrials 37 40 71 62 Segment totals $ 71 $ 71 $ 134 $ 115 Accrual to cash adjustment 1 5 (21) 44 57 Total $ 76 $ 50 $ 178 $ 172 1.Reflects the incremental cash spent or unpaid on capital expenditures; total capital expenditures are presented on a cash basis."},{"id":"e18","sourceId":"filing-2","location":"Equity: completed May 2026 repurchase and share retirement","excerpt":"The Q2 2026 ASR Transaction resulted in delivery of approximately 1.8 million shares of DuPont common stock, at an average price of $148.91 per share, which were retired immediately and recorded as an increase of $270 million to \"Accumulated Deficit\" in the Consolidated Statements of Equity."},{"id":"e19","sourceId":"filing-1","location":"Discontinued operations: held-for-sale loss and goodwill impairment","excerpt":"1.The year ended December 31, 2025 reflects the loss from classification to held for sale of $444 million and goodwill impairment charges of $768 million."},{"id":"e20","sourceId":"filing-2","location":"Acquisition, integration and separation costs: realized comparative expenses","excerpt":"The Company recorded $7 million and $55 million in costs for the three months ended June 30, 2026 and 2025, respectively, and $7 million and $105 million for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e21","sourceId":"filing-3","location":"Proxy summary: existing ownership requirements and compensation safeguards","excerpt":"The following summarizes key governance elements related to the executive compensation programs in which our executive officers participate: Key Executive Compensation Practices What We Do What We Don’t Do Maintain a pay mix that is heavily performance-based Provide single-trigger change in control agreements or excise tax gross ups Actively engage with stockholders Grant options below market value, extend original option terms, reprice, reload or exchange underwater options without stockholder approval Align executive compensation outcomes with company and individual performance Annually assess peer group composition and competitive compensation practices Permit hedging or pledging of the Company’s securities Include a liberal share counting provision in our equity plan Seek annual stockholder advisory approval of executive compensation Maintain strong stock ownership requirements of six times base salary for the CEO and three times base salary for the other executive officers Guaranteed annual salary increases or bonuses Provide minimum payouts under the Long-Term Incentive Plan Conduct an annual executive talent review and discussion on succession planning Provide uncapped short and long-term incentive payouts Provide excessive perks Maintain a robust compensation clawback policy covering both cash and equity Review executive compensation statements (“tally sheets”) Conduct annual compensation risk assessments 2026 Proxy Statement 5 Table of Contents Voting, Question and Attendance Procedures In this Proxy Statement, you will find information on the Board, the candidates for election to the Board, and three other items to be voted upon at the Annual Meeting and any adjournment or postponement of the Annual Meeting."},{"id":"e22","sourceId":"filing-3","location":"Compensation discussion: early performance measurement and conversion of PSU awards","excerpt":"2023 and 2024 PSU Award Performance Results Impact of Electronics Separation on Outstanding PSU Awards The Committee determined that performance outcomes for the 2023 and 2024 PSU awards would be measured effective immediately prior to the closing of the Electronics Separation, and that all such outstanding PSU awards would be automatically converted into RSUs."},{"id":"e23","sourceId":"filing-3","location":"Compensation discussion: conversion based on projected performance","excerpt":"As described below, the outstanding awards were converted based on projected performance outcomes relative to the applicable targets."},{"id":"e24","sourceId":"filing-3","location":"Compensation discussion: actual CEO annual incentive payout","excerpt":"Koch 1,250,000 150 % 1,875,000 101.2% 100% 1,897,500 Antonella B."},{"id":"e25","sourceId":"filing-3","location":"Corporate governance: board practices and stockholder rights","excerpt":"Board Independence Director Elections Board Practices Stock Ownership Requirements Stockholder Rights 9 of 11 director nominees are independent Independent Board Committees Annual Board elections Directors are elected by a majority of votes cast Directors not elected by a majority of votes cast are subject to the Company’s resignation policy Independent directors meet in executive session without management at each regularly scheduled Board meeting Annual Board and Committee self- evaluations Annual director evaluations Retirement policy Directors are required to hold Company granted shares until retirement Executives and directors prohibited from hedging or pledging Company stock Stockholder right to call special meetings No super- majority stockholder voting requirements Eligible stockholders are able to nominate directors through proxy access Executive Compensation Our executive compensation philosophy and practices reflect a commitment to paying for performance — both short-term and long- term."},{"id":"e26","sourceId":"filing-3","location":"Audit Committee report: actual committee independence","excerpt":"The Audit Committee of the Board is comprised entirely of independent directors who meet the independence, experience and other qualification requirements of the New York Stock Exchange (“NYSE”) and the Company’s Corporate Governance Guidelines."},{"id":"e27","sourceId":"filing-3","location":"Audit Committee report: meetings held during 2025","excerpt":"The Audit Committee held eight meetings during 2025."},{"id":"e28","sourceId":"filing-6","location":"Overview: completed Electronics separation","excerpt":"On November 1, 2025, DuPont completed the separation of its semiconductor and interconnect solutions businesses (the \"Electronics Business\" and the separation of the Electronics Business, the “Electronics Separation”) into an independent public company, Qnity Electronics, Inc."}],"changes":["Retain the previous uncertain verdict and distinction between differentiation and demonstrated competitive protection.","Add quantified patent coverage and remaining terms, strengthening evidence of current intangible assets without establishing a moat.","Add actual proxy disclosures supporting assessments of incentive alignment and governance, including qualifications from early PSU conversion based on projected outcomes.","Identify historically disclosed competitors while qualifying their applicability after the Electronics separation and Aramids divestiture."],"limitations":["All supplied sources are issuer filings. Management statements about competitive strengths and value-in-use pricing are distinguished from reported operating results.","Source dates are filing dates: filing-4 was filed February 14, 2025; filing-1 February 17, 2026; filing-3 April 10, 2026; filing-6 May 5, 2026; and filing-2 August 4, 2026. They are not retrieval dates.","Named competitors come from the historical Water & Protection segment. Their precise overlap with today's retained businesses is not established; current competition disclosures identify only generic categories. Electronics competitors are not treated as established competitors of the retained company.","No product-level market shares, substitution outcomes, customer switching costs, renewal data or commercial importance of individual patents are supplied.","Organic sales combine price and volume. Customer agreements are mentioned without pricing reset, termination, exclusivity or pass-through terms.","Proxy disclosures establish actual compensation practices and governance structures, but executive beneficial ownership and compliance with ownership requirements are not supplied.","Portfolio changes limit historical comparability. No network effect, relative cost advantage or efficient-scale barrier is demonstrated."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Patents, brands and technical support establish differentiated assets, but their ability to exclude substitutes or protect economic returns is unresolved. The moat verdict remains uncertain.","evidenceIds":["e1","e3","e4","e6"]},{"criterion":"durability","grade":null,"rationale":"Remaining patent terms support a legal protection runway, but commercial relevance, enforceability and replacement by competing technologies are not established.","evidenceIds":["e2","e6","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Technical support and management's customer-intimacy claim do not establish switching friction or dependency. Purchase orders and unspecified master agreements provide no evidence of customer lock-in.","evidenceIds":["e4","e5","e15"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Organic growth supports current demand, while litigation costs show a realized burden. Neither establishes whether competitive advantages withstand substitution or pricing pressure over time.","evidenceIds":["e8","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Reported organic growth combines selling prices and volumes. Value-in-use pricing is an issuer description, and conditional cost pass-through is not a realized pricing outcome.","evidenceIds":["e10","e11","e12"]},{"criterion":"retention","grade":null,"rationale":"Positive organic sales indicate aggregate demand, but cannot distinguish repeat purchases from new customers or price effects. Technical service and purchase-order disclosures do not establish observed retention.","evidenceIds":["e4","e10","e15"]},{"criterion":"margin_resilience","grade":2,"rationale":"Comparable quarterly figures imply annual gross margin improved from about 33.5% in 2024 to 34.5% in 2025. Aggregate segment operating EBITDA increased, but Diversified Industrials declined while Healthcare & Water Technologies improved. This is mixed operating resilience; it does not isolate pricing from mix or productivity.","evidenceIds":["e13","e14"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Purchase orders sometimes operate under master supply agreements, but the passages omit price-setting, renegotiation and termination provisions. Market-sensitive pricing does not establish contractual discretion.","evidenceIds":["e11","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Completed divestiture proceeds, actual capital spending and completed share retirements demonstrate concrete capital actions. Material held-for-sale losses and goodwill impairments temper the record. Acquisition returns, repurchase value creation and comprehensive cash-generation coverage remain insufficient for a stronger grade.","evidenceIds":["e16","e17","e18","e19"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Existing ownership requirements, clawbacks, hedging restrictions and an actual performance-linked CEO payout support alignment. Early measurement of outstanding PSUs and conversion using projected performance weaken the original long-term performance test. Actual beneficial holdings and ownership compliance are missing.","evidenceIds":["e21","e22","e23","e24"]},{"criterion":"execution","grade":2,"rationale":"The Electronics separation and Aramids sale were completed, recent organic sales grew, and separation-related expenses fell. Segment profitability was uneven and divestiture-related losses were substantial. Execution is assessed from these operating and transaction outcomes, without treating management's favorable narrative or planned savings as achieved results.","evidenceIds":["e28","e16","e10","e20","e14","e19"]},{"criterion":"governance","grade":3,"rationale":"Disclosed stockholder rights, annual elections, independent committees, an entirely independent Audit Committee and eight actual Audit Committee meetings support strong demonstrated governance processes. The independence count for director nominees is not treated as a completed election result, and disclosed processes do not prove exceptional oversight effectiveness.","evidenceIds":["e25","e26","e27"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"b14b35b2377618f6451a8772f3fa3b5dc433c0b3cff015053da99b57431be863","updatedAt":"2026-10-18T14:20:30.195Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm","publishedAt":"2026-02-17","sha256":"0b918956f8aa1123aebb7cde50e1d89843d433506478c2a6c0fe0ad0deab23fc","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670026000053/dd-20260630.htm","publishedAt":"2026-08-04","sha256":"5488fcd95e37a53560b38c7151d7cb3205c1e96664bc94d73db22c9e2b9dcb56","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1666700/000119312526151204/d11932ddef14a.htm","publishedAt":"2026-04-10","sha256":"5f1baa26670683ba33b3acdd87e658170818560e423a6cc5ee3853420988fe7b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670025000005/dd-20241231.htm","publishedAt":"2025-02-14","sha256":"700ad9c48a7e94bb92db3ac1f7262c6b3574a494bc5067973000d702e7e0bd64","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670024000008/dd-20231231.htm","publishedAt":"2024-02-15","sha256":"00c1e96dfe24d724fd84d5aba5e6c1e206c70c58fce7f32b8edbd67524e65825","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670026000031/dd-20260331.htm","publishedAt":"2026-05-05","sha256":"6e2d57a18a2efa4962e91f21f00420fc5099205a73a7a19472a036e4f423255a","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:730af4bc3a9368282b7bbc8fd7de2a60f2129ac21ec87d17c40b6ad63400fca4","usage":{"input_tokens":89820,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3417,"reasoning_output_tokens":114}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":35.1288056206089,"operating_margin":12.208010568666307,"roic":3.547434183313394,"fcf_margin":8.346844412418184,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"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.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":35.45363755089498,"operating_margin":9.656602903894907,"roic":2.739175173037031,"fcf_margin":-1.1907505569639703,"sbc_revenue":0.5761696243374049},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","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.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":35.07623467020219,"operating_margin":3.331123632747763,"roic":null,"fcf_margin":13.026184951939012,"sbc_revenue":0.4723235001657275},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":36.387857258194735,"operating_margin":10.23736476667205,"roic":2.793741545886332,"fcf_margin":14.064266106894882,"sbc_revenue":0.6216696269982238},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":34.501387063804934,"operating_margin":2.7157249233464738,"roic":0.39889705882352944,"fcf_margin":3.3143524602131698,"sbc_revenue":0.5548255219740108},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","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.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670026000013/dd-20251231.htm","publishedAt":"2026-02-17","sha256":"0b918956f8aa1123aebb7cde50e1d89843d433506478c2a6c0fe0ad0deab23fc","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670026000053/dd-20260630.htm","publishedAt":"2026-08-04","sha256":"5488fcd95e37a53560b38c7151d7cb3205c1e96664bc94d73db22c9e2b9dcb56","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1666700/000119312526151204/d11932ddef14a.htm","publishedAt":"2026-04-10","sha256":"5f1baa26670683ba33b3acdd87e658170818560e423a6cc5ee3853420988fe7b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670025000005/dd-20241231.htm","publishedAt":"2025-02-14","sha256":"700ad9c48a7e94bb92db3ac1f7262c6b3574a494bc5067973000d702e7e0bd64","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670024000008/dd-20231231.htm","publishedAt":"2024-02-15","sha256":"00c1e96dfe24d724fd84d5aba5e6c1e206c70c58fce7f32b8edbd67524e65825","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1666700/000166670026000031/dd-20260331.htm","publishedAt":"2026-05-05","sha256":"6e2d57a18a2efa4962e91f21f00420fc5099205a73a7a19472a036e4f423255a","dateKind":"filed"}],"history":[{"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":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}