{"schemaVersion":1,"research":true,"symbol":"de","name":"Deere & Co","topic":"moat","path":"/stock/de/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:38:58.651Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Deere has an established brand, extensive dealer distribution and integrated equipment technology, but the passages do not establish their durable competitive superiority or the magnitude of customer switching costs. Pricing outcomes are mixed across the cycle: competitive discounting weakened construction pricing in 2025, while realized pricing improved in 2026. The repair-access settlement limits certain aftermarket restrictions, without demonstrating its financial impact. The evidence supports a substantial operating franchise, but remains insufficient to confirm a moat.","advantages":[{"mechanism":"intangible_assets","claim":"Brand recognition and established distribution are current competitive assets. Approximately 2,050 independent dealer locations in the U.S. and Canada support market access, but neither dealer exclusivity nor superior customer economics is established.","durability":"The established footprint and brand could persist, but replication barriers and sustained competitive outperformance are not demonstrated. Distribution breadth alone does not establish network effects or efficient scale.","risks":"Established global rivals compete across overlapping product lines. Dealer inventory has delayed purchases, and construction pricing required competitive incentives in 2025.","invalidation":"The advantage hypothesis would weaken materially if comparable rivals matched service coverage while Deere persistently lost customer demand or required greater discounting through comparable market conditions.","competitors":["AGCO Corporation","CLAAS KGaA mbH","CNH Industrial N.V.","Kubota Tractor Corporation","Mahindra & Mahindra Limited","The Toro Company"],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7"]},{"mechanism":"switching_costs","claim":"Bundled precision hardware, embedded software, telematics and dealer connections provide a plausible source of workflow dependence. These capabilities currently exist; material customer switching costs and retention benefits remain unproven.","durability":"Equipment integration could sustain customer relationships over equipment lifetimes. The passages do not quantify migration costs, renewal behavior, technology engagement or customer productivity gains against alternatives.","risks":"Technology-focused entrants may compete with Deere's integrated offering. The July 2026 settlement requires access to certain repair resources on fair and reasonable terms, constraining reliance on restricted repair access.","invalidation":"The switching-cost hypothesis would fail if customers could migrate equipment data and workflows to alternatives with little disruption, or if independently accessible service eliminated any meaningful purchasing preference for Deere.","competitors":["AGCO Corporation","CLAAS KGaA mbH","CNH Industrial N.V.","Kubota Tractor Corporation","Mahindra & Mahindra Limited","The Toro Company"],"evidenceIds":["e4","e8","e9","e10","e11"],"counterEvidenceIds":["e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-4","location":"Business / brand recognition","excerpt":"John Deere’s brand recognition is a competitive factor in North America and many other parts of the world."},{"id":"e2","sourceId":"filing-1","location":"Business / sales and distribution / dealer locations","excerpt":"and Canada, we market products to approximately 2,050 independent dealer locations."},{"id":"e3","sourceId":"filing-1","location":"Business / international dealer distribution","excerpt":"Outside the U.S. and Canada, our agriculture and turf equipment is sold to distributors and dealers for resale in over 100 countries."},{"id":"e4","sourceId":"filing-4","location":"Business / named agriculture and turf competitors","excerpt":"The competitive environment for the agriculture and turf operations includes some global competitors, such as AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V., Kubota Tractor Corporation, Mahindra & Mahindra Limited, and The Toro Company."},{"id":"e5","sourceId":"filing-1","location":"Risk factors / realized dealer inventory purchase delays","excerpt":"When the total inventory levels of our dealers are higher than they desire, dealers have postponed equipment purchases from us, and could continue to postpone purchases in the future, which could cause our sales to be lower and negatively impact our results."},{"id":"e6","sourceId":"filing-1","location":"MD&A / construction and forestry / 2025 price realization","excerpt":"Price realization decreased 3% in the U.S."},{"id":"e7","sourceId":"filing-1","location":"MD&A / construction and forestry / competitive incentives","excerpt":"and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S."},{"id":"e8","sourceId":"filing-1","location":"Revenue recognition / equipment precision and telematics capabilities","excerpt":"Certain equipment is sold with precision guidance, telematics, and other information gathering and analyzing capabilities."},{"id":"e9","sourceId":"filing-1","location":"Revenue recognition / technology hardware, software and service obligations","excerpt":"These technology solutions require hardware, software, and may include an obligation to provide services for a period of time."},{"id":"e10","sourceId":"filing-1","location":"Revenue recognition / bundled and separately renewable technology","excerpt":"These solutions are mostly bundled with the sale of the equipment but can also be purchased or renewed separately."},{"id":"e11","sourceId":"filing-4","location":"Business / telematics connections to owners, managers and dealers","excerpt":"Our advanced telematics systems remotely connect equipment owners, business managers, and dealers to equipment in the field."},{"id":"e12","sourceId":"filing-4","location":"Business / nontraditional technology competition","excerpt":"As technology increasingly enables enhanced productivity in agriculture, the industry is also attracting non-traditional competitors, including technology-focused companies and start-up ventures."},{"id":"e13","sourceId":"filing-2","location":"Legal proceedings / July 2026 repair-access settlement obligations","excerpt":"As part of that settlement, we have agreed, among other items, to provide certain repair resources to farmers and independent repair providers on “fair and reasonable terms” (as defined by the settlement)."},{"id":"e14","sourceId":"filing-2","location":"Legal proceedings / FTC reporting and compliance oversight","excerpt":"We have also agreed to provide regular reporting to the FTC and submit to the FTC’s oversight of our compliance with the settlement."},{"id":"e15","sourceId":"filing-5","location":"MD&A / 2023 price realization relative to cost increases","excerpt":"Net income and diluted EPS grew at a faster rate than sales due to our ability to keep cost increases below price realization."},{"id":"e16","sourceId":"filing-2","location":"MD&A / third-quarter 2026 realized pricing and production-cost effects","excerpt":"Net income increased $90 in the third quarter primarily due to favorable price realization of $286 ($403 pretax), partially offset by unfavorable tax impacts of $114 and increased production costs of $89 ($126 pretax), primarily from higher material costs."},{"id":"e17","sourceId":"filing-1","location":"Consolidated income statements / 2023–2025 results and share counts","excerpt":"​ ​ 46 Table of Contents DEERE & COMPANY STATEMENTS OF CONSOLIDATED INCOME For the Years Ended November 2, 2025, October 27, 2024, and October 29, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 Net Sales and Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ Finance and interest income ​ 5,748 ​ 5,759 ​ 4,683 ​ Other income ​ 1,019 ​ 1,198 ​ 1,003 ​ Total ​ 45,684 ​ 51,716 ​ 61,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ 28,159 ​ 30,775 ​ 37,715 ​ Research and development expenses ​ 2,311 ​ 2,290 ​ 2,177 ​ Selling, administrative and general expenses ​ 4,663 ​ 4,840 ​ 4,595 ​ Interest expense ​ 3,170 ​ 3,348 ​ 2,453 ​ Other operating expenses ​ 1,124 ​ 1,257 ​ 1,292 ​ Total ​ 39,427 ​ 42,510 ​ 48,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income of Consolidated Group before Income Taxes ​ 6,257 ​ 9,206 ​ 13,019 ​ Provision for income taxes ​ 1,259 ​ 2,094 ​ 2,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income of Consolidated Group ​ 4,998 ​ 7,112 ​ 10,148 ​ Equity in income (loss) of unconsolidated affiliates ​ ​ ​ (24) ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ 4,998 ​ 7,088 ​ 10,155 ​ Less: Net loss attributable to noncontrolling interests ​ (29) ​ (12) ​ (11) ​ Net Income Attributable to Deere & Company ​ $ 5,027 ​ $ 7,100 ​ $ 10,166 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 18.55 ​ $ 25.73 ​ $ 34.80 ​ Diluted ​ ​ 18.50 ​ ​ 25.62 ​ ​ 34.63 ​ Dividends declared ​ ​ 6.48 ​ ​ 5.88 ​ ​ 5.05 ​ Dividends paid ​ ​ 6.33 ​ ​ 5.76 ​ ​ 4.83 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Shares Outstanding (in millions of shares) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 270.9 ​ 276.0 ​ 292.2 ​ Diluted ​ 271.7 ​ 277.1 ​ 293.6 ​ ​ The notes to consolidated financial statements are an integral part of this statement."},{"id":"e18","sourceId":"filing-2","location":"MD&A / small agriculture and turf / nine-month operating-profit drivers","excerpt":"Operating profit for the first nine months increased due to higher shipment volumes / sales mix and favorable price realization, partially offset by higher production costs due to an increase in material costs."},{"id":"e19","sourceId":"filing-1","location":"Accounting estimates / discretion to announce dealer incentive programs","excerpt":"There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer."},{"id":"e20","sourceId":"filing-2","location":"MD&A / nine-month 2026 consolidated cash flows","excerpt":"37 ​ Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ August 2, 2026 ​ July 27, 2025 ​ Net cash provided by operating activities ​ $ 3,250 ​ $ 3,464 ​ Net cash used for investing activities ​ ​ (825) ​ ​ (801) ​ Net cash used for financing activities ​ ​ (1,828) ​ ​ (1,557) ​ Effect of exchange rate changes on cash, cash equivalents, and restricted cash ​ ​ 20 ​ ​ 108 ​ Net increase (decrease) in cash, cash equivalents, and restricted cash ​ $ 617 ​ $ 1,214 ​ ​ Cash inflows from consolidated operating activities in the first nine months of 2026 were $3,250."},{"id":"e21","sourceId":"filing-2","location":"MD&A / nine-month 2026 cash returned to shareholders","excerpt":"Cash returned to shareholders was $2,013 in the first nine months of 2026."},{"id":"e22","sourceId":"filing-2","location":"Acquisitions / completed Tenna purchase consideration","excerpt":"Tenna was acquired for a purchase price of $439, net of $1 cash acquired, and the purchase price allocation to acquired assets and assumed liabilities is presented below."},{"id":"e23","sourceId":"filing-2","location":"MD&A / actual external borrowing changes","excerpt":"Borrowings. Total external borrowings decreased by $100 in the first nine months of 2026 and decreased $2,810 compared to a year ago, generally corresponding with the level of the receivable and lease portfolio, as well as other working capital requirements."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation / existing incentive metrics","excerpt":"​ Type of Compensation Metric ​ ​ ​ Alignment with Business Strategy Short-Term short-term incentive (known within Deere as STI) Operating Return on Operating Assets (OROA) ​ ​ Return on capital and assets through disciplined asset management and capital allocation ​ ​ Operating Return on Sales (OROS) ​ ​ Profitability through operating margin focus ​ ​ Return on Equity (ROE) ​ ​ Return on equity through efficient use of equity Long-Term long-term Incentive (known within Deere as LTI) Relative Revenue Growth ​ ​ Sustained growth outperformance ​ ​ Relative Total Shareholder Return (rTSR) ​ ​ Comparative TSR outperformance ​ ​ ​ ​ ​ ​ ​ As our NEOs assume greater responsibility, we award a larger portion of their total compensation in the form of performance-based or “at-risk” incentive awards and a larger portion of their incentive awards in the form of equity."},{"id":"e25","sourceId":"filing-3","location":"Outstanding equity awards / completed performance period with no PSU payout","excerpt":"As discussed in the CD&A under “Long-term Incentive PSU Payout for Performance Period Ended 2025,” the PSUs had no payout due to the revenue growth relative to the performance peer group performing below the threshold."},{"id":"e26","sourceId":"filing-3","location":"Corporate governance / independence, ownership rules and accountability","excerpt":"We are committed to sound governance practices, including those described below: INDEPENDENCE ​ ◾ All of our director nominees, except our Chairman and CEO, are independent ◾ The independent Lead Director has a role with significant governance responsibilities ◾ All standing Board committees other than the Executive Committee are composed wholly of independent directors ◾ Independent directors meet regularly in executive session without management present BEST PRACTICES ​ ◾ Directors may not stand for re-election after their 75th birthdays, absent Board approval provided in rare circumstances ◾ Directors may not serve on more than three other public company boards, and sitting public company CEOs may not serve on more than one other public company board ◾ Directors may not serve on the audit committee of more than three public companies, including Deere’s Audit Review Committee ◾ Directors rotate committee membership periodically, as approved by the Board ◾ Our recoupment policy requires an executive to return any incentive compensation found to have been awarded erroneously in the event of a financial restatement ◾ Directors and executives are subject to stock ownership requirements ◾ Directors and executives are prohibited from hedging or pledging their Deere stock ACCOUNTABILITY ​ ◾ All directors are elected annually ◾ In uncontested elections, directors are elected by majority vote ◾ The Board and each active Board committee conducts an annual performance self-evaluation ◾ Shareholders have the ability to include nominees in our proxy statement (so-called proxy access rights) RISK OVERSIGHT ​ ◾ The Board oversees Deere’s overall risk management structure ◾ Individual Board committees oversee certain risks related to their specific areas of responsibility ◾ We have robust risk management processes throughout the Company ​ OUR VALUES Our actions are guided by our core values: Integrity, Quality, Humanity, Commitment, and Innovation."},{"id":"e27","sourceId":"filing-3","location":"Compensation process / independent directors evaluate CEO","excerpt":"Generally, at the Board meeting in August, the independent members of the full Board (in executive session without the CEO present) evaluates the CEO’s performance."},{"id":"e28","sourceId":"filing-3","location":"Compensation process / CEO exclusion from own compensation discussions","excerpt":"The CEO does not play a role in and is not present during discussions regarding his own compensation."},{"id":"e29","sourceId":"filing-2","location":"Controls and procedures / management conclusion as of August 2, 2026","excerpt":"Item 4.CONTROLS AND PROCEDURES Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of August 2, 2026, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act."},{"id":"e30","sourceId":"filing-2","location":"MD&A / realized quarterly and year-to-date revenue growth","excerpt":"Net sales and revenues increased 5% and 7% for the quarter and year-to-date periods, respectively, primarily due to higher sales volumes, the positive effects of foreign currency translation, and favorable price realization."},{"id":"e31","sourceId":"filing-1","location":"Revenue recognition / remanufactured maintenance and repair components","excerpt":"We remanufacture used engines and components (cores) that are sold to dealers and retail customers for maintenance and repair parts."},{"id":"e32","sourceId":"filing-1","location":"Risk factors / realized 2025 volume, incentive and write-off pressures","excerpt":"In fiscal year 2025, unfavorable market conditions resulted in lower sales volumes, greater reliance on sales incentives, and elevated receivable write-offs."},{"id":"e33","sourceId":"filing-3","location":"Compensation discussion / reported 2025 returns versus prior cycle troughs","excerpt":"Specifically, fiscal 2025 OROA performance exceeded 2009 and 2016 levels by more than 40%, while OROS outperformed those same periods by over 58%."}],"changes":["Retains the previous uncertain verdict; the additional passages establish competitive assets but do not resolve their comparative durability.","Updates pricing assessment to incorporate favorable realized pricing in 2026 and 2023 cost recovery alongside 2025 competitive discounting.","Adds named agriculture and turf competitors and actual proxy disclosures supporting incentive-alignment and governance assessments."],"limitations":["All source dates retain dateKind filed; the latest supplied filing is dated August 27, 2026. Reporting periods and settlement dates are distinguished from filing dates.","The supplied filings identify agriculture and turf competitors, but establish neither their comparative economics nor named construction and forestry competitor coverage. Listed companies are not proven competitors in every Deere product or technology category.","Brand importance and strategic benefits are issuer assessments. Dealer counts, realized pricing, contractual obligations and reported operating results provide firmer evidence, but do not independently establish durable superiority.","No quantified switching costs, customer retention rates, technology renewal results, actual engaged-acre totals or competitor market-share trends are supplied.","The repair settlement establishes obligations and oversight, not an adjudicated finding of monopolization or a measured loss of aftermarket earnings.","Ownership requirements and equity awards are disclosed, but complete beneficial ownership amounts are absent. Governance structures and management's controls conclusion do not prove exceptional governance effectiveness.","Consolidated cash flows include Financial Services; acquisition returns and a complete equipment-only capital-allocation record are not established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Brand, distribution and integrated technology are established assets, but their superiority and barriers to replication are insufficiently demonstrated to confirm a moat.","evidenceIds":["e1","e2","e4","e8","e11"]},{"criterion":"durability","grade":null,"rationale":"The passages do not establish sustained competitive advantage through changing technology, regulation and industry cycles.","evidenceIds":["e12","e13","e17"]},{"criterion":"customer_dependency","grade":null,"rationale":"Bundled technology and dealer connectivity suggest dependence, but migration friction, purchasing loyalty and renewal outcomes are not established.","evidenceIds":["e8","e9","e10","e11"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Pricing recovery demonstrates operating resilience, but competitive incentives and repair-access changes leave structural erosion resilience unresolved.","evidenceIds":["e6","e7","e13","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Pricing exceeded cost increases in 2023 and contributed $403 million pretax to third-quarter 2026 improvement. Construction pricing fell 3% in the U.S. and Canada in 2025 because of competitive incentives. These are mixed realized outcomes across the cycle.","evidenceIds":["e6","e7","e15","e16"]},{"criterion":"retention","grade":2,"rationale":"Existing maintenance-component sales, renewable technology offerings and connected equipment support recurring customer relationships indirectly. They do not establish renewal rates or same-customer equipment repurchases; 2026 demand improvement coexists with substantial 2025 weakness.","evidenceIds":["e10","e11","e30","e31","e32"]},{"criterion":"margin_resilience","grade":2,"rationale":"Deere remained profitable through the 2023–2025 contraction, and reported stronger returns than prior cycle troughs. Earnings nevertheless fell substantially, while 2026 pricing and small-agriculture profit improvements faced higher production costs. Resilience is demonstrated but mixed.","evidenceIds":["e15","e16","e17","e18","e33"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Deere can introduce dealer incentive programs after equipment sales, demonstrating discretion over commercial concessions. Certain technology entails service-period obligations, and repair-resource terms are constrained by the settlement. Broader equipment repricing rights are not supplied.","evidenceIds":["e9","e13","e19"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Nine-month 2026 operating cash inflow of $3.250 billion accompanied $825 million of net investing outflows, $2.013 billion returned to shareholders and slightly lower borrowings. The completed $439 million Tenna purchase is documented, but its returns remain unproven and consolidated investing flows include financing activity.","evidenceIds":["e20","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing incentives use asset returns, profitability, relative revenue growth and relative shareholder returns. The completed 2025 PSU performance period produced no payout after below-threshold relative growth, demonstrating an actual consequence. Ownership requirements, clawbacks and hedging prohibitions add safeguards; actual ownership amounts are missing.","evidenceIds":["e24","e25","e26"]},{"criterion":"execution","grade":2,"rationale":"Actual 2026 sales growth, favorable pricing and small-agriculture profit improvement support execution, assessed partly through indirect operating outcomes. They are balanced by 2025 inventory-related purchase delays, weaker demand and incentives, and a completed PSU period with below-threshold relative revenue growth.","evidenceIds":["e5","e16","e18","e25","e30","e32"]},{"criterion":"governance","grade":3,"rationale":"Disclosed independent committee structures, regular executive sessions, annual elections, majority voting, proxy access and independent CEO compensation evaluation support strong governance arrangements. The combined chair/CEO position and repair settlement temper the assessment; the effective-controls conclusion is management's assessment.","evidenceIds":["e13","e14","e26","e27","e28","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"0d75c5c20b667cf43d2c932aa4695b01821c9197bb93326206089a4c990ddfce","updatedAt":"2026-10-18T12:38:58.651Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm","publishedAt":"2025-12-18","sha256":"ee0a885b50ab590eb5b72d369c82d46f8a57348910bb8548fa2180df1e39dc60","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465926102213/de-20260802x10q.htm","publishedAt":"2026-08-27","sha256":"8786be2b19c78b03ba848d98cae64147bd7eaf769a195858941654477bcfb51a","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465926003618/de-20260225xdef14a.htm","publishedAt":"2026-01-14","sha256":"1931332fe0c1518be0d7752aa14527ffba27fab6ec327d79d77b862f3a6d706f","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/315189/000155837024016169/de-20241027x10k.htm","publishedAt":"2024-12-12","sha256":"a0ccf4f726e4b262053dc261bb9778214bce8067fb0e71c2a77055f9146ed0e7","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/315189/000155837023019812/de-20231029x10k.htm","publishedAt":"2023-12-15","sha256":"d0e9268a41f25c62a4e0f905935835aeb2b6b1f95ff905b3ba94186cdf05e5cb","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465926067311/de-20260503x10q.htm","publishedAt":"2026-05-28","sha256":"69bc17b03fa1303c756142b857b31a04e05fe27efb039d790fa7dafdd0544fb8","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:2711accfa8dee6b74009ff7e1238867f90ee8060e9586e217405bc2bb2544e80","usage":{"input_tokens":90021,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3447,"reasoning_output_tokens":182},"basisSupplement":{"previousHash":"f3f81c1e6dc231e802ffd25bea15990d753e9f4dc74188336623297c9a608ec7","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-10-31","values":{"gross_margin":null,"operating_margin":18.199164092313282,"roic":12.353978179522239,"fcf_margin":15.623296383790661,"sbc_revenue":0.18626203888787934},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"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%.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-10-30","values":{"gross_margin":null,"operating_margin":18.083953059322518,"roic":null,"fcf_margin":6.780531411073283,"sbc_revenue":0.16166764935237843},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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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.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric 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.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-11-02","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":13.350407144733387,"sbc_revenue":0.3305314771035811},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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