{"schemaVersion":1,"research":true,"symbol":"dlr","name":"Digital Realty Trust","topic":"moat","path":"/stock/dlr/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:12:43.447Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Digital Realty has a narrow moat from disruption associated with customer relocation, reinforced by connected facilities and established global customer relationships. Actual renewals and development lease-up support the advantage. Contractual rent increases and expense recovery offer pricing protection, but realized renewal pricing is undisclosed. Competition, regional occupancy weakness, customer concentration and capital requirements limit durability. Self-reinforcing network effects and cost superiority remain unproven.","advantages":[{"mechanism":"switching_costs","claim":"Relocation can disrupt customers' operations, giving established facilities an incumbent advantage. Network-dense gateways and customers using multiple geographies reinforce these relationships. Reported renewals provide operating support beyond management's Data Gravity thesis.","durability":"The advantage can persist while customers depend on installed infrastructure, connectivity and location. Renewals and existing global relationships support current relevance, but the passages do not establish exceptional durability or quantify customer switching costs.","risks":"Competing facilities can offer better power, connectivity, locations or prices. Customer bankruptcy and negotiated lease changes can override incumbent advantages. EMEA occupancy declined despite overall occupancy improvement. Fixed contractual increases protect some revenue but constrain discretionary repricing.","invalidation":"The thesis would weaken materially if comparable occupied capacity repeatedly declined, renewal activity deteriorated, or customers moved to competing facilities without meaningful disruption. Repeated rent concessions or unrecovered operating-cost increases needed to retain customers would undermine the economic benefit.","competitors":["Equinix, Inc.","NTT","Global Switch Holdings Limited"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Risk factors: customer operational disruption from relocation following facility lease nonrenewal","excerpt":"Additionally, if we are unable to renew the lease at any of our data centers, we could lose customers due to the disruptions in their operations caused by the relocation."},{"id":"e2","sourceId":"filing-1","location":"Business: network-dense internet gateway facilities","excerpt":"Our internet gateway data centers are highly connected, network-dense facilities that serve as hubs for internet and data communications within and between major metropolitan areas."},{"id":"e3","sourceId":"filing-1","location":"Segment and geographic information: largest customers transact across multiple geographies","excerpt":"Segment and Geographic Information A majority of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide."},{"id":"e4","sourceId":"filing-2","location":"Results of operations: stabilized revenue growth attributed to leasing, renewals, reimbursements and foreign exchange","excerpt":"​ Stabilized rental and other services revenue increased by approximately $95.8 million and $209.1 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to increases in new leasing and renewals and higher utilities reimbursements across all regions along with the strengthening of foreign exchange rates, primarily the Euro, British pound sterling and Singapore dollar."},{"id":"e5","sourceId":"filing-2","location":"Results of operations: development completion and related lease-up contributions","excerpt":"​ Non-stabilized rental and other services revenue increased by approximately $121.4 million and $221.5 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to: ​ (i) increases of $145.1 million and $284.7 million, respectively, due to the completion of our global development pipeline and related lease up operating activities (with the biggest contributions in Northern Virginia, Frankfurt, Paris and Johannesburg); and (ii) offset by decreases of $23.7 million and $63.2 million, respectively, related to properties sold or contributed since June 30, 2025."},{"id":"e6","sourceId":"filing-2","location":"Inflation: contractual tax and operating expense escalations","excerpt":"Inflation Many of our leases provide for separate real estate tax and operating expense escalations."},{"id":"e7","sourceId":"filing-2","location":"Inflation: fixed base rent increases in many leases","excerpt":"In addition, many of the leases provide for fixed base rent increases."},{"id":"e8","sourceId":"filing-1","location":"Competition: similar properties and named global competitor","excerpt":"We compete with numerous data center providers globally, many of whom own or operate properties similar to ours in some of the same metropolitan areas where our data centers are located, including Equinix, Inc."},{"id":"e9","sourceId":"filing-1","location":"Competition: additional named and regional competitors","excerpt":"and NTT; various private operators in the U.S.; as well as Global Switch Holdings Limited and various regional operators in Europe, Asia, Latin America, Africa and Australia."},{"id":"e10","sourceId":"filing-1","location":"Competition risk: superior competing facilities or lower rents could cause customer losses or concessions","excerpt":"If our competitors offer space that our customers or potential customers perceive to be superior to ours based on factors such as available power, security, location, or connectivity, or if they offer rental rates below current market rates, or below the rental rates we are offering, we may lose customers or potential customers or be required to incur costs to improve our data centers or reduce our rental rates."},{"id":"e11","sourceId":"filing-2","location":"Revenue base: June 2026 and December 2025 capacity-based occupancy by region","excerpt":"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2026 ​ As of December 31, 2025 Region ​ Data Centers White Space IT Load (MW) (1) Occupancy (2) ​ Data Centers White Space IT Load (MW) (1) Occupancy (2) Americas ​ 156 1,421 95.2 % ​ 158 1,324 93.6 % EMEA ​ 130 870 81.9 % ​ 129 822 83.8 % APAC ​ 24 225 85.9 % ​ 24 217 84.2 % Consolidated Portfolio ​ 310 2,515 89.8 % ​ 311 2,363 89.3 % Note: Table excludes data centers held for sale or contribution."},{"id":"e12","sourceId":"filing-1","location":"Cyxtera restructuring: expenditure to buy out customer leases","excerpt":"In conjunction with the sale, we bought out Cyxtera’s leases in three data centers located in Singapore and Frankfurt for approximately $57 million."},{"id":"e13","sourceId":"filing-1","location":"Cyxtera restructuring: assumed leases and accelerated expirations","excerpt":"In addition, Brookfield assumed the leases on three facilities previously leased to Cyxtera and amended the leases on three additional data centers in North America, accelerating the expiration date to September 2024."},{"id":"e14","sourceId":"filing-2","location":"Customer concentration: two largest customers' revenue shares","excerpt":"As of June 30, 2026, our two largest customers accounted for approximately 11% and 10%, respectively, of our total revenue."},{"id":"e15","sourceId":"filing-2","location":"Revenue accounting: contractual recovery of certain rental expenses","excerpt":"Generally, under the terms of our leases, some of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers."},{"id":"e16","sourceId":"filing-2","location":"Operating expenses: limitations on expense reimbursement for certain facilities","excerpt":"However, in some cases we are not entitled to reimbursement of property operating expenses, other than utility expense, and real estate taxes under our leases for Turn-Key Flex® facilities."},{"id":"e17","sourceId":"filing-2","location":"Condensed consolidated income statements: first-half 2026 and comparative operating results","excerpt":"AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited, in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Operating Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental and other services ​ $ 1,674,633 ​ $ 1,457,360 ​ $ 3,274,860 ​ $ 2,844,221 Fee income and other ​ 249,407 ​ 35,790 ​ 284,353 ​ 56,566 Total operating revenues ​ 1,924,040 ​ 1,493,150 ​ 3,559,213 ​ 2,900,787 Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental property operating and maintenance ​ 687,862 ​ 607,012 ​ ​ 1,326,362 ​ 1,158,997 Property taxes and insurance ​ 59,904 ​ 54,516 ​ ​ 119,667 ​ 107,855 Depreciation and amortization ​ 507,106 ​ 461,167 ​ ​ 1,006,617 ​ ​ 904,176 General and administrative ​ 157,700 ​ 136,017 ​ ​ 312,458 ​ ​ 259,557 Transactions and integration ​ 38,703 ​ 22,546 ​ ​ 54,388 ​ ​ 62,448 Other ​ 13,508 ​ 195 ​ ​ 13,531 ​ ​ 307 Total operating expenses ​ 1,464,783 ​ 1,281,453 ​ 2,833,023 ​ 2,493,340 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income before gain on disposition of properties, net ​ ​ 459,257 ​ ​ 211,697 ​ ​ 726,190 ​ ​ 407,447 Gain on disposition of properties, net ​ ​ 7,988 ​ ​ 931,830 ​ ​ 8,861 ​ ​ 932,941 Total operating income ​ 467,245 ​ 1,143,527 ​ 735,051 ​ 1,340,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Income (Expenses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings (loss) of unconsolidated entities ​ 36 ​ (12,062) ​ (1,797) ​ (19,702) Other income, net ​ 137,944 ​ 37,747 ​ 183,286 ​ 70,520 Interest expense ​ (113,943) ​ (109,383) ​ (230,327) ​ (207,847) Loss on debt extinguishment and modifications ​ — ​ — ​ (4,119) ​ — Income tax expense ​ (33,675) ​ (12,883) ​ (49,683) ​ (30,018) Net income ​ 457,607 ​ 1,046,946 ​ 632,411 ​ 1,153,341 Net (income) loss attributable to noncontrolling interests ​ (4,318) ​ (14,790) ​ 152 ​ (11,211) Net income attributable to Digital Realty Trust, Inc."},{"id":"e18","sourceId":"filing-2","location":"Results of operations: promote income from achieved performance hurdles","excerpt":"​ Fee income and other increased by approximately $213.6 million and $227.8 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to $201 million of promote income related to achievement of certain performance hurdles associated with the June 2026 Acquisition."},{"id":"e19","sourceId":"filing-2","location":"Business overview: completed development contributions, proceeds and disposition gain","excerpt":"46 Table of Contents ​ ● In May 2026, we contributed two development projects to Digital Realty DC Partners NA Fund (the “Fund”), with an aggregate carrying value of approximately $439 million, for gross proceeds of $447 million and recognized a gain on disposition of approximately $8 million."},{"id":"e20","sourceId":"filing-2","location":"Business overview: actual first-half 2026 equity issuance and proceeds","excerpt":"generated net proceeds of approximately $2.5 billion under its ATM Equity OfferingSM program from the issuance of approximately 13.5 million common shares at an average price of $184.94 per share after payment of approximately $12.6 million of commissions to the agents."},{"id":"e21","sourceId":"filing-2","location":"Acquisitions: development land purchase funded with cash and partnership units","excerpt":"In April 2026, our Operating Partnership also acquired approximately 1,440 acres of development land at Astra Enterprise Park, located near Kansas City, (the “April 2026 Acquisition”) for total consideration of $482 million, comprised of $377.6 million in cash and 517,475 common units of limited partnership interest in our Operating Partnership with a fair value of $104.0 million."},{"id":"e22","sourceId":"filing-2","location":"Liquidity and capital resources: debt amount, hedging and effective interest rates","excerpt":"Outstanding Consolidated Indebtedness ​ The table below summarizes our outstanding debt as of June 30, 2026 (in millions): ​ ​ ​ ​ ​ ​ Debt Summary: ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ 14,124 ​ Variable rate debt subject to interest rate swaps ​ 3,442 ​ Total fixed rate debt (including interest rate swaps) ​ 17,566 ​ Variable rate—unhedged ​ 1,202 ​ Total ​ $ 18,768 ​ Percent of Total Debt: ​ ​ ​ Fixed rate (including swapped debt) ​ 93.6 % Variable rate ​ 6.4 % Total ​ 100.0 % ​ ​ ​ ​ ​ Effective Interest Rate as of June 30, 2026 ​ ​ ​ Fixed rate (including hedged variable rate debt) ​ 3.03 % Variable rate ​ 2.46 % Effective interest rate ​ 2.99 % ​ Our ratio of debt to total enterprise value was approximately 21.4% (based on the closing price of Digital Realty Trust, Inc.’s common stock on June 30, 2026 of $179.58)."},{"id":"e23","sourceId":"filing-3","location":"Corporate governance overview: independent chair, board structure, ownership compliance and shareholder rights","excerpt":"Separate Independent Board Chair and Chief Executive Officer Our directors stand for election each year Majority voting standard for director elections 9 of 10 directors standing for re-election are independent Regular executive sessions of Independent Directors 4 audit committee financial experts Annual Board and committee evaluations, including periodically with third party advisors Oversight of risk by the Board Board orientation and continuing education program Codes of conduct for directors, team members and vendors SEC and NYSE-compliant clawback policy Anti-hedging and anti-pledging policy All directors and officers subject to our Stock Ownership Guidelines are in compliance No poison pill Proxy access Award-winning commitment to sustainability Commitment to our communities Strategy and Our Board Our primary business objectives are to maximize: (i) sustainable long-term growth in earnings and funds from operations per share and unit, (ii) cash flow and returns to our stockholders and our Operating Partnership’s unitholders through the payment of dividends and distributions and (iii) return on invested capital."},{"id":"e24","sourceId":"filing-3","location":"Compensation discussion: actual 2025 performance measures and payout caps","excerpt":"Financial Metrics • Core FFO Per Share • Same Store Cash NOI Revenue Metrics • ≤1 MW and Interconnection signings Individual Performance Goals • Winning new customers and enhancing existing customer relationships • Developing solutions and delivering products on a global platform • Attaining financial and operating metrics • Talent management and corporate responsibility Annual incentive payouts are based on performance against pre-established targets and are subject to defined caps."},{"id":"e25","sourceId":"filing-3","location":"Compensation table footnotes: dividend equivalent units vested for completed 2025 performance period","excerpt":"Also includes, for all named executive officers, the value of the DEUs that vested with respect to performance-vested Class D Units for the performance period ended December 31, 2025 (using the closing price of our Common Stock on December 31, 2025 of $154.71 per share), paid in the form of PIUs."},{"id":"e26","sourceId":"filing-3","location":"Compensation table footnotes: distributions on unvested awards","excerpt":"(b) Includes distributions and Dividend Equivalents paid on unvested long-term incentive awards, including performance-based awards that have satisfied the applicable performance condition and remain subject to time-based vesting."},{"id":"e27","sourceId":"filing-3","location":"Section 16 reporting compliance: disclosed reporting exceptions","excerpt":"Based solely on our review of the copies of such reports received by us, and written representations from certain Reporting Persons that no other reports were required for those persons, we believe that, during the year ended December 31, 2025, the Reporting Persons met all applicable Section 16(a) filing requirements, with the exception of the following reports: • Form 4 relating to withholding of shares associated with the vesting of restricted stock awards (January 1, 2025) for Jeannie Lee and Christine Kornegay."},{"id":"e28","sourceId":"filing-3","location":"Section 16 reporting compliance: additional reporting exception","excerpt":"• Form 4 relating to withholding of shares associated with the vesting of a restricted stock award (June 5, 2025) for Jean Mandeville."},{"id":"e29","sourceId":"filing-1","location":"Business: management belief regarding portfolio replication costs","excerpt":"We believe internet gateways are extremely valuable, and a high-quality, highly interconnected global portfolio such as ours could not be easily replicated today on a cost-competitive basis."},{"id":"e30","sourceId":"filing-1","location":"Risk factors: potential cost of relocating the company's infrastructure equipment","excerpt":"The costs of relocating data center infrastructure equipment, such as generators, power distribution units and cooling units, to different data centers could be prohibitive and, as such, we could lose the value of this equipment."}],"changes":["Retain the previous narrow verdict; the supplied passages support incumbent relocation friction and actual renewal demand.","Clarify that potentially prohibitive equipment relocation costs concern Digital Realty's infrastructure and do not quantify tenant switching costs.","Use actual proxy disclosures to assess alignment and governance, distinguishing completed performance vesting from future award conditions.","Separate contractual pricing protection from undisclosed realized renewal pricing, and distinguish the 2026 capacity-based occupancy comparison from earlier square-foot occupancy measures."],"limitations":["Assessment uses only supplied passages. Sources retain dateKind filed: filing-1 February 13, 2026; filing-2 July 31, 2026; filing-3 April 17, 2026. Filing dates are distinct from operating measurement dates.","Issuer disclosures provide operating and contractual evidence, but portfolio replication claims and expected campus economies are management assertions rather than demonstrated cost superiority.","Named competitors are disclosed, but comparative pricing, customer migration, market shares and competitor economics are absent; regional and private operator coverage remains generic.","No renewal pricing spreads, quantified customer retention rates, lease-wide escalation magnitudes or comprehensive customer contract durations are supplied. Revenue growth combines leasing, renewals, reimbursements and currency effects.","The 13-year weighted-average lease terms in acquisition accounting concern acquired leases and cannot establish the duration of the whole customer portfolio.","Proxy passages establish governance provisions, compensation conditions and ownership-guideline compliance, but do not supply complete executive ownership amounts or prove governance effectiveness through a full cycle."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Operational disruption from relocation, connected gateways, multi-geography customer relationships and actual renewals support a current incumbent advantage. They do not demonstrate self-reinforcing network effects or a cost lead.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":2,"rationale":"Established relationships and renewals support persistence, but competitive substitution and realized lease buyouts and accelerated expirations constrain confidence. Management's replication claim does not establish exceptional durability.","evidenceIds":["e3","e4","e10","e12","e13","e29"]},{"criterion":"customer_dependency","grade":3,"rationale":"Customers depend on facilities whose relocation can disrupt operations; large customers use multiple geographies and renewals contribute to revenue. Dependency is supported operationally, without a quantified tenant switching-cost estimate.","evidenceIds":["e1","e3","e4","e30"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Overall capacity-based occupancy improved from 89.3% to 89.8% and developments leased up, but EMEA occupancy declined from 83.8% to 81.9%. Customer concentration and competitive alternatives limit demonstrated resilience.","evidenceIds":["e5","e10","e11","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Fixed rent increases are disclosed, but observed price changes or renewal spreads are absent. Revenue growth attributed jointly to leasing, renewals, utilities and currency cannot isolate realized pricing.","evidenceIds":["e4","e7"]},{"criterion":"retention","grade":2,"rationale":"Renewals and improving overall occupancy support repeat demand, assessed partly from indirect operating evidence. Regional weakness and actual customer lease restructuring make the record mixed; no retention rate is inferred.","evidenceIds":["e4","e11","e12","e13"]},{"criterion":"margin_resilience","grade":2,"rationale":"Contractual expense recovery and actual utility reimbursements support cost protection. First-half rental and services revenue grew faster than combined property operating expenses and taxes, but reimbursement exceptions remain and promote income boosts headline operating results. This does not establish a moat from margins.","evidenceIds":["e4","e15","e16","e17","e18"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Many leases include fixed base-rent increases and expense escalations, giving negotiated protection. Fixed terms constrain discretionary repricing, and reimbursement exceptions prevent universal cost recovery.","evidenceIds":["e6","e7","e15","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Completed asset contributions, development lease-up and predominantly fixed or hedged debt demonstrate financing and recycling execution. Substantial equity issuance and a large development-land commitment impose dilution and deployment risks; completed transaction gains do not establish sustained per-share returns above capital costs.","evidenceIds":["e5","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual performance measures include per-share Core FFO, same-store cash NOI and signings, with capped annual payouts. Ownership-guideline compliance and completed performance vesting support alignment. Distributions on unvested awards temper the assessment; exact ownership stakes are unavailable.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"execution","grade":3,"rationale":"Development completion and lease-up generated disclosed revenue contributions, stabilized leasing and renewals grew, and contractual performance hurdles generated promote income. These are actual operating achievements, although revenue growth includes currency and reimbursements and EMEA occupancy weakened.","evidenceIds":["e4","e5","e11","e18"]},{"criterion":"governance","grade":3,"rationale":"An independent chair, largely independent director slate, annual elections, majority voting, clawback provisions and proxy access support strong disclosed governance arrangements. Section 16 reporting exceptions temper the record. These disclosures do not prove exceptional governance outcomes.","evidenceIds":["e23","e27","e28"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"6e9a1b86a8d8bd241a75b635f177778ee52fb2f11019863f8f9e4261da34d7c2","updatedAt":"2026-10-18T13:12:43.447Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","publishedAt":"2026-02-13","sha256":"a40ccd4a19edc5b08c7dd755c88db1634f8082bdf2f99ebcf103a22ca3ae371c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926089296/dlr-20260630x10q.htm","publishedAt":"2026-07-31","sha256":"94eea73d6169cbcb9a56298cbc7623e37238367f35d93d97eaa045e7ff24933e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1297996/000130817926000296/dlr015307-def14a.htm","publishedAt":"2026-04-17","sha256":"dc04072f026c096717483f91491c93f0693c46e9862d97bd97f7e6f4208b4a6d","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1297996/000155837025001424/dlr-20241231x10k.htm","publishedAt":"2025-02-25","sha256":"a7b38bf495a98692033edf7f95abe218ebde931fdf15d877ea52cc6dd36bf167","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1297996/000155837024001575/dlr-20231231x10k.htm","publishedAt":"2024-02-23","sha256":"c22b91b6b92ff160155a47c0d47b9dbdb52148bde4a0d66dbe0150c701fc75b5","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926054255/dlr-20260331x10q.htm","publishedAt":"2026-05-01","sha256":"09b9afa6a56d330234a72e658dd96c831d10b8c63d44683fbe300e4faf531a06","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:17c229e548c8e87517d16a0c0ea0b18e33015298ac2eb9ccf9396bdc94997334","usage":{"input_tokens":87091,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3649,"reasoning_output_tokens":145},"basisSupplement":{"previousHash":"006e9c575d8b2b6cdc08fa1c575f76f2c84b45bcbb8c1ed2d09e7a89ca48209d","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":null,"operating_margin":15.673610995053618,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","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.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable 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for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":12.574357916328669,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","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.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","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.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"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.","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.","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":null,"operating_margin":9.575591727022942,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","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.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","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.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"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.","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 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