{"schemaVersion":1,"research":true,"symbol":"ess","name":"Essex Property Trust","topic":"moat","path":"/stock/ess/moat","status":"published","version":4,"updatedAt":"2026-10-18T00:45:37.121Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Essex has a narrow moat supported by ownership of apartments in supply-constrained metropolitan markets, demonstrated same-property operating growth, and a reported multiyear operating-cost advantage. These advantages protect locations and operating economics more than customer relationships. Pricing power is modestly supported by same-property revenue growth, but rent changes, concessions and occupancy are not separately disclosed here. Housing alternatives, short leases, financing exposure and realized litigation costs limit resilience.","advantages":[{"mechanism":"intangible_assets","claim":"Existing apartment locations in California and Seattle benefit from land, geographic and permitting constraints that make competing supply harder to reproduce. Actual portfolio geography and same-property growth support a current location advantage, although the supply-barrier description is an issuer investment criterion rather than property-specific proof.","durability":"Physical land constraints can persist, while permitting barriers can change. The passages support a narrow location advantage without establishing exceptional durability or exclusive access.","risks":"Other landlords share these market characteristics. Alternative housing, weaker local employment, increased construction and policy changes can reduce scarcity benefits. Short leases transmit weaker market rents quickly.","invalidation":"The thesis would weaken if materially greater competing supply or persistently weaker local demand coincided with repeated same-property revenue declines and NOI deterioration, particularly if comparable apartment peers remained resilient.","competitors":["Equity Residential","Avalon Bay Communities, Inc.","UDR, Inc.","Mid-America Apartment Communities, Inc.","Camden Property Trust"],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e6","e7","e8"]},{"mechanism":"cost_advantage","claim":"Essex reports that its controllable operating expense margin outperformed its peer average by 300 basis points over five years, alongside implemented technology, staffing and process changes. This supports an operating-cost advantage, but does not establish that competitors cannot replicate it.","durability":"The reported five-year comparison supports persistence beyond a single period. Durability remains limited by the absence of detailed comparative calculations and evidence of a proprietary operating system.","risks":"Peers can adopt similar technology and processes. Property mix can influence comparisons, and controllable expenses exclude important economic costs. Litigation and corporate expenses can offset property-level efficiencies.","invalidation":"Repeated disappearance of the reported peer expense advantage, or sustained same-property expense growth that erodes NOI despite stable revenue, would undermine this advantage.","competitors":["Equity Residential","Avalon Bay Communities, Inc.","UDR, Inc.","Mid-America Apartment Communities, Inc.","Camden Property Trust"],"evidenceIds":["e5","e9","e10","e11"],"counterEvidenceIds":["e8","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: market selection and constraints on new housing supply","excerpt":"The Company continually assesses markets where the Company operates, as well as markets where the Company considers future investment opportunities by evaluating markets and focusing on the following strategic criteria: •Major metropolitan areas that have regional population in excess of one million; •Constraints on new supply driven by: (i) low availability of developable land sites where competing housing could be economically built; (ii) political growth barriers, such as protected land, urban growth boundaries, and potential lengthy and expensive development permit processes; and (iii) natural limitations to development, such as mountains or waterways; •Rental demand enhanced by affordability of rents relative to costs of for-sale housing; and •Housing demand based on job growth, proximity to jobs, high median incomes and the quality of life including related commuting factors."},{"id":"e2","sourceId":"filing-2","location":"Portfolio overview: actual regional apartment holdings","excerpt":"The Company’s apartment home communities are predominantly located in the following major regions: Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties) Northern California (the San Francisco Bay Area) Seattle Metro (the Seattle metropolitan area) The Company’s consolidated operating communities were as follows: June 30, 2026 June 30, 2025 Apartment Homes % Apartment Homes % Southern California 23,616 42 % 23,222 42 % Northern California 21,101 38 % 21,027 38 % Seattle Metro 10,899 20 % 10,899 20 % Total 55,616 100 % 55,148 100 % Co-investments, including Wesco I, Wesco III, Wesco IV, Wesco V, Wesco VI, BEX IV and other co-investments, developments under construction, and preferred equity interest co-investment communities are not included in the table presented above for both periods."},{"id":"e3","sourceId":"filing-3","location":"2025 performance: same-property revenue and NOI growth","excerpt":"Achieved same-property revenue and net operating income (“NOI”) growth of 3.3% and 3.2%, respectively, both of which led the multifamily peer group and exceeded the midpoint of the Company's original guidance ranges."},{"id":"e4","sourceId":"filing-2","location":"NOI reconciliation: first-half 2026 same-property NOI","excerpt":"Please see the reconciliation of earnings from operations to NOI and Same-Property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented ($ in thousands): 47 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Earnings from operations $ 109,373 $ 279,700 $ 264,566 $ 536,781 Adjustments: Corporate-level property management expenses 13,432 12,220 26,830 24,552 Depreciation and amortization 154,073 151,501 308,968 302,788 Management and other fees from affiliates (2,318) (2,223) (4,631) (4,717) General and administrative 73,149 17,157 93,163 33,449 Gain on sale of real estate and land (2,000) (126,174) (2,000) (237,204) NOI 345,709 332,181 686,896 655,649 Less: Non-Same Property NOI (28,878) (23,457) (56,996) (46,157) Same-Property NOI $ 316,831 $ 308,724 $ 629,900 $ 609,492 Item 3: Quantitative and Qualitative Disclosures About Market Risks Interest Rate Hedging Activities The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks."},{"id":"e5","sourceId":"filing-3","location":"Operating initiatives: five-year controllable expense comparison","excerpt":"Over the past five years, the Company's controllable operating expense margin outperformed the peer average by 300 basis points."},{"id":"e6","sourceId":"filing-1","location":"Competition risk: alternative housing and tenant retention","excerpt":"Competitive housing in a particular area and fluctuations in cost of owner-occupied single- and multifamily homes caused by a decrease in housing prices, mortgage interest rates and/or government programs to promote home ownership or create additional rental and/or other types of housing could materially adversely affect the Company’s ability to retain its tenants, lease apartment homes and increase or maintain rents."},{"id":"e7","sourceId":"filing-1","location":"Lease risk: short leases and exposure to declining rents","excerpt":"Short-term leases expose us to the effects of declining market rents, and the Company may be unable to renew leases or relet units as leases expire."},{"id":"e8","sourceId":"filing-1","location":"Operating risks: demand, housing supply and cost inflation","excerpt":"Income and growth from the communities may be further materially adversely affected by, among other things, the following factors, in addition to the other risk factors listed in this Item 1A: •changes in the general or local economic climate that could affect demand for housing, including changing demographics or policies governing legal immigration, which could lead to a relative decrease in the renting population, an increase in the use of new technologies and artificial intelligence to replace workers, and other events negatively impacting local employment rates, tenant dispersion, wages and the local economy; •changes in supply and cost of housing; •changes in economic conditions, such as high or sustained inflationary periods in which our operating and financing costs may increase at a rate greater than our ability to increase rents, thereby compressing our operating margins which may have a material adverse effect on our business, or deflationary periods where rents may decline more quickly relative to operating and financing costs; and •the appeal and desirability of our communities to tenants relative to other housing alternatives, including cost, size and amenity offerings, safety and location convenience, and our technology offerings."},{"id":"e9","sourceId":"filing-3","location":"Operating initiatives: technology, staffing and process implementation","excerpt":"~$830M Acquisitions Operating Initiatives & Technology The Company continued to advance its multi-year strategy to strengthen its operating platform and reduce operating expenses through technology and process enhancements, including targeted improvements to its staffing structure designed to drive greater efficiency and scalability in 2025."},{"id":"e10","sourceId":"filing-3","location":"Performance comparison footnote: named multifamily peers","excerpt":"(2)Peer average includes five multifamily REITs (Equity Residential (“EQR”), Avalon Bay Communities, Inc."},{"id":"e11","sourceId":"filing-3","location":"Performance comparison footnote: named multifamily peers","excerpt":"(“AVB”), UDR, Inc. (“UDR”), Mid-America Apartment Communities, Inc."},{"id":"e12","sourceId":"filing-3","location":"Performance comparison footnote: named multifamily peer","excerpt":"(“MAA”), and Camden Property Trust (“CPT”))."},{"id":"e13","sourceId":"filing-2","location":"Segment results: property revenue, expenses, NOI and corporate costs","excerpt":"AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2026 and 2025 (Unaudited) Six Months Ended June 30, 2026 2025 Rental and other property revenue Property operating expenses, including real estate taxes Net operating income Rental and other property revenue Property operating expenses, including real estate taxes Net operating income Southern California $ 390,811 $ 115,464 $ 275,347 $ 378,366 $ 109,594 $ 268,772 Northern California 406,706 119,859 286,847 370,707 114,341 256,366 Seattle Metro 158,654 46,435 112,219 155,511 44,358 111,153 Other real estate assets 13,003 520 12,483 25,115 5,757 19,358 Total $ 969,174 $ 282,278 $ 686,896 $ 929,699 $ 274,050 $ 655,649 Total net operating income 686,896 655,649 Management and other fees from affiliates 4,631 4,717 Corporate-level property management expenses (26,830) (24,552) Depreciation and amortization (308,968) (302,788) General and administrative (93,163) (33,449) Gain on sale of real estate and land 2,000 237,204 Interest expense (132,399) (127,994) Total return swap income 2,768 2,271 Interest and other income 10,123 11,097 Equity income from co-investments 37,330 22,186 Tax (expense) benefit on unconsolidated technology co-investments (3,251) 395 Loss on early retirement of debt — (762) Gain on remeasurement of co-investment — 330 Net income $ 179,137 $ 444,304 33 ESSEX PROPERTY TRUST, INC."},{"id":"e14","sourceId":"filing-2","location":"Contingencies: RealPage-related settlement amount","excerpt":"During the three months ended June 30, 2026, the Company reached a settlement to fully resolve its case related to RealPage, for a settlement amount totaling $36.5 million."},{"id":"e15","sourceId":"filing-2","location":"Contingencies: settlement remains subject to court approval","excerpt":"The settlement remains subject to court approval and, if the settlement is not approved, we intend to continue to vigorously defend ourselves."},{"id":"e16","sourceId":"filing-2","location":"Contingencies: second litigation settlement amount","excerpt":"In addition to the RealPage matter, the Company fully resolved another litigation matter for a settlement amount totaling $19.3 million."},{"id":"e17","sourceId":"filing-2","location":"Contingencies: second settlement remains subject to court approval","excerpt":"That settlement is also subject to court approval and, if the settlement is not approved, we intend to continue to vigorously defend ourselves."},{"id":"e18","sourceId":"filing-3","location":"Investment activities: realized structured-finance redemptions and new commitment","excerpt":"In addition, the Company received $189.8 million in structured finance redemption proceeds at a weighted average return rate of 9.8% and committed $21.3 million at pro rata share in one investment yielding a 13.5% return rate."},{"id":"e19","sourceId":"filing-3","location":"Compensation discussion: investment outcomes and operating performance against targets","excerpt":"For 2025, the specific corporate goals and thresholds were as follows: PERFORMANCE CRITERIA PERFORMANCE AS A % OF TARGET GOALS WEIGHT THRESHOLD 50% TARGET 100% MAXIMUM 200% ACHIEVED RESULTS Core FFO Per Diluted Share 40 % $ 15.56 $ 15.81 $ 16.06 $ 15.94 152 % Same-Property NOI Growth 30 % 2.1 % 2.7 % 3.3 % 3.2 % 183 % Generate 5-Year Proforma Accretion from New Acquisitions 20 % $ 1.5 M $ 2.0 M $ 2.5 M $ 9.9 M 200 % Achieved Underwritten Returns on 2023 & 2024 Investments 10 % 95 % 100 % 105 % 111 % 200 % The table below reflects the target bonus opportunity tied to achievement of the corporate performance objectives for each of our named executive officers for 2025, as well as the actual bonus paid with respect to the corporate goal component of the annual bonus."},{"id":"e20","sourceId":"filing-2","location":"Common stock: completed first-half 2026 repurchases","excerpt":"During the six months ended June 30, 2026, the Company repurchased and retired 254,001 shares of the Company’s common stock through the Company’s previous plan, totaling $61.9 million, including commissions, at an average price per share of $243.76."},{"id":"e21","sourceId":"filing-2","location":"Development pipeline: incurred and estimated remaining costs","excerpt":"As of June 30, 2026, the Company’s development pipeline was comprised of one consolidated development project of 543 apartment homes and various predevelopment projects, with total incurred costs of $184.1 million, and estimated remaining project costs of approximately $160.5 million, for total estimated project costs of $344.6 million."},{"id":"e22","sourceId":"filing-1","location":"Liquidity and capital resources: fixed-rate public bonds","excerpt":"As of December 31, 2025, the Company had $5.5 billion of fixed rate public bonds outstanding at an average interest rate of 3.7% with maturity dates ranging from 2026 to 2050."},{"id":"e23","sourceId":"filing-3","location":"FFO reconciliation: per-share performance, impairments and diluted shares","excerpt":"CONSOLIDATED FUNDS FROM OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS AND IN FOOTNOTES) TWELVE MONTHS ENDED DECEMBER 31, 2025 2024 % CHANGE Net income available to common stockholders $ 669,666 $ 741,522 Adjustments: Depreciation and amortization 607,542 580,220 Gains not included in FFO (305,043) (386,138) Impairment loss from unconsolidated co-investments 12,634 3,726 Depreciation and amortization from unconsolidated co-investments 56,848 66,943 Noncontrolling interest related to Operating Partnership units 23,649 26,414 Depreciation attributable to third party ownership and other (160) 31,191 Funds from operations attributable to common stockholders and unitholders $ 1,065,136 $ 1,063,878 FFO per share-diluted $ 15.98 $ 15.99 -0.1 % Non-core items: Expensed acquisition and investment related costs $ 25 $ 72 Tax benefit on unconsolidated technology co-investments (2,096) (929) Realized and unrealized gains on marketable securities, net (3,809) (8,347) Provision for credit losses 26 (179) Equity income from unconsolidated technology co-investments (6,552) (10,344) Loss on early retirement of debt 762 — Loss on early retirement of debt from unconsolidated co-investments 122 — Co-investment promote income — (1,531) Income from early redemption of preferred equity investments and notes receivable (70) — General and administrative and other, net (1) 10,004 39,341 Insurance reimbursements, legal settlements, and other, net (2) (808) (43,794) Core funds from operations attributable to common stockholders and unitholders $ 1,062,740 $ 1,038,167 Core FFO per share-diluted $ 15.94 $ 15.60 2.2 % Weighted average number of shares outstanding diluted (3) 66,669,649 66,533,908 (1)Includes political advocacy costs of $2.0 million and $33.3 million for the years ended December 31, 2025 and 2024, respectively."},{"id":"e24","sourceId":"filing-3","location":"Compensation: actual February 2025 performance-vesting equity grants","excerpt":"The equity compensation packages granted in February 2025 consisted of two different types of performance vesting awards: 45% of the awards were RSUs subject to both service-based vesting and performance-based vesting tied to the achievement of the TSR Goals (the “TSR RSUs”) and 40% of the awards were RSUs subject to both service-based vesting and performance-based vesting tied to the achievement of the Core FFO Goals (the “Core FFO RSUs”), in each case, granted under the Company’s stockholder-approved Incentive Award Plan."},{"id":"e25","sourceId":"filing-3","location":"Compensation: disclosed elimination of service-only executive RSUs in 2026","excerpt":"In fiscal year 2026, the Company eliminated RSUs subject only to service-based vesting in its' equity compensation package for its named executive officers, leaving only RSUs subject to both service-based vesting and performance-based vesting to align equity compensation with Company performance and promote executive retention."},{"id":"e26","sourceId":"filing-3","location":"Compensation governance: recovery policy","excerpt":"Compensation Recovery Policy Our Compensation Recovery Policy requires the recovery of erroneously awarded incentive compensation to our executive officers in the event of a financial restatement, as required by NYSE listing standards, and in other circumstances."},{"id":"e27","sourceId":"filing-3","location":"Governance practices: shareholder rights and board structure","excerpt":"•95% Five-Year Average Stockholder Approval of Named Executive Officer Compensation Pursuant to Annual Say-on-Pay Vote •Proxy Access Provision in Company’s Bylaws •Stockholder Power to Amend Company’s Bylaws •No Stockholder Rights Plan (or “Poison Pill”) Executive compensation policies closely align with stockholder interests •Executive Compensation Driven by Performance •No Employment Agreements •Compensation Clawback Policy •Director and Executive Officer Stock Ownership Guidelines •No Tax Gross-Ups •Annual Performance Evaluations of All Executive Officers, Board and Committees The Board has a robust, independent leadership structure •Separate Chairman and Chief Executive Officer •8 of 9 Director Nominees are Independent under the NYSE director independence standards."},{"id":"e28","sourceId":"filing-3","location":"Related-party governance: chairman opportunity and recusal agreement","excerpt":"Marcus has agreed (i) that he will not divert any multifamily property acquisition and/or development opportunities, which involve properties in the Company’s geographic areas and with more than one hundred rental units, that are presented to him in his capacity as Chairman of the Company to any of his affiliated companies, (ii) that he will not divulge any confidential or proprietary information regarding property acquisition and/or development opportunities that may be received by him in his capacity as Chairman of the Company to any of his affiliated companies and (iii) that he will recuse himself from any and all discussions by the Board regarding any proposed acquisition and/or development of a multifamily property where it appears that there may be an actual conflict of interest with any of his affiliated companies."},{"id":"e29","sourceId":"filing-3","location":"Asset management: completed renovation spending and units","excerpt":"11.9M kWh of Renewable Energy Asset Management In 2025, the Company completed approximately $82.4 million in revenue generating projects, including renovating over 3,000 units, surpassing our external guidance target by approximately $22.4 million."}],"changes":["No comparable previous version."],"limitations":["All evidence comes from supplied issuer filings. Peer leadership and cost comparisons are issuer-reported; detailed comparative calculations are absent.","Named entities are disclosed multifamily comparison peers, not established property-by-property competitors. Their names are preserved exactly from the supplied passages.","Supply constraints are described as market-selection criteria; property-level scarcity, competing construction and local market shares are not quantified.","Same-property revenue growth supports pricing and repeat demand indirectly. Actual rent changes, concessions, occupancy, tenant renewal rates and customer switching costs are not supplied.","Specific rent-setting restrictions and lease repricing provisions are absent. Short leases establish frequent renewal exposure, not unrestricted pricing authority.","Actual compensation grants and governance policies are disclosed, but executive ownership amounts and compliance with ownership guidelines are not supplied. The advisory compensation vote is not treated as proof of approval.","The latest operating evidence covers June 30, 2026. Source dates are filing dates: February 20, July 30 and March 27, 2026, respectively; they are not retrieval dates.","Settlement amounts are disclosed and associated liabilities recognized, but both settlements remain subject to court approval. Allegations do not establish collusion."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Actual holdings in markets selected for supply barriers and a reported five-year expense advantage support a narrow advantage. Local exclusivity and a defensible proprietary operating system are unproven.","evidenceIds":["e1","e2","e5","e9"]},{"criterion":"durability","grade":2,"rationale":"Physical supply constraints and the multiyear cost comparison support persistence, but competitors share these markets and short leases expose earnings to changing demand.","evidenceIds":["e1","e5","e6","e7"]},{"criterion":"customer_dependency","grade":1,"rationale":"Numerous housing alternatives and short leases indicate fragile customer dependence. The passages do not demonstrate material switching friction or tenant lock-in.","evidenceIds":["e6","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Same-property growth continued from 2025 into first-half 2026, supporting current resilience. Competition and cost sensitivity remain, while litigation has produced actual settlement-related costs.","evidenceIds":["e3","e4","e8","e13","e14","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"2025 same-property revenue rose 3.3%, supporting favorable realized revenue outcomes. Without rent, occupancy and concession decomposition, this is indirect evidence of pricing power rather than proof of comparable rent increases.","evidenceIds":["e3"]},{"criterion":"retention","grade":2,"rationale":"Growth in same-property revenue and continuing same-property NOI expansion provide indirect evidence of recurring rental demand. They cannot establish retention of individual tenants; short leases and housing alternatives limit the inference.","evidenceIds":["e3","e4","e6","e7"]},{"criterion":"margin_resilience","grade":2,"rationale":"2025 same-property NOI growth approximately matched revenue growth. First-half 2026 property NOI also increased, but higher corporate costs and litigation charges show that property-level resilience does not fully protect company earnings.","evidenceIds":["e3","e13","e14","e16"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Short leases permit frequent market repricing while exposing Essex to downward resets and failed renewals. The passages establish mixed contractual exposure but omit specific rent-setting limits and repricing clauses.","evidenceIds":["e7"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Realized structured-finance redemptions, disclosed investment outcomes and fixed-rate financing support discipline. Completed repurchases and remaining development commitments are concrete allocation evidence, but value creation from buybacks is unproven, co-investment impairments occurred, and full cash-flow coverage is unavailable.","evidenceIds":["e18","e19","e20","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 grants tied 85% of equity awards to TSR or Core FFO performance plus service requirements. The proxy reports elimination of service-only executive RSUs in 2026 and an existing clawback policy. These are disclosed arrangements, not inferred adoption of the advisory vote; ownership compliance and future vesting remain unverified.","evidenceIds":["e24","e25","e26"]},{"criterion":"execution","grade":2,"rationale":"Reported investment outcomes, completed renovations and continued same-property NOI growth demonstrate execution. The renovation evidence establishes delivery rather than realized renovation returns, and substantial litigation costs temper the operating achievements.","evidenceIds":["e19","e29","e4","e14","e16"]},{"criterion":"governance","grade":2,"rationale":"Disclosed shareholder rights, separate leadership roles, compensation recovery and a chairman conflict agreement support governance safeguards. Related-party conflicts require ongoing oversight, and settlement-related liabilities temper confidence in their effectiveness without proving misconduct.","evidenceIds":["e27","e26","e28","e14","e15","e16","e17"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"122eb1a0f260a55dde287e73f8ee46386ffe9bbf4ad32a9b3fb1698e3f5bde92","updatedAt":"2026-10-18T00:45:37.121Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/920522/000092052226000003/ess-20251231.htm","publishedAt":"2026-02-20","sha256":"675d9b2055135117bfbd048a8d5704a3af62b9c9b403e2c3cb58233cb428ffcc","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/920522/000092052226000022/ess-20260630.htm","publishedAt":"2026-07-30","sha256":"9d5be1386c1a2b1c15799740daa8528c6224d2e8a4732c32d255332faf32fb9e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/920522/000092052226000011/ess-20260327.htm","publishedAt":"2026-03-27","sha256":"b14fedc4db020c66321b3dace24b85c3b280e54fe2f582e3b8e308a2ea854280","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:f2b6ace650a185180a2f93cd5280b47fb73ffe89b9fc5937616288eb3e612ba6","usage":{"input_tokens":51326,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3657,"reasoning_output_tokens":193},"basisSupplement":{"previousHash":"bf26b82fd4c0d0d6d14d32c360f431c2720564c8e9ea25e7e6f7df9d49781197","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":5799.901510177282,"roic":null,"fcf_margin":null,"sbc_revenue":79.97373604727511},"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.","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 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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":"2024","end":"2024-12-31","values":{"gross_margin":12125.270336093521,"operating_margin":6849.43984413054,"roic":null,"fcf_margin":null,"sbc_revenue":69.73209936678032},"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 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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":"2025-12-31","values":{"gross_margin":14060.100202537044,"operating_margin":9586.568596098497,"roic":null,"fcf_margin":null,"sbc_revenue":102.76089969086453},"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 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