{"schemaVersion":1,"research":true,"symbol":"ew","name":"Edwards Lifesciences","topic":"moat","path":"/stock/ew/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:28:43.951Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Edwards has commercially adopted products, patent rights, substantial clinical research and growing sales. These support a plausible intangible-assets advantage, but the passages do not establish its comparative strength or durable exclusion of competitors. The evidence is insufficient to establish a moat, rather than demonstrating no moat. Pricing power remains unproven: negotiated rebates and reimbursement constraints are disclosed, but realized product-price changes are absent.","advantages":[{"mechanism":"intangible_assets","claim":"Candidate advantage: patent rights, accumulated clinical evidence and experience commercializing regulated therapies may create barriers to imitation. Commercial adoption and sales growth are demonstrated, but a durable competitive advantage is not established.","durability":"Clinical development and regulatory approval require substantial resources and time. However, the passages do not identify economically decisive patent expirations, product-specific exclusivity or comparative clinical outcomes sufficient to establish durable protection.","risks":"Technological substitution, patent challenges, design-arounds and reimbursement pressure could erode differentiation. Hospital capacity constraints have already constrained procedures and sales, and intellectual-property litigation has generated material expenses. These outcomes limit confidence without proving that Edwards has lost its competitive position.","invalidation":"The candidate advantage would be undermined by demonstrated equivalent competing therapies winning sustained procedure share, loss or circumvention of economically important patents, adverse clinical findings or regulatory restrictions, or persistent price concessions accompanied by declining demand. Establishing the advantage would require clearer evidence that clinical assets or protected technology sustain customer preference against alternatives.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / patent ownership and rights","excerpt":"We own or have rights to a substantial number of patents and have patent applications pending both in the United States and in foreign countries."},{"id":"e2","sourceId":"filing-1","location":"Research and Development / clinical evidence and regulatory submissions","excerpt":"A considerable portion of our research and development investment includes clinical trials and the collection of evidence that provide data for use in regulatory submissions, and required post-market approval studies involving applications of our products."},{"id":"e3","sourceId":"filing-5","location":"Government Regulation / resource requirements and duration of FDA approval","excerpt":"The process of obtaining FDA clearance or approval to market a product is resource intensive, lengthy, and costly."},{"id":"e4","sourceId":"filing-4","location":"Business / MITRIS RESILIA commercial availability and surgeon adoption","excerpt":"Our latest innovation, the MITRIS RESILIA valve, is commercially available in the United States, Europe, and Japan, as well as other geographies, where it has been widely adopted by surgeons as the leading product in our mitral valve portfolio."},{"id":"e5","sourceId":"filing-1","location":"Note 21 / net sales by major product group, 2023–2025","excerpt":"As of or for the Years Ended December 31, 2025 2024 2023 (in millions) Net Sales by Major Product Group Transcatheter Aortic Valve Replacement $ 4,487.7 $ 4,106.1 $ 3,879.8 Transcatheter Mitral and Tricuspid Therapies 550.6 352.1 197.6 Surgical Structural Heart 1,029.3 981.3 932.6 $ 6,067.6 $ 5,439.5 $ 5,010.0 Long-lived Tangible Assets by Geographic Region United States $ 1,259.7 $ 1,249.6 $ 1,186.9 Other countries 654.9 534.6 488.5 $ 1,914.6 $ 1,784.2 $ 1,675.4 105 Table of Contents EDWARDS LIFESCIENCES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 22."},{"id":"e6","sourceId":"filing-2","location":"Condensed Consolidated Statements of Operations / second quarter and first half 2026 comparisons","excerpt":"1 Table of Contents EDWARDS LIFESCIENCES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share information; unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 1,741.0 $ 1,532.2 $ 3,389.6 $ 2,944.9 Cost of sales 392.4 344.4 755.0 646.0 Gross profit 1,348.6 1,187.8 2,634.6 2,298.9 Selling, general, and administrative expenses 561.2 502.0 1,083.4 967.7 Research and development expenses 278.9 276.2 542.2 530.8 Certain litigation expenses 6.3 15.5 43.4 26.4 Separation costs — 4.2 — 8.4 Other operating income (11.0) (21.3) (25.2) (40.4) Operating income, net 513.2 411.2 990.8 806.0 Interest income, net (30.0) (37.4) (63.5) (73.9) Loss on impairment (Note 6) 40.0 47.1 163.6 47.1 Other non-operating (income) expense, net (Note 7) (16.6) 1.3 (88.1) (1.3) Income from continuing operations before provision for income taxes 519.8 400.2 978.8 834.1 Provision for income taxes 278.4 64.3 356.7 134.6 Net income from continuing operations 241.4 335.9 622.1 699.5 Loss from discontinued operations, net of tax — (4.4) — (11.6) Net income 241.4 331.5 622.1 687.9 Less: Net loss attributable to noncontrolling interest (0.5) (1.7) (0.5) (3.3) Net income attributable to Edwards Lifesciences Corporation $ 241.9 $ 333.2 $ 622.6 $ 691.2 Share information (Note 14) Earnings (loss) per share: Basic Continuing operations $ 0.42 $ 0.58 $ 1.08 $ 1.20 Discontinued operations $ — $ (0.01) $ — $ (0.02) Basic earnings per share $ 0.42 $ 0.57 $ 1.08 $ 1.18 Diluted Continuing operations $ 0.42 $ 0.57 $ 1.07 $ 1.20 Discontinued operations $ — $ (0.01) $ — $ (0.02) Diluted earnings per share $ 0.42 $ 0.56 $ 1.07 $ 1.18 Weighted-average number of common shares outstanding: Basic 576.4 587.0 577.8 586.9 Diluted 577.6 587.9 579.2 587.9 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e7","sourceId":"filing-3","location":"Compensation Discussion and Analysis / management assessment of clinical and regulatory achievements","excerpt":"The company achieved enduring catalysts that will benefit Edwards in 2026 and beyond, including the results from the PARTNER 3 7-year and PARTNER 2 10-year trials, the impact of the practice-changing EARLY TAVR trial, new guidelines for treating aortic stenosis patients in Europe and the approvals of the first transcatheter mitral replacement therapy."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors / competition and purchasing criteria","excerpt":"We face substantial competition and compete with technologies of many types and companies of all sizes on the basis of cost-effectiveness, technological innovations, product performance, brand name recognition, breadth of product offerings, real or perceived product advantages, pricing and availability and rate of reimbursement."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors / experienced hospital capacity constraints on procedures and sales","excerpt":"We have in the past and are continuing to experience constrained procedure volumes and sales for our products because more products, including Edwards’ own products, are competing for the same facilities and staffing within hospitals."},{"id":"e10","sourceId":"filing-4","location":"Risk Factors / equivalent technology and design-around possibilities","excerpt":"•Others could independently develop substantially equivalent proprietary information or gain access to our trade secrets or proprietary information, design around our technology, or develop competing technologies."},{"id":"e11","sourceId":"filing-3","location":"Non-GAAP reconciliations / actual litigation expenses in 2025 and 2024","excerpt":"The items described below are adjustments to the GAAP financial results in the reconciliations that follow: Certain Litigation Expenses, net - Our Company incurred certain litigation expenses of $325.4 million and $40.4 million in 2025 and 2024, respectively."},{"id":"e12","sourceId":"filing-1","location":"Risk Factors / reimbursement effects on purchasing and pricing","excerpt":"The availability of reimbursement affects which products customers purchase and could impact pricing."},{"id":"e13","sourceId":"filing-1","location":"Business / exclusive and non-exclusive licensed patent rights","excerpt":"Additionally, we are a party to license agreements and other arrangements with various third parties pursuant to which we have obtained, for varying terms, the exclusive or non-exclusive rights to certain patents held by such third parties in consideration for cross-licensing rights and/or royalty payments."},{"id":"e14","sourceId":"filing-1","location":"Revenue recognition / negotiated end-customer prices and distributor rebates","excerpt":"The Company's sales adjustment related to distributor rebates given to the Company's distributors represents the difference between the Company's sales price to the distributor and the negotiated price to be paid by the end-customer."},{"id":"e15","sourceId":"filing-1","location":"Revenue recognition / volume rebates for purchasing organizations and customers","excerpt":"The Company offers volume rebates to certain group purchasing organizations (“GPOs”) and customers based upon targeted sales levels."},{"id":"e16","sourceId":"filing-1","location":"Critical Accounting Policies / product return restrictions","excerpt":"Product returns are typically not significant because returns are generally not allowed unless the product is damaged at time of receipt."},{"id":"e17","sourceId":"filing-1","location":"Segment information / consolidated operating income reconciliation, 2023–2025","excerpt":"104 Table of Contents EDWARDS LIFESCIENCES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Years Ended December 31, 2025 2024 2023 Pre-tax Income Reconciliation Segment operating income $ 3,673.5 $ 3,340.5 $ 3,104.7 Unallocated amounts: Corporate items (2,028.5) (1,886.8) (1,684.4) Restructuring charges, separation costs, and other (19.1) (61.0) — Intangible assets impairment charges (40.0) — — Intellectual property agreement and certain litigation expenses (325.4) (40.4) (203.5) Change in fair value of contingent consideration liabilities 12.5 — 26.2 Foreign currency (8.8) 26.4 65.9 Consolidated operating income $ 1,264.2 $ 1,378.7 $ 1,308.9 Non-operating income 8.7 169.4 63.5 Consolidated pre-tax income $ 1,272.9 $ 1,548.1 $ 1,372.4 Enterprise-Wide Information Enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated financial statements."},{"id":"e18","sourceId":"filing-2","location":"Management's Discussion and Analysis / first-half 2026 investment impairments","excerpt":"Loss on Impairment Loss on impairment of $40.0 million and $163.6 million in the three and six months ended June 30, 2026, respectively, were due to the termination of the option agreement to acquire one of our VIE investments and the carrying amount of another VIE investment not being recoverable (see Note 6 to the Condensed Consolidated Financial Statements)."},{"id":"e19","sourceId":"filing-2","location":"Liquidity and Capital Resources / completed first-half 2026 share repurchases","excerpt":"During the six months ended June 30, 2026, under the Board-authorized repurchase program, we repurchased a total of 6.9 million shares at an aggregate cost of $558.7 million, including pursuant to a $500.0 million accelerated share repurchase agreements executed during the period (see Note 11 to the Condensed Consolidated Financial Statements)."},{"id":"e20","sourceId":"filing-2","location":"Liquidity and Capital Resources / cash and short-term investments at June 30, 2026","excerpt":"As of June 30, 2026, cash and cash equivalents, and short-term investments held in the United States and outside of the United States were $3.7 billion and $540.5 million, respectively."},{"id":"e21","sourceId":"filing-2","location":"Liquidity and Capital Resources / completed Autus acquisition and cash consideration","excerpt":"In February 2026, we completed the acquisition of Autus for total consideration of $128.9 million, which included cash consideration of $35.1 million and was funded using our existing cash."},{"id":"e22","sourceId":"filing-2","location":"Liquidity and Capital Resources / contingent acquisition milestone commitments","excerpt":"As of June 30, 2026, the 42 Table of Contents potential future payments upon achievement of certain regulatory, performance, and sales milestones pursuant to our business acquisition agreements could aggregate up to a total of $332.5 million."},{"id":"e23","sourceId":"filing-3","location":"Compensation Discussion and Analysis / actual forfeiture of 2022 performance awards","excerpt":"Our Compensation and Governance Committee determined that as of April 30, 2025, our relative TSR was -7.95% points below the median and, in line with our pay-for-performance philosophy, the 2022 PBRSUs were forfeited in their entirety with no payout."},{"id":"e24","sourceId":"filing-3","location":"Long-Term Stock Program discussion / ownership-target compliance and actual 2025 performance awards","excerpt":"(See “Executive Compensation and Other Information—Compensation Discussion and Analysis—Stock Ownership Guidelines and Holding Requirement.”) All NEOs have met their ownership targets; •The Long-Term Stock Program is a component of total executive direct compensation (base salary plus target annual cash incentive plus grant date fair value of equity awards), which is generally positioned to approximate the median for comparable positions at competitive peer companies (See “Executive Compensation and Other Information—Compensation Discussion and Analysis—Compensation Process.”); •The maximum term of options is seven years; •Awards generally have a minimum vesting period of three years; •In 2025, we awarded PBRSUs to the NEOs that require achievement of performance goals based on relative TSR over a three-year performance period; •We do not have any program, plan or practice to time option grants in coordination with the release of material information."},{"id":"e25","sourceId":"filing-3","location":"Governance practices / board independence, elections, stockholder rights and clawback policy","excerpt":"☑ WHAT WE DO P Independent Board, all but our Chief Executive Officer (\"CEO\") P Independent Board leadership, with an independent Board Chair since 2024 P All directors are elected annually for one-year terms P Director education program aligned with corporate strategy P Majority vote standard in uncontested elections, with director resignation policy P Commitment to broad Board capabilities and experience P Executive session of independent directors held at each regularly scheduled Board and committee meeting P Ongoing Board refreshment and retirement age policy for directors to facilitate periodic board refreshment P Annual Board and committee self-evaluations and peer reviews P Stock ownership guidelines for nonemployee directors, who are expected to own Edwards stock equal to $550,000 and hold 50% of net shares received upon vesting or exercise of equity awards until Board service ends P Senior management succession planning regularly considered at scheduled Board meetings P Proactive stockholder outreach and engagement P Robust code of ethics in our Global Business Practice Standards P Active Board oversight of enterprise risks and risk management P Robust corporate impact* disclosure P Special stockholders’ meetings can be called by stockholders owning at least 15% of our outstanding shares, which is a lower threshold than the threshold adopted by the majority of S&P 500 companies P Proxy access right to permit a stockholder, or a group of up to 30 stockholders, owning at least 3% of our outstanding shares continuously for at least 3 years, to nominate up to the greater of 2 directors or 20% of our Board for inclusion in our annual meeting proxy statement P Clawback policy for incentive-based compensation * Our sustainability program was rebranded as our \"corporate impact\" program in 2023."},{"id":"e26","sourceId":"filing-3","location":"Stockholder engagement / implemented reduction in special-meeting ownership threshold","excerpt":"• In response to a non-binding stockholder proposal requesting the right to act by written consent, engaged with stockholders representing over 50% of shares then-outstanding to better understand investor views and, in response to feedback received, reduced the minimum ownership threshold to call a special meeting from 25% to 15%"},{"id":"e27","sourceId":"filing-1","location":"Research and Development / actual 2025 spending intensity and growth","excerpt":"Research and development spending increased approximately 2% year over year, representing approximately 18% of 2025 sales."}],"changes":["The verdict remains uncertain; the supplied evidence does not establish durable competitive exclusion or customer switching costs.","The assessment now explicitly weighs patent rights and costly regulatory development against realized hospital capacity constraints and litigation expenses.","Management alignment and governance are assessable from actual proxy disclosures, including ownership-target compliance, forfeited performance awards and implemented stockholder rights.","Pricing analysis now recognizes negotiated rebates and restricted returns while retaining the limitation that realized price changes are undisclosed."],"limitations":["All evidence comes from issuer filings. Reported operating results and disclosed contractual practices support numerical assessments, while management descriptions of leadership and clinical significance are not comparative proof.","The competitive passages identify generic competitor categories without naming competing companies. Names appearing as acquisition targets, litigants or director affiliations do not establish competitor coverage.","Product-level market shares, comparative clinical outcomes, economically important patent terms and customer switching requirements are missing.","Sales growth and product adoption provide indirect demand evidence; they do not identify repeat purchasers, retention rates or price-versus-volume contributions.","Realized product-price changes, unilateral repricing rights and detailed customer contract durations are absent.","Ownership-target compliance is disclosed, but the supplied passages do not quantify each executive's beneficial ownership. Proposed program amendments are not treated as adopted or vested awards.","Source dates are filing dates, retaining dateKind 'filed'; operating periods and historical events are assessed separately from those dates. The latest supplied operating results cover June 30, 2026.","Historical Critical Care leadership is excluded from the current moat assessment because the supplied passages identify that business as sold or discontinued."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Patents, clinical evidence and costly approval processes establish potential barriers, but their comparative effectiveness and economic exclusivity are not established. The moat verdict remains uncertain.","evidenceIds":["e1","e2","e3","e13"]},{"criterion":"durability","grade":null,"rationale":"Commercial adoption and multiyear sales growth are observable, but decisive patent terms, defensible exclusivity and comparative long-term clinical outcomes are missing.","evidenceIds":["e4","e5","e7","e10"]},{"criterion":"customer_dependency","grade":null,"rationale":"Adoption and revenue growth do not establish customer dependence, costly switching or inability to substitute competing therapies.","evidenceIds":["e4","e5","e8"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Growth continues despite competitive constraints, but hospital capacity limitations and material litigation costs do not establish how well a specific structural advantage resists erosion.","evidenceIds":["e5","e6","e9","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Negotiated prices and rebates are disclosed, but their existence does not establish price increases, price cuts or stable realized prices. Revenue growth cannot resolve the missing price-versus-volume evidence.","evidenceIds":["e5","e6","e14","e15"]},{"criterion":"retention","grade":2,"rationale":"Sales increased across all three major product groups from 2023 through 2025, with further company-wide growth in first-half 2026; surgeon adoption also supports continuing demand. This is indirect operating evidence rather than measured customer retention or demonstrated switching friction.","evidenceIds":["e4","e5","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 gross profit and operating income grew, with modest gross-margin compression and improved operating margin. However, consolidated operating income fell in 2025 amid material litigation and impairment charges. The record is mixed, and margins do not independently establish pricing power.","evidenceIds":["e6","e17","e11"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Negotiated end-customer prices, volume rebates and generally restrictive return terms demonstrate some control over commercial terms, balanced by customer bargaining and reimbursement constraints. Unilateral repricing rights and contract duration are not disclosed.","evidenceIds":["e12","e14","e15","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases reduced the share base, substantial liquidity remained, and the Autus acquisition used existing cash with further milestone commitments disclosed. These coexist with $163.6 million of first-half 2026 investment impairments. Capital outcomes are mixed; repurchase value creation and acquisition returns are not established.","evidenceIds":["e6","e18","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"All named executive officers reportedly met ownership targets, and actual performance awards use multiyear relative shareholder returns. The complete forfeiture of the 2022 performance awards demonstrates enforcement when the threshold was missed. Exact ownership amounts and exceptional long-term incentive effectiveness remain unestablished.","evidenceIds":["e23","e24"]},{"criterion":"execution","grade":3,"rationale":"Growth across all major product groups through 2025 and further sales and operating-income growth in first-half 2026 demonstrate commercial execution while research investment continued. Clinical and regulatory achievements provide additional issuer-reported support. This assessment uses operating outcomes, not management praise; investment impairments temper the conclusion.","evidenceIds":["e5","e6","e7","e18","e27"]},{"criterion":"governance","grade":3,"rationale":"Disclosed practices include an independent chair, a board independent except for the CEO, annual elections, majority voting and clawback provisions. The implemented reduction in the special-meeting threshold demonstrates responsiveness to stockholders. These support strong governance practices without proving exceptional oversight outcomes.","evidenceIds":["e25","e26"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"cad2c1829c180f7b92439b10827130fed65c1b3f1e61eca39b94cc45cff988cc","updatedAt":"2026-10-18T13:28:43.951Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1099800/000109980026000009/ew-20251231.htm","publishedAt":"2026-02-25","sha256":"8a7f9dc53e9bc5cf15082516d5eee8efaca8c46dbaa8b8079446a4b18434e0b0","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1099800/000109980026000043/ew-20260630.htm","publishedAt":"2026-08-04","sha256":"1331e3068214d1af9b8022a3997be35c3ba54495415fdb479f64292276960ac2","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1099800/000109980026000015/ew-20260326.htm","publishedAt":"2026-03-26","sha256":"27a27889d4190b2bb24dbe07683192e0131f3affd9f0eb19e5d059990cfd148a","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1099800/000109980025000005/ew-20241231.htm","publishedAt":"2025-02-28","sha256":"d27274e20af6b41ff7ae152f476bb7413c14ca2bbcfdef2ae07636eea12fcd51","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1099800/000109980024000004/ew-20231231.htm","publishedAt":"2024-02-12","sha256":"d0f8707e6aed37e99cad66f3fffe262ad10c978a5e5dbd8276930a6030fb00b7","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1099800/000109980026000026/ew-20260331.htm","publishedAt":"2026-05-06","sha256":"17772497c889501951f3b17f115956f8fb9554b8f08599be35579cd06f4f1a9d","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:3551cfd3382a241b8350c9b8a523c5d20512d4871081c25eb031cc2f034f1572","usage":{"input_tokens":84869,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3635,"reasoning_output_tokens":281},"basisSupplement":{"previousHash":"b31f52653b8c8a8d0b0bcc21eb798855f4889bd613d3f99661a40d44af077e7a","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":76.13186813186813,"operating_margin":32.30387004300048,"roic":null,"fcf_margin":26.876254180602004,"sbc_revenue":2.0888676540850453},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":79.92717003567182,"operating_margin":32.4855083234245,"roic":null,"fcf_margin":18.08858501783591,"sbc_revenue":2.3558263971462545},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":77.02171596056488,"operating_margin":25.547895017319476,"roic":null,"fcf_margin":10.704769517719157,"sbc_revenue":2.321476152411404},"issues":{"peg":"TTM earnings 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.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":78.01107521919704,"operating_margin":20.835256114443933,"roic":null,"fcf_margin":22.00210956556134,"sbc_revenue":2.60564308787659},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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