{"schemaVersion":1,"research":true,"symbol":"hubb","name":"Hubbell","topic":"moat","path":"/stock/hubb/moat","status":"published","version":6,"updatedAt":"2026-10-19T16:13:48.228Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Hubbell demonstrates multiyear price realization, continuing demand and productivity improvements, but the supplied passages do not establish a durable structural moat. Brands, patents and reliability offer plausible differentiation without demonstrated customer lock-in, protected market positions or relative cost leadership. Pricing helped expand margins in 2025, but inflation outweighed favorable operating drivers in the second quarter of 2026. This is insufficient structural evidence, rather than established competitive weakness.","advantages":[{"mechanism":"intangible_assets","claim":"Brand reputation, engineering and patents are existing assets and plausible sources of differentiation; their ability to sustain a competitive advantage remains unproven. Management identifies reliability and quality as competitive factors, while reported price realization demonstrates commercial effectiveness without establishing brand premiums.","durability":"Price realization spans several reporting periods, but the catalog does not establish the duration of product differentiation or barriers to replication. Hubbell expressly states that its business does not depend on patent protection.","risks":"Substantial competition, price-sensitive purchasing and technological change could erode differentiation. These disclosed possibilities do not establish realized competitive deterioration. Recent inflation-driven margin compression demonstrates incomplete cost protection.","invalidation":"The differentiation hypothesis would weaken materially if price concessions repeatedly became necessary to maintain volumes, customers shifted purchases following comparable competing product introductions, or product-quality failures caused documented order losses. Sustained customer preference and price premiums relative to alternatives would be needed to establish the hypothesis more firmly.","competitors":[],"evidenceIds":["e1","e2","e3","e8","e9","e10","e12"],"counterEvidenceIds":["e4","e5","e6","e7","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / brands and issuer positioning","excerpt":"Recognized for our innovation, quality, and deep commitment to serving our customers for over 135 years, Hubbell is a world-class manufacturer of electrical and utility solutions, with more than 75 brands used around the world."},{"id":"e2","sourceId":"filing-1","location":"Business / competition and reputation","excerpt":"Hubbell considers product performance, reliability, quality and technological innovation to be important factors relevant to all areas of its business and considers its reputation as a manufacturer of quality products to be an important factor in its business."},{"id":"e3","sourceId":"filing-1","location":"Business / active patents","excerpt":"Hubbell has approximately 3,250 active United States and foreign patents covering a portion of its products, which expire at various times."},{"id":"e4","sourceId":"filing-1","location":"Business / lack of dependence on patent protection","excerpt":"While Hubbell deems these patents to be of value, it does not consider its business to be dependent upon patent protection."},{"id":"e5","sourceId":"filing-1","location":"Business / substantial competition","excerpt":"Competition Hubbell experiences substantial competition in all categories of its business, but does not compete with the same companies in all of its product categories."},{"id":"e6","sourceId":"filing-1","location":"Business / price and service competition","excerpt":"In addition, product price, service levels and other factors can affect Hubbell’s ability to compete."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors / potential technological disadvantage","excerpt":"Advancements in, and increased adoption of, artificial intelligence (AI), machine learning, automation, and other advanced technologies may result in a long-term competitive disadvantage."},{"id":"e8","sourceId":"filing-5","location":"MD&A / 2023 organic growth, pricing and volumes","excerpt":"In 2023, Net sales increased by 8.6% or $425 million and organic Net sales(1) increased by 6.6% or $325 million on favorable price realization partially offset by modestly lower volumes, as further discussed in segment results below."},{"id":"e9","sourceId":"filing-1","location":"MD&A / 2024 organic sales, pricing and volumes","excerpt":"Organic net sales were flat driven by a low single digit percentage increase in price realization, partially offset by a low single digit percentage decrease in unit volume."},{"id":"e10","sourceId":"filing-1","location":"MD&A / 2025 organic sales, pricing and volumes","excerpt":"In 2025, Net sales increased by 3.8% or $216 million and organic Net sales(1) increased by $186 million on favorable price realization and higher unit volumes, as further discussed in segment results below."},{"id":"e11","sourceId":"filing-1","location":"MD&A / 2025 operating-margin improvement","excerpt":"Operating margin increased in 2025, by 130 basis points and adjusted operating margin(1) increased by 80 basis points, driven by favorable price realization and improved operational productivity."},{"id":"e12","sourceId":"filing-2","location":"MD&A / second-quarter 2026 Electrical Solutions pricing and volumes","excerpt":"The increase in organic net sales was driven by a low double digit percentage increase due to unit volume and a mid single digit percentage increase due to price realization."},{"id":"e13","sourceId":"filing-2","location":"MD&A / second-quarter 2026 consolidated organic growth","excerpt":"Overview\nSecond quarter 2026 net sales were $1,711.8 million and increased by 15.3%, driven by a 10.2% increase in organic sales due to higher volume and favorable price realization."},{"id":"e14","sourceId":"filing-2","location":"MD&A / second-quarter 2026 adjusted operating-margin contraction","excerpt":"Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 23.9% and contracted by 50 basis points."},{"id":"e15","sourceId":"filing-2","location":"MD&A / inflation exceeding favorable operating drivers","excerpt":"That result includes margin expansion in the quarter, primarily driven by favorable price realization, benefits from operational productivity, and higher unit volume, and the impact of acquisitions, that was more than offset by margin contraction from material and other cost inflation, including tariff expense."},{"id":"e16","sourceId":"filing-1","location":"Business / 2025 and 2024 backlog","excerpt":"The backlog of orders believed to be firm at December 31, 2025 was $2,159 million compared to $1,898 million at December 31, 2024."},{"id":"e17","sourceId":"filing-4","location":"Business / 2024 and 2023 backlog","excerpt":"The backlog of orders believed to be firm at December 31, 2024 was $1,898 million compared to $2,328 million at December 31, 2023."},{"id":"e18","sourceId":"filing-1","location":"Business / inventoried products and short manufacturing periods","excerpt":"Although this backlog is important, the majority of Hubbell’s revenues result from sales of inventoried products or products that have short periods of manufacture."},{"id":"e19","sourceId":"filing-2","location":"Revenue / annual maintenance contracts with advance payment","excerpt":"In addition, in the Utility Solutions segment, certain businesses offer annual maintenance service contracts that require payment at the beginning of the contract period."},{"id":"e20","sourceId":"filing-1","location":"Business / industry-standard payment terms and return policies","excerpt":"Working Capital\nInventory, accounts receivable and accounts payable levels, payment terms and, where applicable, return policies are in accordance with the general practices of the electrical products industry and standard business procedures."},{"id":"e21","sourceId":"filing-1","location":"Revenue / discounts and special pricing allowances","excerpt":"These arrangements include sales discounts and allowances based on sales volumes, specific programs and special pricing allowances, and returned goods, as are customary in the electrical products industry."},{"id":"e22","sourceId":"filing-1","location":"Risk Factors / historical pricing actions to cover inflation","excerpt":"We have had to take various pricing actions to cover the increase in our costs associated with inflationary pressure and protect our margin profile."},{"id":"e23","sourceId":"filing-1","location":"Liquidity / 2025 and 2024 operating cash flow, capital expenditure and free cash flow","excerpt":"Net cash provided by operating activities (GAAP measure)\n1,029.8 \n991.2 \nLess: Capital expenditures\n(155.1)\n(180.4)\nFree cash flow\n874.7 \n810.8 \nFree cash flow as a percent of net income attributable to Hubbell\n98.6 \n104.1 \nFree cash flow is a non-GAAP measure that we define as cash flow from operations less capital expenditures."},{"id":"e24","sourceId":"filing-1","location":"MD&A / actual 2025 acquisitions, capital expenditure and repurchases","excerpt":"In 2025 we also invested $958.3 million in acquisitions within high growth markets, made $155.1 million of capital expenditures supporting footprint optimization, automation and productivity initiatives, and repurchased $225.0 million of shares."},{"id":"e25","sourceId":"filing-2","location":"Debt / June 2026 and December 2025 carrying values","excerpt":"HUBBELL INCORPORATED-Form 10-Q 28 Back to Contents Long-Term Debt As of June 30, 2026 and December 31, 2025, the carrying value of long-term debt, net of unamortized discount and debt issuance costs, was $4,803.9 million and $2,036.3 million, respectively."},{"id":"e26","sourceId":"filing-2","location":"Acquisitions / actual NSI Industries financing","excerpt":"The Company financed the acquisition of NSI Industries with net proceeds from borrowings under a new unsecured term loan facility in an aggregate principal amount of $900 million, the issuance of $1.9 billion aggregate principal amount of senior notes and issuances of commercial paper."},{"id":"e27","sourceId":"filing-2","location":"Acquisitions / limited post-closing NSI Industries operating contribution","excerpt":"The NSI Industries acquisition contributed sales of approximately $35.4 million and operating income was not material for the period from the NSI Industries Closing Date through June 30, 2026."},{"id":"e28","sourceId":"filing-2","location":"Liquidity / first-half operating cash flow as identified in the narrative","excerpt":"HUBBELL INCORPORATED-Form 10-Q 49 Back to Contents Financial Condition, Liquidity and Capital Resources Cash Flow Three Months Ended June 30, (In millions) 2026 2025 Net cash provided by (used in): Operating activities $ 336.4 $ 298.0 Investing activities (3,086.6) (140.6) Financing activities 2,651.7 (117.5) Effect of foreign currency exchange rate changes on cash and cash equivalents (1.2) 13.1 NET CHANGE IN CASH AND CASH EQUIVALENTS $ (99.7) $ 53.0 Cash provided by operating activities for the six months ended June 30, 2026 was $336.4 million compared to cash provided by operating activities of $298.0 million for the same period in 2025."},{"id":"e29","sourceId":"filing-2","location":"Liquidity / operating cash-flow drivers and pension timing","excerpt":"The increase in cash provided by operations is driven by higher net income on the increase in year over year operating results, higher non-cash depreciation and amortization expense in the first six months of 2026, and an increase of $20 million due to the timing of annual pension plan contributions."},{"id":"e30","sourceId":"filing-2","location":"Liquidity / actual first-half 2026 dividends and repurchases","excerpt":"In the first six months of 2026, we returned capital to our shareholders by paying $150.4 million of dividends on our common stock and using $203.5 million of cash for share repurchases."},{"id":"e31","sourceId":"filing-3","location":"Compensation / CEO ownership requirement and actual compliance","excerpt":"Our CEO has an ownership requirement of 5 times his base salary, which he currently exceeds."},{"id":"e32","sourceId":"filing-3","location":"Compensation / performance-share weighting and three-year period","excerpt":"Long-Term Incentive: 50% Performance Shares Variable Equity 3-year performance period Provides a balance between internal and external performance."},{"id":"e33","sourceId":"filing-3","location":"Compensation / performance-share metrics","excerpt":"Performance metrics: relative sales growth, adjusted operating profit margin, and relative total shareholder return."},{"id":"e34","sourceId":"filing-3","location":"Compensation / hedging and pledging prohibitions","excerpt":"We prohibit our executives, including our NEOs, from hedging or engaging in derivatives trading with respect to Hubbell common stock and from pledging Hubbell stock as collateral for a loan."},{"id":"e35","sourceId":"filing-3","location":"Compensation / clawback policy and negative award discretion","excerpt":"Strong Governance. We maintain a compensation recoupment (clawback) policy that complies with SEC rules and NYSE listing standards, and our Short-Term Incentive plans include the option for negative (but not upward) discretion by the Compensation Committee regarding award amounts paid."},{"id":"e36","sourceId":"filing-3","location":"Governance / independence of key board committees","excerpt":"The Board has determined that each member of the Audit, Compensation, Finance, and NCGC is independent for purposes of the NYSE listing standards and SEC regulations."},{"id":"e37","sourceId":"filing-3","location":"Governance / implemented majority voting standard","excerpt":"Consistent with our commitment to implementing best corporate governance practices, and in response to shareholder feedback, in 2025 we adopted amendments to our Certificate of Incorporation and By-Laws to implement a majority voting standard in uncontested Director elections."},{"id":"e38","sourceId":"filing-3","location":"Governance / independent Lead Director","excerpt":"2026 PROXY STATEMENT | 23 Back to Contents Board Leadership Structure Our independent Lead Director counterbalances a non-independent Chair and fosters effective collaboration and communication among the independent Directors."},{"id":"e39","sourceId":"filing-3","location":"Governance / combined Chairman, President and CEO roles","excerpt":"Mr. Bakker has served as Hubbell’s Chairman, President and Chief Executive Officer since May 2021."},{"id":"e40","sourceId":"filing-3","location":"Governance / actual fiscal 2025 related-person transaction disclosure","excerpt":"For fiscal year 2025, the Company had no related person transactions that were required to be disclosed under Item 404 of Regulation S-K."},{"id":"e41","sourceId":"filing-1","location":"Business / top-ten customer concentration","excerpt":"We are not dependent on a single customer, however, our top ten customers account for approximately 42% of our Net sales."},{"id":"e42","sourceId":"filing-9","location":"Acquisition announcement / anticipated cross-selling and manufacturing opportunities","excerpt":"confident that the addition of a high growth business in NSI will provide enhanced opportunities for cross-selling, channel conversions, growth across strategic verticals and manufacturing efficiencies.”"},{"id":"e43","sourceId":"filing-1","location":"Business / multiyear meter and sensor backlog","excerpt":"In the Utility Solutions segment, substantially all of the backlog existing at December 31, 2025 is expected to be shipped during 2026, along with approximately $20 million of backlog of contracts that span multiple years, primarily related to long-term contracts within the Utility Solutions segment to deliver and install meters and grid monitoring sensor technology."},{"id":"e44","sourceId":"filing-1","location":"Business / uncertain competitor counts and relative positions","excerpt":"Hubbell cannot specify with precision the number of competitors in each product category or their relative market position."}],"changes":["Retain the uncertain moat verdict after re-examining the supplied catalog. Patents, annual maintenance contracts and multiyear backlog add context but do not establish durable exclusion or switching friction.","Retain realized_pricing at 3, retention at 2, margin_resilience at 2, capital_discipline at 2, incentive_alignment at 3, execution at 3 and governance at 3 using current catalog citations.","Add contractual_freedom at 2: actual pricing actions and advance-payment arrangements demonstrate some commercial discretion, tempered by negotiated allowances and industry-standard terms.","Treat NSI cross-selling and manufacturing efficiencies as prospective benefits; acquisition completion and financing are demonstrated, but returns are not."],"limitations":["All supplied sources are issuer disclosures. Reported operating results support numerical assessments, while management descriptions of reputation, leadership and strategy do not independently establish structural superiority.","No supplied passage identifies a company as a competitor. Names appearing as acquired businesses, advisers or executives' former employers do not establish competitor coverage; the competitors array is therefore empty.","Relative market shares, comparative product costs, customer qualification barriers, switching expenses and sustained premiums over competing products are not established.","Customer retention and management execution are assessed indirectly from aggregate demand and operating outcomes; customer renewal or repeat-purchase rates are not disclosed.","Contractual pricing discretion is only partly established. The catalog does not disclose broad unilateral repricing rights, escalation formulas or customer termination restrictions.","Purchase-accounting values and amortization lives for acquired customer relationships do not demonstrate actual retention or economic moat duration.","Source dates are filing dates, retaining dateKind=filed. The latest supplied quarterly operating results cover June 30, 2026; later operating performance is outside the catalog.","Some extracted passages mix period headings or contain incomplete tables. Period-sensitive conclusions use explicit narrative descriptions and clearly identified results."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Brands, patents and a stated quality reputation provide plausible differentiation, but substantial competition and lack of dependence on patent protection leave structural superiority unestablished. Pricing outcomes alone cannot resolve this.","evidenceIds":["e1","e2","e3","e4","e5","e44"]},{"criterion":"durability","grade":null,"rationale":"Multiyear pricing success establishes persistence of commercial execution, but the catalog cannot establish how long any competitive barrier would last. Existing patents and acquired relationship valuations do not establish durable exclusion.","evidenceIds":["e3","e4","e8","e9","e10","e12"]},{"criterion":"customer_dependency","grade":null,"rationale":"Maintenance contracts and some multiyear meter and sensor backlog establish ongoing relationships. They disclose neither material switching friction nor customer dependence, and most revenue comes from inventoried or quickly manufactured products.","evidenceIds":["e18","e19","e43"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Continuing organic growth and pricing coexist with inflation-driven margin compression. These outcomes establish partial operating resilience but cannot establish resilience of an unidentified structural moat; technology risks remain possibilities.","evidenceIds":["e7","e13","e14","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Reported favorable pricing spans 2023, 2024 and 2025 and continues into 2026. Second-quarter Electrical Solutions pricing rose by a mid-single-digit percentage alongside low-double-digit volume growth. These are strong observed outcomes, although inflation recovery and aggregate product mix limit inference about durable premiums.","evidenceIds":["e8","e9","e10","e12","e22"]},{"criterion":"retention","grade":2,"rationale":"Indirect demand evidence is mixed: backlog recovered in 2025 after declining in 2024, and volumes increased alongside pricing in 2025 and second-quarter 2026. Earlier volume declines and the absence of customer-level repeat-purchase data constrain the assessment. Maintenance contracts support continuing relationships without establishing renewal rates.","evidenceIds":["e8","e9","e10","e12","e16","e17","e19"]},{"criterion":"margin_resilience","grade":2,"rationale":"Pricing and productivity supported 2025 operating-margin expansion, but second-quarter 2026 adjusted margin contracted 50 basis points as inflation more than offset favorable drivers. Cost protection is demonstrated but incomplete; productivity, volumes and acquisitions also affect margins.","evidenceIds":["e11","e14","e15"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Actual pricing actions, realized increases and advance payment for certain maintenance contracts demonstrate some discretion over commercial terms. Industry-standard payment practices and customary negotiated discounts limit the evidence of superior freedom. Broad unilateral repricing rights and automatic cost pass-through are not established.","evidenceIds":["e12","e19","e20","e21","e22"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"2025 operating cash flow of $1,029.8 million and free cash flow of $874.7 million demonstrate funding capacity alongside actual investment and distributions. Acquisition financing subsequently lifted long-term debt to $4,803.9 million while repurchases continued. NSI returns remain unproven, and first-half cash-flow improvement partly reflects pension timing. This supports a mixed assessment rather than accepting management's discipline claims.","evidenceIds":["e23","e24","e25","e26","e27","e28","e29","e30"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual disclosures show that the CEO exceeds a five-times-salary ownership requirement, performance shares use three-year performance periods with relative growth, margin and shareholder-return metrics, and executives face hedging and pledging prohibitions and clawback provisions. These demonstrate strong alignment safeguards, without establishing exceptional incentive effectiveness or implying that prospective awards have vested.","evidenceIds":["e31","e32","e33","e34","e35"]},{"criterion":"execution","grade":3,"rationale":"Multiyear pricing realization, 2025 productivity-related margin improvement, cash generation and 2026 organic growth support strong demonstrated operating execution. Attribution to management is indirect and favorable end-market demand contributes. Recent margin compression and NSI's limited post-closing contribution constrain conclusions about integration success; cross-selling opportunities remain prospective.","evidenceIds":["e8","e9","e10","e11","e13","e15","e23","e27","e42"]},{"criterion":"governance","grade":3,"rationale":"Independent key committees, an implemented majority voting standard, an independent Lead Director and no reportable related-person transactions in fiscal 2025 establish strong disclosed safeguards. Combined CEO and Chairman authority remains a concentration of power. Governance procedures and transaction disclosures do not establish exceptional oversight effectiveness.","evidenceIds":["e36","e37","e38","e39","e40"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"67c37e5c7ad09b381ac3ef40d64a5b8c1a51c04d90bc25980989fd12662dd72a","updatedAt":"2026-10-19T16:13:48.228Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm","publishedAt":"2026-02-12","sha256":"8b4a43786459f3a5d37caedc9b469263fc5fd63967754befd7aa3f9e43287fd4","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026050405/hubb-20260630.htm","publishedAt":"2026-07-29","sha256":"6f33a0bae711bc213bb601b85b357a370c188fb1cd63d1fdf90eea10cdc2f2a4","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/48898/000130817926000121/hubb014454-def14a.htm","publishedAt":"2026-03-23","sha256":"5a230e092d25bcbd40e2a58d64c2e6d524f7853ae3cc736f2dbe8941fefc259c","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/48898/000162828025005311/hubb-20241231.htm","publishedAt":"2025-02-13","sha256":"513fe02bba87782d017b4e90370c992ed49fedc538f0765a33ae9b770b947ea7","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/48898/000162828024003792/hubb-20231231.htm","publishedAt":"2024-02-08","sha256":"113a8ba00ca5c0738820212c11cc2ca7d6ed375d54049375afe6ff76c5fbe11c","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026029110/hubb-20260331.htm","publishedAt":"2026-05-01","sha256":"0ed2f12528529cc31e7f75e7112f4d455aa28fe475e75c430c45bab4c14d7dda","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/48898/000162828026049934/exhibit991_07282026.htm","publishedAt":"2026-07-28","sha256":"817073e62f4c2ffea29dbf574116b09820d092e2dd38d79df925904ffe850f20","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/48898/000119312526263819/d143835dex991.htm","publishedAt":"2026-06-09","sha256":"43fddb48d0a4b7e7e31486d318e796fee2ad230c39bbbfbdb81de1e412fcb509","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/48898/000119312526204099/d133302dex991.htm","publishedAt":"2026-05-04","sha256":"5301c8bfa2659eba55565d10aedf0e69b137e365a0f8e2484e8453bc5d75a8e8","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:0a25337ef62da1dac4a585efbc93d60e17c9ab753d04084f0a3df0376202258d","usage":{"input_tokens":138812,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3776,"reasoning_output_tokens":143}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":27.455234734508,"operating_margin":12.691638253737391,"roic":12.620694337900492,"fcf_margin":10.097517941870723,"sbc_revenue":0.4172528075153191},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"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":29.74191070959397,"operating_margin":14.331332484488371,"roic":16.47221550231592,"fcf_margin":10.244750298106268,"sbc_revenue":0.4951595626427374},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":35.14117143442089,"operating_margin":19.328481825457388,"roic":20.058298446134373,"fcf_margin":13.309385992666902,"sbc_revenue":0.4932159541402223},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"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":33.829617127120905,"operating_margin":19.3941547481567,"roic":18.46366608987989,"fcf_margin":14.405258949986678,"sbc_revenue":0.5436617215954518},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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