{"schemaVersion":1,"research":true,"symbol":"ibm","name":"International Business Machines","topic":"moat","path":"/stock/ibm/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:37:16.929Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"IBM has a limited, evidenced switching-cost advantage from IBM Z software incumbency and long-term enterprise license commitments that expand adoption across its software portfolio. Recurring software demand and substantive contractual commitments support this assessment, but do not establish exceptional durability or quantify migration costs. Pricing power remains unproven: realized pricing is undisclosed, and margin performance is mixed. Competitive innovation, customer spending shifts and acquisition-dependent growth constrain the moat.","advantages":[{"mechanism":"switching_costs","claim":"IBM Z incumbency and associated enterprise license agreements support continuing software relationships and broader product adoption. The advantage rests on existing enterprise commitments and portfolio integration; the passages do not quantify technical migration costs. Recurring software growth corroborates continuing demand.","durability":"Long-term enterprise license commitments and a substantial recurring software base support a narrow advantage. Company-wide remaining performance obligations also demonstrate multiyear commitments, although their full amount cannot be attributed to IBM Z or switching costs. Durability beyond existing commitments depends on continued customer value and innovation.","risks":"Customers deferred large transactions in the second quarter, and Transaction Processing revenue declined. ARR growth includes acquisitions and does not guarantee future recognized revenue. Contract terminations and scope changes can reduce committed work. Cloud competitors and evolving delivery models can weaken incumbency; disclosed risk factors describe possible erosion rather than demonstrated displacement.","invalidation":"The thesis would weaken materially if recurring software revenue contracted persistently excluding acquisitions and currency, enterprise license renewals or product adoption declined, or customers demonstrably replaced IBM Z software without substantive contractual or operational friction. Persistent Transaction Processing declines accompanied by customer departures would be stronger invalidation evidence than a single quarter of delayed deals.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A / Software / recurring revenue base","excerpt":"Our recurring revenue base, which is approximately 80 percent of Software revenue, delivered healthy growth, reflecting demand for our offerings."},{"id":"e2","sourceId":"filing-2","location":"MD&A / Software / IBM Z incumbency and enterprise license agreements","excerpt":"The remaining 20 percent of Software revenue is transactional in nature, and is predominantly related to the incumbency with IBM Z and the associated enterprise license agreements (ELAs) with Transaction Processing and other software products in Data and Automation."},{"id":"e3","sourceId":"filing-2","location":"MD&A / Software / management explanation of enterprise license commitments","excerpt":"ELAs are highly valuable to IBM because they establish long-term, strategic client commitments that expand adoption across our software products, creating a multiplier effect."},{"id":"e4","sourceId":"filing-2","location":"Notes / remaining performance obligations / committed-contract scope","excerpt":"It is intended to be a statement of overall work under contract that has not yet been performed and does not include contracts in which the customer is not committed, such as certain as-a-service, governmental, term software license and services offerings."},{"id":"e5","sourceId":"filing-2","location":"Notes / remaining performance obligations / substantive termination penalties","excerpt":"The customer is not considered committed when they are able to terminate for convenience without payment of a substantive penalty."},{"id":"e6","sourceId":"filing-2","location":"Notes / remaining performance obligations / June 30, 2026 balance","excerpt":"At June 30, 2026, the aggregate amount of the transaction price allocated to RPO related to customer contracts that are unsatisfied or partially unsatisfied was approximately $68 billion."},{"id":"e7","sourceId":"filing-2","location":"Notes / remaining performance obligations / expected recognition periods","excerpt":"Approximately 69 percent of the amount is expected to be recognized as revenue in the subsequent two years, approximately 28 percent in the subsequent three to five years and the balance thereafter."},{"id":"e8","sourceId":"filing-2","location":"MD&A / second-quarter review / delayed large deals","excerpt":"In the final weeks of June, we saw a shift in client spending priorities that resulted in numerous large deals failing to close within the expected timelines, driving the majority of the shortfall."},{"id":"e9","sourceId":"filing-2","location":"MD&A / Software / Transaction Processing revenue decline","excerpt":"Transaction Processing revenue decreased 8.1 percent as reported (8.6 percent adjusted for currency), reflecting the shortfall in our IBM Z performance."},{"id":"e10","sourceId":"filing-2","location":"MD&A / Software / acquisition contribution to ARR growth","excerpt":"This increase reflects the acquisition of Confluent and growth across other areas of our recurring revenue base."},{"id":"e11","sourceId":"filing-2","location":"MD&A / Software / ARR limitations","excerpt":"ARR should be viewed independently of software revenue as this performance metric and its inputs may not represent revenue that will be recognized in future periods."},{"id":"e12","sourceId":"filing-2","location":"Notes / remaining performance obligations / estimate adjustments","excerpt":"RPO estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has not materialized and adjustments for currency."},{"id":"e13","sourceId":"filing-1","location":"Business / Infrastructure competition / cloud service providers","excerpt":"Further, cloud service providers are leveraging innovation in technology and service delivery to compete with traditional providers and to offer additional routes to market for server and storage systems."},{"id":"e14","sourceId":"filing-2","location":"MD&A / second-quarter consolidated gross margin","excerpt":"Gross margin of 57.7 percent decreased 1.0 point year to year driven by our revenue shortfall and mix, partially offset by productivity actions."},{"id":"e15","sourceId":"filing-2","location":"MD&A / first-half consolidated gross margins","excerpt":"Gross margin of 57.0 percent and operating (non-GAAP) gross margin of 58.6 percent were essentially flat compared to the prior-year period and were impacted by the second quarter 2026 revenue shortfall and mix dynamics."},{"id":"e16","sourceId":"filing-2","location":"MD&A / first-half operating non-GAAP pre-tax results","excerpt":"Operating (non-GAAP) pre-tax income from continuing operations of $5.4 billion increased 9.8 percent compared to the prior-year period and the operating (non-GAAP) pre-tax margin from continuing operations increased 0.7 points to 16.4 percent."},{"id":"e17","sourceId":"filing-1","location":"Risk factors / government contracts / termination rights","excerpt":"Also, some agreements may contain provisions allowing the customer to terminate without cause and providing for higher liability limits for certain losses."},{"id":"e18","sourceId":"filing-3","location":"Proxy / 2025 operating results and cash from operations","excerpt":"IBM delivered $67.5 billion in revenue and $13.2 billion cash from operations."},{"id":"e19","sourceId":"filing-3","location":"Proxy / consecutive annual revenue growth","excerpt":"Revenue increased for the third consecutive year, growing 6% at constant currency(1)."},{"id":"e20","sourceId":"filing-3","location":"Proxy / 2025 dividends and balance-sheet description","excerpt":"The Company also returned more than $6 billion to stockholders through dividends, and ended the year with a solid investment grade balance sheet that continues to provide financial flexibility to support our strategic priorities and long-term value creation."},{"id":"e21","sourceId":"filing-2","location":"Acquisition note / Confluent consideration paid and acquired liquidity","excerpt":"($ in millions) Total Consideration (1) Cash paid for outstanding Confluent common stock $ 11,268 Cash paid for Confluent equity awards 269 Cash consideration $ 11,537 Fair value of stock-based compensation awards attributable to pre-acquisition services 65 Total consideration $ 11,602 (1)As part of the assets acquired, the company received $1,165 million of cash and cash equivalents and $917 million of short-term marketable securities from Confluent at the acquisition date."},{"id":"e22","sourceId":"filing-6","location":"MD&A / March 31, 2026 liquidity and debt changes","excerpt":"Cash and cash equivalents, restricted cash and marketable securities at March 31, 2026 of $11.8 billion decreased $2.6 billion from December 31, 2025 and debt of $66.4 billion at March 31, 2026 increased $5.1 billion."},{"id":"e23","sourceId":"filing-2","location":"Stock-based compensation note / recognized costs and performance-target adjustments","excerpt":"Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 Cost $ 73 $ 67 $ 149 $ 132 SG&A expense 228 244 497 461 R&D expense 198 130 358 249 Pre-tax stock-based compensation cost 498 441 1,004 842 Income tax benefits (146) (156) (353) (350) Net stock-based compensation cost $ 352 $ 285 $ 651 $ 492 Pre-tax stock-based compensation cost for the three months ended June 30, 2026 increased $58 million compared to the corresponding period in the prior year primarily due to an increase in restricted stock units ($79 million) due to the issuance and assumption of stock-based compensation awards in connection with recent acquisitions, offset by a decrease in performance share units ($23 million) due to adjustments related to attainment of targets."},{"id":"e24","sourceId":"filing-2","location":"Issuer repurchases / second-quarter 2026 purchases","excerpt":"Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under The Program (1) April 1, 2026 - April 30, 2026 — $ — — $ 2,007,611,768 May 1, 2026 - May 31, 2026 — $ — — $ 2,007,611,768 June 1, 2026 - June 30, 2026 — $ — — $ 2,007,611,768 Total — $ — — (1)On October 30, 2018, the Board of Directors authorized $4.0 billion in funds for use in the company’s common stock repurchase program."},{"id":"e25","sourceId":"filing-3","location":"Proxy / existing compensation safeguards and ownership requirements","excerpt":"What we do Tie a significant portion of pay to Company performance Mitigate risk taking by emphasizing long-term equity incentives, placing caps on potential payments, and maintaining robust clawback provisions Require significant share ownership by the Chairman, President and CEO, Vice Chairman and Senior Vice Presidents Utilize noncompetition and nonsolicitation agreements for senior executives Remove impact of share repurchase on executive incentives What we don’t do No individual severance or change-in-control agreements for executive officers No excise tax gross-ups for executive officers No dividend equivalents on unearned RSUs/PSUs No hedging/pledging of IBM stock No stock option repricing, exchanges or stock options granted below market value No guaranteed incentive payouts for executive officers No accelerated vesting of equity awards for executive officers No above-market returns on deferred compensation plans 40 IBM 2025 Compensation discussion and analysis Personal stake in IBM’s future through stock ownership requirements Investors want the leaders of their companies to act like owners."},{"id":"e26","sourceId":"filing-3","location":"Proxy / relative total shareholder return modifier introduced in 2025","excerpt":"We agree, and after careful consideration by the Committee, we introduced a relative Total Shareholder Return (rTSR) modifier to our long-term incentive plan in 2025."},{"id":"e27","sourceId":"filing-3","location":"Proxy / compensation committee discretion over financial targets","excerpt":"The financial targets may be adjusted up or down for extraordinary events if recommended by the Chairman, President and CEO and approved by the Compensation Committee; for example, adjustments are usually made for large acquisitions and divestitures."},{"id":"e28","sourceId":"filing-3","location":"Proxy / committee independence","excerpt":"Members of the Audit Committee, Directors and Corporate Governance Committee, and the Executive Compensation and Management Resources Committee are non-management directors who, in the opinion of the Board, satisfy the independence criteria established by the Board, and the standards of the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE)."},{"id":"e29","sourceId":"filing-3","location":"Proxy / lead director activities and independent executive sessions","excerpt":"presides at all meetings of the Board at which the Chairman is not present, including executive sessions of the independent directors, which are held at every Board meeting; In addition to these core responsibilities, the Lead Director engages in other regular activities, including: one-on-one debriefs with the Chairman after each meeting; spends time with senior management outside of Board meetings to ensure a deep understanding of the business and strategy of, and risks to, the Company; analyzes CEO performance in executive session in conjunction with the Executive Compensation and Management Resources Committee Chair; maintains regular contact with members of the Board and meeting individually with each independent director; and leads the Board self-evaluation process, interviewing each director, together with the Chairman, and reviews the feedback received with the full Board; attends meetings held by each of the Board’s committees."},{"id":"e30","sourceId":"filing-3","location":"Proxy / implemented response to board evaluation feedback","excerpt":"In turn, throughout 2025, Board agendas included external speakers in order to be responsive to that request."},{"id":"e31","sourceId":"filing-1","location":"Business / issuer description of differentiation","excerpt":"We differentiate from other providers by bringing together incumbency with enterprises, deep expertise in technology, industries and business processes, a broad go-to-market reach including an ecosystem of partners and alliances, and a strong focus on innovation."},{"id":"e32","sourceId":"filing-1","location":"Risk factors / limits of intellectual property protection","excerpt":"IBM’s Intellectual Property Portfolio May Not Prevent Competitive Offerings, and IBM May Not Be Able to Obtain Necessary Licenses: The company’s patents and other intellectual property may not prevent competitors from independently developing products and services similar to or duplicative to the company’s, nor can there be any assurance that the resources invested by the company to protect its intellectual property will be sufficient or that the company’s intellectual property portfolio will adequately deter misappropriation or improper use of the company’s technology."},{"id":"e33","sourceId":"filing-1","location":"Business / named Consulting competitors","excerpt":"Our competitors include global firms such as Accenture, Capgemini, India-based service providers, management consulting firms, the consulting practices of public accounting firms, engineering service providers, and niche specialists."},{"id":"e34","sourceId":"filing-1","location":"Business / named Infrastructure competitors","excerpt":"Our principal competitors include: Dell Technologies, Hewlett-Packard Enterprise (HPE), Intel, NetApp and Pure Storage as well as original device manufacturers (ODMs) who provide systems that are re-branded."},{"id":"e35","sourceId":"filing-2","location":"MD&A / client purchases ahead of expected infrastructure price increases","excerpt":"Many clients redirected spending toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases."},{"id":"e36","sourceId":"filing-2","location":"MD&A / first-half GAAP pre-tax income and margin","excerpt":"Pre-tax income from continuing operations of $3.9 billion increased 3.0 percent and pre-tax margin was 11.7 percent, a decline of 0.2 points as compared to the first six months of 2025."}],"changes":["Changed the previous uncertain verdict to narrow because the supplied catalog explicitly links IBM Z incumbency to enterprise license agreements and long-term client commitments, alongside demonstrated recurring software demand and contractual commitment disclosures. The advantage remains limited; migration costs and competitive displacement rates are not established.","Pricing power remains unproven, but margin resilience and contractual constraints can be assessed separately from missing realized-price data.","Added management assessments using actual compensation arrangements, committee independence, operating results, acquisition spending and financing disclosures. The proposed 2026 performance plan is not treated as adopted."],"limitations":["All evidence comes from issuer filings. Reported results and contractual disclosures support numerical assessments, while management descriptions of strategic value and differentiation receive less weight.","Source dates retain dateKind filed: filing-1 February 24, 2026; filing-2 July 23, 2026; filing-3 March 10, 2026; filing-6 April 23, 2026. They are filing dates, not retrieval dates.","The software switching-cost advantage has no specifically named direct competitors in the supplied passages, so its competitor array is empty. Consulting identifies Accenture and Capgemini; Infrastructure identifies Dell Technologies, Hewlett-Packard Enterprise (HPE), Intel, NetApp and Pure Storage. Their relative performance is not established.","Partner listings and statements that partners may also compete do not establish which listed partners directly compete against the identified software advantage.","No realized price changes, discount trends, renewal rates, customer migration costs or unilateral repricing rights are supplied. Expected infrastructure price increases are not demonstrated IBM price realization.","RPO covers multiple businesses and includes estimates; ARR annualizes current recurring revenue and includes acquisitions. Neither measure is a renewal rate or a guarantee of future revenue.","Brand, expertise, intellectual property, AI and quantum provide possible additional advantages, but the passages do not establish durable competitive superiority, network effects, efficient scale or a demonstrated relative cost advantage.","Actual executive ownership balances and compliance with ownership requirements are absent. The March 2026 proxy proposes a new performance plan; no supplied voting outcome establishes its adoption."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"IBM Z incumbency and associated enterprise license commitments support a limited switching-cost mechanism, corroborated by recurring software demand. Technical migration barriers and superiority over alternatives remain unquantified.","evidenceIds":["e1","e2","e3","e31"]},{"criterion":"durability","grade":2,"rationale":"Long-term license commitments and multiyear contracted work provide persistence, but company-wide RPO cannot establish software-specific longevity. Terminations, scope changes and evolving competition limit confidence beyond existing commitments.","evidenceIds":["e3","e4","e5","e6","e7","e12","e13"]},{"criterion":"customer_dependency","grade":2,"rationale":"Incumbent IBM Z software relationships, broader adoption through ELAs and recurring demand indicate customer reliance indirectly. The passages do not establish operational indispensability or actual replacement costs.","evidenceIds":["e1","e2","e3","e5"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Recurring software demand remains healthy, but delayed transactions and declining Transaction Processing revenue show exposure to customer spending shifts. These results do not establish sustained competitive displacement; cloud competition and IP limitations remain prospective risks.","evidenceIds":["e1","e8","e9","e13","e32"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"No realized IBM price, discount or price-versus-volume outcomes are disclosed. Purchases ahead of expected infrastructure price increases cannot establish IBM's actual pricing realization.","evidenceIds":["e35"]},{"criterion":"retention","grade":3,"rationale":"A growing recurring base comprising approximately 80 percent of Software revenue, long-term ELAs and substantive contractual commitments provide strong indirect evidence of continuing demand. This assesses repeat demand and commitments, not a measured renewal rate; ARR growth includes acquisitions.","evidenceIds":["e1","e3","e4","e5","e6","e10","e11"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half gross margins were essentially flat and adjusted pre-tax margin improved, while second-quarter gross margin and first-half GAAP pre-tax margin declined. Productivity and mix materially influence these results, preventing attribution to pricing power.","evidenceIds":["e14","e15","e16","e36"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Substantive termination penalties and long-term ELAs support enforceable commitments, but some government contracts allow termination without cause. The disclosed position is mixed and does not establish unilateral repricing freedom.","evidenceIds":["e3","e4","e5","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported operating cash generation, dividend distributions and zero second-quarter repurchases coexist with substantial Confluent spending, increased debt and rising stock-based compensation. These support a mixed assessment; acquisition returns and long-term dilution outcomes are not demonstrated.","evidenceIds":["e18","e20","e21","e22","e23","e24"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing performance-linked equity, ownership requirements, clawbacks, hedging restrictions and the relative shareholder-return modifier introduced in 2025 demonstrate substantive alignment mechanisms. Target-adjustment discretion and absent ownership balances limit the assessment. Proposed 2026 plan provisions are excluded.","evidenceIds":["e23","e25","e26","e27"]},{"criterion":"execution","grade":2,"rationale":"Three consecutive years of revenue growth, operating cash generation, recurring software growth and improved first-half adjusted profitability support execution through indirect operating evidence. Delayed large deals, Transaction Processing weakness and acquisition contributions make the record mixed.","evidenceIds":["e1","e8","e9","e10","e16","e18","e19","e36"]},{"criterion":"governance","grade":3,"rationale":"Disclosed committee independence, independent executive sessions, active lead-director duties and an implemented response to board feedback demonstrate functioning oversight processes. Issuer disclosure does not establish exceptional oversight effectiveness or eliminate compensation discretion.","evidenceIds":["e27","e28","e29","e30"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"464b6dc2b90b235e5d6be5ef070c283ffd0cba385b7716a256b191e2a69f93ca","updatedAt":"2026-10-18T12:37:16.929Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/51143/000005114326000010/ibm-20251231.htm","publishedAt":"2026-02-24","sha256":"2fd27a2de9572fa08bef1d03dfbf9ab8f81d37fd564bc411e7500fb697f57b37","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/51143/000005114326000078/ibm-20260630.htm","publishedAt":"2026-07-23","sha256":"773d983719450e668c2e5b3038c640f4a385c789d4a6704267034a196f5003e9","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/51143/000005114326000025/ibm-20260306.htm","publishedAt":"2026-03-10","sha256":"9ea00ecc5a86aaa9447d67726a0973d877ef554751fc84a465b22203840dc1e3","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/51143/000005114325000015/ibm-20241231.htm","publishedAt":"2025-02-25","sha256":"a174491637d04585da7c7beb4b42925bfe1bdb1a5c2ea535bc1fb737f3435550","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/51143/000005114324000012/ibm-20231231.htm","publishedAt":"2024-02-26","sha256":"1701c66bed80a3b34c7d3d88f7343ee7098e020d6a3f317a4a0469327d9a7d36","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/51143/000005114326000038/ibm-20260331.htm","publishedAt":"2026-04-23","sha256":"bdc58ae37535d1884938bb454b514233a69cf33c68ccf0ffa6b92232bb5a5e7e","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:5390b805214e3a2ecbcc759952fb073cc3b48a059a15db21a72fc387354e4ecc","usage":{"input_tokens":89164,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4052,"reasoning_output_tokens":154}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":54.90148212728858,"operating_margin":null,"roic":null,"fcf_margin":18.716652136006974,"sbc_revenue":1.7122929380993899},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is 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.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income 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%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":54.00132165868165,"operating_margin":null,"roic":null,"fcf_margin":15.01569469684454,"sbc_revenue":1.6305963984800924},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is 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.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income 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%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":55.44778532169414,"operating_margin":null,"roic":null,"fcf_margin":20.50759780148723,"sbc_revenue":1.8315551244746202},"issues":{"ev_ebitda":"Operating income is 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.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":56.6522716045448,"operating_margin":null,"roic":null,"fcf_margin":19.755230825617897,"sbc_revenue":2.089143148534731},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is 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.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":58.18760642629748,"operating_margin":null,"roic":null,"fcf_margin":17.91959724587251,"sbc_revenue":2.5394240023691417},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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