{"schemaVersion":1,"research":true,"symbol":"ir","name":"Ingersoll Rand","topic":"moat","path":"/stock/ir/moat","status":"published","version":3,"updatedAt":"2026-10-18T14:02:37.877Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Ingersoll Rand has a narrow moat from customer qualification, integration into OEM systems, customized engineering and recurring aftermarket demand. These create switching friction in parts of the portfolio, without establishing protection across all products. Realized pricing power remains unproven: pricing is not separated from volume, and recent gross and adjusted EBITDA margins contracted despite revenue growth. Brand leadership is principally an issuer assertion; no distinct cost advantage, network effect or efficient-scale moat is demonstrated.","advantages":[{"mechanism":"switching_costs","claim":"Customer qualification in Precision and Science Technologies, OEM integration and customer-specific engineering create practical friction in replacing incumbent products. Aftermarket parts and services represented 35.9% of second-quarter 2026 revenue, providing demonstrated demand consistent with an installed-base advantage, although not proving exclusive customer capture.","durability":"Qualification requirements recur in the 2023 and 2025 annual disclosures, and customized contracts remain disclosed in 2026. Process-critical applications and maintenance needs support persistence through equipment lifecycles, but switching costs and customer retention are not quantified.","risks":"Both segments face named competitors and performance-based competition. Standard products may have weaker protection than qualified or customized applications. Alternative technologies, easier qualification, third-party servicing and customer redesigns could erode incumbent relationships. Recent margin contraction demonstrates incomplete economic insulation, rather than proving customer losses.","invalidation":"The thesis would weaken materially if customers could replace qualified or integrated products without meaningful redesign, testing or downtime; if aftermarket demand persistently declined on a comparable installed-base basis; or if disclosed customer losses and sustained discounting showed that incumbency no longer protected demand.","competitors":["Atlas Copco","Flowserve","IDEX Corporation","Kaeser Compressors","Kaishan Group Co., Ltd.","Elgi Equipments Limited","Dover","Graco","KNF Neuberger","Netzsch","NOV","Sartorius","SPX Flow","Thermo Fisher Scientific","Watson-Marlow"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business—Precision and Science Technologies competition and customer qualification","excerpt":"and Elgi Equipments Limited. Precision and Science Technologies Competition in the markets served by our Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use."},{"id":"e2","sourceId":"filing-1","location":"Segment reporting—distribution and OEM integration","excerpt":"The Company sells primarily through a broad global network of specialized and national distributors and original equipment manufacturers who integrate the Company’s products into their devices and systems."},{"id":"e3","sourceId":"filing-2","location":"Revenue from contracts with customers—customer-specific engineered contracts","excerpt":"The Company has certain long duration engineered to order (“ETO”) contracts that require highly engineered solutions designed to customer specific applications."},{"id":"e4","sourceId":"filing-1","location":"Business—process criticality and downtime costs","excerpt":"Our products and services are critical to the processes and systems in which they are utilized, which are often complex and for which the cost of failure or downtime is high."},{"id":"e5","sourceId":"filing-1","location":"Business—replacement cycles and aftermarket opportunities","excerpt":"The process-critical nature of our product applications, coupled with the standard wear and tear replacement cycles associated with the usage of our products, generates opportunities to support customers with our broad portfolio of services, spare parts, and consumables."},{"id":"e6","sourceId":"filing-2","location":"MD&A—second-quarter aftermarket revenue share","excerpt":"The percentage of consolidated revenues derived from aftermarket parts and services was 35.9% in the three month period ended June 30, 2026 compared to 36.6% in the same three month period in 2025."},{"id":"e7","sourceId":"filing-5","location":"Business—2023 customer qualification requirements","excerpt":"Competition in the markets served by our Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use."},{"id":"e8","sourceId":"filing-1","location":"Business—Industrial Technologies and Services competition","excerpt":"Competition Industrial Technologies and Services The industrial end-markets we serve are competitive, with an increasing focus on product quality, performance, energy efficiency, customer service and local presence."},{"id":"e9","sourceId":"filing-1","location":"Business—fragmented compression, vacuum and blower markets","excerpt":"Although there are several large manufacturers of compression, vacuum and blower products, the marketplace for these products remains highly fragmented due to the wide variety of product technologies, applications and selling channels."},{"id":"e10","sourceId":"filing-1","location":"Business—named industrial competitors","excerpt":"Our principal competitors in sales of compression, vacuum and blower products include Atlas Copco, Flowserve, IDEX Corporation, Kaeser Compressors, Kaishan Group Co., Ltd."},{"id":"e11","sourceId":"filing-1","location":"Business—named Precision and Science Technologies competitors","excerpt":"Our primary competitors include Dover, Graco, IDEX Corporation, KNF Neuberger, Netzsch, NOV, Sartorius, SPX Flow, Thermo Fisher Scientific, and Watson-Marlow, as well as other regional and local manufacturers."},{"id":"e12","sourceId":"filing-2","location":"MD&A—2026 comparative margins and cash flows","excerpt":"$ 256.8 $ (115.3) $ 448.9 $ 71.2 Percentage of Revenues: Gross profit 42.1 % 43.7 % 42.5 % 44.1 % Selling and administrative expenses 19.6 % 19.7 % 19.8 % 20.0 % Operating income 18.6 % 4.0 % 17.2 % 10.5 % Net income (loss) 12.6 % (6.0 %) 11.6 % 2.1 % Adjusted EBITDA 25.4 % 27.0 % 25.4 % 26.9 % Other Financial Data: Adjusted EBITDA (1) $ 519.9 $ 509.4 $ 989.0 $ 969.1 Adjusted Net Income (1) 339.3 325.2 643.9 618.4 Cash flows - operating activities (2) 295.9 245.7 495.6 502.1 Cash flows - investing activities (135.9) (82.3) (220.3) (279.4) Cash flows - financing activities (260.3) (513.1) (344.1) (523.1) Free Cash Flow (1)(2) 268.9 210.4 432.3 433.1 (1)See the “Non-GAAP Financial Measures” section for a reconciliation to comparable GAAP measure."},{"id":"e13","sourceId":"filing-1","location":"MD&A—2025 acquisition, currency and organic revenue bridge","excerpt":"The increase in revenues was primarily due to acquisitions of $419.9 million and the favorable impact of foreign currencies of $92.0 million, partially offset by lower organic revenues of $96.0 million."},{"id":"e14","sourceId":"filing-2","location":"MD&A—second-quarter 2026 organic revenue growth","excerpt":"The increase in revenues was primarily due to higher organic revenues of $77.5 million, acquisitions of $53.4 million, and the favorable impact of foreign currencies of $30.0 40 Table of Contents million."},{"id":"e15","sourceId":"filing-2","location":"Revenue recognition—termination provisions providing cost and margin recovery","excerpt":"For contracts where the contractual deliverables have no alternative use and the contract termination clauses provide for the recovery of cost plus a reasonable margin, revenue is recognized over time based on the Company’s progress in satisfying the contractual performance obligations, generally measured as the ratio of actual costs incurred to date to the estimated total costs to complete the contract."},{"id":"e16","sourceId":"filing-2","location":"Revenue recognition—contracts without cost and margin recovery on termination","excerpt":"For contracts with termination provisions that do not provide for recovery of cost and a reasonable margin, revenue is recognized at a point in time, generally at shipment or delivery to the customer."},{"id":"e17","sourceId":"filing-2","location":"Risk factors—fixed-price custom engineering exposure","excerpt":"•Cost overruns, delays, penalties or liquidated damages could negatively impact our results, particularly with respect to fixed-price contracts for custom engineered products."},{"id":"e18","sourceId":"filing-1","location":"Consolidated statements of cash flows—2023–2025 spending, financing and impairments","excerpt":"AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) For the Years Ended December 31, 2025 2024 2023 Cash Flows From Operating Activities Net income $ 588.8 $ 846.3 $ 785.1 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible assets 387.5 373.0 367.5 Depreciation 118.3 109.0 91.6 Impairment of goodwill and other intangible assets 273.4 13.9 — Non-cash restructuring charges — 1.6 2.7 Stock-based compensation expense 53.0 58.8 51.9 Loss on equity method investments 127.1 24.0 6.0 Foreign currency transaction losses, net 18.6 3.2 5.1 Non-cash adjustments to carrying value of LIFO inventories 17.8 6.7 12.0 Loss on extinguishment of debt — 3.0 13.5 Loss on sale of asbestos-related assets and liabilities — 33.7 — Deferred income taxes (79.4) (33.1) (76.9) Other non-cash adjustments 9.9 7.7 8.3 Changes in assets and liabilities: Receivables (59.1) (45.1) (48.6) Inventories (26.1) 39.8 117.3 Accounts payable 78.7 13.3 (23.9) Accrued liabilities (35.3) (34.5) 94.8 Other assets and liabilities, net (117.5) (24.6) (29.0) Net cash provided by operating activities 1,355.7 1,396.7 1,377.4 Cash Flows From Investing Activities Capital expenditures (135.6) (149.1) (105.4) Net cash paid in acquisitions (525.0) (2,958.7) (963.0) Disposals of property, plant and equipment — 6.1 7.6 Other investing — (6.0) 0.3 Net cash used in investing activities (660.6) (3,107.7) (1,060.5) Cash Flows From Financing Activities Principal payments on long-term debt — (1,242.7) (1,518.0) Proceeds from long-term debt — 3,296.9 1,490.4 Purchases of treasury stock (1,018.0) (260.7) (263.0) Cash dividends on common stock (31.8) (32.3) (32.4) Proceeds from stock option exercises 15.3 32.2 30.3 Payments to settle cross-currency swaps — (19.9) — Payments of deferred and contingent acquisition consideration (8.0) (23.4) (17.5) Payments of debt issuance costs — (32.3) (18.5) Other financing (11.3) (10.3) (8.8) Net cash provided by (used in) financing activities (1,053.8) 1,707.5 (337.5) Effect of exchange rate changes on cash and cash equivalents 66.3 (50.8) 3.1 Net decrease in cash and cash equivalents (292.4) (54.3) (17.5) Cash and cash equivalents, beginning of year 1,541.2 1,595.5 1,613.0 Cash and cash equivalents, end of year $ 1,248.8 $ 1,541.2 $ 1,595.5 For the Years Ended December 31, 2025 2024 2023 Supplemental Cash Flow Information Cash paid for income taxes, net of refunds $ 269.3 $ 276.7 $ 302.0 Cash paid for interest, net of interest rate derivative settlements 249.0 209.0 100.5 The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e19","sourceId":"filing-2","location":"Equity method investments—realized 2025 impairment","excerpt":"As a result, the Company recognized an impairment charge of $120.9 million in the three month period ended June 30, 2025, which is included in “Loss on equity method investments” on our Condensed Consolidated Statement of Operations."},{"id":"e20","sourceId":"filing-2","location":"MD&A—settlement receipt included in 2026 cash flows","excerpt":"(2)The three and six month periods ended June 30, 2026 include $25 million collected related to the representations and warranties settlement."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation—existing incentive structure and compensation safeguards","excerpt":"WHAT WE DO WHAT WE DON’T DO Significant Portion of Pay Focused on Long-Term Value Creation No Guaranteed Bonuses 50% of Annual Long-Term Incentive Compensation in Performance-Vesting Equity Awards No Tax Gross-Ups in Connection with Change-in-Control Severance Incentive Plan Goals Aligned with Stockholder Interests No Executive Pensions Minimum one-year vesting on all equity awards No Fixed-Term Employment Agreements Market-Leading Stock Ownership and Retention Guidelines No Stock Option Repricing Capped Incentive Opportunities No Hedging or Pledging of Company Stock Mitigation of Risk Through Compensation Risk Assessments Incentive Compensation Clawback Policy Ingersoll Rand 43 2026 Proxy Statement TABLE OF CONTENTS WHAT WE DO WHAT WE DON’T DO Independent Compensation Consultant 2025 EXECUTIVE COMPENSATION PROGRAM IN DETAIL 2025 Executive Compensation Decisions The following table reflects NEO target compensation in 2025: Name/Title ANNUAL SALARY 2025 MIP TARGET (AS OF 12/31/25) LTI TARGET GRANT VALUE TARGET TDC 12/31/24 12/31/25 % CHANGE AS % OF SALARY VALUE Vicente Reynal, Pres."},{"id":"e22","sourceId":"filing-3","location":"2025 annual equity awards—payout cap when absolute shareholder return is negative","excerpt":"index = 200% payout (capped) To ensure better alignment of payouts with stockholder value creation, even if relative performance would have resulted in a payout above target, the payout under the PSUs is capped at target if the Company’s absolute TSR is negative."},{"id":"e23","sourceId":"filing-2","location":"Stock-based compensation—actual first-quarter 2026 EPS PSU grants","excerpt":"During the first quarter of 2026, the Company granted EPS PSUs to certain officers in which the number of shares issued at the end of the performance period is determined by the level of compounded annual growth rate of the Company’s Adjusted EPS during the three year performance period."},{"id":"e24","sourceId":"filing-3","location":"Proxy letter—combined CEO, president and board chair roles","excerpt":"Sincerely, Vicente Reynal Chief Executive Officer, President and Chairman of the Board of Directors TABLE OF CONTENTS Notice of 2026 Annual Meeting of Stockholders Date and Time Thursday, June 11, 2026 10:30 a.m."},{"id":"e25","sourceId":"filing-3","location":"Governance—lead director provision","excerpt":"Furthermore, the Company’s Corporate Governance Guidelines provide for the role of Lead Director of the Board in the event that the Chair of the Board is not an independent director, which reflects the Company’s continued commitment to enhanced corporate governance best practices."},{"id":"e26","sourceId":"filing-3","location":"Risk oversight—internal audit and Chief Risk Officer reporting to Audit Committee","excerpt":"Our head of internal audit, who is also our Chief Risk Officer, reports directly to the Audit Committee."},{"id":"e27","sourceId":"filing-3","location":"Compensation Committee—absence of current or former executive or employee members","excerpt":"None of the current members of our Compensation Committee has at any time been one of our executive officers or employees."},{"id":"e28","sourceId":"filing-1","location":"MD&A—issuer claims of brand loyalty and leading market positions","excerpt":"These attributes, along with over 165 years of engineering heritage, generate strong brand loyalty for our products and foster long-standing customer relationships, which we believe have resulted in leading market positions within each of our operating segments."},{"id":"e29","sourceId":"filing-1","location":"Revenue recognition—remaining obligations under contracts exceeding one year","excerpt":"As of December 31, 2025, for contracts with an original duration greater than one year, the Company expects to recognize revenue in the future related to unsatisfied (or partially satisfied) performance obligations of $743.2 million in the next twelve months and $807.9 million in periods thereafter."},{"id":"e30","sourceId":"filing-1","location":"Revenue recognition—composition of remaining contractual obligations","excerpt":"The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year."}],"changes":["Retain the previous narrow verdict and its switching-cost rationale; the supplied evidence does not justify a wide moat.","Add explicit pricing, management and governance assessments using contractual disclosures, operating results and actual compensation arrangements.","Balance 2025 organic revenue contraction against second-quarter 2026 organic growth. Distinguish continuing margin pressure from the GAAP earnings recovery against a prior-year impairment base."],"limitations":["All evidence comes from issuer filings. Qualification requirements, contractual arrangements and operating results support assessment, while claimed brand loyalty and market leadership lack comparative verification.","Named competitors are disclosed for both segments, but their relative costs, market shares, qualification success and service capabilities are not established.","No price-volume bridge, realized price changes, customer retention rates, aftermarket exclusivity or quantified switching costs are supplied. Revenue growth and margins cannot independently establish pricing power.","The proxy supplies compensation and governance evidence, but the passages do not establish actual executive beneficial ownership or compliance with ownership guidelines. Proposed 2026 plan provisions are not treated as adopted awards.","Source dates are filing dates: the latest supplied filing is dated July 31, 2026. Contract backlogs include equipment orders and cannot be treated entirely as recurring service revenue.","AI opportunities, scale and engineering heritage do not establish additional demonstrated moat mechanisms."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Customer qualification, OEM integration and customer-specific engineering establish substantive switching friction in identifiable businesses. Material aftermarket sales corroborate installed-base demand; portfolio-wide exclusivity is unproven.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"durability","grade":2,"rationale":"Qualification requirements persist across annual disclosures and long-duration contracts provide visibility. Neither the duration of customer relationships nor sustained protection against competing technologies is quantified.","evidenceIds":["e1","e7","e29","e30"]},{"criterion":"customer_dependency","grade":3,"rationale":"Integration, qualification and process-critical applications support meaningful operational dependency. Aftermarket sales provide indirect corroboration, although customers are not shown to depend exclusively on Ingersoll Rand.","evidenceIds":["e1","e2","e4","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Substantial aftermarket demand and renewed quarterly organic growth support resilience, balanced against competitive markets, 2025 organic contraction and 2026 margin compression. These outcomes do not establish realized share loss.","evidenceIds":["e6","e8","e12","e13","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Organic revenue changes combine price and volume. The supplied passages establish neither realized price increases nor cuts, and margin changes cannot identify pricing outcomes.","evidenceIds":["e13","e14"]},{"criterion":"retention","grade":3,"rationale":"Assessed indirectly from qualification, OEM integration, replacement demand and aftermarket sales of 35.9% of quarterly revenue. These support repeat demand and switching friction, without establishing a customer retention rate or acceptance of price increases.","evidenceIds":["e1","e2","e5","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 gross margin declined from 44.1% to 42.5% and adjusted EBITDA margin from 26.9% to 25.4%, while adjusted EBITDA dollars increased. Economic protection is mixed; the supplied passages do not isolate pricing, costs and mix.","evidenceIds":["e12"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Some engineered contracts protect cost plus a reasonable margin upon termination, while others lack that protection. Fixed-price contracts constrain repricing flexibility. These establish mixed contractual protection, without demonstrating broad unilateral pricing or escalation rights; disclosed overrun risks are possibilities.","evidenceIds":["e15","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Annual operating cash generation remained around $1.36–1.40 billion over 2023–2025. However, substantial acquisitions, 2024 net borrowing, 2025 repurchases exceeding $1 billion and realized impairments temper the assessment. Acquisition returns and repurchase value creation are unestablished.","evidenceIds":["e18","e19"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing compensation includes substantial performance-vesting equity, multi-year incentives, payout caps and hedging restrictions. Actual 2026 EPS PSU grants provide further evidence of performance linkage. Adjusted EPS incentives and missing beneficial ownership data limit conclusions; grants are not assumed vested.","evidenceIds":["e21","e22","e23"]},{"criterion":"execution","grade":2,"rationale":"Assessed indirectly from operating outcomes: second-quarter organic growth and higher adjusted EBITDA dollars balance 2025 organic contraction and lower 2026 margins. First-half operating cash flow was slightly lower despite including a $25 million settlement receipt. Results demonstrate mixed execution rather than exceptional performance.","evidenceIds":["e12","e13","e14","e20"]},{"criterion":"governance","grade":2,"rationale":"Compensation safeguards, a committee without current or former employee members and direct internal-audit reporting support oversight. Combined CEO and chair roles concentrate authority; the lead-director provision offers a counterbalance. Disclosures establish structures, without proving exceptional oversight effectiveness.","evidenceIds":["e21","e24","e25","e26","e27"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"c32e6110f6aff64647e2b3d9ef08b2c4652489db905b5de23b29eb8998eb3d03","updatedAt":"2026-10-18T14:02:37.877Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828026008617/iri-20251231.htm","publishedAt":"2026-02-17","sha256":"7119df6a154c77d99a1c8778bc97a08f9aa0dc7e0bd6b4b24568140c99007f98","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828026051415/iri-20260630.htm","publishedAt":"2026-07-31","sha256":"096c542de9a400d65a9ad392fa107dc65f99959c199174c43602bedecca5f9f1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1699150/000114036126016726/ny20063676x1_def14a.htm","publishedAt":"2026-04-24","sha256":"648f296b53bb42c8c2b70e1bbd2e62e77f5ace8e348d762d973223d22a4e3eb0","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828025006391/iri-20241231.htm","publishedAt":"2025-02-19","sha256":"3ee5c0d15f8b1222a5ca75cc057e34fa783076faf1e1b197c856b776bde291f5","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828024006642/iri-20231231.htm","publishedAt":"2024-02-23","sha256":"a727627cfc726bd09b2a2d0febf53dda31cdabfad0b7c81e8c25cd2b7fa44c07","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828026028401/iri-20260331.htm","publishedAt":"2026-04-29","sha256":"bde8e76f8c9d40b128958e8e67d5a20543312b0187b2cc56961e108b0e2ce88d","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:47229a13d256048ae7b591c15e9749cfe9df4abf3c175c11ff83100413230f84","usage":{"input_tokens":87903,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3637,"reasoning_output_tokens":108}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":38.59366508811428,"operating_margin":10.97934942939213,"roic":null,"fcf_margin":10.940532567347255,"sbc_revenue":1.6924151851564322},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","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%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":39.30835150347345,"operating_margin":13.814377229011374,"roic":6.27494230135564,"fcf_margin":13.028413028413027,"sbc_revenue":1.3336037726281629},"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%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":41.91620249850933,"operating_margin":16.93256351710999,"roic":8.35965690572213,"fcf_margin":18.498858364479865,"sbc_revenue":0.7547883247771265},"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%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":43.814789219073944,"operating_margin":17.96959225984796,"roic":8.174953135000882,"fcf_margin":17.243953006219765,"sbc_revenue":0.8127159640635798},"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.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":43.60663451358664,"operating_margin":14.960331464272178,"roic":6.4534409103262815,"fcf_margin":15.947143473316865,"sbc_revenue":0.692728959991635},"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.","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%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828026008617/iri-20251231.htm","publishedAt":"2026-02-17","sha256":"7119df6a154c77d99a1c8778bc97a08f9aa0dc7e0bd6b4b24568140c99007f98","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828026051415/iri-20260630.htm","publishedAt":"2026-07-31","sha256":"096c542de9a400d65a9ad392fa107dc65f99959c199174c43602bedecca5f9f1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1699150/000114036126016726/ny20063676x1_def14a.htm","publishedAt":"2026-04-24","sha256":"648f296b53bb42c8c2b70e1bbd2e62e77f5ace8e348d762d973223d22a4e3eb0","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828025006391/iri-20241231.htm","publishedAt":"2025-02-19","sha256":"3ee5c0d15f8b1222a5ca75cc057e34fa783076faf1e1b197c856b776bde291f5","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828024006642/iri-20231231.htm","publishedAt":"2024-02-23","sha256":"a727627cfc726bd09b2a2d0febf53dda31cdabfad0b7c81e8c25cd2b7fa44c07","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1699150/000162828026028401/iri-20260331.htm","publishedAt":"2026-04-29","sha256":"bde8e76f8c9d40b128958e8e67d5a20543312b0187b2cc56961e108b0e2ce88d","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}