{"schemaVersion":1,"research":true,"symbol":"it","name":"Gartner","topic":"moat","path":"/stock/it/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:44:58.115Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Gartner has a narrow moat in its established brand, proprietary research and expert access, supported by repeated subscription renewals and enforceable contracts. These establish differentiated recurring demand, but substantial switching costs and network effects remain unproven. Realized pricing power is unestablished. Flat currency-neutral Insights revenue, modest contract-value growth and Consulting weakness constrain confidence in durability; AI displacement remains a potential risk rather than a demonstrated outcome.","advantages":[{"mechanism":"intangible_assets","claim":"An established research brand, proprietary methodologies and access to more than 2,400 experts support differentiated subscription demand. Client retention of 84%–85% during 2023–2025 corroborates customer value, although management's claims of superior content and independence lack comparative verification.","durability":"The accumulated brand and research capabilities, repeat demand and multiyear contractual commitments support a current advantage. Its persistence depends on continued relevance and expert quality; the evidence supports a narrow moat without establishing exceptional durability.","risks":"AI could commoditize information or weaken intellectual-property protection. Currency-neutral Insights revenue was approximately flat in the first half of 2026, while contract value grew only 2%. Historical enterprise-count descriptions also suggest possible breadth erosion, although rounded counts and uncertain comparability prevent a precise attrition conclusion. Government budget reductions demonstrate that customer demand is discretionary.","invalidation":"The thesis would be undermined by client retention remaining below the disclosed 2023–2025 range for successive annual periods alongside declining currency-neutral Insights contract value, or by demonstrated substitution that forces sustained price concessions and reduces paid expert access. These are monitoring conditions, not outcomes established by the passages.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e12","e13"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e14","e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — Insights subscription content and expert access","excerpt":"•INSIGHTS. Gartner delivers independent, objective insights to leaders across an enterprise through subscription services that include on-demand access to published content, data and benchmarks, and direct access to a network of more than 2,400 business and technology experts located around the globe."},{"id":"e2","sourceId":"filing-1","location":"Business — proprietary research methodologies and relationships","excerpt":"We combine our proprietary research methodologies with extensive industry and academic relationships to create Gartner products and services that address each role across an enterprise."},{"id":"e3","sourceId":"filing-1","location":"Competition — Gartner brand history; issuer characterization","excerpt":"•Our leading brand name - We have provided critical, trusted insights under the Gartner name for more than 40 years."},{"id":"e4","sourceId":"filing-1","location":"Risk factors — 2025 and 2024 Insights client retention","excerpt":"While our Insights client retention rate was 85% and 84% for 2025 and 2024, respectively, there can be no guarantee that we will continue to maintain this rate of client renewals."},{"id":"e5","sourceId":"filing-4","location":"Risk factors — 2024 and 2023 Research client retention","excerpt":"While our Research client retention rate was 84% for both 2024 and 2023, there can be no guarantee that we will continue to maintain this rate of client renewals."},{"id":"e6","sourceId":"filing-1","location":"Revenue recognition — non-cancelable and non-refundable Insights contracts","excerpt":"Insights contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses, which have not historically resulted in material cancellations."},{"id":"e7","sourceId":"filing-2","location":"Segment results — first-half 2026 Insights revenue growth","excerpt":"For the six months ended June 30, 2026, Insights revenue increased by $65.0 million compared to the same period in 2025 or 3% on a reported basis and about flat excluding the foreign currency impact."},{"id":"e8","sourceId":"filing-2","location":"Segment results — June 2026 currency-neutral contract-value growth","excerpt":"Contract value increased to $5.3 billion at June 30, 2026, or 2% compared to June 30, 2025 excluding the foreign currency impact."},{"id":"e9","sourceId":"filing-1","location":"Risk factors — potential AI and machine-learning disruption","excerpt":"Disruptive technologies, including in areas of artificial intelligence (“AI”) and machine learning, are rapidly changing the environment in which we, our clients, and our competitors operate and could affect the nature of how we generate revenue."},{"id":"e10","sourceId":"filing-1","location":"Risk factors — uncertain intellectual-property protection against AI uses","excerpt":"Additionally, the laws (including evolving and uncertain copyright law as it applies to the training, use, developments, and deployment of AI) and enforcement mechanisms to protect our intellectual property from unauthorized use in new technologies like AI and machine learning may be inadequate."},{"id":"e11","sourceId":"filing-1","location":"Risk factors — realized 2025 federal-government revenue decline","excerpt":"In 2025, our revenues with U.S. federal government agencies declined approximately $58 million year over year, primarily due to reductions in discretionary spending."},{"id":"e12","sourceId":"filing-2","location":"Revenue — remaining performance obligations on contracts longer than one year","excerpt":"Performance Obligations — For customer contracts that are greater than one year in duration, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied) as of June 30, 2026 was approximately $6.5 billion."},{"id":"e13","sourceId":"filing-2","location":"Revenue — expected recognition of remaining obligations, mostly Insights","excerpt":"The Company expects to recognize $2.3 billion, $3.0 billion and $1.2 billion of this revenue (most of which pertains to Insights) during the remainder of 2026, the year ending December 31, 2027 and thereafter, respectively."},{"id":"e14","sourceId":"filing-5","location":"Business — 2023 enterprise footprint description","excerpt":"We are a trusted advisor and an objective resource for close to 15,000 enterprises in approximately 90 countries and territories— across all major functions, in every industry and enterprise size."},{"id":"e15","sourceId":"filing-4","location":"Business — 2024 enterprise footprint description","excerpt":"We are a trusted advisor and an objective resource for close to 14,000 enterprises in approximately 90 countries and territories— across all major functions, in every industry and enterprise size."},{"id":"e16","sourceId":"filing-1","location":"Business — 2025 enterprise footprint description","excerpt":"We are a trusted advisor and an objective resource for over 13,000 enterprises in approximately 90 countries and territories— across every major function, geography, industry and sector."},{"id":"e17","sourceId":"filing-1","location":"Business — pricing objective rather than realized pricing results","excerpt":"In addition, we seek to increase our revenue and operating cash flow through more effective pricing of our products and services."},{"id":"e18","sourceId":"filing-1","location":"Risk factors — product and pricing changes may affect renewals","excerpt":"Additionally, as we continue to adjust our products and service offerings to meet our clients’ continuing needs, we may shift the type and pricing of our products which may impact client renewal rates."},{"id":"e19","sourceId":"filing-2","location":"Segment results — Insights gross contribution margins","excerpt":"The segment gross contribution margin was 77% and 76% for the three months ended June 30, 2026 and 2025, respectively, and 78% and 76% for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e20","sourceId":"filing-2","location":"Segment results — first-half Consulting gross contribution margins","excerpt":"The segment gross contribution margin was 35% and 39% for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e21","sourceId":"filing-2","location":"Segment results — first-half Consulting revenue decline","excerpt":"For the six months ended June 30, 2026, Consulting revenues decreased by 12% compared to the same period in 2025 on a reported basis and 13% excluding the foreign currency impact, with a decrease in labor-based consulting revenue of 13% and a decrease in contract optimization revenue of 8% each on a reported basis."},{"id":"e22","sourceId":"filing-1","location":"Liquidity and capital resources — actual 2025 share repurchases","excerpt":"During 2025, we repurchased 7.0 million shares of the Company’s common stock for an aggregate purchase price of approximately $2.0 billion."},{"id":"e23","sourceId":"filing-1","location":"Liquidity and capital resources — 2025 and 2024 operating cash flow","excerpt":"Cash provided by operating activities was $1.3 billion and $1.5 billion during 2025 and 2024, respectively."},{"id":"e24","sourceId":"filing-1","location":"Risk factors — realized Digital Markets goodwill impairment","excerpt":"During the year ended December 31, 2025, a goodwill impairment loss of $150.0 million was recognized in the Digital Markets reporting unit."},{"id":"e25","sourceId":"filing-1","location":"Subsequent events — completed February 2026 Digital Markets sale","excerpt":"On February 5, 2026, the Company completed the sale of Digital Markets for approximately $110.0 million, prior to customary purchase price adjustments."},{"id":"e26","sourceId":"filing-2","location":"Executive summary — first-half operating cash flow","excerpt":"Cash provided by operating activities was $789.3 million and $697.1 million during the six months ended June 30, 2026 and 2025, respectively."},{"id":"e27","sourceId":"filing-2","location":"Statements of changes in equity — actual repurchases and stock compensation","excerpt":"AND SUBSIDIARIES Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity (Unaudited; in thousands) Three and Six Months Ended June 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss, Net Accumulated Earnings Treasury Stock Total Balance at December 31, 2025 $ 82 $ 2,679,101 $ (41,015) $ 6,722,238 $ (9,040,498) $ 319,908 Net income — — — 222,344 — 222,344 Other comprehensive loss — — (4,040) — — (4,040) Issuances under stock plans — 4,415 — — 4,274 8,689 Common share repurchases (including excise tax) — — — — (529,387) (529,387) Stock-based compensation expense — 45,870 — — — 45,870 Balance at March 31, 2026 $ 82 $ 2,729,386 $ (45,055) $ 6,944,582 $ (9,565,611) $ 63,384 Net income — — — 275,498 — 275,498 Other comprehensive loss — — (7,364) — — (7,364) Issuances under stock plans — 4,179 — — 1,994 6,173 Common share repurchases (including excise tax) — — — — (546,026) (546,026) Stock-based compensation expense — 40,990 — — — 40,990 Balance at June 30, 2026 $ 82 $ 2,774,555 $ (52,419) $ 7,220,080 $ (10,109,643) $ (167,345) Three and Six Months Ended June 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss, Net Accumulated Earnings Treasury Stock Total Balance at December 31, 2024 $ 82 $ 2,497,130 $ (88,333) $ 5,993,007 $ (7,042,717) $ 1,359,169 Net income — — — 210,939 — 210,939 Other comprehensive income — — 20,484 — — 20,484 Issuances under stock plans — 5,872 — — 3,894 9,766 Common share repurchases (including excise tax) — — — — (152,672) (152,672) Stock-based compensation expense — 50,168 — — — 50,168 Balance at March 31, 2025 $ 82 $ 2,553,170 $ (67,849) $ 6,203,946 $ (7,191,495) $ 1,497,854 Net income — — — 240,783 — 240,783 Other comprehensive income — — 21,234 — — 21,234 Issuances under stock plans — 6,779 — — 981 7,760 Common share repurchases (including excise tax) — — — — (278,032) (278,032) Stock-based compensation expense — 43,027 — — — 43,027 Balance at June 30, 2025 $ 82 $ 2,602,976 $ (46,615) $ 6,444,729 $ (7,468,546) $ 1,532,626 See the accompanying notes to Condensed Consolidated Financial Statements."},{"id":"e28","sourceId":"filing-2","location":"Balance sheets — cash, debt and treasury stock","excerpt":"AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited; in thousands, except share data) June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 1,488,706 $ 1,722,521 Fees receivable, net of allowances of $4,500 and $5,000, respectively 1,202,212 1,684,522 Deferred commissions 352,184 400,728 Prepaid expenses and other current assets 181,226 152,205 Assets held-for-sale — 106,361 Total current assets 3,224,328 4,066,337 Property, equipment and leasehold improvements, net 199,250 214,183 Operating lease right-of-use assets 208,375 213,997 Goodwill 2,738,631 2,740,802 Intangible assets, net 294,434 336,303 Other assets 528,656 513,778 Total Assets $ 7,193,674 $ 8,085,400 Liabilities and Stockholders’ (Deficit) Equity Current liabilities: Accounts payable and accrued liabilities $ 907,102 $ 1,236,533 Deferred revenues 2,756,202 2,810,056 Current portion of long-term debt — 5,000 Liabilities held-for-sale — 20,503 Total current liabilities 3,663,304 4,072,092 Long-term debt, net of deferred financing fees 2,979,281 2,976,674 Operating lease liabilities 253,426 270,200 Other liabilities 465,008 446,526 Total Liabilities 7,361,019 7,765,492 Stockholders’ (Deficit) Equity Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding — — Common stock, $0.0005 par value, 250,000,000 shares authorized; 163,602,067 shares issued for both periods 82 82 Additional paid-in capital 2,774,555 2,679,101 Accumulated other comprehensive loss, net (52,419) (41,015) Accumulated earnings 7,220,080 6,722,238 Treasury stock, at cost, 99,197,399 and 92,752,769 common shares, respectively (10,109,643) (9,040,498) Total Stockholders’ (Deficit) Equity (167,345) 319,908 Total Liabilities and Stockholders’ (Deficit) Equity $ 7,193,674 $ 8,085,400 See the accompanying notes to Condensed Consolidated Financial Statements."},{"id":"e29","sourceId":"filing-3","location":"Compensation discussion — equity weighting of executive target compensation","excerpt":"✓ 88% of our CEO’s target total compensation (74% in the case of other NEOs) is in the form of equity awards, with a focus on long-term performance."},{"id":"e30","sourceId":"filing-3","location":"Compensation practices — four-year equity vesting schedule","excerpt":"Equity awards vest at 25% per year over four years to encourage retention."},{"id":"e31","sourceId":"filing-3","location":"Compensation practices — prohibition on executive hedging and pledging","excerpt":"No Hedging or Pledging. We prohibit our executives from hedging or pledging with respect to company securities."},{"id":"e32","sourceId":"filing-3","location":"Compensation discussion — certified 2025 bonus metrics and results","excerpt":"In February 2026, the Compensation Committee certified the results as displayed in the table (with each metric weighted at 50%): 2025 Performance Objective/ Weight < Minimum (0%) Target (100%) =/> Maximum (200%) Actual Results 2025 EBITDA* $951 million $1,463 million $1,613 million $1,537 million 2025 Revenue* $5,332 million $6,315 million $6,515 million $6,274 million *Excluding our U.S."},{"id":"e33","sourceId":"filing-3","location":"Compensation discussion — federal Insights exclusion and currency-neutral measurement","excerpt":"federal public sector Insights business and measured on an FX neutral basis."},{"id":"e34","sourceId":"filing-3","location":"Compensation discussion — actual combined bonus achievement","excerpt":"Each metric is equally weighted, resulting in an overall result of 119.6%."},{"id":"e35","sourceId":"filing-3","location":"Compensation discussion — bonuses paid in February 2026","excerpt":"These payments were made in February 2026."},{"id":"e36","sourceId":"filing-3","location":"Board of directors — serving Lead Independent Director","excerpt":"Dykstra serves as our Lead Independent Director, in accordance with our Board Principles and Practices."},{"id":"e37","sourceId":"filing-3","location":"Governance — actual 2025 Compensation Committee independence disclosures","excerpt":"During 2025, no member of the Compensation Committee served as an officer or employee of the Company, was formerly an officer of the Company or had any relationship with the Company required to be disclosed under Transactions with Related Persons below."},{"id":"e38","sourceId":"filing-3","location":"Related-party transactions — adopted review and approval policy","excerpt":"The Audit Committee has adopted a written Related Person Transaction Policies and Procedures (the “RPT Policy”), which require the Audit Committee to review and approve transactions in which (i) the aggregate amount involved is or is expected to exceed $120,000, (ii) the Company or any of its subsidiaries is a participant, and (iii) any related person has a direct or indirect interest."},{"id":"e39","sourceId":"filing-3","location":"Board of directors — CEO contractual nomination right","excerpt":"Mr. Hall has an employment agreement with the Company that obligates the Company to include him on the slate of nominees to be elected to our Board during the term of the agreement."},{"id":"e40","sourceId":"filing-2","location":"Executive summary — second-quarter revenue performance by segment","excerpt":"During the second quarter of 2026, compared to the second quarter of 2025, Insights revenues increased by 2%, Conferences revenues increased by 15%, and Consulting revenues decreased by 9%."},{"id":"e41","sourceId":"filing-2","location":"Segment results — June 2026 Consulting backlog growth","excerpt":"Backlog increased by $17.9 million, or 9%, from June 30, 2025 to June 30, 2026, excluding the foreign currency impact."},{"id":"e42","sourceId":"filing-1","location":"Risk factors — typical Insights subscription contract duration","excerpt":"Our Insights subscription contracts are typically for twelve months or longer."},{"id":"e43","sourceId":"filing-1","location":"Risk factors — government termination-for-convenience rights","excerpt":"Certain of these contracts may be terminated at any time by the government entity without cause or penalty (“termination for convenience”)."}],"changes":["Retain the previous narrow-moat verdict and its focus on brand, proprietary research and expert access.","Add historical footprint descriptions as a qualified erosion signal and multiyear contractual obligations as evidence of committed demand.","Add pricing and management assessments using contractual disclosures, operating results and the April 15, 2026 proxy's actual compensation and governance disclosures."],"limitations":["Only supplied issuer passages were used. Content superiority, independence and brand leadership are management characterizations; renewal results corroborate customer value but do not establish comparative superiority.","No supplied passage establishes a named competitive relationship. Companies appearing in biographies, compensation peer groups or service-provider disclosures are not treated as competitors.","No realized price changes, discount trends or price-volume decomposition are supplied. Pricing objectives and margin improvement cannot establish realized pricing power.","Retention evidence is direct for enterprise renewals through 2025; no numerical 2026 client-retention or wallet-retention results are supplied. Renewals do not establish technical switching costs or indispensability.","Historical enterprise counts are rounded descriptions with uncertain scope comparability. They suggest possible contraction without establishing an exact customer-loss rate.","The proxy provides actual incentive-design and governance disclosures, but complete executive ownership, full equity performance conditions and evidence of governance effectiveness are absent.","All source dates have dateKind filed. The latest supplied filing is August 4, 2026, covering June 30, 2026; no subsequent operating developments are assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Proprietary research, extensive expert access and an established brand are corroborated by recurring renewals. Comparative superiority, network effects and substantial switching barriers remain unproven.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Repeated renewals and multiyear commitments support persistence, but flat currency-neutral Insights revenue and modest contract-value growth limit confidence in long-term protection.","evidenceIds":["e4","e5","e7","e8","e12","e13"]},{"criterion":"customer_dependency","grade":2,"rationale":"Annual retention of 84%–85% demonstrates repeat demand, and contracts generally bind customers during their terms. Customer indispensability and costly migration are not established; federal spending reductions caused realized revenue loss.","evidenceIds":["e4","e5","e6","e11","e42"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Renewals and positive contract-value growth indicate resilience, balanced against flat underlying Insights revenue and possible footprint contraction. AI risks are prospective and are not treated as demonstrated displacement.","evidenceIds":["e4","e7","e8","e9","e10","e14","e15","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The passages disclose a pricing objective and possible renewal sensitivity, but no observed price increases, cuts, discounts or price-volume separation. Revenue and margin changes cannot resolve realized pricing.","evidenceIds":["e17","e18","e7","e19"]},{"criterion":"retention","grade":3,"rationale":"Directly reported enterprise retention of 84% in 2023 and 2024 and 85% in 2025 establishes strong repeated demand. This is client retention, not revenue retention, and does not establish willingness to accept higher prices.","evidenceIds":["e4","e5"]},{"criterion":"margin_resilience","grade":2,"rationale":"Insights first-half gross contribution margin improved from 76% to 78% despite approximately flat currency-neutral revenue. Consulting margin fell from 39% to 35% as revenue declined. Resilience is mixed, and segment contribution excludes broader corporate costs.","evidenceIds":["e7","e19","e20","e21"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Generally non-cancelable, non-refundable subscriptions protect agreed economics over contracts typically lasting at least twelve months. Government cancellation rights weaken that protection, and unilateral mid-contract repricing rights are not disclosed.","evidenceIds":["e6","e42","e43"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Cash generation and the completed Digital Markets sale show financing capacity and portfolio action. However, 2025 repurchases of approximately $2.0 billion exceeded operating cash flow of $1.3 billion, further substantial repurchases occurred in early 2026, and Digital Markets incurred a $150 million impairment. Repurchase value creation is unestablished.","evidenceIds":["e22","e23","e24","e25","e26","e27","e28"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual disclosed compensation design heavily weights equity, uses four-year vesting and prohibits executive hedging and pledging. Certified performance produced actual bonus payments. Strong alignment is supported, with limitations from adjusted bonus metrics excluding federal Insights and incomplete ownership and equity-condition disclosures.","evidenceIds":["e29","e30","e31","e32","e33","e34","e35"]},{"criterion":"execution","grade":2,"rationale":"Operating evidence shows improved first-half cash generation, continued renewals, Conferences growth and recovering Consulting backlog. Flat currency-neutral Insights revenue, Consulting contraction and the Digital Markets impairment offset those achievements. Attribution to management is indirect rather than based on reputation or promotional claims.","evidenceIds":["e4","e7","e21","e24","e26","e40","e41"]},{"criterion":"governance","grade":2,"rationale":"A serving Lead Independent Director, disclosed Compensation Committee independence and an adopted related-party review policy establish functioning safeguards. The CEO's contractual nomination right limits board discretion, and the passages do not demonstrate exceptional oversight effectiveness.","evidenceIds":["e36","e37","e38","e39"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"612080f49b30496317b42573dbbf40d6398487db15459f95494fce945076c0ce","updatedAt":"2026-10-18T14:44:58.115Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm","publishedAt":"2026-02-12","sha256":"d538477173b0b45dcf37c5eb365f68a01094585ff6dd632caf2363c61eb5ad01","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/749251/000074925126000245/it-20260630.htm","publishedAt":"2026-08-04","sha256":"cc3122bc7391d7c4498b79588b69dddab97e6ca2b0a9b7d742b77261f7410c1e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/749251/000074925126000159/it-20260415.htm","publishedAt":"2026-04-15","sha256":"7ce89a2f3b617153d35a5d84ca0e71f605dedfd3275ac795f5b46a4f554ac9cf","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/749251/000074925125000008/it-20241231.htm","publishedAt":"2025-02-13","sha256":"86766ebaa6b1966259087da19522b24ea3985c96e8317d8e0bd9c59227aec033","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/749251/000074925124000006/it-20231231.htm","publishedAt":"2024-02-15","sha256":"1c3793c15084b204da9c710285f63e05594b3196e69f3f9fc7b89d0f53908f07","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/749251/000074925126000167/it-20260331.htm","publishedAt":"2026-05-05","sha256":"035982a2379a6523cf630adbde454fc173593f5b87eed5b7628d8e1729112d7a","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:08d95e69386a9ebfd449b550cc4637b5fb651eecef8e720a55c5c0f1f45ea1c9","usage":{"input_tokens":90797,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4214,"reasoning_output_tokens":138},"basisSupplement":{"previousHash":"8a80f6c4e0d5a5a699a68801fd6628b3bbe18434141bcb2c3415f57059522fb8","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":69.49504453140942,"operating_margin":19.34428286496596,"roic":33.79717495808891,"fcf_margin":null,"sbc_revenue":2.0821882389423485},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are 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%.","debt_fcf":"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":69.67204702250575,"operating_margin":20.090155932069674,"roic":42.52818877771505,"fcf_margin":null,"sbc_revenue":1.6539179516735865},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are 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%.","debt_fcf":"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":68.31577888848334,"operating_margin":20.939617630468213,"roic":49.933687657003745,"fcf_margin":null,"sbc_revenue":2.1981033886150496},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are 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%.","debt_fcf":"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":68.2505742801932,"operating_margin":18.449196965062608,"roic":56.39115153494693,"fcf_margin":null,"sbc_revenue":2.4696641085130686},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"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":68.77113401934919,"operating_margin":15.786906596753756,"roic":44.59527516159884,"fcf_margin":null,"sbc_revenue":2.3991315678414145},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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