{"schemaVersion":1,"research":true,"symbol":"lvmh","name":"LVMH","topic":"moat","path":"/stock/lvmh/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:22:51.241Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"LVMH has an evidenced but uneven intangible-asset moat: champagne maintained market share, while Sephora gained share and benefited from successful exclusive launches. Recovery in fashion and jewelry in 2026 strengthens evidence of continuing brand appeal. However, declining revenue and profitability in 2023–2025 demonstrate vulnerability, and the passages do not isolate realized pricing power or establish exceptional durability. A wide moat is not supported.","advantages":[{"mechanism":"intangible_assets","claim":"Established brands and differentiated product selections support current competitive advantages. Champagne maintained 22% volume share in 2025, and Sephora reported further market-share gains and successful exclusive launches in 2026. Fashion's return to organic growth provides additional, indirect evidence of continuing brand appeal.","durability":"Brand heritage, maintained champagne share and renewed demand support persistence, conditional on continued product relevance and investment. Evidence is strongest for selected businesses; it does not establish comparable protection across the entire group or a guaranteed duration.","risks":"The 2023–2025 demand slowdown and falling group profitability show that brand strength does not prevent substantial earnings erosion. Creative renewal and exclusive launches must continue attracting customers. Tariffs, currency movements and sourcing costs add pressure, although disclosed prospective risks are not evidence of realized competitive losses.","invalidation":"The thesis would weaken materially if champagne repeatedly lost volume share from its reported 22% position, Sephora's reported share gains reversed and exclusives ceased supporting growth, or fashion's recovery failed to persist while revenue and profitability continued deteriorating. Broad evidence that demand required sustained discounting would also undermine the brand advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-5","location":"Business overview, Wines and Spirits, 2025 champagne market share","excerpt":"LVMH’s champagne houses held their market share at 22% by volume, and updated their organization to boost efficiency while ensuring each Maison remained in control of its own management."},{"id":"e2","sourceId":"filing-4","location":"First-half 2026 results, Selective Retailing, Sephora market-share gains","excerpt":"The Maison saw further market share gains in many countries, consolidating its global leadership position."},{"id":"e3","sourceId":"filing-4","location":"First-half 2026 results, Selective Retailing, exclusive launches","excerpt":"It continued to enrich its unique selection of brands with a number of exclusive launches, including Rhode, which was a major success in North America and the United Kingdom."},{"id":"e4","sourceId":"filing-4","location":"First-half 2026 results, Fashion and Leather Goods, second-quarter organic growth","excerpt":"Revenue for Fashion & Leather Goods saw organic growth in the second quarter, with a rapid acceleration in the United States, despite the impact of the conflict in the Middle East."},{"id":"e5","sourceId":"filing-4","location":"First-half 2026 results, Watches and Jewelry, second-quarter organic growth","excerpt":"The Watches & Jewelry business group recorded organic revenue growth of 11% in the second quarter, marking an acceleration."},{"id":"e6","sourceId":"filing-5","location":"History, origins of champagne and Louis Vuitton businesses","excerpt":"2025 Universal Registration Document 1 HISTORY Although the history of the LVMH Group began in 1987 with the merger of Moët Hennessy and Louis Vuitton, the roots of the Group actually stretch back much further, to eighteenth‑century Champagne, when a man named Claude Moët decided to build on the work of Dom Pérignon, a contemporary of Louis XIV; and to nineteenth‑century Paris, famous for its imperial celebrations, where Louis Vuitton, a craftsman trunk‑maker, invented modern luggage."},{"id":"e7","sourceId":"filing-1","location":"Financial highlights, 2023–2025 group and business-group revenue and recurring profit","excerpt":"Board of Directors Bernard Arnault Chairman and Chief Executive Officer Alexandre Arnault Antoine Arnault Delphine Arnault Frédéric Arnault Dominique Aumont Director representing employees Marie-Véronique Belloeil-Melkin Director representing employees Henri de Castries (1) Lead Director Sophie Chassat (1) Wei Sun Christianson (1) Clara Gaymard (1) Marie-Josée Kravis (1) Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Hubert Védrine (1) Advisory Board members Diego Della Valle Lord Powell of Bayswater Executive Committee Bernard Arnault Chairman and Chief Executive Officer Stéphane Bianchi Group Managing Director Maud Alvarez-Pereyre Human Resources Delphine Arnault Christian Dior Couture Nicolas Bazire Development and Acquisitions Pietro Beccari Fashion Group & Louis Vuitton Damien Bertrand Louis Vuitton Cécile Cabanis Finance Jean-Jacques Guiony Wines & Spirits Guillaume Motte Sephora Stéphane Rinderknech Hospitality Excellence & Beauty Jérôme Sibille General Administration & Legal Affairs Jean Baptiste Voisin Strategy General Secretary Marc-Antoine Jamet Performance Audit Committee Clara Gaymard (1) Chairman Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Compensation Committee Natacha Valla (1) Chairman Marie-Véronique Belloeil-Melkin Sophie Chassat (1) Marie-Josée Kravis (1) Sustainability & Governance Committee Henri de Castries (1) Chairman Sophie Chassat (1) Marie-Laure Sauty de Chalon (1) Hubert Védrine (1) Statutory Auditors Deloitte & Associés represented by Guillaume Troussicot and Bénédicte Sabadie Forvis Mazars SA represented by Jérôme de Pastors and Simon Beillevaire Statutory Auditor in charge of certifying sustainability information Deloitte & Associés represented by Guillaume Troussicot 2 Financial Documents - December 31, 2025 FINANCIAL HIGHLIGHTS Revenue ( EUR millions) 86,153 84,683 2023 2024 2025 80,807 Profit from recurring operations ( EUR millions) 22,802 19,571 2023 2024 2025 17,755 Stores ( number) 6,283 6,307 6,097 2023 2024 2025 Change in revenue by business group ( EUR millions and percentage) 2025 2024 2025/2024 Change 2023 Published Organic (a) Wines and Spirits 5,358 5,862 -9% -5% 6,602 Fashion and Leather Goods 37,770 41,060 -8% -5% 42,169 Perfumes and Cosmetics 8,174 8,418 -3% 0% 8,271 Watches and Jewelry 10,486 10,577 -1% 3% 10,902 Selective Retailing 18,348 18,262 0% 4% 17,885 Other activities and eliminations 671 504 - - 324 Total 80,807 84,683 -5% -1% 86,153 (a) On a constant consolidation scope and currency basis."},{"id":"e8","sourceId":"filing-1","location":"Income statement commentary, gross margin and operating margin","excerpt":"Sephora continued to grow. 1.2 Profit from recurring operations (EUR millions) 2025 2024 2023 Revenue 80,807 84,683 86,153 Cost of sales (27,279) (27,918) (26,876) Gross margin 53,528 56,765 59,277 Marketing and selling expenses (29,914) (31,002) (30,768) General and administrative expenses (5,934) (6,220) (5,714) Income/(Loss) from joint ventures and associates 75 28 7 Profit from recurring operations 17,755 19,571 22,802 Operating margin (%) 22.0 23.1 26.5 The Group’s gross margin came to 53,528 million euros, down 6% compared to the previous fiscal year; as a percentage of revenue, the gross margin was 66.2%, down 0.8 points with respect to 2024."},{"id":"e9","sourceId":"filing-5","location":"Wines and Spirits, profitability and demand slowdown since 2023","excerpt":"Japan) 16 18 21 Other markets 16 15 14 Total 100 100 100 Profit from recurring operations (EUR millions) 1,016 1,356 2,109 Operating margin (%) 19.0 23.1 31.9 Highlights 2025 confirmed the slowdown in demand observed since 2023, following several exceptional years."},{"id":"e10","sourceId":"filing-5","location":"Wines and Spirits outlook, prospective tariff, antidumping and currency challenges","excerpt":"Conscious of the potential challenges on the horizon – as exemplified by tariffs in the United States, anti‑dumping measures in China and unfavorable exchange rates – the Maisons will take a pragmatic approach and focus on strengthening their fundamentals: their unique expertise, the exceptional quality of their products, the strength of their distribution networks and the desirability of their brands."},{"id":"e11","sourceId":"filing-4","location":"First-half 2026 results, Selective Retailing organic growth and margin improvement","excerpt":"In Selective Retailing, organic revenue growth was 5% in the first half of 2026 and the margin continued to grow."},{"id":"e12","sourceId":"filing-4","location":"First-half 2026 group recurring operating profit and operating margin","excerpt":"Profit from recurring operations for the first half of 2026 came to €8.7 billion, equating to an operating margin that remained high at 22.5%."},{"id":"e13","sourceId":"filing-1","location":"Cash flow statement, operating cash generation, investments, leases and free cash flow","excerpt":"EFFECT OF EXCHANGE RATE CHANGES (248) 80 (273) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (I+II+III+IV) (910) 1,749 420 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 15.1 9,269 7,520 7,100 CASH AND CASH EQUIVALENTS AT END OF PERIOD 15.1 8,359 9,269 7,520 TOTAL TAX PAID (4,901) (5,790) (6,106) Alternative performance measure The following table presents the reconciliation between “Net cash from operating activities” and “Operating free cash flow” for the fiscal years presented: (EUR millions) 2025 2024 2023 Net cash from operating activities 18,874 18,924 18,400 Operating investments (4,567) (5,531) (7,478) Repayment of lease liabilities (2,974) (2,915) (2,818) Operating free cash flow (a) 11,333 10,478 8,104 (a) Under IFRS 16, fixed lease payments are treated partly as interest payments and partly as principal repayments."},{"id":"e14","sourceId":"filing-1","location":"Balance sheet commentary, net financial debt and equity","excerpt":"Net financial debt and equity (EUR millions or as %) 2025 2024 Change Long - term borrowings 12,418 12,091 327 Short - term borrowings and derivatives 7,940 10,724 (2,784) Gross borrowings after derivatives 20,358 22,815 (2,457) Cash, cash equivalents and current available for sale financial assets (13,502) (13,587) 85 Net financial debt 6,857 9,228 (2,371) Equity 68,949 69,287 (337) Net financial debt/Equity ratio 9.9% 13.3% 3.4 pts Total equity amounted to 68.9 billion euros as of end-December 2025, down 0.3 billion euros from year - end 2024."},{"id":"e15","sourceId":"filing-1","location":"Cash flow statement, dividends, minority purchases, equity transactions and financing","excerpt":"FINANCING ACTIVITIES Interim and final dividends paid 15.4 (7,123) (7,322) (7,159) Purchase and proceeds from sale of minority interests (1,091) (173) (17) Other equity - related transactions 15.4 (1,634) (224) (1,569) Proceeds from borrowings 19 2,095 3,595 5,990 Repayment of borrowings 19 (4,228) (3,676) (3,968) Repayment of lease liabilities 7.2 (2,974) (2,915) (2,818) Purchase and proceeds from sale of current available for sale financial assets 14 59 (1) 144 Net cash from/(used in) financing activities (14,896) (10,716) (9,397) IV."},{"id":"e16","sourceId":"filing-5","location":"Governance disclosures, fiscal 2025 CEO variable compensation criteria","excerpt":"For the fiscal year ended December 31, 2025, the criteria used to determine variable compensation for the Chairman and Chief Executive Officer are broken down as follows: • 50% of total variable compensation depends on financial (quantifiable) criteria relating to growth in the Group’s revenue, operating profit and cash flow relative to the budget trajectory for the year in question; • 50% of the total variable compensation is based on criteria related to strategy , management, corporate social responsibility and sustainability , broken down as follows: – criteria related to strategy and management (qualitative): 70%; – criteria related to CSR and sustainability (quantifiable and qualitative): 30%."},{"id":"e17","sourceId":"filing-5","location":"Governance disclosures, bonus-share service and performance vesting conditions","excerpt":"The vesting of bonus shares is subject to a continued service condition under which recipients must still be with the Group on the date the shares vest and subject to the achievement of performance conditions."},{"id":"e18","sourceId":"filing-5","location":"Governance disclosures, financial and nonfinancial criteria for plans in place since October 2022","excerpt":"For the plans in place starting in October 2022, these criteria are (i) 85% financial criteria and (ii) 15% non‑financial criteria relating to the Group’s social and environmental responsibility, and in particular are based on progress achieved in implementing the LIFE 360 program adopted by the Group in 2021."},{"id":"e19","sourceId":"filing-1","location":"Executive and supervisory bodies as of January 1, 2026, combined CEO/chair role and independent committee members","excerpt":"Board of Directors Bernard Arnault Chairman and Chief Executive Officer Alexandre Arnault Antoine Arnault Delphine Arnault Frédéric Arnault Dominique Aumont Director representing employees Marie-Véronique Belloeil-Melkin Director representing employees Henri de Castries (1) Lead Director Sophie Chassat (1) Wei Sun Christianson (1) Clara Gaymard (1) Marie-Josée Kravis (1) Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Hubert Védrine (1) Advisory Board members Diego Della Valle Lord Powell of Bayswater Executive Committee Bernard Arnault Chairman and Chief Executive Officer Stéphane Bianchi Group Managing Director Maud Alvarez-Pereyre Human Resources Delphine Arnault Christian Dior Couture Nicolas Bazire Development and Acquisitions Pietro Beccari Fashion Group & Louis Vuitton Damien Bertrand Louis Vuitton Cécile Cabanis Finance Jean-Jacques Guiony Wines & Spirits Guillaume Motte Sephora Stéphane Rinderknech Hospitality Excellence & Beauty Jérôme Sibille General Administration & Legal Affairs Jean Baptiste Voisin Strategy General Secretary Marc-Antoine Jamet Performance Audit Committee Clara Gaymard (1) Chairman Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Compensation Committee Natacha Valla (1) Chairman Marie-Véronique Belloeil-Melkin Sophie Chassat (1) Marie-Josée Kravis (1) Sustainability & Governance Committee Henri de Castries (1) Chairman Sophie Chassat (1) Marie-Laure Sauty de Chalon (1) Hubert Védrine (1) Statutory Auditors Deloitte & Associés represented by Guillaume Troussicot and Bénédicte Sabadie Forvis Mazars SA represented by Jérôme de Pastors and Simon Beillevaire Statutory Auditor in charge of certifying sustainability information Deloitte & Associés represented by Guillaume Troussicot 2 Financial Documents - December 31, 2025 FINANCIAL HIGHLIGHTS Revenue ( EUR millions) 86,153 84,683 2023 2024 2025 80,807 Profit from recurring operations ( EUR millions) 22,802 19,571 2023 2024 2025 17,755 Stores ( number) 6,283 6,307 6,097 2023 2024 2025 Change in revenue by business group ( EUR millions and percentage) 2025 2024 2025/2024 Change 2023 Published Organic (a) Wines and Spirits 5,358 5,862 -9% -5% 6,602 Fashion and Leather Goods 37,770 41,060 -8% -5% 42,169 Perfumes and Cosmetics 8,174 8,418 -3% 0% 8,271 Watches and Jewelry 10,486 10,577 -1% 3% 10,902 Selective Retailing 18,348 18,262 0% 4% 17,885 Other activities and eliminations 671 504 - - 324 Total 80,807 84,683 -5% -1% 86,153 (a) On a constant consolidation scope and currency basis."},{"id":"e20","sourceId":"filing-1","location":"Financial statement Note 32, related-party transactions","excerpt":"32. RELATED‑PARTY TRANSACTIONS No significant related - party transactions occurred during the fiscal year."},{"id":"e21","sourceId":"filing-5","location":"Governance disclosures, Compensation Committee composition and objective-setting process","excerpt":"S USTAINABILITY REPORT General information 32 2025 Universal Registration Document The objectives are set each year by the Compensation Committee, which is made up entirely of independent members except a Director representing the employees, who is not independent, and published when this compensation is allocated."},{"id":"e22","sourceId":"filing-4","location":"First-half 2026 results, completed Greater China DFS sale and agreements for other disposals","excerpt":"DFS sold its businesses in Greater China to China Tourism Group Duty Free; an agreement was also entered into to sell the Los Angeles and San Francisco airport concessions to Duty Free Americas, and to sell DFS Okinawa to Avolta."},{"id":"e23","sourceId":"filing-4","location":"First-half 2026 results, status of limited review procedures and related report","excerpt":"Limited review procedures have been carried out and the related report will be issued following the Board of Directors’ meeting."}],"changes":["Retain the previous narrow verdict; stronger supplied evidence of Sephora market-share gains, successful exclusives and 2026 fashion and jewelry recovery supports the current advantage.","Add assessments of compensation alignment, governance and capital discipline using actual disclosed compensation arrangements, committee structures and financial outcomes.","Realized pricing and contractual pricing freedom remain unestablished; the additional passages do not justify upgrading to a wide moat."],"limitations":["All supplied evidence comes from LVMH. Quantified operating results support assessment, but qualitative claims of leadership, desirability and successful products remain issuer reports rather than independent comparative proof.","No external company is established as a competitor in these passages. Named transaction counterparties and ownership partners do not establish competitor coverage; competitor arrays are therefore empty.","No direct price, discount, price-volume-mix or contractual pricing-term evidence establishes realized pricing or contractual freedom.","Customer retention and dependency are assessed indirectly from market share and demand trends; customer-level repeat-purchase rates and switching friction are not disclosed.","Brand history establishes longevity, not continuous economic superiority. Detailed comparative barriers and long-term returns on brand investment are absent.","All source catalog dates have dateKind retrieved. They are retrieval dates, not publication dates; assessments use the operating periods and disclosure statuses stated in the passages.","The first-half 2026 release states that limited review procedures were performed but that the related report would follow the Board meeting. Proposed appointments and future initiatives are not treated as completed actions."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Maintained champagne share and Sephora's reported share gains alongside successful exclusive launches demonstrate current differentiation. This supports a strong brand-based advantage in selected businesses without inferring it from margins.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":2,"rationale":"Longstanding brand heritage, maintained share and renewed fashion demand support persistence, but the demonstrated demand slowdown and earnings deterioration limit confidence in durable group-wide protection.","evidenceIds":["e1","e4","e6","e7","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Maintained champagne share and Sephora's gains indirectly indicate continuing customer preference. Dependence is limited by demonstrated demand weakness; no contractual lock-in or material switching friction is established.","evidenceIds":["e1","e2","e9"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Share retention and 2026 fashion and jewelry growth show resilience, but substantial 2023–2025 revenue and profit declines establish meaningful vulnerability. Recovery is too short to demonstrate exceptional resistance.","evidenceIds":["e1","e4","e5","e7","e8"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Revenue, market share and product success do not isolate actual price changes or discounting. A stated value strategy is not evidence of realized pricing outcomes.","evidenceIds":[]},{"criterion":"retention","grade":2,"rationale":"Indirect operating evidence is mixed: champagne retained volume share and Sephora gained share, while Wines and Spirits experienced a multiyear demand slowdown. These demonstrate continuing demand without establishing customer-level repeat rates.","evidenceIds":["e1","e2","e9"]},{"criterion":"margin_resilience","grade":2,"rationale":"Group operating margin declined from 26.5% in 2023 to 22.0% in 2025, with gross-margin erosion. A 22.5% margin in first-half 2026 and improving Selective Retailing margins provide counterbalancing resilience. These outcomes do not identify pricing as the cause.","evidenceIds":["e8","e11","e12"]},{"criterion":"contractual_freedom","grade":null,"rationale":"The passages do not disclose customer pricing contracts, repricing rights or constraints on setting sales terms. Retail presence and brand ownership alone do not establish this criterion.","evidenceIds":[]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Operating cash flow remained near €18.9 billion while operating investments declined and operating free cash flow rose to €11.3 billion in 2025. Net financial debt fell despite dividends and other capital outflows. This demonstrates funding discipline, although acquisition and investment returns are not established.","evidenceIds":["e13","e14","e15"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual disclosed arrangements link half of CEO variable compensation to financial performance versus budget, and bonus-share vesting requires service and performance conditions. Existing plans use predominantly financial criteria. Qualitative discretion and absent detailed ownership, targets and vesting outcomes limit evidence of stronger alignment.","evidenceIds":["e16","e17","e18"]},{"criterion":"execution","grade":2,"rationale":"Operating outcomes are mixed: group revenue and profit declined through 2025, while cash generation improved and fashion, jewelry and Selective Retailing showed recovery in 2026. The Greater China DFS sale was completed; other disclosed disposal agreements are not treated as completed. Attribution to management is indirect.","evidenceIds":["e7","e13","e4","e5","e11","e22","e23"]},{"criterion":"governance","grade":2,"rationale":"Independent audit and governance committee members, a lead director and disclosed compensation oversight provide formal safeguards. Combined chairman and CEO roles concentrate authority. The absence of significant related-party transactions in 2025 is supportive but does not establish exceptional oversight effectiveness.","evidenceIds":["e19","e20","e21"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"148b466f2545223207305ad88fe0644e5820035ceeaeb308bfa3b368c5c2c3f4","updatedAt":"2026-10-18T12:22:51.241Z","sources":[{"id":"filing-1","url":"https://lvmh-com.cdn.prismic.io/lvmh-com/aXjqHgIvOtkhB_8I_Financialdocuments-December31%2C2025.pdf","publishedAt":"2026-09-28","sha256":"9028959c33ff08d311b02645098618b6632e540ec0ba601170857faa083814db","dateKind":"retrieved"},{"id":"filing-2","url":"https://www.lvmh.com/en/investors/investors-and-analysts","publishedAt":"2026-09-28","sha256":"671f82cbf8d10e96d54d55e377d3855effd1fd90d06407bf42b7eba2d04db7d8","dateKind":"retrieved"},{"id":"filing-3","url":"https://www.lvmh.com/en/investors/investors-and-analysts","publishedAt":"2026-09-28","sha256":"a8c168e1d8092ecbb48f8e7c466068c87334a476b0c7577c0594e7f056332310","dateKind":"retrieved"},{"id":"filing-4","url":"https://www.lvmh.com/en/publications/accelerating-growth-in-the-second-quarter---solid-first-half-results","publishedAt":"2026-09-28","sha256":"701b577306ac8f8372ac1989be62aaf7bb210940a14df3a53f6e36ba77c9ab1e","dateKind":"retrieved"},{"id":"filing-5","url":"https://lvmh-com.cdn.prismic.io/lvmh-com/aczo-pGXnQHGZKQ5_UniversalRegistrationDocument2025.pdf","publishedAt":"2026-10-18","sha256":"985a389418660116b4a165cc19ac09fd1a274e9c4683543ad28479c3f2beccf3","dateKind":"retrieved"}],"model":"gpt-6.1-sol","providerId":"codex:b36a1bf5462790b35f6edb3d6082597416948ee581f35516cd360fd66e7b258f","usage":{"input_tokens":50269,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3296,"reasoning_output_tokens":130}},"signals":[{"period":"2023","end":"2023-12-31","values":{"gross_margin":68.80433647116178,"operating_margin":26.185971469362645,"roic":null,"fcf_margin":13.456292874305015,"sbc_revenue":null},"issues":{"peg":"The matching period one year earlier is unavailable.","pfcf_growth":"The matching period one year earlier is unavailable.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are 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.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The matching period one year earlier is unavailable.","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":67.03234415408052,"operating_margin":22.326795224543297,"roic":16.965894534208086,"fcf_margin":16.77904656188373,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are 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.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"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%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are 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":66.24178598388754,"operating_margin":21.160295518952566,"roic":14.091694057512584,"fcf_margin":18.59121115744923,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are 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.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"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%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are 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."}}],"sources":[{"id":"filing-1","url":"https://lvmh-com.cdn.prismic.io/lvmh-com/aXjqHgIvOtkhB_8I_Financialdocuments-December31%2C2025.pdf","publishedAt":"2026-09-28","sha256":"9028959c33ff08d311b02645098618b6632e540ec0ba601170857faa083814db","dateKind":"retrieved"},{"id":"filing-2","url":"https://www.lvmh.com/en/investors/investors-and-analysts","publishedAt":"2026-09-28","sha256":"671f82cbf8d10e96d54d55e377d3855effd1fd90d06407bf42b7eba2d04db7d8","dateKind":"retrieved"},{"id":"filing-3","url":"https://www.lvmh.com/en/investors/investors-and-analysts","publishedAt":"2026-09-28","sha256":"a8c168e1d8092ecbb48f8e7c466068c87334a476b0c7577c0594e7f056332310","dateKind":"retrieved"},{"id":"filing-4","url":"https://www.lvmh.com/en/publications/accelerating-growth-in-the-second-quarter---solid-first-half-results","publishedAt":"2026-09-28","sha256":"701b577306ac8f8372ac1989be62aaf7bb210940a14df3a53f6e36ba77c9ab1e","dateKind":"retrieved"},{"id":"filing-5","url":"https://lvmh-com.cdn.prismic.io/lvmh-com/aczo-pGXnQHGZKQ5_UniversalRegistrationDocument2025.pdf","publishedAt":"2026-10-18","sha256":"985a389418660116b4a165cc19ac09fd1a274e9c4683543ad28479c3f2beccf3","dateKind":"retrieved"}],"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"}