{"schemaVersion":1,"research":true,"symbol":"mck","name":"Mckesson","topic":"moat","path":"/stock/mck/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:52:56.845Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"McKesson has an established distribution infrastructure, purchasing arrangements and integrated pharmacy services, but the passages do not establish a durable advantage over competitors. Strong operating results support business effectiveness, while declining Health Mart participation provides a concrete erosion signal. Pricing practice includes passing supplier price changes to customers and receiving inventory price protection; this supports resilience more clearly than independent pricing power. Insufficient comparative evidence, rather than demonstrated company-wide competitive weakness, drives the uncertain verdict.","advantages":[{"mechanism":"cost_advantage","claim":"The operating network of 27 U.S. distribution centers and joint generic sourcing provide a plausible basis for purchasing and logistics economies. Their existence is demonstrated; a relative cost advantage is not.","durability":"The infrastructure was disclosed in both fiscal 2025 and fiscal 2026. Replication costs, competitor efficiency and sustainable purchasing differentials are undisclosed.","risks":"Highly concentrated customers may capture purchasing efficiencies. Actual sourcing difficulties and occasionally unsuccessful alternative sourcing constrain the benefits of scale.","invalidation":"The potential advantage would be undermined by comparable competitors achieving equal or lower delivered costs, persistent loss of distribution customers, or sustained sourcing failures despite the network.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6"]},{"mechanism":"switching_costs","claim":"Ordering, reconciliation, inventory and replenishment services integrate McKesson into customer workflows, suggesting potential switching friction. The CVS distribution extension demonstrates relationship continuity, but neither switching difficulty nor superior renewal economics is established.","durability":"The disclosed CVS extension runs through June 2027. Longer-term dependency is unproven, and Health Mart's disclosed pharmacy count declined across fiscal 2024–2026.","risks":"Customer concentration creates renewal exposure. Falling franchise participation challenges assumptions that the service bundle prevents customer departures; the reasons for the decline are undisclosed.","invalidation":"Evidence of customers replacing these services with little disruption, major contract losses, or continued participation declines accompanied by deteriorating economics would undermine the switching-cost hypothesis.","competitors":[],"evidenceIds":["e7","e8","e9"],"counterEvidenceIds":["e4","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / North American Pharmaceutical / distribution centers","excerpt":"Our U.S. Pharmaceutical business operates and serves customers through a network of 27 distribution centers in the U.S., including two strategic redistribution centers."},{"id":"e2","sourceId":"filing-1","location":"Business / North American Pharmaceutical / generic sourcing joint venture","excerpt":"We also source generic pharmaceutical drugs through our ClarusONE Sourcing Services LLP joint venture with Walmart Inc."},{"id":"e3","sourceId":"filing-4","location":"Business / U.S. Pharmaceutical / distribution centers","excerpt":"Our U.S. Pharmaceutical segment operates and serves customers through a network of 27 distribution centers in the U.S., including two strategic redistribution centers."},{"id":"e4","sourceId":"filing-1","location":"Other Information about the Business / customer concentration","excerpt":"Other Information about the Business Customers: During fiscal 2026, sales to our ten largest customers, including group purchasing organizations (“GPOs”) accounted for approximately 73% of our total consolidated revenues."},{"id":"e5","sourceId":"filing-1","location":"Risk factors / experienced sourcing difficulties","excerpt":"From time to time, we experience difficulties and delays in sourcing and selling products due to a variety of causes that result in suppliers’ failure to satisfy production demand."},{"id":"e6","sourceId":"filing-1","location":"Risk factors / alternative sourcing outcomes","excerpt":"In these types of situations, our alternative sourcing efforts are not always fully successful."},{"id":"e7","sourceId":"filing-1","location":"Business / McKesson Connect functionality","excerpt":"For example, we offer McKesson ConnectSM, an internet-based ordering system that provides item look-up and real-time inventory availability as well as ordering, purchasing, third-party reconciliation, and account management functionality."},{"id":"e8","sourceId":"filing-1","location":"Business / integrated inventory management","excerpt":"•Inventory Management – An integrated solution comprised of forecasting software and automated replenishment technologies that reduce inventory-carrying costs."},{"id":"e9","sourceId":"filing-1","location":"Other Information about the Business / CVS partnership extension","excerpt":"In fiscal 2023, we extended our pharmaceutical distribution partnership with CVS to June 2027."},{"id":"e10","sourceId":"filing-5","location":"Business / fiscal 2024 Health Mart pharmacy count","excerpt":"•Health Mart® – A national network of approximately 4,500 independently-owned pharmacies and one of the industry’s most comprehensive pharmacy franchise programs."},{"id":"e11","sourceId":"filing-4","location":"Business / fiscal 2025 Health Mart pharmacy count","excerpt":"•Health Mart® – A national network of approximately 4,400 independently-owned pharmacies and one of the industry’s most comprehensive pharmacy franchise programs."},{"id":"e12","sourceId":"filing-1","location":"Business / fiscal 2026 Health Mart pharmacy count","excerpt":"•Health Mart® – A national network of approximately 3,900 independently-owned pharmacies and one of the industry’s most comprehensive pharmacy franchise programs."},{"id":"e13","sourceId":"filing-6","location":"MD&A / supplier price changes passed to customers","excerpt":"The business’ practice is to pass on to customers published price changes from suppliers."},{"id":"e14","sourceId":"filing-6","location":"MD&A / manufacturer inventory price protection","excerpt":"Manufacturers generally provide us with price protection, which limits price related inventory losses."},{"id":"e15","sourceId":"filing-2","location":"Financial Note 13 / quarterly segment revenues and operating profits","excerpt":"31 Table of Contents McKESSON CORPORATION FINANCIAL NOTES (CONTINUED) (UNAUDITED) Financial information relating to the Company’s reportable segments and reconciliations to the consolidated totals was as follows: Three Months Ended June 30, (In millions) 2026 2025 Segment revenues (1) North American Pharmaceutical $ 86,773 $ 82,729 Oncology & Multispecialty 14,222 10,658 Prescription Technology Solutions 1,566 1,434 Medical-Surgical Solutions 2,819 2,701 Other — 305 Total revenues $ 105,380 $ 97,827 Other segment expense, net (2) North American Pharmaceutical (3) $ 85,870 $ 82,135 Oncology & Multispecialty 13,897 10,446 Prescription Technology Solutions (4) 1,340 1,181 Medical-Surgical Solutions (5) 2,697 2,480 Other — 292 Total other segment expense, net $ 103,804 $ 96,534 Segment operating profit North American Pharmaceutical $ 903 $ 594 Oncology & Multispecialty 325 212 Prescription Technology Solutions 226 253 Medical-Surgical Solutions 122 221 Other — 13 Subtotal 1,576 1,293 Corporate expenses, net (6) (191) (193) Interest expense (77) (49) Income before income taxes $ 1,308 $ 1,051 Segment depreciation and amortization (7) North American Pharmaceutical $ 39 $ 32 Oncology & Multispecialty 66 42 Prescription Technology Solutions 19 21 Medical-Surgical Solutions 26 22 Other — 3 Corporate 45 37 Total segment depreciation and amortization $ 195 $ 157 Segment expenditures for long-lived assets (8) North American Pharmaceutical $ 64 $ 61 Oncology & Multispecialty 18 24 Prescription Technology Solutions — 1 Medical-Surgical Solutions 27 25 Other — 1 Corporate 43 77 Total segment expenditures for long-lived assets $ 152 $ 189 32 Table of Contents McKESSON CORPORATION FINANCIAL NOTES (CONCLUDED) (UNAUDITED) (1)Revenues from services on a disaggregated basis represent less than 1% of the North American Pharmaceutical segment’s total revenues, approximately 7% of the Oncology & Multispecialty segment’s total revenues, approximately 39% of the Prescription Technology Solutions segment’s total revenues, and less than 1% of the Medical-Surgical Solutions segment’s total revenues."},{"id":"e16","sourceId":"filing-3","location":"Executive Compensation / fiscal 2026 financial results","excerpt":"Total Revenue Earnings per Diluted Share(1) Operating Profit(2) Operating Cash Flow $403B $38.38 $6.4B $6.2B Revenue Growth Adjusted Earnings per Diluted Share(1)(3) Adjusted Operating Profit(3) Free Cash Flow(3) 12% $39.11 $6.5B $5.4B (1)Reflects continuing operations attributable to McKesson, net of tax."},{"id":"e17","sourceId":"filing-2","location":"MD&A / minority investment and actual shareholder cash returns","excerpt":"Refer to Financial Note 8, “Debt and Financing Activities,” to the accompanying condensed consolidated financial statements in this Quarterly Report for additional information; •As a part of our intention to separate our Medical-Surgical Solutions business into an independent company, on June 1, 2026, Apollo Funds invested approximately $1.25 billion for convertible preferred equity of Medical-Surgical Solutions business to acquire an approximately 13% interest in the business; •On April 29, 2026, our Board of Directors (the “Board”) approved the Company to repurchase up to an additional $5.0 billion shares of common stock; •During the three months ended June 30, 2026, we returned $2.6 billion of cash to shareholders through $2.5 billion of common stock repurchases and $102 million of dividend payments."},{"id":"e18","sourceId":"filing-2","location":"MD&A / quarterly operating, investing and financing cash flows","excerpt":"The following table summarizes the net change in cash, cash equivalents, and restricted cash for the periods shown: Three Months Ended June 30, (Dollars in millions) 2026 2025 Change Net cash provided by (used in): Operating activities $ (220) $ (918) $ 698 Investing activities (214) (3,564) 3,350 Financing activities 1,632 1,176 456 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (10) 33 (43) Net change in cash, cash equivalents, and restricted cash $ 1,188 $ (3,273) $ 4,461 Operating Activities Operating activities used cash of $220 million and $918 million during the three months ended June 30, 2026 and 2025, respectively."},{"id":"e19","sourceId":"filing-2","location":"MD&A / Medical-Surgical secured borrowing proceeds","excerpt":"44 Table of Contents MD&A Index McKESSON CORPORATION FINANCIAL REVIEW (CONTINUED) (UNAUDITED) During the three months ended June 30, 2026, certain of our subsidiaries within the Medical-Surgical Solutions segment entered into the MMS Credit Agreement for: a $750 million principal senior secured term loan due in 2031, a $250 million principal senior secured term loan due in 2028; and a $2.25 billion senior secured term loan due 2032 for total proceeds received, net of discounts and debt offering expenses, of $3.2 billion."},{"id":"e20","sourceId":"filing-3","location":"Executive Compensation / three-year adjusted ROIC applied to PSU payouts","excerpt":"For FY 2024 — FY 2026, the Compensation and Talent Committee applied a three-year average ROIC result of 26.43% for purposes of calculating PSU payouts."},{"id":"e21","sourceId":"filing-3","location":"Executive Compensation / implemented PSU design and incentive mix","excerpt":"In FY 2026, the Compensation and Talent Committee refined the design of PSUs, which continue to constitute 60% of target long-term incentive awards, to better incentivize long-term value creation, simplify the structure, and enhance alignment with shareholder outcomes."},{"id":"e22","sourceId":"filing-3","location":"Executive Compensation / fiscal 2026–2028 PSU performance conditions","excerpt":"PSUs for the FY 2026 — FY 2028 cycle will be earned based on Cumulative Adjusted EPS (67%) and three-year average Return on Invested Capital (“ROIC”) (33%), with the resulting payout subject to a potential upward or downward adjustment of up to 20% based on McKesson’s three-year Total Shareholder Return (“TSR”) relative to a comparator group of companies."},{"id":"e23","sourceId":"filing-3","location":"Executive Compensation / double-trigger equity vesting provisions","excerpt":"Award agreements under our 2022 Stock Plan and 2013 Stock Plan include change in control provisions which provide for “double-trigger” vesting upon an involuntary or constructive termination of employment following a change in control."},{"id":"e24","sourceId":"filing-3","location":"Proxy Summary / shareholder rights, governance practices and director nominees","excerpt":"Shareholder Rights Board of Directors Corporate Governance •Annual election of directors with majority voting standard for uncontested elections •Proxy access •Meaningful right to call special meeting of shareholders (15% ownership threshold) •No supermajority vote provisions •Lead Independent Director with robust roles and responsibilities •10 of 11 director nominees are independent •Regular executive sessions of independent directors •Annual Board and committee evaluation process •Policy requiring directors with over 12 years of tenure to offer to resign •Policies on other public company board service and retirement age of 75 •Pay for performance alignment •No poison pill •Regular Board refreshment •Comprehensive senior management succession planning process •Robust shareholder engagement program •Stock ownership guidelines for executives and directors 10 2026 Proxy Statement Proxy Summary Item Your Board’s Recommendation 2 RATIFICATION OF APPOINTMENT OF DELOITTE & TOUCHE LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2027 Deloitte & Touche LLP (D&T) is an independent accounting firm with the breadth of expertise and knowledge necessary to audit the Company."},{"id":"e25","sourceId":"filing-3","location":"Board letter / CEO appointment as Chair effective May 1, 2026","excerpt":"Brian S. Tyler, who has served as McKesson’s Chief Executive Officer since 2019 and has led the Company’s transformation into a diversified healthcare services leader, assumed the additional role of Chair of the Board, effective May 1, 2026."},{"id":"e26","sourceId":"filing-3","location":"Board letter / actual shareholder engagement","excerpt":"Over the past year, management and members of our Board reached out to shareholders representing approximately 60% of our outstanding common stock and they engaged with shareholders representing approximately 46% of our outstanding common stock on topics including Board composition and refreshment, executive compensation and oversight of emerging areas such as artificial intelligence (AI)."},{"id":"e27","sourceId":"filing-2","location":"MD&A / estimated opioid settlement liability and funding expectations","excerpt":"Funds necessary for future debt maturities and our other cash requirements, including any future payments that may be made related to our total estimated litigation liability of $5.7 billion as of June 30, 2026 payable under the terms of various settlement agreements for opioid-related claims, are expected to be met by existing cash balances, cash flow from operations, existing credit sources, and future borrowings."},{"id":"e28","sourceId":"filing-2","location":"Financial Note 2 / completed Norway divestiture","excerpt":"Norway On January 30, 2026, the Company completed the sale of its retail and distribution businesses in Norway (“Norway disposal group”) for an adjusted purchase price of $821 million."},{"id":"e29","sourceId":"filing-1","location":"Risk factors / reimbursement changes reducing margins","excerpt":"For example, certain changes in reimbursement methodologies (including government rates) for pharmaceuticals, medical treatments, and related services reduce profit margins for us and our customers and impose new legal requirements on healthcare providers."},{"id":"e30","sourceId":"filing-3","location":"Appendix A / exclusions from adjusted earnings","excerpt":"•Adjusted Earnings per Diluted Share (Non-GAAP) and 3-Year Cumulative Adjusted Earnings per Diluted Share (Non-GAAP): We define Adjusted Earnings per Diluted Share as GAAP earnings per diluted common share from continuing operations attributable to McKesson, excluding per share impacts of amortization of acquisition-related intangibles, transaction-related expenses and adjustments, LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring, impairment, and related charges, claims and litigation charges, other adjustments as well as the related income tax effects for each of these items, as applicable, divided by diluted weighted-average shares outstanding."}],"changes":["Retains the previous uncertain verdict: infrastructure and workflow integration establish capabilities but not a durable relative advantage.","Adds concrete erosion evidence: disclosed Health Mart participation fell from approximately 4,500 pharmacies in fiscal 2024 to 4,400 in fiscal 2025 and 3,900 in fiscal 2026; causes are not supplied.","Refines pricing analysis using disclosed supplier-price pass-through and manufacturer price protection, rather than inferring pricing power from inventory accounting.","Adds assessments of actual capital deployment, implemented incentive arrangements and governance disclosures from the supplied proxy."],"limitations":["All evidence comes from issuer filings. Operating results and contractual disclosures support numerical assessments, but promotional descriptions do not independently demonstrate competitive superiority.","No passage establishes a named company as a product-market competitor. Compensation and relative-return comparator groups do not establish competitive coverage; advantage competitor arrays are therefore empty.","Comparative delivered costs, market shares, switching expenses, customer-level profitability and comprehensive renewal outcomes are absent.","Pricing disclosures establish a pass-through practice and inventory protection, but do not quantify realized distribution fees, discounts, price elasticity or contractual repricing rights.","Health Mart counts are approximate; closures, consolidation, departures and scope changes are not reconciled. The decline is an erosion signal, not proof of competitor wins.","Actual executive ownership balances and compliance with ownership guidelines are not supplied. Future PSU performance conditions establish adopted incentives, not completed vesting or future payouts.","Source dates are filing dates: filing-1 May 8, 2026; filing-2 August 5, 2026; filing-3 June 12, 2026; filing-4 May 9, 2025; filing-5 May 8, 2024; filing-6 February 4, 2026. No subsequent contract renewal, separation completion or annual-meeting election outcome is assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Distribution infrastructure and joint sourcing are established, but relative costs, entry barriers and competitive outcomes do not establish a moat.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":null,"rationale":"Recurring infrastructure disclosures and a contract extension show continuity, but cannot establish the duration of an unverified competitive advantage.","evidenceIds":["e3","e9"]},{"criterion":"customer_dependency","grade":null,"rationale":"Workflow integration could create dependency, but replacement difficulty is undisclosed and franchise participation declined.","evidenceIds":["e7","e8","e10","e11","e12"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Strong operating results coexist with participation declines and sourcing difficulties; resilience of a structural advantage remains unestablished.","evidenceIds":["e5","e6","e12","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"The disclosed practice of passing published supplier price changes to customers supports price transmission in both directions. Manufacturer price protection limits inventory losses, but neither demonstrates independent fee increases or price premiums.","evidenceIds":["e13","e14"]},{"criterion":"retention","grade":2,"rationale":"The CVS extension through June 2027 directly demonstrates continuity of a major relationship. Workflow integration offers indirect support for repeat demand, offset by declining Health Mart participation. No company-wide retention rate is inferred.","evidenceIds":["e9","e7","e10","e11","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"Quarterly aggregate segment operating profit increased, with gains in pharmaceutical and oncology operations, while technology and medical-surgical profits declined despite revenue growth. Inventory price protection helps, but reimbursement pressure and uneven segment outcomes limit the assessment. Margins alone do not establish pricing power.","evidenceIds":["e15","e14","e29"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Supplier-price pass-through describes business practice, not contractual discretion. The passages omit fee-setting provisions, repricing rights and customer termination terms.","evidenceIds":["e13","e9"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2026 operating cash flow of $6.2 billion, completed divestitures and a disclosed three-year adjusted ROIC result support capital effectiveness. However, the latest quarter combined substantial shareholder distributions with operating cash use and new secured borrowing. Acquisition-level returns and repurchase valuation benefits are unproven; adjusted ROIC is an incentive measure.","evidenceIds":["e16","e20","e28","e17","e18","e19"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Implemented PSUs comprise 60% of target long-term incentives and incorporate cumulative adjusted EPS, three-year ROIC and relative shareholder returns. Existing double-trigger provisions support alignment. These establish incentive design, not future earned payouts; adjusted-metric exclusions and missing ownership balances limit confidence.","evidenceIds":["e21","e22","e23","e30"]},{"criterion":"execution","grade":3,"rationale":"Reported fiscal 2026 revenue growth, operating profit and cash generation, subsequent aggregate segment profit growth, and completed portfolio transactions demonstrate execution. This is assessed from operating and transaction outcomes, not management praise. Declining profits in two segments and falling franchise participation prevent an exceptional grade; acquisition contributions are not separated from organic progress.","evidenceIds":["e16","e15","e17","e28","e12"]},{"criterion":"governance","grade":2,"rationale":"Disclosed shareholder rights, independent oversight arrangements and actual shareholder engagement support accountability. Combining the CEO and Chair roles concentrates authority, while substantial opioid settlement obligations provide adverse historical context without establishing current control failures. The 10-of-11 independence figure concerns nominees, not a verified subsequent election result.","evidenceIds":["e24","e25","e26","e27"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"175f35af03a330d0678cc1e21d73f38545ab7076948a59ac698b6bdeec112d86","updatedAt":"2026-10-18T12:52:56.845Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765326000069/mck-20260331.htm","publishedAt":"2026-05-08","sha256":"d19cdb09f32176316e7671c52fdab59066fb4b8d90ebadd26dd45cca6ae228df","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765326000234/mck-20260630.htm","publishedAt":"2026-08-05","sha256":"08be09a7f983be512069576193bc941e884263e9c70938053bcb69ecd026f4f0","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765326000169/mck-20260612.htm","publishedAt":"2026-06-12","sha256":"5b284e6a4c3cefdb46a592854bda7ab511320fd026728f47a83889b4eb3dec2a","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765325000036/mck-20250331.htm","publishedAt":"2025-05-09","sha256":"6e01a86c7358bffd490333297a8daf03530278134a6ca27a3f93d7a7467a6824","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765324000035/mck-20240331.htm","publishedAt":"2024-05-08","sha256":"0b3df70397b75ea8ae7e57fc309fb88c9dab46de034e8dd113ad736dc8f9639a","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765326000017/mck-20251231.htm","publishedAt":"2026-02-04","sha256":"39875274192e6c390ed314d6310794981f929c37cd59cced3bfb9bf4bf3fa76a","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c333bb2098996f8a20cd39c99b674aba0852bb0283d00a8afce70fb38cbcdf76","usage":{"input_tokens":89279,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3617,"reasoning_output_tokens":129},"basisSupplement":{"previousHash":"0600a59008125b8f074800c11bdb7abe13a65f0322a1440cb79899277fcb79fb","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2022","end":"2022-03-31","values":{"gross_margin":4.974125455551094,"operating_margin":0.772069130115242,"roic":170.71421161825728,"fcf_margin":1.53277316017972,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","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.","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.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-03-31","values":{"gross_margin":4.46603134678419,"operating_margin":1.5832402759557804,"roic":null,"fcf_margin":1.7234587710643956,"sbc_revenue":null},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","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.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Average invested capital is zero or negative, so this ratio is undefined.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-03-31","values":{"gross_margin":4.152114736641085,"operating_margin":1.2652491819091054,"roic":null,"fcf_margin":1.2568336079184077,"sbc_revenue":null},"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.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","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.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Average invested capital is zero or negative, so this ratio is undefined.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2025","end":"2025-03-31","values":{"gross_margin":3.71061492657032,"operating_margin":1.2315799148310407,"roic":null,"fcf_margin":1.545184388847267,"sbc_revenue":null},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","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.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Average invested capital is zero or negative, so this ratio is undefined.","roiic":"Invested capital did not increase versus the prior year. 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