{"schemaVersion":1,"research":true,"symbol":"p","name":"Everpure","topic":"moat","path":"/stock/p/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:39:37.796Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Everpure has an evidenced narrow switching-cost advantage: successive non-disruptive upgrades preserve customers' operating continuity, while actual renewal growth and substantial non-cancelable commitments support installed-base persistence. These advantages do not establish strong pricing power or exceptional durability. Incumbent relationships, improving alternatives and component-cost volatility constrain the moat. Fusion adoption and hyperscaler design wins demonstrate progress, but do not yet establish additional durable advantages.","advantages":[{"mechanism":"switching_costs","claim":"Customers can retain their existing storage environment through successive hardware and software upgrades, reducing replacement disruption and encouraging continued purchases. Historical renewal growth and contractual commitments corroborate persistence, although neither directly measures the cost of migrating to competitors.","durability":"Seven controller generations delivered non-disruptively demonstrate continuity beyond a single product cycle. Non-cancelable subscription obligations and some seven-year leases support multiyear relationships, but protection beyond contract expiry depends on continued product competitiveness.","risks":"Incumbents possess their own customer relationships and switching advantages. Competing products, public cloud alternatives and aggressive competitor discounts can weaken Everpure's relative appeal. Renewal terms may deteriorate; that disclosure describes a possibility rather than an observed outcome.","invalidation":"The thesis would weaken materially if successive upgrades began requiring disruptive replacements, customers migrated readily to alternatives offering equivalent continuity, or sustained renewal deterioration and installed-base losses emerged despite competitive pricing. Contracted backlog alone would not offset such evidence.","competitors":["Dell EMC","HP Enterprise","Huawei","Hitachi Vantara","IBM","NetApp"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: non-disruptive hardware and software upgrades","excerpt":"•Non-Disruptive Upgrades - We have the ability to upgrade both hardware and software non-disruptively, resulting in continuous online improvement, without creating disruption or affecting running production systems."},{"id":"e2","sourceId":"filing-1","location":"Business: FlashArray evolution across seven controller generations","excerpt":"FlashArray has evolved through seven generations of controllers, a 100x increase in density, and a transition to all-NVMe flash-all delivered to customers non-disruptively through our Evergreen service."},{"id":"e3","sourceId":"filing-5","location":"MD&A: fiscal 2024 subscription renewals and gross-margin improvement","excerpt":"The increase in subscription services gross margin for fiscal 2024 compared to fiscal 2023 was driven by higher subscription services revenue growth from sales of Evergreen//One and higher renewals in Evergreen subscriptions coupled with continued focus on operational efficiencies."},{"id":"e4","sourceId":"filing-2","location":"Notes: second-quarter fiscal 2027 remaining performance obligations","excerpt":"Remaining Performance Obligations Total remaining performance obligations (RPO) which is contracted but not recognized revenue was $4.1 billion at the end of the second quarter of fiscal 2027, of which $44.5 million relates to a lessor arrangement."},{"id":"e5","sourceId":"filing-2","location":"Notes: deferred revenue and non-cancelable amounts within RPO","excerpt":"RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods."},{"id":"e6","sourceId":"filing-2","location":"Notes: expected recognition timing of RPO","excerpt":"Of the $4.1 billion RPO at the end of the second quarter of fiscal 2027, we expect to recognize approximately 42% over the next 12 months, and the remainder thereafter."},{"id":"e7","sourceId":"filing-1","location":"Note 8: lessor arrangements are non-cancelable","excerpt":"79 Supplemental cash flow information related to leases is as follows (in thousands): Fiscal Year Ended 2025 2026 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 51,949 $ 58,302 Financing cash outflows for finance leases $ 5,155 $ 1,207 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 56,813 $ 81,968 Finance leases $ — $ 3,059 Future lease payments under our non-cancelable leases at the end of fiscal 2026 are as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases 2027 $ 52,429 $ 704 2028 58,123 704 2029 49,412 704 2030 46,458 704 2031 34,889 410 Thereafter 10,377 — Total future lease payments $ 251,688 $ 3,226 Less: imputed interest (35,545) (333) Present value of total lease liabilities $ 216,143 $ 2,893 Lessor Arrangement We, as a lessor, have entered into non-cancelable arrangements to lease our storage and data management solutions and subscription services."},{"id":"e8","sourceId":"filing-1","location":"Note 8: seven-year customer leases and total consideration","excerpt":"The arrangements include multiple seven-year leases that commenced during fiscal 2025 and 2026, or will commence in the first quarter of fiscal 2027, with total net consideration of $340.3 million."},{"id":"e9","sourceId":"filing-2","location":"Risk factors: named storage competitors","excerpt":"We face intense competition from a number of established companies that sell competing storage products, including Dell EMC, HP Enterprise, Huawei, Hitachi Vantara, IBM, and NetApp."},{"id":"e10","sourceId":"filing-2","location":"Risk factors: incumbent infrastructure knowledge and customer switching concerns","excerpt":"Additionally, most of our prospective customers have existing storage products supplied by our competitors who have an advantage in retaining the customer because, among other things, the incumbent vendor already understands the customer’s IT infrastructure, user demands and needs, or the customer is concerned about actual or perceived costs of switching to a new vendor and technology."},{"id":"e11","sourceId":"filing-2","location":"Risk factors: incumbent product improvements and alternative technologies","excerpt":"The enhancement of all-flash storage products by incumbent vendors and changes or advances in alternative technologies or adoption of cloud storage offerings that do not utilize our Everpure Platform could adversely affect the demand for our products."},{"id":"e12","sourceId":"filing-6","location":"Risk factors: competitors offer significant discounts or free storage products","excerpt":"Further, some of our competitors offer their storage products either at significant discounts or even for free in competing against us."},{"id":"e13","sourceId":"filing-2","location":"Risk factors: potential renewal on less beneficial terms","excerpt":"If our customers renew their contracts, they may renew on terms that are less economically beneficial to us."},{"id":"e14","sourceId":"filing-1","location":"Risk factors: significant fiscal 2026 component-cost increases","excerpt":"During fiscal 2026, the cost of our components increased significantly, and we anticipate continued component pricing volatility throughout fiscal 2027."},{"id":"e15","sourceId":"filing-5","location":"MD&A: lower material prices favorably affected historical gross margins","excerpt":"Lower material pricing, including flash, has also favorably impacted gross margins."},{"id":"e16","sourceId":"filing-3","location":"Compensation discussion: fiscal 2026 revenue, non-GAAP operating profit and audited NPS against targets","excerpt":"In March 2026, our compensation committee reviewed our corporate performance for fiscal 2026, which was achieved as follows: (i) full year revenue of $3.663 billion, against a target of $3.516 billion, (ii) full year non-GAAP operating profit of $635 million, against a target of $598 million, and (iii) an audited NPS of 84, against a target range of 78 to 84."},{"id":"e17","sourceId":"filing-2","location":"Notes: fiscal 2027 quarterly and first-half revenue results","excerpt":"Notes to Condensed Consolidated Financial Statements (Unaudited) Disaggregation of Revenue The following table depicts the disaggregation of revenue by geographic area based on the billing address of our customers and is consistent with how we evaluate our financial performance (in thousands): Second Quarter of Fiscal First Two Quarters of Fiscal 2026 2027 2026 2027 United States $ 577,036 $ 688,409 $ 1,107,694 $ 1,427,799 Rest of the world 283,966 497,489 531,793 810,995 Total revenue $ 861,002 $ 1,185,898 $ 1,639,487 $ 2,238,794 Long-Lived Assets by Geographic Area Long-lived assets, which are comprised of property and equipment, net, by geographic area are summarized as follows (in thousands): At the End of Fiscal 2026 Second Quarter of Fiscal 2027 United States $ 569,932 $ 661,089 Rest of the world 17,090 26,861 Total long-lived assets $ 587,022 $ 687,950 26 Table of Contents Item 2."},{"id":"e18","sourceId":"filing-1","location":"MD&A: fiscal 2025 and fiscal 2026 operating cash flows","excerpt":"50 Cash Flows The following table summarizes our cash flows for the periods presented (in thousands): Fiscal Year Ended 2025 2026 Net cash provided by operating activities $ 753,598 $ 880,085 Net cash used in investing activities $ (218,200) $ (108,069) Net cash used in financing activities $ (509,779) $ (644,787) Operating Activities Net cash provided by operating activities consists of net income, adjusted for non-cash items and changes in operating assets and liabilities."},{"id":"e19","sourceId":"filing-2","location":"MD&A: fiscal 2026 and fiscal 2027 first-half cash flows","excerpt":"Cash Flows The following table summarizes our cash flows for the periods presented (in thousands, unaudited): First Two Quarters of Fiscal 2026 2027 Net cash provided by operating activities $ 496,093 $ 43,816 Net cash provided by (used in) investing activities $ 17,993 $ (230,537) Net cash used in financing activities $ (342,146) $ (281,822) Operating Activities Net cash provided by operating activities consists of net income, adjusted for non-cash items and changes in operating assets and liabilities."},{"id":"e20","sourceId":"filing-2","location":"Notes: completed first-half share repurchases","excerpt":"The following table summarizes the stock repurchase activity for the second quarter and first two quarters of fiscal 2026 and 2027 (in thousands except for per share amounts): Second Quarter of Fiscal First Two Quarters of Fiscal 2026 2027 2026 2027 Number of shares repurchased and retired 772 932 3,264 2,214 Average price per share (1) $ 54.70 $ 74.01 $ 49.66 $ 69.13 Aggregate purchase price (1) $ 42,227 $ 68,962 $ 162,114 $ 153,039 20 Table of Contents EVERPURE, INC."},{"id":"e21","sourceId":"filing-2","location":"Business combination: completed 1touch acquisition and cash consideration","excerpt":"Business Combination 1touch Acquisition On May 7, 2026, we acquired all outstanding equity interests in 1touch, an innovator in data intelligence and orchestration that provides a comprehensive, unified view of enterprise information, for total cash consideration of $125.9 million."},{"id":"e22","sourceId":"filing-2","location":"Business combination: acquired financial results were not material","excerpt":"The financial results of 1touch have been included in our consolidated statements of operations since the acquisition date and are not material."},{"id":"e23","sourceId":"filing-2","location":"Equity incentive plans: realized RSU compensation expense","excerpt":"Stock-based compensation expense related to RSUs was $89.1 million and $103.6 million during the second quarter of fiscal 2026 and 2027, and $166.3 million and $189.2 million during the first two quarters of fiscal 2026 and 2027."},{"id":"e24","sourceId":"filing-3","location":"Proxy summary: compensation policies, committee independence and ownership guidelines","excerpt":"Listed below are highlights of our compensation policies and practices: WHAT WE DO WHAT WE DON’T DO •Primarily performance-based cash and equity incentives •Caps on performance-based cash and equity incentive compensation related to the corporate performance factor •100% independent directors on our compensation committee •Independent compensation consultant engaged by our compensation committee •Annual review and approval of our compensation strategy •Significant portion of compensation based on corporate performance metrics •Three-year equity vesting period for PSUs •Stock ownership guidelines •Policy regarding incentive compensation clawback •No “single trigger” change of control payments or benefits •No post-termination retirement or pension-type non-cash benefits •No perquisites other than those available to our employees generally •No tax gross-ups for change of control payments or benefits PERFORMANCE-BASED EXECUTIVE OFFICER PAY The chart below shows the pay components and mix for our Chief Executive Officer for fiscal 2026 (based on base salary, target cash bonus and grant date fair value of equity award at target)."},{"id":"e25","sourceId":"filing-3","location":"Compensation discussion: actual fiscal 2026 performance-based award payout","excerpt":"For our equity program, we significantly exceeded our revenue and TCV Subscription Sales targets, resulting in a 187% payout for the fiscal 2026 performance-based restricted stock unit (PSU) awards."},{"id":"e26","sourceId":"filing-2","location":"Equity incentive plans: granted long-term awards with market-value performance thresholds","excerpt":"Notes to Condensed Consolidated Financial Statements (Unaudited) In fiscal 2024, 2026, and 2027, we granted 4.2 million, 1.2 million and 0.7 million LTP Awards, respectively, contingent on achieving specified market capitalization or stock price thresholds measured over approximately three- to five-year periods."},{"id":"e27","sourceId":"filing-3","location":"Board structure: eight of ten directors independent","excerpt":"•8 of 10 directors are independent."},{"id":"e28","sourceId":"filing-3","location":"Board meetings: actual director attendance","excerpt":"During our last fiscal year, each director attended 75% or more of the aggregate of the meetings of our board of directors and of the committees on which he or she served."},{"id":"e29","sourceId":"filing-3","location":"Named executive officers: combined chairman and CEO role","excerpt":"NAMED EXECUTIVE OFFICERS DURING FISCAL 2026 Our named executive officers for fiscal 2026 are: •Charles Giancarlo, our Chairman and Chief Executive Officer (our CEO); •Tarek Robbiati, our Chief Financial Officer; •John Colgrove, our Chief Visionary Officer and Founder; •Ajay Singh, our Chief Product Officer; •Patrick Finn, our Chief Revenue Officer; and •Kevan Krysler, our former Chief Financial Officer."},{"id":"e30","sourceId":"filing-3","location":"Annual meeting notice: Class II director election proposal","excerpt":"VOTING PROPOSALS Board Recommendation PROPOSAL 1: To elect three Class II directors to serve until our annual meeting of stockholders in 2029; FOR each nominee PROPOSAL 2: To ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm for our fiscal year ending January 31, 2027; and FOR PROPOSAL 3: To consider an advisory vote on the compensation of our named executive officers, as described in this proxy statement."},{"id":"e31","sourceId":"filing-3","location":"Shareholder letter: reported Fusion adoption","excerpt":"The adoption of Fusion continues to grow, reaching more than 600 customers since its introduction."},{"id":"e32","sourceId":"filing-2","location":"Risk factors: August 2026 second hyperscaler design win","excerpt":"In August 2026, we secured a second hyperscaler design win."},{"id":"e33","sourceId":"filing-2","location":"Risk factors: design wins do not guarantee sales","excerpt":"Further, even if we do secure additional hyperscaler design wins, a design win does not guarantee sales."},{"id":"e34","sourceId":"filing-3","location":"Shareholder letter: management's asserted sustainable competitive advantages","excerpt":"Our competitive lead continues to grow, and is buttressed by our four sustainable, competitive advantages: our Purity operating system which is the consistent basis for all of our data storage products, our unique DirectFlash™ technology which maximizes the price-performance of Flash storage, our unique Evergreen technology and business model, and Pure Fusion which allows customers to build their own Enterprise Data Cloud."},{"id":"e35","sourceId":"filing-1","location":"Business: issued patents and patent applications","excerpt":"We have over 3,000 issued patents and patent applications in the United States and foreign countries."},{"id":"e36","sourceId":"filing-3","location":"Compensation discussion: NPS improvement and new customer additions","excerpt":"Our NPS increase to 84 from 81 in the prior fiscal year underscores our exceptional customer loyalty and satisfaction, and is especially notable given that we added over 1,000 new customers over the same period."}],"changes":["Retain the previous narrow verdict; the supplied evidence supports switching costs without establishing additional durable moat mechanisms.","Make actual historical renewal growth, seven-year customer leases and the latest $4.1 billion RPO explicit supporting evidence, while distinguishing them from measured retention rates.","Add criterion-level pricing and management assessments. Recognize demonstrated execution and adopted incentive arrangements, while weighing the latest operating-cash-flow decline, repurchases and equity compensation.","Continue to treat Fusion adoption and hyperscaler design wins as achievements with potential rather than proof of wider durability."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates, retaining dateKind=filed; they are not treated as retrieval dates or necessarily as dates of the underlying events.","Business descriptions and competitive-superiority statements are issuer assertions. Reported results and contractual disclosures provide stronger support, but comparative migration costs and competitor feature parity are not quantified.","Named storage competitors are disclosed explicitly. Cloud and hyperconverged competitors remain generic categories; coverage of those competitive groups is unestablished.","No observed Everpure selling-price series, realized price-change analysis, contractual repricing rights or escalation clauses are supplied. Revenue growth and margins cannot establish realized pricing power.","Retention is assessed partly from indirect evidence: upgrade continuity, historical renewal growth, customer satisfaction and contractual commitments. No renewal rate or customer-cohort migration data is supplied.","Patent counts, management's four claimed competitive advantages and Fusion adoption do not by themselves establish enforceable technological exclusivity, network effects or a durable relative cost advantage.","Compensation and governance passages establish actual practices, grants and past payouts, rather than approval of the prospective annual-meeting proposals. Executive beneficial ownership and compliance with ownership guidelines are not supplied.","The latest cash-flow decline is observable, but its operating causes are not explained in the supplied passages. It limits confidence in capital discipline without proving permanent deterioration."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Seven generations of non-disruptive upgrades, actual historical renewal growth and substantial non-cancelable customer commitments support a demonstrated installed-base switching advantage. Competitors have similar incumbent advantages, limiting its breadth.","evidenceIds":["e1","e2","e3","e4","e5","e10"]},{"criterion":"durability","grade":2,"rationale":"Multiple product generations and seven-year customer leases support multiyear persistence. They do not establish durable superiority after contracts expire, particularly as competing technologies improve.","evidenceIds":["e2","e7","e8","e11","e13"]},{"criterion":"customer_dependency","grade":3,"rationale":"Preserving running production systems through upgrades and accepting substantial non-cancelable obligations indicate meaningful operating and contractual dependence. This is partly indirect evidence; migration costs and installed-base retention rates are not disclosed.","evidenceIds":["e1","e2","e4","e5","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Successful product evolution and continuing revenue growth demonstrate resilience so far. Competitor discounting, incumbent relationships and alternative technologies constrain confidence; design wins and management's claimed advantages do not resolve those threats.","evidenceIds":["e2","e10","e11","e12","e17","e33","e34"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The passages provide no observed Everpure price changes or realized price-versus-volume analysis. Competitor discounts and potential adverse renewal terms do not establish Everpure's actual pricing outcomes.","evidenceIds":["e12","e13"]},{"criterion":"retention","grade":3,"rationale":"Actual higher Evergreen renewals, successive upgrade continuity and substantial contracted demand support repeat demand. NPS improvement adds indirect satisfaction evidence. None establishes retention following a price increase, and no retention rate is inferred.","evidenceIds":["e2","e3","e4","e5","e16","e36"]},{"criterion":"margin_resilience","grade":2,"rationale":"Historical subscription-margin improvement reflected renewals and operational efficiencies, and fiscal 2026 non-GAAP operating profit exceeded its target despite reported component-cost increases. Earlier product-margin support also came from cheaper materials. This mixed evidence does not isolate pricing or demonstrate current gross-margin protection.","evidenceIds":["e3","e14","e15","e16"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Non-cancelable commitments establish enforceable demand, but the supplied terms do not disclose unilateral repricing rights, escalators or discretion to change service terms. Seven-year leases cannot be assumed to permit repricing.","evidenceIds":["e5","e7","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2026 operating cash generation improved to $880.1 million, but first-half fiscal 2027 operating cash flow fell to $43.8 million while repurchases consumed $153.0 million and the completed acquisition cost $125.9 million. Rising RSU expense and acquisition benefits not yet demonstrated make the overall record mixed; the cash-flow decline's causes are not supplied.","evidenceIds":["e18","e19","e20","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual compensation practices include performance-based incentives, multiyear equity, ownership guidelines and clawbacks. Fiscal 2026 awards earned above target and granted long-term market-value awards establish implementation rather than proposals alone. Rising equity compensation and missing executive ownership data limit confidence in the net shareholder outcome.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"execution","grade":3,"rationale":"Fiscal 2026 revenue and non-GAAP operating profit exceeded established targets, audited NPS reached 84, and subsequent reported revenue grew materially. Seven-generation upgrade delivery, reported Fusion adoption and a second hyperscaler design win corroborate execution. Adoption and design wins do not establish future returns, and execution quality is partly inferred from operating results.","evidenceIds":["e2","e16","e17","e31","e32","e33"]},{"criterion":"governance","grade":2,"rationale":"Eight of ten directors are independent, compensation oversight has disclosed safeguards, and actual meeting attendance supports functioning oversight. The combined chairman and CEO role and disclosed classified-board election structure temper those positives. The annual-meeting election proposal is not treated as an adopted outcome.","evidenceIds":["e24","e27","e28","e29","e30"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"9b8ebb52ab98e2797d204c8ef279fa16cee7d7493c0f6a7c579e13b3fea96e48","updatedAt":"2026-10-18T13:39:37.796Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm","publishedAt":"2026-03-25","sha256":"b6d488457148502ac8be4aa90cadaa3fe334435bcd513d6060a3fdc834a026c4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1474432/000147443226000088/pstg-20260802.htm","publishedAt":"2026-09-04","sha256":"b26626f830202d9cefcf4f0dfddf5651d156f959eb86f14f95cad602133486f1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1474432/000147443226000041/pstg-20260430.htm","publishedAt":"2026-05-01","sha256":"aabf5718b9cbb6000da35b5ec3b0a3c5ac8de94bd121152b3aa28f7743baaaca","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1474432/000162828025015044/pstg-20250202.htm","publishedAt":"2025-03-27","sha256":"6d4d8421d4795968521169f2178ca8d423de4856ea39ba32e9e4761fd1b05342","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1474432/000162828024013860/pstg-20240204.htm","publishedAt":"2024-04-01","sha256":"c0de4c8a781f80e439535def470e0d45809c4c572fda05d9b49ab4296e3c8e76","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1474432/000147443226000061/pstg-20260503.htm","publishedAt":"2026-06-05","sha256":"6e6865e4ea6de6e5feadbb647e08cba2d922d6e017317192fad613d052c3dd5b","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:01d78036c7717edc8559a596e3cd56301ef4317efa8783022bb0691c837dbad8","usage":{"input_tokens":84873,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4202,"reasoning_output_tokens":217},"basisSupplement":{"previousHash":"89c9b4f2a716e501258bf55079822b627facfbe9990a8fdf68d649b21650ee3c","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2022","end":"2022-02-06","values":{"gross_margin":67.52047827267191,"operating_margin":-4.5119146313727505,"roic":null,"fcf_margin":14.11561007461318,"sbc_revenue":13.158321900471744},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-02-05","values":{"gross_margin":68.91924774663202,"operating_margin":3.03304891273951,"roic":6.614477551946302,"fcf_margin":22.12128563822485,"sbc_revenue":11.898487488714093},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-02-04","values":{"gross_margin":71.40450805671264,"operating_margin":1.8918463474975986,"roic":4.523684493139257,"fcf_margin":17.047884545476062,"sbc_revenue":11.708632134079412},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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