{"schemaVersion":1,"research":true,"symbol":"rol","name":"Rollins","topic":"moat","path":"/stock/rol/moat","status":"published","version":3,"updatedAt":"2026-10-18T14:51:17.561Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Rollins has a durable recurring-service business, established brands and an operating platform with plausible route-density benefits. However, the supplied evidence does not establish a defensible cost lead, material customer switching costs or a demonstrated brand pricing premium in an explicitly fragmented industry with low entry barriers. Continued organic growth supports business resilience, while 2026 residential lead weakness and cost-driven margin compression show limits to that resilience. Realized pricing power remains unestablished because price outcomes are not disclosed.","advantages":[{"mechanism":"cost_advantage","claim":"An existing service footprint and deployed BOSS routing platform support operating efficiencies. Management reports reduced driving costs, but the passages do not quantify savings or establish a sustained cost advantage over competitors; this is an operating strength rather than a confirmed moat.","durability":"The installed platform and customer footprint can support continuing efficiencies, but their comparative durability is unproven. Low entry barriers do not prevent local competitors from developing dense routes.","risks":"Labor, fleet and materials expenses have increased relative to revenue. Residential lead weakness can also reduce route utilization. These are realized pressures, whereas broader competitive risks remain possibilities.","invalidation":"Persistent increases in service cost per customer or mile per service, declining local route density, or evidence that competitors match service responsiveness at comparable or lower cost would invalidate the proposed structural cost advantage.","competitors":[],"evidenceIds":["q14","q169","q173","q174"],"counterEvidenceIds":["q59","q61","q348","q365"]},{"mechanism":"intangible_assets","claim":"Owned brands and licensed intellectual property have demonstrated commercial use through franchise agreements. Their existence supports differentiation, but the passages do not demonstrate a customer pricing premium or superior retention attributable to those brands.","durability":"Trademark rights can persist, but accounting classifications and management descriptions do not establish durable economic rents. Franchise revenue is less than 1% of annual revenue.","risks":"Competition includes price, service quality and customer proximity. Weaker inbound demand at some brands shows that brand ownership does not insulate customer acquisition from market conditions.","invalidation":"Sustained brand-specific customer losses, higher acquisition spending without corresponding customer growth, or inability to maintain prices against competing services would undermine the proposed brand advantage.","competitors":[],"evidenceIds":["q120","q121","q119","q793"],"counterEvidenceIds":["q59","q62","q349"]}],"evidence":[{"id":"q14","sourceId":"filing-1","location":"Business / customer and service footprint","excerpt":"Through our family of leading brands, we provide essential pest and wildlife control services and protection against termite damage, rodents and insects to more than two million residential and commercial customers from more than 800 Company-owned and franchised locations in approximately 70 countries."},{"id":"q16","sourceId":"filing-1","location":"Business / contracted and recurring services","excerpt":"The contracted and recurring nature of our services provide us with visibility into a significant portion of our future revenue."},{"id":"q59","sourceId":"filing-1","location":"Risk factors / competition and entry barriers","excerpt":"We operate in a highly competitive industry with fragmented markets and low barriers to entry."},{"id":"q61","sourceId":"filing-1","location":"Risk factors / competitor categories","excerpt":"We compete with other large pest control companies, as well as numerous smaller pest control companies and do-it-yourself options, for a finite number of customers."},{"id":"q62","sourceId":"filing-1","location":"Risk factors / competitive factors","excerpt":"We believe that the principal competitive factors in the market areas that we serve are quality and speed of service, customer proximity, customer satisfaction, brand awareness and reputation, terms of guarantees, technical proficiency and price."},{"id":"q82","sourceId":"filing-1","location":"MD&A / contractual pricing arrangements","excerpt":"Our pest and termite control services are performed pursuant to terms of contracts that specify the pricing arrangement with the customer."},{"id":"q119","sourceId":"filing-1","location":"Revenue recognition / franchise revenue contribution","excerpt":"Total franchising revenues were less than 1.0% of the Company’s annual revenues for each of the three years."},{"id":"q120","sourceId":"filing-1","location":"Revenue recognition / franchise intellectual property","excerpt":"Right to access intellectual property (Franchise)—The right to access Orkin’s, MissQuito’s, Critter Control’s, and our Australia franchisors’ intellectual property is an essential part of our franchise agreements."},{"id":"q121","sourceId":"filing-1","location":"Revenue recognition / trademark licensing","excerpt":"These agreements provide the franchisee a license to use the brand name and trademark when advertising and selling services to end customers in their 53 Table of Contents normal course of business."},{"id":"q169","sourceId":"filing-1","location":"Business / management description of scale advantages","excerpt":"Our scale enables delivery of great customer service and provides a significant and reinforcing competitive advantage through (i) comprehensive capabilities to win new residential and commercial accounts, (ii) technology investments for operations optimization and enhanced customer experience, (iii) a diverse portfolio of brands of varying sizes of which to innovate, test, learn, and grow or expand, particularly when it comes to emerging technology, (iv) route density to manage variable costs, and (v) financial flexibility to generate organic growth and pursue acquisitions."},{"id":"q173","sourceId":"filing-1","location":"Business / deployed BOSS operating platform","excerpt":"The majority of our business runs on our proprietary Branch Operating Support System (“BOSS”), which offers a back-end interface to facilitate service tracking and payment processing for technicians."},{"id":"q174","sourceId":"filing-1","location":"Business / management description of routing efficiencies","excerpt":"BOSS also provides virtual route management tools to increase route efficiency across our network, reducing miles driven and associated costs while increasing customer retention through on-time and rapid response service."},{"id":"q216","sourceId":"filing-1","location":"Strategic update / 2025 organic growth","excerpt":"Effective sales and service staffing levels helped us to capitalize on continued demand and deliver solid results for the year, with organic revenues* growing by 6.9% compared to 2024."},{"id":"q236","sourceId":"filing-1","location":"MD&A / 2025 gross margin","excerpt":"Gross margin improved 10 basis points to 52.8% in 2025 compared to 52.7% in 2024."},{"id":"q310","sourceId":"filing-2","location":"Condensed consolidated cash flows / first half 2026 and 2025","excerpt":"AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (in thousands) (unaudited) Six Months Ended June 30, 2026 2025 OPERATING ACTIVITIES Net income $ 251,748 $ 246,737 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 66,108 60,946 Stock-based compensation expense 21,495 19,809 Provision for expected credit losses 17,359 16,461 Loss (gain) on sale of assets, net 2,135 (984) Provision for deferred income taxes 2,053 12,470 Other operating activities, net 1,778 (1,223) Changes in operating assets and liabilities: Trade accounts receivable (52,765) (44,654) Financing receivables (12,412) (12,927) Materials and supplies (252) (2,086) Other current assets (67,288) (18,062) Accounts payable and accrued expenses 47,996 43,967 Unearned revenue 8,454 17,893 Other long-term assets and liabilities 4,464 (16,333) Net cash provided by operating activities 290,873 322,014 INVESTING ACTIVITIES Acquisitions, net of cash acquired (135,255) (253,578) Capital expenditures (13,568) (13,857) Proceeds from sale of assets 1,121 3,470 Other investing activities, net 1,493 874 Net cash used in investing activities (146,209) (263,091) FINANCING ACTIVITIES Payment of contingent consideration (9,495) (3,447) Issuance of senior notes — 492,215 Borrowings under revolving commitment — 11,000 Borrowings under commercial paper, net 101,488 59,989 Repayments of revolving commitment — (408,000) Payment of debt issuance costs — (5,986) Payment of dividends (175,941) (159,373) Cash paid for common stock purchased (42,826) (14,922) Other financing activities, net (7,948) (46) Net cash used in financing activities (134,722) (28,570) Effect of exchange rate changes on cash (861) 3,052 Net increase in cash and cash equivalents 9,081 33,405 Cash and cash equivalents at beginning of period 100,004 89,630 Cash and cash equivalents at end of period $ 109,085 $ 123,035 Supplemental disclosure of cash flow information: Cash paid for interest $ 17,729 $ 5,211 Cash paid for income taxes, net $ 134,763 $ 85,017 Non-cash additions to operating lease right-of-use assets $ 58,896 $ 70,534 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"q341","sourceId":"filing-2","location":"MD&A / second-quarter 2026 revenue and organic growth","excerpt":"GENERAL OPERATING COMMENTS Below is a summary of the key operating results for the three months ended June 30, 2026: •Second quarter revenues were $1.1 billion, an increase of 7.9% over the second quarter of 2025 with organic revenues* increasing 5.7%."},{"id":"q342","sourceId":"filing-2","location":"MD&A / consecutive quarters of revenue growth","excerpt":"This represents our 99th consecutive quarter of revenue growth."},{"id":"q347","sourceId":"filing-2","location":"MD&A / results below management expectations","excerpt":"Our reported results for the second quarter fell short of our expectations."},{"id":"q348","sourceId":"filing-2","location":"MD&A / residential lead weakness","excerpt":"Organic revenue* growth in the quarter was negatively impacted by slower growth in parts of our residential service offering due to a decline in lead volume."},{"id":"q349","sourceId":"filing-2","location":"MD&A / inbound customer acquisition channels","excerpt":"Specifically, those of our brands that are more reliant on consumer-initiated demand through search, digital media and inbound calls experienced a more challenging demand environment."},{"id":"q350","sourceId":"filing-2","location":"MD&A / relationship-based channel growth","excerpt":"Encouragingly, other areas of our business that leverage relationship-based channels, such as home builders and door-to-door sales, delivered solid organic revenue* growth in the quarter, reinforcing the importance of our diversified, multi-brand approach."},{"id":"q360","sourceId":"filing-2","location":"MD&A / second-quarter operating results","excerpt":"RESULTS OF OPERATIONS Quarter ended June 30, 2026 compared to quarter ended June 30, 2025 Three Months Ended June 30, Variance (in thousands, except per share data) 2026 2025 $ % GAAP Metrics Revenues $ 1,078,576 $ 999,527 $ 79,049 7.9 % Gross profit (1) $ 569,946 $ 537,666 $ 32,280 6.0 % Gross profit margin (1) 52.8 % 53.8 % (100) bps Operating income $ 201,359 $ 198,333 $ 3,026 1.5 % Operating margin 18.7 % 19.8 % (110) bps Net income $ 143,910 $ 141,489 $ 2,421 1.7 % EPS $ 0.30 $ 0.29 $ 0.01 3.4 % Operating cash flow $ 172,506 $ 175,122 $ (2,616) (1.5) % Non-GAAP Metrics Adjusted operating income (2) $ 209,939 $ 205,900 $ 4,039 2.0 % Adjusted operating margin (2) 19.5 % 20.6 % (110) bps Adjusted net income (2) $ 151,927 $ 146,902 $ 5,025 3.4 % Adjusted EPS (2) $ 0.32 $ 0.30 $ 0.02 6.7 % Adjusted EBITDA (2) $ 236,292 $ 231,152 $ 5,140 2.2 % Adjusted EBITDA margin (2) 21.9 % 23.1 % (120) bps Free cash flow (2) $ 166,077 $ 168,046 $ (1,969) (1.2) % (1) Exclusive of depreciation and amortization (2) Amounts are non-GAAP financial measures."},{"id":"q365","sourceId":"filing-2","location":"MD&A / realized service-cost pressures","excerpt":"The decrease is primarily due to 70 basis points of higher employee expenses, including higher employee medical costs and service salaries, 20 basis points of higher materials and supplies, and 20 basis points of higher fleet expenses associated with higher fuel costs."},{"id":"q373","sourceId":"filing-2","location":"MD&A / first-half organic and acquisition growth","excerpt":"Organic revenue* growth was 6.1% with acquisitions adding 2.8% in the six months ended June 30, 2026."},{"id":"q387","sourceId":"filing-2","location":"MD&A / borrowing-related interest expense","excerpt":"Interest Expense, Net For the six months ended June 30, 2026, interest expense, net increased $5.1 million, compared to the six months ended June 30, 2025, primarily due to a higher average debt balance associated with higher borrowings under our commercial paper program."},{"id":"q563","sourceId":"filing-3","location":"Proxy / audit committee independence","excerpt":"The Audit Committee presently consists of four independent directors, all of whom are considered financially literate under NYSE rules."},{"id":"q564","sourceId":"filing-3","location":"Proxy / completed 2025 audit committee oversight","excerpt":"In fulfilling its oversight responsibilities with respect to the year ended December 31, 2025, the Audit Committee: •Approved the engagement and terms of service of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ended December 31, 2025; •Reviewed with management and the Company’s independent registered public accounting firm, the interim financial information included in the Company’s Forms 10-Q prior to the Forms 10-Q being filed with the SEC, as well as the financial information in each quarterly earnings release; •Reviewed and discussed with the Company’s management (including internal audit) and the Company’s independent registered public accounting firm, the audited consolidated statements of financial position of the Company as of December 31, 2025 and 2024 and the related statements of income, comprehensive earnings, shareholders’ equity and cash flows for each of the three years ended December 31, 2025 including the related footnotes and financial statement schedule, and the related ICFR; •Discussed with the Company’s independent registered public accounting firm matters required to be discussed by the applicable requirements of the PCAOB and the SEC; and •Received from the Company’s independent registered public accounting firm the written disclosures and the letter in accordance with the requirements of the PCAOB regarding the firm’s communications with the Audit Committee concerning independence, and discussed with such firm its independence from the Company."},{"id":"q578","sourceId":"filing-3","location":"Proxy / adopted compensation clawback policy","excerpt":"PClawback Policy. In 2023, we adopted a Clawback Policy which provides certain triggers for mandatory recovery of erroneously awarded compensation."},{"id":"q598","sourceId":"filing-3","location":"Proxy / equity awards granted in 2025","excerpt":"In 2025, the equity component of compensation for named executive officers (as well as certain other employees) continued to include grants of time-lapse restricted stock (\"RSAs\") and performance share units (“PSUs”), as in past years."},{"id":"q599","sourceId":"filing-3","location":"Proxy / restricted stock vesting terms","excerpt":"The RSAs will vest pro rata over a three-year period."},{"id":"q600","sourceId":"filing-3","location":"Proxy / performance award vesting conditions","excerpt":"The PSUs will cliff vest after three years based upon the Company’s successful achievement of certain financial performance goals and feature a relative TSR component, as described in more detail below."},{"id":"q657","sourceId":"filing-3","location":"Proxy appendix / 2025 and 2024 operating cash flow and capital expenditure","excerpt":"2026 Proxy Statement 83 Appendix A Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow, Free Cash Flow Conversion, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Conversion Twelve Months Ended December 31, Variance (unaudited, in thousands) 2025 2024 $ % Net cash provided by operating activities $ 678,107 $ 607,653 Capital expenditures (28,086) (27,572) Free cash flow 650,021 580,081 $ 69,940 12.1 % Delayed income tax payments (1) 21,710 (21,710) Adjusted free cash flow $ 671,731 $ 558,371 $ 113,360 20.3 % Free cash flow conversion 123.4 % 124.4 % Adjusted free cash flow conversion 127.5 % 119.7 % (1)The U.S."},{"id":"q672","sourceId":"filing-3","location":"Proxy / absence of formal director candidate policy","excerpt":"The Nominating and Corporate Governance Committee does not have a formal policy with regard to the consideration of director candidates."},{"id":"q721","sourceId":"filing-3","location":"Proxy / related-party agreement approval","excerpt":"The Company's Nominating and Corporate Governance Committee approved the agreements in accordance with its Related Party Transactions policy."},{"id":"q729","sourceId":"filing-3","location":"Proxy / completed 2025 secondary-offering share repurchase","excerpt":"In addition, the Company completed the repurchase of 3,478,260 of the shares of Common Stock offered in the 2025 Offering for approximately $200 million at the same per share price paid by the Underwriter to the Selling Stockholders in the 2025 Offering, or $56.93 per share."},{"id":"q793","sourceId":"filing-4","location":"Business / trademark portfolio and management assessment","excerpt":"Although in the aggregate, our global portfolio of more than 450 trademarks is a valuable asset that is important to our operations, we believe that our competitive advantage is also largely attributable to the technical, marketing, and sales competence and capabilities of our teammates, rather than on any individual trademark; however, the loss of the Orkin trademark could be material to our business as a whole."},{"id":"q1347","sourceId":"filing-6","location":"Contingencies / FTC employment non-compete consent order","excerpt":"The Company has now resolved this inquiry by entering into a voluntary consent order (the \"Consent Order\") with the FTC restricting the Company from entering into certain employment non-compete restrictive covenants with certain of its employees or enforcing such restrictive covenants."}],"changes":["Retain the previous none verdict. Explicitly recognize deployed routing technology and route density as plausible operating strengths, while distinguishing management's competitive-advantage claims from demonstrated comparative economics.","Add assessments of actual 2025 compensation grants, audit oversight, related-party approval and the FTC consent order using the supplied proxy and quarterly disclosures.","Retain the conclusion that realized pricing power is unestablished; revenue growth and margin levels do not isolate price outcomes."],"limitations":["All supplied sources are issuer filings. Operating results and contractual disclosures support numerical assessments, but claims of superior service, route efficiency and brand strength lack comparative validation.","No pest-control competitor is named as a competitor in the passages. Owned brands, acquisition targets and compensation peer companies are not treated as competitors.","No customer retention rate, cancellation penalty, exclusive customer commitment, comparative route-cost data or market-share trend is supplied. Recurrence and organic growth provide indirect evidence of repeat demand, not proof of customer lock-in.","Observed service-price changes, price-versus-volume decomposition, renewal pricing and contractual repricing rights are missing. Contractually specified prices alone do not establish pricing freedom.","The proxy supplies compensation and governance evidence, but the passages do not establish executives' actual beneficial ownership or compliance with ownership requirements. Granted awards and their vesting conditions are not treated as proof of subsequent vesting.","Source dates are filing dates, retaining dateKind filed. The latest supplied operating period ends June 30, 2026; no subsequent operating outcome is assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"The deployed routing system and large footprint support efficiency, but a comparative cost lead is unproven and the industry explicitly has low entry barriers.","evidenceIds":["q14","q173","q174","q59"]},{"criterion":"durability","grade":2,"rationale":"Recurring contracts and 99 consecutive quarters of revenue growth demonstrate business persistence. They do not establish that competitors cannot replicate the economics; total revenue growth also includes acquisitions.","evidenceIds":["q16","q342","q373","q59"]},{"criterion":"customer_dependency","grade":1,"rationale":"Recurring service supports repeat demand, but customers have numerous provider and do-it-yourself alternatives. No material switching friction is demonstrated.","evidenceIds":["q16","q61","q62"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Positive organic growth and stronger relationship-based channels offset some residential weakness. Realized cost pressure and declining operating margin show incomplete insulation rather than a collapse in competitive position.","evidenceIds":["q341","q348","q350","q360","q365"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The passages disclose growth and contractual pricing arrangements but no observed price outcome. Neither organic growth nor margin changes establish realized pricing.","evidenceIds":["q82","q373"]},{"criterion":"retention","grade":2,"rationale":"Contracted recurring services and continuing organic growth support repeat demand indirectly. Growth can include new customers and pricing, so it does not establish a retention rate or strong switching costs.","evidenceIds":["q16","q216","q373"]},{"criterion":"margin_resilience","grade":2,"rationale":"Gross margin improved slightly in 2025, but second-quarter 2026 gross and operating margins fell despite revenue growth. Labor, materials and fleet pressures demonstrate mixed resilience; no pricing response is inferred.","evidenceIds":["q236","q360","q365"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Contracts specify customer pricing arrangements, but their duration, escalation clauses, reset rights and termination terms are absent. The ability to change prices or terms cannot be established.","evidenceIds":["q82"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual cash generation and modest capital expenditures support investment capacity. However, first-half 2026 operating cash flow fell while acquisitions, dividends and repurchases accompanied additional borrowing. The completed $200 million secondary-offering repurchase is documented, but its value creation and acquisition returns are unproven.","evidenceIds":["q657","q310","q387","q729"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 grants combine three-year restricted-stock vesting with performance shares conditioned on financial goals and relative shareholder return. An adopted clawback adds accountability. This demonstrates meaningful incentive design, while actual ownership levels and eventual vesting outcomes remain unestablished.","evidenceIds":["q598","q599","q600","q578"]},{"criterion":"execution","grade":2,"rationale":"Continued organic growth and a long revenue-growth record demonstrate execution through operating outcomes, indirectly rather than through customer-level measures. Second-quarter results below expectations, weaker residential leads and margin compression temper that record.","evidenceIds":["q216","q341","q342","q347","q348","q360"]},{"criterion":"governance","grade":2,"rationale":"An independent audit committee performed documented financial oversight, and related-party agreements received committee approval. The absence of a formal director candidate policy and the actual FTC consent order restricting certain employment non-competes temper those safeguards. Approval alone does not establish the economic fairness of related-party arrangements.","evidenceIds":["q563","q564","q721","q672","q1347"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"f64c5b2680043b3cf27aaf72631f690e818b81920786c72b956d5fa1a56645e5","updatedAt":"2026-10-18T14:51:17.561Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000008/rol-20251231.htm","publishedAt":"2026-02-12","sha256":"3d251e64c2a8ee55ce8fc4ea92e45558101aeaad7eb84c2c76258ff66b48454c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000040/rol-20260630.htm","publishedAt":"2026-07-23","sha256":"329a409a03409618b70c9ecbb508c38be13ac20d1ee40eae63219781a5300845","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000014/rol-20260317.htm","publishedAt":"2026-03-17","sha256":"e1cbab2850c455abf64d17d1381c36f6171982fd5db0ceae19464f6311dd9400","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483925000024/rol-20241231.htm","publishedAt":"2025-02-13","sha256":"832a964d973cd66363f0d5ef5d034983443058b8970b94dc3d1d0b49fef577cb","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483924000025/rol-20231231.htm","publishedAt":"2024-02-15","sha256":"561ead63a6814c4ccc59567a3d07bb7b46eb00e62778ce70fa0c2e6412f73422","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000022/rol-20260331.htm","publishedAt":"2026-04-23","sha256":"9eed00dc3eac7a0b1541f392659d67e1458270ea1fdc8f4e07678e569f916519","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:4637cb39aef156873d5ba8f5dcf181f07a09c83c6d3a0da56bac476a944eb865","usage":{"input_tokens":88373,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3358,"reasoning_output_tokens":187}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":52.04318772429155,"operating_margin":18.149115208513795,"roic":null,"fcf_margin":15.45233675700202,"sbc_revenue":0.6131666872911768},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances 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.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances 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."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":51.4656934079129,"operating_margin":18.30194341394075,"roic":null,"fcf_margin":16.147276731447132,"sbc_revenue":0.7869581942137892},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"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%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":52.17253369203827,"operating_margin":18.977326489826176,"roic":31.250741386943133,"fcf_margin":16.13589789143709,"sbc_revenue":0.8006109437545188},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":52.69002227397581,"operating_margin":19.39453030476512,"roic":30.59999458419515,"fcf_margin":17.11805797371742,"sbc_revenue":0.8848209996258162},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":52.75239627231757,"operating_margin":19.304928145065873,"roic":30.996173543165206,"fcf_margin":17.282966192951434,"sbc_revenue":1.055742412358251},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000008/rol-20251231.htm","publishedAt":"2026-02-12","sha256":"3d251e64c2a8ee55ce8fc4ea92e45558101aeaad7eb84c2c76258ff66b48454c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000040/rol-20260630.htm","publishedAt":"2026-07-23","sha256":"329a409a03409618b70c9ecbb508c38be13ac20d1ee40eae63219781a5300845","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000014/rol-20260317.htm","publishedAt":"2026-03-17","sha256":"e1cbab2850c455abf64d17d1381c36f6171982fd5db0ceae19464f6311dd9400","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483925000024/rol-20241231.htm","publishedAt":"2025-02-13","sha256":"832a964d973cd66363f0d5ef5d034983443058b8970b94dc3d1d0b49fef577cb","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483924000025/rol-20231231.htm","publishedAt":"2024-02-15","sha256":"561ead63a6814c4ccc59567a3d07bb7b46eb00e62778ce70fa0c2e6412f73422","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/84839/000008483926000022/rol-20260331.htm","publishedAt":"2026-04-23","sha256":"9eed00dc3eac7a0b1541f392659d67e1458270ea1fdc8f4e07678e569f916519","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","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"}