{"schemaVersion":1,"research":true,"symbol":"slb","name":"Slb Limited/Nv","topic":"moat","path":"/stock/slb/moat","status":"published","version":6,"updatedAt":"2026-10-19T16:38:30.394Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"SLB has a narrow moat from proprietary technology, specialized software and technical know-how, supported by premium-technology adoption and growing digital recurring revenue. Pricing power is selective: improved-price backlog benefited earlier results, while 2026 disclosures show realized pricing headwinds and weaker core profitability. Customer lock-in remains less established than technology differentiation. Global reach alone does not establish a cost advantage or efficient scale.","advantages":[{"mechanism":"intangible_assets","claim":"SLB's material portfolio of patents, trade secrets, proprietary information and software supports differentiated services and complex customer workflows. Premium-technology uptake and digital recurring-revenue growth provide commercial evidence beyond management's technology-leadership assertions.","durability":"The breadth of the portfolio and demonstrated adoption support a current advantage, but durability depends on continued innovation and commercialization. No individual patent or patent group is material, and the passages do not establish exceptional protection or a specific remaining competitive life.","risks":"Competitors can independently develop similar technology; obsolescence and imperfect intellectual-property protection can erode differentiation. Customer spending cycles constrain monetization. Realized pricing headwinds in selected markets show that differentiation does not provide broad insulation from competition.","invalidation":"The thesis would weaken materially if premium-technology uptake reversed and digital recurring demand persistently deteriorated, particularly alongside disclosed displacement by competing products or sustained price concessions after activity disruptions eased. Loss of protection for commercially important technology without successful replacement would also undermine it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business—Intellectual Property","excerpt":"Intellectual Property SLB owns or controls one of the industry’s leading portfolios of intellectual property, including but not limited to patents, proprietary information, trade secrets, and software tools and applications that, in the aggregate, are material to SLB’s business."},{"id":"e2","sourceId":"filing-1","location":"Business—Digital—Platforms & Applications","excerpt":"• Platforms & Applications: Includes SLB’s cloud technologies such as the Delfi™ and Lumi™ platforms, along with a suite of specialized, domain-focused applications such as Petrel™ and Techlog™ offered as SaaS subscription or perpetual licenses."},{"id":"e3","sourceId":"filing-1","location":"Business—Digital customer workflows","excerpt":"These platforms and applications automate complex models to simulate the impact of reservoir development plans and aid in the planning of key operations such as drilling, completion, and production designs."},{"id":"e4","sourceId":"filing-1","location":"MD&A—Reservoir Performance—sequential premium-technology uptake","excerpt":"Reservoir Performance pretax operating margin of 20% increased 105 basis points sequentially, reflecting improved profitability in evaluation and intervention services due to the higher uptake of premium technologies."},{"id":"e5","sourceId":"filing-3","location":"2025 performance—Digital annual recurring revenue","excerpt":"Digital annual recurring revenue exceeded $ 1 billion and increased 15% year on year."},{"id":"e6","sourceId":"filing-1","location":"Business—Intellectual Property—patent materiality","excerpt":"While SLB seeks and holds a significant number of patents covering various products and processes, no particular patent or group of patents is material to SLB’s business."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors—independent development of competing technology","excerpt":"Our competitors may also be able to develop technology independently that is similar to ours without infringing on our patents or gaining access to our trade secrets."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors—technology obsolescence","excerpt":"Furthermore, competing or new technologies may accelerate the obsolescence of our products or services and reduce the value of our intellectual property."},{"id":"e9","sourceId":"filing-2","location":"MD&A—first-half 2026 Well Construction profitability and pricing headwinds","excerpt":"Well Construction pretax operating margin of 15% contracted 401 bps year on year primarily due to lower profitability as a result of the Middle East conflict compounded by pricing headwinds in select markets."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors—historical industry downturns and realized pricing pressure","excerpt":"The oil and gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our products and services and downward pressure on the prices that we are able to charge."},{"id":"e11","sourceId":"filing-1","location":"Business—Competition—innovation, service quality and price","excerpt":"6 Competition The principal methods of competition within the energy services industry are technological innovation, quality of service, and price differentiation."},{"id":"e12","sourceId":"filing-1","location":"Business—Competition—numerous competitors","excerpt":"SLB has numerous competitors, both large and small."},{"id":"e13","sourceId":"filing-1","location":"MD&A—2024 Production Systems improved-price backlog conversion","excerpt":"Production Systems pretax operating margin of 16% expanded 325 bps year on year driven by a favorable activity mix, execution efficiency, and conversion of improved-price backlog."},{"id":"e14","sourceId":"filing-2","location":"Notes—backlog at June 30, 2026","excerpt":"Total backlog was $6.4 billion at June 30, 2026, of which approximately 70% is expected to be recognized as revenue over the next 12 months."},{"id":"e15","sourceId":"filing-1","location":"Notes—backlog at December 31, 2025","excerpt":"Total backlog was $5.6 billion at December 31, 2025, of which approximately 65% is expected to be recognized as revenue during 2026."},{"id":"e16","sourceId":"filing-2","location":"MD&A—first-half 2026 Production Systems margin contraction","excerpt":"Production Systems pretax operating margin of 15% contracted 178 bps year on year due to lower profitability in surface production systems, SLB OneSubsea and completions."},{"id":"e17","sourceId":"filing-2","location":"MD&A—second-quarter 2026 Digital margin and sales mix","excerpt":"Digital pretax operating margin of 28%, expanded 683 basis points (“bps”) sequentially, primarily due to higher sales of exploration data licenses and transfer fees, as well as improved profitability in Digital Operations and Platforms & Applications."},{"id":"e18","sourceId":"filing-3","location":"Board letter—2025 free cash flow and shareholder distributions","excerpt":"In 2025, we generated $4.11 billion in free cash flow and returned $4.02 billion to shareholders through dividends and share repurchases, a 23% increase over the prior year."},{"id":"e19","sourceId":"filing-3","location":"2025 performance—three-year free cash flow record","excerpt":"This marked our third consecutive year of free cash flow at or above $4 billion, providing the liquidity to return $4.02 billion to shareholders, a 23% increase year-over-year."},{"id":"e20","sourceId":"filing-2","location":"MD&A—first-half liquidity, investments, distributions and net debt","excerpt":"30, Changes in Liquidity: 2026 2025 Net income $ 1,576 $ 1,877 Depreciation and amortization (2) 1,397 1,273 Gain on sale of Palliser APS project - (149 ) Impairment of equity method investment - 69 Earnings of equity method investments, less dividends received (21 ) (47 ) Deferred taxes (5 ) (60 ) Stock-based compensation expense 179 168 Increase in working capital (1,344 ) (1,401 ) Other 64 72 Cash flow from operations 1,846 1,802 Capital expenditures (802 ) (769 ) APS investments (226 ) (225 ) Exploration data costs capitalized (125 ) (83 ) Free cash flow (3) 693 725 Stock repurchase program (1,099 ) (2,300 ) Dividends paid (866 ) (773 ) Proceeds from employee stock purchase plan 105 105 Proceeds from exercise of stock options 106 8 Business acquisitions and investments, net of cash acquired and debt assumed (249 ) (47 ) Proceeds from the sale of Palliser APS project - 316 Taxes paid on net settled stock-based compensation awards (63 ) (55 ) Other (42 ) (30 ) Increase in net debt before impact of changes in foreign exchange rates (1,415 ) (2,051 ) Impact of changes in foreign exchange rates on net debt 112 (495 ) Increase in net debt (1,303 ) (2,546 ) Net debt, beginning of period (7,424 ) (7,405 ) Net debt, end of period $ (8,727 ) $ (9,951 ) (1) “Net debt” represents gross debt less cash and short-term investments."},{"id":"e21","sourceId":"filing-1","location":"Business—ChampionX acquisition share issuance","excerpt":"SLB issued 141 million shares of its common stock valued at $4.9 billion in connection with this transaction."},{"id":"e22","sourceId":"filing-2","location":"MD&A—first-half 2026 acquired ChampionX operating contribution","excerpt":"Production Systems Production Systems revenue of $7.3 billion increased 26% year on year from the acquired ChampionX production chemicals and artificial lift businesses, which contributed $1.7 billion of revenue and $307 million in pretax operating income during the first six months of 2026."},{"id":"e23","sourceId":"filing-1","location":"MD&A—SLB Capturi project loss","excerpt":"Pretax operating income declined $11 million sequentially as improved profitability from the higher revenue in APS in Ecuador was more than offset by a significant loss on one particular project in SLB Capturi."},{"id":"e24","sourceId":"filing-3","location":"Compensation Discussion and Analysis—existing long-term incentive grants","excerpt":"Since 2021, our Compensation Committee has awarded to our NEOs and other executives a diversified mix of LTI grants, with 75% of their target LTI opportunity awarded in the form of PSUs—with payout contingent on achieving absolute and relative performance goals over three-year periods—and 25% awarded in the form of three-year, time-based RSUs."},{"id":"e25","sourceId":"filing-3","location":"Compensation Discussion and Analysis—actual 2025 short-term incentive payout","excerpt":"Average STI Payout — 83%— Our current NEOs earned an average 2025 cash incentive payout of 83% of target."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation governance—stock ownership requirements","excerpt":"Robust Stock Holding Requirements— Our CEO is required to own an amount of SLB shares valued at six times (6x) his annual base salary; our EVPs must own at least three times (3x) their annual base salaries; and all other Executive and Corporate Officers must own at least two times (2x) their annual base salaries."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation governance—mandatory share retention","excerpt":"Mandatory Retention of Shares — Executives must retain 50% of the net shares they acquire upon the exercise of stock options and the vesting of PSUs and RSUs, until they achieve the required ownership level under our stock ownership guidelines."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation governance—clawback policies","excerpt":"Both cash incentive and performance-based equity compensation are subject to our clawback policy and in 2025, the Board added an additional clawback for executive misconduct."},{"id":"e29","sourceId":"filing-3","location":"Corporate Governance—separate CEO and Board Chair roles since 2019","excerpt":"Since 2019, our Board has separated the roles of CEO and Board Chair, to allow our CEO to focus on leading SLB’s complex international business operations, while the Chair provides the Board with experienced and independent leadership."},{"id":"e30","sourceId":"filing-3","location":"Corporate Governance—independent Board Chair responsibilities","excerpt":"Mr. Hackett currently serves as independent Board Chair, and in that role, sets the agenda for and leads all Board meetings and all executive sessions of the non-executive directors."},{"id":"e31","sourceId":"filing-3","location":"Corporate Governance—committee independence","excerpt":"Each member of the Audit, Compensation, and Nominating and Governance committees meets the independence and other requirements of the New York Stock Exchange (NYSE)listing standards and SEC rules (including the heightened requirements that apply to audit or compensation committee members, as applicable)."},{"id":"e32","sourceId":"filing-2","location":"MD&A—first-half 2026 Production Systems revenue excluding acquisition","excerpt":"Excluding the impact of the acquisition, Production Systems revenue for the first six months of 2026 decreased 3% year on year primarily due to the disruptions from the Middle East conflict."},{"id":"e33","sourceId":"filing-3","location":"2025 performance—Digital growth and customer adoption","excerpt":"Digital: Digital revenue grew 9% in 2025 driven by significant uptake in Digital Operations as well as steady growth in Platforms & Applications as customers continued to invest in AI and automated solutions to improve performance and efficiency."},{"id":"e34","sourceId":"filing-2","location":"MD&A—second-quarter 2026 geographic growth offsetting Middle East disruptions","excerpt":"Second-quarter 2026 revenue of $9.0 billion increased 3% compared to the first quarter of 2026 as broad-based growth across international markets—led by offshore activity in Latin America, Europe & Africa, and Asia—more than offset the impact of continued disruptions in the Middle East."},{"id":"e35","sourceId":"filing-6","location":"MD&A—first-quarter 2026 Digital adoption and acquired revenue contribution","excerpt":"This growth was supported by increased digital services adoption and new technology introduction as well as the acquisition of ChampionX, which contributed $32 million of digital revenue during the first quarter of 2026."},{"id":"completion-4d74dd70ce58-e1","sourceId":"filing-7","location":"General Commercial Conditions, clause d: Pricing Changes","excerpt":"d. Pricing Changes: SLB has the right to revise pricing applicable to the Work at any time, including without limitation (i) whenever SLB determines that market conditions support such revision; and (ii) whenever SLB determines it has been impacted by an increase in the cost of providing products and/or services, including commodities, trucking, labor, materials and/or ancillary products, materials or services related thereto (as well as associated taxes and tariffs), regardless of variation from any pre-job quotes, orders, estimates or the like that may have been submitted by SLB."},{"id":"completion-4d74dd70ce58-e2","sourceId":"filing-7","location":"General Commercial Conditions, clause e: Pricing Exclusions","excerpt":"e. Pricing Exclusions: Quoted prices do not include any of the following items, which may be charged as determined by SLB for a given scope of work, and shall not be considered an exhaustive list: (i) mobilization and demobilization fees; (ii) stand-by (or crew and equipment) fees and demurrage (incurred by SLB Group), which shall apply in any and all circumstances other than when due to the sole fault of SLB; (iii) third party reimbursable fee of 20% (or as may otherwise be specified in SLB's applicable price list); (iv) fuel surcharges (as may be specified in SLB's applicable price list and subject to further adjustment based on the US Energy Information Administration (EIA) for US Retail On-Highway Diesel) and transportation/mileage fees; and (v) cancellation fees, return/restocking fees and buy-back fees."},{"id":"completion-4d74dd70ce58-e3","sourceId":"filing-7","location":"General Commercial Conditions: exceptions for relevant Orders or written agreements","excerpt":"Unless otherwise set forth in the relevant Order or otherwise agreed to in writing by SLB, the following commercial conditions shall apply:"}],"changes":["Retain the previous narrow verdict: technology differentiation has commercial support, while durable switching costs and broad pricing power remain unproven.","Make pricing evidence more balanced by recognizing earlier improved-price backlog conversion alongside realized 2026 pricing headwinds.","Add assessments of actual compensation arrangements, governance structures and capital deployment from the supplied proxy and interim disclosures."],"limitations":["All operating and competitive evidence comes from supplied issuer filings. Leadership descriptions and claimed customer benefits are management assertions; disclosed adoption, financial results and contractual arrangements provide stronger support.","The competition passages disclose generic competitors without naming them. Companies mentioned in director biographies are not established as current competitors by those passages, so the competitors array is empty.","Recurring revenue and backlog provide indirect evidence of continuing demand, not customer-level renewal rates, migration costs, exclusivity or demonstrated switching barriers.","The passages do not establish pricing escalation rights, repricing discretion, cancellation protections or cost pass-through provisions. Contractual pricing freedom remains unassessed.","Ownership requirements are disclosed, but actual executive holdings and compliance with those requirements are not established by the supplied passages.","The proposed 2026 incentive-plan expansion is not treated as adopted or vested. Alignment assessments use existing arrangements and actual 2025 payouts.","The source dates are filing dates with dateKind filed. The latest supplied operating evidence covers June 30, 2026 and was filed July 29, 2026; no later operating developments are assumed.","Acquisition-driven growth is distinguished from organic performance. Future acquisition synergies and new-energy opportunities do not establish additional current moat mechanisms."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"A material proprietary technology portfolio, specialized modeling applications, premium-technology uptake and growing digital recurring revenue demonstrate commercially relevant differentiation. They support a narrow intangible-assets advantage without establishing network effects, superior unit costs or market-wide dominance.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Portfolio breadth reduces reliance on an individual patent, and recurring digital demand supports continuity. However, similar technology can be independently developed and products can become obsolete. The supplied evidence does not establish an exceptional competitive life.","evidenceIds":["e1","e5","e6","e7","e8"]},{"criterion":"customer_dependency","grade":2,"rationale":"Applications support consequential reservoir and operating decisions, while growing recurring revenue indicates continuing demand. Dependency is assessed indirectly: the passages do not demonstrate costly migrations, exclusive relationships or inability to substitute competing services.","evidenceIds":["e2","e3","e5","e11","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Digital adoption and geographic diversification provide some resilience, including second-quarter growth despite regional disruptions. Actual pricing headwinds and core margin contraction show incomplete protection. Conflict-related activity losses are not treated as proof of technological displacement.","evidenceIds":["e5","e9","e16","e34"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Conversion of improved-price backlog benefited 2024 Production Systems results, demonstrating favorable realized pricing in part of the portfolio. First-half 2026 Well Construction faced pricing headwinds in selected markets, and historical downturns brought downward price pressure. The record supports selective, cyclical pricing power.","evidenceIds":["e13","e9","e10"]},{"criterion":"retention","grade":2,"rationale":"Digital recurring revenue exceeding $1 billion with 15% growth and backlog increasing from $5.6 billion to $6.4 billion support continuing demand indirectly. Neither metric distinguishes retained customers from new wins or establishes renewal rates and switching friction.","evidenceIds":["e5","e14","e15"]},{"criterion":"margin_resilience","grade":2,"rationale":"Digital profitability improved sequentially with favorable license sales and operating performance, while Well Construction and Production Systems margins contracted year on year. Results show mixed resilience across the portfolio; activity disruptions and sales mix prevent attributing margin changes solely to pricing.","evidenceIds":["e17","e9","e16"]},{"criterion":"contractual_freedom","grade":3,"rationale":"Posted drilling-business terms demonstrate strong contractual freedom: SLB may revise prices for market conditions or increased costs despite prior quotes or orders, and charge specified fees and adjustable fuel surcharges. These default rights can be superseded by an Order or written agreement. Evidence covers the named drilling businesses, not all SLB contracts; company-wide applicability and exceptional durability are unestablished.","evidenceIds":["completion-4d74dd70ce58-e1","completion-4d74dd70ce58-e2","completion-4d74dd70ce58-e3"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Three consecutive years of at least $4 billion in free cash flow and 2025 distributions broadly covered by that cash generation support discipline. First-half 2026 distributions exceeded free cash flow and net debt increased; the ChampionX acquisition also involved substantial share issuance. Its disclosed operating contribution is positive, but acquisition returns and full-cycle outcomes remain unestablished.","evidenceIds":["e18","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing long-term grants predominantly use performance units measured over three years, and actual 2025 cash incentives averaged below target. Ownership requirements, mandatory retention and clawbacks provide additional alignment. Actual holdings and long-term realized payout sensitivity are not established; proposed plan amendments are excluded.","evidenceIds":["e24","e25","e26","e27","e28"]},{"criterion":"execution","grade":2,"rationale":"Digital adoption, recurring-revenue growth and the acquired ChampionX operating contribution demonstrate delivery. A significant Capturi project loss and weaker organic Production Systems results make execution mixed. This assessment uses operating outcomes indirectly and recognizes that Middle East disruptions explain part of the weakness; acquired Digital revenue is not counted as organic adoption.","evidenceIds":["e5","e22","e23","e32","e33","e35"]},{"criterion":"governance","grade":3,"rationale":"Separate CEO and chair roles since 2019, an independent chair with defined responsibilities, independent key committees and disclosed clawbacks provide strong evidence of governance safeguards. These arrangements do not establish exceptional oversight effectiveness or eliminate discretion and execution risk.","evidenceIds":["e29","e30","e31","e28"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"abf7c2029a12e554dcf9961738da6c23e1062ee0f650221a5b3c4168e1293c01","updatedAt":"2026-10-19T16:38:30.394Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm","publishedAt":"2026-01-23","sha256":"542bbc22e863a677fb85264ecbff41119dc61e2659838dbcce15fa8416f4bfba","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/87347/000119312526322595/slb-20260630.htm","publishedAt":"2026-07-29","sha256":"90490ac585f9177159053917cbd55c2a99d188b9a72482da9a10eb61ac0ecd88","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/87347/000130817926000024/slb2026-def14a.htm","publishedAt":"2026-02-26","sha256":"69fa7d5d2b641188dab78bfe0a08823cda52ef86038504325932f127808d145e","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-20241231.htm","publishedAt":"2025-01-22","sha256":"c4e47c71342d057e271a3c315b50cf97504e56da3f2a50c535f16b4ce9736a85","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/87347/000095017024006884/slb-20231231.htm","publishedAt":"2024-01-24","sha256":"6dce39a10181e4b351976f7f039b8c2c8cc0b8db76d1e216f69cca36431005e4","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/87347/000119312526190101/slb-20260331.htm","publishedAt":"2026-04-29","sha256":"3de254942ca983e1c60b2839fc0e1fe634120ab9055246924bf842bec3c7bb69","dateKind":"filed"},{"id":"filing-7","url":"https://www.slb.com/products-and-services/innovating-in-oil-and-gas/well-construction/drilling/drilling-terms-and-conditions","publishedAt":"2026-10-19","sha256":"f1cdca117dfd812fdba7e9f470a8835e96d3953b4f8a2926da59ef55864d8704","citationPolicy":"numeric-lines-1","dateKind":"retrieved","label":"SLB posted customer terms for the named drilling product businesses and orders; not all oilfield-service contracts"}],"model":"gpt-6.1-sol","providerId":"codex:1f8853b077ac5f8a4db4a701825c8677ca90c90f469456d42f128d5b64ad3f5f","usage":{"input_tokens":38573,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":327,"reasoning_output_tokens":103},"basisSupplement":{"previousHash":"1498706fda2683b7816e2406fcda3e2be730c836ac8cb96feb1cd11e2a6774bc","checkedAt":"2026-10-18T15:55:15.653Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"},"assessmentCompletion":{"policy":"missing-assessments-1","priorProviderId":"codex:f677d5d22599ea591fa9c414d9f6c7baa209693cfa46f779d9701cfd8326a2c9","priorResearchAt":"2026-10-19T10:55:01.561Z","criteria":["pricing_power:contractual_freedom"],"completedAt":"2026-10-19T16:38:30.394Z"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":14.675738148196608,"roic":null,"fcf_margin":15.308125081774174,"sbc_revenue":1.4130576998560775},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","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%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is 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.","buybacks":"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":null,"operating_margin":17.83845359723755,"roic":null,"fcf_margin":7.482823680182264,"sbc_revenue":1.1142358762593},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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