{"schemaVersion":1,"research":true,"symbol":"spcx","name":"SpaceX","topic":"moat","path":"/stock/spcx/moat","status":"published","version":8,"updatedAt":"2026-10-19T10:37:00.537Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"SpaceX demonstrates a narrow moat through reusable launch hardware, accumulated operating capability and a deployed satellite network with substantial replication barriers. Falcon's reported launch share and reliability support a current advantage; historical cost comparisons do not establish its lead over today's competitors. Pricing power is mixed: Starlink adoption grew rapidly while subscriber ARPU declined, and AI contracts allow relatively short termination notice. Starship's future economics and claimed AI leadership do not establish additional durable moats.","advantages":[{"mechanism":"cost_advantage","claim":"Recovering, refurbishing and repeatedly flying boosters spreads hardware costs across launches. Reported Falcon reliability and launch throughput demonstrate an operating capability behind this advantage, rather than an inference from margins.","durability":"Repeated-use hardware, accumulated flight experience and operating scale support persistence. Historical launch-cost comparisons substantiate improvement over earlier systems, but neither the claimed ten-year lead nor a comparable future advantage is established.","risks":"Current competitor unit costs are absent. Rival reusable systems, reliability deterioration or rising refurbishment costs could erode the advantage. Starship's projected savings remain prospective.","invalidation":"The thesis would fail if comparable current launch systems matched SpaceX's fully burdened costs and reliability at sustained cadence, or if refurbishment and replacement expenses eliminated the savings from reuse.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7"]},{"mechanism":"intangible_assets","claim":"Starlink's deployed satellite technology and operating infrastructure create a replication hurdle in a market requiring substantial capital, technical capability, spectrum access and regulatory approvals. The fleet and geographic reach demonstrate an existing capability, although the barriers do not establish exclusive rights or customer lock-in.","durability":"Replicating a functioning constellation and its deployment capability requires resources and time. Continued investment and regulatory access are necessary; subscriber growth alone does not establish a network effect.","risks":"Competition on coverage, capacity, latency and price can weaken differentiation. Named mobile competitors establish competitive exposure only in satellite-to-mobile services; broader broadband competitor coverage is missing.","invalidation":"The thesis would fail if alternatives replicated Starlink's coverage, capacity and reliability at comparable delivered cost, or if loss of regulatory access materially impaired service. Persistent customer losses despite lower prices would also undermine the claimed differentiation.","competitors":["AST SpaceMobile","Lynk","Globalstar","Skylo"],"evidenceIds":["e8","e9","e10","e11","e12"],"counterEvidenceIds":["e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business—reusable hardware cost mechanism","excerpt":"Central to our cost advantage is the reusability of key"},{"id":"e2","sourceId":"filing-1","location":"Business—booster recovery, refurbishment and repeated flight","excerpt":"hardware—most notably boosters—which we recover, refurbish, and refly many times instead of discarding after"},{"id":"e3","sourceId":"filing-1","location":"Business—hardware replacement and fixed-cost spreading","excerpt":"single use. This dramatically lowers per-launch costs by minimizing hardware replacement expenses and spreading"},{"id":"e4","sourceId":"filing-1","location":"Business overview—mass-to-orbit share and Falcon mission performance","excerpt":"Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99%"},{"id":"e5","sourceId":"filing-1","location":"Business overview—Falcon mission-success statement continuation","excerpt":"mission success rate with Falcon rockets."},{"id":"e6","sourceId":"filing-1","location":"Business—historical launch-cost comparison","excerpt":"reduction of approximately 85% compared to the historical average launch cost per kilogram of $18,500."},{"id":"e7","sourceId":"filing-2","location":"Key Business Metrics—Starship launches classified as internal","excerpt":"To date, all Starship launches have been classified as internal."},{"id":"e8","sourceId":"filing-1","location":"Business overview—deployed Starlink satellite fleet","excerpt":"communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth"},{"id":"e9","sourceId":"filing-1","location":"Business overview—Starlink customers and geographic reach","excerpt":"Orbit, delivering connectivity to millions of consumer, enterprise, and government customers across 164 countries,"},{"id":"e10","sourceId":"filing-1","location":"Business overview—March 31, 2026 operating-data date","excerpt":"territories, and other markets, as of March 31, 2026."},{"id":"e11","sourceId":"filing-1","location":"Competition—satellite-connectivity entry barriers","excerpt":"The satellite connectivity market involves significant barriers to entry, including substantial capital requirements,"},{"id":"e12","sourceId":"filing-1","location":"Competition—technology, spectrum, orbital resources and approvals","excerpt":"advanced technological capabilities, access to spectrum and orbital resources, regulatory licenses and approvals, and"},{"id":"e13","sourceId":"filing-1","location":"Competition—named satellite-to-mobile operators","excerpt":"including, among others, AST SpaceMobile, Lynk, Globalstar and Skylo."},{"id":"e14","sourceId":"filing-2","location":"MD&A—Connectivity subscriber growth, ARPU decline and enterprise revenue growth","excerpt":"This increase was primarily driven by an increase of $1,420 million in revenue from our consumer subscribers, composed of 101.2% growth in Starlink subscribers, offset by a 22.6% decline in Starlink subscriber ARPU, primarily due to international expansion and the addition of lower priced service plans, as well as an increase of $1,066 million in our government, aviation, maritime, and other enterprise businesses."},{"id":"e15","sourceId":"filing-2","location":"MD&A—six-month Connectivity revenue growth","excerpt":"Revenue for the six months ended June 30, 2026 increased by $2,486 million, or 49.1%, compared to the six months ended June 30, 2025."},{"id":"e16","sourceId":"filing-2","location":"MD&A—six-month Connectivity cost-of-revenue growth","excerpt":"Cost of revenue for the six months ended June 30, 2026 increased by $1,096 million, or 41.9%, compared to the six months ended June 30, 2025."},{"id":"e17","sourceId":"filing-2","location":"Revenue—fixed-price recurring and usage-based Connectivity services","excerpt":"The Company generates service revenue from (i) fixed-price services that require advance or recurring monthly payments by the customer or (ii) variable-priced services based on actual data consumption."},{"id":"e18","sourceId":"filing-1","location":"Business—advertising auction pricing","excerpt":"an auction process in which advertisers bid to have their ads shown to the audience they are targeting, except for"},{"id":"e19","sourceId":"filing-1","location":"Business—fixed-price reserved advertising inventory","excerpt":"certain reserved inventory, which is sold on a fixed price basis."},{"id":"e20","sourceId":"filing-2","location":"Risk Factors—AI cloud monthly fees and termination rights","excerpt":"Our cloud services agreements generally provide for monthly fees and, after an initial period inclusive of capacity ramp (generally, a number of months), may be terminated by either party upon 90 days' notice."},{"id":"e21","sourceId":"filing-2","location":"Financial-statement notes—enforceable agreements required for backlog","excerpt":"Contracts are included in backlog when an enforceable agreement has been reached."},{"id":"e22","sourceId":"filing-2","location":"Financial-statement notes—June 30, 2026 backlog and deferred revenue","excerpt":"Backlog totaled \n13\nTable of Contents\n$47,461 million as of June 30, 2026, of which $14,286 million was recognized as deferred revenue at June 30, 2026."},{"id":"e23","sourceId":"filing-1","location":"Business—actual Starship investment","excerpt":"including investing over $15 billion in our next-generation rocket, Starship."},{"id":"e24","sourceId":"filing-2","location":"Commitments and Contingencies—AI infrastructure and cloud obligations","excerpt":"Note 16 - Commitments and Contingencies\nUnconditional Obligations\nThe Company’s unconditional obligations are non-cancelable contractual commitments primarily related to the Company’s investments in AI infrastructure and third-party cloud capacity arrangements and other service arrangements."},{"id":"e25","sourceId":"filing-2","location":"Commitments and Contingencies—non-cancelable contractual commitments","excerpt":"The following table summarizes the Company’s non-cancelable contractual commitments as of June 30, 2026:\n2026 (remaining six months)\n$\n2,728 \n2027\n22,244 \n2028\n2,172 \n2029\n809 \n2030\n2 \nThereafter\n— \nTotal \n$\n27,955 \nLetters of Credit and Surety Bonds\nThe Company had outstanding letters of credit of $645 million at June 30, 2026 related to various customer contracts, insurance agreements, and facility lease agreements."},{"id":"e26","sourceId":"filing-2","location":"Shareholders' equity—completed IPO financing, share-based compensation and losses","excerpt":"Redeemable convertible preferred stock, par value $0.001; — and 2,351 shares issued; — and 2,046 shares outstanding as of June 30, 2026 and December 31, 2025, respectively\n— \n38,752 \nShareholders’ equity\nPreferred stock, par value $0.001; no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively\n— \n— \nClass A common stock, par value 0.001; 7,607 and 2,036 shares issued; 7,607 and 1,952 shares outstanding as of June 30, 2026 and December 31, 2025, respectively\n7 \n3 \nClass B common stock, par value $0.001; 5,569 and 644 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively\nThree Months Ended June 30, 2026\nShares\nAmount\nShares\nAmount\nAdditional Paid-in Capital\nAccumulated\n Deficit\nAccumulated Other\nComprehensive Income\nTotal Shareholders'\nEquity\nBalances at March 31, 2026\n135 \n$\n7,049 \n5,798 \n$\n6 \n$\n74,083 \n$\n(41,311)\n$\n1,755 \n$\n34,533 \nShare-based compensation\n— \n— \n— \n— \n877 \n— \n— \n877 \nIssuance of common stock in connection with IPO, net of underwriting commissions and offering costs\n— \n— \n639 \n1 \n85,674 \n— \n— \n85,675 \nCommon stock issued, net of tax withholding\n— \n— \n26 \n— \n(253)\n— \n— \n(253)\nConversion of redeemable convertible preferred stock to common stock\n(135)\n(7,049)\n6,723 \n6 \n7,043 \n— \n— \n7,049 \nRepurchase of common stock\n— \n— \n(10)\n— \n(80)\n— \n— \n(80)\nNet loss\n— \n— \n— \n— \n— \n(541)\n— \n(541)\nOther comprehensive loss\n— \n— \n— \n— \n— \n— \n(36)\n(36)\nBalances at June 30, 2026\n— \n$\n— \n13,176 \n$\n13 \n$\n167,344 \n$\n(41,852)\n$\n1,719 \n$\n127,224 \nRedeemable Convertible\nPreferred Stock\nCommon Stock\nSix Months Ended June 30, 2026\nShares\nAmount\nShares\nAmount\nAdditional Paid-in Capital\nAccumulated\n Deficit\nAccumulated Other\nComprehensive Income\nTotal Shareholders'\nEquity\nBalances at December 31, 2025\n2,046 \n$\n38,752 \n3,079 \n$\n4 \n$\n37,706 \n$\n(37,035)\n$\n1,898 \n$\n2,573 \nShare-based compensation\n— \n— \n— \n— \n1,570 \n— \n— \n1,570 \nIssuance of common stock in connection with IPO, net of underwriting commissions and offering costs\n— \n— \n639 \n1 \n85,674 \n— \n— \n85,675 \nIssuance of redeemable convertible preferred stock\n78 \n5,869 \n— \n— \n— \n— \n— \n— \nCommon stock issued, net of tax withholding\n— \n— \n1,372 \n1 \n2,207 \n— \n— \n2,208 \nConversion of redeemable convertible preferred stock pursuant to xAI Merger"},{"id":"e27","sourceId":"filing-1","location":"Executive Compensation—options not earned on 2025 adjusted EBITDA performance","excerpt":"None of the stock options became earned on account of our 2025 Fiscal Year adjusted EBITDA \nperformance."},{"id":"e28","sourceId":"filing-2","location":"Other Information—CFO extended share lock-up","excerpt":"Pursuant to the extended lock-up arrangements described in the Prospectus, Bret Johnsen, Chief Financial Officer, agreed to subject the vast majority of his shares to the extended lock-up period."},{"id":"e29","sourceId":"filing-2","location":"Other Information—President and COO extended share lock-up","excerpt":"Pursuant to the extended lock-up arrangements described in the Prospectus, Gwynne Shotwell, President, Chief Operating Officer and a director, agreed to subject the vast majority of her shares to the extended lock-up period."},{"id":"e30","sourceId":"filing-1","location":"Management—absence of compensation committee in last completed fiscal year","excerpt":"During the last completed fiscal year, we were not a publicly traded company and did not have a compensation"},{"id":"e31","sourceId":"filing-1","location":"Management—executive compensation decisions and board approval of equity awards","excerpt":"decisions; however, all equity awards were approved by the board."},{"id":"e32","sourceId":"filing-1","location":"Management—intended controlled-company exemption","excerpt":"As a “controlled company,” we will rely upon the"},{"id":"e33","sourceId":"filing-1","location":"Management—compensation and nominating committee exemption","excerpt":"exemption from Nasdaq’s and Nasdaq Texas’ requirement that we have a compensation and nominating committee"},{"id":"e34","sourceId":"filing-1","location":"Management—committee independence exemption continuation","excerpt":"that is composed entirely of independent directors with a committee charter that addresses all Nasdaq and Nasdaq"},{"id":"e35","sourceId":"filing-1","location":"Business—completed initial COLOSSUS deployment and timing","excerpt":"100,000 H100 processors, approximately 130 megawatts of compute power, in just 122 days, repurposing the shell"},{"id":"e36","sourceId":"filing-1","location":"Business—initial COLOSSUS II deployment","excerpt":"of an existing factory. At COLOSSUS II, we brought online the first cluster of approximately 110,000 GB200"},{"id":"e37","sourceId":"filing-1","location":"Business—COLOSSUS II deployment capacity and timing","excerpt":"processors, approximately 210 megawatts of compute power, even faster in 91 days."},{"id":"e38","sourceId":"filing-2","location":"Subsequent Events—Cursor option exercised and merger agreement signed","excerpt":"In June 2026, the Company exercised the call option and entered into an Agreement and Plan of Merger (the “Cursor Merger Agreement”) with Cursor to acquire Cursor (the “Cursor Merger”)."},{"id":"e39","sourceId":"filing-2","location":"Subsequent Events—Cursor closing conditions","excerpt":"The consummation of the Cursor Merger is subject to the satisfaction or waiver of the closing conditions set forth in the Cursor Merger Agreement, including, but not limited to, receipt of requisite regulatory approvals."}],"changes":["Changed uncertain to narrow because the supplied catalog establishes a reusable-hardware cost mechanism, Falcon operating achievements and satellite replication barriers that the previous summary did not incorporate. This is a reassessment of the supplied evidence, not a claim that the advantage newly arose.","Retained the previous caution on pricing: subscriber ARPU declined 22.6%, with international expansion and lower-priced plans identified as primary drivers.","Updated Cursor's status to an exercised option and signed merger agreement in June 2026, subject to closing conditions; completion and acquisition benefits are not established.","Did not carry forward the previous analysis's launch-activity decline or operating-income growth claims because the current passages do not directly substantiate them."],"limitations":["The supplied evidence consists of issuer filings. Reported operating achievements and contractual terms support numerical grades, but promotional claims of unmatched capabilities, a ten-year lead and AI cost leadership do not establish exceptional durability.","No named launch competitors or contemporary competitor cost comparisons are supplied. The named satellite operators concern Starlink Mobile, so their coverage cannot be generalized to all Starlink broadband competition.","Historical launch-cost comparisons are not current fully burdened unit-cost comparisons. Fleet size and launch share do not alone establish customer dependency, network effects or efficient scale.","Subscriber growth measures service lines and provides indirect demand evidence, not cohort retention, renewals or a count of unique customers. ARPU changes mix geography and plan pricing.","Contract disclosures establish pricing formats and termination rights, but do not establish unrestricted repricing of existing agreements or durable customer lock-in.","Capital-allocation outcomes remain incomplete: financing, spending and commitments are disclosed, but the supplied passages do not establish comprehensive cash generation or realized returns on AI and Starship investment.","Ownership-control estimates and committee exemptions in the June prospectus describe anticipated post-offering arrangements. They are not treated as subsequently verified voting percentages or completed governance changes.","Both source dates retain dateKind filed: June 12, 2026 and August 4, 2026. No subsequent completion, award vesting or operating development is assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Reusable boosters provide a concrete cost mechanism supported by reported Falcon throughput and reliability. The deployed constellation and disclosed entry barriers add replication friction. Current peer economics remain missing.","evidenceIds":["e1","e2","e3","e4","e5","e8","e11","e12"]},{"criterion":"durability","grade":2,"rationale":"Repeated flight experience and deployed infrastructure support persistence, but historical cost benchmarks do not establish a durable lead over current alternatives. Starship has not demonstrated external customer launches in these passages.","evidenceIds":["e2","e4","e6","e7","e8","e12"]},{"criterion":"customer_dependency","grade":2,"rationale":"Enforceable backlog and growing Connectivity demand demonstrate customer commitments and adoption indirectly. They do not establish switching costs, while cloud customers can terminate after the initial period on 90 days' notice.","evidenceIds":["e14","e20","e21","e22"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Connectivity revenue grew faster than cost of revenue despite lower ARPU, demonstrating some operating resilience. Named mobile alternatives and lower-priced plans limit confidence; price-driven moat erosion is not itself established.","evidenceIds":["e13","e14","e15","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Starlink subscriber ARPU declined 22.6%, partly from international expansion and lower-priced plans. This is weak realized monetization evidence, although it does not isolate like-for-like price cuts or prove competitive distress.","evidenceIds":["e14"]},{"criterion":"retention","grade":2,"rationale":"Subscriber expansion, enterprise revenue growth and enforceable backlog provide indirect demand evidence. Repeat-customer retention is unmeasured, and short cloud termination rights weaken contractual persistence.","evidenceIds":["e14","e20","e21","e22"]},{"criterion":"margin_resilience","grade":2,"rationale":"Six-month Connectivity revenue rose 49.1% while cost of revenue rose 41.9%, supporting gross-margin resilience despite lower subscriber ARPU. This segment comparison does not establish consolidated operating-margin resilience or price-driven profitability.","evidenceIds":["e14","e15","e16"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Connectivity uses recurring fixed-price and usage-based charges; advertising includes auctions and reserved fixed-price inventory. These demonstrate pricing mechanisms, but existing-contract repricing rights are undisclosed and cloud agreements permit short-notice exit.","evidenceIds":["e17","e18","e19","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operational achievements coexist with over $15 billion invested in Starship, $27.955 billion of non-cancelable commitments and substantial completed IPO financing. Spending and funding are demonstrated; returns on major expansion commitments remain unresolved, and internal-only Starship launches limit demonstrated commercialization.","evidenceIds":["e4","e7","e23","e24","e25","e26"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Disclosed performance-linked options were not earned on 2025 adjusted EBITDA performance, and the CFO and COO committed the vast majority of their shares to extended lock-ups. These establish some actual alignment mechanisms, but do not establish comprehensive award quality or exceptional alignment.","evidenceIds":["e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Reported Falcon launch share and reliability, Starlink adoption and completed compute-cluster deployments demonstrate execution across operating milestones. This assessment uses operating evidence indirectly to evaluate management; future Starship economics and AI investment returns remain unproven.","evidenceIds":["e4","e5","e14","e35","e36","e37","e7"]},{"criterion":"governance","grade":1,"rationale":"The last completed fiscal year lacked a compensation committee, and executive compensation decisions involved management, with board approval of equity awards. The prospectus also disclosed intended reliance on committee independence exemptions. These indicate weak oversight safeguards, without proving misconduct or subsequent implementation of every proposed arrangement.","evidenceIds":["e30","e31","e32","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"1b3824708de00da2de0a8a638196c2927bc52e1cef104d0e0a88143e21676492","updatedAt":"2026-10-19T10:37:00.537Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm","publishedAt":"2026-06-12","sha256":"2dd398faa95435d713e25f7f0eaee5d02662fa790fb271d96fdcc310d1835983","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm","publishedAt":"2026-08-04","sha256":"de5214a82b585ccb6ec5ca6ca201ddd088bbae205f379c322d69401b64b93e05","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:63d11e387954bbe322898316af91f7b9d54ec840bb2e54d329490569d6b8aea1","usage":{"input_tokens":49542,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4343,"reasoning_output_tokens":229},"basisSupplement":{"previousHash":"d94018023968c271e9317b0afe243a9c5bea89f39918e362230eb8ea1bf65780","checkedAt":"2026-10-19T16:53:05.174Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2023","end":"2023-12-31","values":{"gross_margin":41.17647058823529,"operating_margin":-33.74410320593049,"roic":null,"fcf_margin":1.0108789833445653,"sbc_revenue":6.537017425628189},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","eps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances 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closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","eps":"The reported inputs required for this metric are 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%.","roce":"The reported inputs required for this metric 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%.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roa":"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%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","diluted_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","basic_shares":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":49.389525543536465,"operating_margin":-13.864196208632324,"roic":null,"fcf_margin":-74.71350540858948,"sbc_revenue":10.426261111706117},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","eps":"The reported inputs required for this metric are 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":"Invested capital did not increase versus the prior year. 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