{"schemaVersion":1,"research":true,"symbol":"tech","name":"Bio-Techne","topic":"moat","path":"/stock/tech/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:43:30.578Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Bio-Techne has specialized intellectual property, a broad product portfolio and demonstrated sole-manufacturer relationships that suggest customer dependency in parts of its business. The passages do not establish the breadth or duration of switching barriers or sustained competitive superiority. Pricing power remains unproven, with disclosed purchasing pressure and mixed margin resilience. This supports uncertainty rather than a finding of no moat.","advantages":[{"mechanism":"switching_costs","claim":"Being the sole manufacturer of products for many customers establishes current supplier dependency. OEM sales provide additional evidence of embedded commercial relationships, but neither disclosure establishes replacement costs or contractual exclusivity.","durability":"Sole-manufacturer dependency is disclosed in both fiscal 2024 and fiscal 2026. Its persistence supports a possible advantage, but affected revenue, qualification requirements and customer substitution histories are absent.","risks":"Customer consolidation increases purchasing pressure; larger suppliers may attract customers seeking a broader sole-source offering. Regulatory disruption could damage dependent customer relationships.","invalidation":"The switching-cost hypothesis would be undermined by customers routinely qualifying alternative manufacturers, transferring OEM business without meaningful disruption, or materially reducing purchases of these products.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e7","e8"]},{"mechanism":"intangible_assets","claim":"Existing patents, trade secrets, licenses and specialized products support differentiation. Actual product introductions demonstrate development activity, but do not establish protected market leadership or superior customer economics.","durability":"Potential durability depends on enforceable product-specific protection and continued commercially successful innovation. Patent lives, protected revenue and evidence of sustained customer preference are missing.","risks":"The issuer acknowledges that intellectual property does not always provide significant competitive advantage. Increased entry and low-cost competition can erode differentiation; product counts do not establish commercial success.","invalidation":"The advantage hypothesis would be undermined by competitors consistently matching protected functionality, material patent invalidations or design-arounds, or new products failing to sustain demand without price concessions.","competitors":[],"evidenceIds":["e4","e5","e6"],"counterEvidenceIds":["e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1A / regulatory risks / sole-manufacturer relationships","excerpt":"We are the sole manufacturer of a number of products for many of our customers and a negative regulatory event could impact our customers’ ability to provide products to their customers."},{"id":"e2","sourceId":"filing-5","location":"Item 1A / regulatory risks / sole-manufacturer relationships","excerpt":"We are the sole manufacturer of a number of products for many of our customers and a negative regulatory event could impact our customers’ ability to provide products to their customers."},{"id":"e3","sourceId":"filing-4","location":"Business / Diagnostic Reagents distribution and OEM agreements","excerpt":"The majority of Diagnostic Reagents Division’s sales are through OEM agreements, but we sell some of our diagnostic reagent products directly to customers and, in Europe and Asia, also through distributors."},{"id":"e4","sourceId":"filing-1","location":"Item 1A / intellectual property portfolio","excerpt":"We own numerous patents, trademarks, copyrights, trade secrets and other intellectual property and licenses to intellectual property owned by others, which in aggregate are important to our business."},{"id":"e5","sourceId":"filing-1","location":"Business / new products and research and development","excerpt":"In fiscal 2026, we introduced over 1,900 new products."},{"id":"e6","sourceId":"filing-3","location":"CEO shareholder letter / product portfolio breadth","excerpt":"We also broadened our market-leading core portfolio of over 6,000 proteins, 400,000 antibody types, and 2,400 assays."},{"id":"e7","sourceId":"filing-1","location":"Item 1A / customer consolidation and pricing pressure","excerpt":"In addition, consolidation trends in the pharmaceutical, biotechnology and diagnostics industries have served to create fewer customer accounts and to concentrate purchasing decisions for some customers, resulting in increased pricing pressure on us."},{"id":"e8","sourceId":"filing-1","location":"Item 1A / customer preference for consolidated vendors","excerpt":"Moreover, customers may believe that consolidated businesses are better able to compete as sole source vendors, and therefore prefer to purchase from such businesses."},{"id":"e9","sourceId":"filing-1","location":"Item 1A / limitations of intellectual property protection","excerpt":"The intellectual property rights that we obtain, however, are not always sufficiently broad and do not always provide us a significant competitive advantage, and patents may not be issued for pending or future patent applications owned by or licensed to us."},{"id":"e10","sourceId":"filing-1","location":"Business / increased competitive entry","excerpt":"We have seen increased competition in a number of our markets as a result of the entry of new companies into certain markets, the entry of competitors based in low-cost manufacturing locations, and increasing consolidation in particular markets."},{"id":"e11","sourceId":"filing-1","location":"Item 1A / low-cost manufacturing competition and pricing pressure","excerpt":"The entry into the market by manufacturers in countries in Asia and other low-cost manufacturing locations is also creating increased pricing and competitive pressures, particularly in developing markets."},{"id":"e12","sourceId":"filing-2","location":"MD&A / March 2026 organic revenue drivers","excerpt":"Organic revenue for the quarter ended March 31, 2026 was primarily driven by unfavorable volume and product mix in our Protein Sciences segment, partially offset by favorable performance in our Diagnostics and Spatial Biology portfolio."},{"id":"e13","sourceId":"filing-2","location":"MD&A / reported gross margins","excerpt":"26 Table of Contents Gross Margins Consolidated gross margins for the quarter and nine months ended March 31, 2026 were 66.9% and 65.7%, respectively, compared to 67.9% and 65.5% for the same prior year periods."},{"id":"e14","sourceId":"filing-2","location":"MD&A / adjusted gross margins","excerpt":"Excluding the impact of costs recognized upon the sale of acquired inventory, amortization of intangibles, stock-based compensation expense, restructuring and restructuring-related expenses, and the impact of a business held-for-sale, adjusted gross margins for the quarter and nine months ended March 31, 2026 were 70.4% and 69.7%, respectively, compared to 71.6% and 70.6% for the quarter and nine months ended March 31, 2025, respectively."},{"id":"e15","sourceId":"filing-2","location":"MD&A / product-mix explanation of margin changes","excerpt":"Fluctuations in consolidated gross margin and adjusted gross margin, as a percentage of sales, have primarily resulted from changes in product mix."},{"id":"e16","sourceId":"filing-1","location":"Liquidity and capital resources / operating cash flows","excerpt":"The Company generated cash from operations of $292.1 million, $287.6 million, and $299.0 million in fiscal 2026, 2025, and 2024, respectively."},{"id":"e17","sourceId":"filing-1","location":"Liquidity and capital resources / capital additions","excerpt":"Capital additions in fiscal 2026, 2025, and 2024 were $28.9 million, $31.0 million, and $62.9 million."},{"id":"e18","sourceId":"filing-2","location":"Liquidity and capital resources / debt repayments","excerpt":"During the nine months ended March 31, 2026 and 2025, the Company made repayments of $146.0 million and $27.0 million, respectively, on its long-term debt balance."},{"id":"e19","sourceId":"filing-1","location":"Restructuring / fiscal 2024 disposal-group impairment","excerpt":"As a result of an impairment test performed over the disposal group during fiscal 2024, a cumulative impairment charge of $22.0 million which includes the allocated goodwill, was recorded in the Selling, general and administrative line in the Consolidated Statements of Earnings and Comprehensive Income for fiscal 2024."},{"id":"e20","sourceId":"filing-1","location":"Liquidity and capital resources / binding Wilson Wolf acquisition commitment","excerpt":"Since the first part of the forward contract has been triggered, the second part of the forward contract will automatically trigger, which requires the Company to acquire the remaining 80.1% of Wilson Wolf on December 31, 2027."},{"id":"e21","sourceId":"filing-3","location":"CEO shareholder letter / fiscal 2025 organic growth","excerpt":"From a financial perspective, we successfully navigated a dynamic and evolving macro environment, achieving 5% organic revenue growth for the fiscal year, with our revenue exceeding $1.2 billion."},{"id":"e22","sourceId":"filing-2","location":"Condensed consolidated statements of earnings / March 2026 comparative results","excerpt":"FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME Bio-Techne Corporation and Subsidiaries (in thousands, except per share data) (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Nine Months Ended ​ ​ March 31, ​ March 31, ​ ​ 2026 ​ 2025 ​ 2026 ​ 2025 Net sales ​ $ 311,415 ​ $ 316,181 ​ $ 893,847 ​ $ 902,671 Cost of sales ​ 103,127 ​ 101,625 ​ 306,170 ​ 311,211 Gross margin ​ 208,288 ​ 214,556 ​ 587,677 ​ 591,460 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ 109,338 ​ 151,269 ​ 339,242 ​ 391,881 Research and development ​ 23,455 ​ 24,579 ​ 70,821 ​ 73,464 Total operating expenses ​ 132,793 ​ 175,848 ​ 410,063 ​ 465,345 Operating income ​ 75,495 ​ 38,708 ​ 177,614 ​ 126,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ (4,270) ​ ​ (434) ​ ​ (7,614) ​ ​ (4,793) Earnings before income taxes ​ 71,225 ​ 38,274 ​ 170,000 ​ 121,322 Income taxes ​ 20,178 ​ 15,686 ​ 42,759 ​ 30,244 Net earnings ​ $ 51,047 ​ $ 22,588 ​ $ 127,241 ​ $ 91,078 Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation income (loss) ​ (4,352) ​ 5,311 ​ (4,440) ​ 1,049 Unrealized gains (losses) on derivative instruments ​ (160) ​ (1,713) ​ (2,536) ​ (4,785) Other comprehensive income (loss) ​ (4,512) ​ 3,598 ​ (6,976) ​ (3,736) Comprehensive income ​ $ 46,535 ​ $ 26,186 ​ $ 120,265 ​ $ 87,342 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.33 ​ $ 0.14 ​ $ 0.82 ​ $ 0.58 Diluted ​ $ 0.32 ​ $ 0.14 ​ $ 0.81 ​ $ 0.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 156,327 ​ 157,372 ​ 155,893 ​ 158,117 Diluted ​ 157,403 ​ 158,944 ​ 156,943 ​ 160,662 ​ See Notes to Condensed Consolidated Financial Statements."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation / fiscal 2025 metrics and award structure","excerpt":"| 2025 Proxy Statement 47 Back to Contents Element Form 2025 Metrics and Weighting Alignment with Shareholder Value Creation 1 Base Salary Cash Fixed • Attracts and retains high-performing executives by providing market-competitive fixed pay 2 Annual Cash Bonus Incentive (Short-Term Incentives) Cash Performance-Based 50% Organic Revenue 50% Adjusted EBITA • Drives Company-wide and segment performance • Focuses efforts on growing profitable revenue and earnings and achieving strategic business goals 3 Long-Term Equity Awards (Performance-Based) Three-Year Performance-Based RSUs 40%Organic revenue 35% Adjusted EBITA 25% rTSR • Encourages executives to be, and to think like, shareholders • Motivates executives to deliver sustained long-term growth to the business and to the Company’s share price • Retains high–performing executives by providing a meaningful incentive to stay with the Company 4 Long-Term Equity Awards (Time-Based) Time-Vesting Options & RSUs 50% Options (vesting in equal 1/4ths) 50% RSUs (vesting in equal 1/3rds) • Incentivizes strong performance and profitable growth • Retains high–performing executives by providing a meaningful incentive to stay with the Company For fiscal year 2025, our NEOs had the target pay mix shown below."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation / fiscal 2025 equity awards actually granted","excerpt":"Stock Options* Restricted Stock Units Executive Time-based ($) Time-based ($) Performance-based ($) Kim Kelderman $ 1,932,848 $ 1,919,943 $ 4,287,998 James Hippel 907,273 3,509,529 2,012,782 William Geist 593,448 589,467 1,316,518 Matthew McManus 596,695 592,688 1,323,760 Shane Bohnen 377,496 374,999 837,494 * Amounts shown above represent the total grant date fair value of equity-based compensation, and for the performance-based grants, assumes target."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation / incentive earnings exclusions and committee discretion","excerpt":"The Company’s adjusted EBITA target for management’s incentive plan excludes the impact of foreign currency translation; certain acquisitions and acquisition-related amortization, costs, and expenses; share-based compensation expense; non-recurring litigation expenses; and other unusual items in the discretion of the Compensation Committee."},{"id":"e26","sourceId":"filing-3","location":"Director biographies / independent board chair","excerpt":"Robert V. Baumgartner Age: 69 Director since: 2003 Chair since: 2012 INDEPENDENT CHAIR OF THE BOARD Committees: · Audit · Compensation Professional Background From 2001 until 2019, Mr."},{"id":"e27","sourceId":"filing-3","location":"Audit governance / actual pre-approval of fiscal 2025 and 2024 services","excerpt":"All of the services rendered by KPMG LLP in fiscal years 2025 and 2024 were pre-approved by the Audit Committee."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation / disclosed low say-on-pay approval","excerpt":"Meeting, we received only 35% shareholder approval for our Say on Pay proposal."},{"id":"e29","sourceId":"filing-3","location":"Executive compensation / adopted relative shareholder return metric","excerpt":"| 2025 Proxy Statement 53 Back to Contents Bio-Techne’s rTSR Measure for Performance-Based Long-Term Incentive Awards In June 2023, following extensive engagement with investors regarding the design of our short- and long-term incentive plans, as well as a comprehensive evaluation, analysis, and benchmarking over the span of several committee meetings, the Compensation Committee approved the addition of an rTSR measure for three-year performance-based LTI."},{"id":"e30","sourceId":"filing-1","location":"Business / competitive-position disclosure","excerpt":"Although our segments both generally operate in highly competitive markets, it is difficult to determine our competitive position, either in the aggregate or by segment, since none of our competitors offer all of the same product and service lines or serve all of the same markets as the Company or its segments."},{"id":"e31","sourceId":"filing-1","location":"Revenue recognition / customer credit and return terms","excerpt":"Any claims for credit or return of goods must be made within 10 days of receipt."}],"changes":["Retains the previous uncertain verdict, but recognizes repeated sole-manufacturer disclosures and OEM relationships as evidence of current customer dependency; switching costs remain unquantified.","Adds assessments of actual capital deployment, debt repayment, granted compensation awards and governance disclosures.","Distinguishes disclosed pricing pressure from demonstrated price reductions and product-mix effects from pricing outcomes."],"limitations":["Only supplied passages were considered. All source dates are filing dates, with dateKind filed; they are not retrieval dates.","Competitive disclosures identify generic categories rather than named competitors. Companies mentioned as acquisition parties, investees, advisers or director affiliations are not established competitors.","IP importance, portfolio leadership and competitive strengths are issuer assertions. Product introductions, sole-manufacturer relationships and reported operating results provide firmer evidence but do not establish exceptional durability.","No product-level market shares, patent expiration schedules, substitution histories, customer retention rates or realized price changes are supplied.","OEM pricing provisions, repricing rights and contract renewal terms are absent. Limited return terms do not establish pricing discretion.","The supplied proxy documents actual fiscal 2025 compensation arrangements, but executive ownership quantities and subsequent incentive outcomes are missing. Future proxy disclosures and proposed meeting actions are not treated as completed.","Fiscal 2026 annual cash-flow and product-launch disclosures are available, but the supplied detailed sales and margin comparisons extend only through March 2026."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Sole-manufacturer relationships and existing intellectual property suggest structural advantages, but their economic coverage and protection against substitution cannot be established.","evidenceIds":["e1","e3","e4","e9"]},{"criterion":"durability","grade":null,"rationale":"Repeated dependency disclosures support persistence, but the passages lack contract durations, qualification barriers and product-specific protection lives needed to establish moat durability.","evidenceIds":["e1","e2","e9"]},{"criterion":"customer_dependency","grade":null,"rationale":"Current dependency exists for some products, but its financial significance and the difficulty of changing suppliers remain unknown; the uncertain moat verdict therefore remains ungraded.","evidenceIds":["e1","e3"]},{"criterion":"erosion_resilience","grade":null,"rationale":"New-product output demonstrates renewal activity, while increased entry and purchasing pressure indicate erosion channels. Their net effect on competitive position is unresolved.","evidenceIds":["e5","e7","e10","e30"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The issuer reports increased pricing pressure, but supplies no realized price changes or price contribution to revenue. Volume and mix weakness cannot establish realized pricing in either direction.","evidenceIds":["e7","e11","e12"]},{"criterion":"retention","grade":2,"rationale":"Repeated sole-manufacturer disclosures and OEM sales provide indirect evidence of durable relationships and switching friction. They do not establish measured retention, and recent volume weakness limits confidence.","evidenceIds":["e1","e2","e3","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"March 2026 quarterly GAAP gross margin fell to 66.9% from 67.9%, while nine-month margin rose to 65.7% from 65.5%. Adjusted margins declined over both periods, primarily because of mix. Resilience is mixed and does not prove pricing power.","evidenceIds":["e13","e14","e15"]},{"criterion":"contractual_freedom","grade":null,"rationale":"OEM arrangements and a ten-day claims window are disclosed, but price-setting rights, escalation clauses and repricing restrictions are absent. Purchasing pressure does not establish contractual pricing freedom.","evidenceIds":["e3","e7","e31"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2026 operating cash generation of $292.1 million comfortably exceeded $28.9 million of capital additions, and $146 million of debt was repaid during the first nine months. A realized disposal-group impairment and binding acquisition commitment temper this evidence; acquisition returns remain unestablished.","evidenceIds":["e16","e17","e18","e19","e20"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual fiscal 2025 equity grants and three-year awards tied to organic revenue, adjusted EBITA and relative shareholder returns establish meaningful alignment mechanisms. Overlapping metrics and discretionary earnings exclusions weaken accountability; executive ownership and realized vesting outcomes are missing.","evidenceIds":["e23","e24","e25","e29"]},{"criterion":"execution","grade":2,"rationale":"Reported fiscal 2025 organic growth, fiscal 2026 product introductions and sustained cash generation demonstrate execution beyond management aspirations. March 2026 sales and volume weakness make the record mixed. Product counts are indirect evidence and do not establish commercial adoption.","evidenceIds":["e5","e12","e16","e21","e22"]},{"criterion":"governance","grade":2,"rationale":"An independent chair, actual audit-service pre-approvals and an adopted shareholder-return compensation metric support functioning oversight. Disclosed 35% say-on-pay approval indicates substantial dissatisfaction. Subsequent voting outcomes and the effectiveness of remediation are not supplied.","evidenceIds":["e26","e27","e28","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"61cebc6a0893c2efe06c866d0ed191b92ce9a6e7ee2468e4b42e7475150c60b2","updatedAt":"2026-10-18T14:43:30.578Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm","publishedAt":"2026-08-24","sha256":"3ee164a6e30134e9c7d59315dbad39d9fce22c2aa98adaf0c95197c79d3933c6","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/842023/000110465926056302/tech-20260331x10q.htm","publishedAt":"2026-05-06","sha256":"b92451a803103894b1d2c27d56901f57d73f1ee654a67740d157c18c967747df","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/842023/000130817925000599/tech014339-def14a.htm","publishedAt":"2025-09-19","sha256":"18d7f9abd54ade975a9e7179c819cd0dda68937ee8c1adadbb1dc14f93018156","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/842023/000155837025011716/tech-20250630x10k.htm","publishedAt":"2025-08-22","sha256":"87173d08fae828d16652584ec8486db6a71755a88c42637f09f51fea6d5f8b01","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/842023/000155837024012430/tech-20240630x10k.htm","publishedAt":"2024-08-22","sha256":"ce51e158335570bdbe1f197e013d6c8d3e8c0191f4d94e42a3478779aaf198bb","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/842023/000110465926010335/tech-20251231x10q.htm","publishedAt":"2026-02-04","sha256":"d70fd4cdbe6302657285591dd7a4e970ddc4d0df89fd8286eb8a6762d1281a48","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:259d80e66f4f6f47ac42120bf97d2203ff5504c34c58f5d8da7fc5e3e1c3c8c7","usage":{"input_tokens":87451,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3070,"reasoning_output_tokens":115},"basisSupplement":{"previousHash":"706c1d6858ab9a31fb96b97117f71b0b4662e4bef127cfeb701c9e907ecc21ba","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2022","end":"2022-06-30","values":{"gross_margin":68.42408504349227,"operating_margin":26.82618200631513,"roic":14.804190645071788,"fcf_margin":25.358561286687127,"sbc_revenue":3.8153978069806507},"issues":{"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.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-06-30","values":{"gross_margin":67.72355463437208,"operating_margin":26.299241137958763,"roic":null,"fcf_margin":19.015449959620025,"sbc_revenue":3.4512123670056},"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."}},{"period":"2024","end":"2024-06-30","values":{"gross_margin":66.40941797663625,"operating_margin":17.832208858902906,"roic":null,"fcf_margin":20.370300070746985,"sbc_revenue":3.282142425758805},"issues":{"peg":"TTM earnings 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."}},{"period":"2025","end":"2025-06-30","values":{"gross_margin":64.79577906504815,"operating_margin":8.384065724581534,"roic":null,"fcf_margin":21.03498177733502,"sbc_revenue":3.3479688595358446},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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