{"schemaVersion":1,"research":true,"symbol":"tgt","name":"Target","topic":"moat","path":"/stock/tgt/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:07:18.577Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Target has useful store fulfillment capabilities and differentiated owned brands, but the passages establish fragile competitive advantages rather than a durable moat. Realized forecasting failures, reputational damage and 2025 sales declines support this conclusion beyond missing competitor comparisons. First-half 2026 growth and merchandising improvements are encouraging, but tariff refunds materially inflate profit comparisons. Pricing power is weak to mixed, with markdown exposure and no demonstrated ability to sustain a premium without losing demand.","advantages":[{"mechanism":"cost_advantage","claim":"Stores fulfilled more than 97% of merchandise sales in each of three years, supporting convenience and an issuer-reported fulfillment cost benefit. Disclosed 2026 productivity improvements demonstrate operating progress, but do not establish a sustained cost advantage over competitors.","durability":"An established fulfillment capability, but its competitive durability is unproven. Continued investment and sufficient sales density are necessary to sustain its economics.","risks":"Fulfillment investment is costly, comparison shopping limits differentiation, and higher sales did not prevent the adjusted SG&A expense rate from increasing in first-half 2026.","invalidation":"The operating benefit would be undermined by persistently rising fulfillment cost per order, deteriorating service, or repeated failure of sales growth and productivity improvements to offset network costs. Sustained, comparable evidence of superior delivered costs would warrant reconsidering the no-moat verdict.","competitors":[],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4","e5"]},{"mechanism":"intangible_assets","claim":"Owned and exclusive brands account for approximately 30% of merchandise sales, demonstrating meaningful differentiated demand. Their higher reported margins do not alone establish pricing power or a moat.","durability":"The brand portfolio is an existing asset, but its protection depends on continually anticipating preferences and preserving reputation. Historical demand forecasting and reputational failures demonstrate fragility.","risks":"Fashion and assortment errors can require markdowns. Longer owned-brand lead times amplify forecasting and import risks. Loyalty discounts encourage engagement, but demonstrated customer dependence is limited.","invalidation":"Persistent declines in owned-brand demand, repeated excess inventory and markdowns, or further reputational damage affecting consumer behavior would undermine the differentiation claim. Sustained repeat demand and price realization through adverse conditions would warrant reconsideration.","competitors":[],"evidenceIds":["e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — stores as fulfillment hubs","excerpt":"Our strategy continues to leverage stores as fulfillment hubs, with stores fulfilling more than 97 percent of total Merchandise Sales in each of the last three years, which provides convenience for our guests at a reduced fulfillment cost."},{"id":"e2","sourceId":"filing-2","location":"MD&A — first-half 2026 gross margin drivers","excerpt":"The increase reflected benefits from: •tariff refunds; •merchandising, including lower purchase order cancellation costs and markdown rates compared to the prior year and growth in advertising and other revenues; and •supply chain and digital fulfillment, including productivity improvements in supply chain facilities, and the leveraging impact of higher sales."},{"id":"e3","sourceId":"filing-1","location":"Risk Factors — digital comparison shopping","excerpt":"Since consumers can quickly comparison shop using digital tools, they may make decisions based solely on price or convenience, which could limit our ability to differentiate from our competitors."},{"id":"e4","sourceId":"filing-1","location":"Risk Factors — fulfillment and digital investment complexity","excerpt":"In addition, providing multiple fulfillment options, expanding our digital channels, expanding our digital assortment through third-party sellers on our Target Plus marketplace, and implementing new technology is complex, costly, and may not meet our guests’ expectations."},{"id":"e5","sourceId":"filing-2","location":"MD&A — operating results and expense rate comparisons","excerpt":"Analysis of Results of Operations Summary of Operating Income Three Months Ended Six Months Ended (dollars in millions) August 1, 2026 August 2, 2025 Change August 1, 2026 August 2, 2025 Change Net sales $ 26,539 $ 25,211 5.3 % $ 51,982 $ 49,057 6.0 % Cost of sales (a) 17,603 17,903 (1.7) 35,664 35,031 1.8 SG&A expenses 5,725 5,359 6.8 11,286 9,950 13.4 Depreciation and amortization (exclusive of depreciation included in cost of sales) 651 632 3.2 1,337 1,287 3.9 Operating income (a) $ 2,560 $ 1,317 94.4 % $ 3,695 $ 2,789 32.5 % Adjusted SG&A expenses (b) $ 5,725 $ 5,359 6.8 % $ 11,286 $ 10,543 7.1 % Adjusted operating income (a)(b) 2,560 1,317 94.4 3,695 2,196 68.3 Rate Analysis Three Months Ended Six Months Ended August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Gross margin rate (a) 33.7 % 29.0 % 31.4 % 28.6 % SG&A expense rate 21.6 21.3 21.7 20.3 Adjusted SG&A expense rate (b) 21.6 21.3 21.7 21.5 Depreciation and amortization expense rate (exclusive of depreciation included in cost of sales) 2.5 2.5 2.6 2.6 Operating income margin rate (a) 9.6 5.2 7.1 5.7 Adjusted operating income margin rate (a)(b) 9.6 5.2 7.1 4.5 Note: Gross margin (GM) is calculated as Net Sales less Cost of Sales."},{"id":"e6","sourceId":"filing-1","location":"Risk Factors — owned and exclusive brand sales contribution","excerpt":"Our owned and exclusive brand products represent approximately thirty percent of our overall merchandise sales and generally carry higher margins than equivalent national brand products."},{"id":"e7","sourceId":"filing-1","location":"Business — Target Circle Card discounts and benefits","excerpt":"•Target Circle Card1 offerings that provide a 5 percent discount on nearly all purchases, free standard and 2-day shipping on eligible items purchased through our digital channels, and extended returns; and/or"},{"id":"e8","sourceId":"filing-1","location":"Risk Factors — realized forecasting failures and costs","excerpt":"We have not always been able to accurately forecast consumer demand or react to rapid changes in consumer preferences and spending patterns, which has previously resulted in insufficient or excess inventory, increased inventory markdowns, higher costs (including for storage, transportation, labor, and other expenses), and adverse impacts on our results of operations."},{"id":"e9","sourceId":"filing-4","location":"Risk Factors — realized reputational effects on demand and operations","excerpt":"We have previously experienced negative perceptions of our business, which have adversely affected consumer behavior and our results of operations, and we could experience similar occurrences in the future."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors — owned-brand lead times and ownership","excerpt":"In addition, owned brand products generally need longer lead times between order placement and product delivery and require us to take ownership of those products earlier in the supply chain."},{"id":"e11","sourceId":"filing-1","location":"Financial Statements — 2023–2025 business segment results","excerpt":"Business Segment Results (millions) 2025 2024 2023 Net sales $ 104,780 $ 106,566 $ 107,412 Cost of sales Merchandising cost of sales (a) 67,980 68,884 70,652 Supply chain and digital fulfillment costs (a) 7,531 7,618 7,176 Total cost of sales 75,511 76,502 77,828 SG&A expenses (b) 21,535 21,969 21,462 Depreciation and amortization (exclusive of depreciation included in cost of sales) 2,617 2,529 2,415 Operating income 5,117 5,566 5,707 Net interest expense 445 411 502 Net other income (95) (106) (92) Earnings before income taxes 4,767 5,261 5,297 Provision for income taxes 1,062 1,170 1,159 Net earnings $ 3,705 $ 4,091 $ 4,138 (a)Note 3 provides a description of Merchandising Cost of Sales and Supply Chain and Digital Fulfillment Costs."},{"id":"e12","sourceId":"filing-2","location":"MD&A — tariff refund contribution to reported margins","excerpt":"(a)Includes $994 million related to tariff refunds for the three and six months ended August 1, 2026, which provided a benefit to Gross margin rate, Operating income rate, and Adjusted operating income rate of 3.7 percentage points and 1.9 percentage points for the three and six month periods, respectively."},{"id":"e13","sourceId":"filing-1","location":"MD&A — 2025 gross margin comparison","excerpt":"Our gross margin rate was 27.9 percent in 2025 and 28.2 percent in 2024."},{"id":"e14","sourceId":"filing-1","location":"MD&A — higher markdown rates and cancellation costs","excerpt":"•merchandising activities, including higher markdown rates and purchase order cancellation costs, partially offset by growth in advertising and other revenues;"},{"id":"e15","sourceId":"filing-4","location":"MD&A — 2024 comparable sales, traffic and transaction amount","excerpt":"•Comparable sales increased 0.1 percent, driven by a 1.4 percent increase in traffic and partially offset by a 1.3 percent decrease in average transaction amount."},{"id":"e16","sourceId":"filing-5","location":"MD&A — 2023 comparable sales, traffic and transaction amount","excerpt":"•Comparable sales decreased 3.7 percent, driven by a 2.4 percent decrease in traffic and a 1.4 percent decrease in average transaction amount."},{"id":"e17","sourceId":"filing-2","location":"Financial Statements — first-half 2026 cash flows","excerpt":"TARGET CORPORATION Q2 2026 Form 10-Q 3 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Cash Flows Six Months Ended (millions) (unaudited) August 1, 2026 August 2, 2025 Operating activities Net earnings $ 2,658 $ 1,971 Adjustments to reconcile net earnings to cash provided by operating activities: Depreciation and amortization 1,597 1,558 Share-based compensation expense 154 133 Deferred income taxes 238 112 Noncash (gains) / losses and other, net (4) 1 Changes in operating accounts: Inventory (945) (141) Other assets 22 151 Accounts payable 612 (1,125) Accrued and other liabilities 187 (302) Cash provided by operating activities 4,519 2,358 Investing activities Expenditures for property and equipment (2,404) (1,864) Other 7 11 Cash used in investing activities (2,397) (1,853) Financing activities Additions to long-term debt — 1,984 Reductions of long-term debt (1,070) (1,571) Dividends paid (1,034) (1,019) Repurchase of stock (3) (258) Shares withheld for taxes on share-based compensation (92) (62) Cash used in financing activities (2,199) (926) Net decrease in cash and cash equivalents (77) (421) Cash and cash equivalents at beginning of period 5,488 4,762 Cash and cash equivalents at end of period $ 5,411 $ 4,341 Supplemental information Leased assets obtained in exchange for new finance lease liabilities $ 18 $ 41 Leased assets obtained in exchange for new operating lease liabilities 84 119 See accompanying Notes to Consolidated Financial Statements."},{"id":"e18","sourceId":"filing-2","location":"MD&A — operating cash flow improvement drivers","excerpt":"The increase was primarily due to higher accounts payable leverage that more than offset increased inventory purchases to support sales growth, as well as higher net earnings."},{"id":"e19","sourceId":"filing-1","location":"MD&A — 2025 return on invested capital","excerpt":"For the trailing twelve months ended January 31, 2026, after-tax ROIC was 13.8 percent, compared to 15.4 percent for the trailing twelve months ended February 1, 2025."},{"id":"e20","sourceId":"filing-3","location":"Compensation Discussion and Analysis — 2025 incentive goals and actual performance","excerpt":"Fiscal 2025 (payout as a percentage of goal) Component Weight Threshold Goal Maximum Financial component (Net Sales 50%, Incentive Operating Income 50%) 67% 20% 67% 134% Team scorecard 33% 10% 33% 66% Total 30% 100% 200% Fiscal 2025 financial STIP design, performance goals, and how we performed in comparison to these goals The Fiscal 2025 goals and actual performance were: Metric Goal(1)(2)(3) Actual(1)(3) Actual performance as a percentage of goal Payout as a percentage of goal for each metric Financial component payout as a percentage of goal Net Sales $108,567 $104,780 96.5% 51% 42% Incentive Operating Income(3) $6,362 $5,140 80.8% 32% (1)Dollars in millions."},{"id":"e21","sourceId":"filing-3","location":"Compensation Discussion and Analysis — incentive operating income adjustments","excerpt":"For Fiscal 2025, we excluded the net gain from interchange fee settlements, as well as business transformation costs."},{"id":"e22","sourceId":"filing-3","location":"Compensation Discussion and Analysis — net reduction from incentive adjustments","excerpt":"The net impact of these exclusions was a reduction in Operating Income of $343 million."},{"id":"e23","sourceId":"filing-3","location":"Compensation Discussion and Analysis — settlement exclusion from incentive ROIC","excerpt":"For Fiscal 2025, we excluded the net gain from the interchange fee settlements from net operating profit after taxes, reducing ROIC by 1.5 percentage points."},{"id":"e24","sourceId":"filing-3","location":"Compensation Discussion and Analysis — approved financial STIP outcome","excerpt":"approved a collective STIP financial outcome of 42% of goal"},{"id":"e25","sourceId":"filing-3","location":"Corporate governance — independent committee composition","excerpt":"The Board’s commitment to independent oversight is reinforced by the fact that all Committees are comprised exclusively of independent directors."},{"id":"e26","sourceId":"filing-3","location":"Corporate governance — lead independent director authority","excerpt":"Among other things, the LID is responsible for reviewing, providing input, and approving Board agenda items, and presides over regular executive sessions consisting solely of independent directors."},{"id":"e27","sourceId":"filing-3","location":"Summary compensation table — former CEO compensation","excerpt":"Cornell Chair & former Chief Executive Officer 2025 $1,400,000 $462,000 $18,555,280 $787,920 $0 $624,888 $21,830,088 2024 $1,400,000 $785,400 $16,087,492 $1,538,320 $0 $596,391 $20,407,603 2023 $1,400,000 $831,600 $14,720,515 $1,782,200 $0 $469,038 $19,203,353 Jim Lee EVP & Chief Financial Officer 2025 $850,000 $140,250 $5,130,567 $239,190 $0 $74,493 $6,434,500 2024 $310,577 $2,287,117 $8,527,406 $170,631 $0 $12,134 $11,307,865 Michael J."},{"id":"e28","sourceId":"filing-1","location":"Business — competitive categories","excerpt":"Competition We compete with omnichannel retailers, including department stores, off-price general merchandise retailers, wholesale clubs, category-specific retailers, drug stores, supermarkets, direct-to-consumer brands, online marketplaces, and other forms of retail commerce."},{"id":"e29","sourceId":"filing-5","location":"Shareholder return comparison — historical retail peer groups","excerpt":"The graph above compares the cumulative total shareholder return on our common stock for the last five fiscal years with (i) the cumulative total return on the S&P 500 Index and (ii) the previous peer group consisting of 19 online, general merchandise, department stores, food, and specialty retailers (Albertsons Companies, Inc., Amazon.com, Inc., Best Buy Co., Inc., Costco Wholesale Corporation, CVS Health Corporation, Dollar General Corporation, Dollar Tree, Inc., The Gap, Inc., The Home Depot, Inc., Kohl's Corporation, The Kroger Co., Lowe's Companies, Inc., Macy's, Inc., Nordstrom, Inc., Rite Aid Corporation, Ross Stores, Inc., The TJX Companies, Inc., Walgreens Boots Alliance, Inc., and Walmart Inc.) (Previous Peer Group), and (iii) the new peer group consisting of the companies in the Previous Peer Group, plus BJ's Wholesale Club Holdings, Inc."},{"id":"e30","sourceId":"filing-1","location":"Business — tariff mitigation and pricing decisions","excerpt":"We employ a range of tariff mitigation strategies, including supplier negotiations, sourcing diversification, and ongoing evaluation of assortment and pricing decisions."},{"id":"e31","sourceId":"filing-3","location":"Director compensation — executive directors","excerpt":"Fiddelke, our CEO, are the only directors who are Team Members."},{"id":"e32","sourceId":"filing-1","location":"Share-Based Compensation — issued awards and general vesting periods","excerpt":"TARGET CORPORATION 2025 Form 10-K 65 FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Restricted Stock Units We issue restricted stock units and performance-based restricted stock units generally with 3-year cliff or 4-year graduated vesting from the grant date (collectively restricted stock units) to certain team members."}],"changes":["Retain the previous none verdict: current capabilities and 2026 improvement do not overcome demonstrated demand, forecasting and reputational fragility.","Add explicit assessments of management alignment and governance using actual compensation outcomes, issued equity awards and independent oversight disclosures.","Distinguish historical named retail peers from direct competitive comparisons; the supplied evidence does not establish relative cost or pricing superiority."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates (dateKind: filed), not retrieval dates; the latest supplied operating period ends August 1, 2026.","Operating disclosures support numerical grades, but most causal explanations and competitive benefit claims come from Target. They do not demonstrate exceptional durability.","Competition disclosures identify generic categories. Named companies appear in historical shareholder-return peer groups, partner relationships and director biographies; these do not establish current direct competitor coverage or relative performance. Competitor arrays therefore remain empty.","No customer cohort retention, membership renewal, price elasticity or comparable competitor fulfillment-cost data are supplied. Traffic and sales provide indirect demand evidence, not measured customer retention.","No sufficiently detailed customer pricing contracts or restrictions are supplied to establish contractual pricing freedom. Pricing decisions are disclosed, but realized price changes are not isolated from merchandise mix and promotions.","Actual management ownership amounts and complete incentive payout histories are absent. Proposed plan provisions are not treated as adopted or vested awards; compensation and governance assessments rely on disclosed existing practices and actual outcomes.","First-half 2026 tariff refunds benefit both reported and adjusted operating results. Cash flow improvement also reflects accounts payable leverage, limiting attribution to durable operating improvement."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Store fulfillment and meaningful owned-brand sales demonstrate useful capabilities. Competitive cost leadership, protected customer access and durable pricing superiority remain unestablished; realized forecasting failures weaken the structural case.","evidenceIds":["e1","e6","e8"]},{"criterion":"durability","grade":1,"rationale":"Three years of extensive store fulfillment support persistence of the capability. Declining 2025 sales and acknowledged reputational damage show that these assets have not consistently protected demand.","evidenceIds":["e1","e9","e11"]},{"criterion":"customer_dependency","grade":1,"rationale":"Card discounts provide an economic reason to return, but do not establish substantial switching friction. Actual traffic declines in 2023 and reputational effects on consumer behavior demonstrate fragile dependence; this is indirect operating evidence.","evidenceIds":["e7","e9","e16"]},{"criterion":"erosion_resilience","grade":1,"rationale":"2026 sales growth, lower markdowns and productivity improvements are positive. Historical forecasting losses, higher 2025 markdowns and realized reputational harm show limited resilience; the recovery is too short to demonstrate durable protection.","evidenceIds":["e2","e5","e8","e9","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Higher 2025 markdown rates are adverse realized pricing evidence. Lower 2026 markdown rates indicate improvement, but no sustained premium or successful price pass-through is demonstrated. Falling historical transaction amounts are corroborating, mix-sensitive evidence rather than isolated price measures.","evidenceIds":["e14","e2","e15","e16"]},{"criterion":"retention","grade":2,"rationale":"Indirect demand evidence is mixed: 2023 traffic declined, 2024 traffic increased, and first-half 2026 net sales grew 6.0% after the 2025 decline. Aggregate sales include new stores and non-merchandise revenue, so this does not establish cohort retention or membership renewal rates.","evidenceIds":["e16","e15","e11","e5"]},{"criterion":"margin_resilience","grade":2,"rationale":"2025 gross margin declined amid higher markdowns. First-half 2026 merchandising and fulfillment improvements support recovery, but the $994 million tariff refund materially boosts reported margins and adjusted SG&A remains under pressure. These results show mixed resilience, not pricing power by themselves.","evidenceIds":["e13","e14","e2","e12","e5"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Target discloses evaluating pricing decisions, but the passages do not establish customer contract terms, repricing rights or material contractual restrictions. Operational pricing discretion cannot establish this criterion sufficiently.","evidenceIds":["e30"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $4.519 billion supported $2.404 billion of capital spending, $1.034 billion of dividends and $1.070 billion of debt reductions with little repurchase spending. This is constructive, but working-capital leverage materially aided cash generation, 2025 ROIC declined, and incremental investment outcomes remain unproven.","evidenceIds":["e17","e18","e19"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 financial underperformance produced an approved financial STIP outcome of 42% of goal. Settlement gains were excluded from incentive calculations, and issued restricted awards generally vest over multiple years. These demonstrate meaningful alignment, while total former CEO reported compensation rose despite weaker results. Ownership amounts and complete long-term realized payouts are missing.","evidenceIds":["e20","e21","e22","e23","e24","e32","e27"]},{"criterion":"execution","grade":2,"rationale":"2025 sales and incentive operating income missed goals, consistent with acknowledged historical inventory errors. First-half 2026 growth, lower markdowns and fulfillment productivity show improvement. This assessment uses operating outcomes indirectly and does not attribute the full profit increase to management because tariff refunds materially contributed.","evidenceIds":["e20","e8","e5","e2","e12"]},{"criterion":"governance","grade":2,"rationale":"Exclusively independent committees and a lead independent director with agenda authority and independent executive sessions demonstrate substantive oversight mechanisms. An executive chair remains alongside the CEO, and the passages provide limited evidence of oversight effectiveness through adverse operating outcomes. Strong or exceptional governance performance is therefore not established.","evidenceIds":["e25","e26","e31","e27"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"7e888c452534859f1d2b9da94cdf4617978c22f7f1e58a6393f8de72dc6aeae0","updatedAt":"2026-10-18T13:07:18.577Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm","publishedAt":"2026-03-11","sha256":"d337292b02358fb6332271261b938353e287e8d2d56a689bd33f2b023c8a8019","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/27419/000002741926000042/tgt-20260801.htm","publishedAt":"2026-08-28","sha256":"f047f20cf5e3ba73a7c4d58849c463f9d7a5abe5f68ba234ccc399e3d4a39071","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/27419/000162828026027508/tgt-20260426.htm","publishedAt":"2026-04-27","sha256":"b86b3886b1fe696aaa58672f9a7090ae2c9e291c3428bba6af07697bda18ec10","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/27419/000002741925000018/tgt-20250201.htm","publishedAt":"2025-03-12","sha256":"2468fce202ef391b84d89990e01567af391758fc8000c32dc6996853c7b91e2e","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/27419/000002741924000032/tgt-20240203.htm","publishedAt":"2024-03-13","sha256":"e33dfc495ccdd23a344327288d39129f69278add39a8e5ff655eb73280a3d1a6","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/27419/000002741926000022/tgt-20260502.htm","publishedAt":"2026-05-29","sha256":"32e831ff168195a060aac35597997138fe90f224d5170f3bb61b53ff7f8b55e9","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:8867327b34e7a459367cc507cff51570e3f7d0f1e290de53406c892665a50948","usage":{"input_tokens":86709,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3856,"reasoning_output_tokens":171},"basisSupplement":{"previousHash":"b6748bc20d470db5903d2ff0656d2a0d5e518bccce3ad66502b9d4a1a52b4106","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2022","end":"2022-01-29","values":{"gross_margin":29.283524362058394,"operating_margin":8.439224564879016,"roic":null,"fcf_margin":4.79317013348427,"sbc_revenue":0.21508419414178578},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is 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":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-01-28","values":{"gross_margin":24.64351173020528,"operating_margin":3.526392961876833,"roic":null,"fcf_margin":-1.3837976539589443,"sbc_revenue":0.20161290322580644},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is 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.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-02-03","values":{"gross_margin":27.628197966707628,"operating_margin":5.3131866085725985,"roic":null,"fcf_margin":3.551744684020407,"sbc_revenue":0.23367966335232562},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is 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":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-02-01","values":{"gross_margin":28.211624720830287,"operating_margin":5.223054257455473,"roic":null,"fcf_margin":4.200213951917122,"sbc_revenue":0.2852692228290449},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is 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":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2026","end":"2026-01-31","values":{"gross_margin":27.93376598587517,"operating_margin":4.8835655659477,"roic":null,"fcf_margin":2.705669020805497,"sbc_revenue":0.26818095056308455},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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