{"schemaVersion":1,"research":true,"symbol":"trgp","name":"Targa Resources","topic":"moat","path":"/stock/trgp/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:16:54.884Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Targa’s connected gathering, processing and downstream assets provide useful infrastructure integration, supported by completed expansions and growing service revenue. The passages do not establish local capacity scarcity, superior costs, customer switching barriers or durable protection from competing infrastructure. Pricing evidence is mixed: lower commodity prices reduced customer collections, while segment operating results improved and some fees pass through energy costs. Durable service-rate pricing power remains unproven. This is insufficient evidence of a moat, rather than demonstrated competitive weakness.","advantages":[],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Segment information / connections between gathering and processing positions and downstream facilities","excerpt":"The Logistics and Transportation segment also includes our NGL pipeline system, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas."},{"id":"e2","sourceId":"filing-1","location":"Competition / gathering and processing competitive factors","excerpt":"Competition for natural gas and crude oil supplies is primarily based on the location and available capacity of gathering and processing facilities, pricing arrangements, reputation, efficiency, flexibility, treating capabilities (as applicable), reliability and access to end-use markets or liquid marketing hubs."},{"id":"e3","sourceId":"filing-1","location":"Competition / NGL pipeline competitive factors","excerpt":"Competition for NGL supplies is primarily based on the proximity of gathering and processing facilities in relation to one or more NGL pipelines, their connectivity to NGL pipeline takeaway options, access to end-use markets or liquid marketing hubs, pricing and contractual arrangements, available capacity, reputation, efficiency, flexibility, and reliability."},{"id":"e4","sourceId":"filing-5","location":"Risk factors / potential customer construction of competing infrastructure","excerpt":"In addition, customers who are significant producers of natural gas may develop their own gathering, processing, storage, terminaling and transportation systems in lieu of using those operated by us."},{"id":"e5","sourceId":"filing-5","location":"Risk factors / competitive pressure on contract renewal rates","excerpt":"Our ability to renew or replace existing contracts with our customers at rates sufficient to maintain current revenues and cash flows could be adversely affected by the activities of our competitors and our customers."},{"id":"e6","sourceId":"filing-1","location":"Note 22 / product and service revenue for 2023–2025","excerpt":"F-46 The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Year Ended December 31, 2025 2024 2023 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 2,035.7 $ 1,241.1 $ 2,421.3 NGL 12,079.8 12,372.5 10,580.2 Condensate and crude oil 448.3 523.6 519.5 14,563.8 14,137.2 13,521.0 Non-customer revenue: Derivative activities - Hedge 90.9 67.8 153.4 Derivative activities - Non-hedge (1) (251.2 ) (313.2 ) 287.7 (160.3 ) (245.4 ) 441.1 Total sales of commodities 14,403.5 13,891.8 13,962.1 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 1,793.2 1,632.8 1,342.8 NGL transportation, fractionation and services 311.6 298.4 261.1 Storage, terminaling and export 496.8 497.9 440.7 Other 23.2 60.6 53.6 Total fees from midstream services 2,624.8 2,489.7 2,098.2 Total revenues $ 17,028.3 $ 16,381.5 $ 16,060.3 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815."},{"id":"e7","sourceId":"filing-2","location":"Liquidity and capital resources / explanation of operating cash-flow changes","excerpt":"The increase in net cash provided by operating activities was primarily due to a decrease in payments for product purchases resulting from lower natural gas and NGL prices, partially offset by lower collections from customers resulting from lower revenues in 2026 compared to 2025, and higher payments for operating costs, hedging activities, and interest on debt."},{"id":"e8","sourceId":"filing-2","location":"Segment information / operating margin and pretax income reconciliation","excerpt":"The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Total reportable segments operating margin $ 1,680.9 $ 1,220.0 $ 3,157.7 $ 2,468.9 Other operating margin 103.1 280.5 (7.2 ) 31.7 Depreciation and amortization expense (453.1 ) (373.7 ) (879.1 ) (741.3 ) General and administrative expense (108.1 ) (95.0 ) (215.9 ) (189.5 ) Other operating income (expense) 11.7 1.8 25.9 7.1 Interest expense, net (236.6 ) (218.4 ) (464.2 ) (415.5 ) Equity earnings (loss) 7.8 5.1 16.4 10.6 Other, net (0.8 ) 1.0 (17.4 ) 1.3 Income (loss) before income taxes $ 1,004.9 $ 821.3 $ 1,616.2 $ 1,173.3 28 Item 2."},{"id":"e9","sourceId":"filing-2","location":"MD&A / Logistics and Transportation service fees and energy-cost pass-through","excerpt":"Logistics and Transportation adjusted operating margin consists primarily of: • service fees (including the pass-through of energy costs included in certain fee rates); • system product gains and losses; and • NGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change."},{"id":"e10","sourceId":"filing-1","location":"Regulation / common carrier pipeline rate restrictions","excerpt":"LPSC regulations require that common carrier pipelines charge rates that are just and reasonable, and not unreasonably discriminatory."},{"id":"e11","sourceId":"filing-1","location":"Commodity price risk / percent-of-proceeds contract exposure","excerpt":"In a declining commodity price environment, without taking into account our hedges, we will realize a reduction in cash flows under our percent-of-proceeds contracts proportionate to average price declines."},{"id":"e12","sourceId":"filing-3","location":"2025 incentive assessment / completed projects, budgets and initial utilization","excerpt":"∎ Major project execution – three Permian gathering and processing plants and our LPG debottlenecking project were successfully completed on-time, on-budget and were highly utilized at start-up;"},{"id":"e13","sourceId":"filing-2","location":"Recent developments / Falcon II commencement of operations","excerpt":"Falcon II plant, a 275 MMcf/d plant in Permian Delaware (the “Falcon II plant”), commenced operations in the first quarter of 2026."},{"id":"e14","sourceId":"filing-2","location":"Recent developments / East Pembrook commencement of operations","excerpt":"East Pembrook plant, a 275 MMcf/d plant in Permian Midland (the “East Pembrook plant”), commenced operations late in the first quarter of 2026."},{"id":"e15","sourceId":"filing-2","location":"Recent developments / East Driver commencement of operations","excerpt":"East Driver plant, a 275 MMcf/d plant in Permian Midland (the “East Driver plant”), commenced operations late in the second quarter of 2026."},{"id":"e16","sourceId":"filing-2","location":"Consolidated statements of cash flows / first-half 2026 spending, financing and cash generation","excerpt":"CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2026 2025 (Unaudited) (In millions) Cash flows from operating activities Net income (loss) $ 1,265.1 $ 917.0 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization in interest expense 10.0 7.9 Compensation on equity grants 41.2 34.7 Depreciation and amortization expense 879.1 741.3 Deferred income tax expense (benefit) 350.3 226.7 Equity (earnings) loss of unconsolidated affiliates (16.4 ) (10.6 ) Distributions of earnings received from unconsolidated affiliates 11.0 7.4 Risk management activities 7.2 (31.7 ) Other, net 18.9 14.0 Changes in operating assets and liabilities, net of acquisitions: Receivables and other assets (392.5 ) 319.8 Inventories 106.4 (105.4 ) Accounts payable, accrued liabilities and other liabilities (131.9 ) (352.5 ) Interest payable 32.4 44.1 Net cash provided by (used in) operating activities 2,180.8 1,812.7 Cash flows from investing activities Outlays for property, plant and equipment (1,909.6 ) (1,698.3 ) Outlays for business acquisition, net of cash acquired (1,266.3 ) — Investments in unconsolidated affiliates (5.9 ) (75.8 ) Return of capital from unconsolidated affiliates 0.9 3.7 Other, net 6.5 0.3 Net cash provided by (used in) investing activities (3,174.4 ) (1,770.1 ) Cash flows from financing activities Debt obligations: Proceeds from borrowings of commercial paper notes 53,736.3 46,656.2 Repayments of commercial paper notes (53,297.0 ) (47,119.7 ) Proceeds from borrowings under accounts receivable securitization facility 1,200.0 870.0 Repayments of accounts receivable securitization facility (749.0 ) (1,200.0 ) Proceeds from issuance of senior unsecured notes 1,498.4 3,490.7 Redemption of senior unsecured notes (687.1 ) — Principal payments of finance leases (52.1 ) (30.2 ) Costs incurred in connection with financing arrangements (15.0 ) (41.3 ) Repurchases of common stock (135.1 ) (449.2 ) Shares tendered for tax withholding obligations (33.6 ) (46.7 ) Distributions to noncontrolling interests (12.3 ) (24.2 ) Repurchase of noncontrolling interests — (1,800.4 ) Dividends paid to common shareholders (488.6 ) (385.6 ) Other, net (5.1 ) (6.4 ) Net cash provided by (used in) financing activities 959.8 (86.8 ) Net change in cash and cash equivalents (33.8 ) (44.2 ) Cash and cash equivalents, beginning of period 166.1 157.3 Cash and cash equivalents, end of period $ 132.3 $ 113.1 See notes to consolidated financial statements 7 TARGA RESOURCES CORP."},{"id":"e17","sourceId":"filing-3","location":"Compensation discussion / 2025 incentive metrics and multiyear equity incentives","excerpt":"| Proxy Statement | 2 0 2 6 A N N U A L M E E T I N G O F S T O C K H O L D E R S 26 ▪ Short-term cash incentives that for 2025 were specifically tied to adjusted EBITDA, adjusted cash flow from operations (CFFO) per share, return on invested capital, operational and commercial performance, sustainability performance and safety performance ▪ Long-term equity incentives that vest over multiple years, promote retention and long-term ownership, and have a meaningful portion tied to relative total shareholder return (TSR) performance A Compelling Growth Profile Over the Last 5 Years Targa’s performance and growth outlook provides strong momentum in 2026 and beyond Note: This graphic contains a non-GAAP measure."},{"id":"e18","sourceId":"filing-3","location":"Executive compensation program / existing equity mix, ownership guidelines and restrictions","excerpt":"Targa Resources Corp. | Proxy Statement | 2 0 2 6 A N N U A L M E E T I N G O F S T O C K H O L D E R S 30 Good Governance Foundation The following practices and policies in our executive compensation program promote sound compensation governance and align the interests of our shareholders and executives: What We Do What We Don’t Do  Provide majority of NEO compensation in the form of performance-based, at-risk, long-term compensation  Use a combination of absolute and relative performance metrics in incentive plans  Maintain a comprehensive clawback policy aligned with current industry norms and recent legal requirements  Complete an annual compensation risk assessment  Maintain executive and director share ownership guidelines  Retain an independent consultant to advise the Committee × No employment contracts × No single-trigger change-in-control severance arrangements × No single-trigger change-in-control vesting for NEO equity awards × No excise tax gross-ups × No material perquisites or supplemental benefits not generally available to other employees × No hedging or pledging of Company stock × No executive compensation practices that promote excessive risk Elements of Pay The following principle pay elements support the grounding principles of our program: Element Key Characteristics Guiding Principles Competitiveness Performance Accountability Shareholder Alignment Base Salary ▪ Annual fixed cash compensation ▪ Critical factor in attracting and retaining qualified talent  Annual Incentives ▪ Annual variable cash award ▪ Tied to achievement of key financial, operational, and strategic objectives    Long-Term Incentives ▪ Equity-based awards vesting over multiple years: – 50% Performance share units (PSUs) – 50% Restricted stock units (RSUs) ▪ Ties a majority of NEO compensation to creation of long-term value and encourages NEOs to build meaningful equity ownership stakes    Targa Resources Corp."},{"id":"e19","sourceId":"filing-1","location":"Note 21 / actual January 2026 equity award vesting","excerpt":"In January 2026, the following shares vested: • 9,479 shares of director grants with no shares withheld to satisfy tax withholding obligations; • 130,113 shares of RSUs with 51,815 shares withheld to satisfy tax withholding obligations; and • 325,284 shares of 2023 PSUs with 124,769 shares withheld to satisfy tax withholding obligations."},{"id":"e20","sourceId":"filing-3","location":"Compensation policies / adopted incentive compensation recovery requirement","excerpt":"Our policy provides that incentive-based compensation (cash or equity) paid to our current or former Section 16 officers must be recovered (unless impracticable) in the event of a restatement of the Company’s financial results that would result in such officers receiving erroneously awarded compensation."},{"id":"e21","sourceId":"filing-3","location":"Director independence / directors determined independent under NYSE standards","excerpt":"Chung, Crisp, Davis, Joyce, Perkins, and Teague are our independent directors under the NYSE’s listing standards."},{"id":"e22","sourceId":"filing-3","location":"Audit Committee report / completed financial reporting and auditor oversight","excerpt":"In this context, the Audit Committee: ▪ reviewed and discussed the audited financial statements in our Annual Report on Form 10-K with management, including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant judgments and the clarity of disclosures in the financial statements; ▪ reviewed with PricewaterhouseCoopers LLP, our independent auditors, who are responsible for expressing an opinion on the conformity of the audited financial statements with generally accepted accounting principles, their judgments as to the quality and acceptability of our accounting principles and such other matters as are required to be discussed with the Audit Committee under generally accepted auditing standards; ▪ received the written disclosures and the letter required by applicable requirements of the Public Company Accounting Oversight Board regarding PricewaterhouseCoopers LLP’s communications with the Audit Committee concerning independence from the Company and its subsidiaries, and has discussed with PricewaterhouseCoopers LLP the firm’s independence; ▪ discussed with PricewaterhouseCoopers LLP the matters required to be discussed by the accounting standards as adopted by the Public Company Accounting Oversight Board; ▪ discussed with the Company’s internal auditors and PricewaterhouseCoopers LLP the overall scope and plans for their respective audits."},{"id":"e23","sourceId":"filing-1","location":"Governance risk factors / classified board","excerpt":"a classified board of directors, so that only approximately one-third of our directors are elected each year;"},{"id":"e24","sourceId":"filing-1","location":"Governance risk factors / stockholder meeting and nomination restrictions","excerpt":"limitations on the ability of our stockholders to call special meetings and establish advance notice provisions for stockholder proposals and nominations for elections to the board of directors to be acted upon at meetings of stockholders."},{"id":"e25","sourceId":"filing-4","location":"Legal proceedings / realized payment satisfying Splitter Agreement judgment","excerpt":"On April 26, 2024 as a result of the final determination of Targa’s appeal to the Texas Supreme Court related to the Splitter Agreement, we made a cash payment of $184.8 million to Vitol in satisfaction of the Texas state court judgment."},{"id":"e26","sourceId":"filing-1","location":"Risk factors / dependence on third-party delivery infrastructure","excerpt":"We depend upon third-party pipelines, storage and other facilities that provide delivery options to and from our gathering and processing facilities and our NGL pipelines, fractionators and storage facilities."},{"id":"e27","sourceId":"filing-1","location":"Customer credit risk / potential contract renegotiation or rejection in bankruptcy","excerpt":"To the extent one or more of our key customers is in financial distress or commences bankruptcy proceedings, contracts with these customers may be subject to renegotiation or rejection under applicable provisions of the United States Bankruptcy Code."}],"changes":["Retain the previous uncertain verdict: connected infrastructure and operating growth still do not establish a durable competitive advantage.","Add demonstrated plant commissioning, reported initial utilization, actual compensation arrangements and governance disclosures to the assessment.","Refine pricing analysis to recognize observed commodity-price weakness, improved operating results and disclosed energy-cost pass-through without treating revenue growth as proof of service-rate increases."],"limitations":["All evidence comes from issuer filings. Project utilization and on-time, on-budget performance are issuer-reported achievements; promotional claims of leadership or superior assets do not establish competitive superiority.","Operating competition passages identify generic provider categories. Named compensation peers establish competition for executive talent, not asset-level service competition; no named operating competitor comparison is established.","Local alternative capacity, relative delivered costs, customer-specific retention, contract duration, acreage dedication and minimum-volume protections are absent.","The infrastructure advantage hypothesis would be weakened by customers moving comparable volumes to alternative systems without material switching expense, sustained renewal-rate concessions, or competing capacity eliminating any local scarcity. These outcomes are not demonstrated in the passages.","Service-rate pricing power would require evidence separating rates from volume, acquisition and commodity effects. Sustained comparable-service fee reductions or failed renewals would contradict that hypothesis.","Third-party infrastructure dependence, producer self-supply and bankruptcy-related contract rejection are disclosed erosion channels, not evidence that these adverse outcomes have occurred.","Source dates are filing dates: the annual report was filed February 19, 2026, the proxy March 26, 2026, and the latest quarterly report August 6, 2026. Future projects and projected board changes are not treated as completed achievements.","Actual equity grants and vesting support incentive assessment, but executive ownership totals and compliance with ownership guidelines are not supplied. The advisory compensation vote proposal does not establish its approval."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"The connected asset system is demonstrated, but comparative costs, scarce local capacity and barriers to duplication are not. Infrastructure integration alone cannot establish a moat.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":null,"rationale":"The passages do not establish how long any competitive advantage could persist. Contract renewal protections and asset-level competitive alternatives are missing.","evidenceIds":["e5","e27"]},{"criterion":"customer_dependency","grade":null,"rationale":"Service growth and reported initial utilization demonstrate demand, but do not establish customer dependence on Targa relative to alternatives or quantify switching friction.","evidenceIds":["e6","e12"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Improved results show operating progress, but do not demonstrate that a structural advantage has survived competitive entry, customer substitution or a full commodity cycle.","evidenceIds":["e8","e4","e26"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Lower natural gas and NGL prices reduced revenues and customer collections in first-half 2026, demonstrating weak realized commodity pricing. Service revenue grew in 2023–2025, but the passages do not isolate service-rate changes; the low grade reflects observed price exposure rather than proven fee concessions.","evidenceIds":["e7","e6","e11"]},{"criterion":"retention","grade":2,"rationale":"Multiyear service revenue growth and reported high utilization at project startup provide indirect evidence of continuing demand. Customer-level repeat business and renewal outcomes are missing, so new capacity and acquisitions may explain part of the growth.","evidenceIds":["e6","e12"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half segment operating margin increased from $2,468.9 million to $3,157.7 million while lower commodity prices reduced revenues. Energy-cost pass-through in certain fees provides additional protection. This demonstrates recent operating resilience, although expansion, acquisition effects and contract mix prevent attribution solely to pricing power or extrapolation across cycles.","evidenceIds":["e8","e7","e9"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Disclosed common carrier rate restrictions and percent-of-proceeds commodity exposure limit price-setting freedom in those activities. Certain fee rates pass through energy costs, but unrestricted repricing or broad escalation rights are not demonstrated. The restrictions do not necessarily apply to every service.","evidenceIds":["e10","e11","e9"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $2,180.8 million exceeded property and equipment cash outlays of $1,909.6 million, but acquisitions, dividends and repurchases required additional financing. Reported on-budget project delivery supports discipline; the realized $184.8 million litigation payment and missing investment-return evidence temper the assessment.","evidenceIds":["e16","e12","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing incentives include cash flow per share, return on invested capital, multiyear equity and relative shareholder returns. Actual January 2026 vesting confirms implementation; clawback and stock hedging restrictions add alignment. Executive ownership totals, guideline compliance and detailed realized pay versus performance remain unavailable.","evidenceIds":["e17","e18","e19","e20"]},{"criterion":"execution","grade":3,"rationale":"Three processing plants commenced operations in first-half 2026, following issuer-reported on-time, on-budget and highly utilized 2025 project completions. Higher operating margin and cash generation provide indirect operating corroboration. These results support strong recent execution, without independently verifying every schedule, budget or acquisition return.","evidenceIds":["e12","e13","e14","e15","e8","e16"]},{"criterion":"governance","grade":2,"rationale":"Disclosed independent directors, completed audit oversight and an adopted clawback policy support functioning governance. The classified board and restrictions on stockholder meetings and nominations weaken accountability. These are actual disclosed arrangements, not inferred governance quality from executive reputation.","evidenceIds":["e21","e22","e20","e23","e24"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"e8c859f28322ce8992a7f129601cec1d7cc48512a8507630add3e3a01056f6b1","updatedAt":"2026-10-18T13:16:54.884Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1389170/000119312526059296/trgp-20251231.htm","publishedAt":"2026-02-19","sha256":"2af2c3306ca96e8f36ad207e8dd66b8697d635197af1ffd1481ca2432c31c93c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1389170/000119312526337729/trgp-20260630.htm","publishedAt":"2026-08-06","sha256":"3ce5b686711ce720c7841a5529ac2d363b9584a10efb24ea046c56fade623d94","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1389170/000119312526126280/trgp-20260326.htm","publishedAt":"2026-03-26","sha256":"acd3d3e7b42b0ee94fa29fc7f26f67c4bf2af20ad1aec3701574d89d15409243","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1389170/000095017025023983/trgp-20241231.htm","publishedAt":"2025-02-20","sha256":"079bcb5f3aa645305d688e5e8361d61ca21599b1bd4e1726c07868df45ca466d","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1389170/000095017024015841/trgp-20231231.htm","publishedAt":"2024-02-15","sha256":"c890b3f16f06c255047bd73378a91b690f43d66e0c8609e356e227f1f7a3491e","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1389170/000119312526211698/trgp-20260331.htm","publishedAt":"2026-05-07","sha256":"1b688c4142265a60bf031a09ed8b94378ac3a6857df4d79f3a4698751784d38b","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e9240eea3e49da42702742177180fd29c0899b9d4b709859409824b7df51e12b","usage":{"input_tokens":89794,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3257,"reasoning_output_tokens":247},"basisSupplement":{"previousHash":"2675952180854cc6ec18967571adf51cc320e645a616124e11d87bfbd1390898","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":14.68703978723801,"operating_margin":5.373731599256824,"roic":6.681740483333702,"fcf_margin":11.171247304745513,"sbc_revenue":0.3678595174329371},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"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":"2022","end":"2022-12-31","values":{"gross_margin":14.825914321895805,"operating_margin":8.72320351955279,"roic":11.410366111450537,"fcf_margin":5.279833709203006,"sbc_revenue":0.29010075325291235},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","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%.","interest_coverage":"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":"2023","end":"2023-12-31","values":{"gross_margin":21.03838473485689,"operating_margin":19.423119591746172,"roic":12.663409536459017,"fcf_margin":6.1104947858886165,"sbc_revenue":0.46150432660306184},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","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%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":24.291938997821354,"operating_margin":19.06601024248083,"roic":12.051143979383962,"fcf_margin":4.837591602297482,"sbc_revenue":0.4470475058710353},"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%.","interest_coverage":"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":38.292137206885016,"operating_margin":19.562727929388135,"roic":13.478241497706739,"fcf_margin":3.430172125226828,"sbc_revenue":0.40814408954505144},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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