{"schemaVersion":1,"research":true,"symbol":"xom","name":"ExxonMobil","topic":"moat","path":"/stock/xom/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:03:26.605Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"ExxonMobil has a narrow cost-based moat supported by integrated facilities, repeated Permian and Guyana growth, and realized operating savings. These advantages improve production economics without establishing control over commodity prices. Actual price declines, refining cyclicality and 2026 supply disruptions constrain resilience. Missing peer cost comparisons and asset-level returns limit confidence in long-term durability; technology and new businesses remain potential advantages.","advantages":[{"mechanism":"cost_advantage","claim":"Integrated refinery and chemical complexes and productive upstream assets support operating efficiencies. Reported earnings contributions from cost savings and repeated Permian and Guyana growth substantiate a current advantage, although the issuer's designation of assets as advantaged does not independently establish their relative cost ranking.","durability":"Production infrastructure and repeated operating contributions support persistence beyond a single quarter. The passages do not establish the remaining duration of superior asset economics or a durable peer cost gap, so the advantage supports only a narrow moat.","risks":"Resource depletion, reinvestment requirements, concession economics, competing technology and state-owned competitors can erode the advantage. Commodity-price declines and Middle East disruptions have already affected results; technology diffusion and alternative-energy competition are disclosed possibilities rather than demonstrated erosion.","invalidation":"The thesis would fail if comparable asset-level evidence showed no sustained cost advantage, or if repeated operating periods showed savings reversed by recurring costs and Permian and Guyana growth failed to offset depletion and required reinvestment. Loss of material resource rights or persistent disruption that eliminated the operating benefits would also invalidate it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Liquidity and Capital Resources / integrated refinery and chemical complexes","excerpt":"Instead, where such sales take place, they are the result of efficiencies and competitive advantages of integrated refinery and chemical complexes."},{"id":"e2","sourceId":"filing-1","location":"2024 Upstream Earnings Driver Analysis / production growth","excerpt":"Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $3.8 billion, as a result of record production in Permian, driven by the Pioneer acquisition and growth in the heritage Permian (2), and record production in Guyana driven by the Prosperity FPSO start-up."},{"id":"e3","sourceId":"filing-1","location":"2025 Upstream Earnings Driver Analysis / production growth","excerpt":"Advantaged Volume Growth – Increased earnings by $1.9 billion, mainly driven by record production in Permian and Guyana."},{"id":"e4","sourceId":"filing-1","location":"2025 Upstream Earnings Driver Analysis / structural cost savings","excerpt":"Structural Cost Savings (1) – Increased earnings by $1.4 billion."},{"id":"e5","sourceId":"filing-1","location":"2025 Energy Products Earnings Driver Analysis / structural cost savings","excerpt":"Structural Cost Savings (1) – Increased earnings by $0.6 billion."},{"id":"e6","sourceId":"filing-2","location":"Energy Products Second Quarter Earnings Driver Analysis / capacity and optimization","excerpt":"Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased earnings by $270 million."},{"id":"e7","sourceId":"filing-2","location":"Energy Products Second Quarter Earnings Driver Analysis / structural cost savings","excerpt":"Structural Cost Savings – Increased earnings by $110 million."},{"id":"e8","sourceId":"filing-1","location":"2025 Upstream Earnings Driver Analysis / lower realized prices","excerpt":"16,713 18,389 17,918 Total 22,247 25,175 23,609 2025 Upstream Earnings Driver Analysis (1) (millions of dollars) Price – Lower realizations decreased earnings by $6.1 billion, primarily driven by lower crude prices as record demand was more than offset by increased industry supply."},{"id":"e9","sourceId":"filing-1","location":"2024 Energy Products Earnings Driver Analysis / weaker refining margins","excerpt":"Margin – Significantly weaker industry refining margins decreased earnings by $6.3 billion."},{"id":"e10","sourceId":"filing-2","location":"Upstream Additional Information / second-quarter 2026 production and disruptions","excerpt":"2Q 2026 versus 2Q 2025 2Q 2026 production of 4.5 million oil-equivalent barrels per day decreased 116 thousand oil- equivalent barrels per day from 2Q 2025, driven by Middle East disruption impacts, mostly offset by Permian and Guyana growth."},{"id":"e11","sourceId":"filing-1","location":"Risk Factors / technology diffusion and resource-owner capabilities","excerpt":"Technology and expertise provided by industry service companies or AI may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources."},{"id":"e12","sourceId":"filing-1","location":"Risk Factors / private and state-owned competition","excerpt":"We face competition not only from other private firms, but also from state-owned companies that are increasingly competing for opportunities outside of their home countries and as partners with other private firms."},{"id":"e13","sourceId":"filing-1","location":"Oil and Gas Reserves / additional development investment","excerpt":"In some cases, substantial new investments in additional wells and related facilities will be required to recover these proved reserves."},{"id":"e14","sourceId":"filing-1","location":"Production driver definitions / contractual net-interest changes and concession expiry","excerpt":"These drivers consist of net interest changes specified in Production Sharing Contracts (PSCs), which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession."},{"id":"e15","sourceId":"filing-1","location":"Risk Factors / alternative-energy competition","excerpt":"As described in more detail above, our hydrocarbon-based energy products are also subject to growing and, in many cases, government-supported competition from alternative energy sources."},{"id":"e16","sourceId":"filing-1","location":"Liquidity and Capital Resources / availability of products in worldwide markets","excerpt":"The products bought and sold between segments can also be acquired in worldwide markets that have substantial liquidity, capacity, and transportation capabilities."},{"id":"e17","sourceId":"filing-1","location":"Market Risks / supply-and-demand price formation","excerpt":"Although price levels of crude oil and natural gas may rise or fall significantly over the short to medium term due to global economic conditions, political events, decisions by OPEC or OPEC+ and other major government resource owners and other factors, industry economics over the long term will continue to be driven by market supply and demand."},{"id":"e18","sourceId":"filing-1","location":"Production driver definitions / contractual and royalty constraints","excerpt":"According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil."},{"id":"e19","sourceId":"filing-2","location":"Energy Products Second Quarter Earnings Driver Analysis / stronger refining margins","excerpt":"2,478 541 555 1,071 Total 5,465 1,366 4,203 2,193 Energy Products Second Quarter Earnings Driver Analysis (millions of dollars) Volume / Mix Margin – Increased earnings by $3,180 million from stronger refining margins."},{"id":"e20","sourceId":"filing-1","location":"Liquidity and Capital Resources / 2023–2025 cash flows and cash balances","excerpt":"57 Table of Contents Financial Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES Sources and Uses of Cash (millions of dollars) 2025 2024 2023 Net cash provided by/(used in) Operating activities 51,970 55,022 55,369 Investing activities (25,927) (19,938) (19,274) Financing activities (39,081) (42,789) (34,297) Effect of exchange rate changes 532 (676) 105 Increase/(decrease) in cash and cash equivalents (12,506) (8,381) 1,903 Total cash and cash equivalents (December 31) 10,681 23,187 31,568 Total cash and cash equivalents were $10.7 billion at the end of 2025, down $12.5 billion from the prior year."},{"id":"e21","sourceId":"filing-1","location":"Liquidity and Capital Resources / 2025 investment and shareholder distributions","excerpt":"The major uses of funds included spending for additions to property, plant, and equipment of $28.4 billion; dividends to shareholders of $17.2 billion; the purchase of ExxonMobil stock of $20.3 billion; additional investments and advances of $4.1 billion; and a change in working capital of $7.7 billion."},{"id":"e22","sourceId":"filing-1","location":"Consolidated Statement of Changes in Equity / acquisition issuance and share repurchases","excerpt":"CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ExxonMobil Share of Equity (millions of dollars) Common Stock Earnings Reinvested Accumulated Other Comprehensive Income Common Stock Held in Treasury ExxonMobil Share of Equity Non-controlling Interests Total Equity Balance as of December 31, 2022 15,752 432,860 (13,270) (240,293) 195,049 7,424 202,473 Amortization of stock-based awards 565 — — — 565 — 565 Other (514) (2) — — (516) 89 (427) Net income (loss) for the year — 36,010 — — 36,010 1,344 37,354 Dividends - common shares — (14,941) — — (14,941) (531) (15,472) Other comprehensive income — — 1,281 — 1,281 261 1,542 Share repurchases, at cost — — — (17,993) (17,993) (851) (18,844) Issued for acquisitions 1,978 — — 2,866 4,844 — 4,844 Dispositions — — — 503 503 — 503 Balance as of December 31, 2023 17,781 453,927 (11,989) (254,917) 204,802 7,736 212,538 Amortization of stock-based awards 735 — — — 735 — 735 Other (1,027) — — — (1,027) (624) (1,651) Net income (loss) for the year — 33,680 — — 33,680 1,383 35,063 Dividends - common shares — (16,704) — — (16,704) (658) (17,362) Other comprehensive income — — (2,630) — (2,630) (320) (2,950) Share repurchases, at cost — — — (19,451) (19,451) (616) (20,067) Issued for acquisitions 28,749 — — 34,603 63,352 — 63,352 Dispositions — — — 948 948 — 948 Balance as of December 31, 2024 46,238 470,903 (14,619) (238,817) 263,705 6,901 270,606 Amortization of stock-based awards 812 — — — 812 — 812 Other (900) (22) — — (922) 762 (160) Net income (loss) for the year — 28,844 — — 28,844 920 29,764 Dividends - common shares — (17,231) — — (17,231) (947) (18,178) Other comprehensive income — — 3,756 — 3,756 313 4,069 Share repurchases, at cost — — — (20,467) (20,467) (709) (21,176) Dispositions — — — 889 889 — 889 Balance as of December 31, 2025 46,150 482,494 (10,863) (258,395) 259,386 7,240 266,626 Common Stock Share Activity (millions of shares) Issued Held in Treasury Outstanding Balance as of December 31, 2022 8,019 (3,937) 4,082 Share repurchases, at cost — (165) (165) Issued for acquisitions — 46 46 Dispositions — 8 8 Balance as of December 31, 2023 8,019 (4,048) 3,971 Share repurchases, at cost — (170) (170) Issued for acquisitions — 545 545 Dispositions — 7 7 Balance as of December 31, 2024 8,019 (3,666) 4,353 Share repurchases, at cost — (182) (182) Issued for acquisitions — — — Dispositions — 8 8 Balance as of December 31, 2025 8,019 (3,840) 4,179 75 Table of Contents Financial Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated financial statements and the supporting and supplemental material are the responsibility of the management of Exxon Mobil Corporation."},{"id":"e23","sourceId":"filing-2","location":"Liquidity and Capital Resources / first-half 2026 operating cash flow","excerpt":"Cash provided by operating activities totaled $32.3 billion for the first six months of 2026, $7.8 billion higher than 2025."},{"id":"e24","sourceId":"filing-2","location":"Cash Capital Expenditures and Structural Cost Savings / actual spending and savings definition","excerpt":"(millions of dollars) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Additions to property, plant and equipment 6,527 6,283 12,997 12,181 Additional investments and advances 324 319 711 472 Other investing activities including collection of advances (102) (246) (734) (339) Inflows from noncontrolling interests for major projects — (23) — (45) Less: Advances and collections not related to capital expenditures or equity investments 38 270 — 270 Total Cash Capex (Non-GAAP) 6,787 6,603 12,974 12,539 Upstream 5,852 5,669 10,664 10,662 Energy Products 527 432 1,525 810 Chemical Products 307 279 489 570 Specialty Products 11 97 66 207 Other 90 126 230 290 Total Cash Capex (Non-GAAP) 6,787 6,603 12,974 12,539 23 Table of Contents Structural Cost Savings (Non-GAAP) Structural Cost Savings describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures that are expected to be sustainable compared to 2019 levels."},{"id":"e25","sourceId":"filing-2","location":"Liquidity and Capital Resources / debt-to-capital ratio","excerpt":"The Corporation's debt to total capital ratio was 13.7 percent at the end of the second quarter of 2026 compared to 14.0 percent at year-end 2025."},{"id":"e26","sourceId":"filing-1","location":"Stock-based compensation / actual restricted-unit grants","excerpt":"Awards of restricted (nonvested) common stock units granted under the 2003 Incentive Program totaled 9,852 thousand, 10,393 thousand, and 9,701 thousand in 2025, 2024, and 2023, respectively."},{"id":"e27","sourceId":"filing-1","location":"Stock-based compensation / transfer restrictions and forfeiture","excerpt":"During the applicable restricted periods, the shares and units may not be sold or transferred and are subject to forfeiture."},{"id":"e28","sourceId":"filing-1","location":"Stock-based compensation / three- and seven-year vesting","excerpt":"The majority of the awards have graded vesting periods, with 50 percent of the shares and units in each award vesting after three years, and the remaining 50 percent vesting after seven years."},{"id":"e29","sourceId":"filing-1","location":"Stock-based compensation / senior-executive five- and ten-year vesting","excerpt":"Awards granted to a small number of senior executives have vesting periods of five years for 50 percent of the award and of 10 years for the remaining 50 percent of the award, except that for awards granted prior to 2020 the vesting of the 10-year portion of the award is delayed until retirement if later than 10 years."},{"id":"e30","sourceId":"filing-1","location":"Equity Compensation Plan Information / adopted shareholder-approved director plan","excerpt":"(3) Under the 2004 Non-Employee Director Restricted Stock Plan approved by shareholders in May 2004, and the related standing resolution adopted by the Board, each non-employee director automatically receives 8,000 shares of restricted stock when first elected to the Board and, if the director remains in office, an additional 2,500 restricted shares each following year."},{"id":"e31","sourceId":"filing-1","location":"Item 13 / director independence and related-party disclosures incorporated by reference","excerpt":"ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Incorporated by reference to the portion entitled “Director Independence” of the section entitled “Corporate Governance” and the portion entitled “Related Person Transactions and Procedures” of the section entitled “Director and Executive Officer Stock Ownership” of the registrant’s 2026 Proxy Statement."},{"id":"e32","sourceId":"filing-1","location":"Business / proprietary technology commitment","excerpt":"ExxonMobil has a long-standing commitment to the development of proprietary technology."},{"id":"e33","sourceId":"filing-1","location":"Risk Factors / competition in new businesses","excerpt":"In addition, as we enter new markets in pursuit of lower-emission and other new business opportunities, we will need to compete effectively with established competitors in these markets, as well as with new market entrants seeking to capitalize on these opportunities, while successfully navigating changing market conditions or technologies."}],"changes":["Retain the previous narrow verdict: operating savings, integration and repeated upstream growth support a limited cost advantage.","Explicitly incorporate second-quarter 2026 evidence: Permian and Guyana growth partly offset disruption-related production losses, while downstream savings and optimization continued.","Add criterion-level pricing and management assessments, distinguishing actual grants and vesting terms from missing proxy detail and actual pricing outcomes from pricing discretion."],"limitations":["Only supplied issuer filings were assessed. Their dates are filing dates: February 28, 2024; February 19, 2025; February 18, 2026; May 4, 2026; and August 3, 2026. No retrieval date is treated as a publication date.","Competition passages identify generic categories rather than named competing companies. Acquired companies, affiliates and service providers are not established current competitors; competitor arrays therefore remain empty.","Peer unit costs, comparable project returns, remaining advantaged inventory duration and an independently established cost ranking are absent. Structural cost savings are issuer-defined non-GAAP measures and include workforce and divestment-related reductions.","Customer renewals, repeat purchases, customer-specific dependence and realized specialty-product premiums are not disclosed. Production growth does not establish customer retention, and employee tenure is not customer retention.","Actual long-term equity awards support incentive alignment, but executive ownership, comprehensive performance conditions, board independence and related-party detail are absent. Referenced proxy sections and policy exhibits do not supply their underlying contents.","Proprietary research and new-business ambitions do not establish a separate intangible-asset moat. No network effect, protected local market or material customer switching barrier is demonstrated."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Integration and repeated asset-growth and savings contributions support a current cost advantage. Missing peer costs and asset-level returns prevent a stronger relative-position assessment.","evidenceIds":["e1","e2","e3","e4","e5","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Repeated contributions across 2024–2026 support persistence, but reserve development requires reinvestment and contractual interests can change or expire. No exceptional duration is established.","evidenceIds":["e2","e3","e7","e10","e13","e14"]},{"criterion":"customer_dependency","grade":1,"rationale":"Worldwide liquidity, capacity and transportation for intersegment products indicate ready alternatives and weak structural dependence for those offerings. This is indirect evidence about customer dependence; specialty-product switching friction is undisclosed.","evidenceIds":["e16","e17"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Savings and Permian and Guyana growth continued despite disruption, but total production declined and realized commodity and refining pressures materially affected earnings. Technology diffusion is a prospective risk rather than a realized loss.","evidenceIds":["e4","e7","e8","e9","e10","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Lower 2025 upstream realizations reduced earnings by $6.1 billion. Stronger second-quarter 2026 refining margins show favorable market outcomes, but do not demonstrate company-controlled premiums or the ability to resist market declines.","evidenceIds":["e8","e17","e19"]},{"criterion":"retention","grade":null,"rationale":"Production and earnings contributions establish operating activity, but cannot distinguish repeat customers from new buyers. No customer renewals, repeat-demand evidence or switching friction establishes retention.","evidenceIds":[]},{"criterion":"margin_resilience","grade":2,"rationale":"Realized upstream and downstream savings provide a partial cushion, while the $6.3 billion adverse 2024 refining-margin contribution and 2025 upstream price impact show substantial cyclicality. The 2026 refining recovery does not establish durable pricing insulation.","evidenceIds":["e4","e5","e7","e8","e9","e19"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Market supply and demand constrain realized prices, while production-sharing and royalty terms constrain captured volumes and economics. These disclosed constraints support weak economic discretion; customer-level pricing clauses are missing.","evidenceIds":["e14","e17","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation funded substantial investment, but 2025 investment and distributions accompanied a $12.5 billion cash decline. Acquisition share issuance exceeded concurrent repurchases in 2024. First-half 2026 operating cash flow recovered and debt-to-capital declined, supporting a mixed assessment rather than treating payouts alone as discipline.","evidenceIds":["e20","e21","e22","e23","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual restricted-unit grants, forfeiture and transfer restrictions, three- and seven-year vesting for most awards, and five- and ten-year vesting for a small senior-executive group demonstrate substantial long-term exposure. The adopted director equity plan adds support. Missing executive ownership and comprehensive performance terms limit the conclusion.","evidenceIds":["e26","e27","e28","e29","e30"]},{"criterion":"execution","grade":3,"rationale":"Repeated Permian and Guyana growth and realized savings across annual and quarterly periods demonstrate strong operating delivery. This assessment uses reported operating outcomes rather than project-by-project schedule or budget verification. Disruption-related production losses temper the conclusion.","evidenceIds":["e2","e3","e4","e5","e6","e7","e10"]},{"criterion":"governance","grade":null,"rationale":"An adopted shareholder-approved director equity plan is disclosed, but board independence and related-party information are only incorporated by reference. The supplied passages do not establish overall board oversight or shareholder protections sufficiently to grade governance.","evidenceIds":["e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"6472fcc2eb06dbea4f0199e52894c138f53fee98911ad80c7a019980ab594a32","updatedAt":"2026-10-18T12:03:26.605Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/34088/000003408826000045/xom-20251231.htm","publishedAt":"2026-02-18","sha256":"e37e9ab0d6e1e295b3be4131d66e7020c8529ff22ccf72831490c0ae05ce2e97","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/34088/000003408826000093/xom-20260630.htm","publishedAt":"2026-08-03","sha256":"5e50b262a4d6e9021095dd3b22e63be4029b07ec58af44e1e18fab4326b44d56","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/34088/000003408825000010/xom-20241231.htm","publishedAt":"2025-02-19","sha256":"e35e37663b5a5fcef190708fd9d6b97218d8575313db4e9265b3839b5c34573b","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/34088/000003408824000018/xom-20231231.htm","publishedAt":"2024-02-28","sha256":"0550c24b847c17d2ad65c1a06b6a584724d07c812860194d582c406eafeb226a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/34088/000003408826000067/xom-20260331.htm","publishedAt":"2026-05-04","sha256":"3cc0f0050f9ccd45e69d6f05a20419f2622503d5ba06745f506d3383f6228e05","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:2ece245b6b739a3132e43515733d7bdf07a504d91ba9df542bc657aa3ac909dd","usage":{"input_tokens":68353,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3685,"reasoning_output_tokens":108},"basisSupplement":{"previousHash":"61c795ece15010e5fc5b74020dc983220da8a12fda5ad537155a379c38ee35f9","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":null,"operating_margin":null,"roic":null,"fcf_margin":12.62183167623582,"sbc_revenue":null},"issues":{"pe":"Diluted share count is unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Diluted share count is unavailable in the extracted statements for this period.","pb":"Diluted share count is unavailable in the extracted statements for this period.","fcf_yield":"Diluted share count is unavailable in the extracted statements for this period.","earnings_yield":"Diluted share count is unavailable in the extracted statements for this period.","ev_sales":"Diluted share count is unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric 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.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","diluted_shares":"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":null,"operating_margin":null,"roic":null,"fcf_margin":9.70741361998015,"sbc_revenue":null},"issues":{"pe":"Diluted share count is unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and 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period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","diluted_shares":"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":null,"operating_margin":null,"roic":null,"fcf_margin":8.786418181558133,"sbc_revenue":null},"issues":{"pe":"Diluted share count is unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Diluted share count is unavailable in the extracted statements for this period.","pb":"Diluted share count 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