ANATOMY OF A VERDICT
How the methodology read this 10-K
One complete Stage 2 output, annotated part by part. The company and figures below are an illustrative sample — the structure is exactly what every verdict carries.
The tier and its emblem. A statement of framework fit — never an action.
The synthesis: metrics say what, filings say why. The prose never names the tier — the verdict field alone carries it.
Every red flag is a {signal, evidence_source} pair — form, section, date.
The company's pricing-power evidence is consistent across the provided sections. The 10-K filed February 12, 2026 shows subscription revenue of $284.6 million (+11.2%) with gross margin expanding 140 bps while unit volume held — price realization ahead of inflation without volume loss (10-K, Item 7, 2026-02-12). Management attributes retention above 95% to switching costs in integrated workflows (10-K, Item 1, 2026-02-12). Owner earnings reconcile within 4% of reported operating cash flow, with no material one-time adjustments in the provided notes. Inversion found two conditions that would break the thesis; neither is present in the current filings.
The rubric result. Dimension gates decide the tier boundary — a high sum can't pass a failed gate.
Each dimension has a minimum acceptable score. These are the gates from 02, shown per dimension.
What the filings don't disclose is flagged as insufficient data — never filled in from memory.