{ "slug": "plumbing", "name": "Plumbing", "in_level_book": false, "scores": { "resilience": 79.9, "leverage": 73.1, "trade_ai_score": 76.5, "quadrant": "safe-haven", "quadrant_label": "Safe Haven", "quadrant_desc": "Hard for AI to touch, but already efficient. Defend the moat; upside is incremental.", "resilience_rel": 81.8, "leverage_rel": 0 }, "subscores": { "resilience": { "physical_core": 92, "disintermediation": 74, "entry_barrier": 78, "switching_cost": 68 }, "leverage": { "coordination_drag": 72, "operating_leverage": 78, "revenue_expansion": 68, "data_amplification": 74 }, "basis": "Highly physical, emergency-driven, licensed. Lower recurring lock-in than HVAC. Solid but less service-agreement upside." }, "research": { "labor": { "median_hourly_wage_usd": 30.27, "median_wage_source": "U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm", "median_wage_year": "2024", "us_employment": 504500, "employment_source": "U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, 2024, https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm", "projected_10yr_growth_pct": 4, "growth_source": "U.S. Bureau of Labor Statistics, Employment Projections 2024–2034, https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm", "labor_shortage_note": "BLS projects approximately 44,000 annual job openings for plumbers, pipefitters, and steamfitters through 2034, primarily driven by retirements and workforce exits. Additionally, PHCC reports that roughly half of plumbing-heating-cooling employers experience difficulty finding skilled applicants for open positions.", "labor_shortage_source": "U.S. Bureau of Labor Statistics, Occupational Outlook Handbook (2024), https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm; Plumbing-Heating-Cooling Contractors Association (PHCC) Environmental Scan (2025), https://www.phccweb.org" }, "market": { "industry_revenue_usd": 191400000000, "revenue_source": "IBISWorld, Plumbers in the US Report (February 2026), https://www.ibisworld.com/united-states/market-research-reports/plumbers-industry/", "revenue_year": "2026", "num_establishments": 128787, "establishments_source": "IBISWorld, Plumbers in the US Report (February 2026), https://www.ibisworld.com/united-states/market-research-reports/plumbers-industry/", "fragmentation_note": "The US plumbing contracting industry is highly fragmented with low market share concentration, with no single company holding a market share greater than 5%.", "fragmentation_source": "IBISWorld, Plumbers in the US Report (February 2026), https://www.ibisworld.com/united-states/market-research-reports/plumbers-industry/" }, "economics": { "gross_margin_pct": 22.4, "gross_margin_source": "CFMA 2025 Construction Financial Benchmarker (Specialty Trades NAICS 238220, FY2024 Data), https://cfma.org", "net_margin_pct": 7.7, "net_margin_source": "CFMA 2025 Construction Financial Benchmarker (Specialty Trades NAICS 238220, FY2024 Data), https://cfma.org", "labor_pct_of_revenue": 28.5, "labor_pct_source": "IBISWorld Industry Report 23822b: Plumbers in the US (2024), https://www.ibisworld.com", "revenue_per_employee_usd": 384016, "rev_per_employee_source": "Comfort Systems USA, Inc. FY2024 Form 10-K (Filed Feb 20, 2025), https://www.sec.gov/edgar/browse/?CIK=0001035983" }, "cash_cycle": { "dso_days": 57, "dso_source": "Levelset / Sageworks Construction Industry DSO Study, 2019, https://www.levelset.com/blog/trade-contractors-days-sales-outstanding/", "retainage_pct": 10, "retainage_source": "Levelset National Construction Payment Report, 2019, https://www.levelset.com/blog/2019-national-construction-payment-report/", "days_to_payment": 83, "days_to_payment_source": "Levelset & PwC Construction Cash Flow Survey, 2021, https://www.levelset.com/blog/2021-construction-cash-flow-payment-report/", "cashflow_note": "53% of subcontractors report dipping into personal retirement savings to float business expenses due to payment delays, and slow payments cost the U.S. construction industry $280 billion in 2024.", "cashflow_source": "CFMA (Construction Financial Management Association), 2024, https://cfma.org" }, "ai_exposure": { "ai_resistant_work": "Physical, on-site tasks in plumbing remain highly resistant to AI and robotics due to the unstructured, unpredictable nature of real-world job sites. Hands-on work—such as crawling under foundations, cutting and soldering copper pipes, threading gas lines, installing fixtures, performing manual leak repairs, and troubleshooting legacy piping systems—requires physical dexterity, tactile feedback, and spatial reasoning. Research by the McKinsey Global Institute highlights that unpredictable physical environments make skilled trades like plumbing among the least vulnerable to automation. Additionally, AI pioneer Geoffrey Hinton publicly noted in 2024/2025 that plumbing is one of the safest careers from AI disruption because algorithms cannot replicate physical presence and situational adaptability on-site. Housecall Pro's Spring 2025 Industry Trends Report corroborated this, finding that 73% of trade contractors reported AI has not reduced field hiring, as hands-on installations, diagnostics, and building customer trust remain strictly human.", "automatable_work": "Back-office administration, customer coordination, dispatching, and estimating represent the most automatable operations in the plumbing trade. Key automatable tasks include: (1) 24/7 Call Answering & Triage—AI voice agents handle inbound calls on the first ring, triage emergency water leaks, collect job details, and book appointments without human intervention; (2) Intelligent Dispatch & Scheduling—machine learning algorithms optimize technician routing by analyzing real-time traffic, technician location, skill requirements, and job profitability; (3) Automated Field Estimating—software generates multi-option 'Good-Better-Best' quotes using site photos, standard rate books, and historical cost data; and (4) Workflow Follow-ups & Accounting Sync—automated systems send 'on-my-way' SMS alerts, follow up on unclosed proposals, request post-service reviews, and sync job data directly with accounting platforms like QuickBooks.", "adoption_examples": "Industry studies and software platform reports document rapid software-driven AI adoption across US plumbing contractors. According to Housecall Pro's Spring 2025 Industry Survey (400+ trade business owners), over 70% of respondents had adopted AI tools, with active users recovering an average of 3.2 hours per week (~160 hours annually) in reduced administrative burden. Industry data from 2024–2026 shows 68% of plumbing contractors with 10+ technicians have implemented AI-powered automation, with adoption concentrated in emergency dispatch (73%), automated customer messaging (61%), and dynamic scheduling optimization (58%). Leading platforms driving adoption include ServiceTitan (incorporating Atlas AI for dispatch and reporting), Housecall Pro (offering AI teams and trade-specific packages), and purpose-built tools like QuoteIQ and Fixlify AI (providing photo-based estimating and 24/7 AI call answering).", "sources": [ "McKinsey Global Institute (2018) - 'Skill shift: Automation and the future of the workforce' - https://www.mckinsey.com/featured-insights/future-of-work/skill-shift-automation-and-the-future-of-the-workforce", "PHCPPros / PHCC Educational Foundation (2025) - 'Why the Godfather of AI Thinks You Should Become a Plumber' - https://www.phcppros.com", "Housecall Pro (2025) - 'Spring 2025 Trades Industry Trends Report: AI in the Skilled Trades' - https://www.housecallpro.com", "Contractor Magazine (2026) - 'Housecall Pro Launches HVAC, Plumbing and Electrical Packages' - https://www.contractormag.com", "QuoteIQ (2026) - 'Top 10 AI Tools for Plumbing Businesses in 2026' - https://myquoteiq.com" ] }, "ma_consolidation": { "consolidation_activity": "The US plumbing trade is experiencing highly active private-equity roll-up and buy-and-build consolidation, frequently integrated with HVAC and electrical trades to build multi-service residential platforms. More than 50% of top US plumbing companies are PE-backed, driven by a fragmented market structure where over 75% of operators remain independent, non-discretionary emergency service demand, and recurring service-agreement membership plans. Private equity sponsors have deployed over $25 billion into residential home services platforms over the past eight years, completing hundreds of add-on acquisitions.", "typical_ebitda_multiple": "Acquisition multiples vary significantly by business scale, recurring revenue mix, and deal structure: small add-on acquisitions (sub-$2M EBITDA) trade at 3.5x–6.5x EBITDA; platform-quality regional businesses ($2M–$10M EBITDA) command 6x–11x EBITDA; and large national platform recapitalizations command mid-to-high teens multiples of 16x–20x EBITDA (e.g., Blackstone acquiring Champions Group at ~18.5x EBITDA).", "multiple_source": "CT Acquisitions, 'Plumbing Business Valuation in 2026: Multiples & PE Buyer Demand' (2026, https://ctacquisitions.com); First Page Sage & Mainstreet Wealth, 'EBITDA Multiples Across Home Services' (2026, https://mainstreetwealth.ai); Lightning Path Partners, 'Plumbing EBITDA Multiples' (2026, https://lightningpathpartners.com).", "notable_acquirers_or_deals": "Notable PE platforms and transactions in the space include: Apex Service Partners (Alpine Investors; closed a $3.4B continuation vehicle), Champions Group (acquired by Blackstone in February 2026 for ~$2.5B at ~18.5x EBITDA), Sila Services (majority acquired by Goldman Sachs Alternatives from Morgan Stanley Capital Partners in November 2024 for ~$1.7B), Wrench Group (backed by Leonard Green & Partners, TSG Consumer Partners, Oak Hill Capital), Redwood Services (backed by Altas Partners), and ARS - Rescue Rooter.", "sources": [ "CT Acquisitions, 'Plumbing Business Valuation in 2026: Multiples & PE Buyer Demand' (2026) - https://ctacquisitions.com", "Mainstreet Wealth / First Page Sage, 'EBITDA Multiples Across Home Services' (2026) - https://mainstreetwealth.ai", "Echelon Reports, 'Wrench Group and Home Services Platform Landscape' (2026) - https://echelonreports.com", "Catalyst for the Trades, 'Private Equity Consolidation in Home Services' (2026) - https://catalystforthetrades.com", "Lightning Path Partners, 'Plumbing EBITDA Multiples: What Buyers Are Actually Paying' (2026) - https://lightningpathpartners.com" ] }, "tech_stack": { "dominant_fsm_software": "ServiceTitan is the market-leading field service management (FSM) platform for mid-to-large US plumbing contractors (controlling ~22% of the enterprise home services market with 100,000+ trade pros), while Jobber and Housecall Pro dominate the small-to-midsize plumbing market (serving over 250,000 to 350,000 service professionals). Other common trade platforms include FieldEdge, FieldPulse, and Service Fusion.", "common_accounting_software": "Intuit QuickBooks (both QuickBooks Online and QuickBooks Desktop) is the predominant accounting system used by US plumbing contractors across all tiers. Mid-market and commercial plumbing contractors also utilize Sage (Sage Intacct / Sage 100 Contractor) and Oracle NetSuite.", "adoption_or_integration_note": "According to the PHCC (Plumbing-Heating-Cooling Contractors Association) Technology Survey, 46% of plumbing businesses use dedicated FSM or scheduling software. However, a significant integration gap persists: the JBKnowledge Construction Technology Report indicates that only 5.5% of trade contractors have full integration across all their software tools, and nearly 50% manually re-key data or use spreadsheets to bridge field operations with back-office accounting.", "sources": [ "PHCC (Plumbing-Heating-Cooling Contractors Association), 2024 Plumbing Technology Survey, https://www.phccweb.org", "JBKnowledge, 2017 & 2023 Construction Technology Reports, https://jbknowledge.com", "Jobber, 2024-2025 State of Home Service Report, https://getjobber.com", "ServiceTitan, 2025 Plumbing Industry Overview and QuickBooks Guide, https://www.servicetitan.com" ] } }, "market_structure": { "permits": [ { "trade_category": "Plumbing", "permit_year": "2022", "permits": "1381080", "contractors": "69703", "p25_job_value": "1679.0", "median_job_value": "9806.0", "p75_job_value": "75299.0", "p90_job_value": "409966.0" }, { "trade_category": "Plumbing", "permit_year": "2023", "permits": "1544703", "contractors": "68480", "p25_job_value": "1822.0", "median_job_value": "11285.0", "p75_job_value": "88459.0", "p90_job_value": "451838.0" }, { "trade_category": "Plumbing", "permit_year": "2024", "permits": "978458", "contractors": "61922", "p25_job_value": "1904.0", "median_job_value": "11325.0", "p75_job_value": "88605.0", "p90_job_value": "453248.0" } ], "seasonality": [ { "trade_category": "Plumbing", "permit_month": "01", "permits": "108949", "avg_value": "567040.0" }, { "trade_category": "Plumbing", "permit_month": "02", "permits": "115798", "avg_value": "242984.0" }, { "trade_category": "Plumbing", "permit_month": "03", "permits": "135174", "avg_value": "343523.0" }, { "trade_category": "Plumbing", "permit_month": "04", "permits": "113568", "avg_value": "317164.0" }, { "trade_category": "Plumbing", "permit_month": "05", "permits": "128902", "avg_value": "439521.0" }, { "trade_category": "Plumbing", "permit_month": "06", "permits": "130510", "avg_value": "355283.0" }, { "trade_category": "Plumbing", "permit_month": "07", "permits": "111948", "avg_value": "446198.0" }, { "trade_category": "Plumbing", "permit_month": "08", "permits": "153344", "avg_value": "603966.0" }, { "trade_category": "Plumbing", "permit_month": "09", "permits": "122190", "avg_value": "341271.0" }, { "trade_category": "Plumbing", "permit_month": "10", "permits": "144676", "avg_value": "309860.0" }, { "trade_category": "Plumbing", "permit_month": "11", "permits": "145934", "avg_value": "318198.0" }, { "trade_category": "Plumbing", "permit_month": "12", "permits": "133710", "avg_value": "344626.0" } ], "size_tiers": [ { "trade_category": "Plumbing", "size_tier": "Micro (5-19)", "contractors": "43929", "avg_total_value_m": "2.87" }, { "trade_category": "Plumbing", "size_tier": "Small (20-99)", "contractors": "21130", "avg_total_value_m": "12.42" }, { "trade_category": "Plumbing", "size_tier": "Mid (100-499)", "contractors": "5340", "avg_total_value_m": "52.13" }, { "trade_category": "Plumbing", "size_tier": "Large (500+)", "contractors": "1024", "avg_total_value_m": "268.98" } ], "top_states": [ { "trade_category": "Plumbing", "state": "CA", "permits": "486876", "contractors": "24799", "median_job_value": "8471.0" }, { "trade_category": "Plumbing", "state": "FL", "permits": "476250", "contractors": "20506", "median_job_value": "2738.0" }, { "trade_category": "Plumbing", "state": "TX", "permits": "468350", "contractors": "15229", "median_job_value": "2897.0" }, { "trade_category": "Plumbing", "state": "OR", "permits": "188123", "contractors": "4489", "median_job_value": "1423.0" }, { "trade_category": "Plumbing", "state": "NC", "permits": "187751", "contractors": "10392", "median_job_value": "62297.0" }, { "trade_category": "Plumbing", "state": "CO", "permits": "186499", "contractors": "4221", "median_job_value": "8050.0" }, { "trade_category": "Plumbing", "state": "WI", "permits": "146521", "contractors": "1854", "median_job_value": "3857.0" }, { "trade_category": "Plumbing", "state": "GA", "permits": "133253", "contractors": "3013", "median_job_value": "49738.0" }, { "trade_category": "Plumbing", "state": "AZ", "permits": "118942", "contractors": "3576", "median_job_value": "129924.0" }, { "trade_category": "Plumbing", "state": "MA", "permits": "108485", "contractors": "6436", "median_job_value": "10671.0" } ] }, "reputation": { "available": true, "source": "Public business-review listings (aggregated April 2026). Aggregate only; no individual business identified.", "n_businesses": 11748, "avg_rating": 3.92, "rating_p25": 3.1, "rating_median": 4.2, "rating_p75": 4.9, "avg_reviews": 18.89, "reviews_median": 7, "reviews_p90": 41, "claimed_pct": 68.7, "closed_pct": 4.8, "top_states": [ { "state": "CA", "n": 3001 }, { "state": "TX", "n": 943 }, { "state": "FL", "n": 868 }, { "state": "IL", "n": 533 }, { "state": "NY", "n": 465 } ] }, "firmographics": { "available": false, "note": "Insufficient firmographic coverage to publish a reliable per-trade size/revenue aggregate." }, "level_published": { "slug": "plumbing", "trade": "Plumbing", "page": "https://levelcfo.com/benchmarks/plumbing/", "public_company_comps": [ "Comfort Systems USA (FIX)", "Limbach (LMB)", "IES Holdings (IESC)" ], "benchmarks": [ { "tier": "A", "metric": "Plumber median wage (SOC 47-2152)", "value": "$62,970/yr", "detail": "Mean $69,940, ~456,000 employed, median hourly ~$30.27; 10th pct $40,670, 90th $105,150.", "source": "BLS OEWS, May 2024", "url": "https://www.bls.gov/oes/tables.htm" }, { "tier": "A", "metric": "MEP public-company gross margin (plumbing exposure)", "value": "21% to 28%", "detail": "Comfort Systems 21-24%, Limbach 26-28% (FY2024-2025). Diversified MEP with plumbing/piping.", "source": "SEC 10-K filings (FIX, LMB)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001035983&type=10-K" }, { "tier": "A", "metric": "MEP public-company net margin", "value": "6% to 11%", "detail": "Limbach ~6%, Comfort Systems 7-11% (FY2024-2025).", "source": "SEC 10-K filings", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001624794&type=10-K" }, { "tier": "B", "metric": "All-contractor net profit before tax", "value": "6.3% (top quartile ~11.9%)", "detail": "The reality-check on what a healthy contractor nets.", "source": "CFMA 2024 Construction Financial Benchmarker (n=1,290)", "url": "https://cfma.org/benchmarker" }, { "tier": "B", "metric": "US plumbing contractor market size", "value": "~$124-191B, ~129,000 firms", "detail": "Fragmented; no firm above ~5% share. Range reflects differing report scopes.", "source": "IBISWorld, Plumbers (2026)", "url": "https://www.ibisworld.com/united-states/industry/plumbers/1946/" }, { "tier": "C", "metric": "Service vs new-construction gross margin", "value": "service ~40-70%, new construction ~10-32%", "detail": "Directional; service/repair carries far higher gross margin than new-construction install.", "source": "Industry coaching sources - directional", "url": "https://profitabilitypartners.io/plumbing-profit-margins" } ], "key_stat": { "value": "$62,970", "label": "median plumber wage (BLS OEWS, SOC 47-2152, May 2024)" }, "hero_stats": [ { "value": "$62,970", "caption": "Median plumber wage", "label": "BLS OEWS, SOC 47-2152, May 2024" }, { "value": "21-28%", "caption": "Gross margin", "label": "MEP public companies with plumbing exposure" }, { "value": "6.3%", "caption": "Net margin (before tax)", "label": "all-contractor, CFMA; top quartile ~11.9%" }, { "value": "~$124-191B", "caption": "US market size", "label": "plumbing contractors (IBISWorld)" } ], "segment_reads": { "title": "What the public mechanical and plumbing contractors actually earn", "note": "n/d = not disclosed at that cut. Limbach discloses revenue and gross profit by segment; SG&A and net are consolidated only.", "rows": [ { "company": "Limbach (LMB)", "scope": "ODR (direct-to-owner service), FY2024", "gross": "31.2%", "operating": "n/d", "net": "n/d", "note": "The direct-to-owner service arm. FY2023 was 29.0%." }, { "company": "Limbach (LMB)", "scope": "GCR (subcontract construction), FY2024", "gross": "21.1%", "operating": "n/d", "net": "n/d", "note": "The subcontract arm, ~10 pts thinner than ODR. FY2023 was 17.0%." }, { "company": "Comfort Systems USA (FIX)", "scope": "Consolidated, FY2025", "gross": "24.1%", "operating": "14.4%", "net": "~11.2%", "note": "Large diversified MEP with plumbing/piping." }, { "company": "IES Holdings (IESC)", "scope": "Consolidated, FY2025", "gross": "25.5%", "operating": "11.4%", "net": "n/d", "note": "Diversified electrical + mechanical." } ] }, "true_margin_bridge": { "headline": "The repair job looked like a 60% margin. After the fully-burdened plumber and the drive time, it is closer to 35%.", "method": "Reproduce it on your own book: start from the quoted gross margin, subtract the fully-burdened plumber hours (BLS SOC 47-2152 median $30.27/hr times about 1.3 for taxes, workers' comp, and benefits), then the truck, drive, and dispatch time the job never gets charged for, then the callback rate on that job type. The gap between the quoted margin and what actually lands is where service plumbers quietly lose money on jobs that look great on the invoice.", "chart": { "title": "Where a residential plumbing repair's apparent margin goes", "unit": "%", "sample": "Level analysis; labor anchored to BLS SOC 47-2152 wage + statutory burden", "points": [ { "name": "Apparent gross margin", "value": 60 }, { "name": "Less fully-burdened plumber", "value": 47 }, { "name": "Less truck / drive / dispatch", "value": 40 }, { "name": "True margin after callback", "value": 35 } ] } }, "findings": [ { "headline": "Direct-to-owner service beat subcontracted construction by 10 points, inside the same company.", "insight": "Limbach, a public mechanical contractor with a plumbing/piping arm, reports its book two ways. In FY2024 its owner-directed service arm ran 31.2% gross versus 21.1% for its subcontracted construction arm, a 10-point gap for the same company. Management has been shifting deliberately: owner-direct work went from 51% of revenue in FY2023 to 75% in FY2025. Limbach's book is mostly mechanical, not plumbing, so read this as the STRUCTURAL proof, the mechanism travels to plumbing because service is the same kind of diagnostic-labor-heavy, low-pass-through work. The plumbing-specific numbers below confirm the direction.", "source": "Limbach FY2024 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1606163/000162828025011745/lmb-20241231.htm", "chart": { "title": "Limbach gross margin: owner-direct (ODR) vs GC-subcontract (GCR), FY2024", "unit": "%", "sample": "Limbach FY2024 10-K, segment gross margin", "points": [ { "name": "ODR (direct-to-owner service)", "value": 31.2 }, { "name": "GCR (subcontract construction)", "value": 21.1 } ] } }, { "headline": "Service and repair carries far higher gross margin than new-construction plumbing.", "insight": "Independent operator sources put plumbing service and repair around 55 to 65% gross versus roughly 22 to 40% on new construction. Repair work is diagnostic-labor-heavy with little pass-through material, so it structurally out-earns bid new-construction. Directional industry figures, consistent in direction across sources.", "source": "Build-Folio, RunClockwork 2026 (directional)", "chart": { "title": "Gross margin by job type (directional, industry sources)", "unit": "%", "sample": "Directional: Build-Folio, RunClockwork (2026)", "points": [ { "name": "Service / repair", "value": 58 }, { "name": "Remodel", "value": 40 }, { "name": "New construction", "value": 30 } ] } }, { "headline": "The plumber wage spans about $20 to $51 an hour; the top decile costs more than double the bottom.", "insight": "Employee wages, not fully-loaded cost. Add roughly 30% for taxes, workers' comp, and benefits to get true cost per hour. In high-cost metros the P90 rate is effectively the floor, which is why the same job priced off a national average quietly loses money in those markets.", "source": "BLS Occupational Employment & Wage Statistics, May 2024, SOC 47-2152", "chart": { "title": "Plumber hourly wage percentiles (BLS OEWS, May 2024)", "unit": "", "sample": "BLS OEWS May 2024, SOC 47-2152 (n=455,940)", "points": [ { "name": "P10", "value": 19.55 }, { "name": "P25", "value": 23.49 }, { "name": "Median", "value": 30.27 }, { "name": "P75", "value": 39.37 }, { "name": "P90", "value": 50.55 } ] } } ], "_license": "https://creativecommons.org/licenses/by/4.0/ (free to cite with attribution to Level, levelcfo.com)", "_publisher": "Level" }, "comps": [ { "ticker": "FTDR", "name": "Frontdoor, Inc.", "return_6m_pct": 6.8, "return_1y_pct": 20.5, "gross_margin_pct": 55.3, "ev_ebitda": 11.6, "market_cap_billions": 5.26 }, { "ticker": "ROL", "name": "Rollins, Inc.", "return_6m_pct": -28, "return_1y_pct": -22.4, "gross_margin_pct": 52.6, "ev_ebitda": 26.36, "market_cap_billions": 21.72 } ] }