Weak Operating And Free Cash FlowNegative operating and free cash flow in 2025, despite positive net income, signals cash conversion issues and working-capital pressure. Persistent weak cash generation can constrain capex and NPI funding, increase reliance on external financing, and amplify execution risk for long-term contracts.
Volatile And Weak Operating ProfitabilityLarge swings in margins and a negative operating result in 2025 show unstable core profitability. Unpredictable margins undermine reinvestment capacity and make long-term margin planning difficult, exposing the business to pricing pressure, cost volatility and program-level margin risk.
History Of Balance-sheet InstabilityAlthough leverage improved recently, prior negative equity and earlier high leverage reflect structural vulnerability. If profitability or cash flow deteriorates again, access to affordable capital could tighten, raising refinancing risk and limiting strategic investments over the medium term.