Negative Operating & Free Cash Flow In 2025Cash generation weakened materially in 2025, reversing prior years of positive free cash flow. Persistent negative cash flow would strain liquidity and increase reliance on debt or equity financing, limiting flexibility for investments, hiring or to absorb project timing swings.
Elevated Leverage Relative To EarningsDebt-to-equity around 1.9–3.3x leaves limited financial headroom given thin profitability. High leverage raises interest and refinancing risk, and with modest margins small earnings variations can materially affect solvency and constrain strategic choices like M&A or capex.
Thin, Volatile Profitability And Slowing RevenueRevenue declined ~4% in 2025 and net margins are near 1%, with historically low gross margins. Such a low-margin services profile is sensitive to utilization and price mix, reducing the firm's ability to absorb cost shocks and limiting cash flow conversion during downturns.