Deleveraging / Balance Sheet StrengthMaterial deleveraging in 2025 sharply reduced debt-to-equity to ~0.14, lowering refinancing and interest-rate sensitivity. This durable balance-sheet repair increases financial flexibility to fund capex, dividends or M&A and improves resilience to cyclical downturns.
Consistent Cash GenerationConsistent positive operating and free cash flow, including a large 2025 rebound, demonstrates strong cash-generation capacity independent of volatile accounting earnings. Reliable cash supports debt repayment, working capital and reinvestment, reducing reliance on external funding.
Stable Core Margins / Product EconomicsGross margins around 28–31% and steady EBIT margins (~8–10%) signal intact core product economics and manufacturing competitiveness. Stable operating profitability provides a durable cushion against revenue swings and supports long-term margin sustainability if input costs are managed.