High LeverageDebt around ~3.4x equity creates significant financial leverage that amplifies downside risk. Elevated leverage limits strategic flexibility, increases interest and refinancing burdens, and makes the company more sensitive to revenue or margin softness over a 2–6 month horizon.
Persistent Negative Free Cash FlowConsistent negative free cash flow (TTM about -443M; 2024 about -836M) indicates ongoing capital intensity or working-capital absorption. Chronic FCF deficits heighten dependence on external funding, constrain organic reinvestment and shareholder returns, and elevate refinancing or dilution risk.
Volatile Returns & Modest ROEReturns on equity are modest (~7.4%) and profitability has been volatile, reflecting sensitivity to project timing and one-offs. Modest ROE reduces the equity buffer versus high debt and suggests earnings improvements may be uneven, increasing execution and cyclicality risk.