Margin VolatilityVolatile operating, EBIT and EBITDA margins point to uneven project mix, pricing inconsistency, or variable cost absorption. This reduces earnings predictability and complicates capital allocation and hiring decisions, increasing execution risk and potentially masking weaker structural competitiveness over coming quarters.
Cash Flow VariabilityWhile free cash flow has recovered to positive, its historical volatility undermines ability to reliably self-fund capex, dividends, or debt paydown. Irregular cash generation raises refinancing and liquidity risk and complicates multi-quarter investment planning and balance sheet management.
Material LiabilitiesNotwithstanding stronger ratios, meaningful liabilities versus assets indicate residual leverage and contingent obligations. These liabilities can constrain strategic flexibility, amplify downside in stress scenarios, and require sustained cash generation and disciplined liability management over the medium term.