Weak Cash GenerationConsistent negative free cash flow and poor conversion of net income into operating cash suggest structural cash-generation issues. This undermines the firm's ability to self-fund capex, bid competitively on new contracts, or build liquidity buffers, raising medium-term funding and execution risks.
Low Operating ProfitabilityThin operating and net margins reflect limited ability to absorb cost inflation or project overruns, common in engineering & construction. Low profitability constrains reinvestment and makes earnings volatile, limiting resilient cash flow and shareholder return prospects over the next several quarters.
Declining Cash & Rising Debt BurdenA trend of falling cash balances alongside rising debt increases liquidity and refinancing risk. Reduced cash cushions and higher leverage can force tighter working-capital management or higher funding costs, pressuring operations and strategic initiatives in the medium term.