Persistent Negative Operating/free Cash FlowChronic negative OCF and FCF mean accounting profits are not translating into cash, forcing reliance on financing for working capital and projects. Over months this raises refinancing and liquidity risk and can constrain organic reinvestment or dividend durability.
High Financial LeverageA debt-to-equity ratio in the ~2.7–3.4x range creates structural sensitivity to higher rates or cyclical downturns in real estate. Elevated leverage amplifies downside volatility, increases interest expense burden, and limits balance-sheet flexibility for new opportunities.
Recent Margin CompressionStepping-down margins suggest rising costs or pricing pressure as growth accelerates. If structural, this reduces cash conversion and project returns, forcing higher volumes to maintain profits and making the business more vulnerable to input-cost inflation.