Declining Profitability And ROESignificant margin compression and a halved ROE indicate weakening ability to convert sales into shareholder returns. Persistently lower profitability limits reinvestment, weakens competitive positioning versus peers, and makes sustaining dividends or funding growth internally more difficult.
Negative Free Cash Flow And Weak Cash ConversionNegative FCF and poor cash conversion create structural liquidity pressure. This reduces internal funding for capex, working capital, or acquisitions and increases reliance on external financing, raising long-term financing cost and constraining strategic flexibility.
Inconsistent Revenue Growth TrendConflicting top-line signals — a recent notable annual increase versus a negative recent growth metric — point to volatility or one-off effects. This uneven trend makes forecasting and capacity planning harder and suggests revenue durability may be uncertain over the medium term.