Uneven Revenue TrajectoryA dip in revenue in 2025 after prior growth signals inconsistent top-line momentum, reducing visibility on sustainable growth. Durable returns may therefore depend on margin expansion rather than reliable organic revenue growth, increasing execution risk over the medium term.
Historically Volatile Cash GenerationSignificant FCF swings across years undermine predictability of internal funding for capex, dividends and debt reduction. Volatility suggests working-capital or timing issues that, if recurring, could force cyclical borrowing or asset sales during downturns, constraining strategy.
Sizable Absolute Debt As Assets ExpandedAlthough leverage improved, the company still carries sizable debt in absolute terms. If profitability weakens or revenue softness persists, leverage metrics could deteriorate quickly, limiting capital allocation choices and increasing vulnerability to higher interest rates or tighter credit markets.