Compressed And Volatile MarginsNet margin erosion from ~6.6% (2021) to ~3.1% (2025) signals pricing pressure or rising costs. Persistently thin and volatile margins reduce earnings resilience, limit reinvestment capacity, and make profitability sensitive to small revenue or cost swings over the medium term.
Inconsistent Cash Generation HistoricallySharp multi-year swings in operating and free cash flow point to working-capital volatility or one-off items. This inconsistency raises execution risk for funding growth, capex, or dividends and weakens predictability of available free cash in coming quarters.
Low Return On EquityA ROE near 2.1% indicates limited capital efficiency and weak shareholder returns despite stable equity. Without improved asset productivity or margin expansion, capital allocation will struggle to generate meaningful long-term value for investors.