High And Improving ProfitabilitySustained high gross margins (65–72%) with improving operating and net margins (EBIT ~22%, net ~16%) indicate durable unit economics and pricing power. This supports long-term cash generation and reinvestment capacity even if top-line growth slows, strengthening structural profitability.
Conservative Leverage And Stronger Balance SheetVery low leverage (debt/equity ~0.06) and expanding equity/assets provide financial flexibility for R&D, M&A, or downturns. The marked improvement vs. 2020 reduces refinancing and solvency risk, supporting durable investment capacity and resilience across economic cycles.
Strong Cash Generation Relative To EarningsFCF near net income and multi-year growth in operating cash flow indicate high earnings quality and reliable internal funding. Strong cash conversion supports sustainable capex, organic growth, and lowers dependency on external financing for strategic initiatives.