Revenue Growth WeaknessA clear slowdown in top-line growth reduces operating leverage and constrains earnings upside. Persistent revenue softness in core food/beverage packaging could limit the firm's ability to expand margins, invest in new lines, or grow free cash flow without regaining organic demand.
Free Cash Flow VolatilityMaterial swings in free cash flow—including a large negative in 2023—signal volatility from working capital, capex timing, or one-offs. Even with recent improvement, this variability raises execution risk for consistent capital allocation and makes planning for shareholder returns less predictable.
Rising Total DebtAn uptick in total debt, while currently manageable, increases leverage sensitivity to demand or margin shocks. If industry conditions deteriorate, higher debt could strain liquidity or limit strategic flexibility, making the company more exposed to macro or input-cost shifts.