Volatile Cash FlowsHistoric swings including negative OCF/FCF in 2023 indicate project timing and working capital sensitivity. This volatility undermines predictability for capex, bids, and dividends, raising execution and liquidity risk over a multi-quarter horizon despite recent improvement.
Margins Remain Below Prior PeaksAlthough margins improved in 2025, they remain below earlier peak levels, suggesting profitability is influenced by cyclical project mix and public spending. Without structural product or market share gains, margin gains may reverse when tender conditions or input costs shift.
Moderate Returns On EquityRelatively low ROE despite a conservative capital base signals modest efficiency converting equity into profits. This limits long-term shareholder return potential unless management can raise asset turnover, margins, or deploy capital into higher-return opportunities.