Volatile ProfitabilityLarge swings in net margin across recent years reduce earnings predictability and hinder reliable reinvestment or payout planning. Persistent margin volatility can signal pricing pressure, cost structure inflexibility, or uneven demand, weakening long-term return stability.
Choppy Cash Flow GrowthAlthough FCF is positive, pronounced year-to-year swings and periods of weak operating cash coverage imply inconsistent cash efficiency. This undermines confidence in sustaining capex, dividends or rapid deleveraging without rebuilding buffers over multiple cycles.
Returns Not Fully NormalizedDespite top-line recovery, returns on equity and margins remain below prior peak levels, suggesting structural headwinds to earnings power. If ROE and margins fail to revert, the company may struggle to deliver the historical returns expected by long-term investors.