Elevated Total LiabilitiesDespite strong equity and low leverage, the company reports relatively high total liabilities. If liabilities grow or are concentrated in short-term items, they could pressure liquidity and need active management to avoid funding stress or constrain investment flexibility over coming quarters.
Significant Capital Expenditure NeedsMaterial ongoing capex has reduced free cash flow despite higher operating cash generation. Persistent high capex demands can limit discretionary spending, depress FCF volatility, and require sustained cash generation or external funding to maintain infrastructure and service levels long-term.
Low Absolute ProfitabilityNet margins remain low in absolute terms (around mid-single digits) even after improvement, and ROE is modest (~6%). This constrains retained earnings growth and investor returns, leaving limited cushion versus cost shocks and making sustained margin expansion critical for durable value creation.