Multi-year Revenue DeclineThree consecutive years of top-line contraction point to structural demand or mix issues, which can erode operating leverage and make sustaining margins harder. Without a clear stabilization, long-term growth and investment returns could be impaired.
Severe 2025 Free Cash Flow WeaknessA collapse to zero reported free cash flow in 2025 breaks prior cash conversion trends and suggests heavy capex, working-capital strain or one-offs. Prolonged cash weakness would limit R&D, dividends and M&A flexibility, raising structural execution risk over the next 2–6 months.
Rising Debt Trend Vs Prior YearsAlthough leverage is moderate today, an observable uptick in debt and a lower equity base versus 2024 signals a weakening capital position. If the trend continues it could increase interest and refinancing exposure, reducing resilience to industry cyclicality.