Revenue ContractionA sharp revenue decline in 2025 and volatile top-line momentum threaten earnings durability; with margins partly dependent on scale, sustained revenue weakness would pressure profits, cash flow and the firm's ability to sustain current operational and capital-return levels without new growth levers.
Inconsistent Cash CoverageOperating cash flow coverage has been uneven and was negative in 2022, with a material free cash flow decline in 2025. This volatility raises the risk that cash generation may not reliably support capex, working capital swings or distributions during adverse periods, limiting strategic flexibility.
Cyclical ProfitabilityHistorical negative ROE in 2021–2022 shows profitability can reverse markedly, indicating earnings depend on cyclical demand. This cyclicality increases sensitivity to market downturns, complicates long-term planning and makes sustained high returns contingent on restoring and stabilizing revenue trends.