Volatile Operating And Free Cash FlowMaterial cash-flow swings, including a sharply negative year in 2023 and a decline in 2025 FCF, reduce predictability for capital allocation. This volatility complicates long‑term investment planning, dividend consistency and may force conservative liquidity buffers.
Uneven Revenue GrowthIntermittent top-line performance highlights reliance on episodic volume and asset cycles rather than steady organic expansion. Irregular growth limits visibility into medium-term revenue trajectories and increases execution risk in achieving sustained scale.
Exposure To Market And Interest-rate CyclesRevenues tied to AUM, trading volumes and net interest create structural sensitivity to market moves and rate shifts. Macro volatility and changing rate regimes can materially swing income, constraining stability and making long‑term forecasting and product pricing more challenging.