Conservative Leverage And Strong Equity BaseLow leverage and a ~66% equity ratio provide durable financial flexibility for a developer: they reduce refinancing and interest-rate risk, support multi-year project financing, and allow disciplined land acquisitions or capex without forcing distress asset sales during downturns.
Robust Free Cash Flow GenerationA near-tripling of free cash flow and strong cash-to-income conversion materially improves liquidity across cycles. Durable FCF lets the company self-fund development pipelines, service obligations, pay dividends or buy land opportunistically without heavy external funding reliance.
Improving Revenue And Gross Margin TrendsConsistent top-line growth and a meaningful gross margin uplift suggest better pricing power or cost control on projects. Turning net income positive demonstrates recovery in project economics, supporting sustainable profitability if the company sustains sales velocity and margin discipline over coming quarters.