Material Revenue DeclineA >40% top-line contraction is a structural red flag for cash generation and demand for marina/property services. Sustained revenue weakness strains occupancy-based income, reduces leasing upside, and weakens the firm's ability to fund development or maintain facilities without external financing or asset sales.
Severe Negative Profitability And Equity ReturnsDeep negative net margins and a strongly negative ROE indicate the business is burning equity value and not generating returns for shareholders. Over time this depletes capital, limits reinvestment capacity, and increases the likelihood of restructuring, asset write-downs, or dilutive capital raises.
Worsening Cash Flow DynamicsRapidly worsening free cash flow growth and negative OCF-to-income point to structural conversion problems from earnings to cash. This constrains funding for maintenance and development, raises refinancing risk, and reduces management flexibility to execute strategic projects without external capital.