Margin CompressionMaterial decline in gross margin signals rising cost pressures or less favorable pricing that could erode sector-leading profitability. If structural, sustained margin compression would reduce cash generation and limit ability to fund dividends and reinvestment long term.
Operating Cash Flow VolatilityVolatile operating cash flow, driven by working-capital swings, undermines predictability of free cash flow. That variability complicates planning for dividends, capex, and growth initiatives and increases the risk that reported earnings may not consistently translate into available cash.
Growth Normalization RiskAfter rapid scale-up, growth materially slowed in 2025, indicating normalization versus prior years. Slower top-line momentum makes sustaining high returns harder and increases dependence on margin expansion or new initiatives to deliver durable earnings growth over the coming months.