Negative Operating Cash FlowRecurring negative operating and free cash flow despite accounting profits indicates weak cash conversion, constraining investment, dividends, and self-funded growth. Over months to years this structural cash shortfall raises reliance on financing or asset sales and impairs balance-sheet flexibility.
Revenue Decline And VolatilityA revenue contraction combined with prior profit/loss swings signals unstable demand or timing of project recognition in development. Structural revenue volatility complicates forecasting, undermines the durability of recent margin improvements, and increases execution risk for growth plans.
Balance-sheet VolatilityMaterial year-to-year swings in equity and assets create uncertainty around asset values and capital adequacy. In real estate, such volatility often reflects timing and valuation risks that reduce predictability of returns and complicate long-term capital planning and stakeholder confidence.