Uneven Cash Conversion From EarningsEarnings have not consistently translated into operating cash, with weak 2022 OCF and muted conversion in 2023–2025. Persistent low cash conversion risks funding flexibility for capex, R&D, dividends or debt service if revenue or margins soften, making liquidity management a structural concern.
Sharp Debt Increase In 2025A near-doubling of debt in 2025 materially raises leverage and interest obligations relative to prior years. Even with current moderate ratios, this step-up tightens financial flexibility, increases refinancing and covenant risk, and could constrain strategic investments if cash generation lags.
Net Margin Dip In 2025A decline in net margin despite revenue growth signals rising operating or non-operating costs that erode profitability. If persistent, such margin pressure can reduce free cash flow and return on capital, limiting reinvestment capacity and weakening the long-run earnings quality profile.