Weak Free Cash Flow GenerationThe company has struggled to convert accounting profits into consistent free cash flow, with recent negative FCF. Persistent weak cash conversion constrains debt reduction, maintenance and growth capex, and dividend sustainability, increasing financial vulnerability over several quarters.
Profitability VolatilityVolatile net margins and falling EBITDA margins signal unstable operating performance. This reduces earnings visibility and makes the business more sensitive to input cost shocks (fuel, freight, raw materials), undermining consistent earnings generation across economic cycles.
Inconsistent Return On EquityInconsistent ROE points to uneven execution and suboptimal capital allocation. When combined with cash conversion issues and margin pressure, inconsistent returns indicate the firm may struggle to reliably deliver shareholder value without operational improvements.