Margin Compression RiskMargins have eased from earlier peaks, implying cost pressures or adverse mix shifts as the company scales. If structural (pricing, labor costs, or client mix) this can persistently depress profitability and reduce the margin buffer that has historically funded cash returns and reinvestment.
Lumpy Free Cash FlowWhile FCF is strong in 2026, prior weaker years and sharp year-to-year swings signal volatility in cash realization. Lumpy cash flow complicates planning for dividends, capex and M&A, and could force reliance on cash buffers during down cycles despite strong multi-year averages.
Slowing Revenue GrowthRevenue growth has decelerated to single digits in 2026 after multi-year scaling, indicating the business may face maturation or tougher market conditions. Slower top-line expansion can constrain absolute profit dollar growth and pressure return-on-invested-capital if not offset by margin improvements.