Uneven Cash Flow HistoryHistorical free cash flow volatility reflects project timing and operational cyclicality, reducing predictability of funds available for debt reduction or reinvestment. Unless multi-period cash conversion consistency is established, capital allocation decisions remain riskier.
Rising Absolute Debt In 2025Although debt-to-equity has trended down, the rise in absolute debt raises interest and refinancing exposure. If cash generation falters, higher gross leverage could limit strategic flexibility and elevate funding costs, pressuring long-term investment and payout capacity.
Earnings VolatilityProfitability swings point to sensitivity to project mix, pricing pressure, or cost timing, complicating forecasting and margin durability. Persistent volatility undermines confidence in sustained margin expansion absent clearer recurring revenue or contract stability.