Weak And Volatile Free Cash FlowFree cash flow plunged ~65% and converts only ~33% of net income, with historical negative FCF in FY2021 and FY2024. Persistent FCF volatility undermines funding for capex, dividends and debt reduction, increasing reliance on working-capital management and stable project receipts.
Revenue Growth VolatilityThe unusually high TTM growth versus steady past mid-single-digit rates suggests project timing or mix effects. Such volatility complicates forecasting, risks margin reversals if higher-margin projects abate, and challenges consistent capacity planning for industrial customers.
Sizable Absolute DebtAlthough leverage ratios improved, total debt is still sizable, meaning sustained earnings and cash conversion are required to keep leverage healthy. If revenue or FCF weaken, debt service could pressure margins, restrict capital allocation, and limit strategic flexibility over months.