Sizable Absolute DebtDespite better ratios, the company still carries large absolute debt that keeps interest and rollover risk elevated. In a capital-intensive sector, high nominal debt can constrain capital allocation, limit agility and increase vulnerability to rate rises or revenue shocks.
Volatile Free Cash Flow / Cash ConversionHistoric FCF swings and weak conversion of earnings into free cash weaken predictability of internal funding. This volatility can force reliance on external financing during investment cycles, complicate consistent dividends or buybacks, and raise refinancing risk in downturns.
Recent Top-line PressureA reversal to negative TTM revenue growth after rapid scale-up suggests demand, pricing or volume headwinds. Sustained top-line contraction could erode operating leverage and margins, requiring structural actions—new services, pricing strategy or contract wins—to restore durable growth.