Weaker Cash-flow ConversionSub-par cash conversion means reported earnings do not fully translate to free cash, limiting internal funding for capex, dividends or debt reduction. Over months this raises reliance on working-capital management and can constrain discretionary investments if order timing or receivables deteriorate.
Revenue Growth Cooling And Timing VolatilityInconsistent top-line momentum and discrepancies between TTM and annual figures suggest timing swings or lumpy large contracts. That structural volatility complicates capacity planning, margin forecasting and investor visibility across a 2–6 month horizon in cyclical end markets like construction and mining.
Leverage Drift RiskA trend toward higher leverage reduces financial flexibility entering potential downturns, raising refinancing and interest-rate sensitivity. Persisting drift over months can crowd out strategic spending, limit ability to pursue M&A or buybacks, and increase vulnerability to weaker demand.