Inconsistent Free Cash FlowOperating cash flow has improved but free cash flow remains thin and uneven, with FCF only ~13% of net income in 2025. Weak cash conversion limits internal funding for the sizeable growth pipeline and raises reliance on external financing or equity, reducing long-term financial flexibility.
Earnings And Revenue VolatilityHistorical swings—from large losses to outsized one-time gains—make earnings less predictable and reduce comparability across years. This volatility complicates forecasting, increases execution risk for multi-year targets, and weakens the reliability of margins as a lasting metric.
Near-term Capex And Leverage RiskA sizable near-term capex program and potential acquisitions could raise leverage materially from current levels. Combined with thin FCF, heavier borrowing would increase interest and refinancing exposure, heighten execution demands on projects, and compress flexibility during downturns.