Recent Revenue SofteningRevenue momentum has weakened relative to the 2020–2023 expansion, with 2024 decline and only partial recovery in 2025. Slower top-line growth reduces the base for margin expansion and makes it harder to generate durable EBITDA gains from acquired platforms.
Volatile ProfitabilitySwinging from a loss in 2024 to profit in 2025 reflects inconsistency in earnings quality. Persistent margin and net-income volatility complicates forecasting, weakens return on equity stability, and raises execution risk for operational improvement programs.
Weakening Free Cash Flow TrendAlthough operating cash flow is positive, free cash flow has declined since 2023. A downtrend in FCF constrains funding for organic investment, add-on acquisitions or debt reduction, and can pressure capital allocation flexibility over the medium term.