Improving Cash GenerationA 46.8% rise in free cash flow and an operating cash flow to net income ratio of 3.10 indicate stronger underlying cash conversion and earnings quality. Durable cash generation supports capex funding, debt reduction, and resilience through commodity cycles, improving long-term financial flexibility.
Manageable LeverageA debt-to-equity of 0.57 and a stable equity ratio point to moderate leverage and a balanced capital structure. This reduces refinancing risk and preserves capacity to invest or weather downturns in a cyclical sector, supporting sustainable operations over the medium term.
Improving Operational MarginsRising gross and EBITDA margins suggest better cost control and service pricing power. Sustained margin improvement increases earnings durability even if volumes fluctuate, enabling incremental reinvestment and cushioning profitability across cycles, which benefits long-term cash flow sustainability.