Elevated Financial LeverageA debt-heavy capital structure materially raises refinancing and interest-rate sensitivity and constrains strategic flexibility. High leverage makes the company more exposed to macro shocks and limits room for M&A, buybacks or aggressive reinvestment until materially reduced.
Stagnant To Declining Revenue And Thin Net MarginsLack of top-line momentum plus persistently thin net margins compress the ability to fund growth internally. Over time, weak revenue trends and low net profitability reduce reinvestment capacity and magnify the impact of any cost or demand shocks on shareholder returns.
U.S. Business Stress And Cash-flow/capex PressureMaterial U.S. revenue/EBITDA declines, higher capex intensity and a sharp FCF drop weaken consolidated cash conversion. Sustained U.S. underperformance elevates execution risk, increasing reliance on Canadian earnings and slowing progress on deleveraging and strategic investments.