Volatile Cash ConversionHistorical swings to negative free cash flow and uneven cash conversion point to working-capital timing and project collection risks. If receivables or inventory reaccumulate, cash strain could reappear and impair funding for large multi-year projects or margin stability.
Earlier Margin VolatilityWide swings in net margin across recent years indicate sensitivity to project mix, pricing, and cost control. Persistent margin variability could limit reinvestment capacity and make earnings less predictable despite recent improvements.
Rapid Asset Growth Raises Execution RiskFast expansion of the asset base can signal higher inventory, receivables, or project-in-progress exposure. Without matching sustained profitability and cash conversion, this increases execution and working-capital strain risks across multi-quarter project cycles.