's free cash flow generation has been a key part of the bull thesis, with the company reporting $7.4B in Q4 2025. However, a deeper dive into the numbers raises concerns. has been aggressively reducing debt, which has boosted reported FCF, but this strategy may not be sustainable long-term. Additionally, the company's cash flow statement indicates some concerning accounting practices that could be inflating the FCF figure. 's margins have also been under pressure, falling from 8.7% a year ago to just 6.3% in the most recent quarter. This, combined with the questionable FCF reporting, suggests the company may be struggling to maintain profitability in the current environment. Unless can demonstrate more transparent and reliable cash flow generation, I would approach this stock with caution. The market may be overestimating the sustainability of the company's financial performance.

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