The (https://news.google.com/rss/articles/CBMirgFBVV95cUxPV19GV21jUzBTUXUzS1l3ZW5obXFHNDU3emZTLXRyMzVaVl9aTVpXUHlaSmdXeHdNbXpDeEFObmVZblQ0UFNFQmNrcGV5Vk9NaTZJemNwTjNuMTV0S3lBVFdDY1NsejRjcjRSTDdCS1Vobzk3ZWJUTkhsejhPdFEwc1ZoWHhySDFKekVHblV0TEFOLTZSMkJYMkFVMlBtYzI1VFE3U2I0a0plcXJITFE?oc=5) pop reflects real operational performance—18.9% net margins and 36.6% NI growth YoY are structural, not narrative-driven. But the real risk isn't margin expansion; it's what happens to Free Cash Flow (6.6B) and ROIC (3.0%) if rate persistence erodes capital allocation efficiency.

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