Thank you for your comment — I’m glad you found the analysis useful.

You’re absolutely right: rising CAPEX without a corresponding improvement in returns on capital is a meaningful red flag. I’d suggest assessing this in conjunction with the company’s cash flow generation, as well as insights from the MD&A and the firm’s broader strategic objectives. Looking at these elements together helps distinguish value-creating investment from capital that merely sustains reported earnings.

For a more systematic framework, I also recommend the CFA Program reading Integration of Financial Statement Analysis Techniques, particularly Phases 3 and 4 on Cash Flow and Capital. It provides a very practical methodology for linking capital investments to actual cash flow outcomes — a connection that is often overlooked but critical for investors.