I'm curious how others view companies who's past financials only support the debt service post close for the past couple years. For instance I'm looking at a well water services company that has ~$800k EBITDA in 2022 & 2023, ~$500k in 2021, ~$190k in 2020, ~122k in 2019 and ~280k in###-###-#### Debt service would run around $370k at the asking price. That works for their current performance but going back a few years it doesn't.

Normally this would be a no go for me as I prefer a business that's been steady and ready for me to improve it, but the business is the leader in their area as a complete stop for well water services, excluding interior plumbing, which would be something I'd look to add. If I move forward the key is to figure out what is different and has caused them to jump so much in a short time and if it's sustainable, but I'm just curious if others just pass over them, as I normally would, looking for a "safer" company or if they take the time to dig in.