The problem that everything is good because it's profitable is quite insidious.
Usually, these early warning signs don't come into effect until much much later. And by then it's almost too late. See total war nkw with the latest Pharaoh release. The debt collector has come to get their due, with interest.
It's also important to gauge how the company will pan out in the future. Leadership comes and goes, but the fundamental culture, incentives, self selection out and which type of person gets hired.