How do you know? How many other comparably sized 10+ year US RPG companies are there?
Right.
I would disagree with "The company's financial health shouldn't hang by a thread all the time", too. There are no other mid-sized RPG companies like Obsidian left precisely because their fate is always hanging by the thread in this industry. The fact that Feargus has been able to keep one afloat for that long is a miracle in itself. It comes as no surprise that he had to sign on side projects like AW to be able to do that, too.
BioWare, Bethesda, CDP, Arkane (not RPGs anymore, but still), Blizzard, and so on. Then you have others that don't make RPGs like Avalanche Studios, Monolith, etc. These were all as large as Obsidian is at some point, but they were more successful, and if you look at their record, they had 1, 2 cancelled projects tops. The original BioWare in Edmonton doesn't have a single cancelled project in 20 years, for example.
Sure, only CDP is independent out of the ones I mentioned, but BioWare was very successful and healthy enough to stay as an independent studio before the acquisiton. It was their choice and we all know how it ends, but regardless of what their games are/were, the doctors did a great job running the company.
Keeping a mid-sized RPG company (actually I'd say the genre doesn't matter all that much in this case, it's now one of the most successful ones) is definitely difficult, but tripling its size in 3 years doesn't help. This will lead to another moment of instability if a major project is cancelled, and then they're gonna lose talent all over again. Obsidian still has talent, but they've been struggling to sell it to publishers, for whatever reason.
Just look at Aliens: Colonial Marines. That one was funded and released, their RPG was cancelled. I'm sure the Aliens RPG was objectively better than that shit, but somehow it got canned.
Then there's also decisions like the Pathfinder deal. Why not crowdfund another game, instead of using the most generic high fantasy IP possible? One that will also be damaged by the bomb Pathfinder Online is going to be, and that it's way too close to what they're doing with PoE? I don't get it.