The big answer is sometimes.
Often in bathrooms and around slides/windows/door, it’s just condensation.
It could be just a bad glue down from the factory.
On an exterior wall it could be from movement.
In any of those cases it can be easily glued back down
If there is bubbling and staining near it on the floor, wall, or ceiling then yes. Also, if there is a weak spot in the floor it probably is. If there is anything screwed into the wall near it, you can sometime pull the screw and look for rust.
Check the roof, for properly maintained sealant.
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