Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 471.0bn, rose 215.1bn compared with the same period last year. Key positives came from lower selling expenses, lower finance costs, lower administrative expenses, and higher associates income. Offsetting pressure came mainly from lower gross profit, higher minority interests, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.89x
- P/B
- 0.45x
- EPS
- 1,205
- BVPS
- 15,827
- ROE
- 7.7%
- ROA
- 3.7%
- Market price
- 7,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AAA posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Administrative expenses
- Associates income
- Gross profit
- Minority interests
- Financial income
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,224.1 | 2,192.3 | 2,369.5 | 2,310.0 | 3,856.4 | 3,842.6 | 3,193.4 | 2,782.5 |
| LNST | 162.6 | 62.0 | 125.4 | 171.8 | 55.5 | 54.0 | -25.7 | 108.8 |
| Net margin | 7.31% | 2.83% | 5.29% | 7.44% | 1.44% | 1.41% | -0.80% | 3.91% |
Revenue
2,224bnNet income
163bnNet margin
7.31%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 5.74%, rising 4.3pp. Core operating signals are improving as Gross margin rose 3.4pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 1.2pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.74% +4.3pp
- Gross Margin
- 15.27% +3.4pp
- SG&A / Revenue
- 9.41% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 15.2 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 6.87%, rising 4.1pp. That translates to 6.87 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.3pp, with capital turnover fell 0.74x; while invested capital rose by 551bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.12x equity, net debt at 0.26x equity.
None
Over the last 12 months, working capital released 458.3bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 15.2 days versus the same period last year. The main moves came from DIO rose 17.2 days, DSO rose 8.3 days, and DPO rose 10.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +15.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +8.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 3.2% to 8.5% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 20.8bn due to capex of 1,196.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.26x and interest coverage at 5.63x.
At present, short-term debt accounts for 62.8% of total debt, cash equals 46.3% of debt, and total debt stands at 3,031.1bn.
Short-term debt accounts for 62.8% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.26x +0.05x
- Interest Coverage
- 5.63x +4.87x
- Cash / Debt
- 46.3% −15.8pp
- Short-term Debt / Total Debt
- 62.8% +2.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 977.8bn in 2025, against investing cash flow of -1,505.1bn.
Post-investment cash flow was negative +527.3bn. Financing cash flow was negative +287.0bn.
CFO / net income was 2,50 lần.
After spending +1,196.2bn on fixed-asset investment, the business generated trailing free cash flow of −20.8bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.3 pp. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.74% after expanding 4.3pp versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −33,5% YoY decline.
Ability to hold margins around the current 5.74% level.
Cash-flow quality, with operating cash flow currently at 977.8bn in 2025.
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