Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 11.0bn, fell 41.3bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -17.24x
- P/B
- 0.16x
- EPS
- -93
- BVPS
- 10,127
- ROE
- -0.9%
- ROA
- -0.7%
- Market price
- 1,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AAH posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Tax
- Gross profit
- Other
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 | 197.3 | 108.0 | 244.9 | 288.5 | 203.1 | 447.3 | 332.2 | 281.2 |
| LNST | 2.5 | -13.6 | 0.1 | 0.0 | 13.2 | 6.3 | 5.1 | 5.6 |
| Net margin | 1.26% | -12.60% | 0.03% | 0.01% | 6.50% | 1.41% | 1.54% | 1.99% |
Revenue
197bnNet income
2bnNet margin
1.26%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼▼Net margin fell to −1.32%, losing 3.7pp. The main pressure comes from Gross margin fell 2.7pp and SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −1.32% −3.7pp
- Gross Margin
- 2.01% −2.7pp
- SG&A / Revenue
- 1.72% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 0.04%, losing 2.6pp. That translates to 0.04 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.6pp and capital turnover fell 0.36x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 0.04% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.22x equity, net debt at 0.07x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 12.9 days versus the same period last year. The main moves came from DIO fell 5.2 days, DSO rose 62.9 days, and DPO rose 44.9 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +12.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +62.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 2.5% to −0.9% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.07x and interest coverage only at 0.07x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 10.2% of debt, and total debt stands at 90.1bn.
Interest coverage is 0.07x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.07x +0.00x
- Interest Coverage
- 0.07x −14.69x
- Cash / Debt
- 10.2% +9.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -16.0bn in 2025, against investing cash flow of 3.4bn.
Post-investment cash flow was negative +12.6bn. Financing cash flow was positive +11.2bn.
CFO / net income was −10,58 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 17.3%. The main risk still sits in core profitability, with net margin down 3.7 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.3% of PBT and CFO / net income currently at −10.58x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -1.32% after a 3.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −33,6% YoY decline.
Ability to hold margins around the current -1.32% level.
Cash-flow quality, with operating cash flow currently at -16.0bn in 2025.
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