Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 3.0bn, rose 6.1bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 27.31x
- P/B
- 0.46x
- EPS
- 271
- BVPS
- 16,238
- ROE
- 1.5%
- ROA
- 1.5%
- Market price
- 7,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AAM posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- Administrative expenses
- Other profit
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 | 33.4 | 9.3 | 42.5 | 64.3 | 54.4 | 35.1 | 49.8 | 34.0 |
| LNST | 2.4 | -0.9 | 0.4 | 1.1 | 1.2 | -1.4 | -1.3 | -1.6 |
| Net margin | 7.14% | -9.53% | 0.94% | 1.75% | 2.22% | -3.85% | -2.56% | -4.75% |
Revenue
33bnNet income
2bnNet margin
7.14%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 improved (+3.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 2.03%, rising 3.8pp. The main driver is Gross margin rose 5.2pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 1.1pp and Net financial result / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.03% +3.8pp
- Gross Margin
- 12.43% +5.2pp
- SG&A / Revenue
- 5.92% −1.3pp
- Non-core / Revenue
- −2.98% −1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.2pp, other income still accounts for 227.9% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.01x equity, with a net cash position equivalent to 0.06x equity.
Inventory ended the period at 30.1bn, roughly 15.0% of total assets.
Over the last 12 months, working capital released 56.2bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 126.5 days versus the same period last year. The main moves came from DIO fell 120.1 days, DSO fell 7.8 days, and DPO fell 1.4 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 106.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −1.5% to 1.5% — supported by net margin.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 61.5bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.06x +0.28x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 61.5bn in 2025, against investing cash flow of -98.3bn.
Post-investment cash flow was negative +36.8bn. Financing cash flow was positive 0.0bn.
CFO / net income was 19,44 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 brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 3.8 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 98.8%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.03% after expanding 3.8pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 19.44x. Even so, net financial result still accounts for 98.8% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −13,7% YoY decline.
Ability to hold margins around the current 2.03% level.
Cash-flow quality, with operating cash flow currently at 61.5bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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well balanced?
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