Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 155.8bn, rose 63.1bn 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. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.39x
- P/B
- 1.10x
- EPS
- 11,440
- BVPS
- 45,755
- ROE
- 25.8%
- ROA
- 17.9%
- Market price
- 50,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ABT has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- 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 | 187.8 | 172.8 | 192.8 | 177.5 | 163.8 | 141.8 | 151.8 | 158.6 |
| LNST | 22.3 | 32.0 | 40.3 | 61.2 | 22.1 | 18.4 | 18.5 | 33.7 |
| Net margin | 11.86% | 18.53% | 20.88% | 34.51% | 13.52% | 12.95% | 12.19% | 21.26% |
Revenue
188bnNet income
22bnNet margin
11.86%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 21.31%, rising 6.3pp. The main driver is Gross margin rose 6.2pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 21.31% +6.3pp
- Gross Margin
- 26.06% +6.2pp
- SG&A / Revenue
- 6.57% −0.9pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 75.1 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 22.35%, rising 6.9pp. That translates to 22.35 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.8pp, with capital turnover broadly stable; while invested capital rose by 115bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.34x equity, net debt at 0.17x equity.
Inventory ended the period at 105.6bn, roughly 11.7% of total assets.
Over the last 12 months, working capital absorbed 39.6bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 34.6 days versus the same period last year. The main moves came from DIO fell 40.0 days, DSO rose 2.5 days, and DPO fell 3.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +2.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 18.0% to 25.8% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.17x and interest coverage at 22.63x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 45.8% of debt, and total debt stands at 203.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.17x +0.01x
- Interest Coverage
- 22.63x +6.88x
- Cash / Debt
- 45.8% +20.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 129.2bn in 2025, against investing cash flow of -148.7bn.
Post-investment cash flow was negative +19.4bn. Financing cash flow was negative +28.6bn.
CFO / net income was 0,39 lần.
After spending +6.9bn on fixed-asset investment, the business generated trailing free cash flow of +53.7bn.
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 6.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 19.1%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.31% after expanding 6.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.1% of PBT and CFO / net income currently at 0.39x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +18,7% YoY pace.
Ability to hold margins around the current 21.31% level.
Cash-flow quality, with operating cash flow currently at 129.2bn in 2025.
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