Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 38.9bn, rose 27.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.05x
- P/B
- 0.67x
- EPS
- 776
- BVPS
- 16,297
- ROE
- 4.8%
- ROA
- 2.3%
- Market price
- 10,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ACL is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Finance costs
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 | 428.0 | 569.4 | 542.2 | 581.5 | 418.2 | 455.5 | 415.2 | 562.0 |
| LNST | 3.4 | 15.5 | 14.0 | 6.0 | 2.6 | 2.1 | 3.4 | 3.2 |
| Net margin | 0.80% | 2.72% | 2.58% | 1.03% | 0.62% | 0.47% | 0.81% | 0.57% |
Revenue
428bnNet income
3bnNet margin
0.80%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 edged up to 1.83%, rising 1.2pp. Core operating signals are improving as Gross margin rose 1.9pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.83% +1.2pp
- Gross Margin
- 12.84% +1.9pp
- SG&A / Revenue
- 9.76% +0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 181.6 days.
Is capital being deployed efficiently?
▲ROIC expanded to 2.76%, rising 2.0pp. That translates to 2.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.2pp and capital turnover rose 0.24x, with invested capital easing slightly by 67bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 2.76% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 0.84x equity, net debt at 0.69x equity.
Inventory ended the period at 840.0bn, roughly 54.0% of total assets.
Over the last 12 months, working capital released 141.9bn 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 76.6 days versus the same period last year. The main moves came from DIO fell 79.5 days, DSO rose 2.1 days, and DPO fell 0.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 181.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +2.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.4% to 4.8% — mainly driven by net margin, despite leverage 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 warrants monitoring, with net debt / equity at 0.69x and interest coverage only at 1.13x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 10.6% of debt, and total debt stands at 631.8bn.
Interest coverage is 1.13x, 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
- 0.69x −0.16x
- Interest Coverage
- 1.13x +0.71x
- Cash / Debt
- 10.6% −1.9pp
- 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 217.9bn in 2025, against investing cash flow of -45.8bn.
Post-investment cash flow was positive +172.1bn. Financing cash flow was negative +174.7bn.
CFO / net income was 5,44 lần.
After spending +31.9bn on fixed-asset investment, the business generated trailing free cash flow of +180.0bn.
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 1.2 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 2.8%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.83% after expanding 1.2pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +14,6% YoY pace.
Ability to hold margins around the current 1.83% level.
Cash-flow quality, with operating cash flow currently at 217.9bn in 2025.
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