Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 12,281.4bn, rose 518.0bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and higher associates income. Offsetting pressure came mainly from lower financial income, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.80x
- P/B
- 2.04x
- EPS
- 3,823
- BVPS
- 20,230
- ROE
- 18.2%
- ROA
- 14.7%
- Market price
- 41,300 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ACV is holding revenue at an acceptable level, but margins are eroding visibly — profit is at an all-time high. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Associates income
- Financial income
- Administrative expenses
- Tax
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 | 6,840.0 | 6,793.4 | 6,476.4 | 6,340.1 | 6,350.1 | 5,721.0 | 5,655.2 | 5,534.8 |
| LNST | 3,346.2 | 3,134.8 | 3,210.4 | 2,603.7 | 3,120.4 | 3,088.7 | 2,339.2 | 3,228.1 |
| Net margin | 48.92% | 46.14% | 49.57% | 41.07% | 49.14% | 53.99% | 41.36% | 58.32% |
Revenue
6,840bnNet income
3,346bnNet margin
48.92%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 46.48%, losing 4.1pp. The main pressure is Gross margin fell 2.9pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 2.4pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 46.48% −4.1pp
- Gross Margin
- 59.66% −2.9pp
- SG&A / Revenue
- 6.70% −0.1pp
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 narrowed to 16.83%, falling 1.2pp. That translates to 16.83 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 4.2pp, outweighing the movement in capital turnover; while invested capital rose by 7,728bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.31x equity, net debt at 0.05x equity.
None
Over the last 12 months, working capital released 2,160.0bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 72.0 days versus the same period last year. The main moves came from DIO fell 4.6 days, DSO fell 38.1 days, and DPO rose 29.3 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE fell from 20.3% to 18.2% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Leverage is safe but FCF is negative at 10,067.0bn due to capex of 26,006.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 18.35x.
At present, short-term debt accounts for 4.3% of total debt, cash equals 62.0% of debt, and total debt stands at 9,477.4bn.
- Net Debt / Equity
- 0.05x −0.06x
- Interest Coverage
- 18.35x +5.56x
- Cash / Debt
- 62.0% +31.2pp
- Short-term Debt / Total Debt
- 4.3% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 16,758.8bn in 2025, against investing cash flow of -18,409.5bn.
Post-investment cash flow was negative +1,650.6bn. Financing cash flow was negative +433.6bn.
CFO / net income was 1,30 lần.
After spending +26,006.2bn on fixed-asset investment, the business generated trailing free cash flow of −10,067.0bn.
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 earnings conversion is confirmed, with CFO/NI at 1.30x. The main risk still sits in core profitability, with net margin down 4.1 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.30x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 46.48% after a 4.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,7% YoY pace.
Ability to hold margins around the current 46.48% level.
Cash-flow quality, with operating cash flow currently at 16,758.8bn in 2025.
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