Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 25.5bn, rose 8.6bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher selling expenses, lower financial income, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.30x
- P/B
- 0.39x
- EPS
- 1,191
- BVPS
- 19,471
- ROE
- 6.4%
- ROA
- 5.0%
- Market price
- 7,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ADG is improving on both growth and profitability, painting a notably more positive picture versus the same period. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Selling expenses
- Financial income
- 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 | 111.5 | 183.7 | 117.0 | 114.4 | 84.0 | 153.4 | 108.4 | 118.4 |
| LNST | 0.6 | 22.6 | 0.7 | 5.0 | -4.3 | 15.8 | -3.4 | 11.9 |
| Net margin | 0.54% | 12.31% | 0.61% | 4.41% | -5.08% | 10.27% | -3.11% | 10.06% |
Revenue
112bnNet income
1bnNet margin
0.54%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 5.50%, rising 1.2pp. The main driver is Gross margin rose 2.0pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.7pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 5.50% +1.2pp
- Gross Margin
- 17.67% +2.0pp
- SG&A / Revenue
- 11.29% −0.6pp
TTM YoY · 2025Q1 -> 2026Q1
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. Capital structure is conservative with low leverage — liabilities at 0.36x equity, net debt at 0.04x equity.
None
Over the last 12 months, working capital released 9.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from 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 4.8 days versus the same period last year. The main moves came from DIO rose 5.8 days, DSO fell 4.6 days, and DPO rose 6.0 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +5.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 5.5% to 7.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 88.2bn due to capex of 116.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.04x and interest coverage at 6.43x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 66.9% of debt, and total debt stands at 56.2bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.04x +0.01x
- Interest Coverage
- 6.43x −3.43x
- Cash / Debt
- 66.9% −1.4pp
- 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 19.4bn in 2025, against investing cash flow of -61.0bn.
Post-investment cash flow was negative +41.6bn. Financing cash flow was positive +30.6bn.
CFO / net income was 1,12 lần.
After spending +116.8bn on fixed-asset investment, the business generated trailing free cash flow of −88.2bn.
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 next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.50% after expanding 1.2pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,5% YoY pace.
Ability to hold margins around the current 5.50% level.
Cash-flow quality, with operating cash flow currently at 19.4bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.