Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 40.4bn, rose 31.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.32x
- P/B
- 0.46x
- EPS
- 620
- BVPS
- 14,007
- ROE
- 4.5%
- ROA
- 1.0%
- Market price
- 6,400 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AME is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Finance costs
- Administrative expenses
- Financial income
- 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 | 1,459.0 | 1,183.4 | 1,419.8 | 1,266.3 | 1,124.5 | 1,344.6 | 471.3 | 1,072.7 |
| LNST | 1.1 | 8.9 | 14.0 | 16.6 | 1.5 | 14.7 | 0.4 | 7.0 |
| Net margin | 0.08% | 0.75% | 0.99% | 1.31% | 0.13% | 1.09% | 0.08% | 0.65% |
Revenue
1,459bnNet income
1bnNet margin
0.08%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 stands at 0.76%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.76% +0.2pp
- Gross Margin
- 4.78% +0.8pp
- SG&A / Revenue
- 1.05% +0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 1.42%, rising 0.4pp. That translates to 1.42 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.23x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital rose by 402bn.
Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.
ROIC is currently 1.42% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 3.26x equity, net debt at 2.05x equity.
Inventory ended the period at 838.2bn, roughly 21.6% of total assets.
Over the last 12 months, working capital absorbed 593.1bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
●The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 1.1 days versus the same period last year. The main moves came from DIO fell 8.4 days, DSO fell 1.6 days, and DPO fell 11.2 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 106.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 2.8% to 4.5% — all three components improved, with net margin contributing the most.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.05x and interest coverage only at 0.33x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1.6% of debt, and total debt stands at 1,902.5bn.
Net debt / equity stands at 2.05x, increasing balance-sheet pressure.
Interest coverage is 0.33x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.05x −0.22x
- Interest Coverage
- 0.33x +0.06x
- Cash / Debt
- 1.6% −1.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -396.7bn in 2025, against investing cash flow of 81.7bn.
Post-investment cash flow was negative +315.1bn. Financing cash flow was positive +313.1bn.
CFO / net income was 2,99 lần.
After spending +0.3bn on fixed-asset investment, the business generated trailing free cash flow of +120.5bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 1.4%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.99x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.99x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +32,8% YoY pace.
Ability to hold margins around the current 0.76% level.
Cash-flow quality, with operating cash flow currently at -396.7bn in 2025.
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