Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 72.4bn, rose 18.7bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, lower administrative expenses, and lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.88x
- P/B
- 0.48x
- EPS
- 1,208
- BVPS
- 14,658
- ROE
- 8.5%
- ROA
- 1.9%
- Market price
- 7,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AMS is improving on both revenue and margins, though the magnitude is still moderate — profit momentum has been slowing across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Administrative expenses
- Tax
- Gross profit
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 | 692.2 | 1,282.0 | 629.7 | 1,060.9 | 553.0 | 1,325.1 | 628.0 | 759.8 |
| LNST | 17.3 | 26.5 | 7.5 | 21.1 | 8.3 | 3.4 | 13.5 | 28.5 |
| Net margin | 2.49% | 2.07% | 1.20% | 1.99% | 1.50% | 0.25% | 2.15% | 3.76% |
Revenue
692bnNet income
17bnNet margin
2.49%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin edged up to 1.98%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 1.3pp are enough to offset pressure from Gross margin fell 2.1pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.3pp).
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
- 1.98% +0.3pp
- Gross Margin
- 7.73% −2.1pp
- SG&A / Revenue
- 2.70% −1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 3.55%, broadly flat versus the same period. That translates to 3.55 in after-tax operating profit for every 100 units of operating capital. Both components held their rhythm — NOPAT margin and capital turnover were both stable, while invested capital rose by 216bn.
ROIC is in a stable range — capital efficiency has not moved clearly.
ROIC is currently 3.55% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 3.54x equity, net debt at 1.94x equity.
Inventory ended the period at 1,130.1bn, roughly 28.9% of total assets.
Over the last 12 months, working capital absorbed 142.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 24.1 days versus the same period last year. The main moves came from DIO rose 7.4 days, DSO rose 3.0 days, and DPO fell 13.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 162.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.6% to 8.5% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.94x and interest coverage only at 1.07x.
At present, short-term debt accounts for 79.8% of total debt, cash equals 17.2% of debt, and total debt stands at 2,065.3bn.
Net debt / equity stands at 1.94x, increasing balance-sheet pressure.
Interest coverage is 1.07x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.94x +0.46x
- Interest Coverage
- 1.07x −0.00x
- Cash / Debt
- 17.2% +11.2pp
- Short-term Debt / Total Debt
- 79.8% −3.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 236.2bn in 2025, against investing cash flow of -206.4bn.
Post-investment cash flow was positive +29.7bn. Financing cash flow was positive +215.3bn.
CFO / net income was −0,36 lần.
After spending +423.8bn on fixed-asset investment, the business generated trailing free cash flow of −450.2bn.
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 3.6%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −0.36x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.36x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +12,2% YoY pace.
Ability to hold margins around the current 1.98% level.
Cash-flow quality, with operating cash flow currently at 236.2bn in 2025.
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