Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 61.4bn, fell 61.4bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -2.56x
- P/B
- 0.10x
- EPS
- -469
- BVPS
- 12,290
- ROE
- -3.7%
- ROA
- -3.1%
- Market price
- 1,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AMV posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Finance costs
- Administrative expenses
- Gross profit
- Other 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 | 7.2 | 39.5 | 12.7 | 38.3 | 63.6 | 222.7 | 5.7 | 35.5 |
| LNST | -8.2 | -3.3 | -10.9 | -37.6 | -3.4 | 67.3 | 45.3 | -110.9 |
| Net margin | -114.01% | -8.33% | -85.59% | -98.25% | -5.33% | 30.21% | 793.92% | -312.82% |
Revenue
7bnNet income
-8bnNet margin
-114.01%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 −61.42%, losing 60.9pp. The main pressure is SG&A / Revenue rose 45.5pp, outweighing the improvement in Gross margin rose 3.1pp (with lingering pressure from Other profit / Revenue fell 8.3pp and Net financial result / Revenue fell 5.4pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −61.42% −60.9pp
- Gross Margin
- 13.03% +3.1pp
- SG&A / Revenue
- 50.73% +45.5pp
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 0.18x equity, net debt at 0.09x equity.
None
Over the last 12 months, working capital released 122.0bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 258.4 days versus the same period last year. The main moves came from DIO rose 12.2 days, DSO rose 317.9 days, and DPO rose 71.8 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 635.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +317.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −0.1% to −3.6% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.09x and interest coverage only at −3.67x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 23.9% of debt, and total debt stands at 27.1bn.
Interest coverage is −3.67x, 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
- 0.09x +0.00x
- Interest Coverage
- −3.67x −3.20x
- Cash / Debt
- 23.9% +20.6pp
- Short-term Debt / Total Debt
- 100.0% +83.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 258.8bn in 2025, against investing cash flow of -265.0bn.
Post-investment cash flow was negative +6.2bn. Financing cash flow was negative +5.0bn.
CFO / net income was −2,11 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 21.1%. The main risk still sits in core profitability, with net margin down 60.9 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.1% of PBT and CFO / net income currently at −2.11x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -61.42% after a 60.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −70,1% YoY decline.
Ability to hold margins around the current -61.42% level.
Cash-flow quality, with operating cash flow currently at 258.8bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.