Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 121.2bn, rose 29.1bn compared with the same period last year. Key positives came from higher gross profit, lower selling expenses, higher financial income, and better other profit. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.09x
- P/B
- 0.72x
- EPS
- 7,355
- BVPS
- 21,238
- ROE
- 28.4%
- ROA
- 8.2%
- Market price
- 15,350 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ANT is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Financial income
- Other profit
- Finance costs
- Administrative expenses
- Deferred 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 | 440.3 | 349.0 | 464.7 | 479.4 | 467.1 | 293.9 | 415.9 | 404.7 |
| LNST | 32.1 | 30.6 | 32.4 | 29.9 | 38.8 | 10.2 | 21.8 | 22.2 |
| Net margin | 7.28% | 8.78% | 6.97% | 6.24% | 8.30% | 3.48% | 5.24% | 5.48% |
Revenue
440bnNet income
32bnNet margin
7.28%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 7.21%, rising 1.3pp. The main driver is SG&A / Revenue fell 1.2pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.21% +1.3pp
- Gross Margin
- 24.79% +0.4pp
- SG&A / Revenue
- 14.20% −1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 10.61%, falling 0.4pp. That translates to 10.61 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 1.1pp, capital turnover fell 0.35x still pulled ROIC lower, while invested capital expanded strongly by 292bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
▲Leverage is elevated, requiring monitoring — liabilities at 2.01x equity, net debt at 1.15x equity.
Inventory ended the period at 219.2bn, roughly 15.3% of total assets.
Over the last 12 months, working capital released 107.0bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 7.0 days versus the same period last year. The main moves came from DIO rose 3.6 days, DSO rose 11.0 days, and DPO rose 7.6 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 94.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +11.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 32.8% to 29.3% — dragged by asset turnover and leverage together, though net margin still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.15x and interest coverage only at 1.91x.
At present, short-term debt accounts for 81.6% of total debt, cash equals 29.3% of debt, and total debt stands at 831.3bn.
Net debt / equity stands at 1.15x, increasing balance-sheet pressure.
Interest coverage is 1.91x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.15x −1.25x
- Interest Coverage
- 1.91x +0.15x
- Cash / Debt
- 29.3% +28.6pp
- Short-term Debt / Total Debt
- 81.6% +4.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 249.8bn in 2025, against investing cash flow of -172.5bn.
Post-investment cash flow was positive +77.3bn. Financing cash flow was positive +152.8bn.
CFO / net income was 2,26 lần.
After spending +61.7bn on fixed-asset investment, the business generated trailing free cash flow of +212.5bn.
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 1.3 pp. The main risk still sits in leverage and liquidity, with interest coverage at 1.91x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.21% after expanding 1.3pp versus the same period last year.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.91x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +9,6% YoY pace.
Ability to hold margins around the current 7.21% level.
Cash-flow quality, with operating cash flow currently at 249.8bn in 2025.
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