Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 188.9bn, rose 73.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher administrative expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.44x
- P/B
- 1.10x
- EPS
- 5,843
- BVPS
- 39,608
- ROE
- 15.1%
- ROA
- 4.7%
- Market price
- 43,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, APF is growing strongly on the back of scale expansion, while margins have only improved slightly. 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
- Selling expenses
- Finance costs
- Administrative expenses
- Financial income
- Other
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 | 2,442.4 | 2,159.3 | 1,377.8 | 1,456.9 | 1,589.8 | 1,187.7 | 1,405.1 | 1,329.1 |
| LNST | 93.6 | 45.1 | 31.8 | 25.0 | 60.1 | 22.5 | 2.8 | 32.7 |
| Net margin | 3.83% | 2.09% | 2.31% | 1.71% | 3.78% | 1.89% | 0.20% | 2.46% |
Revenue
2,442bnNet income
94bnNet margin
3.83%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 2.63%, rising 0.5pp. Core operating signals are improving as Gross margin rose 2.8pp are enough to offset pressure from SG&A / Revenue rose 2.1pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.63% +0.5pp
- Gross Margin
- 13.48% +2.8pp
- SG&A / Revenue
- 9.39% +2.1pp
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. Leverage is elevated, requiring monitoring — liabilities at 1.63x equity, net debt at 1.58x equity.
Inventory ended the period at 798.4bn, roughly 24.1% of total assets.
Over the last 12 months, working capital released 428.3bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 50.5 days versus the same period last year. The main moves came from DIO fell 50.8 days, DSO fell 3.4 days, and DPO fell 3.7 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 111.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 9.9% to 15.6% — mainly driven by asset turnover, despite leverage 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 1.58x and interest coverage only at 1.32x.
At present, short-term debt accounts for 91.4% of total debt, cash equals 6.5% of debt, and total debt stands at 2,193.7bn.
Net debt / equity stands at 1.58x, increasing balance-sheet pressure.
Interest coverage is 1.32x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.58x −0.57x
- Interest Coverage
- 1.32x +0.42x
- Cash / Debt
- 6.5% +3.6pp
- Short-term Debt / Total Debt
- 91.4% −3.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 672.4bn in 2025, against investing cash flow of -213.3bn.
Post-investment cash flow was positive +459.1bn. Financing cash flow was negative +393.8bn.
CFO / net income was 4,35 lần.
After spending +170.3bn on fixed-asset investment, the business generated trailing free cash flow of +652.0bn.
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 cash generation. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.32x.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 771.3bn versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.32x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +34,9% YoY pace.
Ability to hold margins around the current 2.63% level.
Cash-flow quality, with operating cash flow currently at 672.4bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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well balanced?
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