Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 6.5bn, rose 1.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.26x
- P/B
- 3.42x
- EPS
- 2,102
- BVPS
- 13,667
- ROE
- 15.9%
- ROA
- 2.8%
- Market price
- 46,800 16 Mar 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ARM is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Selling expenses
- Finance costs
- 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 | 78.2 | 82.5 | 87.7 | 73.5 | 50.5 | 124.9 | 60.2 | 48.9 |
| LNST | 1.9 | 1.4 | 1.5 | 1.7 | 1.3 | 1.1 | 1.2 | 1.1 |
| Net margin | 2.46% | 1.70% | 1.68% | 2.36% | 2.61% | 0.89% | 1.97% | 2.27% |
Revenue
78bnNet income
2bnNet margin
2.46%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 2.03%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.2pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.03% +0.4pp
- Gross Margin
- 13.61% +1.2pp
- SG&A / Revenue
- 10.29% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 21.9 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC edged up to 10.96%, rising 1.4pp. That translates to 10.96 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.4pp, with capital turnover fell 0.53x; with invested capital holding roughly steady.
A small uptick from the NOPAT margin side — not yet enough to call a quality shift; watch whether this momentum continues.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.70x equity, net debt at 0.80x equity.
None
Over the last 12 months, working capital absorbed 23.9bn 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 21.9 days versus the same period last year. The main moves came from DIO rose 28.0 days, DSO rose 0.3 days, and DPO rose 6.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +21.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 12.0% to 15.9% — driven by leverage and net margin together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.80x and interest coverage at 2.05x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 40.4% of debt, and total debt stands at 56.8bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.80x +0.71x
- Interest Coverage
- 2.05x +0.03x
- Cash / Debt
- 40.4% −37.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -4.4bn in 2025, against investing cash flow of 1.3bn.
Post-investment cash flow was negative +3.0bn. Financing cash flow was negative +14.1bn.
CFO / net income was −4,26 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 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 some core pressures remaining the main constraint. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −4.26x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −4.26x.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,1% YoY pace.
Ability to hold margins around the current 2.03% level.
Cash-flow quality, with operating cash flow currently at -4.4bn in 2025.
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Its weight and influence across the assets held for investment.
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