Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 0.7bn, rose 0.4bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 121.88x
- P/B
- 1.84x
- EPS
- 192
- BVPS
- 12,692
- ROE
- 1.5%
- ROA
- 1.4%
- Market price
- 23,400 07 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ATS is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
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 | 13.3 | 13.2 | 12.5 | 11.7 | 10.1 | 14.0 | 13.5 | 12.2 |
| LNST | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Net margin | 1.81% | 1.17% | 1.05% | 1.22% | 1.00% | 0.51% | 0.49% | 0.48% |
Revenue
13bnNet income
0bnNet margin
1.81%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 1.32%, rising 0.7pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 0.5pp.
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.32% +0.7pp
- Gross Margin
- 5.86% +0.8pp
- SG&A / Revenue
- 4.23% +0.5pp
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. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.00x equity.
None
Over the last 12 months, working capital released 1.2bn 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 improved by 0.5 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO rose 7.8 days, and DPO rose 8.0 days.
Working capital cycle is flat — components are offsetting each other.
DSO increased by +7.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 0.7% to 1.5% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.00x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -0.9bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was negative +0.9bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,98 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 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 earnings conversion is confirmed, with CFO/NI at −0.98x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.98x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,9% YoY pace.
Ability to hold margins around the current 1.32% level.
Cash-flow quality, with operating cash flow currently at -0.9bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
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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.