Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 1.7bn, fell 8.4bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- -64.57x
- P/B
- 0.79x
- EPS
- -350
- BVPS
- 28,762
- ROE
- -1.2%
- ROA
- -0.6%
- Market price
- 22,600 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CAN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Administrative expenses
- Financial income
- Gross profit
- 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 | 109.2 | 192.3 | 169.7 | 157.2 | 143.6 | 154.7 | 198.0 | 164.8 |
| LNST | -4.1 | -9.5 | 7.6 | 4.2 | -0.4 | 7.4 | 2.0 | -2.3 |
| Net margin | -3.74% | -4.93% | 4.50% | 2.65% | -0.27% | 4.76% | 1.03% | -1.40% |
Revenue
109bnNet income
-4bnNet margin
-3.74%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin narrowed to −0.28%, falling 1.3pp. The main pressure is Gross margin fell 2.8pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (with additional support from Other profit / Revenue rose 0.3pp and Net financial result / Revenue rose 0.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −0.28% −1.3pp
- Gross Margin
- 18.91% −2.8pp
- SG&A / Revenue
- 18.30% −1.6pp
- Non-core / Revenue
- −0.06% +0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 35.6% of PBT and lifted net margin by 0.5pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to −0.59%, losing 3.6pp. That translates to −0.59 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.3pp, outweighing the movement in capital turnover; while invested capital contracted by 52bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −0.59% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 1.64x equity, net debt at 0.36x equity.
Inventory ended the period at 173.6bn, roughly 44.4% of total assets.
Over the last 12 months, working capital absorbed 22.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 32.6 days versus the same period last year. The main moves came from DIO fell 21.3 days, DSO fell 0.1 days, and DPO rose 11.3 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 111.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 4.6% to −1.2% — dragged by net margin and leverage.
Is financial risk significant?
Leverage is safe but FCF is negative at 23.3bn due to capex of 21.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.36x and interest coverage only at 0.36x.
At present, short-term debt accounts for 86.0% of total debt, cash equals 16.4% of debt, and total debt stands at 62.5bn.
Interest coverage is 0.36x, leaving limited room to absorb financing costs.
Short-term debt accounts for 86.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.36x +0.10x
- Interest Coverage
- 0.36x −1.03x
- Cash / Debt
- 16.4% −13.1pp
- Short-term Debt / Total Debt
- 86.0% −13.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Operating cash flow reached -1.0bn in 2025, against investing cash flow of -63.0bn.
Post-investment cash flow was negative +64.0bn. Financing cash flow was positive +55.7bn.
CFO / net income was 1,21 lần.
After spending +21.2bn on fixed-asset investment, the business generated trailing free cash flow of −23.3bn.
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 −45.6%. The main risk still sits in capital efficiency remains weak, with ROIC at −0.6%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.21x. Even so, net financial result still accounts for −45.6% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −4,9% YoY decline.
Ability to hold margins around the current -0.28% level.
Cash-flow quality, with operating cash flow currently at -1.0bn in 2025.
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