Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 14.2bn, fell 23.4bn compared with the same period last year. Offsetting pressure came mainly from higher finance costs, lower gross profit, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.11x
- P/B
- 1.33x
- EPS
- 1,125
- BVPS
- 16,175
- ROE
- 7.3%
- ROA
- 3.4%
- Market price
- 21,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CFV is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Other profit
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 | 116.9 | 76.2 | 22.3 | 191.5 | 90.1 | 21.6 | 7.1 | 99.5 |
| LNST | 1.4 | 15.0 | -2.7 | 0.6 | 0.6 | 15.2 | 2.9 | 18.9 |
| Net margin | 1.18% | 19.66% | -12.15% | 0.30% | 0.69% | 70.47% | 41.03% | 18.99% |
Revenue
117bnNet income
1bnNet margin
1.18%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼▼Net margin fell to 3.50%, losing 13.8pp. The main pressure is Gross margin fell 13.2pp, outweighing the improvement in SG&A / Revenue fell 2.0pp (with lingering pressure from Net financial result / Revenue fell 3.5pp and Other profit / Revenue fell 2.6pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 3.50% −13.8pp
- Gross Margin
- 10.74% −13.2pp
- SG&A / Revenue
- 4.20% −2.0pp
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. Capital structure is balanced — liabilities at 0.71x equity, net debt at 0.95x equity.
Inventory ended the period at 103.7bn, roughly 29.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 135.6 days versus the same period last year. The main moves came from DIO fell 126.1 days, DSO fell 10.9 days, and DPO fell 1.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 222.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 22.5% to 7.3% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 209.5bn due to capex of 23.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.95x and interest coverage only at 1.72x.
At present, short-term debt accounts for 91.1% of total debt, cash equals 0.1% of debt, and total debt stands at 194.3bn.
Interest coverage is 1.72x, leaving limited room to absorb financing costs.
Short-term debt accounts for 91.1% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.95x −0.24x
- Interest Coverage
- 1.72x −14.82x
- Cash / Debt
- 0.1% −0.1pp
- Short-term Debt / Total Debt
- 91.1% −8.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -105.2bn in 2025, against investing cash flow of 13.0bn.
Post-investment cash flow was negative +92.2bn. Financing cash flow was positive +92.2bn.
CFO / net income was −13,05 lần.
After spending +23.8bn on fixed-asset investment, the business generated trailing free cash flow of −209.5bn.
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 17.2%. The main risk still sits in core profitability, with net margin down 13.8 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.2% of PBT and CFO / net income currently at −13.05x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.50% after a 13.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +86,4% YoY pace.
Ability to hold margins around the current 3.50% level.
Cash-flow quality, with operating cash flow currently at -105.2bn in 2025.
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