Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 77.7bn, fell 40.2bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and lower tax. Offsetting pressure came mainly from higher selling expenses, higher finance costs, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.24x
- P/B
- 0.68x
- EPS
- 7,067
- BVPS
- 75,017
- ROE
- 9.7%
- ROA
- 2.6%
- Market price
- 51,200 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CLM is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Tax
- Selling expenses
- Finance costs
- Financial income
- 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 | 4,327.4 | 2,122.1 | 3,086.9 | 5,774.4 | 5,376.3 | 2,471.4 | 4,006.0 | 4,930.0 |
| LNST | 24.0 | 12.4 | 11.3 | 30.0 | 20.0 | 21.5 | 29.0 | 47.4 |
| Net margin | 0.55% | 0.59% | 0.37% | 0.52% | 0.37% | 0.87% | 0.72% | 0.96% |
Revenue
4,327bnNet income
24bnNet margin
0.55%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 stands at 0.51%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.51% −0.2pp
- Gross Margin
- 2.71% +0.5pp
- SG&A / Revenue
- 1.85% +0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 3.56%, falling 0.5pp. That translates to 3.56 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 1.61x, NOPAT margin narrowed 0.2pp still pulled ROIC lower, while invested capital contracted by 617bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 3.56% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲Capital structure is balanced — liabilities at 1.15x equity, net debt at 0.77x equity.
Inventory ended the period at 755.6bn, roughly 43.9% of total assets.
Over the last 12 months, working capital released 653.4bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.2 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO fell 3.7 days, and DPO rose 8.8 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +2.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 16.1% to 9.7% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.77x and interest coverage only at 0.97x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 9.0% of debt, and total debt stands at 698.9bn.
Interest coverage is 0.97x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.77x −0.93x
- Interest Coverage
- 0.97x −1.75x
- Cash / Debt
- 9.0% +7.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -500.4bn in 2025, against investing cash flow of -12.7bn.
Post-investment cash flow was negative +513.0bn. Financing cash flow was positive +469.9bn.
CFO / net income was 9,25 lần.
After spending +14.5bn on fixed-asset investment, the business generated trailing free cash flow of +704.1bn.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 3.6%. The next watchpoint is the earnings mix, when non-core contribution is 21.1%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 9.25x. Even so, net financial result still accounts for 21.1% 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 −8,8% YoY decline.
Ability to hold margins around the current 0.51% level.
Cash-flow quality, with operating cash flow currently at -500.4bn in 2025.
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