Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 8.6bn, rose 9.2bn compared with the same period last year. Key positives came from higher financial income and lower finance costs. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.16x
- P/B
- 0.65x
- EPS
- 1,724
- BVPS
- 13,637
- ROE
- 13.2%
- ROA
- 5.5%
- Market price
- 8,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CMC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- 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 | 23.1 | 33.3 | 46.8 | 22.6 | 21.5 | 30.9 | 13.6 | 16.0 |
| LNST | 0.1 | 4.1 | 3.0 | 1.4 | 0.1 | -0.1 | -2.6 | 2.0 |
| Net margin | 0.62% | 12.32% | 6.44% | 6.14% | 0.69% | -0.25% | -19.35% | 12.57% |
Revenue
23bnNet income
0bnNet margin
0.62%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 improved (+7.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 6.87%, rising 7.5pp. Core operating signals are improving as SG&A / Revenue fell 1.5pp are enough to offset pressure from Gross margin fell 4.3pp (with additional support from Net financial result / Revenue rose 11.4pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 6.87% +7.5pp
- Gross Margin
- 7.30% −4.3pp
- SG&A / Revenue
- 3.71% −1.5pp
- Non-core / Revenue
- 4.37% +11.4pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 54.9% of PBT and lifted net margin by 11.4pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 5.70%, rising 6.1pp. That translates to 5.70 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 7.5pp and capital turnover rose 0.27x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.30x equity, net debt at 1.16x equity.
Inventory ended the period at 34.8bn, roughly 21.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DSO increased by +3.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −0.9% to 13.2% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.16x and interest coverage only at 3.59x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1.8% of debt, and total debt stands at 82.0bn.
Net debt / equity stands at 1.16x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 1.16x −0.35x
- Interest Coverage
- 3.59x +3.66x
- Cash / Debt
- 1.8% −1.5pp
- Short-term Debt / Total Debt
- 100.0% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 47.8bn in 2025, against investing cash flow of -21.5bn.
Post-investment cash flow was positive +26.2bn. Financing cash flow was negative +10.6bn.
CFO / net income was 3,30 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 operating efficiency, with net margin improving 7.5 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 3.59x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.87% after expanding 7.5pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.30x. Even so, net financial result still accounts for 54.9% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.16x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +53,3% YoY pace.
Ability to hold margins around the current 6.87% level.
Cash-flow quality, with operating cash flow currently at 47.8bn in 2025.
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