Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 293.5bn, rose 40.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.74x
- P/B
- 2.15x
- EPS
- 36,231
- BVPS
- 181,166
- ROE
- 21.7%
- ROA
- 15.1%
- Market price
- 389,000 29 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CMF is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- 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 | Q3'24 | Q2'24 | Q3'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,032.0 | 1,158.2 | 1,055.0 | 974.8 | 887.8 | 990.8 | 858.5 | 862.8 |
| LNST | 73.1 | 72.9 | 75.2 | 72.2 | 64.0 | 65.5 | 63.4 | 59.6 |
| Net margin | 7.09% | 6.30% | 7.13% | 7.41% | 7.21% | 6.61% | 7.39% | 6.91% |
Revenue
1,032bnNet income
73bnNet margin
7.09%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.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 17.2% year on year — not from a single spike: quarterly growth stepped up from +14% to +16%.
3 of the last 3 quarters grew year on year.
- Revenue TTM
- 4,220bn +17.2%
- Latest quarter YoY
- +16% accelerating
What is driving the margin?
●Net margin stands at 6.95%, 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
- 6.95% −0.1pp
- Gross Margin
- 28.29% +0.4pp
- SG&A / Revenue
- 20.25% +0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 336.4bn against investing cash flow of -60.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +276.1bn. Financing cash flow was negative +193.3bn.
CFO / net income was 0,88 lần.
After spending +122.1bn on fixed-asset investment, the business generated trailing free cash flow of +135.7bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at +4.9%, other profit at +2.5% of PBT.
- Non-core / PBT
- 7.4% low
- Net financial / PBT
- 4.9%
- Other profit / PBT
- 2.5%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 22.96%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
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.
DuPont
What drives ROE?
ROE fell from 25.8% to 21.7% — leverage weakened the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 336.4bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.11x and interest coverage at 31.27x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 250.8% of debt, and total debt stands at 130.4bn.
- Net Debt / Equity
- −0.11x −0.09x
- Interest Coverage
- 31.27x +5.78x
- Cash / Debt
- 250.8% +139.5pp
- Short-term Debt / Total Debt
- 100.0% +37.1pp
TTM YoY · 2025Q1 -> 2026Q1
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.42x equity, with a net cash position equivalent to 0.11x equity.
Inventory ended the period at 261.8bn, roughly 13.2% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive as other financial axes hold their base, even though margin is roughly flat.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.88x.
What to verify next
Questions for the next period
Whether revenue sustains its +17,2% YoY pace or begins to slow.
Whether margins hold around the current 6.95% level or narrow again.
Whether operating cash flow holds its 336.4bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
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