Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 25.7bn, fell 3.7bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, lower tax, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 794
- BVPS
- 11,979
- ROE
- 6.8%
- ROA
- 3.7%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q1 basis, CMP is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been expanding consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Tax
- Selling expenses
- Administrative expenses
- 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 | 114.9 | 72.7 | 65.9 | 94.1 | 93.8 | 92.3 | 71.9 | 114.4 |
| LNST | 11.3 | 6.4 | 3.4 | 4.7 | 9.9 | 10.6 | 3.1 | 5.9 |
| Net margin | 9.81% | 8.85% | 5.10% | 4.94% | 10.51% | 11.46% | 4.29% | 5.15% |
Revenue
115bnNet income
11bnNet margin
9.81%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 narrowed to 7.40%, falling 0.5pp. The main pressure is SG&A / Revenue rose 2.9pp, outweighing the improvement in Gross margin rose 2.3pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 7.40% −0.5pp
- Gross Margin
- 29.59% +2.3pp
- SG&A / Revenue
- 17.01% +2.9pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 5.69%, falling 0.3pp. That translates to 5.69 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.2pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.83x equity, net debt at 0.20x equity.
None
Over the last 12 months, working capital absorbed 15.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 9.3 days versus the same period last year. The main moves came from DIO rose 1.6 days, DSO rose 7.3 days, and DPO fell 0.4 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +9.3 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +7.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.3% to 6.8% — dragged by asset turnover and net margin together.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.20x and interest coverage at 2.54x.
At present, short-term debt accounts for 12.5% of total debt, cash equals 51.0% of debt, and total debt stands at 156.3bn.
- Net Debt / Equity
- 0.20x −0.08x
- Interest Coverage
- 2.54x −0.01x
- Cash / Debt
- 51.0% +9.7pp
- Short-term Debt / Total Debt
- 12.5% +1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 59.8bn in 2025, against investing cash flow of -7.4bn.
Post-investment cash flow was positive +52.4bn. Financing cash flow was negative +24.6bn.
CFO / net income was 1,67 lần.
After spending +23.2bn on fixed-asset investment, the business generated trailing free cash flow of +19.9bn.
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 brighter spot is earnings conversion is confirmed, with CFO/NI at 1.67x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.67x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −6,7% YoY decline.
Ability to hold margins around the current 7.40% level.
Cash-flow quality, with operating cash flow currently at 59.8bn in 2025.
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