Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 115.6bn, rose 34.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.94x
- P/B
- 0.25x
- EPS
- 1,134
- BVPS
- 17,565
- ROE
- 6.6%
- ROA
- 2.6%
- Market price
- 4,470 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CMX is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Finance costs
- Administrative expenses
- Other profit
- Other
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 | 884.9 | 707.8 | 715.9 | 979.3 | 538.5 | 982.9 | 516.0 | 692.8 |
| LNST | 38.4 | 52.1 | 32.9 | 32.8 | 30.8 | 38.2 | 32.5 | 6.1 |
| Net margin | 4.33% | 7.36% | 4.60% | 3.35% | 5.72% | 3.89% | 6.31% | 0.88% |
Revenue
885bnNet income
38bnNet margin
4.33%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin edged up to 4.75%, rising 0.8pp. Core operating signals are improving as Gross margin rose 3.0pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with lingering pressure from Other profit / Revenue fell 0.8pp and Net financial result / Revenue fell 0.7pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 4.75% +0.8pp
- Gross Margin
- 19.63% +3.0pp
- SG&A / Revenue
- 9.05% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 43.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC edged up to 3.94%, rising 1.3pp. That translates to 3.94 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.5pp, with capital turnover broadly stable; while invested capital rose by 562bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 3.94% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.74x equity, net debt at 1.37x equity.
Inventory ended the period at 2,416.6bn, roughly 50.4% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 43.8 days versus the same period last year. The main moves came from DIO rose 70.7 days, DSO fell 20.2 days, and DPO rose 6.7 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 340.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +70.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 6.7% to 9.0% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 265.2bn due to capex of 73.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.37x and interest coverage only at 0.82x.
At present, short-term debt accounts for 72.8% of total debt, cash equals 3.7% of debt, and total debt stands at 2,543.1bn.
Net debt / equity stands at 1.37x, increasing balance-sheet pressure.
Interest coverage is 0.82x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.37x +0.14x
- Interest Coverage
- 0.82x +0.25x
- Cash / Debt
- 3.7% +1.8pp
- Short-term Debt / Total Debt
- 72.8% +18.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -339.0bn in 2025, against investing cash flow of -138.6bn.
Post-investment cash flow was negative +477.6bn. Financing cash flow was positive +383.9bn.
CFO / net income was −1,66 lần.
After spending +73.2bn on fixed-asset investment, the business generated trailing free cash flow of −265.2bn.
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 −1.66x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.9%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.66x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,4% YoY pace.
Ability to hold margins around the current 4.75% level.
Cash-flow quality, with operating cash flow currently at -339.0bn in 2025.
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