Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 29.3bn, rose 3.7bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher selling expenses, lower financial income, higher tax, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.81x
- P/B
- 0.90x
- EPS
- 2,076
- BVPS
- 29,689
- ROE
- 6.9%
- ROA
- 5.5%
- Market price
- 26,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, COM has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Selling expenses
- Financial income
- Tax
- Finance costs
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 | 1,022.7 | 956.2 | 926.2 | 865.0 | 905.1 | 959.0 | 981.0 | 1,081.9 |
| LNST | 4.4 | 15.5 | 6.0 | 3.4 | 2.6 | 11.5 | 6.7 | 4.8 |
| Net margin | 0.43% | 1.62% | 0.65% | 0.40% | 0.28% | 1.20% | 0.69% | 0.45% |
Revenue
1,023bnNet income
4bnNet margin
0.43%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 are improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
●Net margin stands at 0.78%, 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
- 0.78% +0.1pp
- Gross Margin
- 6.22% +1.3pp
- SG&A / Revenue
- 5.29% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.25x equity.
Inventory ended the period at 53.9bn, roughly 11.2% of total assets.
Over the last 12 months, working capital released 0.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
●Cash conversion cycle lengthened by 2.3 days versus the same period last year. The main moves came from DIO rose 3.4 days, DSO rose 0.8 days, and DPO rose 1.9 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +2.3 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 5.8% to 6.9% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 35.7bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.25x and interest coverage at 502.09x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.25x
- Interest Coverage
- 502.09x +429.20x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 35.7bn in 2025, against investing cash flow of -5.3bn.
Post-investment cash flow was positive +30.5bn. Financing cash flow was negative +21.0bn.
CFO / net income was 0,84 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 earnings conversion is confirmed, with CFO/NI at 0.84x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.84x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −4,0% YoY decline.
Ability to hold margins around the current 0.78% level.
Cash-flow quality, with operating cash flow currently at 35.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.