Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 4.1bn, rose 12.3bn compared with the same period last year. Key positives came from lower administrative expenses and better other profit. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -28.93x
- P/B
- 3.80x
- EPS
- -173
- BVPS
- 1,317
- ROE
- -11.6%
- ROA
- -4.2%
- Market price
- 5,000 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CPA posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Gross 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 | 2.7 | 6.2 | 11.4 | 3.6 | 3.1 | 5.9 | 11.5 | 5.6 |
| LNST | 0.2 | -4.0 | -0.4 | 0.2 | -1.3 | -13.3 | -1.3 | -0.4 |
| Net margin | 6.10% | -65.03% | -3.17% | 4.26% | -43.19% | -226.74% | -11.65% | -7.60% |
Revenue
3bnNet income
0bnNet margin
6.10%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 expanded to −17.07%, rising 45.9pp. Core operating signals are improving as SG&A / Revenue fell 49.8pp are enough to offset pressure from Gross margin fell 12.0pp (in addition, Other profit / Revenue rose 8.5pp added support while Net financial result / Revenue fell 0.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −17.07% +45.9pp
- Gross Margin
- 14.22% −12.0pp
- SG&A / Revenue
- 24.78% −49.8pp
- Non-core / Revenue
- −6.51% +8.1pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 89.3% of PBT and lifted net margin by 8.1pp — separate the operating contribution from this source.
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. Leverage is very high, with clear pressure on the capital structure — liabilities at 2.01x equity, net debt at 2.01x equity.
Inventory ended the period at 21.0bn, roughly 22.5% of total assets.
Over the last 12 months, working capital absorbed 3.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 6.7 days versus the same period last year. The main moves came from DIO rose 5.2 days, DSO fell 2.2 days, and DPO fell 3.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 390.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +5.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from −34.4% to −11.6% — all three components improved.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.01x and interest coverage only at −1.89x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4.8% of debt, and total debt stands at 32.0bn.
Net debt / equity stands at 2.01x, increasing balance-sheet pressure.
Interest coverage is −1.89x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.01x +1.14x
- Interest Coverage
- −1.89x +3.20x
- Cash / Debt
- 4.8% +3.3pp
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 3.0bn in 2025, against investing cash flow of -1.6bn.
Post-investment cash flow was positive +1.3bn. Financing cash flow was negative +1.0bn.
CFO / net income was −0,36 lần.
After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of −1.2bn.
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 operating efficiency, with net margin improving 45.9 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 −1.89x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -17.07% after expanding 45.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 63.8% of PBT and CFO / net income currently at −0.36x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.89x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −8,3% YoY decline.
Ability to hold margins around the current -17.07% level.
Cash-flow quality, with operating cash flow currently at 3.0bn in 2025.
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