Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 142.5bn, rose 16.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 16.58x
- P/B
- 2.22x
- EPS
- 1,900
- BVPS
- 14,204
- ROE
- 13.7%
- ROA
- 11.6%
- Market price
- 31,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CQN is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Tax
- Financial income
- 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 | 213.7 | 196.0 | 157.5 | 165.6 | 183.0 | 196.1 | 139.7 | 163.6 |
| LNST | 43.8 | 21.3 | 25.7 | 51.8 | 36.7 | 25.0 | 21.3 | 42.8 |
| Net margin | 20.51% | 10.86% | 16.28% | 31.24% | 20.08% | 12.76% | 15.28% | 26.17% |
Revenue
214bnNet income
44bnNet margin
20.51%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 edged up to 19.45%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 2.2pp are enough to offset pressure from Gross margin fell 0.1pp (with lingering pressure from Other profit / Revenue fell 0.6pp and Net financial result / Revenue fell 0.4pp).
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
- 19.45% +1.0pp
- Gross Margin
- 28.96% −0.1pp
- SG&A / Revenue
- 10.77% −2.2pp
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 0.18x equity, with a net cash position equivalent to 0.02x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO fell 2.3 days, DSO rose 2.0 days, and DPO rose 5.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +2.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 12.6% to 13.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 299.0bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.02x
- Interest Coverage
- None
- 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 299.0bn in 2025, against investing cash flow of -204.9bn.
Post-investment cash flow was positive +94.1bn. Financing cash flow was negative +75.1bn.
CFO / net income was 1,76 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 showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.76x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.76x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,4% YoY pace.
Ability to hold margins around the current 19.45% level.
Cash-flow quality, with operating cash flow currently at 299.0bn 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.