Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 61.1bn, fell 14.9bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, and lower selling expenses. Offsetting pressure came mainly from lower gross profit, lower financial income, weaker other profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.94x
- P/B
- 0.92x
- EPS
- 590
- BVPS
- 13,415
- ROE
- 4.4%
- ROA
- 1.7%
- Market price
- 12,350 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CSM is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Finance costs
- Selling expenses
- Gross profit
- Financial income
- Other profit
- Tax
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 | 1,105.3 | 931.2 | 1,027.7 | 1,106.0 | 1,021.3 | 1,192.4 | 1,107.5 | 1,265.1 |
| LNST | 26.0 | -13.2 | 26.6 | 21.7 | 19.4 | 12.8 | 22.7 | 21.1 |
| Net margin | 2.35% | -1.41% | 2.59% | 1.96% | 1.90% | 1.07% | 2.05% | 1.67% |
Revenue
1,105bnNet income
26bnNet margin
2.35%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 stands at 1.47%, 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
- 1.47% −0.2pp
- Gross Margin
- 13.15% +0.1pp
- SG&A / Revenue
- 10.05% −0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 2.41%, broadly flat versus the same period. That translates to 2.41 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.11x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 2.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 1.80x equity, net debt at 1.15x equity.
Inventory ended the period at 1,323.3bn, roughly 34.6% of total assets.
Over the last 12 months, working capital absorbed 138.4bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 7.6 days versus the same period last year. The main moves came from DIO rose 15.5 days, DSO fell 8.3 days, and DPO fell 0.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 145.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +15.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 5.6% to 4.4% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Leverage is safe but FCF is negative at 171.7bn due to capex of 158.4bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.15x and interest coverage only at 0.90x.
At present, short-term debt accounts for 94.9% of total debt, cash equals 13.2% of debt, and total debt stands at 1,840.4bn.
Net debt / equity stands at 1.15x, increasing balance-sheet pressure.
Interest coverage is 0.90x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.15x +0.38x
- Interest Coverage
- 0.90x +0.28x
- Cash / Debt
- 13.2% +1.6pp
- Short-term Debt / Total Debt
- 94.9% −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 537.3bn in 2025, against investing cash flow of -336.2bn.
Post-investment cash flow was positive +201.0bn. Financing cash flow was negative +97.6bn.
CFO / net income was −0,22 lần.
After spending +158.4bn on fixed-asset investment, the business generated trailing free cash flow of −171.7bn.
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 −0.22x. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.22x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −9,1% YoY decline.
Ability to hold margins around the current 1.47% level.
Cash-flow quality, with operating cash flow currently at 537.3bn in 2025.
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