Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 198.9bn, fell 47.4bn compared with the same period last year. Key positives came from lower tax, higher gross profit, and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher deferred tax, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.78x
- P/B
- 1.52x
- EPS
- 1,800
- BVPS
- 15,084
- ROE
- 12.2%
- ROA
- 10.0%
- Market price
- 23,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CSV is holding revenue at an acceptable level, but margins are eroding visibly — 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
- Tax
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- Deferred 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 | 628.3 | 644.0 | 510.1 | 523.6 | 482.5 | 516.1 | 507.8 | 480.5 |
| LNST | 45.1 | 41.0 | 60.1 | 71.7 | 56.0 | 55.1 | 78.7 | 76.7 |
| Net margin | 7.19% | 6.36% | 11.78% | 13.70% | 11.61% | 10.68% | 15.51% | 15.95% |
Revenue
628bnNet income
45bnNet margin
7.19%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 fell to 9.45%, losing 4.0pp. The main pressure comes from Gross margin fell 3.2pp and SG&A / Revenue rose 1.6pp (with lingering pressure from Other profit / Revenue fell 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 9.45% −4.0pp
- Gross Margin
- 23.74% −3.2pp
- SG&A / Revenue
- 13.05% +1.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 13.62%, losing 3.8pp. That translates to 13.62 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.9pp, outweighing the movement in capital turnover; while invested capital rose by 86bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.27x equity, with a net cash position equivalent to 0.02x equity.
Inventory ended the period at 484.7bn, roughly 23.5% of total assets.
Over the last 12 months, working capital absorbed 273.7bn 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 8.4 days versus the same period last year. The main moves came from DIO fell 7.4 days, DSO rose 18.3 days, and DPO rose 2.4 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 127.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +18.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 17.3% to 13.4% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 64.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 30.42x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 317.8% of debt, and total debt stands at 15.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.02x −0.01x
- Interest Coverage
- 30.42x −60.41x
- Cash / Debt
- 317.8% +207.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 64.8bn in 2025, against investing cash flow of -49.6bn.
Post-investment cash flow was positive +15.2bn. Financing cash flow was negative +96.1bn.
CFO / net income was −0,28 lần.
After spending +72.0bn on fixed-asset investment, the business generated trailing free cash flow of −128.3bn.
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 −0.28x. The main risk still sits in core profitability, with net margin down 4.0 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.28x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 9.45% after a 4.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +16,1% YoY pace.
Ability to hold margins around the current 9.45% level.
Cash-flow quality, with operating cash flow currently at 64.8bn in 2025.
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