Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 39.7bn, fell 15.7bn compared with the same period last year. Key positives came from better other profit, lower selling expenses, lower administrative expenses, and lower tax. Offsetting pressure came mainly from lower gross profit and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.74x
- P/B
- 1.04x
- EPS
- 2,449
- BVPS
- 15,795
- ROE
- 12.3%
- ROA
- 5.7%
- Market price
- 16,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CTB is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Other profit
- Selling expenses
- Administrative expenses
- Tax
- Gross profit
- Deferred 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 | 56.4 | 265.5 | 90.1 | 145.4 | 83.3 | 453.8 | 98.9 | 63.8 |
| LNST | 12.1 | 9.4 | 6.2 | 12.0 | 11.1 | 35.4 | 6.2 | 2.7 |
| Net margin | 21.55% | 3.53% | 6.83% | 8.25% | 13.34% | 7.79% | 6.29% | 4.21% |
Revenue
56bnNet income
12bnNet margin
21.55%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 narrowed to 7.12%, falling 0.8pp. The main pressure comes from Gross margin fell 2.0pp and SG&A / Revenue rose 0.4pp (in addition, Other profit / Revenue rose 2.0pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 7.12% −0.8pp
- Gross Margin
- 18.85% −2.0pp
- SG&A / Revenue
- 11.64% +0.4pp
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 9.10%, losing 8.2pp. That translates to 9.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.3pp and capital turnover fell 0.56x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.84x equity, net debt at 0.13x equity.
Inventory ended the period at 146.1bn, roughly 25.3% of total assets.
Over the last 12 months, working capital released 18.1bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 24.4 days versus the same period last year. The main moves came from DIO rose 53.6 days, DSO rose 7.8 days, and DPO rose 37.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 142.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 18.3% to 12.3% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.13x and interest coverage at 11.95x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 19.6% of debt, and total debt stands at 54.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 19.6%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.13x +0.13x
- Interest Coverage
- 11.95x −16.28x
- Cash / Debt
- 19.6% −77.6pp
- 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 93.9bn in 2025, against investing cash flow of -57.6bn.
Post-investment cash flow was positive +36.2bn. Financing cash flow was negative +25.6bn.
CFO / net income was 1,67 lần.
After spending +40.6bn on fixed-asset investment, the business generated trailing free cash flow of +25.8bn.
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 next item to monitor is the earnings mix, when non-core contribution is 21.0%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 142 days.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.67x. Even so, net financial result still accounts for 21.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 142.2 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −20,3% YoY decline.
Ability to hold margins around the current 7.12% level.
Cash-flow quality, with operating cash flow currently at 93.9bn in 2025.
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