Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 13.2bn, fell 30.6bn compared with the same period last year. Key positives came from higher financial income, better other profit, and lower selling expenses. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 135.97x
- P/B
- 1.66x
- EPS
- 139
- BVPS
- 11,374
- ROE
- 1.2%
- ROA
- 0.3%
- Market price
- 18,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CTF posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- Selling expenses
- Gross profit
- Administrative expenses
- Finance costs
- Other
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 | 1,914.6 | 2,410.5 | 1,939.9 | 2,084.8 | 2,010.5 | 2,770.7 | 2,076.9 | 1,818.7 |
| LNST | 4.1 | 8.1 | 1.0 | 3.5 | 2.9 | 39.1 | 2.5 | 2.3 |
| Net margin | 0.22% | 0.33% | 0.05% | 0.17% | 0.14% | 1.41% | 0.12% | 0.13% |
Revenue
1,915bnNet income
4bnNet margin
0.22%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
●Net margin narrowed to 0.20%, falling 0.3pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.3pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 0.20% −0.3pp
- Gross Margin
- 5.29% −0.6pp
- SG&A / Revenue
- 6.06% +0.4pp
- Non-core / Revenue
- 1.10% +0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 322.1% of PBT and lifted net margin by 0.7pp — 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 2.64x equity, net debt at 2.06x equity.
Inventory ended the period at 881.2bn, roughly 22.3% of total assets.
Over the last 12 months, working capital released 424.8bn 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 8.4 days versus the same period last year. The main moves came from DIO rose 10.9 days, DSO rose 0.2 days, and DPO rose 2.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +8.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 4.2% to 1.5% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.06x and interest coverage only at −0.24x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4.6% of debt, and total debt stands at 2,096.9bn.
Net debt / equity stands at 2.06x, increasing balance-sheet pressure.
Interest coverage is −0.24x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.06x −0.13x
- Interest Coverage
- −0.24x −0.28x
- Cash / Debt
- 4.6% +3.7pp
- Short-term Debt / Total Debt
- 100.0% +12.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 8.7bn in 2025, against investing cash flow of 22.5bn.
Post-investment cash flow was positive +31.2bn. Financing cash flow was positive +65.2bn.
CFO / net income was 19,17 lần.
After spending +42.2bn on fixed-asset investment, the business generated trailing free cash flow of +210.3bn.
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 cash generation. 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 −0.24x.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 818.7bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 19.17x. Even so, net financial result still accounts for 66.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.24x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −3,8% YoY decline.
Ability to hold margins around the current 0.20% level.
Cash-flow quality, with operating cash flow currently at 8.7bn in 2025.
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