Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 10.3bn, fell 0.6bn compared with the same period last year. Key positives came from lower selling expenses and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.83x
- P/B
- 0.78x
- EPS
- 1,776
- BVPS
- 17,884
- ROE
- 11.5%
- ROA
- 6.9%
- Market price
- 13,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DAD posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Gross profit
- Financial income
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 | 7.8 | 1.5 | 116.0 | 268.3 | 10.6 | 1.9 | 110.6 | 358.6 |
| LNST | 0.1 | -0.1 | 2.5 | 7.8 | 0.1 | -0.3 | 1.7 | 9.4 |
| Net margin | 1.11% | -6.14% | 2.20% | 2.91% | 1.15% | -17.37% | 1.58% | 2.61% |
Revenue
8bnNet income
0bnNet margin
1.11%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin edged up to 2.63%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.63% +0.4pp
- Gross Margin
- 17.14% +1.4pp
- SG&A / Revenue
- 14.36% +0.8pp
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 0.98x equity, with a net cash position equivalent to 0.08x equity.
Inventory ended the period at 28.6bn, roughly 15.0% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 11.5 days versus the same period last year. The main moves came from DIO fell 1.4 days, DSO rose 34.5 days, and DPO rose 21.6 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +11.5 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +34.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 11.5% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
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
- −0.08x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -50.3bn in 2025, against investing cash flow of 12.7bn.
Post-investment cash flow was negative +37.6bn. Financing cash flow was negative +9.3bn.
CFO / net income was −2,08 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 21.4%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.08x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.08x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.4% of PBT and CFO / net income currently at −2.08x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −18,3% YoY decline.
Ability to hold margins around the current 2.63% level.
Cash-flow quality, with operating cash flow currently at -50.3bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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What becomes visible only when investments are viewed together rather than one ticker at a time.