Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 77.0bn, rose 19.8bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from lower financial income and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.38x
- P/B
- 0.58x
- EPS
- 1,111
- BVPS
- 14,164
- ROE
- 8.1%
- ROA
- 4.7%
- Market price
- 8,200 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DAT has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- 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 | 641.9 | 673.4 | 562.7 | 708.6 | 589.1 | 655.4 | 812.8 | 762.2 |
| LNST | 18.4 | 24.3 | 17.6 | 16.7 | 13.3 | 14.3 | 14.2 | 15.3 |
| Net margin | 2.86% | 3.61% | 3.12% | 2.36% | 2.27% | 2.18% | 1.74% | 2.01% |
Revenue
642bnNet income
18bnNet margin
2.86%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 2.98%, rising 0.9pp. Core operating signals are improving as Gross margin rose 1.3pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.98% +0.9pp
- Gross Margin
- 4.09% +1.3pp
- SG&A / Revenue
- 0.80% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 1.4 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 5.91%, rising 1.9pp. That translates to 5.91 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.0pp, with capital turnover broadly stable; with invested capital easing slightly by 100bn.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.57x equity, net debt at 0.32x equity.
None
Over the last 12 months, working capital absorbed 124.3bn 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 1.4 days versus the same period last year. The main moves came from DIO rose 4.4 days, DSO rose 4.9 days, and DPO rose 7.9 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +1.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +4.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.4% to 8.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.32x and interest coverage at 3.45x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 38.0% of debt, and total debt stands at 498.4bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.32x −0.13x
- Interest Coverage
- 3.45x +1.72x
- Cash / Debt
- 38.0% +18.6pp
- Short-term Debt / Total Debt
- 100.0% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 130.3bn in 2025, against investing cash flow of 30.8bn.
Post-investment cash flow was positive +161.1bn. Financing cash flow was negative +115.1bn.
CFO / net income was −0,30 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 heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at −0.30x. The next item to monitor is cash generation still needs confirmation.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.30x.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −8,3% YoY decline.
Ability to hold margins around the current 2.98% level.
Cash-flow quality, with operating cash flow currently at 130.3bn in 2025.
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