Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 290.0bn, rose 1.0bn compared with the same period last year. Key positives came from lower selling expenses, higher financial income, better other profit, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, lower associates income, and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.09x
- P/B
- 2.42x
- EPS
- 3,078
- BVPS
- 19,219
- ROE
- 16.3%
- ROA
- 11.8%
- Market price
- 46,450 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DBD is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.
Profit bridge
Vs last year · TTM
- Selling expenses
- Financial income
- Other profit
- Finance costs
- Administrative expenses
- Gross profit
- Associates 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 | 448.1 | 510.0 | 439.7 | 474.5 | 441.0 | 477.9 | 432.8 | 433.1 |
| LNST | 80.3 | 59.5 | 59.9 | 90.3 | 81.0 | 60.6 | 75.0 | 72.4 |
| Net margin | 17.92% | 11.67% | 13.63% | 19.04% | 18.37% | 12.69% | 17.33% | 16.72% |
Revenue
448bnNet income
80bnNet margin
17.92%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 15.49%, falling 0.7pp. The main pressure is Gross margin fell 3.1pp, outweighing the improvement in SG&A / Revenue fell 2.0pp (with additional support from Net financial result / Revenue rose 0.8pp and Other profit / Revenue rose 0.2pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 15.49% −0.7pp
- Gross Margin
- 45.80% −3.1pp
- SG&A / Revenue
- 28.81% −2.0pp
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 16.78%, losing 2.7pp. That translates to 16.78 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.9pp and capital turnover fell 0.11x, while invested capital rose by 233bn — 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 0.50x equity, net debt at 0.08x equity.
Inventory ended the period at 366.1bn, roughly 14.1% of total assets.
Over the last 12 months, working capital released 168.9bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 41.0 days versus the same period last year. The main moves came from DIO fell 26.6 days, DSO fell 1.5 days, and DPO rose 12.8 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 217.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 17.9% to 16.3% — 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 0.08x and interest coverage at 22.89x.
At present, short-term debt accounts for 19.0% of total debt, cash equals 45.2% of debt, and total debt stands at 269.0bn.
- Net Debt / Equity
- 0.08x +0.21x
- Interest Coverage
- 22.89x +2.06x
- Cash / Debt
- 45.2% −614.9pp
- Short-term Debt / Total Debt
- 19.0% −21.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 615.2bn in 2025, against investing cash flow of -661.6bn.
Post-investment cash flow was negative +46.4bn. Financing cash flow was negative +65.0bn.
CFO / net income was 1,65 lần.
After spending +394.5bn on fixed-asset investment, the business generated trailing free cash flow of +82.9bn.
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 1.65x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 218 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.65x.
- Key risk: working capital remains tied up for too long, with cash cycle at 217.9 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,9% YoY pace.
Ability to hold margins around the current 15.49% level.
Cash-flow quality, with operating cash flow currently at 615.2bn in 2025.
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