Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 636.5bn, rose 371.7bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.83x
- P/B
- 1.02x
- EPS
- 4,356
- BVPS
- 16,354
- ROE
- 29.7%
- ROA
- 22.5%
- Market price
- 16,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DDV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- 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 | 1,842.2 | 1,469.8 | 1,396.6 | 1,600.7 | 1,156.5 | 899.4 | 754.6 | 936.2 |
| LNST | 124.3 | 137.8 | 221.1 | 153.3 | 121.8 | 58.8 | 20.3 | 64.0 |
| Net margin | 6.75% | 9.38% | 15.83% | 9.58% | 10.53% | 6.53% | 2.69% | 6.84% |
Revenue
1,842bnNet income
124bnNet margin
6.75%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 10.09%, rising 3.0pp. The main driver is Gross margin rose 2.2pp and SG&A / Revenue fell 1.4pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 10.09% +3.0pp
- Gross Margin
- 15.15% +2.2pp
- SG&A / Revenue
- 3.85% −1.4pp
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 0.34x equity, with a net cash position equivalent to 0.04x equity.
Inventory ended the period at 693.9bn, roughly 22.8% of total assets.
Over the last 12 months, working capital absorbed 434.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 6.3 days versus the same period last year. The main moves came from DIO rose 3.1 days, DSO fell 1.3 days, and DPO fell 4.5 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +6.3 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +3.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 14.6% to 29.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 554.2bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.04x and interest coverage at 79.40x.
At present, short-term debt accounts for 16.4% of total debt, cash equals 1801.1% of debt, and total debt stands at 4.9bn.
- Net Debt / Equity
- −0.04x
- Interest Coverage
- 79.40x +40.71x
- Cash / Debt
- 1801.1%
- Short-term Debt / Total Debt
- 16.4%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 554.2bn in 2025, against investing cash flow of -523.1bn.
Post-investment cash flow was positive +31.1bn. Financing cash flow was negative +14.2bn.
CFO / net income was 0,38 lần.
After spending +239.7bn on fixed-asset investment, the business generated trailing free cash flow of +5.0bn.
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 operating efficiency, with net margin improving 3.0 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.09% after expanding 3.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +68,4% YoY pace.
Ability to hold margins around the current 10.09% level.
Cash-flow quality, with operating cash flow currently at 554.2bn in 2025.
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Its weight and influence across the assets held for investment.
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