Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 2,635.7bn, fell 471.5bn compared with the same period last year. Key positives came from lower selling expenses and higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.06x
- P/B
- 0.79x
- EPS
- 6,524
- BVPS
- 41,696
- ROE
- 17.5%
- ROA
- 15.2%
- Market price
- 33,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DGC is retaining some revenue, but margins are collapsing sharply — the growth momentum has held across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Selling expenses
- Financial income
- Gross profit
- 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 | 2,124.6 | 2,740.6 | 2,816.7 | 2,894.4 | 2,810.3 | 2,417.9 | 2,558.1 | 2,504.5 |
| LNST | 430.1 | 656.9 | 804.4 | 890.8 | 836.8 | 787.4 | 738.0 | 870.5 |
| Net margin | 20.24% | 23.97% | 28.56% | 30.78% | 29.78% | 32.56% | 28.85% | 34.76% |
Revenue
2,125bnNet income
430bnNet margin
20.24%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 fell to 26.31%, losing 5.1pp. The main pressure is Gross margin fell 7.3pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 26.31% −5.1pp
- Gross Margin
- 28.94% −7.3pp
- SG&A / Revenue
- 5.19% −1.6pp
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 17.52%, losing 5.2pp. That translates to 17.52 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 5.1pp and capital turnover fell 0.06x, while invested capital rose by 1,711bn — 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 0.27x equity, net debt at 0.06x equity.
None
Over the last 12 months, working capital absorbed 1,818.2bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 16.7 days versus the same period last year. The main moves came from DIO rose 16.0 days, DSO rose 0.2 days, and DPO fell 0.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +16.7 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 24.1% to 18.5% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Leverage is safe but FCF is negative at 296.2bn due to capex of 893.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 29.77x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 22.8% of debt, and total debt stands at 1,171.2bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 22.8%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.06x −0.01x
- Interest Coverage
- 29.77x −25.34x
- Cash / Debt
- 22.8% +5.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,035.9bn in 2025, against investing cash flow of -1,756.9bn.
Post-investment cash flow was positive +278.9bn. Financing cash flow was positive +648.2bn.
CFO / net income was 0,23 lần.
After spending +893.5bn on fixed-asset investment, the business generated trailing free cash flow of −296.2bn.
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 next item to monitor is the earnings mix, when non-core contribution is 20.2%. The main risk still sits in core profitability, with net margin down 5.1 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.2% of PBT and CFO / net income currently at 0.23x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 26.31% after a 5.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +2,8% YoY pace.
Ability to hold margins around the current 26.31% level.
Cash-flow quality, with operating cash flow currently at 2,035.9bn in 2025.
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