Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 41.4bn, fell 37.0bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 101.84x
- P/B
- 4.00x
- EPS
- 486
- BVPS
- 12,365
- ROE
- 3.8%
- ROA
- 2.2%
- Market price
- 49,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DHT is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Tax
- Gross profit
- Selling expenses
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 | 568.8 | 692.9 | 638.8 | 574.4 | 496.0 | 542.4 | 544.5 | 493.8 |
| LNST | 9.0 | 10.2 | 11.5 | 13.4 | 23.9 | 20.4 | 20.3 | 18.4 |
| Net margin | 1.58% | 1.47% | 1.80% | 2.33% | 4.82% | 3.75% | 3.72% | 3.73% |
Revenue
569bnNet income
9bnNet margin
1.58%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin fell to 1.78%, losing 2.2pp. The main pressure is Gross margin fell 3.2pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (with additional support from Net financial result / Revenue rose 0.1pp and Other profit / Revenue rose 0.0pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.78% −2.2pp
- Gross Margin
- 7.75% −3.2pp
- SG&A / Revenue
- 6.68% −0.5pp
- Non-core / Revenue
- 0.95% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from other income remains high (42.5% of PBT) — sustainability should be monitored.
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 2.28%, losing 2.9pp. That translates to 2.28 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.3pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 2.28% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.74x equity, net debt at 0.15x equity.
Inventory ended the period at 513.4bn, roughly 26.6% of total assets.
Over the last 12 months, working capital released 109.3bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.3 days versus the same period last year. The main moves came from DIO fell 21.2 days, DSO fell 1.9 days, and DPO fell 8.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE fell from 7.8% to 4.0% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.15x and interest coverage at 2.07x.
At present, short-term debt accounts for 73.0% of total debt, cash equals 45.0% of debt, and total debt stands at 307.6bn.
Short-term debt accounts for 73.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.15x −0.20x
- Interest Coverage
- 2.07x −2.75x
- Cash / Debt
- 45.0% +30.5pp
- Short-term Debt / Total Debt
- 73.0% −4.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 225.7bn in 2025, against investing cash flow of -94.5bn.
Post-investment cash flow was positive +131.2bn. Financing cash flow was negative +137.1bn.
CFO / net income was 3,90 lần.
After spending +37.6bn on fixed-asset investment, the business generated trailing free cash flow of +123.8bn.
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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is 14.5%. The main risk still sits in core profitability, with net margin down 2.2 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 185.6bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.90x. Even so, net financial result still accounts for 14.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.78% after a 2.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +19,2% YoY pace.
Ability to hold margins around the current 1.78% level.
Cash-flow quality, with operating cash flow currently at 225.7bn in 2025.
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