Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 33.6bn, rose 34.7bn compared with the same period last year. Key positives came from higher financial income, lower finance costs, lower tax, and higher gross profit. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 21.31x
- P/B
- 0.35x
- EPS
- 183
- BVPS
- 11,280
- ROE
- 2.0%
- ROA
- 1.1%
- Market price
- 3,900 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DL1 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- Finance costs
- Tax
- Gross profit
- Administrative expenses
- Other profit
- Minority interests
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 | 218.2 | 184.4 | 208.9 | 270.4 | 179.7 | 305.8 | 75.8 | 83.6 |
| LNST | 48.1 | 3.0 | 11.5 | 12.7 | 27.5 | -52.2 | 27.4 | 29.5 |
| Net margin | 22.03% | 1.65% | 5.49% | 4.70% | 15.32% | -17.08% | 36.14% | 35.26% |
Revenue
218bnNet income
48bnNet margin
22.03%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 improved (+3.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 8.54%, rising 3.5pp. Core operating signals are improving as SG&A / Revenue fell 0.7pp are enough to offset pressure from Gross margin fell 7.3pp (in addition, Net financial result / Revenue rose 12.6pp added support while Other profit / Revenue fell 2.8pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 8.54% +3.5pp
- Gross Margin
- 23.11% −7.3pp
- SG&A / Revenue
- 14.75% −0.7pp
- Non-core / Revenue
- −3.67% +9.8pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 37.7% of PBT and lifted net margin by 9.8pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 97.5 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.63%, rising 2.1pp. That translates to 3.63 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 5.0pp and capital turnover rose 0.06x, while invested capital rose by 284bn — capital-return quality improved from both sides.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 3.63% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.32x equity, net debt at 0.36x equity.
None
Over the last 12 months, working capital released 575.0bn 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 20.6 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 23.8 days, and DPO fell 7.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 97.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 2.3% to 4.4% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.36x and interest coverage only at 1.21x.
At present, short-term debt accounts for 41.4% of total debt, cash equals 28.3% of debt, and total debt stands at 1,011.7bn.
Interest coverage is 1.21x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 0.36x −0.17x
- Interest Coverage
- 1.21x +0.88x
- Cash / Debt
- 28.3% +16.7pp
- Short-term Debt / Total Debt
- 41.4% +15.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 248.7bn in 2025, against investing cash flow of -341.6bn.
Post-investment cash flow was negative +93.0bn. Financing cash flow was positive +30.0bn.
CFO / net income was 20,96 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 operating efficiency, with net margin improving 3.5 pp. The next item to monitor is the earnings mix, when non-core contribution is −9.1%. The main risk still sits in capital efficiency remains weak, with ROIC at 3.6%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.54% after expanding 3.5pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 20.96x. Even so, net financial result still accounts for −9.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +36,7% YoY pace.
Ability to hold margins around the current 8.54% level.
Cash-flow quality, with operating cash flow currently at 248.7bn in 2025.
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