Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 49.0bn, fell 5.9bn compared with the same period last year. Key positives came from lower administrative expenses, better other profit, lower tax, and lower selling expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.01x
- P/B
- 1.13x
- EPS
- 3,179
- BVPS
- 19,684
- ROE
- 16.4%
- ROA
- 12.9%
- Market price
- 22,300 06 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DM7 is in an offsetting state — revenue softened slightly but margins improved — profit momentum has been slowing across consecutive periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Tax
- Selling expenses
- Gross profit
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 | 101.2 | 345.7 | 105.8 | 90.7 | 198.9 | 291.2 | 359.9 | 73.2 |
| LNST | 6.0 | 40.4 | 0.8 | 1.8 | 12.0 | 9.6 | 27.0 | 6.3 |
| Net margin | 5.90% | 11.69% | 0.78% | 1.97% | 6.01% | 3.31% | 7.52% | 8.59% |
Revenue
101bnNet income
6bnNet margin
5.90%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 7.62%, rising 1.7pp. Core operating signals are improving as Gross margin rose 1.8pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Other profit / Revenue rose 0.2pp and Net financial result / Revenue rose 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.62% +1.7pp
- Gross Margin
- 16.09% +1.8pp
- SG&A / Revenue
- 6.30% +0.1pp
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 0.80x equity, with a net cash position equivalent to 0.29x equity.
Inventory ended the period at 87.6bn, roughly 16.0% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 25.1 days versus the same period last year. The main moves came from DIO rose 24.7 days, DSO rose 8.6 days, and DPO rose 8.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +25.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +8.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 19.2% to 16.4% — asset turnover weakened the most, though net margin still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.29x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Operating cash flow reached -12.4bn in 2025, against investing cash flow of -7.2bn.
Post-investment cash flow was negative +19.6bn. Financing cash flow was negative +20.8bn.
CFO / net income was 0,51 lần.
After spending +7.0bn on fixed-asset investment, the business generated trailing free cash flow of +18.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is operating efficiency, with net margin improving 1.7 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.62% after expanding 1.7pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −30,3% YoY decline.
Ability to hold margins around the current 7.62% level.
Cash-flow quality, with operating cash flow currently at -12.4bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.