Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 20.8bn, rose 23.0bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.93x
- P/B
- 0.56x
- EPS
- 1,664
- BVPS
- 14,638
- ROE
- 12.1%
- ROA
- 3.4%
- Market price
- 8,200 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DMN 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
- Administrative expenses
- 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 | 305.7 | 306.0 | 261.7 | 231.5 | 179.3 | 190.4 | 193.3 | 176.1 |
| LNST | 5.9 | 2.7 | 5.5 | 6.7 | 5.2 | -8.7 | 7.1 | -5.9 |
| Net margin | 1.94% | 0.88% | 2.09% | 2.90% | 2.91% | -4.57% | 3.69% | -3.35% |
Revenue
306bnNet income
6bnNet margin
1.94%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 1.88%, rising 2.2pp. Core operating signals are improving as SG&A / Revenue fell 4.2pp are enough to offset pressure from Gross margin fell 3.2pp (with additional support from Net financial result / Revenue rose 1.3pp and Other profit / Revenue rose 0.0pp).
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
- 1.88% +2.2pp
- Gross Margin
- 6.74% −3.2pp
- SG&A / Revenue
- 2.28% −4.2pp
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. Leverage is elevated, requiring monitoring — liabilities at 2.69x equity, net debt at 1.74x equity.
Inventory ended the period at 115.8bn, roughly 17.7% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 50.2 days versus the same period last year. The main moves came from DIO rose 2.4 days, DSO fell 63.1 days, and DPO fell 10.5 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +2.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from −1.4% to 12.1% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.74x and interest coverage only at 1.15x.
At present, short-term debt accounts for 58.5% of total debt, cash equals 5.4% of debt, and total debt stands at 336.2bn.
Net debt / equity stands at 1.74x, increasing balance-sheet pressure.
Interest coverage is 1.15x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.74x −0.50x
- Interest Coverage
- 1.15x +1.11x
- Cash / Debt
- 5.4% +4.7pp
- Short-term Debt / Total Debt
- 58.5% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 42.8bn in 2025, against investing cash flow of -9.7bn.
Post-investment cash flow was positive +33.0bn. Financing cash flow was negative +12.3bn.
CFO / net income was 2,17 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 2.2 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.15x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.88% after expanding 2.2pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.15x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +49,5% YoY pace.
Ability to hold margins around the current 1.88% level.
Cash-flow quality, with operating cash flow currently at 42.8bn 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.