Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 164.5bn, rose 41.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.01x
- P/B
- 2.04x
- EPS
- 7,651
- BVPS
- 30,011
- ROE
- 27.7%
- ROA
- 22.8%
- Market price
- 61,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DP3 has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- 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 | 135.0 | 131.6 | 120.2 | 94.2 | 91.9 | 116.2 | 95.2 | 102.4 |
| LNST | 34.8 | 74.6 | 23.0 | 32.1 | 23.9 | 50.1 | 21.3 | 27.7 |
| Net margin | 25.76% | 56.65% | 19.15% | 34.06% | 25.97% | 43.12% | 22.37% | 27.08% |
Revenue
135bnNet income
35bnNet margin
25.76%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 34.19%, rising 3.9pp. The main driver is SG&A / Revenue fell 2.6pp and Gross margin rose 1.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.9pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 34.19% +3.9pp
- Gross Margin
- 66.91% +1.3pp
- SG&A / Revenue
- 28.76% −2.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 4.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 26.65%, rising 3.0pp. That translates to 26.65 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.8pp, with capital turnover broadly stable; while invested capital rose by 96bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.24x equity, net debt at 0.05x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 4.8 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO rose 2.2 days, and DPO fell 5.8 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 133.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +2.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 23.8% to 27.7% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 161.37x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 11.3% of debt, and total debt stands at 32.8bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 11.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.05x +0.02x
- Interest Coverage
- 161.37x −365.68x
- Cash / Debt
- 11.3% +0.7pp
- 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 151.5bn in 2025, against investing cash flow of -130.6bn.
Post-investment cash flow was positive +20.9bn. Financing cash flow was negative +30.2bn.
CFO / net income was 1,11 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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. Even so, cash generation still needs confirmation remains the area to verify in upcoming periods. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 133 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 34.19% after expanding 3.9pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: working capital remains tied up for too long, with cash cycle at 133.3 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +18,6% YoY pace.
Ability to hold margins around the current 34.19% level.
Cash-flow quality, with operating cash flow currently at 151.5bn in 2025.
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