Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 1,270.6bn, rose 736.0bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher tax, higher selling expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.70x
- P/B
- 1.22x
- EPS
- 1,981
- BVPS
- 17,378
- ROE
- 11.0%
- ROA
- 7.1%
- Market price
- 21,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DPM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other
- Administrative expenses
- Tax
- Selling expenses
- Finance costs
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 | 5,623.2 | 3,414.4 | 3,728.8 | 5,301.1 | 4,120.1 | 3,164.0 | 3,077.0 | 3,947.6 |
| LNST | 410.8 | 232.7 | 238.8 | 413.2 | 210.9 | 40.6 | 66.5 | 235.5 |
| Net margin | 7.31% | 6.82% | 6.40% | 7.80% | 5.12% | 1.28% | 2.16% | 5.97% |
Revenue
5,623bnNet income
411bnNet margin
7.31%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to 7.17%, rising 3.3pp. The main driver is Gross margin rose 4.2pp and SG&A / Revenue fell 0.0pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.17% +3.3pp
- Gross Margin
- 17.85% +4.2pp
- SG&A / Revenue
- 10.97% −0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 17.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 8.89%, rising 4.7pp. That translates to 8.89 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.1pp and capital turnover rose 0.16x, while invested capital rose by 1,333bn — capital-return quality improved from both sides.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.54x equity, net debt at 0.17x equity.
Inventory ended the period at 3,433.7bn, roughly 19.3% of total assets.
Over the last 12 months, working capital absorbed 1,896.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 17.6 days versus the same period last year. The main moves came from DIO rose 2.5 days, DSO rose 9.4 days, and DPO fell 5.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +17.6 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +9.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 4.8% to 11.2% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 1,420.9bn due to capex of 333.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.17x and interest coverage at 8.75x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 37.6% of debt, and total debt stands at 3,167.1bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.17x −0.07x
- Interest Coverage
- 8.75x +1.33x
- Cash / Debt
- 37.6% +16.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -1,781.0bn in 2025, against investing cash flow of 1,802.3bn.
Post-investment cash flow was positive +21.3bn. Financing cash flow was positive +142.0bn.
CFO / net income was −0,86 lần.
After spending +333.6bn on fixed-asset investment, the business generated trailing free cash flow of −1,420.9bn.
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 3.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 21.9%. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.17% after expanding 3.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.9% of PBT and CFO / net income currently at −0.86x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 1,420.9bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +26,3% YoY pace.
Ability to hold margins around the current 7.17% level.
Cash-flow quality, with operating cash flow currently at -1,781.0bn in 2025.
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