Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 72.5bn, fell 12.5bn compared with the same period last year. Key positives came from lower tax and higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.42x
- P/B
- 1.32x
- EPS
- 5,704
- BVPS
- 27,728
- ROE
- 23.2%
- ROA
- 20.4%
- Market price
- 36,600 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DSN is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.
Profit bridge
Vs last year · TTM
- Tax
- Financial income
- 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 | 36.5 | 15.8 | 60.2 | 67.7 | 37.8 | 16.8 | 64.8 | 85.4 |
| LNST | 8.7 | 9.5 | 26.6 | 27.7 | 8.6 | 8.0 | 29.2 | 39.2 |
| Net margin | 23.76% | 60.26% | 44.19% | 40.86% | 22.71% | 47.38% | 45.09% | 45.90% |
Revenue
36bnNet income
9bnNet margin
23.76%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 40.21%, falling 1.3pp. The main pressure comes from Gross margin fell 2.4pp and SG&A / Revenue rose 1.0pp (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 0.3pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 40.21% −1.3pp
- Gross Margin
- 56.89% −2.4pp
- SG&A / Revenue
- 16.64% +1.0pp
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 0.08x equity, with a net cash position equivalent to 0.03x equity.
None
Over the last 12 months, working capital absorbed 1.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 4.5 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 0.0 days, and DPO fell 2.6 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +4.5 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +1.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 29.3% to 23.1% — all three components weakened, with asset turnover being the main drag.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 43.8bn.
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
- −0.03x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 43.8bn in 2025, against investing cash flow of -50.3bn.
Post-investment cash flow was negative +6.5bn. Financing cash flow was negative +48.4bn.
CFO / net income was 0,58 lần.
After spending +5.3bn on fixed-asset investment, the business generated trailing free cash flow of +36.9bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 21.0%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.03x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.0% of PBT and CFO / net income currently at 0.58x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −12,0% YoY decline.
Ability to hold margins around the current 40.21% level.
Cash-flow quality, with operating cash flow currently at 43.8bn 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.