Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 56.9bn, fell 25.4bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -27.13x
- P/B
- 1.79x
- EPS
- -479
- BVPS
- 7,253
- ROE
- -6.4%
- ROA
- -5.9%
- Market price
- 13,000 22 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DSP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Financial income
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 | 50.3 | 35.7 | 45.2 | 44.2 | 46.6 | 32.6 | 50.1 | 46.4 |
| LNST | -6.8 | 14.5 | -55.4 | -9.2 | -5.1 | -30.7 | -14.0 | 18.3 |
| Net margin | -13.58% | 40.77% | -122.61% | -20.90% | -10.88% | -94.06% | -27.94% | 39.49% |
Revenue
50bnNet income
-7bnNet margin
-13.58%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 fell to −32.45%, losing 14.6pp. The main pressure is Gross margin fell 18.1pp, outweighing the improvement in SG&A / Revenue fell 5.0pp (with lingering pressure from Net financial result / Revenue fell 1.3pp and Other profit / Revenue fell 0.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −32.45% −14.6pp
- Gross Margin
- −44.98% −18.1pp
- SG&A / Revenue
- 10.99% −5.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.06x equity, with a net cash position equivalent to 0.00x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Cash conversion cycle improved by 0.0 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 0.8 days, and DPO fell 1.5 days.
Working capital cycle is flat — components are offsetting each other.
DuPont
What drives ROE?
ROE fell from −3.4% to −6.4% — dragged by net margin and leverage.
Is financial risk significant?
Leverage is safe but FCF is negative at 51.0bn due to capex of 4.0bn — an investment choice, not an urgent risk.
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
- −0.00x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Operating cash flow reached -96.2bn in 2025, against investing cash flow of 56.8bn.
Post-investment cash flow was negative +39.4bn. Financing cash flow was negative +0.0bn.
CFO / net income was 0,83 lần.
After spending +4.0bn on fixed-asset investment, the business generated trailing free cash flow of −51.0bn.
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 margins remain under pressure remaining the main constraint, with net margin down 14.6 pp. The next watchpoint is earnings conversion quality, with CFO/NI at 0.83x. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.00x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.
- Watchpoint: earnings conversion still needs confirmation, with CFO / net income at 0.83x while net financial result still accounts for −72.5% of PBT.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -32.45% after a 14.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −0,3% YoY decline.
Ability to hold margins around the current -32.45% level.
Cash-flow quality, with operating cash flow currently at -96.2bn in 2025.
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