Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 89.5bn, fell 106.3bn compared with the same period last year. Offsetting pressure came mainly from weaker other profit and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.59x
- P/B
- 1.18x
- EPS
- -1,476
- BVPS
- 9,484
- ROE
- -13.7%
- ROA
- -4.5%
- Market price
- 11,200 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DTL posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Other
- Other profit
- 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 | 303.1 | 444.9 | 427.1 | 604.9 | 381.5 | 554.4 | 635.2 | 417.6 |
| LNST | -15.3 | -22.5 | -26.2 | -25.6 | -30.6 | 0.9 | 0.9 | 45.6 |
| Net margin | -5.05% | -5.05% | -6.13% | -4.22% | -8.02% | 0.16% | 0.14% | 10.91% |
Revenue
303bnNet income
-15bnNet margin
-5.05%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼▼Net margin fell to −5.03%, losing 5.9pp. The main pressure is Gross margin fell 0.8pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with lingering pressure from Other profit / Revenue fell 5.0pp and Net financial result / Revenue fell 0.2pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −5.03% −5.9pp
- Gross Margin
- 0.09% −0.8pp
- SG&A / Revenue
- 1.09% −0.1pp
- Non-core / Revenue
- −4.02% −5.2pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 5.2pp, financial result still accounts for 80.0% of PBT — earnings durability should be monitored in coming periods.
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. Capital structure is conservative with low leverage — liabilities at 2.26x equity, net debt at 0.15x equity.
Inventory ended the period at 901.6bn, roughly 46.3% of total assets.
Over the last 12 months, working capital released 171.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.3 days versus the same period last year. The main moves came from DIO rose 7.6 days, DSO fell 6.2 days, and DPO rose 17.8 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 201.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +7.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 2.3% to −13.7% — dragged 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 0.15x and interest coverage only at −1.26x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4254.2% of debt, and total debt stands at 0.6bn.
Interest coverage is −1.26x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.15x −1.10x
- Interest Coverage
- −1.26x −0.18x
- Cash / Debt
- 4254.2% +4253.3pp
- Short-term Debt / Total Debt
- 100.0% +7.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Operating cash flow reached -72.8bn in 2025, against investing cash flow of -41.8bn.
Post-investment cash flow was negative +114.6bn. Financing cash flow was positive +115.5bn.
CFO / net income was −0,73 lần.
After spending +27.2bn on fixed-asset investment, the business generated trailing free cash flow of +38.0bn.
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 5.9 pp. The next watchpoint is the earnings mix, when non-core contribution is 77.7%. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 259.1bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 77.7% of PBT and CFO / net income currently at −0.73x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -5.03% after a 5.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −10,5% YoY decline.
Ability to hold margins around the current -5.03% level.
Cash-flow quality, with operating cash flow currently at -72.8bn in 2025.
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Its weight and influence across the assets held for investment.
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